Fedrigoni Confirms Growth Trend on Nine Months 2024 Results
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Fedrigoni closed 3Q 2024 with revenues of 468.3 million euros compared to 412.0 million in the same period of 2023 (+13.7%) and an adjusted Ebitda of 61.7 million, 8.2% higher than the 57.0 million in 3Q 2023.
A growth trajectory confirmed by the results for the first 9 months of the year, which stood at 1.425.4 million in revenues (+8.7% compared to 1.311.2 million in January-September 2023) and 221.7 million in adjusted Ebitda (+8.2%, up from 204.9 million).
The Group is set to end the year with revenues over 2 billion euros. “2024 was characterized again by a discrete volatility,” comments CEO Marco Nespolo, ”we started with good results in the first six months, partially driven by a recovery in the destocking trend across the value chains we serve. In the latter part of the year we had a gradual slowdown mainly due to softening growth in some end markets such as luxury and wine&spirit. Overall it was a pretty positive year that we estimate to close with about 10% growth in Revenues and Ebitda. In fact, barring any particular surprises in the last months of the year, we expect 2024 revenues to exceed €2 billion (up from €1.8 billion in 2023) and pro forma Ebitda to exceed €370 million, up about 10% from the previous year (€337.7 million).”
With nearly 6,000 people in 28 countries and 78 plants including production sites, cutting and distribution centers, Fedrigoni sells and distributes its 25,000 products in 132 countries around the world. In 2024 the Group kept pursuing its industrial plan and completed four M&A deals: acquisition of a specialty papers plant in China, formerly part of the Arjowiggins Group; minority stake in the start-up SharpEnd as part of the company’s focus on digitized product offerings; acquisition of some assets of Mohawk, the second largest specialty papers player in North America; and acquisition of Poli-Tape, a producer of graphic materials for visual communication.
“We keep growing globally and only 20% of our turnover comes from Italy – concludes Nespolo – In the coming years we intend to accelerate even harder on our global presence, focusing in particular on North America, Latin America and Asia Pacific. We have an ambitious investment plan to sustain growth over the next four years (2025-2028): over 300 million euros globally, of which about 100 million in Italy, to innovate products and make them more and more sustainable, beautiful and performing, with the aim of replacing plastic wherever possible and enabling full circularity, but also to make our production sites even more efficient, safe and sustainable in terms of environmental impact.”
Fedrigoni’s strategic plan envisions on self-adhesive materials to focus on consolidating its position in premium labels and establishing in graphics and visual communication solutions. In the specialty papers business, the company aim at consolidating leadership in solutions for luxury packaging and high-end creative communication, but also growing in segments such as gift cards, playing cards and smart papers. Finally, RFID inlays and tags are one of the areas with the highest growth potential.
