B&S Group (BSGR) H1 2025 earnings summary

Executive summary

• Turnover increased 4.5% year-over-year to €1,119.6M, with organic growth led by Beauty, Personal Care, and Food segments, and gross profit up 4.2% to €167.3M.

• Net profit from continuing operations was €14.5M, while total net profit including discontinued operations rose to €40.7M, driven by the Health segment divestment.

• Operational excellence, improved working capital, and a global HR and sustainability agenda underpinned performance.

• Acquisition of Tastemakers Holding B.V. and remaining stakes in Personal Care and B&S HTG B.V. supported segment growth.

• Strategic focus remains on digitisation, sustainability, and segment autonomy.

Financial highlights

• Turnover grew 4.5% to €1.1B; gross profit margin stable at 14.9% year-over-year.

• Normalized EBITDA margin declined to 4.4%–4.2%; normalized EBITDA at €49.5M, down from €52.3M.

• Net profit from continuing operations at €14.5M; total net profit including discontinued operations at €40.7M.

• Positive operating cash flow of €9.5M, a significant improvement from a €44M outflow last year.

• EPS including discontinued operations increased to €0.37 from €0.16.

Outlook and guidance

• Topline growth expected to continue at approximately 5% for 2025, excluding divested revenue.

• Staff costs anticipated to keep rising in line with H1 trends and market developments.

• Normalized EBITDA margin expected at the lower end of the communicated 2024–2026 financial objectives.

• Segment diversification expected to provide group stability.

• Liquors topline to remain lower due to strategic changes; Travel Retail to grow in existing locations but offset by prior closures.