TTH recorded a modest 1% decline in organic sales (versus an estimated double-digit growth in prior year) with strong pricing fully offset by lower volumes due to ongoing destocking and the deliberate decision to step away from some low-margin products, including vitamins.
TTH saw solid conditions in its key end-user markets, including beverages, confectionery, dairy, and bakery & cereals, albeit with destocking across the businesses.
Taste delivered a strong performance. Within Ingredients Solutions, enzymes and cultures showed solid performance. Vitamins and yeast extracts were weak.
Adjusted EBITDA was up 1% compared to prior year, despite a negative 5% foreign exchange effect. Adjusted EBITDA margin improved by 100bps to 18.3% compared to 2022, driven by strong pricing actions and more favorable mix, led by good growth in Taste.
x € million |
|
Pro forma |
|
IFRS |
|---|---|---|---|---|
Sales |
|
3,038 |
|
2,471 |
Organic sales growth (in %) |
|
(2) |
|
|
Adjusted EBITDA |
|
556 |
|
437 |
Adjusted EBITDA margin (in %) |
|
18.3 |
|
17.7 |
