ForFarmers (FFARM) H1 2025 earnings summary

Executive summary

• Achieved significant volume growth to 5.2 million tonnes, up 21.3% year-over-year, supported by acquisitions and joint ventures.

• Profitability improved markedly, with underlying EBITDA up 42.7% and EBIT up 57.7% year-over-year, driven by strong operational performance in all regions.

• Market share increased in all clusters, with notable gains in the Netherlands and after UK reorganization.

• Sustainability initiatives advanced, focusing on CO₂ reduction, circularity, biodiversity, and expanded use of co-products.

Financial highlights

• Revenue increased 16.0% to €1,571.8 million; like-for-like growth was 3.3%.

• Gross profit up 16.8% to €290.8 million, with all clusters contributing.

• Underlying EBITDA grew 42.7% to €60.8 million; underlying EBIT up 57.7% to €35.8 million.

• Underlying net profit attributable to shareholders increased 46.3% to €23.4 million.

• Net cash from operating activities surged 150.2% to €63.8 million; net debt reduced to €43.5 million.

Outlook and guidance

• Management remains focused on market share gains, local customer-centric approach, and cost control.

• Continued capacity expansion in Poland and further integration of the German joint venture planned.

• New €150 million credit facility secured, with interest rate linked to sustainability KPIs.