Bonduelle (BON) H2 2024 earnings summary

Executive summary

• Sales reached €2,371.8M for FY 2023-2024, up 2.7% like-for-like, but down 1.4% reported due to FX effects.

• Europe Zone (65.7% of sales) grew 3.3% reported, 2.9% like-for-like; Non-Europe Zone up 2.4% like-for-like, down 9.4% reported.

• Current operating income rose to €75.3M (3.2% margin), exceeding targets, driven by efficiency and cost control.

• Net income was -€119.8M, impacted by €145M in non-recurring items, mainly goodwill impairment in North America and asset write-downs in France.

• Over 80% of group sales are now B Corp certified, marking a major milestone in the positive impact roadmap.

Financial highlights

• Net sales: €2,371.8M (FY 2023-2024), up 2.7% like-for-like, down 1.4% reported.

• Current operating income: €75.3M vs. €65.9M prior year; margin 3.2%.

• Net income: -€119.8M vs. €14.5M prior year, due to non-recurring impairments.

• Net debt (excl. IFRS 16): €485.6M, up from €356.7M; leverage ratio 3.56 vs. 2.84.

• ROCCE improved to 6.3% from 5.2% year-over-year.

• Dividend proposed: €0.20 per share.

Outlook and guidance

• FY 2024-2025 is a transition year, with focus on transformation, innovation, and divestment of packaged salad businesses in France and Germany.

• Objective for the year: stability in activity and current operating income on a like-for-like basis.

• Continued investment in brand, marketing, and operational excellence, especially in the US market.