WINFARM Returns to Operating Break-Even in Half-Year Results

WINFARM, the leading French distance-seller for the farming industry, has reported a return to operating break-even in the first half of 2026, marking a significant turnaround in its financial performance. The company's consolidated results for the period ending 30 June 2026 show a 2.3% increase in revenue, driven by a robust second quarter that saw a 4.1% growth compared to the same period in 2025.

Revenue for the first half of 2026 amounted to €76.2 million, with the AgroFourniture business, which accounts for 87% of the Group's total revenue, generating €66.0 million, up 1.4% from the previous year. This growth was supported by strong sales momentum from its main brands, including Vital Concept, Equideos, and Kabelis. The AgroProduction business, which comprises 11% of the Group's revenue, recorded a significant 8.8% increase to €9.0 million, driven by a strong rebound in the second quarter, up 27.3% from the same period in 2025. This performance was mainly attributed to the international expansion of Alphatech, with particular success in Asia, where the Singapore subsidiary is strengthening the Group's local presence and addressing high-potential markets like New Zealand and South Korea.

Other activities, comprising AgroConseil (marketed under the Agritech brand) and AgroInnovation (marketed through the Bel-Orient pilot farm), grew by 8.0%. This growth was driven by the development of the Au Pré! brand, a subsidiary of WINFARM, which offers a comprehensive range of delicious, simple, and healthy dairy products. The Au Pré! brand's distribution network expanded during the first half of the year, with new listings at consumer retail chains, including Grand Frais.

Building on the sales initiatives undertaken since the end of the 2024 financial year, gross margin reached 34.8% of revenue, a record high for the Group. This performance reflects the Group's commercial discipline and its ability to adjust selling prices to changes in purchasing terms, particularly in the AgroFourniture business. At the same time, WINFARM continued to keep its cost base under control, with a limited increase in personnel expenses. The increase in external expenses was mainly due to one-off expenses incurred in connection with the 30-year anniversary of the Vital Concept brand. Despite the rise in fuel prices, the Group introduced a temporary flat-rate transport surcharge on each invoice to keep its logistics costs under control.

EBITDA for the first half of 2026 came to €2.7 million, up 9.2% from the same period in 2025, confirming the improvement in the Group’s operating profitability. After accounting for depreciation, amortisation, and provisions, the operating result returned to positive territory at €115,000, compared with a loss of €316,000 in the first half of 2025. The net result for the first half was a reduced loss of €247,000, compared to a loss of €653,000 in the first half of 2025.

Cash flow for the first half of 2026 amounted to €2.2 million, with cash flow generated by operating activities at €0.8 million. This change mainly reflects an adverse movement in working capital requirements over the period, due partly to the increase in trade receivables in line with business growth and partly to the build-up of inventories on certain strategic product lines in anticipation of increases in purchase prices over the coming months. Gross available cash stood at €2.6 million as of 30 June 2026, compared with €3.6 million as of 31 December 2025 and €1.5 million as of 30 June 2025. Financial debt, excluding lease debt, was €25.8 million as of 30 June 2026, down €1 million compared with 31 December 2025 (€26.8 million) and down sharply by 13% compared with 30 June 2025 (€29.7 million), confirming the Group’s continued deleveraging.

In July 2026, the Group signed a €5 million revolving credit facility, providing it with a liquidity reserve to finance its growth while strengthening its financial position over the short and medium term. WINFARM expects revenue growth and an increase in EBITDA for the full year, leveraging its pricing power and the complementary nature of its product ranges to continue providing solutions to farmers to combat climate change and adapt its offering by providing an ever-wider range of quality products at the right price in an uncertain economic environment.