B&S Group (BSGR) Q3 2024 TU earnings summary

Executive summary

• Q3 sales grew 11.8% year-over-year, with all segments except Liquors contributing to year-to-date growth; 9M 2024 turnover reached €1,711.2M, up 6.8%.

• Beauty segment grew 10.6% in Q3, driven by B2B (+16%) and B2C (+12%), while B2R declined by 6% due to competition.

• Food segment delivered 24.7% growth in Q3, with all subsegments contributing; year-to-date growth is 18%.

• Health segment achieved 31.8% growth in Q3, benefiting from travel vaccines and cruise market expansion.

• Liquors saw Q3 turnover up 6.4% but is expected to end the year with a slight revenue decrease; operational excellence initiatives underway.

Financial highlights

• Operational expenses remained flat or slightly below last year; staff costs increased due to inflation and labor market conditions.

• Gross margin declined slightly and is expected to be lower than last year's 15.5%.

• EBITDA margin is expected at the lower end of the 5%-6% range, slightly above last year’s 5.0%.

Outlook and guidance

• Topline growth guidance for 2024 reconfirmed at 5%-7%, with expectations to be in the upper half of the range.

• Q4 is expected to be the most significant and volatile quarter due to seasonality.

• No major impact from China anticipated, as last year was not a high China year.

• Gross margin is expected to remain under pressure for the remainder of the year.