Fleury Michon reports revenue growth as poultry costs weigh on margins
Ready-meals leader Fleury Michon has released its annual results for fiscal year 2025. While commercial activity remains robust, with consolidated revenue reaching 836.4 million euros (+3.6% on a like-for-like basis), operating profitability is under pressure from rising raw material costs, specifically in the poultry segment.
Sales momentum was driven by the catering and airline services divisions. The French retail (GMS) business grew by 2.6%, while International operations saw a 10.2% increase.
Margins under pressure
Despite favorable volumes, current operating income edged down to 12.2 million euros, compared to 12.3 million euros a year earlier, representing an operating margin of 1.5%. This decline is attributed to the surge in poultry prices (chicken and turkey), fueled by record global demand and avian influenza outbreaks.
Consolidated net income stood at 13.6 million euros, significantly lower than the 47.8 million euros recorded in 2024.
Financial structure and dividends
The group reported an acceleration in industrial and ecological investments, with 42.1 million euros in capital expenditures. Net financial debt rose to 9.4 million euros, reflecting these investments and a deliberate strategy to increase inventory levels to secure supply chains. The Board of Directors will propose a dividend of 1.35 euros per share at the Annual General Meeting on June 9.
2026 Outlook
In the face of persistent raw material volatility, management remains cautious and has not provided specific guidance, while reaffirming its confidence in the agility of its business model.
Fleury Michon is France's leader in production and marketing of cooked meat products and catering products sold in supermarket. Net sales break down by activity as follows:
- sale of products in supermarket in France (82.5%): cooked meat products (high quality ham and poultry products, cooked meats, culinary aids, pies, etc.) and catering products (individual cooked meal, surimi, prepared salads, individual pie slices, etc.);
- catering activities in France (4.3%): operation of the Graine d'Appétit restaurants chain and cooked meals and salads vending machine.
The remaining sales (13.2%) are from international activities.
At the end of 2025, the group had 11 production sites located mainly in France (9).
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