Grupo Nutresa (NUTRESA) Q4 2025 earnings summary

Executive summary

• Achieved record profitability in 2025, with consolidated sales of COP 20.6 trillion, up 10.7% year-over-year, and significant growth in both Colombia and international markets, driven by operational efficiency and transformation initiatives.

• Adjusted EBITDA margin reached 19.3% in Q4 2025, surpassing targets set for 2026, and full-year adjusted EBITDA was COP 3.45 trillion, up 45% year-over-year.

• Adjusted net income rose 126.6% to COP 1.7 trillion; reported net income after non-recurring expenses was COP 1.2 trillion.

• Results reflect ongoing transformation strategy focused on efficiency, profitable investment, and value creation.

• Supplier renegotiations and hedging drove a 410 bps structural gross margin improvement.

Financial highlights

• Q4 2025 sales reached COP 5.3 trillion (+3.8% YoY); full-year sales COP 20.6 trillion (+10.7% YoY).

• Adjusted EBITDA for Q4 2025 was COP 1.02 trillion (+74.4% YoY), margin 19.3%; full-year COP 3.45 trillion (+45.2% YoY), margin 16.8%.

• International revenues grew 11.9% to COP 8.3 trillion (USD 2.2 billion, up 31.3%); Colombian sales increased 9.9% to COP 12.3 trillion, representing 59.6% of total sales.

• Net leverage improved to 3.16x (Q4 run rate), down from 5.29x in March 2025; net debt/EBITDA (TTM) at 3.73x.

• COP 534 billion in one-time restructuring and transformation-related charges.

Outlook and guidance

• 2026 guidance targets high single- to double-digit revenue growth, increased market share in Colombia, and continued international expansion.

• Targeting gross margin around 40% (±100 bps) and EBITDA margin of 20% (±100 bps); adjusted EBITDA guidance for 2026: USD 1.15–1.25 billion.

• CapEx expected at 2.5%-3% of revenue, focused on maintenance, capacity, and productivity.

• Dividend policy: 20%-30% of EBITDA; share buybacks also utilized.

• Committed to further cost and expense optimization in 2026 to drive sustainable long-term value.