Bell Food Group (BELL) H2 2024 earnings summary

Executive summary

• Net revenue grew to CHF 4,728 million, up 4.7% year-over-year, with organic growth of 5.7%.

• EBITDA increased by 3.6% to CHF 351 million, continuing a positive multi-year trend.

• All business areas posted strong performance, supported by targeted product management and innovation.

• Higher costs were mainly due to growth and inflation but were offset by productivity improvements.

• Investment programme remains on track, supporting expansion and efficiency.

Financial highlights

• Gross profit rose 6.3% to CHF 1,880 million, with improved margins.

• EBIT reached CHF 167 million (+1.3% year-over-year), while net profit declined 4.6% to CHF 124 million due to higher taxes and interest costs.

• Operating cash flow was stable at CHF 313 million; free operating cash flow was CHF 2 million after investments.

• Equity ratio improved to 50.0%, well above the 40% target.

• Borrowing ratio remained at 2.4x, below the 2.5x target.

Outlook and guidance

• Positioned to respond flexibly to changing market conditions in 2025.

• Inflation, consumer sentiment, and competition expected to remain key factors.

• New facilities will bring start-up costs and depreciation; focus remains on convenience and profitability.

• Access to raw materials seen as a competitive advantage.