Tetra Laval (TETRA) investor relations material

Executive summary

• Revenue grew 0.9% to €15.9 billion in 2024, with 2.6% growth at comparable rates and scope, despite global instability and lower consumption.

• All three business units—Tetra Pak, Sidel, and DeLaval—delivered growth or maintained profitability, with Sidel achieving record sales and DeLaval showing resilience amid market headwinds.

• Strategic focus on innovation, sustainability, and digitalisation drove operational improvements and new product launches across the group.

Financial highlights

• Tetra Pak net sales rose to €12.8 billion (+2.6% at comparable rates and scope), delivering 178 billion packs globally.

• Sidel revenue increased by 9% to €1.7 billion (+13% at comparable rates and scope), with services up 15% and a record operating margin.

• DeLaval net sales declined by 5% to €1.3 billion, but aftermarket sales grew and operating margin remained stable.

• Group-wide cash flow remained strong, supported by lower material costs and mix effects.

Outlook and guidance

• Moderate sales growth, stable profitability, and good cash flow forecast for 2025, though product volume growth may be challenged by declining global consumer purchasing power.

• Tetra Pak expects increased sales but slightly lower operating profit and cash flow in 2025.

• Sidel anticipates further sales growth, improved operating margin, and strong cash flow.

• DeLaval projects increased sales and stable operating margin as market conditions improve.