The Board of Directors approves the interim management report as at 30 September 2025

MARR: the Board of Directors approves the interim management report as at 30 September 2025.

Total consolidated revenues for the third quarter of 2025 of 649.9 million euros (622.7 million in 2024), and 1,644.7 million euros after the first nine months of 2025 (1,610.5 million in 2024).

EBITDA and EBIT for the third quarter of 2025 amounted respectively to 42.6 million euros (42.5 million in 2024) and 29.9 million euros (31.5 million in 2024). After the first nine months, the EBITDA and EBIT amounted respectively to 90.2 and 57.1 million euros (98.1 and 66.9 million in the first nine months of 2024) and were affected by the costs related to the start-up of the new Center-South platform in Castelnuovo di Porto.

The net income for the third quarter of 2025 amounted to 17.4 million euros (18.5 million in 2024) and that for the first nine months to 30.0 million euros (36.0 million in 2024).

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Further growth in sales in the Street Market and National Account client segments in October

The Board of Directors of MARR S.p.A. (Milan: MARR.MI), the leading company in Italy in the sale and distribution to the foodservice of food and non-food products, today approved the interim management report as at 30 September 2025.

Main consolidated results for the third quarter of 2025

The total consolidated revenues for the third quarter of 2025 amounted to 649.9 million euros, an increase of 27.2 million euros compared to 622.7 million in the third quarter of 2024.
EBITDA and EBIT for the third quarter of 2025 amounted respectively to 42.6 million euros (42.5 million in the third quarter of 2024) and 29.9 million euros (31.5 million in the third quarter of 2024)

The net consolidated income for the third quarter of 2025 was 17.4 million euros (18.5 million in the third quarter of 2024)
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Main consolidated results for the first nine months of 2025

The total consolidated revenues for the first nine months of 2025 amounted to 1,644.7 million euros, an increase of 34.2 million compared to 1,610.5 million in the same period of 2024.

EBITDA and EBIT for the first nine months of 2025 amounted respectively to 90.2 and 57.1 million euros (98.1 and 66.9 million in the first nine months of 2024) and were affected by the costs incurred for the start-up in April of the Center-South platform in Castelnuovo di Porto, with overlaps during the current year with the other operating facilities in the Lazio region.

The net consolidated income for the first nine months of 2025 amounted to 30.0 million euros (36.0 million in the same period of 2024).

The Net Trade Working Capital as at 30 September 2025 amounted to 151.0 million euros, and compared to 129.3 million as at 30 September 2024, was also affected by an increase in inventory relating to the start-up of the central platform in Castelnuovo di Porto and the implementation of specific procurement policies during the third quarter of 2025.

The net financial debt as at 30 September 2025, before the application of accounting standard IFRS 16, amounted to 163.5 million euros (127.0 million as at 30 September 2024), while it amounted to 253.0 million euros (201.7 million after the first nine months of 2024) after the application of IFRS 16, which increased as a result of the lease of the structure of the MARR Center-South platform. The financial debt as at 30 September 2025 compared to the same period last year was affected by investments of 33.0 million euros carried out over twelve months and 38.5 million euros in dividends distributed in May 2025.

The consolidated Net Equity as at 30 September 2025 amounted to 329.8 million euros (341.1 million after the first nine months of 2024).

Results by segment of activity as at 30 September 2025

With total consolidated revenues for the first nine months of 2025 of 1,644.7 million euros, sales of the MARR Group amounted to 1,619.6 million euros (1,580.9 million in 2024), with 641.0 million euros in the third quarter of 2025 (612.1 million in 2024).

Sales to clients in the Street Market segment in the first nine months of 2025 amounted to 1,087.2 million euros (1,063.9 million in 2024), while those in the third quarter of 2025 amounted to 452.7 million euros (439.8 million in 2024).

Sales to clients in the National Account segment (Chains and Groups and Canteens) in the first nine months of 2025 amounted to 391.2 million euros (376.3 million euros in 2024), with 135.4 million euros in the third quarter of 2025 (130.7 million in 2024).

Overall sales to clients of the Street Market and National Account segments in the first nine months of 2025 amounted to 1,478.4 million euros (1,440.2 million in 2024), with 588.2 million euros in the third quarter of 2025 (570.5 million in 2024).

As regards the market context of away-from-home food consumption, according to the Confcommercio Studies Office (Survey no. 9, October 2025), consumption by quantity in "Hotels, meals and out-of-home consumption" in Italy in the third quarter of 2025 showed a variation of +0.6% compared to the same period last year, while according to TradeLab (AFH Consumer Tracking, October 2025), the variation in the number of visits to "Away From Home" (AFH) catering structures, including visits to bars, in the third quarter of 2025 was -1.8% compared to the same period in 2024 and -1.4% after the first nine months of 2025.

Sales to clients in the Wholesale segment (almost entirely frozen seafood products to wholesalers) in the first nine months of 2025 amounted to 141.2 million euros (140.7 million in 2024), with 52.8 million euros in the third quarter of 2025, which compared to 41.6 million in 2024, were affected by market trends correlated to the availability of seafood products and were driven by the domestic wholesalers.

Outlook

Sales to clients in the Street Market and National Account segments increased further in October. 
The focus of the management and the entire MARR organization on the implementation of the Guidelines (already released during the presentation of the results for the first quarter of 2025) to support growth and improve profitability has been confirmed, maintaining a high level of focus on the management of the levels of absorption of the working capital without limiting the ability to leverage commercial opportunities arising from targeted procurement strategies.
The fields of intervention of the Guidelines regarding operating efficiency include the start-up of a process of insourcing internal handling activities through the company MARR Service S.r.l. (fully owned by MARR S.p.A.), implemented with the aim of taking direct control of the activities and enhancing service quality. The insourcing process currently involves 15 MARR S.p.A. distribution units and 760 employees.
The work on the new distribution unit in Puglia is also progressing on schedule; this facility will be operated under lease and will replace the current MARR Puglia facility with a more efficient one, with an operating capacity capable of grasping the opportunities for expansion in an area with a strong tourist vocation.