BayWa (BYW) H1 2025 earnings summary

Executive summary

• The first half of 2025 was dominated by a comprehensive reorganisation and restructuring process following a liquidity and earnings crisis in 2024, including a legally binding reorganisation agreement with anchor shareholders and creditors on 30 June 2025.

• The restructuring plan includes a capital increase, asset sales, and operational efficiency measures, with the aim of restoring profitability and competitiveness by 2028.

• The group reported a net loss of €527.8 million for H1 2025, mainly due to high interest and restructuring costs, with revenue down 17.3% year-over-year to €6.86 billion.

• Adjusted EBITDA fell 43.5% to €65.6 million, reflecting lower sales volumes, market price declines, and the impact of discontinued operations.

• Major divestments included the sale of the RWA segment (closed 2 May 2025) and the planned sale of the Cefetra Group, both treated as discontinued operations.

Financial highlights

• Revenue: €6,859.7 million (down €1,431.2 million year-over-year).

• Adjusted EBITDA: €65.6 million (down from €116.2 million year-over-year).

• EBIT: -€257.4 million (down €23.5 million year-over-year).

• Net loss: -€527.8 million (vs. -€424.3 million year-over-year).

• Total assets: €9,119.5 million (down from €10,852.4 million at year-end 2024).

• Equity: €636.2 million (down €671.5 million from year-end 2024).

• Cash and cash equivalents: €457.8 million (up €68.7 million since year-end 2024).

Outlook and guidance

• Management confirms the forecast of a strong year-on-year increase in adjusted EBITDA for continuing operations, despite structural changes and discontinued operations.

• The Agri Trade & Service, Agricultural Equipment, and Global Produce segments are performing better than anticipated, while other segments are in line with expectations.

• The sale of Cefetra Group is expected to close by year-end 2025, after which it will no longer contribute to group results.

• The restructuring plan targets sustainable profitability and competitiveness by 2028, with key measures already underway.