Royal FrieslandCampina (RFC) H1 2025 earnings summary

Executive summary

• Revenue rose 6.4% year-over-year to €6,847 million, driven by higher selling prices despite lower volumes.

• Operating profit increased 20.6% to €363 million, with net result up 25.7% to €230 million, reflecting improved volume mix and cost savings.

• Specialised Nutrition and Ingredients business groups delivered strong results, offsetting challenges in Asia.

• Member dairy farmers received €228 million for sustainability performance related to 2024.

• Ongoing economic uncertainty is expected to pressure profit in the second half of 2025.

Financial highlights

• Revenue: €6,847 million (up from €6,433 million in H1 2024).

• Operating profit: €363 million (up from €301 million in H1 2024).

• Net result: €230 million (up from €183 million in H1 2024).

• Operating cash flow: €43 million (down from €247 million in H1 2024), impacted by higher working capital.

• Pro forma milk price increased 19.1% to €59.66 per 100 kg.

Outlook and guidance

• Profitability expected to decline in H2 2025 due to low consumer confidence, adverse currency effects, and less favorable commodity markets.

• Cost savings programs are on track to deliver €400–500 million in annual gross savings compared to 2023 baseline.