Earnings release
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Farmers PRESS RELEASE Lochem , 6 August 2026 FORFARMERS RESULTS FOR THE FIRST HALF OF 2026 Continued strong results and further market share growth Pieter Wolleswinkel , CEO ForFarmers : " We successfully sustained the strong results achieved in the first quarter throughout the second quarter . Volume development remained positive , demonstrating that we have further strengthened our market positions . The dedication and commitment of our people in serving our customers have played a major role in this achievement . Underlying profit increased significantly once again compared with the first half of last year , rising by almost 60 % . This growth was primarily driven by strong performances in the Netherlands , Germany and Poland . Results in the UK remained satisfactory . In the Netherlands in particular , we continue to invest in and focus on innovation at the farm level to support improved animal performance and health , while further advancing the sustainability of the livestock sector . Through these efforts , we aim to provide our farmers with the best possible support towards a sustainable future . We recently received approval from the Polish competition authority for our joint venture with KPS . This significantly strengthens our position in the growing Polish poultry market and creates a solid platform for further consolidation . We expect to complete the transaction in the fall . In light of the impact of this transaction and the strong improvement in our financial performance over the past period , we will announce our new financial targets during a Capital Markets Day at the end of the year . " Highlights H1 2026 • Total volume increased by 5.1 % compared with H1 2025. On a like - for - like basis , volume remained in line with H1 2025 . • Compound feed volume increased by 3.3 % . On a like - for - like basis , volumes were stable . • Gross profit increased by 12.6 % to € 327.3 million , driven by strong contributions from the Netherlands , Germany and Poland . • • Supported by higher volumes and an improved gross margin , underlying EBITDA increased by 39.3 % to € 84.7 million . Underlying net profit attributable to ForFarmers shareholders increased by 59.4 % to € 37.3 million . • Net cash flow from operating activities amounted to € 44.9 million ( H1 2025 : € 63.8 million ) . The net debt position of € 22.4 million provides ample headroom to support our investment and M & A agenda . • ROACE ( 3 ) on underlying EBIT increased from 14.3 % as at 30 June 2025 to 22.0 % as at 30 June 2026 ( 31 December 2025 : 17.4 % ) . Approval has been obtained from the Polish competition authority for the joint venture with KPS Food Group in Poland . • Consolidated key figures For the six months ended 30 June 2026 2025 Total change Like - for - like in millions of euro ( unless stated otherwise ) in % in % ( 2 ) Total volume ( incl . co - products & others ; x 1,000 tonnes ) 5,452 5,186 5.1 % -0.1 % Of which compound feed ( x 1,000 tonnes ) 3,266 3,161 3.3 % 0.1 % Revenue 1,577.1 1,571.8 0.3 % -4.8 % Gross profit 327.3 290.8 12.6 % 9.2 % Underlying ( 1 ) operating expenses -271.7 -256.3 6.0 % 2.7 % Underlying ( 1 ) EBITDA 84.7 60.8 39.3 % 34.1 % Underlying ( 1 ) EBIT 57.2 35.8 59.8 % 54.8 % Underlying ( 1 ) profit for the period 41.4 24.7 67.6 % 64.0 % Underlying ( 1 ) profit for the period attributable 37.3 23.4 59.4 % 53.9 % to shareholders of the Company Underlying ( 1 ) earnings per share ( x € 1 ) 0.42 0.27 55.6 % 53.9 % Press release 2026 first - half results
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Press release 2026 first-half results 2 For the six months ended 30 June in millions of euro (unless stated otherwise) 2026 2025 Total change in % Like-for-like in % (2) Net cash from operating activities 44.9 63.8 -29.6% Net debt position (4) 22.4 -6.0 -473.3% Underlying (1) EBITDA / Gross profit 25.9% 20.9% ROACE (3) underlying (1) EBIT 22.0% 14.3% Reported Revenue 1,577.1 1,571.8 0.3% -4.8% Gross profit 327.3 290.8 12.6% 9.2% Operating expenses -281.8 -262.7 7.2% 4.1% EBITDA 80.8 67.9 19.1% 14.5% EBIT 47.0 37.4 25.9% 21.4% Profit for the period 30.4 24.8 22.6% 19.2% Profit for the period attributable to shareholders of the Company 26.3 23.6 11.4% 7.3% Basic earnings per share (x €1) 0.30 0.27 11.1% 7.2% (1) Underlying means excluding incidental items and amortisation of intangible assets acquired in the past (see Note 4 regarding the Alternative Performance Measures (APMs)). (2) Like for like is the change excluding currency impact and acquisitions and divestments. (3) ROACE means underlying EBIT of the last 12 months divided by average capital employed over the same period. (4) As at 30 June 2026 and as at 31 December 2025. Note, percentages are presented based on the rounded amounts in million euro. Sums may lead to slight differences due to rounding. Market- and other external developments • Geopolitical developments, together with recent weather conditions resulting in low water levels in parts of Europe, have led to increased volatility in raw material, energy and transportation costs. ForFarmers is well positioned to mitigate the impact of these developments. • Broiler and egg prices have stabilised. • Milk prices were significantly lower than in recent years. • Pig prices declined further, partly as a result of the impact of Chinese import tariffs. As a consequence, the pig farming sector is facing increasing pressure. • The impact of animal diseases decreased as of the second quarter. • The Dutch government’s nitrogen policy is expected to have a significant impact on the livestock sector in the Netherlands. Strategy progress Guided by its mission, ‘For the Future of Farming’, ForFarmers is committed to advancing sustainable livestock farming while supporting a healthy earnings model for farmers. In doing so, ForFarmers is taking an increasingly active role across the agricultural value chain. By strengthening collaboration with value chain partners and further advancing value chain integration, ForFarmers contributes to more efficient, sustainable and future-proof food supply chains. The company continues to execute its strategic agenda consistently and decisively, with a strong local customer approach, a focused emphasis on growth markets and ongoing discipline in cost management. Joint Venture with KPS Food Group In February this year, we announced our proposed joint venture with KPS Food Group. This partnership strengthens our position in the growing Polish poultry market and represents an important step in further value chain integration. By combining our strengths, we are creating an efficient and agile value chain that enables us to respond more effectively to evolving market needs. In April 2026, our shareholders approved the transaction, and approval has now also been obtained from the Polish competition authority. We expect to complete the transaction in the fall.
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Press release 2026 first-half results 3 Strategic Partnership with Groenland Group We also took a further step in value chain integration through a strategic partnership with Groenland Group, part of the German PHW group. The partnership is aimed at investing in Dutch broiler farms, thereby contributing to a stronger, more sustainable and future-proof poultry value chain. The partnership has been established through a joint venture in which ForFarmers holds a 49% equity interest. The poultry farm acquired by ForFarmers earlier this year has been transferred into this joint venture. Innovation Under the brand name PensKracht (rumen power), ForFarmers has launched its first probiotic feed additive for dairy cows. The product improves rumen and intestinal health while strengthening the immune system. PensKracht contributes to healthier animals and higher milk production. In the Netherlands, approximately 100,000 dairy cows are now fed with PensKracht. Nitrogen To unlock progress on the nitrogen issue in the Netherlands, the Dutch government presented its policy package, “Weer ruimte voor boer, natuur en bouw”, on 26 June. The proposed measures could have a significant impact on Dutch farmers. The package is intended to provide perspective by restarting the permitting process and shifting the focus towards outcome-based regulation, giving entrepreneurs more flexibility in achieving emission reduction targets. At present, however, uncertainty remains regarding the practical implementation, affordability and legal robustness of the proposed measures. The impact is expected to be greatest for the dairy sector, while intensive livestock farming may also face tighter emission standards and the associated investment requirements. For ForFarmers, it is essential that farmers have both the flexibility and the resources to reduce emissions. Innovation, craftsmanship and effective farm management should be at the heart of this transition. Only then can a sustainable future for livestock farming be secured while maintaining a strong and competitive Dutch agri-food sector. We will continue to support our farmers wherever possible through our products and advisory services, including improving feed efficiency, implementing on-farm management measures, and developing manure and emission reduction solutions across the value chain. CO2 reduction in dairy farming ForFarmers’s dairy customers once again achieved strong results in reducing CO2 emissions, resulting in substantial milk price premiums. These achievements are primarily driven by the optimal use of high-quality forage, efficient use of compound feed, and a combination of healthy animals and high milk yields. ForFarmers supports dairy farmers in a variety of ways. We supply CO2 reducing (compound) feed formulated with raw materials that have a low carbon footprint. In addition, we provide advice and support on innovations such as manure digestion, biological acidification of manure in slurry pits and the use of emission-reducing feed additives. Announcement of Capital Markets Day At the end of the year, ForFarmers will host a Capital Markets Day, reflecting the strong progress made in executing its strategy, the proposed transaction with KPS Food Group and the significant improvement in financial performance. During the event, we will provide an update on our strategy and present our new financial targets. Further details will be announced in due course.
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Press release 2026 first-half results 4 Notes to the consolidated results for the first half of 2026 Total volume increased by 5.1% to 5.45 million tonnes, while compound feed volumes (as part of total volume) increased by 3.3%. The increase in volumes was primarily driven by the consolidation of the volumes of Beukelaar Diervoeders, acquired in November 2025, and the joint venture in Germany, which commenced on 1 March 2025. Excluding these acquisitions, both total volume (-0.1%) and compound feed volume (+0.1%) remained broadly stable compared with the prior year. Total revenue increased by 0.3% to €1,577.1 million, primarily as a result of the acquisitions. On a like-for-like basis, revenue declined by 4.8%, reflecting lower raw material costs compared to the first half of 2025, which were passed on through lower selling prices. Gross profit increased by 12.6% to €327.3 million, partly driven by higher volumes. Gross margin also improved, demonstrating the effectiveness of our local market approach. Underlying operating expenses, including depreciation and amortisation, increased by 6.0%, mainly due to the consolidation of the German joint venture and the acquisition of Beukelaar Diervoeders. Our continued focus on cost discipline resulted in a limited like-for-like increase of 2.7%, despite inflation and collectively agreed wage increases. Personnel expenses and transportation costs showed the largest increases. The average number of FTEs increased from 2,790 as at 30 June 2025 to 2,854 as at 30 June 2026. Underlying depreciation and amortisation amounted to €27.5 million in the first half of 2026, compared with €25.0 million in the same period last year, primarily reflecting the impact of acquisitions. The combination of higher gross margins and effective cost management resulted in another strong improvement in operating profitability. Underlying EBIT amounted to €57.2 million in the first half of 2026 (H1 2025: €35.8 million), while underlying EBITDA increased to €84.7 million (H1 2025: €60.8 million). Underlying net finance costs decreased to €3.5 million (H1 2025: €4.4 million), primarily due to lower interest expenses. Underlying net profit increased to €41.4 million (H1 2025: €24.7 million). Of this amount, €37.3 million (H1 2025: €23.4 million) was attributable to ForFarmers shareholders, resulting in underlying earnings per share of €0.42 (H1 2025: €0.27). Alternative Performance Measures (APMs) In the results for the first half of 2026, operational expenses amounting to €3.9 million were recognised at the EBIT level as incidental items (APMs), primarily relating to acquisition-related costs. In addition, the amortisation of acquired intangible assets recognised in previous business combinations amounted to €6.3 million in H1 2026. In total, APM adjustments at the EBIT level amounted to an expense of €10.2 million in H1 2026. In H1 2025, total APM adjustments at the EBIT level amounted to a gain of €1.6 million, primarily reflecting the remeasurement of the 50% interest in HaBeMa and the gain on the disposal of a production facility in the United Kingdom and the amortisation of acquired intangible assets recognised in previous business combinations of €5.5 million. Within finance costs, an expense of €3.0 million was recognised in H1 2026 as a result of the unwinding of discount on the put-option liability on Tasomix (H1 2025: expense of €3.0 million).
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Press release 2026 first-half results 5 Financial Position and Cash Flow Shareholders’ equity decreased to €434.5 million (31 December 2025: €438.4 million), primarily reflecting the dividend payment (€32.1 million) and the share buyback programme (€1.9 million), largely offset by the addition of net profit for H1 2026 (€30.4 million, including non-controlling interests). Net working capital amounted to €60.5 million as at 30 June 2026 (30 June 2025: €59.0 million). Net debt amounted to €22.4 million as at 30 June 2026 (31 December 2025: net cash position of €6.0 million). Driven by the improvement in underlying EBIT, the ROACE based on underlying EBIT (12-month rolling average) increased from 14.3% as at 30 June 2025 to 22.0% as at 30 June 2026 (31 December 2025: 17.4%). Net cash flow from operating activities decreased from €63.8 million in the first half of 2025 to €44.9 million in the first half of 2026, primarily due to a higher trade receivables balance. Net cash outflow from investing activities amounted to €33.0 million (H1 2025: €10.2 million). Net cash outflow from financing activities increased from €29.2 million in the first half of 2025 to €38.8 million in the first half of 2026, mainly reflecting the higher dividend payment.
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Press release 2026 first-half results 6 Results by cluster Netherlands/Belgium For the six months ended 30 June in millions of euro (unless stated otherwise) 2026 2025 Total change in % Like-for-like in % Total volumes (compound feed, co-products and others) (x 1.000 tonnes) 2,398 2,394 0.2% -1.5% Revenue 652.7 654.2 -0.2% -5.0% Gross profit 151.7 137.7 10.2% 9.2% Underlying operating expenses -116.5 -121.0 -3.7% -1.5% Underlying EBIT 35.5 20.0 77.5% 71.9% Underlying EBITDA 43.1 27.3 57.9% 55.3% ROACE on underlying EBIT 29.5% 23.1% Operational and financial developments in Netherlands/Belgium In the first half of 2026, total volume in the cluster increased by 0.2%, primarily driven by the volumes of Beukelaar Diervoeders, which was acquired in November 2025. As part of total volume, compound feed volumes recorded a stronger increase. Excluding the impact of acquisitions, total volume declined slightly compared with the previous year, as one of the co-product streams has no longer been used for animal feed production since the second half of 2025. The Dutch animal feed market contracted, mainly in the pig sector, as a result of buy-out schemes. In addition, animal diseases, particularly avian influenza, affected the market in the Netherlands. Despite these market conditions, we maintained our compound feed volumes at a solid level, enabling us to gain further market share during the first six months of 2026. The strong technical performance of our feed contributes to that. Milk prices, which declined during the second half of 2025, stabilised at this lower level during the reporting period. The impact on volumes was limited, as reflected in the stable performance of the dairy segment. Beef cattle and goat feed volumes increased significantly. Volumes in the pig sector remained under pressure due to the buy-out schemes and other market developments.. The poultry market remained broadly stable, although it continued to be affected by avian influenza. ForFarmers achieved growth in poultry feed volumes, resulting in a further increase in market share. The excellent technical performance delivered by our feed continues to be an important driver of this success. The results of CirQlar (co-products) and Pavo (horse feed) improved during the period. Reudink (organic animal feed) delivered a strong first half, supported by higher volumes. This growth was mainly driven by the factory in Fürstenau, Germany, acquired in early 2025, which is operating in line with plan at a healthy capacity utilisation rate. Demand for organic animal feed continues to increase, particularly in Germany. Our successful market approach translated into an 10.2% increase in gross profit. Operating expenses declined, primarily as a result of our continued focus on cost discipline. Combined with the higher gross margin, this resulted in a significant 57.9% increase in underlying EBITDA to €43.1 million. Underlying EBIT also increased, rising from €20.0 million in the first half of 2025 to €35.5 million in the same period this year, representing an increase of 77.5%.
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Press release 2026 first-half results 7 Germany/Poland For the six months ended 30 June in millions of euro (unless stated otherwise) 2026 2025 Total change in % Like-for-like in % Total volumes (compound feed, co-products and others) (x 1.000 tonnes) 1,868 1,539 21.4% 6.4% Revenue 587.4 553.7 6.1% -4.8% Gross profit 108.7 83.0 31.0% 18.1% Underlying operating expenses -87.3 -70.6 23.7% 10.5% Underlying EBIT 22.6 13.5 67.4% 55.6% Underlying EBITDA 32.9 22.0 49.5% 35.1% ROACE on underlying EBIT 16.4% 14.6% Operational and financial developments in Germany/Poland Total volume in this cluster increased by 21.4%, primarily driven by the consolidation of the ForFarmers team agrar joint venture from 1 March 2025. Volumes increased in both Germany and Poland, also on a like-for-like basis (+6.4%), mainly driven by the Polish activities and the German storage and transhipment activities (HaBeMa). Despite the continued negative impact of foreign exchange rates on global trade, the competitive position of German raw material exports improved compared with the previous year, supported by better harvests and increased demand in export markets. As a result, both volumes and profit contribution of HaBeMa improved significantly during the first half of the year. Volumes in the German animal feed market remained stable. Despite the impact of animal diseases on the poultry sector, the performance of the German compound feed activities remained stable. In Poland, we achieved strong volume growth with market share gains particularly in the broiler sector. Investments in capacity expansion are clearly delivering results. The integration of Farmpasz is progressing according to plan. The increase in volumes supports the strong improvement in profitability of the Polish activities. Gross profit increased by 31.0% in the first half of 2026, partly reflecting the consolidation of the German joint venture (from 1 March 2025). On a like-for-like basis, gross profit growth was also very strong (+18.1%), both in Germany and Poland. Underlying operating expenses increased, mainly due to the higher activity level and the consolidation of the joint venture. The cluster’s operating profitability showed a significant improvement, with underlying EBITDA increasing by 49.5% and underlying EBIT increasing by 67.4%. ROACE also improved, increasing from 14.6% as at 30 June 2025 to 16.4% as at 30 June 2026.
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Press release 2026 first-half results 8 United Kingdom For the six months ended 30 June in millions of euro (unless stated otherwise) 2026 2025 Total change in % Like-for-like in % Total volumes (compound feed, co-products and others) (x 1.000 tonnes) 1,186 1,253 -5.4% -5.4% Revenue 347.1 375.3 -7.5% -4.8% Gross profit 66.8 69.9 -4.4% -1.6% Underlying operating expenses -62.4 -61.8 1.0% 4.1% Underlying EBIT 4.5 8.3 -45.8% -45.0% Underlying EBITDA 12.4 15.8 -21.5% -19.5% ROACE on underlying EBIT 11.9% 14.0% Operational and financial developments in the United Kingdom In the United Kingdom, total volumes declined by 5.4% in the first half of 2026. The phase-out of third-party toll manufacturing activities in the second quarter of 2025 had a dampening effect on volumes. In addition, lower milk prices had a negative impact on volumes in the ruminant segment. In 2025, the cluster achieved exceptionally strong results. Performance has now normalised, mainly due to margin pressure on co-products. Supported by strong compound feed performance, results remain at a solid level, as also reflected in a ROACE of 11.9%. In 2026, we acquired a minority stake in a fast-growing beef integration named Vitulo. This integration operates a data-driven livestock rearing concept. We believe that an integrated value chain for beef production in the United Kingdom will contribute to an affordable and sustainable beef supply chain. Gross profit declined by 4.4%. Following last year’s reorganisation, which resulted in a structural reduction of the cost base, operating expenses increased slightly by 1.0% in the first half of 2026. Underlying EBIT amounted to €4.5 million, while underlying EBITDA decreased to €12.4 million.
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Press release 2026 first-half results 9 In control statement The Executive Board of ForFarmers N.V. hereby affirms that, to the best of its knowledge, the 2026 interim report provides a true and fair view of the condensed consolidated balance sheet, the condensed income statement, the condensed consolidated statement of comprehensive income, the condensed consolidated statement of changes in equity, the condensed consolidated cash flow statement and the notes to the condensed consolidated interim results, as required under the Dutch Financial Supervision Act (Wft). Lochem, 5 August 2026 The Executive Board of ForFarmers N.V. Pieter Wolleswinkel, CEO Marloes Roetgerink, CFO Rob Kiers, COO
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Press release 2026 first-half results 10 Other information For further information: ForFarmers, Floor van Maaren: E: floor.vanmaaren@forfarmers.eu or T: +31 (0)573 28 88 00 Audio webcasts For the media The Executive Board will discuss ForFarmers’ H1 2026 results today from 08.30 to 09.30 CET. The conference call (in Dutch) can be followed via live audio webcast by logging on to the corporate website www.forfarmersgroup.eu. The slides used during the call can be downloaded from the corporate website. The audio webcast will remain available on the website afterwards. For analysts The Executive Board will discuss ForFarmers’ H1 2026 results today from 10.00 to 11.00 CET. The conference call (in English) can be followed via live audio webcast by logging onto the corporate website www.forfarmersgroup.eu. The slides used during the call can be downloaded from the corporate website. The audio webcast will remain available on the website afterwards. Profile ForFarmers ForFarmers N.V. (ForFarmers) is a leading player in Europe, offering complete feed solutions for (organic) livestock farming and with annual sales of over 10 million tonnes of animal feed. With its mission statement ‘For the Future of Farming’, ForFarmers is committed to future-proof farming and making the agricultural sector even more sustainable. The company has production operations in the Netherlands (where the head office is located), Germany, Poland and the United Kingdom, and exports to various countries within and outside Europe. ForFarmers employs around 3,000 people and is listed on Euronext Amsterdam. ForFarmers N.V. P.O. Box 91 7240 AB Lochem T: +31 (0)573 28 88 00 info@forfarmers.eu, www.forfarmersgroup.eu Important Dates Financial Calendar 5 November 2026 Publication Q3 2026 trading update 18 February 2027 Publication full year results and annual report 2026 This press release contains information that qualifies as inside information within the meaning of Article 7 paragraph 1 of the EU Market Abuse Regulation.
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Press release 2026 first-half results 11 Forward-looking statements This document contains forward-looking statements that relate, among other things, to ForFarmers’ regulatory capital and liquidity positions under certain specified scenarios. In addition, forward-looking statements may include, without limitation, statements containing words such as ‘’intends’’, ‘’expects’’, ‘’takes into account’’, ‘’aims at’’, ‘’has the plan’’, ‘’estimates’’ and words of similar purport. These statements concern or may affect future matters, such as ForFarmers’ future financial results, business plans and current strategies. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results and performance to differ materially from the expected future results or performance implicitly or explicitly contained in forward-looking statements. Factors that may cause, or contribute to, differences in current expectations include, but are not limited to: developments in legislation, technology, taxation, case law and regulations, fluctuations in stock prices, legal proceedings, investigations by regulators, competitive conditions, and general economic conditions. These and other factors, risks and uncertainties that may affect any forward looking statement or the actual results of ForFarmers are discussed in the latest published annual report. The forward-looking statements contained in this document relate solely to statements as of the date of this document, and ForFarmers assumes no obligation or responsibility to update the forward-looking statements contained in this announcement, whether in connection with new information, future events or otherwise, unless ForFarmers is required by law to do so.
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Unaudited 12 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Condensed consolidated statement of financial position in millions of euro (before result appropriation) Note 30 June 2026 31 December 2025 Assets Property, plant and equipment 427.6 427.8 Intangible assets and goodwill 109.4 114.0 Investment property 0.6 0.6 Trade and other receivables 4.2 3.6 Equity-accounted investees 1.7 1.6 Deferred tax assets 5.0 4.9 Employee benefits 2.4 0.8 Other financial assets 8 13.7 4.4 Non-current assets 564.6 557.7 Inventories 142.7 149.4 Biological assets 14.0 11.5 Trade and other receivables 300.7 274.8 Current tax assets 5.0 4.8 Other financial assets 8 3.2 2.5 Cash and cash equivalents 79.9 109.7 Current assets 545.5 552.7 Total assets 1,110.1 1,110.4 Equity Equity attributable to shareholders of the Company 9 355.3 357.8 Non-controlling interests 79.2 80.6 Total equity 434.5 438.4 Liabilities Loans and borrowings 11 58.3 69.2 Employee benefits 15.0 16.0 Provisions 12.5 12.2 Trade and other payables 49.3 47.2 Deferred tax liabilities 19.8 19.2 Non-current liabilities 154.9 163.8 Bank overdrafts 1.2 4.1 Loans and borrowings 11 114.4 100.3 Provisions 4.7 5.7 Trade and other payables 391.7 388.8 Current tax liabilities 8.7 9.3 Current liabilities 520.7 508.2 Total liabilities 675.6 672.0 Total equity and liabilities 1,110.1 1,110.4
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Unaudited 13 Condensed consolidated statement of profit or loss For the six months ended 30 June in millions of euro Note 2026 2025 Revenue 1,577.1 1,571.8 Cost of raw materials and consumables -1,249.8 -1,281.0 Gross profit 327.3 290.8 Other operating income 6 1.5 9.3 Operating income 328.8 300.1 Employee benefit expenses -109.0 -102.4 Depreciation, amortisation and impairment -33.8 -30.5 Net (reversal of) impairment loss on trade receivables -0.5 0.7 Other operating expenses -138.5 -130.5 Operating expenses -281.8 -262.7 Operating profit 47.0 37.4 Net finance result -6.5 -7.3 Share of profit of equity-accounted investees, net of tax -0.0 0.2 Profit (loss) before tax 40.5 30.3 Income tax expense 7 -10.1 -5.5 Profit (loss) for the period 30.4 24.8 Profit (loss) attributable to: Shareholders of the Company 26.3 23.6 Non-controlling interests 4.1 1.2 Profit (loss) for the period 30.4 24.8 Earnings per share in euro (1) Basic earnings per share 0.30 0.27 Diluted earnings per share 0.30 0.27 (1) Earnings per share attributable to the shareholders of the Company.
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Unaudited 14 Condensed consolidated statement of comprehensive income For the six months ended 30 June in millions of euro 2026 2025 Profit (loss) for the period 30.4 24.8 Other comprehensive income Items that will never be reclassified to profit or loss Remeasurement of defined benefit liabilities -0.6 0.3 Related tax 0.1 -0.1 -0.5 0.2 Items that are or may be reclassified to profit or loss Foreign operations - foreign currency translation differences 0.1 -2.5 Cash flow hedges - effective portion of changes in fair value 0.9 -0.4 Related tax -0.1 0.1 0.9 -2.8 Other comprehensive income, net of tax 0.4 -2.6 Total comprehensive income 30.8 22.2 Total comprehensive income attributable to: Shareholders of the Company 26.7 21.0 Non-controlling interests 4.1 1.2 Total comprehensive income 30.8 22.2
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Unaudited 15 Condensed consolidated statement of changes in equity in millions of euro Note Share Capital Share premium Treasury share reserve Translation reserve Hedging reserve Other reserves and retained earnings Unappro- priated result Subtotal (1) Non- controlling interest Total Balance as at 1 January 2025 0.9 143.6 -0.0 -1.1 -1.5 155.1 31.4 328.4 9.9 338.3 Addition from unappropriated result - - - - - 31.4 -31.4 - - - Total comprehensive income Result - - - - - - 23.6 23.6 1.2 24.8 Other comprehensive income - - - -2.5 -0.3 0.2 - -2.6 - -2.6 Total comprehensive income - - - -2.5 -0.3 0.2 23.6 21.0 1.2 22.2 Transactions with shareholders of the Company, recognised directly in equity Dividends 9 - - - - - -17.8 - -17.8 -6.4 -24.2 Purchase of own shares 9 - - -0.0 - - -1.4 - -1.4 - -1.4 Equity-settled share-based payments - - -0.0 - - -0.2 - -0.2 - -0.2 Tax movements directly in equity - - - - - -0.8 - -0.8 - -0.8 Acquisition of a subsidiary - - - - - -2.0 - -2.0 74.4 72.4 Total transactions with shareholders of the Company - - - - - -22.2 - -22.2 68.0 45.8 Balance as at 30 June 2025 0.9 143.6 -0.0 -3.6 -1.8 164.5 23.6 327.2 79.1 406.3 in millions of euro Note Share Capital Share premium Treasury share reserve Translation reserve Hedging reserve Other reserves and retained earnings Unappro- priated result Subtotal (1) Non- controlling interest Total Balance as at 1 January 2026 0.9 143.6 -0.0 -5.1 -0.7 169.2 49.9 357.8 80.6 438.4 Addition from unappropriated result - - - - - 49.9 -49.9 - - - Total comprehensive income Result - - - - - - 26.3 26.3 4.1 30.4 Other comprehensive income - - - 0.1 0.8 -0.5 - 0.4 - 0.4 Total comprehensive income - - - 0.1 0.8 -0.5 26.3 26.7 4.1 30.8 Transactions with shareholders of the Company, recognised directly in equity Dividends 9 - - - - - -26.6 - -26.6 -5.5 -32.1 Purchase of own shares 9 - - -0.0 - - -1.9 - -1.9 - -1.9 Equity-settled share-based payments - - -0.0 - - -0.7 - -0.7 - -0.7 Total transactions with shareholders of the Company - - - - - -29.2 - -29.2 -5.5 -34.7 Balance as at 30 June 2026 0.9 143.6 -0.0 -5.0 0.1 189.4 26.3 355.3 79.2 434.5 (1) Sub-total equity refers to equity attributable to the Company’s shareholders.
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Unaudited 16 Condensed consolidated statement of cash flows For the six months ended 30 June in millions of euro Note 2026 2025 Cash flows from operating activities Profit (loss) for the year 30.4 24.8 Adjustments for: Depreciation 26.7 24.0 Amortisation 7.1 6.5 Change in fair value of biological assets (unrealised) 0.6 0.2 Net (reversal of) impairment loss on trade receivables 0.5 -0.7 Net finance result 6.5 7.3 Share of profit of equity-accounted investees, net of tax 0.0 -0.2 Gain on sale of property, plant and equipment / investment property -0.1 -0.1 Gain on business combination achieved in stages HaBeMa - -4.0 Gain on sale of assets held for sale - -3.3 Equity-settled share-based payment expenses 0.7 0.8 Income tax expense 7 10.1 5.5 82.5 60.8 Changes in: Inventories & biological assets 3.6 18.7 Trade and other receivables -26.8 3.7 Trade and other payables 3.3 -12.0 Provisions and employee benefits -4.8 -1.6 Cash generated from operating activities 57.8 69.6 Interest paid -2.5 -2.7 Income taxes paid -10.4 -3.1 Net cash from operating activities 44.9 63.8 Cash flows from investing activities Interest received 1.1 0.5 Proceeds from sale of property, plant and equipment / investment property 1.1 1.5 Proceeds from sale of participating interests, net of cash disposed -0.1 - Proceeds from sale of assets held for sale - 9.5 Loans issued 8 -2.4 - Acquisition of subsidiaries, net of cash acquired -5.0 4.3 Acquisition of property, plant and equipment -23.9 -25.5 Acquisition of intangible assets -3.8 -0.5 Net cash used in investing activities -33.0 -10.2 Cash flows from financing activities Purchase of treasury shares relating to share-based payment plans -1.9 -1.7 Lease payments -9.9 -7.8 Proceeds from borrowings 11 15.0 80.0 Repayment of borrowings 11 -13.7 -75.3 Transaction costs related to borrowings -0.1 -0.6 Dividend paid 9 -28.2 -23.8 Net cash used in financing activities -38.8 -29.2 Net increase/decrease in cash and cash equivalents -26.9 24.4 Cash and cash equivalents at 1 January (1) 105.5 23.2 Effect of movements in exchange rates on cash held 0.1 -0.4 Cash and cash equivalents as at 30 June (1) 78.7 47.2 (1) Net of bank overdrafts.
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Unaudited 17 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 1. ForFarmers N.V. ForFarmers N.V. (thereafter ‘the Company’) is a public limited company domiciled in the Netherlands. The Company’s registered office is at Kwinkweerd 12, 7241 CW Lochem. The condensed consolidated interim financial statements (‘interim financial statements’) for the six months ended 30 June 2026 comprise ForFarmers N.V. and its subsidiaries (jointly the ‘Group’ or ‘ForFarmers’) and the Group’s interest in equity-accounted investees. 2. Basis of preparation Statement of compliance These interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting, and should be read in conjunction with the Group’s last annual consolidated financial statements as at and for the year ended 31 December 2025 (‘last annual financial statements’), which were prepared in accordance with IFRS Accounting Standards as adopted by the European Union (EU-IFRS, hereafter stated as IFRS) and section 2:362 sub 9 of the Netherlands Civil Code. The interim financial statements do not include all of the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to understand the changes in the Group’s financial position and performance since the last annual financial statements. The accounting policies applied in these interim financial statements are the same as those applied in the last annual financial statements. The interim financial statements were authorised for issuance by the Executive Board and Supervisory Board on 5 August 2026. The interim financial statements in this report have neither been reviewed nor audited. A number of changes to existing standards are effective from 1 January 2026. However, they do not have a material impact on the Group’s financial statements. The Group has also not early adopted these standards. Going concern The interim financial statements were prepared in accordance with the going concern principle. Seasonality of operations There is no significant seasonal pattern when comparing the first half of the year to the second half of the year. 3. Use of judgements and estimates In preparing these interim financial statements, management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. The significant judgements and estimates (including measurement of fair values) made by management in applying the Group’s accounting policies and the key sources of uncertainties with respect to estimates are described in the last annual financial statements. There has been no material change to these areas during the six months ended 30 June 2026.
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Unaudited 18 4. Reportable segments The Group has the following three strategic clusters, which are its reportable segments: Netherlands/Belgium, Germany/ Poland, United Kingdom. Information about the reported segments is included in the table below. For the six months ended 30 June The Netherlands / Belgium Germany / Poland United Kingdom Group / eliminations Consolidated in millions of euro 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Compound feed revenues 454.1 470.0 490.0 438.7 232.3 249.1 - - 1,176.4 1,157.8 Other revenue 189.3 173.8 96.6 114.0 114.8 126.2 - - 400.7 414.0 External revenues 643.4 643.8 586.6 552.7 347.1 375.3 - - 1,577.1 1,571.8 Inter-segment revenues 9.3 10.4 0.8 1.0 - - -10.1 -11.4 - - Revenue 652.7 654.2 587.4 553.7 347.1 375.3 -10.1 -11.4 1,577.1 1,571.8 Gross profit 151.7 137.7 108.7 83.0 66.8 69.9 0.1 0.2 327.3 290.8 Other operating income 0.2 0.1 1.2 5.2 0.1 4.0 - - 1.5 9.3 Operating expenses -121.0 -121.4 -88.6 -72.1 -63.3 -62.9 -8.9 -6.3 -281.8 -262.7 Operating profit (EBIT) 30.9 16.4 21.3 16.1 3.6 11.0 -8.8 -6.1 47.0 37.4 APM-items 4.6 3.6 1.3 -2.5 0.8 -2.7 3.5 - 10.2 -1.6 Underlying EBIT 35.5 20.0 22.6 13.5 4.5 8.3 -5.4 -6.0 57.2 35.8 Depreciation, amortisation and impairment 12.2 10.9 11.5 9.7 8.4 8.3 1.7 1.6 33.8 30.5 EBITDA 43.1 27.3 32.8 25.8 12.0 19.3 -7.1 -4.5 80.8 67.9 Capital expenditure(1) 14.9 12.5 5.1 6.2 2.8 2.9 0.9 1.1 23.7 22.7 As at 30 June 2026 and as at 31 December 2026 Total assets 697.4 641.2 432.8 434.4 255.1 249.6 -275.2 -214.8 1,110.1 1,110.4 (1) Additions to intangible assets and property, plant and equipment Sums may lead to slight differences due to rounding. The column Group/eliminations represents and includes amounts as a result of Group activities and eliminations in the context of the consolidation. There are various levels of integration between the segments. This integration includes, amongst others, transfers of inventories and shared distribution services. Inter-segment pricing is determined on an arm’s length basis. The reconciliation between the reportable segments’ operating results and the Group’s profit before tax is as follows: For the six months ended 30 June in millions of euro 2026 2025 Segment operating profit 47.0 37.4 Net finance result -6.5 -7.3 Share of profit of equity-accounted investees, net of tax -0.0 0.2 Profit before tax 40.5 30.3 Alternative performance measures The Executive Board of ForFarmers measures its performance primarily based on performance metrics (as per the tables below) that are not defined by IFRS. These metrics exclude the impact of incidental factors from the IFRS values. The Executive Board believes these underlying measures provide a better perspective of ForFarmers’ business development and performance, as they exclude the impact of significant incidental items, which are considered to be non-recurring, and are not directly related to the operational performance of ForFarmers. The underlying metrics are reported at the level of operating expenses, EBITDA, EBIT, profit for the period and profit attributable to Shareholders of the Company. Four categories of incidental items are reported: i) Impairment on tangible and intangible assets, ii) Income and expenses related to business combinations and divestment of assets and equity interests, amortisation of acquired intangible assets and the discount/fair value changes on earn-out and options; iii) Restructuring costs that meet specific criteria; and iv) other, consisting other incidental non-operating items.
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Unaudited 19 The Group’s definition of underlying metrics may not be comparable with similarly titled performance measures and disclosures by other companies. For the six months ended 30 June 2026 in millions of euro IFRS Impairments Business Combinations and Divestments Restructuring Other Total Underlying excluding APM items Gross profit 327.3 327.3 Other operating income 1.5 -0.0 - -0.0 1.5 Operating expenses (excluding depreciation, amortisation and impairment) -248.0 3.7 0.2 - 3.9 -244.1 EBITDA (1) 80.8 3.7 0.2 - 3.9 84.7 Depreciation, amortisation and impairment -33.8 - 6.3 - 6.3 -27.5 EBIT 47.0 - 10.0 0.2 - 10.2 57.2 Net finance result 3.0 - 3.0 Tax effect - -2.2 -0.0 - -2.2 Profit for the period 30.4 - 10.8 0.2 - 11.0 41.4 Attributable to shareholders of the Company 26.3 - 10.8 0.2 - 11.0 37.3 Earnings per share in euro (2) 0.30 - 0.12 0.00 - 0.12 0.42 For the six months ended 30 June 2025 in millions of euro IFRS Impairments Business Combinations and Divestments Restructuring Other Total Underlying excluding APM items Gross profit 290.8 290.8 Other operating income 9.3 -7.7 - -7.7 1.6 Operating expenses (excluding depreciation, amortisation and impairment) -232.2 0.6 0.1 -0.1 0.6 -231.6 EBITDA (1) 67.9 -7.1 0.1 -0.1 -7.1 60.8 Depreciation, amortisation and impairment -30.5 - 5.5 - 5.5 -25.0 EBIT 37.4 - -1.6 0.1 -0.1 -1.6 35.8 Net finance result 3.0 - 3.0 Tax effect - -1.4 -0.1 -0.0 -1.5 Profit for the period 24.8 - -0.0 -0.0 -0.1 -0.1 24.7 Attributable to shareholders of the Company 23.6 - -0.1 -0.0 -0.1 -0.2 23.4 Earnings per share in euro (2) 0.27 - -0.00 -0.00 -0.00 -0.00 0.27 (1) EBITDA is operating profit before depreciation, amortization and impairments. (2) Earnings per share attributable to Shareholders of the Company. Alternative Performance Measures (APM) items before tax in the six months ended 30 June 2026 comprises of: • Business Combinations and Divestments: Net EBIT effect of €10.0 million (loss) mainly consists of amortisation of intangible assets acquired in the past (€6.3 million loss) and acquisition-related costs (€3.7 million loss). The net finance result of €3.0 million (loss) is fully related to unwinding of discount on and remeasurement of the put option liability related to the acquisition of Tasomix. APM items before tax in the six months ended 30 June 2025 comprises of: • Business Combinations and Divestments: Net EBIT effect of €1.6 million (gain) consists of amortisation of intangible assets acquired in the past (€5.5 million loss), result related to the step acquisition of HaBeMa (€4.0 million gain, refer to Note 5), result of divestment of a mill in the United Kingdom (€3.3 million gain), acquisition-related costs (€0.6 million loss) and other (€0.4 million gain). The net finance result of €3.0 million (loss) is fully related to unwinding of discount on and remeasurement of the put option liability related to the acquisition of Tasomix.
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Unaudited 20 5. Business combinations Acquisitions in 2026 Acquisition of Farmpasz Podlasie Sp. z o.o. On 2 February 2026, ForFarmers acquired all shares in Farmpasz Podlasie Sp. z o.o. This acquisition is a next step in ForFarmers’ strategy of growth and strengthening its market position in Poland, especially in ruminant sector. The acquisition is not material to the Group for the disclosure requirements of IFRS 3 (Business Combinations). Acquisitions in 2025 Partnership ForFarmers and team agrar in Germany On 28 February 2025, ForFarmers finalised the acquisition in which it combines its feed operations in Germany with team agrar, part of the DLG Group. HaBeMa, in which ForFarmers already held a 50% interest, is also part of the joint entity. Both parties hold 50% of the shares in the joint entity. The activities comprise, among other things, the production and sale of compound feed for various animal species, as well as related activities such as storage, transshipment and raw material trading. ForFarmers is identified as the acquirer, as it obtains control through a casting vote. From the acquisition date, ForFarmers consolidates the joint entity, including HaBeMa, in its financial results and financial position. The consideration transferred consists of the fair value of the operations contributed by ForFarmers. Team SE, part of DLG Group, is compensating ForFarmers with a payment shortly after the acquisition date and a deferred payment to be made over a period of up to three years (totalling a nominal amount of €13.5 million). At acquisition date the fair value of the identifiable net assets amounted to €96.5 million. The interest in HaBeMa that ForFarmers held prior to the acquisition date was remeasured at fair value at acquisition date. As a result, a one-off non-cash gain of €4.0 million was recognised. No goodwill was recognised. Acquisition of Beukelaar Diervoeders B.V. On 3 November 2025, ForFarmers acquired all shares in Beukelaar Diervoeders B.V. Beukelaar Diervoeders supplies feed and feed advice to broiler and pig farmers, primarily in the Netherlands and Belgium. The acquisition is not material for the Group for the disclosure requirements of IFRS 3 (Business Combinations). 6. Other income Other income for the six months period ended 30 June 2026 amounts to €1.5 million and mainly consist of the operating result from layer-hen activities in Germany. Other income for the six months period ended 30 June 2025 amounts to €9.3 million and mainly consist of the result related to the gain from the step acquisition of HaBeMa (€4.0 million gain, refer to Note 5) and the result of divestment of a mill in the United Kingdom (€3.3 million). 7. Income tax expense Income tax expense is recognised based on the Executive Board’s best estimate of the average annual income tax rate per country, for the first six months of the financial year, multiplied by the pre-tax income of the interim reporting period per country. The Group’s consolidated effective tax rate for the six months ended 30 June 2026 is 24.9% (for the six months ended 30 June 2025: 18.4%). The effective tax rate is higher than the (average) nominal tax rate, mainly due to non-tax deductible expenses in the Netherlands related to the changes in the valuation of the put option and acquisition-related costs. This is partly offset by tax refunds related to qualifying innovation costs in Poland.
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Unaudited 21 8. Other financial assets Other financial assets mainly consist of a loan granted to a related party in which the Group holds a 49% equity interest. The loan was provided as part of the strategic partnership with Groenland Groep, part of the German PHW group, and is intended to finance the purchase and operation of poultry farms. The loan has a maturity date of 31 December 2030 and is on arm’s-length terms. 9. Equity At 30 June 2026 issued share capital comprised 89,283,817 ordinary shares and 1 priority share (31 December 2025: 89,283,817 ordinary shares and 1 priority share), each with a nominal value of €0.01. In 2026, 300,000 shares were repurchased for an amount of €1.9 million (2025: 400.000 shares were repurchased for an amount of €1.7 million) to meet obligations under share-based compensation plans. Dividend At the Annual General Meeting of 16 April 2026 the dividend over 2025 was approved at €0.30 per ordinary share. Total dividend amounted to €32.1 million (including dividend tax to be paid to the tax authorities and €5.5 million dividend to minority shareholders). In accordance with the dividend policy the payable dividend is offset (if applicable) against outstanding Group trade receivables and receivables from the Coöperatie FromFarmers U.A. This results in an actual payment of dividend (including dividend tax to be paid to the tax authorities) in 2026 of €28.2 million, including €3.0 million dividend to the minority shareholders. 10. Financial instruments The last annual financial statements describe the financial risks that the Group is exposed to, as well as the policies and processes that are in place for managing these risks. Those risks, policies and processes remain valid and should be read in conjunction with these interim financial statements. The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. 30 June 2026 in millions of euro Carrying amount Fair value Mandatory at FVTPL - others (1) Fair value - hedging instruments Total Level 1 Level 2 Level 3 Total Financial assets measured at fair value Commodity future contracts used for hedging (derivatives) - 0.3 0.3 - 0.3 - 0.3 Interest rate swap (derivative) - 0.1 0.1 - 0.1 - 0.1 Fuel swaps used for hedging (derivatives) - 0.5 0.5 - 0.5 - 0.5 - 0.9 0.9 - 0.9 - 0.9 Financial liabilities measured at fair value Put option liability -49.3 - -49.3 - - -49.3 -49.3 -49.3 - -49.3 - - -49.3 -49.3 (1) Fair value through profit and loss.
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Unaudited 22 The following table show the valuation technique used in measuring Level 2 and Level 3 fair values, as well as significant unobservable inputs used. Financial instruments measured at fair value Type Valuation technique Forward exchange contracts The fair value is determined using quoted forward exchange rates at the reporting date and present value calculations based on high credit quality yield curves in the respec- tive currencies. Interest rate swaps and fuel swaps, future commodity contracts The Group enters into derivative financial instruments with financial institutions with investment grade credit ratings and leading trading platforms. Derivative financial instruments are valued using valuation techniques, which employs the use of market observable inputs. The most frequently applied valuation techniques include swap models and futures models, using present value calculations. Contingent consideration and put option liability The valuation model considers the present value of expected payment, discounted using a risk-adjusted discount rate. The expected payment is determined by conside- ring the possible scenarios of forecast sales volume / EBITDA developments, the receipt of the gross trade receivables, the anticipated net debt position, the amount to be paid under each scenario and the probability of each scenario. Significant unobservable inputs consists: • Forecast annual sales volume / EBITDA growth rate. • Forecast receipts gross trade receivables. • Forecast net debt position. • Risk-adjusted discount rate. • Execution date of the option. The estimated fair value would increase (decrease) if: • the annual sales volume / EBITDA growth rate were higher (lower). • the receipts of the gross trade receivables vary positively (negatively) from standard payment terms. • the actual net debt position varies positively (negatively) from the anticipated position. • the risk-adjusted discount rate were lower (higher). • the option will be executed sooner (later). 11. Loans and borrowings Credit facility On 27 May 2025, ForFarmers signed a credit facility with an international syndicate of banks for an amount of €150 million, with a maturity date of 31 July 2030. On 15 April 2026, agreement was reached with all participating banks to extend the maturity of the credit facility to 31 July 2031, under unchanged terms and conditions. As per 30 June 2026, no amounts had been drawn under this facility. The applicable interest is based on Euribor plus a margin between 0.85% and 1.85%. The margin depends on the leverage ratio and the realisation of sustainability targets; as per 30 June 2026 ratio’s, the margin amounts to 0.85% (31 December 2025: 0.9%). The most important financial ratios are as follows: • Leverage Ratio, that is determined by net debt divided by adjusted EBITDA, as defined by the banks. The leverage ratio must not exceed 3.5; and • Interest Coverage Ratio, that is determined by adjusted EBITDA divided by Net finance expense, as defined by the banks, and shall not be below 4.0.
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Unaudited 23 Working capital financing The Group has entered into a working capital financing agreement under which part of the Group’s trade receivables are sold on a monthly basis. The size of the program amounts to €125.0 million. The sold trade receivables continue to be recognised as current assets on the balance sheet at the time of transfer, as the risks and rewards have not been substantially transferred. The term of the agreement is three years. The compensation received by the Group under the agreement is recognised as a current liability. As at 30 June 2026, the total amount of trade receivables sold was €96.7 million (31 December 2025: €85.0 million). The interest rate on the working capital financing is based on Euribor plus a margin of 0.75%. KPS Food Group In relation to the proposed acquisition of KPS Food Group, ForFarmers entered into a credit facility agreement with BNP Paribas on 13 June 2026 for an amount of 295.0 million Polish zloty (€68.7 million). The facility matures on 13 June 2031. As per 30 June 2026, no amounts had been drawn under this facility. The applicable interest is based on Wibor plus a margin between 0.85% and 1.85%. The margin depends on the leverage ratio and the realisation of sustainability targets; as per 30 June 2026 ratio’s, the margin amounts to 0.85%. 12. Subsequent events No subsequent events have occurred that have had a material impact on the 2026 half year results. Lochem, 5 August 2026 Executive Board ForFarmers N.V. Pieter Wolleswinkel, CEO Marloes Roetgerink, CFO Rob Kiers, COO Supervisory Board ForFarmers N.V. Marijke Folkers – In ’t Hout, Chair Lieve Beyen, Vice-Chair Walter Gerritsen Roger Gerritzen Annemieke den Otter Elma Vroege