Winfarm: revenue up 2.6% in the third quarter, driven by Asia
Winfarm published third-quarter revenue of €36.9 million on November 5, 2026, up 2.6% year on year.
The growth came from the Farming Production division, whose sales rose 20.2%, while the Farming Supplies division, which accounts for 85% of group revenue, remained stable at €31.2 million.
The quarterly pace is close to the year-to-date trend: over the first nine months of 2026, revenue reached €113.3 million, up 2.5%. The Loudéac-based group also confirmed its annual objectives of revenue growth and EBITDA increase, as well as the continuation of its debt reduction.
Agricultural supplies stable despite the summer drought
The Farming Supplies division, dedicated to the remote sale of agricultural and livestock supplies, generated €31.2 million in sales in the third quarter, a level identical to that of last year.
According to the group, the heatwaves and droughts of the summer reduced harvest volumes, particularly for maize, which weighed on sales of consumables.
This decline was offset by the Seeds and Nutrition ranges, which maintained a favorable momentum. Winfarm attributes the maintenance of a favorable sales mix over the period to the complementarity of the ranges marketed by its subsidiaries Vital Concept and BTN de Haas.
Over nine months, the division reported revenue of €97.4 million, up 1.0%. The third quarter, flat, therefore marks a slowdown compared with the cumulative pace of this activity, which remains by far the group's main one.
Asia drives agricultural production, the Middle East remains under pressure
The Farming Production division, which accounts for 13% of revenue, recorded sales of €4.7 million in the third quarter, up 20.2%. The growth was mainly driven by Asia, where sales increased 53% over the quarter, in line with the momentum observed since the start of the financial year.
Over nine months, the division reached €13.6 million, up 12.5%: the last quarter therefore accelerated markedly compared with the cumulative figure. Activity in the Middle East remains affected by regional geopolitical tensions, a factor the group already cited among its risks in its half-year results published on October 8, 2026.
On that occasion, Winfarm also highlighted the growing role of its subsidiary Alphatech in Singapore in addressing new Asian markets, including New Zealand and South Korea.
Other activities (consulting, training under the Agritech brand, the Bel-Orient pilot farm and the Au Pré! brand) generated €1.1 million in the quarter, up 15.9%, and €2.3 million over nine months, up 11.5%.
Despite reduced training financing budgets, Agritech's sales rose 6% over the quarter, thanks to new contracts and a subscription renewal campaign described by the group as "generally solid".
2026 objectives confirmed after nine months up 2.5%
Winfarm confirmed its objectives for fiscal year 2026: revenue growth, EBITDA increase and continued debt reduction. Management relies on the commercial momentum of the quarter, while describing an "agricultural environment that remains uncertain".
For reference, the group reported revenue of €146.5 million for fiscal year 2025, according to the accounts published on March 31, 2026. The only analyst covered by our consensus expects €151 million for 2026.
In its half-year accounts published on October 8, 2026, Winfarm returned to a positive operating result, at €115 thousand, compared with -€316 thousand a year earlier.
In the quarter, the group's growth therefore rests on a minority division that is accelerating, while its main activity maintains its sales level despite lower harvest volumes.
