KBC Securities - Forfarmers (FFARM) ForFarmers Group FIRST LOOK : Sharper than expected decline in 1H23 results

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KBC Securities

Guy Sips

ForFarmers Group FIRST LOOK : Sharper than expected decline in 1H23 results

FIRST LOOK : Sharper than expected decline in 1H23 results

10/08/2023 1 EN

Underlying

Forfarmers

ForFarmers NV is an agricultural feed company based in the Netherlands that offers feed solutions for conventional and organic livestock farming. Its product portfolio comprises, among others, products for crop farming and pasture farming, as well as feed for the ruminant, swine, poultry and equine sectors, including compound feed and blends, feed for young animals and specialties, raw materials and co-products to seed and fertilizers. Its core activities are feed production, logistics and the provision of total feed solutions. The Company operates through the segments The Netherlands, Germany/Belgium and the United Kingdom, and operates approximately 40 production facilities in these countries.

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NL0011832811 Euronext Amsterdam Netherlands

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Guy Sips

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GlobeNewsWire

ForFarmers 2025 results - Record year: 10.6 million tonnes of feed and more than 50% net profit increase

ForFarmers 2025 results - Record year: 10.6 million tonnes of feed and more than 50% net profit increase Lochem, 19 February 2026 ForFarmers 2025 resultsRecord year: 10.6 million tonnes of feed and more than 50% net profit increase Pieter Wolleswinkel, CEO van ForFarmers: “With an increase in volumes to 10.6 million tonnes and an increase in net profit of 52.5%, 2025 has been a record year for ForFarmers. A result of which I am extremely proud, achieved through the exceptional motivation and commitment of our people. All clusters have done well, driven by a customer-centric approach. We a...

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Resultaten ForFarmers over 2025 - Recordjaar: 10,6 miljoen ton voer en ruim 50% nettowinststijging

Resultaten ForFarmers over 2025 - Recordjaar: 10,6 miljoen ton voer en ruim 50% nettowinststijging Lochem, 19 februari 2026 Resultaten ForFarmers over 2025Recordjaar: 10,6 miljoen ton voer en ruim 50% nettowinststijging Pieter Wolleswinkel, CEO van ForFarmers: “Met een stijging van de volumes naar 10,6 miljoen ton en een stijging van de nettowinst van 52,5% is 2025 een recordjaar geweest voor ForFarmers. Een resultaat waar ik ontzettend trots op ben, waarbij het verschil werd gemaakt door de enorme motivatie en inzet van onze mensen. Alle clusters hebben het goed gedaan, gedreven door een...

February 19, 2026 February 19, 2026 1 EN

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ForFarmers strengthens position in Polish market through value chain integration

ForFarmers strengthens position in Polish market through value chain integration Lochem, 12 February 2026 ForFarmers strengthens position in Polish market through value chain integration ForFarmers strengthens position in the growing poultry market in Poland in a joint venture with KPS Food Group (KPS), a leading, innovative player in poultry production, slaughtering and food processing. Both ForFarmers’ current joint venture in Poland (Tasomix) and the activities of KPS will be merged into a new joint venture ForFarmers Polska.ForFarmers will have a controlling (50.5%) stake and will f...

February 12, 2026 February 12, 2026 1 EN

Umicore Feedback FY25 results conference call

Below are the highlights from the conference call. We remind that FY25 adjusted EBITDA increased by 11% to 847m, slightly above the high end of the 790-840m guidance range (in line with KBCS estimate, 1% above consensus). The company did not give a precise guidance on FY26 although sounded cautious on developments in the EV industry. The strong metal price environment will partly be offset by lower hedging levels for 2026 and maintenance, while new longer term hedges generate additional earnings visibility at very attractive levels for a longer period of time. We maintain our Accumulate rating...

8h / 29m 8h / 29m 1 EN

Hilde Van Boxstael ... (+5)

Hilde Van Boxstael
Lynn Hautekeete
Mathijs Geerts Danau
Wim Hoste
Wim Lewi

Morning Notes : COFB BB, GLPG NA, UMI BB

: COFB BB, GLPG NA, UMI BB

10h / 6m 10h / 6m 1 EN

Lynn Hautekeete

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Cofinimmo FY25 results above expectations, guidance below

Cofinimmo reports recurring EPRA EPS +1,1% above our estimates and 4,0% above its guidance. The earnings beat is driven by higher like-for-like rental income at +2,9%. The EPRA EPS outlook of FY26 is below our estimates at € 6,35 vs € 6,39 KBCSe. The guided debt ratio at YE26 is 340 bps higher than our expectations at 44,0% due to only € 110,0m guided asset disposals and higher than expected investments at € 310,0m which will mainly impact FY27/28 rental income. In the medium term, the focus should be on refinancings. The average debt maturity is low at 3x which is related to the ongoing excha...

10h / 9m 10h / 9m 1 EN

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ForFarmers Group FIRST LOOK : Sharper than expected decline in 1H23 results

We are a financial services provider for several types of professional clients, each with distinct needs.

ForFarmers 2025 results - Record year: 10.6 million tonnes of feed and more than 50% net profit increase

Resultaten ForFarmers over 2025 - Recordjaar: 10,6 miljoen ton voer en ruim 50% nettowinststijging

ForFarmers strengthens position in Polish market through value chain integration

Umicore Feedback FY25 results conference call

Morning Notes : COFB BB, GLPG NA, UMI BB

Cofinimmo FY25 results above expectations, guidance below

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