JDE Peet's N.V.: JDE Peet's reports half-year results 2025

Strong, broad-based performance across top-line, profitability and cash flow
FY 25 outlook raised

PRESS RELEASE

Amsterdam, July 30, 2025

Key items¹

• Organic sales up +22.5%, driven by +21.5% price and +1.0% volume/mix; Reported sales up 19.8%

• Organic adjusted gross profit up +2.2%; Reported gross profit down -8.7%²

• Organic adjusted EBIT up +2.0%

• Free cash flow of EUR 565 million; Net leverage at 2.5x

• Underlying EPS EUR 1.33 (up +3.4% to EUR 1.02 excluding fair value change in equity derivatives);
  Reported EPS of EUR 0.86

• 38% of 2025 EUR 250 million share buyback completed

A message from Rafa Oliveira, CEO of JDE Peet's

"We are very pleased with our business and financial results in the first half of 2025. Our performance was broad-based and strong across top-line, profitability and cash flow, despite operating in a challenging environment that continues to be characterised by persistently high green coffee prices. In the first half of the year, we launched a range of new products to address evolving consumer needs and unlock new occasions, including Peet's unique Popping Pearls, L'OR Coconut Iced Espresso, Jacobs Dubai Chocolate, and Moccona Liquid Espresso sachets- each designed to expand our portfolio and enhance relevance across markets and formats.

We made solid progress on the five key priorities we set at the start of the year to simplify our operating model and optimise resource allocation. Notable actions include the divestment of our tea business in Turkey, the discontinuation of the roll-out of the L'OR Barista machine in the U.S., and the transfer of the L'OR capsules business in the U.S. to Peet's. In addition, we announced the intended closure of our factory in Banbury, U.K, the optimisation of the operating model in Europe, and the centralisation of Finance transactional activities within a Global Business Services model.

On July 1, 2025, we unveiled our new strategy: "Reignite the Amazing", aimed at driving sustainable value creation. The strategy is brand-led and centred around three Big Bets: Peet's, L'OR and 10 local icons led by Jacobs. It is underpinned by a three-phase strategic framework designed to support the company's transformation and the delivery of our new medium-term targets.

Given our strong performance in the first half of the year and our expectations for the second half - including the dynamics related to volatile green coffee prices and the necessary measures these require - we are confident in raising our full-year outlook for top-line and adjusted EBIT."

Strategic Update
At its Capital Markets Day on July 1, 2025, JDE Peet's introduced its new strategy: "Reignite the Amazing", aimed at driving sustainable value creation. This brand-led strategy is centred around three Big Bets: Peet's, L'OR and 10 local icons led by Jacobs. These brands have been selected because of their ability to meet both current and emerging consumer needs, driving long-term growth and market relevance. Underpinning this transformation is a three-phase strategic framework designed to:

• Simplify the portfolio and organizational model;

• Boost operational efficiency and productivity;

• Deliver EUR 500 million in savings, with more than 50% achieved by the end of 2027;

• Reinvest 50% of savings into high-potential growth initiatives and selective high-impact capabilities, the remaining 50% will strengthen profitability;

• Expand the company's global presence through new growth avenues.

In the first half of 2025, the company started to make solid progress in simplifying its operating model and optimising resource allocation, including:

• Divesting its tea business in Turkey to Efor Holding;

• Discontinuing the roll-out of the L'OR Barista machine in the U.S.;

• Transferring the L'OR capsules business in the U.S. to Peet's to better capture the significant potential of the U.S. coffee market;

• Announcing the intended closure of its factory in Banbury, U.K.;

• Optimising the operating model in Europe by reducing the number of country clusters from 10 to 5, harmonising ways of working across teams, and centralising Finance transactional activities in a Global Business Services model to improve effectiveness and efficiency.

Update on EUR 250 million share buyback programme

On March 3, 2025, JDE Peet's started a share buyback programme to return up to EUR 250 million to shareholders in 2025. By July 25, 2025, JDE Peet's had completed 38% of the program and is on track to complete the EUR 250 million programme by year-end.

Green coffee inflation

Green coffee prices experienced a significant increase during the first four months of 2025, followed by an easing of prices in the last two months of the first semester. Green coffee prices were, on average, more than 60% higher in the first half of 2025, compared to the same period last year. To mitigate the impact of this significant cost inflation, the company continues to implement various measures, including productivity and efficiency initiatives, passing on only what is unavoidable while maintaining affordability for its consumers. As a category leader, JDE Peet's remains committed to creating value across the entire supply chain- supporting coffee farmers in adopting sustainable practices while delivering consumers and retailers innovative, high-quality and enjoyable coffee products.

Outlook 2025

Taking into account the strong performance in H1 25 as well as the expectations for H2, the company increases its outlook for full-year 2025:

• High-teens organic sales growth (increased);

• At least stable adjusted EBIT on an organic basis (increased); and

• Free cash flow of around EUR 1 billion (unchanged).
  
  
  

FINANCIAL REVIEW HALF-YEAR 2025

in EUR million (unless otherwise stated)

	6M 2025	6M 2024	Organic	Reported
			change	change
Sales	5,045	4,210	22.5%	19.8 %
Adjusted gross profit1	1,665	1,636	2.2%	1.8 %
Gross Profit	1,537	1,683	-8.3%	-8.7 %
Adjusted EBITDA1	849	840	-	1.1 %
Adjusted EBIT1	709	692	2.0%	2.4 %
Operating profit	402	672	-40.2%	-40.2 %
Underlying profit for the period1	649	370	-	75.4 %
Profit for the period	422	360	-	17.2 %
Underlying EPS (EUR)1,2,3	1.33	0.76	-	75.0 %
Basic EPS (EUR)2	0.86	0.74	-	16.2 %
1 Alternative Performance Measure. Refer to Reconciliation of non-IFRS information
2 Based on the weighted average number of shares outstanding
3 Underlying earnings (per share) exclude all adjusting items (net of tax)

For the full and original version of the press release click here

CONFERENCE CALL & AUDIO WEBCAST

Rafa Oliveira.

¹This press release contains Alternative Performance Measures (APMs), which are not recognised measures of financial performance under IFRS. For a reconciliation of these APMs to the most directly comparable IFRS financial measures, refer to Reconciliation of non-IFRS information on page 7.

² Includes i) the mark-to-market results and ii) impairment and transformation costs related to the closure of the Banbury plant and the discontinuation of the L'OR Barista machine in the U.S.

ENQUIRIES

Media

Khaled Rabbani
[e-mail]
[phone]

Investors & Analysts

Robin Jansen
[e-mail]
[phone]

About JDE Peet's

JDE Peet's is the world's leading pure-play coffee company, serving approximately 4,400 cups of coffee per second in more than 100 markets, with a portfolio of strong iconic brands including Peet's, L'OR, Jacobs, Douwe Egberts, Kenco, Pilao, OldTown, Super and Moccona. In 2024, JDE Peet's generated total sales of EUR 8.8 billion and employed a global workforce of more than 21,000 employees. Read more about our journey towards a coffee for every cup and a brand for every heart at www.jdepeets.com.



IMPORTANT INFORMATION

Market Abuse Regulation

This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Presentation

The condensed consolidated unaudited interim financial statements of JDE Peet's N.V. (the "Company") and its consolidated subsidiaries ("JDE Peet's") are prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS"). In preparing the financial information in these materials, except as otherwise described, the same accounting principles are applied as in JDE Peet's's consolidated financial statements at, and for, the year ended 31 December 2024 and the related notes thereto. All figures in these materials are unaudited. In preparing the financial information included in these materials, most numerical figures are presented in millions of euro. Certain figures in these materials, including financial data, have been rounded. In tables, negative amounts are shown in parentheses. Otherwise, negative amounts are shown by "-" or "negative" before the amount.

Forward-looking Statements

These materials contain forward-looking statements as defined in the United States Private Securities Litigation Reform Act of 1995 concerning the financial condition, results of operations and businesses of JDE Peet's. These forward-looking statements contain matters that are not historical facts, and involve predictions. No assurance can be given that such future results will be achieved. Actual events or results may differ materially as a result of risks and uncertainties facing JDE Peet's. Such risks and uncertainties could cause actual results to vary materially from the future results indicated, expressed or implied in such forward-looking statements. There are a number of factors that could affect JDE Peet's' future operations and could cause those results to differ materially from those expressed in the forward-looking statements including (without limitation): (a) competitive pressures and changes in consumer trends and preferences as well as consumer perceptions of its brands; (b) fluctuations in the cost of green coffee, including premium Arabica coffee beans, tea or other commodities, and its ability to secure an adequate supply of quality or sustainable coffee and tea; (c) global and regional economic and financial conditions, as well as political and business conditions or other developments; (d) interruption in JDE Peet's' manufacturing and distribution facilities; (e) its ability to successfully innovate, develop and launch new products and product extensions and on effectively marketing its existing products; (f) actual or alleged non-compliance with applicable laws or regulations and any legal claims or government investigations in respect of JDE Peet's' businesses; (g) difficulties associated with successfully completing acquisitions and integrating acquired businesses; (h) the loss of senior management and other key personnel; and (i) changes in applicable environmental laws or regulations. The forward-looking statements contained in these materials speak only as of the date of these materials. JDE Peet's is not under any obligation to (and expressly disclaim any such obligation to) revise or update any forward-looking statements to reflect events or circumstances after the date of these materials or to reflect the occurrence of unanticipated events. JDE Peet's cannot give any assurance that forward-looking statements will prove correct and investors are cautioned not to place undue reliance on any forward-looking statements. Further details of potential risks and uncertainties affecting JDE Peet's are described in the Company's public filings with the Netherlands Authority for the Financial Markets (Stichting Autoriteit Financiële Markten) and other disclosures.

Market and Industry Data

All references to industry forecasts, industry statistics, market data and market share in these materials comprise estimates compiled by analysts, competitors, industry professionals and organisations, of publicly available information or of JDE Peet's' own assessment of its markets and sales. Rankings are based on revenue, unless otherwise stated.

Attachment

• jde-peets-half-year-results-2025-report (https://ml-eu.globenewswire.com/Resource/Download/fac671ef-1a38-430a-9a9b-533d0f9ab245)