ForFarmers NV · EURONEXT:FFARM
ForFarmers NV — FY2025 Earnings Presentation
23 slides from ForFarmers NV's earnings presentation, Feb 19, 2026
Slide 1: Full year results 2025
FORFARMERS Full year results 2025
Slide 2: Notifications and Disclaimer
NOTIFICATIONS AND DISCLAIMER Reporting standards Important data Forward looking statements The results in this presentation are derived This presentation contains forward-looking statements, including those relating to ForFarmers legal from the ForFarmers 2025 financial 16-04-2026 General Meeting of
Slide 3: Agenda
AGENDA Key events FY 2025 • Pieter Wolleswinkel, CEO Financial results FY 2025 • Marloes Roetgerink, CFO Management agenda 2026 • Pieter Wolleswinkel Questions
Slide 4: Record year 2025: solid performance driven by organic growth as well as acquisitions
RECORD YEAR 2025: SOLID PERFORMANCE DRIVEN BY ORGANIC GROWTH AS WELL AS ACQUISITIONS Strategic initiatives and the dedication of our employees drive the strengthening of our market positions • We are gaining market share through a local, customer-focused approach • Favourable market conditions with
Slide 5: Volume up to 10.6 million tonne, net profit increases to €61.9 million
VOLUME UP TO 10.6 MILLION TONNE NET PROFIT INCREASES TO €61.9 MILLION Total volume +18%; compound feed volume +6.9% • Acquisition Van Triest and JV effect in Germany • Volume also increases on a like-for-like basis (+1.0% total and +0.7% compound feed) Gross profit increased by 17.9%, driven by both
Slide 6: Good progress on sustainability ambitions: CO2-reduction and increased share co-products
GOOD PROGRESS ON SUSTAINABILITY AMBITIONS: CO2-REDUCTION AND INCREASED SHARE CO-PRODUCTS CO2-reduction per tonne feed almost 3% compared to 2024, overall CO2-reduction compared to 2022 is 15.4%, in line with SBTi target • Purchasing cleaner energy and investing in energy-efficient installations driv
Slide 7: Market share growth and strong profit growth
MARKET SHARE GROWTH AND STRONG PROFIT GROWTH Netherland/Belgium (Underlying, in €m) 2025 2024 Δ% Δ aut Total volume (in kT) 4,801 4,407 8.9% -1.6% • Volume up 8.9% driven by acquisition Van Triest (per September 2024) Gross profit 282.5 254.4 11.0% 5.7% • Slight organic decline as certain co-product
Slide 8: Excellent profitability and a healthy outlook
EXCELLENT PROFITABILITY AND A HEALTHY OUTLOOK United Kingdom (Underlying, in €m) 2025 2024 Δ% Δ aut Total volume (in kT) 2.506 2,383 5.2% 5.2% • Volume increase of 5.2%, mainly driven by ruminants Gross profit 142.3 135.3 5.2% 6.4% • Strong strategy execution and favourable milk prices led to solid
Slide 9: Integration JV Germany is on schedule and strong performance Poland
INTEGRATION JV GERMANY IS ON SCHEDULE AND STRONG PERFORMANCE POLAND Germany/Poland (Underlying, in €m) 2025 2024 Δ% Δ aut • Volumes were up 49.8%, mainly driven by the joint venture effect in Germany (as of Total volume (in kT) 3,341 2,231 49.8% 1.9% March 2025) and volume growth in Poland Gross pro
Slide 10: Significant strengthening of our position in Poland through chain integration
SIGNIFICANT STRENGTHENING OF OUR POSITION IN POLAND THROUGH CHAIN INTEGRATION Strategic rationale • ForFarmers enters into a joint venture with KPS, a leading integrated player in poultry production, slaughtering and processing. • KPS is an established partner with whom we have been working closely
Slide 11: KPS Food Group
KPS FOOD GROUP Profile • KPS is an integrated player in the poultry sector. • It employs about 2,000 people. • KPS realises a turnover of appr. €252 million with an EBITDA of appr. €46 million. • The current shareholders, the Krzyżanowski and Sobczak families, own 100% of the shares of KPS. • They a
Slide 12: Activities KPS Food Group
ACTIVITIES KPS FOOD GROUP Seven poultry farms with a total of approximately 3 million bird places. All poultry is supplied to the KPS- slaughterhouse. Slaughterhouse in Radom (KPS Food) Fifty percent of the slaughterhouse volume consists of own broilers, while the other 50% is sourced from third-par
Slide 13: Activities KPS Food Group
ACTIVITIES KPS FOOD GROUP Food processing (KPS Food Pionki) specialised in ready-to-eat products (e.g. chicken nuggets). The end-products are primarily sold to international foodservice and retail customers.
Slide 14: New joint venture ForFarmers Polska
NEW JOINT VENTURE FORFARMERS POLSKA Transaction structure • All activities of Tasomix and KPS will be merged into a new joint venture ForFarmers Polska. • ForFarmers will have a controlling (50.5%) stake and will fully consolidate the joint venture. • The consideration for the difference in valuatio
Slide 15: Agenda
AGENDA Key events FY 2025 • Pieter Wolleswinkel, CEO Financial results FY 2025 • Marloes Roetgerink, CFO Management agenda 2026 • Pieter Wolleswinkel Questions
Slide 16: Strong results: volumes up 18%, underlying EBITDA up 45%
STRONG RESULTS: VOLUMES UP 18%, UNDERLYING EBITDA UP 45% (in €m, unless indicated otherwise) FY 2025 FY 2024 Δ% Δ l-f-l Comments All clusters contribute to volume growth. Increase mainly the Total volume (in mT) 10,648 9,021 18.0% 1.0% result of the acquisition of Van Triest (full year effect) and c
Slide 17: Underlying net profit up 50% to €62 million
UNDERLYING NET PROFIT UP 50% TO €62 MILLION (in €m, unless indicated otherwise) FY 2025 FY 2024 Comments Underlying EBIT 93.2 59.1 Decrease in interest expenses. Total financing costs increased partly Underlying net financing result -9.8 -7.5 due to increased interest expenses on leases This mainly
Slide 18: No major changes in one-off items and other APM's
NO MAJOR CHANGES IN ONE-OFF ITEMS AND OTHER APM’S (In €m) FY 2025 FY 2024 Comments One-off and other APM items in: FY 2025 (non-cash) gain HaBeMa, gain sale UK plant (Burston). FY 2024 Other operating income 8.8 9.5 gain in relation to Piast acquisition and sale UK plant (Radstock) Operating expense
Slide 19: Strong balance sheet – ample room for M&A
STRONG BALANCE SHEET – AMPLE ROOM FOR M&A (in €m, unless indicated otherwise) 31-12-2025 31-12-2024 Comments Total Assets 1,110.4 942.1 Consolidation JV Germany As a result of profit contribution, partly offset by dividend Equity 438.4 338.3 distribution Solvency ratio 39.5% 35.9% Net working capita
Slide 20: Strong improvement operational cash flow, significant reduction net debt
STRONG IMPROVEMENT OPERATIONAL CASH FLOW, SIGNIFICANT REDUCTION NET DEBT (in €m) FY 2025 FY 2024 Comments From operating activities 148.3 70.2 From investing activities -41.7 -78.3 Decrease mainly as a result of the acquisitions in the previous year From financing activities -30.5 -7.4 Increase main
Slide 21: Agenda
AGENDA Key events FY 2025 • Pieter Wolleswinkel, CEO Financial results FY 2025 • Marloes Roetgerink, CFO Management agenda 2026 • Pieter Wolleswinkel Questions
Slide 22: Management agenda 2026
MANAGEMENT AGENDA 2026 Focus on further strengthening market positions • Completion of transaction and start-up integration of Tasomix and KPS Netherlands • Strengthening market position in all species • Enhancing Reudink’s position Germany/Poland • Further capacity expansion in Poland, expansion to
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