Royal FrieslandCampina (RFC) investor relations material

Executive summary

• Revenue remained stable at €6.83 billion in H1 2026, but operating profit fell 25.9% to €269 million year-over-year due to lower commodity dairy prices and high global milk supply.

• Net result declined 40% to €138 million compared to H1 2025, despite solid volume growth in most markets and cost-saving initiatives.

• Integration of Milcobel and Wisconsin Whey Protein progressed as planned, contributing to scale and product portfolio expansion.

• Sustainability efforts continued, with over €230 million paid to member dairy farmers for sustainability achievements in 2025.

Financial highlights

• Revenue: €6,834 million (down 0.2% year-over-year).

• Operating profit: €269 million (down 25.9% year-over-year).

• Net result: €138 million (down 40% year-over-year).

• Operating cash flow improved to €292 million from €43 million in H1 2025, driven by better working capital management.

• Guaranteed milk price: €40.49 per 100 kg (down 27.2% year-over-year).

Outlook and guidance

• Expectation of higher results in H2 2026 versus H2 2025, with further volume growth in higher-value dairy segments.

• Focus remains on profitable growth, margin improvement, cash position, and continued integration of recent acquisitions.

• Commodity dairy markets are stabilizing, but margins remain sensitive to supply-demand shifts, weather, price volatility, geopolitical tensions, and regulatory changes.