Intelligence Console

Supply Chain Intelligence

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Company Performance

Investment Thesis Financials Margins CapEx & FCF Valuation Peers Strategy & ESG Macro Risk

Appendix

Stakeholder Matrix ESG Risk Heatmap

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Soltanbibi Alimova

Khaireddine Arbouch

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Year:

Margins & Profitability

Margin decomposition and profitability drivers

100% COVERAGE• HIGH

Gross Margin

46.2%

+100.0%

EBIT Margin

17.7%

+150.0%

Net Margin

13.2%

+110.0%

ROE

30.8%

+90.0%

ROIC

21.6%

+180.0%

Margin Evolution (%)

Margin Waterfall (2024)

COGS Breakdown (% of COGS)

SG&A Breakdown (% of SG&A)

Margin Insights & Drivers

Positive Drivers

• Gross margin +100bps YoY driven by productivity savings (€2B program)
• SG&A leverage from brand rationalization (divested underperforming brands)
• R&D efficiency gains from innovation pipeline consolidation

Headwinds

• Raw material inflation (palm oil, petrochemicals) partially offset by hedging
• FX headwinds from EM currency depreciation (~200bps drag on net margin)
• Increased marketing spend to defend market share in developed markets

Management Guidance

• Target EBIT margin of 18-20% by 2026 (vs 17.7% in 2024)
• Expect gross margin to stabilize at 46-47% as input costs normalize
• Continue SG&A discipline through digital transformation and automation