ForFarmers continues to grow in shrinking market

The good trend that ForFarmers already had last year continued in the first quarter of 2025. The listed animal feed company again sold more (compound) feed and did so partly on an autonomous basis. In a market that is characterized by shrinkage, that is a great achievement. CEO Pieter Wolleswinkel is therefore delighted and speaks of a strong quarter that is in line with the ambition of the company.

The total volume sold rose by no less than 17,5%, although this increase can largely be attributed to the acquisition of Van Triest last summer. This has been included in the results now that the company has been integrated. On an autonomous basis, sales rose by 1,3%. ForFarmers also sold 1,1% more compound feed on its own. The total volume of compound feed sold rose by 3,5%, partly driven by the joint venture in Germany with Team Agrar. 

The higher volumes also lead to better financial performance. Gross profit rose by more than 10% to €138,1 million. The Ebitda, an important indicator for investors, is not disclosed. It is stated that it increased by 38,9% compared to the same quarter a year earlier. Over the whole of 2024, this amounted to almost €60 million. The return on invested capital was 13,8% in the first quarter, compared to 13% a year earlier. In recent years, ForFarmers has abandoned many targets, but this was maintained at 10% and has therefore been exceeded quite generously.

CEO Wolleswinkel spoke of an 'exceptionally good year' in 2024 and sees that the good trend has continued. "We look back on a strong quarter in which we once again achieved an increase in our compound feed volumes. Operational profitability has also increased strongly, continuing the positive trend of the past year." According to him, ForFarmers' ambition remains to further expand its market share. In February, the company launched a new strategy, which is largely based on acquisitions. ForFarmers is also looking at entering new markets, but the company is focusing exclusively on Europe.

Stock price has risen sharply in one year
The share price of ForFarmers closed yesterday at €4,26. Compared to a year ago, this is an increase of more than 50%. After a period of poorer results, during which the share price also fell, the road to the top on the Damrak has been set. In mid-March, the price even peaked at €4,70, but after that the share suffered somewhat from the general negative sentiment on the stock market as a result of the trade war. 

Wouter Job

Wouter Baan is editor-in-chief of Boerenbusiness. He also focuses on dairy, pig and meat markets. He also follows (business) developments within agribusiness and interviews CEOs and policymakers.

w.baan@boerenbusiness. Nl

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