In Q1-25, ForFarmers continued to deliver on strategy with positive LFL volume and earnings growth. ROACE came in at 13.8%, in line with FY ‘24.We maintain our Hold rating, and 12m TP of EUR 5.3. Company continues to perform well, solidly executing its strategy. However, market conditions and the consolidation of the feed activities of team agra/HaBeMa create some lower visibility. Hence our Hold rating.
