Tear Sheet: Pimente Investissement SAS

Revenue increased 3% in the first nine months of 2023 driven by higher prices carried over from 2022 and a new round of increases from March 2023. This more than offset lower volumes, notably from the semolina business to business (B2B) unit as the company shifts from internally produced semolina toward branded pasta, and due to lower demand for sauces and couscous. Positively, branded pasta volumes slightly increased versus last year, attesting to the strength of the Panzani brand despite strong price increases over 2022-2023 and weaker consumer sentiment. Reported EBITDA (pre-exceptional costs) in the first nine months of 2023 increased to €45 million from €35 million spurred by topline growth and gradually improving profitability on normalizing input costs (notably

...December 12, 2023 Pimente Investissement SAS (Panzani) has shown resilience in 2023, with adjusted EBITDA growth despite lower volumes. Revenue increased 3% in the first nine months of 2023 driven by higher prices carried over from 2022 and a new round of increases from March 2023. This more than offset lower volumes, notably from the semolina business to business (B2B) unit as the company shifts from internally produced semolina toward branded pasta, and due to lower demand for sauces and couscous. Positively, branded pasta volumes slightly increased versus last year, attesting to the strength of the Panzani brand despite strong price increases over 2022-2023 and weaker consumer sentiment. Reported EBITDA (pre-exceptional costs) in the first nine months of 2023 increased to 45 million from 35 million spurred by topline growth and gradually improving profitability on normalizing input costs (notably durum wheat). In line with our previous base case, we see S&P Global Ratings-adjusted EBITDA...

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