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FirstFarms (FFARMS) investor relations material
FirstFarms Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary26 Nov, 2025
Executive summary
Interim result for Q1–Q3 2025 shows a pre-tax loss of -5 mDKK, with Q3 alone at -12 mDKK, mainly due to low crop and pig prices and the impact of foot and mouth disease (FMD) on milk production.
Turnover decreased by 13% year-over-year to 284 mDKK, reflecting lower sales of milk and reduced pig prices.
FMD outbreak in Slovakia led to culling of cattle, loss of milk revenue, and operating losses totaling 45 mDKK year-to-date.
Silo capacity in Romania doubled to 46,000 tonnes, and dairy construction in Slovakia is progressing as planned.
Financial highlights
Turnover: 284 mDKK (2024: 327 mDKK); EBITDA: 72 mDKK (2024: 86 mDKK); EBIT: 21 mDKK (2024: 41 mDKK); pre-tax result: -5 mDKK (2024: 13 mDKK).
Net profit for Q1–Q3 2025: -6.4 mDKK (2024: 9.6 mDKK).
Gross margin improved to 55.6% (2024: 50.7%), but operating margin fell to 7.3% (2024: 12.5%).
Cash flow from operating activities: -28.6 mDKK (2024: 24.7 mDKK); total cash flow: -135.9 mDKK (2024: 129.8 mDKK).
Equity increased to 912.7 mDKK, mainly due to bond conversion.
Outlook and guidance
2025 EBITDA expected at 60–90 mDKK and EBIT at -10 to +20 mDKK, maintaining the latest guidance.
Pig and crop prices are assumed to increase slightly for the remainder of 2025.
Milk production expected to return to pre-FMD levels in H2 2026.
Insurance payout of 31 mDKK for herd loss, with 60% received by Q3; additional regional subsidies of 50–60 mDKK expected, 10–15 mDKK to impact 2025 earnings.
Milk production recovery timeline and strategy?
Explain negative operating cash flow Q1-Q3 2025
Basis for Q4 pig and crop price increase assumption?
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Next FirstFarms earnings date
Q4 202523 Mar, 2026
Next FirstFarms earnings date
Q4 202523 Mar, 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.
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