Orsero (ORS) H1 2026 earnings summary

Executive summary

• Net sales reached €860.5 million in H1 2026, up 1.8% year-over-year, driven by strong Distribution and Shipping performance despite challenging macroeconomic and geopolitical conditions.

• Adjusted EBITDA declined by 5.8% to €45.6 million (5.3% margin), with profit for the period at €14.6 million, impacted by higher costs, weaker banana and pineapple margins, and non-recurring expenses.

• The Group expanded into the US via the acquisition of a 45% stake in Trucco Holdings Inc. for $46–46.5 million, supporting its M&A-driven growth strategy.

• Strategic investments included a new logistics platform in Spain and co-exclusive rights to import lychees from Madagascar.

• Total equity increased to €278.6 million, reflecting period profit and dividend payouts.

Financial highlights

• Net sales: €860.5 million (+1.8% YoY); Distribution BU contributed €816.9 million (+1.6% YoY), Shipping BU €61.3 million (+2.3% YoY).

• Adjusted EBITDA: €45.6 million (5.3% margin), down 5.8% YoY; Distribution BU margin at 4.3%, Shipping BU at 25.1%.

• Adjusted EBIT: €26.5 million (-12.8% YoY); EBIT: €21.3 million (-26.3% YoY).

• Adjusted net profit: €18.6 million (-11.2% YoY); net profit: €14.6 million (-25.7% YoY).

• Net financial position rose to €142.4 million, mainly due to the Trucco acquisition and dividend payments.

Outlook and guidance

• FY 2026 guidance confirmed: net sales €1,700–1,740 million, adjusted EBITDA €78–83 million, adjusted net profit €25–29 million.

• CapEx guidance raised to €19–20 million due to expansion initiatives in Spain and the US.

• Net financial position (excl. IFRS 16) now expected between €95–100 million; overall NFP revised to €160–165 million, reflecting M&A and working capital for the lychee campaign.

• Management remains confident in medium- to long-term growth potential due to strong positioning in essential goods and robust financial structure.