Italian coffee company illycaffè has published its full-year 2024 results, reporting group revenues of €630 million (US$680 million) representing a 6 per cent year-over-year increase.
The company says the strong organic growth was sustained by rising sales volumes across all key markets, particularly in Italy, the United States, Spain, France, and the United Kingdom.
The Gross Operating Margin (EBITDA) grew to €110 million (US$118 million), up 19 per cent from 2023, which is said to be driven by increased volumes and sustained organic growth. The EBITDA margin improved to 17.5 per cent of revenues, reflecting a 1.9 percentage point increase from the previous year.
The Net Operating Margin (EBIT) rose to €61 million (US$66 million), a 50 per cent increase compared to 2023, supported by EBITDA growth and a lower depreciation impact on net revenues.
Net profit exceeded €33 million (US$35.5 million), marking a 42 per cent increase, in line with EBIT’s strong upward trajectory. The Net Financial Position stood at €109 million (US$117 million), reflecting a 10 per cent improvement year-over-year. Strong cash generation enabled strategic investments aimed at expanding production capacity, advancing sustainable innovation, and accelerating digital transformation. The PFN/EBITDA ratio was 1x, down 0.3 percentage points compared to 2023.
“2024 marked the third consecutive year of robust organic growth, with double-digit increases in both EBITDA and net profit, despite a challenging macroeconomic and geopolitical environment and persistently rising raw material costs,” says Cristina Scocchia, CEO of illycaffè.
“Over the past year, we accelerated our sustainable innovation initiatives and international expansion strategies launched over the last three years.
“Looking ahead, 2025 presents challenges for our industry, particularly due to the surging costs of raw materials, which have now doubled after already increasing by approximately 40 per cent in 2024. We are committed to mitigating the impact on margins caused by rising green coffee prices while continuing to invest in innovation and international growth. Additionally, we reaffirm our €120 million investment plan aimed at doubling our production and logistics capacity in Trieste.”
As a result of the record-breaking numbers, illycaffè has said it will award €1 million (US1.8 million) in bonuses to its more than 1,000 employees worldwide, recognising their dedication and contribution to the company’s success.
