MILAN, Italy – The Board of Directors of illycaffè S.p.A. approved the draft financial statements of the parent company illycaffè S.p.A. and the consolidated financial statements for the 2023 fiscal year. In 2023, the Group’s revenues amounted to €595.1 million, marking a 5.7% increase at constant exchange rates compared to the previous year (4.8% at current exchange rates), driven by growth in all major markets.
The illycaffè Group’s revenues in 2023
Ebitda adjusted reached €92.8 million, up by 18.6% compared to the previous year, despite ongoing margin pressures due to inflationary conditions, driven by revenue growth and operational efficiency.
Adjusted Ebitda Margin in 2023 was 15.6%, up by 1.8 percentage points compared to 2022.
Group Net Profit reached €23.7 million, up by 67.2% compared to 2022, aligning with the increase in Ebit.
The Net Financial Position amounted to €122.2 million, improving by 20.8% compared to the previous year. Cash generation for the year was supported by positive operating profitability evolution and effective working capital management, enabling financing for strategic business investments.
Cristina Scocchia, CEO of illycaffè commented: “2023 represents another year of record growth for illycaffè, with double-digit increase in EBITDA and net profit, despite the continuation of challenging macroeconomic conditions. We are highly pleased that our strategic direction is yielding the expected results in terms of sustainable and profitable growth. To support future development plans, we have initiated a significant investment program aimed at fostering innovation and multi-channel growth. Specifically, €120 million have been allocated over the plan’s duration to double the production capacity of our strategic site in Trieste.”
In 2023, all the main markets in which the Group operates experienced growth compared to 2022.
Notably, in the United States, a key market in the Group’s growth strategy, revenues surged by +15.1% at constant exchange rates, primarily driven by the online channel.
From a channel perspective, growth was predominantly propelled by Ho.Re.Ca. (+8.2% compared to 2022), supported by a positive acquisition rate of new customers, and by online sales (+15.5% compared to 2022), owing to strong performance from e-Tailers, particularly in Italy, the United States, and China.
In 2023, the Group remained committed to its sustainability strategy, encompassing every stage of the value chain, from coffee producers to end consumers, through initiatives supporting local communities and embracing sustainable practices such as regenerative agriculture. Furthermore, in 2023, illycaffè renewed its commitment to the circular economy by promoting environmentally friendly processes and responsible resource and material management through various capsule recovery and recycling initiatives.
On October 1st, to commemorate International Coffee Day, Arabica Selection Brasile Cerrado Mineiro was launched, representing the first coffee sourced entirely from regenerative agriculture.
Based on the achievements in 2023, illycaffè anticipates continued revenue growth and accelerated profitability for 2024, notwithstanding the complexities of the current macroeconomic and geopolitical landscape.
About illycaffè
illycaffè is an Italian family business, founded in Trieste in 1933 and committed to offering the greatest coffee to the world. It produces the unique illy 100% Arabica blend made of 9 of the world‘s best selections of Arabica, with a constant eye towards innovation.
The bestowing of the first “Ernesto Illy Award for quality espresso coffee” in 1991 in Brazil and the “Ernesto Illy International Coffee Award” in 2016 symbolize its commitment to coffee growers, to whom illy pays a premium price for quality coffee.
In 2019 it adopted Società Benefit status under Italian law, and in 2021 it became the first Italian coffee company to obtain B Corp international certification thanks to its commitment to abiding by the highest environmental and social performance standards. The company, which is present in over 140 countries, recorded consolidated revenues of €595.1 million in 2023.
