Savencia (SAVE) H2 2025 earnings summary

Executive summary

• Net sales decreased by 2.6% year-over-year to €6,957M, mainly due to a 4.3% negative forex impact, especially from South American currency devaluation.

• Organic growth was positive at 1.6%, supported by strong performance in Other Dairy Products.

• The integration of Ugalait contributed a 0.2% structural effect to sales.

Financial highlights

• Cheese Products sales were €4,017M, down 1.0% year-over-year, with stable performance at constant scope and exchange rates.

• Other Dairy Products sales reached €3,184M, down 4.3% overall but up 3.7% organically, driven by international markets and specialty ingredients.

• Unallocated items accounted for -€245M.

Outlook and guidance

• The dairy sector faced high inflation, record milk prices in France, and volatile demand, leading to a major market adjustment in September, especially affecting fat prices.