Delegat Group (DGL) H2 2024 earnings summary

Executive summary

• Delivered operating NPAT of $59.7m, up 1% year-over-year, and operating EBITDA of $128.5m, up 7% year-over-year.

• Global case sales declined 2% to 3.61m, outperforming a 16% decline in NZ packaged wine exports.

• Reported NPAT fell 52% to $31.4m due to significant fair value write-downs and tax adjustments.

• Board remains confident in long-term growth, maintaining a 20c per share dividend.

Financial highlights

• Operating revenue was $375.7m, flat year-over-year; reported revenue $378.3m.

• Operating EBIT rose 6% to $102.7m; operating gross margin improved to 46% from 43%.

• Cash from operations decreased 5% to $56.9m; net debt increased 13% to $360.1m.

• EPS dropped to 31.0c from 64.1c year-over-year.

Outlook and guidance

• Forecasts global case sales of 3.59m in 2025 and operating NPAT of $55–$60m.

• Plans to grow sales to 3.9m cases by 2027, driven by North America.

• $44m capital investment planned in 2025 to support growth.