Orsero (ORS) Q2 2025 earnings summary

Executive summary

• H1 2025 delivered strong growth, with net sales up 13.6% year-over-year to €845.2 million and profit for the period rising to €19.7 million, driven by robust Distribution BU performance across all geographies, especially Italy and the Iberian Peninsula, with France showing resilience.

• Adjusted EBITDA rose 18.4% to €48.4 million, with margin improving to 5.7% from 5.5% in H1 2024.

• Adjusted net profit grew 30.9% to €20.9 million; reported net profit was €19.7 million, up 30.8%.

• The Group maintained robust business performance and continued strategic investments and dividend payouts despite a complex macroeconomic and geopolitical environment.

Financial highlights

• Net sales: €845.2 million (up from €744.1 million in H1 2024); Distribution BU contributed €804.3 million (+13.7%), Shipping BU €60.0 million (+3.5%).

• Adjusted EBITDA: €48.4 million (up from €40.9 million), margin improved to 5.7%.

• Adjusted EBIT: €30.5 million (up from €24.2 million).

• Net financial position at €111.3 million, including IFRS 16 effect.

• Cash flow from operating activities increased to €34.0 million (vs €23.6 million in H1 2024).

Outlook and guidance

• FY 2025 guidance revised upwards: net sales expected between €1,650–1,690 million, adjusted EBITDA €82–86 million, adjusted net profit €30–32 million, and investments in operating fixed assets €19–21 million.

• Net financial position guidance unchanged at €110–105 million.

• H2 expected to be less strong than H1, reflecting a very strong Q3 2024 comparison and prudent forecasting.

• ESG targets for 2025 include full employee sustainability training and 100% food safety certification for warehouses.

• Management remains confident in medium- to long-term growth potential, supported by strong competitive positioning and financial structure.