MARR (MARR) Q3 2024 earnings summary

Executive summary

• Total revenues for 9M 2024 were €1,610.5m, down 1.0% year-over-year, mainly due to lower €/kg prices and seafood deflation, despite higher volumes sold, especially in Commercial Catering segments.

• EBITDA for 9M 2024 was €98.1m (6.1% margin), nearly flat year-over-year, while EBIT was €66.9m (4.2% margin), both slightly down from 2023.

• Net result for 9M 2024 was €36.0m (2.2% margin), compared to €40.5m in 2023, impacted by higher funding and financial charges.

• Third quarter revenues were €622.7m, with net profit at €18.5m, both slightly below the prior year.

Financial highlights

• Gross margin improved in 9M 2024, reaching €136.6m, offset by lower €/kg prices and increased logistics costs.

• Trade Net Working Capital decreased to €129.3m at 30 September 2024 from €155.2m a year earlier, with a cash conversion cycle of 10 days.

• Net debt before IFRS 16 was €127.0m, stable versus €125.3m at 30 September 2023.

• Personnel costs rose to €38.5m due to contract renewals and workforce expansion.

• Financial charges increased to €17.6m due to higher interest rates.

Outlook and guidance

• October and early November 2024 saw sales growth across all customer segments, supported by improved €/kg pricing.

• Strategic focus remains on commercial proposal, client satisfaction, operating efficiency, and digital transformation, with ongoing investments in logistics infrastructure.

• Investment plan is on track, with new logistics platforms in Lazio and Lombardy and a new distribution center in Puglia.

• The company confirms the appropriateness of the going concern assumption.