FFARM Forfarmers NV

Lochem, 4 May 2023 

ForFarmers first quarter 2023 Trading Update Highlights first quarter 20231:

• Volume Total Feed2: -5.2%; especially due to pressure on volumes in pig sector, of which compound feed: -6.4%
• Gross profit: -0.6%; due to decline in cluster Netherlands/Belgium
• Underlying EBITDA: +4.5%; mainly due to improvement in Germany/Poland and the United Kingdom.

Pieter Wolleswinkel, CEO of ForFarmers: "I am honoured to have recently been appointed CEO of ForFarmers, at a time when opportunities and threats are not far apart. To be able to respond quickly and appropriately, we are placing the emphasis in our revised strategy on local approach and responsibility. Market position and returns are important to us. That is why we have recently started a reorganization, so that the local approach can be implemented effectively and efficiently. Knowledge, innovative power and focus on cost reduction are key drivers. After all, volumes are under pressure, as they were in the first quarter. This is mainly due to the impact of bird flu in the United Kingdom and Poland and the crisis in the pig sector. However, the good result in the ruminant sector in the first quarter in the United Kingdom was gratifying. To contribute to the transition of the sector, we must continue to innovate and therefore also to make returns. These are basic preconditions. My colleagues and I are convinced that we can make the adjustments in our approach and business operations and that we can include current and new customers in this transition. We will focus on this change in 2023."

1. Results and developments of the first quarter 2023 are compared to those of the first quarter 2022, unless stated differently
2. Total Feed covers the entire ForFarmers product portfolio and comprises compound feed, specialties, co-products (such as residual flows from the feed industry), seeds and other products (such as forage)

Read and download the full press release on our website.

This press release contains information that qualifies as inside information in the sense of Article 7 paragraph 1 of the EU Market Abuse Regulation. Note to the editor / For additional information: Caroline Vogelzang, Director Investor Relations T: 0031 573 288 000   M: 0031 6 10 94 91 61E: caroline.vogelzang@forfarmers.eu

About ForFarmers N.V. ForFarmers N.V. is an international organisation that provides complete innovative feed solutions to the livestock farming industry. With its ‘For the Future of Farming’ mission ForFarmers is committed to the continuity of farming and to further increasing the sustainability of the agricultural sector. ForFarmers is a prominent player in Europe with annual sales of around 9 million tonnes of animal feed. The company is active in the Netherlands, Belgium, Germany, Poland, and the United Kingdom. ForFarmers has approximately 2,500 employees. In 2022 revenue amounted to approximately €3.3 billion. ForFarmers N.V. is listed on Euronext Amsterdam.

ForFarmers N.V., P.O. Box 91, 7240 AB Lochem, T: +31 (0)573 28 88 00, F: +31 (0)573 28 88 99, info@forfarmers.eu, www.forfarmersgroup.eu 

FORWARD-LOOKING STATEMENTSThis press release contains forward-looking statements, including those relating to ForFarmers legal obligations in terms of capital and liquidity positions in certain specified scenarios. In addition, forward-looking statements, without limitation, may include such phrases as “intends to”, "expects “, “takes into account”, "is aimed at “, ''plans to”, "estimated" and words with a similar meaning. These statements pertain to or may affect matters in the future, such as ForFarmers future financial results, business plans and current strategies. Forward-looking statements are subject to a number of risks and uncertainties, which may mean that there could be material differences between actual results and performance and expected future results or performances that are implicitly or explicitly included in the forward-looking statements. Factors that may result in variations on the current expectations or may contribute to the same include but are not limited to: developments in legislation, technology, jurisprudence and regulations, share price fluctuations, legal procedures, investigations by regulatory bodies, the competitive landscape and general economic conditions. These and other factors, risks and uncertainties that may affect any forward-looking statements or the actual results of ForFarmers, are discussed in the last published annual report. The forward-looking statements in this press release are only statements as of the date of this document and ForFarmers accepts no obligation or responsibility with respect to any changes made to the forward-looking statements contained in this document, regardless of whether these pertain to new information, future events or otherwise, unless ForFarmers is legally obliged to do so.

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• 230504_Press Release_ForFarmers Q1 2023 Trading Update

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