Bonduelle (BON) H2 2025 earnings summary

Executive summary

• Achieved first-year objectives of the transformation plan, with operational profitability driven by non-European regions, improved US performance, and the sale of salad activities in France and Germany.

• Positive operating cash flow and improved leverage ratio, despite a net result impacted by discontinued activities.

• European activity under pressure due to price dumping and overstocking, but strong brand resilience in France.

• Initiated financial recovery, with further improvements expected in FY 2025-2026.

Financial highlights

• Revenue nearly stable at €2,203.8M, down 0.8% year-over-year, mainly due to an 8.7% drop in private label volumes in Europe, offset by 4.9% growth outside Europe.

• Current operating income rose to €83.8M (+11.7% vs. €75.3M prior year), with margin up to 3.8%.

• Net result from continuing operations positive at €19.7M (0.9% of sales), reversing a loss of €108.1M last year.

• Net result from discontinued operations negative at €-31.2M, mainly from the sale of salad activities.

• Net debt at €571.2M; leverage ratio improved to 3.38 from 3.57.

Outlook and guidance

• Ambitious progress expected in 2025-2026, targeting a 20% increase in current operating profitability versus 2023-2024 and aiming for €90M in current operating profitability.

• Continued innovation, brand modernization, and U.S. market expansion projected to drive growth.

• Focus on branded activity growth, agro-industrial performance, and cost control.

• Dividend of €0.25 per share to be proposed at December 2025 AGM.