BF (BFG) H1 2026 earnings summary

Executive summary

• Achieved €1,146M in sales and €1,216M in production value for H1 2026, up 40% and 43% year-over-year, driven by the consolidation of F.lli Martini, Progetto Benessere Italia, Isola Serafini, Irrigazione Gastaldelli, and the Martini Group from April 2026.

• EBITDA rose to €97M (margin 7.9%), up 80% year-over-year, and EBIT reached €54M, reflecting higher production value and integration of acquired companies.

• Net profit soared to €24M from €2M in H1 2025.

• Net financial debt increased to €565M, mainly due to the Martini acquisition, seasonal cash absorption, and working capital needs.

• Strategic focus on international expansion, protein and wellness sectors, digital transformation, and operational efficiency.

Financial highlights

• Sales: €1,146M (+40% YoY); production value: €1,216M (+43% YoY).

• EBITDA: €97M (+80% YoY, margin 7.9% vs 6.3%).

• EBIT: €54M (+150% YoY); Net profit: €24M (+944% YoY).

• Net financial debt: €565M (vs €82M at Dec 2025), with €201M from Martini acquisition.

• ROE: 1.98% (vs 0.21% in H1 2025).

Outlook and guidance

• New 2026–2030 Strategic Plan prioritizes international growth, especially via BF International.

• Ongoing capital increase for BF International up to €700M to fund global Model Farm rollout.

• Focus on integrating recent acquisitions and expanding in protein, wellness, and digital sectors, with emphasis on operational efficiency.