Results 1Q2026

‌RESULTS Q1 2026

‌CONTENTS

1. INTRODUCTION

1. BUSINESS UNIT RESULTS Q1 2026

   1. Rice

   2. Pasta

2. CONSOLIDATED GROUP RESULTS Q1 2026

   1. P&L

   2. Debt Performance

4. CONCLUSION

5. CORPORATE CALENDAR 2026

6. CALCULATION OF ALTERNATIVE PERFORMANCE MEASURES

7. LEGAL DISCLAIMER

‌1. Introduction

The market became increasingly competitive during Q1 2026, driven by weaker rice prices and the clearance of high-cost raw material stocks by many industrial buyers. These two factors have placed pressure on margins, although this will gradually ease over the course of the year as higher-cost inventories are absorbed.

We continued to suffer from tariff uncertainty in the United States during Q1. While visibility on the future tariff framework remains limited, the Supreme Court ruling of 20 February has helped to reduce import costs for aromatic rice and pasta compared to previous levels (albeit still above the original baseline) and opens the possibility of recovering tariffs already paid, which amount to an estimated USD18 million.

Meanwhile, depreciation of the US dollar compared to Q1 2025 has impacted both the consolidation of our North American results and the profitability of our exports to the US market.



The conflict in Iran added further complexity towards the end of Q1. The main impact has not been on exports to the Middle East, but rather through higher energy costs (significantly mitigated by our hedging strategy) and, more notably, through increased logistics costs across both maritime and road transport, as well as initial disruptions in certain auxiliary materials.



Results for Q1 2026 reflect a demanding market, shaped by weakened raw materials, intense competition and the reduction of high-cost inventories. The Iran conflict has caused logistical disruptions, including port congestion in India and a global spike in transportation costs, both by sea and by road. Our energy hedging strategy has helped to contain part of this impact.

Concerns have intensified among Spanish and other European farmers regarding imports from EBA countries, with renewed calls for tariffs and safeguarding measures - a position that Ebro supports.

Early signs of a potential shift in rice prices are beginning to emerge. These relate to fertiliser supply constraints in Southeast Asia and forecasts of water shortages in key producing regions such as Australia and Canada, as well as the risk of a weaker monsoon in Southeast Asia. In the United States, lower prices and rising input costs are also expected to result in decreased planting. The extent to which these factors translate into price increases will depend on the scale of acreage reductions, particularly in the context of currently high stock levels.

Operational performance in Spain has been impacted by lower industrial demand. However, retail sales remain resilient, growing by +4.6%, and margins are expected to gradually recover as the inventory mix improves. Microwaveable products continue to perform strongly (+8%). We have taken initial steps into the chilled category, where initial results are encouraging.

In North America, we have secured significant distribution gains, supported by excellent service levels, which are expected to translate into sales growth in H2. In both the US and Canada, the combination of lower raw material prices and heightened competition has led to a marked increase in promotional investment. Microwaveable product sales continue to deliver strong double-digit growth (12% in the US and 10% in Canada).

The sales figure for the Division fell by 5.8%, while the foreign exchange effect amounted to EUR28.1 million.

We continue to step up advertising investment in support of new launches for all of our brands. As a result, advertising investment increased by 4.5% year on year to EUR17.5 million.

EBITDA-A was down 9.2% to EUR79.3 million. Currency exchange had an impact of EUR4.2 million on this figure.















Operating Profit fell 9.9% to EUR61.6 million.



Turnover remains stable at EUR180.6 million, while the exchange rate had almost no impact.

Advertising fell by 9.9%, but we continue to support new product launches.

The Division's EBITDA-A is down on the previous year, standing at EUR25.0 million, due to US tariffs and the EUR/USD exchange rate, which had a negative impact of EUR4.4 million.











Operating Profit fell 13.6% to EUR17.9 million.



Q1 2026 saw a sharp reduction in debt of EUR140 million compared with the previous year to EUR459.9 million, with a decrease in working capital of EUR54 million.

Corporate income tax payments in Q1 2026 stood at EUR10.7 million.











CAPEX investments amounted to EUR28.0 million in Q1.

1. ‌ Conclusion

   In summary, it has been a solid quarter at the top line level. Profitability has been impacted by the raw materials environment, the conflict in Iran and the weakness of the US dollar; however, underlying fundamentals remain strong and are expected to support a gradual improvement in performance over the course of the year.
   
   At a global level, changes in tariff policies continue to have an adverse impact on our imports into the United States. However, we are in the process of recovering amounts unduly paid in the previous year (USD18 million).
   
   We are actively working to mitigate the effects of the situation in the Middle East, logistical disruptions and rising costs across transportation, energy,
   
   

   auxiliary materials and, potentially, raw materials.

   
   
   

2. ‌ Corporate Calendar

   
   
   As part of Ebro's commitment to complete transparency, below we provide our Corporate Calendar for 2026:
   
   

   	Presentation of YE 2025 Results
   	Four-month payment of ordinary dividend (EUR0.23/share)
   	Presentation of Q1 2026 results
   	Four-month payment of ordinary dividend (EUR0.23/share)
   	Presentation of H1 2026 results
   	Four-month payment of ordinary dividend (EUR0.23/share)
   	Presentation of 9M26 results

   • 25 February

   • 1 April

   • 29 April

   • 30 June

   • 29 July

   • 1 October

   • 28 October

   
   
   
   
   
   
   

3. ‌ Calculation of Alternative Performance Measures

   According to the guidelines set by the European Securities and Markets Authority (ESMA), the following is a list of the indicators used in this report. These indicators are currently and consistently used by the Group to describe its business performance and their definitions have not been altered:
   
   EBITDA-A. Earnings before interest, taxes, depreciation and amortisation, excluding results considered as extraordinary or non-recurring (essentially profit earned from transactions relating to the Group's fixed assets, industrial restructuring costs, results from or provisions for lawsuits, etc.). EBITDA-A is calculated consistently with prior-year EBITDA-A.
   
   EBIT-A is calculated by subtracting the year's amortisations and depreciations from EBITDA-A. EBIT-A is calculated consistently with prior-year EBIT-A.
   
   

   1T 2024		1T 2025		1T 2026		2026 - 2025
   EBITDA(A)	109.654		112.110		100.038		(12.072)
   Dotaciones para amortizaciones	(26.002)		(27.323)		(27.759)		(436)
   EBIT(A)	83.652		84.787		72.279		(12.508)
   Ingresos no recurrentes	155		430		3.827		3.397
   Gastos no recurrentes	(2.128)		(1.247)		(1.389)		(142)
   RESULTADO OPERATIVO	81.679		83.970		74.717		(9.253)

   	31/03/2024		31/03/2025		31/03/2026
   (+) Pasivos financieros no corrientes	175.320		199.192		295.089
   (+) Otros pasivos financieros corrientes	742.014		685.094		471.529
   (+) Pasivos financieros disponibles para la venta	0		0		0
   (-) Préstamos a empresas asociadas	(1.122)		(1.122)		(1.122)
   (-) Suma de fianzas a pagar	(500)		(43)		(39)
   (-) Tesorería y otros activos líquidos	(408.496)		(286.929)		(305.462)
   (-) Derivados - activo	(592)		(896)		(1.172)
   (+) Derivados - pasivo	391		4.007		1.048
   TOTAL DEUDA NETA	507.015		599.303		459.871

   CAPEX. Capital expenditure - payments for investment in production related fixed assets.
   
   Net Debt:
   
   (Average) Net Debt: Average net debt refers to the 12-month moving average based on previous net debt.
   
   (Average) Working Capital: 12-month moving average of the sum of inventories, trade receivables and provision of services, other receivables less trade payables and other current payables.
   
   Capital Employed (average). 12-month moving average of the sum of intangible assets, property, plant and equipment and working capital.
   
   ROCE-A: Ratio of the average profit/loss after depreciation/amortisation and before tax for the last 12-month period (excluding extraordinary and non-recurring items) divided by the average capital employed, as previously defined. ROCE-A is calculated consistently with prior-year ROCE.
   
   

4. ‌ Legal Disclaimer

This presentation contains our true understanding to date of estimates on the future growth in the different business lines and the global business, market share, financial results and other aspects of business activity and the positioning of the Company. All the data included in this report have been put together according to International Accounting Standards (IAS). The information included herein does not represent a guarantee of any future actions that maybe taken and it entails risks and uncertainty. The actual results may be materially different from the ones stated in our estimates as a result of various factors.

Analysts and investors should not rely on these estimates, which only cover up to the date of this presentation. Ebro Foods does not assume any obligation to publicly report the results of any review of these estimates that may be carried out to reflect events and circumstances occurring after the date of this presentation - including but not limited to - changes in Ebro Foods business or its acquisitions strategy, or to reflect unforeseen events. We encourage analysts and investors to consult the Company's Annual Report, as well as the documents filed with the Authorities and more specifically with the Spanish National Securities Markets Commission (CNMV).

The main risks and uncertainties affecting the Group's business are the same as those included in the Consolidated Annual Accounts and the Management Report for the year ending 31 December 2025, which is available at www.ebrofoods.es. We believe that there have been no significant changes during this financial year. The Group still has some exposure to the raw materials markets and to passing on changes in prices to its customers. Likewise, there is certain exposure to fluctuations in the exchange rate, especially the US dollar, and changes in interest rates.