FIRSTFARMS A/S
FIRSTFARMS A/S is a Denmark-based agricultural company that produces pork, milk, and crops through operations in Central and Eastern Europe. Its business combines farming, animal husbandry, crop cultivation, and ownership of agricultural land across Romania, Slovakia, Hungary, and the Czech Republic.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueBreeding and selling piglets and slaughter pigs from farms in Central Europe.
Dairy farming and raw milk production from the company's milk herd.
Cultivation and sale of crops such as maize, sugar beets, and other arable output.
Agricultural land holdings and farm acquisitions that support long-term production capacity.
Customers
FirstFarms sells primarily into local agricultural and food value chains, with output from pigs, milk, and crops marketed through regional channels. The company also uses farm acquisitions and land holdings to support its own production base rather than relying on a single external customer group. Its customer base is therefore a mix of local buyers, processors, and agricultural counterparties tied to each operating country.
Buy piglets and slaughter pigs for regional processing and consumption markets.
Buy raw milk from the dairy operation for downstream processing and sale.
Buy harvested crops from the company's arable land operations and farms.
Include land sellers, farm vendors, and local partners involved in expansion and operations.
Strategy
FirstFarms focuses on building scale in integrated farming across multiple Central European countries, with land ownership and irrigation used to strengthen production capacity. The company is also expanding value creation in milk through its dairy site and strategic processing cooperation, while continuing to develop productive farmland and farm assets. Its strategy relies on operational control, asset backing, and geographic diversification to support long-term agricultural output.
More land and productive farms increase output potential and support long-term scale.
Processing and operational integration can improve returns from raw milk production.
Irrigation and country diversification help reduce weather-driven volatility in crop yields.
Geography
FirstFarms operates in Romania, Slovakia, Hungary, and the Czech Republic, while the parent company in Denmark provides management and strategic functions. The business is geographically diversified across multiple farm regions, and weather, soil quality, and local market conditions materially affect output. Its production footprint is concentrated in Central and Eastern Europe, where it owns or operates farmland and livestock facilities.
Risks
FirstFarms is exposed to commodity price swings in pigs and milk, as well as weather-related yield volatility in crops. Because its business is asset-heavy and biologically driven, drought, disease outbreaks, and valuation changes in livestock and crops can materially affect reported results and cash generation. The company also carries execution risk around farm integration, project completion, and financing for expansion.
- Commodity price volatility in pigs and milkImpact: HighLikelihood: High
Revenue and biological asset values depend heavily on market prices for livestock products.
Exposure: Pork and dairy operations
- Weather and drought riskImpact: HighLikelihood: High
Crop yields depend on rainfall and growing conditions across multiple countries.
Exposure - Biological asset fair value changesImpact: HighLikelihood: High
Changes in livestock and crop prices flow through valuation adjustments and reported earnings.
Exposure - Animal disease outbreaksImpact: HighLikelihood: Medium
Livestock operations can be disrupted by herd health issues and production losses.
Exposure: Dairy herd and pig operations
- Execution risk on expansion projectsImpact: MediumLikelihood: Medium
Farm acquisitions, dairy completion, and ramp-up can delay expected operational benefits.
Exposure: Romania expansion and dairy project
Accounting
Judgemental itemsLivestock and crops are remeasured, so price and yield changes affect profit before cash is realized.
Impact: Can create significant non-cash gains or losses
Crop output is seasonal and may be carried as inventory until sale.
Impact: Affects gross margin timing and working capital
Farm infrastructure, irrigation, and land holdings are core balance sheet assets.
Impact: Depreciation and impairment can influence reported results
Farm acquisitions require purchase accounting and fair value allocation.
Impact: May affect goodwill, asset values, and future depreciation
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Last updated: 24/10/2026