Ebro Foods (EBRO) Q3 2025 earnings summary

Executive summary

• Q3 is seasonally weak due to summer slowdowns and heatwaves, with reduced plant activity and lower consumption.

• Maintained an upward trend in a challenging environment, closing the first nine months with a positive balance.

• Strong brand performance and supply chain efficiency offset seasonal and market challenges.

• US import tariffs led to inventory build-up in H1 and reduced Q3 sales, with price negotiations ongoing.

• Third quarter earnings consolidated a strong trend, significantly higher than 2023.

Financial highlights

• Consolidated sales fell 3.0% year-over-year to €2,275.9 million due to price adjustments and dollar devaluation.

• Adjusted EBITDA for the first nine months grew 1.1% to €311.5 million, a new record.

• Net profit declined 8.8% to €154.3 million, impacted by exchange rates, higher interest, and a higher tax bill from a company sale.

• ROCE-A reached 13.3%.

• Net Debt at €578.4 million, €14.6 million lower than year-end 2024.

Outlook and guidance

• Full-year adjusted EBITDA forecasted at €412–418 million, surpassing last year's record, reflecting strong brand performance and ongoing product launches.

• The environment remains highly competitive with historically low international prices.

• Gradual price adjustments planned for 2026 to mitigate new US tariffs.