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ForFarmers achieves top result in a year when the tide was favorable
ForFarmers broke several records in 2025. Profit rose to its highest level ever, leading to a top dividend. Sales volumes also peaked, partly due to acquisitions and organic growth. CEO Pieter Wolleswinkel is proud that the listed animal feed company is able to gain market share, even in the shrinking Dutch market.
With 10,6 million tons, ForFarmers is selling its highest feed volume ever. Since 2020, sales volumes have consistently fallen below 10 million tons. The rapid increase is 18% due to the acquisition of Van Triest Veevoeders and the German joint venture with Team Agrar. Organically, sales increased by 1%. "We are gaining market share, especially in the Netherlands, which indicates customer satisfaction," says Wolleswinkel.
30 cent dividend per share
Profitability has also increased significantly. EBITDA rose by 44,7% to €145,9 million. This translates to a net profit of €61,9 million, more than half the previous financial year's level. Cash flow more than doubled to €148,3 million. Based on these figures, ForFarmers is proposing a dividend of €0,30 per share, €0,10 more than last year and slightly exceeding its highest level to date, which was in 2022, when ForFarmers paid out €0,29.
The return on invested capital was 17,4%, compared to 13% a year earlier. In recent years, ForFarmers relaxed many targets, but this target remained at 10% and was thus significantly exceeded.
Cutbacks and tailwinds
ForFarmers attributes the positive figures to several factors, including internal cost-cutting measures. It is also undeniable that market conditions were extremely favorable for much of 2025, due to falling feed prices and high farmgate prices for milk, meat, and eggs. This motivated livestock farmers to "feed hard."
In the last quarter of 2025, market conditions had already turned around somewhat, and milk and pig prices fell rapidly. The impact of the phasing-out scheme in pig farming also increased, while avian influenza spread more widely. This is also reflected in the figures. Sales figures declined slightly during that period, as did organic growth by 0,2 percentage points. The starting position for 2026 is therefore less favorable than a year earlier.
Growth agenda is taking shape
Acquisitions that have been completed and announced can nevertheless provide new impetus to the results. For example, at the end of last year, ForFarmers acquired Beukelaar Diervoeders from Uden in Brabant. taken over, good for 80.000 tons of compound feed. The company is also developing in Poland. ForFarmers Tasomix and the Polish poultry integration KPS are jointly launching a new joint venture, it was announced last week. This represents a surprising step forward in the supply chain, with ForFarmers actually starting to slaughter animals and produce poultry meat itself, provided the authorities and shareholders agree.
In January, ForFarmers made another acquisition in Tasomix Poland of 80.000 tons. This acquisition will be incorporated into the newly formed joint venture with KPS.
Price peaks above €6
It's striking that ForFarmers' share price has been rising sharply in recent weeks. This morning, after the publication of the annual figures, the share price on the Damrak peaked well above €6 per share. The last time the share price was a six was in April 2020.
Wouter Job
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