JDE Peet’s reports 7.9% sales growth in 2024, boosts dividends and buybacks 

NETHERLANDS – JDE Peet’s, the Amsterdam-based coffee giant behind brands like Jacobs, L’Or, Tassimo, and Douwe Egberts, has reported a 7.9% year-on-year sales increase for the 12 months ending December 31, 2024, reaching €8.8 billion (US$9.2 billion).  

The results exceeded mid-year forecasts, prompting the company to enhance shareholder returns through a dividend increase and a multi-year share buyback program.  

Adjusted EBITDA rose 11% to €1.6 billion (US$1.7 billion), while operating profit surged 54% to €1 billion (US$1.1 billion). 

The company attributed organic sales growth to a 4.5% price hike across its portfolio, despite unprecedented green coffee price inflation over the past year.  

JDE Peet’s plans to maintain disciplined pricing in 2025, implementing productivity and efficiency measures to offset rising costs, passing on only unavoidable increases.  

CEO Rafael Oliveira expressed satisfaction with the results, stating, “Our strong 2024 performance positions us well for 2025 and beyond, with stronger foundations and positive momentum.” 

Whole bean coffee led annual sales growth with double-digit gains, followed by high single-digit increases for capsules and instant coffee, and mid-single-digit growth for roast and ground varieties.  

Europe, contributing 53% of total revenues, saw sales rise 1% to €4.7 billion (US$4.9 billion), with the UK, Ireland, and Nordic markets excelling, though volumes dipped 1% due to pricing disputes with retailers like Belgium’s Colruyt and Germany’s Edeka.  

In LARMEA (Latin America, Russia, Middle East, and Africa), revenues soared 32% to €2 billion (US$2.1 billion), fueled by the January 2024 acquisition of Brazil’s Maratá coffee and tea business. Asia Pacific sales edged up 1% to €796 million (US$835 million). 

Peet’s Coffee, the U.S. specialty café chain under JDE Peet’s, posted 9% sales growth to €1.2 billion (US$1.3 billion), with like-for-like sales and average ticket sizes rising across its 287 U.S. stores. The California-based roaster also achieved double-digit growth in China, where it operates over 200 outlets.  

Looking ahead, JDE Peet’s projects high single-digit organic sales growth for 2025 but anticipates a low single-digit drop in adjusted EBIT due to ongoing cost pressures. Free cash flow is expected to reach €1 billion, primarily in the second half. 

CFO Scott Gray steps down 

Meanwhile, CFO Scott Gray, who briefly served as Interim CEO in 2024, will step down in May 2025.  

He will be succeeded by Yang Xu, former CFO of Straumann Group, who previously collaborated with Oliveira at Kraft Heinz as Head of Corporate Development and Global Treasurer.