Earnings release
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The Group has maintained its upward trend in a tough environment, closing the first nine months of the year with a positive balance. The excellent performance of our brands and the efficiency of our supply chain offset the summer seasonal factor, the challenges arising from the new US tariffs, volatility on some commodity markets and the impact of exchange rates. FY forecasts predict an adjusted EBITDA of €412-418 million, a new all-time high that would outstrip that posted last year. In a scenario marked by persistent geopolitical instability, shipping tensions and the entry into force of new trade tariffs in the United States, our Group closed the third quarter of 2025 with earnings that consolidate the strong trend seen in the same period of last year and are significantly higher than in 2023. The Group’s adjusted EBITDA grew by 1.1% to €311.5 million, setting a new record. Our Net Turnover, at €2,275.9 million, is 3% down year on year, mainly due to the lowering of consumer prices in the wake of the reduction of commodity prices and the devaluation of the dollar. 29.10.2025 Ebro expects to post a record full-year EBITDA
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We achieved a Net Profit of €154.3 million, 8.8% less than that posted in the first nine 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 stood at €578.4 million, €14.6 million less than at year end 2024, after investments in CAPEX to the tune of €94.8 million and the annual dividend payments totalling €111.6 million. Core businesses Rice Division The Rice Division completed a positive quarter, bolstered by the success of our new launchings and the good performance of higher value-added categories. In raw materials, the global rice market is experiencing a steep downward trend, with unprecedented low price levels in Asia and South America, which has curbed business activity in the long-grain markets. In this scenario, the only way to protect Spanish and European growers would be to raise EU tariffs and apply safeguard clauses for the EBA countries. In Spain, the rice campaign is reasonably good overall. However, in the Valencia area, adverse weather conditions have led to a significant reduction -of up to 50%- in the production of traditional rice varieties in favour of long-grain rice varieties. In North America, in an effort to mitigate the effects of the new tariffs imposed by the Trump Administration, which mainly affect the aromatic rice varieties imported from Thailand and India, Riviana has built up its stocks and prepared gradual price adjustments for 2026. With regard to business development, we highlight our growth in microwave products and aromatic rice varieties, and the excellent performance by Tilda in all the markets in which it operates. All in all, the Division posted a turnover of €1,766.3 million and an adjusted EBITDA of €249.,4 million. Pasta Division The Pasta Division had to navigate through a very complex quarter, affected by three key aspects: (i) the rise in costs of two of the main raw materials -eggs and dairy- used in our fresh pasta business; (ii) the imposing of new tariffs in the US; and (iii) the depreciation of the dollar. All these factors dented profits in this division during the period. Nevertheless, the Division performed exceptionally well in strategic segments, with good results for gnocchi sales in France, the launching of fresh gnocchi under the Brillante brand in Spain and the entry of Garofalo gnocchi in Costco USA. In the premium dry pasta segment, Garofalo has achieved double-digit growth in the USA and Spain and launched a new high protein pasta “Strapasta”. The Division posted a turnover of €511 million and an adjusted EBITDA of €75.1 million.