FrieslandCampina report revenue of US$7.76B in H1 2025

NETHERLANDS – FrieslandCampina has reported revenue of more than US$7.76 billion (6.8 billion euros) in the first half of 2026, virtually stable compared with the first half of 2025.

This was due to the growth in higher-value-added products and the contribution of Milcobel and Wisconsin Whey Protein, which partly offset the negative impact of lower commodity dairy prices, the increased share of commodity dairy in the product mix and currency translation effects.

Operating profit decreased to US$307 million (269 million euros), compared with US$414.5 million (363 million euros) in the first half of 2025.

The high global milk supply and lower commodity dairy prices in particular put the commodity dairy portfolio under pressure.

This was partly offset by the strong development of the protein markets, the growth of higher-value-added products and cost savings through the Performance+ improvement programme, standardisation and centralisation.

In the first half of 2026, the operating cash flow was US$333.2 million (292 million euros). Operating cash flow improved, partly due to better working capital management compared with year-end 2025.

Mixed picture across business groups

The performance of the business groups was mixed. Professional and Retail & Americas achieved volume growth but saw their results decline due to price pressures, a less favourable product mix, and pressure on commodity dairy categories. 

Asia recovered, supported by a rebound in Indonesia. Ingredients delivered volume growth, higher revenue, and higher operating profit, supported by positive developments in the protein markets and the contribution from Wisconsin Whey Protein. Middle East, Pakistan & Africa achieved a higher result than a year earlier.

Despite geopolitical tensions in parts of the Middle East, operations in the region were largely able to continue, thanks in part to the dedication of colleagues there. The activities in Nigeria and Pakistan made an important contribution to this improvement. 

Europe achieved higher profits, driven by strong volume growth, an improved product mix, further streamlining of the organisation and market share gains across most of its priority brands. 

Specialised Nutrition continued to make a significant contribution to FrieslandCampina’s result, although the result was lower than a year earlier due to negative currency translation effects and additional investments in the Friso brand. At the same time, Friso gained market share in all its priority markets.

Outlook

FrieslandCampina expects further volume growth in the second half of 2026, particularly in higher-value-added dairy segments, supported by a favourable market for high-quality proteins. It is expected that the result in the second half of 2026 will be higher than in the second half of 2025.

Although commodity dairy markets appear to be stabilising, margins and results remain sensitive to developments in supply and demand, including the potential effects of extreme weather conditions on milk production and dairy commodity markets, price volatility, geopolitical tensions, currency translation effects and regulatory developments.

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