MARR (MARR) Q4 2025 earnings summary

Executive summary

• FY 2025 consolidated revenues reached €2,127.4m, up from €2,098.0m in FY 2024, reflecting modest growth.

• EBITDA and EBIT declined to €108.8m and €63.3m, respectively, impacted by operational-logistics redesign and related costs.

• Net income fell to €31.0m from €42.7m year-over-year.

• Sales growth was driven by Street Market and National Account segments, while Wholesale sales declined.

Financial highlights

• EBITDA margin decreased to 5.1% from 5.7% in FY 2024.

• Net debt before IFRS 16 rose to €203.8m, up from €170.4m, after investments, dividends, and share buybacks.

• Net debt after IFRS 16 increased to €292.6m from €237.9m.

• Dividend per share proposed at €0.47, with a payout ratio of 95.9% of EPS.

Outlook and guidance

• Early 2026 sales and gross margin trends align with growth targets, with Street Market and Chains & Groups segments leading.

• The Bergel acquisition is performing as expected, strengthening presence in Lombardy.

• Visibility on 2026 foodservice trends remains limited, with expectations similar to 2025.

• Focus remains on operational efficiency, margin management, and working capital control.