Annual FIRSTFARMS A/S report

FirstFarms offers a result even below the initially announced expectations. The growth ambition was not met in 2024, and the result is not, therefore, satisfactory, even if it is equal to the previous levels for FirstFarms.

FirstFarms and realized in 2024:

A turnover of 454 MDKK (2023: 462 MDKK)
A 105 MDKK EBITDA (2023: 101 MDKK)
An EBIT of 43 MDKK (2023: 50 MDKK)
A result after the 16 MDKK tax (2023: 26 MDKK)

Own capital increased from 723 MDKK to 818 MDKK due to the result of the year and an increase in capital in the first quarter of 2024 MDKK. Thus, the group will reach a solvency report over 48% at the end of 2024.

The Board of Directors and the management of FirstFarms A/S has examined today and adopted the annual report for 2024. The Board of Directors recommends not to be paid ordinary dividend.

The consequences of the extreme weather conditions and of the difficult results, which are the main reason why the result of 2024 is not in accordance with the expectations. An unusually long period, without rainfall in Slovakia, Romania and Hungary, was replaced at the end of summer of persistent heavy rains. This has led to severe floods in many places in Central Europe – not least in Slovakia, which is the heart of FirstFarms business. This affected the crop and the yield of crops.

The business model, with an emphasis on the circularity and diversification of risks in both branches of operations and geography works, and the adverse weather conditions for culture production have been partially compensated by the development in the other operations and investments in the production of cultures.

“It is crucial for our growth opportunities and for the success of diversifying the risks that we invest continuously in all branches of operations. In the summer of 2024, for example, we started using our large irrigation system in Romania.

2024 presented other major investments in FirstFarms.

In Romania, the construction started on a large system of silo and an extension of the irrigation system. In Slovakia, the construction of the first dairy product of FirstFarms started at the same time as a major renovation of milking facilities was completed.

Cash offer

As informed in the announcement of the company 2/2025 of February 11, 2025, FIRSTFARMS received notifications from Constantinsborg A/S (“bidder”), an indirect and controlled company by Heartland A/S, that the bidder has decided to present a voluntary offer for all actions in FirstFarms held by the offer). The offer document for the offer was published on March 7, 2025, see the announcement of the company no. 10/2025 of March 7, 2025. The period of the offer expires on April 7, 2025, at 23:59 (CEST).

The Board of Directors will publish a statement with their position regarding the offer and the reasoning behind it, at the latest, before the expiration of the first half of the offer period of March 24, 2025.

Expectations at 2025

FirstFarms has currently implemented strategy 2028, as discussed in the annual report for 2024. Based on a continuation of the 2028 strategy, FIRSTFARMS is expected to provide an EBITDA in the 115-155 million DKK range and an EBIT of 45-85 million DKK. The expectations are based on their own and external expectations for market prices. The wait is based on increasing prices compared to the current level, cf. The price forecast. There is a great volatility of market prices and cultivation conditions for FirstFarms products and, as a result, there is a high range of profit.

Greetings,

FirstFarms a/s.

For more information:

Please visit our website www.firstfarms.dk or contact CEO Anders H. Nørgaard on the phone +45 75 86 87 87.

About FirstFarms:

FirstFarms is a company listed by the Danish scholarship. We operate FirstFarms with responsibility for the surrounding communities and we offer the highest quality, which is sold mainly locally. We act on new opportunities, which create value for our investors and surroundings. Every day, we work on creating a more durable company.

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