WINFARM

Q1 2023 revenue up 24% (of which 6% organic growth).

PRESS RELEASE
Loudéac, 10 May 2023

Q1 2023 revenue up 24% (of which 6% organic growth)

WINFARM (ISIN: FR0014000P11 - ticker: ALWF), the number one French distance seller of goods and solutions and provider of advisory and other services for the farming and breeding industry, today released its Q1 2023 revenue.

In millions of euros, unaudited	Q1 2022	Q1 2023	Change	Change at constant scope 1
Farming supplies	27.5	35.1	+27.4%	+7.5%
Farming production2	3.0	2.7	-9.9%	-9.9%
Other	0.3	0.5	+42.4%	+42.4%
TOTAL	30.8	38.2	+24.0%	+6.2%

WINFARM made consolidated revenue in Q1 2023 of €38.2m, up 24% compared with Q1 2022 (+6% at constant scope¹). This performance is all the more remarkable given the sharp increase in activity already recorded in Q1 2022 of +20%, of which 9% at constant scope.

Over the period, the Farming Supplies business (92% of total revenue), marketed under the Vital Concept brand, posted revenue of €35.1m, an increase of 27%. WINFARM benefited during the quarter from the €5.5m contribution from the Kabelis Group companies, whose activity has been consolidated within the Group's scope since August 2022. At constant scope, excluding Kabelis, activity was up 7.5% in the first three months of the year, confirming solid momentum in a context of gradually easing prices.

The Kabelis Group companies, acquired in July 2022, and BTN de Haas, acquired in the Netherlands in July 2021, contributed significantly to growth for the period, with both activities showing growth of 10% in Q1 2023. These performances reflect the relevance of the acquisitions made by WINFARM in recent years, and the Group's ability to successfully integrate them.

Revenue from the Farming Production business (7% of total revenue), marketed under the Alphatech brand, came to €2.7m, down 9.9%. After a sharp increase of 25% in 2022, of which 42% in the fourth quarter, this activity showed a one-off decline in the first three months of the year, reflecting the Group's ongoing strategy of building its own production capacities with a view to increasing the quality of its products while limiting purchases of processed materials from mix producers. Against this backdrop, the gradual ramp-up of its industrial set-up temporarily weighed on available-for-sale volumes.