DN AGRAR
Q1 results:
22% higher milk deliveries and
44% EBITDA margin
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Net Profit of RON 9.6 MILLION and a Turnover of RON 47 MILLION
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Key indicators for the first quarter of 2026:
✅DN AGRAR has ended the first quarter of 2026 with a turnover of RON 47 million.
✅ Net Profit reached RON 9.6 million, with a margin of 20%.
✅ EBITDA reached RON 21 million, with an EBITDA margin of 44%.
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🐄 On the milk production segment, in Q1 2026 DN AGRAR delivered with 22% more milk than in Q1 2025, with a monthly average of approximately 7 million liters. This performance was supported by the growth in livestock numbers, which exceeded 18,000 heads at the end of March, representing a 13% increase compared to the same period last year.
🌱 Regarding the compost production segment, the two facilities, located at the Apold and Lacto Agrar farms, are fully operational. In Q1 2026, DN AGRAR sold over 4,000 tons of compost, that generated revenues of approximately RON 3 million, as the Group expands its client base. This segment continues to show strong long-term potential within DN AGRAR's integrated business model, with 2 additional units already planned at the Cut 2 Farm.
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▶️In Q1 2026, investments amounted approximately RON 14 million, that were allocated to key strategic projects:
- Construction of the Straja farm
- Construction of the milk processing line
- Expansion of the composting line at Lacto Agrar
- Installation of solar panels
- Construction of a grain mill
- Purchase of agricultural and livestock equipment and machinery
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Peter de Boer
CEO & BoD Member
DN AGRAR Group:
"We are a growth-oriented company and, during this first quarter, we continued to grow operationally, adapt to market conditions, and strengthen the resilience of our integrated business model.
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The Q1 2026 results were in line with our expectations, in a context marked by elevated volatility in the agri-food market. From a financial perspective turnover recorded a slight decline, while profitability was lower compared to the same period last year, primarily due to lower milk prices. It is important to highlight that Q1 2025 represented and exceptionally strong comparison base, characterized by peak milk prices. The decline of milk prices we saw in early 2026 was anticipated and is reflected in our full-year budget. At the same time, we continued to diversify our revenue streams, with the compost production activity generating revenues of approximately RON 3 million during the quarter."
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We invite you to discover
the summary of DN AGRAR's Q1 2026 performance
presented by Peter de Boer, CEO & BoD Member of DN AGRAR
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Financial highlights for Q1 2026:
✅ Operating revenues reached RON 75 million, advancing by 2%.
✅ Revenue from sold production amounted to RON 43 million, decreasing by 16%.
✅ Revenue from operating subsidies reached RON 7 million, up by 7%, compared to Q1 2025, supported by the operationalization of the Straja farm and the higher amount allocated per animal for animal welfare part.
✅ Operating expenses amounted to RON 62 million, up by 13%, driven herd expansion, higher input prices, and personnel costs.
✅ Total assets reached approximately RON 460 million, up by 4%.
✅ Total liabilities amounted to RON 231 million, an increase of approximately 5%.
✅ Long-term liabilities reached RON 133 million, slightly up by 0.6%, reflecting the ongoing investments in strategic projects.
✅ In Q1 2026, DN AGRAR Group also published its financial results in accordance with IFRS standards. The company reported an EBITDA of RON 31 million and a Net Profit of RON 19.6 million.
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Ongoing Investments in Key Projects
▶️ 2026 is a pivotal investment year for DN AGRAR, focused on advancing strategic projects that supports long-term growth and further strengthen its integrated business model.
▶️ A major development is the skimmed milk and cream processing factory, an EUR 3.5 million project under construction since March 2026. With a processing capacity of 150,000 liters of milk per day and storage of up to 300,000 liters, representing a step toward higher value-added production and increased vertical integration.
▶️ Key priorities for 2026 include herd expansion at the Straja farm, development of the Cut 2 farm, construction of two new compost units, and the development of a wheatgrass production facility, all aimed to support long-term scalability, operational efficiency, and business resilience.
▶️ The company has allocated a total investment budget of RON 50 million for 2026 to support these development objectives.
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2026 Outlook
▶️ Milk prices are expected to stabilize gradually in the second half of 2026, with a more noticeable recovery in Q3 and Q4, in line with broader European market dynamics. The gradual stabilization in contracted milk prices observed since May, supports DN AGRAR’s confidence in achieving its 2026 budgeted targets.
▶️ For 2026, DN AGRAR has budgeted:
- Turnover of RON 200 million
- EBITDA of RON 85 million
- Net Profit of RON 38 million
- 10% increase in the milk production.
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We reiterate the invitation to the teleconference to present
the Q1 2026 financial and operational results
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TUESDAY, MAY 26TH, 2026, 05:00 PM, ONLINE
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The event will be held in ENGLISH, with simultaneous translation
into ROMANIAN, via ZOOM.
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We encourage you to submit your questions before the teleconference, on the registration link or at the following email address:
investors@dn-agrar.eu !
As of May 25th, 2026, the
Report with the financial and operational results from Q1 2026 is available both on the BVB website (symbol DN),
as well as on the DN AGRAR website, in the Investors section.
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May 26th, 2026
”Deschiderea de Astăzi” live show from Ziarul Financiar - Speaker Peter de Boer, CEO & BoD Member
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May 26th, 2026
Teleconference for presenting the results of Q1 2026 Financial Report
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June 8th, 2026
Quarterly Report by TradeVille & Ziare.com - Speaker Peter de Boer, CEO & BoD Member
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August 24th, 2026
H1 2026 Financial Report publication
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August 25th, 2026
Teleconference presenting the results of H1 2026 Financial Report
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DN AGRAR informed the shareholders and investors that on May 26th 2025, starting 05:00 PM (Romanian time), will be hosting a teleconference to present the financial results for the first quarter of 2026.
More details HERE.
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DN AGRAR published the key operational indicators from the first 4 months of 2026.
More details HERE.
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Peter de Boer - CEO & BoD Member of DN AGRAR participated as a speaker at the "Feel The Markets live show" where he provided a detailed overview of how the group’s integrated business model succeeds in turning market challenges into opportunities for expansion.
Watch the full broadcast HERE.
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DN AGRAR published the decisions adopted during the Extraordinary General Meeting of Shareholders (EGMS) from April 28th 2026.
More details HERE.
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DN AGRAR published the resolutions adopted during the Ordinary General Meeting of Shareholders (OGMS) on April 28th 2026, along with the recording and the materials presented.
More details HERE.
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DN AGRAR is the largest dairy milk producer in Europe and one of the leading integrated agrifood company in Romania, listed on the Bucharest Stock Exchange since 2022.
The Group operates an integrated business model focused on milk production, crop cultivation, organic composting and green energy, supporting a sustainable, circular agriculture.
With five large-scale farms and a livestock base of over 18,000 heads, it delivers over 70 million liters of milk per year, with the goal to double the production to 150–200 million liters annually by 2030.
DN AGRAR Group manages more than 10,000 hectares of farmland and two compost facilities with a capacity of 14,000 tons of organic fertilizer per year, aiming to increase this to 40,000 tons by 2030.
The Group has tripled its business in just three years since going public and now targets a doubling of EBITDA by 2030, alongside the ambition to produce net-zero milk.
To support its growth as a regional leader in premium dairy and food production, DN AGRAR Group’s 2030 strategy combines the doubling of milk production capacity with expansion into complementary business segments.
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These include vertical wheatgrass farms, expected to supply 30% of the current feed input, biomethane production in partnership, industrial greenhouses, and expanded composting infrastructure. Together, these initiatives are designed to enhance operational performance and efficiency, being also enables for the development of industrial clusters and projects for increasing milk value.
Founded as a family business in 2008 by Jan Gijsbertus de Boer, DN AGRAR Group operates in the heart of Transylvania, with activities spanning in tree counties - Alba, Sibiu, and Hunedoara. Listed on the AeRO market of the Bucharest Stock Exchange since February 2022, the company is included in the BETAeRO local index, as well as in the international indices MSCI Frontier IMI and MSCI Romania IMI (Small Cap category).
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INVESTOR RELATIONS CONTACT
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DN AGRAR Group Romania, No. 1, Iuliu Maniu, Alba-Iulia, Alba 510094, Romania
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