Bonduelle (BON) H1 2025 earnings summary

Executive summary

• Current operating income rose 17.8% like-for-like to €48M, with margin up 70 bps to 4.3%, despite a 1.5–1.7% sales decline to €1,119.4M, mainly from private label weakness.

• Net income from continuing operations increased to €17.2M from €6.4M, but consolidated net income fell to -€5M due to discontinued operations.

• Transformation plan underway, with US operations returning to growth and European portfolio reorganization progressing.

• Discontinued packaged salad activities in France and Germany led to a -€22.3M impact and plant closures.

• Net financial debt increased to €755.5M (IFRS 16), with gearing at 1.23, mainly due to higher working capital needs.

Financial highlights

• Revenue: €1,119.4M (down 1.5–1.7% year-over-year); branded activities up 1.9%, private label down 6.9%.

• Current operating income: €48M (up 17.8–18.3% year-over-year); margin at 4.3% (+70 bps).

• Net income from continuing operations: €17.2M (up 167.5% year-over-year); consolidated net income: -€5M.

• Net financial debt: €755.5M (up from €716.5M year-over-year); gearing 1.23.

• Cash flow consumption reduced versus prior year, reflecting production program limitations.

Outlook and guidance

• Annual objectives of stable revenue (€2,220M) and current operating profit (€83M, 3.7% margin) reaffirmed at constant scope and exchange rates.

• Poor harvests in Russia expected to negatively impact H2 profitability.

• Transformation plan targets rebound in 2025/26 and acceleration in 2026/27.