Podravka (PODR) Q4 2025 earnings summary

Executive summary

• Operating revenues for the year were EUR 1,041.1m, down 0.2% year-over-year on a pro-forma basis, reflecting stable performance despite market uncertainties.

• Normalised net profit after minority interests was EUR 74.6m, up 0.5% compared to the previous year, with segmental divergence in profit trends.

• The acquisition of agricultural companies from the Fortenova Group significantly impacted financials, increasing net debt and introducing a one-off gain in EBITDA.

Financial highlights

• Gross profit increased by EUR 9.8m (+2.9%) year-over-year, with a gross margin of 33.1%.

• Normalised EBITDA rose by 3.5% to EUR 167.7m, while reported EBITDA was EUR 226.5m due to a one-off gain from the Agri acquisition.

• Normalised earnings per share grew 16.1% to EUR 10.6; reported EPS surged 83% to EUR 19.2 due to non-recurring items.

• Net debt increased to EUR 381.5m, mainly from acquisition financing, with net debt/EBITDA at 2.27.

• Capital expenditures reached EUR 82.0m in 2025.

Outlook and guidance

• Management expects continued integration of the Agri segment and focus on operational efficiency.

• Emphasis on process improvements and cost optimisation to offset higher staff costs.