TRIESTE, Italy – In the first half of 2024, illycaffè ‘s consolidated revenues amounted to 289.1 million euros, reflecting a 3.8% increase compared to the previous year, driven by growth in all main markets. EBITDA stood at 46.2 million euros, up 26.2% from the previous year, due to organic revenue growth and increased operating efficiency within the Group.
The EBITDA margin improved to 16.0%, a 2.9 percentage point increase from 2023. Net profit reached 13.6 million euros, doubling from 6.4 million euros in the first half of 2023, thanks to enhanced operating profitability.
The net financial position was 144.8 million euros, showing a 16.8% improvement compared to the previous financial year, supported by positive operating profitability trends and effective working capital management.
Cristina Scocchia, CEO of illycaffè, commented:
“We closed the first half of 2024 with double-digit growth in all profitability indicators, driven by organic, sustainable, and profitable growth across all major markets.
The United States, in particular, aligned with our strategic plan, significantly contributed to revenue expansion, with both home and out-of-home segments recording year-over-year increases.
Despite the complex macroeconomic environment and ongoing volatility and upward trends in raw material prices, our results allow us to confidently approach the second half of the year and continue our investments in sustainable innovation and increased production capacity.”
All major markets showed growth in the first half of 2024 compared to 2023. The United States recorded a strong revenue increase of 11%, primarily supported by the Ho.Re.Ca. and e-commerce channels.
All European markets also expanded compared to 2023, particularly Italy (+5%) and Spain (+21%).
From a channel perspective, growth was mainly driven by Ho.Re.Ca., supported by a positive rate of new customer acquisitions in the premium segment, Modern Trade through continuous distribution expansion, and e-commerce, bolstered by the recent launch of a new e-shop.
Based on the performance in the first half of 2024, illycaffè expects to continue growing revenues and profitability in the second half of the year, despite the ongoing complexity of the macroeconomic and geopolitical context.
According to the 2023 financial statements, the Illy Group (which now owns 69% of Ilycaffè, in which the Rhone Capital fund also holds an interest, and 2.5% of Polo del Gusto) closed 2023 with a profit of EUR 6.7 million, compared to EUR 2.3 million in the previous year, which was almost entirely paid out to shareholders as a dividend together with EUR 2.14 million from retained earnings and EUR 3.8 million from reserves.
