olivLaw · European equity research
FirstFarms A/S FFARMS.CO
Denmark · Nasdaq Copenhagen · ISIN DK0060056166 · Vertical: Listed companies from Denmark
FirstFarms A/S is a Danish agricultural group with operations in Romania, Slovakia, Hungary and the Czech Republic, active in crops, pigs, milk and farmland. In the first half of 2026 the company reported revenue of 199.6 mDKK and a negative pre-tax result, weighed down by low prices for animal products and drought in Europe, which makes the question of its ability to recover relevant.
At the close of 04 Nov 2026, FirstFarms A/S (FFARMS.CO) stock was 67.40 DKK (−1.46% on the day), with market capitalisation 789.8 m DKK, dividend yield 0.00%, beta 0.05, 52-week range 65.80–78.00 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 47.8
- neutral
- Bollinger (20, 2)
- 65.95 – 69.05
- in the lower half of the band · %B 0.47 · band width 4.6%
- SMA 50 / 200
- 68.42 / 70.35
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.09 / -0.20
- MACD above 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
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.9% | +0.4% | −3.3 pp | — |
| 3 months | −1.7% | −3.3% | +1.5 pp | — |
| 6 months | −5.9% | +4.0% | −9.8 pp | — |
| Year to date | −9.2% | +8.1% | −17.3 pp | — |
| 1 year | −12.9% | +10.7% | −23.6 pp | −6.4% |
| 3 years | −8.7% | +50.1% | −58.8 pp | +2.6% |
| 5 years | +5.6% | +43.6% | −38.0 pp | — |
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.
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 454.0 m | 379.2 m |
| Revenue YoY | unavailable | −16.5% |
| Net income | 16.3 m | -20.6 m |
| Net income YoY | unavailable | −226.1% |
| Diluted EPS | 1.55 | -1.76 |
| Diluted EPS YoY | unavailable | −213.5% |
| net % | 3.6% | -5.4% |
| Free cash flow | -47.5 m | -133.5 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 12.1 m DKK
- Financial debt
- 517.2 m DKK
- Net debt
- 505.1 m DKK
- Equity
- 899.3 m DKK
- Total assets
- 1.7 bn DKK
- Debt / equity
- 0.58x
- Current ratio
- 2.16x
- ROE
- -2.4%
- ROA
- -1.2%
- FCF margin
- -35.2%
Financial statements (source on every figure)
Revenue and net income (DKK)
Margins
Income statement · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 454.0 m | 379.2 m | esef· 12 May 2026verified |
| Operating income | 43.0 m | 12.7 m | esef· 12 May 2026verified |
| Interest expense | 44.4 m | 35.8 m | esef· 12 May 2026verified |
| Pre-tax income | 8.9 m | -18.7 m | esef· 12 May 2026verified |
| Income tax | -7.5 m | 1.9 m | esef· 12 May 2026verified |
| Net income | 16.3 m | -20.6 m | esef· 12 May 2026verified |
| Diluted EPS | 1.55 | -1.76 | esef· 12 May 2026verified |
| Dividend per share | 0.00 | 0.00 | esef· 12 May 2026derived |
Balance sheet · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 137.7 m | 12.1 m | esef· 12 May 2026verified |
| Inventories | 118.3 m | 157.0 m | esef· 12 May 2026verified |
| Current assets | 413.5 m | 367.0 m | esef· 12 May 2026verified |
| Goodwill | 16.1 m | 16.1 m | esef· 12 May 2026verified |
| Total assets | 1.7 bn | 1.7 bn | esef· 12 May 2026verified |
| Accounts payable | 55.3 m | 57.2 m | esef· 12 May 2026verified |
| Long-term debt | 514.6 m | 517.2 m | esef· 12 May 2026verified |
| Current liabilities | 146.9 m | 170.2 m | esef· 12 May 2026verified |
| Total liabilities | 865.7 m | 845.5 m | esef· 12 May 2026verified |
| Equity | 819.2 m | 899.3 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 10.5 m | 11.7 m | esef· 02 Sept 2026derived |
Cash flow · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 47.1 m | 17.2 m | esef· 12 May 2026verified |
| Capex | 94.6 m | 150.7 m | esef· 12 May 2026verified |
| Free cash flow | -47.5 m ≈ | -133.5 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | -89.4 m | -141.4 m | esef· 12 May 2026verified |
| Financing cash flow | 154.1 m | -1.5 m | esef· 12 May 2026verified |
| Dividends paid | 0 | 0 | esef· 12 May 2026verified |
| Share repurchases | 8.6 m | 343.0 k | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 789.8 m DKK
Key indicators
Coverage and freshness
Score by group
42% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 0.8% | 22 (vs peers) | 25% |
| Net margin · Quality | -5.4% | 18 (vs peers) | 15% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.4x | 0 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 1.5x | 57 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -16.9% | 0 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | 0.0% | 1 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet23/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality21/100 · 2/3 factors with a value
- Returns· partial1/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 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
FIRSTFARMS A/S (FFARMS.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 379.2 m DKK in 2025; YoY growth -16.5%; net margin -5.4%; ROE -2.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: 0.8%
- Net margin: -5.4%
- Interest coverage: 0.4x
- FCF yield: -16.9%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Denmark · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.3 bn | 51.4 | 15.0% | 6.7% | +2.5% | +71% / +29% |
| PNDORA.COPandora A | 70.8 bn | 13.5 | 133.4% | 16.1% | unavailable | +20% / −0% |
| NEWCAP.CONewcap Holding A | 65.3 bn | 13,125.0 | 29.1% | 41.6% | −99.9% | +121% / +62% |
| ISS.COIss A | 49.5 bn | 19.2 | 27.7% | 3.1% | +1.1% | +39% / +151% |
| BAVA.COBavarian Nordic A | 19.3 bn | 14.0 | 10.9% | 22.0% | unavailable | +34% / +48% |
| NETC.CONetcompany Group A | 16.9 bn | 66.6 | 7.2% | 3.3% | unavailable | +12% / +65% |
| GN.COGn Store Nord A | 16.2 bn | 24.8 | 6.3% | 6.8% | unavailable | +7% / −31% |
| BIOMAR.COBiomar Group A | 12.1 bn | 17.0 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.0 bn | 11.0 | 7.7% | 57.1% | unavailable | +1% / −8% |
| DFDS.CODfds A | 8.9 bn | — | -0.2% | -0.1% | +1.9% | +77% / −24% |
| GUBRA.COGubra A | 4.8 bn | 2.9 | 149.6% | 64.1% | +892.2% | −40% / +155% |
| MATAS.COMatas A | 3.7 bn | 15.2 | 6.6% | 2.8% | +4.7% | −19% / −8% |
| CBRAIN.COCbrain A | 2.0 bn | 47.4 | 13.8% | 17.2% | −6.2% | −31% / −58% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −23% / +13% |
| COLUM.COColumbus A | 1.2 bn | 83.1 | 2.0% | 0.9% | unavailable | −6% / +29% |
| NNIT.CONnit A | 1.0 bn | — | -3.0% | -1.3% | −3.4% | −13% / −52% |
| NORTHM.CONorth Media A | 908.9 m | 13.7 | 5.5% | 5.1% | −0.4% | +15% / −12% |
| FFARMS.COFirstfarms A | 789.8 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 516.0 m | — | -1.3% | -0.9% | +28.7% | −39% / −45% |
| BIOPOR.COBioporto A | 463.0 m | — | -117.6% | -203.8% | +11.2% | −6% / −52% |
| GABR.COGabriel Holding A | 418.2 m | 56.0 | 2.8% | 1.4% | +6.7% | −13% / −31% |
| GREENM.COGreenMobility A | 393.7 m | 11.9 | 74.3% | 21.5% | +20.0% | −19% / +91% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 302.9 m | 13.6 | 5.4% | 29.7% | +0.9% | −2% / +37% |
| CEMAT.COCemat A | 212.4 m | 3.4 | 28.7% | 37.5% | +318.0% | −9% / +3% |
1- and 3-year price returns: for FFARMS.CO 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.
Estimated price (DKK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
FirstFarms A/S is a Danish agricultural group with operations in Romania, Slovakia, Hungary and the Czech Republic, active in crops, pigs, milk and farmland. In the first half of 2026 the company reported revenue of 199.6 mDKK and a negative pre-tax result, weighed down by low prices for animal products and drought in Europe, which makes the question of its ability to recover relevant.
SWOT
Strengths
- The company holds a substantial base of farmland, regarded as protection against inflation, and operates in several countries, which diversifies regional risks.
- Romanian operations delivered yields above expectations, suggesting solid potential in areas with water access.
- The strategic partnership with a milk processor offers prospects of added value for milk production.
Weaknesses
- The pre-tax result was negative in the first half and operating margins fell sharply.
- Net interest-bearing debt rose considerably from the previous year, adding pressure on cash flows.
- Milk production was affected by a disease outbreak in the herd, and restoring capacity is still under way.
Opportunities
- Completing the dairy plant could open higher added value for milk production.
- Expanding irrigated land in Romania could reduce dependence on climate conditions in other regions.
- A recovery in pig and milk prices in the second half of the year could significantly improve results.
Threats
- Repeated droughts in Central Europe could again reduce crop yields.
- Volatile agricultural product prices may affect revenue and the capacity to service debt.
- Rising financing costs could further narrow the company's net margins.
Risks
- Climate riskhigh
Drought in the region can reduce crop yields and directly affect revenue from the Slovak farms and other areas.
- Volatility of agricultural priceshigh
Prices for pigs, milk and crops have fluctuated sharply, and a further decline could continue to weigh on margins.
- Indebtednessmedium
Net interest-bearing debt has increased, and debt service could become a burden if results do not improve.
- Animal health riskmedium
The disease outbreak in the dairy herd reduced milk production, and full recovery could take longer than estimated.
- Investment executionlow
Completing the dairy plant and integrating the new Romanian farm carry risks of delays and additional costs.
Investment thesis
What would need to be true (bull case)
- If pig and milk prices continue their recovery in the second half of the year, operating results could show a visible improvement.
- Farmland assets and the irrigated expansion in Romania could provide a stable long-term base.
- Completing the dairy plant in partnership with a processor could open new sources of added value.
What would break the thesis
- If drought persists in Slovakia, losses in that segment could continue through the rest of the year.
- Rising net debt could limit financial flexibility if operating results remain weak.
- The downward revision of 2026 guidance suggests the recovery could be slower than originally hoped.
What to watch
- Development of pig and milk prices against the company's forecastsQ4 2026
- Completion and start-up of the dairy plant in PlaveckýQ4 2026
- Final yield levels in Slovakia after the drought2026
- Annual result and delivery against the revised EBITDA and EBIT guidancenext annual report 2026
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
FirstFarms A/S runs integrated agriculture covering crop production, pig farming, milk production and ownership of farmland. According to the half-year report the company operates in Romania, Slovakia, Hungary and the Czech Republic, and farmland is an important part of the balance sheet, which management regards as a real asset protected against inflation. Consolidated revenue was 199.6 mDKK in the first half of 2026, while EBITDA fell to 2.5 mDKK.
In spring 2026 the company agreed to buy the Ted Exim farm in Romania, about 35 km east of its crop centre, which expands its irrigated land base. The effect of this acquisition on future results cannot be estimated from the report alone, and developments depend on market and climate conditions.
Segments
Slovak operations
The Slovak segment recorded total revenue of 99.1 mDKK but negative EBITDA of -21.2 mDKK, hit by drought, especially in maize and sugar beet. This is the main area that could influence the year's results if the drought persists.
Hungarian and Czech operations
The Hungarian and Czech segments posted operating losses in the first half, with negative EBIT in both, reflecting pressure on animal product prices and production costs. Their development depends on a recovery in pig and milk prices.
Market context
Demand for farmland remains a key element, as management regards land as an asset protected against inflation. The Romanian land purchases suggest the company sees growth potential in irrigated areas, but profitability depends on water availability and agricultural prices.
Trends
- Drought in Central Europeheadwind
Drought in several European countries has reduced yields, particularly in Slovakia, where maize and sugar beet were affected. If climate conditions remain unfavourable, the impact on crops could continue.
- Low pig and milk pricesmixed
Pig and milk prices were far below last year's level, directly affecting livestock revenue. The company expects a slight recovery that could support margins in the second half of the year.
- Investment in irrigated landtailwind
The purchase of the Ted Exim farm in Romania, with high-quality irrigated land, points to a focus on areas with more secure water access, which could reduce sensitivity to drought.
Competitive position
FirstFarms operates in a fragmented sector where competition comes from local farmers, agricultural cooperatives and regional farming groups in Central and Eastern Europe. The half-year report does not name competitors, and a direct comparison with US-listed companies is not supported by the available sources.
The company's competitive edge lies in vertical integration, the scale of operations across several countries and land ownership, which provides long-term stability. However, the lack of diversification across animal product price cycles exposes it to cost-based competition.
- Local agricultural cooperatives in Slovakia
Competition for land and agricultural product prices in the regions where FirstFarms has its farms.
- Regional farmers in Hungary
Competition in crop and livestock markets in the area of the Hungarian operations.
- Milk producers in Romania
Competition on raw milk prices and access to suppliers in Romania.
- Agricultural groups in the Czech Republic
Competition for land and in the pig market in the Czech Republic.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202512 May 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / FirstFarms A/S · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.