ARYZTA (ARYN) H1 2025 earnings summary

Executive summary

• Revenue reached €1,086.4 million for H1 2025, up 3% year-over-year, with organic growth of 2.8% driven by volume and pricing gains despite inflation and subdued consumer sentiment.

• EBITDA was €150.5 million, up 0.5% year-over-year, with a margin of 13.9%, down 30 basis points due to input cost inflation and delayed contract negotiations.

• EPS rose 12.4% to €1.84, reflecting improved profitability, disciplined financing, and the impact of a reverse share split.

• Free cash flow was €29.4 million, below last year due to working capital effects, but full-year free cash flow above €100 million is targeted.

• A reverse share split (40:1) was implemented in May 2025 to enhance share tradability.

Financial highlights

• Revenue increased by 3% year-over-year to €1,086.4 million, with organic growth of 2.8%.

• EBITDA reached €150.5 million (up 0.5%), with a margin of 13.9% (down 30bps year-over-year).

• Return on invested capital was 12.9%, slightly down from 13.1% in H1 2024.

• Net debt leverage improved to 2.8x, supported by cash generation and hybrid bond reduction.

• Free cash flow declined to €29.4 million from €53.0 million year-over-year due to working capital performance.

Outlook and guidance

• Full-year 2025 guidance reaffirmed: low to mid-single-digit organic growth, EBITDA margin expansion, and further EPS growth.

• Free cash flow above €100 million expected for the year.

• Mid-term plan (2025-28) targets EBITDA margin above 15%, net leverage of 1.5-2.0x, and increased capital returns.

• Focus on organic growth, operational efficiency, and selective bolt-on M&A in core markets.

• FY25 financing costs guidance reiterated at €46-50 million.