MARR (MARR) Q3 2025 earnings summary

Executive summary

• Consolidated revenues for 9M 2025 reached €1,644.7m, up from €1,610.5m year-over-year, with Q3 2025 revenues at €649.9m, up €27.2m year-over-year.

• EBITDA for 9M 2025 was €90.2m, down from €98.1m in 2024, impacted by start-up costs for the Center-South platform; Q3 EBITDA was €42.6m (flat year-over-year).

• Net income for 9M 2025 was €30.0m, down from €36.0m in 2024; Q3 net income was €17.4m, down from €18.5m.

• Sales growth was driven by Street Market and National Account segments, with Wholesale sales stable.

Financial highlights

• 3Q 2025 revenues were €649.9m (+4.4% year-over-year); 9M revenues: €1,644.7m (+2.1%).

• EBITDA margin for 9M 2025 was 5.5%, down from 6.1% in 2024.

• Net result margin for 9M 2025 was 1.8%, compared to 2.2% in 2024.

• Net financial debt (including IFRS 16) increased to €253.0m from €201.7m year-over-year.

• EPS for nine months: €0.47 (down from €0.55 in 2024).

Outlook and guidance

• October sales in Street Market and National Account segments continued to grow.

• Management remains focused on growth, profitability, and efficient working capital management, with ongoing internalization of goods handling via MARR Service S.r.l.

• New MARR Puglia distribution unit is progressing as planned to support regional growth.

• Limited exposure to US tariffs; no significant impact expected.