ForFarmers delivered a solid Q3-25 beating on all metrics. Adj. EBITDA, EUR 39m vs. EUR 32m expected. This was driven by continued momentum following a robust H1-25 with sustained volume growth, contributions from M&A, strengthening market share and unlocking synergies; and (3) operational leverage. Given the Q3-25 beat we expect to raise our FY25 EBITDA estimate by some 6%. We reiterate our BUY rating and TP of EUR 6.4.
