Compagnia dei Caraibi (TIME) H1 2024 earnings summary

Executive summary

• Consolidated revenues for H1 2024 reached €28.2 million, up 7.8% year-over-year, driven by B2B sales in Italy, indirect international markets, and B2C growth.

• EBITDA was negative at €-708,392 (margin -2.5%), down from €14k in H1 2023.

• Net loss widened to €2.01 million from €1.58 million year-over-year.

• The Group remains focused on premium and ultra-premium beverage distribution, international expansion, and building its own brand portfolio.

• The company focused on efficiency, portfolio consolidation, and brand building amid challenging market conditions.

Financial highlights

• Revenues: €28.2 million (+7.8% vs. H1 2023); B2B sales in Italy €24.7 million (+1.6% vs. H1 2023); B2B Spain grew 6% to €0.17 million.

• International indirect sales rose 66.2% to €0.9 million.

• EBITDA: -€708k (margin -2.5%); Adjusted EBITDA: -€426k (margin -1.5%).

• EBIT: -€1.56 million (margin -5.5%); Adjusted EBIT: -€1.28 million.

• Net financial position improved to -€9.52 million from -€10.31 million at year-end 2023.

Outlook and guidance

• Positive performance expected in H2 2024, despite a volatile macroeconomic context and margin pressure.

• Focus on cost reduction, margin improvement, and steady growth of owned and co-owned brands.

• Medium-term outlook remains optimistic, supported by easing inflation and operational efficiencies.