Results 2025

‌2025 RESULTS

‌CONTENTS

1. INTRODUCTION

1. BUSINESS UNIT RESULTS 2025

   1. Rice

   2. Pasta

2. CONSOLIDATED GROUP RESULTS 2025

   1. P&L

   2. Debt Performance

4. CONCLUSION

5. CORPORATE CALENDAR 2025

6. CALCULATION OF ALTERNATIVE PERFORMANCE MEASURES

7. LEGAL DISCLAIMER

‌1. Introduction

In 2025, we operated in a clearly bearish raw materials market, with long-grain rice prices reaching record lows in both Europe and the United States.

This scenario supported short-term margin expansion, although it also placed pressure on inventory values and future industrial margins.

European harvests were generally strong, but not without several major challenges. This included shield bug outbreaks affecting Japonica varieties, due to restrictions on the use of certain insecticides. These low prices are likely to result in a considerable reduction in planted acreage in the next sowing cycles, both in the US and South America. In Europe, the lack of viable alternative crops is expected to result in a similar planted area.

Strong import pressure from EBA countries and Mercosur has renewed calls from farmers and the wider industry for the activation of safeguard clauses

- a position that the Group supports.

A significant price differential has been observed between Indica and Japonica varieties (with Japonica trading at up to EUR100/tonne premium), which could incentivise increased planting of short-grain rice in 2026.

The year was particularly complex from an inventory management perspective, marked by the reduction of stocks acquired at elevated prices and by the impact of differing pesticide residue regulations between the European Union and other countries.



Durum wheat prices remained broadly stable with a slight downward trend, while egg prices rose sharply, requiring us to pass these increases on to consumer prices.



The sales figure for the Division fell to EUR2,326.0 million, with a negative foreign exchange impact of EUR45.6 million.

We continue to invest in advertising to support new product launches across all our brands.

EBITDA-A grew 3.5% to EUR337.5 million; growing 4.2% in terms of CAGR 25/23. Currency exchange had an impact of EUR6.8 million.















Operating profit grew 4.0% to EUR255.6 million.





Revenue fell 0.2% to EUR690.3 million, with a negative foreign exchange impact of EUR3.9 million. Excluding this effect, revenue would have grown by 0.3%.

Advertising remains stable at EUR34.8 million, reflecting continued support for new product launches.

The Division's Ebitda-A fell 5.0% to EUR99.3 million. The exchange rate had no impact on this result.











Operating Profit fell 13.2% to EUR69.8 million.



We ended 2025 with Net Debt standing at EUR529.4 million, EUR63.8 million lower than in December 2024.

Regarding this debt, we should note that: (i) the put options that we have with minority shareholders of certain businesses amount to EUR299 million,

and (ii) debt recognised under IFRS 16 amounts to EUR52 million. If we exclude these two items, net bank borrowings come to EUR178.4 million.

Working capital increased by EUR34.4 million year on year.

Corporate income tax stood at EUR 78.3 million in 2025.











CAPEX investments during the year amounted to a total of EUR134.9 million.

1. ‌ Conclusion

   In 2025, we operated in a clearly bearish market for our key raw materials, with record low prices generating significant pressure on shelf prices.
   
   

   Despite this backdrop, Ebro has once again delivered strong year-end results.

   We are successfully navigating the significant impact of tariffs on Jasmine rice and pasta, as well as the effects of exchange rate volatility on our exports to the United States.
   
   The EBITDA figure of EUR420.6 million is another record for the Group, even topping the figure achieved prior to the sale of our dry pasta businesses. However, it also poses a challenge for the future, driving us to keep innovating and optimising the way we manage our business.
   
   We have been able to reduce our bank borrowings while maintaining the same dividend to our shareholders.
   
   In 2026, we acquired the remaining 30% stake in the Italian company Bertagni 1882 SpA. This transaction strengthens Ebro's position as the world's
   
   
   
   

   second-largest fresh pasta producer.

   
   
   

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.
   
   

   	2023		2024		2025		2025 - 2024
   EBITDA(A)	387,171		413,122		420,651		7,529
   Provisions for depreciation/amortisation	(102,874)		(108,354)		(113,416)		(5,062)
   EBIT(A)	284,297		304,768		307,235		2,467
   Non-recurring income	3,848		18,203		15,585		(2,618)
   Non-recurring costs	(11,894)		(13,663)		(14,930)		(1,267)
   OPERATING PROFIT	276,251		309,308		307,890		(1,418)

   CAPEX. Capital expenditure - payments for investment in production-related fixed assets.
   
   

   	31/12/2023	31/12/2024	31/12/2025
   (+) Non-current financial liabilities	175,108	203,465	288,347
   (+) Other current financial liabilities	728,359	636,994	536,928
   (+) Financial liabilities available for sale	0	0	0
   (-) Loans to associates	(1,122)	(1,122)	(1,122)
   (-) Sum of security deposits payable	(501)	(43)	(335)
   (-) Cash and cash equivalents	(329,988)	(249,885)	(294,763)
   (-) Derivatives - assets	(2,225)	(428)	(926)
   (+) Derivatives - liabilities	773	4,193	1,264
   TOTAL NET DEBT	570,404	593,174	529,393

   Net Debt:
   
   (Average) Net Debt: Average net debt refers to the 13-month moving average based on previous net debt.
   
   (Average) Working Capital: 13-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). 13-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 2024, 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 dollar, and changes in interest rates.