Fleury Michon (ALFLE) H1 2025 earnings summary

Executive summary

• Sales increased 1.8% year-over-year to €406.4M, with growth in main product lines and international catering, but operating margin fell sharply due to poultry market crisis and soaring chicken prices.

• The group maintained its strategy of accessible, quality products and innovation, notably expanding its plant-based range, which now holds over 70% market share in its segment.

• The sale of the meal tray business and other non-core activities impacted segment results and cash flows.

Financial highlights

• Net sales: €406.4M (+1.8% year-over-year); operating income: €0.2M (down from €7.2M); net income from continuing operations: €0.3M (down from €7.7M).

• Net consolidated income: €5.5M (vs. €46.7M prior year), mainly due to a deferred tax gain from divested activities.

• Net debt: €17.5M (vs. -€11.2M at Dec 2024); gearing at 8.9% (vs. -5.5%).

• Cash flow from operations: -€12.0M (vs. +€10.9M prior year), impacted by working capital needs and inventory build-up.

• Dividend of €8.5M paid in June 2025.

Outlook and guidance

• No quantitative guidance for 2025 due to ongoing volatility in raw material prices and geopolitical instability.

• International catering expected to contribute positively, barring new US tariffs on Canadian imports.