Savencia: organic sales decline, net result nearly stable
Savencia published its first-half accounts on September 10, 2026. Revenue growth (+2.6%) is entirely attributable to the perimeter effect linked to recent acquisitions, while organic activity is declining and current operating income is contracting. The cheese and chocolate group also integrated Savencia Gourmet Chocolate activities as of April 1, 2026, an operation that led to a reorganization into two sectors (historical markets and activities, emerging markets and activities).
Revenue of €3.486 billion driven by perimeter, organic decline
As of June 30, 2026, Savencia's revenue stood at €3.486 billion, compared to €3.396 billion a year earlier (published data, comparable basis adjusted by sector), representing an increase of 2.6%. This change combines a positive structural effect of 6.9% (linked to the integration of Savencia Gourmet Chocolate activities and the acquisition of Quata in Brazil), a negative currency and IAS 29 effect of 2.2%, and an organic decline of 2.0%, the latter being mainly linked to a price effect. Historical markets and activities generated €1.561 billion, compared to €1.583 billion, a decline of 1.4% on a published basis and 3.3% on a comparable perimeter. Emerging markets and activities generated €2.108 billion, compared to €2.011 billion, up 4.8%, driven by a structural effect of 10.8%, but down 1.8% on a comparable perimeter.
Current operating income declines to €88 million
Current operating income reached €88 million (2.5% of revenue), compared to €103 million (3.0%) in the first half of 2025. The group attributes this contraction to the beginning of the year marked by the effects of milk oversupply in a market affected by declining demand, and by a negative contribution from the integration of chocolate activities, itself penalized by the Middle East crisis and by a negative inventory valuation effect in a context of falling quotations. Operating income came in at €75 million (2.2% of revenue), compared to €83 million (2.4%). The group's net income stood at €38 million, virtually stable compared to €39 million in the first half of 2025. In historical markets, Cheese activities in Europe are affected by still fragile consumption and pressure on purchasing power, reinforced since the beginning of the Middle East conflict.
Net financial debt raised to €815 million following two acquisitions
Net financial debt (excluding IFRS 16) reached €815 million, compared to €464 million a year earlier, an increase of €351 million linked to two strategic acquisitions carried out during the half-year. The group also indicated that it launched its renewed CSR commitments in the first half of 2026, with a decarbonization trajectory aligned with targets validated by the SBTi (1.5° by 2035, carbon neutrality by 2050). The next publication is scheduled for October 14, 2026, on the occasion of the communication of third-quarter revenue.
