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Bonduelle Group:

Business activity slightly down on Quarter 3 in a climate of constrained consumption

The Bonduelle Group's revenue stands for Quarter 3 of FY 2023-2024 (from January 1, to March 31, 2024) at 564.9 million euros, thus a downturn compared with the previous fiscal year (572.2 million euros) of -1.3% on reported figures and -1.0% on a like-for-like basis*.
No change in the scope of consolidation occurred over the period.

Over the 9 first months, the revenue amounted to 1,778.0 million euros, down -2.1% on reported figures and up +2.8% on a like-for-like basis* after taking into account currency variations (significant depreciation of the ruble and weakening of the US dollar against the euro compared with the same period last year).

This growth is mainly due to the good performance of the long life activity in both can and frozen segments. On the other hand, the fresh processed activities declined, mainly in North America.

Europe Zone
The Europe Zone representing 65.5% of the business activity at the end of the 9 first months, posted an overall growth of +4.4% on reported figures and +3.9% on a like-for-like basis*, with Quarter 3 recording an evolution of +0.5% and +0.0% respectively.

The consumption under pressure in Europe Zone over the last quarter led to a downturn in volumes over the period particularly strong in retail for both branded and private label products. At the end of the first 9 months of fiscal year, the growth of the business activity remained solid, mainly driven by a notable performance in branded food service, in both can and frozen.

Fresh activities posted a slight increase in volume and value over the quarter, fueled by a good performance in the fresh processed segment (bagged salads) in Italy. In France, the fresh prepared segment posted a solid performance in both Quarter 3 and over the 9 first months of the fiscal year.

Non-Europe Zone
The revenue of the Non-Europe Zone, representing 34.5% of the business activity over the first 9 months, recorded a variation of -12.4% on reported figures and +1.0% on a like-for-like basis, Quarter 3 posted an evolution of -4.7% and -3.0% respectively.

Over Quarter 3, the Eurasia region reported growth in terms of volumes and value driven by the Bonduelle brand can segment and a sharp acceleration in frozen, both in retail and food service, the business activity in North America remains in decline in volumes over the period.

Given the current climate of consumption, the group is limiting its business revenue growth objective between +3% and +4%, while its recurring operating income growth target remains unchanged at around +15%, both on a like-for-like basis.

For more information:
Bonduelle Group
La Woestyne 59173
Renescure, France

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