2024 was an outstanding year. I am very proud of our performance and the exceptional commitment of the team that lives our vision every day. We stepped up profitability in vitamins and continued the strong growth of our innovation sales, while preparing for the carve-out and separation of ANH.
ANH's key market segments are poultry, swine, ruminants, and aquaculture. With a highly synergistic portfolio, we serve the entire animal protein value chain: feed millers, farmers, and integrators. In addition, we have created an ecosystem of strategic partnerships to make environmental foot-printing easy and rewarding for the entire animal protein value chain, including farmers, processors, investors, feed millers, and retailers.
Key market trends
Poultry market conditions remained positive in 2024, with lower feed costs and firm demand supporting higher supply. The pork industry continues to face significant pressure, with animal protein demand in China remaining weak. The ruminant business saw good growth due to higher beef exports from Latin America. In addition, in the fourth quarter, the vitamin business benefited from the additional temporary vitamin price effect related to a supply disruption in the vitamin market, especially impacting the contract price for vitamins A and E in the fourth quarter.
Performance
ANH delivered a strongly improved performance versus the previous year with 5% organic sales growth, with 3% volume growth and prices up 2%.
Performance Solutions delivered strong results throughout the year, especially in mycotoxin risk management products which are now offered together with Precision Service complementary offerings through the premix network. Bovaer® and Veramaris® had an excellent year. In the second half of the year, demand for Essential Products increased as farmer economics improved and vitamin profitability started to normalize, highlighting the quality of the underlying business. In addition, in the fourth quarter the business benefited from the additional temporary vitamin price effect from vitamins A and E related to a supply disruption in the vitamin market.
Adjusted EBITDA was up significantly from the previous year, owing to good organic sales growth, the contributions from the vitamin transformation program and the temporary vitamin price effect in the fourth quarter.
x € million |
|
2024 |
|
Pro forma 20231 |
||||
|---|---|---|---|---|---|---|---|---|
Sales |
|
3,324 |
|
3,227 |
||||
Organic sales growth (in %) |
|
5 |
|
|
||||
Adjusted EBITDA |
|
343 |
|
128 |
||||
Adjusted EBITDA margin (in %) |
|
10.3 |
|
4.0 |
||||
|
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