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Good farming ForFarmers is gaining market share again
ForFarmers achieved excellent results in the first half of 2025. Both sales volumes and profitability improved significantly at the listed animal feed company. CEO Pieter Wolleswinkel says the results confirm they are on the right track. ForFarmers can temporarily offset the decline in the Dutch livestock population by capturing additional market share.
2024 was already an exceptionally good year for ForFarmers, but for now, the company is comfortably exceeding that figure. Total sales volume rose to 5,2 million tons in the first six months. This puts ForFarmers on track to sell more than 2025 million tons for the whole of 10. This was last achieved in 2019. Due to the acquisition of Van Triest and the joint venture in Germany, total volume increased by more than 20% compared to the same period in the previous financial year. Organically, volume increased by 2,4%. Compound feed sales increased by 5,4%, of which 0,5% was organically generated.
Additional market share
ForFarmers is thriving in several countries. In the Dutch domestic market, shrinking animal numbers can be offset with additional market share, allowing volumes to remain stable and even increase slightly. This is also working well in the pig farming sector, where the decline is most noticeable. In the United Kingdom, results are improving due to the now-completed reorganization, resulting in organic sales growth of as much as 6,5% (partly due to additional contract production), while performance in Poland is also good. In Germany, ForFarmers recently began producing organic animal feed, which, according to the company, allows it to respond to a shrinking market.
All countries are contributing to higher profitability. Gross profit rose by 16,8% to €290,8 million, while net income increased by almost 50% to €23,4 million. This means that shareholders and members of the ForFarmers cooperative can expect an attractive dividend, provided results don't decline in the coming months. A caveat to the sharply improved profit is that feed prices have fallen significantly in recent months, making margin management easier than in a rising market. Also notable is the significant improvement in cash flow. The return on invested capital reached 14,3% in the first half of the year, well above the 10% target.
Stock price has fallen again
ForFarmers CEO Pieter Wolleswinkel is pleased with the results, which he calls a team effort. "The strong development of our results over the past six months confirms that we are on the right track." ForFarmers' share price has been under some pressure in recent months. After peaking immediately following the first-quarter results, the share price fell back to €3,88 per share. Following the publication of the results this morning, the share price rose sharply to over €4,20 per share by mid-day.
Wouter Job
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