Core Insights - WINFARM reported a consolidated revenue of €36.0 million for Q3 2025, marking a +2.6% increase compared to Q3 2024, and a total revenue of €110.5 million for the first nine months of 2025, reflecting a +5.1% growth year-over-year [3][10]. Revenue Breakdown - The Farming Supplies segment generated €31.2 million in Q3 2025, up +3.8%, primarily driven by a 9% increase in the nutrition range, which constitutes 37% of the segment's revenue [5]. - The Farming Production segment saw a decline to €3.9 million in Q3 2025, a decrease of -9.9%, although it recorded a +13.9% increase for the first nine months of 2025 [3][4]. - Other revenue sources increased by +27.7% in Q3 2025, reaching €0.9 million, and +17.2% for the first nine months, totaling €2.1 million [3]. Business Performance - The BTN de Haas subsidiary, acquired in 2021, experienced an 18% sales growth in Q3 2025, benefiting from the ramp-up of products under the Vital Concept brand and expanded geographical reach [6]. - The equine market reported an 11% revenue increase in Q3 2025, with nutrition products making up 63% of this segment's revenue [7]. - The Au Pré! subsidiary showed a strong upward trend with a 9% increase in Q3 2025 compared to Q2 2025 and a remarkable 49% increase compared to Q1 2025 [9]. Future Outlook - WINFARM confirmed its expectations for profitable growth in full-year 2025, supported by an improvement in EBITDA compared to 2024 [10]. - The company plans to continue optimizing costs while maintaining strict investment discipline and managing working capital rigorously to reduce debt gradually [11].

Core Insights - WINFARM reported a significant increase in EBITDA, cash generation, and debt reduction for H1 2025, indicating a positive outlook for continued growth and improved operating profitability [1][15]. Financial Performance - Revenue for H1 2025 reached €74.5 million, a 6.5% increase from €69.98 million in H1 2024 [3][4]. - Gross margin improved to 33.6% of revenue, up from 32.4% in H1 2024, reflecting effective sales initiatives [3][9]. - EBITDA surged to €2.43 million, compared to €196,000 in H1 2024, marking a substantial increase of €2.24 million [3][10]. - The Group's net loss was reduced to €0.65 million from €2.70 million in the same period last year [3][12]. Business Segments - The Farming Supplies division, which constitutes 87% of total revenue, generated €65.1 million, a 3.9% increase [5]. - The Farming Production business saw a remarkable 30% revenue growth, reaching €8.2 million, attributed to a new production line [5]. - The VITAL brand experienced a growth of 4.7%, while the EQUIDEOS brand grew by 7.4% [6]. - The APAC market, a new focus area, reported over 40% revenue growth [7]. Cost Management and Cash Flow - Personnel expenses decreased by 1.0%, and external expenses fell by 1.9%, contributing to improved profitability [3][10]. - Cash flow from operations was €2.4 million, a significant increase of €2.5 million compared to H1 2024 [13]. - Working capital requirements (WCR) decreased by €300,000, primarily due to a €1.5 million reduction in inventories [13]. Debt and Equity - Financial debt decreased from €35.5 million at the end of 2024 to €32.3 million by June 2025, indicating ongoing deleveraging efforts [14]. - Shareholders' equity stood at €15.5 million, down from €16.2 million a year earlier [13]. Future Outlook - WINFARM anticipates continued profitable growth in 2025, driven by improved operating profitability and gradual debt reduction [15][16]. - The company aims to focus on higher value-added activities and maintain strict investment discipline [15][16].