Bonduelle: Q1 revenue of €524.8M (+1%), canned food offsets the decline in fresh products
Bonduelle's revenue for the first quarter of fiscal year 2026-2027 (from July 1 to September 30, 2026) reached €524.8 million. It rose 1.0% on a reported basis and 0.5% on a like-for-like basis.
This slight increase results from two movements in opposite directions. The Europe region grew 6.4% on a like-for-like basis, while the non-Europe region declined 9.4%.
The same gap appears between the group's business lines. Canned food gained 9.8% on a like-for-like basis, while prepared fresh products fell 10.7%. The activity update, published on November 5, 2026, therefore shows weak overall growth but marked changes depending on regions and product categories.
Europe up 6.4%, non-Europe region down 9.4%
The Europe region accounts for 65.9% of the group's activity. Its revenue rose from €325.6 million to €346.1 million, an increase of 6.3% on a reported basis.
Bonduelle attributes this growth to the momentum of more prepared offerings, in both catering and frozen products, and to the return to normal for private label brands.
The non-Europe region, which represents 34.1% of activity, saw its sales decline from €194.2 million to €178.7 million. The decrease reaches 8.0% on a reported basis and 9.4% on a like-for-like basis.
The group explains this by the repercussions of the Cyclospora crisis in the United States. According to the press release, this crisis, “without involving our products, affected consumer confidence in the entire salad category” and weighed on the American market since the beginning of the fiscal year.
The gap between reported and like-for-like figures is wider outside Europe than for the group as a whole. Currency and scope effects reduce the decline there by 1.4 points, compared with 0.5 points of additional growth at consolidated level.
Canned food drives growth, prepared fresh products fall 10.7%
Canned food is the group's leading segment by value. Its sales reached €270.0 million, compared with €244.6 million a year earlier. They thus grew 10.4% on a reported basis and 9.8% on a like-for-like basis.
Prepared fresh products moved in the opposite direction. Their revenue fell from €206.9 million to €185.8 million, a decline of 10.2% on a reported basis and 10.7% on a like-for-like basis.
Frozen products, the smallest segment with €69.0 million, grew 1.1% on both a reported and a like-for-like basis. The rise in canned food is therefore enough to offset the decline in prepared fresh products at group level.
Guidance focused on cash flow and debt reduction
For fiscal year 2026-2027, the guidance communicated on October 2, 2026 remains unchanged. It prioritizes maintaining profitability and improving financial fundamentals, in particular cash flow generation and debt reduction.
The group places these priorities in an environment it describes as “marked by strong agricultural and geopolitical uncertainties”.
The annual general meeting will be held on December 3, 2026 in Villeneuve-d'Ascq. A dividend of €0.25 per share for fiscal year 2025-2026 will be proposed there, subject to approval. That fiscal year ended with revenue of €2.2 billion.
The next publication, covering revenue and results for the first half of 2026-2027, is scheduled for February 25, 2027 after market close. Until then, the group's growth relies on Europe and canned food, in the face of the decline in the non-Europe region, which the group links to the situation of the American salad market.
