Europastry reports double‑digit growth in the first half of 2024
Europastry disclosed that its inorganic growth was largely driven by the March 2024 acquisition of DeWi Back, while organic growth came from expanding the customer base and innovating products. This combination propelled the company to a net revenue of 714 million euros in the first half of 2024, up 7% from the same period in 2023, according to their latest statement. (Europastry press materials, 2024)
During the first six months of the year, Europastry’s customer count rose by 11% versus the end of 2023, surpassing 89,000 customers. In the same period, the company improved client diversification, enhanced profitability in the international segment, and strengthened its position across Europe. (Europastry press materials, 2024)
In August, Europastry acquired De Groot Edelgebak, a Dutch frozen bakery and pastry distributor and a leading player in the foodservice channel. By year-end, the company expected to complete the new cookie line at its Oldenzaal production center in the Netherlands and to reach full capacity for the brioche bread line at its Azuqueca de Henares facility in Spain. (Europastry press materials, 2024)
The company highlighted the international diversification in the United States and Mexico as catalysts for higher profitability and noted that Europastry’s latest acquisitions strengthen its premium bakery position for the food service channel in markets like Germany, the Benelux region, and the United Kingdom. (Europastry press materials, 2024)
Adjusted EBITDA reached 114 million euros by the end of June, a 15% increase from the same period in 2023. The adjusted EBITDA margin rose to 16% from 14.9% a year earlier. (Europastry press materials, 2024)
This margin expansion supported strong cash generation, with an operating cash flow of 106 million euros for the six months ended June 30, 2024. The company also invested 47 million euros in capital expenditures in the first half of the year. (Europastry press materials, 2024)
The group’s chief executive, Jordi Gallés, explained that the growth in net revenue and the improved EBITDA confirm the effectiveness of the strategy to strengthen market leadership and future growth. He added that the international expansion, product innovation, and value‑creating corporate operations outline a bright path to meet mid‑ and long‑term sales and margin goals. (Europastry press materials, 2024)