Financial performance 2025

The net result of Royal A-ware in 2025 amounts to € 43.8 million (2024: € 64.7 million). Decrease in net result is mainly attributable to the restructuring and closure costs (including impairment) related to ceasing operations at the Olympia facility, the impact of lower market prices for dairy products at year end resulting in write down inventories to their net realisable value, and the losses on loans and associated interest provided to E-piim Tootmine that have become credit-impaired due to the bankruptcy filing of E-piim on 11 February 2026 (as an adjusting event after reporting date). On the other hand we see the newly acquired Dairy Food Group facilities contributing positively to the net result. In 2024 we noted the decrease in net result mainly attributable to start-up costs for newly started and/or acquired business and projects in 2024 and some negative results within our business unit ‘special transport’, and these developments remain areas for improvement in 2025.

Revenues in 2025 amount to € 4,418 million (2024: € 3,813 million), an increase of 16% compared to financial year 2024. This increase is mainly driven by higher dairy products prices, the effect of adding Dairy Food Group (€ 212 million) from 28 April 2025 on and partly off-set by the lower revenue from Olympia operations. The overall external sales volume (excl. Dairy Food Group) declined by almost 5% compared to last year.

Revenues generated from the ‘core’ dairy and transport activities amounts to € 4,372 million (2024: € 3,751 million). Additionally, € 46 million (2024: € 62 million) in revenue was generated from the automotive activities. The transport fleet of AB Texel showed an increase from 1.800+ trucks in 2024 to 1.850+ in 2025. Apart from continuous fleet renewal, this increase was mainly driven by the acquistion of International Transportbedrijf Dijco B.V. per 1 March 2025 and CNC Grondstoffen B.V.

The total balance sheet grew from € 1,983 million at the end of 2024 to € 2,099 million at the end of 2025. This is primarily the result of the acquisition of The Dairy Food Group and investments in tangible assets (i.e. property, plant and equipment). The solvency ratio stands at 22.8% (2024: 24.1%), based on Royal A-ware's equity, including subordinated loans, adjusted for goodwill on the balance sheet. Bank covenants as agreed per the senior facility agreement with lenders are all met per balance sheet date 2025.

Inventory value amount increased by 9% compared to 2024. This increase is mainly due to higher inventory volumes irrespective of write down inventories to their net realisable value at the end of the year. The value per kilo is slightly higher compared to previous year. This is in line with the price development of dairy products and on the other hand a mix effect.

Receivables and other assets increased in line with both the integration of The Dairy Food Group and the increase in milk and dairy product prices and are therefore in line with the revenue development.

The investments in tangible fixed assets (excluding right of use) in 2025 amounted to € 135 million (2024: € 108 million). The main investments relate to rebuilding the acquired dairy factory in Salas and investments in our cheese factory in Heerenveen.

The average number of FTEs in 2025 amounts to 5,102 FTEs (2024: 4,492 FTEs). Majority of these FTEs are based in our cheese packaging facilities in Almere and Culemborg and transport entities. The increase in FTEs is mainly due to the acquisition of The Dairy Food Group resulting in an average increase of 346 FTE’s.

The cash flow from operating activities is positive, amounting to € 217.3 million (2024: € 107.6 million). The cash flow from investing and financing activities has been explained above when describing the acquisition of subsidiaries and investments in tangible fixed assets, receivables and inventories.