Hilton Food (FAG) Q4 2025 Earnings Report
DE:FAG Q4 2025 EPS Results
- Actual EPS
- EUR 0.42
- Consensus EPS
- ―
- Beat/Miss
- ―
- One Year Ago EPS
- EUR 0.30
DE:FAG Q4 2025 Revenue Results
- Actual Revenue
- EUR 2.54B
- Expected Revenue
- ―
- Beat/Miss
- ―
- YoY Revenue Growth
- +3.80%
Earnings Announcement Details
- Quarter
- Q4 2025
- Date
- 03/31/2026
- Time
- Before Open
- Conference Call
- Tuesday, March 31, 2026
Hilton Food's next earnings date is estimated for April 7, 2027, based on past reporting schedules.
Q4 2025 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q4 2025 Earnings Slide Deck
No slide deck is available for this earnings event.
Q4 2025 Earnings Call Summary
The call presents a mixed picture: the group has a resilient core meat business, strong liquidity (refinanced GBP 450m RCF) and has realized material value from disposals, with growth projects (Canada, Saudi Arabia, Poland) progressing. However, these positives are counterbalanced by material underperformance and cash/exceptional costs in seafood, vegetarian/vegan segments (Seachill, Foppen, Dalco), inventory write-offs and restructuring charges, and a guidance-led reduction in adjusted PBT for 2026. Management has set a clear strategic plan and financial framework to address weaknesses and target mid-single-digit operating profit growth and >20% ROCE over the medium term, but there are material near-term headwinds and elevated capex/cash demands.
The company reiterated 2026 guidance of adjusted PBT of GBP 60–65m (unchanged since January) after reporting FY2025 adjusted PBT of GBP 73.2m (down c.3% y/y; continuing PBT GBP 69.0m, down 1%), adjusted EPS 56p (‑7.4%) and a tax rate of c.30%; volumes from continuing operations were +0.2% while constant‑currency revenue rose 11.9% and constant‑currency operating profit fell 4.4% (operating margin 2.3% v 2.6% prior). Balance sheet and cash metrics include net bank debt of GBP 126.7m (net debt/EBITDA 0.9x), a GBP 450m 5‑year RCF, core net CapEx of GBP 46.5m in 2025 (core CapEx guidance GBP 50–55m in 2026), GBP 55m spent to date on the Canada project (expected to contribute from 2027 with full benefits by 2029), planned Poland capacity investment of up to GBP 30m, expected net debt increase in 2026, target cash‑flow conversion ~100% (FCF/net income) and a group ROCE target ≥20% (20.1% in 2025, likely below 20% in 2026). Notable one‑offs and provisions: non‑underlying/exceptional net profit GBP 29.3m (including disposal profits of GBP 66.5m), inventory write‑off GBP 18.4m, Foppen relocation cash costs GBP 9.2m, reorganization costs GBP 9.6m (vs GBP 4.2m in 2024) with expected restructuring spend GBP 5–10m p.a.; the medium‑term aim is mid‑single‑digit average operating profit growth, disciplined investment and progressive dividends (FY DPS 35p, +1.4%, final dividend flat).
- Resilient Core BusinessCore meat and fresh prepared food businesses account for ~90% of revenue and remained stable despite a challenging environment: volumes from continuing operations rose 0.2% and core meat volumes in the U.K. were only slightly down despite beef inflation of more than 30%. APAC delivered volume growth and Central Europe achieved double-digit growth in fresh prepared foods.
- Revenue Growth (Inflation-Driven)Constant-currency revenue increased 11.9% year-on-year, largely reflecting higher raw material input costs rather than volume-led growth.
- Solid Adjusted Profit and Controlled DeclineAdjusted profit before tax was GBP 73.2m (down ~2.8–3% YoY). From continuing operations (excluding Fairfax Meadow) PBT was GBP 69.0m (down ~1%). The company maintained a progressive dividend policy with full-year dividend per share up 1.4% to 35p and the final dividend flat.
- Strengthened Balance Sheet and LiquidityNet bank debt improved slightly to GBP 126.7m with net debt-to-EBITDA of 0.9x (comfortable leverage). Successfully refinanced a GBP 450m revolving credit facility for at least five years, enhancing funding flexibility.
- Realized Portfolio Value and Cash ReturnedProfits on disposals totaled GBP 66.5m from sales of Fairfax Meadow and Foods Connected, simplifying the portfolio while realizing significant value. The group returned GBP 31.5m to shareholders in 2025.
- Growth Projects ProgressingCanada and Saudi Arabia expansion projects remain on track: GBP 55m spent to date on the Canada project with production testing planned in H2 and commercial contribution expected from 2027 (full contribution by 2029). Planned investment of up to GBP 30m to expand capacity in Poland targeting fresh prepared foods and ROCE above 20% for the project.
- Clear Strategic Refresh and Financial FrameworkManagement refreshed strategy to 'maximize the core, enhance the mix and expand geographically', set medium-term targets including mid-single-digit average operating profit growth, ~100% cash conversion (free cash flow/net income) on average, and a group ROCE target of at least 20%.
DE:FAG Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Apr 07, 2027 | 2026 (Q4) | ―- | 0.42 | ― | ― |
| Sep 03, 2026 | 2026 (Q2) | 0.230.28 | 0.31 | -11.07% (-0.03) | |
| Mar 31, 2026 | 2025 (Q4) | ―0.42 | 0.3 | 39.60% (+0.12) | |
| Sep 03, 2025 | 2025 (Q2) | 0.320.31 | 0.31 | 2.34% (+0.01) | |
| Apr 08, 2025 | 2024 (Q4) | ―0.30 | 0.4 | -24.24% (-0.10) | |
| Sep 04, 2024 | 2024 (Q2) | 0.300.31 | 0.26 | 19.63% (+0.05) | |
| Apr 03, 2024 | 2023 (Q4) | ―0.40 | 0.06 | 587.50% (+0.34) | |
| Sep 07, 2023 | 2023 (Q2) | 0.260.26 | 0.33 | -22.74% (-0.08) | |
| Apr 05, 2023 | 2022 (Q4) | ―0.06 | 0.3 | -81.10% (-0.25) | |
| Sep 15, 2022 | 2022 (Q2) | ―0.33 | 0.29 | 15.90% (+0.05) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
