Aryzta, the Swiss-Irish baked goods group, said it is targeting further growth this year after its earnings rose 5.4 per cent in 2025 and it hit its midterm financial targets a year ahead of schedule.
The owner of the Cuisine de France brand in the Republic said its earnings before interest, tax, depreciation and amortisation (Ebitda) rose to €320.9 million. The group’s Ebitda margin expanded by 0.7 of a percentage point to 14.6 per cent.
Revenues edged 0.1 per cent higher to €2.19 billion, with the group posting volume growth in 2024 and returning to positive pricing in the final four months of the year. Still, pricing for the full year was down 0.4 per cent.
“We continue to operate in the growing bake-off market with clear competitive advantages over fresh and packaged,” said chairman Urs Jordi. “Continued innovation investments coupled with strict cost discipline and operational efficiency are supporting improvement in our growth and market position as well as our business performance. The resulting solid cash generation strongly supports further balance sheet improvement.”
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Shares in Zurich-listed Aryzta have risen 17 per cent so far this year, boosted by news in January at that the group was on track to hit its 2025 midterm targets a year ahead of schedule. These included reaching at least €2 billion in sales, achieving an Ebitda margin of at least 14.5 per cent, and reducing debt to below three times earnings.
The group has focused on repaying €880 million of hybrid debt-equity instruments in recent years to restructure its balance sheet following a tumultuous recent history. This type of debt had been a key area of concern for the market when the group was the target of activist shareholders and a boardroom coup four years ago.
Total net debt stood at €894.2 million, or 2.8 times earnings at the end of December.
Aryzta appointed Michael Schai, a former managing director of Aryzta’s Asia-Pacific region based in Australia, as group chief executive in January, making him the first permanent CEO since 2020. Mr Jordi had held the dual CEO and chairman roles for four years.
