Cosun aims for long-term beet price of 60 euros

For the 2025 harvest, the Cosun cooperative is paying €40 per tonne based on 17% sugar. This remains well below the level the cooperative itself considers a minimum price. Cosun's target minimum price is €50 per tonne.

That level was also not reached in 2024. Due to the peak harvests in 2022 and 2023, the average since the 2020 harvest still meets that standard. The five-year average is €55 per tonne.

Still too dependent on the volatile sugar market
Ultimately, however, the cooperative aims to grow to a beet price of €60 per ton. "That's our ambition," CEO Hans Meeuwis assures us in an interview with Boerenbusiness In light of the annual figures, the sugar cooperative still has many steps to take to get there. "We are still too dependent on the volatile sugar market. Structurally increasing the beet price by €10 per ton requires significant investments in added value growth and strict focus on cost efficiency and a future-proof supply chain. This is what we are continuing to focus on with Unlock 30," says Meeuwis.

Raising the beet price is necessary because the costs of beet cultivation are also rising. Therefore, in 2026, the basic price will increase by €2,50 to €37,50 per tonne. This seems to contradict the reduction in the allocation for beet deliveries. On the other hand, the beet price must increase to keep cultivation profitable for growers.

"Without the prospect of a decent beet price, there can be no future-proof cooperative. And that's precisely what the foundation is being laid for now, in a difficult year," explains Arwin Bos, chairman of the Cosun Board of Directors. This means the cooperative still has a long way to go in further increasing the beet price towards €60 per tonne. "Such a step requires cost discipline, sharp investment choices, and growth in added value."

Dynamic year behind us
Over the past year, management had to pull out all the stops to guide the company through a challenging period. "It was a dynamic year. The geopolitical turbulence, macroeconomic uncertainties, and inflation that everyone is facing are also affecting Cosun," explains Meeuwis. "In a strong growing year, we saw the imbalance between supply and demand increase last year, which led to a further drop in the sugar price. This is directly reflected in the beet price."

Furthermore, a great deal is happening in the area of ​​trade agreements. Meeuwis points to developments in trade agreements with the United States, India, and Mercosur. The latter could have significant consequences for sugar beet cultivation in the European Union, and therefore also for Cosun. Therefore, the company is fully committed to minimizing the impact as much as possible and advocating for a level playing field for domestic production and sugar imports.

In this list, the CEO also mentions the sugar tax. Coalition partners D66, CDA, and VVD want to collect €900 million through a levy on pre-packaged products containing more than 6% sugar. Cosun is trying to scrap this proposal. "The sugar tax is a one-sided measure that we don't believe in. We advocate for a much more integrated approach. A sugar tax won't solve the necessary improvement in health problems," Meeuwis emphasizes.

Despite the current dynamics facing sugar sales, the cooperative has strong faith in the sugar company's long-term future. Aviko, the potato division, is also facing headwinds. While this company's turnover remained stable at €1,6 billion in 2025, the European potato sector is also currently under severe pressure. "In the medium term, this market will recover; we strongly believe that," assures Meeuwis.

"Aviko performed well in 2025 and contributed significantly to Cosun's results," emphasizes the CEO. "Next year will be challenging for potato processing. How long this situation will last is difficult to say. French fries, flakes, and granules will remain attractive for Aviko and Cosun in the long term. There's little doubt about that."

Ingredient sales were hit last year by geopolitical instability, the imposition of tariffs with the US, and a weak dollar. Sensus's revenue stabilized in 2025. However, margins lagged, and therefore Cosun implemented a one-time write-down in this division's factories for 2025. "Sensus's growth is lagging due to trade restrictions and the weak dollar. The ongoing measures to further improve operations are being implemented. Sensus needs to increase its earnings. Developments at Cosun Protein were positive."

According to Cosun, sales of co-products by Duynie are experiencing lower demand from the livestock sector due to the strong roughage year. Nevertheless, Meeuwis assures us that sales are showing good growth. Last year, Duynie's turnover rose again to over €400 million.

Nevertheless, Cosun's total turnover fell by 8%. This is entirely attributable to Cosun Beet Company, where turnover fell to €993 million, while almost €1,3 billion worth of sugar was sold in 2024.

Taking into account difficult sugar sales
Cosun anticipates continued difficult sugar sales in 2026. This is also reflected in the member premium from the sugar activities. The member premium from the sugar division is based on the fourth quarter of 2025 and expected sales in the first three quarters of 2026. The contribution from the first three quarters of 2026 is estimated at €1,9 million. This equates to €0.25 per ton of beets. The total member premium in the 2025 beet price is €33 million, or €5 per ton of beets.

In anticipation of a difficult sugar year, Cosun decided in August of last year to reduce its allocation for sugar beet cultivation to 90% in 2026. "That's not a pleasant message, but it's necessary for us as a cooperative to do this. We'll see where things go in April or May. It looks like other countries are also taking this step towards a smaller acreage," says Arwin Bos, chairman of the Cosun Board of Directors.

Not satisfied with the result in 2025
"First of all," says Meeuwis, "we are not satisfied with the result in 2025. We work towards the future, and that includes a sound revenue model for our members. That is currently too low. If we look around us, you see that the entire industry is under pressure. We see a lot of red figures. That is not the case at Cosun, nor at Cosun Beet Company."

All factories contribute to Cosun's profitability, the CEO emphasizes. "Our sugar factories are among the most competitive in Europe in terms of costs and energy consumption. Smaller factories that process 8.000 to 9.000 tons of beets per day will face challenges; we process an average of 28.000 tons per day."

In early 2025, Cosun began rolling out its Unlock 30 strategic program. Meeuwis states that good progress was made last year. Additional measures were also implemented last year to safeguard and further improve short-term earning capacity. This will be pursued further this year, as it forms the foundation for long-term investments.

Some investments contribute immediately, while others are intended for the long term. Last year, Cosun invested €230 million. Half of this investment is intended for factory improvements and maintenance, a quarter for sustainability, and a quarter for growth. "In the current situation, we are continuing with the necessary cost-efficiency measures to strengthen our short-term results and thus improve our members' earning capacity, and we are focusing on selective investments. When the market turns around again, we will be ready to grow faster than the rest. We are also making selective investments in sustainability. In the long term, this is essential for Cosun's continuity and future sustainability."

Meeuwis and Bos emphasize that Cosun must remain focused on the future. "We're also working for the next generation. Without sustainability, you simply can't get there." The cooperative is investing conservatively, however. "We're keeping our solvency stable at 60%. That's a clear choice. Our financial base is very solid."