Deoleo (OLE) H1 2025 earnings summary

Executive summary

• EBITDA rose 10% to €22m, and net profit increased to €2m, quadrupling last year's result, driven by margin management and increased demand after a 50%+ drop in olive oil prices.

• Sales volumes grew 11%, with Spain gaining 1.1pp in market share, despite a 14% revenue decline due to lower raw material prices.

• The company completed a €160m debt refinancing in March 2025, extending maturity to 2029 and adding a €35m revolving credit facility, of which only €15m was drawn.

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

• Launched the "Evoo-lution" transformation plan to align profitability with leading FMCG peers over the next three years.

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: €2m (up from €0.5m in H1 2024); 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, lower prices, and the "Evoo-lution" plan.

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

• "Evoo-lution" plan expected to generate at least €30m additional EBITDA by 2028.

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