Pilgrim’s Europe has released its consolidated FY2025 results, reporting higher revenue and profitability in its second full year as an integrated business unit.
Since bringing together Moy Park, Pilgrim’s UK, and Pilgrim’s Food Masters, the protein producer has continued to demonstrate financial strength and effective execution across its poultry, pork, and value-added operations.
Financial performance and investment
Pilgrim’s Europe recorded FY2025 revenue of £4.12 billion, compared with £4.07 billion in FY2024. Operating profit also increased substantially, reaching £267.7 million versus £242.4 million in the previous year.
The principal financial outcomes included:
- Revenue: Sales rose to £4.12 billion, supported by successful commercial activity and the expansion of customer relationships.
- Operating profit: Profit increased 10.4% year over year to £267.7 million.
- Margin improvement: Before restructuring costs, the operating margin advanced to 6.5%, up from 6.0% in FY2024, reflecting portfolio optimisation and greater operational efficiency.
- Capital expenditure: The company invested £108.6 million in manufacturing facilities, farming operations, and supply chain infrastructure to support future capacity and resilience.
Results across the main business areas
Poultry: greater efficiency and retail expansion
The poultry division made progress through improved operational performance, rigorous cost control, and the addition of important retail customers. One of its most significant commercial achievements was becoming the exclusive supplier of all Waitrose Better Chicken Commitment own-brand chicken. The agreement was secured 18 months before the broader UK industry target.
Pork: strengthening long-term supply
Although market conditions weakened during the second half of FY2025, the pork business continued to reshape its strategic position. Pilgrim’s Europe agreed a 10-year partnership with Waitrose to help the retailer complete its move to 100% British free-range pork by 2027. The arrangement provides greater certainty across the long-term supply chain.
Value-added products and brands
The Value-Added and Brands division remained an important source of growth, launching more than 800 products across retail, foodservice, and branded channels in 2025. Fridge Raiders and Rollover both exceeded the performance of their wider market categories.
Ivan Siqueira, president of Pilgrim’s Europe, said FY2025 represented another period of substantial progress as the company continued to benefit from its integrated operating model.
“We delivered growth across our poultry operations,” Siqueria noted. “improved profitability in our value-added portfolio, and continued investing in our agricultural, manufacturing, and innovation capabilities.
“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.”
Outlook and acquisition activity
During the first half of FY2026, Pilgrim’s Europe sustained sales and volume growth in its Poultry and Meals operations. This performance reflected continued customer demand and rising interest in premium own-label products. However, management highlighted several pressures affecting competitiveness, including constrained consumer spending, fluctuations in agricultural commodity prices, and differences between EU and UK pig prices.
The company is responding through a series of focused structural and M&A initiatives that reflect wider food and beverage industry trends and evolving food manufacturing trends:
- Upstream integration: Pilgrim’s Europe completed its acquisition of Hermitage Genetics in the first half of FY2026. The transaction strengthens swine breeding capabilities and supports the long-term sustainability of its pork supply chain.
- Value-added processing: The proposed acquisition of Walker’s Deli & Sausage Company is progressing and remains subject to approval from the Competition and Markets Authority (CMA). The expansion supports the company’s focus on food processing technology, product development, and food and drink industry innovation.
- Operational priorities: The business plans to increase poultry farming capacity, improve the value of British pork exports, and refine pig procurement systems across its network of 17,000 employees and farming partners.
These initiatives are also aligned with wider food distribution trends, food and drink sustainability priorities, changing food and drink regulations, and developments in food and drink packaging, food and drink marketing, and food and drink consumer trends.