Firstfarms

What Firstfarms does

FirstFarms A/S is a Danish publicly-listed agricultural company (Nasdaq Copenhagen SmallCap, ticker FFRMS) operating four integrated business areas — pig production, milk production, crop production, and land portfolio management — across 20 locations in five EU countries (Denmark headquarters, Slovakia, Romania, Hungary, and Czech Republic). The company cultivates approximately 18,900 hectares of agricultural land, operates 2,800 milking cows plus 2,600 young cattle in Slovakia, runs pig production with 4,200 sows in Hungary and additional capacity in Slovakia and Czech Republic, and produces ~71,500 slaughter pigs annually from Czech facilities and ~27,000 from Gabčíkovo, Slovakia. Vertical integration is significant: the group operates three feed mills (combined ~47,500 tons/year capacity) and applies proprietary Danish genetics for pigs and 100% Holstein Friesian genetics for dairy cattle.

The business model is direct B2B sales of agricultural commodities — primarily slaughter pigs, piglets, milk, and crops — to European dairies, Slovak slaughterhouses, the modern food industry, and other agricultural companies, with pricing determined by local supply/demand dynamics rather than disclosed contracts. Land portfolio development through acquisition and compaction of farmland across Central Europe is positioned as a fourth strategic pillar creating long-term operational and balance-sheet value (419 mDKK owned land book value in 2024). Capital structure includes 186 mDKK raised from Heartland Group in February 2024 via directed share issue and convertible bonds to fund a stated ambition to double turnover and earnings by 2028 through organic growth and acquisitions. The company holds ~2,500 shareholders and employs 400 people across the group.

Operationally the company is currently navigating a difficult cycle: Q1 2026 revenue of 73 mDKK was down from 102 mDKK in Q1 2025, FY2025 produced a -20.6 mDKK net loss attributed to Foot-and-Mouth Disease impact and low milk/pig prices, and 2026 EBITDA guidance is set at 60-110 mDKK. Leadership was restructured in 2025 with a dual Co-CEO model (Michael Hyldgaard, ex-PwC; Søren Bredvig, ex-Hempel/Novo Nordisk) and Jesper Pagh (ex-DLG Group CEO) added to the Board, consistent with a governance build-out to support the growth-by-acquisition strategy.

Name

Firstfarms

Legal name

FirstFarms A/S

Website

https://firstfarms.dk

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

251–500 employees

Short description

FirstFarms A/S is a Danish-listed agricultural company operating integrated pig, dairy, and crop production across 20 locations in five EU countries, cultivating ~18,900 hectares and selling commodities to European dairies, slaughterhouses, and food industry buyers.

Ownership category

akta.pro rank

Product category

Diversified Agricultural Production

NAICS

Hog and Pig Farming (11221), Dairy Cattle and Milk Production (112120), Oilseed and Grain Farming (1111)

SIC

Agricultural Prod-Livestock & Animal Specialties (200), Agricultural Production-Crops (100)

akta.pro primary industry

Contract Hog Growing (Integrator/Production Contracts) (AFAEAEAK)

akta.pro secondary industries

Nursery Pig Production (Weaned Pig Growers) (AFAEAEAD), Feed Grain Production (Livestock Feed Grains) (AFAGAAAK)

Keywords

• Pig production
• Milk production
• Crop farming
• Land portfolio management
• Agricultural commodities

Headquarters

HQ city

Billund

HQ country

Denmark

HQ region

Europe

Offices8 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Technology or R&D

Revenue model

1. Agricultural Product Sales: Sale of agricultural products including slaughter pigs, piglets, milk, and crops. Products are sold primarily locally to food industry and other agricultural companies. Revenue is generated through transaction-based commodity sales.
2. Land Portfolio Development: Development of land portfolio through acquisition and compaction of agricultural land, creating long-term operational value through land ownership and rental contracts.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels8 records

Core offering

FirstFarms produces and sells slaughter pigs and piglets (in Hungary, Czech Republic, and Slovakia), milk (in Slovakia), and crops (wheat, barley, maize, rapeseed, soybeans) cultivated on approximately 18,900 hectares across four Central European countries. The company also develops and manages a portfolio of agricultural land through acquisition, compaction, and rental contracts, creating long-term operational value. Products are sold primarily to local food industry buyers, European dairies, and Slovak slaughterhouses.

Product overview

Firstfarms is a Danish stock exchange listed agricultural company operating four integrated business areas: pig production (piglets and slaughter pigs), milk production (dairy cattle), crop production (arable farming), and land portfolio management. The company operates across Slovakia, Romania, Hungary, and Czech Republic from approximately 20 locations, cultivating about 18,900 hectares of agricultural land and managing pig and dairy cattle operations. The company focuses on producing high-quality agricultural products primarily sold locally, with operations built on professional management and best practices in Central European agriculture.

Differentiator

Problem solved

Functional benefit

Products and services

• Pig Production Production of piglets and slaughter pigs using Danish genetics to ensure quality pigs with low feed consumption and low CO2 footprint. Operations are located in Hungary (4,200 sows and 162,000 piglets annually), Slovakia (Gabčíkovo: 2,300 sows, 79,000 piglets, 27,000 slaughter pigs), and Czech Republic (71,500 slaughter pigs). Products are sold to Slovak slaughterhouses and other agricultural companies, with weekly inter-company transfers of 720 weaned piglets from Slovakia to Czech Republic.
• Milk Production Milk production at Plavecký Štvrtok and other Slovakia facilities using 100% Holstein Friesian cattle genetics. As of 2024, the operation includes 2,800 milking cows and 2,600 young cattle, with storage for 21,000 tons of silage. Milk is sold to European dairies as a bulk commodity input for dairy processing.
• Crop Production Cultivation of approximately 18,900 hectares of agricultural land across Slovakia (Zahorie 9,400 hectares and Gabčíkovo 1,750 hectares), Czech Republic (1,110 hectares), Romania (East 7,480 hectares), and Hungary (400 hectares). Crops include wheat, barley, maize, rapeseed, and soybeans produced for both external sales and internal feed use in pig and milk operations. Includes on-site feed mills with total capacity exceeding 47,500 tons per year.
• Land Portfolio Management Development and management of FirstFarms' agricultural land portfolio through acquisition, compaction, and rental contracts across Slovakia, Czech Republic, Hungary, and Romania. As of 2024, the portfolio included 419 mDKK of owned land. Includes subsidiaries such as Cityland s.r.o. for land management and dedicated land fund operations with contact [email protected].

Quantifiable outcome

• Aiming to double turnover and earnings by 2028 through organic growth and acquisitions

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators10 records

Recent moves11 records

Expansion highlights5 records

Broad incumbents

• Glanbia plc: Irish-listed dairy and nutrition group with European operations — comparable to FirstFarms in dairy/milk production, agricultural supply chain integration, and use of high-performance Holstein genetics for value-added dairy output.
• Agravis Raiffeisen AG: German agricultural cooperative active in crop production, livestock inputs, feed milling, and farm management across Germany and Central Europe — comparable in multi-country European agribusiness footprint and integrated feed/livestock offerings.
• BayWa AG: Munich-listed agricultural trading, inputs, and farm management group with Central and Eastern European exposure — comparable in multi-country European farming footprint, grain trading, and mixed crop/livestock business model.
• Vilmorin & Cie: French-listed seed and field crop company with significant Central and Eastern European operations — comparable in European field crop production focus and exposure to regional agricultural cycles.

Direct peers

• Tönnies Holding: German family-owned pork processor and livestock group, one of Europe's largest slaughterhouse operators — directly comparable as a counterpart buyer of slaughter pigs from FirstFarms and a vertically integrated European pork business.
• Origin Enterprises plc: Dublin-listed agronomy services and crop production group operating across Central and Eastern Europe (notably Romania, Poland, Ukraine) — directly comparable to FirstFarms' Central/Eastern European crop farming and farm management activities.
• Danish Crown: Danish farmer-owned pork and beef cooperative with slaughterhouse operations — directly comparable to FirstFarms' pig production arm that supplies Slovak slaughterhouses, and shares a Danish agricultural heritage and farmer-shareholder ownership model.
• DLG Group: Large Danish agricultural cooperative serving crop farmers and livestock producers with feed, inputs, and grain handling — comparable as a vertically integrated Northern European agribusiness serving pig and crop producers across multiple countries.

Regional players

• Bonduelle SCA: French family-controlled vegetable and crop producer with extensive European farmland — comparable in large-scale European crop production operations and listed-company governance structure, though focused on vegetables rather than feed grains.
• RWA Raiffeisen Ware Austria AG: Austrian agricultural cooperative with grain trading, feed milling, and farm inputs across Central Europe — comparable to FirstFarms' integrated grain/feed operations and Central European multi-country model.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCSe_H_J_xEh69gc5x_tsD4w
• Facebookfacebook.com/FirstFarms
• LinkedInlinkedin.com/company/firstfarms
• Instagraminstagram.com/lifeatfirstfarms

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries17 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Firstfarms