Alicorp (ALICORC1) Q3 2025 earnings summary

Executive summary

• Q3 2025 saw consolidated revenue rise 14.4% year-over-year to S/ 3,122.8 million, driven by strong volume growth in Aquafeed and B2B, and the acquisition of Cabonería Wilson in Ecuador for $125.5M.

• Adjusted EBITDA increased 8% year-over-year to S/ 467M, with margin at 15%, while net income was S/ 174.6M and EPS S/ 0.281.

• CEO Álvaro Correa steps down; Gonzalo Uribe to assume CEO role from November 1, 2025.

• Political transitions in Peru and Bolivia noted, but Peru's macroeconomic fundamentals remain stable.

Financial highlights

• Adjusted gross profit for Q3 2025 reached S/ 798.4M, up 6.4% year-over-year, with gross margin at 25.6%.

• Adjusted EBITDA was S/ 467M, up 8% year-over-year; margin at 15%, down 0.8pp year-over-year but stable sequentially.

• Refinería del Espino contributed $60M in gross profit; Consumer Goods Peru volume up 8%, organic growth 2%.

• ACOFiT EBITDA reached $36M, up 74% year-over-year, with a 36% increase in sales volume.

• Net cash from operating activities for the nine months was S/ 1,428M, down S/ 87M year-over-year.

Outlook and guidance

• Full-year 2025 revenue growth expected at 14–16%, adjusted EBITDA growth ~10%.

• Net debt to adjusted EBITDA ratio guided at 2.1x–2.0x; capex for 2025 around $67M.

• Guidance includes effects of share buyback and dividend distribution, pending shareholder approval.

• Management focused on efficient working capital and strategic discipline to sustain cash generation and healthy leverage.