Orsero (ORS) Q1 2026 earnings summary

Executive summary

• Q1 2026 net sales increased 2.5% year-over-year to €389.2 million, driven by Distribution BU growth and stable Shipping BU performance despite operational challenges and lower loading factors.

• Adjusted EBITDA was €20.8 million, down 3.4% year-over-year, with margin at 5.3% due to a better product mix in Distribution but lower Shipping profitability and higher non-recurring costs.

• Reported net profit was €6.5 million, down 12.5% year-over-year, while adjusted net profit was €8.3 million, nearly flat year-over-year.

• Net financial position improved to €103.8 million from €116.1 million at year-end 2025, supported by strong operating cash generation and effective working capital management.

• Strategic initiatives included exclusive lychee import rights, acquisition of a new logistics platform in Vigo, Spain, and key management appointments.

Financial highlights

• Net sales reached €389.2 million, up 2.5% from €379.6 million in Q1 2025.

• Adjusted EBITDA was €20.8 million (down 3.4% year-over-year), with a margin of 5.3%.

• Adjusted net profit was €8.3 million; reported net profit was €6.5 million.

• Total equity increased to €284.6 million from €274.5 million at year-end 2025.

• Net financial position improved to €103.8 million from €116.1 million at 31 December 2025.

Outlook and guidance

• FY 2026 guidance targets net sales of €1,700–1,740 million, adjusted EBITDA of €78–83 million, and adjusted net profit of €25–29 million.

• Management remains focused on achieving economic and financial targets, pursuing organic and external growth, and maintaining resilience amid macroeconomic uncertainty.

• Guidance for 2026 will be updated quarterly as the year progresses.

• Commitment to ESG and cost control reaffirmed.

• Recent acquisitions and exclusive import agreements are included in 2026 guidance.