ForFarmers N.V.: ForFarmers trading update Q3 2025

Core Insights - ForFarmers reported a strong performance in Q3 2025, continuing the positive trend from the past two years, with growth in market share attributed to customer-oriented strategies and employee commitment [1] - The company experienced significant volume growth, particularly in the Netherlands, the UK, and Poland, contributing to overall profitability [1][7] Financial Performance - Total volume increased by 23.8% compared to Q3 2024, driven by the acquisition of Van Triest Veevoeders and the consolidation of a joint venture in Germany, with a like-for-like increase of 5.6% [7] - Compound feed volume rose by 10.1%, with a like-for-like growth of 2.6% [7] - Gross profit increased by 21.1% to €154.1 million, with all clusters showing a like-for-like increase [7] - Underlying EBIT surged by 87.6%, while underlying EBITDA grew by 61.8% [7] - ROACE on underlying EBIT improved from 14.3% as of June 30, 2025, to 16.0% as of September 30, 2025 [7] Strategic Developments - The integration of the ForFarmers/team agrar joint venture in Germany is progressing as scheduled, enhancing operational efficiency [7] - The completion of the Beukelaar Diervoeders transfer in early November is expected to optimize the company's position and capacity utilization in the broiler sector [1]