Revenue for 2024 increased by 5.1% compared to the previous fiscal year, reaching €7,139.6 million. Organic growth is positive at +3.1%. The structural effect of +1.1% is mainly driven by the integration of Sucesores de Alfredo Williner S.A. as of April 3, 2023, and, to a lesser extent, Ugalait SAS as of July 1, 2024. The combined impact of currency exchange and hyperinflation contributes positively by +0.9%.

Cheese Products account for 56.8% of consolidated revenue. Revenue in this activity declines slightly by -0.6%. At constant exchange rates and scope, revenue from Cheese Products grew by 0.5%. This near stability is the result of, on the one hand, a decrease in volumes due to inflationary pressure on consumption, and on the other hand, a favorable price/mix effect, highlighting the strength of the Group’s brand portfolio and its ability to grow a unique specialty model in a context of high milk prices.

Other Dairy Products represent 46.6% of consolidated revenue and grow by 13.9%, including organic growth of 7.8%. This increase is driven by strong momentum in international markets and business development in Europe. Pricing trends, particularly for butter compared to 2023, also
create a positive pricing effect, especially in the second half of the year.

Current operating profit rose by 9.1%.

Group share of net income increases by 10.9%. Non-recurring expenses
decrease by €15.2 million but remain affected by restructuring costs, legal disputes, and asset impairments. Financial expenses rise by €3.5 million,mainly due to the negative impact of rising interest rates and an unfavorable foreign exchange result, though partly offset by investment performance. The monetary position result falls significantly by €12.2 million, reflecting the application of IAS 29 to countries experiencing hyperinflation (Argentina). The contribution from equity-accounted companies remains stable. Corporate income tax decreases by €1.7 million due to the reduction in non-deductible asset impairments. Net income attributable to non-controlling interests increases by €10.1 million.

The financial debt decreases by €92.4 million to €346.7 million. Equity rises by €175.1 million compared to December 31, 2023.