Fedrigoni, half-year results: a reduced performance compared to 2022 but higher than the industry average

The Fedrigoni Group, one of the world's largest players in premium labels and self-adhesive materials and specialty papers for luxury packaging and other creative solutions, closed the first half of 2023 with 971.0 million euro in revenue, down 9.9% from the same period in 2022, and an Ebitda of 150.9 million euro (-9.2% from 2022). However, the Ebitda Margin (15.5%) remained in line with the previous year and performance was well above the industry average.

Apart from 2022, which was an exceptional year, if we compare the numbers with 2021, we observe a steady growth trend in both turnover, at +28.9% (in 2021 it was 753.5 million euro), and Ebitda, at +49.3% (in 2021, 101.1 million euro). The same can be seen in the figures for the last 12 months, from June 2022 to June 2023: pro-forma revenue is 2.1 billion euro, down 4.2% from 2022 (2.2 billion euro in the 12 months of 2022) but up +31.1% from 2021 (1.6 billion euro in the 12 months of 2021), just as the pro-formaEbitda1 of 335.6 million euro is down 1.3% from 2022 (339.9 million euro in the 12 months of 2022) but up +51.9% from 2021 (221.0 million euro in the 12 months of 2021).

With its 5,000 employees in 28 countries, 68 production plants and slitting and distribution centres, and 25,000 products distributed in 132 countries, Fedrigoni maintains its position as the leading global player in luxury packaging and premium wine labels.

"The highly volatile market situation continues, with signs of recovery slower than expected", comments Fedrigoni CEO Marco Nespolo, "combined with a destocking phenomenon on the part of our customers, printers and converters, linked to the need to clear inventories accumulated in 2022, which we believe will be exhausted in the coming months of this year. A drop, however, well below the average industry figure, which sees sales falling by 15%-20%.

So, in a market that is suffering greatly, we have managed to defend our margins, thanks to a solid strategy that has focused, over the past four years, on an increasingly premium offer, great agility in adapting production to demand, and extreme attention to cost management and raw material supplies, while safeguarding employment levels. Fedrigoni is determinedly pursuing its ambitious strategy: to become a global leader in its target sectors with sustainable products and a growing focus on RFID and smart paper, in order to be an increasingly reliable partner for luxury and FMCG brands."