Sligro Food Group (SLIGR) H1 2026 earnings summary

Executive summary

• Revenue remained flat year-over-year at €1,274 million, with the Netherlands slightly declining and Belgium marginally increasing.

• Net profit turned negative at €(2) million compared to €2 million in H1-2025, reflecting higher costs and market pressures.

• Market share increased in both the Netherlands and Belgium despite challenging market conditions and declining consumer confidence.

• Cost inflation, especially in logistics, personnel, and transport, weighed on profitability.

• Cost-saving measures from the multi-year plan have been implemented to structurally reduce the cost base.

Financial highlights

• Gross profit margin held steady at 29.4%, with improvement in the Netherlands offset by a decline in Belgium.

• EBITDA decreased to €48 million (3.8% of revenue) from €58 million (4.5%) year-over-year.

• Operating result (EBIT) dropped to €2 million from €9 million in H1-2025.

• Other operating income of €6 million included non-recurring items: VAT refund (€3m), real estate sale (€2m), and partnership or product range sale compensation (€1m).

• Free cash flow was negative at €87 million, down from negative €43 million last year.

Outlook and guidance

• Continued market pressure expected in H2 2026, with no major changes in consumer confidence or inflation trends.

• Focus remains on cost reduction, customer mix optimization, and targeted growth initiatives in both countries.

• Ongoing investments in digital transformation, logistics, and sustainability to support long-term efficiency and growth.

• Seasonal effects anticipated to boost second-half profit, but ongoing cost pressures may persist.