Board Takeaways
Below is a concise overview of Q4‑2024 performance, key drivers, risks and recommended actions. Use the navigation bar to explore the detailed charts and tables.
Top Drivers
- SIC growth: National shelf resets in Carrefour and Alcampo plus a new Portuguese distributor; launch of family packs lifted volume.
- SME campaign: “Sabor de Mallorca” geo‑targeted media and a QR traceability pilot boosted regional demand and holiday gifting.
- CNC/BNG expansions: New foodservice contracts in Basque & Aragon regions and D2C bundles drove incremental units; together these moves represent roughly 70–75 % of unit growth.
Top Risks
- Pricing discipline: Elevated Q4 discounts in CIE, BBA and LTC were intentional to secure 2025 shelf space; elasticity risk remains if promotions persist.
- One‑off costs: Legal/consulting fees for supplier arbitration and M&A diligence plus a temporary DC and seasonal marketing increased costs; these should normalize next quarter.
- Sub‑scale products: CNC and LTC remain below EBITDA break‑even, and MBS has been exited. FRP faces a last‑chance pilot in Q2; failure would lead to retirement.
Recommended Actions
- Revert CIE/BBA/LTC promotions to Q3 intensity and enforce price‑fence rules; keep CPS fences intact.
- Deliver efficiency programmes: complete micro‑stops reduction on CIE (+~0.4pp GM) and implement BBA batch‑planning (–9 % cold‑chain cost).
- Re‑engineer SIC rebates into ROAS‑linked contracts; run FRP’s “Reserva Otoño” pilot in Q2 and exit if velocity < 4 units/store/week.
Overall, Q4‑2024 net sales grew nearly 50 % YoY and 7 % QoQ with EBITDA margin expanding to 20.8 %. Many of the cost spikes are one‑off, and the outlook for Q1‑2025 is a seasonal decline of 4–6 % QoQ (still +18–22 % YoY) with EBITDA margin targeted at 19–21 %.