EROSKI has successfully closed the terms of a comprehensive refinancing operation that redefines its debt structure and consolidates a more efficient and sustainable financial model. The operation combines the emission of a senior bond guaranteed for a nominal amount of 500 million euros, With expiration in 2031 and an interest rate of 5,750%, along with the signature of one new syndicated loan (TLA) of 370 million euros, Expiring in 2031, and one new line of credit for 80 million euros, Also with expiration in 2031.

The terms of the bond, aimed exclusively at institutional investors, have been closed after the process of setting conditions communicated to the CNMV on November 17. The funds obtained through the issuance of the bonds and the new financial instruments will allow amortize in advance the Subordinated Obligations of EROSKI (OSES) “For an amount of.” eUR 209 million— Expiring in 2028, as well as the early redemption of the guaranteed senior bond issued in 2023 (108.5% with expiration in 2029). In addition, the resources will be used for the repayment of other loans subscribed by the group and for the payment of interest accrued, repayment premiums, commissions and expenses associated with the operation.

The operation significantly strengthens the Group’s financial structure by simplifying debt instruments, improving the financial cost and establishing long-term maturities, which reinforce stability and normalise the structure. It also allows to close a relevant stage in the financial management process that EROSKI has been developing during the last years.

Market confidence and institutional support

The operation has received an excellent reception from financial institutions, which reinforce their commitment to the EROSKI cooperative project.

National entities such as Kutxabank, Empleo Kutxa and ICO continue to rely on the project, along with the incorporation of other Spanish and international entities, including the Basque Institute of Finance (IVF), BBVA, Santander, CaixaBank, Banca March, Cajamar, Caja Rural, Rabobank, Intesa Sanpaolo and Deutsche Bank. All this reflects the confidence of the financial system in the evolution of the Group and in the strength of its cooperative model.

Likewise, the institutional support of the Basque Institute of Finance and the ICO shows confidence in the management model and in the role of the cooperative as a relevant economic agent in its environment.

The operation does not increase debt, but reorganizes and improves its conditions, which will reduce the financial cost and align the deadlines with the operating cycle of the group.

“This operation consolidates a simpler and more efficient financing structure, reinforces our solvency and improves the cost of debt, placing us in a solid position to face the next years”, said Rosa Carabel, CEO of EROSKI.

Solid results and focus on the future

The 2024 financial year yielded extraordinary results for EROSKI, which allowed it to recover accumulated losses, strengthen reserves and put the cooperative in a solid position to face this new step.

During the first semester of 2025, EROSKI increased its sales by 2.9% and increased its results by 10.6%. EROSKI has shown solid growth, reaching gross sales of 2,949 million euros and a net result of 55.5 million.

With this operation, the cooperative maintains its objective of consolidating a level of indebtedness lower than twice its EBITDA, reinforcing the sustainability of its financial model and the confidence of the markets.

“This refinancing reinforces the trust of the entities and institutions in our cooperative project, and allows us to continue advancing in a more efficient and competitive financing model”, said Rosa Carabel, CEO of EROSKI.

The operation is part of the Strategic Plan 2023–2026, which includes a prudent financial policy, selective investments in commercial modernization and logistics, as well as the expansion of sustainable and proximity formats.

“The cooperative faces this new stage with the tranquility provided by the results obtained, the recognition of the markets and the strength of an economic and social model oriented to sustainable development and long-term stability”, concludes Carabel.

The completion of this operation not only improves the financial efficiency of the Group, but marks the closing of an extraordinary strategic cycle for EROSKI and lays the foundations for the next period, in which the group will reaffirm itself in its unique socio-business model.
In this new stage, EROSKI will make explicit its commitments to the consumer and will continue to strengthen its business model, improving the competitiveness of its prices through its own brand, expanding its assortment with the support of manufacturers’ brands and enhancing its fresh sections. All this accompanied by a greater efficiency in the processes, to give constant response to market trends.

The group will continue to advance its growth by opening its own and franchised stores, and renewing and modernising its logistics platforms always putting people at the center of its strategy: both workers and consumers.

With a clear purpose: enrich the environment in which it operates and contribute to a healthier diet and lifestyle.

With a simplified and sustainable financial structure, EROSKI faces this new stage with stability, ambition and long-term vision, consolidating the leadership of its cooperative model in the territories where it operates.