Vion Food Group published its 2025 financial results today. Compared with 2024, normalised EBITDA rose 12% and normalised EBIT returned to positive. The company’s German divestment process advanced, nearing completion. This will result in a more focused Vion, which has also secured a new three-year financing agreement. Due to one-off effects tied, among others, to restructuring and deferred tax asset derecognition, the Group’s overall result did not yet reflect this progress. Vion also published its voluntary Sustainability Statement as part of the Annual Report for the second consecutive year.
2025 marked an important step in Vion’s transformation. Operational improvements from the transformation programme became increasingly visible at site level, while the divestment of the German activities progressed towards completion. In 2026, Vion secured a new three-year financing agreement. The new facility provides the financial stability needed to complete the transition and invest in differentiated chain concepts.
Tjarda Klimp, CEO Vion Food Group:
“The results reflect the company Vion was in 2025. Since then, we have signed the deals that bring our German divestment into a final stage and arranged a simpler, three-year financing structure. The changes we made over the past three years bring structural positive impact that largely offset the headwinds in the second half of 2025. By the time these results are published, Vion is already a step further than the numbers show.”
Revenue for the year increased by 1.3% to €4.17 billion, compared with €4.12 billion in 2024, driven mostly by price developments. Normalised EBITDA climbed 12% to €58.1 million, from €51.9 million a year earlier, and normalised EBIT turned positive, at €1.2 million, against a loss of €5.7 million in 2024. The group’s net loss for the year was €61.2 million, reflecting a one-off deferred tax derecognition of €33 million.
Strong start, a harder second half of 2025
The first six months delivered a clear progress. A temporary higher Dutch export demand from a foot-and-mouth outbreak in Germany, combined with ongoing efficiency gains, lifted results through the first half.
Market conditions became more challenging from summer 2025 onwards as European pig market turned more volatile. Since China announced import tariffs on European pork in September and confirmed them in December, an oversupply of pork on the European market supressed sales prices. Vion was assigned a tariff rate of 19.8%, roughly double that of its closest Dutch competitors. In November, African Swine Fever was detected in Spain, the EU’s largest pig-producing country, triggering export bans and rerouted trade flows that pushed pig prices down even further with continued impact into 2026. In beef, persistently high cattle prices continued to put pressure on margins, while consumers became increasingly price-sensitive.
Strengthening the Benelux chains
Against all the headwinds, Vion continued to invest in the parts of its business with long-term growth potential. On further chain development, Good Farming Star, the group’s longest-running chain concept, marked ten years of its StarFarmers partnership maintaining market share and stable volumes in a highly demanding market. De Groene Weg, the group’s organic specialist, saw its butcher shops perform above the broader the market, with web shop sales increased by 40%. The business also launched the Butcher’s Beef Chain to further strengthen its organic beef supply. Several international higher animal welfare standards have been consolidated under Good Farming Welfare, making the chain better equipped to serve international markets. Furthermore, a new concept “Good Farming Dairy Beef” was launched with farmers in 2026. These developments underline Vion’s strategy of working together with farmers and customers to build differentiated chains focused on sustainability and animal welfare, and demonstrate the responsibility Vion takes across the chain.
German divestment at final stage
The decision to exit German operations, taken in 2023, was set back in mid-2025 when the German Federal Cartel Office blocked the originally agreed transaction. Vion opened a new process in February 2026, resulting in the sale on a site-by-site basis. Currently, transactions have been completed for Buchloe (ABP Food Group) and Crailsheim beef and pork (Boeser Frischfleisch), while all the regulatory steps are approved for the German Food Service transaction (Group of Butchers), planned to be completed in Q4 2026. The sale of Waldkraiburg to OSI Europe Foodworks is signed and awaiting regulatory approval. The Hilden site was closed.
“This process has taken longer than any of us expected when we started it, but the team continued with unwavering commitment towards farmers and customers,” Klimp said. “With its German portfolio nearing resolution, Vion will operate as a Netherlands-based internationally active business, while continuing to build its sustainable chains and partnerships across the Benelux. In doing so, Vion is building a more agile organisation and creating a strong foundation for the structural recovery of profitability. The priorities for 2026 follow directly from the progress made in 2025: turning operational gains into a stronger group continuing to build the differentiated chains that create value.”