RESULTS 9M 2025
CONTENTS
1. INTRODUCTION
BUSINESS UNIT RESULTS 9M25
Rice
Pasta
CONSOLIDATED GROUP RESULTS 9M25
P&L
Debt Performance
4. CONCLUSION
5. CORPORATE CALENDAR 2025
6. CALCULATION OF ALTERNATIVE PERFORMANCE MEASURES
7. LEGAL DISCLAIMER
1. Introduction
traffic, with a greater impact on container availability (causing delays and additional costs) than on freight rates, which have continued to stabilise.
Rice 9M25
With regard to raw materials, very strong harvests are expected for long-grain rice in Spain. However, extremely low prices in Asia and South America -at their lowest levels in 40 years - have brought all long-grain rice markets to a standstill. As we have repeatedly cautioned, only an increase in EU import tariffs and the activation of safeguard clauses for EBA countries could provide protection for local farmers. In addition, this situation is likely to accelerate the shift of some consumers toward long-grain varieties. Similarly, the raw material market in the US remains highly favourable, with prices down by USD 80-100 per tonne compared to last year's campaign.The tariffs imposed by the US administration - which, for the European Union, have increased from 14.2% to 15% - have had an immaterial impact on RTS sales. However, the 19% tariff applied to imports from Thailand (up from 1%) will have a greater effect, as it impacts the Jasmine variety. Although this will affect all market players, it may lead to some shifts in consumption toward other rice types. The most complex situation is with India, where tariffs have been levied at 25%, plus an additional 25% penalty related to purchases of Russian oil. Riviana's exposure to this market, however, is limited.Riviana maximised its inventory levels ahead of the tariff implementation, but will nonetheless need to apply price increases from January 2026. Some competitors have already begun to do so, but Riviana's stock position provides greater flexibility - both to negotiate the scale of this increase and to determine its timing.In the US, production trials have started this month at the new Doypack facility in Memphis. Sales of microwave products (RTS and Doypacks) continue to grow positively, supported by increased production capacity and the success of new product launches.In France, the business remains affected by the barcode change required following the sale of Panzani, but efforts are ongoing to restore previous distribution levels through increased promotional activity and reinforcements to the sales team to secure the remaining listings.in the US, France and Spain.
Tilda continues to show robust growth across all markets in which it operates - the United Kingdom, Canada, the Middle East, Australia and Spain, among others - mirroring the strong global performance of the microwaveable segment, particularly Rice 9M25
EUR Thous. | 9M23 | 9M24 | 9M25 | 25/24 | CAGR 25/23 |
Sales | 1,828,907 | 1,837,455 | 1,766,326 | -3.9% | -1.7% |
Advertising | 40,587 | 45,213 | 45,268 | 0.1% | 5.6% |
Ebitda-A | 232,303 | 241,487 | 249,382 | 3.3% | 3.6% |
Ebitda-A Margin | 12.7% | 13.1% | 14.1% | - | - |
Ebit-A | 182,380 | 188,738 | 193,515 | 2.5% | 3.0% |
Operating Profit | 175,794 | 185,064 | 190,534 | 3.0% | 4.1% |
Pasta 9M25
Our global fresh pasta business continues to face pressure from higher costs for certain raw materials, such as eggs and dairy products, which are only partially offset by the decline in semolina prices. In response, Olivieri has implemented a price increase in Canada to offset these higher costs.In the US, the market environment remains challenging following the confirmation of the 15% tariff (compared with 6.4% for fresh pasta and slightly below 1% for dry pasta). Combined with the weaker US dollar, these tariffs impacted profitability during Q3, as previously negotiated price increases begin to take effect and remaining discussions are finalised. In addition, there is now a threat of an additional 92% tariff being imposed on Italian dry pasta.In France, sales of our pan-fried gnocchi continue to perform strongly.In Spain, we have begun launching gnocchi in the fresh pasta segment under the Brillante brand. Sales have also started in Costco USA under the Garofalo brand. Penetration in these markets has been made possible thanks to recent capacity expansions at our plants in France and Canada.Garofalo continues to grow in Italy without adjusting its prices, despite intensified competition, while in Spain and the US the brand continues to deliver double-digit growth. Launch activities for Garofalo's high-protein pasta line, "Strapasta", are ongoing, supported by a communication campaign which began in October. Pasta 9M25
EUR Thous. | 9M23 | 9M24 | 9M25 | 25/24 | CAGR 25/23 |
Sales | 482,448 | 512,465 | 510,976 | -0.3% | 2.9% |
Advertising | 24,656 | 27,604 | 27,223 | -1.4% | 5.1% |
Ebitda-A | 62,427 | 79,379 | 75,085 | -5.4% | 9.7% |
Ebitda-A Margin | 12.9% | 15.5% | 14.7% | - | - |
Ebit-A | 38,057 | 53,864 | 48,640 | -9.7% | 13.1% |
Operating Profit | 34,867 | 67,354 | 58,894 | -12.6% |
P&L 9M25
The consolidated sales figure fell by 3.0% to EUR2,275.9 million, following the adjustments to consumer prices.Ebitda-A grew by 1.1% to EUR311.4 million. The Ebitda-A margin increased to 13.7%. Currency had an impact of EUR3.2 million on this result.Net Profit* fell by 8.8% to EUR154.3 million.ROCE-A would amount to 13.3% for these results.EUR Thous.
9M23
9M24
9M25
25/24
CAGR 25/23
Sales
2,306,797
2,346,818
2,275,976
-3.0%
-0.7%
Advertising
64,728
72,671
72,323
-0.5%
5.7%
Ebitda-A
284,366
308,023
311,463
1.1%
4.7%
Ebitda-A Margin
12.3%
13.1%
13.7%
-
-
Ebit-A
208,835
228,552
228,098
-0.2%
4.5%
Operating Profit
204,076
239,831
235,085
-2.0%
7.3%
Pre-tax Profit
202,213
246,071
234,620
-4.7%
7.7%
Net Profit
140,136
169,222
154,302
-8.8%
4.9%
ROCE-A %
11.9
14.1
13.3
-
-
*Net profit attributed to the parent company
Debt Performance
EUR Thous. | 30 Sep 23 | 31 Dec 23 | 30 Sep 24 | 31 Dec 24 | 30 Sep 25 | 25/24 | CAGR 25/23 |
Net Debt | 588,217 | 570,404 | 511,380 | 593,174 | 578,499 | 13.1% | -0.8% |
Average net debt | 707,358 | 831,747 | 530,755 | 529,868 | 602,425 | 13.5% | -7.7% |
Equity | 2,229,075 | 2,185,159 | 2,220,105 | 2,329,616 | 2,216,593 | -0.2% | -0.3% |
ND Leverage | 26.4% | 26.1% | 23.0% | 25.5% | 26.1% | 13.3% | -0.6% |
AND Leverage | 31.7% | 38.1% | 23.9% | 22.7% | 27.2% | 13.7% | -7.5% |
x Ebitda-A (ND) | 1.47 | 1.44 | |||||
x Ebitda-A (AND) | 2.15 | 1.28 |
Conclusion
We closed the first nine months of 2025 with Ebitda-A standing at EUR311.6 million, marking a 1.1% year-on-year increase and confirming the solid foundations of our business.We expect Ebitda-a to reach EUR412-418 million by year-end, which would represent an excellent outcome for the Group. We are facing an exceptionally competitive environment, with international prices at historically low levels across both Asia and South America.We continue to launch new products, while continuing strong investment in marketing and advertising to further strengthen our brands.We are very pleased with the strong performance of our brands, which are continuing to grow consistently in their respective markets. Corporate Calendar
As part of Ebro's commitment to complete transparency, below we provide our Corporate Calendar for 2025: 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.CAPEX. Capital expenditure - payments for investment in production related fixed assets.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. Legal Disclaimer
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 https://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.