FirstFarms (FFARMS) Q2 2026 earnings summary

Executive summary

• Half-year pre-tax loss of 50 mDKK, significantly impacted by drought in Slovakia and low pig and milk prices, resulting in a 57 mDKK decline year-over-year.

• Turnover increased to 200 mDKK from 192 mDKK year-over-year, but EBITDA dropped sharply to 3 mDKK from 54 mDKK.

• Construction of a new dairy facility in Plavecky is nearing completion, with full operation expected in Q4 2026.

• Acquisition of Exim farm in Romania added 680 hectares of irrigated land, supporting future growth.

Financial highlights

• Net turnover: 199.6 mDKK (H1 2025: 192.2 mDKK).

• EBITDA: 2.5 mDKK (H1 2025: 54.4 mDKK); EBIT: -32.5 mDKK (H1 2025: 22.1 mDKK).

• Net profit: -48.2 mDKK (H1 2025: 4.8 mDKK).

• Gross margin: 29.7% (H1 2025: 58.5%).

• Cash flow from operating activities: -11.7 mDKK (H1 2025: 1.6 mDKK).

Outlook and guidance

• Full-year 2026 EBITDA expected between -5 and 45 mDKK; EBIT between -75 and -25 mDKK.

• Focus for H2 2026 on operationalizing the new dairy facility and cost management.

• Milk and pig prices anticipated to improve slightly in the second half of 2026.