Accelerated top‑line growth: Net sales rose 7.4% QoQ and 49.8% YoY, reaching €385.5 m in Q4 2024, driven by distribution expansion, CPS recovery and mix improvements in SIC and SME.
Margin expansion: Gross margin climbed to 39.5% (up 1.0 pp QoQ) and EBITDA margin to 20.8% as pricing discipline and mix shift outweighed cost inflation.
Rebates & promotions discipline: Supplier rebates grew 12.6% QoQ while discount rates held broadly flat; targeted promos in CPS restored volume without derailing margin.
Emerging product contributions: SIC, SME and BNG gained share and added momentum, offsetting CIE and BBA declines; CNC and MBS returned to growth from a small base.
Risks
Price sensitivity & promo creep: Discount rates ticked up in CIE and BBA; CPS margins remain below portfolio average and require strict price fences.
Sub‑scale products: LTC and CNC still operate below EBITDA break‑even; their share gains risk diluting profitability if fixed costs aren’t addressed.
Cost inflation: Raw materials rose €5.9 m QoQ and marketing spend nearly doubled (+€4.2 m); unchecked opex could compress margins.
Rebate dependence: SIC relies heavily on supplier rebates; the shift to ROI‑based co‑marketing is underway but incomplete.
Next steps
Enforce price fences & targeted promos: Roll out pack‑size and channel fences in CPS; hold pricing in CIE/BBA and monitor discount rates weekly.
Rationalize the long tail: Set break‑even gates for LTC/CNC; decide by Q1 whether to re‑launch or retire FRP/MBS and reallocate capacity.
Optimize logistics & batch planning: Implement batch planning for BBA to smooth cold‑chain peaks; consolidate runs for CNC/LTC to reduce changeovers.
Shift rebates to ROI‑based programs: Cap rebate dependence in SIC and pivot to performance‑based retail media; pilot QR traceability to reinforce premium positioning.