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VILLORBA, Italy – Following a year of profound transformation, Massimo Zanetti Beverage Group (MZBG) closes 2024 with a strong rebound in results despite operating in one of the most challenging environments the coffee industry has seen in the past decade. With operations in over 100 countries and iconic brands like Segafredo Zanetti, MZBG is now one of the world’s leading players in the coffee sector.
Its integrated model spans the entire value chain — from cultivation to distribution. The entry of the QuattroR investment fund in April 2024 marked the start of an ambitious industrial and strategic relaunch plan supported by a revamped governance structure, a renewed management team, and a focus on efficiency, sustainability, and value creation.
“We now have a clear vision,” explains CEO Pierluigi Tosato, “to position Segafredo as a premium, sustainable, and truly global brand”
In response to the surge in raw material costs — Arabica surpassing 400 and Robusta over 5,700 — the Group acted decisively: adjusting pricing, streamlining its product offering, disintermediating procurement, and completely overhauling its industrial and commercial operations.
The results speak for themselves: in 2024, revenue exceeded €1 billion, and EBITDA reached €62 million, surpassing forecasts. The net loss for the year was entirely due to extraordinary restructuring costs. The recapitalization was completed, and net debt was reduced.
Momentum has continued into 2025: in the first four months, revenue grew by 18% year-over-year, EBITDA outperformed projections by 20%, and net debt stands at €350 million, in line with the strategic plan.
For the full year, Massimo Zanetti Beverage Group forecasts €1.2 billion in revenue, €77 million in EBITDA, break-even net income, and stable debt levels
“We faced a perfect storm,” Tosato comments, “but we didn’t just weather it—we rebuilt the model, reestablished brand consistency, and laid the groundwork for a new growth phase. Segafredo doesn’t aim to be just another Italian brand—it seeks to represent the global culture of espresso, with deep roots in Italian cafés and a vision that embraces cities worldwide.”
This vision drives Segafredo’s new international repositioning strategy, which aims to strengthen global consistency, highlight Italian authenticity with a modern twist, and create unique experiences across retail and HoReCa channels.
Given the strong start to the year, the 2026–2028 strategic plan is being updated and will be presented on June 18. Current projections suggest average annual revenue growth of 8–10%, an EBITDA CAGR above 15%, and steadily increasing value creation at the Group level.
With a more resilient model, a premium and increasingly sustainable product offering, and a strengthened global presence, Massimo Zanetti Beverage Group reaffirms its position as a global leader in coffee. This transformation has been made possible by the dedication of its people, the trust of its partners, and the loyalty of millions of consumers worldwide.
