The following is a free translation in English of the speech and a summary of the Q&A topics session relating to the release of MARR's 1H 2026 results. The speech, being held in Italian, will prevail in case of discrepancy with the written free English translation.
Antonio Tiso - CFO - Investor Relator
Good afternoon and thank you for joining MARR's conference call on the results for the first half of 2026, which is reserved for investors, analysts and banks.
Before handing over to the Chief Executive Officer, Francesco Ospitali, for the presentation of the results, we would like to inform you that:
− as usual, we will be following the slides that have been sent to you and which are also available in the Investor Relations section of the company's website
− at the end of the presentation, we will be happy to answer your questions.
− And finally: tomorrow, Wednesday 5 August, the English-language text of the speech and a summary of the Q&A will be published on the MARR website, where they will remain available for one week.
I will now hand over to Chief Executive Officer Francesco Ospitali to begin the presentation of the figures.
Francesco Ospitali - CEO
3)
Thank you, Antonio, and good afternoon to you all.
Let's begin with slide 3 and a summary of the key consolidated financial results for the first half and the second quarter of 2026, compared with the same period in 2025.
Total consolidated revenues for the first half of 2026 stood at €1,019.5 million (€994.8 million in the corresponding period of 2025), whilst revenues for the second quarter of 2026 amounted to €593.5 million (€585.6 million in the second quarter of 2025).
This growth in revenues was accompanied by an improvement in the gross margin, which was confirmed in the second quarter and at the end of the first six months, and which is the result of the commercial policies implemented.
The increase in the gross margin only partially offset the rise in transportation costs and product storage costs, due respectively to the increase in fuel costs and energy costs caused by international geopolitical tensions.
Other logistics-related costs are also affected by the gradual implementation of operational and logistics reorganisation measures introduced from the second quarter of 2025; consequently, in the second half of 2026, the year-on-year comparison will become increasingly homogeneous.
At the end of the first six months of 2026, EBITDA stood at €39.1 million and EBIT at €16.8 million; these figures had been €47.6 million and €27.2 million respectively in the first half of 2025.
In the second quarter of 2026, EBITDA and EBIT stood at €31.7 million and €19.3 million respectively (€37.7 million and €26.3 million in the second quarter of 2025).
At the end of the first six months of 2026, net profit stood at €3.9 million (€12.6 million in the corresponding period of 2025) and at €10.5 million in the second quarter of 2026 (€15.3 million in the second quarter of 2025).
Net financial debt as at 30 June 2026, prior to the application of IFRS 16, stood at €268.9 million; compared with €206.8 million as at 30 June 2025, this figure is affected by investments amounting to €23.5 million made over the course of twelve months, the purchase of own shares amounting to
€10.9 million, and €29.5 million in dividends distributed in May 2026.
4) Let us now move on to slide 4) and revenues from sales.
Against total consolidated revenues of €1,019.5 million, revenues from sales for the first half of 2026 amounted to €1,006.4 million (€978.6 million in the first half of 2025), with sales of €585.2 million in the second quarter (€575.2 million in the second quarter of 2025).
Sales to clients in the Street Market segment in the first six months of 2026 amounted to €669.3 million (€635.4 million in the first half of 2025); whilst those for the second quarter of 2026 amounted to €403.4 million (€389.9 million in the second quarter of 2025). The company Bergel+ S.r.l., which was acquired in January 2026 and transferred its operations to the parent company MARR S.p.A. under a going concern lease from mid-June, contributed €9.6 million to sales in the first six months.
Sales to clients in the National Account segment for the first half of 2026 amounted to €240.6 million (€255.3 million in the first half of 2025), with €129.2 million in the second quarter of 2026 (€137.0 million in the second quarter of 2025).
In particular, sales to Chains & Groups amounted to €124.2 million in the first half of 2026 (€114.9 million in the first six months of 2025) and €75.5 million in the second quarter of 2026 (€71.0 million in the second quarter of 2025).
Overall, sales to clients in the Street Market and National Account segments in the first half of 2026 amounted to 909.9 million euros (890.6 million in the first six months of 2025), with 532.5 million euros in the second quarter of 2026 (526.9 million in the second quarter of 2025).
According to data from the Confcommercio Research Department (Economic Survey No. 7, July 2026), consumption (by quantity) in the 'public establishments' category relating to meals and consumption outside the home in Italy in the second quarter of 2026 grew by 0.2 per cent compared with the same period in 2025; whilst, according to TradeLab (AFH Consumer Tracking, July 2026), the number of visits to 'Away From Home' (AFH) catering establishments in the second quarter of 2026 fell by 1.0% compared with the same period in 2025.
Sales to clients in the Wholesale segment (consisting almost entirely of frozen seafood products sold to wholesalers) in the first half of 2026 amounted to 96.5 million euros (88.0 million in the first half of 2025), whilst those for the second quarter of 2026 amounted to €52.7 million (€48.3 million in the second quarter of 2025).
I will now hand over to Antonio for an analysis of the economic and financial data.
Antonio Tiso - CFO - Investor Relator
5)
Thank you, and good afternoon to you all.
We are now on slide 5), which shows the profit and loss account for the first six months of 2026 compared with the same period in 2025, and, for reference, the second quarter of 2026 compared with the second quarter of 2025.
The Chief Executive Officer has already provided details regarding the growth trends in Total Revenues and the improvement in the Gross Margin. In this regard, with the support of the data shown in the table on the slide, we can see that the cost of sales as a percentage of revenues, when comparing 2026 with 2025, shows an improvement of 40 basis points both in the second quarter and at the end of the first six months.
With regard to service costs, it should be noted that, for comparative purposes, this item includes the labour cost relating to MARR Service Srl (a wholly-owned subsidiary of MARR SpA operating exclusively for MARR), which, from the second quarter of 2025, has progressively taken over the management of handling activities at MARR's distribution units and stocking platforms - activities that were previously entrusted to third-party companies and whose costs were reported under the 'Services' heading.
The portion of MARR Service's labour costs reclassified under 'Services' costs amounts to €5.1 million in the second quarter and the first half of 2025, €14.1 million in the second quarter of 2026, and €25.3 million at the end of the first six months of 2026.
The current level of internalization of handling activities was fully implemented between the end of 2025 and the start of 2026; consequently, during the second half of 2026, the year-on-year comparison will become increasingly homogeneous.
The increase in service costs, and in particular those of a logistical nature, is also linked to the rise in transport and product storage costs, which are attributable respectively to the increase in the cost of fuel and electricity due to international geopolitical tensions.
Excluding the portion relating to MARR Service, the ratio of labour costs to total revenues remained stable year-on-year in the second quarter and was broadly in line with the figure at the end of the first six months.
The increase in depreciation is linked to investments and the right-of-use recognised in accordance with IFRS 16 for the lease agreements relating to the Central-South Platform and the new MARR Puglia distribution centre, which have become operational in April 2025 and April 2026 respectively.
The incidence of provisions - consisting mainly of the provision for bad debts - on total revenues is broadly in line with the previous year.
The increase in net financial costs is attributable to changes in the cost of funding and financing requirements.
As a result of the factors just mentioned, profit for the second quarter of 2026 amounts to €10.5 million, and at the end of the first six months of 2026 stands at €3.9 million.
6)
Let us now move on to slide 6) and some comments on Trade Net Working Capital and its components.
Trade Net working capital as at 30 June 2026 stood at €250.8 million, compared with €264.7 million as at 31 March 2026 and €193.8 million as at 30 June 2025.
Trade Net Working Capital at the end of the first half of 2026 was also affected by an increase in inventory resulting from the implementation of specific procurement policies, particularly for frozen seafood products, as well as by the payment dynamics to the relevant suppliers.
The trade receivables days remain broadly in line.
7)
Moving on to the next slide, slide 7, we turn to some considerations regarding the Net Financial Position.
Net financial debt as at 30 June 2026, prior to the application of IFRS 16, stands at €268.9 million; compared with €206.8 million as at 30 June 2025 , this figure reflects investments of €23.5 million made over the past twelve months, the purchase of own shares for €10.9 million, and €29.5 million in dividends distributed in May 2026.
Including the effect of IFRS 16, net financial debt as at 30 June 2026 stood at €360.9 million (€296.0 million as at 30 June 2025).
With the aid of the bar chart on the left-hand side of the slide, we can see that the reduction in the net financial position as at 30 June 2025 compared with 31 March 2025 was €13 million; in 2026, a similar comparison shows a reduction in the net financial position as at 30 June compared with that of 31 March of €21.5 million.
Finally, the bar chart on the right-hand side of the slide shows gross financial debt, excluding the effect of IFRS 16, broken down by maturity and by fixed-rate and variable-rate components.
I shall now hand the floor back to the Chief Executive.
Francesco Ospitali - CEO
8)
Thank you, Antonio.
We are now on slide 8) and will look at some observations on current trading.
Sales for the month of July are up across all customer segments, bringing the trend of sales and gross margin at the end of the first seven months in line with the year's growth targets.
The outlook for tourism in Italy during the 2026 summer season is positive (Federturismo-Confindustria Research Centre, July 2026), with foreign visitor numbers continuing to rise and a confirmed trend towards the spreading of tourism into September.
Against this background, MARR's management and the entire organisation are focused on delivering a distinctive level of service to clients, particularly during this summer period, which is the most significant of the year due to the seasonal nature of consumption in the foodservice market.
MARR's focus remains on strengthening its market presence, improving profitability - particularly through the optimisation of operational and logistical costs - and controlling working capital requirements.
We have now concluded our presentation and are ready to take any questions. Thank you
Antonio Tiso - CFO - Investor Relator
Thank you for your attention. We look forward to seeing you at the presentation of the figures as at 30 September 2026, scheduled for Friday 13 November.
Summary of the main topics raised during Q&A sessionThe Q&A session provided greater details on the following topics raised during the presentation of the 1H 2026 results:
Are increases in personnel/services costs expected in H2?
Trend in sales for National Account client segment
Status of the logistics redesign programme and update on the possible Center-North stocking platform
Increase of level of service to the client during the summer season and possible impact on profitability
Expected trend of Net Trade Working Capital
Expectations for year-end net debt
Volume vs Price/Mix in the Street market in Q2
The internalization of handling costs started in Q2 of 2025 and accelerated during H2 of 2025 with the tail-end into Q1 of 2026. This makes comparisons between quarters and half year results not homogeneous. In any event, as stated in the past, all in all such process saw increased costs year-on-year of about €6 million in H1 2026 and a further €1-2 million in H2 2026. The benefits of such process should however start trickling through in terms of profitability.
Despite a decrease of sales to Canteens, sales to entire segment of National Account in July grew thanks to Chains and Groups. As of September, due to the reopening of schools and actions implemented, Canteens should resume their growth. Sales to schools represent about one third of the canteens sales in Italy.
In the Lazio region, the Pomezia stocking platform has been closed in May 2026 and an older distribution center (Capena) will be closed in October. This will complete the redesign in Lazio leaving, as planned, one large stocking/distribution platform (Castelnuovo di Porto) and one upgraded distribution center (MARR Urbe). The Center-North stocking platform project is still under study, including assessment of lease vs ownership.
Raising the level of service to clients will not dent profitability. The focus remains on improving the gross margin and otherwise improvements in the routing and distribution will seek to mitigate the rise in transportation costs deriving from higher fuel cost.
Inventory.at the end of H1 slightly improved compared to the trend at the end of Q1. Increase of Inventory has been also the result of stocking ahead of the summer season and - particularly for the seafood category - of targeted purchases directly from producers with also effect in terms of payments. The decrease of inventory should anyway continue through H2.
Year-end net debt will depend from the generation of cash-flow, management of TNWC, investments that should be in the range of €2-3 million in H2 and ongoing implementation of the buy-back programme.
In the Street Market segment, growth in Q2 was made up by 2/3 volume and 1/3 price/mix.