TRIESTE, Italy – The Board of Directors of illycaffè S.p.A. has approved the draft Financial Statements of the parent company illycaffè S.p.A., along with the Consolidated Financial Statements for the 2024 financial year. In 2024, group revenues reached €630 million, reflecting a 6% year-over-year increase. This strong organic growth was fueled by rising sales volumes across all key markets, particularly in Italy, the United States, Spain, France, and the United Kingdom.
illycaffè Financial Statements
The Gross Operating Margin (EBITDA) grew to €110 million, up 19% from 2023, driven by increased volumes and sustained organic growth. The EBITDA margin improved to 17.5% of revenues, reflecting a 1.9 percentage point increase from the previous year.
The Net Operating Margin (EBIT) rose to €61 million, a 50% increase compared to 2023, supported by EBITDA growth and a lower depreciation impact on net revenues.
Net profit exceeded €33 million, marking a 42% increase, in line with EBIT’s strong upward trajectory. The Net Financial Position stood at €109 million, reflecting a 10% improvement year-over-year.
Strong cash generation enabled strategic investments aimed at expanding production capacity, advancing sustainable innovation, and accelerating digital transformation. The PFN/EBITDA ratio was 1x, down 0.3 percentage points compared to 2023.
Given these record-breaking results, illycaffè will award an extraordinary €1 million bonus to its over 1,000 employees worldwide, recognizing their dedication and contribution to the company’s success.
Cristina Scocchia, illycaffè’s CEO commented: “2024 marked the third consecutive year of robust organic growth, with double-digit increases in both EBITDA and net profit, despite a challenging macroeconomic and geopolitical environment and persistently rising raw material costs. Over the past year, we accelerated our sustainable innovation initiatives and international expansion strategies launched over the last three years. In recognition of our exceptional performance, we have decided to award an extraordinary €1 million bonus to our employees in appreciation of their unwavering commitment”.
Scocchia adds: “Looking ahead, 2025 presents challenges for our industry, particularly due to the surging costs of raw materials, which have now doubled after already increasing by approximately 40% in 2024. We are committed to mitigating the impact on margins caused by rising green coffee prices while continuing to invest in innovation and international growth. Additionally, we reaffirm our €120 million investment plan aimed at doubling our production and logistics capacity in Trieste.”
In 2024, all the main markets in which the group is present grew compared to 2023. The group further consolidated its leadership position in Italy within the super-premium coffee segment. In Europe, growth was primarily driven by Spain, France, and the United Kingdom. The United States, the group’s priority market, recorded strong growth (+11% compared to 2023) in all distribution channels, particularly online (+18% compared to 2023).
From a channel perspective, Ho.Re.Ca. grew by approximately 6% compared to 2023, with standout performances in Italy, the United States, Spain, and France. Revenues from the Modern Distribution channel increased sharply (+10% compared to 2023), particularly in Italy, the United States, the United Kingdom and Spain.
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 €630 million in 2024.
