ForFarmers: underlying net profit up 59.4% in H1 2026
ForFarmers published interim results on August 6, 2026 showing growth across its main aggregates, driven by the Netherlands, Germany and Poland.
The Dutch group, listed on Euronext Amsterdam, also received clearance from the Polish competition authority for its joint venture with KPS Food Group, an operation expected to be completed in the autumn.
Net profit up 59.4% and EBITDA up 39.3%
For the first half of 2026, ForFarmers' underlying net profit attributable to shareholders increased by 59.4% to reach €37.3 million. Underlying EBITDA rose by 39.3% to €84.7 million, supported by higher volumes and improved gross margin.
Gross profit stood at €327.3 million, up 12.6%, with contributions from the Netherlands, Germany and Poland. Total volume increased by 5.1% compared to the first half of 2025, while on a comparable basis it remained stable. Compound feed volume increased by 3.3% and remained stable on a comparable basis.
Return on capital employed rising from 14.3% to 22.0%
ROACE calculated on underlying EBIT for the last twelve months increased from 14.3% on June 30, 2025 to 22.0% on June 30, 2026, after 17.4% on December 31, 2025.
Net cash flow from operating activities amounted to €44.9 million, compared to €63.8 million in the first half of 2025. Net debt position stands at €22.4 million, a level the group describes as providing room for maneuver to support its investments and mergers and acquisitions agenda.
According to management, profit growth was mainly driven by performance in the Netherlands, Germany and Poland, while results in the United Kingdom remained satisfactory.
Polish approval for KPS joint venture and new targets expected by year-end
ForFarmers received approval from the Polish competition authority for its joint venture with KPS Food Group. According to Chief Executive Officer Pieter Wolleswinkel, this operation strengthens the group's position in the Polish poultry market and provides a foundation for future consolidation. Transaction completion is expected in the autumn.
The group indicated it will announce its new financial targets at an investor day (Capital Markets Day) scheduled for the end of the year, due to the impact of this transaction and the improvement in its financial performance.
The next date on the financial calendar is November 5, 2026, with the publication of the third quarter activity update.
