Alicorp (ALICORC1) Q4 2025 earnings summary

Executive summary

• New CEO onboarded, focusing on operational visits, stakeholder engagement, and strategic initiatives including integration of Jabonería Wilson and brand relaunches.

• Signed agreements for potential acquisitions in Peru (Inka Crops, Procesadora Tropical) and Unilever's Home Care assets in Colombia and Ecuador, aiming to expand into high-growth markets and strengthen geographic presence; all pending regulatory approval.

• Consolidated revenue for 2025 grew 11.0% year-over-year to S/ 11,763.8 million, driven by higher volumes, especially in Aquafeed and B2B segments.

• Adjusted EBITDA increased 9.9% to S/ 1,776.7 million, with margin stable at 15.1%, reflecting operational resilience despite competitive and macroeconomic challenges.

• Net income for 2025 was S/ 446.5 million, down from S/ 546.0 million in 2024, impacted by non-recurring expenses and impairments.

Financial highlights

• Full-year 2025 gross profit rose 8.3% year-over-year to S/ 3,103.2 million, driven by Aquafeed recovery and B2B growth, but gross margin declined by 0.7 p.p. to 26.4%.

• Adjusted EBITDA for 2025 increased 9.9% to S/ 1,776.7 million, with a margin of 15.1%.

• Q4 2025 gross profit and adjusted EBITDA were impacted by significant asset impairments and restructuring expenses.

• Net cash from operating activities was S/ 1,644 million, S/ 626 million lower than 2024, mainly due to higher supplier payments and taxes.

• Total assets decreased by S/ 1,563 million to S/ 10,669 million, mainly from lower cash and current assets.

Outlook and guidance

• 2026 guidance projects low to mid-single-digit growth in consolidated revenue and adjusted EBITDA, driven by higher volumes and targeted investments.

• Net debt to adjusted EBITDA expected below 2x, with potential temporary increase to 2-2.2x if M&A closes.

• CapEx planned at $80 million for 2026.

• Focus remains on strategic discipline, working capital management, and maintaining financial flexibility.

• Macroeconomic environment in Peru and Ecuador expected to remain supportive; cautious stance in Bolivia.