PRESS RELEASE Loudéac, 7 September 2026
2026 H1 revenues
Growth accelerates in Q2 2026 (+4.1%), driven by a strong rebound in Farming Production
H1 revenue of €76.3 million, up +2.4%
Improved operating profitability and continued deleveraging expected for full-year 2026
WINFARM (ISIN: FR0014000P11 - ticker: ALWF), the leading French player in consulting, services and distance-selling of products and solutions for the agricultural and livestock industry, is today publishing its revenue for the second quarter of 2026 and for the first half of 2026.
| In millions of euros, unaudited | Q2 2025 | Q2 2026 | VAR. | H1 2025 | H1 2026 | VAR. | ||
| Farming Supplies | 33.7 | 34.2 | +1.6% | 65.1 | 66.1 | +15% | ||
| Farming Production | 3.7 | 4.8 | +27.3% | 8.2 | 9.0 | +88% | ||
| Other 1 | 0.6 | 0.6 | 0.0% | 1.1 | 1.2 | +8.0% | ||
| TOTAL | 38.0 | 39.6 | +4.1% | 74.5 | 76.3 | +2.4% |
Following moderate growth at the start of the year (+0.6% in the first quarter), the Group’s activity accelerated significantly in the second quarter of 2026, with revenue reaching €39.6 million, up +4.1% compared with the second quarter of 2025.
For the first half of 2026, WINFARM therefore generated consolidated revenue of €76.3 million, an increase of +2.4% compared with the first half of 2025.
This momentum was driven by steady growth in the Farming Supplies business, combined with a strong rebound in revenue from Farming Production in the second quarter. This performance reflects the impact of the sales initiatives rolled out in recent months, which benefited all of the Group’s business divisions.
Over the first half, sales from the Farming Supplies division (87% of the Group’s total revenue) generated revenue of €66.1 million, up +1.5%. This growth was driven by:
- Strong sales momentum at VITAL CONCEPT, with sales up +2.4% compared with the first half of 2025. This performance reflects customers’ confidence in the Group’s own-brand products across the nutrition, hygiene, seeds and livestock equipment segments;
- Continued strong performance from EQUIDEOS-branded products, specialising in feed and equipment for horses and riders, particularly thanks to the success of its nutrition products.
- Positive momentum in the Landscape segment, through the KABELIS brand, which posted growth of +3.6% in a market that is gradually recovering;
- A limited decline in sales at BTN de Haas, the Group’s Dutch subsidiary, which recorded a temporary decrease of 1.8% over the first half. This trend came against a backdrop of falling prices for certain agricultural commodities in the Netherlands, particularly milk, prompting farmers to make certain trade-offs in their purchasing decisions.
Following a first quarter affected by an unfavourable comparison base, the Farming Production division (12% of the Group’s total revenue), marketed under the Alphatech brand, recorded a strong rebound in the second quarter of 2026, with growth of +27.3%.
Over the first half, revenue amounted to €9.0 million, up +8.8% compared with the first half of 2025.
This performance was primarily driven by international development, particularly in Asia, where revenue increased by +55%, supported by the ramp-up of the Singapore subsidiary. Bangladesh (+77%) and the Philippines (+76%) notably recorded particularly strong growth.
This local presence represents a major differentiating advantage, providing the Alphatech brand with a strong platform from which to address new high-potential markets such as New Zealand and South Korea.
Combined with the solid sales performance recorded in Europe (+12%) and North America (+5%), this overall momentum also offset the decline in the Middle East, where activity continues to be impacted by the geopolitical environment.
Other activities, comprising Farming Advisory (marketed under the Agritech brand) and Farming Innovation (operated through the Bel Orient pilot farm), increased by +8.0%, notably driven by the development of the Au Pré! brand, a WINFARM subsidiary and the first locally rooted brand offering a complete range of tasty, simple and wholesome dairy products. Growth was also supported by the listing of the brand with new retail chains, including Grand Frais.
Outlook
The revenue growth recorded in the first half of 2026 is expected to be accompanied by a significant improvement in gross margin over the period, together with higher EBITDA. The Group therefore expects operating profit to be close to breakeven for the first half, marking a significant milestone in the recovery of its operating profitability.
Building on this improvement and the positive sales momentum recorded in the first half, the Group confirms its objective of delivering EBITDA growth for full-year 2026, together with continued deleveraging.
Next release: H1 2026 results on 8 October 2026, after market close.
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 about the company at: www.winfarm-group.com
Contacts:
| WINFARM investisseurs@winfarm-group.com | |
SEITOSEI.ACTIFIN | |
| Investor Relations Benjamin Lehari +33 (0)6 07 30 93 72 benjamin.lehari@seitosei-actifin.com | Financial Press Relations Jennifer Jullia +33 (0) 6 02 08 45 49 jennifer.jullia@seitosei-actifin.com |
1 Revenue from Farming Advisory (under the Agritech brand), Farming Innovation (under the Bel Orient brand) and the dairy processing unit (under the Au Pré! brand)
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