Bonduelle (BON) H1 2026 earnings summary

Executive summary

• Sales reached €1,111.1 million for H1 2025-2026, down 0.7% year-over-year reported but up 0.3% like-for-like, amid weak consumption in Europe and the US.

• Current operating income rose 5.1% to €50.5 million, with margin improving to 4.5% from 4.3% year-over-year.

• Net income from continuing operations increased 18.5% to €20.4 million; consolidated net income surged to €56.5 million from a €5.0 million loss, driven by discontinued operations gains.

• The group completed the disposal of its packaged salad businesses in France and Germany, resulting in a €36 million gain from discontinued operations.

• Resilience demonstrated amid challenging conditions, with transformation plan progress and B Corp certification.

Financial highlights

• Europe zone sales grew 0.2% like-for-like, with canned and frozen segments up but fresh processed down 2.7%.

• Non-Europe zone sales rose 0.5% like-for-like but fell 2.2% reported, impacted by currency effects; Eurasia/emerging markets grew 6.7% like-for-like.

• Net financial income improved to -€15.5 million from -€17.8 million, mainly due to lower interest expenses and a reduced average debt rate (3.38%).

• Net financial debt at December 31, 2025, was €770.0 million, with gearing improving to 1.16 from 1.23 year-over-year.

• Basic EPS: €1.75 for H1 2025-2026 (vs. €0.16 prior year).

Outlook and guidance

• Targeting current operating profitability of €80 million at constant exchange rates and scope for the year ending June 30, 2026.

• Second half expected to benefit from brand activations and sales objectives to strengthen financial structure.

• Expectation of a rebound in coming years as transition period is extended.