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Record business turnover of EUR 1,917.3 million, 10% higher than in the previous year
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Investment in its 10 production sites and four springs increased by 34% to reinforce its unique industrial footprint in the Spanish brewing industry
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The company is accelerating its international development and recorded its best sales figure in history, which now represent 21% of overall sales, with an excellent performance of San Miguel in Europe driven by an investment of EUR 50 million.
Madrid, 17 April 2024 - Mahou San Miguel, a wholly Spanish family-owned beverage, services and experiences company and leader in the Spanish beer sector, increased its turnover by 10% in 2023 to a record EUR 1,917.3 million. Net profit grew by 6.1% to EUR 108.3 million and sales amounted to 21 million hectolitres, of which 16.2 million hectolitres were beer and 4.8 million hectolitres water.
The company also broke records with an investment of EUR 543.6 million, 11.2% more than the previous year. Its priorities were the modernisation of its production sites, the promotion of initiatives to support customers and professionals, as well as moving forward on sustainability. This investment effort, coupled with the decision not to pass on the full cost increase of raw materials and transport to consumers, had an impact on margins, which are approaching pre-2020 levels.
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Main figures |
2023 |
2022 |
2023 vs 2022 |
|
Turnover (millions of euros) |
1,917.3 |
1,743.3 |
10.0% |
|
EBITDA (millions of euros) |
283.7 |
262.5 |
8.1% |
|
Net profit (millions of euros) |
108.3 |
102.1 |
6.1% |
|
Sales volume (millions of hectolitres) |
21.0 |
20.9 |
0.5% |
In 2023, investment to further modernise its 10 breweries—eight in Spain and two in the United States—and its four water springs increased by 34% over the previous year. It has consequently strengthened a unique industrial footprint, not only because it is the largest in the sector, but also because it allows Mahou San Miguel to play a differential role in adding value wherever it operates.
Its team grew by 2.7% in 2023, ending the 2023 financial year with a total staff of 4,179 professionals.
"2023 has been a good year for us because it has made us a larger, more profitable and diversified company. It has accelerated our internationalisation with a focus on Europe and brought about new products, services and experiences that create value for the company, but also for our customers and consumers", says Alberto Rodríguez-Toquero, Managing Director of Mahou San Miguel. "They are the ones who, because they prefer and choose us every day, have led us to strengthen our leadership in Spain and to continue driving our growth through levers such as innovation, internationalisation and sustainability", he added.
Conquering Europe
Mahou San Miguel posted a record year for its international sales, which now account for 21% of the company's overall sales, driven by the recovery in tourism and the good performance of its brands in Europe. Of particular note was San Miguel, which in 2023 also reached its all-time high in sales outside Spain, experiencing double-digit growth in Continental Europe.
These results are the fruit of an ambitious plan that the company has endowed with more than EUR 50 million to accelerate San Miguel's presence and notoriety in Europe and to develop the World Premium Lager segment, the segment with the highest projected growth. With this roadmap and thanks to the development of a unique positioning in Europe, it will expand San Miguel's successful model used in the United Kingdom (where it first landed 25 years ago and where it is the best-selling Spanish beer), to other countries. The Mahou Cinco Estrellas brand and its credentials of flavour and its origin as the authentic beer of Madrid will also be promoted on the old continent.
Innovation in products, services and experiences
The company accelerated its innovation in 2023 with the launch of new products such as Mahou Rosé or Mahou Sin Filtrar and through the promotion of its “On-trade sector Transformation Plan”, with an associated investment of EUR 93 million, which in these first months has made it possible for the company to add 5,000 new points of sale as customers.
Last year, Mahou San Miguel added new capabilities and products to its +Bar platform of comprehensive services for the on-trade sector. It acquired a 40% stake in the Servitel group, launched +Bar Sport TV, a new television channel for the On-trade sector as part of its global agreement with LaLiga, and launched a pioneering financial solutions service for the sector. It also continued to lead the digitalisation of bars and restaurants with Rentabilibar, a leading digital platform with more than 115,000 member establishments.
Pioneer in brewing beer in a football stadium
In 2024, Mahou San Miguel will continue to unleash its potential and that of its brands to generate new connections and experiences.
In addition to its global sponsorship of LaLiga, which also included Solán de Cabras in 2023, the company has opened a space for its Mahou brand in the recently renovated Santiago Bernabéu stadium, making it the first company to brew beer in a football stadium in Spain and furthering its ambition to contribute to positioning Madrid as a leading city in leisure and entertainment. This year, it will also commence the global sponsorship of the NY Yacht Club American Magic, the only American team in the 37th America's Cup sailing competition to be held this summer in Barcelona, with events in Spain and abroad.