Bonduelle - 2024-2025 First Half Year Financial Results: The Bonduelle Group posts growth in both its current operating income and its branded activities. Bonduelle confirms its annual objectives

BONDUELLE

Head office: "La Woestyne" - 59173 Renescure - France

Bonduelle a French S.C.A (Partnership limited by Shares) with a capital of 57 102 699,50 euros

Registered under number : 447 250 044 (Dunkerque Commercial and Companies Register)

2024-2025 First Half Year Financial Results

(July 1 - December 31, 2024)

The Bonduelle Group posts growth in both its current operating income and its branded activities

Bonduelle confirms its annual objectives

For this 1(st) half of the 2024-2025 fiscal year, the Bonduelle Group posted a strong growth of +17.8% on a like-for-like basis(1) of its current operating income which amounted to 48 million euros at current exchange rates and 47.8 million euros at constant exchange rates compared with 40.6 million euros the previous fiscal year.

Over the period from July 1 to December 31, 2024, the Bonduelle Group's sales for the 1(st) half year of fiscal year 2024-2025 amounted 1,119.4 million euros compared with 1,139.2 million euros for the 1(st) half of previous fiscal year, -1.5% on a like-for-like basis(1) and -1.7% on reported figures, currency trends having a marginal impact over business activity's evolution (-0.2%).

In value, the clear +1.9% growth in branded activities over the period confirms the strategic importance of brand development, as announced in the group's "Transform to win" transformation plan last October. It contrasts with the marked decline in the private label segment: -6.9%.

Despite a slight downturn in business activity over the 1(st) half year and an expected negative impact on profitability in the 2(nd) half year due to the poor agricultural harvest in Russia, the Bonduelle Group confirms its annual objectives.

In accordance with IFRS 5, the income statements related to the packaged salad activity in France and Germany, whose planned disposal was announced on August 29, 2024 are gathered in the income statement of the reported financial statements under the heading "net income from discontinued operations".

Message from Xavier Unkovic - Chief Executive Officer:

Our transformation is underway! We have embarked on an ambitious 3-year transformation of the group, called "Transform to win"; based on solid fundamentals: a modern corporate mission that puts positive impact at the heart of the business activity, flagship brands and our strong connection with the agricultural sector. The year 2025 marks the beginning of the transition phase, a key milestone in preparing for the rebound and acceleration of our performance in the coming years.

The 2024-2025 1(st) half year is already posting clear results over the five strategic pillars which represent the solid foundations of the group's transformation between now and 2027. The roadmap is clear and our teams are fully committed to reaching our objectives. We are gearing up for a spring full of activations, communication on our brands and our innovations, which are key factors in our transformation. In the United States, Bonduelle Americas returned to growth for the first time in four years, confirming the relevance of our strategic choices, while in Europe, the reorganisation of our business portfolio is improving at a good pace. Our operations are pursuing their focus on operational excellence, and we are working on the efficiency of our organizations while implementing our strategies. Finally, more than ever, we are reaffirming our ambition to deploy a sustainable business model and are moving towards a 100% B Corp$(TM)$ group certification by the end of the year.

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The 2024-2025 half year financial statements were approved by the General Partner, then reviewed by the Supervisory Board of March 05, 2025 and have been subject to a limited review by the Statutory Auditors.

Key figures

 
                             1(st) half year  1(st) half year 
  (in millions of euros)        2024-2025        2023-2024     Variation 
---------------------------  ---------------  ---------------  --------- 
Sales                                1,119.4          1,139.2      -1.7% 
---------------------------  ---------------  ---------------  --------- 
Current operating income                48.0             40.6     +18.3% 
---------------------------  ---------------  ---------------  --------- 
Current operating margin                4.3%             3.6%    +70 bps 
---------------------------  ---------------  ---------------  --------- 
Net income from continuing 
 operations                             17.2              6.4    +167.5% 
---------------------------  ---------------  ---------------  --------- 
Consolidated net income                 -5.0              4.5    -211.6% 
---------------------------  ---------------  ---------------  --------- 
Gearing(2)                              1.23             0.95 
---------------------------  ---------------  ---------------  --------- 
 

Sales

The Bonduelle Group's sales for the 1(st) half year of fiscal year 2024-2025 amounted 1,119.4 million euros compared with 1,139.2 million euros for the 1(st) half of previous fiscal year, -1.5% on a like-for-like basis(1) and -1.7% on reported figures.

Activity by Geographical Region

 
    Total 
 consolidated 
  sales (in       1(st) half      1(st) half      Variation       Variation 
 millions of         year            year          reported      Like-for-like 
    euros)        2024-2025       2023-2024        figures         basis(1) 
--------------  --------------  --------------  --------------  -------------- 
Europe Zone              672.3           712.6           -5.6%           -5.8% 
--------------  --------------  --------------  --------------  -------------- 
Non-Europe 
 Zone                    447.1           426.6            4.8%            5.8% 
--------------  --------------  --------------  --------------  -------------- 
Total                  1,119.4         1,139.2           -1.7%           -1.5% 
--------------  --------------  --------------  --------------  -------------- 
 

Activity by Operating Segments

 
    Total 
 consolidated 
  sales (in       1(st) half      1(st) half      Variation       Variation 
 millions of         year            year          reported      Like-for-like 
    euros)        2024-2025       2023-2024        figures         basis(1) 
--------------  --------------  --------------  --------------  -------------- 
Canned                   554.7           594.7           -6.7%           -6.4% 
--------------  --------------  --------------  --------------  -------------- 
Frozen                   150.4           148.9            1.0%            0.9% 
--------------  --------------  --------------  --------------  -------------- 
Fresh 
 processed               414.3           395.6            4.7%            5.1% 
--------------  --------------  --------------  --------------  -------------- 
Total                  1,119.4         1,139.2           -1.7%           -1.5% 
--------------  --------------  --------------  --------------  -------------- 
 

Europe Zone

The Europe Zone, which accounts for 60.1% of the business activity over the period, posted for the whole 1(st) half year an overall evolution of -5.6% on reported figures and -5.8% on a like-for-like basis(1) , mostly due to the significant sales drop in private label canned activities, caused by delays in contracted volumes deliveries by major customers.

The fresh processed activities maintained in the portfolio (packaged salads activity in Italy and prepared segment in France and Italy) posted solid growth over the 1(st) half year, especially in Bonduelle branded products, in retail and food service.

Non-Europe Zone

The Non-Europe Zone, which accounts for 39.9% of the business activity over the period, posted for the 1(st) half year, an overall evolution of +4.8% on reported figures and +5.8% on a like-for-like basis(1) .

In North America, the return to growth for the first time in four years was driven by the solid increase in retail sales of complete meal solutions and salad kits; a growth which accelerated further in Quarter 2 over branded products and innovations.

In the Eurasia region, CIS countries and Russia posted solid growth fueled by the Bonduelle and Globus brands.

Operating income

For the 1(st) half of fiscal year 2024-2025, the Bonduelle Group's current operating income stands at 48 million euros at current exchange rates and 47.8 million euros at constant exchange rates, compared with 40.6 million euros the previous fiscal year.

This corresponds to a +17.8% increase in current operating income on a like-for-like basis(1) . The current operating margin stands at 4.3% on both like-for-like basis(1) and reported figures, given the slight impact of exchange rates over the period.

In the Europe Zone, good agro-industrial performances only partially offset the downturn in volumes, in particular the delay in private label sales (-22.2% in canned and frozen segments).

In the Non-Europe Zone, the growth momentum in branded activities enabled a return to a positive profitability: on one hand, in the United States with an improvement in current operating income driven by new contracts, a good dynamic in brands and better harvests than last fiscal year, and on the other hand, the Eurasia region posting an increase in branded products sales.

After taking into account non-recurring items of -3.1 million euros over the period, following the logistical optimizations in the United States, the Bonduelle Group's operating income reaches 44.9 million euros on reported figures, compared with 35.7 million euros for the 1(st) half of previous fiscal year representing an increase over the period of +25.8% on reported figures.

Net income from continuing operations

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