- Against a challenging backdrop, the Group confirmed, during the first half of 2025, its sound progress, even outshining the excellent results that had been achieved in H1 2024.
- Its industrial efficiency and strategy of innovation in value-added products, supported by sustained investment in marketing, have enabled the company to maintain solid profitability in a highly competitive global environment.
In a global scenario marked by geopolitical instability and growing tariff uncertainty in the United States, the Ebro Group closed the first half of 2025 with a very positive evolution in its results, reaching new record levels in Adjusted EBITDA.
The Group’s sound industrial establishment, especially in key markets such as the USA, together with our firm commitment to innovation, efficiency and the development of value-added products have been key in maintaining our sustained growth and underpinning our leadership within a highly competitive global market.
Adjusted EBITDA rose 1.1% to €212.9 million, a new all-time high.
The Group’s Net Turnover for the period was €1,533.4 million, down 3% year on year, mainly as retail prices were lowered in the wake of the drop in commodity prices.
We posted a Net Profit of €97 million, 10.9% less than that obtained in the first six months of 2024, due to the impact of the exchange rate, the rise in interest following refinancing of the debt and a higher tax bill deriving from the sale of a company.
Our Net Debt stands at €675.8 million after investments to the tune of €66.3 million in CAPEX, payment of dividends in April and June and accrual of the dividend payment for October, in a total sum of €110.1 million.
Core Businesses
Rice Division
The Rice Division completed a positive first half, bolstered by the excellent performance of the brands.
In raw materials, the global rice market is experiencing a steep downward trend owing to the abundant harvests in Asia. However, the logistics costs from that continent remain high due to the different armed conflicts.
Against this backdrop, the excellent sowing campaign in Spain —the best in the past four years— and our solid stock levels provide a strong foundation to face a highly competitive second half of the year, during which a substantial drop in prices is expected. In this context, Ebro considers urgent action is needed to ensure the survival of the rice sector. To this end, and with the aim of protecting European farmers, the Company has joined agricultural associations in calling on the EU to tighten its tariff policy towards EBA countries, whose regulations currently allow the entry of finished products without any tariffs.
In respect of business development, we highlight the growth sustained in aromatic rice varieties and microwave products, and the launching of refrigerated rice-based products.
All in all, the Division posted a turnover of €1,187.2 million and an adjusted EBITDA of €169.9 million.
Pasta Division
The Pasta Division had to navigate through a very complex period, especially in the fresh pasta business, due to the upturn in prices of two of its main raw materials, egg and dairy, and high temperatures that temporarily affected demand. However, the category maintained its solid growth thanks to the good performance of gnocchi sales.
Both Garofalo and Bertagni face a challenging environment on the US market —one of its principal markets— owing to the higher tariffs and depreciation of the dollar, which has forced them to renegotiate their prices with distributors. Even so, Garofalo still enjoys consumer recognition and has managed to achieve a year-on-year growth of 11%.
The Division posted a turnover of €347.1 million and an adjusted EBITDA of €51.8 million.