ARYZTA (ARYN) Q4 2025 TU earnings summary

Executive summary

• Achieved or exceeded FY2025 guidance with organic growth in the low to mid-single-digit range, supported by both volume and price improvements, despite a subdued consumer environment.

• EBITDA exceeded €305 million, with free cash flow between €115 million and €120 million.

• Financing costs, including lease interest, were significantly below guidance at €42–44 million.

• Key customer negotiations completed, providing good visibility on pricing for 2026 and supporting profitable growth.

• Management implemented structural changes and cost reductions to accelerate revenue growth and improve performance for 2026.

Financial highlights

• Organic growth for FY2025 confirmed in the low to mid-single-digit range.

• EBITDA above €305 million; free cash flow in the €115–120 million range.

• Financing costs, including lease interest, at €42–44 million, below previous guidance.

• CapEx for 2025 at levels comparable to 2024.

• Net debt, including all items, expected to be below €800 million for 2025.

Outlook and guidance

• Expects further positive organic growth and improved business performance in 2026, driven by new production lines and successful customer negotiations.

• Free cash flow conversion of EBITDA targeted above 40% over the midterm plan.

• CapEx for 2026 and 2027 to remain within 3.5–4.5% of revenue, with Portugal investment spread over both years.

• Focus remains on performance improvement, cash generation, and capital return to shareholders as per 2025–2028 mid-term plan.

• Further details on guidance to be provided on March 2nd.