ForFarmers Reports 1.4% Volume Growth in Q3
The Dutch animal feed producer posted higher compound feed volumes while underlying EBIT fell 11.7% on rising fuel and energy costs.
Updated on Nov. 5, 2026 in Agriculture
ForFarmers N.V. reported total volume growth of 1.4% in the third quarter of 2026 compared with Q3 2025, or 0.7% on a like-for-like basis. Compound feed volume rose 2.3%, helped by the consolidation of Beukelaar Diervoeders, while underlying EBIT declined to €22.7 million.
Why it matters
Higher fuel and energy prices, along with low river water levels that disrupted inbound logistics, pushed operating costs up 6.8% and weighed on profitability despite steady volume gains. The results show how input and transport costs can erode margins in the animal feed sector even as demand holds.
Turnover rose 1.6% while on a like-for-like basis it was in line with Q3 2025, and underlying operating expenses grew 6.8% against €159.6 million in gross profit. Underlying EBIT fell 11.7% to €22.7 million, and the company did not indicate whether cost pressures will ease in coming quarters.
The players
ForFarmers N.V.
A Dutch animal feed producer with operations across the Netherlands, Germany and Poland, supplying compound feed to livestock farmers.
KPS Food Group
A Polish food-sector partner that formed a joint venture with ForFarmers in Poland, finalised in October 2026.
The details
ForFarmers expanded through the acquisition of STW SA, a compound feed producer in eastern Poland, and Advanced Ruminant Nutrition, a ruminant feed specialist in the United Kingdom. The joint venture with KPS Food Group in Poland was finalised in early October.
Timeline
Q3 2025: baseline quarter for the year-over-year volume comparison
30 September 2026: ROACE stood at 21.5%
Early October 2026: KPS Food Group joint venture in Poland finalised
24 November 2026: Capital Markets Day to update strategy and financial objectives
18 February 2027: FY 2026 results and annual report to be published
Market Landscape
ForFarmers' acquisitions in Poland and the United Kingdom extend its footprint in compound and ruminant feed, a segment where scale and regional distribution shape competitive position. The quarter's cost pressures from fuel and energy prices affect feed producers across Europe, and the company's margin decline illustrates how that pressure is passed through to profitability.
Higher operating costs at feed producers can filter through to livestock farmers and, ultimately, to the price of meat, eggs and dairy that consumers buy. Households may see these input cost pressures reflected in food prices, though the filing does not quantify any such pass-through.
The takeaway
Volume growth alone does not guarantee profit growth when energy, fuel and logistics costs rise sharply. Readers following agricultural and food prices should watch whether margin pressure in the feed sector eventually shows up in downstream costs.
What happens next
ForFarmers will hold a Capital Markets Day on 24 November 2026 to update its strategy and financial objectives, and will publish FY 2026 results and its annual report on 18 February 2027.
Further reading
Explore more Agriculture coverage for context on feed producers and the input costs shaping the sector.
Source note: This article includes information reported by The Manila times.
