Akola Group’s third quarter of the 2025/2026 financial year (2026 Q1) was weaker than a year ago, although in a historical context the result is not overly disappointing.

This quarter, revenue was 5% lower than a year earlier (11% based on corrected data), amounting to €358M. Revenue growth was recorded only in the food production segment (+6% YoY).

Results by segments, Q1 2026

Gross profit in 2026 Q1 declined by 7% (16% based on corrected data) compared to the same period last year. Both this quarter and over the nine-month period, the poultry business generated nearly half of the company’s total gross profit (2025/2026 Q3: €18.9M out of €40.3M; 2025/2026 9M: €61.7M out of €132.5M), despite accounting for only one quarter of the company’s total revenue.

Gross profit

Operating expenses moved in the opposite direction this quarter, increasing by 3% YoY due to higher selling expenses. Operating profit in 2026 Q1 decreased by 27% compared to last year (44% based on corrected data), falling to €10.2M. This quarter, as well as over the nine-month period, almost all operating profit was generated by the food production segment. The operating profit of the partners for farmers segment amounted to only €1.3M in 2026 Q1, compared to €8.4M a year ago (€12.8M based on corrected data), while the farming segment was loss-making.

Free cash flow over the last 12 months remained positive and increased to €59M. However, this quarter it was supported by cash flow from working capital, while no FFO was generated at all.

Free cash flow

Valuation metrics are relatively low: P/E of 5.1x and EV/EBITDA of 6.2x. However, the company’s performance is currently supported only by growth in revenue and margins in a single segment – food production – which offsets the opposite trend in the other segments.