Fleury Michon (ALFLE) H2 2024 earnings summary

Executive summary

• Revenue, operating income, and net income remained relatively stable year-over-year on a comparable basis despite an unstable economic environment.

• The year was marked by the completion of the Group's refocusing strategy on core businesses and strategic growth drivers.

Financial highlights

• Consolidated revenue for 2024 was €807M, down 3.5% from 2023; at constant scope, revenue was €819.3M, down 2.0%.

• Operating income was €13.1M (1.6% margin), and net income from continuing operations was €13.3M (1.6% margin).

• Net consolidated income reached €47.8M, boosted by a €38.9M exceptional gain from the sale of Platos Tradicionales.

• Free cash flow was positive at €24.3M, with a strong operational cash flow of €50.8M and €26.5M in industrial investments.

• End-2024 cash exceeded financial debt by €11M, compared to net debt of €74.9M at end-2023.

Outlook and guidance

• 2025 faces economic and geopolitical uncertainty, with volatility expected in GMS France due to raw material price fluctuations, especially poultry.

• International catering is expected to benefit from strong air traffic, though potential US tariffs on Canadian imports could impact results.

• No quantified guidance provided for 2025 due to market volatility.