Farmer Business Developments plc has reported revenues of €142.2 million in 2025, up 18.5% compared to the previous year (€119.9 million).

The investment holding company has 4,400 mostly farmer shareholders, the majority of whom originally came together to found what is now known as FBD Holdings plc.

Pat Murphy, chair of Farmer Business Developments, said the group delivered a "strong improvement" in underlying operating performance during the 2025 financial year.

Adjusted earnings before interest, tax, depreciation, amortisation (EBITDA) increased to €34.4 million, compared to €27.3 million in 2024.

This growth was primarily driven by a €7.86 million increase in the hotel division, with the acquisition of The Grand Hotel in Co. Dublin adding €4.5 million to this result.

Farmer Business Developments

The group recorded a profit after tax of €31 million in 2025. (2024: €31.35 million).

This was after providing for one-off costs of €1.6 million, including the integration of the new hotel and a €1 million contribution to the Padraig Walshe Research Centre in Co. Cork.

Group gross debt levels increased in 2025 to €97.2 million (2024: €58.56 million) as a result of the €55 million purchase of The Grand Hotel.

The net value of the group was up €45 million or 14% at the end of 2025 at €357 million. This is after paying total dividends of €14.75 million to shareholders.

Farmer Business Developments' overall investment in insurer FBD Holdings plc is €158 million or 44% of its shareholder funds.

Murphy said FBD Holdings plc produced "another strong set of results for 2025", reporting a profit before tax result of €54.2 million.

At the end of 2025, Farmer Business Development's 24% stake in insurer FBD Holdings plc was worth €137 million.

Hotels and resorts

FDB Hotels and Resorts recorded an EBITA of €35.09 million in 2025, up from €27.2 million in the previous year.

Leisure revenue for 2025 was €138.59 million, up 16.8% compared to €118.64 million in 2024.

The group's property investment with developer Taylor Wimpey at the La Cala Resort in Spain saw the sale of 53 built units and four villa plots in 2025.

At the end of 2025, a total of 571 property units had been sold in the joint-venture in La Cala.

Murphy said the €5.5 million cash generated from sales at La Cala in 2025 has contributed to FDB Hotels and Resorts' "strong cash/liquidity position".

FDB Hotels and Resorts paid €5.5 million in dividend payments to its parent company, Farmer Business Developments plc, in June 2025, with a further €6 million to be paid in 2026.

Murphy acknowledged the economic uncertainty caused by the ongoing war in the Middle East.

"The general uncertainty has meant a significant slow-down in our property sales in La Cala year-to-date.

"Notwithstanding this, apart from property sales, trading is holding up and we remain cautiously optimistic for the year ahead," he said.

Germany

Farmer Business Development's third largest investment is its investment in Bulberry Properties which holds a 3.3ha plot of development land close to Berlin’s new airport.

Bulberry is now in the process of applying to local planning authorities to change the use of the land to a largely residential plot with some commercial services.

Walsh said the board remains "confident in the long term prospects for this land".

In 2025, Farmer Business Developments increased its stake in this investment from 61% to 65%, following the decision of someshareholders to exit.

Dividend

The board has recommend a dividend of 18 cent per ordinary share, subject to approval at the annual general meeting (AGM) on June 11, 2026.

Farmer Business Developments also said it has identified a new share trading option that is to be provided from July 2026.

Murphy said that since the private grey market ceased to operate in 2022, the company has "actively pursued other options to give shareholders liquidity".

The operation of the trading platform will be outlined toshareholders at the AGM.