Alicorp (ALICORC1) Q2 2025 earnings summary

Executive summary

• Announced leadership transition: Dionisio Romero Paoletti to step down as Chairman by end of 2025, with Manuel Romero Valdez to assume the role in 2026.

• Successfully issued PEN 1.53 billion international bond to refinance existing debt, with strong investor demand and investment grade ratings.

• Share buyback program repurchased 44.6 million shares (7.23% of total), reflecting commitment to shareholder value.

• Consolidated revenue rose 19.1% year-over-year in Q2 2025, driven by higher sales volumes, especially in Aquafeed and the newly acquired Refinería del Espino.

• Adjusted EBITDA increased 22.1% year-over-year, supported by gains in most business units, with Aquafeed as a key growth driver.

Financial highlights

• Adjusted gross profit reached PEN 782.5 million in Q2 2025, up 13% year-over-year, driven by Aquafeed and B2B units.

• Adjusted EBITDA for Q2 2025 was PEN 450.4 million, up 22% year-over-year, with margin improving to 15.1%.

• Net income for Q2 2025 was S/173.4 million, down from S/196.0 million in Q2 2024, reflecting higher financial expenses and lower discontinued operations gains.

• Adjusted gross margin improved to 26.6% in Q2 2025 from 26.2% in Q2 2024.

• Earnings per share for Q2 2025: S/0.272 (vs. S/0.263 YoY).

Outlook and guidance

• Maintaining full-year 2025 guidance: revenue growth of 10%-12% and mid to high single-digit adjusted EBITDA growth.

• Expect moderation in second half due to prior year consolidation of Refinería del Espino S.A.

• Strong cash flow generation expected, with net debt to adjusted EBITDA target of 2-2.5x.

• Capex projection for 2025 remains at $70 million.

• Focus remains on value creation, disciplined working capital management, and financial flexibility.