Alicorp (ALICORC1) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw strong growth in adjusted gross profit and EBITDA, mainly from Aquafeed and B2B units, with consolidated revenue rising 26.1% year-over-year to S/2,910.1 million, despite headwinds in Consumer Goods Peru.

• Adjusted EBITDA increased 49.6% year-over-year to S/458.9 million, with margin up 2.5 p.p. to 15.8%, led by Aquafeed and supported by B2B and International Businesses.

• Shareholders approved a dividend of PEN 0.3769 per share, to be paid on May 14, and a share buyback program totaling PEN 391 million was executed in March 2025.

• Authorization was granted to seek up to $500 million in capital markets financing for liability restructuring.

• Shareholders' equity declined by S/503 million to S/1,750 million, mainly due to share buybacks and scheduled dividends.

Financial highlights

• Gross profit increased 32.4% year-over-year to S/783.9 million, with gross margin improving to 26.9%.

• Adjusted EBITDA reached PEN 459 million, a 50% year-over-year increase, with margin improving by 2.5 percentage points to 15.8%.

• Cash and cash equivalents rose to PEN 2.5 billion, up PEN 982 million from March 2024, mainly from debt financing in Ecuador.

• Operating profit rose to S/341.9 million from S/195.4 million year-over-year.

• Net income reached S/184.6 million, up from S/79.8 million in Q1 2024, with EPS at S/0.266.

Outlook and guidance

• 2025 full-year guidance targets 10%-12% sales growth and mid- to high single-digit adjusted EBITDA growth.

• CapEx for 2025 is projected at $70 million.

• Leverage ratio is expected to remain within 2-2.5 times net debt to adjusted EBITDA.

• Focus remains on optimizing product formulations, strengthening client relationships, and pursuing new opportunities, especially in Aquafeed and Ecuador.

• Continued discipline in working capital and cash flow management to maintain healthy leverage.