Deoleo shareholders approve the group’s management as it announces a new phase of transformation and growth

Deoleo, the world’s leading olive oil company, held its General Shareholders Meeting today following a challenging fiscal year in which the company reaffirmed the strength of its strategy and began a new strategic phase. The meeting was attended by representatives of 59,6% of Deoleo, S.A.’s share capital.

During the meeting, the individual and consolidated annual accounts, the management report, and all items on the agenda (including the additional ones) were approved, as well as the Non-Financial Information Statement (NFIS) for fiscal year 2024. In addition, an update on the business performance for the first quarter of 2025 was provided, along with the set of initiatives that will shape the group’s new roadmap.

Solid performance in a challenging environment

Ignacio Silva, Chairman of Deoleo, emphasized that despite the complex environment, the company has managed to maintain balance through agile and responsible management. In 2024, Deoleo achieved a 19% increase in sales, reaching nearly €1 billion in revenue, and recorded an EBITDA of €33.4 million, 10.4% higher than the previous year. The group’s main brands demonstrated strong resilience. Market share in Spain reflects this and the effectiveness of the company’s commercial strategy, with an increase of 0.6 percentage points by the end of 2024. Despite a general decline in consumption, Deoleo maintained its leadership in key markets such as the United States, Germany, France, and Mexico.

Silva reported that, following a prudent approach, the company decided to fully provision the amount related to the legal issue in Italy with Carapelli Firenze. This provision had a direct impact on the year’s results, leading to a negative net income. He emphasized that the company has strong arguments and remains confident in a favorable outcome of the ruling.

Silva also highlighted the company’s financial strength, noting that Deoleo reduced its net financial debt by 4% in 2024 and closed the year with €53 million in cash, a 72% increase compared to the previous year. He also emphasized the successful completion of the refinancing process, which structures the company’s debt with a maturity in 2029, providing the financial stability needed to successfully implement its growth plans. The agreement is supported by the Group’s main shareholders, CVC and Alchemy, and backed by leading financial institutions.

A new phase under new leadership

Ignacio Silva, Chairman of Deoleo, announced the beginning of a new phase for the company with the appointment of Cristóbal Valdés as Chief Executive Officer in November 2024. Under his leadership, a new roadmap is being implemented, focused on transformation, strengthening capabilities, and evolving into a “more agile, innovative, and sustainable” company. After a demanding period leading the executive management, Silva affirmed that he will continue to add value from his role as Chairman, supporting the new leadership team “to make Deoleo an even stronger, more sustainable, and more connected global benchmark.”

During his speech, Cristóbal Valdés expressed his deep pride in leading a team with such qualities and commitment: “Deoleo has great potential and many opportunities ahead.” Valdés pointed to the beginning of a process of evolution toward a new horizon, for which the group has launched a set of initiatives. “Our objectives are supported by our commitment to quality, innovation, and proximity, serving both the region and its people. We aim to drive the necessary transformation of the sector, with the goal of achieving excellence in quality and fair compensation for everyone involved in the value chain,” he emphasized.

“Our ambition remains the same: to be the undisputed leaders in the sector by making the Mediterranean essence of our olive oil accessible to everyone,” Valdés stated. He outlined the core pillars of the new strategy, which is being developed through a series of initiatives aimed at accelerating growth by leveraging the strength of Deoleo’s leading brands—Carbonell, Bertolli, and Carapelli—, strengthening the company’s presence in key markets such as the United States, Germany, India, and the Far East, while maintaining a strong focus on its home markets (Spain and Italy). The strategy also includes operational improvement through efficiency across the entire value chain and a strong commitment to innovation and closeness to consumers and stakeholders. Valdés also highlighted the company’s exceptional talent: “We will continue to put people at the center, as true drivers of change and our most valuable asset.”

Sustainability: a competitive edge and pillar of growth

Valdés emphasized that “sustainability is no longer an option, but a condition for competitiveness.” In April, Deoleo released its new Sustainability Report, which outlines significant progress made in 2024. Among the key milestones, the company now has 88 certified olive mills across six countries through its Sustainability Protocol. He also noted that 39% of the olive oil purchased comes from these sustainable mills, marking progress toward the goal of reaching 70% by 2030.

Additionally, the report highlights that 98% of the energy used in Deoleo’s factories comes from renewable sources. On the social level, the company has enhanced traceability through blockchain technology and promoted female talent with initiatives such as the “Creciendo Juntas” (Growing Together) congress.

First Quarter of 2025: Positive performance and a sound financial position

In the first quarter of 2025, the company recorded an 11% increase in sales volume, with an EBITDA of €10 million (+19%) and a 7% growth in unit gross margin. Additionally, brand investment rose by 33%, boosting competitiveness and improving the EBITDA-to-sales margin by 25%.

The improvement in the 2024/2025 harvest has contributed to lower prices and a rebound in consumption, positioning the company to continue seizing strategic opportunities. Furthermore, the financial debt-to-EBITDA ratio stands at 3x, with net financial debt at €115 million, 1% lower than at the end of 2024.

Valdés concluded his address by reaffirming the company’s commitment to balanced and responsible growth: “We are building a more competitive Deoleo, better connected to the world that lies ahead.”