Bonduelle reported third-quarter 2025/26 revenue of 527.1 million euros, up 1.5% on a like-for-like basis. On a reported basis, however, activity edged down 0.4%, weighed down by unfavorable currency headwinds from the US dollar.
'The press release remains very vague regarding quarterly performance. Nevertheless, the group is revising its profitability target once again and is now aiming for current operating profit below 80 million euros, compared with an initial target of 90 million euros that had already been lowered during the interim results,' noted TP ICAP Midcap. The brokerage maintained its Sell recommendation on the stock while cutting its price target to 7.1 euros from 8.6 euros previously.
'Following this publication, we are lowering our estimates to factor in this further deterioration in the outlook (2025/26 EPS: -15%),' the research firm added.
For its part, Oddo BHF maintained its Neutral rating on the stock with a price target adjusted to 8.8 euros from 9.3 euros previously.
The group cited a persistently unfavorable environment, marked by the impact of massive Chinese corn imports, pricing pressure from private labels in Europe and the United States, and the crisis in the Middle East. 'The rollout of a major communication campaign for the Bonduelle brand in Europe should support branded product volumes in the fourth quarter.'
Since the beginning of the year, Bonduelle shares have plummeted by 20%.
Bonduelle specializes in the production and marketing of processed vegetables for distribution to the general public, restaurants and industry. Products are sold under the brands Bonduelle, Cassegrain, Arctic Gardens, Globus, Ready Pac and Del Monte. Net sales break down by family of products as follows:
- canned vegetables (48.6%);
- fresh products (37.9%; No. 1 in Europe): prepared salads (mixed salads, tabouli, etc.), fresh ready-to-eat salads, etc.
- frozen vegetables (13.5%).
At the end of June 2025, the group had 47 production sites worldwide.
Net sales are distributed geographically as follows: France (31.9%), Germany (6.3%), Southern Europe (12.1%), the United States (26.3%), Eurasia (9.7%), Central and Eastern Europe (6.3%), Northern Europe (4.7%) and other (2.7%).
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