FrieslandCampina reports US$15.3B revenue in FY 2025

SWITZERLAND – FrieslandCampina has reported US$15.33 billion (13.4 billion euros) revenue in FY2025, 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 targeting general and supply chain costs (SG&A), the 2025 results held up well.

The net cash flow from operating activities was US$703.5 million (615 million euros). 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.

In 2025, member milk supply increased by 2.4% 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% to US$6.09 billion (5.3 billion 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 US$138.5 million (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 US$58.3 million (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.

Sustainability progress

In 2025, 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% (FLAG) and 16.1% (non-FLAG) below the level of the base year 2020.

This brought FrieslandCampina approximately 1.5 percentage points (FLAG) and 0.2 percentage points (non-FLAG) closer to the reduction targets for 2030 in 2025, respectively.

Outlook

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.

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