Mahou San Miguel

Letter from the chairman

Together, we continue moving forward

Since its beginnings in 1890, Mahou San Miguel has been motivated by a sense of responsibility to generate a beneficial impact on people and on the planet, and by the desire to do things well across the value chain.

This way of being and of doing things is what has made us what we are today: an independent, 100% Spanish, family-owned beverage company and industry leader with a strong sense of social responsibility and a determination to make a positive impact with everything we do. It is also what has enabled us to continue moving forward and successfully tackling a year as complicated as 2022. A year that was marked by rising prices, tensions in the supply chain and significant geopolitical instability that obliged us to make a significant effort to adapt and prioritise.

We succeeded thanks to the dedication and passion of the over 4,000 professionals that make up the Mahou San Miguel family. For this reason, we are proud of our results, but, above all, of having achieved them without renouncing what is truly important: our focus on people. This is what has made us one of the best companies to work for in Spain, according to the Merco reputation monitor, a company that implements cutting-edge initiatives for the professional development of its teams and that looks after their occupational, physical and emotional well-being in an egalitarian, diverse and flexible environment. This is the spirit that led us, last year, to take the decision to give the entire staff an extraordinary pay raise on top of the usual annual salary adjustment.

This was done to mitigate the impact of the inflationary context of the moment and thank our entire team for their hard work in an especially challenging year.

Despite all the difficulties, in 2022 we were able to keep the Company on the path of growth. We achieved turnover of 1,743 million euros, 18.4% higher than in 2021, and a sales volume of 20.9 million hectolitres, 11% more than last year. However, our bottom line was affected by the high costs of raw materials and transport, as well as our unprecedented effort in terms of investment. Last year, we invested more than 121 million euros in improving our industrial sustainability, developing our business and in supporting our customers, suppliers, distributors and employees. A year in which our support to the on-trade sector continued to be quite significant, even though the worst of the pandemic’s impact on the sector was already behind us, continued to be needed to ensure its future health. For that reason, we allocated 197.9 million euros to bars and restaurants and played an active role in their development, with digitalization and sustainability as the main levers of change.

The figures from 2022 have made our value contribution to the economy and society clearer than ever. We have once again demonstrated that, despite the focus on day-to-day affairs required in an extremely volatile scenario like the current one, our gaze remains fixed on the future, and that we are guided by our 22-24 Strategic Plan, “The Value of Change”.

This very challenging context inspired us to work, more than ever, to promote the responsible progress of all the communities where we are present, based on what is important for people. To do so, we have a ten-year Sustainability Plan, “Vamos 2030”, which defines our strategy in this important area in three fundamental lines: contribution to socioeconomic development, protection of the natural environment, and promotion of well-being. In 2022 alone, we invested 40 million euros in this plan, extending it to our entire value chain to build, between all of us, a better future for our planet as part of our purpose. In this passionate commitment, our customers, distributors and suppliers are our best allies, and we continue to cultivate prosperous relationships with them.

In addition, our focus on guaranteeing the excellence and sustainability of all the processes in the supply chain allowed us to continue providing our off-trade customers with agile and efficient solutions in an increasingly difficult context. In 2022, the Spanish Association of Manufacturers and Distributors (AECOC) once again named us the most efficient brewer in terms of logistics processes in its annual Benchmarking Supply Chain report.

We were also very close to our consumers in 2022 and formed part of their best moments with new top-quality products, experiences and services, both inside and outside Spain.

Our brands continued delighting and connecting with society. They did so with their unmistakeable taste and quality, but also with their commitment with the places where we are present and in which, just last year, we promoted more than a thousand events locally and nationally. Furthermore, we became the global sponsor of LaLiga for the next five seasons, reinforcing our link to a generator of experiences as unparalleled as football. Mahou, for its part, became the most-awarded range of beers in the world for the fifth year in a row, consolidating its position as the most valuable brand in its category in Spain.

But the best prize for us is the ability to continue contributing value to society. This is a commitment in which the Mahou San Miguel Foundation, which makes the soul of this Company a reality, plays a fundamental role, working day by day to give the most disadvantaged members of society future opportunities. Through its activity, last year we helped over 1,300 vulnerable young people to find employment in the on-trade sector, which many of them have made their vocation and way of life. We also donated more than 2,270 hours of corporate volunteer work to contribute to improving the places and communities we are part of.

Everything we achieved in 2022 reaffirms our conviction that progress is only possible if it benefits everyone. That’s why at Mahou San Miguel we will continue moving forward, always together.

José Antonio Mahou Herráiz Chairman
Mahou San Miguel