ForFarmers achieved its best year ever in 2025. The results even exceeded its own expectations, admits CEO Pieter Wolleswinkel. This record year gives the listed animal feed company room to push ahead strategically. With the announced merger with the Polish company KPS, ForFarmers has completed its largest acquisition in history and is shifting the company from a traditional feed supplier to a supply chain player. ForFarmers also recently acquired a poultry farm in the Netherlands.
"It's a very good year "It's been," Wolleswinkel begins the conversation matter-of-factly. Interestingly, interview requests were sometimes higher in leaner years than they are now, he notes. Since Wolleswinkel took over as CEO almost three years ago, both volumes and profits have steadily increased. He attributes this success to well-stocked factories and a strong market position. "Our factories in the Netherlands are well-stocked, and that gives us a competitive advantage. In a market with competitive prices, that's essential. In addition, our feed concepts deliver good technical results in the barn." At the same time, he emphasizes that results won't come easily. "We have to work hard for it, you know."
Winner in shrinking market
In the Netherlands, England, and the growing market of Poland, ForFarmers performed above expectations. Germany is on schedule. According to Wolleswinkel, the headwind from the pig farming closure scheme was handled well. "There's little point in complaining about shrinkage. The challenge is to find a new customer for every customer who has closed their business, and we managed to do that quite well in 2025." This positions the company as a winner in a shrinking domestic market. The CEO acknowledges that customers will continue to come to the farm in the coming years. "We're not naive about that. But our strategy is clear: gain market share and maintain scale."
Wolleswinkel is cautiously optimistic about the new government's policy. "As far as we're concerned, the glass is half full." He's positive about the focus on target-based management instead of generic discounts, something ForFarmers has been advocating for years. At the same time, he remains realistic. The government's plans still need to be fleshed out, "and it's often about the details." According to the CEO, there's at least a basis for a substantive discussion. He doesn't see the fact that the new Minister of Agriculture comes from a party that advocated halving the livestock population just a few years ago as an obstacle for the time being.
Pieter Wolleswinkel
Back to chain integration
The company's strategic change of course is striking. ForFarmers is once again taking steps forward in the supply chain. At the beginning of this year, a broiler farm in the south of the Netherlands was acquired, and the company already operates several laying hen farms in Germany. "These farms are entering the market, and we want to maintain a strong poultry supply chain. If it looks good, we'll acquire them. If we don't, other feed companies will. It's an ongoing trend." ForFarmers is therefore not ruling out further steps in this area.
Biggest acquisition ever
In Poland, ForFarmers is taking things even further. A joint venture is being launched with a Polish poultry integration, in which the company will also slaughter animals and produce poultry meat itself. The merger with KPS will be the largest acquisition in the company's history. "This is a very profitable company and directly contributes to profitability and dividends," says Wolleswinkel. Subject to approval by the authorities and shareholders, the deal could be completed in the third quarter. This step is remarkable, as ForFarmers previously deliberately divested its interests in Plukon and Esbro to focus on feed production. According to Wolleswinkel, the current market demands a different approach. "Focus has brought us a lot, but every era demands its own management approach. If you don't, you'll miss the boat."
War chest not yet empty
After the acquisition, the financial headroom has not yet been exhausted. Thanks to the strong results, the debt position has disappeared, and ForFarmers claims to have a well-stocked war chest. Poland offers opportunities, according to the CEO, partly due to the fragmented slaughterhouse landscape. The company is also continuing to explore the Netherlands, although the acquisition climate there currently appears calmer. "Acquisitions often come in waves, like in 2020 when we acquired De Hoop." When asked whether there are currently more hunters than hunted, Wolleswinkel remains diplomatic, as always. "We primarily focus on growth through our own strength, and we are well-positioned for that."