Bonduelle: Annual Revenue Stable at €2,186 Million, North America Declines by 5.6%
Bonduelle has published a stable annual revenue for 2025-2026 of €2,186.2 million (+0.4% on a comparable basis, -0.8% as reported), in line with analyst expectations.
This stability masks divergent trends: the Europe region grows by +1.3% and the Eurasia/Export/Mercosur region by +8.7%, while North America declines by -5.6% on a comparable basis. The group also indicates that its current operating profitability should come in slightly below the €80 million target already revised in the first half.
Europe and Eurasia Drive Growth
The Europe region, which represents 62.8% of annual revenue, advances by +1.3% over the 2025-2026 financial year (on both reported and comparable basis), and by +0.6% in the fourth quarter on a comparable basis. Within this region, the canned food business shows growth of +1.5%, driven by the development of Cassegrain brand sales and the gradual return to normal volumes for private label brands, linked to the implementation of tariffs on Chinese corn.
The region's frozen food business advances by +2.1%, driven by the ramp-up of retail brand innovations in mass distribution and out-of-home catering. The fresh food business declines by -0.4% due to competitive pressure and loss of listings, but returns to growth in the fourth quarter (+4.4%), supported by favorable weather and the launch of new products in France and Italy.
The Eurasia, Export and Mercosur region records growth of +8.7% on a comparable basis (+13.6% as reported), driven by brand activation in a dynamic market.
North America Remains Under Pressure
The non-Europe region, which accounts for 37.2% of activity, declines by -1.0% on a comparable basis over the financial year (-4.1% as reported), and by -2.3% in the fourth quarter on a comparable basis. Within this region, North America shows, after a year of growth in 2024-2025, a decline of -5.6% on a comparable basis (-12.4% as reported) over the entire financial year.
This decline reflects a complex market context, inflation and the impact of several agricultural crises that have weighed on access to raw materials. Innovations and the recovery in out-of-home catering (+9.4%) were not sufficient to offset this unfavorable environment.
Profitability Announced Slightly Below Revised Target
As mentioned in the press release of May 5, 2026, and despite the relative stability of annual revenue, the group indicates that its current operating profitability target will come in slightly below the revised forecast of €80 million communicated in the first half. This development is explained by an unfavorable environment, marked by massive imports of Chinese corn, price pressure on private label brands in Europe and the United States, and the Middle East crisis.
Fourth quarter revenue stands at €548.0 million, down -0.5% on a comparable basis and -1.3% as reported compared to €555.1 million in the fourth quarter of 2024-2025.
