Q2 2026 ForFarmers NV Earnings Call

August 6, 2026

Operator: Good morning, everyone, and welcome to today's Earnings Webcast and Conference Call. Please note that this event is being recorded. At this time, all participants on the conference call are in listen-only mode. Following the presentation, we'll open the line for questions. If you would like to ask a question, please press pound-key five on your telephone keypad. I will now hand over the call to today's host. Please go ahead.

Speaker #1: Good morning, everyone, and welcome to today's earnings webcast and conference call. Please note that this event is being recorded. At this time, all participants on the conference call are in listen-only mode.

Speaker #1: Following the presentation, we'll open the line for questions. If you would like to ask a question, please press the pound key followed by 5 on your telephone keypad.

Speaker #1: I will now hand over the call to today's host. Please go ahead.

Speaker #2: Yes, thank you, Lynn, and a welcome from Lochem, where we will be presenting our results of the first 6 months of 2026. I'm here in Lochem with Malou Schulklink, our CFO, and Rob Keyes, our COO.

Pieter Wolleswinkel: Yes. Thank you, Lynn, and welcome from Lochem, where we will be presenting our results of H1 2026. I'm here in Lochem with Marloes Roetgerink, our CFO, and Rob Kiers, our COO. We'll start off with the key events of this period. From there, Marloes will give the insights on the financial results, and we'll close off with the management agenda for the remainder of the year. After that, as always, the opportunity to ask questions. If we look back at those H1, we can be extremely satisfied. After a very good 2025, we see a continuation of our strong results and also a further growth of market share, fully aligned with our strategic ambition. We recognize two success factors under that. The local approach, strong local teams serving customers with much dedication.

Speaker #2: We'll start off with the key events of this period. From there, Malou will give insights on the financial results, and we'll close off with the management agenda for the remainder of the year after that.

Speaker #2: As always, there is the opportunity to ask questions. If we look back at those first six months, we can be extremely satisfied. After a very good 2025, we see a continuation of our strong results, and also a further growth of market share, fully aligned with our strategic ambition.

Speaker #2: We recognize, too, success factors under that: the local approach, strong local teams, and serving customers with much dedication. That dedication is there also at our headquarters, obviously, to do well for our customers, for the farmers, and it also comes back in the good technical results that we can deliver on farm at this point in time.

Pieter Wolleswinkel: That dedication is there also with our headquarters, obviously, to do well for our customers, to the farmers, and also comes back in the good technical results that we can deliver on farm at this point in time. The Netherlands, very good results with solid volumes. Germany, the compound feed business did well, but we saw especially a step up in our storage and transshipment activities. Poland, strong performance both on volume as on profit, and we're very pleased to announce today that we have received an approval from the Polish Competition Authority for the transaction of KPS, which means that we can close off later on this year. The UK, the results remain satisfactory, although somewhat lower after an exceptional base year 2025. We see that our total volume has increased approximately 5%, and also compound feed went up more than 3%.

Speaker #2: The Netherlands, very good results with solid volumes. Germany, the compound feed business did well, but we saw especially a step-up in our storage and transshipment activities.

Speaker #2: Poland, strong performance, both on volume and on profit, and we're very pleased to announce today that we have received approval from the Polish competition authority for the transaction of KPS, which means that we can close off later this year.

Speaker #2: In the UK, the results remain satisfactory, although somewhat lower after an exceptionally good 2025. We see that our total photo volume has increased approximately 5%, and also compound feed went up more than 3%.

Speaker #2: The basis of that is the consolidation of the joint venture in Germany, and also the acquisition of Beukelaar Dievoeders in the Netherlands in November last year, as contributors.

Pieter Wolleswinkel: The basis of that is the consolidation of the joint venture in Germany and also the acquisition of Beukelaar Diervoeders in the Netherlands in November last year has contributed. If we look on a like-like base, we recognize a stable picture both for total volume as for compound feed. From an operational profitability perspective, we see that our EBITDA has increased close to 40% and EBIT with 60%. Big steps up. That also comes back in our underlying net profit that has increased from EUR 23 million last year to EUR 37 million this year in H1. The return on average capital employed, we look back 12 months, we were at the level of 14%, and also there a major step up to 22% at the end of June 2026. It is quite clear that the market has an increasing volatility if we compare it to 2025.

Speaker #2: If we look on a like base, we recognize a stable picture both for total volume as for compound feed. From a operational profitability perspective, we see that our EBITDA has increased with close to 40%, and EBIT with 60%.

Speaker #2: So big steps up, and that also comes back in our underlying net profit that has increased from 23 million last year to 37 million this year in the first 6 months.

Speaker #2: The return on average capital employed, if we look back 12 months, was at the level of 14%, and there was also a major step up to 22% at the end of June 2026.

Speaker #2: It is quite clear that the market has an increasing volatility if we compare it to 2025. Obviously, much impact comes from the geopolitical developments: energy prices went up, also more volatility in the raw material prices, and the letters also further supported by recent drops and low water levels in the Netherlands.

Pieter Wolleswinkel: Obviously, much impact comes from the geopolitical developments. Energy prices went up, also more volatility in the raw material prices, and the latter is also further supported by recent drought and low water levels in the Netherlands. The impact of animal diseases has been declining since Q2. Yet it is also quite clear that has affected our like-for-like volumes or compound feed volumes in H1, and we still see that the poultry industry is recovering with regards to restocking of the farms. The farm gate prices, broiler and egg prices have stabilized coming from a record level. The milk prices are at a clearly lower level compared to 12 months ago. The good thing is that we see recovery in the past months and also in the last week, the milk price went up further. The pig prices has continued to decline.

Speaker #2: The impact of the animal diseases has been declining since Q2, yet it is also quite clear that that has affected our like-for-like volumes—our compound feed volumes—in the first six months. We still see that the poultry industry is recovering with regards to the restocking of farms.

Speaker #2: The farm gate prices—broiler and egg prices—have stabilized, coming down from a record level. Milk prices are at a clearly lower level compared to 12 months ago, but the good thing is that we have seen recovery in the past months, and also in the last week, the milk price went up further.

Speaker #2: The pig prices have continued to decline, so on that, much pressure is coming from the Chinese import duties. It is good to see that it is bottoming out, and we hope for a soon recovery ahead of us.

Pieter Wolleswinkel: On that, much pressure coming from the Chinese import duties. It is good to see that it is bottoming out and we hope for a soon recovery ahead of us. To our opinion, ForFarmers is well-positioned to mitigate with these market effects. Especially risk management has received much attention over the past three years, and I can clearly state that that has substantiated our results in H1. Also, we indicated before that in an environment that offers more volatility, we need to be able to act on that, especially from a supply chain perspective, and that is what we are working on. Volumes go up, go down every now and then, if we now look at the inbounds situation, so the receivable of raw materials, it is clearly different than it was before.

Speaker #2: In our opinion, ForFarmers is well positioned to mitigate these market effects. Especially, risk management has received much attention over the past three years, and I can clearly state that this has substantiated our results in the first six months.

Speaker #2: Also, as we indicated before, in an environment that offers more volatility, we need to be able to act on that, especially from a supply chain perspective, and that is what we are working on.

Speaker #2: Volumes go up, go down every now and then, and also every now look at the inbound situation, so the receive of raw materials is clearly different than it was before.

Speaker #2: So, I'd like to share an example regarding the Lochem situation, where at this point in time, we cannot use the Twente Canal for our receipt of raw materials.

Pieter Wolleswinkel: I'd like to share an example on the Lochem situation, where at this point in time, we cannot use the Twentekanaal for our receivable of raw materials. We have invested to receive raw materials better via trucks, obviously very important at this point in time. We have also renovated our silos, our raw material silos, to make sure we can have more storage at this point in time, and that is also helping us in this period. With that, we can say we are more robust than we were in these kind of situations. The end of June, the Dutch government has presented their Nitrogen Plan with the ambition to restart the permitting process and provide greater flexibility for the farmers to work on an outbound-based regulation or, as we call it in Dutch, doelstelling.

Speaker #2: We have dissipated on that over the past period. We have invested to receive raw materials better via trucks—obviously very important at this point in time—and we have also renovated our silos, our raw material silos, to make sure we can have more storage at this point in time. That is also helping us in this period.

Speaker #2: So with that, we can say we are more robust than we were in these kind of situations. The end of June, the Dutch government has presented their nitrogen package, with the ambition to restart the permitting process and provide a greater flexibility for the farmers to work on outbound-based regulation, or as we call it in the Dutch, doelsturing.

Speaker #2: We still recognize a significant uncertainty with regards to this package. Especially on the practical feasibility, we see that multiple policies appear to come in place, and some of these even work contrary, so that needs attention and much discussion is still going on as we speak.

Pieter Wolleswinkel: We still recognize a significant uncertainty with regards to this package, especially on the practical feasibility. We see that multiple policies appear to come in place, and some of these even work contrary. That needs attention and much discussion is still going on as we speak. Also, the affordability. What does it mean for the income for farmers, not only in the first years, but also on the long term? Very important, the legal robustness of the proposed measures. We have already indicated, or heard the indication from some NGOs that they will go to court again to challenge the measures that the government wants to take, and obviously the outcome remains uncertain until the verdict has come. So far, the descriptions have been most concrete for the dairy sector, we also see that for the intensive livestock farming, tighter emissions might be ahead of them.

Speaker #2: Also, the affordability—what does it mean for the income of farmers? Not only in the first years, but also in the long term. And, very important, the legal robustness of the proposed measures.

Speaker #2: We have already indicated, or heard the indication from some NGOs, that they will go to court again to challenge the measures that the government wants to take. Obviously, the outcome remains uncertain until the verdict has come.

Speaker #2: So far, the descriptions have been most concrete for the dairy sector, but we also see that for intensive livestock farming, tighter emissions regulations might be ahead for them.

Speaker #2: That brings us to the point: what is our role as ForFarmers in this week? I truly believe that through innovation we can make the most effective progress.

Pieter Wolleswinkel: What is our goal as ForFarmers in this week. Truly believe that by innovation, we can make most effective progress. Innovation can come from via feed solutions, but also with regards to on-farm measurements. As an example, we are working at this point in time on manure management steps that can be taken. We're working on pilots together with farmers, and also with the province authorities to ensure that we find a scientific base for a legally supported method. We truly believe that this should come at the heart of the nitrogen package, that there is an opportunity for farmers to show their craftsmanship and their entrepreneurship, and to ensure a future-proof farming, and also linked to that, a competitive Dutch agri-food chain towards the future.

Speaker #2: Innovation can come from feed solutions, but also with regards to on-farm measurements. As an example, we're working at this point in time on manure management steps that can be taken.

Speaker #2: We're working on pilots together with farmers, and also with the province authorities, to ensure that we find a scientific base for a legally supported method.

Speaker #2: And we truly believe that this should be at the heart of the nitrogen package, that there is an opportunity for farmers to show their craftsmanship and entrepreneurship, and to ensure future-proof farming.

Speaker #2: And also, linked to that, a competitive Dutch agri-food chain towards the future. At this point in time, it's too early to give more indications on the impact for farmers, given the uncertainty as I've just described.

Pieter Wolleswinkel: At this point in time, it's too early to give more indications on the impact for farmers, given the uncertainty as I've just described. Moving to the clusters. We, as always, start in the Netherlands, the volume solid, and especially on compound feed, we are very satisfied also with the acquisition of Böckler Vieffutter. The pig sector clearly shows pressure from the buyout scheme in 2025 and also the current market conditions. It is good to recognize that the strong customer gains over the past years provide a solid base for our factory fill. That helps us to be competitive. The dairy farms in the Netherlands have not really changed their feeding programs linked to the current milk prices. That is obviously supporting our business as well. In addition to that, good developments of our beef volumes and goat volumes.

Speaker #2: Then, moving to the clusters, we—as always—start in the Netherlands. The volume is solid, especially on compound feed. We are very satisfied, also with the acquisition of Beukelaar Beevoeders.

Speaker #2: The pig sector clearly shows pressure coming from the buyout scheme in 2025, and also the current market conditions. It is good to recognize that a strong customer gains over the past years provide a solid base for our factory field, so that helps us to be competitive.

Speaker #2: The dairy farms in the Netherlands have not really changed their feeding programs linked to the current milk prices, so that is obviously supporting our business as well. In addition to that, there have been good developments in our beef volumes and goat volumes.

Speaker #2: Poultry, both layers as broilers, did well, market conditions have been good, and also our business volume position has developed satisfactorily. Linked to that, we are starting a joint venture together with Groenland Group.

Pieter Wolleswinkel: Poultry, both layers as broilers, did well. Market conditions have been good, and also our business and volume position has developed satisfactory. Linked to that, we are starting a joint venture together with Groenland Group. Groenland is part of the PHW Group, and with that, we want to build a future-proof poultry value chain. What does that mean? That means that in this joint venture, we bring together farms that are offered to us. Earlier this year, as example, we announced that we have acquired a broiler farm, and that broiler farm by now is already brought into this joint venture. As ForFarmers, we will have a 49% stake in this business. Looking at our other big business activities in the Netherlands, we also see a good development. CirQlar is doing better than last year. Our co-product business. Also Reudink, also there the volumes are good.

Speaker #2: Groenland is part of the PHW Group, and with that, we want to build a future-proof poultry value chain. So what does that mean? That means that in this joint venture, we bring together farms that are offered to us.

Speaker #2: Earlier this year, as an example, we announced that we had acquired a broiler farm, and that broiler farm by now has already been brought into this joint venture.

Speaker #2: As for farmers, we will have a 49% stake in this business. Looking at our other big business activities in the Netherlands, we also see a good development.

Speaker #2: Circular is doing better than last year, so our co-product business is also reducing. Also, there the volumes are good. We acquired Fürstenau, a dedicated mill in Germany, last year, and we see that the volumes come in as planned. Pavel is also doing well, our horse business.

Pieter Wolleswinkel: We acquired Fürstenau, a dedicated mill in Germany last year, and we see that the volumes come in as planned. Pavo also doing well, our horse business. That all in all gives that we are satisfied from our market approach in the Netherlands, which also leads to a very strong underlying operating profitability over the H1. Moving to the East, Germany and Poland, volumes clearly up, obviously steered by the joint venture that started the 1 March 2025. We still have two months of acquisition effect, but also on a like-for-like base, we see a clear increase of about 6%. Poland doing well, but also HaBeMa, our storage and transshipment activities are doing much better than last year. We see that the German export position is much more competitive, and that helps our business as well.

Speaker #2: So that all in all gives that we're satisfied on our market approach in the Netherlands, which also leads to a very strong underlying operating profitability over the first 6 months.

Speaker #2: Moving to the east, Germany and Poland—volumes are clearly up, obviously steered by the joint venture that started on the 1st of March 2025, so we still have two months of acquisition effect. But also on a like-for-like basis, we see a clear increase of about 6%.

Speaker #2: Poland doing well, but also Habema, our storage and transshipment activities, are doing much better than last year. We see that the German export position is much more competitive, and that helps our business as well.

Speaker #2: Looking at our feeds and compound feed activities, we're satisfied. The business was stable, which is quite an achievement, given that the Dutch poultry sector also faced quite a few issues from animal diseases, but we were able to compensate for it via other species.

Pieter Wolleswinkel: Looking at our feeds, compound feed activities, we're satisfied. The business was stable, which is quite an achievement given that also the Dutch poultry sector faced quite some issues from the animal diseases, we were able to compensate it via other species. Poland, very good volume development, especially in the broiler business, that is a confirmation for the steps that we have taken to invest in our locations to expand the capacity. Those are now delivering returns. That makes us confident that we need to continue to focus on that, invest on that to further establish a strong position. Earlier this year, we acquired Farmpasz Podlasie. Two reasons, add capacity and also strengthen our business on the dairy business, on the ruminant business, the integration of that is on track. Moving to the UK, the results remain satisfactory, yet somewhat lower than 2025.

Speaker #2: Poland, very good volume development, especially in the broiler business, and that is a confirmation for the steps that we have taken to invest in our locations to expand the capacity.

Speaker #2: Those are now delivering returns, so that makes us confident that we need to continue to focus on that invest on that to further establish a strong position.

Speaker #2: Earlier this year, we acquired FarmPass to reasons add capacity and also strengthen our business on the dairy business, on the ruminant business, and the integration of that is on track.

Speaker #2: Then moving to the UK, the results remain satisfactory, yet somewhat lower than 2025. Two key reasons for that: we do see in the UK an impact to lower milk prices, less cows are milked, and in addition to that, we see that the feeding programs are less intensive than in 2025, so that obviously has an effect on the compound feed business, and also a margin effect on the co-product business, given the change in supply in the amounts that especially there's less demand coming so that's one side.

Pieter Wolleswinkel: Two key reasons for that, we do see in the UK an impact to lower milk prices. Less cows are milked, in addition to that, we see that the feeding programs are less intensive than in 2025. That obviously has an effect on the compound feed business and also a margin effect on the co-product business, given the change in supply and demand, especially there's less demand coming. That is one side. In addition, last year, we divested our second location into the reorganization. That means that we have less capacity available deliberately to produce feeds, wholemeal feeds for pig integrators. That is another reason for the decline in the volume that you might recognize. It is good to mention that ForFarmers has acquired minority stake in Futulo.

Speaker #2: In addition, last year we divested our second location linked to the reorganization. That means that we have less capacity available, deliberately, to produce Tallmill feed for pig integrators. So, that is another reason for the decline in the volume that you might recognize.

Speaker #2: It is good to mention that ForFarmers has acquired a minority stake in Futulo. Futulo is a fast-growing beef integration that has the ambition to offer high-quality beef to the UK retailer, and obviously for ForFarmers, we want to have a long-standing position in the UK to supply feed, and by taking these stakes, we find a good foundation under that towards the future.

Pieter Wolleswinkel: Futulo is a fast-growing beef integration that has the ambition to offer high-quality beef to the UK retailer and especially ForFarmers. We want to have a long-standing position in the UK to supply feed, by taking these stakes, we find a good foundation under that towards the future. With that, I would like to give the word to you, Marloes.

Speaker #2: And with that, I would like to hand over to you, Marloes.

Speaker #1: Thank you, Pieter. Good morning, everyone. As Pieter indicated, over the past few months we have been able to continue our strong performance. First of all, on a like-for-like basis, our volume remains stable.

Marloes Roetgerink: Thank you, Pieter. Good morning, everyone. As Pieter indicated, over the past few months, we have been able to continue our strong performance. First of all, on a like-for-like basis, our volume remains stable. Our market positions improved further, we are gaining market share. Our acquisitions are contributing to further volume improvements, resulting in a growth of 5% versus H1 2025. Revenue is strongly correlated with raw material prices, which is why we focus more on the development of volume in relation to the gross profit. Gross profit increased by 12.6%. Excluding acquisition effects, the increase was 9.2%. This demonstrates that our local market approach is working well. Underlying operating expenses increased by 2.7% on a like-for-like basis, mainly driven by higher wage costs and higher transportation costs.

Speaker #1: Our market positions improved further, and we are gaining market share. Our acquisitions are contributing to further volume improvement, resulting in growth of 5% versus half-year 1, 2025.

Speaker #1: Revenue is strongly correlated with raw material prices, which is why we focus more on the development of volume in relation to the gross profit.

Speaker #1: Gross profit increased by 12.6%. Excluding acquisition effects, the increase was 9.2%. This demonstrates that our local market approach is working well. Underlying operating expenses increased by 2.7% on a like-for-like basis, mainly driven by higher wage costs and higher transportation costs.

Speaker #1: Together, this resulted in an underlying EBIT of €57.2 million, a significant improvement compared with €35.8 million in the first half of 2025. Underlying net profit attributable to our shareholders also increased in the same proportion, to €37.3 million.

Marloes Roetgerink: This resulted in an underlying EBIT of EUR 57.2 million, a significant improvement compared with EUR 35.8 million in H1 2025. Underlying net profit attributable to our shareholders also increased in the same proportion to EUR 37.3 million. Financing expenses decreased as a result of lower interest expenses. Underlying income tax increased, mainly driven by higher profits. The underlying ETR remained broadly in line with H1 2025. Non-controlling interest increased due to the 6 months effect of the joint venture in Germany versus 4 months in 2025, also because the joint venture in Germany performs better. This results in an underlying earnings per share of EUR 0.42 versus EUR 0.27 in H1 2025. The ROCE based on the underlying EBIT increased to 22%, mainly driven by the strong development of the underlying EBIT over the past 12 months.

Speaker #1: Financing expenses decreased as a result of lower interest expenses. Underlying income tax increased, mainly driven by higher profits. The underlying ETR remained broadly in line with the first half of 2025.

Speaker #1: Non-controlling interest increased due to the six-month effect of the joint venture in Germany, compared to four months in 2025, but also because the joint venture in Germany performed better.

Speaker #1: This results in an underlying earnings per share of €0.42 versus €0.27 in half-year 1, 2025. The ROCE, based on the underlying EBIT, increased to 22%, mainly driven by the strong development of the underlying EBIT over the past 12 months.

Speaker #1: Turning to one-off items and other APMs: compared with last year, there are two major differences. The first one is other operating income. In the first half of 2025, this was a positive amount of €7.7 million, driven by the sale of a factory in the UK and the non-cash step-up of Habema.

Marloes Roetgerink: Turning to one-off items and other APMs. Compared with last year, there are two major differences. The first one is other operating income. In H1 2025, it was EUR +7.7 million, driven by the sale of a factory in the UK and the one-off non-cash step-up of HaBeMa. The other one is related to operating expenses. In 2026, we see an amount of EUR 3.9 million. These are mainly M&A costs, primarily related to KPS. Amortization of previously acquired intangible assets amounts to just over EUR 6 million. With regard to the net financing results, this relates to the unwinding of the discount on the put option liability of our joint venture Tasomix in Poland. The tax effect on the APMs is just over EUR 2 million. Now a brief look at the balance sheet. Equity decreased slightly.

Speaker #1: The other one is related to operating expenses. In 2026, we see an amount of €3.9 million. These are mainly M&A costs, primarily related to KPS.

Speaker #1: Amortization on previously acquired intangible assets amounts to just over 6 million. With regard to the net financing results, this relates to the unwinding of the discount on the put option liability of our joint venture task mix in Poland.

Speaker #1: And the tax effect on the APMs is just over 2 million euros. Now a brief look at the balance sheet. Equity decreased slightly, dividend payment for 2025 was almost entirely offset by the profit contribution from the first half of the year.

Marloes Roetgerink: Dividend payment for 2025 was almost entirely offset by the profit contribution from H1, the solvency remains strong. Net working capital increased, mainly due to the higher trade receivables, largely driven by the growing business of the Polish joint venture. The increase in overdue receivables was limited. The net debt increased to EUR 22.4 million, it remains very low and provides sufficient room for M&A. Finally, cash flows. Almost EUR 45 million was generated from operating activities. This is EUR 19 million lower than in H1 2025, driven by higher accounts receivable, as well EUR 7 million higher income tax payments. The cash flow from investing activities amounted to EUR 33 million in 2026 versus EUR 10 million in H1 2025.

Speaker #1: And the solvency remains strong. Net working capital increased, mainly due to higher trade receivables, largely driven by the growing business of the Polish joint venture.

Speaker #1: And the increase in overdue receivables was limited. The net debt increased to €22.4 million, but remains very low and provides sufficient room for M&A.

Speaker #1: And then finally, cash flows. Almost €45 million was generated from operating activities. This is €90 million lower than in the first half of 2025, driven by higher accounts receivable as well as €7 million higher income tax payments.

Speaker #1: The cash flow from investing activities amounted to 33 million in 2026 versus 10 million in the first half of 2025. The delta is explained by M&A investments in 2026 on the one hand, and the disposal of assets in the UK in 2025 on the other.

Marloes Roetgerink: The delta is explained by M&A investments in 2026 on the one hand, the disposal of assets in the UK in 2025 on the other. The increase in cash flows from financing activities is mainly driven by higher dividend payments. This results in an increase in a net debt position of EUR 28 million since year-end, bringing the net debt to EUR 22.4 million. With that, I would like to hand back to Pieter, he will guide you through the management agenda.

Speaker #1: The increase in cash flows from financing activities is mainly driven by higher dividend payments. Together, this results in an increase in the net debt position of €28 million since year-end, bringing the net debt to €22.4 million.

Speaker #1: And with that, I would like to hand back to Pieter, and he will guide you through the management agenda.

Speaker #2: Yes, thank you, Marloes. Indeed, looking at the remainder of the year in the Netherlands, there's a clear focus to keep on strengthening our market positions in all species that we are active in, and obviously, much attention will go out to support our farmers with the nitrogen plans as they will come towards them.

Pieter Wolleswinkel: Yes. Thank you, Marloes. Indeed, looking at the remainder of the year in the Netherlands, clear focus to keep on strengthening our market positions in all species that we are active in. Obviously, much attention will go out to support our farmers in the Nitrogen plans as they will come towards them. Germany/Poland has started. In Poland, big steps to be taken with the closing of KPS, and from there we can move forward in the integration. Integration of obviously KPS within the ForFarmers Group and integration in the broiler sector to ensure we keep on strengthening our position in the Polish market. In addition to that, we will keep on expanding our feed production capacity in Poland and also towards the ruminants business as explained before. Same ambition will be there in Germany to strengthen our feed position in the North German market.

Speaker #2: Germany, Poland has started in Poland, big step to be taken with closing of KPS, and from there we can move forward in the integration.

Speaker #2: Integration of, obviously, KPS within the ForFarmers group, and integration in the broiler sector to ensure we keep on strengthening our position in the Polish market.

Speaker #2: In addition to that, we will continue expanding our feed production capacity in Poland, and also towards the ruminants business, as explained before. The same ambition will be there in Germany to strengthen our feed position in the North German market. In the UK, we're working on our investment agenda to ensure our long-term positions.

Pieter Wolleswinkel: In the UK we are working on our investment agenda to ensure our long-term positions. That has to do with capacity on one side and also to ensure the right flexibility to serve the different species in what we are active in. We will do that with a continuous focus on cost control. I would call flexibility the keyword of today to ensure that in a volatile environment, we are able to deal with the changing circumstances. End of this year, we will organize a Capital Markets Day to feature an update of the strategy and also to indicate the new financial targets. It is a logical moment in time to do this, given our strong results over the past years and also the KPS acquisition that obviously also has a strong impact on the future perspective of ForFarmers.

Speaker #2: So that has to do with capacity on one side, and also to ensure the right flexibility to serve the different species in what we are active in.

Speaker #2: We'll do that with a continuous focus on cost control, and I would call 'flexibility' the key word of today—to ensure that in a volatile environment, we are able to deal with the changing circumstances.

Speaker #2: At the end of this year, we'll organize a Capital Markets Day to feature an update on the strategy, and also to indicate the new financial targets. It is a logical moment in time to do this, given our strong results over the past years, and also the KPS acquisition, which obviously has a strong impact on the future perspective of the farmers.

Speaker #2: Having said that, we come to the end of this presentation, and I would like to open the floor for questions.

Pieter Wolleswinkel: Having said that, we have come to the end of this presentation. I would like to open the floor for questions.

Speaker #1: Yeah. Lynn, if you can open the floor for questions, please.

Marloes Roetgerink: Yeah. Lynn, if you can open the floor for questions, please.

Speaker #3: Ladies and gentlemen, we will now begin the question and answer session. If you would like to ask a question, please press the pound key, then 5, on your telephone keypad.

Operator: Ladies and gentlemen, we will now begin the question and answer session. If you would like to ask a question, please press pound key-five on your telephone keypad. Our first question is from Henk Slotboom. Please go ahead.

Speaker #3: Our first question is from Henk Slotboom. Please go ahead.

Speaker #2: Good morning, Pieter and Marloes. I've got a couple of questions. First of all, during the presentation, you said that one of the priorities in Poland is the integration between Tasselmix and KPS.

Henk Slotboom: Good morning, Pieter and Marloes. I've got a couple of questions. First of all, during the presentation you said that one of the priorities in Poland is the integration between Tasomix and KPS. At the same time, you want to expand your capacity over there. What does it mean financially? Are we going to see integration costs filtering through in the H2 for what you're doing in Poland? Secondly, in terms of CapEx, do you have any guidelines where we could end up in terms of CapEx at the end of the year? My second question is a bit more of a conceptual, more strategic question if you want. In Poland, thanks to the deal with KPS, you're now moving into livestock yourself. It's a sort of, how should I call it? Forward integration, I believe the expression is.

[Analyst 1]: Good morning, Pieter and Marloes. I've got a couple of questions. First of all, during the presentation you said that one of the priorities in Poland is the integration between Tasomix and KPS. At the same time, you want to expand your capacity over there. What does it mean financially? Are we going to see integration costs filtering through in the H2 for what you're doing in Poland? Secondly, in terms of CapEx, do you have any guidelines where we could end up in terms of CapEx at the end of the year? My second question is a bit more of a conceptual, more strategic question if you want. In Poland, thanks to the deal with KPS, you're now moving into livestock yourself. It's a sort of, how should I call it? Forward integration, I believe the expression is.

Speaker #2: At the same time, you want to expand your capacity over there. What does it mean financially? Is the integration, are we going to see integration costs filtering through in the second half year, for what you're doing in Poland?

Speaker #2: And secondly, in terms of capex, do you have any guidelines where we could end up in terms of capex at the end of the year?

Speaker #2: My second question is a bit more of a conceptual or strategic question, if you will. In Poland, thanks to the deal with KPS, you're now moving into livestock yourself.

Speaker #2: It's a sort of, how should I call it, forward integration, I believe the expression is. You're doing the same with the joint venture with Groenland.

Henk Slotboom: You're doing the same with the joint venture with Groenland. Maybe it's my age here, I'm a bit old and then you get cautious. If there are any animal diseases, in the old situation you were a supplier of animal feed. The worst thing that could happen to you is that you temporarily don't get to deliver food because the livestock is being removed, has to be replaced. Now you're entering into a situation that you risk a double whammy, if it's not only the animal food which is affected, but you also could risk damages because of, well, whatever animals to be removed or whatever. Is the margin potential so attractive that it is worthwhile at the end of the day? Perhaps you could provide me some more background, some more context on that. Those were my questions. Thank you.

[Analyst 1]: You're doing the same with the joint venture with Groenland. Maybe it's my age here, I'm a bit old and then you get cautious. If there are any animal diseases, in the old situation you were a supplier of animal feed. The worst thing that could happen to you is that you temporarily don't get to deliver food because the livestock is being removed, has to be replaced. Now you're entering into a situation that you risk a double whammy, if it's not only the animal food which is affected, but you also could risk damages because of, well, whatever animals to be removed or whatever. Is the margin potential so attractive that it is worthwhile at the end of the day? Perhaps you could provide me some more background, some more context on that. Those were my questions. Thank you.

Speaker #2: Maybe at my age, I'm a bit old, and then you get cautious. If there are any animal diseases, in the old situation, you were a supplier of animal feed.

Speaker #2: Yeah, and the worst thing that could happen to you is that you temporarily don't get to deliver food because the livestock is being removed, as to be replaced.

Speaker #2: Now you're entering into a situation where you risk a double whammy. If it's not only the animal food which is affected, but you also could risk damages because of, well, whatever—animals to be removed or whatever. Are the margins, is the margin potential, so attractive that it is worthwhile at the end of the day?

Speaker #2: Perhaps you could provide me some more background, some more context on that. Those were my questions. Thank you. Yes, thank Henk, and obviously I'm not going to make any comment on your age.

Pieter Wolleswinkel: Yes. Thank you, Henk, Obviously, I'm not going to make any comment on your age. Having said that, going back to the questions. Integration KPS, obviously, that always brings Cost with it. On the other side, we need to realize that from a shareholder perspective, the companies were already liaised with each other. Both the shareholders of Tasomix were the shareholder of KPS. That already brings quite a strong connection between the companies. We already supplied Tasomix almost all of the feeds for the KPS broiler farm. There were already some strong connections. I would not call that significant. On the other side, as always, we need to bring it up also for example, financial keeping perspective towards the ForFarmers standard.

Speaker #2: Having said that, going back to the questions—integration KPS—obviously, that always brings some cost with it. On the other side, we need to realize that from a shareholder perspective, the companies were already liaised with each other.

Speaker #2: So the shareholders of Tasselmix were the shareholders of KPS, so that already brings quite a strong connection between the companies. Also, we already supplied as Tasselmix almost all of the feeds for the KPS broiler farm.

Speaker #2: So, there were already some strong connections. So I would not call that significant. On the other side, as always, we need to bring it up also from, for example, a financial keeping perspective towards the ForFarmers standard.

Speaker #2: Looking at capex cost, if we reflect on the first six months, the capex cost are pretty aligned with 2025, and it is clearly our ambition that the capex cost that we make remain as we call it, under control.

Pieter Wolleswinkel: Looking at CapEx costs, if we reflect on H1, the CapEx costs are pretty aligned with 2025, and it is clearly our ambition that the CapEx cost that we make remain, as we call it, under control. That is, given the fact that we have 40 locations in four countries, that means prioritization. Per country, per factory, we have a long-term plan defined, which gives us the opportunity to say, what do we need to do at what point in time. Some CapEx that we do are there to ensure that we can have a high-quality feed towards the future. Obviously when we want to expand, that means we want to have more business, and that also should bring more returns. That is always linked to business cases.

Speaker #2: That is, given the fact that we have 40 locations in four countries, that means prioritization. So per country, per factory, we have a long-term plan defined, which gives us the opportunity to say, what do we need to do at what point in time?

Speaker #2: Some capex that we do is there to ensure that we can have a high-quality feed towards the future. And, obviously, when we want to expand, that means we want to have more business, and that also should bring more returns.

Speaker #2: So that is always, always linked to business cases, and if the local management comes up with a proposal, that is obviously where we as a Board take a look at how robust the business case is.

Pieter Wolleswinkel: If the local management comes up with a proposal, that is obviously where we as a board take a look at how robust is the business case. If the CapEx goes up, it should also be linked to a high business return. I think a vital point that you mention is on the livestock and indeed, as you call it, the forward integration. In our strategy, especially in the 2030 strategy, we have defined as one of the pillars that we want to work towards chain integration and especially in the poultry, the broiler business, we see that this development is developing rapidly. There are several points linked to that. We do it to ensure our future position. We see, for example, in Poland, there is a different shape also towards retail or food service customers.

Speaker #2: So, if the capex goes up, it should also be linked to a higher business return. Think of the key point that you mentioned on the livestock, and indeed, as you call it, the forward integration.

Speaker #2: In our strategy, especially in the 2030 strategy, we have defined as one of the pillars that we want to work towards chain integration, and especially in the poultry broiler business, we see that this development is progressing rapidly.

Speaker #2: So there are several points linked to that. We do it to ensure our future position, we see, for example, in Poland, that is a differentiator also towards retail or food service customers.

Speaker #2: They want to see that the broilers are produced and that the slaughter process takes place in a very controlled manner. Obviously, if you have it all within one company, the steps that you can take to have control are there.

Pieter Wolleswinkel: They want to see that the broilers are produced and the slaughter process takes place in a very controlled manner. Obviously, if you have it all within one company, the steps that you can take to have control is there also to work on the sustainability journey that obviously comes as a demand from the food customers. That helps. We see it as a business upside. Obviously also there we look at the returns of the investment that we do. KPS is a significant investment forFarmers. We are very pleased to see that we have received full support from our shareholders and now also have the competition authorities standing behind the transaction. We do it to ensure our long-term position in the poultry industry. From a risk perspective, you are right. Obviously, this brings different risks towards our company.

Speaker #2: Also to work on the sustainability journey, that obviously comes as a demand from the food customers. So that helps. So we see it as a business upside, obviously also there.

Speaker #2: We look at the returns of the investment that we do. KPS is a significant investment for farms. We are very pleased to see that we have received full support from our shareholders and now also have the competition authorities standing behind the transaction.

Speaker #2: So, we do it to ensure our long-term position in the poultry industry. From a risk perspective, you are right—obviously, this brings different risks to our company.

Speaker #2: That is obviously also with the team, where we take a look to ensure we fully understand the risks that come out of such a deal.

Pieter Wolleswinkel: That is obviously also with the ERM team, where we take a look at to ensure we fully understand the risks that come out of such a deal. Indeed, if you are hit with an animal disease, you don't only have some space in the factory, but you also have an empty barn or even slaughterbooks. On the other side, we also recognize that in this period, opportunities can also come. If in other regions, for example, bird flu has a higher impact, the market prices will go up in the remainder of the European regions. Also there you can have upsides on that. We take a close look in that. Also, for example, to see what can we ensure from a risk management perspective.

Speaker #2: And indeed, if you're hit with an animal disease, you don't only have some space in the factory, but you also have an empty barn or even a slaughter box.

Speaker #2: On the other side, we also recognize that in these periods, opportunities can also come. If in other regions the birds, for example, bird flu has a higher impact, the market prices will go up in the remainder of the European regions.

Speaker #2: So also there, you can have upsides on that. So we take a close look at that. Also, for example, to see what can we insure—insure from a risk management perspective.

Speaker #2: So, we recognize the risk, but we also recognize that if we don't do it, we take quite a business risk, because, particularly at a certain point in time, the free feed market—as we call it, meaning what is supplied directly to farmers and invoiced to farmers—can decrease if the remainder of the market becomes more integrated.

Pieter Wolleswinkel: We recognize the risk, we also recognize if we don't do it, we take quite a business risk because in a particular point of time, the free feed market, as we call it, that what is supplied directly to farmers and invoiced to farmers can reduce if the remainder of the market becomes more integrated. That is why we take these steps forward. It is definitely a fair question to ask. As said, we also do feel that it will be a strong contribution towards the margin potential for our company.

Speaker #2: So that is why we take these steps forward, but it is definitely a fair question to ask. As I said, we also feel that it will be a strong contribution towards the margin potential for our company.

Speaker #1: Okay, that's clear. Could I potentially squeeze in a third one, and that's maybe for Manus? On the deal with KPS, I understood that there will be a payment you have to make, to your—to be bright, let me put it in those phrases—that's in three installments.

Henk Slotboom: Okay, that's clear. Could I potentially squeeze in a third one? That's maybe for Marloes. On the deal with KPS, I understood that there will be a payment you have to make to be bright. Let me put it in those phrases. That's in three installments. Will that have a notable impact on your net debt position at the end of the year, Marloes?

[Analyst 1]: Okay, that's clear. Could I potentially squeeze in a third one? That's maybe for Marloes. On the deal with KPS, I understood that there will be a payment you have to make to be bright. Let me put it in those phrases. That's in three installments. Will that have a notable impact on your net debt position at the end of the year, Marloes?

Speaker #1: Will that have a notable impact on your net deposition at the end of the year, Manus?

Speaker #3: Yes, that will. That will be an impact, of course. But as said, Henk, we are well positioned there. So, with a very low net deposition right now, I think that this is okay.

Marloes Roetgerink: Yes, that will. That will be an impact of course. As said, Henk, we are well positioned there. With a very low net debt position right now, I think that this is okay.

Speaker #1: Okay. So it does—it doesn't restrict you from other M&A activities?

Henk Slotboom: Okay. It doesn't restrict you from other M&A activities?

[Analyst 1]: Okay. It doesn't restrict you from other M&A activities?

Speaker #3: No. No.

Marloes Roetgerink: Yeah.

Speaker #1: Okay. Perfect. Thank you.

Henk Slotboom: Okay, perfect. Thank you.

[Analyst 1]: Okay, perfect. Thank you.

Speaker #4: The next question is from Patrick Stefan. Please go ahead.

Operator: The next question is from Patrick Roquas. Please go ahead.

Operator: The next question is from Patrick Stefan. Please go ahead.

Speaker #5: Yes, good morning, Manus and Peter. So first, congrats on the good results again. And then I have two quick questions. The first one is, you're not providing a quantified outlook—that's fine, as usual.

Patrick Roquas: Yes. Good morning, Marloes and Pieter. First, congrats with the good results again, I have two quick questions. The first one is, you're not providing a quantified outlook. That's fine. That's as usual. You sound very confident for the H2, despite, let's say, pretty tough comparables and also quite some volatility in the market. Just checking, let's say the sounding for H2, which is, in my impression, is confident. The second one relates to Poland. You mentioned capacity expansion there. Can you remind us how much has been added in the last six months, and is there more to come? Thank you.

[Analyst 2]: Yes. Good morning, Marloes and Pieter. First, congrats with the good results again, I have two quick questions. The first one is, you're not providing a quantified outlook. That's fine. That's as usual. You sound very confident for the H2, despite, let's say, pretty tough comparables and also quite some volatility in the market. Just checking, let's say the sounding for H2, which is, in my impression, is confident. The second one relates to Poland. You mentioned capacity expansion there. Can you remind us how much has been added in the last six months, and is there more to come? Thank you.

Speaker #5: But you sound very confident for the second half, despite, let's say, pretty tough comparables, and also quite some volatility in the market. So just checking—the outlook for the second half, which is, in my impression, confident.

Speaker #5: And the second one relates to Poland. You mentioned capacity expansion there. Can you remind us how much has been added in the last six months?

Speaker #5: And is there more to come? Thank you.

Speaker #2: Yes, on the first one, as said, we don't give an outlook. I've explained how we mitigate the steps that are ahead of us. On the other side, I also want to be realistic.

Pieter Wolleswinkel: Yes. On the first one, as said, we don't give an outlook. I've explained how we mitigate the steps that are ahead of us. On the other side, I also want to be realistic. The current situation brings in additional costs. We need to see what that means for our financial results. I feel comfortable that our team does best to ensure that we can supply our farmers and that we do that at the lowest cost as possible. Obviously, what I also explained before, at this point in time, it is still not foreseeable how long, for example, the impact of the low water situation will be, and obviously that determines also the impact on our cost. As an answer to the first point that you raised. Second part, I think, yes, in Poland. Go ahead, Pieter.

Speaker #2: The current situation is bringing in additional cost. We need to see what that means for our financial results. But I feel comfortable that our team does best to ensure that we can supply our farmers and that we do that at the lowest cost as possible.

Speaker #2: And obviously, as I also explained before, at this point in time, it is still not foreseeable how long, for example, the impact of the low water situation will last—and obviously that also determines the impact on our cost.

Speaker #2: So as an answer to the first point that you raised, second part, I think capacity in Poland, this one.

Patrick Roquas: Yeah.

[Analyst 2]: Yeah.

Pieter Wolleswinkel: This one.

Speaker #5: I can. Yeah, so basically what we've announced earlier this year that with farm push, the acquisition in northeast of Poland, we added 80,000 tons of extra capacity.

Pieter Wolleswinkel: What we've announced earlier this year that with Farmpasz Podlasie, the acquisition in northeast of Poland, we added 80,000 tons of extra capacity. That has been added recently. Of course, before we took steps when we acquired Piast, which was at that time around 400,000 tons. That has been added recently. Of course, we're always looking into other possibilities in Poland on where we could expand further, we will not give any further guidance on that at this stage. We're always looking where the white spots are, where we can go further. Very clear. Thank you.

Speaker #5: So that has been added recently. Of course, before, we took steps when we acquired Piast, which was at that time around 400,000 tons. So that has been added recently.

Speaker #5: Of course, we're always looking into other possibilities in Poland for further expansion, but we will not provide any additional guidance on that at this stage.

Speaker #5: But we're always looking for where the white spots are, where we can go further. Very clear. Thank you.

Speaker #4: The next question is from Ferdinand de Boer. Please go ahead.

Operator: The next question is from Fernand de Boer. Please go ahead.

Speaker #5: Yes, good morning. Ferdinand de Boer. A couple on my side. There is one on the Netherlands. Could you say a little bit about the trend in Q1, like-for-like sales growth or volume growth versus Q2?

Fernand de Boer: Yes. Good morning. It's Fernand de Boer from Degroof Petercam. A couple on my side is one on the Netherlands. Could you say a little bit on the trend Q1 like-for-like sales growth of volume growth versus Q2? I have the impression that market condition deteriorated in the second quarter. Could you give a little bit color on that one? Also on the Netherlands, if I look at now gross profit per ton, it keeps on moving up. I think if I make the calculation correctly, it was around EUR 63,000 per ton in this H1 versus EUR 60 in the H2 of last year. Where is here the limit and what is going here so strong that this is so much improving half on half. Then on the EUR 3 million cost for the unwinding of the put option.

[Analyst 3]: Yes. Good morning. It's Fernand de Boer from Degroof Petercam. A couple on my side is one on the Netherlands. Could you say a little bit on the trend Q1 like-for-like sales growth of volume growth versus Q2? I have the impression that market condition deteriorated in the second quarter. Could you give a little bit color on that one? Also on the Netherlands, if I look at now gross profit per ton, it keeps on moving up. I think if I make the calculation correctly, it was around EUR 63,000 per ton in this H1 versus EUR 60 in the H2 of last year. Where is here the limit and what is going here so strong that this is so much improving half on half. Then on the EUR 3 million cost for the unwinding of the put option.

Speaker #5: Because I have the impression that market conditions deteriorated in the second quarter. And could you give a little bit of color on that one? And also, on the Netherlands, if I look at the gross profit per ton, it keeps on moving up.

Speaker #5: I think, if I make the calculation correctly, it was around €63,000 per ton in this first half, versus €60,000 in the second half of last year.

Speaker #5: Is this where is here the limit? And what is going here so strong that this is so much improving half on half? And then on the 3 million cost for the unwinding of the put option, Manus, could you give a little bit more details what's happening there and what does it mean that you unwind it, that you have to pay this put option and what is then the cash out for this put option?

Fernand de Boer: Marloes, could you give a little bit more details what's happening there and what does it mean that you unwind it, that you have to pay this put option and what is then the cash out for this put option?

[Analyst 3]: Marloes, could you give a little bit more details what's happening there and what does it mean that you unwind it, that you have to pay this put option and what is then the cash out for this put option?

Speaker #2: Okay, so I can pick up on the first one. In general, we see that Q1 and Q4, volume-wise, are always slightly higher than Q2 and Q3.

Pieter Wolleswinkel: Okay. I can pick up on the first one. In general, we see that Q1 and Q4 are volume-wise always slightly higher than Q2 and Q3. That has to do, for example, with the dairy cows being out on the pasture in the summer period. That trend is also what we recognize at this point in time. Nothing unusual there, I would say. Poultry is always a bit more stable. What we do see, and that's also what we have indicated, that the pig sector is going through quite a rough time. That is also what we recognize, that the pigs are slaughtered at an earlier age, and also that means that the feed demand is lower than it was in Q1. Indeed, we're very satisfied on the margin, the gross profit development in the Netherlands. We see also that it's a broad perspective at base.

Speaker #2: That has to do, for example, with the dairy cows being out on the pasture in the summer period. So that trend is also what we recognize at this point in time.

Speaker #2: Nothing unusual there, I would say. Obviously, it's always a bit more stable. What we do see—and that's also what we have indicated—is that the pig sector is going through quite a rough time.

Speaker #2: That is also what we recognize, that the pigs are slaughtered at an earlier age. And also, that means that the feed demand is lower than it was in Q1.

Speaker #2: Yes, indeed, we're very satisfied with the margin, the gross profit development in the Netherlands. We also see that it's from a broad perspective. As I also indicated, the other business activities that we don't mention too much—circular, the co-products, roading, organic feed, Pavo, horse feed.

Pieter Wolleswinkel: I also indicated all the business activities that we don't mention too much as CirQlar, the co-products, Reudink, organic feed, Pavo, horse feed. It's not, let's say, only the traditional pig, poultry, and ruminant business. We are very pleased to see, we know that based on our high market shares in the Netherlands, we can work very efficient. We also recognize that from a risk management perspective, the relation between our purchase and sales activity has been very good in the first six months. Where does it stop? We are very pleased to see we used before words like extraordinary results, et cetera. I'm not really sure where this ends. For us stands as the base and we want to expand our position.

Speaker #2: So it's not, let's say, only the ruminant business, but we are very pleased to see—we know that based on our high market shares in the Netherlands, we can work very efficiently, and we also recognize that, from a risk management perspective, the relation between our purchase and activity has been very good in the first six months.

Speaker #2: So where does it stop? We are very pleased to see we used words like 'extraordinary results,' et cetera, before. So, I'm not really sure where this ends.

Speaker #2: But for us, it stands as the base. We want to expand our positions. So the fact that we combine good profits with a strong volume development, and that we're gaining market share, that is for us, from a strategic perspective, also very important to ensure that we keep on growing our Dutch position.

Pieter Wolleswinkel: The fact that we combine good profits, also with a strong volume development and that we're gaining market share, that is for us from a strategic perspective also very important to ensure that we keep on growing our debt position.

Fernand de Boer: Maybe before we go to the other questions, if you look at the gross profit in the Netherlands, could you maybe give a split, how much is now coming from the, let's say, traditional feed business and how much is now coming from the specialty business?

[Analyst 3]: Maybe before we go to the other questions, if you look at the gross profit in the Netherlands, could you maybe give a split, how much is now coming from the, let's say, traditional feed business and how much is now coming from the specialty business?

Speaker #5: Maybe before we go to the other questions, if you look at the gross profit in the Netherlands could you maybe give a split how much is now coming from the, let's say, traditional feed business and how much is now coming from the specialty business?

Speaker #2: Yeah, I think the word traditional, I know that some people in the organization will kick me for that one, given that also roading has a long-standing history in the same for pavo.

Pieter Wolleswinkel: I think the word traditional, I know that some people in the organization will kick me for that one, given that also Reudink has a long-standing history in the same for Pavo, and also for the co-products. Now both based on that, we don't specify that difference.

Speaker #2: But also for the co-products. But now, based on that, we don't specify that.

Speaker #5: Okay, thank you.

Fernand de Boer: Okay. Thank you.

[Analyst 3]: Okay. Thank you.

Speaker #2: Manus, the famous put option.

Pieter Wolleswinkel: Marloes, the famous put option.

Marloes Roetgerink: Yeah, the famous put option, Fernand. First of all, we don't expect any cash out for the put option this year. In accordance with the IFRS accounting requirements, the put option was discounted when initially recognized. Per 30 June this year, we don't expect that this put option needs to be exercised concerning also the announcement of the joint venture with KPS. However, we still have legal obligation in place and therefore we have to reflect this legal obligation, and we also have to unwind the discount. This is also what we have done over the past years. It's not a new thing.

Speaker #3: Yeah, the famous put option. Ferdinand, yeah, first of all, we don't expect any cash out for the put option this year. So, in accordance with the IFRS accounting requirements, the put option was discounted when initially recognized.

Speaker #3: And so per 30th of June, this year, we don't expect that this put option to be exercised concerning also the announcement of the joint center with KPS.

Speaker #3: However, we still have a legal obligation in place, and therefore, we have to reflect this legal obligation, and we also have to unwind the discount.

Speaker #3: This is also what we have done over the past years, so it's not a new thing.

Speaker #5: Okay, thank you.

Fernand de Boer: Okay. Thank you.

[Analyst 3]: Okay. Thank you.

Speaker #4: As a reminder, if you would like to ask a question, please press the pound key followed by five. This is the end of our Q&A session. I would now like to hand it back over to the host.

Operator: As a reminder, if you would like to ask a question, please press pound key five. This is the end of our Q&A session. I would like to hand it back over to the host.

Speaker #2: Yes, then I would like to thank you all, especially for the questions raised. That always makes these calls interesting. So, thanks again for your attention.

Pieter Wolleswinkel: Yes. I would like to thank you all for especially the questions raised. That's always making these calls interesting. Thanks again for your attention. We'll close off with that. If there are any further questions along the way, you know where to find us, and I would like to wish you all a good day.

Speaker #2: We'll close off with that. If there are any further questions along the way, you know where to find us. I would like to wish you all a good day.

Speaker #4: Ladies and gentlemen, this concludes today's webcast and conference call. Thank you for joining us. You may now disconnect your line. Have a great day.

Operator: Ladies and gentlemen, this concludes today's webcast and conference call. Thank you for joining us. You may now disconnect your line. Have a great day.

Browse all earnings call transcripts

Q2 2026 ForFarmers NV Earnings Call

Request TrialDemo

ForFarmers

Earnings