Acomo N.V.

Acomo said 2025 sales increased 7.4% to EUR 1.5 billion, or close to 10% on a constant-currency basis, with FX headwinds from the U.S. dollar to the euro. Adjusted EBITDA rose 8.7% to EUR 118.2 million, EBITDA margin improved from 8.0% to 8.1%, and adjusted EPS increased 8.8% to EUR 2.18. Reported net profit increased 64% to EUR 74 million, and gross profit margin expanded by 1.8 percentage points. On cash flow, operating cash flow excluding working capital increased 12% to EUR 120 million, but the period included EUR 164 million of working capital consumption. For 2026, management expects lower cocoa prices to reduce working capital and normalize profitability, Edible Seeds to trend back toward normal performance levels, and EBITDA phasing between H1 and H2 to be closer to historical patterns.

Allard Goldschmeding framed 2025 as evidence of Acomo’s resilience in a volatile environment, citing tariffs, cocoa price swings, geopolitical uncertainty and changing regulations. He emphasized record results in 3 of 5 segments, with Spices & Nuts, Organic Ingredients and Food Solutions highlighted as strong areas, while Edible Seeds and Tea were the weaker spots. Strategically, he reiterated that scale, diversification and M&A remain central, and he pointed to the Manuzzi acquisition as the first step into Southern Europe for Spices & Nuts. His tone was confident but measured, with repeated comments that the business is positioned to adapt and that 2026 should bring more normalized cocoa and Edible Seeds trends.

Mirjam van Thiel focused on the mechanics behind the numbers: sales rose 7.4%, gross profit margin expanded by 1.8 percentage points, G&A rose 5.8% from inflation and M&A/people investment, and operating income increased 43.5%. She said lower financing costs helped net profit rise to EUR 74 million, while adjusted EBITDA of EUR 118.2 million differed from reported results mainly because of unrealized FX and sales hedges, especially cocoa, plus exceptional items in U.S. Edible Seeds. On cash, she noted EUR 120 million of operating cash flow excluding working capital, but EUR 164 million of working capital consumption driven by higher inventory values; she expects working capital to gradually decline in 2026 as commodity pricing normalizes. She also said the company has enough financial headroom and views working capital as a commercial instrument supported by the strength of the balance sheet.

Analyst Reg Watson pressed management on why working capital rose despite cocoa prices averaging lower than 2024; management explained that 2024 inventory levels were unusually low, so 2025 required rebuilding normal stock levels and that inventory valuation also reflects the timing of crop contracting rather than year-average prices. He also questioned why Edible Seeds issues lasted longer than expected; management said the impact of export restrictions was more severe than initially thought and that the business had to clear inventory at lower prices, but they now believe the issue is behind them. On dividends, management confirmed the payout ratio was 65%, below the 70% average policy target, and explained the proposal reflected performance, cash position and M&A opportunities. For tea, management described a shift to a centralized, customer-centric multi-origin model, saying local teams had been less able to react quickly to changing buyer behavior and that no exceptional costs are expected from the reorganization.