Sligro reports sales growth "for the first time in Belgium"

The Netherlands' leading foodservice wholesaler closed the 2025 financial year on a mixed but overall reassuring note. Sligro Food Group reported revenue excluding tobacco of €2.668 billion, a 1.7% increase year-on-year. While modest, this growth demonstrates resilience in a market characterized by pressure on both volumes and margins.

© SLIGRO FOOD GROUP.

Sligro did not disappoint. In its latest quarterly results released on Thursday, the Dutch group delivered broadly what the market had been expecting, and even slightly exceeded expectations.

"In the Netherlands, growth picked up in the fourth quarter compared to earlier quarters this year, supported by a strong December," noted CEO Koen Slippens and CFO Rob van der Sluijs n a joint statement. They pointed out that the acquisition last June of GEPU, an independent wholesaler based in Utrecht, contributed €6 million to revenue. " In Belgium, the gradual recovery in revenue continued, with an encouraging increase in the fourth quarter."

Indeed, in the Dutch market, where the foodservice specialist generates the vast majority of its sales, revenue (excluding tobacco) reached €2.284 billion, representing a 2.6% increase. While positive, GEPU's contribution was marginal (0.26% of revenue), indicating that growth was primarily organic. Furthermore, the mention of December's performance suggests effective management of seasonality, which is crucial in the food sector.

"Q4 2025 sales were in line with our estimates, and marginally above consensus," observed Fernand de Boer, Senior Equity Analyst at Degroof Petercam, in his research note.

Belgium: a weak link gaining strength?

In the Belgian market, annual revenue fell by 3.2% to €384 million, down from €396 million. However, it is worth noting that the group went from a double-digit decline in the first quarter (-11.7%) to growth over the final three months.

"In Belgium, sales increased by 1.5% to €104 million, showing positive growth for the first time," noted the Degroof Petercam analyst. This momentum tends to validate the gradual recovery mentioned by management. If Sligro manages to keep its Belgian operations in the green in 2026, the region will become a growth driver rather than a drag.

"No comments on profitability which we interpret as company is fine with the consensus and our EBITDA estimate of €148 million," stated Fernand de Boer. "The Capital Markets Day on March 5 will provide more background on how the company will move to its 7.5% margin target."

A smokescreen on the accounts

As a reminder, Sligro Food Group stopped selling tobacco in 2025 due to the ban on sales in Dutch supermarkets and large retailers effective July 1, 2024. Added to this is the ban on tobacco sales in supermarkets larger than 400 m² in Belgium, effective April 1, 2025.

In 2024, tobacco accounted for €267 million in revenue for the wholesaler. In 2025, zero. Although this lowers total revenue, it should theoretically improve long-term profitability, as tobacco is a structurally declining business. According to Sligro's reported revenue reconciliation table, revenue fell by €222 million compared to the €2.890 billion recorded in the 2024 financial year.

The company enters 2026 with growth momentum, unlike the start of the previous year when it faced several headwinds beyond the discontinuation of tobacco (inflation, changing consumer habits, etc.). Moreover, Sligro boasts healthy finances to fuel external growth. The foodservice wholesaler will present detailed annual results for the 2025 financial year on February 5, before the opening of the Amsterdam Stock Exchange.