Italian fresh produce group reports record second-quarter distribution sales as investment in Trucco strengthens its position in the North American market
Italian fresh produce company Orsero Group’s has posted record quarterly sales to end the first half of the year, as it pushes ahead with its planned expansion into the US.
Joint chief executive officers Raffaella Orsero and Matteo Colombini commented: “The first half of 2026 saw the realisation of a key milestone for the group’s long-term growth, thanks to the investment made in Trucco Holdings Inc, which will enable the group to expand rapidly in the US market.”
They added that it had continued to develop its organic growth strategy through two major initiatives: the acquisition of a logistics platform in Spain to strengthen its geographical coverage in the north of the country; and the securing of co-exclusive rights to import lychees from Madagascar from 2026/27 onwards.
The group itself said the record performance was in part the result of growth in higher-value fresh produce categories, which reportedly helped offset weaker performances in bananas and pineapples.
In a statement, it reported net sales of €860.5mn for the six months to 30 June, up 1.8 per cent from €845.2mn a year earlier.
Adjusted Ebitda declined 5.8 per cent to €45.6mn and adjusted net profit fell to €18.6mn from €20.9m, while its reported net profit was €14.6mn – down 5.1 per cent.
Sales strength
But the trend in terms of sales remained positive. Orsero said its fresh produce distribution business generated sales of €816.9mn, up 1.6 per cent, with the second quarter delivering the highest quarterly sales in the group’s history.
Berries, kiwifruit, and exotic fruit achieved double-digit growth, supported by higher volumes and selling prices, while bananas, Canary plantains, and pineapples underperformed.
But the company said margins had also been affected by higher facility and personnel costs as it strengthened its organisational structure to support future growth.
”Once again, high value-added product categories, particularly berries, kiwifruit and exotic fruit, saw double-digit net sales growth driven by a combination of increased distribution volumes and higher selling prices, offsetting the less than satisfactory performance of bananas and pineapples, and thereby confirming the success of the group’s growth strategy,” the directors commented.
The distribution unit’s profitability saw a slight decline, they noted, “attributable to an extremely complex market environment, made turbulent by the indirect impacts of the Middle East crisis, which led to an increase in operating costs, coupled with a rise in overheads necessary to lay the foundations for the group’s development projects.”
They added: “Geographically, Italy posted an excellent performance in terms of both net sales and margins; France proved resilient, whilst the Iberian Peninsula was negatively affected by market trends for bananas, pineapples and Canary plantains.”
Expansion in North America
A major focus during the period was Orsero’s move into the US. At the end of June it completed the acquisition of a 45 per cent stake in Trucco Holdings, owner of New Jersey-based Trucco Inc and TruFresh Logistics, and agreed to acquire 46 per cent of New York-based AJ Trucco, subject to regulatory approval.
The businesses, which Orsero refers to collectively as Trucco Group, specialise in fresh fruit and vegetable distribution in the north-east US.
According to Orsero, these are expected to generate combined 2026 sales of more than US$250mn, with an adjusted Ebitda margin of around 6 per cent.
The agreed investment totals US$46mn for the two stakes, plus a US$450,000 payment relating to cash held by Trucco Holdings.
The deal also includes so-called ‘put and call’ options covering a further 15 per cent of Trucco Holdings from 2029.
Nick Pacia will retain control of the business and is due to remain chief executive until at least 2032, while Orsero executives Raffaella Orsero and Matteo Colombini will join its board.
Future earnings
Elsewhere, Orsero said its shipping business has increased its sales by 2.3 per cent to €61.3mn, helped by higher freight rates and a strong dry cargo performance.
It also said it had recorded a €1.48mn charge in relation to the settlement of a tax dispute, apparently involving its main Italian distribution company.
In its full H1 financial report, it said the case arose from joint liability connected with contracting agreements, with the charge comprising taxes, penalties and interest.
The group maintained its overall, full-year sales guidance of €1.70bn-€1.74bn, adjusted Ebitda of €78m-€83m, and adjusted net profit of €25m-€29m.
However, it raised its expected net financial position and investment requirements to reflect the Trucco acquisition and other growth projects.
