- The Group achieved satisfactory performance in an especially challenging half-year period, in which we have had to contend with pressure from low rice prices, international logistics tensions, increased costs and the uncertainty of US tariffs, coming through it all with a positive business development and adequate management of margins and costs.
- Against the backdrop of private label growth, our Group has maintained our good brand connection with consumers and continues to focus on categories with a higher value added, especially in ready to serve formats, premium products, fresh pasta and refrigerated dishes.
- In financial terms, we reduced our Net Debt by €57 million during the period, to €472.4 million, while at the same time reducing our working capital by €39.2 million.
In a highly competitive scenario, marked by the low rice prices, tariff uncertainty in the United States, increased logistics and energy costs owing to the war with Iran and tensions in the Strait of Hormuz, as well as growing pressure from private label brands, the Group has kept its business on an upward keel thanks to our adaptability, a good brand connection with consumers and management focused on profitability and operating efficiency.
The Group continued investing in CAPEX over the period to expand the production capacity of Ebrofrost in frozen products and that of Garofalo and Bertagni in dry pasta and filled fresh pasta, respectively. In this regard, on 1 July the Group completed the acquisition of a production plant in Saint Charles, Missouri, enabling Bertagni to develop its first industrial filled fresh pasta platform in the United States. With an initial investment of €40 million and its capacity to triple output, the plant is a major commitment for Bertagni’s future in this market, while opening the door to the local production of new products.
Looking at the principal financial metrics, our Group achieved a 7.1% year-on-year growth in Net Profit, taking it to €103.9 million, bolstered by the improved financial results, the reduced corporate income tax expense and the smaller income attributed to minority interests following the acquisition of 30% of Bertagni.
The Group Turnover stands at €1,476.3 million, 3.7% lower than that posted in the same period of last year, mainly due to the lowering of commodity prices and the negative exchange rate impact of €34.7 million.
Adjusted EBITDA is down 4.7% to €202.9 million, due to the foreign exchange impact and lower yield of the pasta business in the United States.
Meanwhile our Net Debt has been brought down by €57 million since year-end 2025, to €472.4 million, accompanied by a reduction of working capital by €39.2 million after investing €61.1 million in CAPEX during the period.
Core business results
Rice Division
Throughout H1, the Rice Division endured global historically low raw material prices as the Indian intervention stocks were put on the market and high costs prevailed in Asia. This has affected the profitability of the crop and led to a reduction of approximately 20% in the area sown in the United States and South America.
In Europe, the market is still under great pressure owing to the absence of protection measures against imports, in spite of the demands of the agricultural sector. Ebro has reiterated its support for growers and is managing its stocks to offload product bought at higher prices and replace it gradually with new purchases at more favourable prices.
As far as business development is concerned, sales of the Herba brands have grown slightly year on year and profit margins have improved. Tilda maintains its outstanding performance in the United Kingdom, especially in the microwave category, while consolidating its premium positioning in the Middle East. Meanwhile Riviana, against the backdrop of a shrinking market due to the impact of the US migration policy, is managing to maintain its sales and continues growing in microwave products and special rice varieties under the RiceSelect® brand. It also expects to recover the USD 13 million paid in customs tariffs subsequently annulled.
All in all, the Division posted a turnover of €1,133.5 million and an adjusted EBITDA of €167.6 million.
Pasta Division
H1 results in the Pasta Division have been affected by the implementation of SAP HANA in Garofalo, the unfavourable evolution of the USD and increased transport costs to the United States, which have affected both the evolution of sales and the profit margins of this business.
The anti-dumping tariffs slapped on Garofalo have been lowered to 7%, although the Group maintains its appeal, considering that there has been no dumping. In fresh pasta, Lustucru maintains a very positive evolution, especially in gnocchi, successfully introduced on the Spanish market under the Brillante brand.
Bertagni continues its growth in Europe and in the United States driven by the addition of new customers and increased activity with existing ones. The acquisition of the Saint Charles plant (Missouri) will be key to boosting its growth capacity and local production in that market.
All in all, the Division posted a turnover of €346.3 and an adjusted EBITDA of €43.7 million.