JDE Peet’s Half-Year Report 2024
Luc Vandevelde, Interim CEO of JDE Peet’s “I am very pleased with this strong set of results for the first half of 2024. We delivered robust, broad-based performance across top-line, profitability and cash flow, despite operating in a challenging environment that continues to be characterised by rising green coffee prices and a growing demand for more affordable offerings.
In the first half, we continued to make good progress in our strategic priorities, achieving double-digit growth in E-commerce and China, continued good performance for Peet’s and L’OR Barista. The integration of Maratá and Caribou is also well underway, with both delivering results that are in line with our expectations.
Given our strong H1 performance and our expectations for H2 – including the continued inflation and volatility in green coffee prices and the additional pricing this will require – we are confident in raising our full-year outlook across top-line, profitability and cash flow, also enabling us to bring down our net leverage to below 3x within 12 months after closing Maratá and Caribou.”
Highlights
- Organic sales up +3.6% (5-yr CAGR: +5.0%), driven by +2.4% price and +1.2% volume/mix
- Reported sales up +5.6% to EUR 4,210 million
- Organic adjusted gross profit up +9.0%
- Organic adjusted EBIT up +17.5% (5-yr CAGR: +4.4%); A&P slightly up organically
- Free cash flow of EUR 315 million; net leverage at 3.1x
- Underlying EPS of EUR 0.76; Basic EPS of EUR 0.74
