- In 2025 the Group reached a new historical adjusted EBITDA of €420.6 million, a very significant feat after absorbing an estimated impact of €12.9 million from the tariffs imposed by the US government and a further €7 million from the exchange rate effect.
- These results reconfirm the the Group’s sound management model and our ability to improve profitability in a tough scenario.
- Geographical diversification is still a key element in the Group’s performance: 97% of our adjusted EBITDA was generated in international markets and the remaining 3% in Spain.
- We witnessed divergent performance in our two Divisions, with a clear improvement in margins in the Rice Division and a positive contribution by the Fresh Pasta business, especially in France.
In a year marked by bearish trends in the commodities market, strong competitive pressure and considerable operating complexity —from inventory management to the impact of US trade tariffs, volatile exchange rates and new regulatory requirements—, the Group closed 2025 with a strong evolution of its earnings and a new historical adjusted EBITDA, outstripping that obtained prior to the sale of our Dry Pasta businesses, achieved through our ability to adapt to a tough, changing environment.
All our financial metrics improved during the year.
Our Net Profit grew 3.4% year on year to €214.8 million.
We achieved an adjusted EBITDA of €420.6 million, up 1.8% year on year, after absorbing around €20 million deriving from the impact of the new US tariffs (€12.9 million) and the exchange rate effect (€7 million).
Our turnover was 4% down on the previous year, at €3,013.6 million, largely due to the lowering of retail prices and the exchange rate effect, of €49.44 million.
We posted a Net Debt of €529.4 million, €63.8 million less than in December 2024, even after investing €134.9 million in CAPEX and improving our shareholders’ returns policy, paying dividends of €111.6 million.
Core business results
Rice Division
The Rice Division maintained its strong performance throughout the entire year, bolstered by the favourable evolution of the convenience and business categories in our principal markets.
In raw materials, the year was marked by a clearly downward trend, with historically low prices of long-grain rice in the United States and Europe. In Europe, good harvests were partly offset by significant adverse effects on Japonica rice varieties of the restrictions imposed on the use of insecticides, while strong pressure from imports from EBA countries and Mercasur sparked renewed requests by growers and the sector for safeguard clauses, which are backed by the Ebro Group.
With regard to business development, we highlight the growth in Brillante® cups and microwave products and the good performance of our industrial business, boosted by sales to other groups and the supply of cups to the United States in the wake of the capacity adjustments in Memphis. In North America, the raised tariffs on aromatic rice varieties had a net impact of US$10 million during the year. Meanwhile, Tilda recorded strong growth in Canada, the Middle East and the United Kingdom.
The Division posted a turnover of €2,326 million and an adjusted EBITDA of €337.5 million.
Pasta Division
Development diverged during the year in the different businesses of the Pasta Division.
In raw materials, the price of durum wheat remained stable, maintaining a downward trend over the year, in contrast to sharp hikes in egg prices, forcing us to pass on part of the increased cost to consumers in the fresh pasta business.
As far as business development is concerned, the Fresh Pasta business performed well, especially in France, bolstered by the solid growth of Lustucru and gnocchi. At the same time, the Division suffered the effects of trade tariffs in the United States (1-15% in dry pasta and 6.6-15% in fresh pasta) and the impact of the exchange rate, which curtailed turnover by €3.9 million.
Our premium business Garofalo continued its progress in markets such as France, Italy and Spain, while Bertagni maintained its stable evolution in Europe and Olivieri came up against strong promotional marketing in Canada.
During this current year, we have completed the purchase of the remaining 30% of the Italian company Bertagni, reinforcing the Ebro Group as the second global fresh pasta producer.
The Division posted a turnover of €690.3 million and an adjusted EBITDA of €99.3 million.