Nutreco

In 2025, the market continued its steady growth at approximately 1,4% per annum. Poultry remained the largest segment, together with salmon and shrimp, which are expected to become the primary drivers of future growth, while the swine and beef segments continue to face a gradual decline. Shrimp continued to be the fastest‑growing species overall, while regionally, Asia maintained the highest growth rates, accompanied by increasing competitive intensity.

Nutreco maintains its focus on being the leading partner in nutritional and functional solutions for sustainable farming through a species aligned approach, with a value proposition designed to address unmet customer needs and capture growth opportunities. This is supported by close, customer-focused collaboration, and data-driven innovation. This approach is supported by the principles of a high performing, connected organization and a strong focus on people, enabling long-term success. As the market evolves, Nutreco is also continuing to build on the overall vision to shift the portfolio from volume to value, strengthening its competitive position and remaining well-positioned to meet growing demand, customer expectations, and capture emerging opportunities.

Nutreco continues to make strategic investments in innovation and growth. In 2025 multiple IP protected solutions from Nutreco Exploration (NutEx) were launched with success in both livestock and aqua. The Group expanded production capacity in key growth markets, strengthening its competitive position and ensuring the company remains well‑placed to meet rising demand and capture emerging opportunities. Simultaneously, Nutreco remains focused on optimizing its asset footprint to drive operational efficiency, streamlining processes, improving resource allocation, reducing costs, and enhancing productivity to deliver greater value for customers.

Overall, 2025 was a strong year for Nutreco, with this year’s performance building on the momentum of the prior year. Volume growth exceeded market growth, with underlying operational performance improving compared to last year. This strong operational performance, supported by strong cost management and positive one‑off items, such as the divestment of IngaFood’s, contributed to a healthy step-up in the overall bottom line.

Looking ahead to 2026, Nutreco anticipates solid operational and financial performance. EBITDA is expected to further improve, supported by higher volumes, improved margins, and a continued focus on cost efficiency. Volume growth is forecasted across both segments.