Savencia (SAVE) Q1 2025 TU earnings summary

Executive summary

• Revenue for Q1 2025 was €1,695 million, stable compared to Q1 2024, amid high milk price inflation and record butter prices.

• Organic growth reached +0.8%, driven by a 6.6% increase in Other Dairy Products, offsetting a decline in Cheese Products.

• Unfavorable currency effects, mainly from the Argentine peso devaluation, impacted results by -1.2%.

Financial highlights

• Cheese Products revenue declined by 3.3% like-for-like, with weakened volumes in France and parts of Europe.

• Other Dairy Products revenue rose 6.7% like-for-like, supported by strong industrial product and butter prices.

• Exchange rate effects negatively impacted total revenue, primarily due to Argentina.

Outlook and guidance

• 2025 outlook remains volatile due to evolving consumption, persistent milk price pressure, and increased competition.

• Geopolitical tensions and potential economic shifts may slow global growth.

• The group will continue specialty strategy, invest in business complementarity, and focus on brand growth.