MARR (MARR) Q2 2025 earnings summary

Executive summary

• Consolidated revenues for 1H 2025 reached €994.8m, up from €987.7m in 1H 2024, with 2Q 2025 revenues at €585.6m, benefiting from a favorable Easter calendar and strong June performance.

• Operating profitability declined due to start-up costs for the new Center-South platform in Castelnuovo di Porto, with 1H 2025 EBITDA at €47.6m (vs. €55.6m in 1H 2024) and EBIT at €27.2m (vs. €35.4m in 1H 2024).

• Net income for 1H 2025 was €12.6m, down from €17.5m in 1H 2024; 2Q 2025 net income was €15.3m, nearly flat year-over-year.

Financial highlights

• 1H 2025 total revenues: €994.8m (+0.7% YoY); 2Q 2025: €585.6m (+2.8% YoY).

• Street Market sales: €634.5m in 1H 2025 (+1.7% YoY); National Account sales: €255.8m (+4.2% YoY); Wholesale sales: €88.4m (-10.9% YoY), impacted by seafood product availability.

• Gross margin (EBITDA margin) for 1H 2025 was 4.8% (down from 5.6% in 1H 2024); EBIT margin was 2.7% (down from 3.6%).

• Net debt (pre-IFRS 16) as of June 30, 2025: €206.8m, up from €163.6m a year earlier; total net financial position at June 30, 2025: -€296.0m (vs. -€240.8m), reflecting investments and seasonal working capital.

• Free cash flow before dividends and equity changes was €13.6m; after dividends and share buybacks, free cash flow was -€29.2m.

Outlook and guidance

• Sales in July increased across all client segments, with Street Market and National Account segments tracking in line with annual objectives.

• Focus remains on the critical summer season (Q3), historically the most significant for sales and profitability.

• Ongoing initiatives target operating efficiency, cost control, and working capital management, with logistics enhancements following the new platform launch.

• Limited exposure to US tariffs; no significant impact expected from recent EU-US trade developments.