Orsero (ORS) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered strong growth with net sales up 12.6% to €379.6 million and adjusted EBITDA up 28% to €21.5 million, margin at 5.7%, driven by Distribution BU and improved product mix.

• Adjusted EBIT increased 50.3% to €13.0 million; adjusted net profit rose 65.7% to €8.1 million; reported net profit was €7.5 million.

• Growth was supported by higher volumes, favorable pricing, and strong performance in exotic fruits, bananas, and Plátano Canario, with resilience in France, Italy, and Mexico.

• The business model's flexibility and logistics integration helped mitigate risks from tariffs and geopolitical uncertainty.

• Dividend of €0.50/share (total €8.4 million) paid in May 2025; share buyback authorization renewed up to €10 million.

Financial highlights

• Net sales reached €379.6 million (+12.3% YoY); Distribution BU contributed €40.2 million of the increase, Shipping BU €0.5 million.

• Adjusted EBITDA margin improved to 5.7% from 5.0% prior year; Distribution BU margin at 4.4%, Shipping BU at 27.5%.

• Net financial position at €115.1 million; cash and cash equivalents at €85.7 million.

• Total equity increased to €260.7 million as of March 31, 2025.

• Capex in Q1 2025 was €3.1 million, focused on warehouse improvements and ESG initiatives.

Outlook and guidance

• FY 2025 guidance confirmed: Net sales €1,580–1,640 million, Adjusted EBITDA €77–82 million, Adjusted Net Profit €26–30 million, NFP €110–105 million.

• Guidance will be reviewed quarterly, with potential for upgrade after summer campaigns.

• ESG targets include full employee sustainability training and 100% food safety certification for warehouses.