olivLaw · European equity research
DEOLEO SA OLE.MC
Spain · BME Madrid · ISIN ES0110047919 · Vertical: Listed companies from Spain
Deoleo SA is a Spanish olive oil producer with plants in Spain and Italy, whose finances remain under pressure from debt and an Italian customs tax dispute. In 2025 the company refinanced its debt with a 160 million euro senior loan, and net profit returned to positive after a loss in 2024.
At the close of 05 Nov 2026, DEOLEO SA (OLE.MC) stock was 0.27 EUR (−21.10% on the day), with beta 0.32, 52-week range 0.18–0.48 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 19.7
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.31 – 0.38
- below the lower band · %B -0.54 · band width 20.4%
- SMA 50 / 200
- 0.36 / 0.31
- mixed trend
- MACD (12, 26, 9)
- -0.01 / -0.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −22.9% | −0.6% | −22.2 pp | — |
| 3 months | −17.5% | −4.2% | −13.4 pp | — |
| 6 months | −0.4% | +4.3% | −4.7 pp | — |
| Year to date | +51.7% | +7.5% | +44.2 pp | — |
| 1 year | +45.2% | +9.9% | +35.3 pp | +6.7% |
| 3 years | +18.7% | +49.8% | −31.1 pp | +31.5% |
| 5 years | −20.4% | +42.8% | −63.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 837.6 m | 996.6 m | 820.9 m |
| Revenue YoY | unavailable | +19.0% | −17.6% |
| Net income | -18.0 m | -28.3 m | 9.4 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -2.1% | -2.8% | 1.1% |
| Free cash flow | -15.1 m | 4.4 m | 9.5 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 31.3 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 431.3 m EUR
- Total assets
- 804.8 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.83x
- ROE
- 2.2%
- ROA
- 1.1%
- FCF margin
- 1.2%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 837.6 m | 996.6 m | 820.9 m | esef· 20 Oct 2026verified |
| Operating income | -7.3 m | -33.5 m | 58.9 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 10.0 m | 10.2 m | 10.1 m | esef· 20 Oct 2026verified |
| EBITDA | 2.7 m ≈ | -23.3 m ≈ | 69.0 m ≈ | esef· 20 Oct 2026derived |
| Interest expense | 25.1 m | 22.9 m | 30.6 m | esef· 20 Oct 2026verified |
| Pre-tax income | -30.2 m | -53.6 m | 30.6 m | esef· 20 Oct 2026verified |
| Income tax | 4.1 m | 986.0 k | 10.9 m | esef· 20 Oct 2026verified |
| Net income | -18.0 m | -28.3 m | 9.4 m | esef· 20 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 30.7 m | 52.9 m | 31.3 m | esef· 20 Oct 2026verified |
| Receivables | 64.0 m | 72.2 m | 38.2 m | esef· 20 Oct 2026verified |
| Inventories | 176.4 m | 147.8 m | 150.1 m | esef· 20 Oct 2026verified |
| Current assets | 282.1 m | 283.2 m | 231.6 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 54.5 m | 53.7 m | 54.6 m | esef· 20 Oct 2026verified |
| Goodwill | 16.4 m | 16.4 m | 16.4 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 430.7 m | 431.5 m | 448.6 m | esef· 20 Oct 2026verified |
| Total assets | 833.0 m | 840.0 m | 804.8 m | esef· 20 Oct 2026verified |
| Accounts payable | 138.1 m | 121.3 m | 115.8 m | esef· 20 Oct 2026verified |
| Current liabilities | 145.5 m | 206.8 m | 126.3 m | esef· 20 Oct 2026verified |
| Equity | 471.3 m | 415.5 m | 431.3 m | esef· 20 Oct 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -11.4 m | 8.8 m | 16.8 m | esef· 20 Oct 2026verified |
| Capex | 3.7 m | 4.4 m | 7.3 m | esef· 20 Oct 2026verified |
| Free cash flow | -15.1 m ≈ | 4.4 m ≈ | 9.5 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -4.3 m | -4.5 m | -7.5 m | esef· 20 Oct 2026verified |
| Financing cash flow | -19.2 m | 17.9 m | -30.8 m | esef· 20 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 22.9% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
23% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.1% | 27 (vs peers) | 27% |
| FCF conversion · Quality | 100.8% | 100 (on a fixed band) | 27% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.9x | 7 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 1.8x | 86 (on a fixed band) | 18% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet38/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality64/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
DEOLEO SA (OLE.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 820.9 m EUR in 2025; YoY growth -17.6%; net margin 1.1%; ROE 4.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 100.8%
- Current ratio: 1.8x
What contradicts it
- Net margin: 1.1%
- Interest coverage: 1.9x
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Spain · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELE.MCEndesa SA | 46.9 bn | 21.4 | 26.4% | 10.5% | +0.5% | +43% / +134% |
| AENA.MCAena S.m.e. SA | 42.6 bn | 19.9 | 24.2% | 34.0% | +8.9% | +21% / +79% |
| AMS.MCAmadeus It Group Sociedad Anonima | 26.2 bn | 19.8 | 26.9% | 20.5% | +6.1% | −6% / −5% |
| ACS.MCAcs Actividades De Construccion Y Servicios, S.A. | 21.9 bn | 23.0 | 19.9% | 1.9% | +19.7% | +7% / +134% |
| ANA.MCAcciona SA | 11.7 bn | 14.5 | 16.9% | 4.0% | +5.5% | +24% / +66% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 5.0 bn | 30.3 | 5.3% | 1.7% | +6.9% | −8% / −14% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.7 bn | 20.6 | 165.6% | 2.2% | −2.7% | +51% / +380,733% |
| CMO.MCCementos Molins S.A. | 2.5 bn | 13.6 | 14.3% | 18.0% | −3.1% | +31% / unavailable |
| ENO.MCElecnor SA | 2.4 bn | 21.9 | 10.5% | 2.5% | +15.1% | −3% / +58% |
| ALM.MCAlmirall S.A. | 2.4 bn | 51.1 | 3.1% | 4.2% | +12.4% | −11% / +32% |
| FAE.MCFaes Farma SA | 1.5 bn | 19.3 | 10.8% | 13.0% | +23.7% | +3% / +57% |
| AEDAS.MCAedas Homes SA | 1.0 bn | 17.1 | 57.8% | 7.0% | −24.8% | +0% / +38% |
| EDR.MCEdreams Odigeo SA | 574.4 m | 11.5 | 21.0% | 7.8% | −0.4% | +40% / −24% |
| EAT.MCAmRest Holdings SE | 506.0 m | 31.4 | 4.3% | 0.6% | +0.1% | −34% / −61% |
| ADX.MCAudax Renovables S.A. | 468.5 m | 23.9 | 9.3% | 1.0% | −5.4% | −23% / −18% |
| ATRY.MCAtrys Health, S.A. | 200.4 m | — | -49.5% | -71.1% | +8.5% | −3% / −29% |
| ENER.MCEcoener, S.A. | 175.6 m | 32.2 | 4.2% | 6.4% | +3.6% | −34% / −6% |
| ADZ.MCAdolfo Dominguez SA | 62.9 m | 38.3 | 9.0% | 1.2% | +1.8% | +39% / +40% |
| DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A. | 44.8 m | 9.2 | 152.3% | 10.0% | +2.2% | +19% / unavailable |
| EZE.MCGrupo Ezentis SA | 29.0 m | — | — | -9.3% | +147.2% | −30% / −37% |
| CLEO.MCCompañia Levantina De Edificacion Y Obras Publicas SA | 17.3 m | 14.4 | 4.1% | 3.4% | +13.4% | unavailable / unavailable |
| AYC.MCAyco Grupo Inmobiliario, S.A. | 16.4 m | — | -33.8% | — | −100.0% | unavailable / unavailable |
| EBRO.MCEbro Foods, S.A. | 3.0 m | 0.0 | 10.0% | 7.7% | −4.0% | −0% / +19% |
| A3M.MCAtresmedia Corporacion De Medios De Comunicacion, S.A. | — | — | 7.9% | 6.9% | −2.7% | +13% / +60% |
| ACX.MCAcerinox SA | — | — | -1.7% | -0.7% | +6.8% | +27% / +54% |
1- and 3-year price returns: for OLE.MC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Deoleo SA is a Spanish olive oil producer with plants in Spain and Italy, whose finances remain under pressure from debt and an Italian customs tax dispute. In 2025 the company refinanced its debt with a 160 million euro senior loan, and net profit returned to positive after a loss in 2024.
SWOT
Strengths
- SBTi validation of emission reduction targets is a distinctive advantage in the sector 1.
- Electricity used in Spain and Italy comes from renewable sources, which could lower energy costs over the long term 1.
- The company refinanced its debt with a large senior loan, with terms including a revolving line 1.
Weaknesses
Opportunities
Threats
- The Italian customs dispute remains open, and courts could reach unfavourable decisions 1.
- Carbon emission costs and new regulations could add pressure on margins.
- Extreme weather could reduce harvests and push up raw material prices.
Risks
- Customs dispute in Italyhigh
The tax contingency linked to customs duties in Italy was fully provisioned in 2024, and part of the amount remains suspended and in dispute 1. An unfavourable ruling could generate additional costs.
- Debt and cost of financinghigh
Total financial debt remains at a high level, and interest on the loan tranches is substantial 1. If reference rates rise, the financial burden could increase.
- Dependence on harvestsmedium
Olive harvests may decline due to drought and extreme events, which could limit raw material availability 1.
- Climate regulationmedium
New mandates and product regulations could increase compliance costs 1.
- Shareholder concentrationlow
The majority shareholder holds a very large stake, which can influence strategic decisions and dividend policy 1.
Investment thesis
What would need to be true (bull case)
- If the 2025 refinancing and the reduction of net debt continue, the company could gain more financial room for investment 1.
- Its SBTi-validated climate commitments could become a competitive advantage with customers seeking sustainability 1.
- The return to a net profit in 2025 after a loss in 2024 points to a possible improvement in operating results 1.
What would break the thesis
- If the Italian customs dispute ends unfavourably, additional costs could seriously weigh on the financial position 1.
- Debt carrying high interest could limit the company's flexibility, especially if harvests are weak 1.
- The absence of dividends and the loan restrictions could reduce the company's appeal to investors 1.
What to watch
- Progress of the Italian customs dispute and the amount still suspended2026
- Compliance with the financial ratios in the senior loan, including the net debt to EBITDA ratioQuarterly 2026
- Olive production trends and raw material costs in Spain2026 harvest
- Progress of the Climate Transition Plan and SBTi targets for 2032Next annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Deoleo SA is a Spanish company specialised in producing and marketing olive oil, with brands recognised in European and overseas markets. The group operates through plants and subsidiaries in Spain, Italy and other countries, and its activity centres on processing and distributing olive products. The majority shareholder is CVC Capital Partners, which holds a 56.96% stake through Ole Investments BV 1. The analysed sources do not detail all product segments, so this description is limited to the information in the annual report.
In 2025 the company updated its Comprehensive Environmental Policy and obtained SBTi validation for its Climate Transition Plan, becoming the first firm in the Spanish olive sector to reach this milestone 1. The group reports that electricity used at its Spanish and Italian facilities comes entirely from renewable sources 1. The Sustainability Protocol supports growers and mills in applying energy efficiency and water management measures 1.
In terms of capital, Deoleo paid no dividends in 2024 or 2025, and the 2025 loan agreement restricts dividend distribution until its obligations are fully cancelled 1. The company also operates through a complex group of subsidiaries, some of which have open tax inspections, including in India 1.
Segments
Olive oil (core product)
The main activity of the group is producing and marketing olive oil in Spain and Italy. The sources do not give sales figures by segment, but the plants in Italy and Spain form the operational base of the company 1.
Sustainability and agricultural sourcing
The group supports growers and mills through its Sustainability Protocol, which targets energy efficiency and soil conservation 1. Geographic diversification of supply sources is a measure to adapt to climate risks affecting raw materials 1.
Refinancing and funding
Although not an operating segment, financing activity includes the 160 million euro senior loan, which repaid earlier debt and includes a 35 million euro revolving line 1. This is the main element of the capital structure.
Market context
The olive oil market is dominated by producers in Spain and Italy, and demand depends strongly on harvests and climate conditions in the countries of origin 1. The company describes its dependence on raw material availability as a major risk to operational continuity 1. The source data do not provide the total market size or market shares.
Deoleo operates in markets in Europe and beyond, and the report cites access to new markets and expansion of current ones as opportunities 1. The positive net result in 2025 contrasts with the loss in 2024, but the source does not fully explain the reasons for this change 1.
Trends
- Climate change and crop yieldsheadwind
Volatility and intensity of weather events can reduce olive harvests, which could affect the volume of raw material available 1. The company has implemented adaptation measures and contingency plans for such situations 1.
- Energy transition and environmental rulesmixed
Rising prices for greenhouse gas emissions and new product regulations could increase the company's costs 1. Investments in renewable energy and efficiency could, however, reduce costs over the long term 1.
- Demand for sustainable productstailwind
Customers seeking to reduce their carbon footprint may favour producers with sustainability certifications, such as the SBTi validation obtained by Deoleo 1.
- Cost of financingheadwind
The 2025 senior loan carries Euribor plus 6.75% for the senior tranche and Euribor plus 10.75% for the second tranche, which makes the cost of debt high 1. Rising or falling reference rates could change the financial burden.
Competitive position
The analysed sources do not identify direct competitors of Deoleo. The olive oil market includes large producers in Spain and Italy, and competition takes place on price as well as branding and sustainability 1. Deoleo differentiates itself through its SBTi-validated climate commitments 1.
An important aspect of the company's positioning is its ability to manage raw material costs and access finance, given net debt of 98,050 thousand euros at 31 December 2025 1. Comparisons with other producers require data not contained in the source.
- Spanish olive oil producers
The source does not name competitors; competition in Spain is mentioned only in general terms.
- Italian olive oil producers
The group's Italian plants operate in a market with strong local producers, not named in the source.
- Private-label olive oil brands
Competition from retailers' own-label products is not detailed in the source.
- Alternative vegetable oil producers
Alternative oils may compete on price, but the source offers no specific data.
News & filings
In the press
- Spain Is Said to Be Open to Italian Buy of Olive Oil Firm DeoleoBloomberg Markets · 18 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202520 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / DEOLEO SA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.