Hortico (HOR) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 reached 148.34 million PLN, up 3.3% year-over-year, driven by growth in Mrówka markets, the profi line, and PNOS sales.

• EBITDA for the period was 11.97 million PLN, EBIT 9.86 million PLN, and net profit 7.9 million PLN, all lower than the previous year.

• Q3 2025 saw a 6.3% year-over-year increase in sales to 30.9 million PLN, but resulted in a net loss of 4.33 million PLN due to seasonality and high post-season returns.

Financial highlights

• Operating costs for the first nine months rose 5.3% year-over-year to 138.37 million PLN.

• Q3 2025 EBITDA was negative at -5.04 million PLN, with EBIT at -5.68 million PLN and net loss at -4.33 million PLN.

• Total assets increased 3.8% year-over-year to 111.48 million PLN, with equity up 10% to 72.5 million PLN.

• Short-term debt decreased significantly, with short-term loans at 2 million PLN and no long-term loans.

Segment performance

• Mrówka markets, the profi line, and PNOS were the main contributors to revenue growth.

• PNOS faced reputational challenges in Q3 due to seed complaints, leading to contract termination with a supplier.