ForFarmers N.V.: Trading update Q1 2025 - Positive trend continues

Core Insights - ForFarmers experienced a strong quarter in Q1 2025, achieving growth in compound feed volumes and operational profitability, aligning with its long-term customer retention and market share growth ambitions [1][2] Financial Performance - Total volume increased by 17.5% compared to Q1 2024, primarily due to the acquisition of Van Triest Veevoeders; on a like-for-like basis, total volume grew by 1.3% [7] - Compound feed volume rose by 3.5%, partly driven by the consolidation of the joint venture in Germany starting March 1; like-for-like growth in compound feed volume was 1.1% [7] - Turnover increased by 9.1%, attributed to volume growth; gross profit rose by 11.2% to €138.1 million [7] - Operating profit saw a significant increase, with underlying EBIT up 61% and underlying EBITDA increasing by 38.9% [7] - The ROACE ratio on underlying EBIT improved from 13.0% as of December 31, 2024, to 13.8% as of March 31, 2025 [7] Strategic Developments - The integration of Van Triest's activities is progressing as planned, leading to a notable increase in co-products volume, in line with sustainability goals [2] - The joint venture with team agrar in Germany commenced on March 1, 2025 [7] - The sale of the second plant in the United Kingdom was completed in early April, following approval from the UK competition authority [2][7] Company Profile - ForFarmers is a leading player in the European animal feed market, with sales around 9 million tonnes and production operations in the Netherlands, Germany, Poland, and the UK [5] - The company employs approximately 2,700 people and is listed on Euronext Amsterdam [5]