Ebro Foods (EBRO) investor relations material

Executive summary

• Net profit increased by 7.1% year-over-year to €103.9 million, reflecting strong performance despite challenging market conditions, including historically low rice prices, logistical disruptions, and rising energy costs.

• Revenue for the first half of 2026 was €1,476.3 million, down 3.7% year-over-year, with a €34.7 million negative FX impact.

• The group maintained brand strength and focused on higher value-added categories such as ready-to-serve, premium, and fresh pasta products, with adaptability and operational efficiency supporting positive business development.

• Operating cash flow improved significantly to €199.5 million from €116.4 million in the prior year.

• The group maintained strong financial stability, with equity rising to €2,398.2 million and no significant impacts from geopolitical risks.

Financial highlights

• Consolidated sales fell 3.7% year-over-year to €1,476.3 million, with a €34.7 million negative FX impact.

• Adjusted EBITDA declined 4.7% to €202.9 million; net profit rose 7.1% to €103.9 million, aided by improved financial results and lower tax expense.

• Net debt reduced by €57 million to €472.4 million; working capital down by €39.2 million.

• Gross margin remained stable despite a decrease in revenue, with operating income at €144.2 million versus €156.4 million a year earlier.

• Dividend of €0.69 per share approved, totaling €106.2 million, with two of three payments already made by June 30, 2026.

Outlook and guidance

• Plans to continue investing in production capacity for Garofalo, Bertagni, and Ebrofrost, with new US capacity supporting future expansion.

• Focus remains on convenience, premium, and fresh food categories, with ongoing new product launches.

• Management expects the second half of the year to contribute a higher share of annual results, following the historical 55/45 split.

• Well positioned to pursue inorganic growth opportunities.

• Ongoing focus on operational efficiency and margin management to navigate competitive and cost pressures.