MARR (MARR) investor relations material

Executive summary

• Total consolidated revenues for Q1 2026 reached €426.0 million, up from €409.2 million in Q1 2025, driven by growth in the Street Market and Wholesale segments despite the quarter being seasonally low.

• EBITDA was €7.3 million (down from €9.9 million), and EBIT was -€2.5 million (vs. €0.9 million), reflecting higher personnel costs and ongoing operational-logistics restructuring.

• Net result was a loss of €6.6 million, compared to a loss of €2.7 million in Q1 2025.

• Profitability was impacted by the insourcing of handling activities and costs related to the decommissioning of logistics platforms.

Financial highlights

• Gross margin improved year-over-year, but EBITDA margin declined to 1.7% from 2.4% due to higher personnel, service, and logistics costs.

• Personnel costs rose to €24.3 million (from €13.0 million), mainly due to the internalization of logistics.

• Trade net working capital increased to €264.7 million (from €224.4 million), mainly due to higher inventories.

• Net financial debt (pre-IFRS 16) rose to €290.4 million from €219.8 million, impacted by investments, buybacks, and dividend payments.

• Including IFRS 16, net financial debt was €384.2 million, up from €309.0 million a year earlier.

Outlook and guidance

• April sales and gross margin trends brought results in line with annual growth targets.

• Management remains focused on strengthening market presence and improving profitability through operational-logistics optimization and efficiency.

• Continued attention to controlling working capital absorption.

• The going concern assumption is confirmed, supported by positive financial results and a solid financial structure.