Revenue for 2025 decreased by -2.6% compared to the previous fiscal year, reaching €6,956.6 million. However, organic growth remains resilient at +1.6%. The structural effect of +0.1% is driven by the integration of Ugalait SAS on July 1, 2024. The combined impact of currency exchange and hyperinflation is unfavorable at -4.3%.

Cheese Products account for 57.7% of consolidated revenue. Revenue declined by -1%. At constant exchange rates and scope, revenue from Cheese Products remains stable. This performance reflects a decrease in volumes due to inflationary pressure on consumption, particularly in France and Europe, as well as price increases in an inflationary context.

Other Dairy Products represent 45.8% of consolidated revenue, down -4.3%, including organic growth of +3.8%. This increase is driven by strong momentum in international markets and the development of
specialty ingredients.

Current operating profit decreased by -9.4%, including a scope effect of +0.1% and a negative currency impact of -7.1%.

Group share of net income decreases by -30.2%. Non-recurring expenses increased by €20.1 million, mainly driven by restructuring costs, legal disputes, and asset impairment. Financial expenses rise by €5.1 million, mainly due to the negative impact of rising interest rate. The monetary position result grows by €9.6 million, reflecting the application of IAS 29 to countries experiencing hyperinflation (Argentina). The contribution from equity-accounted companies increases by €1.6 million. Corporate income tax rises by €1.1 million. Net income attributable to noncontrolling interests decreases by €4.6 million.

The financial debt increases by €68.8 million to €415.5 million. Equity decreases by €49.2 million compared to 2024.