Codorníu maintains good momentum and bills 232 million

Cava is experiencing a sweet moment, as reflected in the accounts of Raventós Codorníu, the leading producer group in the Spanish market with a 21% volume share. Despite the drought context, the historic Catalan company, controlled by the US private equity fund Carlyle, has closed another fiscal year with record figures. Turnover has grown for the third consecutive year and stood at 232 million euros in the 2023-2024 fiscal year, a 4% increase compared to the previous one, very close to the highest revenues it has ever obtained, more than 20 years ago, when it reached 235 million euros. Already consolidated as a completely organic brand, the wine company has also registered an increase in EBITDA, with a 15% rise to 39 million euros.

These results have allowed for the reinforcement of the profits that it recovered a year ago, when the company obtained six million euros in net profit. Its CEO, Sergio Fuster, has not wanted to give the exact figure obtained in the 2023-2024 fiscal year, pending validation by the general shareholders' meeting, scheduled for December, but has advanced that it will be "greener" and will represent a growth similar to that of EBITDA, around 15%. Raventós Codorníu will thus add two years of profits after a slump of red numbers that lasted several years and began in the 2018-2019 fiscal year, the first after the change in shareholding that marked Carlyle's entry. During the pandemic years, in 2020 and 2021, the company lost 11 million euros and 8 million euros, respectively, and in 2022 it approached the break-even point, with a negative result of 200,000 euros.

"We are at the best moment remembered, but this is just the beginning. We hope to continue this pace of growth," Fuster defends. "Cava is in very good health and it hasn't always been this way," the executive remarks, after it has been recovering market share against Italian prosecco and champagne. In Spain, cava consumption has consolidated its position, surpassing other sparkling wines in the last year, with a share of almost 58%, after growing more than one percentage point, while champagne has fallen slightly (-0.9) and has remained at a 12% share, and prosecco continues to be residual, with a 1.1% share and a 0.2 point increase.

With brands such as Codorníu, Viña Pomal, Raimat, Scala Dei, Parxet, Abadia de Poblet and Legaris, the company markets more than 57 million bottles annually, of which 11 million are organic, and sales are split between 55% cava and 45% wine. The group's private label is concentrated in the United Kingdom, representing less than 4% of total turnover.

The domestic market, with the absolute prominence of Anna de Codorníu, accounts for 63% of the entire business, with sales growth of almost 3%. Likewise, the international market is gaining weight and accounts for 37% of the business, growing more, with a 6% increase, and with cava and the mid-high range being the lines with the most pull. The markets that show special dynamism in sales are the United Kingdom, Mexico, Japan, Switzerland, Finland and Brazil, while Russia and China have stagnated. Worldwide, Raventós Codorníu reaches a global cava market share in volume of 12.3%.

Open to acquisitions and stability in shareholding

Immersed in this good streak, the winery does not rule out acquisitions of other companies. "We have always been open and this has not changed," emphasizes Fuster. On the other hand, after six years since Carlyle's entry as majority shareholder, the executive assures that he does not foresee any change in the capital structure, taking into account the growth path they are enjoying. The distribution of dividends is not contemplated either, after it was done exceptionally two years ago. According to Fuster, "it is not the company's policy to do it every year," preferring to reinvest resources in the company. With a workforce of 600 employees and 15 wineries spread across Spain, Argentina and California, the company plans an investment of 15 million euros in the business this year, in line with previous years.

With an eye on a good Christmas campaign and leaving the drought behind, Raventós Codorníu expects to reach sales of 240 million euros in 2025, one of the goals that Fuster set when he arrived in 2020, coming from multinationals such as Kellogg's, Danone, United Biscuits and Procter & Gamble. It is also moving towards the goal of reaching an operating profit of 50 million euros.