What's Cooking? FIRST LOOK : Expecting the good results of 1H24 to continue in 2H24

1H24 results of What's Cooking? confirmed a progress in both strategic business units despite continued cost inflation. The new strategy continues to pay off. We maintain our Buy and € 95 Target Price as these numbers show that What's Cooking? is again moving forward in volumes and remain focused on correctly passing on raw material costs, which remain historically high. What's Cooking?'s operational performance is improving thanks to its cost optimisation program and the investments made in both CapEx and OpEx.


What's Cooking? expects to continue the good results of 1H24 in 2H24. We will have to increase our FY24E forecasts (Buy and € 95 TP reiterated) as What's Cooking? expects REBITDA for FY24 of between €55 and €65m (KBCSe € 52.9m). What's Cooking? Indicated that should a sale of the Savoury Business Unit be finalized, only a pro rata of this result will obviously be possible. With regard to the result after tax, What's Cooking? expects to continue the same positive trend (from 2.4m in € 1H23 to € 10.1m in 1H24), even though interest charges currently remain high. The possible sale of the Savoury Business Unit could also have an important impact on this net result if it were to be finalized before the end of the year.