MARR (MARR) Q1 2025 earnings summary

Executive summary

• Total consolidated revenues for Q1 2025 were €409.2m, down from €418.1m in Q1 2024, impacted by Easter timing, seasonality, and lower away-from-home consumption.

• EBITDA and EBIT declined to €9.9m and €0.9m, respectively, due to lower sales, start-up costs for the new Center-South platform, and higher service costs.

• Net result was -€2.7m, compared to +€1.7m in Q1 2024, aided by reduced financial costs.

• Net financial debt (pre-IFRS 16) rose to €219.8m from €181.5m, while net financial debt including IFRS 16 increased to €309.0m from €260.7m, reflecting investments and dividend payments.

• Net equity stood at €341.2m, down from €354.0m a year earlier.

Financial highlights

• Revenues from sales and services fell to €398.7m from €408.0m year-over-year.

• Gross margin was impacted by a change in sales mix due to the Easter calendar, with gross margin on sales at 20.0% (vs. 20.4% in Q1 2024).

• Personnel costs rose to €13.0m, up 10.2% year-over-year, due to the activation of the Lombardia distribution center and labor contract renewal.

• Free cash flow before dividends was -€43.7m, compared to -€33.1m in Q1 2024.

• Service costs increased, driven by the new platform and higher electricity rates.

Outlook and guidance

• Sales trend in the first four months of 2025 is growing, especially in March-April, aligning with annual expectations.

• Management remains focused on growth, profitability, and working capital absorption ahead of the summer season.

• The going concern assumption is confirmed, with no significant uncertainties identified.