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FirstFarms
FirstFarms (FFARMS) investor relations material
FirstFarms Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Mar, 2026
Executive summary
2025 was marked by a severe outbreak of foot and mouth disease (FMD) in Slovakia, leading to culling of the main dairy herd and significant operational disruption.
Revenue fell 17% year-over-year to 379 mDKK, with EBITDA at 79 mDKK and EBIT at 13 mDKK, both well below initial guidance.
The company’s financial foundation remains solid, supported by land value increases and successful insurance and subsidy claims related to FMD.
New management was appointed, and strategic focus shifted to rebuilding the Slovakian dairy herd and restoring production.
Financial highlights
Net turnover: 379 mDKK (down from 454 mDKK in 2024).
EBITDA: 79 mDKK (down from 105 mDKK in 2024); EBIT: 13 mDKK (down from 43 mDKK).
Net profit: -21 mDKK (2024: 16 mDKK).
Gross margin: 50.9% (2024: 47.9%).
Cash flow from operating activities: 17 mDKK (2024: 47 mDKK).
Net interest-bearing debt increased to 613 mDKK (2024: 551 mDKK).
Equity ratio improved to 51.5% (2024: 48.6%).
Outlook and guidance
2026 guidance: revenue growth, EBITDA of 60–110 mDKK, EBIT of -10 to +40 mDKK.
Milk production in Slovakia expected to reach pre-FMD herd size in H2 2026, with yield recovery into 2027.
Focus on efficiency, cost control, and sustainability initiatives, with continued investment in irrigation and land acquisition.
Margin outlook for the new Slovakian dairy unit
Strategy 2028 reassessment timeline and focus
Expansion plans for Romanian irrigation systems
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Latest events from FirstFarms
- Pre-tax loss driven by FMD and low prices; 2025 outlook maintained, recovery expected in 2026.FFARMS
Q3 202526 Nov 2025 - H1 2025 profit dropped sharply due to FMD, but recovery and subsidy support improve 2025 outlook.FFARMSQ2 202527 Aug 2025
- EBITDA up, but profit down on weather and costs; growth strategy and investments on track.FFARMSQ3 202413 Jun 2025
- Revenue up 8% but 2024 guidance cut by 20 mDKK due to crop and cost pressures.FFARMSQ2 202413 Jun 2025
- 2024 results missed expectations, but FirstFarms advances growth and sustainability with major investments.FFARMSQ4 20249 Jun 2025
- FMD outbreak and weak pig prices drove a sharp Q1 profit drop and lower 2025 outlook.FFARMSQ1 20256 Jun 2025
Next FirstFarms earnings date
Q1 202627 May, 2026
FirstFarms
Next FirstFarms earnings date
Q1 202627 May, 2026
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