Fleury Michon (ALFLE) H2 2025 earnings summary

Executive summary

• Revenue grew by 3.6% year-over-year to €836.4M, driven by volume gains in GMS and strong international airline catering.

• Operating income slightly declined due to persistently high poultry costs, despite top-line growth.

• Net income from continuing operations fell to €8.4M from €13.3M, impacted by the end of equity-accounted earnings and business disposals.

• All three business segments posted growth, with international operations up 10.2% and GMS France up 2.6%.

Financial highlights

• Consolidated revenue reached €836.4M, up 3.6% from 2024.

• Operating margin contracted to 1.5% of sales (€12.2M), mainly due to higher poultry input costs.

• Net income from continuing operations was €8.4M; total net income including discontinued operations was €13.6M.

• Cash flow from operations was €25.6M, with a net cash outflow of €30.9M after investments and debt reduction.

Outlook and guidance

• No quantitative guidance for 2026 due to ongoing market volatility and raw material price uncertainty.

• Management remains confident in business model resilience and ongoing industrial investments.