Compagnia dei Caraibi (TIME) H2 2024 earnings summary

Executive summary

• Consolidated production value reached €59.5M, up 12.6% year-over-year, driven by B2B sales in Italy, international indirect markets, and B2C growth.

• EBITDA turned positive at €0.1M from -€2.2M in 2023; net loss narrowed to €2.1M from €14.9M.

• Strategic focus sharpened via divestment of non-core assets, cost rationalization, and new exclusive distribution agreements.

Financial highlights

• Group EBITDA margin improved to 0.2% from -4.2% year-over-year; EBIT at -€2.3M vs. -€7.0M.

• Net financial position (NFP) at -€11.0M, with cash liquidity of €1.8M.

• Parent company production value at €56.3M (+9.9%), EBITDA €1.6M (vs. €0.3M), net loss €2.5M (vs. €12.1M).

• Group equity at €1.5M, down from €3.6M in 2023.

Outlook and guidance

• 2025 expected as a transition year due to end of Brown-Forman contract in April, with anticipated revenue contraction from May.

• Positive medium-term outlook based on exclusive portfolio, cost containment, and new brand acquisitions.

• Focus on B2B innovation, proprietary brand growth, multichannel B2C, and creative agency value generation.