Hans Meeuwis, CEO Royal Cosun:
“There is no doubt that 2025 was a challenging year for Cosun. It required every effort, and I am grateful to all colleagues, members and partners for their dedication. With the introduction and implementation of Unlock 30, we made strong progress on many fronts, including volume growth in most segments, solid performances at Aviko and Duynie, and additional cost‑efficiency measures across the organisation. The agreements reached under the Tailored Approach (‘Maatwerkaanpak’) are helping us accelerate the energy reduction and future‑proofing of our factories. The launch of the Cosun Ingredients business group creates synergies and strengthens our growth ambitions in plant‑based ingredients. We believe in the long‑term development of our markets. However, the current market dynamics and performance development underline the need to further accelerate our plans.
Limited consumer confidence, geopolitical uncertainty, trade restrictions, relatively high inflation and a weak US dollar defined the landscape in 2025. Combined with a strong growing season, this resulted in an imbalance between supply and demand, placing further pressure on sugar prices and margins. This had been anticipated to some extent, but the impact proved greater than expected and will continue to be felt in the coming year. We are therefore taking a series of additional measures to strengthen our short‑term results. At the same time, we remain firmly committed to our strategic course, with clear choices, a strong focus on cash, and selective investments in the development of our core segments. In doing so, we continue building a strong and future‑proof Cosun with a solid earning model for our members.”
Arwin Bos, Chairman of the board Royal Cosun:
“As a cooperative, the earning power of our members – both now and in the long term – is our highest priority. We look back on a strong growing season with an average record harvest. At the same time, we see that these additional volumes are entering a market where supply and demand are out of balance, and where sugar prices have been under pressure for an extended period. The sharp deterioration of the European sugar market from mid‑2024 onwards is reflected in our results and leads to a lower beet price, which is understandably disappointing for our members. It is precisely in such a period that we must stay the course and maintain a firm focus on cost efficiency, on value creation throughout the chain, and on making choices that reduce Cosun’s dependency on the volatile sugar market. In this way, we safeguard the long‑term perspective of a future‑proof earning model for our members – today and for the next generation of growers.”
Preliminary results for 2025
In 2025, Cosun’s priority was the roll‑out of Unlock 30 and the implementation of the agreed priorities and investments in growth, sustainability across the value chain, and further structural improvement of the underlying result.
Cosun’s consolidated revenue for 2025 amounts to €3.2 billion, 8% lower than revenue in 2024 (€3.4 billion), mainly driven by a sharp decline in sugar prices. Preliminary EBITDA before members’ bonus amounts to €269 million (2024: €518 million). In 2025, €230 million was invested in the strategic and operational agenda. In addition, Cosun recorded a one‑off impairment on production assets in Zwolle and Roosendaal. Reorganisation costs were also recorded in 2025. The members’ bonus amounts to €33 million in 2025 (2024: €74 million). Taking the members’ bonus into account, this results in a net result of €2 million (2024: €117 million). The financial position remains solid, and current financing provides sufficient headroom.
Including the members’ bonus, the members’ beet price amounts to €40.00 per tonne for standard‑quality beets (2024: €47.25). For beets of average quality, the price is €40.45 per tonne (2024: €43.82). This decline is explained by exceptionally low sugar prices in 2025 and lower expected sales prices for sugar in 2026. The average revenue per hectare for sugar beets is €3,504, which is 8% higher than the previous growing season (2024: €3,256), driven by improved cultivation results in 2025.
Our growers achieved an average record yield of 91 tonnes of beets per hectare, with a strong average sugar content of 17.1%. This resulted in an average sugar yield of 15.6 tonnes per hectare, supported by early sowing, favourable growing conditions and limited disease pressure.
Significant progress on Unlock 30 strategy
At the beginning of 2025, Cosun launched the Unlock 30 strategy. In a challenging year, the company achieved important progress on its strategic priorities.
Improvement programmes, such as those at Cosun Beet Company, contributed a substantial share of the €39 million in structural underlying performance improvement in 2025. This was supported by targeted mitigating measures, including the discontinuation of loss‑making activities, organisational adjustments, and the optimisation of processes and working capital.
In the area of targeted growth, Cosun strengthened its position in its core markets with expansions by Aviko in China and Poland. In addition, the organisation of Cosun Ingredients was further developed with a new leadership team guiding the next phase of growth and development. Progress was also made in the intended construction of a factory for high‑quality plant‑based proteins, supported by the allocation of subsidies. Duynie accelerated its international growth, including through the acquisition of Transportes Manzanero in Spain.
Major steps have been taken in the transition to a sustainable value chain. Cosun’s CO₂ targets have been validated by the SBTi, and emissions (scope 1 and 2) have been reduced by 12% compared with 2021. In December 2025, binding tailored agreements were signed with the Dutch government, reserving up to €105 million in support to reduce energy consumption and further future‑proof Cosun’s production facilities.
Cosun has realigned its innovation approach in line with Unlock 30. The innovation agenda, cost structure and leadership within Research, Development & Innovation have been further optimised. Moreover, collaboration with technology and innovation partners such as Revyve and Planetary has been strengthened.
This progress forms the foundation for 2026, in which Cosun, despite challenging market conditions, continues to work steadfastly towards a sustainable and robust future for the cooperative and its members.
Cosun remains on course in 2026, with additional measures and targeted investments in the Unlock 30 growth agenda
The (geo)political and economic climate is expected to remain uncertain in the coming year. The new government plans offer both opportunities and points of attention for Cosun and its members. Cosun takes an active role in working with chain partners and policymakers to strengthen the agri‑food sector, ensuring perspective for current and future generations. In doing so, Cosun focuses on the following key priorities:
- Invest in the agri‑food industry as a long‑term strategic sector, essential for the resilience of the Netherlands.
- Ensure a level playing field, a strong (energy) infrastructure, simplified regulations and an attractive business climate. This stimulates innovation, (plant‑based) growth and necessary technology development.
- Give farmers room for tailor‑made solutions and entrepreneurship by steering on objectives. This simplifies regulations and accelerates workable solutions.
- Promote innovation in the food industry and pursue integrated policy on nutrition, health and sustainability. Avoid unproven measures such as taxing food products.
Cosun remains committed to its strategic Unlock 30 course and is taking additional measures to strengthen its short‑term performance, thereby improving earning power for members and financing further growth. Given current realities, investments will be selective, with a strong focus on cash and value creation.
In line with this, Cosun and Aviko today confirm the intended acquisition of the Spanish specialities company Eurofrits. Since 2009, Aviko has been a successful minority shareholder in this family‑owned business. With this upcoming acquisition, Aviko takes an important next step in further diversifying its value‑added portfolio in Europe.
Disclaimer:
The figures in this press release are preliminary results and have not yet been audited by the external auditor. This publication does not constitute disclosure as referred to in Article 2:395 paragraph 2 of the Dutch Civil Code.