ForFarmers (FFARM) H2 2025 earnings summary

Executive summary

• Achieved record performance in 2025 with total volumes of 10.6 million tonnes and net profit up 52.5%, driven by organic growth, acquisitions, and strengthened market positions across all regions.

• Favorable market conditions, including low raw material prices and solid selling prices, supported results, especially in eggs and poultry, though dairy and pig prices declined late in the year.

• Significant progress on sustainability, including CO₂ reduction per tonne feed by nearly 3%, increased circularity, and biodiversity initiatives.

• Integration of Van Triest, German joint venture, and new joint venture with KPS in Poland strengthened the poultry value chain and market reach.

• All clusters contributed to growth, with notable market share gains in the Netherlands and strong performance in Germany, Poland, and the UK.

Financial highlights

• Total volume reached 10.6 million tonnes, up 80% year-over-year mainly due to acquisitions; like-for-like volume growth was 1%.

• Underlying net profit rose to €61.9 million, a 52.5% increase year-over-year; underlying EPS at €0.70.

• EBITDA for 2025 was €145.9 million, up 44.7% from €100.8 million in 2024; EBIT up 57.7% to €93.2 million.

• Dividend proposal increased to €0.30 per share, up from €0.20 in 2024.

• Net cash from operating activities more than doubled to €148.3 million; net cash position at year-end was €6.0 million, reversing previous net debt.

Outlook and guidance

• Focus on completing and integrating the Tasomix and KPS joint venture in Poland, expanding capacity, and strengthening positions in all regions.

• Continued emphasis on market share growth, capacity expansion, cost control, and advancing sustainability ambitions.

• Plans to update ROIC guidance in autumn after reviewing impact of recent acquisitions.

• Expect pressure on Dutch volumes in early 2026 due to buyout schemes, but aim to offset through new customer acquisition.

• Positive outlook for further growth and market position strengthening despite volatile market and geopolitical uncertainties.