JDE Peet's N.V.

Latest Results (28.04.2026):

JDE Peet's N.V. — results for the first half (H1) of 2025: the company reported strong top-line growth with total reported sales of EUR 5,045m (organic +22.5%), driven primarily by pricing (≈+21.5%) and modest volume/mix gains (+1.0%). Adjusted EBIT rose modestly on an organic basis (+2.0%), underlying profit and EPS were buoyed by non-cash fair value gains on equity derivatives, free cash flow was robust at EUR 565m and net leverage improved to 2.5x. Management raised the FY‑2025 outlook for organic sales and adjusted EBIT and reiterated a ~EUR 1bn free cash flow target for the year.

Sales and mix

Reported sales: EUR 5,045m (6M 2025). Organic sales growth: +22.5% (price +21.5%, volume/mix +1.0%). All main categories and most segments showed stable or rising volume/mix, with particularly strong pricing in LARMEA.

Profitability and margins

Adjusted gross profit (organic): +2.2%. Adjusted EBIT: EUR 709m (organic +2.0%). Reported gross profit fell (reported gross profit EUR 1,537m, down ~8–9% yoy) and reported operating profit declined to EUR 402m (‑40.2%) reflecting significant adjusting items (EUR 307m) including mark‑to‑market, impairments and transformation costs.

Earnings per share and underlying profit

Underlying profit: EUR 649m (up 75.4% reported, largely due to a EUR 151m fair value gain on equity derivatives). Underlying EPS: EUR 1.33. Reported/basic EPS: EUR 0.86. Excluding the fair value change, underlying EPS would have been about EUR 1.02 (≈ +3.4% yoy on that basis).

Cash flow and balance sheet

Free cash flow: EUR 565m (6M). Net debt at 30 June 2025: EUR 3,992m (down EUR 337m), bringing net leverage to 2.5x (vs 2.7x at year‑end 2024). Total liquidity: EUR 2,405m (cash + undrawn RCF).

Capital returns and corporate actions

Share buyback: 38% of the EUR 250m 2025 buyback programme completed by 25 July 2025; on track to finish by year‑end. Dividend: FY2024 dividend of EUR 0.73/share approved (first instalment paid/recognised as payable).

Cost environment — green coffee inflation

Green coffee prices averaged >60% higher in H1 2025 vs H1 2024, peaking early in the year then easing late in the semester. Management continues to mitigate via productivity measures, selective price action and affordability focus for consumers.

Segment performance

Europe: sales EUR 2,677m, organic +17.2%, adj. EBIT organic +8.6%. LARMEA: sales EUR 1,286m, organic +53.8% (price +55%), adj. EBIT organic +19.2%. Peet’s: sales EUR 645m, organic +4.1%, adj. EBIT organic down -37.6% (high prior‑year base and gross profit timing). APAC: sales EUR 417m, organic +8.4%, adj. EBIT organic down -14.7%.

Strategy and outlook

New strategy "Reignite the Amazing" launched (three Big Bets: Peet’s, L’OR, 10 local icons led by Jacobs) with a target to deliver EUR 500m savings by 2027 and reinvest 50% into growth. Given H1 strength and expected H2 dynamics (including coffee price volatility), management raised FY‑2025 guidance to high‑teens organic sales growth and at least stable organic adjusted EBIT; free cash flow target unchanged at ~EUR 1bn.