ForFarmers (FFARM) Q3 2026 TU earnings summary

Executive summary

• Q3 total volume rose 1.4% YoY (+0.7% like-for-like); compound feed volume increased 2.3% (+1.3% like-for-like).

• 9M underlying EBIT increased 29.8% to €79.8m and underlying EBITDA rose 21.7% to €121.5m; Q3 profitability was pressured by higher costs.

Financial highlights

• Q3 turnover rose 1.6% to €815.0m (+0.3% like-for-like); gross profit increased 3.6% to €159.6m.

• Q3 underlying operating expenses increased 6.8% to €137.9m, mainly due to higher fuel, energy and transportation costs.

• Q3 underlying EBIT declined 11.7% to €22.7m and underlying EBITDA fell 5.4% to €36.9m.

• 9M turnover rose 0.8% to €2,392.1m; gross profit increased 9.4% to €486.9m and underlying operating expenses rose 6.2% to €409.5m.

• Underlying figures exclude incidental items and amortisation of intangible assets acquired in the past.

Outlook and guidance

• STW SA acquisition is subject to Polish competition authority approval and expected to complete in early 2027; a second KPS Food Group joint venture is expected to be finalised in coming months.

• Capital Markets Day on 24 November 2026 will provide an update on strategy and financial objectives, and further detail on the KPS Food Group joint venture.