Žito Group Publishes 9M 2025 Results

During 9M 2025, Žito Group recorded revenue growth of 17% YoY, a flat EBITDA YoY, and net income from continuous operations of EUR 29.6m, down 27% YoY.

The currently newest IPO on the ZSE, Žito Group, has published its 9M 2025 results, and today, we’re bringing you a detailed overview. Starting off with the P&L, the Group recorded revenue of EUR 229.1m, growing by 17% YoY. By segments, the industry segment, accounting for 40% of the revenue, or EUR 91.3m, grew by 18% YoY. The Livestock segment, accounting for 26% of the share, grew by 4% YoY to EUR 60.6m, while the Trade & Silos segment, accounting for 18% of the revenue, grew by 16% YoY to EUR 41.7m. Moving on, the Crop Production segment revenue amounted to EUR 26.8m, growing by 19% YoY, and holding 12% of the total revenue share. Lastly, the Other segment grew by 272% YoY, to EUR 8.8m, holding 4% of the revenue share.

As such, growth was recorded across most segments. In the industry segment, oil production was the primary growth engine. This segment includes animal feed, oils, meat products, and electricity production. Crop Production segment recorded growth due to the strong performance across the Group’s 17.8k hectares under management, with good harvest yields despite the June drought affecting some crops. The Trade & Silos segment recorded growth due to higher volumes, particularly in wheat trading. The Group also noted that previous years’ wheat was used internally for flour production, while now the surplus is sold externally. Lastly, the other segment’s triple-digit growth rate came from the newly opened (early 2024) Materra hotel in Čepin, giving significant revenue contribution from the tourism expansion.

Moving on to OPEX, in total it amounted to EUR 232m, growing by 17% YoY, at the same rate as revenue, implying operational efficiency. By categories, COGS grew by 18% YoY to EUR 97.6m, cost of raw materials & materials increased by 14% YoY to EUR 73.5m, personnel expenses grew by 18% YoY to EUR 24m, while services expenses increased by 68% YoY to EUR 14.5m. The growth in COGS came due to higher sales volume. Raw materials & materials grew due to inflation, but both this category & COGS are directly tied to revenue, and as it grows, so do they. Meanwhile, Services expenses increased, primarily due to IPO-related advisory expenses in 2025, but also the effect of Fortena Agri business acquisition advisory expenses in 2024. Lastly, personnel expenses grew due to a higher number of employees (1,287, +60 employees YoY), but also wage inflation.

Due to revenue and OPEX growing at the same rate, EBITDA amounted to EUR 52.8m, remaining roughly the same YoY, and implying an EBITDA margin of 23.1%, down 3.7 p.p. YoY. The Group recorded EBITDA margin contraction across most segments, due to inflation, certain diseases affecting animals, COGS and raw materials growth, and one-off costs related to the IPO & acquisitions. Next up, the net financial result was negative at EUR 0.5m, a 65% improvement YoY, with both fin. income and fin. expenses declining, by 26% and 41% YoY, respectively. Lower fin. income came as a result of lower interest rates on deposits, reduced lending activity to previous parties. On the other hand, fin. expenses declined due to lower fin. liabilities, with both long-term and short-term borrowings decreasing, by 12% and 75%, respectively, leading to the total fin. liabilities declining by 30% YoY to EUR 69.4m.

This decline came due to the IPO proceeds being used to pay off a certain amount of debt, with app. EUR 30m used for this purpose (out of the EUR 130m raised during the IPO). With the lower amount of fin. liabilities, the interest was also reduced, with the Group also managing to improve its average interest rates. All taken together, this led to a net income from continuous operations of EUR 29.6m, down 27% YoY. This would imply a net income margin of 12.9%, down 2.4 p.p. YoY. The Group recorded discontinued operations of EUR 10.6m during 9M 2024, related to its 40% stake in Hrvatska industrija šećera d.d., which was sold in March 2025.

Žito Group key financials (9M 2025 vs. 9M 2024, EURm)