Despite challenging market conditions and a significant drop in commodity dairy prices in the second half of the year, FrieslandCampina delivered good results for the full year 2025.

2025 Results and developments

• Revenue:4 billion euros (2024: 12.9 billion euros); revenue growth despite heavy pressure on commodity dairy prices in second half of 2025.
• Operating profit: 507 million euros (2024: 527 million euros), slightly lower due to costs including IT, largely offset by cost savings.
• Net result: 328 million euros (2024: 321 million euros).
• Milk price for member dairy farmers increased to 56.93 euros per 100 kilograms of milk (2024: 52.95 euros).
• Supplementary cash payment for member dairy farmers:31 euros per 100 kilograms of milk (2024: 1.21 euros).
• Merger with Milcobel, with effect from 1 January 2026, has created a large-scale European dairy cooperative with strengthened market positions.
• Wisconsin Whey Protein acquisition enables FrieslandCampina to expand its strong ingredients market position in Europe and Asia into North America.
• Successful member recruitment: 411 million kilograms of additional member milk was committed.
• Further progress on 2030 sustainability targets: larger share of nutritious consumer products and reduced greenhouse gas emissions.

Said Jan Derck van Karnebeek, CEO Royal FrieslandCampina N.V.: “FrieslandCampina has demonstrated its resilience in 2025. It was a year with two faces, with a good first half of the year and a more difficult second half of the year. Despite challenging market conditions, geopolitical developments and a significant drop in commodity dairy prices in the second half of the year, we delivered strong, overall results in 2025, which translates into a good supplementary cash payment for our member farmers. In addition, the merger with Milcobel has strengthened our cooperative base in Europe, and with the acquisition of Wisconsin Whey Protein we strengthened our market position in high-quality proteins in the US. We also made strides towards our 2030 sustainability goals by increasing the share of nutritious products in our portfolio while reducing greenhouse gas emissions.

As expected, 2026 got off to a bit of a challenging start due to the continued pressure on commodity dairy prices. We expect these market conditions to continue into the second quarter of the year. This requires clear choices, agility, cost controls and innovation. We continue to invest in growth segments while also taking steps to further reduce our environmental footprint. This way, together with our members, employees and customers, we continue to build a future-proof FrieslandCampina that will create lasting value. We thank our members and employees for the hard work and trust placed in FrieslandCampina.”

The company realised 13.4 billion euros in revenue (2024: 12.9 billion euros), an operating profit of 507 million euros (2024: 527 million euros) and a net result of 328 million euros (2024: 321 million euros), despite challenging market conditions in the second half of the year. In a declining dairy market in Europe, market share was gained through innovation, cooperation with retailers and a focus on strategic brands. Partly due to cost savings initiated in 2023 aimed at general costs (SG&A) and Supply Chain costs, the result in 2025 held up well. The net cash flow from operating activities was 615 million euros in 2025, compared to 900 million euros in 2024. This decrease is mainly driven by working capital normalising in 2025 compared to the low level at the end of 2024.

The results of the seven business groups show a mixed picture. The Asia and Middle East, Pakistan & Africa (MEPA) business groups saw pressure on volumes. The Europe and Retail & Americas business groups were stable; both benefited from volume growth and market share gains, but also faced lower margins due to increased raw material costs. Professional’s results were under pressure due to low commodity dairy prices and an unfavourable volume mix. Specialised Nutrition and Ingredients achieved growth, mainly due to improved margins.

Higher milk supply and remuneration of members In 2025, member milk supply increased by 2.4 percent to 9,268 million kilograms (2024: 9,050 million kilograms), partly due to a strong rise in milk supply in the second half of the year. Total compensation to member dairy farmers for the milk delivered increased by 11.6 percent to 5,323 million euros (2024: 4,769 million euros). This was driven by both a higher milk supply and an increase in the guaranteed price, which reached 53.77 euros per 100 kilograms of milk in 2025 (2024: 49.48 euros). The supplementary cash payment for 2025 amounts to 121 million euros, representing 1.31 euros per 100 kilograms of milk, compared to 1.21 euros per 100 kilograms in 2024. In addition, members received 51 million euros in interest on member bonds and a Foqus planet premium for sustainability performance of 1.30 euros per 100 kilograms of milk.

More than 500 million euros in annual cost savings enabled FrieslandCampina to continue to make targeted investments in growth, innovation. Product development and sustainability. Examples include the opening of a modern distribution centre in Malaysia and of a new innovation application centre in Singapore, an upgrade of the SAP system and investments in production facilities to reduce emissions and increase water reuse. These investments further strengthen FrieslandCampina’s position as a leading global dairy company.

FrieslandCampina made further progress towards its 2030 sustainability goals. The proportion of products in the consumer portfolio meeting FrieslandCampina Nutrition Standards rose from 71 to 72 percent. Greenhouse gas emissions in 2025 were 19.1 percent (FLAG) and 16.1 percent (non-FLAG) below the level of the base year 2020. This brought the company approximately 1.5 percentage points (FLAG) and 0.2 percentage points (non-FLAG) closer to the reduction targets for 2030 in 2025, respectively.

The global dairy market is expected to remain challenging in the first half of 2026. High milk production, especially in the second half of 2025, has led to a large milk supply and falling commodity dairy prices on the global market. Market recovery will only become visible once milk supply and market demand rebalance, which is expected in the second half of 2026. In addition to developments in supply and demand trends and lower commodity dairy prices, (geo)political developments are expected to lead to currency fluctuations, potentially higher trade tariffs, and related margin pressure. As a result, FrieslandCampina expects profitability in the first half of 2026 to significantly lag behind the results in the first half of 2025, followed by expected improvement in the second half of 2026. For more visit frieslandcampina.com