Ebro Foods faces 2026 in a "very complex and complicated" environment, conditioned by the review of tariffs in the United States, geopolitical tensions, and the rising cost of energy and certain raw materials after the conflict in Iran. Despite this scenario, the group is confident in continuing to improve its margins thanks to the strength of its businesses and the investments made in recent years.
"We are facing a very complex and complicated 2026 after overcoming very adverse geopolitical situations, such as tariffs in the United States, difficulties in the Red Sea or the Dana, and now the war in Iran and the uncertainty about its evolution, which is increasing energy costs, but we are confident in the solidity of our businesses to overcome this set of adversities for another year," assured the president of Ebro Foods, Antonio Hernández Callejas, during his speech to the company's shareholders.
The executive detailed that the rising cost of energy and auxiliary raw materials linked to oil could have a negative effect of 38 million euros this fiscal year for the company.
In an international context dominated by volatility and trade barriers, the head of the owner of Brillante and Garofalo admitted that the previous year "was not easy," following the decision of the Donald Trump Administration to apply generalized tariffs on imports, which "greatly affected" Riviana, Garofalo, and Bertagni.
In the case of aromatic rice that Riviana imports from Thailand and India, tariffs rose from 1% to 19% and from 1% to 25%, respectively, reaching up to 50% at certain times in 2025, which generated an additional cost of 10 million dollars (8.61 million euros).
The Garofalo and Bertagni brands also faced tariff increases from 1% to 15% on dry pasta and from 6.4% to 15% on filled pasta, with a combined impact of over 4 million dollars in 2025 (3.44 million euros). Added to this was the devaluation of the US dollar, which put pressure on margins in a highly competitive environment with distribution increasingly concentrated in Europe and America.
Following the decision by the US Court that invalidates the Trump Administration's tariffs, Ebro has initiated proceedings and expects a "relevant portion" of these amounts to be reimbursed throughout 2026.
Hernández Callejas has also warned that the fall in rice prices on the world market, after several years of inflation, is generating "great tension" for the agricultural sector both in Europe and the United States. He recalled that US farmers are demanding not to produce at a loss and that the cultivated area planned for the next campaign has already been reduced by 20%, pending a review of tariffs in July.
In Europe, he criticized that the European Commission (EC) is not "being sensitive" to the demand to activate safeguard clauses to curb imports from Asia. "It is a serious mistake," he insisted, emphasizing that the company is "supporting all reasonable requests from farmers."
In this scenario of falling prices and tariff pressure, Ebro continues to reduce its stocks of more expensive raw materials, which has weighed down the profitability of the first quarter of 2026, although the company expects a recovery in margins in the following quarters.
"We have made a huge effort not to pass these additional costs on to the consumer, but in a very competitive market, it is not always possible. Furthermore, the concentration of distribution continues both in Europe and in America, which makes negotiation in the different markets very difficult," he pointed out, underlining that in Europe, 'retailers' have grouped together in purchasing centers, which drives the "increase of private labels" by distributors.
135 million investment in 2025 to reinforce growth
Throughout 2025, the multinational has opted for organic growth with a 'capex' of 135 million euros, intended to expand and modernize its production capacity. Among the most relevant projects is the completion of the microwaveable rice sachet plant in Memphis (United States), which represented 13 million euros in the fiscal year, within a total investment of 32 million euros.
In dry pasta, Ebro is driving an "ambitious" three-year plan to expand its Gragnano (Naples) factory, with an investment of 78 million euros, which in Italy benefits from a 30% subsidy. In fresh pasta, the installation of two new lines in Avio (Trentino) is proceeding, with a global investment of 6.7 million euros to meet increased demand, and the production capacity of pan-fried gnocchi has been increased in Communay (Lyon), an investment that has allowed its launch in Spain under the Brillante brand.
Regarding inorganic growth, the chairman indicated that at the beginning of 2026 the purchase of the remaining 30% of Bertagni was closed, thus controlling 100% of this filled pasta company.
In parallel, Ebro is developing its first fresh pasta plant in the United States, with an initial planned investment of 50 million dollars (more than 43 million euros) and room for new projects.
Hernández Callejas also highlighted the strategy of expansion into new markets, emphasizing sales in Ghana and Morocco, and announced that during this year the presence in Africa will continue to be strengthened, where they see "great future".
The chairman recalled that 2025 was "a record year" for the group, with an adjusted gross operating result (Ebitda) of 420.6 million euros, above that recorded before the divestments in sugar, dairy, and conventional dry pasta. Furthermore, net debt was reduced to 529.4 million euros, 63.8 million less than at the close of 2024, and net profit rose to 214.9 million euros, up 3.4%.
Dividend and re-election of the chairman
At the meeting held in Madrid, shareholders approved by a large majority the distribution in 2026 of a dividend of 0.69 euros gross per share, in line with that of 2025, which represents a total disbursement of 106.7 million euros.
This dividend is paid in three installments of 0.23 euros each: the first was paid on April 1 and the next will be effective on June 30 and October 1.
Likewise, the re-election of Antonio Hernández Callejas as executive director of the company and that of Elena Segura Quijada as independent director have been ratified.