Hortifrut (HF-B) Q4 2023 earnings summary

Executive summary

• Celebrated 40th anniversary, highlighting global leadership in the berry industry and vertical integration across five continents.

• 2023 marked by global inflation, macroeconomic uncertainty, and climate events, notably El Niño, impacting production and sales volumes.

• Strategic expansion in EMEA and APAC, including new partnerships in Africa, India, and China, and successful completion of a tender offer by PSP Investments, acquiring 49.56% of shares.

Financial highlights

• Sales revenue reached US$1,026 million, up 7% year-over-year, despite a 12% drop in volume sold to 122.1 million kilos.

• EBITDA increased 23% to US$169 million; net profit attributable to owners was US$11 million, down 38% from 2022, mainly due to asset impairments and higher financial expenses.

• Assets totaled US$1,945 million; investments exceeded US$71 million in 2023.

• Fresh Fruit segment contributed 91.6% of revenue, with blueberries as the main driver (US$749 million, +10.5% YoY).

• Value-Added Products segment revenue fell 37.9% due to lower demand and prices.

Outlook and guidance

• Continued focus on varietal replacement and expansion in high-growth regions (EMEA, APAC).

• Ongoing investment in sustainability, digitalization, and operational efficiency.

• Anticipates further growth through partnerships and innovation, with a strong emphasis on climate resilience and ESG leadership.