Mondragon Corporation’s industrial and distribution co-operatives reached €11.213bn in sales in 2024, an increase of 1.6% compared to the previous year, its annual report reveals.
The group, which is the world’s largest worker co-op federation, consists of 81 separate, self-governing co-operatives and 12 research and development centres. It is the largest employer in the Basque Country and the fifth largest private employer in Spain, providing jobs to 70,085 people.
“We positively assess the corporation’s performance in an international context marked by heightened geopolitical uncertainty and growing tensions in global markets,” said Pello Rodríguez, president of the Mondragon General Council, regarding the close of 2024.
The group invested €377m into the business in 2024, bringing the total investments made in the last five years to €1.692bn.
Related: Basque Country hosts first Asett social economy forum
Earnings before interest, taxes, depreciation and amortisation were also up by 11.8% to €1.661bn, with net profit totalling €632m.
“In a global environment marked by instability and uncertainty, Mondragon has maintained its course, with sales growth, solid profitability, and a level of investment that reflects our firm commitment to the future,” added Rodríguez.
Mondragon operates retail distribution group Eroski, a multi-stakeholder co-op of consumers and workers, which also reported positive results for 2024. Distribution sales were €6.193bn and earnings reached €90.6m.
Meanwhile, Mondragon’s industrial co-operatives closed 2024 with an aggregate turnover of €5.02bn, an average workforce of 26,714 people, and aggregate net income of €267m.
Sales in foreign markets accounted for 73% of total sales in this division.
“The 2024 financial year has once again demonstrated the strength and resilience of our co-operative model. In a global environment marked by instability and uncertainty, Mondragon has stayed the course, with sales growth, solid profitability, and a level of investment that reflects our firm commitment to the future,” said Rodríguez.
The results were presented to Mondragon’s members at its annual congress on 9 July. Around 650 members attended the event, where they were presented the 2025/2028 Strategic Plan. Introducing the plan, Rodríguez explained it has four strategic pillars: commitment and co-operative identity, future businesses, openness and social impact, and inter co-operation.
