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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
FirstFarms
FirstFarms (FFARMS) investor relations material
FirstFarms Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary26 Aug, 2026
Executive summary
Half-year pre-tax loss of 50 mDKK, significantly impacted by drought in Slovakia and low pig and milk prices, resulting in a 57 mDKK decline year-over-year.
Turnover increased to 200 mDKK from 192 mDKK year-over-year, but EBITDA dropped sharply to 3 mDKK from 54 mDKK.
Construction of a new dairy facility in Plavecky is nearing completion, with full operation expected in Q4 2026.
Acquisition of Exim farm in Romania added 680 hectares of irrigated land, supporting future growth.
Financial highlights
Net turnover: 199.6 mDKK (H1 2025: 192.2 mDKK).
EBITDA: 2.5 mDKK (H1 2025: 54.4 mDKK); EBIT: -32.5 mDKK (H1 2025: 22.1 mDKK).
Net profit: -48.2 mDKK (H1 2025: 4.8 mDKK).
Gross margin: 29.7% (H1 2025: 58.5%).
Cash flow from operating activities: -11.7 mDKK (H1 2025: 1.6 mDKK).
Outlook and guidance
Full-year 2026 EBITDA expected between -5 and 45 mDKK; EBIT between -75 and -25 mDKK.
Focus for H2 2026 on operationalizing the new dairy facility and cost management.
Milk and pig prices anticipated to improve slightly in the second half of 2026.
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Latest events from FirstFarms
- Q1 2026 saw a 29% revenue drop and negative EBITDA, mainly from low milk and pig prices.FFARMS
Q1 2026 - Earnings fell sharply in 2025 due to FMD, but land value gains and investments support future recovery.FFARMSQ4 2025
- Pre-tax loss driven by FMD and low prices; 2025 outlook maintained, recovery expected in 2026.FFARMSQ3 2025
- H1 2025 profit dropped sharply due to FMD, but recovery and subsidy support improve 2025 outlook.FFARMSQ2 2025
- EBITDA up, but profit down on weather and costs; growth strategy and investments on track.FFARMSQ3 2024
- Revenue up 8% but 2024 guidance cut by 20 mDKK due to crop and cost pressures.FFARMSQ2 2024
- 2024 results missed expectations, but FirstFarms advances growth and sustainability with major investments.FFARMSQ4 2024
- FMD outbreak and weak pig prices drove a sharp Q1 profit drop and lower 2025 outlook.FFARMSQ1 2025
Next FirstFarms earnings date
Q3 202624 Nov, 2026
FirstFarms
Next FirstFarms earnings date
Q3 202624 Nov, 2026
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Frequently asked questions
FirstFarms A/S is an agricultural company engaged in the acquisition, development, and operation of farmland and agribusiness activities. The company focuses on producing crops such as cereals, corn, and oilseeds, as well as operating livestock farms primarily for milk and pork production. FirstFarms operates across several European countries, utilizing modern farming techniques to enhance productivity and sustainability in its operations. Its business activities cater to the food industry, supplying raw agricultural products to various food processors and distributors. The company is headquartered in Billund, Denmark, and its shares are listed on the Copenhagen Stock Exchange.