Turnover up to €2,183 million

Turnover up to €2,183 million

Madrid, 27 October 2022. In an extremely complicated scenario, the Group has achieved a significant increase in both turnover and adjusted EBITDA, proving that our business model is apt also in adverse scenarios.

We have posted a turnover of €2,183 million, up 24.6% year on year thanks to the good performance of our brands, which continue to enjoy consumer confidence.

The adjusted EBITDA has grown by 10.7% year on year to €244.8 million, following a 3% increase in our investment in advertising to €58 million, demonstrating our clear support and commitment to the development of our brands.

The Net Profit on a like-for-like basis (i.e. excluding contributions by the divested dry pasta businesses**) is down 15.8% to €96.9 million, due to two factors:

1) The strength of the dollar in the last quarter, with an adverse impact of €12 million.

2) The loss of €20 million generated on the divestment in Roland Monterrat.

Stripping out these two one-off, extraordinary items, the net profit would have increased by 15.3%.

Our net debt stands at €712 million, €207.3 million more than at year-end 2021. This figure includes: 1) the dividend payments made in April, June and October in a total of €88 million; 2) an increase of €185.2 million in the working capital from year-end 2021, owing to the strong positions taken in raw materials; 3) the purchase of InHarvest for €45.2 million; 4) the payment of corporate income tax in a sum of €80.1 million; 5) €75.6 million in CAPEX investments; and 6) €22 million revenue on the sale of Roland Monterrat.

Core businesses


The high cost inflation (logistics, raw materials, energy, etc.) has followed the trend set in previous quarters, affecting all aspects of our operations.

In raw materials, the strength of our supply chain and the increase in working capital have been our most important tools for coping with the price hikes in japonica and basmati rice in the wake of the small harvests reaped in Spain, Italy and California due to the extreme drought, and in Pakistan due to flooding.

We highlight the strength of our brands when consumers are more inclined to economise, and the positive evolution of high value-added products: aromatic, instantaneous, premium and microwave rice.

The division posted a turnover of €1,714 million and an adjusted EBITDA of €213.3 million.


Just like the rice division, this division has been hit by the strong cost inflation, of €52 million.

In raw materials, our business has had to deal with the high prices in the fresh pasta segment, because the short shelf-life of its ingredients rules out the option of long-term procurement policies.

Within this business division, Garofalo and Bertagni achieved satisfactory results in the past quarter thanks to the positive effect of an improved exchange rate on their exports to USA and the good performance of their sales.

Meanwhile, Lustucru maintains strong growth in its flagship product “Gnocchi”.

The division posted a turnover of €479.6 million and an adjusted EBITDA of €41.2 million.

Very positive results in a very difficult scenario

Differentiation, diversification, diligent decision-making, the expertise of our Commercial and Marketing team, the strength of our supply chain and efficient management are all part of our hallmark, and in the current situation they are more important than ever for coping with the complications that have arisen in the past quarter and throughout the year.

The consolidated results of the first nine months also reflect the strength of our Rice Division, which continues increasing its market shares, and justify our strong commitment to the premium and value-added segments.

Consumers still reward our high-value product portfolio with their confidence and loyalty, consistently achieving double-digit growth.

Ebro anticipates a year-end turnover of between €2,750 and €2,800 million. The adjusted EBITDA is expected to be within a range of €315-320 million, a very important landmark, considering the extremely complicated situation, taking us close to our goal of achieving profits similar to what we were earning before shedding Panzani (€353 million).


Note to editors: ** Those businesses contributed €48.1 million to the 2021 Q3 earnings