ForFarmers delivers robust Q1 growth on back of strategic expansion and joint ventures

NETHERLANDS – ForFarmers has reported a strong start to 2025, posting double-digit growth in both volume and profit for the first quarter, thanks to strategic acquisitions and new partnerships. 

The Dutch firm saw its total feed volume jump 17.5% compared to the same period last year, primarily driven by the consolidation of Van Triest Veevoeders and the recent launch of a joint venture with Germany’s team agrar.

Turnover climbed 9.1% to €754 million, while gross profit surged by 11.2% to €138.1 million (US$149 million). Operating profit (underlying EBIT) soared 61% to €16.1 million (US$17.4 million), and EBITDA rose nearly 39% to €27.5 million (US$29.7 million), marking a continuation of the company’s upward trajectory.

“We look back on a strong quarter in which we once again achieved growth in our compound feed volumes,” said CEO Pieter Wolleswinkel. 

“This is in line with our ambition to retain customers for the long term and to continue growing our market share. Operational profitability also increased strongly, continuing the positive trend of the past year.”

Expansion and innovation fuel feed volume growth

The integration of Van Triest Veevoeders, acquired in 2024, played a central role in the volume increase, while the joint venture with Team Agrar officially launched on March 1 and contributed significantly to the 3.5% rise in compound feed volume. 

On a like-for-like basis, compound feed grew 1.1%, signalling organic expansion alongside acquisition-fueled growth.

ForFarmers also reported progress on sustainability goals, noting higher co-product volumes resulting from the Van Triest acquisition.

However, profitability from co-products was slightly tempered by an abundant supply of by-products from the food industry.

The company’s performance across key European markets further bolstered its results. In the Netherlands, ForFarmers gained market share despite a contracting feed market, thanks to strong product performance and new customer acquisitions.

In Poland, growth continued despite setbacks from outbreaks of animal diseases such as avian influenza. ForFarmers confirmed that its investment to expand production capacity in the country is progressing as planned.

The UK market also posted positive results, particularly in the ruminant feed segment. A notable development was the sale of the Burston feed mill, completed in early April following regulatory clearance. The company also continued fulfilling a temporary production contract for third-party clients in the region.

Navigating market volatility and looking ahead

Although input costs remained stable in the first quarter, ForFarmers cautioned that volatility in raw material prices has increased due to global geopolitical tensions. Despite this, favourable prices for meat, eggs, and milk across its markets supported strong demand for feed.

ForFarmers remains committed to its long-term growth strategy, centred on operational efficiency, strategic partnerships, and sustainability.

“The integration of Van Triest’s activities is progressing according to plan,” said Wolleswinkel. “I am proud of our people, who work day in, day out for a future-proof food system in Europe.”

In related news, on May 19, ForFarmers repurchased 37,881 shares at an average price of €4.36 (US$4.71) per share, totalling €165,260 (US$178,160).

This transaction completed its share buy-back program, initiated to meet obligations under share-related incentive schemes. In total, 400,000 shares were repurchased for €1.68 million (US$1.81 million), under an authorisation granted by shareholders in April.

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