WINFARM

H1 2023 revenue up 16.2%.

PRESS RELEASE
Loudéac, 5 September 2023

H1 2023 revenue up 16.2%

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 H1 2023 revenue.

In millions of euros, unaudited	H1 2022	H1 2023	Change	Change at constant scope 1
Farming Supplies	55.2	65.6	+18.8%	+0.3%
Farming Production	5.5	4.8	-12.6%	-12.6%
Other 2	0.8	1.0	+39.0%	+39.0%
TOTAL	61.5	71.5	+16.2%	-0.1%

WINFARM posted consolidated revenue of €71.5m in H1 2023, up 16.2% compared with H1 2022 and stable on a like-for-like basis.

Over the period, Farming Supplies (92% of half-year revenue), marketed under the Vital Concept brand, posted revenue of €65.6m, up 18.8% (+0.3% like-for-like). Business was driven by the contribution of the Kabelis Group companies (€10.0m of the total), consolidated in the Group scope since August 2022. BTN de Haas, acquired in the Netherlands in July 2021, also contributed significantly to business in the first half, reflecting both the relevance of the acquisitions made by WINFARM in recent years and the Group’s ability to successfully integrate the businesses acquired.

The widespread easing in selling prices in some markets in recent months, including nutrition and health, weighed mechanically on revenue. Against this backdrop, Group sales remained stable, with an increase in the number of orders and the acquisition of new market share. Having built up inventories consistent with its reasonable purchasing policy, WINFARM has taken a successful proactive approach by adapting its catalogue prices to remain competitive with its customers while maintaining its operating margins.

Revenue from the Farming Production business (7% of half-year revenue), marketed under the Alphatech brand, amounted to €4.8m, down 12.6%. After a sharp increase in sales in 2022, stemming in particular from the recovery in sales for export (30% of Farming Production sales), business slowed in H1 2023 as some countries (including Pakistan, Bangladesh and Egypt) experienced difficulties accessing euro currencies, which limited their ability to place orders. The situation has now returned to normal and order intakes have resumed.