...July 18, 2025 This report does not constitute a rating action. The 2024 financial performance of Panzani aligned with the expectations of S&P Global Ratings. The results were primarily driven by productivity initiatives, which helped offset the impact of pricing and promotional reinvestments and the drag from the fresh pasta launch (now discontinued). Net sales declined 3.2%, primarily due to lower pricing as the company partially reversed prior price increases in the second half of 2024 to reflect declining durum wheat costs. Group volumes were broadly stable. While volumes fell across the private label, industrial, and national brand categories, growth in exports and the technical solutions & ingredients (TS&I) business helped offset the fall. In France, branded pasta volumes declined slightly, driven by intensified promotional activity from Barilla, as well as increasing pressure from private labels, contributing to a modest loss in market share. Despite this, revenue decline was largely...
