The General Assembly of the ULMA Group, held in Oñati, has approved the accounts for the past year, which reflect a positive evolution of the socio-business project in a context of global uncertainty. The opening and expansion of some production plants, the implementation of new subsidiaries, an investment volume of 145 million euros and the growth of net employment by 161 people have enabled ULMA to continue to meet the needs of the market.
The ULMA Cooperative Group has closed the 2024 financial year with a solid and sustained evolution of its activity, consolidating its position among the industrial groups of reference.
Compiled sales of the Group’s 9 businesses amounted to 1,151 million euros, an increase of 1% compared with the previous year. EBITDA reached €225 million and net income came to €109.8 million, up 2.8% on 2023.
Capital expenditures in 2024 reached €145 million, up 38% year-on-year. The DFN/EBITDA ratio fell to 0.75x. All this reinforces the group’s financial strength and its ability to meet new challenges.
Net employment increased by 161 jobs to 5,747 people. This figure is particularly relevant in a generalized context of talent shortage, and reinforces ULMA’s commitment to stable and quality employment. 55% of the workforce works in the cooperative parent companies.
The CEO of the ULMA Group, Iñaki Gabilondo, said that “the results of this year confirm the strength and solidity of our project, even in a particularly demanding context; we have managed to grow in a balanced way, strengthen our international position and continue to generate quality employment. All this without renouncing our cooperative principles or our commitment to society”.
Strong international presence
During 2024, ULMA has continued to advance in its internationalization and diversification process, with a clear commitment to business development in foreign markets. Sales in other countries currently represent 73% of its turnover, an indicator that reflects the global competitiveness of its value offer.
In the operational area, the year was marked by progress in ULMA’s diversification into new sectors and markets.
Social commitment
In 2024, the ULMA Group maintained a firm commitment to its environment and allocated 1.1 million euros to support social, cultural, educational and community initiatives.
“The cooperative model is one of our greatest differential values,” says the ULMA Group’s CEO. It allows us to build a socio-business project with management focused on the long term and centered on people. We have a culture of solidarity and adaptation to change that allows us to face challenges and be an engine of progress and well-being in our environment”.
Outlook for 2025
ULMA faces 2025 with the challenge of continuing to develop its project, despite the complexity of a global environment marked by the slowdown in industrial demand in many countries, the persistence of geopolitical tensions, the application of tariffs in the United States and their effect on other markets.
With 73% of its turnover generated in international markets, ULMA’s foreign exposure is high, but so is its capacity to adapt to different contexts. Geographical and sectorial diversification, together with an industrial strategy based on technological innovation, efficiency and customer proximity, allow us to face this year with a solid position in strategic markets and open to new countries.
The priorities are to protect operating margins, consolidate investments in innovation and improvement of production capacity, and maintain a solid financial position. At the same time, ULMA will continue to promote its cooperative model as a competitive advantage, with a long-term approach based on sustainability, the creation of shared value and commitment to people.