DN Agrar Group (BVB: DN), one of the leading integrated agrifood companies in Romania and the largest dairy milk producer in Europe, reported record results for the first nine months of 2025.
The company achieved a turnover of RON 158 million, a 25% increase year-on-year, while net profit doubled to RON 43 million, backed by herd expansion to 17,000 cattle, leading to higher milk deliveries of 52 million liters in the first 9 months of the year, up by 11%, and a higher average selling milk price.
“DN Agrar continued its strong growth trajectory despite the challenges posed by difficult weather conditions and fiscal changes, with a 49% EBITDA margin and a doubling of the profit compared to the first nine months of 2024. We expect to exceed the annual results forecasted in March 2025, and the upward revision of the consolidated budget published in September confirms the solid momentum across all business lines,” said CEO Peter de Boer.
“The Romanian dairy and agribusiness market remains complex, influenced by economic, climatic, and legislative pressures, including the extension of the dairy price cap until March 2026, which continues to weigh on margins across the value chain. Nevertheless, we remain confident in the fourth-quarter results, although we expect growth to moderate,” he added.
Over the first 9 months of the year, operating revenue reached RON 245 million, after an increase of 27%. Revenues from production were up 20%, operating subsidies advanced to RON 22 million, up 28%, operating expenses increased to RON 186 million, up 15%, and operating profit increased 89% to RON 60 million.
Total assets reached RON 418 million, approximately a 16% increase compared to the end of 2024. Total liabilities amounted to RON 208 million, up by 7% compared to the end of 2024.
In the first nine months of 2025, the company made total investments of RON 42 million in the Straja and Lacto Agrar farms. The second compost factory, which will expand the organic fertilizer production capacity up to 14,000 tons, is expected to become operational in Q4 2025.
Founded as a family business in 2008 by Jan Gijsbertus de Boer, DN AGRAR Group operates in the heart of Transylvania, with activities spanning three 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).
(Photo source: company photo)
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