FirstFarms (FFARMS) Q2 2025 earnings summary

Executive summary

• Result before tax for H1 2025 was 7 mDKK, down from 18 mDKK year-over-year, mainly due to a foot and mouth disease (FMD) outbreak in Slovakia and lower pig and crop prices.

• Higher cattle prices and good growing conditions partially offset negative impacts from FMD and lower pig/crop prices.

• Major construction projects in Romania progressed, while dairy construction in Slovakia was paused due to FMD.

Financial highlights

• Net turnover for H1 2025 was 192 mDKK, down from 220 mDKK in H1 2024.

• EBITDA was 54 mDKK (H1 2024: 65 mDKK); EBIT was 22 mDKK (H1 2024: 35 mDKK).

• Net profit for H1 2025 was 4.8 mDKK, compared to 14.0 mDKK in H1 2024.

• Cash flow from operating activities was 1.6 mDKK, down from 17.5 mDKK in H1 2024.

• Equity increased to 916 mDKK, mainly due to bond conversion.

Outlook and guidance

• 2025 EBITDA expected at 85-125 mDKK and EBIT at 15-55 mDKK, revised upward after subsidy approval.

• Focus remains on re-establishing milk production and advancing sustainability initiatives.