Bonduelle Group launched its "Transform to Win" plan 18 months ago, initiating a transition phase that included geographic reorganisation, B Corp certification, and the disposal of loss-making salad activities.
In the first half of fiscal year 2025 to 2026, the group reported near-stable revenue and profitability despite market pressures, including increased Chinese corn imports into Europe, price competition from private label brands, and agricultural disruption in the United States. The group indicated that recovery in the European corn market may take up to 18 months.
Sales for the first half of fiscal year 2025 to 2026 reached €1,111.1 million, representing a variation of +0.3% on a like-for-like basis and -0.7% on a reported basis. Performance was supported by the growth of the Cassegrain brand in France, the Bonduelle brand in emerging markets, and increased private label volumes in Europe following customs duties on Chinese corn imports.
Second-quarter sales increased by +1.1% on a like-for-like basis and +0.5% on a reported basis, reflecting improved business activity toward the end of the period.
The Europe zone accounted for 60.7% of total activity and recorded growth of +0.2% on a like-for-like basis and +0.3% on a reported basis. Second-quarter growth in the zone reached +2.3% on a like-for-like basis, and +2.4% reported.
Canned products grew +0.7%, driven by brand performance and private label volumes. However, pricing remained under pressure due to oversupply conditions linked to Chinese corn imports. Frozen products increased by +1.6%, supported by retail and food service activity.
Fresh processed activities declined 2.7%, reflecting competitive pressure in packaged salads in Italy and softer performance in prepared products in France during the summer. Prepared products in Italy recorded continued growth.
The Non-Europe zone represented 39.3% of activity and grew +0.5% on a like-for-like basis, while declining -2.2% on a reported basis due to currency movements. Eurasia and emerging markets grew +6.7% on a like-for-like basis, supported by branded activity. The United States declined 3.1% on a like-for-like basis amid inflationary pressures, despite stable performance in complete meal solutions.
Current operating income for the first half reached €50.5 million, compared with €48.0 million in the prior year. Operating margin stood at 4.5% versus 4.3% previously. In the Europe zone, operating margin was 5.4% compared with 5.6% in the prior year, reflecting cost management measures and reduced production programs aimed at limiting inventory levels.
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Bonduelle Group
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