Earnings release
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Our Q1 2025 earnings con rm the Group’s positive evolution and the success of our strategy focusing on value-added products, along with a sound industrial presence in key markets. Thanks to the rainfall, sowing has fully recovered in Spain, easing the pressure on procurement costs. Investments in microwave products, instant rice and gnocchi are starting to bear fruit, enhancing our growth and yield. Continuing in the same vein as last year, the Group has closed a good rst quarter, reaching all-time highs in adjusted EBITDA and strengthening our global leadership through innovation, industrial e ciency and the strength of our brands.
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The Adjusted EBITDA rose 2.2%, to €112.1 million, surpassing our previous record level recorded in Q1 2024. Net Turnover was €791.9 million, with a slight dip of 1.8% year on year due to de ation and a circumstantial reduction in industrial activity. We posted a Net Pro t of €50.3 million, down 6.4% year on year due to the exchange rate impact and increased interest payments after re nancing our debt. Our Net Debt stands at €599.3 million after investments to the tune of €29.9 million in CAPEX and an increase in working capital as a result of taking long positions in strategic raw materials. Core business results Rice Division The Rice Division completed a positive rst quarter, its strength bolstered by the excellent performance of our brands, which continue generating value and con dence in the di erent markets. In raw materials, thanks to the abundant rain in Spain it will be possible to sow 100% of the available crop area in Andalusia and Extremadura, while the reopening of exports in India and the good harvests in the Southern Cone have pushed international prices down. In view of the current situation of tari uncertainty with regard to the United States, we have accelerated imports of aromatic rice varieties (Basmati and Jazmine) and microwave products, while investments continue to increase our production capacity in the country. In terms of business development, our brands have kept up their strong performance, especially in ready-to-serve products and aromatic varieties. All in all, the Division posted a turnover of €611.4 million and adjusted EBITDA of €87.3 million. Pasta Division The Pasta Division recorded a good quarter thanks to the robust performance of its fresh and premium pasta business lines. Lustucru has consolidated its leadership in France, boosted by the success of its new launchings and the increased capacity at its Lyon plant, while Olivieri, in Canada, has remained strong despite bird u pushing up egg prices. Meanwhile, Garofalo achieved a global growth of 11.5% in the quarter and stepped up its di erentiation strategy with the launching of a new range of high-protein products.
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The Division posted a turnover of €181.2 million and adjusted EBITDA of €29.5 million.