Core Insights - ForFarmers achieved a record year in 2025 with a total feed volume of 10.6 million tonnes and a net profit increase of 52.5% [1] - The company experienced significant growth due to favorable market conditions, including low raw material prices and high selling prices for milk, eggs, and meat [1] - Strategic initiatives, such as the joint venture with KPS in Poland and the integration of Van Triest, have strengthened ForFarmers' market position [1] Financial Performance - Total volume increased by 18.0% compared to 2024, with a like-for-like growth of 1.0% when excluding acquisitions [6] - Gross profit rose by 17.9% to €611.2 million, contributing to a 44.7% increase in underlying EBITDA to €145.9 million [6] - Underlying net profit attributable to shareholders increased by 52.5% to €61.9 million, with strong net cash flow from operating activities of €148.3 million [6] Market Position and Strategy - ForFarmers is a leading player in Europe with production operations in the Netherlands, Germany, Poland, and the UK, and exports to various countries [5] - The company is focused on strengthening the Dutch poultry value chain through investments and acquisitions [6] - The recent joint venture with KPS Food Group is expected to significantly enhance ForFarmers' position in the growing Polish poultry market [6] Sustainability and Future Outlook - The company is making good progress on CO2 reduction and increasing the share of co-products [6] - Despite volatile market conditions and geopolitical uncertainties, the company remains optimistic about growth opportunities in the European agricultural sector [1]

Group 1 - Amlan International will exhibit at the XXXII AMVECAJ International Congress from February 4-6, 2026, in Tepatitlán de Morelos, Jalisco, Mexico, co-sponsoring the event with KOFARM to promote swine gut health and production performance [1][4] - The company will showcase its natural, mineral-based feed additives, particularly Calibrin-Z and Varium, aimed at supporting gut integrity and improving animal performance in antibiotic-free production systems [2][3] - Amlan's participation highlights its ongoing investment in Latin America and commitment to providing innovative feed technologies that yield consistent results under commercial conditions [4] Group 2 - The congress serves as a vital platform for Amlan to engage with Mexico's swine industry, offering science-backed solutions to address challenges such as pathogen pressure and feed efficiency losses [3] - Amlan and KOFARM will share technical insights and performance data to demonstrate how targeted gut health strategies can enhance production outcomes [3] - Attendees are encouraged to visit Booth 14 to connect with Amlan experts and explore collaborative trial opportunities [3]

Core Viewpoint - Darling Ingredients (DAR) is currently trading at low levels not seen since the pandemic, presenting a potential investment opportunity despite temporary margin compression concerns [1] Company Analysis - The company operates in the commodities sector, with a focus on various industries including metals and mining, consumer discretionary/staples, REITs, and utilities [1] - The analyst has over a decade of experience researching companies across different sectors, which enhances the depth of analysis provided [1] Market Context - The current market focus is on temporary margin compression, which may be influencing the stock's low trading levels [1] - The shift in focus from a personal blog to a value investing-focused YouTube channel indicates a strategic approach to reach a broader audience and share insights on various companies [1]

Core Insights - Amlan International will showcase its mineral-based feed additives at the International Production & Processing Expo (IPPE) 2026, focusing on solutions for optimizing gut health and feed efficiency in antibiotic-free poultry production [1] Industry Context - Poultry producers are increasingly moving away from antibiotic growth promoters, making it more complex to maintain profitability under production pressures, with feed costs accounting for up to 70% of total production costs [2] - Subclinical diseases and pathogenic bacteria can undermine profitability by affecting feed intake and nutrient utilization, even in seemingly healthy flocks [2] Company Solutions - Amlan's Varium® is highlighted as a natural alternative to antibiotic growth promoters, aimed at improving feed efficiency and performance in antibiotic-free systems, supported by over a decade of research [3] - Varium is designed to enhance gut integrity, immune function, and resilience against pathogens, leading to better nutrient utilization and stronger returns on feed investment [3] Expert Insights - Dr. Aldo Rossi emphasizes the importance of safeguarding gut health and optimizing feed efficiency as critical strategies for maintaining profitability in poultry production [4] - Dr. Rossi will present a TECHTalk at IPPE 2026, discussing strategies for protecting intestinal integrity against clostridial challenges [4] Company Background - Amlan is the animal health division of Oil-Dri Corporation of America, a leading manufacturer of sorbent minerals, with over 80 years of expertise in mineral science [6]

Financial Data and Key Metrics Changes - The company reported record-breaking performance in fiscal 2025, with significant increases in net sales, gross profit, and net income [19][20] - For Q1 fiscal 2026, net sales were $120 million, with a gross profit per ton of $175, maintaining a gross margin of 29.5% [21][23] - Diluted earnings per share for Q1 were $1.06, compared to $3.70 for the full year of fiscal 2025 [23] Business Line Data and Key Metrics Changes - The Cat Litter segment grew at a CAGR of 6.3%, while the B2B segment, particularly fluids purification, showed strong growth driven by renewable diesel and vegetable oil customers [20][21] - The company achieved an 11% year-over-year growth in Q1 fiscal 2026, despite a decrease in volume [22] Market Data and Key Metrics Changes - The renewable diesel market is expected to grow, with the company well-positioned to benefit from increased sales of bleaching clay products used in this sector [36] - The lightweight litter segment has shown a 10% CAGR over the past five years, significantly outperforming the overall cat litter category [40][42] Company Strategy and Development Direction - The company continues to implement its "Moneyball" strategy, focusing on data analytics to enhance decision-making and profitability [12][14] - There is a commitment to invest in manufacturing infrastructure to support long-term growth and operational efficiency [19][27] - The company plans to execute opportunistic share repurchases and maintain a strong balance sheet for future investments [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential for profit gains in the second half of the fiscal year, despite tough comparisons from the previous year [63][64] - The company is optimistic about growth opportunities in the renewable diesel and vegetable oil markets, driven by regulatory changes [36][37] Other Important Information - The company has raised its annual dividend increase from $0.04 to $0.10 per share, reflecting its commitment to returning value to shareholders [20][24] - The company has maintained a strong balance sheet, with net cash position as debt has decreased to $39.8 million [25] Q&A Session Questions and Answers Question: Are Oil-Dri's bleaching clays currently being used to filter sustainable aviation fuel, and to what extent is that a potential growth market for Oil-Dri? - Yes, sustainable aviation fuel is a growing market, and increased sales of bleaching clay products are expected in this sector [65] Question: What are the headwinds for Amlin this year, and how will you overcome them? - Key issues include customer uncertainty due to tariffs, which have slowed orders in certain markets, but orders are now on the books for Brazil for the balance of the year [66][68] Question: Will we see new products this year? What color can you give? And please touch on the overall R&D budget and areas of emphasis. - The company continues to invest in R&D and innovation, focusing on base product improvement and new product development, including new crystal solutions with stronger claims [70]

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 - Archer Daniels Midland Company (ADM) is launching a North American animal feed joint venture with Alltech to enhance customer advantages through optimized organizational and operational structures [1][10] Company Overview - ADM will retain its Canadian facilities and U.S. premix and additive businesses, while Alltech will contribute its Hubbard Feeds and Masterfeeds businesses, which include 18 feed mills in the U.S. and 15 in Canada [2][4] - The joint venture will leverage the complementary strengths of both companies in feed production, utilizing their expertise, manufacturing capabilities, and established product portfolios [3][10] Strategic Initiatives - ADM is focusing on productivity, innovation, and aligning operations with trends in food security, health, and wellness, while advancing initiatives in biosolutions and health & wellness to meet customer demand [6] - The company is improving processing capacities and creating additional margin opportunities through digital technologies and partnerships, emphasizing strategic simplification [7] Market Performance - ADM's shares have increased by 16% over the past three months, contrasting with a 1.5% decline in the industry [8]

Core Insights - ADM and Alltech have signed a definitive agreement to establish a North American animal feed joint venture, leveraging their extensive experience and capabilities to benefit customers [1] Company Contributions - Alltech will contribute its U.S.-based Hubbard Feeds and Canada-based Masterfeeds businesses, which include 18 feed mills [1]

Thailand will ban imports of animal-feed corn produced from agricultural burning, a move that should help curb a worsening cross-border pollution issue https://t.co/dZaY8km98X ...

Core Viewpoint - The global calf milk replacer (CMR) market is projected to reach USD 5.54 billion by 2031, with a compound annual growth rate (CAGR) of 6.4% in the coming years [1]. Market Overview - CMR is designed specifically for calves and serves as an artificial milk substitute, primarily composed of whey powder, milk protein, plant protein, lactose, fats, minerals, vitamins, and enzymes [1]. - The market is segmented into milk-based and plant-based replacers [1]. Market Size and Growth - According to QYResearch, the global CMR market is expected to grow significantly, with a forecasted market size of USD 5.54 billion by 2031 [1]. Key Players - Major global CMR manufacturers include Nutreco, Land O' Lakes, Cargill, VanDrie, ADM, Lactalis, Alltech, CHS, Actus Nutrition, and Kalmbach Feeds [6]. - The top five manufacturers are estimated to hold approximately 50% of the market share in 2024 [6]. Market Drivers - The growth in global population and increased demand for meat and dairy products are driving the scale of livestock farming, which in turn raises the nutritional management requirements for calves [9]. - Advances in biotechnology, fermentation technology, and microencapsulation are diversifying and enhancing the functionality of CMR products [9]. - The adoption of digital management tools and smart feeding devices is integrating CMR with IoT and data analytics, enabling precise nutrition delivery and real-time health monitoring [9]. - Emphasis on animal welfare and health management in modern farming practices is increasing the demand for high-quality CMR with functional formulations [9]. Market Challenges - The prices of key raw materials for CMR, such as whey powder and plant proteins, are subject to fluctuations due to various factors including global dairy market conditions and climate change [10]. - The industry faces strict regulations regarding product safety and quality, which can impact market entry and compliance costs [14]. - Increased competition in the CMR market, particularly in the mid-to-low-end segments, is intensifying market dynamics [14].