Sales
€1,357 M
(+1.9%)
# Stores
39
and 4 platforms
LFL
+2.1%
EBITDA
€69 M
(-4.6%)
CAPEX
€29 M
Highlights of the Year
- Amanhecer now has over 700 stores
- Refurbishment of the Faro store with the new concept
- 15 stores with Best Farmer butchery counters
- Launch of the new Recheio website with new features and the BOOST your Business programme, offering an integrated digital solution to boost the business of Recheio’s HoReCa customers
Message from the Managing Director
The year 2024 was challenging, requiring resilience and adaptability. Following a 2023 marked by high inflation, we faced an economic environment with falling inflation and a slowdown in the growth of food sales, coupled with changing domestic tourism patterns, with consumers being increasingly cautions even with spending on restaurants.
Despite this adverse climate, we stood out for our agility in adjusting strategies, innovation and commercial dynamics, which saw us strengthen our leadership position and grow in our different operating channels, in particular the HoReCa channel, both in our cash & carry stores and in distribution, through Recheio Masterchef.
Throughout the year, we intensified our efforts to continue strengthening the traditional retail channel, investing to expand our presence and consolidate the value of the Amanhecer chain. Despite strong commercial pressure and the growth of modern retail, we reached a milestone with the opening of our 700th store, a symbol of the continued growth and expansion of the Amanhecer partners’ network.
This performance reflects the hard work and dedication of our teams, who once again demonstrated Recheio’s ability to thrive even in adverse circumstances. We maintained our focus on sustainability and on offering solutions that meet the needs of each target segment, boosting trust and the partnership relation with our customers.
In 2024, we celebrated the strength and commitment of our teams. Each achievement is a reflection of the passion and dedication we put into our work every day. For this, my sincerest thanks to all our employees and partners.
We are confident that in 2025 we will continue to overcome challenges, innovate and build a future of sustainable success for Recheio and for all those who are part of our mission.
Nuno Begonha
CEO Recheio
More information on Recheio’s sustainability initiatives can be found in the “Sustainability” section of this Annual Report.
Performance
After two years of high food inflation, prices grew at a significantly slower pace in 2024. In addition to this slowdown, consumer behaviour also changed, with consumers becoming more cautious in their spending when dining out. This environment required an uptick in promotional campaigns to continue driving volume growth, resulting in internal deflation.
The year was characterised by growth in sales to traditional retail and a slowdown in the HoReCa channel, after strong recovery in 2023. Nevertheless, the banner consolidated its position in the market, increasing the number of customers across all segments and expanding the Amanhecer store network partnerships, ending the year with 706 establishments (96 more partners than in 2023).
Quarterly performance in the year saw different trends. While sales in the HoReCa channel slowed in the first three quarters, a slight improvement was recorded in the last quarter, benefiting from a more balanced basis of comparison. The pace of growth in traditional retail, meanwhile, remained steady, sustained by the development of the Amanhecer partnership.
In 2024, Amanhecer reinforced its proximity, growing the number of stores and investing in improving customer service. A consistent communication plan helped to strengthen the brand’s reputation and positioning as a benchmark for quality and price.
The year also brought innovation in store formats, with the launch of the Buy&Go pilot project in partnership with Amanhecer. This solution is designed to energise traditional retailing and bring the brand closer to a younger audience, enhancing proximity and convenience. This autonomous smart store makes Amanhecer brand products more accessible at any time of the day.
Recheio’s total sales amounted to 1,357 million euros, with LFL growth of 2.1%. The export channel grew 3.1%, expanding its international presence and consolidating existing markets.
Net sales
(€ Million)
To underscore its position as a fresh food specialist, the Company launched the “HoReCa Special 2024” leaflet, focusing on categories such as fruit, vegetables, fish and meat. The assortment was also enhanced with the Best Farmer butcher concept, promoting sustainability and differentiation in the HoReCa channel, now implemented in 15 stores.
As regards sustainability, the Recheio Talks, with the theme “Sustainable Production – The Future of Food”, encouraged debate on sustainable practices in the food sector.
Digital transformation was another strategic pillar in 2024, with the introduction of technology tools to boost efficiency in order and complaints management and enabling the offer of integrated solutions to digitise and optimise the operations of HoReCa channel customers.
Also in 2024, Recheio sponsored the Young Talent in Gastronomy competition and was a partner in the 1st edition of TheFork Awards, reinforcing its commitment to promoting Portuguese restaurants.
Company’s investment totalled 29 million euros, where we highlight the refurbishment of the Faro store, which improved the perishables and frozen food sections, expanding the assortment and improving the shopping experience.
The banner’s EBITDA amounted to 69 million euros, with a margin of 5.1%, reflecting the strengthening of commercial dynamics.
Awards and recognitions of note
Distinguished with the Professionals’ Choice award, which the Company has won consecutively since 2015.
Distinctive “Sustainable Production, Responsible Consumption” seal awarded by the National Commission for Combating Food Waste (CNCDA).