Winfarm: Significant Improvement by 2025, Yet Profitability Remains to be Rebuilt
On Wednesday, March 31, 2026, Winfarm released its 2025 results, showing a notable improvement in profitability. The group reported a reduced net loss of -0.8 M€, compared to -3.7 M€ in 2024, and generated a positive cash flow of 1.4 M€, reflecting regained operational discipline. However, its profitability remains negative and its EBITDA margin (3.6%) is still fragile, highlighting that the recovery of the French leader in agricultural remote sales, although underway, is not yet complete.
Sales Growth Across All Segments
In 2025, the leading French company in agricultural remote sales generated a consolidated turnover of 146.5 M€, up 6.1% from 2024. This growth was fueled by all its activities. AgroSupply, which accounts for 86% of the turnover, recorded 127.2 M€, up 4.5%, particularly supported by sales of 'Hygiene' and 'Animal Nutrition' products under the VITAL and EQUIDEOS brands. The BTN division of Haas (13% of AgroSupply) accelerated by +15%, benefiting from its expansion in Belgium and the dynamics of its web channel. AgroProduction (11% of the turnover) jumped 19% to 16.6 M€, driven by exceptional growth in Asia (+47.3%, representing 40% of the division) and solid performance in the Middle East (+20%, 24% of the division), despite geopolitical tensions in the area.
Historic Gross Margin Achieved
In 2025, Winfarm achieved a gross margin of 34.4% of turnover, among the best in its history since its inception, demonstrating effective price optimization in a competitive context. Concurrently, the group maintained strict control over its operating expenses, with personnel costs and external charges contained. These combined efforts resulted in an EBITDA of 5.2 M€, multiplied by 3.9 compared to 2024, and an EBITDA margin of 3.6%, an improvement of 2.6 points. However, after depreciation and amortization, the operating result remains slightly negative at -0.2 M€ (compared to -4.2 M€ in 2024) and the net loss stands at -0.8 M€. Although the recovery trajectory is marked, it has not yet enabled the group to achieve net profitability, revealing that operational leeway remains narrow.
Strengthened Financial Structure
The group significantly strengthened its financial structure in 2025. Despite sustained growth, Winfarm optimized its working capital requirement (WCR) by reducing customer payment terms, accelerating stock turnover, and adjusting its product references, thereby freeing up more than 4 M€ in cash. In total, the operational cash flow reversed to +1.4 M€ (compared to -5.4 M€ in 2024), allowing the group to reduce its financial debt from 35.5 M€ to 29.2 M€, while its available cash increased to 3.6 M€. For 2026, Winfarm anticipates a continuation of this dynamic, with strict control over the cost structure and careful management of the WCR, supporting a further expected improvement in EBITDA and debt reduction. The group highlights 'well-oriented' activity indicators despite ongoing geopolitical uncertainties.
