FirstFarms (FFARMS) Q1 2026 earnings summary

Executive summary

• EBITDA of -7 mDKK and EBIT of -23 mDKK for Q1 2026, in line with expectations and guidance.

• Revenue declined to 73 mDKK from 102 mDKK year-over-year, mainly due to low milk and pig prices.

• Focus remains on rebuilding the dairy herd, starting up new dairy facilities, and optimizing operations.

Financial highlights

• EBITDA decreased by 19 mDKK compared to Q1 2025.

• EBIT also fell by 19 mDKK year-over-year.

• Revenue dropped by 29% compared to the same period last year.

Outlook and guidance

• 2026 EBITDA guidance maintained at 60-110 mDKK; EBIT expected between -10 and +40 mDKK.

• Management expects continued challenges from low prices but is progressing as planned.