Greenyard (GREEN) H2 2025 earnings summary

Executive summary

• Full year sales rose 5.1% to €5.3bn, driven by volume and price increases, but adjusted EBITDA declined by €3.5m to €183m due to margin pressure and higher costs.

• Net result was negative at -€2.9m, €18m below last year, impacted by restructuring, higher depreciation, taxes, and FX; diluted EPS was -0.09.

• Voluntary and conditional takeover bid announced by the Deprez family and Solum Partners LP at €7.40/share, a 37% premium, fully supported by the board; major shareholders representing 30% have committed to tender.

• Challenging economic, supply chain, and weather conditions impacted operational and financial performance.

• Strong focus on operational performance, supply chain management, and ESG progress.

Financial highlights

• Revenue increased by 5.1% to €5.3bn, with 2.9% volume growth, 1.3% price increases, and 0.9% service sales.

• Adjusted EBITDA decreased by €3.5m to €183m, margin fell to 3.4% from 3.6% year-over-year.

• Net financial debt decreased by 3.7% to €256.5m; leverage ratio improved to 1.86x.

• Free cash flow after expansion, dividends, and treasury shares improved to €21.6m; operating cash flow rose to €191.3m.

• Diluted EPS was -0.09, down from €0.28 year-over-year.

Outlook and guidance

• Revenue target for next year set at €5.4bn by March 2026.

• Adjusted EBITDA guidance reduced from €200–210m to €190–200m for FY26.

• No dividend proposed for the year ending March 2025.