Ebro Foods (EBRO) Q4 2025 earnings summary

Executive summary

• Operated in a bearish raw materials market in 2025, with record low long-grain rice prices in Europe and the US, supporting short-term margin expansion but pressuring inventory values and future margins.

• Delivered record adjusted EBITDA of €420.6 million and net profit growth of 3.4% to €214.9 million, overcoming €20 million in tariff and FX headwinds.

• Acquired the remaining 30% stake in Bertagni 1882 SpA in 2026, consolidating position as the world's second-largest fresh pasta producer; also acquired Hispasur S.A. in Argentina.

• 97% of adjusted EBITDA generated internationally, with only 3% from Spain; international markets accounted for 92% of total revenue.

• Strong margin improvement in Rice Division and positive Fresh Pasta business contribution, especially in France.

Financial highlights

• Consolidated sales fell 4.0% to €3,013.6 million, with a negative FX impact of €49.4 million.

• Adjusted EBITDA grew 1.8% to €420.6 million; margin improved to 14.0%.

• Net profit increased 3.4% to €214.9 million.

• Operating cash flow was €283.6 million, with a year-end cash position of €294.8 million.

• Dividend of €0.69 per share paid in 2025, totaling €106.2 million.

Outlook and guidance

• Record low raw material prices expected to reduce planted acreage in the US and South America; Europe likely to maintain similar planted area due to lack of alternatives.

• Ongoing innovation, business optimization, and geographical diversification required to sustain performance amid margin pressures.

• Management expects continued resilience due to the essential nature of its products, with no significant negative impacts anticipated from geopolitical conflicts or trade policy changes.