Press Release

Half year results 2023/24 : Tereos posts another record performance

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Tereos’ performance in the first half of the 2023/24 financial year proves the value of the Group’s efforts since 2021 to return to a trend of long-term growth. The results include:

  • revenues of €3,636 million (+22%), driven by the price increases in the sugar and starch/sweeteners segments,
  • growth of 47% in EBITDA (€592 million), due to the effective implementation of the sales and marketing strategies rolled out,
  • recurring EBIT of €459 million, compared with €266 million in the first half of 2022/23,
  • reduced structural debt (excluding working capital), which came to €1,147 million at the end of September 2023, down €64 million compared with March 2023.

Tereos has pursued its ambitions of transformation, giving itself the tools it needs to ramp up its transition to more sustainable and responsible practices.

This excellent performance for the first half of 2023/24 has reaffirmed the cooperative group’s remuneration targets for both beet and alfalfa.

Although the market has continued to fluctuate significantly, particularly in terms of the economy (rising raw material prices, Ukrainian sugar imports to the European Union, interest rate hikes) and the weather (unfavourable in the autumn of 2023), Tereos now has a solid agricultural, company and commercial structure in place to handle these fluctuations.