Perfumery & Beauty and Taste, Texture & Health recorded a very strong performance. Better business conditions led to a solid performance of Health, Nutrition & Care through the second half of the year. Animal Nutrition & Health delivered a significant step-up in financial results.
Business conditions markedly improved during the year. Perfumery & Beauty and Taste, Texture & Health saw very strong demand throughout the year. Health, Nutrition & Care saw business momentum improving in the second half of the year with demand for Dietary Supplements and Early Life Nutrition picking up. Animal Nutrition & Health delivered a strong performance owing to continued strong demand for Performance Solutions throughout the year, together with the normalization of vitamin profitability during the second half of the year. In addition, in Q4 the business benefited from the additional temporary vitamin price effect related to a supply disruption in the vitamin market.
x € million |
|
2024 |
|
Pro forma 20231 |
|
Change |
||||
|---|---|---|---|---|---|---|---|---|---|---|
Continuing operations |
|
|
|
|
|
|
||||
Sales |
|
12,799 |
|
12,310 |
|
4% |
||||
Adjusted EBITDA |
|
2,118 |
|
1,777 |
|
19% |
||||
Adjusted operating profit |
|
926 |
|
666 |
|
39% |
||||
Operating profit (loss) |
|
561 |
|
(173) |
|
-424% |
||||
Net profit (loss) |
|
280 |
|
(321) |
|
-187% |
||||
Adjusted net profit |
|
601 |
|
365 |
|
65% |
||||
Core adjusted net profit |
|
849 |
|
555 |
|
53% |
||||
Adjusted gross operating free cash flow |
|
1,552 |
|
999 |
|
55% |
||||
Adjusted EBITDA margin (in %) |
|
16.5 |
|
14.4 |
|
|
||||
Core adjusted ROCE (in %) |
|
7.6 |
|
5.2 |
|
|
||||
|
||||||||||
|
|
Net sales |
|
Adjusted EBITDA |
|
Adjusted EBITDA margin |
||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
x € million |
|
2024 |
|
Pro forma 20231 |
|
% change |
|
2024 |
|
Pro forma 20231 |
|
% change |
|
2024 |
|
Pro forma 20231 |
||||
Perfumery & Beauty |
|
3,964 |
|
3,709 |
|
7% |
|
882 |
|
783 |
|
13% |
|
22.3 |
|
21.1 |
||||
Taste, Texture & Health |
|
3,245 |
|
3,038 |
|
7% |
|
615 |
|
556 |
|
11% |
|
19.0 |
|
18.3 |
||||
Health, Nutrition & Care |
|
2,214 |
|
2,270 |
|
-2% |
|
371 |
|
389 |
|
-5% |
|
16.8 |
|
17.1 |
||||
Animal Nutrition & Health |
|
3,324 |
|
3,227 |
|
3% |
|
343 |
|
128 |
|
168% |
|
10.3 |
|
4.0 |
||||
Corporate Activities |
|
52 |
|
66 |
|
-21% |
|
(93) |
|
(79) |
|
18% |
|
|
|
|
||||
Total, continuing operations |
|
12,799 |
|
12,310 |
|
4% |
|
2,118 |
|
1,777 |
|
19% |
|
16.5 |
|
14.4 |
||||
|
||||||||||||||||||||
Adjusted EBITDA was up 19% owing to the good organic sales growth, and the contributions from the synergies, the vitamin transformation program and the temporary vitamin price effect in Q4. The Adjusted EBITDA includes a negative foreign exchange effect estimated at €50 million.
In 2024, synergies contributed around €105 million to Adjusted EBITDA, predominantly cost-led. The revenues from the sales synergies accounted for about €50 million in 2024. In 2025, the company expects an additional €100 million Adjusted EBITDA contribution from cost and sales synergies.
Adjusted gross operating free cash flow amounted to €1,552 million, up 55% from the prior period, driven by Adjusted EBITDA growth and operating working capital discipline.