Savencia (SAVE) H1 2024 earnings summary

Executive summary

• Revenue stable at €3,380M for H1 2024, up 0.1% year-over-year, with 0.8% organic growth and a 1.9% positive structural effect, offset by a 2.6% negative currency impact, mainly from the Argentine peso.

• Net income rose to €64M, up €6M compared to H1 2023, reflecting improved operational performance.

• Net debt reduced by €162M to €438M, driven by effective working capital management.

Financial highlights

• Operating income at €103M, up from €98M in H1 2023; current operating income nearly stable at €110M.

• Net income attributable to the group increased to €58M from €51M year-over-year.

• Financial result at -€21M, compared to -€15M in H1 2023.

• Corporate tax expense decreased to €25M from €28M.

Segment performance

• Cheese products revenue slightly declined by 0.7% to €1,920M, with 0.2% organic growth due to favorable pricing offsetting lower volumes in Europe.

• Other dairy products revenue increased by 1.7% to €1,578M, with 2.4% organic growth, benefiting from strong international markets.

• International cheese volumes grew solidly in South America, while European volumes contracted due to inflationary pressures.