Compagnia dei Caraibi (TIME) H2 2023 earnings summary

Executive summary

• Consolidated revenues reached €52.8 million, up 6.2% year-over-year, driven by growth in Italy and new international markets despite a challenging macroeconomic and geopolitical context.

• Adjusted EBITDA was negative at €-0.3 million, down from €5.3 million in 2022, reflecting extraordinary costs and a sharp margin contraction.

• Adjusted net loss was €-2.9 million versus a €2.0 million profit in 2022, with significant non-recurring items impacting results.

• The Board approved the 2023 Sustainability Report and called the shareholders' meeting.

Financial highlights

• Consolidated revenues: €52.8 million (+6.2% year-over-year); Italy B2B sales: €46.9 million (+3.9%).

• Adjusted EBITDA: €-0.3 million (2022: €5.3 million); Adjusted EBIT: €-2.0 million (2022: €3.9 million).

• Adjusted net loss: €-2.9 million (2022: €2.0 million profit); reported net loss: €-15.2 million (2022: €2.0 million profit).

• Net financial position: €-10.3 million (2022: €-1.8 million); equity: €4.7 million.

Outlook and guidance

• Management expects continued organic sales growth and gradual margin improvement in 2024, supported by cost efficiency and normalization of production cost inflation.

• The company remains focused on B2B innovation, proprietary brand growth, and multichannel B2C expansion.