Tear Sheet: Group of Butchers

. In 2023, like-for-like revenue grew about 8% stemming from higher prices that passed along raw materials and labor inflation, while volumes remained stable with market share gains offsetting declining processed meat consumption in a post COVID-19 normalization scenario. This attests to GoB's focus on dynamic subcategories, its ability to find pockets of growth via innovation (product launches; portfolio stretching; white spaces, and its strong commercial capabilities. Despite inflationary pressures, reported EBITDA margin remained relatively stable, thanks to the strong pass-through capabilities and improved efficiency, notably in De Menken Keuken and Vleeswaren De Keyser operations. Consequently, reported EBITDA (before exceptional costs) grew to €86.5 million in 2023, up from €81.6 million in 2022. We estimate that S&P Global Ratings-adjusted EBITDA

...March 12, 2024 After strong results in 2023, Group of Butchers (GoB) should further expand revenue and EBITDA in 2024 as it continues to outpace a stagnant processed meat market. In 2023, like-for-like revenue grew about 8% stemming from higher prices that passed along raw materials and labor inflation, while volumes remained stable with market share gains offsetting declining processed meat consumption in a post COVID-19 normalization scenario. This attests to GoB's focus on dynamic subcategories, its ability to find pockets of growth via innovation (product launches; portfolio stretching; white spaces, and its strong commercial capabilities. Despite inflationary pressures, reported EBITDA margin remained relatively stable, thanks to the strong pass-through capabilities and improved efficiency, notably in De Menken Keuken and Vleeswaren De Keyser operations. Consequently, reported EBITDA (before exceptional costs) grew to 86.5 million in 2023, up from 81.6 million in 2022. We estimate...

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