Origin Enterprises (OIZ) Q1 2025 TU earnings summary

Executive summary

• Group revenue for Q1 FY25 was €469.4 million, down 11.8% year-over-year, with Agriculture segment revenue declining 14.2% and Living Landscapes revenue rising 24.8%.

• Agriculture volumes fell 8.1% due to delayed planting from adverse weather in the UK, Ireland, Romania, and Brazil, but a recovery is expected in Q2 as conditions improve.

• Living Landscapes saw strong organic growth and acquisition-driven expansion, with four environmental businesses acquired in the quarter.

Financial highlights

• Ireland/UK Agriculture revenue dropped 19.8% on a constant currency basis, with volumes down 12.3% and prices down 7.5%.

• Continental Europe Agriculture volumes rose 2.8% (excluding crop marketing and Ukraine), with positive crop establishment in Poland and improved plantings in Romania.

• Latin America Agriculture volumes increased 8.1% despite macroeconomic challenges and weather-related planting delays.

• Living Landscapes revenue grew 21.9% on a constant currency basis, with 12.9% organic growth and 9% from acquisitions.

Outlook and guidance

• Q2 is expected to see a recovery in Agriculture volumes as planting accelerates and cropping areas normalize, especially in the UK and Ireland.

• Combined autumn/winter and spring plantings for 2025 are forecast to exceed last year, reaching 3.9 million hectares.

• Further update on cropping status and trading will be provided with Interim Results in March 2025.