Pilgrim's Europe today announced its consolidated FY2025 results, delivering another year of solid financial and operational performance in its second full year as an integrated business since bringing together Moy Park, Pilgrim's UK and Pilgrim's Food Masters.
Revenue increased to £4.12 billion (2024: £4.07 billion), while operating profit increased to £267.7 million (2024: £242.4m)] Operating profit margin, before the impact of restructuring costs, remained resilient at 6.5% (2024: 6.0%), reflecting ongoing investment across the business and changes in portfolio mix.
The performance was supported by growth in poultry, disciplined operational execution, and continued investment in the group's manufacturing, farming and supply chain capabilities with £108.6 million capex in the period.
Ivan Siqueira, President Pilgrim’s Europe commented: "FY2025 marked another year of strong progress for Pilgrim's Europe as we continued to realise the benefits of operating as one integrated business.
We delivered growth across our poultry operations, improved profitability in our value-added portfolio and continued investing in our agricultural, manufacturing and innovation capabilities to support long-term growth.
During the year, we strengthened our position as the UK's leading own-label food supplier, deepened strategic customer partnerships and continued helping customers meet changing consumer expectations through innovation, welfare leadership and supply chain resilience.
Whilst trading conditions remain mixed across parts of the sector, particularly within pork, our integrated business model, talented people and strong customer relationships leave us well positioned for the future. I would like to thank our 17,000 colleagues, farmers, suppliers and customers for their continued commitment and support."
Business performance
Poultry growth was driven by operational improvements, customer contract wins, disciplined cost management and strong commercial execution. The business continued to strengthen relationships with key retail and foodservice customers while securing new commercial opportunities.
A significant achievement during the year was becoming the exclusive supplier of all Waitrose Better Chicken Commitment own-brand chicken, delivered eighteen months ahead of the industry's target timeline.
The Pork business continued to make strategic progress despite softer market conditions during the second half of the year. A landmark 10-year partnership with Waitrose was secured to support its transition to 100% British free-range pork by 2027, reinforcing the long-term strength of the business's integrated supply chain.
The Value Added and Brands business launched more than 800 new products across retail, foodservice and branded categories during 2025. Fridge Raiders® and Rollover® outperformed their respective categories, demonstrating the strength of the company's brand portfolio and innovation capability.
Outlook
Pilgrim's Europe has delivered a resilient performance in the first half of FY2026, with sales and volume growth across Poultry and Meals supported by customer demand, successful product launches and continued growth in premium own-label categories.
The external environment remains challenging, however, with ongoing pressure on consumer spending and continued volatility in agricultural commodity markets. Within Pork, the EU-UK pig price differential continues to influence competitiveness, pricing and raw material availability.
During the first half of FY2026, the company strengthened its integrated agricultural platform through the acquisition of Hermitage Genetics, enhancing its breeding and genetics capabilities and supporting the long-term sustainability of its pork supply chain.
Looking ahead, Pilgrim's Europe remains focused on executing its strategic priorities, including expanding poultry farming capacity, increasing British pork export value, optimising pig procurement and progressing the proposed acquisition of Walker's Deli & Sausage Company, subject to Competitions and Markets Authority (CMA) approval.