Based in Trieste, illycaffè, the renowned B Corp coffee roaster, has announced record revenues and profit figures, a testament to the robust organic growth it experienced across all key markets and channels in the previous year.
The company’s long – term strategy to enhance international sales appears to be bearing fruit. For the 12 – month period ending on 31 December 2024, illycaffè reported a 6% year – on – year revenue growth, reaching €630 million ($681.6 million). Group EBITDA witnessed a double – digit increase for the third consecutive year, surging 19% to €110 million ($119 million). Net profit also grew significantly, rising 42% year – on – year to €33 million ($35.7 million).
In a press release, illycaffè attributed its strong performance to outstanding results in Italy, where it generates around a third of its group sales, and in the US. In the US, revenues increased by 11% year – on – year, driven by an 18% growth in the online direct – to – consumer (DTC) segment. The premium coffee roaster also saw robust revenue growth in Spain, France, and the UK, spurred by higher demand in the Horeca (Hotel, Restaurant, Café) segment.
Since selling a 20% minority stake to New York – based private equity firm Rhône Capital in November 2020, illycaffè has been eager to expand its US presence. In February 2023, Cristina Scocchia, the CEO of illycaffè, expressed the company’s eagerness to “build bigger markets abroad” to strengthen its “fragmented” international sales.
In July 2024, illycaffè struck a crucial wholesale deal with United Airlines, enabling it to serve its new ready – to – drink (RTD) coffee on all domestic US flights. Three months later, in October 2024, the coffee roaster further enhanced its US brand awareness strategy with the launch of its first digital content series, “Coffee Break,” on TikTok, Instagram, and YouTube Shorts.
The remarkable results underpin the positive impact Scocchia has had since her appointment as illycaffè CEO in January 2022. However, the former L’Oréal Italia CEO has warned that the soaring costs of green coffee are likely to introduce greater volatility in the coming year.
Scocchia stated, “2024 marked the third consecutive year of substantial organic growth, with double – digit increases in both EBITDA and net profit, despite a challenging macroeconomic and geopolitical climate and persistently rising raw material costs. Looking ahead, 2025 poses challenges for our industry, especially due to the surging raw material costs. After increasing by approximately 40% in 2024, these costs have now doubled. We are committed to minimizing the margin impact of rising green coffee prices while continuing to invest in innovation and international growth.”
Founded in 1933, illycaffè is one of the world’s leading coffee roasters, distributing to Horeca clients in over 140 markets globally. The Italian company, aiming for a public listing by 2026, also operates 159 cafes across 30 markets, with a significant presence in Italy, the US, China, and South Korea.
As a “tangible gesture of gratitude” for its employees’ contributions, illycaffè will distribute a €1 million ($1 million) bonus among its 1,000 employees worldwide following its record – breaking results.
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