Recheio

Sales

€1,332 M

(+15.1%)

# Stores

39

and 4 platforms

LFL

+14.0%

EBITDA

€73 M

(+23.6%)

CAPEX

€35 M

Highlights of the Year

• Amanhecer has over 600 stores
• Refurbishment of the Viseu and Portimão stores with the new store concept
• Expansion of the Recheio MasterChef platform in Lisbon, tripling the operations area
• Best Farmer’s first butcher’s store, in Cascais
• First Amanhecer festival and hosting of the first partners’ meeting

More information, particularly about our sustainability initiatives, is provided under “Sustainability” in this Report.

Performance

The year was marked by the contrast between the first and second halve of the year. At the beginning of the year the HoReCa and retail channels saw strong recovery, with Recheio benefiting from the economic climate, continuously growing above inflation. In contrast, the second half of the year saw a disinflationary trend and a slowdown in the growth of the HoReCa channel. This trend reversal posed challenges that forced the Company to strengthen its resolve to achieve its goals, leading to a new annual all-time high in sales: 1.3 billion euros, which means an increase of 15.1% compared to the previous year, with an LFL of 14%.

Net sales

(€ Million)

Aimed at boosting sales to HoReCa channel, “journeys of flavours” were held in which we visited customers from the different regions of Portugal and presented the best dishes made by our customers in the HoReCa catalogue, highlighting the best traditional products from each region. The result was a growth in sales for this channel in 18% to which contributed also the improvement of the assortment, based on the offer of the new Cascais store and replicated in other stores.

Food Service was also a segment that saw very positive performance in 2023, benefiting from the gradual recovery in tourism activity.

Similarly, the retail channel also showed strong performance, growing 13%, for which contributed the strong competitiveness and promotional dynamics that Recheio implemented throughout the year, as did the offer of more and better Amanhecer brand products, which are now recognised by both Recheio customers and end consumers as high-quality products at very attractive prices.

As regards Exports, sales grew 17%, boosted by the widening of the number of countries in which the banner sells its products and by the increase in the number of customers in the markets in which it operates.

During the year, Recheio also maintained its commitment to standing with its retail partners, developing traditional trade and contributing to the sustainability of their businesses, with the Company continuing to focus on developing partnerships with the Amanhecer chain, which ended the year with 610 locations, 73 more than in 2022. In order to reinforce its price positioning, various campaigns and communication actions were carried out.

Aiming to reach a younger customer segment, the Company bolstered the Amanhecer brand’s presence online with the launch of the Instagram page @lojas.amanhecer. On Facebook, the banner began posting recipes and other food-related content focusing on the Amanhecer Private Brand.

Recheio started the year with a new line of communication centred on “Portugality”, which reinforced the brand’s values and its quality, proximity and competitive positioning.

To improve perception of variety, several themed digital Private Brand catalogues were launched, such as the balanced diet and the beauty products catalogue. These catalogues allow customers to find out more about the entire range offered by Recheio and can be viewed also in-store using a QR Code.

In terms of assortment, the banner remained focused on improving the quality, sustainability and variety of its Private Brand, launching a total of 75 references: 27 Masterchef and 48 Amanhecer.

Faithful to its commitment to sustainability, Recheio innovated and launched a trailblazing project in Portugal under the motto “Added-Value Businesses”, a pilot project in the Loures store aimed at encouraging the HoReCa channel and traditional businesses to separate waste (plastic and metal) more efficiently, incorporating environmental protection into the shopping journey.

In 2023, Recheio’s EBITDA amounted to 73 million euros, 23.6% higher than in 2022. The respective margin stood at 5.4% (compared to 5.1% in 2022), with strong sales growth continuing to enable recovery of operating leverage.

In the year, the Company invested 35 million euros, which was channelled into refurbishing the stores in Viseu and Portimão, strengthening its distribution infrastructure, and significantly expanding the operations area of the Recheio Masterchef platform in Lisbon.