De’ Longhi: revenues decrease but the net financial position remains positive

Fabio De’Longhi, CEO of De’Longhi SpA

The Board of Directors of De’ Longhi SpA approved the consolidated results of the first quarter of 2023, during which the company recorded revenues of 602.4 million euro, down by 18.1%, adjusted Ebitda of 74.3 million euro, equal to 12.3% of revenues (vs. 13.6% of first quarter of 2022) and a a net income of 38.7 million euro, equal to 6.4% of revenues (vs. 6.9% of first quarter of 2022). Moreover, a positive net financial position amounting to 317.2 million euro, improving vs. both year end of 2022 (+18.5 million euro) and end of Q1-20223 (+42.6 million euro) was reported.

«Looking at the start of 2023 – commented Fabio de’ Longhi, Chief Executive Officer of the Italian company – despite results impacted by an unfavorable macroeconomic context, with prudent behavior by consumers and distributors, we are satisfied with how the Group has been able to react to the many challenges and difficulties. To date, our Group can count on revenues and margins that remain well above pre-pandemic levels, thanks to organic growth, investments and acquisitions finalized in recent years.»

The CEO also added: «Let me also underline how the satisfactory trend in margins in the first quarter, compared to 2022, was made possible by all measures of cost efficiency and containment put in place in recent months and despite all the communication and marketing activities carried on, following the success of the global coffee campaign. Looking at the following quarters, it is reasonable to assume that the comparison with the past year will gradually become less challenging, thus keeping the growth rate at sustained levels compared to the pre-pandemic years.»