Winfarm: Very sharp increase in EBITDA, cash generation and debt reduction in H1 2025

PRESS RELEASE
Loudéac, 2 October 2025

Very sharp increase in EBITDA, cash generation and debt reduction in H1 2025

Outlook for 2025: continued growth, improvement in operating profitability and debt reduction

WINFARM (ISIN: FR0014000P11 - ticker: ALWF), the leading French player in distance-selling of products and solutions for the agricultural and livestock industry, is today publishing its consolidated results for the first half of 2025.

At its meeting on 1 October 2025, the Board of Directors approved the consolidated financial statements for the financial period ended 30 June 2025. These accounts have undergone a limited review by the statutory auditors. The certification reports are currently being drawn up.

Consolidated data, French accounting standards, unaudited, in €k	H1 2025	H1 2024	Change
Revenue	74,504	69,976	+6.5%
Gross margin	25,012	22,674	+10.3%
As a % of revenue	33.6%	32.4%	+1.2 pt
Personnel expenses	(10,319)	(10,426)	-1.0%
External expenses	(11,730)	(11,959)	-1.9%
EBITDA	2,433	196	+€2,237k
As a % of revenue	3.3%	0.3%	+3 pts
Depreciation, amortisation and provisions	(2,749)	(2,700)	+1.8%
Operating income (expense)	(316)	(2,504)	+€2,188k
Net financial income (expense)	(486)	(515)	+5.6%
Non-recurring profit (loss)	-	237	N/A
Corporate tax	77	21	NA
Share of income from equity affiliates	73	63	N/A
Group share of net income	(653)	(2,699)	+€2,046k

Revenue growth of +6.5%

WINFARM made consolidated revenue of €74.5 million in the first half of 2025, an increase of +6.5% compared with the first half of 2024. This momentum reflects the effectiveness of the sales initiatives deployed in recent months and confirms the start of a new cycle of sustainable growth for the Group, fuelled by all of its business divisions.

Over the first half of the year, sales in the Farming Supplies division (87% of total revenue) generated revenue of €65.1 million, an increase of 3.9%, reflecting good momentum in the following activities:

• The VITAL brand, the Group's long-standing core activity, which saw further solid growth (+4.7%), driven by the success of its proprietary brands in the nutrition segment;
• The EQUIDEOS brand, a specialist in horse feed and horse riding supplies, which consolidated its position as market leader with growth of 7.4% over the period;
• BTN de Haas, the Group's Dutch subsidiary, which saw a sharp increase of +17%, driven by price increases introduced in H1 and the expansion of product ranges in strategic product families.
  
  

The Farming Production business (11% of revenue), for which products are marketed under the Alphatech brand, generated revenue of €8.2 million in the first half of the year, an increase of 30% on the same period in 2024. This solid performance can be attributed to the use of a new production line since April 2023 that enables the Group to meet sustained demand while strengthening its competitiveness through a price-volume effect. One of the Group's biggest commercial successes during H1 is the rise in popularity of the Alphatech brand on the APAC market, a priority target market in which the Group recently opened a subsidiary, on which it saw revenue growth of more than 40%.

"Other activities", which include Farming Advisory (marketed under the Agritech brand) and Farming Innovation (marketed via the Bel-Orient pilot farm), also recorded revenue growth.

The commercial promotion of WINFARM's Au Pré! subsidiary, a leading regional brand that offers a full range of simple, tasty and healthy dairy products, led to good sales momentum with new contracts signed with supermarkets. During the second half of the year, the Group will intensify its efforts in the OOH segment (group canteens, medical and social establishments, nursing homes, etc.) with the aim of consolidating its presence and securing higher volumes.

Strong improvement in gross margin and EBITDA

As part of the sales boosting measures implemented by the Group during the first half of the year, WINFARM managed its sale and purchase prices very closely. This day-to-day management gave rise to the increase in its gross margin, which came to 33.6% of H1 revenue, close to the Group's highest ever level (versus 32.4% in H1 2024). The Group's pricing power combined with an increase in volumes sold thus boosted growth over the period.

Meanwhile, the Group also closely managed its cost structure, a measure it initiated in 2024, leading in particular to economies of scale in transport costs (sale of the fleet of trucks owned by it for an estimated €1.2 million, which were then leased back) and in logistics (number of Kabelis warehouses). WINFARM reduced its payroll (-1.0%), having cut 10 FTE positions compared to 30 June 2024.

EBITDA therefore came to €2.4 million versus €0.2 million in the first half of 2024.

However, the sharp increase in operating profitability is limited by the slower-than-expected take-off of the Au Pré! subsidiary, a cooperative of dairy artisans. Despite good sales performance over the period, with more than 30 new retail brands distributing the Group's products, bringing the number of points of sale to more than 60, the Group is still awaiting transformative contracts with group catering chains.

After taking into account depreciation, amortisation and provisions, the Group made an operating loss of €0.3 million compared with a loss of €2.5 million in the first half of 2024.

The Group significantly reduced its net loss for the period to €0.7 million versus a loss of €2.7 million in the first half of 2024.

Cash generation, reduction in WCR and in debt

At 30 June 2025, Group shareholders' equity stood at €15.5 million, compared with €16.2 million at 30 June 2024.

Cash flow came to €2.1 million, representing 2.8% of revenue.

Over the period, WINFARM generated cash flow from operations of €2.4 million, representing a sharp increase of €2.5 million versus the first half of 2024.

WCR fell by €300 thousand, associated in particular with a €1.5 million decrease in inventories compared with 30 June 2024.

Disposable cash stood at €1.5 million at 30 June 2025 compared with €2.8 million at 31 December 2024.

Financial debt fell from €35.5 million at 31 December 2024 to €32.3 million at 30 June 2025 (including €27.7 million in medium-term bank debt), illustrating the Group's ongoing process of deleveraging.

For full-year 2025, WINFARM confirms that it expects to see profitable growth, driven by a continued improvement in operating profitability a gradual reduction in debt

Its strategic priority will be to focus on higher value-added activities:

• Capitalise on the sales performance of the proprietary Vital Concept range in France and the Netherlands;
• Improve the profitability of the "Kabelis" business amid a slowdown in expenditure by local authorities and public bodies due to budgetary constraints;
• Work on the continued growth of Alphatech while incorporating the difficult comparison base effect linked to the exceptional performance recorded in 2024.
  
  

This growth trajectory will hinge on the continuation of cost optimisation measures, strict investment discipline and rigorous management of WCR in order to gradually reduce debt.

In this context, the Group anticipates an improvement in its EBITDA in 2025 compared with 2024.

Next release:
Q3 2025 revenue, 5 November 2025, after close of trading.

About WINFARM

Founded in Loudéac in the heart of Brittany in the early 1990s, the WINFARM Group today is the leading French player in consulting, services and distance selling of global, unique and integrated products and solutions for the agricultural, livestock, horse and landscape markets, helping them to meet the new technological, economic, environmental and social challenges of next-generation agriculture.

With a comprehensive catalogue of more than 35,000 references (seeds, hygiene and harvesting products, etc.), two-thirds of which are own-brand products, WINFARM has more than 45,000 customers in Belgium and the Netherlands.

Find out more at www.winfarm-group.com

Contacts:

WINFARM [e-mail]
Investor Relations Benjamin Lehari [phone] [e-mail]	Financial Press Relations Jennifer Jullia [phone] [e-mail]