Savencia (SAVE) H1 2025 earnings summary

Executive summary

• Revenue grew 0.5% year-over-year to €3,395.9 million, driven by 3.5% organic growth, with growth in Other Dairy Products and pricing aligned with milk price inflation, offset by a -3.3% currency effect and a 0.3% positive structural effect from acquisitions.

• Operating income fell 19% to €83.3 million, with net income attributable to the group down 33% to €38.6 million, reflecting higher costs, adverse currency movements, and increased tax rate.

• The group maintained resilience amid volatile macroeconomic conditions, leveraging strong brands and complementary business segments.

• A study for a potential merger with Savencia Gourmet was initiated to accelerate Premium Foodservice development, with results to be submitted to the Board in early 2026.

Financial highlights

• Net sales: €3,395.9 million (+0.5% year-over-year); organic growth: 3.5%.

• Operating profit declined to €83.3 million from €103 million; current operating profit: €103 million (down from €110 million).

• Net income, Group Share: €38.6 million (down from €58 million).

• Operating margin declined to 2.5% from 3% year-over-year; net margin dropped to 1.1% from 1.7%.

• Net financial debt rose to €464 million, representing 24.2% of equity, up from 17.4% at year-end 2024.

Outlook and guidance

• The outlook for 2025 remains uncertain, with ongoing volatility in consumption, milk price pressures, increased competition, and higher export tariffs to the US.

• The group will continue its specialty strategy, invest in brand growth, and focus on competitiveness to address market uncertainties.

• The merger study with Savencia Gourmet aims to create a global leader in Premium Foodservice, with results to be submitted to the Board in early 2026.

• Next financial publication scheduled for October 23, 2025.