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Alicorp (ALICORC1) investor relations material
Alicorp Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Leadership transition: Dionisio Romero Paolipi to step down, Manuel Romero Valdez to become chairman in January 2026.
Successful PEN 1.53 billion international bond issuance with strong demand and investment grade ratings.
Share buyback program repurchased 44.6 million shares, 7.23% of total issued shares.
Adjusted EBITDA increased 22% year-over-year, mainly driven by Aquafeed and B2B.
Revenue rose 19.1% year-over-year in Q2 2025, led by Aquafeed and Refinería del Espino acquisition.
Financial highlights
Adjusted gross profit rose 13% year-over-year to PEN 782.5 million in Q2 2025, driven by Aquafeed and B2B.
Adjusted EBITDA for Q2 2025 was PEN 450.4 million, up from PEN 368.8 million in Q2 2024.
Net income for Q2 2025 was S/173.4 million, down from S/196.0 million in Q2 2024 due to higher financial expenses.
Adjusted gross margin improved to 26.6% in Q2 2025 from 26.2% in Q2 2024.
Earnings per share for Q2 2025: S/0.272 (vs. S/0.263 YoY).
Outlook and guidance
Revenue growth guidance for 2025 maintained at 10–12%, with mid to high single-digit adjusted EBITDA growth.
Net debt to adjusted EBITDA ratio expected to remain within 2–2.5x.
CapEx projection for 2025 held at $70 million.
Focus on value creation, disciplined working capital, and financial flexibility.
Anticipates moderation in second half results as prior year comparables include new acquisitions.
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