Deoleo (OLE) H1 2025 earnings summary

Executive summary

• First-half 2025 saw double-digit growth in key earnings metrics, with sales volumes up 11% and gross profit up 22% year-over-year, despite a 14% decline in revenue due to lower raw material prices.

• EBITDA rose 10% to €22m, and net profit tripled to €2m, driven by margin management and increased demand following a 50%+ drop in olive oil prices.

• Spain was the fastest-growing market, with a 1.1pp increase in market share.

• The company completed a €160m debt refinancing in March 2025, extending maturity to 2029 and adding a €35m revolving credit facility.

• Working capital was reduced by 13%, and net debt decreased by 5% compared to year-end 2024.

Financial highlights

• Revenue: €430.5m (down 14.3% year-over-year); sales volume: 79.1m litres (up 10.8%).

• Gross profit: €62.1m (up 21.6% year-over-year); EBITDA: €21.7m (up 10.1%).

• Net profit: €1.7m (up 222.9%); profit attributable to equity holders: €0.6m.

• Net debt: €109.6m (down 5.1% from year-end 2024); working capital: €86.0m.

• Cash flow from operating activities: €19.1m (up 54% year-over-year).

Outlook and guidance

• Management expects current earnings momentum to continue in the second half, supported by stable olive oil production and lower prices.

• Confident in delivering 2025 guidance for EBITDA and cash generation, supporting growth plans and further deleveraging.

• Ongoing transformation initiative ('Evoo-lution') aims to align profitability with leading FMCG peers over the next three years.

• Monitoring potential impacts from new US tariffs on EU products; mitigation plans in place.