Annual Report 2023



1,332 M


# Stores


and 4 platforms




73 M



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
Message from the CEO

2023 was a year marked by the contrast emerging between two different moments. In the first half of the year, we witnessed a remarkable recovery in the hotel industry, driven mainly by tourism. The second half of the year brought challenges associated with rising costs and interest rates and the resulting pressure on purchasing power, in a climate that reflected the effects of the economic slowdown in Portugal.

Adapting its value proposition to each target segment, Recheio capitalised on market opportunities and adjusted its strategy, thus achieving significant sales growth in the year.

The agility and readiness of our teams meant that in the first half of the year we were able to respond effectively to the growth of the HoReCa channel, exploring opportunities in Cash & Carry and in distribution with the Recheio Masterchef operation. In the second half of the year, we again had to tap into the qualities for which Recheio is known: resilience, creativity and the ability to overcome challenges. We strengthened the retail channel with the expansion of the Amanhecer chain and intensified our efforts to achieve ambitious targets, all the while maintaining our unwavering commitment to sustainability.

We had many reasons to celebrate, in particular breaking the €100-million sales barrier at the Braga store, the success of the annual customers trip, and the opening of the Amanhecer chain’s 600th store. We made a point of celebrating with our customers at two festive events: the Recheio festival and the Amanhecer festival.

This celebration is only possible as a result of the efforts and commitment of our teams, who work every day to gain the trust of our customers. My sincere thanks to everyone! In 2024, we will continue to overcome obstacles and walk the path of excellence.

Nuno Begonha
CEO Recheio

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


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)

Recheio net sales  (bar chart)

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.

View of the freezer department in a Recheio store (photo)
Drink department at a Amanhecer store (photo)

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.

Three circles with KPIs (graphic)

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.

Awards and recognitions of note

Once again recognised, by Consumer Choice, as the “Professionals Choice”, an award the Company has won consecutively since 2015.

Renovation of the Inclusive Employer Brand distinction awarded by the Institute of Employment and Vocational Training (IEFP) in 2021.

Complete list of awards and recognitions


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