illycaffè’s Board of Directors has approved the draft financial statements for the 2022 financial year, revealing impressive growth despite a challenging economic environment marked by rising inflation and increasing raw material costs.
Illycaffè achieved a record consolidated revenue of €567.7 million, a 13.6% increase compared to 2021, marking the highest growth rate in a decade. This growth was fueled by all markets and distribution channels where the Group operates.
The company’s EBITDA reached €71.4 million, a 15.8% increase compared to the previous year, with margins at 12.6% of revenue, up 0.3% from 2021. Adjusted EBITDA stood at €78.2 million, reflecting a 10.6% increase compared to 2021. EBIT rose to €25.9 million, a 24.8% increase compared to the previous year, thanks to improved operating profitability and reduced impact of depreciation and amortization on net revenues.
Group Net Income stood at €14.2 million, an increase of 18.9% compared to 2021, surpassing expectations. The net financial position reached €154.3 million, a 25.0% increase compared to the previous financial year, mainly due to the general increase in production costs, particularly the price of green coffee, and the investment plan launched in 2022.
Cristina Scocchia, CEO of illycaffè, expressed her excitement about the results: “We’re thrilled to have achieved the best results in the last ten years despite the challenging macro-economic context. 2022 marked a major milestone towards the achievement of our strategic goals: this year, all markets and distribution channels contributed to our growth, in terms of both revenue and EBITDA.”
In Italy, revenue grew by 9.9% compared to 2021, with the Ho.Re.Ca channel experiencing double-digit growth. In the United States, a strategic market, revenue increased by 27.4% compared to 2021. Other markets, such as China, also saw significant growth, with revenue increasing by 15% compared to 2021, led by online sales.
Illycaffè’s commitment to sustainability and ethical practices earned recognition from Standard Ethics in 2022, awarding it the highest level of compliance with international sustainability indicators established by the European Union, OECD, and United Nations.
In 2023, the Group aims to continue its growth path identified in the 2022-26 strategic plan, focusing on further accelerating its international development in the super-premium market segment. A major investment plan of €270 million is expected to support this development, with €120 million allocated for production and logistics expansion in Trieste, the Group’s strategic production hub.