Alicorp (ALICORC1) Q4 2024 earnings summary

Executive summary

• 2024 featured strategic consolidation, robust results across core businesses, and successful integration of acquisitions, including Refinería del Espino S.A.C.

• Q4 2024 delivered double-digit growth in adjusted gross profit and EBITDA, driven by all business units and recent acquisitions.

• Key measures addressed macroeconomic challenges, especially in Bolivia, through pricing reviews, supplier negotiations, and cash flow optimization.

• The company was recognized in the 2024 S&P Sustainability Yearbook, ranking among the top 20 most sustainable companies in its industry globally.

• Signed agreement to acquire 100% of Jabonería Wilson, strengthening presence in Ecuador and the Andean region.

Financial highlights

• Q4 2024 adjusted gross profit rose to PEN 831 million, up 29.8% year-over-year; full-year adjusted gross profit reached PEN 2,865 million, a 20% increase.

• Q4 2024 adjusted EBITDA was PEN 508 million, up 45.9% year-over-year; full-year adjusted EBITDA totaled PEN 1,616 million, up 31.7% from 2023.

• Net debt reduced by PEN 498 million in 2024, lowering leverage from 2.9x to 1.8x.

• Available cash at year-end was PEN 1,984 million, covering 2x debt maturities over the next 12 months.

• Sale of Crushing business in November 2024 led to derecognition of related assets and recognition of net result as discontinued operations.

Outlook and guidance

• 2025 revenue growth expected in the 10%-12% range, mainly from B2B and Aquafeed segments.

• Adjusted EBITDA projected to grow mid to high single digits, with net debt-to-EBITDA expected between 2x-2.5x.

• CapEx for 2025 anticipated at $70 million.

• Consumer Goods Peru expected to deliver mid to high single-digit revenue growth.

• Strategic focus remains on strengthening core brands, optimizing channel mix, and managing working capital to support stable cash flow and healthy leverage.