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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
BF (BFG) investor relations material
BF H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary30 Sep, 2026
Executive summary
Achieved €1,146M in sales and €1,216M in production value for H1 2026, up 40% and 43% year-over-year, driven by the consolidation of F.lli Martini, Progetto Benessere Italia, Isola Serafini, Irrigazione Gastaldelli, and the Martini Group from April 2026.
EBITDA rose to €97M (margin 7.9%), up 80% year-over-year, and EBIT reached €54M, reflecting higher production value and integration of acquired companies.
Net profit soared to €24M from €2M in H1 2025.
Net financial debt increased to €565M, mainly due to the Martini acquisition, seasonal cash absorption, and working capital needs.
Strategic focus on international expansion, protein and wellness sectors, digital transformation, and operational efficiency.
Financial highlights
Sales: €1,146M (+40% YoY); production value: €1,216M (+43% YoY).
EBITDA: €97M (+80% YoY, margin 7.9% vs 6.3%).
EBIT: €54M (+150% YoY); Net profit: €24M (+944% YoY).
Net financial debt: €565M (vs €82M at Dec 2025), with €201M from Martini acquisition.
ROE: 1.98% (vs 0.21% in H1 2025).
Outlook and guidance
New 2026–2030 Strategic Plan prioritizes international growth, especially via BF International.
Ongoing capital increase for BF International up to €700M to fund global Model Farm rollout.
Focus on integrating recent acquisitions and expanding in protein, wellness, and digital sectors, with emphasis on operational efficiency.
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Latest events from BF
- Revenue and profit surged in H1 2024, with debt rising due to investments and expansion.BFG
H1 2024 - Production value and EBITDA rose sharply, with a higher dividend proposed for 2024.BFGH2 2024
- Strong growth in revenue and EBITDA, with reduced debt and stable dividend amid rising risks.BFGH2 2025
- Production value up 11% and EBITDA up 3%, but net profit dropped sharply amid higher costs.BFGH1 2025
Next BF earnings date
H2 202629 Apr, 2027
Next BF earnings date
H2 202629 Apr, 2027
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