Interim report
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INTERIM FINANCIAL REPORT FOR 1 JANUARY - 30 JUNE 2026 FOR FIRSTFARMS A/S FirstFarms A/S · Majsmarken 1 · DK-7190 Billund · CVR no.: 28 31 25 04
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This report is composed in Danish and English. In case of doubt, in relation to interpretation, the Danish version takes precedence. CONTENT Half year result impacted by drought in Slovakia and low pig and milk prices . . . . . . . . . . . . . 3 Financial highlights and key ratios . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Expectations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Management statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Income statement and total income statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Equity statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Cash flow statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Segnment information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Turnover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Investor information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 2
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3 FirstFarms A/S reported a pre-tax result of minus 50 mDKK in the first half year of 2026, which is not satis - factory . The first half of the year has been significantly impac - ted by very low pig and milk prices during the period . In addition, Europe has been affected by drought . As a result, yields in Slovakia are expected to be 35% below the budgeted . In Romania, on the other hand, grow - ing conditions have been particularly favourable, and yields are above the expectations . Key figures in the first half year 2026 FirstFarms has in the accounting period realised: • A turnover of 200 mDKK (2025: 192 mDKK) • An EBITDA of 3 mDKK (2025: 54 mDKK) • An EBIT of -33 mDKK (2025: 22 mDKK) • A pre-tax result of -50 mDKK (2025: 7 mDKK) The turnover is 7 mDKK higher than last year, while EBITDA decreased by 52 mDKK and EBIT by 55 mDKK . Compared with the same period last year, the pre-tax result declined by 57 mDKK . The decline in the key financial figures is primarily at - tributable to significantly lower pig prices, which had a negative impact on the result of 16 mDKK, as well as a negative fair value adjustment of 10 mDKK on pigs (2025: +4 mDKK) as a result of changes in pig prices from 1 January to 30 June 2026 . Crops have been re - cognised with a positive fair value adjustment of 13 mDKK (2025: 25 mDKK), which is below expectations due to the drought in Slovakia . The total net positive impact from value adjustments on pigs, cattle and unharvested crops amounts to 3 mDKK . The half-year result was also impacted by milk prices being below budgeted levels . Construction works The dairy facility at the milk production site in Plavecky is nearing completion, and the first tests have been car - ried out . Final handover of the fully tested production facility is expected to take place in Q4 2026 . The strategic partnership with Interfood is progressing well, and expectations are high that together we can create added value from the milk . Pigs Turnover from piglets and slaughter pigs decreased in first half year of 2026 compared with the same period last year . In the first half year of 2026, the sales price for piglets was 479 DKK/pcs ., compared with 620 DKK in the first half year of 2025, while the sales price for slaughter pigs was 10 .9 DKK/kg, compared with 14 .1 DKK/kg . The decreasing sales prices at the beginning of 2026 stabilised during the spring, before falling sharply again during the summer period . Based on the latest development, and positive signals from local sales channels, FirstFarms expects prices to increase slightly towards the end of 2026 . Crops Crop prices have been at a low level during the first half of the year, although the trend has been towards slightly higher prices . Turnover from sale of crops was 24 .5 mDKK higher in the first half year of 2026 compared with the first half year of 2025 . The growing season in Slovakia, the Czech Republic and Hungary have been challenged by very low levels of rainfall . In Slovakia, yields are expected to be 35% below budget, with maize and sugar beets particularly affected . In Romania, rainfall has been satisfactory . So far, the quality and yields of the crops harvested have been good, and expectations for the areas under irri - gation are very positive . FirstFarms sells approximately 60% of its crop produc - tion . The remaining 40% is used for feed . Land FirstFarms considers agricultural land to be an inflation proof real asset . The company’s agricultural land ac - counts for one quarter of total assets . During the spring of 2026, we completed an agreement to acquire the Ted HALF YEAR RESULT IMPACTED BY DROUGHT IN SLOVAKIA AND LOW PIG AND MILK PRICES
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4 Exim farm in Romania, located approximately 35 km east of our crop centre . The farm covers 680 hectares, of which 340 hectares are leased, and the quality of the land is high . The entire area is irrigated, and there is sig- nificant potential for further development in the new area . Milk FirstFarms’ milk production has been significantly impacted by an outbreak of foot and mouth disease (FMD) in the herd . The primary focus in 2026 has there - fore been on rebuilding production . At the beginning of the year, 2,100 cows were milked, with a daily production of 58,000 litres . During the first half of the year, the number of cows increased to 2,700, with daily production reaching 90,000 litres . 80 % of the cows are in their first lactation and conse - quently have somewhat lower yields . For the second half of the year, production is expected to increase to as much as 100,000 litres per day . Milk prices have been very low . The company realised an average price of 0 .26 EUR/kg in the first half of the year . Pri- ces are expected to increase in the second half of the year, and prices of 0 .36 EUR/kg are already being achieved . Expectations to 2026 Because of drought affecting large parts of Europe, and de- creasing pig prices, the Group adjusted downwards the expe- ctations for the year result by 20 mDKK on 26 August 2026 . FirstFarms expects in 2026: • An EBITDA of minus 5 - 45 mDKK • An EBIT of minus 75 - minus 25 mDKK FirstFarms’ focus areas in the remaining part of 2026 are to get the dairy facility in operation and on effective cost management . Finansial items Net financial items are an expense of 18 mDKK compa - red to net 16 mDKK in 2025 . The interest level has decli- ned slightly, which has been offset by additional finan - cing for investments and the acquisition of company in Romania . Equity Equity decreased by 39 mDKK to 860 mDKK; primarily as a result of the half year result . The balance sheet The balance sheet for the Group as of 30 June 2026 amounts to 1,820 mDKK, which is on par with same pe - riod last year and an increase of 76 mDKK compared to 31 December 2025 . The main reasons are seasonal fluctuations in invento - ries and biological assets, as well as investments in pro - perty, plant and equipment, including the expansion of the area in Romania . Cash flow Cash flow from operating activities was negative with 12 mDKK, compared to +2 mDKK in 2025 . Cash flow in 2026 is impacted by low prices for animal products . Cash flow from investing activities amounts to 53 mDKK, with the primary investment relating to the acquisition of com - pany in Romania . Events after the balance sheet date No events have occurred after the balance sheet date that are significant for the group’s position as of 30 June 2026 . Risk assessment FirstFarms has in the annual report of 2025 described the most essential risks for the company, and it is the mana- gement’s opinion that this description is still adequate . The annual report and the risk assessment can be found on the company’s website: www .firstfarms .com . Accounting policies The interim financial report is prepared in accordance with IAS 34 ”Presentation of interim financial reports” as adopted by the EU and Danish disclosure require - ments for listed companies . Accounting policies are unchanged compared to the consolidated financial statement and annual report for 2025, to which is referred .
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FINANCIAL REPORTING 5 FINANCIAL HIGHLIGHTS tDKK Group H1 2026 Group H1 2025 Group 2025 Net turnover 199.6 192.2 379.2 Gross profit/loss 59 .3 112 .4 192 .9 Result before depreciations (EBITDA) 2.5 54.4 79.2 Profit/loss from primary operations (EBIT) -32.5 22.1 12.7 Net financial items -17 .7 -15 .6 -31 .3 Profit before tax -50.2 6.5 -18.7 Net profit -48 .2 4 .8 -20 .6 Non-current assets 1,448.9 1,297.8 1, 377. 8 Current assets 371 .1 434 .2 367 .0 Total assets 1,820.0 1,732.0 1,744.8 Share capital 122 .5 122 .5 122 .5 Equity 858.4 915.6 898.5 Non-current liablities 710 .6 623 .1 675 .4 Current liabilities 249 .3 193 .3 170 .2 Net interest bearing debt 692.1 551.9 613.1 Cash flow from primary operations 9.5 12.9 60.7 Cash flow from operating activities -11 .7 1 .6 17 .2 Cash flow from investment activities, net -52 .8 -86 .2 -141 .4 Of which for investment in tangible assets -29 .7 -86 .4 -171 .3 Cash flow from financing activities 67 .9 18 .6 -1 .5 Total cash flow 3.4 -66.0 -125.6 KEY RATIOS Gross margin 29 .7 58 .5 50 .9 EBITDA margin 1.2 28.3 20.9 Operating margin -16 .3 11 .5 3 .3 Solvency ratio 47 .2 52 .9 51 .5 Earnings per share, DKK -3.9 0.4 -1.8 Diluted earnings per share, DKK -3 .9 0 .4 -1 .8 NIBD/EBITDA 139 .4 5 .1 7 .7 Return on shareholders’ equity -11 .0 1 .1 -2 .5 Average number of employees 373 383 374 FINANCIAL HIGHLIGHTS AND KEY RATIOS FINANCIAL HIGHLIGHTS AND KEY RATIOS
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FINANCIAL REPORTING 6 FirstFarms maintains the adjusted expectations for the year of an EBITDA in the level of minus 5 - 45 mDKK and an EBIT of minus 75 - minus 25 mDKK . EXPECTATIONS EXPECTATIONS Announced expectations 2026 (mDKK) EBITDA EBIT 26 August 2026 minus 5 - 45 minus 75 - minus 25 8 July 2026 15 - 65 minus 55 - minus 5 25 March 2026 60 - 110 -10 - +40
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FINANCIAL REPORTING 7MANAGEMENT STATEMENT MANAGEMENT STATEMENT The Board of directors and the management of i FirstFarms A/S have today discussed and approved the interim financial report for the period 1 January – 30 June 2026 . The interim financial accounts, which has not been audited or reviewed by the independent auditors of the Company, has been prepared in accordance with IAS 34 – “Interim Financial Reporting” as adopted by the EU and additional Danish disclosure requirements for interim reports of listed companies . In our opinion the interim financial accounts give a true and fair view of the Group’s assets, liabilities and financial position at 30 June 2026 and of the results of the Group’s operations and cash flows for the period 1 January – 30 June 2026 . Further, in our opinion the Management’s review gi - ves a true and fair overview of the development in the Group’s operations and financial matters, the results of the Group’s operations and the Group’s financial posi - tion as a whole . Billund, 26 August 2026 Management Board of directors Asbjørn Børsting Chairman Henrik Hougaard Vice Chairman Bendt Wedell Michael Hyldgaard Co-CEO Lise Kaae Claus Ewers Jesper Pagh Søren Bredvig Co-CEO
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FINANCIAL REPORTING 8 INCOME STATEMENT tDKK Group H1 2026 Group H1 2025 Group 2025 Net turnover 199,589 192,161 379,235 Public subsidies 33,893 28,017 86,948 Other operating income 3,995 35,345 39,298 Value adjustment of biological assets 2,825 7,161 -6,189 Total income 240,302 262,684 499,292 Cost of sales -147,74 4 -106,921 -224,232 Other external costs -33,286 -43,325 -82,172 Gross profit/loss 59,272 112 ,438 192,888 Staff costs -56,789 -58,054 -113,737 EBITDA 2,483 54,384 79,151 Depreciations -35,025 -32,293 -66,494 EBIT -32,542 22,091 12,657 Financial income 1,564 2,602 4,469 Financial costs -19,249 -18,178 -35,804 Pre-tax result -50,227 6,515 -18,678 Tax on net profit 2,022 -1,759 -1,946 Net profit -48,205 4,756 -20,624 Earnings per share -3 .94 0 .39 -1 .76 Diluted earnings per share -3 .94 0 .39 -1 .76 TOTAL INCOME STATEMENT tDKK Group H1 2026 Group H1 2025 Group 2025 Net profit -48,205 4,756 -20,624 Other total income Items that can be reclassified to teh income statement: - Result minority interests -949 33 -660 - Exchange rate adjustments by conversion of foreign units 8,610 -758 7 ,686 Hedging instruments - Value adjustment for the period 0 0 - Value adjustment of reclassified to financial items 0 0 0 - Tax of other total income 0 0 0 Other total income after tax 7,661 -725 7,026 Total income -40,544 4,031 -13,598 INCOME STATEMENT AND TOTAL INCOME STATEMENT INCOME STATEMENT AND TOTAL INCOME STATEMENT
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BALANCE SHEET ASSETS tDKK Group H1 2026 Group H1 2025 Group 2025 ASSETS Non-current assets Intangible assets Goodwill 16,083 16,083 16,083 Total intangible assets 16,083 16,083 16,083 Tangible assets Land 494,514 439,148 453,122 Land lease contracts (IFRS 16) 64,106 54,140 62,229 Buildings 461,638 406,826 450,257 Plant and machinery 205,703 181,645 207,083 Fixtures and fittings, tools and equipment 18,144 12,633 12,623 Assets under construction and prepayment 52,246 88,673 57,4 07 Total tangible assets 1,296,351 1,183,065 1,242,721 Biological assets Basic herd 65,440 33,964 56,739 Total biological assets 65,440 33,964 56,739 Other non-current assets Other capital shares 45,224 45,063 45,063 Other receivables 0 0 0 Deferred tax assets 25,763 19,671 17, 226 Total other non-current assets 70,987 64,734 62,289 Total non-current assets 1,448,861 1,297 ,846 1, 377, 832 Current assets Inventories 92,186 61,600 157,013 Biological assets – breeding and crops 184,190 217,70 0 128,802 Receiveables from sale 29,632 25,154 23,402 Other receivables 34,247 47,911 32,860 Receivable corporation tax 8,590 4,431 5,908 Accruals and deferred expenses 6,670 5,660 6,934 Cast at bank and in hand 15,622 71,732 12,057 Total current assets 371,137 434,188 366,976 TOTAL ASSETS 1,819,998 1,732,034 1,744,808 BALANCE SHEET / ASSETS FINANCIAL REPORTING 9 BALANCE SHEET
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BALANCE SHEET EQUITY AND LIABILITIES tDKK Group H1 2026 Group H1 2025 Group 2025 EQUITY AND LIABILITIES Equity Share capital 122,463 122,463 122,463 Reserve for exchange rate adjustment -32,568 -49,622 - 41,178 Reserve for cash flow hedge 0 0 0 Transferred result 768,554 842,719 817, 263 Proposed dividend 0 0 0 Total equity ex. minority interests 858,449 915,560 898,548 Minority interests 1,669 93 720 Total equity 860,118 915,653 899,268 Liabilities Non-current liabilities Deferred tax 49,744 43,891 38,049 Credit institutions 544,148 507,971 517,181 Convertible bonds 0 0 0 Other debts 2,325 691 3,253 Accruals and deferred income 114, 361 70,529 1 16,906 Total non-current liabilities 710,578 623,082 675,389 Current liabilities Credit institutions 163,525 113,779 107,989 Convertible bonds 0 0 0 Trade payables and other payables 81,067 74,226 57,198 Corporation tax 13 0 495 Accruals and deferred income 4,697 5,294 4,469 Total current liabilities 249,302 193,299 170,151 Total liabilities 959,880 816,381 845,540 TOTAL EQUITY AND LIABILITIES 1,819,998 1,732,034 1,744,808 BALANCE SHEET / EQUITY AND LIABILITIES FINANCIAL REPORTING 10
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EQUITY STATEMENT (condensed) tDKK Group H1 2026 Group H1 2025 Equity 1 January 898,548 819,095 Result of the period -48,205 4,756 Other total income 7, 6 61 -725 Conversion of bonds 0 92,227 Capital increase 0 0 Utilisaton of warrants 0 0 Warrants 445 550 Purchase of own shares 0 -343 Dividend 0 0 Total income for the period -40,099 96,465 Equity 30 June 858,449 915,560 There has not been purchased any shares during the period . FirstFarms held 14,661 shares at the end of June 2026 . EQUITY STATEMENT EQUITY STATEMENT FINANCIAL REPORTING 11
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CASH FLOW STATEMENT CASH FLOW STATEMENT tDKK Group H1 2026 Group H1 2025 Pre-tax result (Int the parent company ex . result of subsidiaries) -50,227 6,515 Adjustments for non -monetary operating items etc .: Depreciation/amortisation 35,025 32,293 Reversal of profit, sale of non -current assets and badwill -2,574 0 Value adjustment of biological assets -2,825 -7,161 Financial income -1,564 -2,602 Financial costs 19,249 18,178 Sharebased remuneration 0 550 Cash flow generated from operations before change in working capital -2,916 47,773 Change in working capital 12,382 -34,880 Cash flow from main activities 9,467 12,893 Interest received 1,564 2,602 Interest paid -19,249 -18,178 Paid corporation tax -3,458 4, 311 Cash flow from operating activities -11,677 1,628 Purchase of company -30,298 0 Sale of tangible assets, paid 7, 223 242 Acquisition of tangible assets -29,702 -86,396 Cash flow from investing activities -52,777 -86,154 Paid dividend 0 0 Buy-back of own shares 0 -343 Change of short term credit facilities 51,179 0 Proceeds from loans 41,100 25,656 Loan repayment -24,426 -6,758 Cash flow from financing activities 67, 853 18,555 Cash flow of the period 3,400 -65,971 Available, at the beginning 12,057 137,703 Available, purchase of company 36 0 Exchange rate adjustment of available 129 0 Available, at closing 15,622 71,732 CASH FLOW STATEMENT FINANCIAL REPORTING 12
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SEGMENT INFORMATION H1 2026 tDKK Romanian activities Slovakian activities Hungarian activities Czech activities Danish activities Intercompany elimation Total Total turnover 35,174 99,105 42,383 43,066 5,623 -25,762 199,589 Production subsidies 7 ,660 20,760 3,310 2,163 0 0 33,893 Value adjustment of biological assets 22,764 -11, 275 -6,221 -2,443 0 0 2,825 Earnings before depreciations (EBITDA) 38,014 -21,237 -6,475 -4,290 -3,529 0 2,483 Depreciations -9,577 -16,132 -7,143 -2,173 0 0 -35,025 Earnings from primary operation (EBIT) 28,437 -37,369 -13,618 -6,463 -3,529 0 -32,542 Financial income 225 1,012 0 1,666 15,113 -16,452 1,564 Financial costs -15,134 -8,921 -7, 353 -1,118 -2,774 16,051 -19,249 Result before tax 13,528 -45,278 -20,971 -5,915 8,810 -401 -50,227 Assets 510,941 795,181 349,726 208,699 1,039,805 -1,084,354 1,819,998 Plant investments *) 13,940 11, 8 43 2,387 1,532 0 0 29,702 Liabilities 437,774 556,984 291,547 67, 353 132,004 -525,782 959,880 SEGMENT INFORMATION H1 2025 tDKK Romanian activities Slovakian activities Hungarian activities Czech activities Danish activities Intercompany elimation Total Total turnover 23,008 86,807 48,364 44,663 5,997 -16,678 192,161 Production subsidies 5,744 18,051 3,074 1,148 0 0 28,017 Value adjustment of biological assets 1 1,200 -11, 372 4,898 2,435 0 0 7,161 Earnings before depreciations (EBITDA) 23,206 25,608 13,751 3,958 -12,139 0 54,384 Depreciations -7, 8 02 -15,925 -6,691 -1,850 -25 0 -32,293 Earnings from primary operation (EBIT) 15,404 9,683 7,060 2,108 -12,164 0 22,091 Financial income 1,557 13 16 1,345 11, 6 69 -11,9 98 2,602 Financial costs -8,578 -6,733 -8,675 -980 -5,210 11,9 98 -18,178 Result before tax 8,383 2,963 -1,599 2,473 -5,705 0 6,515 Assets 415,589 706,324 330,001 203,277 607,369 -530,526 1,732,034 Plant investments *) 54,525 25,279 6,592 0 0 0 86,396 Liabilities 337,202 425,234 343,721 65,344 178,675 -533,795 816,381 *) Investments include investments in machinery, land and buildings . FirstFarms’ report compulsory segments are constituted by the business units in Slovakia, Romania, Hungary and the Czech Republic . In Slovakia, we operate within pig, milk and crop production . In Romania, we operate within crop production . In Hungary and in the Czech Republic within pig and crop production . The four business units are operated independently, as each unit has different management, activities and customers . The report compulsory segments are identified without aggregation of operation segments . SEGMENT INFORMATION FINANCIAL REPORTING 13
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tDKK Romania H1 2026 Romania H1 2025 Slovakia H1 2026 Slovakia H1 2025 Hungary H1 2026 Hungary H1 2025 Czech H1 2026 Czech H1 2025 Milk 0 0 25,648 30,039 0 0 0 0 Cows and calves 0 0 8,087 3,666 0 0 0 0 Piglets and slaughter pigs 0 0 30,129 29,138 41,899 48,078 42,983 44,618 Crops 34,978 22,861 32,667 22,393 0 0 0 0 Other 196 147 2,574 1,571 484 268 83 45 Total 35,174 23,008 99,106 86,807 42,383 48,346 43,066 44,663 Geographical information FirstFarms operates in Romania, Slovakia, Hungary and the Czech Republic . Management and strategic services are provided by the parent company to the subsidiaries . The subsidiaries are partly financed by loans from the parent company . When presenting information on geographical areas, information on the distribution of turnover by geographic segment is calculated based on the geographical location . Distribution of assets by geographic segment is based on the physical location of the assets . TURNOVER tDKK Group H1 2026 Group H1 2025 Milk 25,648 30,039 Cows and calves 8,087 3,666 Piglets and slaughter pigs 95,968 111, 612 Crops 66,829 45,254 Other 3,057 1,590 Total 199,589 192,161 Products FirstFarms’ turnover primarily concerns milk, pigs and crops . The turnover is specified: TURNOVER FINANCIAL REPORTING 14
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FINANCIAL REPORTING 15INVESTOR INFORMATION INVESTOR INFORMATION Basic data Stock exchange: Nasdaq Copenhagen A/S Index: SmallCap Sector: Konsumentvarer ISIN code: DK0060056166 Short name: FFARMS Contact us: FirstFarms A/S Majsmarken 1 7190 Billund Group CFO Michael Hyldgaard mih@firstfarms .com +45 75 86 87 87 Financial calendar 25 March 2026 Annual report 2025 28 April 2026 Annual general meeting 27 May 2026 Interim financial report 1 January – 31 March 2026 26 August 2026 Interim financial report 1 January – 30 June 2026 24 November 2026 Interim financial report 1 January – 30 September 2026 Find more information about FirstFarms here: www .firstfarms .com
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LET’S GROW TOGETHER VISION We want to be one of Europe’s best operated and most profitable compa- nies in the area of agriculture and food products . PURPOSE Contribute to a healthier world with food products, which are produced with respect for people, animals, soil and climate . MISSION We operate FirstFarms with responsibility for the surrounding communities, and we deliver highest quality which is primarily sold locally . We act on new opportunities, that create value for our investors and for the surroundings . Every day, we work on creating a more sustainable company .
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FirstFarms A/S · Majsmarken 1 · DK-7190 Billund · CVR no.: 28 31 25 04 · Tel: +45 75 86 87 87 · www.firstfarms.com