Esselunga regains its shine: revenue steady at 9,5 billion and margin surges, +27%. Debt down

Sales almost unchanged and a sharp acceleration in the margin. Major debt refinancing (down) with three bank facilities of 2,2 billion euros replacing others reaching maturity.

The board of directors of the Esselunga group approved the consolidated financial statements 2025 closed with revenue of 9,532 billion (+0,9% compared with 2024) and EBITDA of 725,5 million (+27,1%) with a margin of 7,6% (up from 6%). The retailer also recorded a volume contraction of 2025 for the 0,8%, in line with the 2024 (-0,7%).

The revision of the benefits for consumers linked to the Fidaty points collection programme boosted the income statement: 48 million in margin. Without this, EBITDA as a percentage of sales would have been 7,1%. Operating profit stood at 294,7 million (a margin of 3,1%), compared with 163,5 million (1,7%) in 2024. Net profit rose to 163,8 million from 55,9 million.
The 2025 marks the Lombardy-based retailer’s return to profitability levels not far below pre-Covid levels (8,3% in 2019) and leaves behind the annus horribilis 2024 marked, among other things, by the investigation by the Milan public prosecutor’s office into irregular logistics workers, involving payment of 47,6 million for regularisation and penalties. In addition to hiring more than 2.000 employees, with a labour cost rising from 1,1 billion to 1,23 billion. The renewal of the supplementary collective agreement is also under discussion these months.

Less pressure

Esselunga’s adjusted net debt fell from 1,694 billion to 1,615 billion (excluding leases and receivables from customers Fidaty Oro). Last December, the retailer refinanced its debt through three bank facilities (term and revolving), moving repayment to 2030/2031 and allowing various maturing loans to be repaid early, including the bond loan of 500 million issued in 2027.
In 2025 Esselunga’s financial leverage fell from 2,9 times to 2,2. The retailer has net equity of around 2 billion.
Debt increased following the buyback of 32,5% of the commercial property company La Villata from UniCredit and the acquisition of 30% of the capital of Esselunga by the controlling shareholders Marina Caprotti and Giuliana Albera from certain relatives.

The network

During the financial year, Esselunga invested 378,4 million. Last year, four shops (Modena Canaletto, Forlì, Bolzano and Novedrate) and a LaEsse in Via Parini, Milan, were opened. The Sesto Fiorentino store was reopened, while the one on Viale Piave in Milan was closed for refurbishment. The LaEsse on Via Melchiorre Gioia, also in Milan, was permanently closed.

Today, Esselunga has a network of 196 shops and operates production and processing centres serving the chain. It employs more than 28.000 employees and reports 5,6 million loyal customers.

Other articles:
Esselunga gets going again: revenue steady and margins rising in the half-year

Esselunga increases revenue but slips on profit. Labour costs take their toll

This article was translated from the original Italian version with the assistance of artificial intelligence. In case of discrepancies, please refer to the original Italian version.