Bonduelle: Slight Rebound in Q3 Revenue, Expected Profitability Decline
The vegetable company Bonduelle recorded a moderate increase in revenue in the third quarter (+1.5% in comparable data), supported by an acceleration in Europe. However, this improvement remains fragile: the deteriorated macroeconomic and geopolitical environment (massive imports of Chinese corn, price pressure from store brands, Middle Eastern crisis) forces the group to revise its current operating profitability target downwards, despite confirming the expected stability of annual revenue.
Targeted Improvement in Europe, but the United States Drags Down
For the past quarter (January-March 2026), revenue amounted to 527.1 million euros. In comparable data, that is, at constant exchange rates, the group shows a progression of 1.5%. Over 9 months (July 2025-March 2026), growth reached 0.7% in comparable data with a revenue of 1,638.2 million euros. Europe, which represents 62% of the group's activity, drives this improvement with a growth of 1.5% over 9 months, accelerated in the third quarter (+4.2%). This commercial momentum relies on a recovery in canned and frozen products. Outside Europe, however, there is a decline of 0.6% over 9 months, worsening in the quarter (−3.0%), largely due to a significant deterioration in the United States, partially offset by certain emerging geographies. In published data (i.e., with exchange rate effect), quarterly revenue fell by 0.4%, and that of 9 months by 0.6%, due to a negative impact of exchange rates, particularly on the American dollar.
Brand Transformation Underway, but Operating Margin Under Pressure
The group continues the rollout of its Transform to Win transformation plan, marked by the launch of a major activation of the Bonduelle brand in Europe. This initiative combines a new design, an enhanced communication campaign, and product innovations intended to meet consumer expectations. However, this commercial strategy faces an unfavorable structural context. Massive imports of Chinese corn weigh on price competitiveness, while price pressure from store brands intensifies in Europe and the United States. The crisis in the Middle East adds an additional layer of uncertainty.
Revenue Confirmed Stable, Profitability Revised
Bonduelle confirms its goal for stable annual revenue for the fiscal year 2025-2026. However, the target for current operating profitability must be adjusted downwards compared to the previous forecast, as a direct consequence of the pressures listed (corn imports, store brand pricing, geopolitical context). The group will publish its annual revenue on August 3, 2026, followed by its complete results on October 2, 2026, with a presentation on October 5, 2026.
