Royal FrieslandCampina (RFC) investor relations material

Executive summary

• Achieved strong financial results for the second consecutive year, despite a challenging second half marked by falling commodity dairy prices and increased milk supply.

• Strategic actions included the merger with Milcobel, acquisition of Wisconsin Whey Protein, and divestment of Romanian operations.

• Focused on cost control, portfolio simplification, and operational efficiency, resulting in improved margins and resilience.

• Sustainability and employee engagement advanced, with progress on climate targets and increased diversity in management.

Financial highlights

• Revenue increased by 3.6% to €13.4 billion compared to 2024.

• Net result rose by 2.2% to €328 million year-over-year.

• Operating profit declined by 3.8% to €507 million due to cost pressures and lower commodity prices.

• Net cash flow from operating activities was €615 million, down from €900 million in 2024, mainly due to higher working capital.

• Net debt increased to €316 million from €270 million.

• Milk price paid to members rose by 7.5% to €56.93 per 100 kg.

Outlook and guidance

• Profitability expected to lag in the first half of 2026 due to high milk supply and low commodity prices, with improvement anticipated in the second half as supply and demand rebalance.

• Integration of Milcobel and Wisconsin Whey Protein are key priorities for 2026.

• Continued focus on cost control, operational efficiency, and sustainability targets.