The company Europasseriespecializing in high-quality frozen bakery products and one of the top five players in the global market, accelerated its growth in the second quarter of the year with a 10.9% increase in net billing compared to the same period last year.
As reported on Wednesday, inorganic growth was mainly supported by the acquisition of DeWi Back in March 2024 and organic through customer expansion and product innovation. All of this has led Europastry to achieve net sales of 714 million euros in the first half of 20247% more than in the same period of 2023.
During the first six months of the year, Europastry customers increased by 11% compared to the end of 2023, reaching more than 89,000 customers. During the same period, it optimized the diversification of its customer base, improving the profitability of the international segment and strengthening its position in Europe.
In August has acquired De Groot Edelgebak, a Dutch distributor of frozen bakery and pastry products and one of the leaders of the chain restoration and by the end of the year, it hopes to have the new biscuit line ready from the production center in Oldenzaal (Netherlands). It also plans to reach full capacity of the bread line bun in its production center in Azuqueca de Henares (Spain).
The company also highlighted the international diversification in the United States and Mexico as catalysts for increased profitability and noted that Europastry’s latest acquisitions strengthen its position as a premium bakery for the chain restoration in markets such as Germany, Benelux and the United Kingdom.
He Europastry’s adjusted EBITDA reached 114 million euros at the end of Junewhich represents an increase of 15% compared to the same period of 2023. Its adjusted EBITDA margin increased to 16% compared to 14.9% in the same period of the previous year.
This margin expansion has led to the strong cash generation of the companywith a cash flow 106 million euro operation during the half-year ended June 30, 2024. In addition, Europastry has invested in capital expenditure of 47 million euros over the first six months of the year.
He Executive President of Europastry, Jordi Gallésexplained that the increase achieved in net billing and adjusted EBITDA “confirms that Our strategy is the right one to continue to strengthen our market leadership and drive our future growth“Our international expansion strategy, product innovation and value-generating business operations attract a a bright future for our company and places us in an excellent position to achieve our medium and long-term objectives for sales and margin growth,” he stressed.
