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olivLaw · European equity research

ForFarmers N.V. FFARM.AS

Netherlands · Euronext Amsterdam · ISIN NL0011832811 · Vertical: Listed companies from Netherlands

5.79EUR+2.66% · 1 dayClose 04 Nov 2026

ForFarmers N.V. is a European producer of compound feed for farm animals, active mainly in the Netherlands, Germany, the United Kingdom and Poland. In 2025 the company sharply expanded its base by combining its German feed activities with team agrar, and revenue rose to 3,153.1 million EUR.

At the close of 04 Nov 2026, ForFarmers N.V. (FFARM.AS) stock was 5.79 EUR (+2.66% on the day), with market capitalisation 515.9 m EUR, P/E 10.3 on diluted EPS of 0.56 EUR over the last 12 months, dividend yield 3.45%, beta 0.45, 52-week range 4.28–6.85 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
515.9 m EUR
shares as of 31 Dec 2025
P/E (TTM)
10.3
Diluted EPS TTM 0.56 · TTM to 31 Dec 2025
E/P (TTM)
9.67%
TTM to 31 Dec 2025
Dividend yield
3.45%
DPS 12m 0.20
Beta (2y)
0.45
Volatility (1y) 25%
52-week range
4.286.85

Price history

Loading chart…

Technical reading

RSI (14)
53.3
neutral
Bollinger (20, 2)
5.62 – 5.84
in the upper half of the band · %B 0.76 · band width 3.8%
SMA 50 / 200
5.75 / 6.06
mixed trend
MACD (12, 26, 9)
-0.02 / -0.02
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month−0.3%−1.5%+1.2 pp—
3 months+0.2%−5.3%+5.4 pp—
6 months−1.7%+4.7%−6.4 pp—
Year to date+30.7%+6.0%+24.7 pp—
1 year+36.1%+8.2%+27.9 pp+0.5%
3 years+140.7%+47.2%+93.6 pp−0.1%
5 years+49.6%+41.8%+7.8 pp—
Max drawdown (1y)
−19.7%
24 Feb 2026 → 09 Sept 2026
Max drawdown (5y)
−47.1%
10 Feb 2022 → 27 Oct 2023
Compound annual growth (5y)
+8.4%
EURO STOXX 50 +7.2%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 100 percentile of its own 2-quarter history (min 7.9, median 8.8, max 9.6; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenue3.0 bn2.7 bn3.2 bn
Revenue YoYunavailable−7.7%+14.8%
Net income-1.0 m31.4 m49.9 m
Net income YoYunavailableunavailable+58.9%
Diluted EPS-0.010.350.56
Diluted EPS YoYunavailableunavailable+60.0%
net %-0.0%1.1%1.6%
Free cash flow55.1 m43.4 m97.4 m

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
109.7 m EUR
Financial debt
169.5 m EUR
Net debt
59.8 m EUR
Equity
438.4 m EUR
Total assets
1.1 bn EUR
Debt / equity
0.39x
Current ratio
1.09x
ROE
12.8%
ROA
4.9%
FCF margin
3.1%

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2023
3.0 bn
2024
2.7 bn
2025
3.2 bn

esef· 04 Mar 2026verified

Gross profit
2023
477.3 m
2024
518.3 m
2025
611.2 m

esef· 04 Mar 2026verified

Operating income
2023
4.6 m
2024
55.4 m
2025
87.7 m

esef· 04 Mar 2026verified

Pre-tax income
2023
100.0 k
2024
42.4 m
2025
68.7 m

esef· 04 Mar 2026verified

Income tax
2023
-1.8 m
2024
8.2 m
2025
14.3 m

esef· 04 Mar 2026verified

Net income
2023
-1.0 m
2024
31.4 m
2025
49.9 m

esef· 04 Mar 2026verified

Diluted EPS
2023
-0.01
2024
0.35
2025
0.56

esef· 04 Mar 2026verified

Dividend per share
2023
—
2024
0.15
2025
0.20

esef· 04 Mar 2026verified

Balance sheet · EUR

Cash
2023
46.5 m
2024
50.7 m
2025
109.7 m

esef· 04 Mar 2026verified

Receivables
2023
244.7 m
2024
261.3 m
2025
277.3 m

esef· 04 Mar 2026verified

Inventories
2023
98.8 m
2024
117.4 m
2025
149.4 m

esef· 04 Mar 2026verified

Current assets
2023
403.2 m
2024
450.0 m
2025
552.7 m

esef· 04 Mar 2026verified

Property, plant & equipment, net
2023
304.4 m
2024
328.2 m
2025
427.8 m

esef· 04 Mar 2026verified

Total assets
2023
840.8 m
2024
942.1 m
2025
1.1 bn

esef· 04 Mar 2026verified

Accounts payable
2023
349.7 m
2024
357.6 m
2025
388.8 m

esef· 04 Mar 2026verified

Short-term debt
2023
8.5 m
2024
11.5 m
2025
100.3 m

esef· 04 Mar 2026verified

Long-term debt
2023
92.0 m
2024
120.8 m
2025
69.2 m

esef· 04 Mar 2026verified

Current liabilities
2023
371.5 m
2024
403.6 m
2025
508.2 m

esef· 04 Mar 2026verified

Total liabilities
2023
520.4 m
2024
603.8 m
2025
672.0 m

esef· 04 Mar 2026verified

Equity
2023
320.4 m
2024
338.3 m
2025
438.4 m

esef· 04 Mar 2026verified

Shares outstanding at year end
2023
—
2024
89.7 m
2025
89.1 m

esef· 04 Mar 2026derived

Cash flow · EUR

Operating cash flow
2023
86.5 m
2024
70.2 m
2025
148.3 m

esef· 04 Mar 2026verified

Capex
2023
31.4 m
2024
26.8 m
2025
50.9 m

esef· 04 Mar 2026verified

Free cash flow
2023
55.1 m ≈
2024
43.4 m ≈
2025
97.4 m ≈

esef· 04 Mar 2026derived

Investing cash flow
2023
-7.2 m
2024
-78.3 m
2025
-35.0 m

esef· 04 Mar 2026verified

Financing cash flow
2023
-66.9 m
2024
-7.4 m
2025
-30.3 m

esef· 04 Mar 2026verified

Dividends paid
2023
20.5 m
2024
14.8 m
2025
23.8 m

esef· 04 Mar 2026verified

Share repurchases
2023
—
2024
0
2025
1.7 m

esef· 04 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
14.8%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
58.3%
computed by olivLawFY 2025
Net income growth (YoY)
58.9%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
60.0%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
124.4%
computed by olivLawFY 2025

Profitability

Gross margin
19.4%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
2.8%
computed by olivLawFY 2025
Net margin
1.6%
computed by olivLawFY 2025
FCF margin
3.1%
computed by olivLawFY 2025

Returns

ROE
14.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
4.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
15.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
14.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
35.7%
computed by olivLawFY 2025
Payout ratio (FCF)
24.4%
computed by olivLawFY 2025

Balance sheet

Net debt
59.8 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.5x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
1.1x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
0.8x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.2x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
148.3 m EUR
computed by olivLawFY 2025
Capital expenditure
50.9 m EUR
computed by olivLawFY 2025
Free cash flow
97.4 m EUR
computed by olivLawFY 2025
FCF conversion
195.2%
computed by olivLawFY 2025
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
31 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
515.9 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
575.7 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
10.3x
computed by olivLawFY 2025
P/E (TTM)
10.3x
computed by olivLawFY 2025
Earnings yield
9.7%
computed by olivLawFY 2025
P/B
1.4x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.2x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
6.6x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/Sales
0.2x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
5.3x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
FCF yield
18.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
3.5%
computed by olivLawFY 2025
Shareholder yield (distributions)
4.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 56.2% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

5.79 EUR

04 Nov 2026Source: olivLaw, closing series

Market cap: 515.9 m EUR

Key indicators

Market capitalisation
515.9 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
10.3x
computed by olivLawFY 2025
P/B
1.4x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
14.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
1.6%
computed by olivLawFY 2025
Revenue growth (YoY)
14.8%
computed by olivLawFY 2025
Dividend yield
3.5%
computed by olivLawFY 2025

Coverage and freshness

28/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 04 Mar 2026
verified 83derived 2

Score by group

56% · Insufficient data

Estimated value range

Low
4.25
EUR per share
Mid
5.43
EUR per share
High
8.25
EUR per share
Price: 5.79 EUR
The price is within the range
Potential to the central value: -6.2% (value / price − 1)
Margin of safety: -6.6% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.72 – 12.79 EUR.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (EUR per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E5.78 – 12.79 (Mid 7.72)
    15 companies used · median multiple 13.8x · quartiles 10.3x – 22.8x
    AALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, HAL.AS, HAVAS.AS
  • Dividend discount (DDM)2.72 – 3.71 (Mid 3.14)

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 56.2% of at least 60%

FactorValueScoreWeight used
ROIC · Quality15.1%77 (vs peers)19%
Net margin · Quality1.6%47 (vs peers)11%
FCF conversion · Quality195.2%100 (on a fixed band)11%
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.1x24 (on a fixed band)7%
P/E (TTM) · Valuation10.3x81 (vs peers)19%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation18.9%100 (on a fixed band)15%
Shareholder yield (distributions) · Returns4.9%71 (on a fixed band)11%
Payout ratio (FCF) · Returns24.4%100 (on a fixed band)7%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial24/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality75/100 · 3/3 factors with a value
  • Returns82/100 · 2/2 factors with a value
  • Valuation89/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

ForFarmers N.V. (FFARM.AS). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 3.2 bn EUR in 2025; YoY growth 14.8%; net margin 1.6%; ROE 14.5%.

The estimated value range is 4.25–8.25 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 5.43 EUR, the price of 5.79 EUR leaves a potential of -6.2% (value / price − 1) and a margin of safety of -6.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 56.2% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROIC: 15.1%
  • FCF conversion: 195.2%
  • P/E (TTM): 10.3x
  • FCF yield: 18.9%
  • Shareholder yield (distributions): 4.9%
  • Payout ratio (FCF): 24.4%

What contradicts it

  • Current ratio: 1.1x
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.

Versus the vertical median

Listed companies from Netherlands · same country · compared with 39 companies

Multiples and returns vs the median

P/E
10.3x
vertical median 20.3x
below median (−49.0%)
EV/EBITDA
—
vertical median 10.0x
P/S
0.2x
vertical median 0.8x
below median (−80.1%)
P/B
1.4x
vertical median 2.2x
below median (−33.8%)
ROE
14.5%
vertical median 4.3%
above median (+236.6%)
Net margin
1.6%
vertical median 2.3%
below median (−31.8%)
EBIT margin
2.8%
vertical median 4.4%
below median (−36.5%)
Revenue YoY
14.8%
vertical median 2.9%
above median (+404.3%)
Net debt/EBITDA
—
vertical median 0.1x
Dividend yield
3.5%
vertical median 2.3%
above median (+49.1%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
ASML.ASASML Holding N.V.519.6 bn50.944.2%31.3%+15.6%+48% / +115%
ASM.ASASM International N.V.33.5 bn46.518.7%22.8%+8.2%+44% / +45%
DSFIR.ASDSM-Firmenich AG32.0 bn114.31.2%2.2%+20.4%+52% / +24%
AD.ASKoninklijke Ahold Delhaize N.V.30.9 bn13.715.3%2.5%+3.4%−4% / +29%
ADYEN.ASAdyen N.V.26.9 bn25.422.3%40.1%+18.9%−36% / −20%
HAL.ASHAL Trust15.6 bn9.810.5%12.8%+1.2%+23% / +49%
EXO.ASExor N.V.15.3 bn—-10.6%—−100.0%+3% / −17%
BESI.ASBE Semiconductor Industries N.V.12.1 bn91.628.7%22.3%−2.7%+17% / +18%
AKZA.ASAkzo Nobel N.V.10.8 bn17.113.8%6.3%−5.2%+12% / −11%
AALB.ASAalberts N.V.4.6 bn25.87.2%5.7%−5.3%+51% / +15%
ARCAD.ASArcadis N.V.4.2 bn20.318.3%4.3%−2.4%+24% / +2%
BNJ.ASBanijay Group N.V.3.4 bn13.8343.8%5.1%+1.6%−11% / −8%
BAMNB.ASKoninklijke BAM Groep N.V.3.4 bn42.59.1%1.3%+2.9%+49% / +408%
BFIT.ASBasic-Fit N.V.2.0 bn138.23.6%1.0%+16.9%+7% / +16%
HAVAS.ASHavas N.V.1.8 bn9.710.2%6.5%+1.7%+27% / unavailable
CRBN.ASCorbion N.V.1.6 bn8.327.3%14.9%+1.9%+40% / +56%
ECMPA.ASEurocommercial Properties N.V.1.4 bn11.25.9%45.4%+4.2%−4% / +19%
FUR.ASFugro N.V.973.4 m—-1.5%-1.1%−18.8%−1% / −49%
ACOMO.ASAcomo N.V.687.4 m15.210.7%3.3%+7.6%−3% / +37%
FAST.ASFastned B.V.667.9 m—-28.2%-21.7%+66.1%+61% / +25%
FFARM.ASForFarmers N.V.515.9 m10.314.5%1.6%+14.8%+31% / +140%
BRNL.ASBrunel International N.V.386.2 m126.51.0%0.3%−10.8%−5% / −29%
ALFEN.ASAlfen N.V.229.8 m—-0.1%-0.0%−10.7%+0% / −77%
ENVI.ASEnvipco Holding N.V.227.9 m—-12.7%-11.9%−20.8%−24% / +49%
CMCOM.ASCM.com N.V.188.7 m—-22.2%-1.5%−5.4%+21% / −31%

1- and 3-year price returns: for FFARM.AS from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
1 years
3.78
Total return -32% · Per year -32%
6.65
Total return 19% · Per year 19%
9.97
Total return 77% · Per year 77%
3 years
4.47
Total return -13% · Per year -5%
8.77
Total return 65% · Per year 18%
14.32
Total return 165% · Per year 38%
5 years
5.28
Total return 9% · Per year 2%
11.56
Total return 126% · Per year 18%
20.57
Total return 291% · Per year 31%
What moves the 3-year price the most
  • Exit P/E± 2.19
  • Net margin± 1.53
  • Annual revenue growth± 1.15
  • Annual dilution± 0.13

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

ForFarmers N.V. is a European producer of compound feed for farm animals, active mainly in the Netherlands, Germany, the United Kingdom and Poland. In 2025 the company sharply expanded its base by combining its German feed activities with team agrar, and revenue rose to 3,153.1 million EUR 1.

SWOT

Strengths

  • Extensive European network of plants and terminals across several countries.
  • Geographic and product diversification that reduces dependence on a single market.
  • Demonstrated capacity to integrate large acquisitions such as the one in Germany.

Weaknesses

  • Margins depend heavily on raw material costs, which are hard to pass fully on to customers.
  • Integrating several entities in a short period can strain systems and management.
  • The IFRS result is affected by one-off items, which makes comparisons harder.

Opportunities

  • Full integration of the German activities could bring cost synergies.
  • Expanding volumes in countries where the group already operates could support growth.
  • Further regional asset acquisitions could complement the product portfolio.

Threats

  • Volatility in grain and other raw material prices could reduce margins.
  • Environmental and animal welfare regulations could raise compliance costs.
  • Lower demand in the poultry or pig sectors could affect sold volumes.

Risks

  • Post-acquisition integrationmedium

    Combining the German activities and integrating other recent acquisitions could generate unforeseen costs and operational delays.

  • Raw material costshigh

    Fluctuations in grain and ingredient prices could directly affect gross margins.

  • Dependence on farming sectorshigh

    Demand depends on the health of the poultry, pig and dairy sectors; a health crisis could reduce volumes.

  • Put option obligationsmedium

    Commitments linked to the Tasomix acquisition, including the put option, could affect cash flows.

  • Currency and financial exposurelow

    Operations in several countries and financing costs could affect net result if conditions worsen.

Investment thesis

What would need to be true (bull case)

  • If integration of the German activities succeeds, the group could capture synergies that improve medium-term operating results.
  • Growth in autonomous volumes points to solid demand, which could support revenue without further acquisitions.
  • Geographic diversification could limit the impact of a local problem on the whole group.

What would break the thesis

  • If raw material prices rise faster than selling prices, margins could fall significantly.
  • Rapid growth through acquisitions could outpace management's ability to integrate all entities.
  • The gap between the IFRS result and the underlying result could raise questions about the quality of reported profit.

What to watch

  • Development of gross margin and raw material costs in quarterly reportingQ1 2027
  • Progress of integrating team agrar and HaBeMa in Germany2027
  • Contribution of the Beukelaar Diervoeders acquisition to revenue in the Netherlands and Belgiumnext 10-K
  • Deferred payment from the team agrar transaction, planned over up to three years2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

ForFarmers produces and sells compound feed for farm animals, along with other products and related services such as grains, fertilisers and farm products, according to the 2025 annual report 1. The group operates as a set of countries, each a separate operating segment, aggregated into reportable segments with similar economic characteristics 1. In 2025 revenue reached 3,153.1 million EUR, against 2,745.7 million EUR in 2024 1.

Segment operating result was 87.7 million EUR in 2025, compared with 55.4 million EUR in 2024, and profit before tax was 68.7 million EUR 1. Management tracks underlying metrics that exclude exceptional items such as acquisition amortisation and asset disposal effects; underlying profit for the period was 66.9 million EUR 1.

Acquisitions played a central role: on 28 February 2025 ForFarmers combined its German feed activities with team agrar and HaBeMa into a jointly owned entity consolidated by ForFarmers, and in November 2025 it acquired Beukelaar Diervoeders B.V. 1. A one-off non-cash gain linked to HaBeMa means the IFRS result includes items that differ from the underlying figures 1.

Segments

Compound feed (mengvoer)

Compound feed is the group's main revenue category, at 2,217.8 million EUR in 2025 against 2,125.9 million EUR in 2024 1. The increase reflects mainly volumes and a full year of Van Triest 1.

Other revenue and related activities

Other revenue, covering wet and liquid feeds, other traded products and services, rose to 935.3 million EUR in 2025 from 619.8 million EUR in 2024, mainly due to the acquisition of team agrar and HaBeMa 1.

Geography: Netherlands, Germany, United Kingdom, Poland

Revenue was 1,066.0 million EUR in the Netherlands, 829.8 million EUR in Germany, 733.0 million EUR in the United Kingdom and 410.0 million EUR in Poland in 2025 1. Germany grew most, from 550.1 million EUR to 829.8 million EUR, following the February 2025 acquisition 1.

Market context

Acquisitions extended the group's market presence in Germany and strengthened its position in Poland, where the Piast acquisition reinforced activity in the broiler segment 1. Market dynamics also depend on raw material prices, which influence cost of sales, a major component of the income statement 1.

Trends

  • Consolidation through acquisitionsmixed

    The team agrar, HaBeMa and Beukelaar acquisitions added revenue but also complex integration; if integration succeeds, it could support margin improvement 1.

  • Volume growthtailwind

    Autonomous volumes increased, indicating solid demand for compound feed across several European countries 1.

  • Raw material costsheadwind

    The cost of raw materials and production directly affects profitability; an increase could pressure margins 1.

  • Personnel costsheadwind

    Wage costs rose with the expansion of activity, making productivity an important variable 1.

Competitive position

ForFarmers operates in a fragmented European market where regional feed producers compete on price, logistics and services for farmers 1. The sources provided do not identify competitors listed on a US exchange.

Competition is mainly local and regional, and the group's advantage could come from its extended network of plants and transhipment terminals in Germany and Poland 1.

  • Regional feed producers in Germany

    Local competitors implicitly referenced through the team agrar integration, with no listed data in the source.

  • Regional feed producers in Poland

    Local competitors in the Polish market, including structures similar to those acquired by the group.

  • Feed producers in the Netherlands

    Competitors in the group's home market, with demand concentrated in the poultry and pig sectors.

  • Grain distributors and traders

    Companies competing in grain and by-product trade, where the group is also active.

News & filings

In the press

No news in our archive over the last 180 days.

Annual reports (ESEF)

Sources

  1. [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / ForFarmers N.V. · 31 Dec 2025

Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.