Ebro Foods (EBRO) Q3 2024 earnings summary

Executive summary

• Both rice and pasta divisions delivered excellent results for the first nine months of 2024, marking the strongest Q3 in three years.

• Nine-month earnings confirm a sound group model, with positive development in both Rice and Pasta Divisions.

• Geographical diversification and strong value-added categories drive performance.

• Net profit reached EUR169.2 million, up 20.8% year over year.

• Fresh pasta and Garofalo brands showed strong growth, with notable performance in France and Canada.

Financial highlights

• Consolidated sales rose 1.7% year-over-year to EUR2,346.8 million for 9M24.

• Adjusted EBITDA/EBITDA-A increased 8.3% to EUR308.0 million; margin improved to 13.1%.

• Net profit grew 20.8% to EUR169.2 million.

• Net debt at EUR511.3 million, down EUR59.0 million from December 2023.

• Capex investments totaled EUR100.7 million for 9M24; annual dividend payments were EUR114 million.

Outlook and guidance

• Full-year adjusted EBITDA/EBITDA-A expected between EUR402–407 million, reflecting a highly satisfactory result.

• Higher working capital anticipated at year-end due to increased freight costs and full-ship rice deliveries.