ForFarmers is performing exceptionally well. So well, in fact, that the FromFarmers cooperative, a major shareholder in the listed company, publicly complimented ForFarmers yesterday after the publication of its half-year results. "This may not entirely fit our Dutch culture, but we couldn't resist," said cooperative chairman Walter Gerritsen.
It feels a bit like a contradiction: in a market where animal numbers in the Netherlands (and thus sales volumes as a whole) are under severe pressure, the largest player is achieving excellent results. Moreover, the trend set by ForFarmers has been underway for some time. Since the second half of 2023, growth has been quarterly.
The 2024 results were described by management itself as exceptionally good. This implicitly tempered expectations. In retrospect, this was unnecessary, as the first half of 2025 surpassed ForFarmers reported positive results. Gross profit rose by 16,8% to €290,8 million, while net income increased by almost 50% to €23,4 million.
Performance in one's own country is what counts most
"The spirit is high and the train is firmly on the rails," says Walter Gerritsen, chairman of the cooperative from FromFarmers, when asked. "It's a young management team that connects well and makes sensible choices." He points to the acquisition of Van Triest animal feed. With this acquisition, he says, ForFarmers demonstrates its embrace of circular agriculture and its prioritization of the Dutch domestic market. "It's great that things are also going well abroad, but the performance at home is what really appeals to our members." After a series of positive results, the cooperative, which holds approximately 55% of the shares, felt it was time for a compliment and used the word 'proud' to express it. "This may not entirely fit our Dutch culture, but we couldn't resist."
Is the current course sustainable? Gerritsen thinks for a moment and then says: "Much further growth in market share in the Netherlands is unrealistic. The whole of the Netherlands is struggling, and the feed sector in particular. ForFarmers has also suffered in recent years, but the new approach is keeping the company afloat in difficult times. This is also positive for the cooperative, which is a influx from new members, partly due to the attractive return on feed equivalents. Due to the retirement scheme, these are being utilized less. Therefore, FromFarmers plans to promote the purchase of feed equivalents from active livestock farmers again. A campaign for this will be launched soon, Gerritsen says.
Course(target) up
Analysts are also pleased with the results. Belgian investment bank Degroof Petercam has therefore changed its recommendation from 'hold' to 'buy', with a price target of €5,30 per share. "We are very positive about how ForFarmers is executing its strategy and navigating all the market uncertainties," said analyst Fernand de Boer. From Tijd.
ForFarmers' share price rose 8% yesterday to €4,19 per share.