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Bell Food Group (BELL) investor relations material
Bell Food Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Organic net revenue grew 4.4% year-over-year to CHF 2,403 million, with EBITDA up 5.4% to CHF 160 million and net profit at CHF 46 million (+0.9%).
Bell Switzerland and Hubers/Sütag were main growth drivers, while Eisberg shifted focus to the DACH region after selling Eastern European sites.
Major plant expansions and infrastructure projects progressed as planned at Bell Switzerland, Hilcona, and Hubers.
Ongoing challenges include raw material availability, rising input costs, and margin pressure, with measures to improve profitability.
Strategic divestment of Eisberg's Eastern European units will reduce annual net revenue by CHF 90 million and headcount by 700 FTEs from H2 2025.
Financial highlights
Net revenue increased by CHF 87 million (+3.7%) to CHF 2,403 million; organic growth was +4.4%.
EBITDA rose by CHF 8 million (+5.3%) to CHF 160 million; EBIT up by CHF 2 million (+3.8%) to CHF 66 million.
Earnings after taxes reached CHF 46 million (+0.9%); earnings per share CHF 7.28.
Operating investments decreased to CHF 109 million (previous year: CHF 141 million); operating free cash flow improved to CHF 10 million (previous year: CHF -51 million).
Gross profit margin slightly declined to 39.3% due to higher raw material costs.
Outlook and guidance
Ambition to continue organic growth and EBITDA improvement, with investment levels around CHF 250 million p.a. in the medium term.
Start-up costs and higher depreciation from new infrastructure mainly impact 2026-2027; Oensingen start-up costs up to CHF 20 million.
Net debt ratio targeted below 2.5x, with stable dividend payout ratio of around 30%.
Confident outlook for H2 2025, despite margin pressure, volatile markets, and raw material challenges.
Sale of Eisberg's Eastern European companies will reduce annual net revenue and headcount from H2 2025.
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