8% organic sales growth after first nine months. Full-year organic sales growth narrowed upwards.

Ester Baiget, President & CEO: ”I am pleased with our performance in the first nine months, where we delivered 8% organic sales growth with solid profitability and cash flow. Our performance was strong across all sales areas and in Emerging and Developed Markets. We delivered 37.3% adjusted EBITDA margin, despite significant currency headwinds, demonstrating the strength and resilience of our business model. Following a robust nine-months performance including favorable timing in the third quarter, we indicate mid-single-digit organic sales growth for the fourth quarter and lift the bottom end of the range now expecting 7-8% for the full year. We continue to successfully execute on our strategic priorities, positioning us firmly to deliver on our 2030 targets.”

• Strong broad-based organic sales growth of 8% (Q3: 6%), including the negative impact of exiting certain countries of ~1 percentage point (Q3: ~2 percentage points). Price contributed by ~1 percentage point (Q3: ~1 percentage point).
• Food & Health at 9% organic sales growth (Q3: 6%) including the negative impact of exiting certain countries of ~2 percentage points (Q3: ~5 percentage points). Planetary Health at 8% organic sales growth (Q3: 6%).
• Emerging Markets at 12% organic sales growth (Q3: 10%); Developed Markets at 6% organic sales growth (Q3: 4%).
• Adjusted EBITDA margin at 37.3% (Q3: 37.1%), up by 130 bps (Q3: down by 30 bps). including significant currency headwinds. Adjusted net profit increased by 22% (Q3: 19%).
• NIBD/EBITDA at 2.0x, and free cash flow before acquisitions at EUR 668.4 million (Q3: EUR 361.3 million).
• 2025 outlook: Organic sales growth is now expected between 7-8% (previously 6-8%) including an indication of mid-single-digit growth in Q4 following favorable timing in Q3. Excluding the exit from certain countries, organic sales growth for the year is expected at 8-9% (previously 7-9%). The adjusted EBITDA margin is expected at the lower end of the 37-38% range, including significant currency headwinds.

Please read the full announcement in PDF.

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