Hortifrut (HF-B) Q2 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 reached $641.6M, up slightly from $636.2M in the same period of 2024, with North America as the largest market segment.

• Net loss attributable to controlling interests was $75.4M for H1 2025, compared to a net profit of $12.1M in H1 2024, driven by higher costs and significant asset impairments.

• EBITDA adjusted for covenant purposes was $169.9M for the 12 months ending June 2025, down from $178.7M for the previous year.

Financial highlights

• Gross margin for H1 2025 was $80.4M, down from $96.2M in H1 2024, reflecting increased cost of sales.

• Operating loss for H1 2025 was $53.3M, compared to operating income of $52.4M in H1 2024.

• Significant asset impairments of $67.5M were recorded in H1 2025, mainly related to bearer plants in Mexico and Peru.

• Net financial costs for H1 2025 were $21.4M, similar to $21.6M in H1 2024.

• Basic loss per share for H1 2025 was $(0.00000131), compared to earnings per share of $0.00000021 in H1 2024.

Outlook and guidance

• Management expects sufficient liquidity and operational cash flow to cover working capital and interest payments for the next 12 months.

• No material impact is expected from new tax regulations (Pillar Two) in the near term.