illycaffè posts US$681.6M revenue in FY24 amid strong global growth
Illycaffè’s record revenue and profit in 2024 was driven by robust international expansion and rising Horeca demand.
ITALY – Italian premium coffee roaster illycaffè has reported record financial results for 2024, with strong organic growth across key markets and distribution channels.
The company posted a 6% year-on-year revenue increase, reaching €630 million (US$681.6 million) for the 12 months ending December 31, 2024.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 19% to €110 million (US$119 million), marking the third consecutive year of double-digit growth.
Net profit surged 42% to €33 million (US$35.7 million), reflecting the company’s successful international expansion strategy.
Illycaffè attributed its strong performance to solid growth in Italy, which accounts for approximately one-third of total sales, and the US, where revenues increased by 11% year-on-year.
The company also saw an 18% rise in its direct-to-consumer (DTC) online segment in the US. Additional growth was reported in Spain, France, and the UK, driven by rising demand in the Horeca sector.
The company has been actively expanding its US presence since selling a 20% minority stake to New York-based private equity firm Rhône Capital in 2020.
In July 2024, illycaffè secured a major partnership with United Airlines to serve its ready-to-drink (RTD) coffee on all domestic flights. This was followed by the launch of its first digital content series, Coffee Break, to enhance brand awareness in the region.
“2024 marked the third consecutive year of robust organic growth, with double-digit increases in both EBITDA and net profit, despite a challenging macroeconomic and geopolitical environment and persistently rising raw material costs,” said illycaffè CEO Cristina Scocchia.
Despite the strong financial performance, Scocchia noted that potential US tariffs under former President Donald Trump’s “Liberation Day” trade plan could impact operations. If tariffs are imposed, illycaffè may need to increase prices and consider establishing a production facility in the US to mitigate costs.
Founded in 1933, illycaffè is one of the world’s leading coffee roasters, serving Horeca clients in over 140 markets.
The company also operates 159 branded cafés across 30 countries, with a strong presence in Italy, the US, China, and South Korea.
Looking ahead, illycaffè anticipates challenges in 2025, particularly due to rising raw material costs. Coffee prices have doubled following a 40% increase in 2024.
However, the company remains committed to mitigating cost pressures while continuing to invest in innovation and international growth as it prepares for a potential public offering by 2026.
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