Savencia (SAVE) Q1 2026 TU earnings summary

Executive summary

• Revenue for Q1 2026 reached €1,629 million, down 0.4% on a comparable basis and 3.9% on a reported basis, mainly due to unfavorable exchange rates, especially the Argentine peso and Asian currencies.

• Cheese Products saw a 1.4% decline on a comparable basis, with resilience in volumes and mix, but negative price and milk price effects.

• Other Dairy Products grew 0.3% on a comparable basis, driven by positive ingredient volumes, offsetting declines in commodity prices and butter.

Financial highlights

• Total sales: €1,629 million for Q1 2026, compared to €1,695 million in Q1 2025.

• Cheese Products sales: €932 million (57.2% of total), down from €953 million (56.2%) year-over-year.

• Other Dairy Products sales: €752 million (46.1% of total), down from €805 million (47.5%) year-over-year.

• Unallocated items: -€55 million, improved from -€63 million year-over-year.

Outlook and guidance

• 2026 outlook remains uncertain due to geopolitical tensions, economic slowdown, and potential inflation from Middle East crisis.

• Group continues specialty strategy, competitiveness efforts, and investments in business complementarity and brand growth, including chocolate activities.