Savencia (SAVE) H2 2024 earnings summary

Executive summary

• Revenue increased by 5.1% year-over-year, reaching €7,140 million, driven by strong growth in Other Dairy Products and positive currency and structural effects.

• Net income rose to €107 million (1.5% of revenue), up from €96.5 million (1.4%) in 2023.

• Current operating profit improved to €232.3 million, reflecting effective mix management and operational competitiveness.

Financial highlights

• Organic growth was 3.1%, with Other Dairy Products up 7.8% and Cheese Products slightly down 0.6%.

• Operating margin increased by 20bps to 3.3% compared to 3.1% last year.

• Other operating costs and income improved to -€28.4 million, mainly due to lower asset impairments and optimization costs.

• Net debt (excluding IFRS 16) stood at €347 million, with equity at €1,993 million.

Outlook and guidance

• 2025 outlook remains volatile and uncertain due to evolving consumption, milk price pressures, and increased competition.

• Geopolitical tensions and potential economic shifts may slow global growth.

• The group will continue specialty strategy, invest in business complementarity, and focus on brand growth.