ForFarmers (FFARM) Q1 2026 TU earnings summary

Executive summary

• Achieved strong Q1 2026 performance with volume growth and robust profitability, supported by acquisitions and stable like-for-like volumes despite animal diseases and buy-out schemes.

• Strengthened market positions and maintained competitive pricing amid geopolitical and raw material cost pressures.

Financial highlights

• Total volume rose 9.3% year-over-year, mainly due to the German joint venture consolidation; like-for-like volume stable (-0.5%).

• Compound feed volume up 4.1%, but declined 1.1% like-for-like due to animal diseases.

• Turnover increased 4.5% to €787.6 million; like-for-like turnover down 4.7% due to lower raw material prices.

• Gross profit up 17.2% to €161.8 million; like-for-like gross profit up 10.3%.

• Underlying EBIT surged 70.8% to €27.5 million; underlying EBITDA up 49.5% to €41.1 million.

Outlook and guidance

• Joint venture with KPS in Poland expected to close in Q3 2026, pending regulatory approval.

• Continued focus on risk management to mitigate raw material and energy price volatility.