11 October 2024
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Global Industry

JDE Peets: reports FY-2023 results

Amsterdam / NL. (jde) JDE Peet’s N.V. (JDE), the world’s largest pure-play coffee and tea group by revenue, published its financial results for the full year 2023, the period from January to December. JDE concluded FY-2023 with a very strong second semester, marked by an acceleration of JDE Peet’s organic top line and adjusted Ebit growth, the group says in its statement. Key items:

  • Organic sales up +3.9 percent (H2-2023: +4.3 percent), with positive volume/mix momentum in H2-2023
  • Organic adjusted Ebit up +1.1 percent (H2-2023: +5.5 percent); up more than 6 percent FY when excluding Russia’s performance
  • Organic adjusted gross profit increased +2.9 percent (H2-2023: +4.7 percent), from premiumisation and efficiencies
  • Free cash flow of EUR 522 million and leverage of 2.7x, despite currency headwinds
  • Underlying EPS of EUR 1.51, with strong operating result offset by fair value changes of derivatives plus FX
  • GHG emissions reduced by 9 percent in 2023, cumulating to -21 percent in Scope 1 + 2 and -9 percent in Scope 3 versus 2020
  • Proposal to pay a cash dividend of EUR 0.70 per share in two equal instalments

Chief Executive’s Summary

Message from CEO Fabien Simon: «We concluded 2023 with a very strong second semester, marked by an acceleration of JDE Peet’s organic top line and adjusted Ebit growth. We are back to our long-term profitability algorithm, excluding Russia’s performance. While the Coffee industry had been confronted with compounding disruptions over the last 3 years, our 2023 performance is the result of the agility and disciplined execution of the transformation we went through since 2021, to become a more global, more digital, and more sustainable company.

«We are rediscovering the power of our brands. While we stepped-up investments, execution and innovation, we have brought back relevance for our consumers and customers. As a result, we have gained market shares globally in 2023 across the premium coffee categories of Single-Serve, Instant and Beans.

«In 2023, JDE Peet’s was recognised as an innovation leader (GlobalData), as well as an industry mover in sustainability (S+P Global). We brought industry-first innovation with home-recyclable paper packs for instant coffee, and are leading progress on deforestation by leveraging AI and inclusive ecosystems at origin countries.

«We are holding ground in Europe, growing double-digit in China, and are accelerating our globalisation organically, and more recently inorganically in the largest global coffee markets in value (US) and in cups (Brazil).

«Strengthening our fundamentals, our brands and our innovation capabilities is elevating our premium growth trajectory and brings confidence in our ability to create sustaining long-term shareholder returns and societal value.»

For additional information please read the Company’s PDF file below (262 KB):

20240223-JDE-PEETS-FY2023.


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