Distribuzione e Revenue

📈 RATIONAL's Q4 2024 revenue increased by 9% to €318.0 million; full 2024 revenue up by 6%, or €68 million. Sales in Europe (excluding Germany) and North America grew by 7% each, while Latin America saw a 17% increase. Asian sales slightly declined after a strong previous year. The multifunctional iVario equipment's revenue grew by 16%, and the iCombi professional combi ovens by 5%. Celebrating 25 years on the stock market in 2025, RATIONAL's share value has increased 38-fold, with current price at €867.50. The company boasts a 26% EBIT margin, close to a 50% global market share, and a Net Promoter Score of 60. Gross margin improved by 2.5 percentage points to 59.2%, with a 13% increase in EBIT to €314 million. As of December 31, 2024, RATIONAL employed 2,736 people, focusing on expanding its sales team. No global price increases are predicted for 2025, but investments in strategic projects and sales structure expansion will continue, aiming for a stable 26% EBIT margin.

📈 In 2024, the global premium bottled water market is projected to reach $38.6 billion with a CAGR of 6.7% by 2034. The U.S. leads with over $7.1 billion in sales, boosted by health-conscious populations and developed retail. Supermarkets and hypermarkets generated $22.9 billion in revenue, while eco-friendly packaging, like glass bottles, surpassed $21.3 billion. Nestlé restructured its premium water and beverage sector as of January 1, creating an autonomous global business. Spring waters hit $10.2 billion in sales, indicating a consumer shift towards quality and authenticity.

🏖️ Naples is experiencing a tourist boom with short-term rental offers triple those of Venice. The influx of visitors has sparked debates over economic benefits versus local livability. Proposals to manage growth include halting Airbnb listings from local committees, a Venice-like entrance fee suggested by Confcommercio, and a stop on new street food venues by city administration. In 2024, tourism reached 14.5 million, a +15% increase over the prior year and +33% from two years before, with a projection of 17 million by 2025.

🏖️ Following a surge in 2024, the US tourism industry anticipated 2025 to mirror pre-Covid levels of foreign travelers, yet international arrivals decreased by 11.6% in March compared to March 2024, excluding Canadian visitors whose data is pending. Air travel from Mexico dropped 23%, and visitor entries to the US from January to March totaled 7.1 million, a 3.3% decline from the same period in 2024. Predictions by Tourism Economics for a 9% increase in international arrivals have been revised to a 9.4% decrease, with significant drops expected from Canada due to Trump's political actions. Canadian visits led in 2024 with 20.2 million arrivals, but leisure bookings to the US fell 40% in March year-on-year, prompting Air Canada to cut its spring flight schedule. Tourism Economics forecasts international visitor levels may not surpass pre-pandemic levels until 2029 and anticipates a $9 billion reduction in US visitor spending this year.

💰 Gattinoni Group achieved a 2024 turnover of €747 million, a 9% increase from 2023, and an Ebitda of €17.1 million, up from €14.2 million. Targeting over €800 million in revenue by 2025 and reaching €1 billion by 2026 with a network contract value of €1.7 billion in 2024. Franco Gattinoni mentioned a reorganization plan, doubling staff from 380 to 901, and increasing revenue from under €400 million to €747 million. The Travel division, led by Mario Vercesi, aims to grow from 80 to 100 owned travel agencies, with a 12% revenue increase to €416 million. The Events division saw €64 million in revenue, up by 5%, despite tax considerations. The Business Travel division reported €267 million in revenue, a 5% increase, with a focus on technological strengthening. A new CFO will be appointed on May 1.

✈ In the first quarter of 2025, Naples Capodichino Airport handled over 2 million passengers. The summer season, starting March 30, saw an increase in intercontinental flights with 120 direct-flight destinations, including 38 daily flights to 24 hubs. Connects to 5 North American cities, along with tourist hotspots like the Balearic Islands and 10 Greek islands, including Mykonos and Santorini. On April 6, a flight to New York/Newark launched, leading to 43 weekly flights to North America. Total capacity quadrupled from 100,000 seats in 2023 to 425,000 in 2025. Top international markets are the UK, Germany, France, and Spain. Gesac's CEO Roberto Barbieri highlighted the airport's key role in the region's economic and social development.

💰 Welcome Travel Group's CEO, Adriano Apicella, reports a +12% increase in sales over the previous year. Anticipates a temporary dip in April due to "Ferraprile" - a blend of holidays and Easter, but expects recovery from May. The company aims to close the year with a 7-8% increase over 2025's strong results. New ecommerce features, AI for intranet solutions, and personalized marketing tools like newsletters were also introduced.

🏨 Africa set for a record hotel development year in 2025, with 577 hotels and 104,444 rooms, a 13.3% increase from 2024, according to W Hospitality Group's Hotel Development Pipeline Report. Egypt leads with 143 hotels and 33,926 rooms, followed by Morocco's 8,579 rooms across 58 hotels. Other top countries include Nigeria (7,320 rooms), Ethiopia (5,648), and Cape Verde (5,565). International chains have signed deals in 42 African countries. Cairo anticipates 17,757 new rooms in over 70 hotels, outpacing Sharm El Sheikh's 4,231 rooms in less than 10 properties. Marriott International leads with 165 hotels and 29,639 rooms, followed by Hilton, Accor, and IHG. Notable trends include almost doubling the actualization rate to 38% in 2024, rapidly growing resort developments, and a shift towards franchising models, with franchised projects now nearly 19% of the total.

📅 Reisenplatz, part of Volonline Group led by Luigi Deli, reports a +40% growth and has a clear commercial positioning and industrial development plan for 2025. After Volonline's acquisition two years ago, Reisenplatz benefited from product and technology investments, commercial network strengthening, and quadrupled economic results in 2023, surpassing the "golden biennium" of 2017-2018. The team expands with Maurizio Negrogna as a new commercial figure for the Lombardy area.

🍷 Global No-Lo (no and low alcohol) wine market valued at $2.4 billion, expected to reach $3.3 billion by 2028 with a compound annual growth rate (CAGR) of 8% by value and 7% by volume. Over 80% of No-Lo product sales are concentrated in the top five countries: the United States leads with a 63% market share, followed by Germany (10%), the UK and Australia (each at 4%), and France (2%). In Italy, No-Lo wines represent a mere 0.1% of total wine sales, valued at $3.3 million, anticipated to increase to $15 million over the next four years with a projected CAGR of 47.1%. The data was presented at Vinitaly during the "Zero alcohol e le attese del mercato" conference, based on Iwsr data analyzed by the Osservatorio del Vino UIV-Vinitaly.