ForFarmers (FFARM) H1 2026 (Media) earnings summary

Executive summary

• Sustained strong results in H1 2026, with underlying profit up nearly 60% year-over-year, driven by robust performances in the Netherlands, Germany, and Poland.

• Market share increased, especially in the Polish poultry sector, supported by acquisitions and joint ventures.

• Strategic focus on innovation, sustainability, and value chain integration, including partnerships and new product launches.

Financial highlights

• Total volume rose 5.1% to 5.45 million tonnes; compound feed volume up 3.3%.

• Revenue increased 0.3% to €1,577.1 million; like-for-like revenue declined 4.8% due to lower raw material costs.

• Gross profit up 12.6% to €327.3 million; underlying EBITDA up 39.3% to €84.7 million.

• Underlying EBIT rose 59.8% to €57.2 million; underlying net profit attributable to shareholders up 59.4% to €37.3 million.

• Underlying EPS increased 55.6% to €0.42.

• Net cash from operating activities fell to €44.9 million (H1 2025: €63.8 million); net debt at €22.4 million.

• ROACE on underlying EBIT improved to 22.0% from 14.3% year-over-year.

Outlook and guidance

• New financial targets to be announced at Capital Markets Day at year-end, reflecting improved performance and the impact of the KPS joint venture.

• Continued focus on sustainable livestock farming, innovation, and value chain integration.