Winfarm: Revenue Up 0.6% in Q1 2026, Reaching €36.7M
Winfarm, the leading French group in integrated services for the agricultural sector, recorded a revenue of €36.7 million in the first quarter of 2026, marking a 0.6% increase year-over-year. This modest growth conceals two opposing trends: the stability of the dominant AgroSupply sector (+1.4%) versus the decline in the AgroProduction sector (−6.6%), hampered by a particularly challenging base effect following a 32% increase last year.
AgroSupply Drives Momentum, AgroProduction Suffers from Base Effect
The AgroSupply sector, accounting for 87% of the group's revenue, generated €31.9 million, up 1.4% from Q1 2025. This growth is primarily driven by the dynamics of the nutrition segment, described as structurally dynamic for the group. Despite unfavorable weather conditions in January and February that slowed sales, activity rebounded in March, largely offsetting the accumulated delay. Specialized segments show varied trajectories. Equideos maintains a high revenue level, continuing its strong performance in nutrition. Kabelis records an 8% increase, confirming a market recovery despite the municipal election context. BTN Netherlands remains stable, supported by strong activity in March. The AgroProduction sector, representing 11% of the revenue, fell to €4.2 million, down 6.6%. This decline follows an exceptionally high first quarter in 2025, which had seen a 32% growth, creating a demanding base effect. The group notes that this temporary contraction does not challenge the sector's dynamics, with a solid order book for Q2 2026.
Other Activities Accelerate Thanks to Dairy Transformation
The 'Other Activities' segment grew by 18% to reach €0.6 million. This growth is driven by strong performances of the dairy transformation unit Au Pré!, whose products are increasingly present on supermarket shelves and which has signed a new distribution contract with a leading retail chain. Internationally, Asia confirms its role as the main growth driver for the group, although some delivery delays have been extended occasionally due to tensions in the Middle East. The group also highlights the increase in the share of Vital brand products in total revenue.
Winfarm Aims for an EBITDA Improvement in 2026
Despite a volatile environment, activity indicators for April are well-oriented, allowing the group to anticipate a more favorable momentum in the following quarters. Winfarm expects to benefit from an enhanced commercial strategy, particularly around the 30th anniversary of the Vital brand. The group maintains rigorous management of its cost structure and controlled management of its working capital needs, aiming for further EBITDA progression in 2026 along with continued debt reduction. This trajectory continues despite the weak organic growth in Q1.
