Ebro Foods SaBME: EBRO

Results 1H2025

· Issued by Ebro Foods Sa


RESULTS H1 2025











CONTENTS

1. INTRODUCTION

  1. BUSINESS UNIT RESULTS H1 2025

    1. Rice

    2. Pasta

  2. CONSOLIDATED GROUP RESULTS H1 2025

    1. P&L

    2. Debt Performance

4. CONCLUSION

5. CORPORATE CALENDAR 2025

6. CALCULATION OF ALTERNATIVE PERFORMANCE MEASURES

7. LEGAL DISCLAIMER



1. Introduction

The first half of the year has been influenced by a complex geopolitical situation - with conflicts in Iran, Ukraine, and Gaza, as well as ongoing tensions in the Red Sea that continue to affect maritime traffic and raise logistics costs from Asia. Added to this are tariff tensions and budgetary and fiscal changes in the U.S., which have led to a significant depreciation of the dollar.

The new tariff policy in the U.S. has, in many cases, prompted an acceleration of exports to that country in anticipation of higher tariffs. In this regard,

at Ebro Foods we have sought to increase stocks of imported pasta and rice in the U.S.

Meanwhile, the rice market is notably trending downward, driven by abundant harvests in Asian importing countries, which have reduced the demand on the global market.

Logistics costs from Asia remain high due to the various conflicts.

Overall, we are operating in a market where price remains the dominant factor.



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  1. Rice H1 2025

    Sowing forecasts in Spain have materialised positively, with 100% of the rice-growing area cultivated for the first time in four years.

    We anticipate a bearish market tone for H2, with international prices at very low levels across both Asia and South America. Aromatic rice prices have dropped compared to the previous season, which bodes well for our basmati sales.

    There has been a sharp decline in the price of long-grain rice from South America. Coupled with a weaker dollar, this creates a highly competitive market for H2, in which EU rice will struggle to perform.

    The Ebro Group is well-positioned with robust stock levels heading into the second half of the year - especially in aromatic and South American varieties,

    while European rice stocks are more limited.

    In the US, the new harvest is already underway and prices here are also expected to be lower than last year. Combined with a significant carryover, this will ensure a stable market. However, this situation will also intensify competition in key regions for Ebro such as the Middle East.

    Ebro has joined agricultural associations in urging the EU to adopt a firmer tariff stance to protect European farmers.

    Commercially, we continue to see modest growth in a highly competitive environment, while successfully maintaining margins.

    In the second half of the year, we can expect to see the launch of new microwave products and the introduction of rice-based refrigerated products.





    Our strong industrial footprint in the US continues to shield us from rice-related tariff risks.













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  2. Rice H1 2025

The sales figure for the division fell by 3.9% to EUR1,187.2 million, due to the price adjustments passed on to the end consumer, as a result of the drop in raw material prices.

We are still investing in advertising as we continue to support new launches.

Ebitda-A was up 3.3% to EUR169.9 million. The exchange rate had no material impact on these results.

Operating profit grew 3.3% to EUR131.9 million.

EUR Thous.

H1 2023

H1 2024

H1 2025

25/24

CAGR 25/23

Sales

1.230.848

1.235.276

1.187.173

-3,9%

-1,8%

Advertising

25.844

29.598

29.508

-0,3%

6,9%

Ebitda-a

160.418

164.432

169.895

3,3%

2,9%

Ebitda-a Margin

13,0%

13,3%

14,3%

Ebit-a

127.418

129.969

132.712

2,1%

2,1%

Operating Profit

124.974

127.708

131.883

3,3%

2,7%

















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