MARR (MARR) Q4 2024 earnings summary

Executive summary

• FY 2024 consolidated revenues reached €2,098.0m, a slight increase from €2,085.5m in FY 2023, with sales growth accelerating in Q4 2024.

• EBITDA for FY 2024 was €120.2m, down from €123.1m in FY 2023, impacted by higher logistics costs and a lower € / kg ratio, especially in the summer.

• Net income declined to €42.7m from €47.1m in FY 2023, affected by increased financial charges in the first half.

Financial highlights

• Total sales for FY 2024 were €2,054.0m, up slightly from €2,051.2m in FY 2023, with a strong Q4 performance (+€23.8m year-over-year).

• Gross margin recovered in FY 2024, but EBITDA margin decreased to 5.7% from 5.9% due to higher service and logistics costs.

• Net debt before IFRS 16 rose to €170.4m at year-end 2024 from €141.8m in 2023, after €28.5m in investments and €39.1m in dividends.

Outlook and guidance

• Early 2025 sales show growth, but visibility for the full year remains limited due to seasonality and timing of Easter.

• Focus remains on operating profitability, cost control, and working capital management.

• New logistics platform in Castelnuovo di Porto expected to enhance efficiency, with full implementation by Q4 2025.