Akola Group (AKO1L) Q3 25/26 earnings summary

Executive summary

• Nine-month revenue was €1,111 million, down 4.7–5% year-over-year, mainly due to deflationary pressures in the Partners for Farmers segment, while the Food segment, especially poultry, drove record gross profit and operating profit contributions.

• EBITDA for the period was €66 million (down 7% YoY), trailing last year but exceeding the five-year average and nearing the lower bound of the long-term target range.

• Gross profit increased by 1.7–2% to €133 million, with the Food segment, particularly poultry, delivering record margins and profitability.

• Operating profit (EBIT) decreased by 15–15.4% year-over-year, with a notable drop in Partners for Farmers offset by gains in Food.

• Balance sheet remains stable with €1 billion in assets, a strong equity ratio of 36%, and conservative leverage.

Financial highlights

• EBITDA for nine months: €66 million (vs. €71 million last year); 12-month rolling EBITDA: €105 million.

• Gross profit margin improved to 11.9% from 11.2% YoY; 5-year average is 8.1%.

• Earnings per share (12-month rolling): €0.33 (vs. €0.25 last year); ROCE increased to 10.19%.

• CapEx for the year so far: €29 million, with a full-year budget of €43 million.

• Net Debt/EBITDA stood at 3.35x; RMI-adjusted Net Debt/EBITDA at 2.6x, below the strategic target of 4.0x.

Outlook and guidance

• Full-year EBITDA guidance maintained at €70–90 million, with nine-month results already at the lower bound.

• Management expects continued volatility in commodity and input prices due to geopolitical tensions and energy market disruptions.

• Investment focus remains on operational efficiency, maintenance, and strategic projects in biomethane, dairy, and poultry.