Acomo (ACOMO) H1 2026 earnings summary

Executive summary

• Achieved the second-best H1 results in company history, with sales of €710.7 million and adjusted EBITDA of €61.3 million, despite FX headwinds, commodity volatility, and a challenging geopolitical environment.

• Strategic progress included investments, M&A (Citromil, Cublend), ESG initiatives, and the launch of a China office, supporting midterm growth ambitions.

• Maintained a strong balance sheet, with a leverage ratio of 2.9x and solvency around 45%.

• Interim dividend set at €0.45 per share, unchanged from the prior year.

• Robust segment performances, including Spices & Nuts, Edible Seeds, and Tea, with Food Solutions maintaining strong margins.

Financial highlights

• H1 2026 sales: €710.7 million, down 3% at constant currency; adjusted EBITDA: €61.3 million, margin 8.6%.

• Gross profit: €116.9 million, margin improved to 16.4%; adjusted operating income: €52.1 million.

• Net profit: €33.5 million; adjusted EPS: €1.13; basic EPS: €0.94.

• Net cash from operations was €56 million, up year-over-year due to lower inventory and improved working capital.

• Net debt reduced to €344.4 million; all covenants met.

Outlook and guidance

• Expect a more balanced split between H1 and H2 results due to normalized price developments and stable operating conditions.

• Working capital expected to decline further in H2, mainly from lower cocoa prices, supporting cash generation.

• Committed to 2029 midterm targets and ongoing strategic initiatives, with positive trends in plant-based diets.

• Geopolitical risks and super El Niño may impact supply chains and costs.