Pilgrim’s Europe has posted its consolidated FY2025 financial results, delivering notable growth in revenue and profitability during its second full year operating as an integrated business unit.

Following the consolidation of Moy Park, Pilgrim’s UK, and Pilgrim’s Food Masters, the protein giant demonstrated solid financial resilience and operational execution across its poultry, pork, and value-added divisions.

Financial highlights & capital investment

For FY2025, Pilgrim’s Europe generated revenue of £4.12 billion, up from £4.07 billion in FY2024. Operating profit expanded significantly to £267.7 million (FY2024: £242.4 million).

Key financial indicators for the period include:

• Revenue growth: increased to £4.12 billion, reflecting commercial execution and customer expansion.
• Operating profit: grew by 10.4% year-over-year to £267.7 million.
• Profit margin: operating profit margin before restructuring costs strengthened to 6.5% (FY2024: 6.0%), driven by portfolio optimisation and operational efficiency.
• Capital expenditure: invested £108.6 million into manufacturing, farming, and supply chain infrastructure to reinforce long-term capacity.

Performance across key divisions

Poultry: operational scale and major retail wins

The poultry business delivered strong operational improvements, disciplined cost management, and key retail account wins. A major commercial milestone was achieving exclusive supplier status for all Waitrose Better Chicken Commitment own-brand chicken — a milestone delivered 18 months ahead of the wider UK industry’s timeline.

Pork: long-term commitments

Despite facing softer market conditions in the second half of FY2025, the pork division continued its strategic realignment. Pilgrim’s Europe secured a landmark 10-year partnership with Waitrose to support the retailer’s complete transition to 100% British free-range pork by 2027, underpinning long-term supply chain security.

Value-added & brands

The Value-Added and Brands portfolio served as a major growth engine, introducing more than 800 new products across retail, foodservice, and branded channels during 2025. Core brands Fridge Raiders and Rollover both outperformed their respective broader market categories.

Ivan Siqueira, president of Pilgrim’s Europe said FY2025 marked another year of strong progress for Pilgrim’s Europe as it continued to realise the benefits of operating as one integrated business.

“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.”

Market outlook & M&A pipeline

In the first half of FY2026, Pilgrim’s Europe has maintained sales and volume growth in both Poultry and Meals, bolstered by customer demand and premium own-label growth. However, management noted that macro headwinds — including consumer spending pressure, agricultural commodity volatility, and EU-UK pig price differentials — continue to affect sector competitiveness.

To navigate these dynamics, the business is advancing targeted structural and M&A initiatives:

• Upstream integration: completed the acquisition of Hermitage Genetics in H1 FY2026 to enhance swine breeding capabilities and long-term pork supply chain sustainability.
• Value-added processing expansion: progressing tIvan Siqueira, President of Pilgrim’s Europehe proposed acquisition of Walker’s Deli & Sausage Company, currently pending Competition and Markets Authority (CMA) approval.
• Core operational priorities: expanding poultry farming capacity, increasing British pork export valuations, and optimising pig procurement systems across its network of 17,000 employees and farming partners.