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]

Core Insights - MustGrow Biologics Corp. has authorized the grant of 1,660,315 deferred share units (DSUs) and restricted share units (RSUs) to directors, officers, and consultants, effective September 25, 2025 [1][2]. Company Overview - MustGrow Biologics Corp. is a provider of biological and regenerative agriculture solutions aimed at sustainable farming, offering eco-friendly alternatives to synthetic chemicals and fertilizers [2]. - The company has a portfolio of third-party crop nutrition solutions, including micronutrients, nitrogen stabilizers, biostimulants, adjuvants, and foliar products, distributed alongside its proprietary products derived from mustard [2]. - MustGrow is focused on expanding its intellectual property portfolio, which includes approximately 109 patents, and aims to drive shareholder value through commercialization and distribution of its products [2]. - The company is publicly traded on TSXV under the ticker MGRO, with approximately 58.9 million common shares issued and outstanding and 69.1 million shares fully diluted [2].

Industry Overview - The natural foods industry has transitioned from a niche market to a mainstream sector due to increased health awareness and environmental concerns among consumers [2] - There is a rising emphasis on clean eating, sustainability, and ethical sourcing, leading to the popularity of natural and organic food products [2] - Consumers are increasingly seeking transparency in sourcing and minimal processing, preferring organic, non-GMO, and preservative-free options [3] Market Growth Drivers - Governments worldwide are encouraging clean eating and implementing stricter food labeling regulations, which further boost market growth [3] - Natural food companies are experiencing increased brand loyalty and the ability to charge premium prices due to these trends [3] - The global healthy foods market is projected to reach $2.26 trillion by 2035, indicating significant growth potential [5] Company Responses - Companies like General Mills and Beyond Meat are responding to the demand for organic, clean-label, and ethically sourced foods [4] - Firms are investing in plant-based alternatives, functional foods, and sustainable farming technologies to meet consumer preferences [5] Key Players - Hain Celestial is a pioneer in the natural and organic food space, focusing on high-growth segments like infant nutrition and snacks [7] - Vital Farms emphasizes transparency and ethical farming practices, with a strong position in pasture-raised eggs and a goal of $1 billion in net revenues by 2027 [10][12] - Sprouts Farmers Market is recognized for its unique leadership in the natural and organic grocery segment, focusing on fresh, local, and innovative products [13] - United Natural Foods is advancing the natural and organic food movement through its wholesale distribution network, achieving 12% sales growth in its Wholesale Natural Products segment [16] Innovation and Infrastructure - Companies are investing in infrastructure and supply chain improvements to meet surging consumer demand while maintaining quality [11][15] - Hain Celestial is focusing on innovation and operational productivity to enhance competitiveness in the natural and organic category [9] - Vital Farms is scaling its supply chain by partnering with over 500 family farms and investing in production capacity [11] - Sprouts Farmers is launching over 350 new products in 2025, emphasizing organic certification and high-protein formulations [14] - United Natural Foods is streamlining processes through Lean Daily Management to improve service levels and ensure efficient delivery of products [17][18]

Company Announcement - ForFarmers announces that Erwin Wunnekink will step down from the Supervisory Board effective 1 November 2025 due to a new professional opportunity that conflicts with his role [1] - The Chair of the Supervisory Board, Marijke Folkers – In 't Hout, expressed gratitude for Wunnekink's contributions and wished him success in his future endeavors [2] - The Supervisory Board will consider Wunnekink's succession and redistribute his responsibilities among remaining members [2] Company Profile - ForFarmers N.V. is a leading provider of complete feed solutions for (organic) livestock farming, with a mission to promote sustainable agriculture [4] - The company sells approximately 10 million tonnes of animal feed annually and operates production facilities in the Netherlands, Germany, Poland, and the UK, exporting to various countries [5] - ForFarmers employs around 2,900 people and is listed on Euronext Amsterdam [5]

Core Insights - Vital Farms has surpassed 500 family farms in its network, increasing from 300 at the end of 2023, marking a significant milestone for the company [1][5] Company Developments - To meet the growing demand for its eggs, Vital Farms is enhancing its standards for attracting and retaining family farmers, focusing on fair compensation and incentives to mitigate rising construction costs [2][3] - The company is making substantial investments in its supply chain, including new production equipment at its Egg Central Station in Springfield, Missouri, which will increase capacity by approximately 30% when operational in Q4 2025 [3] - A second egg washing and packing facility is planned in Seymour, Indiana, expected to be operational by early 2027, projected to generate over $350 million in additional revenue capacity [3] Market Position - Vital Farms is recognized as the leading U.S. brand of pasture-raised eggs by retail dollar sales, emphasizing its commitment to ethical food production and sustainable farming practices [5]

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]