Financial performance

Transition from Dutch GAAP to IFRS

The transition from Dutch GAAP to IFRS has introduced a number of financial reporting changes, particularly in the Profit and Loss (P&L) statement and balance sheet. For example, lease expenses are no longer included in EBITDA but instead accounted for in depreciation and interest expenses. Goodwill is no longer amortized, but replaced by annual impairment testing. Different categories of intangible assets such as development costs and brands, will now be reconciled. And NPM controlled participations will be fully included in SHV Financial Statements, with fair value fluctuations of NPM non-controlled participations reflected in the SHV P&L statement.

Under IFRS, discontinued operations relate to major activities that a company has sold or has decided to sell. The financial results of such operations are shown separately to keep them distinct from ongoing, continuing activities.

In 2024, ERIKS was sold to Lone Star and NPM divested its controlling interest in Zorgwerk. Additionally, in January 2025, Makro sold its Argentinian operations. ERIKS, Zorgwerk, and Makro Argentina were therefore classified as Discontinued Operations in 2024.

As part of the transition to IFRS, all NPM's controlled participations will be fully consolidated into overall SHV financial results. SHV full consolidated EBITDA for 2024 amounted to € 1,784 million (2023: € 1,819 million) with a profit for the year of € 635 million (2023: € 489 million).

In 2024, NPM's controlled seven participations, which contributed a combined € 419 million EBITDA and € 19 million profit for the year towards overall results.

These seven participations are not included in SHV daily governance and operations, but managed by NPM as part of their private equity model. The following sections therefore provide a more detailed analysis of SHV financial performance excluding NPM’s controlled participations.

SHV Energy experienced stable LPG prices, although volumes declined as result of the divestment in China and lower demand in the European market. At the same time, volumes increased in Brazil. Nutreco also saw volumes fall due to historically low herd sizes in several countries, power outages in Ecuador, and a strategic shift towards higher-margin products. Mammoet optimized its portfolio, resulting in lower but more profitable sales. These declines were partially compensated for by strong organic growth and positive results from acquisitions at Kiwa. Sales at Makro remained stable with higher revenues in Argentina and Colombia driven by inflation and FX effects, offset by the impact of the 2023 closure of stores in Brazil.

Operational Performance (EBITDA)

Higher margins and strong cost controls made up for lower volumes at SHV Energy, whose Brazilian, Italian and Supply & Risk Management business units in particular performed well. US activities experienced soft volumes, and financial results in France were affected by the implementation of a new ERP system. Overall performance remained on par with last year’s strong operational results.

Nutreco offset lower than expected volumes with higher margins across almost all business units thanks to continued cost controls, a strategic focus on higher-margin products, and lower raw material prices. This led to an increase in EBITDA of 28% compared to 2023.

Mammoet improved operational performance underpinned by international projects, the rental market, and the sale of fixed assets.

Kiwa increased revenues by 10% compared to 2023 thanks to strong organic growth and a successful inorganic expansion strategy. Rising revenues and effective cost controls across most countries helped to increase full-year EBITDA.

As for Makro, performance varied across the Group’s two remaining operational countries. Argentina posted strong operational results, ending the year with robust EBITDA, while Colombia faced economic challenges that impacted both the industry and the country as a whole. Makro also incurred ongoing wind-down costs in Brazil related to tax positions and claims.

Finally, ERIKS enhanced operational performance during the course of 2024, although figures only include results up to April 2024 following that Group’s divestment.

Overall SHV consolidated adjusted EBITDA, excluding controlled participations of NPM, amounted to € 1,524 million (2023: € 1,453 million).

While the sale of fixed assets at Mammoet lowered depreciation, organic growth and the full-year impact of last year’s investments and acquisitions at both Nutreco and Kiwa led to an overall rise.

Amortization increased to € -134 million (2023: € -123 million), mostly related to higher amortization at SHV Energy following capitalization of the new ERP system, and the impact of last year’s acquisitions at Kiwa.

NPM income from private equity investments increased to € 104 million (2023: € 60 million) with the Group realizing fair value increases of non-controlled portfolio companies. Gains were also made from the revaluation of the Group’s remaining shares in SuitSupply .

Net finance contributed € 62 million to 2024 results (2023: € -227 million), mostly generated by the divestments of ERIKS and Zorgwerk. As part of the NQA acquisition, Kiwa also acquired the remaining shares in its Chinese subsidiaries, leading to a revaluation of existing shares (€ 51 million). These positive gains were partially counterbalanced by the write-off of SHV Energy’s sustainable fuel business, and higher interest expenses arising from increased levels of debt due to Kiwa's acquisition of NQA .

Share of profit in equity-accounted investees, which mainly reflects results at ONE-Dyas, fell from € 27 million in 2023 to € 14 million in 2024. This was due to lower gas prices and the associated impairment of assets.

Overall SHV profit for the year for 2024, excluding NPM's controlled participations, totaled € 616 million, a marked improvement on 2023 (€ 478 million).

Cash Generation

A total of € -716 million (2023: € -741 million) was invested in tangible fixed assets, mainly related to cylinders and tanks at SHV Energy, the expansion of production capacity at Nutreco, and lifting and transport equipment at Mammoet. Kiwa, meanwhile, acquired NQA, a certification business active in the US, UK and China, in addition to several smaller companies.

NPM invested a smaller amount than 2023, acquiring new Belgium non-controlled participations Tech Tribes, an IT services company, and Jeco Energies, a provider of industrial electrical installations. The Group further expanded its portfolio by strengthening its position in current participations with add-on acquisitions: Diva-e was added to Conclusion, WSiP to Infinitas, and Agrocare merged with Combivliet

Significant proceeds from divestments were generated by the sales of ERIKS, Zorgwerk, SHV Energy’s activities in Austria & Scandinavia, and Mammoet fixed assets.

Balance sheet

Group equity reached € 7.6 billion at the end of 2024 (2023: € 7.2 billion). Total liquidity levels remained strong at € 1.7 billion, while net debt remained stable at € 3.9 billion. Return on shareholder equity increased to 8% (2023: 7%).