The Board of Directors of Marr Spa, a Cremonini Group company listed on the Euronext Star Milan segment and a leader in Italy in the marketing and distribution of food and non-food products to the foodservice industry, today approved the half-year financial report as of June 30, 2025, which closed with total consolidated revenues of €994.8 million, up from €987.7 million in the same period in 2024.

In particular, total revenues for the second quarter of 2025 amounted to €585.6 million, compared to €569.6 million in the same period of 2024. They also benefited from the different Easter calendar (this year on April 20 and last year on March 31) and a positive start to the summer season in June.

EBITDA and EBIT for the first six months, "which were also impacted by the costs incurred for the launch of the Castelnuovo di Porto Central Southern platform in April" (see EFA News ), with overlaps for the current year with other operating facilities in Lazio, amounted to €47.6 million and €27.2 million, respectively (€55.6 million and €35.4 million in the first half of 2024). In the second quarter of 2025, EBITDA and EBIT amounted to €37.7 million and €26.3 million, respectively (€39 million and €27.8 million in the same period of 2024).

At the end of the first six months of 2025, net profit stood at 12.6 million euros (17.5 million in 2024): net profit for the second quarter of 2025 was 15.3 million euros (15.7 million in 2024).

Net commercial working capital as of June 30, 2025, amounted to €193.8 million, compared to €183.7 million at the end of the first half of 2024. This figure "is also affected by an increase in inventories related to the start-up of the central platform in Castelnuovo di Porto."

Net financial debt as of June 30, 2025, is €206.8 million (€163.6 million as of June 30, 2024), while including the effect of IFRS 16, which increases following the leasing of the facility for the MARR Centre-South Platform, it is €296 million (€240.8 million at the end of the first half of 2024).

Financial debt at June 30, 2025, compared to the same period of the previous financial year, "is affected by investments of €34.9 million made over twelve months and €38.5 million in dividends distributed in May 2025." Consolidated net equity at June 30, 2025, amounted to €315.3 million (€326.2 million at June 30, 2024).

Marr Group sales amounted to €978.6 million (€968.9 million in 2024), with €575.2 million in the second quarter (€556.4 million in 2024). Sales to customers in the Street Market segment (Independent Commercial Catering) in the first six months of 2025 amounted to €634.5 million (€624.1 million in 2024), while those in the second quarter amounted to €389.4 million (€367.4 million in 2024). Sales to customers in the National Account segment (Chains and Groups of Structured Commercial Catering and Collective Catering) in the first half of 2025 amounted to €255.8 million (€245.6 million in 2024), with €137.1 million in the second quarter of 2025 (€130.9 million in 2024).

Overall, sales to catering customers (Street Market and National Account segments) in the first half of 2025 amounted to 890.3 million euros (869.7 million in 2024), with 526.5 million euros in the second quarter of 2025 (498.3 million in 2024).

Sales to customers in the Wholesale segment (for almost all frozen fish products to wholesalers) in the first half of 2025 amounted to 88.4 million euros (99.2 million in 2024), while those in the second quarter of 2025 amounted to 48.7 million and, compared to 58.0 million in 2024, were affected by market dynamics related to the availability of fish products.

Foreseeable evolution of management

In July, sales increased across all customer segments, and at the end of the first seven months, sales growth to Foodservice customers (Street Market and National Account customer segments) was in line with the year's targets. The focus on implementing the Guidelines to support growth and improve profitability and on managing working capital absorption levels has been confirmed.

Among the areas of intervention set out in the Guidelines is improving operational efficiency. To this end, a pilot project has been launched at some Marr operating facilities to redesign freight handling activities with the aim of improving service quality and increasing cost control.