ForFarmers (FFARM) investor relations material

Executive summary

• Achieved record performance in 2025 with volumes reaching 10.6 million tonnes and net profit up 52.5%, driven by organic growth, acquisitions, and strengthened market positions across all regions.

• Favourable market conditions, including low raw material prices and solid selling prices, supported results, especially in eggs and poultry, though dairy and pig prices declined towards year-end.

• Major strategic steps included the integration of Van Triest, joint ventures in Germany and Poland, and the announced partnership with KPS to expand integrated poultry operations.

• All clusters contributed to growth, with notable performance in the Netherlands, Poland, Germany, and the UK.

Financial highlights

• Total volume reached 10.6 million tonnes, up 18% year-over-year, with compound feed volume up 6.9%.

• Underlying net profit rose to €61.9 million, up 52.5% year-over-year; underlying EPS at €0.70.

• EBITDA increased to €145.9 million, up 44.7% from 2024; EBIT up 57.7% to €93.2 million.

• Dividend proposal of €0.30 per share, up 50% from previous year.

• Net cash from operating activities more than doubled to €148.3 million; net cash position at year-end was €6.0 million, reversing previous net debt.

Outlook and guidance

• Focus on completing and integrating the Tasomix-KPS joint venture in Poland and expanding capacity in Poland and the UK.

• Continued ambition to maintain stable volumes in the Dutch market despite buyout scheme impacts.

• New ROIC guidance expected in autumn after review of recent investments.

• Emphasis on cost control, advancing sustainability ambitions, and optimizing logistics and chain integration.