XAMS:ACOMO ESEF Annual Report
ACOMO N.V. (XAMS:ACOMO)
Annual Report 2025
At a glance
Key data
1Non-IFRS financial measure. |
1Non-IFRS financial measure. |
Letter from the CEO
It was a source of great pleasure for me personally to meet so many of you at both the Capital Markets Day and our Annual General Meeting of Shareholders last year, and to have had the privilege to discuss Acomo's strategic course with you. As you read this, a year will have passed and a natural moment emerges to reflect on the progress made. Overall, I find that we have much to be proud of. Market trends remain supportive for our business, with strong demand for many of our products driven by growing consumer awareness of both the health and environmental benefits of plant-based and natural food ingredients. Owing to the excellent results of our Spices and Nuts, Organic Ingredients and Food Solutions segments, this is another record year for Acomo in terms of sales, profitability and earnings per share. We are both strategically and financially well-positioned for further growth, which I believe will be essential to continue to thrive in the increasingly complex and volatile environment in which we find ourselves.
That this past year has also brought its share of challenges will not come as a surprise. Rapid-fire changes in trade and regulatory policy are bound to have an impact on a global company like ours, with our intricate supply chains and activities spanning multiple continents. While it is true that tariffs and regulatory changes can affect sales, I would emphasize that such developments are not automatically a net negative for Acomo. After all, this growing complexity leads to a new competitive dynamic: those market players who are most skillful in adapting will have the advantage over less flexible or sophisticated competitors. I am convinced that these dynamics do not merely test our resilience but that they also pose an opportunity, as we build new routes to take optimal advantage of this emerging landscape.
Excellent results in several segments attest to the ability and expertise of Acomo's teams in managing volatile market environments. In the Spices and Nuts segment, all our companies achieved record-high results. As announced at our Capital Markets Day last April, Acomo is planning to pursue a significant increase in scale both through organic growth and new acquisitions. The fast-growing Spices and Nuts segment is a natural area of focus and as such, we are pleased to welcome Manuzzi to the Group as of November. This Italian family company represents the first foothold of the segment in the Mediterranean region, a geographic diversification that is laying the groundwork for further expansion in the future. I warmly invite all readers to take a look at the Spotlight on Manuzzi on page 37 for an introduction to this company.
I would also like to highlight the Organic Ingredients segment, which has shown a healthy recovery from the negative impacts of cocoa hedging in previous years. The Tradin Organic team was able to adeptly manage the price volatility and delivered strong results this year. Our hedging policy was effective and the business is posting very positive results for both cocoa and its other product groups, reinforcing our confidence in the segment's portfolio. Substantial progress was also made in improving organizational structures and sharpening strategic focus.
Edible Seeds had a disappointing year, due to a mix of market conditions and operational issues. The challenges that materialized in the first half year continued in the second half. Tariff uncertainty in the North American market continued and made pricing decisions complicated. Alongside higher input costs, this placed pressure on margins. Next to that the impact of restrictions of US grown sunflower seeds to export markets continued to have an impact in 2025. On top of the market effects our SunButter® plant was affected by production issues causing a temporary stop in production in the fourth quarter. The production resumed during January. The result is a more negative overall financial picture than is warranted based on the fundamentals of the segment, which remain solid. The necessary strategic and organizational changes were made and the business is expected to largely trend towards normal performance levels.
As announced during the Capital Markets Day, the Tea segment is implementing a strategic shift in its organizational model this coming year. In a changing tea market, the creation of a commercial hub in the Middle East, that is becoming increasingly the center of gravity in the global tea market, will facilitate the centralization and coordination of commercial policy. The organization model will change from a country centric set-up to a customer centric approach. This will enable Royal Van Rees Group to deliver improved multi-origin solutions and customer-specific offerings. We are excited to see the first results and innovations resulting from this change in the coming year.
Finally, the Food Solutions segment managed to deliver continued growth, while the construction of the new facility in Oostende has now been completed and is fully operational. This will drive a significant increase in capacity and flexibility and so positioning the segment well for future growth.
strategy
The value of a diversified product portfolio was proven once again this year. The strength of our balance sheet enabled us to deal effectively with increased working capital levels as a consequence of elevated price levels for a number of our products, more specifically cocoa and coffee. Our financing capabilities facilitate dealing effectively with these changes while maintaining an overall healthy financial structure.
Last year also marked Acomo's implementation of the Corporate Sustainability Reporting Directive, a major effort that allowed us to make significant advancements in monitoring the ESG impact of our supply chains. Acomo remains fully committed to its leading role in sustainability and action plans are being prepared, about which you can read more on pages . Another major milestone was our inaugural Capital Markets Day, where we first shared our new mission: building routes to healthier foods. This mission better reflects the choices Acomo is making to ensure we continue to deliver value to customers, shareholders and the global food system, now and in the future. Thriving in an increasingly complex and dynamic world requires creativity and adaptiveness, and we wanted our mission to reflect the importance of those qualities as we focus on developing new routes in a changing environment. But while our mission statement changed, our business model remains perfectly aligned with the trends of our time. In a world where demand for healthy, flavourful plant-based food is rising, where food availability is a growing concern, and where consumers increasingly prioritize a diet within our planetary boundaries, Acomo is sure to have a leading role to play. I want to thank you all for the insightful input we have received from you after the Capital Markets Day, which has helped us further refine our strategy. We will be sure to keep you informed as we take further steps in executing these strategic objectives this year.
Meanwhile, I look forward to seeing you at our Annual General Meeting where I will discuss our accomplishments and future ambitions with you. This year's meeting will be a very special one as it marks the end of an era with our long-term Chairman of the Board, Bernard Stuivinga, stepping down after having served on the Acomo Board since 2002. It was a privilege and an inspiration for me to have been able to work with him and I am grateful for his support. I am very happy that Bernard has accepted the new role of advisor to the Board which enables us to continue to have access to his expertise. The Annual General Meeting will take place at the World Trade Center in Rotterdam on 24 April 2026. We will be publishing more details on the Meeting at a later date.
I like to close by thanking our people for their commitment, enterpreneurial spirit and impressive drive to perform which has yielded these record numbers!
Rotterdam, 5 March 2026
Allard Goldschmeding,
Chief Executive Officer
for further growth
How we create value
About the Acomo Group
Building routes to healthier foods
Acomo is an international group of independent companies that operate in the worldwide sourcing, trading, processing, packaging, and distribution of conventional and organic plant-based food ingredients for the food and beverage industry. Our mission as a Group is to build routes to healthier foods, creating pathways that connect natural ingredients from origins to consumers’ tables worldwide. In doing so, Acomo positions itself as the leading partner in plant-based ingredients solutions in conventional and organic specialty markets. Our strategic vision centres on developing the scale and the resilient supply chains needed to serve global food systems. Through our expanding global presence and proven market positions across conventional and organic specialty markets, we guarantee quality and availability when customers and food manufacturers need it most.
The Acomo Group is active in five growth segments in natural and plant-based food ingredients: Spices and Nuts (see pages ), Edible Seeds (see pages ), Organic Ingredients (see pages ), Tea (see pages ), and Food Solutions (see pages ).
Capitalizing on sustainable food trends
The Acomo Group is uniquely positioned to capitalize on the megatrend towards healthier, more sustainable food. A growing group of consumers actively seeks plant-based foods and alternative proteins that do not compromise on taste. Health consciousness continues to rise, with consumers becoming increasingly aware of the nutritional benefits different ingredients offer. This knowledge drives demand for products that deliver both health benefits and exceptional taste experiences.
Natural, organic and clean-label products have moved from niche markets to more mainstream requirements, reflecting deeper consumer engagement with the origins and health qualities of food ingredients. Supply chain transparency and sustainability have evolved from differentiators to essential business practices, as consumers and regulators demand clarity from source to shelf.
In this complex and evolving landscape, customers and food manufacturers increasingly recognize the value of a partner like Acomo who can consistently meet rising quality and transparency standards while ensuring availability – providing stability amid changing market demands. For them, Acomo is the natural answer, making us a vital link in global food markets.
Our value creation model on page summarizes how we create long-term value for all our stakeholders.
Facts and figures
The product range comprises more than 600 plant-based conventional and organic products including spices, coconut products, nuts, dried fruits, edible seeds, tea, (organic) cocoa, (organic) coffee, edible oils, and food solutions. Acomo's products are traded in over 100 countries across all five continents.
Deeply rooted DNA
For over a century, the core activities of the Acomo companies have played a significant role in connecting producers and customers in the natural food ingredients market. From its origins in trade to today's network of specialized food ingredients companies, the organization has built its healthy growth on 100+ years of proven performance, deep market knowledge, and trusted relationships. Every day, millions of consumers worldwide enjoy healthy and flavourful food solutions whose ingredients have been enhanced and combined through Acomo's integrated supply chains. From spices bringing authentic flavours to dishes, to nuts in afternoon snacks, (organic) cocoa in chocolate, and tea throughout the day – all represent routes connecting farmers’ fields to daily nutrition.
Our strategic framework
Like a tree, Acomo has deep roots. Ours span continents and connect diverse markets. The tree’s strong trunk represents our solid foundation, while its four main branches symbolize our strategic pillars that support long-term value creation.
Resilient & responsible supply chains
Acomo has built sustainable, traceable supply networks that withstand global disruptions. Our integrated approach from field to flavour and from source to solution ensures reliable availability even in challenging conditions. As a front-runner in ESG reporting, we foster transparency and resilience and ensure compliance with legal and regulatory standards.
For instance, we support the protection, resilience and restoration of ecosystems by providing education, supporting innovations, and sourcing certified ingredients. We promote the use and development of sustainable agricultural methods, ensuring attention to biodiversity, soil health, water management, organic practices, and innovation. We also work with external certification programs to ensure sustainable sourcing.
Value-adding capabilities
Deep market knowledge, processing expertise, quality controls and digital innovation transform raw agricultural products into precisely specified ingredients. These capabilities create competitive advantages that benefit both customers and suppliers.
In addition, we help our customers navigate increasingly complex market regulations and trends through comprehensive risk management, supply security, ingredient traceability and food safety assurance. Our business-to-business solutions include specialized market intelligence, customized processing capabilities, sustainability verification and integrated inventory management.
Our integrated sustainability approach positions Acomo perfectly for tomorrow's markets. We enable food manufacturers, retailers, specialty channels and foodservice companies across the world to create a wide variety of products with validated claims, meeting the evolving demands of millions of consumers worldwide while ensuring reliability and quality.
Diversified plant-based portfolio
Operating through independently managed subsidiaries, Acomo has established strong positions in five growth segments that align with current consumer trends in the food and beverage sector. Within these segments, Acomo sources over 600 products from trusted suppliers worldwide and distributes them across 100+ countries. Our strategic diversification allows us to capture multiple growth vectors while managing market risks through balanced exposure. Besides autonomous growth, Acomo continues to pursue expansion through the acquisition of companies leading in specialty food ingredients, particularly where our trading and financial expertise can provide added value leading to growth.
Passionate people
Acomo recognizes and appreciates that people are our most important asset and that their capabilities, engagement, and talent determine our success. Hence, we offer a global working environment that attracts, develops and rewards talented professionals with a drive to make an impact on global food systems. Acomo promotes the use of personal development plans and employee satisfaction evaluations in its companies to ensure that every person feels valued and respected. We offer leadership talent early opportunities to demonstrate competence and pursue a well-defined path to future career growth across multiple companies within the Group.
Group structure
Holding company
Acomo is a public limited liability company listed on the Amsterdam stock exchange (AEX: ACOMO). Acomo is the holding company of the Group and has its office at Beursplein 37, 3011 AA Rotterdam, the Netherlands. It manages and financially controls the Group’s investments and oversees its subsidiaries in the areas of finance, treasury, internal auditing, risk management, legal, tax, IT, business development, mergers and acquisitions, ESG, HR, and other matters. Furthermore, the holding company provides and arranges the Group's financing. Acomo is the shareholder of and has legal control over the operating companies of the Group. Large investment decisions require holding authorization. All obligations and legal responsibilities that apply to a listed company, including the preparation of semi-annual and annual reports, investor relations, and maintaining communications with AFM, Euronext and other stakeholders, are part of the tasks of the holding company.
Operating companies
All companies within the Acomo Group are autonomous entities with their own unique entrepreneurial spirit. They perform trading and processing activities in their own name and for their own account. Each company maintains its dedicated management team and product portfolio. This decentralized structure enables the companies to pursue market opportunities independently while leveraging Group expertise. Specific trading and financial guidelines and risk limits are in place by operating company, product, and activity. More information on corporate governance can be found in the chapter Corporate governance.
Financial objectives
Acomo’s primary financial objective is realizing long-term, sustainable growth of shareholders’ value by fulfilling the mission of the Company, allowing for attractive returns and solid dividends. Acomo’s operational and financial selection criteria are strict, as we do not want to compromise our existing activities, other achievements, or the values of the Group.
Among the financial objectives of the Company and its subsidiaries are:
Continuing to build scale by growing both with our existing companies and through further acquisitions;
Maintaining a strong balance sheet to ensure the financing of our subsidiaries’ activities at all times, regardless of price volatility;
Ensuring healthy margins through a focus on value-adding activities, efficiencies and accelerating growth in the most profitable parts of our portfolio;
Maintaining the Group’s consistent dividend policy, paying out a substantial portion of the annual net profit to our shareholders in cash every year. The actual payout ratio is subject to the free cash flow, solvency position, and investment opportunities of the Group.
Our strategic framework |
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Like a tree, Acomo has deep roots. Ours span continents and connect diverse markets. The tree’s strong trunk represents our solid foundation, while its four main branches symbolize our strategic pillars that support long-term value creation. |
Resilient & responsible supply chains | Value-adding capabilities | ||||||
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Diversified plant-based portfolio | Passionate people | ||||||
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The Acomo share
Shares and listings
Shares in ACOMO N.V. are listed on Euronext stock exchange in Amsterdam (ISIN code NL0000313286).
The shares were included in the AMS Next 20 (AScX) on 21 March 2011.
The average number of shares outstanding in 2025 was 29,623,356. As at 31 December 2025 Acomo had 29,625,246 shares outstanding.
Distribution of shares
Under the Dutch Financial Markets Supervision Act, shareholdings of 3% or more in any Dutch company must be disclosed to the Dutch Authority for the Financial Markets (AFM). According to the register kept by the AFM the following shareholders had disclosed that they have a direct or indirect (potential) interest in Acomo’s total share capital as at 31 December 2025:
Mont Cervin Sarl (13.5%)
Teslin Participaties Coöp UA (10.1%)
Lebaras Belgium (7.6%)
Kempen Oranje Participaties N.V. (7.2%)
Fidelity Investment Trust (3.2%)
Dividend
Acomo aims to maintain the Group’s consistent dividend policy. This policy implies that a substantial share of the annual net profit is paid out to the shareholders in cash every year. The payout ratio is subject to the realized free available cash flow and solvency and also depends on investment opportunities of the Group.
Investor relations
Acomo is committed to maintaining a high level of transparency by engaging in regular and open dialogue with investors, analysts, financial institutions, the press, and other stakeholders. This is done in order to provide timely, complete and consistent information to enable them to develop a clear understanding of the Company’s strategy and performance as well as other matters and developments that could be relevant to investors’ decisions, including the outlook for the future. Acomo has a policy on bilateral contacts in place which details how information is provided to investors, analysts, financial institutions, the press, and other stakeholders. This policy has been established in accordance with best practice provision 4.2.2 of the Dutch Corporate Governance Code.
For this policy and all other relevant publications, see www.acomo.nl.
Key Acomo share data | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
Year-end price | € | 24.35 | 17.30 | 17.54 | 19.02 | 24.90 |
Year high | € | 25.15 | 18.42 | 23.15 | 27.10 | 25.20 |
Year low | € | 17.36 | 16.52 | 16.70 | 18.06 | 20.10 |
Number of shares 31 December (thousands) | 29,625 | 29,618 | 29,618 | 29,618 | 29,610 | |
Market capitalization 31 December (in millions) | € | 721.4 | 512.4 | 519.5 | 563.3 | 737.3 |
Earnings per share | € | 2.47 | 1.53 | 1.34 | 1.85 | 1.82 |
Earnings per share (adjusted)1 | € | 2.18 | 2.00 | 1.52 | 2.07 | 2.01 |
Dividend per share (2025: proposed) | € | 1.40 | 1.25 | 1.15 | 1.25 | 0.60 |
Equity per share | € | 14.65 | 14.77 | 13.69 | 13.91 | 12.30 |
- Non-IFRS financial measure. For the definition and reconciliation of the most directly comparable IFRS measure, refer to Reconciliation of non-IFRS information.
Acomo Group
Introduction
The Acomo Group achieved full-year 2025 results with sales of €1.5 billion (2024: €1.4 billion). Sales increased in 2025 for Spices & Nuts, Organic Ingredients and Food Solutions, partly offset by lower sales for Edible Seeds and Tea. The increase in sales was driven by improved volumes and market price developments, and to a small extent the acquisition of Manuzzi. Profitability reached historic highs in Spices & Nuts, Organic Ingredients and Food Solutions, reflecting the strength of our value-added capabilities and a broad, well-diversified product mix. Edible Seeds had a challenging year due to a mix of market circumstances and operational issues. Corrective actions have been taken to support future improved results. Tea experienced a softer year, and we are in the process of migrating the commercial model to drive future growth in this segment.
The Board proposes a full-year dividend of €1.40 per share to the shareholders for 2025, an increase of +12% compared to 2024.
General economic environment
The global economy has shown notable resilience to heightened trade tensions and policy uncertainty. Last year, stockpiling of traded goods, strong risk appetite, and a surge in artificial intelligence (AI) spending supported activity, while supply chains adapted to rising trade barriers.
Despite remaining above pre-pandemic norms, global inflation has continued to trend closer to central bank targets, albeit with notable heterogeneity across and within country groups. Global headline inflation edged up last year, to an estimated 3.2 percent. Global core inflation eased gradually, reflecting slowing wage growth as labor demand softened, though differences across economies remained significant, particularly in the evolution of goods prices. Goods price inflation rose modestly in advanced economies in 2025, and more so in the United States where higher tariffs came into effect.
Overall, the impact of tariffs on goods price inflation, particularly in the United States, has so far been more limited than initially anticipated. Delays in tariff increases allowed firms to build inventories at lower tariff levels, postponing the pass-through to inflation.
In 2025, price developments of the products reflected a mixed environment across Acomo's portfolio. The graphs illustrate the price trends of some of our major products. Within spices, black pepper experienced slight downward pressure. Cashew prices in 2025 peaked early in the year, with tight raw nut availability and uncertain quality driving price fluctuations throughout the year. The organic cocoa market prices came down in 2025 after the highest levels in decades.
Financial performance
Consolidated Group sales increased by +7% to €1,463.6 million (2024: €1,362.8 million). Profitability reached historic highs in the Spices & Nuts, Organic Ingredients, and Food Solutions segments, driven by a strong product mix and disciplined pricing. Edible Seeds and Tea experienced a softer year, reflecting more challenging market conditions. Gross profit as a percentage of total sales increased by +1.8%-point to 16.3% in 2025.
Total operating expenses, which includes cost of goods sold and general and administrative expenses, increased by +7.3% to €1,345.3 million in 2025. General and administrative expenses increased by +5.8%.
Adjusted EBITDA increased by +€9.5 million to €118.2 million (2024: €108.8 million). Spices and Nuts contributed €65.2 million to 2025 adjusted EBITDA, Edible Seeds €6.1 million, Organic Ingredients €40.9 million, Tea €4.7 million, and Food Solutions €6.9 million.
Reported EBITDA was impacted by exceptional items in the North American Edible Seeds business of -€3.7 million, and the unrealized foreign currency and commodity hedge results of €20.4 million (2024: -€11.3 million).
EBIT increased by +€34.7 million (+43.5%) to €114.4 million compared to prior year.
Net profit of the Group increased by +€29.1 million to €74.2 million in 2025 (2024: €45.1 million).
(in € millions) | 2025 | 2024 | Change € | Change % |
|---|---|---|---|---|
Sales | 1,463.6 | 1,362.8 | 100.8 | 7.4% |
Operating expenses | (1,345.4) | (1,254.1) | (91.3) | -7.3% |
Adjusted EBITDA1 | 118.2 | 108.8 | 9.5 | 8.7% |
Exceptional items Edible Seeds US | (3.7) | - | (3.7) | - |
Unrealized FX/CX results | 20.4 | (11.3) | 31.7 | - |
Reported EBITDA | 134.9 | 97.5 | 37.5 | 38.5% |
Depreciation and amortization | (20.5) | (17.7) | (2.8) | -15.8% |
Operating income (EBIT) | 114.4 | 79.8 | 34.7 | 43.5% |
Financial income and expenses | (15.7) | (19.2) | 3.5 | 18.2% |
Corporate income tax | (24.5) | (15.4) | (9.1) | -58.6% |
Net profit | 74.2 | 45.1 | 29.1 | 64.6% |
- Non-IFRS financial measure
Foreign exchange position
All operating companies are required to hedge foreign exchange risks related to transactions against their functional currency. The consolidated accounts of Acomo are prepared in euros. Several operating companies (mainly in Edible Seeds, Organic Ingredients and Tea) use the US dollar as their functional currency. The results of these subsidiaries are consolidated in the Group’s 2025 results against the average euro/US dollar rate of the year.
The average euro/US dollar exchange rate in 2025 was 1.130 (2024: 1.082). The exchange rate had a negative effect on sales (-€28.6 million) and net profit (-€0.6 million) compared to the previous year. The assets and liabilities of the operating companies of the Group with a US dollar functional currency are translated to euros at year-end rate for consolidation purposes.
The 2025 year-end exchange rate of 1.175 reflects the weaker US dollar against the euro when
compared to the 2024 year-end rate of 1.035. As at 31 December 2025, this resulted in a decrease in total assets of -€46.4 million.
The future development of the euro/US dollar rate can have a positive or negative impact on the consolidated results reported in euros.
Variations in the year-end rates on the net investment values of US dollar subsidiaries, after taking into account related long-term borrowings in US dollar, are directly accounted for in equity through the currency translation reserve and will impact total consolidated assets and net shareholders’ equity.
Balance sheet analysis
As at December 2025, total capital amounted to €810.4 million, consisting of €259.6 million of fixed capital (intangible assets, property, plant and equipment, right-of-use assets, and other non-current receivables, less provisions), €545.4 million of working capital and other working capital-related assets and liabilities, and €5.4 million in cash and cash equivalents.
Fixed capital decreased by €16.7 million compared to 2024, mainly due to the negative currency translation of the fixed capital denominated in US dollar (mainly in the Edible Seeds, Organic Ingredients, and Tea segments) as a result of the weaker year-end US dollar, and depreciation and amortization of fixed assets (-€20.5 million), partly offset by investments in fixed capital.
Driven by high commodity prices, working capital and other working capital-related assets and liabilities increased by €113.8 million compared to 2024, mainly due to higher inventories (€130.8 million), and lower trade payables (-€10.2 million), partly offset by lower trade receivables (-€15.4 million).
Total equity decreased by -€2.7 million to €437.0 million as at 31 December 2025 (year-end 2024: €439.7 million). The main movements were: a negative net currency translation effect of -€38.4 million and the dividend payments to shareholders of €38.5 million, partly offset by the 2025 net profit of €74.2 million.
Total debt outstanding (excluding lease liabilities) at the end of 2025 amounted to €351.3 million (2024: €247.7 million). Long-term debt of €109.2 million (2024: €110.1 million) is repayable in three years on average. The short-term part of the long-term borrowings, which amounts to €0.7 million repayable in 2026, is included in other working capital-related assets and liabilities. Short-term debt consists of the short-term bank overdrafts of €250.7 million (2024: €118.9 million) and the net derivative position of -€7.9 million (2024: €19.5 million).
Non-current lease liabilities amounted to €16.4 million (2024: €20.4 million) and the current part of the lease liabilities was €5.7 million (2024: €5.7 million) at the end of 2025.
Solvency as at 31 December 2025 was 44.1% (year-end 2024: 50.7%), which exceeded the minimum solvency levels required by Acomo’s financial policies.
Cash flow summary
Operating cash flow increased by +12% to €119.8 million. Net cash generated from operations decreased by -€101.2 million, mainly caused by higher working capital at year-end, partly offset by a higher operating result and slightly lower interest and tax payments.
Capital expenditures of €8.8 million increased by +€1.1 million compared to last year (€7.7 million). The major capital expenditures in 2025 were: upgrades and maintenance to plant buildings and investments in machinery in the US operations of the Edible Seeds segment, investments in machinery in the Oostende plant of the Food Solutions segment in Belgium, and investments in new ERP systems in the Spices and Nuts segment in the Netherlands and Sweden.
The acquisition of subsidiaries of €22.6 million represents the acquisition in the Spices and Nuts segment of Manuzzi in Italy.
The main driver for the movement in cash from financing activities this year was the increase in short-term bank borrowings, due to the higher working capital in 2025 compared to 2024. This movement was partly offset by the dividend payments to shareholders. In 2025, the Group paid out €38.5 million of dividends to shareholders, compared to €34.1 million in 2024.
(in € millions) | 2025 | 2024 | % Change |
|---|---|---|---|
Operating cash flow (before tax) | 119.8 | 106.8 | 12.2% |
Net changes in working capital | (163.5) | (45.9) | -256.2% |
Payments of interest and tax | (27.3) | (30.2) | 9.6% |
Net cash generated by operating activities | (71.0) | 30.7 | -331.3% |
Capex | (8.8) | (7.7) | -14.3% |
Acquisition of subsidiaries | (22.6) | (11.8) | -91.5% |
Other investing activities | 0.1 | 0.5 | - |
Cash used in investing activities | (31.3) | (19.0) | -64.7% |
Capital increases | 0.1 | - | - |
Changes in financial liabilities | 146.4 | 30.4 | 381.6% |
Payment of other finance costs | - | (0.4) | - |
Payment of leases | (5.1) | (4.4) | -15.9% |
Dividends to non-controlling interests | (0.1) | - | - |
Dividends to shareholders | (38.5) | (34.1) | -12.9% |
Cash from (used in) financing activities | 102.8 | (8.5) |
Treasury position
Utilization of external funding increased further in 2025, driven by higher working capital and investment in accordance with the Group’s growth strategy. Acomo consistently maintained strong liquidity, with uninterrupted access to working‑capital financing for all group companies.
The Group achieved a 2.5 bps discount, in line with last year, on the margin of its main facilities, RCF and term loan, by again fulfilling three out of four ESG KPI targets in 2024, as documented in our sustainability-linked loan.
At year-end, the Group’s working capital credit facilities including cash positions amounted to a total of €441.3 million (2024: €447.2 million), with available short-term financing of €190.6 million, versus €328.3 million in December 2024. The Company and its subsidiaries were in full compliance with all bank covenants applicable to the borrowing facilities.
The modern history of globalization begins with the global trade of spices. Initially, spices like pepper, nutmeg, cumin and coriander, and ingredients such as desiccated coconut, were rare delicacies only accessible to the rich. But today, consumers almost anywhere in the world can have access to a vast range of healthy and tasty spices and nuts. There is no generation in history that had access to a diet as varied in flavours and culinary traditions as ours – an achievement that Acomo is proud to play a part in.
Within the Spices & Nuts segment, our product range encompasses many tropical products such as pepper, nutmeg, desiccated coconut, shelled and unshelled nuts, dried fruits, dehydrated vegetables, herbs, rice crackers, and snack products. The Acomo companies are involved throughout the value chain, including sourcing, trading, distributing, cleaning, blending, roasting, and packaging.
All companies in the Spices & Nuts segment delivered a record performance, as the segment continued its strong growth trajectory and further strengthened its market position. Revenues benefited from sustained demand and higher market prices for most products within spices, nuts, dried fruits and desiccated coconut. The Manuzzi bolt-on acquisition completed mid-November further expanded the segment’s footprint in Southern Europe, strengthening access to customers.
Close customer collaboration and commercial discipline enabled the segment to effectively navigate changing market conditions, including higher raw material prices and, as a result, fluctuating demand.
Market price developments in 2025 reflected a mixed environment across the portfolio. Prices for desiccated coconut increased further, driven by supply shortages and high global demand. Cashew prices in 2025 peaked early in the year, with tight raw nut availability and uncertain quality driving price fluctuations throughout the year. Almond prices were also initially elevated before easing on a larger California crop and recovering later in the year. Within spices, black pepper experienced slight downward pressure, nutmeg and cardamom remained broadly stable with some volatility, and clove and cumin prices declined over the course of the year. Average market prices for key products within the segment increased significantly, leading to increased working capital requirements in 2025.
The importance of long-term sustainable relationships in areas of origin was reaffirmed as weather volatility and changing growing conditions added complexity to product sourcing and availability. Extensive product knowledge, in-depth market experience and reliable supplier partnerships enabled the segment to secure supply, maintain quality standards and deliver an excellent performance in 2025.
In parallel with the impressive commercial performance, sustainability and responsible business practices were further embedded across the segment. All organizations continued to increase efforts in building sustainable, resilient and socially responsible supply chains. For example, collaborative energy-transition initiatives at the processing and warehousing locations further strengthened the segment’s sustainability profile and operational efficiency.
The Spices & Nuts segment continues to be well-positioned to deliver long-term value for customers and stakeholders due to its entrenched market presence, disciplined commercial approach and ongoing efforts in sustainability and social responsibility.
Adjusted EBITDA reached €65.2 million showing a +10% improvement. Average invested capital of €225.2 million increased by +31% mainly driven by higher inventory levels as a result of the aforementioned higher market prices and the acquisition of Manuzzi.
This year marked another addition to Acomo's thriving Spices & Nuts segment with Manuzzi, the Italian family company known as a major supplier of dried fruits and nuts to Italian supermarkets. “Given the increasing recognition of the health advantages that nuts can provide, it is no surprise that demand for these products continues to be high”, explained Sander van Ooij, managing director at Delinuts in the Netherlands. “This makes our segment a natural choice for Acomo to pursue further expansion. The acquisition of Manuzzi helps us gain a foothold in the Mediterranean region. We are confident that this will be a strong basis for further growth in the future.”
As the youngest member of the Acomo Group, Manuzzi has much to offer: it is a healthy business with a modern factory, highly automated production processes, committed leadership and strong ties to the local community. Supermarkets know Manuzzi as a reliable partner that can advise on current trends, packaging, branding and category marketing. These value-adding capabilities make Manuzzi an attractive partner, explained Sander. “It's a family business that has been around for 50 years; it has a great deal of market knowledge, deep relationships, as well as a tradition of operational excellence and progressive automation. In our segment, they're one of the strongest companies in Italy.”
Joining the Acomo Group was also a natural choice for Manuzzi, explained Aurelio Manuzzi, the company's managing director. “The company has many workers who have been with us for decades. We have deep local roots and an important economic and social responsibility in this region. Joining the Acomo Group ensures that we have the financial and strategic backing we need to preserve our heritage, and that we can secure the sustainable growth of the company in the years to come.”
For the near future, many potential synergies are already being explored. “Manuzzi has excellent supplier relationships in dates and figs – products we are excited to explore, because their popularity is growing in the Netherlands as well,” said Sander. “They're also very experienced with automation, and I think we can learn from them in that regard. Meanwhile, we can support Manuzzi in expanding their product range. With Delinuts Nordics, we were able to give Scandinavian consumers a taste of fresh, new concepts. I see many areas where our companies can complement each other's knowledge and capabilities.”
Edible seeds have always been a major part of the human diet as they are rich in essential nutrients and healthy fats. Seeds provide us with nutrients that can be difficult to obtain otherwise, such as omega-3 fats. With the growing global concern over the climate and biodiversity impact of our diets, these nutritional qualities of edible seeds make them a natural candidate to supplement or replace less sustainable meat and fish products. Nutritious, affordable, plant-based, and tasty: edible seeds are likely to play an increasingly prominent role on our dinner plates in the decades to come.
Acomo is involved in the trading, processing, and distribution of edible seeds, including poppy, sesame, pumpkin, flax, and sunflower. The most extensive offering is sunflower seeds, including both in-kernel and shelled for the snack and retail industries, birdseed for wildlife, and a variety of innovative sunflower products, including SunButter®. Acomo’s Edible Seeds segment also provides a wide range of edible seeds to the bakery, spice, and confectionery industries. Additional value is added through fully controlled, high-tech treatments to ensure the quality and food safety of delicate seed products.
2025 was a challenging year for the Edible Seeds segment, with performance in North America hampered due to both external and internal factors. These factors are not considered to be structural and the fundamentals of the business remain strong and attractive.
Tariff uncertainty in the North American market continued and made pricing decisions complicated. Alongside higher input costs, this placed pressure on margins. Next to that the impact of restrictions of US grown sunflower seeds to export markets continued to have an impact in 2025. On top of the market effects our SunButter® plant was affected by production issues causing a temporary stop in production in the fourth quarter. The production resumed during January.
The result is a more negative overall financial picture than is warranted based on the fundamentals of the segment, which remain solid. The necessary strategic and organizational changes were made in North America, including the appointment of a new CEO. For 2026, the business is expected to largely trend towards normal performance levels.
The business continued to drive targeted commercial initiatives to strengthen its market position, including increased promotional activities and distribution that resulted in improved sales of the Pecking Order brand, a backyard poultry product, and improved sales of Jammies™, the frozen SunButter® and jelly sandwich. Additionally, SunButter® continued to innovate, including the introduction of the Honey variety, strengthening brand relevance and supporting long-term growth opportunities.
The European edible seeds business delivered a resilient performance despite market price pressure on key seed categories, while further optimizing the portfolio toward higher-return segments toward year-end.
Overall, this was a year impacted by a number of events in North America that do not reflect the underlying earnings capacity of the US seeds business, and remedial actions to support a return to normalized profitability have been undertaken.
In 2025 Edible Seeds reported an adjusted EBITDA of €6.1 million versus €17.9 million last year. Total 2025 average invested capital of €115.4 million decreased by -5%, mainly due to lower working capital versus last year, partly offset by higher fixed capital.
In the past year, Red River Commodities took into service its brand-new facility in Fargo, ND, consolidating six third-party storage locations into one central, 100,000-square-foot unit. The warehouse includes twelve truck dock doors and four railcar dock doors connected directly to a rail spur, allowing the facility to double as a distribution centre. This set-up allows rail car positioning alongside the building for easy loading and unloading before being reconnected to the main line.
In September 2025, the Edible Seeds company loaded its first railcar shipment from AxelSpur, bound for Mexico City. The operational advantages for the business are numerous. The new warehouse reduces Red River Commodities' dependence on external logistics providers, increasing operational control and reducing costs. Secondly, the rail spur makes it easier to move larger shipment volumes (each rail car can hold about 2.5 standard truckloads), which translates to lower freight costs. This supports the company's long-term growth plans, including expanded U.S. wildlife distribution and improved access to export markets such as Mexico.
Organizing the rail shipments requires coordination across the company's production, operations, and logistics teams. Production teams adjust packaging and pallet configurations to match railcar dimensions, while the loading process relies on two forklifts and a three-person team to maximize use of space. “It's basically like a puzzle, where you have to plan the height of stacks, alternate stacking patterns, and sequence loads to make the very most of the available capacity,” said Joe Driscoll, President and CEO at Red River Commodities.
Beyond logistics, the new facility offers improved heating and cooling efficiency and is certified to SQF food-grade standards. Hence, the AxelSpur warehouse helps ensure product quality and aligns perfectly with Acomo's broader sustainability ambitions.
As global diets adapt in response to the ecological challenges of climate change and biodiversity loss, demand for organic foods is on the rise. These ingredients, grown without synthetic fertilizers and pesticides, are widely embraced by conscious consumers for their reduced environmental impact and contribution to a balanced and healthy diet. As societies progress towards ‘true pricing’ of negative ecological externalities in food production, regenerative agriculture will become increasingly rewarding, and organic ingredients will be in greater demand.
Acomo’s certified organic portfolio comprises more than 230 products over 17 product categories, including cocoa, coffee, fruit and vegetables, edible seeds, nuts and dried fruits, oils, and premium juice. That makes the Group a global leader in certified organic food ingredients, sourced through equitable supply chains and regenerative and resilient organic farming practices. Acomo is involved throughout the value chain, from training and educating farmers to adopt organic agricultural strategies to the final processing, quality control, packaging, and distribution.
In 2025, Organic Ingredients delivered an excellent performance across all major business lines and geographies. The results have been delivered on the back of increased demand in organic food and beverage products combined with robust execution throughout the value chain.
Both North America and Europe were key contributors to growth, underscoring the resilience of our diversified business model comprising more than 200 organic ingredients.
Organic Ingredients continued to successfully navigate in an increasingly complex regulatory and geopolitical landscape, including evolving EU legislation (EU organic and EUDR) and US tariffs volatility. Ongoing investments in quality, food safety, sourcing capabilities and customer service reinforced the segment’s leadership position and long-term growth foundations. The segment has focused on strengthening the organization and governance to facilitate further growth.
The cocoa business was a key driver of performance, with double-digit sales volume and margin growth, benefiting from structurally strengthened fundamentals in a persistently tight global market. Successful cocoa sourcing across crop seasons secured supply, driven by strong partnerships amid ongoing volatility at key areas of origin. The Fruits & Vegetables business continued to show strong momentum with accelerated growth, while Nuts & Seeds and Oils & Fats delivered consistent sales growth with improved margins. Coffee achieved record-high sales and succeeded in growing volume when prices were elevated.
Sustainability and impact at origin remained cornerstones of the strategy in 2025. A sharpened sustainability ambition has been defined under the Nature Positive framework (see Spotlight on page 45). By working directly with more than 100,000 farmers globally, Tradin Organic deepened collaboration through on-the-ground engagement, including multi-country agroforestry projects and regenerative agriculture initiatives focused on biodiversity, climate resilience and knowledge transfer. Key milestones included strengthened cocoa agroforestry programs in Sierra Leone supported by EU funding, hands-on farmer training programs in Peru, and continued long-term sourcing partnerships in origins such as Vietnam and Ethiopia. As a result of the strong sourcing model, major climate impacts on crops have been mitigated. Together, these efforts reinforced Tradin Organic’s position as a trusted durable partner for farming communities, while securing a sustainable, high-quality supply for customers.
Adjusted EBITDA for Organic Ingredients improved to €40.9 million in 2025 versus €22.4 million last year. Total 2025 average invested capital of €342.3 million increased by +19%, mainly due to increased working capital.
This year, Tradin Organic joined the Nature Positive Business Forum, aligning its long-term sustainable sourcing strategy with a global movement to halt and reverse nature loss. While the concept of 'nature positive' is still emerging for many sustainable companies, Tradin Organic is already translating it into practical actions that strengthen the agricultural systems the business relies on.
Nature-positive entrepreneurship is not only good ethics, but also good business, according to Floris Wesseling, CEO of Tradin Organic. “When nature is in decline, supply chains face more risks and volatility. By investing in regeneration, we protect both ecosystems and the long-term continuity of our business.” With agricultural landscapes increasingly challenged by climate instability, biodiversity decline and water scarcity, Tradin Organic’s Nature Positive Plan supports farmers in adopting regenerative and resilient practices. Their efforts to improve soil health, restore biodiversity and strengthen communities translate directly into more reliable supply, stable yields and consistent product quality; critical drivers of long-term value for both Tradin Organic and Acomo as a whole.
To track progress, Tradin Organic applies its proprietary RegenerEight framework, which scores raw materials on regenerative performance across eight criteria. This provides customers and investors with transparent, data-driven insight into sustainability impact at origin, and helps position Tradin Organic as a preferred partner in the growing market for sustainable and traceable ingredients. By placing regeneration at the center of its sourcing model, Tradin Organic is helping Acomo build future-proof supply chains that meet customer expectations, comply with evolving regulations and support long-term commercial resilience.
If we were to write the book of humanity’s cultural heritage, it would not be complete without a chapter on tea. Archaeological evidence of tea drinking in East Asia goes back as far as the first millennium BCE. In the 19th century, tea was spread around the world and tea houses appeared all over Europe, Africa, the Americas, and the Pacific region. Today, it is the most popular beverage on the planet, second only to water: the world collectively drinks more than two billion cups of tea every single day.
Acomo’s Tea segment covers global tea trading, processing and distribution through the Group’s own state-of-the-art warehouses and blending facilities in many major teaproducing countries. By constantly monitoring and analyzing market developments and sharing insights with customers, this segment is able to meet traditional consumer preferences as well as novel appetites for specialty teas.
In 2025, the Tea segment operated in a persistently complex and challenging global environment. It faced continuous pressure on sales volumes throughout the year, reflecting ongoing geopolitical disruptions and a more fragmented customer base. At the same time, the global tea industry continues to experience elevated supply levels, which remains an important factor shaping international trading conditions.
Despite these challenges, the business demonstrated resilience. The performance pattern was driven by improved margin management, disciplined cost control and a continued focus on operational efficiency. These efforts helped mitigate part of the impact of lower volumes and supported earnings quality.
Strategic actions were already announced at the Capital Markets Day in response to these challenges, including the migration to a new commercial model. Leadership was further strengthened in April 2025 with the appointment of Robin Lavooij as Managing Director of the Royal Van Rees Group. With more than 27 years of experience within the organization, he brings extensive industry knowledge and long-standing trading expertise to support the transition and further enhance customer focus and competitiveness in the market.
The implementation of the new commercial model that will become operational in 2026, is designed to centralize trading capabilities, strengthen collaboration across the global network of Van Rees, offer more multi-origin solutions, increase customer intimacy and respond more flexibly to changing demand patterns. In addition, selective expansion into new geographic markets will support future growth opportunities and underpin the Tea business’s return to growth.
ESG priorities continued to be embedded across the Tea segment in 2025. A key milestone was the publication of Royal Van Rees Group’s first Sustainability Report, reflecting a structured and transparent approach to responsible sourcing and operations. Market transparency remained a focus through the release of the Green Market Reports, providing global tea auction insights and local market updates from key origins. Additionally, investments at origins supported both people and operations to improve working conditions and strengthen operational resilience.
While 2025 was a year of transition for the Tea segment, it also marked a clear turning point, with structural adaptations to better capture opportunities.
Tea reported an adjusted EBITDA of €4.7 million. Driven by tight inventory management, average invested capital decreased by -6% versus prior year.
Tea is grown in regions with warm climates, fertile soils and reliable rainfall – conditions typically found in developing economies. These regions are essential to the global tea industry, yet they are also places where workers face economic, social and health challenges that extend well beyond agricultural work. As a tea trading company closely connected to these communities, Van Rees believes in supporting practical, locally led initiatives that address real needs.
Among the challenges faced by women in tea growing communities, period poverty stands out as both widespread and often overlooked. For women working on or around tea estates, the high cost and low availability of menstrual products affects wellbeing, comfort during the workday, as well as the ability to participate fully in social and economic life. Using alternatives, such as cloth rags, leads to infections, discomfort and social embarrassment, making this not only a matter of health but also of dignity and dependable work.
Many women in tea-growing regions face limited access to safe and affordable menstrual products. This is also the case in Malawi, an important sourcing origin for Van Rees, well-known for its bright, brisk teas and the deep red colour that is valued in many black tea blends. To address period poverty there, the charity Ufulu Malawi distributes free menstrual cups; and provides practical training on safe use, hygiene and long-term care. A cup will last up to ten years and requires only clean water and a metal tin to sterilize it, making it a sustainable and affordable solution for women on and around tea estates. Ufulu also provides bars of soap to ensure women can clean their hands when using their menstrual cup.
For International Women’s Day 2025, Van Rees supported Ufulu’s efforts through a donation, allowing for the distribution of menstrual cups to women working on tea estates in the company’s supply chain. Van Rees' Malawi staff also collected items for starter kits, including the metal tins used to sterilise the cups.
Women from the Van Rees Malawi office, female colleagues working in the blending and warehousing facility and interested wives, sisters and daughters of team members were invited to join. The training was conducted by a nurse from the tea estate where most of the menstrual cups were distributed. Switching from cloth rags to menstrual cups brings greater comfort, reliability and long-term affordability. It’s a modest but meaningful contribution to addressing a real challenge in communities connected to its work. Every cup helps!
For more information go to: www.ufulu.org to see the meaningful work they are doing.
Food technology has made incredible progress in recent years. While vegetarian diets once had a reputation of blandness and causing nutritional deficits, today consumers have access to a vast range of affordable plant-based food products with premium-quality textures, flavours, and optimised nutritional profiles. These technologies play an important role in Acomo’s mission to enhance access to plant-based and natural food ingredients and solutions – and the Group is confident that the future still has astonishing innovations in store for us.
Food Solutions is all about flavours, functional additives, and unique solutions. This segment produces and supplies culinary and functional ingredients, high-end plant-based solutions, wet and dry blends, and spice mixes of the highest quality for food companies in Europe, tailor-made to customers’ specifications. The services offered in this segment include product development, manufacturing, packaging, distribution, and inventory management.
Food Solutions delivered another record year in 2025, marking the fifth consecutive year of strong growth and profitability.
Demand for both dry and wet blends remained robust throughout the year, driven by sustained consumer interest in plant-based, clean-label and culinary solutions. The blends business continued to perform strongly, supported by close customer collaboration and the entrepreneurial strength of the R&D team, which remains a key differentiator in translating market trends into scalable, customer-focused solutions.
The commissioning of the new plant was completed in 2025 and has already contributed meaningfully to both sales and earnings. The new facility drives a significant increase in capacity and flexibility, which positions the segment well to support continued autonomous growth in the coming years.
Both wet and dry blends delivered double-digit volume and sales growth, supported by strong customer demand. An increasing number of food manufacturers are outsourcing blending activities as these are not considered part of their core business. The Food Solutions segment is well-positioned to meet this need through its value-added capabilities and reliable production platform. Demand was further reinforced by the ongoing shift toward plant-based and clean-label ingredients, driven by health-conscious consumer trends.
Operational excellence and sustainability remained central to the segment’s strategy. For instance, it continues to invest in the provision of ergonomic solutions for employees, ensuring a safe and healthy working environment. Employee well-being remains a top priority. Quality management also reached a new benchmark in 2025, with both production locations achieving the highest possible BRC certification level.
Adjusted EBITDA for 2025 continued to increase for the fifth year in a row, to €6.9 million, or +15% over prior year. Average invested capital increased by +19%, mainly driven by investments in fixed assets related to the new production facility, supporting future growth.
2025 marked an important milestone for Snick EuroIngredients with the start of operations of its production facility in Oostende, Belgium. Now fully certified, the new location significantly expands the company’s manufacturing capabilities and reinforces its position as a proven industry partner across Europe. Together with the existing site in Ruddervoorde, the Oostende factory supports Snick EuroIngredients’ continued growth, enabling the company to further expand production and strengthen its 'one-stop-shop' proposition for customers across the food industry.
While Ruddervoorde will continue to host the company's trading activities as well as its production of dry blends, the Oostende facility is specifically designed to produce wet blends, supported by sophisticated automation and energy-efficient technologies. Advanced processing lines and intelligent material handling ensure that the highest quality standards are maintained throughout the process, while also making production more cost-efficient. A strong focus on ergonomics helps prevent physical strain, ensuring employees work in a safe and healthy environment every day.
Snick's continuous innovation is driven by its knowledge-driven R&D team of experienced food technologists, supported by pilot-scale test equipment and a strong application focus. Through concept and product development, Snick EuroIngredients transforms ideas into scalable solutions that are perfectly simmered for market success. “Our drive for excellence is supported by a Lean philosophy that is executed on a strategic, tactical and operational level,” explained Managing Director Erik Engbersen. “This comprehensive approach helps us craft each solution with precision, preserving authentic flavour while meeting specific customer requirements including allergens, certifications and production methods. Combined with our sustainability-integrated ways of working and short lead times, we are uniquely positioned to deliver innovative and cost-efficient solutions that add value for our customers throughout the European food industry.”
tailor-made dry and wet blends
The Board of Directors
Corporate governance
Governance structure
Introduction
Acomo is incorporated and based in the Netherlands. Consequently, its governance structure is based on the requirements of Dutch legislation and the Company’s Articles of Association, complemented by internal policies and procedures. Given the worldwide exposure of Acomo’s businesses, the international context is of vital importance, and international developments are closely monitored. Acomo has always sought to develop its governance in line with the Dutch Corporate Governance Code (‘the Code’, see www.mccg.nl) and international best practices. Any substantial changes in Acomo’s corporate governance structure will be submitted for approval to the Annual General Meeting of Shareholders (‘the AGM’).
The Dutch Corporate Governance Code was revised in 2025 to introduce the new Risk Management Statement (Verklaring Omtrent Risicobeheersing, hereafter: 'VOR') for Dutch listed companies. Companies are expected to issue a VOR statement from financial reporting year 2025 onwards. The 2025 Dutch Corporate Governance Code maintains all statements and disclosures from the 2022 Code and adds the newly introduced VOR declarations. Refer to the Risk Management Statement on page as well as the Risk Management and Control section of this Annual Report for the risk declarations made.
Acomo supports, monitors, and ensures compliance with the principles and best practice provisions stated in the Code while maintaining some of its departures from the Code (see page ) and explaining any deviations from its best-practice provisions. As with all Code requirements, the VOR is also a comply-or-explain requirement. An extensive assessment of the compliance with the individual principles of the Code can be found on the Acomo website.
We continue to monitor and assess our corporate governance structure to ensure compliance with the Code, applicable laws and regulations, and relevant developments.
Board of Directors
The task of the Board is to manage the Company, which includes responsibility for the performance of the Group as well as the implementation of the Company’s objectives and long-term strategy within the risk profile, taking into account corporate social responsibility aspects that are relevant to the Company. The Board is a one-tier board, and the responsibility of the directors is collective, considering their respective roles as executive directors and non-executive directors. The majority of directors are non-executive directors, who essentially have a supervisory role. The Company currently has two Executive Directors, the Chief Executive Officer and the Chief Financial Officer.
A list of the current directors, with their dates of appointment and their other major appointments, is set out in the chapter The Board of Directors on pages .
Roles and responsibilities
The following matters are the joint responsibility of the Board: structural and constitutional matters, corporate governance, sustainability, approval of dividends, approval of overall strategy for the Company, approval of significant transactions or arrangements in relation to mergers, acquisitions, joint ventures and disposals, capital expenditure, contracts, litigation, financing, and pensions.
The Non-Executive Directors of the Board have, however, delegated the operational running of the Group to the Executive Directors, with the delegation and allocation of certain activities as indicated above to them respectively, which are to be carried out in line with pre-determined authorization limits as set by the Board. The Executive Directors report to the Board and are able to delegate any of their powers and discretions.
The role of non-executive directors is to supervise the activities of executive directors and the general course of affairs of Acomo. Non-executive directors support executive directors with solicited and unsolicited advice. In the fulfilment of their task, non-executive directors look in the first place to the interests of the Group, taking into consideration the fair interests of all parties concerned.
The supervision of non-executive directors includes the following aspects:
Realization of the Company’s objectives and strategy with attention to the risks related to the Company’s activities, strategy, and sustainability consideration;
Process of financial reporting;
Observance of laws and regulations;
Sound corporate governance; and
Relations with shareholders.
Acomo Group specialists support the Board with expertise and advice in executing the Company's strategy and business priorities and providing the required updates and information on industry transforming topics such as sustainability, cybersecurity and digitalization.
Skills | Stuivinga | Groothuis | Meulman | Niessen |
|---|---|---|---|---|
Managing large organizations | x | x | ||
National and international business experience | x | x | x | x |
Industry knowledge (agriculture and/or food ingredients) | x | x | ||
M&A experience | x | x | x | x |
Finance, audit & risk | x | x | x | |
Governance, regulatory compliance & legal | x | x | x | |
Sustainability & ESG | x | |||
Investor relations | x | x | x | x |
Diversity and inclusion
Acomo pays close attention to diversity, including gender diversity, in the profiles of new directors of the Board in accordance with section 166, subsection 2 of the Dutch Civil Code.
Acomo adheres to the Act which provides for a gender quota (at least 1/3 men and 1/3 women) for the non-executive directors of public limited liability companies listed on a regulated market in the Netherlands; and a
self-imposed, appropriate and ambitious target for the supervisory board, management board and senior management of large (public) limited liability companies in the Netherlands, with an obligation to draw up a plan and to report on this in their management report and to the Social Economic Council in the Netherlands (SER).
The CSRD regulations require disclosure of the percentage of members of the Board of Directors by gender as well as the Board’s gender diversity ratio. For the entire financial year 2025, the Acomo one-tier Board of Directors consisted of 3 female and 4 male members, which resulted in a 0.75 gender diversity ratio and a 43% female to 57% male percentage.
For Acomo, both the non-executive directors’ quota and the target for the executive Board members and senior management will apply. Acomo adheres to the gender quota for the non-executive directors in line with the published and implemented Group-wide Diversity and Inclusion policy. The Diversity and Inclusion policy sets specific, appropriate and ambitious targets in order to achieve a good balance in gender diversity and the other Diversity & Inclusion aspects of relevance to the Company. For more information please refer to our Diversity and Inclusion policy which can be found on the website.
Composition and appointment
Non-executive directors are appointed for a term of four years with the possibility of re-appointment for consecutive four-year, or shorter, terms.
The term is based on the requirement for experience and in-depth expertise in the sourcing, trading, processing, packaging, and distribution of conventional and organic food ingredients and solutions. Reappointment of non-executive directors can take place at the end of each term after careful consideration of their past performance and the adequacy of their profile to the desired composition of the Board.
Executive director appointments are for a maximum period of four years with the possibility of re-appointment for consecutive four-year terms, in line with best practice provision 2.2.1 of the Code.
In compliance with this best practice provision, the Board of Directors has drawn up a rotation schedule in order to avoid, as much as possible, a situation in which multiple non-executive Board members retire at the same time. The rotation terms are included in The Board of Directors section as part of this report on page and are also available on our corporate website.
On 30 December 2025, the Company issued a press release about the resignation of Victoria Vandeputte, a Non-Executive Director as of 1 January 2026. She was appointed as Non-Executive Director of Acomo in September 2021. The Selection & Appointment Committee will propose a successor before the Annual General Meeting (AGM) to be held on 24 April 2026.
On 13 February 2026, Acomo announced that long serving Chairman and Non-Executive Director, Bernard Stuivinga, will not be available for a new term as Non-Executive Director. The Selection & Appointment Committee will propose a successor to be voted at the Acomo’s Annual Shareholders Meeting (AGM), to be held on 24 April 2026. Bernard Stuivinga will remain associated to the Company as advisor to the Board.
The Board is the authorized body to adopt resolutions to issue common shares and/or grant rights to acquire common shares up to a maximum of 10% of the issued share capital. The Board is the authorized body to adopt resolutions to restrict or exclude pre-emptive rights in relation to the issue of common shares and/or the granting of rights to acquire common shares. Shares held by Board members of the Company on whose Board of Directors they serve are considered to be long-term investments. In accordance with provision 2.7.5 of the Code, we report that no transactions occurred in 2025 between the Company and legal or natural persons who hold at least 10% of the shares in the Company.
Best practice provision 2.8.1 of the Code is not applicable to the Company as there were no takeover events or situations that occurred in 2025.
Information following the Takeover Directive Decree is included on page .
The rules regarding meetings, decision-making and working procedures of the Board of Directors can be found in the Articles of Association and the Board’s Rules of Procedure. Both documents are published on the Company’s website: www.acomo.nl/corporate-governance.
Committees of the Board
Acomo has three Board committees: an Audit Committee, a Remuneration and Selection & Appointment Committee, and a Sustainability Committee. The committees have an advisory role based on a mandate from the Board. Only the Board has decision-making power. Each committee reports its deliberations, findings and recommendations after each meeting to the full Board. The committees operate pursuant to terms of reference set by the Board in accordance with the law and the Code. The terms of reference are available on our website.
Audit Committee
The Audit Committee undertakes preparatory work for the Board’s decision-making regarding the supervision of the integrity and quality of the Company’s financial and sustainability reporting and the effectiveness of the Company’s internal risk management and control systems as referred to in best practice provisions 1.2.1 to 1.2.3 of the Code.
The committee focuses among other things on the supervision of the executive Board members with regard to:
Relations with, and compliance with recommendations and follow-up of comments by, the internal and external auditors, and any other external party involved in auditing the sustainability reporting;
The funding of the Company;
The Company’s tax policy; and
Compliance with sustainability reporting requirements.
The Audit Committee consists of at least two members. All members of the Audit Committee are non-executive directors of the Board. More than half of the members of the committee are independent within the meaning of best practice provision 2.1.8 of the Code.
Remuneration and Selection & Appointment Committee
The Remuneration and Selection & Appointment Committee assists and advises the Board in fulfilling its responsibilities with respect to determining the Company’s remuneration strategy and principles for directors of the Board.
The tasks of the committee include:
Drafting proposals to the Board for the remuneration policy for directors of the Board, implementing the remuneration policy for the directors of the Board, and reporting to stakeholders through the Company’s Annual Report on these matters;
Periodically assessing the executive directors compensation and participation in benefit/incentive plans;
Overall responsibility for evaluating and proposing the Acomo Group’s executive directors and employee compensation and benefit and incentive plans, policies, and programs;
Recommending individuals to the Board for selection and appointment as both executive and non-executive directors of the Board, as well as for selection and appointment of members of the committee;
Reviewing the Group’s senior management development to help assure appropriate succession planning in the Company’s executive ranks and overseeing Acomo’s activities in the areas of leadership and organization development; and
Supporting the Board in adopting appropriate standards and practices for the Company’s corporate governance structure, and leading the Board in its periodic performance review.
The Remuneration and Selection & Appointment Committee consists of at least two members. All members are non-executive directors of the Board.
Sustainability Committee
The Sustainability Committee assists and advises the Board in fulfilling its responsibilities with respect to sustainability. The purpose of the committee is to ensure that the Company has a comprehensive and relevant sustainability strategy.
The Commission is responsible for, among other things:
Developing, with the Board, sustainability targets to help the Company implement its sustainability strategy;
Monitoring the execution of the Company’s sustainability strategy, overseeing the communication of the Company’s sustainability activities with its stakeholders, and providing input to the Board and other Board committees on sustainability matters as required;
Validating the periodic (double-)materiality assessment reviews to ensure the Company’s sustainability matters remain appropriate;
Ensuring that the Board is kept up to date of any (regulatory) changes in relation to sustainability which impact the business of the Group, its sustainability strategy, and the implementation of this strategy;
Providing a forum for those implementing the sustainability strategy to test ideas and support them in making the changes needed to deliver the sustainability strategy; and
Reviewing and reporting to the Board on the sufficiency of the financial and human resources allocated to ensuring the proper development, training, education, management and advancement of the Company’s sustainability strategy.
The Sustainability Committee consists of at least two Board members. The chair of the committee is a non-executive director of the Board. The Board members are joined by managing directors and sustainability managers of the Group to bring in sufficient (sustainability) expertise.
Annual General Meeting of Shareholders
Acomo’s shareholders meet at least once a year in a General Meeting, which normally takes place in Rotterdam, the Netherlands. When deemed necessary in the interests of the Company, an Extraordinary General Meeting may be convened by resolution of the Board.
Important matters that require the approval of the General Meeting of Shareholders are:
Adoption of the annual accounts;
Adoption of profit appropriation and additions to reserves;
Adoption of the proposed dividends;
Remuneration policy of the executive directors of the Board following a proposal by the non-executive directors of the Board;
Remuneration of the non-executive directors of the Board;
Discharge from liability of the executive directors of the Board for their management;
Discharge from liability of the non-executive directors of the Board for their supervision;
Appointment of the external auditor;
Appointment, suspension or dismissal of the members of the Board; and
Adoption of amendments to the Articles of Association on a proposal by the Board.
The minutes and the resolutions of the Annual General Meeting are recorded in writing and made available to the shareholders on our website no later than three months after the meeting.
The Annual General Meeting of Shareholders was held on Friday 25 April 2025.
Voting rights
Each of Acomo’s ordinary shares is entitled to one vote. There are no voting restrictions, and there is no certification of shares. Shareholders may vote by proxy. The voting rights attached to any company shares held by the Company are suspended as long as they are held in treasury. Resolutions of the General Meeting are adopted by an absolute majority of votes cast, except where Dutch law or Acomo’s Articles of Association provide for a special majority.
Departures from the Code
Acomo complies with the relevant principles and best practice provisions of the Code, except for the following departures as stated and explained below.
Principle 2.2.2 Appointment and reappointment periods – non-executive directors: Considering the requirement for experience and in-depth expertise in the sourcing, trading, processing, packaging, and distribution of conventional and organic food ingredients and solutions, no maximum number of terms has been determined for the appointment of non-executive directors of the Board. Non-executive directors can be reappointed at the end of each term after careful consideration of their past performance and the adequacy of their profile to the desired composition of the Board.
Principle 2.3.7 Vice-Chair of the Board: Considering the size of the Board and the close cooperation of the Board members, the appointment of a Board Vice-Chair is not deemed necessary. Hence, the tasks of a Board Vice-Chair are currently performed by the Non-Executive Directors of the Board collectively.
Principle 2.3.10 Company secretary: According to the Code, the Board should be supported by the Company secretary. No Company secretary has been appointed. The Board considers itself adequately equipped to manage the responsibility and procedures of a Company secretary. Where required, outside experts and knowledgeable parties are consulted.
Management Board Report
The Management Board Report as defined by Article 391 of Book 2 of the Dutch Civil Code is constituted by the following parts of the Annual Report: Business overview, Letter from the CEO, How we create value, The Acomo share, Business performance, The Board of Directors, Corporate governance, Remuneration report, Risk management and control, Sustainabiliy Statement, Information Takeover Directive Decree and Five-year overview.
Statement by the CEO and CFO
Risk Management Statement
Based on their assessment and with reference to best practice provision 1.4.3 of the revised 2025 Dutch Corporate Governance Code, the CEO and CFO of ACOMO N.V. confirm to the best of their knowledge:
That the management report provides sufficient insights into failings in the effectiveness of the internal risk management and control systems;
That these systems provide reasonable assurance that the financial reporting does not contain material inaccuracies;
That these systems provide limited assurance that the sustainability reporting in the Sustainability Statement of this report does not contain material inaccuracies;
That the executive directors at 31 December 2025 are not aware that the internal risk management and control systems do not provide sufficient certainty that the operational and compliance risks identified in Risk management and control of this management report are effectively managed in line with considering the Company's risk appetite, where 'sufficient certainty' is to be read as: certainty considering our risk appetite, the complexity of our enterprise, inherent limitations to these systems and other disclosures on these systems in our management report;
That, based on the current state of affairs, it is justified that the financial reporting is prepared on a going concern basis; and
That the management report states the material risks, as referred to in best practice provision 1.2.1, and the uncertainties, to the extent that they are relevant to the expectation of the Company’s continuity for a period of twelve months after the preparation of the report.
Due to inherent limitations to risk management and control systems, the above does not imply that these systems and procedures provide certainty as to the realization of strategic, operations, compliance and reporting objectives, nor that they can prevent all misstatements, inaccuracies, fraud, operational issues, and non-compliance with laws and regulations.
Corporate Governance Statement
The information required to be included in this Corporate Governance Statement as described in articles 3, 3a and 3b of the Dutch Decree on the contents of Directors’ Report (‘the Decree’) is incorporated and published in the Corporate Governance section of the Acomo website.
Rotterdam, 5 March 2026
Allard Goldschmeding, Chief Executive Officer
Mirjam van Thiel, Chief Financial Officer
Report of the Non-Executive Directors
This report provides further information on the way the Non-Executive Directors performed their duties in 2025.
Board meetings
Formal meetings of the Board are scheduled one year in advance. Outside of these meetings, the Board receives briefings and updates from key executives and senior management on developments and issues that concern or have an impact on the Group’s business. Further recurring agenda items for Board meetings are updates on financials, strategy, HR, IT, sustainability, internal audit, and treasury topics.
In its meetings, the Board also discusses the further development of the Group’s business activities through acquisitions and investment projects in line with Acomo’s long-term strategy. In addition to the scheduled meetings each year, the Board meets as and when warranted by particular circumstances and engages in informal discussions.
Strategic review
Once per year, the Group’s long-term value creation strategy is reviewed in-depth by the Board during a scheduled one-day business strategy session. The executive members of the Board submit detailed supporting documents for preparation. The goal of this review is to monitor the implementation and execution of the Board-approved long-term value creation strategy and associated main risks. The Board pays special attention to the implementation of the Group’s long-term value creation strategy by referring to the business performance and the potential collaborations within the operating entities, as well as investigating possible mergers and acquisitions.
During the session, the Board discusses the executive members’ input in order to reach outcomes that fortify the Company’s strategy and mitigate associated main risks.
To ensure that the Board has an in-depth understanding of the Group’s business and activities, members of the Board regularly visit the group companies where they meet with local management and employees.
Throughout the year, the Board of Directors addressed several key topics, including:
Further building on the Group’s strategy as the leading partner in plant-based food ingredient solutions in specialty markets;
The continuously uncertain and volatile external cocoa market conditions;
The acquisition of the Italian nuts and dried fruits business Manuzzi that will further strengthen the Group’s Spices & Nuts segment and establish a stepping stone in the Southern European markets;
The staffing of key management positions within the Group;
Target setting and follow-up on previous strategic ambitions.
Personal information
Personal information about each Non-Executive Director, as required in principle 2.1.2 of the Code, can be found in chapter The Board of Directors on page .
Independence
The Board currently considers the Non-Executive Directors to be independent of Acomo as defined in the Code, except for Jan Niessen, since he indirectly owns more than 10% of Acomo shares. However, the Board has ascertained that Jan Niessen in fact acts critically and independently. The Company believes that maintaining continuity in its Board is fundamental to delivering long-term shareholder value.
Evaluation accountability
Every year, the Board evaluates its performance as a whole as well as that of its individual members and the functioning of the auditor. This review is conducted in the absence of executive directors, through collective and individual discussions between the Chair and non-executive directors. In the opinion of the Board, the functioning of the Board as a whole and of its individual members as well as the functioning of the auditor were satisfactory in the light of the current structure, size and strategy of the Company.
The Board as a whole remains responsible for the way in which the Board committees perform its tasks and for the preparatory work carried out by the committees. The committees all submitted reports on their meetings to the Board which proved satisfactory. Currently, the Board is performing a self-assessment and has considered the recommended guidance per the Code to appoint an external expert to supervise the evaluation as an upcoming agenda point for discussion.
2025 | Physical Board | Virtual Board | Audit | Remuneration and Selection | Sustainability Committee |
|---|---|---|---|---|---|
Stuivinga | 4/4 | 10/10 | 3/3 | 2/6 | |
Groothuis | 4/4 | 10/10 | 6/6 | 2/2 | |
Meulman | 4/4 | 10/10 | 3/3 | ||
Niessen | 4/4 | 10/10 | 6/6 | ||
Vandeputte1 | 3/4 | 9/10 | 3/3 |
- Ms Vandeputte resigned as a Non-Executive Director as of 1 January 2026
Meetings
Composition: Bert Meulman (Chair), Bernard Stuivinga and Victoria Vandeputte. The resignation of Victoria Vandeputte is effective as of 1 January 2026. The Acomo Selection & Appointment Committee will propose a successor to fill the vacancy in the Audit Committee. The Audit Committee met three times this year. In general, meetings are attended by the CFO, Internal Audit manager, Group Controller and the external auditor.
In 2025, the principal work of the Audit Committee
included:
Discussing reports from the Internal Audit function and the external auditor, and the Board report for the year under review;
Reviewing the full-year and half-year financial statements with management and the external auditor;
Reviewing the Company’s financial and accounting policies and practices including discussing material issues;
Considering the applicable sustainability reporting regulations and requirements and monitoring updates and changes;
Reviewing the annual risk assessment and internal audit plan;
Overseeing the VOR and the reporting of the effectiveness of the Company's internal risk management and control systems to the Board;
Assessing the effectiveness of the Company's internal risk management and control systems to correspond with the proposed VOR statement in the management report;
Reviewing and discussing the external auditors audit plan, audit approach, scope, audit fees, risk assessment, and outcome in relation to the audit of Acomo’s annual financial statements and sustainability statement; and
Reviewing and discussing updates on integrity related matters such as any fraud & whistleblower reports made, claims and litigation, compliance, corporate governance, and any actions taken by management,
if applicable.
Composition: Machtelt Groothuis (Chair), and Jan Niessen. Bernard Stuivinga also attended two committee meetings in 2025. The Remuneration and Selection & Appointment Committee met six times this year.
The Chair of the Remuneration and Selection & Appointment Committee provided regular updates to the Board of the discussions that took place. The committee presented its findings and proposals to the Board and prepared the Board’s Remuneration Report for 2025, which is included in this Annual Report.
Composition: Machtelt Groothuis (Chair). The Sustainability Committee met twice in the past year. All meetings are attended by the Executive Directors, nominated Managing Directors of the Acomo Group entities and the Acomo Sustainability Manager.
In 2025, the Board of Directors held fourteen formal meetings. The Board also convened without the presence of the Executive Directors, either before or after each meeting.
Group Internal Audit
The Board of Directors regularly obtains input from the Group Internal Audit function on the effectiveness of internal risk management and control systems in place to manage and mitigate the key risks.
During the year, the Group Internal Audit function implemented a Group-wide Internal Control Framework designed to provide a structured and consistent basis for the identification, documentation, and evaluation of internal risk management and control systems. The Internal Control Framework covers operational, compliance and reporting risks (financial & non-financial). The framework is aligned with recognized internal control principles, supporting management’s responsibility for the design and operating effectiveness of key controls over multiple processes. Its implementation across all operating companies enhances control consistency, strengthens the monitoring of control effectiveness, and supports the timely identification of development plans for deficiencies noted, thereby reinforcing the Group’s overall governance, risk management, and compliance framework.
The Group risk profile is taken into account when establishing the strategy and annual Internal Audit plan. Certain elements also require continuous reporting to be available, and during the reporting year, the Audit Committee and Board of Directors received regular updates on work performed by the Group Internal Audit function (including whistleblower reporting).
Declaration by the Board of Directors
In accordance with the Dutch Financial Supervision Act, section 5.25c, the Board of Directors declares that, to the best of its knowledge:
The financial statements for 2025 provide, in accordance with IFRS as endorsed by the EU, a true and fair view of the consolidated assets, liabilities and financial position as at 31 December 2025, and of the 2025 consolidated statement of income of ACOMO N.V.; and
The Annual Report provides a true and fair view of the situation as at 31 December 2025 and the state of affairs during the financial year 2025, together with a description of the principal risks faced by the Group.
The Board of Directors would like to thank all those involved in making Acomo a success, with a special word of appreciation to all employees and management for their continued contribution and commitment to the Company.
Rotterdam, 5 March 2026
Bernard Stuivinga, Non-Executive Chair
Machtelt Groothuis, Non-Executive Director
Bert Meulman, Non-Executive Director
Jan Niessen, Non-Executive Director
Allard Goldschmeding, Executive Director
Mirjam van Thiel, Executive Director
Remuneration report
Letter from the Chair of the Remuneration and Selection & Appointment Committee
On behalf of the Board of Directors, I have the pleasure of presenting our 2025 Remuneration report. This Report outlines our remuneration policy for the Executive Board and details how this policy was put into practice.
Acomo aims to continuously improve its remuneration report and policy, optimizing alignment of Executive Directors’ incentives with Acomo’s strategy and sustainable long-term value creation, taking into account the interests of shareholders, employees, customers, and other stakeholders.
The current Remuneration Policy, compliant with the Shareholder Rights Directive II, was adopted by the Annual General Meeting of Shareholders (AGM) of 26 April 2024 with 97% of the votes in favor and 3% against, signaling strong support from our shareholders.
The Remuneration Policy differentiates between short-term and long-term variable remuneration. It allocates the majority of variable pay to financial performance metrics, while a smaller portion is linked to non-financial metrics.
The financial metrics reflect Acomo’s financial objectives by supporting long-term, sustainable growth in shareholder value, in line with the Company’s mission of Building routes to healthier foods. Non-financial metrics are used, among other purposes, to align remuneration with Acomo’s sustainability strategy. The Company’s strategy and sustainability strategy are closely integrated and together form the basis for determining the remuneration of the Executive Directors.
The financial performance in 2025 was driven by exceptionally strong results in certain parts of the business, which outweighed challenges in other areas. The Company achieved a sales growth of 7.4% and adjusted EPS growth of 8.9%. Adjusted EPS (excluding adjustment for exceptional items) was between the minimal threshold and target EPS.
In addition, 2025 marked Acomo’s first Capital Markets Day, during which the Company outlined its strategy for the next three to five years. Further progress was also achieved in advancing the Company’s sustainability targets. In the course of the year corrective actions were taken to realign the Edible Seeds business in the United Sates.
The committee regularly monitors the effectiveness of both financial and non-financial metrics that are used in the plans. The financial component of the Short-Term Incentive (STI) will remain EPS. The Long-Term Incentive (LTI) for 2026-2028 will maintain the same criteria and weightings as applied for this year: 50% RONCE and 50% EBITDA growth. This approach ensures disciplined resource utilization while driving scalable growth.
As per the 2024 Remuneration policy, 2026 will be the last performance year of the first LTI award granted in 2024. The committee will evaluate the performance achievement against the targets set in 2024 and will report on the attainment levels, shares vested and payouts in next year's Remuneration Report and subject to shareholders' vote at the upcoming 2027 AGM.
The Non-Executive Board members are grateful for the efforts of the Executives this year, working with the people in the Company to deliver a robust performance resulting in a solid dividend despite turbulent market conditions. The remuneration for the Executives reflects their contribution to the sustainable long-term success of the Company.
I want to thank our shareholders for their continued support and look forward to presenting this Remuneration Report at the coming AGM.
Rotterdam, 5 March 2026
Machtelt Groothuis
Chair of the Remuneration and Selection & Appointment Committee
Remuneration and Selection & Appointment Committee
The Remuneration and Selection & Appointment Committee assists and advises the Non-Executive Board members in fulfilling their responsibilities with respect to determining the Company’s remuneration strategy and principles for members of the Board. It drafts proposals to the Non-Executive Board members for the Remuneration Policy, as well as for the implementation thereof, and reports through the Annual Report on these matters.
The committee is responsible for the regular performance reviews with the Executives, taking into account input from the Non-Executive Board members. The committee is also responsible for consulting and communicating with shareholders about potential improvements of the remuneration policy and its implementation, and to ensure Acomo’s policy is kept in line with relevant peers in the market.
The committee consists of Machtelt Groothuis (Chair) and Jan Niessen (member). Bernard Stuivinga acts as an advisor to the committee.
Board changes
In December 2025, Non-Executive Board member Victoria Vandeputte resigned from the Board of Directors. In February 2026, it was announced that Non-Executive Chair Bernard Stuivinga will not seek a new term. Bernard will remain available to the Board in an advisory capacity for the subsequent two years to support continuity and knowledge transfer.
Following these developments, the Remuneration and Selection & Appointment Committee conducted a succession and appointment process, and will propose the appointment of two new Acomo Board members at the coming Annual General Meeting of Shareholders to be held on 24 April 2026.
Remuneration of the Executive Directors
The remuneration of the Executive Directors in 2025 consists of a fixed base salary, and variable remuneration consisting of both a short and long-term component. It is based on targets agreed in advance by the Non-Executive Board members and the Executive Directors, which contribute to sound financial results, the implementation of the strategic agenda, and the long-term interests and sustainability of Acomo.
Taking into account the interests of customers, employees, shareholders, and other stakeholders of Acomo, the Remuneration Policy aims to focus on the realization of Acomo’s short-term and long-term financial and non-financial metrics, with an emphasis on sustainable long-term value creation. Furthermore, these objectives must not encourage inappropriate risk-taking.
Both the short-term and long-term incentive plan criteria for the CEO and CFO were assessed by the Non-Executive Board members.
The Non-Executive Directors may request repayment of the variable payment (short-term and/or long-term), if the variable payment is deemed to be awarded on the basis of incorrect information or would be deemed unfair or unreasonable.
The Executive Directors will hold Acomo shares with a value of 150% of fixed base salary. Executive Directors may build up this position, by way of vesting the conditional shares, in a period of five years from: 1 January 2025, or from the date of appointment as Executive Director if the appointment is after 1 January 2025.
In case of early termination other than (a) at the initiative of the Executive Director, or (b) in the event of seriously culpable or negligent behavior on the part of the Executive Director, any conditional shares will vest subject to the achievement of the relevant performance criteria. The performance measurement period will continue to apply, unless the Non-Executive Directors determine that early vesting is appropriate and/or necessary.
The agreements with the Executive Directors are for a period of four years, in line with the Dutch Corporate Governance Code with the possibility of reappointment for consecutive four-year terms. It should be noted that there is no severance payment in case an Executive Director is not proposed for reappointment after the four-year term.
Executive Board remuneration framework | ||
|---|---|---|
Element of remuneration | Key feature | Alignment to strategy and shareholder interest |
Base Salary | Reviewed annually, among others based on inflation. Every three years, the review will take into account a comparison against the relevant peer group in the market. | Set at a level to attract, motivate and retain the right talent. |
Short-term incentive (STI) | Paid annually in cash; with a maximum opportunity for both CEO and CFO of 150% of base salary. | Provides incentives to deliver performance against annual financial and non-financial goals. |
Long-term incentive (LTI) | Conditional right to shares, subject to three year performance targets, and a two-year holding period. The maximum LTI amount is capped at 150% of the annual fixed base salary. | Provides incentives to deliver long-term value in line with our strategy and align with long-term interests of shareholders. |
Retirement benefits | A compensation as a contribution to a personal pension scheme. This is capped at a maximum of 15% of fixed base salary. | Provides appropriate support for retirement savings designed to be competitive in the market. |
Other benefits | The Executive Directors are entitled to customary fringe benefits, such as a company car, expense allowances when applicable and reimbursement of relevant expenses. | Designed to support the Executive Directors in the optimal performance of their duties. |
Summary of remuneration paid in 2025
Please refer to the table to the right for the total remuneration of the Executive Directors for 2025. The total remuneration amount is consistent with the Remuneration Policy, and the implementation reflects the objectives for short- and long-term interests and sustainability of the Acomo Group.
Summary Total Renumeration | ||||||||
|---|---|---|---|---|---|---|---|---|
2025 | Salary | Short-term remuneration | No. of shares vesting | Value of shares vesting | Post-employment benefits | Share-based expenses | Total remuneration | Fixed-variable remuneration |
Allard Goldschmeding | 600 | 555 | - | - | 45 | 6 | 1,206 | 54%-46% |
Mirjam van Thiel | 320 | 258 | - | - | 30 | - | 608 | 58%-42% |
Total | 920 | 813 | - | - | 75 | 6 | 1,814 | |
Base salary
The Remuneration and Selection & Appointment Committee reviewed and discussed the salary of the CEO and CFO to conform with market practice and developments. The Board of Directors deemed the salary of the CEO and CFO as appropriate.
Short-term variable remuneration
The objective of the short-term incentive plan (STI) is to ensure that the Executive Directors are focused on the realization of the short-term metrics. The STI is 70% based on financial criteria and 30% based on non-financial criteria.
The STI will be paid out on a sliding scale, with no payout below the threshold (performance below 90% of target), a 75% payout at target performance, and a maximum payout of 150% at 125% of target performance.
Financial criteria (70% of STI)
The financial criterion is based on the adjusted earnings per share (EPS). The Target EPS was set at €2.11 in line with the objective to create long-term sustainable growth. To calculate the realized adjusted EPS before exceptional items, the reported EPS is adjusted for unrealized CX / FX movements and amortization costs related to acquisitions. Other exceptional items are not excluded. The realized adjusted EPS (excluding adjustment for exceptional items) was €2.08, which was above last year but below the target EPS, resulting in a payout of 72%.
Non-financial criteria (30% of STI)
The non-financial targets are aligned with the Company’s strategy, with a focus on driving initiatives aligned with the sustainability strategy, ensuring organizational development and succession, and developing the Group’s overall portfolio of companies.
Payout for performance against 2025 STI targets
An overview of the 2025 STI performance measures, the actual performance achieved, and the resulting STI payout is provided in the table to the right.
Payout rationale non financial STI (30%) | |||
|---|---|---|---|
Criteria | Performance assessment | ||
Allard Goldschmeding | Sustainability | Above target |
|
Organizational development | Above target |
| |
Business development | Above target |
| |
Mirjam van Thiel | Sustainability | On target |
|
Organizational development | On target |
| |
Business development | Above target |
| |
Payout for performance against 2025 STI targets | |||||||||
|---|---|---|---|---|---|---|---|---|---|
Performance targets | Actual performance | STI outcome | |||||||
Allard Goldschmeding | Mirjam van Thiel | ||||||||
| Minimum | Target | Maximum | Performance | Payout % of |
| Payout % of |
| |
Financial: | 70% | 1.90 | 2.11 | 2.64 | 2.08 | 72.2% | 50.5% | 72.2% | 50.5% |
Non-financial: | 30% | 140.0% | 42.0% | 100.0% | 30.0% | ||||
Total STI % | 92.5% | 80.5% | |||||||
Total STI (€) | 555,175 | 257,693 | |||||||
Long-term variable remuneration
Under the LTI, the Executive Directors will conditionally be awarded shares in Acomo N.V. The shares are deemed granted as of 1 January of the year, and which point they are awarded and will be valued based on the 30-day volume-weighted average price (VWAP).
The shares may vest after a three-year vesting period, which commences on the grant date, and are subject to the achievement of one or more performance metrics determined by the Non-Executive Directors prior to the grant of the shares. Until vesting, the Executive Directors will have no rights in respect of the shares and will not be entitled to receive dividends.
Following vesting, the Executive Directors are required to retain the vested shares for an additional two-year holding period, except for shares sold to meet tax obligations arising in connection with the vesting of the shares.
The LTI will be paid out on a sliding scale, with no payout below the threshold (performance below 90% of target), a 75% payout at target performance, and a maximum payout of 150% at 125% of target performance.
Financial criteria (70% of LTI)
The financial performance criteria are based on Return on Net Capital Employed (RONCE) and absolute EBITDA growth. In 2024, the financial target comprised RONCE only. Following the strategic direction outlined during the Capital Markets Day in April 2025, it was decided to complement this with an EBITDA growth target for 2025, in line with the Company’s strategy to drive scale.
RONCE and EBITDA growth each carry a weighting of 50% of the financial criteria. This balanced approach is intended to support disciplined capital allocation while fostering scalable growth.
Non-financial criteria (30% of LTI)
The non-financial targets are focused on the execution of the strategy as presented during the Capital Markets Day in April 2025, including activities and results in areas like sustainability and investor relations.
In the table below an interim assessment is provided on the criteria for the LTI.
Interim performance assessment non-financial LTI (30%) | |
|---|---|
Criteria | Performance assessment |
Financial Criteria: | |
| Current performance in line with target although a decline is noticed in 2025 due to higher working capital usage. |
| Current performance in line with growth target. |
Non-financial Criteria: | |
| Strategy framework established and first year result in line with medium targets set; Sustainability Roadmap by company. |
| Active M&A pipeline and evaluation of various targets; Successful completion of the acquisition of Manuzzi. |
| New Acomo website; More active communication with investors. |
Conditionally awarded shares
The Executive Board members have been conditionally awarded shares based on a target 75% payout, subject to the conditions of the LTI grants for the period 2024-2026 and 2025-2027. See table above.
The criteria for the long-term incentive plan will be reviewed by the Non-Executive Board members before vesting. This will happen for the first time early 2027 when both the financial and non-financial performance will be reviewed against target for the period 2024-2026.
Conditional granted shares under LTI | |||||||
|---|---|---|---|---|---|---|---|
Grant date | LTI target amount in € | No. of shares conditionally granted at target level1 | Share price end of year in € | Value of shares conditionally granted in € | Vesting date2 | End of blocking period | |
Allard Goldschmeding | 2025 | 450,000 | 25,862 | 24.35 | 629,741 | Q1 2028 | 01.01.2030 |
2024 | 552,900 | 31,776 | 24.35 | 773,742 | Q1 2027 | 01.01.2029 | |
Mirjam van Thiel | 2025 | 240,000 | 13,793 | 24.35 | 335,862 | Q1 2028 | 01.01.2030 |
2024 | 60,000 | 3,448 | 24.35 | 83,966 | Q1 2027 | 01.01.2029 | |
- Determined according to plan rules, using the December average price of the year preceeding the grant date. In 2024 shares granted to Allard Goldschmeding were based on YTD 2024 performance. From 2025 this will be based on target. Actual payout will be determined at the vesting date.
- In the first quarter after the third financial year, the scoring is determined based on the Non-Executive Directors' assessment, with vesting date shortly after.
Share ownership
In line with the 2024 Remuneration Policy, the CEO and CFO will build up share ownership of 150% of base salary in five years.
As at 31 December 2025, Allard Goldschmeding owns 25,000 Acomo shares. Mirjam van Thiel owns no shares.
Prior to the change in Remuneration Policy, the Executive Directors at that time participated in Acomo’s share option plan. The previous share option plan has been discontinued for Executive Directors, and therefore no new options as part of the previous share option plan will be granted to Executive Directors.
Five-year remuneration overview
The table on the right provides a five-year overview of the remuneration of the Executive Directors and represents the annual change in remuneration in a comparative manner. The total year-on-year remuneration shown within this overview consists of the fixed salary amount, short-term remuneration, post-employment benefits and share-based expenses.
The total remuneration of an Executive Director presented in this overview includes the remuneration elements paid in each of the years 2021 up to and including 2025, as reported on an IFRS basis in the Annual Report.
5 year remuneration overview Executive Directors | |||||
|---|---|---|---|---|---|
(in € thousands) | 2025 | 2024 | 2023 | 2022 | 2021 |
Allard Goldschmeding | 1,206 | 1,421 | 990 | 1,197 | 1,195 |
% change | -15.1% | 43.5% | -17.3% | 0.2% | 21.6% |
Mirjam van Thiel | 608 | 148 | - | - | - |
% change | 310.6%1 | n.a. | - | - | - |
Company performance | |||||
Net profit (in € millions) | 74.2 | 45.1 | 39.6 | 54.9 | 54 |
Earnings per share (in €) | 2.47 | 1.53 | 1.34 | 1.85 | 1.82 |
- Mirjam van Thiel started per 1 October 2024. The % increase is inflated as it compares a 12 months period with a 3 months period.
Internal pay ratio
The internal pay ratio is calculated as the total compensation of the CEO and CFO divided by the average employee compensation (total wages and salaries including profit sharing, pension costs and share based expenses of all other Acomo employees divided by the average number of FTEs, excluding the CEO and CFO).
The Remuneration and Selection & Appointment Committee monitors the development of the internal pay ratio over multiple years. To the extent possible, it compares the outcome with the published pay ratios of other listed companies. The Remuneration and Selection & Appointment Committee does not deem it valuable to set a specific range for the pay ratio. It feels that the current pay ratio is reasonable and will continue to review the ratio annually as a relevant factor for the assessment of the Executive Director remuneration.
Development internal pay ratio | ||||
|---|---|---|---|---|
(in € thousands) | Year | Total | Average total compensation | Pay ratio |
CEO | 2025 | 1,206 | 71 | 17 |
2024 | 1,421 | 71 | 20 | |
2023 | 928 | 69 | 13 | |
2022 | 2,053 | 67 | 31 | |
2021 | 632 | 66 | 10 | |
CFO | 2025 | 608 | 71 | 9 |
2024 | 148 | 71 | 2 | |
2023 | 990 | 69 | 14 | |
2022 | 1,197 | 67 | 18 | |
2021 | 1,195 | 66 | 18 | |
The Code requires that the Non-Executive Directors of the Board analyze possible outcomes of the variable income components on Executive Directors’ remuneration. A high-level scenario analysis is included in the annual determination of the variable element of Executive Directors’ remuneration by the Non-Executive Directors of the Board.
Remuneration of the Non-Executive Directors
The table on the right details the remuneration of the Non-Executive Directors for 2025 in relation to previous years. The Non-Executive Chair received €96,000 annual remuneration, Non-Executive Directors received €85,000 annual remuneration, with €5,000 allowance per committee and an additional €1,000 allowance for chairing the committee.
Remuneration Non-Executive Directors | |||||
|---|---|---|---|---|---|
(in € thousands) | 2025 | 2024 | 2023 | 2022 | 2021 |
Stuivinga1 | 116 | 116 | 116 | 111 | 106 |
Gottesman2 | - | 30 | 100 | 100 | 95 |
Groothuis | 97 | 93 | 91 | 91 | 85 |
Meulman | 91 | - | - | - | - |
Niessen | 90 | 96 | 91 | 91 | 85 |
Vandeputte3 | 90 | 90 | 90 | 90 | 25 |
Total | 484 | 425 | 488 | 483 | 396 |
- Including €10k remuneration for being a member of the Supervisory Board of Catz International
- Mr Gottesman retired as Non-Executive Director as of 26 April 2024
- Ms Vandeputte resigned as Non-Executive Director as of 1 January 2026
Share ownership Board of Directors
As at 31 December 2025, the following Board members directly or indirectly owned Acomo shares: Bernard Stuivinga (40,595), Machtelt Groothuis (3,000), Bert Meulman (2,237,770), Jan Niessen (4,000,000) and Allard Goldschmeding (25,000).
In line with the Dutch Corporate Governance Code, these shares are held as a long-term investment.
No loans, advances or guarantees were granted to the Board. No share options were granted to the Non-Executive Directors of the Board. The remuneration of the Non-Executive Board members is not dependent on the results of Acomo or affected by a change of control in the Group.
Risk management and control
Risk management and control systems
Introduction
The effectiveness of the internal risk management and control systems is a fundamental component of the Group’s ability to achieve its strategic objectives. It serves to preserve Acomo’s overall financial strength, thereby protecting the interests of stakeholders, while ensuring the Company's capacity to operate as a going concern. At the same time, it underpins the generation of sustainable, long-term returns. This chapter provides an overview of the Group’s internal risk management and control systems, outlining the systems, processes, and governance structures that support resilience and long-term value creation.
The Executive Directors are responsible for establishing and maintaining adequate internal risk management and control systems. During the financial year, the Executive Directors have assessed the design and effectiveness of these systems, and the results have been discussed with the Audit Committee, the Board, and the external auditor.
The Executive Directors recognize the inherent limitations of internal risk management and control systems. Whilst the Group continuously works towards improving its processes and procedures, these systems cannot provide absolute certainty that all risks have been identified or are effectively managed.
The level of certainty that they provide is influenced by, among other things, inherent limitations to risk management, business considerations such as the Company's risk appetite, the complexity of the Group's operations, and the dynamic nature of the business environment.
Certain risks remain outside Acomo's direct control, as they depend on third parties or external circumstances beyond the Group's influence. The principal risks the Group faces, the Group's risk management framework, risk assessment and the risk appetite are described in this chapter.
Risk management framework
Acomo’s risk management approach is based on the COSO framework. The elements of Acomo’s risk management system are the following:
Control environment:
Organizational culture based on entrepreneurship, reliability, integrity and accountability;
Acomo Group policies including as governance to the Group;
Embedded risk management in the business processes of the operating entities.
Risk assessment and control activities:
Assessing identified risks based on probability and impact;
Implementation of a Group-wide internal control framework at Acomo operating company level (financial, non-financial, compliance and operational risks), coordinated by the Group Internal Control function.
Monitoring, information and communication:
Reporting financial and non-financial information;
Monitoring reviews business and financial performance;
Periodical reviews on health, safety, environmental, and quality;
Regular review meetings at a corporate and operating entity level;
Performing Group-wide internal audits;
Annual management letter sign-off by operating entity management.
For the financial year 2025 and onwards, the new Risk Management Statement (Verklaring Omtrent Risicobeheersing, hereafter: 'VOR') for Dutch listed companies was introduced, as provided for by the revised 2025 Dutch Corporate Governance Code.
The VOR requires an assessment of the effectiveness of the risk management and control systems in relation to the operational, compliance and reporting (financial and non-financial) risks during the past financial year. The following steps were taken to perform the assessment:
Establishing the foundational elements: Defining the level of certainty and risk appetite to set the criteria for the assessment;
Evaluating the existing activities against established criteria: Evaluating current risk management, internal control, and assurance activities against the established criteria to assess their effectiveness in risk mitigation and identify potential gaps;
Determining conclusion: Concluding based on the assessment for in-scope risks whether the intended level of certainty is achieved and creating development areas where gaps have been identified;
Developing a risk statement: that reflects the results from the assessment performed.
The results of the assessment as undertaken by the Group Internal Audit function were presented and discussed with the Executive Directors, and they will be informed on a continuous basis of the ongoing monitoring process. There were no major failings in the internal risk management and control systems assessment as observed in the financial year.
Oversight of the internal risk management and control systems were discussed with the Audit Committee during the scheduled meetings throughout the year. The Audit Committee reported to the Board of DIrectors on the substantiation of the VOR statement. The VOR assessment was also discussed with the external auditor of the Acomo Group.
Group Internal Audit
The Group Internal Audit function provides independent and objective assurance and advisory services to help strengthen governance, and internal risk management and control systems. In doing so, Group Internal Audit supports the Board and senior management in protecting the stakeholders, assets, reputation, and sustainability of the Acomo Group.
The Audit Committee reviews and approves the annual risk-based internal audit plan. The Audit Committee is regularly updated on delivery of the internal audit plan, relevant observations noted, and the progress on the implementation of recommendations and agreed management actions.
The internal audit plan is developed through top-down discussions with senior management and bottom-up independent risk assessments of Group Internal Audit. Internal Audit also performs reviews at the direction of senior management and the Board.
Group Internal Audit’s work focuses on evaluating whether relevant controls are designed adequately and operating effectively to mitigate key risks. The role and functioning of the Group Internal Audit function are regularly discussed by the Audit Committee. The Audit Committee has concluded that the Group Internal Audit function remains effective.
The Group Internal Audit function formally reports to the Audit Committee and has a direct reporting line to the Chair of the Board of Directors.
Risk assessment
The assessment of our principal risks, according to exposure and impact, is detailed on the following pages. This section describes our approach and efforts which seek to manage and mitigate risks. Risks are, however, by their very nature uncertain. Depending on the nature of events, our policies, standards and procedures may not always have intended effect of limiting the impact or occurrence of a risk.
The diversification of Acomo’s food ingredients portfolio, geographical and market spread, is a source of mitigation for many of the risks the Company faces.
Acomo defines a principal risk as a risk or combination of risks that could seriously affect the performance, future prospects or reputation of the Group. These include those risks which would threaten the business models, future performance, solvency or liquidity of the Group. The principal risks are described in this Annual Report. However, this description is not exhaustive and risk management and control systems do not offer an absolute guarantee against future losses or mistakes.
To the extent that any of these risks materialize, they may affect the Group’s current and future business and prospects, financial position, liquidity, asset values, growth potential, reputation, and sustainable development (including impact on food safety, the environment, and aspects of social responsibility), among other matters.
Acomo classifies its principal risks into the following risk categories:
Strategic |
Operational |
Compliance |
Financial |
Risk appetite
Acomo’s willingness to assume risks and uncertainties (the risk appetite) is different for each risk category. The level of the Company’s risk appetite gives guidance as to whether Acomo should take measures to control such uncertainties. Acomo’s risk appetite varies by risk category and by type of risk.
The Group categorizes its risk appetite as follows:
Averse |
Minimal |
Cautious |
The potential impact and likelihood of the principal risks are assessed in comparison to prior year.
Impact |
Likelihood |
Summary
The table on the right shows the principal risks per risk category, including the risk appetite, impact and likelihood per risk, and the changes compared to prior year.
Principal risks | Risk appetite | Impact | Likelihood | 2025 vs 2024 |
|---|---|---|---|---|
Strategic | ||||
| Cautious | Low | Possible | Stable |
| Cautious | Medium | Possible | New |
Operational risks | ||||
| Minimal | Medium | Possible | Stable |
| Averse | Medium | Possible | Stable |
| Minimal | Medium | Likely | Increase |
| Cautious | Medium | Likely | Stable |
| Averse | Medium | Possible | Stable |
Compliance and Human Resources | ||||
| Averse | Medium | Possible | Stable |
| Cautious | Medium | Possible | Stable |
| Averse | Medium | Possible | Stable |
Financial risks | ||||
| Minimal | Low | Likely | Stable /Increase |
| Averse | High | Possible | Stable |
| Minimal | Low | Possible | Stable |
| Minimal | Low | Possible | Stable |
Risk overview
This overview provides a detailed analysis of each of the principal risks with the corresponding mitigation, controls, actions, and other factors.
The sequence of risks does not reflect an order of importance, vulnerability or materiality. This overview is not exhaustive and should be considered in connection with forward looking statements. There may be risks not yet known to the Group or which are currently not deemed to be material. Furthermore, the careful identification of risks and implementation of mitigating measures cannot guarantee that activities will not be (materially) affected by one or more of the risk factors described on the following pages.
Risk category | Risk description | Mitigating factors or controls |
|---|---|---|
Strategic | Heightened competition and vertical integration | |
|
| |
Acquisition and integration risk | ||
|
| |
Operational | Supply, demand and prices of natural food products | |
|
| |
Food safety and recall risks | ||
|
|
Risk category | Risk description | Mitigating factors or controls |
|---|---|---|
Operational | Geopolitical risks | |
|
| |
Climate risks | ||
|
| |
Cyber risks | ||
|
|
Risk category | Risk description | Mitigating factors or controls |
|---|---|---|
Legal, Compliance and Human Resources | Laws and regulations, anti-corruption and bribery | |
|
| |
Inability to attract, develop and retain talent | ||
|
| |
Health, safety and environmental risks | ||
|
|
Risk category | Risk description | Mitigating factors or controls |
|---|---|---|
Financial | Volatility of foreign currencies | |
|
| |
Liquidity risk | ||
|
| |
Interest rate risk | ||
|
| |
Credit risk | ||
|
|
General
[SBM-1] Acomo's sustainability strategy
Acomo is the leading partner in plant-based ingredients solutions in conventional and organic specialty markets. Our mission is to build routes to healthier foods by creating pathways that connect natural ingredients from origins to consumers’ tables worldwide. We are convinced that a balance between people, planet and profit is essential to long-term value creation. Our customers rely on our capacity to deliver sustainable products. As a result, our Company strategy and sustainability strategy are closely interlinked. We play a connecting role in the food value chain, empowering us to build bridges between suppliers and customers and improve sustainability while providing value-added solutions. Together with our partners, we invest in business innovation and build more sustainable value chains to achieve our goals of environmental protection, social equity, and good governance.
Based on our Company strategy we have linked the most relevant material sustainability matters to our strategic pillars. In 2025, Acomo updated its value-creation tree to better reflect the strategic elements that drive our long-term ambition. The trunk of the tree represents scale, which strengthens our ability to operate efficiently, manage external challenges, and remain a reliable partner to suppliers and customers. The branches reflect the core areas through which we create value and our four strategic pillars: a diversified plant-based portfolio, resilient and responsible supply chains, value-adding capabilities such as blending and processing, and the contribution of our people, who are central to our success. The roots symbolize the values that guide how we operate – entrepreneurial drive, reliability, and acting responsibly – while the soil represents the ESG fundamentals underpinning our business.
Together, these elements form the framework through which we operationalize our strategic vision: to be the leading partner in plant-based food ingredients in both conventional and organic specialty markets. In doing so, we aim to advance our mission of building routes to healthier foods.
The four strategic areas of focus and the ESG foundation correspond to our material sustainability impacts, risks, and opportunities reported within the chapters of this sustainability statement. They support our efforts to deliver the sustainability strategy while contributing to a resilient business. For schematic information on the areas, including indicators and targets, please see the sustainability strategy matrix.
For more information on the strategy, business model and value chain of Acomo refer to the chapter How we create value.
Acomo can be characterized as a diversified global company, based on the entities owned, the product portfolio as well as the extensive sourcing networks and customer-base. The product range encompasses over 600 plant-based, natural and healthy products. To avoid or minimize the impact of disruptions to the supply chain, products are sourced across many countries of origin. Given the diverse product portfolio and geographic reach where products are cultivated and sourced, the sustainability matters and how they are addressed through the sustainability strategy differ per product (category) and per specific supply chains of these products. As an illustration, larger product categories such as tea or nuts only account for around 5-10% of the Company sales covering a wide range of products and sourcing origins, whereas individual products such as cocoa or coffee also account for around 5-10% of the sales. This means that impacts, risks and opportunities are assessed based on the products, geographies and supply chains to which they are applicable and that the impacts, risks and opportunities that are identified as material, are material for Acomo from a consolidated perspective. Acomo is further developing and fine-tuning its high-risk and high-impact approach on the various sustainability matters to deal with this business context in a sound and targeted manner.
The global economic and regulatory landscape continues to evolve, marked by ongoing political and economic shifts. A strategic approach is therefore crucial in navigating the impacts, risks and opportunities that affect our sustainable long-term value creation potential.
We are seeing an increase in regulations, including sustainability, which will have a strategic impact. At the same time, the regulatory landscape is not only expanding but also changing rapidly, for example through amendments such as the CSRD ‘quick fix’ and Omnibus adjustments, which require organizations to act and adapt quickly. Novel laws coming into place, e.g. the CSRD, EUDR, and CSDDD, will transform the competitive landscape and drive change across the food and beverage industry. These laws and regulations require traceability and transparency. Acomo will be required to execute thorough assessments along its full supply chain and will have to integrate due diligence into all its corporate policies, targets and actions.
Acomo has set several targets as part of the sustainability strategy and corresponding target-setting process over the last years. The first set of targets was published in 2022, when Acomo amended and extended its main financing agreement. The parties initiated the inclusion of sustainability-linked features into the agreement, which were made effective as of 28 August 2023. This first set of sustainability targets serves as a basis for further target setting on the material sustainability matters, while additional metrics might be created to measure and track our performance against the targets. Action plans will also be developed to showcase how we plan to achieve success on the targets and across the different companies. Finally, we are enhancing our governance structures with the goal of building a more responsible and resilient company.
The current sustainability targets are specified below:
Diversified plant-based portfolio
2030: 100% GFSI certified own operations;
2030: 90% GFSI certified third party operations.
Resilient & responsible supply chains
2030: 100% signed Supplier Code of Conduct;
2030: 100% high-risk suppliers audited.
Environmental
2030: 40% GHG emissions (Scope 1 & 2) reduction (versus baseline 2022);
2030: 100% renewable electricity;
2030: 60% waste separation (not related to a material IRO).
Social
2030: 30% women in senior management positions.
[GOV-1, GOV-2] Sustainability governance
Acomo has put in place governance processes, controls and procedures to monitor, manage and oversee the execution of the sustainability strategy. In general, the governance approach includes:
Establishing clear responsibilities and accountabilities for our governance bodies;
Maintaining strong risk identification and management processes;
Putting in place a clear framework of policies to guide our operations;
Embedding sustainability into our governance, to ensure that environmental and social factors are considered in our business decision making;
Engaging with our stakeholders inside and outside the business and conducting a regular double materiality assessment.
The Board of Directors and the management of each operating company are responsible and accountable for the effective implementation of policies across the Group and towards all relevant and affected stakeholders. Within Acomo the key roles, responsibilities and accountabilities for sustainability are as follows:
The Board of Directors formally approves our sustainability strategy. Within the Board there is a broad range of competencies including ESG.
The Sustainability Committee is chaired by a non- executive director and is responsible for the Group sustainability framework. The committee ensures that sustainability remains a key focus for the Group and is integrated across the organization. The committee was formalized in September 2024 and met twice in 2025. The first meeting focused on SBTi, and lessons learned from the limited assurance trajectory of 2024-2025. The second meeting aimed to validate the double materiality update results and discussed sustainability performance.
The Sustainability Managers play a central role in managing sustainability efforts by executing the strategy and ensuring alignment with corporate priorities. They embed sustainability into the individual Acomo companies, integrating sustainability considerations into business processes while engaging stakeholders to address impacts, risks, and opportunities (IROs). Their ESG expertise ensures that the Group focuses on materially impactful activities, compliance with sustainability frameworks and transparency in reporting. While individual Acomo companies manage their own sustainability agendas, the Sustainability Managers of the companies ensure alignment with the overarching Group direction.
The Group Sustainability Team steers the practical implementation of the strategy, focusing on the development of sustainability policies, action programmes and communications. With their expertise on the sustainability matters, the team members empower all our Group companies and employees across our business to lead and deliver on our strategic ambitions. The end responsibility for this lies with the Group Sustainability Manager, who is also part of this team. The team consists of sustainability specialists from the Group's companies, ensuring local expertise and alignment with Group-wide goals through knowledge sharing and collaborative projects. The formation of this group was initiated in 2024, and started with quarterly meetings in the second half of 2025 and is still in the process of formalizing and further developing its approach and structure.
The section Roles and responsibilities explains the responsibility of the Board and non-executive directors regarding the sustainability matters and more information can be found in the Corporate Governance chapter. In 2025, sustainability remained a standing agenda item in all Board meetings, ensuring the Board and non-executive directors were consistently informed about the material IROs and sustainability progress.
[GOV-3] Incentive schemes
Details on the integration of sustainability-related performance in incentive schemes are incorporated by reference to the Remuneration Policy, published on the Acomo website, and the Remuneration Report, pages.
Sustainability-related performance is integrated into the incentive schemes of the Executive Directors of Acomo. The purpose of the long-term incentive plan is to retain key personnel, and to drive long-term sustainable value creation for Acomo and its shareholders and other stakeholders. The metrics are aligned with Acomo’s mission to build routes to healthier foods by creating pathways that connect natural ingredients from origins to consumers’ tables worldwide.
[GOV-4] Statement on due diligence
The table below provides a map to the information provided throughout our sustainability statement about our due diligence processes and their application.
Core elements of due diligence | Sections in the sustainability statement |
|---|---|
a) Embedding due diligence in governance, strategy and business model |
|
b) Engaging with affected stakeholders in all key steps of the due diligence |
|
c) Identifying and assessing adverse impacts |
|
d) Taking actions to address those adverse impacts |
|
e) Tracking the effectiveness of these efforts and communicating |
|
[GOV-5] Risk management and internal controls over sustainability reporting
For a comprehensive description of our risk management and internal control system in relation to sustainability reporting, including its scope, key components, risk assessment approach, identified risks and mitigation factors or controls, and governance, please refer to the Risk management and control chapter.
Risk management and internal controls over sustainability reporting are dependent on the area of reporting, as multiple internal functions contribute to our sustainability reporting, depending on the topic.
In 2025, we introduced a Group-wide internal control framework, including controls over sustainability reporting as part of our internal risk management and control systems. An assessment was performed by the Group Internal Audit function and the results of this assessment on the risk management and control systems over sustainability were presented and discussed with the Executive Directors of the Acomo Group. No major deficiencies in the internal risk management and control systems related to sustainability were identified during the financial year. More information about our identified risks, how we manage and mitigate these risks can be found in the Risk management and control chapter.
In addition, similar to prior years, an assurance readiness project for sustainability KPIs was conducted by the Group Internal Audit. The project aimed to ensure that the reported non-financial information by operating entities are CSRD compliant, as part of the limited assurance engagement.
Oversight of internal risk management and control systems related to sustainability was discussed with the Audit Committee during its scheduled meetings throughout the year. The Audit Committee reported on this oversight to the Board of Directors and discussed relevant matters with the external auditor of the Acomo Group.
[BP-1] Basis for preparation
The sustainability statement is prepared in accordance with the ESRS issued by the European Financial Reporting Advisory Group (EFRAG), as adopted by the EU and proposed for implementation in the Dutch national legislation. The scope of the information in the sustainability statement covers ACOMO N.V. A full list of entities included in Acomo’s Annual Report can be found on page . The entities that Acomo reports on financially are the same as those it reports on non-financially within the sustainability statement, except for Manuzzi S.r.l. that became part of the Group as of 17 November 2025. Due to the limited size of the company and the recent period of integration within the Group, Manuzzi S.r.l. is judged immaterial. The entity is therefore not included in the 2025 sustainability statement, and relevant baseline values are not changed.
Acomo reports both financial and non-financial information in its Annual Report, covering the period between 1 January and 31 December of the year preceding publication. The non-financial information is based on a review of ESG developments and performance in 2025 and concerns matters identified as material for Acomo based on a double materiality assessment (DMA). This serves as the starting point to determine which material information needs to be disclosed in the sustainability statement and covers both Acomo’s own operations as well as its upstream and downstream value chain.
All data points included in the Environmental (E), Social (S), and Governance (G) sections have been considered material following the DMA process. Please refer to the DMA methodology and limitations to the scope. For ESRS E1, the principle of operational control is applied, ensuring that the boundaries for environmental data align with the areas where Acomo exerts direct operational influence. All greenhouse gas data points (GHG Scope 1, 2 and 3) are reported using the principles from the Greenhouse Gas Protocol. As Acomo falls under the CSRD ‘quick fix’, it has opted to continue omitting several datapoints for ESRS S1 as permitted under Appendix C of ESRS 1. For 2025, Acomo maintains the same reporting scope for ESRS E4 and ESRS S2 as in the previous reporting year. None of the metrics and measurements within the disclosures are validated by an external body other than the assurance provider unless specified.
[BP-2] Disclosures in relation to specific circumstances
Statement on minimum disclosure requirements for impacts, risks and opportunities
As Acomo has prepared this report in accordance with the ESRS, it includes the minimum disclosure requirements related to policies, actions, and targets for managing material sustainability matters. In some cases, Acomo has not yet established specific policies, measurable targets, or detailed action plans for certain material impacts, risks, and opportunities (IROs). Additionally, for some existing targets, not all minimum disclosure requirements are implemented such as interim milestones or defined resource allocations. Where such gaps exist, Acomo has disclosed the current status and is actively working towards addressing them. More detailed information on each material IRO and its management approach is provided in the relevant chapters of this report.
Estimates and judgements
In preparing our non-financial disclosures, we rely on assessments and estimates for reporting certain data points, specifically for Scope 3 emissions. These estimates are regularly reassessed based on new information, industry developments and evolving ESG reporting standards. Any changes in estimates are recognized in the period they are revised. In addition, judgements are made in the application of Acomo’s reporting principles to ensure alignment with these evolving standards. For detailed information on the key estimates, judgements, and assumptions applied, please refer to the reporting principles applicable to the data or information within the individual topical standard disclosures.
Restatements and revisions
Restatements are made when errors or omissions in data significantly impact the relevance, reliability or comparability of the disclosed information. Adjustments to non-financial data reported in the prior year are evaluated, where applicable, against defined thresholds to determine whether restatement of comparative information is necessary, in line with ESRS 1 paragraphs 96–101. Restated numbers are clearly indicated, with explanations provided for the reasons behind the restatement, including the nature and scope of the adjustment.
Revisions are made when estimates, judgements or assumptions need to be revised based on identified new information. Any adjustments to prior period figures are disclosed to ensure transparency and comparability across reporting periods, unless it is impractical to change the prior year figures. When it is impracticable to adjust comparative information, this fact is disclosed.
The 2024 and 2023 waste separation figures on page have been restated due to calculation errors.
The 2024 and 2022 Scope 1 & 2 emission figures on page have been restated, due to application of incorrect emission factors. The emissions factors now used reflect the actual physical electricity mix of the regions in which we operate and exclude well-to-tank (WTT) and upstream emissions.
Disclosure requirements and incorporation by reference
In presenting the sustainability statement, ESRS disclosure requirements are incorporated by reference to other sections of the Annual Report. For full incorporation by reference we refer to the Reference table on page .
Use of phase-in provisions
Acomo has chosen to continue using the transitional provision in ESRS 1:137 allowing for phasing-in certain datapoint disclosures, more specifically encompassing E1 (E1-9), E4 (E4-6), S1 (S1-7, S1-11, S1-12, and S1-14 regarding non-employees), and SBM-1 40b. This is in accordance with "Commission delegated regulation (EU) 2025/1416".
[SBM-2] Stakeholders dialogue
While Acomo sees opportunities to create broad, positive impact, we also recognize the limitations of a single company in the face of social and environmental challenges. Hence, we seek collaboration with our stakeholders to maximize our impact and realize practical solutions. We engage with internal and external stakeholders to develop our business and to ensure we have a positive impact on society. Stakeholder engagement is critical to delivering our vision and our strategies, and stakeholder views are a key input in our materiality assessment on sustainability.
We engage, build partnerships, and collaborate with a wide range of stakeholders. As part of the 2025 DMA update, Acomo reviewed and refined its stakeholder universe to ensure continued accuracy and relevance. Two stakeholders, 'Media' and 'Society', were removed as they are now better represented through other categories such as 'NGOs' and 'Communities in the value chain'. One stakeholder, 'Communities in the value chain', was newly added as a distinct key stakeholder. The list was further clarified by renaming several stakeholder types for consistency with sector practice (for example, 'Suppliers and contractors' became 'Farmers, suppliers and contractors', and 'Branch organizations' became 'Industry associations').
The revised stakeholder mapping also distinguished seven stakeholder groups: (1) Group entities and internal stakeholders, (2) Investors and financial stakeholders, (3) Suppliers and business partners, (4) Customers, (5) Communities and society, (6) Rating and benchmark agencies, and (7) Governments and institutions. For this years’ DMA update and stakeholder engagement exercise, engagement priority was maintained for stakeholders selected as “partner with” and “involve and consult”.
Stakeholder Group | Key Stakeholder | Engagement | Outcome |
|---|---|---|---|
Group entities and Internal stakeholders | Employees | Day-to-day contacts | Contributing to a sustainable workplace and working life |
Board of Directors | Board meetings | Supervision of strategic direction and risk management | |
Operating companies | Day-to-day contacts | Strategic alignment | |
Investor & Financial stakeholders | Shareholders | Annual General Meeting of Shareholders | Shareholder returns |
Financial institutions | Financing agreements | Transparent reporting | |
Suppliers & Business Partners | Funds | Financing of sustainability projects | Contributing to local initiatives |
Suppliers & Contractors | Technical visits and meetings | Fair and equitable transactions | |
Industry associations | Membership (operating companies) | Developing industry knowledge on different subjects | |
Customers | Customers | Security of supply | Fair, equitable and reliable commercial relationships |
Communities & Society | NGOs | Dialogue with local, regional and national stakeholders | Promote fair trade, healthy and sustainable food |
Communities in the value chain | Local supplier engagement via cooperatives | Supporting local livelihoods through fair, responsible sourcing practices | |
Education & Research | Participation in programs and sessions | Expertise and knowledge sharing | |
Rating & benchmark agencies | Rating & Benchmark | Ratings | Enabling investors to exercise their choices in line with different criterias |
Governments & institutions | Governments & institutions | Periodic meetings, disclosures | Compliance with regulations and standards |
Acomo considers the outcomes of the stakeholder engagement in various ways, such as by translating them to operational business considerations and actions or including them in strategic (re)orientations.
Examples of these are updated policies or additional communication to employees, improvement and action plans with suppliers, product introductions or improvements with customers, responses to investor queries, or participation in sustainability projects with NGOs.
In addition to structured stakeholder engagements, such as those conducted during the DMA update, Acomo maintains a continuous dialogue with stakeholders. This ongoing engagement helps us understand stakeholders' perspectives on the changing business environment and how they affect the long-term purpose and strategy of Acomo. The Board of Acomo is actively involved in these stakeholder dialogues, ensuring stakeholder perspectives are embedded in strategic and business model decisions. We seek to align our stakeholder engagements with our commitment to sustainability. Accordingly, we communicate the interests and concerns of affected stakeholders regarding our sustainability impacts to our Sustainability Committee in regular committee meetings.
An example of how Acomo amends its strategy and business model to address the interests and views of its stakeholders is the Sustainability Improvement Loan (SIL). In 2022, Acomo amended and extended its main financing agreement with its financial partners. The parties initiated the inclusion of sustainability-linked features into the agreement which were made effective as of 28 August 2023. In 2025, Acomo hosted its first Capital Markets Day, further strengthening its dialogue with professional and institutional investors on sustainability and long-term value creation.
[IRO-1] Double materiality assessment process
To ensure that we focus our ESG efforts and reporting on the topics that matter most for our business and our stakeholders, we regularly conduct a DMA. As in prior years, the DMA is coordinated by the Group Sustainability Team and engagement with key internal and external stakeholders is critical in this process.
Acomo’s last full DMA was completed in 2023. In 2025, a light update of this assessment was performed to confirm the continued validity of previously identified material impacts, risks, and opportunities (IROs) and to integrate relevant business and regulatory developments. It aligns with the Acomo overall risk management process as described in the chapter Risk management and control, but has the exclusive aim to serve as a basis for further ESG strategy development and reporting. The update followed the same methodological principles as the 2023 assessment, which takes into account all ESRS sustainability matters and forms part of Acomo’s ongoing DMA review cycle.
The 2025 update focused on three key elements:
Reconfirming the relevance of sustainability matters identified in 2023, considering internal and external developments such as the CSRD quick fix and the acquisition of Delinuts Nordics at the end of 2024;
Updating the stakeholder mapping (Phase 2) to reflect refined stakeholder categories, including the addition of communities in the value chain and the removal of media and society as standalone groups;
Re-evaluating selected IROs in light of stakeholder input, shifting customer expectations, and emerging regulations.
While the core DMA methodology remained unchanged, several refinements were introduced to stay up to date on stakeholder insights and market dynamics. In this light update, Acomo gathered input from internal and external stakeholders on relevant sustainability matters (environmental, social, and governance) and the related (actual/potential) negative or positive impacts, risks, and opportunities. As part of this DMA update, direct consultation with affected local communities was not conducted. Instead, perspectives of affected communities in the value chain were incorporated through engagement with a global non-governmental organisation that integrate community-level insights into their assessments. This approach provided structured insights into community-related topics. The result of the DMA forms the basis for strategy and decision-making regarding the management of the most material IROs related to the relevant sustainability matters.
Double materiality assessment methodology
The 2025 update consisted of the following phases:
Phase 1: Benchmarked peers and companies active in our segments, legislations and Delinuts Nordics with Acomo’s material sustainability matters.
Phase 2: The value chain map was revised, and no changes were made. Additionally, the list of stakeholders was refined, see [SBM-2] Stakeholder dialogue.
Phase 3: A series of interviews with key stakeholders were held to validate and challenge the current list of IROs and sustainability matters.
Phase 4: The full IRO register was reviewed by the Group Sustainability Team for any changes in scores and stakeholder feedback.
Phase 5: Relevant changes made to the material IROs were discussed and validated by the Sustainability Committee.
Consistent with previous year, the DMA is based on internal and external inputs through engagement with a range of (affected) key stakeholders. Stakeholders were selected by mapping them according to the type of interaction, differentiating stakeholders we keep informed; satisfied; involved & consulted; or partner with. For this light update, we included the following stakeholder groups: Group entities and internal stakeholders, Suppliers and business partners, Customers and Communities and Society. Interviewees were invited to provide general comments on the list of material sustainability matters and IROs along with conversational exploration of broader themes such as Acomo’s role in the supply chain, stakeholder expectations for future engagement, and emerging sectoral dynamics. Through these discussions and the supporting desk analysis, attention was given to upstream sourcing activities, value chain segments and regions where potential adverse impacts and risks are more likely to arise.
Relevant insights from the stakeholder dialogues were included in Acomo’s IRO register. Afterward, the Group Sustainability team conducted a systematic review of the IRO register. For each impact, risk, and opportunity, scores were reassessed based on three inputs: stakeholder feedback from interviews, benchmark analysis against peers and sector trends, and the team’s internal expertise, including reflections on prior years’ activities and developments within the entities. Minor adjustments were made to scoring and terminology to better reflect the Group’s expanding activities and regulatory context.
To determine the most material sustainability matters, it was required to choose an appropriate quantitative and/or qualitative threshold. This was done in 2023, as part of the first DMA. The scale of the materiality scoring ranged between 1 and 25. Acomo decided to opt for a threshold of ≥ 20, which entails that if an IRO related to a relevant sustainability matter has one or more IROs scoring 20 or higher for either impact materiality or financial materiality, the sustainability matter is considered material. No changes were made regarding the threshold in this update.
Acomo mapped the identified material sustainability matters against strategic pillars and the ESRS standards. This helps ensure we focus our efforts on the material IROs related to sustainability matters that are the most material to our business. IROs identified through the DMA are considered in Acomo’s overall management and strategic decision-making processes and inform management decisions related to value creation and long-term positioning.
[SBM-3] Double materiality assessment result
Material sustainability-related impacts, risks and opportunities
The tables on the next pages list the sustainability-related impacts and risks we have identified and assessed as material as a result of our DMA process. Most material IROs were validated and reassessed in our DMA update. One IRO was added as material under ESRS G1, namely 'Regulatory Sustainability Compliance Risks'. One IRO previously reported under ESRS G1, 'Continuous improvement of risk assessment in light of acquisitions', was removed, as it was reassessed as a general enterprise risk rather than a sustainability-specific risk. Lastly, one IRO 'Ensuring a healthy and safe work environment' was changed from a positive impact to a negative impact. This change can be observed in S1 - Own Workforce. All material IROs are covered under the ESRS framework. Although uncertain, the ESRS might potentially continue to evolve with sector-specific standards and updates. Hence, we anticipate that future assessments might incorporate additional data points as sector-specific guidelines become available.
Material IROs are reviewed and revised to support our commitment to future-proofing our organization. Some IROs may have current and anticipated effects on our business model, value chain, strategy, and decision-making processes, guiding us in adapting our approach and identifying areas for strategic growth. Nevertheless, it should be noted that although Acomo has identified several material risks and opportunities that (could) affect our financial position, performance, and cash flows, their precise financial impacts are still unknown and in need of further assessment. The same holds for a detailed analysis of the Company's strategy and business model related to its resilience in addressing material impacts, risks, and opportunities. However, Acomo recognizes the importance of such analyses and plans to conduct them in the future.
The Environmental, Social and Governance chapters provide brief descriptions of material IROs and how they affect Acomo, people and the environment. The chapters further elaborate on how these IROs emerge from our primary business activities and our broader value chain relationships, explaining our actions to address and manage these IROs and any corresponding adjustments to our business. Brief descriptions of the material IROs are included in the tables. More information on how we respond to the effects of our IROs is included in the topical sections.
Outcomes and looking ahead
Time horizons were inherently considered through the scoring parameters applied within our previous DMA, which integrate time-based criteria such as scale and likelihood. To remain consistent, no changes were made in the scoring parameters and definition for this light update, especially considering uncertainty around the Omnibus legislative changes and DMA guidance. We recognize that isolating time horizons as a separate factor in future assessments could enhance the precision of our reporting. This adjustment would allow for clearer differentiation between short-, medium-, and long-term impacts, risks, and opportunities, contributing to a more comprehensive understanding of how these elements interact with our strategy and business model. As we continue to refine our reporting practices, we aim to incorporate this more detailed approach to time horizons in the future, aligning with any updated DMA guidelines and ensuring they provide meaningful insights into the evolving nature of our impacts.
As a Group, we recognize that our operating companies have varying levels of maturity and structure in their due diligence systems. To accommodate this diversity, we have adopted a broad approach to identifying general risks across the Group, covering a range of profiles, e.g. those relevant to companies that source, trade, process, package, and distribute conventional or organic food ingredients. Looking ahead, we intend for the monitoring of IROs to be informed by the evolving due diligence mechanisms within our operating companies, leveraging their insights to strengthen the process. The identified IROs function as a dynamic list, continuously updated to reflect new insights, emerging risks, and improved due diligence practices across the Group.
E1 - Climate change | |||||||
|---|---|---|---|---|---|---|---|
Sustainability matter | # | Description | Impact / Financial materiality | Actual or potential positive / negative impact | Time | ||
Climate change | GHG emissions (Scope 3) | Impact materiality | 6 | Medium to | |||
Climate change | Plant-based products | Impact materiality | 2 | Short to | |||
E4 - Biodiversity and ecosystems | |||||||
|---|---|---|---|---|---|---|---|
Sustainability matter | # | Description | Impact / Financial materiality | Actual or | Time | ||
Nature & Biodiversity | Land-use change and deforestation in agricultural practices | Impact materiality | 6 | Short to | |||
Nature & Biodiversity | Safeguarding biodiversity through certification | Impact materiality | 3 | Short to | |||
Nature & Biodiversity | Plant-based products | Impact materiality | 2 | Short to | |||
S1 - Own workforce | |||||||
|---|---|---|---|---|---|---|---|
Sustainability matter | # | Description | Impact / Financial materiality | Actual or | Time | ||
Talent attraction, retention, and development | Employee satisfaction | Impact materiality | 3 | Short | |||
Diversity & inclusion | Lack of diversity and representation at management level | Impact materiality | 5 | Short to | |||
Diversity & inclusion | Unconscious bias in recruitment processes | Impact materiality | 5 | Short | |||
Diversity & inclusion | Safe and inclusive workplace | Impact materiality | 3 | Short to | |||
Safe and secure working conditions | Exposure of workers to unsafe or unhealthy working conditions due to varying health and safety standards | Impact materiality | 6 | Short | |||
S2 - Workers in the value chain | |||||||
|---|---|---|---|---|---|---|---|
Sustainability matter | # | Description | Impact / Financial materiality | Actual or potential positive / negative impact | Time | ||
Human rights and fair labour practices in the value chain | Human right risks in complex supply chains | Impact materiality | 5 | Short to | |||
Human rights and fair labour practices in the value chain | Safeguarding fair labour conditions through certification | Impact materiality | 3 | Short to | |||
S4 - Consumer and end-users | |||||||
|---|---|---|---|---|---|---|---|
Sustainability matter | # | Description | Impact / Financial materiality | Actual or potential positive / negative impact | Time | ||
Health & nutrition | Potential health benefits of healthy and nutritious (organic) food products | Impact materiality | 2 | Short to | |||
Health & nutrition | Expanding a healthy product portfolio | Financial materiality | 8 | Short to | |||
Product quality & food safety | Robust food safety programs | Impact materiality | 3 | Short to | |||
Product quality & food safety | Frontrunner on food safety and quality | Financial materiality | 8 | Short to | |||
Product quality & food safety | Increasing regulations and contractual liability on food safety | Financial materiality | 7 | Short to | |||
Product quality & food safety | Organic certification warrants integrity and high-quality products | Impact materiality | 3 | Short to | |||
Product traceability & transparency | Organic certification warrants traceable practices | Impact materiality | 3 | Short to | |||
G1 - Business conduct | |||||||
|---|---|---|---|---|---|---|---|
Sustainability matter | # | Description | Impact / Financial materiality | Actual or | Time | ||
Responsible corporate governance & ethics | Potential irregularities related to corruption and bribery | Impact materiality | 6 | Short to | |||
Responsible corporate governance & ethics | Regulatory sustainability compliance risks | Financial materiality | 7 | Short to | |||
Environmental
ESRS E1 - Climate Change
Businesses impact climate change, while climate change affects businesses. Within this sustainability statement, Acomo addresses climate change mitigation. Climate change mitigation relates to the Group's efforts to help limit the increase in the global average temperature to 1.5 °C above pre-industrial levels, in line with the Paris Agreement.
[IRO-1] Material impacts, risks and opportunities
In its double materiality assessment, Acomo identified both a material negative and a positive impact of its core operations and value chain on climate change. While Acomo contributes positively through our plant-based product portfolio that provides low-carbon products and alternatives to consumers, our activities also generate direct (Scope 1 & 2) and indirect greenhouse gas emissions (Scope 3).
Sustainability matter | # | Description | Impact / Financial materiality | Actual or potential positive / negative impact | ||
|---|---|---|---|---|---|---|
Climate change | GHG emissions (Scope 3) | Impact materiality | 6 | |||
Climate change | Plant-based products | Impact materiality | 2 |
[SBM-3] Interaction with strategy and business model
Acomo companies are primarily engaged in agricultural products through their sourcing and trading activities. Hence, a negative impact through Scope 3 emissions is an inherent aspect of our business model. This negative impact arises mainly from the agricultural stages in our upstream value chain, where we have limited operational control. Other significant Scope 3 emissions are related to the transport of goods between the various links within the value chain.
Leading health organizations, including the World Health Organization, recommend a more plant-based dietary pattern and reduced consumption of animal foods as the single most crucial contribution to meaningfully reducing agriculture’s contribution to global food insecurity and climate change. Acomo accelerates this protein transition by enhancing access to safe and healthy plant-based food ingredients. In 2025 the Dutch Health Council revised the guidelines for dietary patterns and protein sources. The new 2025 dietary guidelines for protein sources contain concrete recommendations for a shift to a more plant-based diet. Compared to the current Dutch diet, the guidelines primarily advocate the consumption of less meat and more legumes and nuts. This is beneficial for public health because it reduces the risk of chronic diseases. Moreover, it leads to a lower environmental impact. These recommendations are emphasized in the Nordic Nutrition Recommendations 2023. The priority interventions suggested are to reduce meat and dairy consumption as well as increase the consumption of legumes/pulses, whole grains, vegetables and fruit, vegetable oils, and nuts and edible seeds. Nuts and edible seeds are important in plant-based diets as they have low GHG emissions and high nutrient density.
Next to transitional risks, at this point in time, Acomo has not identified climate-related physical risks to its business operations that would necessitate a climate resilience analysis. As a trading company, Acomo maintains adaptability in supply chains, enabling adjustment to sourcing locations and partners in response to changing environmental conditions. Due to our diverse product portfolio and extensive sourcing networks, our inherent flexibility allows us to continue operations without significant disruptions, supporting business resilience in the face of potential climate impacts.
[GOV-3] Integration in incentive schemes
Sustainability-related performance is integrated into the incentive schemes of the executive directors of Acomo. 30% of the variable bonus is determined by a number of qualitative and quantitative business improvement targets focused on long-term value creation. These elements include driving the ESG agenda. Nevertheless, the performance has not been directly assessed against the GHG emission reduction targets of the Company. The existing GHG emission reduction targets (Scope 1 & 2) are part of the Sustainability Linked Loan. The performance on the KPIs of the Sustainability Linked Loan are considered within the remuneration of the Executive Directors of Acomo.
[E1-1] Transition plan
Acomo operates in a world undergoing climate change and significant environmental degradation. GHG emissions are an important indicator for measuring the environmental impact. The most material emission categories for Acomo companies are purchased goods and services and (upstream) transportation. A majority of the GHG emissions within those indirect Scope 3 categories relates to the agricultural activities in the supply chain.
Although the Scope 3 emissions are material to Acomo compared to the Scope 1 and 2 emissions, our current actions are primarily focused on Scope 1 & 2 reductions as a reflection of the state of progress and as these emissions are in our sphere of control. Actions have already been taken and further improvements are ongoing on Scope 3 emission reductions.
Acomo has not yet created and published a transition plan for climate change mitigation. In its Annual Report 2024 Acomo published a Group-wide Scope 3 calculation, in addition to its existing Scope 1 & 2 calculations, for the first time. Based on the insights from this calculation, Acomo did assess and discuss the full requirements of a SBTi commitment and its impacts for the Group in 2025.
A SBTi commitment was done by one of the entities, Delinuts B.V., in 2025. Learnings from this SBTi process of commitment, assessment, target setting and validation will be used to set SBTi aligned targets for the Group.
Acomo will create a more targeted approach within the supply chains by setting Scope 3 reduction targets and creating carbon reduction plans for the material emission categories next year. Following the SBTi commitment, Delinuts started drafting a transition plan in 2025. This plan needs to be submitted, together with the targets, for validation by SBTi within 24 months after the date of commitment. In 2026, Acomo will use the learnings from this process to start similar trajectories for the other entities, resulting in a Group-wide transition plan.
[E1-2] Policies
Acomo acknowledges its responsibility to mitigate and reduce both direct and indirect negative environmental impacts arising from its operations and across the value chain. The Acomo Environmental Policy serves as the foundation for all Acomo companies, setting guidelines to minimize ecosystem impacts where we operate, and applies universally across our operations, contractors, and supply chain partners. The Acomo Environmental Policy is available for stakeholders on the Acomo website. Policy implementation is led by the individual companies, ensuring comprehensive application. Specifically, to address our negative impact through greenhouse gas emissions, Acomo commits to:
Measuring and analyzing the carbon footprint of our business activities as part of our broader climate change mitigation and adaptation efforts.
Implementing energy efficiency measures within company facilities and promoting efficient energy use across all business activities.
Acomo has not yet set a policy, action programme and targets on the impact of plant-based products. These will be determined in the coming years as part of the further expansion of the corporate (sustainability) strategy.
[E1-3] Actions
While the direct environmental footprint of Acomo companies is relatively small, we make a conscious effort to further reduce it. Acomo measures the energy consumption in our own processing facilities and has created baselines to understand its impact on the environment, identify energy saving opportunities, and communicate improvements. In 2025, several actions were initiated by the Acomo companies on the decarbonization levers of energy efficiency and renewable energy aiming at the reduction of Scope 1 & 2 GHG emissions.
Main actions were focused on our most energy intensive operations within Red River Commodities and Tradin Organic:
In addition to the North Dakota facilities, Red River Commodities started purchasing Renewable Energy Certificates for the electricity consumption of the facility in Lubbock, Texas (USA) per March 2025.
The sunflower oil factory of Tradin Organic in Bulgaria purchased renewable electricity in 2025.
Per July 2025 the cocoa factory of Tradin Organic in Middenmeer (NL) switched to renewable electricity by purchasing Renewable Energy Certificates.
Other actions were focused on smaller operations within the Group. At the warehouses of King Nuts & Raaphorst another 452 solar panels were installed. The innovative RABLE system was applied to enable Photo Voltaic (PV) systems on the 2 warehouse roofs. The RABLE system is a self-supporting, ballast-free mounting structure for solar panels that distributes the load of the PV system, making installation possible on structurally weak roofs. The PV systems are expected to generate 210 MWh, providing more than half of the electricity required for the warehouse operations. For more information on this project, please see page .
Although actions were focused on reduction of Scope 1 & 2 GHG emissions, some first Scope 3 emission reduction initiatives are taken within the Group. Examples of these are:
Tradin Organic is supporting coconut sugar producer families in Indonesia with fuel efficient cookstoves for processing nectar to coconut sugar as part of a three-year programme (2025-2028). The initiative originates from the ambition to replace current inefficient stoves that require significant firewood and generate smoke, soot and fine dust. Within the project various designs are built, tested and improved together with a local NGO. As cooking on electricity is currently not feasible, the focus is on wood-powered fuel but improving the thermal efficiency. Within the project, farmers will be offered 1 or 2 selected options and receive training for optimal usage. The expected carbon improvement of the new cooking stoves is 30-35%. (See page for more information on this inititiative).
Reduction of GHG emissions from plastic packaging by executing projects on material reduction and improved recyclability.
Reduction of GHG emissions from downstream transport by changing to BioLNG for some container shipments.
By working on the transition plan for climate change mitigation Acomo will systematically assess the options for wider decarbonization of the product supply chains. Key element on decarbonization is supplier engagement, which is a major component of the initial work done by Delinuts on its transition plan.
For more information on the availability and allocation of resources for the implementation of climate change mitigation actions please refer to the information within the section EU Taxonomy.
[E1-4] Targets
Acomo has set a greenhouse gas emission reduction target for Scope 1 & 2 emissions to support its climate change mitigation policies. The target is a reduction of -40% in 2030, compared to the baseline year 2022. The baseline year was chosen because this is the first year in which qualitative and comparable data was available for the whole Acomo Group. Limited assurance was achieved on this baseline data as part of the activation of the Sustainability Improvement Loan. In 2025, the baseline year was not reassessed following the acquisition of Delinuts Nordics as it was assed as not material.
A SBTi commitment was done by one of the entities, Delinuts, in 2025. Learnings from this SBTi process of commitment, assessment, target setting and validation will be used to set SBTi aligned targets for the Group. The Group has opted for a phased approach to Scope 3 target-setting, prioritising the SBTi commitment and validation process at entity level in 2025 to build robust data, methodology and trajectory insights before establishing a consolidated Group-wide target. These learnings are expected to inform potential future Group actions.
The greenhouse gas emission reduction target on Scope 1 & 2 is in line with the decarbonization targets set by sector peers and close to the SBTi target of -42%. On the related decarbonization lever of renewable electricity, Acomo has set a target of 100% in 2030.
Acomo recognizes the potential positive impact of its plant-based product portfolio, such as edible seeds and nuts, in supplementing or replacing less sustainable protein sources. This presents an opportunity to contribute to greenhouse gas (GHG) emission reduction by promoting more sustainable dietary habits among consumers. Acomo currently tracks plant-based product sales as a metric. However, a methodology to measure the effectiveness of this in relation to avoided greenhouse gas emissions is not yet available. Acomo plans to explore data and measurement approaches to better quantify the impact of plant-based products in contributing to more sustainable dietary habits.
[E1-5] Energy consumption and mix
Energy consumption mainly occurs in the operational activities of the Acomo companies, particularly value-adding processing activities. Examples of such activities are the hulling, cleaning & sorting, blending, roasting, pasteurizing, flavouring, mixing, and packing of raw materials and semi-final products.
The vast majority of the energy consumption of the Acomo companies consists of purchased electricity, increasingly renewable. Natural gas is mainly used for production, and to a lesser extent for the heating of buildings. The roasting of sunflowers within the Red River Commodities business in the US and the processing of cocoa in the Tradin Organic facility Crown of Holland in Middenmeer (NL) are the main production activities for which natural gas is used. The combustion engines of internal logistical vehicles are the main source of fuel consumption from other fossil sources. Fuel consumption of renewable sources, including biomass, occurs in the biomass installation for the processing of organic sunflower oil at the Tradin Organic facility in Bulgaria.
Total energy consumption increased by 2% in 2025 compared to 2024. Total energy consumption from renewable sources increased by 77%, due to the spike in the consumption of purchased electricity from renewable sources in 2025. One of the drivers is Tradin Organic, purchasing 100% renewable electricity for its operations as per July 2025. As a consequence, the share of renewable sources in total electricity consumption of Acomo increased to 71% (2024: 39%). Energy intensity from activities in high climate-impact sectors decreased by -5% in 2025. This was due to the increase in revenue compared to 2024.
Energy mix (MWh) | 2022 | 2023 | 2024 | 2025 | ∆ % 2025 - 2024 |
|---|---|---|---|---|---|
Fuel consumption from coal and coal products | - | - | - | - | |
Fuel consumption from crude oil and petroleum products | 1,601 | 1,752 | 1,660 | 1,950 | 17% |
Fuel consumption from natural gas | 21,373 | 19,998 | 18,890 | 18,826 | 0% |
Fuel consumption from other fossil sources | - | - | - | - | |
Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources | 18,450 | 15,629 | 10,331 | 5,042 | -51% |
Total fossil energy consumption | 41,424 | 37,379 | 30,881 | 25,818 | -16% |
Consumption from nuclear sources | 1,534 | 1,161 | 777 | 433 | -44% |
Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) | 2,420 | 1,451 | 1,166 | 975 | -16% |
Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources | 387 | 2,179 | 6,683 | 13,152 | 97% |
The consumption of self-generated non-fuel renewable energy | 80 | 185 | 290 | 312 | 8% |
Total renewable energy consumption | 2,887 | 3,815 | 8,139 | 14,439 | 77% |
Total energy consumption | 45,845 | 42,355 | 39,797 | 40,690 | 2% |
Energy consumption by energy sources | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
Share of fossil sources in total energy consumption (%) | 91% | 88% | 78% | 63% |
Share of consumption from nuclear sources in total energy consumption (%) | 3% | 3% | 2% | 1% |
Share of renewable sources in total energy consumption (%) | 6% | 9% | 20% | 36% |
Share of renewable sources in total electricity consumption (%) | 2% | 12% | 39% | 71% |
Energy intensity per net revenue | 2023 | 2024 | 2025 | ∆ % 2025 - 2024 |
|---|---|---|---|---|
Total energy consumption from activities in high climate impact sectors per net revenue from activities in high climate impact sectors (MWh/€ thousands) | 0.033 | 0.029 | 0.028 | -5% |
Energy consumption
Energy consumption is disclosed in accordance with ESRS E1-5. Energy consumption is reported for non-renewable and renewable sources.
Energy from non-renewable sources covers fuel consumption from crude oil and petroleum products and reflects diesel and gasoline fuels for Company-owned vehicles as well as LPG used for internal logistics. Fuel consumption from natural gas reflects on-site usage at factories and relates to the heating of office buildings. Consumption of electricity relates to controlled production, warehouse and office activities.
Energy from renewable sources covers fuel consumption for renewable sources, including biomass, relating to the burning of sunflower shells fueling the steam boiler of the Tradin Organic facility in Bulgaria. Electricity consumption from renewable sources relates to controlled production, warehouse and office activities. Our purchased renewable energy corresponds to the MWh covered by purchased RECs. Self-generated, non-fuel renewable energy covers our own generated solar energy at the Acomo companies.
Energy intensity
The energy intensity is calculated as the total energy consumption divided by the revenue in euro thousands. Net revenue used for the calculation of the Energy intensity is based on the sales as reported in the consolidated financial statements excluding the sales of Manuzzi S.r.l.
High climate impact sector
All activities within the Acomo companies classify as high climate impact sectors as designated within the NACE Sections C (Manufacturing), G (Wholesale) and H (Warehousing).
Net revenue | 2023 | 2024 | 2025 |
|---|---|---|---|
Net revenue from activities in high climate impact sectors | 1,265,295 | 1,351,040 | 1,459,853 |
Net revenue (other) | - | - | - |
Total net revenue (Financial statements) | 1,265,295 | 1,351,040 | 1,459,853 |
[E1-6] Gross Scopes 1, 2, 3 and total GHG emissions
Retrospective | Milestones and target years | ||||||||
|---|---|---|---|---|---|---|---|---|---|
1Restated, for more details please see page 102 | Base year | Comparative | N | %N/N-1 | %N/Base year | ||||
GHG Indicators | 2022 | 2024 | 2025 | ∆ % | Target | Target | Target | ∆ % | |
Scope 1 GHG emissions1 | |||||||||
Gross Scope 1 GHG emissions (tCO2e) | 4,429 | 3,860 | 3,919 | 2% | 3,765 | 2,658 | - | -12% | |
Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%) | - | - | - | - | |||||
Scope 2 GHG emissions1 | |||||||||
Gross location-based Scope 2 GHG emissions (tCO2e) | 8,029 | 6,315 | 5,509 | -13% | - | - | - | -31% | |
Gross market-based Scope 2 GHG emissions (tCO2e) | 8,513 | 4,730 | 2,112 | -55% | 7,236 | 5,108 | - | -75% | |
Scope 3 GHG emissions | |||||||||
3.1 Purchased goods and services | upstream | - | 954,080 | 1,142,187 | 20% | - | - | - | - |
3.2 Capital goods | upstream | - | 1,115 | 1,428 | 28% | - | - | - | - |
3.3 Fuel and energy related activities (not included in Scope 1 and 2) | upstream | - | 1,515 | 1,460 | -4% | - | - | - | - |
3.4 Upstream transportation and distribution | upstream | - | 48,049 | 51,834 | 8% | - | - | - | - |
3.5 Waste generated in operations | upstream | - | 2,351 | 1,254 | -47% | - | - | - | - |
3.6 Business travel | upstream | - | 1,092 | 811 | -26% | - | - | - | - |
3.7 Employee commuting | upstream | - | 1,412 | 1,594 | 13% | - | - | - | - |
3.8 Upstream leased assets | upstream | - | 175 | 157 | -10% | - | - | - | - |
3.9 Downstream transportation | downstream | - | 11,879 | 14,852 | 25% | - | - | - | - |
3.10 Processing of sold products | downstream | - | - | 9,302 | - | - | - | - | - |
3.11 Use of sold products | downstream | ||||||||
3.12 End-of-life treatment of sold products | downstream | - | - | 178 | - | - | - | - | - |
3.13 Downstream leased assets | downstream | ||||||||
3.14 Franchises | downstream | ||||||||
3.15 Investments | downstream | ||||||||
Total gross indirect Scope 3 GHG emissions (tCO2e) | - | 1,021,668 | 1,225,057 | 20% | |||||
Total GHG emissions | |||||||||
Total GHG emissions (location-based) (tCO2e) | 12,458 | 1,031,843 | 1,234,485 | 20% | |||||
Total GHG emissions (market-based) (tCO2e) | 12,942 | 1,030,258 | 1,231,088 | 19% | |||||
GHG intensity per net revenue | 2025 | 2024 | ∆ % 2025 - 2024 |
|---|---|---|---|
Total GHG emissions (location-based) per net revenue (tCO2e/€ thousands) | 0.85 | 0.76 | 10% |
Total GHG emissions (market-based) per net revenue (tCO2e/€ thousands) | 0.84 | 0.76 | 10% |
2025 | 2024 | |
|---|---|---|
Net revenue used to calculate GHG intensity | 1,459,853 | 1,351,040 |
Net revenue (other) | - | - |
Total net revenue (in financial statements) | 1,459,853 | 1,351,040 |
Estimates and judgements
For the calculations of the emission figures, the most recent available emissions factors from the used databases are applied. The net revenue used for the calculation of the GHG intensity is based on the sales as reported in the consolidated financial statements, excluding the sales of Manuzzi S.r.l. (3.8 million).
Direct GHG emissions (Scope 1)1
Scope 1 emissions are reported based on the Greenhouse Gas (GHG) Protocol and cover all direct emissions of greenhouse gas from Acomo's production facilities and warehouses. The direct emissions from the production facilities and warehouses are primarily calculated as natural gas (and fuel) consumption multiplied by the applicable emissions factor. The emissions related to company cars are reported under Scope 3 category 7, and therefore excluded from Scope 1 calculations.
Indirect GHG emissions (Scope 2)2
Scope 2 emissions are reported based on the GHG Protocol and include indirect GHG emissions from the generation of power, heat, and steam purchased and consumed by the entities of Acomo who have a production facility and/or warehouse. Adjacent office locations are reported in Scope 2. The emissions are primarily calculated as the power volumes purchased multiplied by country-specific emission factors. Location-based emissions are calculated based on the individual country grid mix emission factors. Market-based emissions take into account renewable power purchased and assume that regular power is delivered as residual power.
The renewable power purchased by the Group accounts for 67.4% of the total power consumed. This renewable power is purchased through contractual instruments such as green power certificates.
GHG Scope | Coverage | Methodology | Sources and additional information |
|---|---|---|---|
Scope 1 | All operating companies of Acomo | Activity based | CO2emissiefactoren.nl - 2025 |
Scope 2 | All operating companies of Acomo | Activity based | CO2emissiefactoren.nl - 2025 |
Scope 3.1: Purchased goods & services | All operating companies of Acomo | Spend-based | US Environment Protection Agency - 2025 |
Scope 3.2: Capital goods | All operating companies of Acomo | Spend-based | US Environment Protection Agency - 2025 |
Scope 3.3: Fuel and energy-related activities | Operating companies with production facilities and/or warehouses who are located outside of the Netherlands | Fuel based | CO2emissiefactoren.nl - 2025 |
Scope 3.4: Upstream transportation and distribution | All operating companies of Acomo | Spend-based | Routescanner.com (GLEC, Global Logistics Emission Council) |
Scope 3.5: Waste generated in operations | All operating companies of Acomo | Waste-type specific | UK DEFRA 2025 (waste disposal) |
Scope 3.6: Business travel | All operating companies of Acomo | Distance based | CO2emissiefactoren.nl - 2025 |
Scope 3.7: Employee commuting | All operating companies of Acomo | Distance based | CO2emissiefactoren.nl - 2025 |
Scope 3.8: Upstream leased assets | All operating companies of Acomo | Activity data | CO2/m3 gas and CO2/kWh electricity (unknown) as published by CO2emissiefactoren.nl - 2025 |
Scope 3.9: Downstream transportation and distribution | All operating companies of Acomo | Estimated | Routescanner.com (GLEC, Global Logistics Emission Council) |
Scope 3.10: Processing sold products | All operating companies of Acomo | Estimated | Energy usage derived from machinery industry |
Scope 3.11: Use of sold products | Not applicable | Not applicable | |
Scope 3.12: End-of-life treatment of sold products | All operating companies of Acomo | Estimated | UK DEFRA 2025 (waste disposal) |
Scope 3.13: Downstream leased assets | Not applicable | Not applicable | |
Scope 3.14: Franchises | Not applicable | Not applicable | |
Scope 3.15: Investments | Not applicable | Not applicable |
Indirect GHG emissions (Scope 3)
Scope 3 emissions are a critical component of our comprehensive environmental reporting, as outlined by the Greenhouse Gas (GHG) Protocol. These emissions encompass all indirect emissions that occur throughout our value chain, which are not included in Scope 1 (direct emissions) and Scope 2 (indirect emissions from purchased electricity). Scope 3 emissions are reported in accordance with the GHG Protocol, which categorizes them into 15 distinct subcategories. We include all entities in the calculation of Scope 3 emissions. This ensures a thorough and accurate accounting of the environmental impact of our activities throughout the value chain.
By addressing these emissions, we are committed to understanding and mitigating the broader environmental footprint of our operations, thereby supporting our sustainability goals and contributing to global environmental efforts. While the majority of calculations are performed using activity- and spend-based (purchased/weight), for category 4, we were able to utilize supplier-specific data for 9.42% of our total category 4 emissions. The Scope 3 calculations are done in a two-step approach: first each entity is calculated individually per category, followed by consolidation before the final emissions are reported.
Category 1 Purchased goods & services
All operating companies are included and use the same methodology. Category 1 emissions are calculated using a mix of the activity-based method for the primary goods that we purchase and the spend-based method for other purchased products and services. All acquired goods/materials are requested at the category level and by country of origin for the operating companies. These categories are product-related, such as walnut, cocoa, coffee, tea, etc. The origin is determined at the country level for each individual product. To calculate the emissions for each product and origin, the relevant emission factor is applied. If an emission factor is unavailable, the average emission factor for the product category is used.
For organic agricultural products, emissions are adjusted using a multiplier based on scientific research, which shows a 317.7% average reduction in emissions compared to conventional farming systems.
The emission factor for acquired services/non-primary goods is determined on a spend basis. All the services used by the operating companies during the reporting period are categorized into broader categories, and the relevant emission factor is then applied. When primary data was provided in euros or other local currency, the expenditure was converted to US dollars as the emission factors are based on kg CO2e/USD. Average year-to-date exchange rates from Bloomberg were used for currency conversions.
Since the emission factors for acquired services/non-primary goods are from 2023, inflation rates for the corresponding years from the European Central Bank were applied to account for price changes in purchased goods and services.
Category 2 - Capital goods
The same methodology is applied across all Acomo operating companies. Emissions are calculated based on the CapEx list for each entity, with expenditures categorized into general groups such as buildings, equipment, and IT hardware. These categories are then multiplied by the relevant emission factors provided by EPA to determine the associated emissions. Where applicable, exchange rates and inflation adjustments were applied as outlined above.
Category 3 - Fuel and energy related activities
For operating companies with production facilities and/or warehouses located outside the Netherlands, energy usage under Scope 1 and Scope 2 is adjusted to account for the transmission and distribution losses specific to the relevant country. These losses are then multiplied by the applicable emission factor to calculate the associated emissions. For operating companies located in the Netherlands, the transmission and distribution losses are already included in the emission factor for Scope 1 and Scope 2.
Category 4 - Upstream transportation and distribution
All operating companies are included, with the exception of those that do not perform any operational activities and where the transport emissions have been incorporated into Scope 3.1. Transportation emissions are calculated based on either distance or expenditure, and are categorized by mode of transport (truck, boat, air). Transportation from the farm to the port of departure is excluded from the scope due to unavailability of reliable data. For distance-based calculations, the pick-up and drop-off locations, along with the transported weight per leg, are requested from the transportation provider. The distances for each leg, as well as the emissions factor, are then calculated using the Routescanner API. For truck distances, the distance is calculated using the Google Maps API and then multiplied by the emission factor provided by Routescanner.
For 9.42% of our total category 4 emissions, we gather primary data from transport companies. These companies provide us with the total diesel consumed for the journey and the relevant emissions for each transport leg. However, not all operating companies can provide pick-up and drop-off locations. For these companies, emissions are calculated on an expenditure basis. These emissions account for 15.7% of the total category 4 emissions. For spend-based calculations, emissions are calculated by multiplying the expenditure on individual transportation types by the relevant emission factor.
Category 5 - Waste generated in operations
Waste data for each entity is collected for the reporting period, and the corresponding waste treatment methods are identified. The relevant emission factors from the UK DEFRA emissions database are then applied to each specific waste type and treatment stream.
Category 6 - Business travel
Since most Acomo entities use a travel agency to coordinate and book business travel, we rely on supplier-specific data to calculate the associated emissions. For companies that do not use a travel agency or cannot obtain supplier-specific information, emissions are calculated using the Haversine formula to determine the distance of each individual travel leg, which is then multiplied by the relevant emission factor. In our methodology, modes of travel utilized at destinations during business trips is excluded from the scope for all Acomo operating companies due to unavailability of reliable data.
Category 7 - Employee commuting
This category uses the same methodology for all the Acomo entities. It is calculated based on estimates of the distance travelled. The input for the estimate is the place of residence and the place of work for each employee. The distance between these points is then calculated by using the Google Maps API. Then the distance is multiplied by 2 (for return journeys) and multiplied by an average number of days in the office. The correct travel type (e.g. small, large or average car, or train) is attributed to each individual employee. When the travel type is unknown, it is assumed that the employee drives a car, and the emission factor is then based on an average car.
Category 8 - Upstream leased assets
As the offices of Acomo entities are situated in multitenant buildings and lack individual meters, emissions are estimated based on assumptions. This estimation is achieved by collecting the office size in square meters from the operating companies and applying a relevant energy usage factor for office space sourced from Statistics Netherlands (CBS), which is then multiplied by the appropriate emission factor.
Category 9 - Downstream transportation and distribution
The methodology as described in category 4 Upstream transportation and distribution is applied to calculate the category 9 emissions. Due to the nature of our business where products can be sent to many different locations beyond our control, Acomo has come to the best possible estimate based on several assumptions. Nevertheless, a high level of measurement uncertainty is present for this category.
We have adopted a proxy-based approach. Instead of attempting to calculate emissions for every operating company individually, we have identified a set of entities for which accurate and reliable estimates could be determined. These entities serve as a representative sample, allowing us to extrapolate emissions data and apply it to other operating companies where direct calculations were not feasible. This method enables us to maintain a reasonable degree of accuracy in our emissions reporting while acknowledging the inherent variability in distribution patterns. By leveraging this proxy approach, we ensure that our emissions calculations remain as representative and reliable as possible within the constraints of our business model.
Category 10 - Processing of sold products
Acomo’s sold products can either be consumed raw, like nuts or seeds, or further processed as semi-final or final product. Depending on the final application, no processing, limited processing or semi-intensive processing is needed. Taking into account these different application possibilities we have adopted a proxy-based approach. Instead of attempting to calculate emissions for every operating company individually, we have identified an entity for which accurate and reliable estimates could be determined. This entity serves as a representative sample, allowing us to extrapolate emissions data and apply it to other operating companies where direct calculations were not feasible. As a consequence, high level of measurement uncertainty is present for category 10.
The methodology is as follows: the customer base of that operating company is divided into commercial outlet streams. For every outlet stream, the subsequent processing steps are identified (such as roasting, boiling, heating, or crushing). The corresponding emission factors are then applied to each identified step.
Category 12 - End-of-life treatment
As Acomo operates in the food ingredients business the end-of-life treatment of our sold products can be categorized into food waste by the customer and the disposal of the product packaging. Taking into account both end-of-life treatment categories we have adopted the same proxy-based approach as used for category 10 - processing of sold products. Hence, also for category 12 a higher level of measurement uncertainty is present.
The methodology is as follows: the added packaging by operating company is known, therefore, these volumes are multiplied by the corresponding emission factor. For the food waste in our value chain, the decision has been made to categorize the products into different product groups. For every product group, the subsequent end-of-life treatment step is identified as well as the volume which should be considered food waste. The corresponding emissions are then applied to these individual combinations.
Category 11 & 13 - 15
Following a thorough assessment of our operations, we have determined that certain GHG Protocol categories, including Category 11 (Use of sold products), Category 13 (Downstream leased assets), Category 14 (Franchises), and Category 15 (Investment), are not applicable for our organization. These categories represent emissions sources that are not relevant to our business activities.
Other emissions
Biogenic emissions are not included in the GHG emissions as reported under Scope 1, 2 and 3 in line with ESRS E1. The biogenic emissions from our own operations are not significant. Data about biogenic emissions in our value chain are not available yet, and will be further developed the coming years together with our partners in the value chain.
- If the figures had been calculated using the previous calculation method (WTW), they would have resulted in the following: 2022: 5,214; 2024: 4,678; 2025: 4,742.
- If the figures had been calculated using the previous calculation method (WTW), they would have resulted in the following: 2022: 9,014; 2024: 5,326; 2025: 2,450.
- Comparison of Twelve Organic and Conventional Farming Systems: A Life Cycle Greenhouse Gas Emissions Perspective. By K. Venkat
GHG emissions
Scope 1 & 2
Up to 2025, we reported Scope 1 & 2 emissions based on the well-to-wheel (WTW) emissions of energy carriers. To ensure not only consistency but also full alignment with the GHG Protocol, we have adopted a split as of 1 January 2025:
Scope 1 & 2: emissions based on tank-to-wheel (TTW)
Scope 3.3: emissions based on well-to-tank (WTT)
This approach ensures that each component of the impact is reported in the appropriate category and improves the accuracy of our figures.
To maintain comparability with the 2022 baseline measurement and the 2024 reporting year, this report also includes the figures calculated using the previous methodology. These are presented in the footnotes on page 99.
We recalculated the Scope 2 location-based emissions for 2022 and 2024 to reflect the actual physical electricity mix of the regions in which we operate.
Market-based scope 2 GHG emissions decreased by -55% in 2025 compared to 2024. Electricity purchased and consumed by Acomo is increasingly from renewable sources.
Scope 3Scope 3 GHG emissions increased by 20% from 2024 to 2025. The increase was mainly driven by higher emissions from ‘purchased goods and services’ (category 1), reflecting the sourcing of higher product volumes in combination with a bigger share of higher-emission products within the portfolio (e.g. cocoa). Consequently also the emissions from transportation (category 4 & 9) increased.
The drop in emissions from 'waste generated in operations' (category 5), decrease of -47%, resulted from a lowering in the emission factor of landfill waste. The waste production volumes and waste seperation of the Acomo companies did not improve.
Emissions from 'processing of sold products' (category 10) and 'end-of-life treatment of sold products' (category 12) were calculated for the first time in 2025 following the definition of a standardized and repeatable methodology for these categories.
Acomo did not engage in GHG removals and GHG mitigation projects financed through carbon credits during the reporting year.
[E1-8] Internal carbon pricing
Acomo did not apply an internal carbon pricing mechanism during the reporting year.
Other non-material information
Waste separation | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
% of separation1 | 22% | 23% | 32% | 26% |
- 2024 and 2023 waste separation figures have been restated due to calculation errors. (2024 previous reported 27% changed to 23%, variance of 4%. 2023 previous reported 35% changed to 32%, variance of 3%.)
Acomo discloses its performance on waste seperation within its operations as part of the voluntary commitment to the target of 60% waste separation in 2030.
Waste separation
The percentage sorted waste of the total amount of waste within the Acomo operations. Total waste is defined as the total volume of substances or objects which the holder discards or intends or is required to discard. Source separation involves separating the waste before it is collected by a third party service provider or disposed by the operational entity to enable recycling of the materials.
King Nuts & Raaphorst has installed 452 solar panels on two of its roofs using RABLE’s lightweight construction system. The company joined a collective sustainability initiative at the Groote Wetering business park in Bodegraven as one of five participating companies. Through this initiative, it will receive a 20% return on its investment.
In 2020, financial manager Arjan van Erk of King Nuts & Raaphorst, in collaboration with sustainability manager Aldert van de Kamp from parent company Acomo, already had installed solar panels on part of the roof area. However, making the remaining roofs suitable for solar panels was too laborious and too expensive - until the company came into contact with RABLE. “They use a ballast-free construction, which makes it much lighter,” explained Aldert. “It is a system with spanning elements that turns the entire installation into one large interconnected field - and it won’t blow away.”
The business case for the solar panels is very strong for King Nuts & Raaphorst. Most of the electricity is used for the climate-controlled warehouse. “Especially in summer, when the sun is shining and the solar panels generate large amounts of energy, cooling demand is at its highest,” said Arjan. With the subsidy from the collective sustainability initiative included, it is a highly profitable investment, even with the more expensive RABLE system. “I think we will soon have almost no energy costs left. In the future, we may use any overproduction for energy storage or for charging trucks.”
ESRS E4 - Biodiversity and Ecosystems
Biodiversity and healthy ecosystems are fundamental to sustainable food systems and to Acomo’s business model. They underpin the crops and natural ingredients we source and process by maintaining soil fertility, pollination, and water cycles. The Group depends on these ecosystem services across its global supply chains, particularly in agricultural sourcing regions where biodiversity pressures are high.
[SBM-3] Interaction with strategy and business model
The agricultural sector is a recognized contributor to environmental degradation, particularly through biodiversity loss and land conversion tied to the cultivation of agricultural products. These impacts are intensified by energy use, transportation, and waste production in different food value chains. As a company engaged in global sourcing, trading, processing, packaging, and distributing conventional and organic food ingredients, we recognize our reliance on biodiversity and natural ecosystems and their importance to our business and society. Our portfolio spans over 600 plant-based products, including spices, coconut products, nuts, dried fruits, edible seeds, tea, cocoa, coffee, and edible oils. Given that these products are produced through agriculture, they are inherently linked with ecosystem health and biodiversity.
There is a clear dependency between agriculture and biodiversity: agriculture depends on healthy ecosystems for ecosystem services such as soil fertility, pest resistance, pollination, and water conservation. Biodiversity is not only negatively impacted by agricultural activity, it can also benefit from sustainable agricultural practices that create habitats and maintain genetic diversity. According to IFOAM (the global umbrella organization for organic food and farming), organic agriculture fosters ecosystem health and enhances resilience through sustainable practices that benefit soil, plants, animals, and human health as an interconnected whole1.
While agricultural communities rely on healthy ecosystem services for a continued livelihood, Acomo relies on the health of ecosystems for the resilience of its business model. Thus, ecosystem fluctuations and environmental degradation pose a direct threat to corporate viability in the long term.
- https://www.ifoam.bio/principles-organic-agriculture-brochure
[IRO-1] Material impacts, risks and opportunities
Acomo group companies operate in both conventional and organic food sectors and recognize that their business activities have material negative and positive impacts on biodiversity and ecosystems. These impacts have been identified through our double materiality assessment (DMA), which was updated in 2025 and reconfirmed the outcomes of the previous assessment. As part of this update, the material topic previously referred to as “Biodiversity” was renamed to “Nature & Biodiversity” without changing the underlying scope or materiality conclusion. This was done to better reflect the broader scope of dependencies and impacts across natural ecosystems and to align with international frameworks.
In our stakeholder conversations in 2025, nature and biodiversity-related impacts and dependencies were again validated to occur primarily at the cultivation and farmer level in our supply chains, rather than in our own operations. These material IROs are included in the table on the next page.
While being dependent on ecosystems for agricultural activities, Acomo runs the risk of negatively affecting those same ecosystems through its sourcing activities. By sourcing different products from different origins, these impacts include risks such as deforestation, land-use change, and soil degradation. These risks are most pronounced for high-risk ingredients such as coffee, certain high-risk geographies and products within our conventional segments where biodiversity pressures can be more acute. Acomo continues to face challenges in mitigating and reversing biodiversity loss and ecosystem degradation by promoting more sustainable farming practices. The 2025 DMA update confirmed the relevance of these upstream risks and did not identify changes in where biodiversity-related impacts primarily occur.
Following the identification of material biodiversity impacts in 2023-2024, Acomo’s nature and biodiversity working group has continued to further specify sourcing areas where biodiversity risks and dependencies are most significant. This continued work includes a biodiversity pilot using a data-based tool to provide more detailed insight into high-impact ingredients such as cocoa, coffee, tea and nuts. Future community engagement is planned where relevant, particularly when local projects or targeted interventions are initiated in specific sourcing areas. Hence, the Group maintains its commitment to include local perspectives in future mitigation and adaptation strategies.
Though there are negative impacts linked to Acomo’s business activities, Acomo also contributes positively to biodiversity and ecosystems by promoting organic agriculture and plant-based ingredients as protein alternatives. According to the Nordic Nutrition Recommendations, nuts and seeds have lower greenhouse gas emissions, land and energy use, and lower potential for acidification and eutrophication compared to animal-based products. Research1 also links organic cultivation practices to generally higher levels of biodiversity compared to conventional methods, mainly through improved soil health and habitat diversity. The Organic Ingredients segment represents around one-third of Acomo’s portfolio and contributes to biodiversity and ecosystem health through practices such as habitat conservation and soil regeneration, see the Spotlight on page .
Sustainability matter | # | Description | Impact / Financial materiality | Actual or | ||
|---|---|---|---|---|---|---|
Nature & Biodiversity | Land-use change and deforestation in agricultural practices | Impact materiality | 6 | |||
Nature & Biodiversity | Safeguarding biodiversity through certification | Impact materiality | 3 | |||
Nature & Biodiversity | Plant-based products | Impact materiality | 2 |
- https://www.ifoam.bio/principles-organic-agriculture-brochure
[E4-1] Transition plan
Currently, Acomo does not have a formal transition plan to align its business model and strategy with the Kunming-Montreal Global Biodiversity Framework, the EU Biodiversity Strategy for 2040, or the planetary boundaries framework. Recognizing the critical role biodiversity and ecosystems play in supporting agriculture and enabling our operations, we are still taking steps to build this alignment, as suggested by the CSRD. Given our diverse product portfolio and geographic reach, our nature and biodiversity working group currently prioritizes high-risk and high-impact products (based on the SBTN high-impact commodity list) to better understand their specific impacts on biodiversity and ecosystems.
In 2025, the nature and biodiversity working group continued its work by launching a biodiversity pilot with a data-based tool to generate more detailed insight into risks and dependencies for selected high-risk ingredients such as cocoa, coffee and tea. The insights from this pilot will inform future roadmap development and support the potential design of a structured transition plan, ensuring that any future plan is grounded in analysis and focused on the areas where Acomo can have the greatest impact. While no formal biodiversity transition plan has been initiated yet, this preparatory work represents an important step toward understanding Acomo’s biodiversity footprint and identifying the actions required for future alignment.
[E4-2] Policies
Currently, there are no separate policies specifically addressing the identified nature and biodiversity IROs (e.g., land-use change, deforestation, and plant-based products). However, aspects of these issues are covered under the Company’s general Environmental Policy. Acomo continues to plan the development of dedicated policies, key actions, and, where relevant, targets related to nature and biodiversity IROs as part of the broader transition-plan process in the coming years.
This action is also related to gaining more insights to biodiversity-sensitive areas. Given the complexity of Acomo’s global and multi-tier supply chains, additional time is required to complete these assessments and ensure that future biodiversity-specific policies are based on sufficiently robust insights and analyses. Our commitment to environmental responsibility is further specified in the Acomo Supplier Code of Conduct, specifically in ‘’Principle 9 - Conduct operations with care for the environment, treat animals with respect and dignity and comply with all applicable environmental laws and regulations''. Acomo suppliers shall ensure that its operations do not directly contribute to deforestation or loss of nature and biodiversity. Suppliers are required to integrate environmental and sustainability criteria into their sourcing practices.
As Acomo continues assessments to identify biodiversity-sensitive areas and high-risk products, our policies will be continuously reviewed and refined accordingly. This process will help us better address our material impacts, risks and opportunities and their place in the value chain. While each company within the Acomo Group adheres to this Environmental Policy, some have developed additional targeted policies. For instance, Tradin Organic has implemented specific deforestation- free and ethical sourcing policies for its supply chain, demonstrating a broader commitment to responsible sourcing. This commitment from our organic segment reflects the interdependence of our ecosystem and our operational practices, aligning with IFOAM’s core values that support ecological balance, biodiversity, and sustainable relationships within food systems.
[E4-3, E4-4] Actions and targets
Due to Acomo’s operations across a wide range of products and origins and given the limited data-backed insights into nature and biodiversity, we have not yet established formal biodiversity targets. We believe a more comprehensive understanding of biodiversity impacts and a thorough assessment of current and emerging methodologies, such as Science Based Target for Nature, are essential to set achievable goals, identify robust impact metrics and disclose anticipated financial effects. Our biodiversity working group is tasked with developing a more in-depth understanding of Acomo’s nature and biodiversity and ecosystem impacts, which will form the basis for future roadmaps, action plans (such as nature-based solutions), and potential targets and ambitions. Based on current progress, Acomo expects that this assessment phase will extend into the medium term, before biodiversity-specific targets can be responsibly defined.
This assessment work is ongoing. In 2025, one key action has been the launch of a Group-level biodiversity pilot with a data-based tool, involving several high-impact and high-risk ingredients currently represented by Tradin Organic and Royal Van Rees Group. The pilot aims to map biodiversity-related risks and dependencies for selected ingredients and to build a data-driven foundation for prioritising future actions. If successful, the approach will be expanded to other ingredients and operating companies in the coming year.
As part of this process, Acomo aims to determine the most effective key actions for the Group and per entity, guiding and aligning efforts across operating companies. This ensures that nature and biodiversity-related IROs are addressed systematically. At this stage, no specific Group-wide policies or new actions have been established, and therefore, their effectiveness is not yet being tracked.
Key actions and their expected outcomes will be further defined in the coming years, with time horizons and scope integrated into our broader nature and biodiversity strategy. As part of this process, Acomo acknowledges that the implementation of key actions may require financial and operational resources, including potential capital and operational expenditures.
Until targets and roadmaps are formalized, Acomo takes proactive steps to manage its positive nature and biodiversity impacts through specific projects of its operating companies. Tradin Organic plays a leading role here. In 2023, Tradin Organic and its consortium of partners kicked off a €2.5 million project supported by the European Union to scale up its sustainable cocoa initiative in Sierra Leone. Tradin Organic and its partners continue to work on preventing deforestation and improving cocoa farmers’ livelihoods through regenerative agroforestry systems. In September 2025, another programme has kicked off in Sierra Leone to further boost Tradin Organic’s positive impact: the Dynamic Agroforestry for Resilience and Prosperity initiative, implemented by Organic Development Services (ODS), Tradin Sierra Leone, Ecotop, SkillEd, and ChildFund Sierra Leone.
More information and an update on Tradin Organic’s activities in Sierra Leone can be found in the Spotlight on page .
Meanwhile, compliance with legal requirements in scope for Acomo, such as the EU Deforestation Regulation (EUDR) for traceability and deforestation-free cocoa, coffee and palm oil sourcing, remains high on the agenda.
As the entity mostly affected by the EUDR, Tradin Organic has been working closely with suppliers and farmer cooperatives to prepare for the regulation and ensure inclusive compliance. Although the EUDR application date for large operators has been postponed, from the original deadline of 30 December 2024 to 30 December 2025, and subsequently to 30 December 2026, Tradin Organic has continued to align its systems and processes in anticipation of the regulation’s entry into force.
In practice, Tradin Organic will approach 2026 as a phased implementation year, applying EUDR-aligned due diligence to supply chains that are technically and operationally ready, while allowing for temporary, time-bound exemptions for certain supply chains where full EUDR requirements cannot yet be applied. This approach reflects the need to balance regulatory preparedness with the realities of supplier engagement and data availability, particularly for high-risk commodities such as cocoa and coffee. Tradin Organic remains committed to progressing towards full EUDR compliance across its supply base by the applicable regulatory deadline. Critical to compliance is the availability of accurate data, including geolocation data for all fields involved, regular analysis of deforestation patterns and risk, and full batch traceability with time-bound harvest information.
[E4-5] Impact metrics
Responsible sourcing
As noted above, Acomo's nature & biodiversity working group is currently researching methodologies and frameworks to measure its biodiversity impacts. Work on establishing a baseline is still ongoing, supported by the biodiversity pilot, which will provide more data on risks and dependencies. For the time being, our sustainable sourcing KPI is used to track and manage our progress toward responsible sourcing and compliance across relevant sustainability standards.
Voluntary sustainability certification standards are one of the tools that can help, enabling businesses to demonstrate leadership, build trust and position themselves as drivers of sustainable trade. Sustainability standards continue to play a vital role in enabling the shift of agricultural supply chains towards more sustainability and resilience. This will require greater transparency and traceability of goods through the value chain, lowering the vulnerability of supply chains to shocks and stresses, and the transition towards environmental recovery and regeneration.1
To protect ecosystems, build partners’ capabilities to produce sustainably and ensure adherence to sustainable agricultural practices, we have established certification programmes across major product groups. These programmes focus on tea, coffee, cocoa, and palm oil – categories that are prioritized due to their environmental risks, such as deforestation and biodiversity loss, especially in high-risk geographies.
Data is collected at the entity level, validated by the financial department, and approved at the Group level. Certification is verified through documentation like chain-of-custody records and purchase contracts.
Responsible sourced products prioritized | 2025 | 2024 | 2023 |
|---|---|---|---|
% of tea certified | 60% | 57% | 57% |
% of coffee certified | 15% | 10% | 15% |
% of cocoa certified | 54% | 45% | 61% |
% of palm oil certified | 100% | 93% | 94% |
From the total sourced Acomo product volumes 8.4% can be counted as responsible sourced in 2025
(2024: 10.5%) being certified in accordance with credible and mainstream accepted industry sustainability standards. The percentage of volumes of other, not prioritized, products (e.g. spices, nuts, fruits) saw a slight decrease in responsible sourced volumes in 2025. In contrast, the percentage of responsible sourced volumes of prioritized products increased. After the extreme price fluctuations of 2024, markets for those products normalised, farmers fullfilled their (certified) contracts again, and volumes of coffee and cocoa went up.
The Acomo companies sourcing significant amounts of relevant ingredients (Royal Van Rees Group, Tradin Organic and Delinuts), maintained their Rainforest Alliance Chain of Custody certification and continued compliance with the Rainforest Alliance 2020 Certification Program. These certifications foster transparency and responsible business practices throughout the supply chain.
For those companies trading palm oil or palm oil as an ingredient within part of their products, Acomo maintains a Group Membership of the Roundtable on Sustainable Palm Oil (RSPO), which extends to the individual companies Tradin Organic, King Nuts & Raaphorst, and Delinuts.
Beyond these certifications, Catz International is an official member of the Sustainable Spices Initiative (SSI). The SSI aims to sustainably transform the mainstream spices sector, thereby securing future sourcing and stimulating economic growth in producing countries. As a member, Catz International is committed to the SSI objectives on sustainable sourcing of spices. In 2025, Catz International became a member of the Sustainable Coconut Partnership. This is the global platform for coconut sustainability and is a multi-stakeholder initiative aiming to build a responsible and resilient coconut sector that solves a generational challenge of sustainability for coconut farmers. The Sustainable Coconut Partnership unites stakeholders across the coconut supply chain to improve farmers’ livelihoods, protect the natural environment, and build climate resilience.
Organic and plant-based products
Approximately 32% of Acomo’s product portfolio is certified organic, a product segment generally associated with higher biodiversity performance compared to conventional production. In addition, about 97% of the Group’s products are plant-based, reflecting the Company’s focus on natural ingredients.
Responsible sourced products prioritized
We report the percentage of responsibly sourced products purchased by Acomo within the relevant product categories. The reported product categories are those categories within the Acomo portfolio that are prioritized due to their higher environmental risks. The percentages are calculated based on volumes purchased in the reporting period. A product is considered responsibly sourced if certified in accordance with credible and mainstream accepted industry certification standards. The following pre-defined certification schemes are accepted:
Rainforest Alliance
Fair Trade Certified
FLO Fairtrade
Control Union Fair Choice
Fair for Life
Sustainably Grown
Roundtable on Sustainable Palm Oil
Data on responsible sourcing is collected from the ERP systems of the Acomo companies based on the available certifications.
Organic certified products
We report the proportion of the total third-party sales value of Acomo that is accounted for by certified organic products.
Organic products are products certified according to one of the regulatory standards of the IFOAM Family of Standards. This contains all standards officially endorsed as organic by the Organic Movement. Examples are, amongst others: EU organic, USDA organics, JAS and Bio Suisse.
Data on organic products is collected from the ERP systems of the Acomo companies based on the available certifications.
Plant-based products
We report the proportion of the total third-party sales value of Acomo that is accounted for by plant-based products.
A plant-based product is defined as a (finished) product exclusively consisting of ingredients derived from plants including vegetables, fruits, whole grains, nuts, seeds and/or legumes. Excluded are products (with ingredients) derived from animals.
In case of compound (processed) products, ingredients not of plant or animal origin are allowed as long as individually or combined they do not exceed 5% of the product formula (excluding water and salt).
Data on plant-based products is collected from the ERP systems of the Acomo companies based on the ingredient declaration of the product specifications.
Organic certified products | 2025 | 2024 | 2023 |
|---|---|---|---|
% of sales | 32% | 28% | 29% |
Plant-based products | 2025 | 2024 | 2023 |
|---|---|---|---|
% of sales | 97% | 97% | 98% |
- https://www.intracen.org/file/20250120itcsustainablemarket2024webpages02pdf
In Sierra Leone, Tradin Organic and Tradin Sierra Leone and its partners continue to implement dynamic agroforestry as their preferred nature-positive approach. So far, 1,398 farmers were trained in Dynamic Agroforestry (DAF) principles and 443 hectares of DAF were established, 30 cooperative field officers were trained and more than 100 Village Savings and Loan Associations (VSLA’s) were established under the EU co-funded agroforestry project, with almost 50% of the members being women.
Since September 2025, another program has kicked off, namely the Dynamic Agroforestry for Resilience and Prosperity initiative, implemented by Organic Development Services (ODS), Tradin Sierra Leone, Ecotop, SkillEd, and ChildFund Sierra Leone.
The program is built on four main pillars:
1. The continuation and scaling of Dynamic Agroforestry implementation: establishing mixed cocoa systems that integrate fruit, timber, and food crops to boost yields, regenerate soils, and sequester carbon.
2. Blended learning and training: combining digital and field-based modules to make agroforestry knowledge accessible to all farmers, including women and youth.
3. Youth employment and entrepreneurship: creating work gangs that provide pruning, maintenance, and agroforestry services, generating local jobs and increasing productivity.
4. Women led Village Savings and Loan Associations (VSLAs): empowering women financially and increasing household financial resilience.
One of the project’s core focus areas is biodiversity, using DAF as a nature positive approach to restore forest cover, improve soil fertility, and enhance ecosystem services. By 2029, over 4,000 farmers will strengthen their agroforestry practices, while 775 new farmers will transition to dynamic agroforestry plots, totalling almost 5,000 farmers and 1,550 hectares. This system not only secures long-term cocoa supply for Tradin Organic but also enriches the natural environment and diversifies farmer incomes through fruit, annual food crops and future timber or carbon revenues.
Through these efforts, Tradin Organic continues to contribute to a climate-resilient cocoa sector in Sierra Leone, balancing biodiversity restoration with improved farmer livelihoods and sustainable supply chains.
EU Taxonomy
The EU Taxonomy Regulation is a common classification system, establishing a list of environmentally sustainable economic activities, which entered into force in July 2020. The EU Taxonomy Regulation should play an important role in helping the EU scale up sustainable investment and implement the European Green Deal.
The EU Taxonomy Regulation establishes six environmental objectives:
Climate change mitigation;
Climate change adaptation;
Sustainable use and protection of water and marine resources;
Transition to a circular economy;
Pollution prevention and control; and
Protection and restoration of biodiversity and ecosystems.
In 2022, the EU adopted the second Delegated Act on sustainable activities for climate change adaptation and mitigation objectives. In 2023, the sustainable activities for the other four environmental objectives were published. The results of this classification need to be reported annually on a company specific basis. In the first stage, companies must examine whether an activity is described in the Delegated Acts, as only those activities are ‘eligible’ for the EU Taxonomy. As a second step, an analysis needs to be conducted to determine whether the economic activity is ‘aligned’ with the specified technical screening criteria in the Delegated Acts within the Taxonomy. These technical screening criteria mean that an economic activity must make a substantial contribution to the environmental objective and, in addition, may not cause any significant damage (do no significant harm) to the other environmental objectives. In addition, companies must comply with the minimum safeguards with regard to human rights and good business conduct, including bribery, corruption, fair competition, and taxes (minimum safeguards).
In 2025, the European Commission adopted a set of measures to simplify the application of the EU Taxonomy. Acomo has not applied the amendments included in the Commission Delegated Regulation (EU) 2026/73, published 8 January 2026 for the 2025 Annual Report.
Turnover | CapEx | OpEx | |
|---|---|---|---|
Taxonomy eligible and aligned activities (%) | 0% | 0% | 0% |
Taxonomy eligible activities (%) | 0% | 32% | 5% |
Taxonomy non-eligible activities (%) | 0% | 68% | 95% |
Total (in € thousands) | 1,459,853 | 8,980 | 17,338 |
For 2025, Acomo is subject to reporting the share of Taxonomy-’eligible’ and ‘aligned’ activities contributing to the objectives of climate mitigation and/or adaptation, and the share of ’eligible’ activities contributing to the other environmental objectives in Turnover, Capital Expenditures, and Operating Expenses.
For the calculation of the denominator of the Turnover, CapEx and OpEx KPIs, we have extracted the figures directly from our internal system, ensuring that the figures are only counted once in each KPI. For the allocation of the numerator for CapEx and OpEx, we have first identified the relevant figures and then allocated the primary related economic activity in the Delegated Acts. In this way, we ensure that no CapEx or OpEx is considered more than once.
None of the Group’s turnover-generating activities are currently described in the Delegated Acts. Hence, the EU Taxonomy-eligible and aligned turnover for 2025 is 0%. If the specific economic activities for the Acomo companies are added to the Delegated Acts, the eligibility percentage for the Acomo turnover will increase significantly.
Only a small part of the Acomo 2025 investments in the intangible assets, property, plant, and equipment are currently described under the activities of the Delegated Acts. These are investments in emission-free and low emission internal transport equipment (6.5), installation of energy efficient lighting (7.3), installation of a biomass steam generator (4.24), installation of charging stations (7.4), installation of PV systems (7.6), and acquisition and ownership of buildings (7.7). We have analyzed the capital expenditures of 2025 and assessed if they met the ‘substantial contribution’ and ‘do no significant harm’ criteria. Of these investments 32% qualifies as eligible, but not aligned. Please refer to the EU Taxonomy table on pages for more details.
Only a small part of our total operating costs is currently described under the activities of the Taxonomy. No OpEx exemption has been applied by Acomo. According to the Delegated Acts, this should cover direct, non-capitalized costs related to research and development, measures for renovation of buildings, short-term leases, maintenance and repair, and all other direct expenses related to the day-to-day maintenance of tangible fixed assets. The total costs of these activities amounted to €17.3 million in 2025, representing 14% of total operating expenses. Of these costs, 5% relates to assets or processes related to taxonomy-oriented economic activities, of which the lease and maintenance of electric forklifts (6.5), the operation of a biomass steam generator (4.24), operation of PV systems (7.6), and agroforestry expenses (1.2). We have analyzed the operational expenditures of 2025 and assessed if they met the ‘substantial contribution’ and ‘do no significant harm’ criteria. Of these expenses 5% qualifies as eligible, but not aligned. Please refer to the EU Taxonomy table on pages for more details.
We assessed whether any of our Taxonomy-eligible OpEx or CapEx for economic activities 1.2, 4.24, 6.5, 7.3, 7.4, 7.6, and 7.7 could be considered Taxonomy-aligned; however, we were not able to obtain enough evidence to conclude alignment with the 'Substantial contribution' and 'Do No Significant Harm' (DNSH) criteria.
As a Dutch listed company, we adhere to all applicable rules and regulations in the countries where we are active. Acomo’s Human Rights Policy states our commitment to honouring ethical business practices, labour standards, and social and environmental aspects when purchasing products and services. Furthermore, it describes Acomo's process to report human rights risks and seek remedy through a grievance and remedy mechanism. The policy takes guidance from the UN Guiding Principles on Business and Human Rights and the ILO Fundamental Principles and Rights at Work. We incorporated the OECD Guidelines for Multinational Enterprises in our Code of Conduct as a starting point for the integration of human rights due diligence in our business policies and procedures. Moreover, Acomo has a Supplier Code of Conduct to clarify our expectations in the areas of business integrity, labour practices, health & safety, and environmental management.
For more information on our policies and due dilligence approach see the sections ESRS S2 - Workers in the value chain and ESRS G1 - Business Conduct.
Nuclear and fossil gas related activities
As Acomo does not engage in nuclear or fossil gas related activities, the table above is included for compliance purposes.
Nuclear and fossil gas related activities | ||
|---|---|---|
Nuclear energy-related activities | ||
1 | The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. | No |
2 | The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. | No |
3 | The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. | No |
Fossil gas-related activities | ||
4 | The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. | No |
5 | The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. | No |
6 | The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. | No |
EU Taxonomy table
Social
ESRS S1 - Own Workforce
The objective of this disclosure is to enable users of the sustainability statement to understand the material impacts on the Acomo workforce.
[SBM-2] Interests and views of stakeholders
Acomo recognizes and appreciates that people are our most important asset and that their capabilities, engagement and talent determine our success. Passionate people is therefore one of the strategic pillars of Acomo's strategy and critical to our business model.
We ensure a work environment where people can thrive by attracting, developing, and rewarding employees for their commitment and contribution. We are committed to creating a culture where the interests, views, and rights of people are respected and honoured. All employees of the Group are responsible for building and maintaining a safe and inspiring work environment where talent can grow. We strive for a culture built on mutual respect that is free of harassment and discrimination.
We believe that business can only succeed sustainably when and where human rights are protected and respected. We recognize our responsibility as a company to prevent and address any negative impacts we may have on the rights of those whom we employ, do business with, or interact with along our supply chain.
Acomo depends on its employees and is conscious of its impact on them. The professional development of employees is both in the personal interest of employees as well as key to the further success of the Company. Health and safety incidents not only negatively impact individual employees, but also threaten the availability and operationalizability of Acomo's workforce. The same goes for diversity and inclusion: a lack of inclusivity not only results in individual employees who feel underrepresented and less engaged, but also renders the Company as a whole less attractive to diverse talent.
[IRO-1] Material impacts, risks and opportunities
Acomo's employees are a key group of affected stakeholders and therefore have a role in the double materiality assessment (DMA) executed by Acomo. The material impacts identified by Acomo relate to the sustainability matters of: talent attraction, retention, and development; diversity and inclusion; and safe and secure working conditions.
Within its DMA process Acomo identified the material impacts below. As part of the 2025 update of the DMA, the IRO 'Ensuring a healthy and safe work environment' (formerly classified as a positive actual impact) was reclassified as a negative actual impact following the review. This reclassification reflects that maintaining a healthy and safe workplace is considered a baseline expectation, a measure that mitigates the inherent risk of unsafe working conditions, rather than a distinct positive impact on its own.
Sustainability matter | # | Description | Impact / Financial materiality | Actual or | ||
|---|---|---|---|---|---|---|
Talent attraction, retention, and development | Employee satisfaction | Impact materiality | 3 | |||
Diversity & inclusion | Lack of diversity and representation at management level | Impact materiality | 5 | |||
Diversity & inclusion | Unconscious bias in recruitment processes | Impact materiality | 5 | |||
Diversity & inclusion | Safe and inclusive workplace | Impact materiality | 3 | |||
Safe and secure working conditions | Exposure of workers to unsafe or unhealthy working conditions due to varying health and safety standards | Impact materiality | 6 |
All employees of the Acomo workforce are in scope of the reporting requirements within this disclosure. The Acomo workforce consists of permanent, temporary and non-guaranteed hours employees. The non-guaranteed hours employees are mainly employed in the factory operations within the US. Those employees are not at greater risk of harm related to the identified material negative impacts. The presence of temporary or non-guaranteed hours employees within Acomo’s workforce reflects operational and contractual arrangements rather than structural employment insecurity. Temporary contracts are primarily used for clearly defined roles, project-based activities, seasonal needs, or as part of standard probationary employment practices prior to permanent appointment. Non-guaranteed hours arrangements are limited in scope and applied in line with local labour laws. These arrangements provide flexibility for both the undertaking and employees, as for example in the US.
[SBM-3] Interaction with strategy and business model
For the negative impacts that are potential it is therefore difficult to define if they are widespread, systematic or incidental. The positive impacts, such as employee satisfaction and a healthy, safe and inclusive working environment, are relevant to all types of employees, including permanent, temporary and non-guaranteed hours employees.
Apart from the US-based operations, the Acomo companies have limited manufacturing activities. However, Acomo has identified an actual negative impact related to the exposure of workers to unsafe or unhealthy working conditions, reflecting differences in occupational health and safety standards and enforcement across countries where the Group operates. Nevertheless, due to Acomo’s limited manufacturing activities and the nature of its predominantly office-based operations, significant risks of incidents of forced labour, compulsory labour or child labour are not considered inherent to Acomo’s own operational activities as indicated in the DMA.
At the same time, Acomo recognises that inherent human rights risks may exist in certain countries or geographic areas in which the Group operates, such as Sri Lanka and Ethiopia, due to broader local socio-economic and regulatory contexts. The identified material impacts on Acomo’s own workforce are considered in strategic and operational decision-making to support responsible growth and to align the Group’s business model with safe and fair employment practices across its operations. In the disclosure below, we describe which policies and procedures are in place to mitigate those human rights risks.
Acomo’s policies, as defined below, are implemented through specific internal procedures, including clear standards set out in the Codes of Conduct, mandatory compliance with applicable labour and non-discrimination laws, and established grievance and whistleblowing mechanisms that allow concerns related to discrimination or harassment to be raised confidentially. Reported cases are followed up through internal escalation processes in line with local legal requirements and internal governance responsibilities, enabling identified issues to be acted upon and mitigated see more in chapter G1.
[S1-1] Policies
Talent attraction, retention, and development
Acomo promotes the use of personal development plans and employee satisfaction evaluations in its companies to ensure that every person feels valued and respected. Acomo offers leadership talent early opportunities to demonstrate competence and pursue a well-defined path to future career growth within the Group.
The Acomo companies have their own talent attraction, retention and development policies and procedures in place. Personal development and employee satisfaction have historically been organized at the entity level. As such, no Group-wide policies or actions have been defined yet. However, such action programmes will be defined going forward as part of the new Group strategy. Acomo plans to explore metrics to better quantify the impact on employee satisfaction. At this stage effectiveness is not yet being tracked.
Diversity and inclusion
We promote a culture of mutual respect with no tolerance for discrimination or harassment. The organization and its people share a responsibility for a work environment that is safe, engaging, inclusive, and conducive to personal and professional growth. Diversity in the workforce is crucial in such an environment.
As expressed in the Acomo Code of Conduct and Diversity & Inclusion Policy employment with Acomo is based solely upon individual merit and qualifications directly related to the job. Acomo does not tolerate harassment of any kind, including on the grounds of race, colour, religion, gender, sexual orientation, national origin, age, disability or any other type of behaviour that is hostile, disrespectful, abusive and/or humiliating.
To be a leader in our business, Acomo must be flexible, innovative, and creative and have the ability to accommodate a range of viewpoints. Acomo respects cultural and individual diversity and promotes inclusivity. We value an organization with access to equal opportunities for its employees without distinction to race, colour, gender, sexual orientation, national origin, age, or disability. This includes the recruitment, promotion, compensation, training, and development. The Acomo Diversity & Inclusion Policy describes our commitment to promoting diversity in the composition of our workforce to be a representative reflection of society, while promoting a culture of inclusion in career development and opportunities. This commitment forms the basis of our diversity & inclusion target, as further explained in S1-5.
Currently, no Group-wide actions on diversity and inclusion have been defined as they are driven locally by our operating companies. These action programmes are to be defined. Acomo plans to explore metrics to better quantify the impact of unconscious bias in recruitment processes and safe and inclusive workplace. At this stage, no specific actions have been established, and therefore, their effectiveness is not yet being tracked.
Occupational health and safety
Acomo strives to provide a safe and healthy working environment for all its employees. We are therefore committed to conducting business in a manner that protects the health and safety of its employees. Employees are regularly informed and educated on health and safety regulations by way of attending training, circulated regulations and notice board information. Acomo companies also devote adequate resources to identifying, controlling and remedying health and safety risks associated with their operations, in accordance with applicable laws and regulations.
Health and safety is primarily organized at the entity level within the Acomo Group. The Acomo companies have their own policies and procedures in place to ensure a safe and healthy working environment. Almost all of the Acomo companies have a workplace accident prevention policy or a health and safety management system in place. Currently there are no central Acomo Group policies in place that specifically focus on health and safety, nor have any Group-wide actions on safe and healthy working conditions been defined. These action programmes are to be defined. The effectiveness of the initiatives on ensuring a healthy and safe working environment is primarily evaluated through the results of the health and safety metrics.
[S1-2] Engaging with own workers and workers’ representatives
Acomo has identified and reported on actual and potential impacts on its own workforce through the DMA. The engagement of our own workforce has been limited to performing the DMA and partaking in the employee satisfaction evaluation. For participation in the (updated) assessment, we selected a range of employees from different Acomo companies to include consultation from this key stakeholder group in the update.
Acomo companies engage with their employees on strategic and operational topics via the workers' council, applicable for Tradin Organic, or workers representatives. Depending on the size of the company, engagement through those formalized channels may be direct or indirect, as the size and culture of smaller companies allow for more direct engagement between management and the employees. In addition, many of the Acomo companies engage regularly with their employees through employee satisfaction surveys and the follow-up on those surveys.
As engagement with the employees differs per company within the Group, Acomo has not adopted a Group-wide process for engagement with its own workforce.
[S1-3] Processes to remediate impacts and channels to raise concerns
Our commitment to creating and maintaining a responsible work environment and upholding human rights, including labour rights, is outlined in the Acomo Human Rights Policy and the Code of Conduct. The Human Rights Policy recognizes and describes our responsibilities as a company to respect the human rights of those whom we employ, whereas the Code of Conduct contains the fundamental standards to be adhered to at all times within the Company.
Acomo complies with the laws and regulations in all countries in which it operates. Acomo supports the United Nations Universal Declaration of Human Rights and the conventions and recommendations of the International Labour Organization. It aligns its policies with the OECD Guidelines for Multinational Enterprises.
Acomo has a single and uniform whistleblower procedure that applies to all companies within the Acomo Group. This procedure ensures that all employees, interns, temporary staff, volunteers, trainees, freelancers, (sub)contractors, suppliers, shareholders, and applicants who perform work-related activities at the Acomo Group have the opportunity to confidentially report any alleged or suspected misconduct or wrongdoing. Discussing matters internally contributes to an open work environment in which we can depend on each other to speak up, rather than allowing a problematic situation to continue.
The whistleblower procedure helps to establish and sustain an ethical workplace environment and sound business practices.
The Acomo Whistleblower Policy describes where to report (alleged or suspected) misconduct or wrongdoing; details on the follow-up process; and statements on reporting safely and in a completely confidential way. For more information see Governance structure.
We take proactive steps to ensure that our employees are aware of and are regularly reminded of the grievance mechanisms available. This is an integral part of the implementation of the Code of Conduct, which is shared with each (new) individual employee. The Code of Conduct includes a specific section on our grievance and complaints handling policy. Additionally, we regularly stimulate our subsidiaries to communicate with their employees through various internal channels, including employee handbooks, emails, newsletters, or intranet, to remind them about the availability of grievance channels and encourage their use.
[S1-4] Actions
As described above, most actions and associated operational investments to manage material sustainability matters are embedded within the regular budgets and management responsibilities of the individual operating companies, supported where relevant by the Group. The Group plays a driving and controlling role within some of the sustainability matters.
Employee satisfaction surveys are done on a sequent base by several of the Acomo companies. However, Acomo is considering a Group-wide initiative to not only measure the participation in the surveys, but also the actual satisfaction of the employees. The outcomes that are comparable can inform a potential agenda for action to increase employee satisfaction around the Group.
Regarding the material impacts related to the sustainability matter of diversity and inclusion, Acomo's main action is to drive awareness of the Acomo Code of Conduct and the Speak Up! platform. Acomo did select and implement a Group-wide training platform in 2025 and will start a training programme for all employees on the Acomo Code of Conduct and the Speak Up! platform next year.
In 2025, several investments have been made to improve safe and healthy working conditions within the Acomo companies. Those actions range from training of employees, procedures on preventing work-related injuries, improved ergonomic practices in the workplace and several initiatives on employee well-being.
[S1-5] Targets
No Group-wide targets have been established for the following IROs: (1) 'Safe and inclusive workforce', (2) 'Unconscious bias in recruitment', (3) 'Exposure of workers to unsafe or unhealthy working conditions due to varying health and safety standards', and (4) 'Employee satisfaction'. These IROs are primarily managed at operating company level. As a result, policies, practices, measurement methodologies and maturity levels currently differ across entities. For the IRO 'Exposure of workers to unsafe or unhealthy working conditions', management is additionally highly dependent on local regulatory frameworks, enforcement practices and operational contexts.
However, the Group has set targets and actions on IRO 'Lack of diversity and representation at management level', and more specific the gender quota, as described in the Acomo Diversity & Inclusion Policy. Acomo aligns to the gender quota (at least 1/3 men and 1/3 women) for its non-executive directors. By 2030, we are aiming for at least 30% women in senior management positions, excluding the Executive Members of the Board. The target was established using 2022 as the base year, and no changes have occurred to the target, its measurement approach, or the underlying methodology. At this stage employees were not directly engaged in the target-setting process, nor in tracking performance or in identifying lessons learned related to these targets.
Acomo has initiated various actions and initiatives to achieve these targets. Where searches for appointment to leadership positions are conducted by the group companies or by executive search firms, both internal and external qualified candidates will be presented, in order to base employment decisions on merit, considering qualifications, skills, performance, and achievements, and to avoid discrimination against any employee or applicant for employment based with a different nationality, gender, age, education, and work background. This is to ensure that everyone with the same competences, agility and potential has an equal chance of getting an appointment or opportunity to develop themselves.
We prioritize obtaining a full and up-to-date understanding of our human capital requirements and where the challenges lie to ensure a diverse competent workforce. Group companies develop detailed overviews to help different areas of the business identify gaps and monitor progress on human capital management at different levels of the organization. The HR teams use these analyses in their discussions with the individual company management teams.
In addition, Acomo employs a diverse composition of interviewers in its job application processes. This helps ensure that application procedures are objective and transparent while minimizing the influence of (unconscious) bias of interviewers. In our job openings, we adhere to the rules that prevent any form of discrimination. We make sure that our texts appeal to a diverse group. We check this regularly to ensure objectivity.
The effectiveness of the initiatives on the IRO 'The lack of diversity and representation at management level' is primarily evaluated through the results of the metric on the gender distribution of top management. The current target is not addressing all the material impacts of the sustainability matter. In the future additional targets are required to cover the impacts more adequately.
[S1-6] Characteristics of the undertaking’s employees
Number of employees | 2025 | 2024 |
|---|---|---|
Male | 882 | 790 |
Female | 385 | 348 |
Other | - | - |
Not reported | - | - |
Total employees | 1,267 | 1,138 |
Employee turnover | 2025 | 2024 |
|---|---|---|
Average number of employees | 1,207 | 1,155 |
# of employees who have left | 348 | 434 |
Employee turnover ratio | 29% | 38% |
Number of employees per country | 2025 | 2024 |
|---|---|---|
Netherlands | 463 | 448 |
United States | 438 | 437 |
Other | 366 | 253 |
Employees | Permanent | Temporary | Non-guaranteed | |||||
|---|---|---|---|---|---|---|---|---|
Employees per region | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Europe | 567 | 508 | 494 | 439 | 56 | 54 | 17 | 15 |
Asia Pacific | 57 | 54 | 57 | 53 | 0 | 1 | 0 | 0 |
Middle East/Africa | 205 | 139 | 129 | 135 | 76 | 4 | 0 | 0 |
Americas | 438 | 437 | 160 | 154 | 1 | 1 | 277 | 282 |
Female | Male | Total | ||||
|---|---|---|---|---|---|---|
Employees per type | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
# of employees | 385 | 348 | 882 | 790 | 1,267 | 1,138 |
# of permanent employees | 280 | 238 | 560 | 543 | 840 | 781 |
# of temporary employees | 26 | 26 | 107 | 34 | 133 | 60 |
# of non-guaranteed hours employees | 79 | 84 | 215 | 213 | 294 | 297 |
Looking at the characteristics of the undertaking, 70% of the Acomo employees is male compared to 30% female employees.This is in line with general industry characteristics.
In 2025, the number of employees increased due to the integration of Delinuts Nordics and the new hires within Tradin Organic Sierra Leone. With less employees leaving in 2025, the employee turnover ratio improved.
Most Acomo employees are employed in the United States by the group companies Red River Commodities and Tradin Organics USA. Red River Commodities is a large employer, also accounting for the most production personnel within the Group. Most of those employees are non-guaranteed hours employees.
The labour market circumstances in the geographical and industry context of Red River Commodities are tight, challenging the recruitment of qualified and engaged employees. The turnover of production employees is mainly contributing to the high total turnover ratio of the Group. Red River Commodities therefore started utilizing a pay for skills programme at the operational level.
For a cross-reference of the information reported above to the financial statements, see page . Excluded from the figures within the sustainability statement is Manuzzi S.r.l., representing 27 employees. As per the reporting principles the employees are reported in headcount. The Group total of 1,294 employees (headcount), including Manuzzi S.r.l., is reflecting an average workforce of 1,221 FTE.
Total headcount
The total headcount of employees at the Acomo Group is calculated by aggregating the employees (temporary/permanent/non-guaranteed hours) across all entities and countries of operation. This calculation is on a year-end reporting base.
Gender
The gender distribution reflects the number of employees split per gender category. Gender categories are defined as biological gender by male or female. The gender category Other is applied when an employee does not recognize themselves as their own biological gender. Not reported gender is used when the information about the employee's gender is not available. The gender distribution at the Acomo Group is calculated by summing the total aggregated headcount of both women, men and other across all entities and countries of operation while excluding freelancers and contractors. These aggregated numbers are divided by the total combined headcount for women, men and other. This calculation is on a year-end reporting base.
Employee turnover
Employee turnover reflects the cumulative headcount of employees who have departed from the Acomo Group, whereas the employee turnover rate is defined as the proportion of employees who have left expressed as a percentage. The total number of employees who left is calculated by aggregating departures across all entities and countries of operation during the reporting period. To determine the percentage of departing employees, the total is divided by the average number of employees during the same period, aligning with the annual reporting method.
Employees by region and major countries
The geographic distribution of employees is calculated by aggregating the total headcount of employees within the specific geographical locations where our entities are located. This calculation is on a year-end reporting base. The specific regional split is applied, as well as the split per major countries (countries exceeding 10% of total Acomo headcount).
Permanent employees
Permanent employees are defined as employees who perform work for an indeterminate period on a part-time or fulltime basis. The number of permanent employees is calculated by aggregating the permanent employee count across all of our entities. This calculation is on a year-end reporting base.
Temporary employees
Temporary employees are defined as the headcount of employees whose employment is contingent upon the conclusion of a specific project or has a predetermined time limit. The number of temporary employees is calculated by aggregating the temporary employee count across all of our entities. This calculation is on a year-end reporting base.
Non-guaranteed hours employees
Non-guaranteed hours are defined as the headcount of employees without a contractual guarantee of a minimum or fixed number of working hours. The number of non-guaranteed hours employees is calculated by aggregating the non-guaranteed hours employee count across all of our entities. This calculation is on a year-end reporting base.
[S1-8] Collective bargaining coverage and social dialogue
Collective bargaining coverage | Social dialogue | ||
|---|---|---|---|
Coverage rate | Employees | Employees | Workplace |
0 - 19% | The Netherlands | Americas | Europe (excluding the Netherlands) |
20 - 39% | The Netherlands | ||
40 - 59% | |||
60 - 79% | |||
80 - 100% | |||
Collective bargaining coverage within the Group is 2.5% (2024: 0.0%). Except from Delinuts Nordics, the Acomo companies are not part of any agreement with its employees for representation by a European Works Council (EWC), a Societas Europaea (SE) Works Council, or a Societas Cooperativa Europaea (SCE) Works Council due to the fact that the Group companies are primarily active in niche markets.
[S1-9] Diversity metrics
Top management gender distribution | 2025 | 2024 |
|---|---|---|
# of male employees in top management | 38 | 39 |
% male | 78% | 83% |
# of female employees in top management | 11 | 8 |
% female | 22% | 17% |
Collective bargaining
The coverage of collective bargaining is calculated by aggregating the total number of employees covered by collective bargaining agreements in the reporting period, excluding freelancers and contractors, and dividing this total by the number of employees. For entities with significant employment, i.e., above 50 employees and representing at least 10% of total employees, the coverage is calculated by aggregating the total number of employees in each entity, excluding freelancers and contractors, and dividing this total by the number of employees covered by collective bargaining in the respective entities.
Workers’ representatives
Workers’ representatives are defined as employee-elected individuals who represent the workforce in specific locations concerning employee-related topics, such as the work environment and working conditions. For entities with significant employment, i.e., above 50 employees and representing at least 10% of total employees, the coverage is calculated by aggregating the total number of employees in each entity, excluding freelancers and contractors, and dividing this total by the number of employees covered by workers representatives in the respective entities in the reporting period.
Top management
Top (or senior) management is defined as the two levels below the administrative management and supervisory bodies. Gender distribution in top management is calculated by summing the total aggregated headcount of both women and men in top management. These aggregated numbers in headcount are divided by the total combined headcount for women and men in top management to calculate the distribution share for each gender, respectively. This calculation is on a year-end reporting base.
Nationalities
The number of nationalities within the Acomo Group reflects the total number of unique nationalities employed at the Company based on headcount.
Age structure
The age distribution of employees is calculated by aggregating the total headcount of employees under 30 (29 or younger), employees between 30 and 50 (30 to 49), and employees aged 50 or above. This calculation is on a year-end reporting base.
Adequate wage
Every year, we gather data in all our countries regarding the lowest wage paid. This data is benchmarked against national minimum wages where available, and credible (WageIndicator’s-based) benchmarks of living wages where national minimum wages were not available.
The wages of all headcount employees have been considered. The share of employees paid an adequate wage is calculated as the number of employees paid an adequate wage compared with the total number of employees in scope. Where employees by country are not paid an adequate wage, the number and share in those countries are detailed.
The gender distribution within top (or senior) management is 78% male compared to 22% female. In 2025 the percentage of female employees in top management increased. This is in line with the Acomo ambition to achieve a more proportionate distribution of men and women in top management positions as expressed in the Diversity & Inclusion Policy.
Age structure of employees | 2025 | 2024 |
|---|---|---|
% <30 year | 16% | 18% |
% 30 < 40 year | 32% | 31% |
% 40 < 50 year | 25% | 25% |
% 50+ year | 27% | 26% |
[S1-10] Adequate wages
As Acomo, we are fully committed to meeting the expectations placed upon us to ensure equitable pay for all employees. These expectations are rightly evolving and becoming more demanding.
All our employees are paid an adequate wage in 2025. There were no changes compared to 2024 when all employees were paid above the minimum wage benchmark as well.
[S1-13] Training and skills development metrics
2025 | 2024 | |
|---|---|---|
Employee training | ||
Male training hours | 6.47 | 6.93 |
Female training hours | 11.97 | 8.15 |
Average training hours | 8.14 | 7.30 |
Performance and career development review | ||
% of male employees | 56% | 65% |
% of female employees | 68% | 70% |
% of employees | 60% | 66% |
Acomo recognizes and appreciates that people are our most important asset and that their capabilities, engagement and talent determine our success. The average training hours per employee increased in 2025, especially for the female employees. Training and performance and career development reviews saw a slight decrease compared to 2024. In practice not all training and performance and career development reviews are documented formally. We will continue to emphasize the importance of well-documented satisfaction reviews within the Group to increase engagement with the employees and work on an environment that is safe, engaging, inclusive, and conducive to personal and professional growth.
Employee training
Training hours are defined as time spent on training and skills development. Training and skills development involves various methodologies such as onsite-training, online courses, workshops, educational programmes and opportunities. Examples of training are technical trainings (e.g. Food safety, Good manufacturing practices, Occupational health & safety) and IT or compliance related trainings. Training hours per employee and by gender are calculated by dividing the total recorded training hours by the headcount for each gender. This calculation is based on year-end reporting and includes all employees in headcounts, excluding freelancers and contractors.
Performance and career development review
The percentage of employees participating in performance appraisals is calculated using the total employee headcount. Performance appraisals are defined as a documented review based on criteria known to the employee and its superior. The review is undertaken with the knowledge of the employee at least once per year. This calculation is on a year-end reporting base.
Own workforce covered by health and safety management systems
Share of the total workforce performing tasks on behalf of Acomo covered by a Health and Safety Management System, which ensures the compliance with the legal requirements or based on recognized OHSAS standards or guidelines. The calculation applies to both employees and non-employees.
Audited health and safety management systems
The approach used for internal audits need to be standardized: carried out following an internally-developed audit standard or a recognized audit standard, and with clear qualification of the auditors. Audits by external parties may include both second-party and third-party audits.
Number of work-related accidents
The consolidated number of accidents occurred for employees within the reporting period recorded in local health and safety management systems of the Acomo entities. The calculation applies to both employees and non-employees.
Rate of recordable work-related accidents
This rate represents the number of work-related accident cases per one million hours worked and is calculated by dividing the number of cases registered in the reporting period by the aggregated working hours and multiplied by one million. The number of hours worked is based on standard working hours per the local jurisdiction annually per full-time equivalent. The calculation applies to both employees and non-employees.
Number of days lost
The number of days lost, from and including the first full day and last day of absence, and including all calendar days of the period (incl. weekends and public holidays).
Number of fatalities
The number of fatalities registered for Acomo employees and other workers working on Acomo sites resulting from work-related injuries or work-related ill health.
[S1-14] Health and safety metrics
2025 | 2024 | |
|---|---|---|
Health and safety management system | ||
% of own workforce who are covered by health and safety management systems | 91% | 88% |
% of own workforce who are covered by an internally audited and (or) audited or certified by external party health and safety management systems | 79% | 80% |
Accidents | ||
# of recordable work-related accidents for own workforce | 17 | 28 |
Rate of recordable work-related accidents for own workforce | 7.01 | 13.98 |
# of days lost to work-related injuries and work-related ill health | 140 | 255 |
# of fatalities in own workforce as result of work-related injuries and work-related ill health | 0 | 0 |
# of fatalities as result of work-related injuries and work-related ill health of other workers working on undertaking's sites | 0 | 0 |
Risks on work-related injuries is mainly present in the processing facilities of the Acomo companies.
The number of recordable work-related accidents for own workforce decreased significantly in 2025 compared to the relatively high number of accidents in 2024. The majority of the accidents happened in the US operations, although less than last year. None of those accidents in 2025 caused high-consequence injuries, the employees being able to restart work activities directly or after some days of absence. Nevertheless, the reported numbers underline the ongoing importance of extensive and up-to-date health and safety management systems. In 2025, there were no reported cases of recordable work-related ill health within the Group, subject to legal restrictions on the collection of data.
[S1-15] Work-life balance metrics
Family-related leave | 2025 | 2024 |
|---|---|---|
% of employees entitled to take family-related leave | 89% | 86% |
% of employees entitled that took family-related leave | 3% | 4% |
% of entitled male employees that took family-related leave | 1% | 3% |
% of entitled female employees that took family-related leave | 2% | 2% |
% of entitled other employees that took family-related leave | 0% | 0% |
Acomo ensures that our employees are entitled to take family-related leave in accordance with employment terms and conditions described in employee handbooks and contracts. There were almost no changes in family-related leave in 2025 compared to 2024.
[S1-16] Remuneration metrics
Within this section Acomo reports on its remuneration metrics. The gender pay gap and total remuneration discloses the percentage gap in pay between its female and male employees and the ratio between the remuneration of its highest paid individual and the annual median total remuneration for the rest of its employees.
Gender pay gap and total remuneration ratio
Remuneration metrics | 2025 |
|---|---|
Gender pay gap | 6.7% |
Total remuneration ratio | 61 |
In 2024 the pay gap was calculated based on the population of Tradin Organic and Red River Commodities representing 68% of the total population, and the total remuneration ratio was based comparing the highest paid with the average as reported within the Remuneration report. As ESRS was introduced last year, it was not possible to collect the necessary information. Due to the decentralized group structure it is impractical to obtain all necessary documentation to include the prior year figures.
For 2025 a Company-wide gender pay gap analysis was performed including the full population. For the total remuneration ratio instead of the average, the median is now being used.
The 2025 calculation showed a 6.7% difference of average pay between female and male employees. The annual total remuneration ratio for 2025 landed at 61.
The table shows the unadjusted pay gaps, in which there is no correction made for the type of work, age and work experience.
For this analysis we use the employees part of the Group per end December and annualized their salary.
Family-related leave
Family-related leave includes the categories of maternity, paternity, parental, and carers’ leave. Family-related leave does not include time registered as unspecified leave of absence. Family-related leave is calculated by dividing the distinct count of employees of each gender who have taken family-related leave by the entitled employees for each gender. An employee who has taken more than one family-related leave during the year is only counted once for the whole year. This calculation is based on the reporting period and includes all employees in headcounts, excluding freelancers and contractors.
Gender pay gap
The gender pay ratio is calculated as the difference of average pay levels between female and male employees, expressed as a percentage of the average pay level of male employees. The average pay level for all own employees is calculated using the annual total remuneration based on fully loaded costs. All recorded salaries are first converted to full-time equivalents, annualized and translated to EURO using the average exchange rate over the year. The fully loaded costs includes wages, benefits and short- and long-term incentives. The fully loaded costs are divided by the standard working hours, based on a 48 hour week for the employees in Ethiopia, a 45 hour week for employees in Sierra Leone and a 40 hour week for all other employees, resulting in an hourly rate. The calculation is based on the headcount and calculated annual total remuneration on 31 December of the reporting year.
Total remuneration ratio
The annual total remuneration ratio is calculated by comparing the annual total remuneration of the highest paid employee with the annual median total remuneration of the rest of the own employees. The total renumeration per employee is converted to full-time equivalents and annualized.
[S1-17] Incidents, complaints and severe human rights impacts
Within this section Acomo reports the number of work-related incidents and/or complaints and severe human rights impacts within its own workforce, and any related material fines, sanctions or compensation for the reporting period.
Number of incidents, complaints and/or severe human rights impacts and any related material fines, sanctions or compensation for the reporting period:
Discrimination incidents reported and complaints filed | 2025 | 2024 |
|---|---|---|
Total number of incidents of discrimination, including harassment, reported in the reporting period | 0 | 0 |
Number of complaints filed through channels for people in the undertaking’s own workforce to raise concerns (including grievance mechanisms) | 4 | 2 |
Number of complaints filed through to the National Contact Points for OECD Multinational Enterprises | 0 | 0 |
Total amount of fines, penalties, and compensation for damages as a result of the incidents and complaints relating to discrimination | 0 | 0 |
Number of severe human rights incidents connected to the undertaking’s workforce in the reporting period | 0 | 0 |
Total amount of fines, penalties and compensation for damages for the incidents relating to severe human rights | 0 | 0 |
Incidents, complaints and severe human rights
The number of incidents of discrimination and complaints includes all complaints filed through our whistleblower hotline at year-end. Incidents of severe human rights includes the number of incidents connected to Acomo's workforce, and all OECD reports are included in the reported number.
Fines, penalties and compensation resulting from incidents of discrimination and harassment are expenses measured in euro, in the fiscal year in which they become probable.
We address all discrimination incidents and complaints filed within our organization through formal channels. Our Speak Up! platform ensures that employees can report any incident confidentially and securely. Four complaints were filed through the grievance mechanism in 2025. No complaints were filed through the National Contact Points for OECD Multinational Enterprises. Furthermore, no incidents, fines and penalties related to discrimination were registered in 2025. In 2025, no severe human rights incidents relating to our workforce occurred, and consequently, no fines, penalties, or compensation related to severe human rights incidents were registered.
ESRS S2 - Workers in the value chain
Businesses depend on workers throughout the value chain, while also potentially impacting them at each stage. In this disclosure, Acomo addresses how its own operations, products and business relationships are linked to material impacts on workers throughout the value chain.
[SBM-3] Interaction with strategy and business model
Acomo's value chain involves extensive manual work. This is especially true for the growing and post-harvest stages, which involve significant numbers of workers. Furthermore, a considerable portion of the farmers who grow products for Acomo are smallholder farmers with limited access to agricultural equipment or machinery. Work includes a broad range of activities, including planting, weeding, and pruning. Products are then harvested, usually in small quantities. The next stage involves the collection of products by collectors, followed by post-harvest processing, which can include (sun) drying, cleaning, cutting, fermenting, and sorting the products by quality. Within the Acomo supply chains, these processes are conducted both manually and with machinery.
Workers engaged in Acomo’s business activities can be grouped according to their roles within the value chain. These groups include workers in the upstream value, such as those involved in the cultivation, harvesting, and initial processing of agricultural products, as well as workers in the downstream value chain such as logistics providers and distributors. Within these groups, there are also particularly vulnerable workers who may be more exposed to negative impacts, including women, migrant workers, seasonal labourers, and young workers.
Human rights and fair labour practices are at risk at several stages of the supply chains, e.g. in the form of unsafe or exploitative working conditions. Identifying and addressing these impacts is challenging due to the complexity of supply chains, which often involve multiple intermediaries. Vulnerable groups are often disproportionately impacted in the agricultural sector due to inequalities and their precarious social and economic positions. For example, women often take unpaid or underpaid roles in agriculture, while also bearing additional responsibilities like childcare, limiting their earning potential and access to resources.
In most cases, Acomo does not source products directly from the primary source. Taking into account the interests, views, and rights of its value chain workers is therefore a shared responsibility. Acomo partners with suppliers, NGOs and other value chain partners to make a positive impact and prevent and mitigate negative impacts on value chain workers. In addition, Acomo aims to safeguard fair labour conditions in the value chain through the use of several product certifications, such as Rainforest Alliance and Fairtrade. These certifications define fair labour conditions based on their own frameworks, which set standards that go beyond legal requirements. By aligning with these sector-wide certification standards, Acomo ensures that its approach to fair labour practices is measurable and internationally recognized.
Nevertheless, several products within the Acomo portfolio remain potentially linked to negative social impacts, particularly risks related to child labour in certain sourcing regions. The likelihood of such risks depends largely on the socio-economic conditions in the areas where products are grown, harvested, and processed. Based on prior risk assessments, Acomo identified several supply chains with elevated child labour risk. Tradin Organic continues to implement its project targeted on the prevention of child labour in the cocoa supply chain in Sierra Leone. Other earlier initiatives, such as those relating to coconut and ginger supply chains by Catz International, have informed internal learning and awareness and are currently being reviewed for future follow-up depending on local partner engagement and feasibility.
In 2025, the Acomo Human Rights Working Group began reviewing and refining its approach to human rights risk management. The focus of this process is on sharing best practices across group companies and ensuring a consistent and proportionate approach that fits the diverse nature of Acomo’s subsidiaries. This step represents an important start of strengthening the Group’s overall supply chain due diligence framework and embedding human rights considerations more systematically into sourcing decisions.
[IRO-1] Material impacts, risks and opportunities
Within its double materiality assessment process Acomo identified the impacts below:
Sustainability matter | # | Description | Impact / Financial materiality | Actual or potential positive / negative impact | ||
|---|---|---|---|---|---|---|
Human rights and fair labour practices in the value chain | Human right risks in complex supply chains | Impact materiality | 5 | |||
Human rights and fair labour practices in the value chain | Safeguarding fair labour conditions through certification | Impact materiality | 3 |
[S2-1] Policies
Acomo believes that business can only succeed sustainably when and where human rights are protected and respected. We aim to prevent and address any negative impacts we may have on the rights of those whom we employ, do business with, or interact with along our supply chain. This commitment is expressed in a range of policies for employees and non-employees of the Group, and third parties. These policies and related processes are in continuous development to appropriately address any new regulations or breaches. Accountability for implementation lies with the Board of Directors and the management of each operating company, as described in the Governance section of this report. The relevant policies are made available to stakeholders through public disclosure on Acomo’s website and through supplier onboarding and contractual processes.
Acomo Human Rights Policy
Acomo’s Human Rights Policy states our commitment to honouring ethical business practices, labour standards, and social and environmental aspects when purchasing products and services. Furthermore, it describes Acomo's process to report human rights risks and seek remedy through a grievance and remedy mechanism. The policy takes guidance from the UN Guiding Principles on Business and Human Rights and the ILO Fundamental Principles and Rights at Work. We incorporated the OECD Guidelines for Multinational Enterprises in our Code of Conduct as a starting point for the integration of human rights due diligence in our business policies and procedures. The Human Rights Policy currently does not address specific human rights risks such as forced labour, human trafficking and child labour.
Acomo Codes of Conduct
The Acomo Code of Conduct and Supplier Code of Conduct outline our shared ethical standards for the behaviour expected from all our employees and partners with whom we conduct business. The key concepts covered in the Code of Conduct are business integrity; handling confidential information; responsible use of company property; business relationships and suppliers; responsible work environment; corporate responsibility; and proper authorizations and approvals. The Supplier Code further clarifies Acomo's expectations in the areas of business integrity, labour practices (including child labour), associate health and safety, and environmental management towards its suppliers.
Acomo Corporate Sustainability Due Diligence Procedure
Acomo companies are integrating sustainability due diligence in their supply chains through the Acomo Corporate Sustainability Due Diligence Procedure. Starting with compliance to the Acomo Supplier Code, the cornerstone of the Acomo Due Diligence approach is the risk classification of the suppliers. We opted for a Group membership of the Supplier Ethical Data Exchange (SEDEX) platform. SEDEX is an innovative and effective supply chain management solution, helping to indicate risks and improve supply chain practices.
Within the SEDEX platform, the Acomo companies apply the SEDEX Risk Radar system to determine the level of risk (Low, Medium or High Risk) of their suppliers. Risk Radar is a comprehensive supply chain risk assessment and analysis tool which takes into account the country of origin, sector, activity type and/or products by defining the level of risk of each supplier. This risk classification applies primarily to tier 1 suppliers of Acomo companies. Acomo companies use the Radar to understand the most likely sustainability issues in their supply chains, even in the earliest stages of risk assessment. This allows them to prioritize additional assessment, risk management, and improvement efforts.
The Risk Radar tool comprises data points from independent, authoritative sources on human rights and environmental risks in supply chains. It uses hundreds of data sources to produce scores on a scale of 0 to 10 across 14 areas, including: forced labour; freedom of association; gender inequality; children and young workers; health, safety and hygiene; wages; working hours; discrimination; business integrity and several environmental areas. These scores act as an indication for the level of risk within different countries and industries.
The higher the score, the higher the risk. As such the tool combines country risk information and sector-specific risk information to create a combined risk score for countries and sectors. Risk Radar also incorporates data on business’ suppliers, where this is available from audits and the self-assessment questionnaire, to produce unique risk scores for individual sites in a supply chain. The higher the level of traceability within the supply chain, the lower the risk classification of the supplier. This allows Acomo companies to prioritize based on the particular risk characteristics of a supplier. All Acomo companies were onboarded on the SEDEX platform and had mapped and matched their supplier base in the system during 2024, after which the platform has continued to be used and further embedded in supplier risk management activities in 2025.
After screening the supplier base to identify potential adverse human rights impacts through the SEDEX platform, the Acomo companies will further assess and scrutinize high-risk supply chains. In this way, the risk classification step is followed by a successive compliance check on any high-risk suppliers while assessing the necessity of additional (mitigation) actions. Acomo companies are expected to verify whether high-risk suppliers hold valid certifications or audits aligned with a pre-defined set of credible, mainstream industry standards and schemes. If not, additional verification and mitigation is required.
During 2025, discussions continued on the Group-wide framework for how these checks will be implemented, with specific attention to ensuring a proportionate approach that accommodates the diversity of Acomo’s subsidiaries. The Acomo Human Rights Working Group aims to finalise and roll out this framework in 2026 as part of the Group’s ongoing enhancement of its supply-chain due-diligence process.
[S2-2] Engaging with value chain workers
Acomo has no standardized process for direct engagement with value chain workers. Indirect engagement exists throughout the year via credible proxies with insight into their situation, such as Rainforest Alliance, Fairtrade and RSPO. As part of the certification process, all stakeholders are extensively consulted, including (representatives of) value chain workers. Moving forward, direct engagement with value chain workers will be further integrated, strengthening Acomo’s approach to managing material impacts. The Sustainability Committee is responsible for ensuring that these engagements inform Acomo’s approach to due diligence and managing material impacts. As part of this effort, particular attention will be given to the perspectives of vulnerable and marginalized workers, such as women and migrant workers, to ensure their specific challenges and risks are adequately addressed.
[S2-3] Processes to remediate impacts and channels to raise concerns
Our approach to addressing concerns and grievances within our value chain is built on our values. These values are the cornerstones of how we conduct our business.
Through the Acomo Supplier Code, we set clear expectations for our suppliers. Furthermore, both internal stakeholders (e.g. Acomo employees) as well as external (value chain) partners have the opportunity to confidentially report any alleged or suspected misconduct or wrongdoing through the Acomo SPEAK UP! platform. This platform is publicly available on the Acomo and Acomo companies websites. The remedy process is planned for review as part of Acomo’s intended actions to manage material IROs, with the aim of identifying improvements in the system and ensuring the effectiveness of remediation measures. The whistleblower procedure is also accessible through a dedicated link on the website of each Acomo company, which directly provides access to the Acomo SPEAK UP! platform. More information can be found within disclosure ESRS G1 - Business Conduct.
Suppliers that signed the Supplier Code of Conduct
Reported is the percentage of raw material suppliers that have signed the Acomo Supplier Code.
Signing the Acomo Supplier Code means that the supplier signed the individual supplier code or the supplier code is signed as part of the total supplier approval procedure.
A raw material supplier is an organization that provides raw material products to the Acomo companies and is formally approved.
Supplier’s social and environmental responsibility audit
Reported is the percentage of raw material suppliers that are audited according to one of the pre-defined standards and schemes by Acomo.
These Acomo selected or pre-defined audit and certification schemes are based on credible and industry-accepted voluntary sustainability standards. Voluntary sustainability standards have evolved over decades in response to concerns over basic human rights, worker health and safety and environmental impacts. The sustainability standards are audited by independent third parties. For certification schemes a certification is granted based on the outcome of the audit. For audits without a certification scheme, such as SMETA and Amfori BSCI, Acomo has established a threshold for when a supplier is considered compliant based on the overall score obtained. The audit interval should not exceed three years.
Data on audited suppliers is collected from the ERP systems of the Acomo companies based on the available audit reports and certifications.
[S2-4] Actions
Though in 2025 no severe human rights issues in the value chain and no other cases of non-respect of the UN Guiding Principles on Business and Human Rights, ILO Declaration on Fundamental Principles and Rights at Work or OECD Guidelines for Multinational Enterprises have been reported, the primary action of Acomo is to continuously mitigate the human rights risks in the food supply chain via the implementation of the Acomo Corporate Sustainability Due Diligence Procedure. The first step to this procedure is the implementation of the Acomo Supplier Code.
After the risk assessment of the suppliers via the SEDEX platform, a successive compliance check for the high-risk suppliers is done based on recognized audit and certification schemes. These Acomo-selected or pre-defined audit and certification schemes are based on credible and industry-accepted voluntary sustainability standards. Voluntary sustainability standards have evolved over decades in response to concerns over basic human rights, worker health and safety and environmental impacts. They offer guidelines and rigorous auditing and/or certification steps to promote more sustainable (production) practices, filling gaps in regulation and addressing challenges in monitoring sustainability performance.
Within the standards, compliance with local law is a minimum requirement, alongside additional criteria on human rights. For example, the Rainforest Alliance standard has social criteria on: Child Labor, Forced Labor, Discrimination, Workplace Violence and Harassment; Freedom of Association and Collective Bargaining; Wages and Contracts; Living Wage; Working Conditions; Health and Safety; Housing and Living Conditions; and Communities. The sustainability standards are audited by independent third parties. For certification schemes, a certification is granted based on the outcome of the audit. For audits without a certification scheme, such as SMETA and Amfori BSCI, Acomo has established thresholds for supplier compliance based on the overall score obtained.
The effectiveness of the actions on the IROs 'Safeguarding fair labour conditions through certification' and 'Human right risks in complex supply chains' is primarily evaluated through the results of the metrics on suppliers that signed the Supplier Code of Conduct and suppliers’ social and environmental responsibility audit. Value chain workers were not engaged directly in tracking performance against targets, nor in identifying lessons or improvements as result of undertaking’s performance.
2025 | 2024 | 2023 | |
|---|---|---|---|
Suppliers that signed the Supplier Code of Conduct | |||
% of suppliers | 79% | 76% | 77% |
Suppliers’ social and environmental responsibility audit | |||
% of suppliers | 29% | 24% | 21% |
In 2025 the number of raw material suppliers that are audited according to one of the pre-defined standards and schemes by Acomo increased. This is due to the due diligence efforts of the Acomo companies and in line with the set target on supplier audits. The percentage of suppliers that signed the Supplier Code of Conduct is lagging behind and need additional efforts to reach the set target.
Due diligence projects by Acomo companies
In addition to the systematic approach to human rights risks within the supply chains of the Acomo companies, the individual companies implemented due diligence projects to address specific risks within particular supply chains. Those projects are described in the Spotlight on page .
[S2-5] Targets
Acomo has set targets to manage material negative impacts and advance positive impacts on workers in the value chain. These targets relate to the aspects and steps of the Acomo Due Diligence approach within the supply chains as described within this disclosure. The target on supplier audits was set using 2022 as the base year, for the signed Supplier Code of Conduct the year 2023 applies. No changes were made to the scope, ambition, measurement methodologies, assumptions or base years of the targets compared to the prior reporting period. At this stage, value chain workers, their legitimate representatives, or credible proxies were not directly engaged in the target-setting process. However, as Acomo advances its approach, future iterations may integrate direct stakeholder input to refine and improve target-setting and performance tracking. The targets are set out below:
100% signed Supplier Code of Conduct in 2030;
100% high-risk suppliers audited and approved in 2030.
Acomo is currently only reporting the total audited suppliers. Once the full overview of the high-risk suppliers is available, we will update the disclosure accordingly. As part of this process, Acomo acknowledges that the implementation of key actions may require financial and operational resources, including potential capital and operational expenditures. Future disclosures will include further details on resource allocation as these plans evolve.
Tradin Organic's project in Indonesia addresses social and environmental challenges in coconut sugar production. Farmers' working conditions are improved by healthy kitchens and the dissemination of dwarf coconut trees. Meanwhile, farmer livelihoods are improved through a >35% increase in productivity and the valorization of emission reductions. After the research phase from mid-2024 until mid-2025, one of the key interventions in 2026 will be on the dwarf coconut trees. These trees significantly reduce climbing heights, improving occupational safety and ease of labor, while increasing yields and income potential.
The lower height of these dwarf trees also makes tapping more accessible, enabling women to participate directly in sap collection, previously a male-dominated task. The dwarf coconut variety also reduces labour intensity, freeing up time for other income-generating activities, and making the profession more attractive to young farmers. Current tappers, young farmers and female farmers have already shown great interest.
In 2026, the project will disseminate 12,000 dwarf trees, 5 per farmer household, while training farmers on the integration of the species into the system with a focus on the preservation of biodiversity and tree management. This intervention is fully paid by one of Tradin Organic’s US customers and Tradin Organic (US).
Complementing this intervention, the project strengthens capacity-building through training and demonstration plots. Farmers receive hands-on guidance on organic integrity, agroforestry, safe kitchen practices, household financial management, waste management and improved processing methods, while the introduction of improved cookstoves reduces smoke exposure, fuel use, and carbon emissions. Together, these interventions aim to make the coconut sugar sector safer, more inclusive, and more appealing to younger generations, ensuring a sustainable and resilient future for smallholder producers.
ESRS S4 - Consumers and end-users
Consumers and end-users have a right to expect that the foods they purchase and consume will be safe and of high quality. The ultimate responsibility for investing the physical and managerial resources that are necessary to implement appropriate controls ensuring food safety and quality lies with the food industry. Within this disclosure Acomo addresses the material impacts on consumers and end-users connected to our own operations and value chain. This includes impacts through products or services, business relationships, and related material risks and opportunities.
[SBM-3] Interaction with strategy and business model
As a Group of food ingredient companies, food safety is one of Acomo’s fundamental responsibilities. There are many hazards related to food products that need to be mitigated within the supply chain to enable safe consumption by the consumers. To guarantee safe consumption, the food sector is one of the most regulated industry sectors.
In addition to complying with food safety laws and regulations, Acomo companies apply the highest industry standards on food safety to protect consumers and end-users. Acomo companies adhere to stringent policies, procedures and controls to minimize food safety risks for customers and consumers. The food safety standards and certifications take into account the interests and views of consumers and end-users, being the key group of affected stakeholders. This makes complaint and incident management critical in our food safety management systems. All consumers and/or end-users who are likely to be materially impacted by Acomo companies are included in the scope of the disclosure.
Food products have an undeniable impact on society and are closely linked to quality of life and health care. Providing healthy and nutritious food is both a social responsibility and a business consideration, as health consciousness and environmental awareness are the dominant trends in consumer demand within our target markets today. The vast majority of Acomo’s products are plant-based and have many health and nutritional benefits.
[IRO-1] Material impacts, risks and opportunities
Within its double materiality assessment process, Acomo identified the material impacts, risks and opportunities below. These are all related and relevant for both Acomo’s customers as well as end-consumers who are all equally likely to be impacted through Acomo’s food products, for example via a positive impact through Acomo’s robust safety programmes.
Sustainability matter | # | Description | Impact / Financial materiality | Actual or potential positive / negative impact | ||
|---|---|---|---|---|---|---|
Health & nutrition | Potential benefits of healthy and nutritious (organic) food products | Impact materiality | 2 | |||
Health & nutrition | Expanding a healthy product portfolio | Financial materiality | 8 | |||
Product quality & food safety | Robust food safety programs | Impact materiality | 3 | |||
Product quality & food safety | Frontrunner on food safety and quality | Financial materiality | 8 | |||
Product quality & food safety | Increasing regulations and contractual liability on food safety | Financial materiality | 7 | |||
Product quality & food safety | Organic certification warrants integrity and high-quality products | Impact materiality | 3 | |||
Product traceability & transparency | Organic certification warrants traceable practices | Impact materiality | 3 |
Acomo provides healthy and nutritious food products that contribute to a healthy diet, which is closely linked to quality of life. Acomo also offers a wide range of organic food products. Consuming organic food may have a beneficial effect on health by minimizing exposure to synthetic pesticides and chemical fertilizers, thereby potentially reducing associated health risks. In addition, Acomo contributes to accelerating the protein transition through its plant-based product portfolio. Together with suppliers and customers we develop product innovations that lead to healthier alternatives and products that are safer for people with allergies. For example, US market brand SunButter® offers consumers a tasty product that is not only a healthy alternative to peanut butter through its nutritional composition, but also free of the top eight allergens.
Acomo has identified material risks and opportunities in the domain of health and nutrition as well as in the domain of product quality and food safety. Business opportunities exist through expanding the healthy product portfolio which is well-positioned to meet current consumer trends. For product quality and food safety, we see both risks and opportunities. On the one hand, as regulatory requirements on food safety continue to evolve and expand, compliance with new regulatory requirements on food safety may result in higher costs for Acomo. On the other hand, Acomo can strengthen its reputation for safe and high-quality products by not only complying with regulations, but also by striving to be an active frontrunner, which could potentially open doors to new markets and partnerships.
[S4-1] Policies
Acomo believes that its success depends on the supply of high-quality food products and ingredients that meet customer requirements and expectations. We see it as our fundamental responsibility to ensure the quality, food safety and integrity of the products we source, manufacture and distribute across our markets. This commitment is expressed in the Acomo Quality and Food Safety Policy, available on our website, which aims to ensure food safety and quality for both Acomo’s customers and respective consumers of ingredients supplied by Acomo. The Acomo Quality and Food Safety Policy describes how key human rights of consumers and end-users of products including Acomo ingredients are addressed through providing safe food for human consumption and the actions taken to protect the consumers, which aligns with internationally recognised instruments such as the OECD Guidelines and the UN Guiding Principles on Business and Human Rights. This policy further specifies the commitments of the Acomo companies to achieve the objective.
Acomo stimulates suppliers and contractors to embrace the same quality and food safety commitments. The policy is therefore further specified towards suppliers within the Acomo Supplier Code of Conduct through ’Principle 11 - Deliver products and services meeting applicable quality and food safety standards and regulations’. Acomo suppliers are expected to comply with food safety laws and regulations; comply with relevant standards, policies and procedures; follow and adhere to good manufacturing practices and testing protocols; perform and document a Hazard Analysis and Critical Control Points (HACCP) plan; and report issues immediately to the Acomo companies.
Acomo has not formulated a policy on the sustainability matters of health & nutrition, as the identified impact and opportunity relate to potential positive effects and market-driven opportunities that arise from Acomo’s core business activities. Acomo has therefore not identified the need for a separate overarching policy related to these IROs. Nevertheless, a need for policies will be researched and determined in the coming years as part of the further expansion of the corporate (sustainability) strategy. Acomo recognizes the increasing importance of traceability and transparancy and the potential positive impact of its plant-based product portfolio, such as edible seeds. This may present an opportunity to differientiate in the industry and to contribute to health and nutrition benefits for customers and consumers.
The Board of Directors and the management of each operating company are responsible and accountable for the effective implementation of policies across the Group and towards all relevant and affected stakeholders.
[S4-2] Engaging with consumers and end-users
Almost all the activities of the Acomo companies are business-to-business and only a limited proportion is own branded. As such, direct engagement with consumers and end-users is very limited and mainly occurs through the SunButter® brand.
Despite limited direct engagement and no Group-directed engagement process, the Acomo companies continuously engage with consumers and end-users indirectly through the business relationships within the value chain. Customer needs and specifications are translated throughout the supply chain all the way back to the ultimate source, the cultivation. Consumers and end-users are a key stakeholder in setting the food safety standards the Acomo companies adhere to.
[S4-3] Processes to remediate impacts and channels to raise concerns
Food safety regulators have formal mechanisms in place to raise concerns and remediate negative impacts in case of contamination of food products which may be harmful for consumers. As a food company, Acomo is obliged to report contamination within certain timeframes and take appropriate mitigation actions, including recalling the product if necessary. Any other stakeholder is also enabled to report a matter via Acomo’s SPEAK UP! platform, which is available on Acomo’s website. Acomo ensures that reports are handled confidentially, which can be read in more detail in the section Governance.
On top of the basic food regulations all Acomo companies have complaint and incident management systems in place that are a critical element of the food safety management systems. These are linked to Acomo’s food safety and quality policies to manage impacts and enable engagement with customers and consumers to ensure safe consumption. Within the complaint and incident management systems a root cause analysis is done for every registered complaint and incident. Based on the outcomes measurements are taken to prevent those from happening in the future. These corrective actions may relate to the own operations or within the operations of the supply chain partners. The effectiveness of the complaint and incident management systems is assessed and ensured through the internal and external audits that are taking place annually.
[S4-4] Actions
Product quality & food safety
Acomo companies apply the highest industry standards on food safety to protect consumers and end-users of food products. The complexity and global nature of food supply chains and the increasing requirements and expectations concerning food safety and quality make food safety management more challenging than ever. To address these challenges, more and more food companies and retailers are demanding compliance with food safety standards recognized by the Global Food Safety Initiative (GFSI).
The GFSI approves a number of food safety standards to be recognized as GFSI certifications. Acomo companies monitor and seek to increase the number of internal and external (third party) facilities certified according to the GFSI recognized certifications. Via this way, Acomo ensures it remains a frontrunner on food safety and quality. In addition, to comply with new regulatory requirements on food safety, Acomo continuously monitors changes in regulations and the risk of contractual liability on food safety.
The effectiveness of the actions on the impact of product quality & food safety is primarily evaluated through the results of the metrics on food safety own operations and food safety third party operations.
The actions described above are embedded in Acomo’s regular operational and quality management processes. They do not constitute a separate action plan requiring significant additional operational or capital expenditures beyond ordinary business activities.
2025 | 2024 | 2023 | |
|---|---|---|---|
Food safety own operations | |||
% entities GFSI certified | 85% | 83% | 84% |
Food safety third party operations | |||
% external operations GFSI certified | 87% | 87% | 84% |
Health & nutrition
The vast majority of Acomo’s products are plant-based and have many health and nutritional benefits. Acomo has not formulated a targeted action programme on the sustainability matter and the related material impact and opportunity. For the related financial opportunity and positive impact, actions are primarily addressed through Acomo’s core commercial and sourcing strategies rather than through separate sustainability action plans, and is influenced by external market, regulatory and demand-driven factors. Acomo does currently track plant-based product sales as a metric. However, a methodology to measure the effectiveness of this in relation to expanding healthy products in its portfolio is not yet available. Acomo plans to explore data and measurement approaches to better quantify the impact of plant-based products in contributing to more healthy dietary habits.
Food safety own operations
Reported is the percentage of Acomo entities trading and facilities processing food products for third-party sales certified according to one of the Global Food Safety Initiative recognized food safety systems. Not in scope are Acomo entities whose activities are restricted to purely intercompany sales, as well as pure trading (no own processing or packaging) entities in the tea beverage industry.
Obtaining food safety certifications help companies in the industry safeguard product safety and communicate the quality of their products to retailers and consumers. Certification means that an independent organization has reviewed the activities, has independently determined that procedures and practices comply with specific standards for food safety, and has subsequently issued the certification
The following GFSI certifications are reported: FSSC 22000, IFS Standards (Food, broker, logistics), BRC Global Standards (Food safety, agents and brokers, storage and distribution), SQF, PrimusGFS, Global G.A.P.
Food safety third-party operations
Reported is the percentage of the contracted external facilities executing processing and packaging activities for goods owned by the Acomo operating companies being certified according to one of the Global Food Safety Initiative recognized food safety systems.
Third-party warehousing and storing partners that do not effectively execute processing or packaging activities on the goods owned by the Acomo operating companies are excluded from the scope.
The following GFSI certifications are reported: BRC Global Standard for Food Safety, CanadaGAP Scheme, FSSC 22000, Global Aquaculture Alliance Seafood BAP - Seafood Processing Standard, Global Red Meat Standard (GRMS), Global G.A.P - Integrated Farm Assurance Scheme, IFS International Featured Standards, PrimusGFS Standard, SQF Code.
Third-party operations certification means that an independent organization has reviewed the processing and packaging activities, has independently determined that procedures and practices comply with specific standards for food safety, and has subsequently issued the certification.
Plant-based products | 2025 | 2024 | 2023 |
|---|---|---|---|
% of sales | 97% | 97% | 98% |
Product traceability & transparency
The increasing requirements on the quality, food safety and sustainability of food products make traceability and transparancy even more urgent. The stringent criteria within the GFSI schemes and regulations such as the EUDR demand for traceable and transparant practices to ensure compliance. Acomo has not formulated a targeted action programme on the sustainability matter and the related material impact, as traceability and certification are core elements of Tradin Organic’s business model and are embedded in its regular sourcing, certification and quality management processes. The actions described above are therefore integrated into Acomo’s regular operational and quality management processes rather than managed as a separate programme. Acomo currently tracks food safety own operations and organic certified products as metrics. All GFSI recognized schemes outline a minimal level of upstream and downstream traceability for food. The organic integrity certification allows for traceability till farmer level. However, a methodology to measure the effectiveness of this in relation to the full portfolio is not yet available.
Organic certified products | 2025 | 2024 | 2023 |
|---|---|---|---|
% of sales | 32% | 28% | 29% |
[S4-5] Targets
Acomo has set targets to advance material positive impacts and manage material risks for consumers and end-users. The targets relate to the sustainability matter of product quality and food safety, and more specific the GFSI certification of own and third-party operations where products owned by Acomo companies are processed and/or packed. The targets were set using 2022 as the base year. Consumers and end-users are not engaged directly in setting targets, tracking performance, or identifying improvements. The established targets are:
100% GFSI certified own operations in 2030;
90% GFSI certified third-party operations in 2030.
Acomo has not yet formulated a target on the sustainability matters of health & nutrition, product traceability & transparency and organic certifications nor addressed the related material impacts, risks and opportunities. These mainly relate to qualitative impacts and financial opportunities that are currently difficult to translate into meaningful and measurable Group-wide targets. In addition, elements such as organic certification and farm-level traceability are primarily relevant for specific operating companies, rather than across the Group.
Plant-based products
Please refer to the reporting principles in the section ESRS E4 - Biodiversity and Ecosystems.
Organic certified products
Please refer to the reporting principles in the section ESRS E4 - Biodiversity and Ecosystems.
Governance
ESRS G1 - Business Conduct
As a global food ingredients company with operations in 19 countries, active in more than 100 countries, and interactions with a large number of business partners, Acomo depends on transparency, trust, ethical conduct and compliance throughout its organization and value chain. Within this disclosure Acomo addresses the material impact of business conduct and its related material risks.
[IRO-1] Material impacts, risks and opportunities
Within its double materiality assessment process Acomo identified the material impact and risk related to business conduct using criteria that specifically considered topics such as corruption and bribery, regulatory compliance requirements and corporate culture.
As part of the 2025 update of the double materiality assessment, the IRO 'Continuous improvement of risk management in light of acquisitions' is deleted as it is deemed not a sustainability-specific risk but more part of general risk management. Instead the risk 'Regulatory sustainability compliance risks' became material. Major EU regulations (EUDR, PPWR and updated EU organic regulations), together with tighter enforcement and buyer expectations, now make regulatory impacts on Acomo's value chain effectively certain.
For both material impact and risk, Acomo has not set a formal target. Corruption and bribery matters are currently managed through a zero-tolerance approach, supported by policies, internal controls and incident monitoring, rather than through quantitative targets. In addition, the regulatory compliance risk was newly identified in the 2025 double materiality update and therefore has no target. Currently, Acomo tracks and reports on incidents related to corruption and bribery. The effectiveness of the actions on the IRO 'Potential irregularities related to corruption and bribery' is primarily evaluated through the results of the metric incidents of corruption or bribery.
Sustainability matter | Description | Impact / Financial materiality | Actual or | |||
|---|---|---|---|---|---|---|
Responsible corporate governance & ethics | Potential irregularities related to corruption and bribery | Impact materiality | 6 | |||
Responsible corporate governance & ethics | Regulatory sustainabillity compliance risks | Financial materiality | 7 |
[SBM-3] Interaction with strategy and business model
Acomo is committed to conducting all of its business ethically, fairly and professionally, in accordance with the principles set out in the applicable policy as well as the laws and regulations of every country in which it operates. Nevertheless, instances of operational, financial, or general irregularities related to alleged corruption or bribery may be present within Acomo’s business activities or partner relationships. Acomo has policies and procedures in place to manage and mitigate those potential negative impacts, such as irregularities related to corruption and bribery.
Improper risk management poses a risk to the whole Acomo Group. Continuous improvement of risk management is beneficial to all stakeholders, especially when changes are made to the Group scope and structure, such as through (transformational) acquisitions, and/or the business model of the Group. More information on Risk Management and Control can be found in the chapter on pages .
[GOV-1] The role of the administrative, management and supervisory bodies
The information on the role of the administrative, management and supervisory bodies is incorporated by reference to the Corporate Governance chapter of the Annual Report, pages . Of our non-executive Board members for 80% qualifies as independent per the definition of the Dutch Corporate Governance Code.
[G1-1] Business conduct policies and corporate culture
Acomo has a comprehensive set of business conduct policies, and codes of practice governing the Acomo Group and its operating companies. These policies and codes are distributed within the operating companies who are responsible for implementation towards all relevant stakeholders at a company level. These policies include the Acomo Code of Conduct, Acomo Supplier Code of Conduct, Anti-bribery and corruption policy, Anti-money laundering policy, Insider trading policy and Acomo Whistleblower Policy amongst others. These policies also extend to new acquisitions. They can be found on the Acomo Group website and are explained in more detail below.
Governance and implementation of policies and codes of practice
The Board of Directors and management of each operating company are responsible and held accountable for the implementation of all applicable Acomo policies to all relevant and affected stakeholders. Each Acomo Group policy takes into consideration various applicable and required third-party standards, initiatives and/or guidelines. Acomo is committed to meet its compliance obligations by conducting business in alignment with all applicable legislation and regulations as stated within the policies.
By considering who the affected stakeholder is with each policy topic, the aim of formulating the policy is to incorporate the interests of key stakeholders in the specific policy topic. This helps ensure the best suited outcome for all involved while adhering to the applicable legislation and regulations.
Within this paragraph the specific policies related to business conduct are described.
Acomo Code of Conduct
The Acomo Group is committed to conducting its business with honesty, integrity, and respect, and complies with all applicable laws. We highly value our relationships with employees, customers, suppliers, and other partners. The Acomo Code of Conduct outlines our shared ethical standards for conducting business throughout the world and aims to ensure that potential irregularities related to corruption and bribery are mitigated. The standards and principles align with international frameworks and guidelines for sustainable business such as the OECD Guidelines for Multinational Enterprises. It outlines codes of practices regarding business conduct such as prevention of fraud, corruption, bribery, conflicts of interest, insider training and responsible working environment. It applies to all employees of the Acomo Group worldwide and we count on one another to act as stewards of the organization as part of our corporate culture.
We raise awareness of our corporate culture through our onboarding process, which focuses on familiarizing new employees with our Code of Conduct. Adherence to the Acomo Code of Conduct is monitored and reported. All employees of the Acomo Group are accountable for following this Code.
Acomo executive management and the local management teams across the Acomo Group have prime responsibility for rolling out these Acomo Group formal policies, initiating dialogue on the subject matter and the enforcement thereof. Employees are encouraged to report concerns, with clear procedures in place for escalation through Acomo’s SPEAK UP! platform and whistleblower policy. Any breaches will be investigated through the established mechanisms. The Acomo policies and procedures form the basis of the Company’s corporate culture and are discussed at Board meetings as a valuable step of continuous monitoring.
Supplier Code of Conduct
Acomo has developed a Supplier Code of Conduct to clarify our global expectations in the areas of business integrity, labour practices, associated health and safety, and environmental management. The Supplier Code of Conduct outlines expectations regarding business integrity, labour practices, health and safety, and environmental responsibility, including animal welfare. Suppliers who do business with Acomo entities worldwide are expected to follow this Code and adhere to this by signing our Supplier Code of Conduct. Going forward, Acomo will invest in assuring that this requirement will be an integrated part of the supplier approval and evaluation of the Acomo companies.
Corporate Governance Code
Acomo supports, monitors, and ensures compliance with the principles and best practice provisions stated in the Dutch Corporate Governance Code (‘the Code’) while maintaining some of its departures from the Code and explaining any deviations from its best-practice provisions. An annual assessment is performed to indicate and validate that the Acomo Group and its entities are acting in line with the Dutch Corporate Governance Code and its best-practice provisions. This formal Acomo document and assessment takes place to update for any changes within the Acomo Group and its entities that occurred, together with considering all and any changes to the Dutch Corporate Governance Code and can be found on the Acomo website.
Whistleblower procedures
Acomo has a uniform whistleblower procedure covering all companies within the Acomo Group. This procedure ensures that all employees, interns, temporary staff, volunteers, trainees, freelancers, (sub)contractors, suppliers, shareholders, and applicants who perform work-related activities at the Acomo Group have the opportunity to confidentially report any alleged or suspected misconduct or wrongdoing.
All reports of misconduct or wrongdoing are taken seriously and will be treated confidentially, consistent with a full and fair inquiry. The whistleblowing procedure also explains how reports will be processed and followed up, and outlines which safeguards are in place while prohibiting any retaliation or disadvantage against whistleblowers as a consequence of their report. After a report has been made, the Acomo compliance officer will confirm receipt of the report and Acomo aims to set up a procedure of the case as soon as possible. The compliance officer handles each report on a case-by-case basis and is specifically trained in handling these processes. Each person deemed necessary to be involved is bound by strict confidentiality, in part to prevent any retaliation as a consequence of the report. The number of reports and status are reported to the Audit Committee periodically. Acomo does not currently measure the effectiveness of the channels neither the trust employees place in the structures or processes to raise their concerns or needs and have them addressed. We do however believe that the structures and mechanisms Acomo has implemented ensures that the whistleblower procedure is effective and trustworthy.
Whistleblower reports
In 2025, 4 reports were submitted via the whistleblower SPEAK UP! Platform compared to 2 in 2024. None of the 2025 reports concerned corruption or bribery.
[G1-2] Relationships with suppliers
As described within our values, our philosophy defines the way we do business: as a reliable and trustworthy partner. As reliability is one of the cornerstones of the Acomo business, Acomo companies tend to have long-term business relationships with suppliers. To avoid or minimize the impact of disruptions to the supply chain, the Group maintains a diverse portfolio of plant-based natural food products sourced across many countries of origin. Supply risks have been successfully managed in recent years owing to a reliable, diverse and long-standing global supplier base. More on this can be read in the chapter Risk Management and Control.
Supplier relationships are managed at an individual level within the Acomo Group. Each company follows a structured supplier approval procedure embedded within its quality management system. While the primary focus within these management systems is on food safety, sustainability criteria – such as environmental impact, labour conditions and ethical business conduct – are integral to supplier selection. These criteria are explicitly incorporated into the supplier evaluation process, including the signing of the Supplier Code of Conduct. The supplier approval procedures are also based on other prerequisites such as the finalization and submission of supplier questionnaires and the submission of (information on) certifications.
To ensure continued compliance and prevention of potential irregularities such as corruption and bribery, (approved) supplier information is re-evaluated and updated every three years, partially based on supplier visits and/or audits based on internal risk assessment. Furthermore, social and environmental criteria are taken into account within the evaluation of suppliers through the implementation of the Acomo Corporate Sustainability Due Diligence Procedure.
[G1-3] Prevention and detection of corruption and bribery
Acomo has several key procedures to prevent, detect and address allegations about corruption and bribery.
Acomo policies
Anti-bribery and corruption policy;
Anti-money laundering policy;
Insider trading policy.
Anti-bribery and corruption policy
Acomo is committed to conducting all of its business ethically, fairly and professionally, in accordance with the principles, laws and regulations set out in the applicable policy as well as in every country in which it operates. The Company has a zero-tolerance attitude towards bribery and prohibits employees, representatives or agents from engaging in any form of bribery or corruption, whether in the private or public sector. Acomo will investigate business conduct incidents, including incidents of corruption and bribery, promptly, independently and objectively. Acomo’s G1-3 policies mentioned above are consistent with that of the United Nations Convention against Corruption.
We take pride in conducting our business with integrity. We compete vigorously but do so fairly and ethically. We do not offer or accept bribes or inappropriate gifts. Bribery can cripple Acomo’s long-standing reputation of conducting business with integrity. Acomo does business around the world and its employees are subject to anti-bribery laws of many countries. Acomo, its group companies, its employees, and its business partners should comply with all applicable anti-bribery laws, also when doing business abroad.
Any alleged violation of our anti-corruption or anti-bribery policy can be reported through our whistleblower procedure (as previously described) which is then managed accordingly by investigators separate from the chain of management involved in the matter.
Anti-money laundering policy
Acomo does not facilitate or support money laundering, terrorism financing and/or any activities related to them which may put the history of integrity of the Acomo Group at risk. This Acomo policy intends to establish the framework to prevent criminal elements from using Acomo’s products and services for money laundering or terrorism financing purposes while also providing direction to all Acomo Group employees on the approach and management of Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) measures within the Company by adhering to the standard requirements of the Acomo Group.
Insider trading policy
Acomo’s policy prevents insider dealing conflicts with the basic principle that everyone dealing on a stock exchange should simultaneously have access to the same information. Everyone involved with the Acomo Group is responsible for keeping inside information confidential. If a person has inside information, that person should not deal in Acomo Securities.
Training programs
In 2025 Acomo selected and implemented a Group-wide training platform. All the Acomo companies are onboarded on the system and a training policy has been drafted. We are currently in the process of defining and establishing formal training programs, to be started early 2026. Trainings on the Acomo Code of Conduct, whistleblower, and anti-bribery & corruption will be mandatory for all Acomo employees and the Acomo Board. This means that once the training programs are in place, all of our employees will be required to follow either an
e-learning course or on-site face-to-face training session on those policies. Furthermore we are defining the functions-at-risk within the companies. Depending on the risk profile and circumstances, employees will be further trained on additional compliance policies (e.g. anti-money laundering and insider trading) ensuring the required depth and extent is appropriately covered.
[G1-4] Incidents of corruption or bribery
Within this section, Acomo reports the number of convictions on incidents of corruption or bribery during the reporting period and the amount of fines for violation of anti-corruption and anti-bribery laws. This number is validated by Acomo’s external assurance provider.
Incidents of corruption or bribery | 2025 | 2024 |
|---|---|---|
Total number of convictions on incidents of corruption or bribery | 0 | 0 |
Total amount of fines for violation of anti-corruption and anti-bribery laws | 0 | 0 |
Consequently, as there were no reported cases of corruption or bribery, no actions were taken to address breaches in procedures and standards of anti-corruption and anti-bribery. Acomo continues to mitigate potential irregularities related to corruption and bribery through the described business conduct policies above and its Codes of Conduct. Any actions resulting from potential irregularities and reports are set in motion through our SPEAK UP! platform and whistleblower policy. No other action plans related to our material impacts, risks and opportunities are planned.
Convictions for violations of anti-corruption and anti-bribery laws
Conviction of a Group entity by a court of law which is determined during the financial year.
Fines for violations of anti-corruption and anti-bribery laws
Fines for a Group entity are determined by a court of law during the financial year.
General disclosures index
Disclosure requirements and incorporation by reference
The following tables list all of the ESRS disclosure requirements in ESRS 2 and the six topical standards which are material to Acomo and which have guided the preparation of our sustainability statement. The tables can be used to navigate to information relating to a specific disclosure requirement in the sustainability statement. The tables also show where we have placed information relating to a specific disclosure requirement that lies outside of the sustainability statement, and is ‘incorporated by reference’ to either the management’s review or the financial statements within this annual report, or to the remuneration report published as a separate report. In cases where we do not yet have any information related to a disclosure requirement, no reference is made.
Standard | Disclosure requirement | Reference | Additional information |
|---|---|---|---|
ESRS E1 - Climate change | |||
E1-1 | Transition plan for climate change mitigation | ||
E1-2 | Policies related to climate change mitigation and adaptation | ||
E1-3 | Actions and resources in relation to climate change policies | ||
E1-4 | Targets related to climate change mitigation and adaptation | ||
E1-5 | Energy consumption and mix | ||
E1-6 | Gross Scopes 1, 2, 3 and total GHG emission | ||
E1-7 | GHG removals and GHG mitigation projects financed through carbon credits | ||
E1-8 | Internal carbon pricing | ||
Standard | Disclosure requirement | Reference | Additional information |
|---|---|---|---|
ESRS E4 - Biodiversity and ecosystems | |||
E4-1 | Transition plan and consideration of biodiversity and ecosystems in strategy and business model | ||
E4-2 | Policies related to biodiversity and ecosystem | ||
E4-3 | Actions and resources related to biodiversity and ecosystems | ||
E4-4 | Targets related to biodiversity and ecosystem | ||
E4-5 | Impact metrics related to biodiversity and ecosystems change | ||
EU legislation data points
The table below outlines the data points derived from other EU legislation as listed in ESRS 2 Appendix B.
It indicates where these data points can be found in our report and identifies which data points are assessed as ‘Not material’.
Disclosure | CSRD data point | Data point description | SFDR | Pillar 3 | Benchmark | EU Climate | Material |
|---|---|---|---|---|---|---|---|
ESRS 2 GOV-1 | 21 (d) | Board's gender diversity | X | X | Yes | ||
ESRS 2 GOV-1 | 21 (e) | Percentage of Board members who are independent | X | Yes | |||
ESRS 2 GOV-4 | 30 | Statement on sustainability due diligence | X | Yes | |||
ESRS 2 SBM-1 | 40 (d) i | Involvement in activities related to fossil fuel activities | X | X | X | Not relevant | |
ESRS 2 SBM-1 | 40 (d) ii | Involvement in activities related to chemical production | X | X | Not relevant | ||
ESRS 2 SBM-1 | 40 (d) iii | Involvement in activities related to controversial weapons | X | X | Not relevant | ||
ESRS 2 SBM-1 | 40 (d) iv | Involvement in activities related to cultivation and production of tobacco | X | Not relevant | |||
ESRS E1-1 | 14 | Transition plan to reach climate neutrality by 2050 | X | Yes | |||
ESRS E1-1 | 16 (g) | Undertakings excluded from Paris-aligned Benchmarks | X | X | No | ||
ESRS E1-4 | 34 | GHG emission reduction targets | X | X | X | Yes | |
ESRS E1-5 | 38 | Energy consumption from fossil sources disaggregated by source | X | Yes | |||
ESRS E1-5 | 37 | Energy consumption and mix | X | Yes | |||
ESRS E1-5 | 40-43 | Energy intensity associated with activities in high climate impact sectors | X | Yes | |||
ESRS E1-6 | 44 | Gross Scope 1, 2, 3 and Total GHG emissions | X | X | X | Yes | |
ESRS E1-6 | 53-55 | Gross GHG emissions intensity | X | X | X | Yes | |
ESRS E1-7 | 56 | GHG removals and carbon credits | X | Yes | |||
ESRS E1-9 | 66 | Exposure of the benchmark portfolio to climate-related physical risks | X | Not relevant | |||
ESRS E1-9 | 66 (a) | Disaggregation of monetary amounts by acute and chronic physical risk | X | Not relevant | |||
ESRS E1-9 | 66 (c) | Location of significant assets at material physical risk | X | Not relevant | |||
ESRS E1-9 | 67 (c) | Breakdown of the carrying value of its real estate assets by energy-efficiency classes | X | Not relevant | |||
ESRS E1-9 | 69 | Degree of exposure of the portfolio to climate-related opportunities | X | Not relevant | |||
ESRS E2-4 | 28 | Amount of each pollutant listed in Annex II of the E-PRTR Regulation emitted to air, water and soil | X | No | |||
ESRS E3-1 | 9 | Water and marine resources | X | No | |||
ESRS E3-1 | 13 | Dedicated policy | X | No | |||
ESRS E3-1 | 14 | Sustainable oceans and seas | X | No | |||
ESRS E3-4 | 28 (c) | Total water recycled and reused | X | No | |||
ESRS E3-4 | 29 | Total water consumption in m3 per net revenue on own operations | X | No | |||
ESRS 2 SBM 3 - E4 | 16 (a) i | Biodiversity sensitive areas | X | Yes | |||
ESRS 2 SBM 3 - E4 | 16 (b) | Land impacts | X | Yes | |||
ESRS 2 SBM 3 - E4 | 16 (c) | Threatened species | X | Yes | |||
ESRS E4-2 | 24 (b) | Sustainable land / agriculture practices or policies paragraph | X | Yes | |||
ESRS E4-2 | 24 (c) | Sustainable oceans/seas practices or policies | X | No | |||
ESRS E4-2 | 24 (d) | Policies to address deforestation | X | Yes | |||
ESRS E5-5 | 37 (d) | Non-recycled waste | X | No | |||
ESRS E5-5 | 39 | Hazardous waste and radioactive waste | X | No | |||
ESRS 2 SBM3 - S1 | 14 (f) | Risk of incidents of forced labour | X | Yes | |||
ESRS 2 SBM3 - S1 | 14 (g) | Risk of incidents of child labour | X | Yes | |||
ESRS S1-1 | 20 | Human rights policy commitments | X | Yes | |||
ESRS S1-1 | 21 | Sustainability due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8 | X | Yes | |||
ESRS S1-1 | 22 | Processes and measures for preventing trafficking in human beings | X | Yes | |||
ESRS S1-1 | 23 | Workplace accident prevention policy or management system | X | Yes | |||
ESRS S1-3 | 32 (c) | Grievance/complaints handling mechanisms | X | Yes | |||
ESRS S1-14 | 88 (b), (c) | Number of fatalities and number and rate of work-related accidents | X | X | Yes | ||
ESRS S1-14 | 88 (e) | Number of days lost to injuries, accidents, fatalities or illness | X | Yes | |||
ESRS S1-16 | 97 (a) | Unadjusted gender pay gap | X | X | Yes | ||
ESRS S1-16 | 97 (b) | Excessive CEO pay ratio | X | Yes | |||
ESRS S1-17 | 103 (a) | Incidents of discrimination | X | Yes | |||
ESRS S1-17 | 104 (a) | Non-respect of UNGPs on Business and Human Rights and OECD Guidelines | X | X | Yes | ||
ESRS 2 SBM3 – S2 | 11 (b) | Significant risk of child labour or forced labour in the value chain | X | Yes | |||
ESRS S2-1 | 17 | Human rights policy commitments | X | Yes | |||
ESRS S2-1 | 18 | Policies related to value chain workers | X | Yes | |||
ESRS S2-1 | 19 | Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines | X | X | Yes | ||
ESRS S2-1 | 19 | Sustainability due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8 | X | Yes | |||
ESRS S2-4 | 36 | Human rights issues and incidents connected to its upstream and downstream value chain | X | Yes | |||
ESRS S3-1 | 16 | Human rights policy commitments | X | No | |||
ESRS S3-1 | 17 | Non-respect of UNGPs on Business and Human Rights, ILO principles or OECD guidelines | X | X | No | ||
ESRS S3-4 | 36 | Human rights issues and incidents | X | No | |||
ESRS S4-1 | 16 | Policies related to consumers and end-users | X | Yes | |||
ESRS S4-1 | 17 | Non-respect of UNGPs on Business and Human Rights and OECD guidelines | X | X | Yes | ||
ESRS S4-4 | 35 | Human rights issues and incidents | X | Yes | |||
ESRS G1-1 | 10 (b) | United Nations Convention against Corruption | X | Yes | |||
ESRS G1-1 | 10 (d) | Protection of whistleblowers | X | Yes | |||
ESRS G1-4 | 24 (a) | Fines for violation of anti-corruption and anti-bribery laws | X | X | Yes | ||
ESRS G1-4 | 24 (b) | Standards of anti-corruption and anti-bribery | X | Yes |
Financial Statements
Consolidated Statement of Income
(in € thousands) | Note | 2025 | 2024 |
|---|---|---|---|
Sales | |||
Cost of goods sold | ( | ( | |
Gross profit | |||
General and administrative expenses | ( | ( | |
Operating income | |||
Interest income | |||
Interest expense | ( | ( | |
Other financial income/(expenses) | ( | ||
Financial income/(expenses) | ( | ( | |
Profit before income tax | |||
Corporate income tax | ( | ( | |
Net profit | |||
Profit attributable to shareholders of the Company | |||
Profit attributable to non-controlling interests | ( | ||
Earnings per share (in €) | |||
Basic | |||
Diluted |
Consolidated Statement of Comprehensive Income
(in € thousands) | 2025 | 2024 | |
|---|---|---|---|
Net profit | |||
Other comprehensive income (OCI) | |||
OCI to be reclassified to profit or loss in subsequent periods | |||
Movement currency translation reserves | ( | ||
Movement on cash flow hedges | ( | ||
OCI to be reclassified to profit or loss in subsequent periods | ( | ||
OCI not to be reclassified to profit or loss in subsequent periods | |||
Remeasurement gains/(losses) on defined benefit plans | |||
OCI not to be reclassified to profit or loss in subsequent periods | |||
Total other comprehensive income | ( | ||
Total comprehensive income | |||
Total comprehensive income attributable to shareholders of the parent | |||
Total comprehensive income attributable to non-controlling interest | ( |
Items in the statement above are disclosed net of income tax. The income tax relating to each component of other comprehensive income is disclosed in Note 12.
Consolidated Balance Sheet
as at 31 December
(in € thousands) | Note | 31 December 2025 | 31 December 2024 |
|---|---|---|---|
Assets | |||
Non-current assets | |||
Intangible assets | |||
Property, plant and equipment | |||
Right-of-use assets | |||
Other non-current receivables | |||
Deferred tax assets | |||
Total non-current assets | |||
Current assets | |||
Inventories | |||
Trade receivables | |||
Other receivables | |||
Derivative financial instruments | |||
Cash and cash equivalents | |||
Total current assets | |||
Assets held-for-sale | |||
Total assets |
(in € thousands) | Note | 31 December 2025 | 31 December 2024 |
|---|---|---|---|
Equity and liabilities | |||
Shareholders’ equity | |||
Share capital | |||
Share premium reserve | |||
Other reserves | |||
Retained earnings | |||
Net profit for the year | |||
Total shareholders’ equity | |||
Non-controlling interests | |||
Total equity | |||
Non-current liabilities and provisions | |||
Bank borrowings | |||
Lease liabilities | |||
Deferred tax liabilities | |||
Retirement benefit obligations | |||
Provisions | |||
Total non-current liabilities | |||
Current liabilities | |||
Current portion long-term bank borrowings | |||
Bank borrowings | |||
Lease liabilities | |||
Trade creditors | |||
Tax liabilities | |||
Derivative financial instruments | |||
Other current liabilities and accrued expenses | |||
Total current liabilities | |||
Total liabilities | |||
Total equity and liabilities |
Consolidated Statement of Cash Flows
(in € thousands) | Note | 2025 | 2024 |
|---|---|---|---|
Cash flow from operating activities | |||
Profit before income tax | |||
Adjustments for: | |||
| |||
| ( | ||
| ( | ( | |
| |||
| |||
| ( | ||
Cash flow from operating activities excluding working capital | |||
Changes in working capital | |||
| ( | ( | |
| ( | ( | |
| ( | ||
| |||
Total decrease/(increase) in working capital, net | ( | ( | |
Cash generated from/(used for) operations | ( | ||
Interest paid | ( | ( | |
Income tax paid | ( | ( | |
Net cash generated from/(used for) operating activities | ( | ||
Cash flow from investing activities | |||
Investments in property, plant and equipment and intangible assets | ( | ( | |
Acquisitions | ( | ( | |
Other investing activities | |||
Net cash used for investing activities | ( | ( | |
Cash flow from financing activities | |||
Net proceeds from new shares issued | |||
Repayment of long-term bank borrowings | ( | ( | |
Net changes in bank borrowings | |||
Payments of leases excluding interest | ( | ( | |
Payments of other financing costs | ( | ( | |
Dividends paid to non-controlling interests | ( | ||
Dividends paid to shareholders | ( | ( | |
Net cash (used for)/generated from financing activities | ( | ||
Net increase/(decrease) in cash and cash equivalents | |||
Cash and cash equivalents at the beginning of the year | |||
Exchange gains/(losses) on cash and cash equivalents | ( | ( | |
Cash and cash equivalents at the end of the year |
Consolidated Statement of Changes in Equity
Attributable to owners of the Company | ||||||||
|---|---|---|---|---|---|---|---|---|
(in € thousands) | Share capital | Share premium reserve | Other reserves | Retained earnings | Net profit for the year | Total shareholders' equity | Non-controlling interests | Total equity |
Balance 1 January 2024 | ||||||||
Net profit 2024 | ( | |||||||
Other comprehensiveincome 2024 | ||||||||
Total comprehensive income 2024 | ( | |||||||
Appropriation of net profit | ( | |||||||
Share-based payments | ||||||||
Dividends relating to 2023, final | ( | ( | ( | |||||
Dividends relating to 2024, interim | ( | ( | ( | |||||
Transactions with shareholders | ( | ( | ( | |||||
Balance 31 December 2024 | ||||||||
Net profit 2025 | ||||||||
Other comprehensive income 2025 | ( | ( | ( | ( | ||||
Total comprehensive income 2025 | ( | |||||||
Appropriation of net profit | ( | |||||||
New shares issued | ||||||||
Share-based payments | ||||||||
Transfer to retained earnings | ( | |||||||
Non-controlling interests | ( | ( | ||||||
Dividends to non-controlling interests | ( | ( | ||||||
Dividends relating to 2024, final | ( | ( | ( | |||||
Dividends relating to 2025, interim | ( | ( | ( | |||||
Transactions with shareholders | ( | ( | ( | ( | ||||
Balance 31 December 2025 | ||||||||
Notes to the consolidated financial statements
1 Reporting entity
The address of the Company's registered office is
2 Basis of accounting
These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) as adopted by the European Union. They also comply with the financial reporting standards included in Title 9 of Book 2 of the Dutch Civil Code when applicable. These consolidated financial statements were authorised for issue by the Board of Directors on 5 March 2026.
Details of the Group's accounting policies, including changes thereto, are included in Note 6 and Note 7.
3 Basis of measurement
The consolidated financial statements have been prepared on the basis that it will continue to operate as a going concern, reference is made to section 8.2 Capital Risk Management, and on the historical cost principle, except for the following material items in the consolidated balance sheet:
Derivative financial instruments are measured at fair value;
The net defined benefit (asset)/liability is measured at fair value of plan assets less the present value of the defined benefit obligation.
4 Functional and presentation currency
These consolidated financial statements are presented in euro, which is the Company's functional currency. All amounts have been rounded to the nearest thousand, unless otherwise indicated.
5 Use of judgements and estimates
In preparing these consolidated financial statements, management has made judgements and estimates about the future, that affect the application of the Group's accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis and are consistent with the Group's risk management where appropriate. Revisions to estimates are recognised prospectively.
5.1 Assumptions and estimation uncertainties
Information about assumptions and estimation uncertainties at the reporting date that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year is included in the following notes:
Note 18.1: impairment test of goodwill - key assumptions underlying recoverable amounts; and
Note 19: business combinations - fair value measured on a provisional basis.
a Measurement of fair values
A number of the Group's accounting policies and disclosures require measurement of fair values, for both financial and non-financial assets, and financial and non-financial liabilities.
When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
If the inputs used to measure the fair value of an asset or liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.
The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.
Further information about the assumptions made in measuring fair value is included in the following notes:
Note 17.3: derivative financial instruments; and
Note 21: share-based payment.
6 Changes in accounting policies
6.1 New and amended standards and interpretations adopted by the Group
a Standards and amendments to IFRS effective as of 1 January 2025
The Group has applied for the first-time the following standards and amendments, which are effective for annual periods beginning on or after 1 January 2025 (unless otherwise stated):
Amendments to IAS 21 - Lack of exchangeability: The Effects of Changes in Foreign Exchange Rates specifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity's financial performance, financial position and cash flows.
The amendments did not have a material impact on the financial statements of the Group.
b New standards and amendments not yet effective
Below, the standards and amendments that are issued, but not yet effective as of 31 December 2025, are listed. The Group intends to adopt these standards and amendments, if applicable, when they become effective:
IFRS 18, Presentation and Disclosure in Financial Statements, was issued in April 2024, replacing IAS 1, Presentation of Financial Statements. The standard will be effective on 1 January 2027. The Group is in the process of reviewing the impact that IFRS 18 will have on the primary financial statements and notes to the financial statements.
The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
Other new Standards, amendments and Interpretations not adopted in the curent year have not been disclosed as they are not expected to have a material impact on the Group's consolidated financial statements.
7 Material accounting policies
The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements.
7.1 Basis of consolidation
a Business combinations
The Group accounts for business combinations under the acquisition method when control is transferred to the Group (see b.).
The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment (see Note 18.1). Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities.
The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss.
Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in profit or loss.
b Subsidiaries
Subsidiaries are entities controlled by the Group. The Group 'controls' an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.
c Non-controlling interests
Non-controlling interests are measured initially at their proportionate share of the acquiree's identifiable net assets at the date of acquisition.
Changes in the Group's interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.
d Loss of control
When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related non-controlling interest and other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost.
e Transactions eliminated on consolidation
Intra-Group balances and transactions, and any unrealized income and expenses (except for foreign currency transaction gains or losses) arising from intra-Group transactions are eliminated. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.
7.2 Foreign currency
a Foreign currency transactions
Transactions in foreign currency are translated into the respective functional currencies of group companies at the exchange rates at the dates of the transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income. Translation differences on non-monetary financial assets are included in other comprehensive income (OCI). Foreign exchange gains and losses that relate to borrowings are presented in the statement of income, within finance costs. All other foreign exchange gains and losses are presented in the statement of income on a net basis within other income or other expenses.
b Foreign operations
The results and financial position of all the Group’s entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:
Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;
Income and expenses for each income statement are translated at average exchange rates unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions; and
All resulting exchange differences are recognized in OCI.
On consolidation, exchange differences arising from the translation of the net investment in foreign operations are taken to OCI.
When a foreign operation is partially disposed of or sold, exchange differences that were recorded in equity are recognized in the income statement as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. The resulting changes are recognized in OCI.
The Group operates in two economies that are considered hyper-inflationary, Malawi and Sierra Leone. Since both the Malawi and Sierra Leone entity apply a US dollar functional reporting currency, IAS 29 is not applicable. During 2025 the economy of Ethiopia ceased to be hyper-inflationary. The impact of the application of IAS 29 for the period that Ethiopia was still hyper-inflationary is not material for the consolidated financial statements.
7.3 Financial instruments
a Non-derivative financial assets
Financial assets are classified on the basis of the business model within which they are held and their contractual cash flow characteristics.
The Group initially recognises trade and other receivables that qualify as financial assets and deposits on the date that they are originated. All other financial assets (including assets designated at fair value through profit or loss) are recognised initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument.
The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability.
Financial assets and liabilities are offset and the net amount is presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.
The Group has the following non-derivative financial assets:
Trade and other receivables;
Cash and cash equivalents;
Other financial assets.
b Trade and other receivables
Trade receivables are financial assets held to collect the contractual cash flows. Trade receivables are recognised initially at transaction price minus expected credit losses. Other receivables are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition trade and other receivables are measured at amortised cost using the effective interest method, less any impairment losses. The Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables.
c Other financial assets
Issued loans are initially measured at fair value and subsequently at amortised cost minus any impairment losses based on an expected credit loss model.
d Cash and cash equivalents
Cash and cash equivalents include cash at banks and on hand and short-term highly liquid investments with an original maturity of three months or less.
e Non-derivative financial liabilities
Financial liabilities are recognized initially at fair value net of any incurred transaction costs and subsequently carried at amortized cost using the effective interest method. Interest expense and foreign currency exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.
Financial liabilities comprise bank borrowings, other current liabilities, trade creditors and accrued expenses, that qualify as financial liabilities.
f Share capital
Ordinary issued shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are charged to the share premium reserve as a deduction, net of tax, from the proceeds.
g Derivative financial instruments
Derivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value and changes therein are recognized in profit or loss.
h Hedge accounting
When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognized in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss.
Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective portion of cash flow hedges, which is recognized in OCI and later reclassified to profit or loss when the hedged item affects profit or loss.
All operating companies hedge their foreign exchange exposure related to transactions against their functional currency. The Group discontinues hedge accounting when the qualifying criteria for the hedged relationship are no longer met. Currently only the Tea segment applies hedge accounting.
7.4 Intangible assets and goodwill
a Recognition and measurement
Goodwill | Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. |
Software | Costs related to the development and installation of software are capitalized at historical cost and amortized, using the straight-line method over the estimated useful life |
Other intangible assets | Other intangible assets, including customer relationships, order books and trade names/certificates, that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortization and any accumulated impairment losses. |
b Amortization
Amortization is calculated to write off the cost of intangible assets less their estimated residual values under the straight-line method over their estimated useful lives, and is recognized in profit or loss. Goodwill is not amortized.
The estimated useful lives for current and comparative periods are as follows:
Software | 3-10 years |
Customer relations | 7-20 years |
Order books | 1-2 years |
Trade names/certificates | 20-40 years |
Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.
7.5 Property, plant and equipment
Property, plant and equipment are valued at historical cost using a component approach less depreciation and impairment losses. In addition to the costs of acquisition, the Company also includes costs of bringing the asset to its working condition, handling and installation costs and the non-refundable purchase taxes. Under the component approach, each component of an item of property, plant and equipment with a cost that is significant in relation to the total cost of the item is depreciated separately.
Depreciation is calculated using the straight-line method based on the estimated useful life, taking into account any residual value. The asset’s residual value and useful life are reviewed and adjusted, if appropriate, at each balance sheet date. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset as appropriate, only if and when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. Land is not depreciated.
The useful lives of the following categories are used for depreciation purposes:
Buildings | 20-30 years |
Building improvements | 5-10 years |
Machinery and equipment | 5-15 years |
Vehicles | 3-5 years |
Furniture, fittings and equipment | 3-8 years |
7.6 Impairment of non-financial assets
At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than inventories and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. Goodwill is tested annually for impairment or whenever events or changes in circumstances indicate that the carrying value of a cash generating unit (CGU) may not fully recoverable.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or CGU is the higher of its value in use and its fair value less costs of disposal. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU.
An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount.
Impairment losses are recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
7.7 Inventories
Inventories are stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods and semi-finished products comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity), but excludes borrowing costs. Net realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.
7.8 Assets held-for-sale
Non-current assets (or disposal groups) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of the carrying amount and fair value less costs to sell. Assets held for sale are no longer amortized or depreciated from the date they are classified as such.
7.9 Leases
The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate.
Lease payments included in the measurement of the lease liability comprise:
Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable;
Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;
The amount expected to be payable by the lessee under residual value guarantees;
The exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and
Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.
Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever the lease payments change, due to changes in an index or rate, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.
Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognized and measured as described in Note 7.16. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset.
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in Note 7.6.
7.10 Current and deferred corporate income tax
Income tax comprises current and deferred tax. Income tax is recognized in the statement of income except to the extent that it relates to items recognized directly within equity or in OCI. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the balance sheet date in the countries where the Company and its subsidiaries operate and generate taxable income, and any adjustment to tax payable in respect of previous years.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted at the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred tax liabilities for withholding taxes are recognized for subsidiaries in situations where the income is to be paid out as dividend in the foreseeable future to the extent that these withholding taxes are not expected to be refundable or deductible. Changes in tax rates are reflected in the period when the change has been enacted or substantially enacted by the reporting date.
7.11 Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the Acomo Board of Directors (‘The Board’). The Board is responsible for the allocation of the available resources, the assessment of the operational results and strategic decisions. The Board assesses the performance of the reporting segments based on a non-IFRS financial measure of adjusted EBITDA (operational EBITDA). This measurement basis excludes the effects of unrealized FX and CX results, and other non-recurring expenditures from the operating segments such as exceptional items in production costs, restructuring costs, legal expenses and goodwill impairments when the impairment is the result of an isolated, non-recurring event. Reference is made to chapter Reconciliation of non-IFRS information.
7.12 Revenue from contracts with customers
Revenue relates to the sale of goods and services in the ordinary course of the Group’s activities. Revenue is shown net of value-added tax, returns, rebates and discounts and after eliminating sales within the Group. Revenue is recognized when the performance obligations have been satisfied, which is once control of the goods and/or services has transferred from the Group to the buyer. Revenue is measured based on considerations specified in the contract with a customer and excludes amounts collected on behalf of third parties.
Sales of goods are recognized when a Group entity satisfies a performance obligation by transferring promised products to the customer, the customer has full discretion over the channel and price to sell the products, and there is no unfulfilled obligation that could affect the customer’s acceptance of the products. Delivery normally does not occur until the products have been shipped to the specified location, the risks of obsolescence and loss have been transferred to the customer, and either the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed or the Group has objective evidence that all criteria for acceptance have been satisfied. Sales are recorded based on the prices specified in the sales contracts.
7.13 Cost of goods sold
Cost of goods sold is recorded in the same period in which the sales are recognized.
7.14 Employee benefits
Group companies operate various pension schemes. The schemes are generally funded through payments to insurance companies or trustee-administered funds, determined by periodic actuarial calculations. The Group has one defined benefit plan and various defined contribution plans.
A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. The contributions are recognized as personnel expenses when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available.
A defined benefit plan typically defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method.
Remeasurements, comprising actuarial gains and losses, the effect of the asset ceiling, excluding net interest (not applicable to the Group) and the return on plan assets (excluding net interest), are recognized immediately in the statement of financial position with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.
Past service costs are recognized in income on the earlier of the date of the plan amendment or curtailment, and the date that the Group recognizes restructuring-related costs. Net interest is calculated by applying the discount rate to the net defined benefit liability or asset.
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. The Group recognizes a liability and an expense for bonuses and profit sharing based on a percentage (between 10% and 15%) of the profit before tax of the respective subsidiary. The Group recognizes a provision where contractually obliged or where there is a past practice that has created a constructive obligation.
7.15 Share-based payments (equity-settled plans)
a Long-term incentive plan (LTI)
The fair value of the conditional share rights at grant date is calculated by deducting expected foregone dividends from the grant date during the performance period share price. The costs of the share plans are adjusted for expected performance and forfeiture and spread evenly over the service period. Share-based compensation expenses are recorded in the profit or loss, with a corresponding adjustment to equity.
When the share rights vest, the Company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium.
b Share option plan
The fair value of the employee services received at grant date in exchange for the grant of the options is recognized as an expense in the income statement, with a corresponding adjustment to equity. The total amount to be expensed is determined by reference to the fair value of the options granted as measured at the date of grant. Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each reporting period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions. It recognizes the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to equity.
When the options are exercised, the Company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.
7.16 Provisions
Provisions are recognized when the Group has a legal or constructive obligation as a result of a past event, when it is probable that an outflow of economic benefits will be required to settle the obligation and when a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognized as interest expense (when the time value of money is material).
An onerous contract is considered to exist where the Group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received from the contract. Present obligations arising under onerous contracts are recognized and measured as provisions.
7.17 General and administrative expenses
General and administrative expenses are allocated to the periods to which they relate.
7.18 Dividend distribution
Dividend distribution to the Company’s shareholders is recognized as a liability in the Company’s financial statements in the period in which the dividends are approved by the Company’s shareholders.
7.19 Cash flow statement
The statement of cash flows is prepared using the indirect method. Cash flows in foreign currencies are translated into euros using the weighted average rates of exchange for the periods involved.
8 Financial risk management
8.1 Risk factors
The Group is exposed to a variety of market and financial risks (including foreign exchange risk, price risk and interest rate risk), credit risk and liquidity risk. The Group’s overall risk management focuses on the unpredictability of commodity and financial markets and seeks to minimize potential adverse effects on the Group’s financial performance. The Group uses derivative financial instruments to hedge certain foreign currency and commodity risk exposures. Risk management is carried out under policies approved by the Board of Directors. Risks are identified, evaluated and hedged in close cooperation with the Group’s operating units. The Board and the operating companies’ management apply policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and investment of excess liquidity. The food products in which the Group trades are not traded on commodity exchanges or spot markets. The group companies contract and purchase the products in general at the source for physical delivery. For further explanation on Risk Management and Control see pages.
8.1.1 Market and financial risks
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the US dollar. Foreign exchange risk arises from current and future commercial transactions, current and future costs, recognized assets and liabilities and net investments in foreign operations. The Board has set up a policy to require group companies to manage their foreign exchange risk against their functional currency.
The group companies are required to hedge their foreign exchange risk exposure arising from sales and purchase transactions within the respective company in accordance with Group policies. To manage their foreign exchange risk arising from future commercial transactions and recognized assets and liabilities, entities in the Group use forward contracts, transacted with external banks and net borrowings in foreign currencies.
Foreign exchange risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not the entity’s functional currency.
The Group has certain investments in foreign operations whose net assets are exposed to foreign currency translation risk. Currency exposure arising from the net assets of the Group’s foreign operations is managed primarily through borrowings denominated in the relevant foreign currencies. For the year 2025, if the average US dollar currency applied had weakened/strengthened by 5% against the euro with all other variables held constant, net profit for the year would have been approximately €1.6 million higher/lower (2024: €0.5 million), mainly as a result of foreign exchange results on translation of US dollar-denominated income from the Edible Seeds, Organic Ingredients and Tea businesses. As at 31 December 2025, the total impact on shareholders’ equity of a 5% US dollar increase/decrease relating to equity of subsidiaries with a US dollar functional currency would have been approximately €10.6 million (2024: €11.0 million). Similarly, total assets would have increased/decreased by approximately €21 million (2024: €18.8 million) in case of the euro/US dollar rate being 5% higher/lower than the rate as at 31 December 2025 that has been used. The Group’s exposure to foreign currency changes for all other currencies is not material.
The Company’s results are sensitive to the natural food products market price movements. In order to manage the effects of price movements of the natural food products, the group companies apply internally determined trading guidelines including maximum positions per product group and overall positions. For certain organic products (cocoa and coffee), where exchange-traded futures and options are available for the conventional equivalent, the Group purchases and sells primarily exchange-traded futures and options with the purpose of managing market exposure to adverse price movements in these commodities. From a financing point of view, headroom available within bank facilities is closely monitored in order to be able to finance increased working capital requirements when commodity prices increase.
The Group’s interest rate risk arises from long-term borrowings and working capital financing. Borrowings and working capital financing contracted at variable interest rates expose the Group to cash flow interest rate risk which is partially offset by cash held at variable interest rates. Borrowings contracted at fixed interest rates expose the Group to fair value interest rate risk. Currently, the Group has no material borrowings at fixed interest rates. During 2025 and 2024, the Group’s borrowings at variable interest rates were denominated in euro and US dollar. The Group analyzes its interest rate exposure on a dynamic basis. Scenarios are simulated taking into consideration refinancing, renewal of existing positions, alternative financing and hedging. Based on these scenarios, the Group calculates the impact on profit and loss of a defined interest rate shift. For each simulation, the same interest rate shift is used for all currencies. The scenarios are run only for liabilities that represent the major interest-bearing positions.
A sensitivity analysis has been made based on the exposure to interest rates for the bank borrowings and current financial bank liabilities at the balance sheet date. If interest rates had been 0.5% (50 basis points) higher/lower and all other variables were held constant, the Group’s result before tax for the year ended 31 December 2025 would have been approximately €1.5 million (2024: €1.2 million) lower/higher respectively.
8.1.2 Credit risk
Credit risk is managed at the subsidiary level. Each local subsidiary is responsible for managing and analyzing the credit risk for each of their customers before standard payment and delivery terms and conditions are offered. Credit risk arises from derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions. As part of risk control the credit quality of the customer, taking into account its financial position, past experience and other factors, is assessed. Individual risk limits are set, based on internal or external ratings in accordance with limits set by management of the operating companies. The utilization of credit limits is regularly monitored. In addition, certain subsidiaries have insured losses arising from the insolvency or protracted default of covered customers. See Note 17.2 for further disclosure on credit risk. Management does not expect any undisclosed material losses from non-performance by these counterparties.
The Group establishes an allowance for expected credit losses in respect of trade receivables. The main components of this allowance are a specific loss component that relates to individually significant exposures, and a collective loss component established for groups of similar assets in respect of losses that are expected but not yet identified. The collective loss allowance is determined based on historical data of payment statistics for similar financial assets, adjusted for forward-looking information.
To mitigate the counterparty risk with financial institutions, the Group has the policy to make use of financial institutions which are investment grade. The Group’s main financial institutions are systemically important and operate under close supervision of their respective financial regulatory bodies.
8.1.3 Liquidity risk
Cash flow forecasting is performed in the operating entities of the Group and aggregated by Group Treasury. Group Treasury monitors rolling forecasts of the Group’s liquidity requirements and calculates ratios to ensure it has sufficient funds to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities at all times, so the Group does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities (see Note 17.5). Such forecasting takes into consideration the Group’s debt financing plans, planned capital expenditures, covenant compliance, compliance with internal balance sheet ratio targets and, if applicable, external regulatory or legal requirements – for example, currency restrictions. Surplus cash held by the operating entities over and above balances required for working capital purposes are transferred to Group Treasury. Group Treasury invests surplus cash in interest bearing current accounts at first class banks.
8.2 Capital risk management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to ensure the continued financing of the trading activities, to provide adequate long-term returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Company may adjust the dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
The Company monitors capital on the basis of the solvency ratio. This ratio is calculated as total equity divided by total assets. During 2025, the Company’s objective, which was unchanged from the previous year, was to maintain the solvency ratio at a minimum of 30% and preferably around 40%. The solvency ratios as at 31 December 2025 and 2024 were as follows:
Solvency | 31 December 2025 | 31 December 2024 |
|---|---|---|
Total equity | 436,970 | 439,659 |
Total assets | 989,927 | 867,854 |
Solvency ratio | 44.1% | 50.7% |
Based on the assets of the Group, the available financing facilities, the solvency ratio and the Group’s ability to meet its obligations without substantial restructuring or selling of its assets in the normal course of business, the Group’s financial statements have been prepared assuming a going concern.
9 Segment information
The Board examines the Group's performance from a product perspective and has identified five reportable segments of its business: Spices and Nuts, Edible Seeds, Organic Ingredients, Tea, and Food Solutions.
The segment information for the reportable segments for the years ended 31 December 2025 and 2024 is set out in the table below.
The performance assessment of the reporting segments is based on adjusted EBITDA1 (operational EBITDA). This measurement basis excludes the effects of unrealized FX and CX results, and other non-recurring expenditures from the operating segments. The exceptional items Edible Seeds US relates to the costs of an organizational restructuring and the costs of a production issue in a facility in Q4 2025. These costs have been excluded from operational EBITDA.
2025 | Spices and Nuts | Edible Seeds | Organic Ingredients | Tea | Food Solutions | Holding and intra-Group | Total |
|---|---|---|---|---|---|---|---|
Sales | 547,565 | 215,096 | 572,657 | 107,890 | 26,609 | (6,183) | 1,463,634 |
Operating expenses | (482,327) | (209,029) | (531,791) | (103,153) | (19,670) | 574 | (1,345,396) |
Operational EBITDA | 65,238 | 6,067 | 40,866 | 4,737 | 6,939 | (5,609) | 118,238 |
Exceptional items Edible Seeds US | (3,725) | (3,725) | |||||
Unrealized FX and CX results | 215 | (194) | 20,334 | 20,355 | |||
Reported EBITDA | 65,453 | 2,148 | 61,200 | 4,737 | 6,939 | (5,609) | 134,868 |
Depreciation, amortization and impairments | (3,250) | (5,269) | (10,169) | (564) | (960) | (240) | (20,452) |
Operating income (EBIT) | 62,203 | (3,121) | 51,031 | 4,173 | 5,979 | (5,849) | 114,416 |
Interest income/(expense), net | (15,714) | ||||||
Income tax expense | (24,506) | ||||||
Net result | 74,196 | ||||||
Additions intangibles and PPE (net), excl. goodwill | 1,686 | 3,609 | 1,392 | 147 | 1,953 | 36 | 8,823 |
Additions right-of-use assets | 775 | 221 | 38 | - | 236 | 644 | 1,914 |
Total intangibles and PPE | 7,810 | 20,703 | 44,739 | 1,889 | 4,662 | 34 | 79,837 |
Total right-of-use assets | 4,419 | 8,252 | 3,035 | 1,548 | 2,702 | 729 | 20,685 |
Total assets | 298,179 | 121,005 | 371,718 | 63,112 | 16,527 | 119,386 | 989,927 |
Total liabilities | 169,008 | 87,056 | 213,521 | 16,706 | 11,652 | 55,010 | 552,953 |
2024 | Spices and Nuts | Edible Seeds | Organic Ingredients | Tea | Food Solutions | Holding and intra-Group | Total |
|---|---|---|---|---|---|---|---|
Sales | 485,849 | 241,324 | 481,596 | 133,063 | 23,746 | (2,755) | 1,362,823 |
Operating expenses | (426,747) | (223,447) | (459,220) | (126,811) | (17,719) | (124) | (1,254,068) |
Operational EBITDA | 59,102 | 17,877 | 22,376 | 6,252 | 6,027 | (2,879) | 108,755 |
Unrealized FX and CX results | (912) | (10,387) | (11,299) | ||||
Reported EBITDA | 58,190 | 17,877 | 11,989 | 6,252 | 6,027 | (2,879) | 97,456 |
Depreciation, amortization and impairments | (2,434) | (4,869) | (9,023) | (644) | (539) | (210) | (17,719) |
Operating income (EBIT) | 55,756 | 13,008 | 2,966 | 5,608 | 5,488 | (3,089) | 79,737 |
Interest income/(expense), net | (19,168) | ||||||
Income tax expense | (15,447) | ||||||
Net result | 45,122 | ||||||
Additions intangibles and PPE (net), excl. goodwill | 448 | 4,258 | 1,830 | 337 | 793 | 4 | 7,670 |
Additions right-of-use assets | 430 | 7,652 | 62 | - | 2,802 | 139 | 11,085 |
Total intangibles and PPE | 3,973 | 23,499 | 55,662 | 2,319 | 3,202 | 12 | 88,667 |
Total right-of-use assets | 5,540 | 10,415 | 4,035 | 1,675 | 2,933 | 311 | 24,909 |
Total assets | 221,130 | 142,767 | 299,673 | 69,187 | 13,062 | 122,035 | 867,854 |
Total liabilities | 135,396 | 91,983 | 144,466 | 21,521 | 8,601 | 26,228 | 428,195 |
No operating segments have been aggregated to form the above reportable operating segments. The Group’s financing (including finance costs, finance income and other income) and income taxes are managed on a Group basis and are not allocated to operating segments.
Transactions between companies within an operating segment have been eliminated. Transactions between operating segments are on arm’s-length basis in a manner similar to transactions with third parties and are not included in the reported revenue per segment as the reported revenue per segment relates to revenue with third parties.
The amounts with respect to total assets are measured in a manner consistent with that of the financial statements. These assets are allocated based on the operations of the segment and the physical location of the asset. Inter-segment sales are eliminated upon consolidation and reflected in the Holding and intra-Group column.
- Non-IFRS financial measure. For the definition and reconciliation of the most directly comparable IFRS measure, refer to Reconciliation of non-IFRS information.
10 Revenue
The Group generates revenue primarily from the sale and distribution of conventional and organic food ingredients and solutions.
2025 | 2024 | ||
|---|---|---|---|
Sales of goods and solutions | 1,463,634 | 1,362,823 |
Sales per geography are as follows:
Sales | ||||||
|---|---|---|---|---|---|---|
(in € millions) | Netherlands | Germany | Europe | North America | Other | Total |
2025 | 221.4 | 147.6 | 524.4 | 481.3 | 88.9 | 1,463.6 |
2024 | 212.2 | 129.6 | 431.5 | 496.5 | 93.0 | 1,362.8 |
The North American sales mainly comprise sales in the US.
11 Cost of goods sold
The cost of goods sold of €1,224.9 million (2024: €1,165.6 million) includes the cost of products sold, changes in the provision for obsolete inventories, amortization, depreciation and impairment charges, and expenses related to purchase, production and selling.
12 General and administrative expenses
The general and administrative expenses are as follows:
General and administrative expenses | 2025 | 2024 |
|---|---|---|
Personnel expenses | 79,414 | 72,992 |
Depreciation and amortization expenses | 12,501 | 10,994 |
Other operating expenses | 32,360 | 33,528 |
Total general and administrative expenses | 124,275 | 117,514 |
13 Personnel costs
Total personnel costs, included in the cost of sales and general and administrative expenses, are as follows:
Personnel costs | Note | 2025 | 2024 |
|---|---|---|---|
Wages and salaries including profit sharing | 83,170 | 78,681 | |
Social security costs | 9,737 | 9,233 | |
Pension costs – defined contribution plans | 4,542 | 4,033 | |
Pension costs – defined benefit plans | 29 | 63 | |
Share-based payment expense | 621 | 61 | |
Other | 7,569 | 6,918 | |
Total personnel costs | 105,668 | 98,989 |
The average number of employees in the financial year by geography and by function, measured in full-time equivalents, is as follows:
FTE | 2025 | 2024 |
|---|---|---|
The Netherlands | 325 | 352 |
Rest of the world | 896 | 800 |
Total average FTE | 1,221 | 1,152 |
2025 | 2024 | |
|---|---|---|
Production | 558 | 547 |
General | 663 | 605 |
Total average FTE | 1,221 | 1,152 |
14 Financial income/(expenses)
Financial income/(expenses) | 2025 | 2024 |
|---|---|---|
Interest income on short-term bank deposits | 170 | 123 |
Interest expense on bank borrowings | (14,813) | (14,883) |
Interest expense on leases | (1,097) | (872) |
Amortization arrangement fees | (784) | (1,232) |
Net financial income/(expenses) | (16,524) | (16,864) |
Other financial income/(expenses) | 810 | (2,304) |
Total financial income/(expenses) | (15,714) | (19,168) |
The other financial income/(expenses) mainly relate to foreign currency results.
15 Corporate income tax
Current income tax expense | Note | 2025 | 2024 |
|---|---|---|---|
Current income tax on profits for the year | 19,595 | 20,529 | |
Provisions (releases) | (163) | - | |
Adjustments in respect of prior years | (1,763) | (92) | |
Total current income tax expense | 17,669 | 20,437 | |
Deferred income tax expense/(income) | 13.5 | 6,837 | (4,990) |
Total corporate income tax expense | 24,506 | 15,447 |
The Group is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in the Netherlands and has come into effect from 1 January 2024. Under the legislation, a top-up tax for the difference between the Global Anti-Base Erosion Rules (GloBE) effective tax rate per jurisdiction and the 15% minimum rate is introduced. This top-up tax is considered an income tax in scope of IAS 12. The Group applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023.
The Group has performed an assessment of its potential exposure to Pillar Two income taxes based on the 2024 country-by-country reporting and 2025 financial information for the constituent entities in the Group. The Pillar Two effective tax rates in most of the jurisdictions in which the Group operates is above 15%. Based on the assessment the Group has concluded that there is no impact as a result of Pillar Two.
The Group continues to follow Pillar Two legislative developments, as further countries enact the Pillar Two model rules, to evaluate the potential future impact on its consolidated results of operations, financial position and cash flows beginning. The effective tax rate on the Group’s profit differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows:
Corporate income tax expense | 2025 | 2024 | |
|---|---|---|---|
Tax calculated at domestic tax rates applicable to profits in the respective countries | 26,168 | 15,743 | |
Tax effect of: | |||
| 27 | 54 | |
| 764 | 235 | |
| (1,763) | (92) | |
| (163) | - | |
| (288) | 106 | |
| (239) | (599) | |
Total corporate income tax expense | 24,506 | 15,447 | |
Average effective tax rate | 24.8% | 25.5% |
The tax (charge)/credit relating to components of OCI is as follows:
Tax components OCI 2025 | Before tax | Tax | After tax | |
|---|---|---|---|---|
Cash flow hedges | (387) | 99 | (288) | |
Currency translation adjustments (CTA) | (38,374) | - | (38,374) | |
Remeasurement gains/(losses) on defined benefit plans | 324 | (97) | 227 | |
Total | (38,437) | 2 | (38,435) |
Tax components OCI 2024 | Before tax | Tax | After tax | |
|---|---|---|---|---|
Cash flow hedges | 505 | (129) | 376 | |
Currency translation adjustments (CTA) | 19,898 | - | 19,898 | |
Remeasurement gains/(losses) on defined benefit plans | 712 | (164) | 548 | |
Total | 21,115 | (293) | 20,822 |
16 Earnings per share (EPS)
Basic earnings per share are calculated by dividing the profit for the year attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the year.
Diluted earnings per share are calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.
For the share options, a calculation is made to determine the number of shares that could have been issued at fair value (determined as the average annual market share price of the Company’s shares) based on the monetary value of the subscription rights attached to outstanding share options. The number of shares calculated as above is compared with the number of shares that will be issued assuming the exercise of all issued share options.
The excess number of shares is used for calculating diluted earnings per share.
Earnings used to calculate (diluted) earnings per share | 2025 | 2024 |
|---|---|---|
Net profit attributable to shareholders | 73,039 | 45,234 |
Basis for diluted profit | 73,039 | 45,234 |
Number of shares, weighted and dilutive | 2025 | 2024 |
|---|---|---|
Weighted average number of ordinary shares issued | ||
Issued 1 January | 29,617,746 | 29,617,746 |
New shares issued, weighted part | 5,610 | - |
Total number of shares issued, weighted 31 December | 29,623,356 | 29,617,746 |
New shares issued, unweighted part | 1,890 | - |
Total number of shares issued 31 December | 29,625,246 | 29,617,746 |
Contingent shares and share options deferred dilution effect | 112,480 | - |
Total number of shares, dilutive 31 December | 29,737,726 | 29,617,746 |
There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of authorization of these financial statements.
It is proposed to distribute a final dividend of €
17 Financial assets and financial liabilities
The fair values of the financial assets and financial liabilities approximate their carrying amounts or are not materially different. The Group’s exposure to various risks associated with the financial instruments is discussed in Note 7.3. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above.
17.1 Other non-current receivables
Other non-current receivables | 31 December 2025 | 31 December 2024 |
|---|---|---|
Issued loans | 3,383 | 3,363 |
Other | 28 | 8 |
Total non-currrent receivables | 3,411 | 3,371 |
The issued loans comprise:
A loan of €1.4 million, ultimately due on 31 July 2031. The loan is secured by a mortgage on commercial real estate.
A loan of €2.0 million, ultimately due on 16 December 2029.
17.2 Trade and other receivables
Trade and other receivables | 31 December 2025 | 31 December 2024 |
|---|---|---|
Trade receivables | 155,111 | 170,541 |
Other receivables | 44,331 | 30,169 |
Total Trade and other receivables | 199,442 | 200,710 |
The composition of the other receivables is as follows:
Other receivables | 31 December 2025 | 31 December 2024 |
|---|---|---|
Taxes and social securities | 9,856 | 4,992 |
Prepaid expenses | 24,912 | 17,016 |
Other receivables | 9,563 | 8,160 |
Total other receivables | 44,331 | 30,169 |
The ageing analysis of these trade receivables on due date is as follows:
Ageing receivables | 31 December 2025 | 31 December 2024 |
|---|---|---|
Not overdue | 121,382 | 140,859 |
Overdue less than 1 month | 27,193 | 22,230 |
1-2 months | 5,564 | 3,877 |
2-3 months | 985 | 1,549 |
Over 3 months | 3,400 | 5,496 |
Total trade receivables, gross | 158,524 | 174,011 |
The carrying amounts of the Group’s trade receivables are denominated in the following currencies:
Trade receivables — currency | 31 December 2025 | 31 December 2024 |
|---|---|---|
Denominated in euros | 71,710 | 64,222 |
Denominated in US dollars | 82,176 | 103,997 |
Denominated in UK pounds | 401 | 1,021 |
Denominated in other currencies | 4,237 | 4,771 |
Total trade receivables, gross | 158,524 | 174,011 |
Movements in the allowance for expected credit losses are as follows:
Allowance for expected credit losses | 31 December 2025 | 31 December 2024 |
|---|---|---|
1 January | 3,470 | 3,518 |
Write-offs | (533) | (649) |
Charged to the income statement | 498 | 562 |
Exchange differences | (22) | 39 |
31 December | 3,413 | 3,470 |
The individually (partly or fully) impaired receivables mainly relate to customers in the ordinary line of business which are in unexpectedly difficult economic or financial situations.
As at 31 December 2025, trade receivables of approximately €6.5 million (2024: €7.5 million) were past due but with insignificant loss provision. The Group believes that the unimpaired amounts that are past due by more than 30 days are still collectable based on historic payment behaviour and analyses of the underlying customers’ creditworthiness, taking into account forward looking factors.
Overdue receivables are generally fully written off when there is no expectation of recovering additional cash. The other classes within trade and other receivables do not contain material impaired assets. The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivables mentioned above. In general, the Group does not hold any collateral as security and delivery terms dictate that full title of ownership can be withdrawn for unpaid deliveries.
17.3 Derivative financial instruments
This section explains the judgements and estimates made in determining the fair values of the financial instruments that are recognized and measured at fair value in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Group has classified its financial instruments into the three levels prescribed under the accounting standards. An explanation of each level follows underneath the table.
Recurring fair value measurements 31 December 2025 | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
Financial assets | ||||
Hedging derivatives - foreign currency contracts | - | 1,816 | - | 1,816 |
Hedging derivatives - commodity contracts | 8,536 | - | - | 8,536 |
Total financial assets | 8,536 | 1,816 | - | 10,352 |
Financial liabilities | ||||
Hedging derivatives - foreign currency contracts | - | 2,081 | - | 2,081 |
Hedging derivatives - commodity contracts | 409 | - | - | 409 |
Total financial liabilities | 409 | 2,081 | - | 2,490 |
Recurring fair value measurements 31 December 2024 | ||||
|---|---|---|---|---|
Financial assets | ||||
Hedging derivatives - foreign currency contracts | - | 6,395 | - | 6,395 |
Hedging derivatives - commodity contracts | 34 | - | - | 34 |
Total financial assets | 34 | 6,395 | - | 6,429 |
Financial liabilities | ||||
Hedging derivatives - foreign currency contracts | - | 728 | - | 728 |
Hedging derivatives - commodity contracts | 25,190 | - | - | 25,190 |
Total financial liabilities | 25,190 | 728 | - | 25,918 |
Derivatives are only used for economic hedging purposes and not as speculative investments. However, where derivatives do not meet the hedge accounting criteria, they are classified as ‘held for trading’ for accounting purposes and are accounted for at fair value through profit or loss. They are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period.
Foreign exchange contracts relate for more than 95% to forward US dollar sales and purchases with a term of less than 12 months and relate to hedged items with a maturity of less than 12 months. Consequently, the net value of these derivatives is classified as a current asset or liability.
Commodity contracts relate to coffee and cocoa sales-and-purchases contracts with a term of less than 12 months, and relate to hedged items with a maturity of less than 12 months. The maximum exposure to credit risk at the reporting date is the fair value of the derivative assets in the consolidated balance sheet.
The total notional principal amounts of the outstanding forward foreign exchange contracts as at 31 December 2025 were $237.7 million bought and $42 million sold, resulting in a total net amount of $195.7 million (2024: $129.5 million). The notional principal amounts of the outstanding future commodity exchange contracts as at 31 December 2025 were $12.6 million cocoa long, $38.9 million cocoa short, and $8.2 million short coffee contracts.
Gains and losses recognized in the hedge reserve in equity (Note 20.2) on forward foreign exchange contracts as at 31 December 2025 are recognized in the income statement in the period or periods during which the hedged forecast transaction affects the income statement.
17.4 Cash and cash equivalents
Cash and cash equivalents consist almost entirely of cash held in bank accounts. The Group has no restricted cash.
17.5 Bank borrowings
Interest rate | Maturity | 31 December 2025 | 31 December 2024 | |
|---|---|---|---|---|
Non-current bank borrowings | ||||
€ 3,050,000 term loan | 3.08% | 31 Dec 2032 | 977 | 1,139 |
€ 103,333,333 term loan | 1.85% + EURIBOR | 30 Dec 2027 | 94,722 | 94,722 |
$16,660,000 term loan | 1.85% + SOFR | 30 Dec 2027 | 13,002 | 14,749 |
€ 3,000,000 bank loan | 3.06% | 28 Nov 2027 | 313 | 647 |
€ 1,649,500 bank loan | 3.42% | 28 Nov 2027 | 193 | 397 |
€ 1,000,000 bank loan | 0.75% + EURIBOR | 30 Nov 2029 | 610 | |
109,817 | 111,654 | |||
Capitalized arrangement fees | (749) | (1,497) | ||
Total non-current bank borrowings | 109,068 | 110,157 | ||
Current bank borrowings | ||||
Bank overdrafts | On demand | 250,659 | 118,875 | |
Bank borrowings short-term part | 897 | 712 | ||
Capitalized arrangement fees | (749) | (749) | ||
Total current bank borrowings | 250,807 | 118,838 | ||
Total bank borrowings | 359,875 | 228,995 |
The carrying amounts of bank borrowings approximate their fair value due to the variability of the interest rates. The bank borrowings are, to a large extent, borrowing base working capital facilities, with variable interest rates, secured by inventories and trade receivables.
The movements in bank borrowings are as follows:
Movements bank borrowings | 2024 | Cash Flow | Translation and currency differences | 2025 |
|---|---|---|---|---|
Non-current | ||||
Bank borrowings | 111,654 | (707) | (1,130) | 109,817 |
Total non-current | 111,654 | (707) | (1,130) | 109,817 |
Current | ||||
Bank borrowings | 119,587 | 147,146 | (16,074) | 251,556 |
Total current | 119,587 | 147,146 | (16,074) | 251,556 |
Bank borrowings
As at 31 December 2025, the Group had the following long-term bank borrowings:
A €3 million term loan (of which €1.1 million outstanding) with a final payment on 1 December 2032.
A €103.3 million and $16.7 million term loan (of which €94.7 million and $15.3 million outstanding), with full final repayment on 30 December 2027.
A €3.0 million and €1.6 million loan (of which €1.0 million of total outstanding), with a final payment on 28 November 2027.
A €1.0 million loan (of which €0.8 million of total outstanding), with a final payment on 30 November 2029.
Effective 28 August 2023, the Group implemented sustainability amendments to its main financing agreement. As a result, the Group currently has a sustainability-linked loan for its main financing needs. A framework of four KPI’s and performance targets has been agreed with the lenders. Based on the performance on the targets a margin adjustment will be applied on the interest rate. In 2025 the Group achieved a 2.5 bps discount on the margin of its main facilities, RCF and term loan, by fulfilling three out of four KPI 's and performance targets in 2024.
The carrying amounts of the Group’s bank borrowings are denominated in the following currencies:
Non-current bank borrowings | 31 December 2025 | 31 December 2024 |
|---|---|---|
Denominated in euros | 96,815 | 96,905 |
Denominated in US dollars | 13,002 | 14,749 |
Total non-current bank borrowings | 109,817 | 111,654 |
The maturity of bank borrowings is as follows:
Contractual repayments | 31 December 2025 | 31 December 2024 |
|---|---|---|
2025 | 712 | |
2026 | 897 | 699 |
2027 | 108,597 | 110,141 |
2028 | 372 | 651 |
after 2028 | 848 | |
Total contractual repayments | 110,714 | 112,203 |
Future contractual interest cash flows, based on current interest rates, contractual terms and year-end 2025 working capital financial levels, are approximately €14 million for 2026 and approximately €11.8 million for the year 2027.
Bank overdrafts
As at 31 December 2025, the Group had the following bank overdrafts:
A borrowing base consisting of a €420 million revolving credit facility of which €360 million committed and €60 million uncommitted, with an additional accordion increase option of €100 million, maturing on 30 December 2027.
Short-term local facilities with variable interest rates to finance working capital of subsidiaries, secured by the Acomo parent company or intermediary Group holdings, in total amounting €2.5 million and $14.2 million and €1.3 million equivalent denominated in other currencies.
Financial covenants are applicable to the €103.3 million and $16.7 million term loan, and the RCF working capital overdraft facility. The financial covenants remain unchanged compared to previous year, as follows:
Interest cover ratio must exceed 4.0x or 3.5x subject to restrictions;
Solvency must be 30% or higher, or 25% subject to restrictions; and
The term facilities leverage ratio must not exceed 1.6x (only applicable to the €103.3 million and $16.7 million term loan).
The Company is in full compliance with significant headroom with all covenants.
The outstanding and undrawn amounts under the overdraft facilities as at 31 December 2025 are as follows:
In local currencies | ||||
|---|---|---|---|---|
Working capital overdraft facilities | Total lines | Outstanding | Undrawn | Available in € |
RCF | 420,000 | 246,380 | 173,620 | 173,620 |
Local US dollar lines | $ 14,160 | $ 4,187 | $ 9,973 | 8,490 |
Local euro lines | 2,500 | 659 | 1,841 | 1,841 |
Local lines (other currencies in € equivalent) | 1,322 | 54 | 1,268 | 1,268 |
Total in euro equivalent | 435,878 | 250,659 | 185,219 | 185,219 |
17.6 Other current liabilities and accrued expenses
The other current liabilities and accrued expenses are as follows:
Other current liabilities and accrued expenses | 31 December 2025 | 31 December 2024 |
|---|---|---|
Payroll related accruals | 25,869 | 21,895 |
Accrued expenses | 13,486 | 14,656 |
Other | 21,018 | 6,097 |
Total other current liabilities and accrued expenses | 60,373 | 42,648 |
18 Non-financial assets and liabilities
This note provides information about the Group’s non-financial assets and liabilities, including specific information about each type of non-financial asset and non-financial liability.
18.1 Intangible assets
Intangible assets | Goodwill | Software | Under construction | Other | Total |
|---|---|---|---|---|---|
Cost or valuation | 156,811 | 8,365 | 268 | 64,047 | 229,491 |
Accumulated amortization | - | (6,339) | - | (20,927) | (27,266) |
Balance 31 December 2023 | 156,811 | 2,026 | 268 | 43,120 | 202,225 |
Additions | 4,817 | 119 | 865 | - | 5,801 |
Acquisition of subsidiaries | - | - | - | 1,026 | 1,026 |
Amortization | - | (587) | - | (5,071) | (5,658) |
Exchange differences | 6,584 | 59 | 5 | 1,725 | 8,373 |
Balance 31 December 2024 | 168,212 | 1,617 | 1,138 | 40,800 | 211,767 |
Cost or valuation | 168,212 | 8,543 | 1,138 | 66,798 | 244,691 |
Accumulated amortization | - | (6,926) | - | (25,998) | (32,924) |
Balance 31 December 2024 | 168,212 | 1,617 | 1,138 | 40,800 | 211,767 |
Additions | 14,803 | 869 | 446 | - | 16,118 |
Acquisition of subsidiaries | - | 11 | - | 35 | 46 |
Amortization | - | (590) | - | (5,082) | (5,672) |
Impairment | - | - | (914) | - | (914) |
Exchange differences | (12,258) | (83) | (12) | (3,001) | (15,354) |
Balance 31 December 2025 | 170,757 | 1,824 | 658 | 32,752 | 205,991 |
Cost or valuation | 170,757 | 9,340 | 658 | 63,832 | 244,587 |
Accumulated amortization | - | (7,516) | - | (31,080) | (38,596) |
Balance 31 December 2025 | 170,757 | 1,824 | 658 | 32,752 | 205,991 |
The addition to goodwill of €14.8 million relates to the acquistion of Manuzzi S.r.l., see Note 19.
The other intangible assets mainly consist of acquired customer relations, order books and trade names/certificates. The 2025 amortization charge of total €5.7 million (2024: €5.7 million) has been included in general and administrative expenses.
The impairment costs of €0.9 million (2024: € nil) in under construction software, relates to the Organic Ingredients segment, and is included in general and administrative expenses.
Goodwill
A summary of the goodwill allocation by reportable segments is presented below.
Goodwill | 31 December 2025 | 31 December 2024 |
|---|---|---|
Spices and Nuts | 42,346 | 27,256 |
Edible Seeds | 27,560 | 30,507 |
Organic Ingredients | 85,701 | 93,814 |
Tea | 11,045 | 12,530 |
Food Solutions | 4,105 | 4,105 |
Total goodwill | 170,757 | 168,212 |
Impairment tests for goodwill
For the purpose of the annual impairment testing, goodwill is allocated to cash-generating units (‘CGUs’) or groups of CGUs, identified at the level of operating segments. An operating segment represents the lowest level within the Group at which goodwill is monitored for internal management purposes. The recoverable amount per CGU is based on its value in use and is determined by discounting the future cash flows to be generated from the continued use of the CGUs. The cash flow forecasts were derived from the financial budgets approved by management for 2026.
The pre-tax weighted average cost of capital (WACC) is estimated per CGU, based on a capital asset pricing model. The WACC per CGU varies mainly due to differences in risk free rates. The applied WACC per different CGU varies between 8.0% and 9.8% (2024: 8.4% and 11.4%).
A five-year forecast period is used (including approved 2026 budgets when applicable) followed by a terminal value based on perpetual 1.5% to 2.5% growth of revenues. Cash flows beyond 2026 are extrapolated using estimated growth rates. Cash flows beyond the five-year period are extrapolated taking into account a long-term average growth rate. The discount rates used are pre-tax and reflect specific risks relating to the relevant parts of the business.
Climate-related matters – The Group constantly monitors climate-related risks, including physical risks and transition risks, when measuring the recoverable amount. While the Group does not believe its operations are currently significantly exposed to physical risk, the value-in-use may be impacted in several different ways by transition risk, such as climate-related legislation, climate-related regulations and changes in the supply of natural food products. The Group has concluded that no single climate-related assumption is a key assumption for the 2025 test of goodwill.
Geopolitical risks - The Group constantly monitors geopolitical risks, when measuring the recoverable amount. While the Group does not believe its operations are currently significantly exposed to physical risk, the value-in-use may be impacted in several different ways by the exposure to a wide range of political, economic, regulatory and tax environments, including impact of trade tariffs. The Group has concluded that no single geopolitical assumption is a key assumption for the 2025 test of goodwill.
The key assumptions used for value-in-use calculations in 2025 and 2024 are as follows:
2025 | 2024 | |||||
|---|---|---|---|---|---|---|
Pre-tax WACC | Forecast growth rate | Terminal growth rate | Pre-tax WACC | Forecast growth rate | Terminal growth rate | |
Spices and Nuts | 8.0% | 5.0% | 2.5% | 8.8% | 2.5% | 2.5% |
Edible Seeds | 8.9% | 4.0% | 2.0% | 11.4% | 2.5% | 2.0% |
Organic Ingredients | 8.5% | 5.0% | 2.5% | 9.8% | 2.0% | 2.5% |
Tea | 9.8% | 11.2% | 1.5% | 11.3% | 2.0% | 1.5% |
Food Solutions | 8.1% | 5.0% | 2.0% | 8.6% | 3.0% | 2.0% |
After conducting impairment tests on all CGUs within the Group, no impairment was deemed necessary since the discounted future cash flows from all CGUs exceeded the carrying value (including goodwill) for each CGU.
It is inherent in the method of computation used that a change in the assumptions may lead to a different conclusion. Therefore, a sensitivity analysis is performed based on a change in a key assumption while keeping the other assumptions unchanged, to determine the recoverable amount for each CGU to which a significant amount of goodwill is allocated. Changes in the WACC and revenue growth rates can lead to changes in recoverable amounts.
The following changes in assumptions are assessed:
Decrease of the average revenue growth rate per annum for the forecast period by three percentage points, for CGUs other than the Tea CGU, lower than assumed.
Increase of the WACC by one percentage point higher than assumed in the individual impairment tests.
Decrease of the terminal growth rate by one percentage point lower than assumed.
As at 31 December 2025, the estimated recoverable amounts of the Tea CGU exceeded its carrying amount by €15.7 million. If the average revenue growth per annum in the forecast period would decrease from 11.2% to 8.6% this would result in the value of the estimated recoverable amount to fall to the level of the carrying amount. Any reasonable change in the other key assumptions (WACC and terminal growth) did not cause the carrying amount to exceed its recoverable amount.
Based on the sensitivity analyses performed, it has been concluded that any reasonable possible change in the key assumptions would not cause the carrying amounts of the other CGUs to exceed its recoverable amounts.
18.2 Property, plant and equipment
The movements in property, plant and equipment are as follows:
Property, plant and equipment | Land and | Vehicles and | Furniture, | Assets under | Total |
|---|---|---|---|---|---|
Cost or valuation | 29,297 | 74,507 | 5,199 | 1,932 | 110,935 |
Accumulated depreciation | (13,034) | (47,367) | (3,919) | - | (64,320) |
Balance 1 January 2024 | 16,263 | 27,140 | 1,280 | 1,932 | 46,615 |
Investments | 1,297 | 1,779 | 332 | 3,277 | 6,685 |
Acquisition of subsidiaries | - | 372 | 13 | - | 385 |
Disposals | (3) | (63) | - | - | (66) |
Depreciation | (1,363) | (5,656) | (419) | - | (7,438) |
Assets taken into operation | 72 | 511 | 3 | (586) | - |
Assets classified as held for sale | (1,478) | (230) | (74) | - | (1,782) |
Exchange differences | 393 | 70 | 84 | 166 | 713 |
Balance 31 December 2024 | 15,181 | 23,923 | 1,219 | 4,789 | 45,112 |
Cost or valuation | 29,578 | 76,946 | 5,557 | 4,789 | 116,870 |
Accumulated depreciation | (14,397) | (53,023) | (4,338) | - | (71,758) |
Balance 1 January 2025 | 15,181 | 23,923 | 1,219 | 4,789 | 45,112 |
Investments | 1,256 | 4,288 | 1,107 | 857 | 7,508 |
Acquisition of subsidiaries | 1,743 | 880 | 125 | 460 | 3,208 |
Disposals | - | (115) | (12) | - | (127) |
Depreciation | (1,788) | (5,443) | (393) | - | (7,624) |
Impairments | - | (692) | - | - | (692) |
Assets taken into operation | 114 | 3,931 | 6 | (4,051) | - |
Exchange differences | (979) | (1,430) | - | (374) | (2,783) |
Balance 31 December 2025 | 15,527 | 25,342 | 2,052 | 1,681 | 44,602 |
Cost or valuation | 31,712 | 84,500 | 6,783 | 1,681 | 124,676 |
Accumulated depreciation | (16,185) | (59,158) | (4,731) | - | (80,074) |
Balance 31 December 2025 | 15,527 | 25,342 | 2,052 | 1,681 | 44,602 |
The 2025 depreciation and impairment costs of total €8.3 million (2024: €7.4 million) have been included in cost of goods sold (€6.8 million) and general and administrative expenses (€1.5 million).
The impairment of €0.7 million (2024: € nil) relates to machinery in the Organic Ingredients and Edible Seeds segments that were written down to recoverable amount, and has been included in cost of goods sold.
18.3 Right-of-use assets and lease liabilities
a Amounts recognized in the balance sheet
The balance sheet shows the following amounts relating to right-of-use assets:
Right-of-use assets | 31 December 2025 | 31 December 2024 |
|---|---|---|
Buildings | 18,027 | 22,743 |
Vehicles and machinery | 1,791 | 1,472 |
Furniture, fittings and equipment | 867 | 694 |
Total | 20,685 | 24,909 |
Additions to the right-of-use assets during 2025 were €1.9 million (2024: €11.1 million).
The movement in the lease liabilities is as follows:
Lease liabilities | 2025 | 2024 |
|---|---|---|
1 January | 26,078 | 17,350 |
New leases | 1,914 | 11,085 |
Acquisition of subsidiaries | 74 | 1,071 |
Remeasurements | 205 | 485 |
Payment of leases | (6,245) | (5,267) |
Interest | 1,097 | 872 |
Exchange differences | (1,036) | 482 |
31 December | 22,087 | 26,078 |
Of which: | ||
| 5,688 | 5,703 |
| 16,399 | 20,375 |
Total | 22,087 | 26,078 |
The maturity analysis of non-discounted lease liabilities is presented below.
Maturity analysis | Total |
|---|---|
2026 | 6,122 |
2027 | 4,505 |
2028 | 3,424 |
2029 | 2,581 |
2030 | 2,535 |
Onwards | 5,023 |
Total | 24,190 |
b Amounts recognized in profit and loss
Depreciation charge of right-of-use assets | Note | 2025 | 2024 |
|---|---|---|---|
Buildings | 4,670 | 3,868 | |
Vehicles and machinery | 669 | 528 | |
Furniture, fittings and equipment | 210 | 226 | |
Total | 5,549 | 4,622 | |
Interest expense (included in finance costs) | 9 | 1,097 | 872 |
The 2025 depreciation charge of total €5.5 million (2024: €4.6 million) has been included in cost of goods sold (€1.2 million) and general and administrative expenses (€4.3 million).
The total cash outflow for leases in 2025 was €9.5 million (2024: €8.8 million). Expense relating to short-term leases and low-value assets in 2025 was €3.3 million (2024: €3.5 million).
18.4 Non-current assets by geography
The non-current assets other than goodwill and deferred tax assets, comprise of property, plant and equipment, and other intangible assets. The aforementioned non-current assets by geographical location are as follows:
31 December 2025 | |||
|---|---|---|---|
Non-current assets by geography | Property, plant and equipment1 | Other intangible assets2 | |
Netherlands | 21,659 | 12,723 | |
Rest of Europe | 15,589 | 1,169 | |
North America | 25,780 | 21,338 | |
Other | 2,259 | 4 | |
Total | 65,287 | 35,234 | |
31 December 2024 | |||
Netherlands | 24,780 | 14,956 | |
Rest of Europe | 10,565 | 9 | |
North America | 30,911 | 27,706 | |
Other | 3,765 | 884 | |
Total | 70,021 | 43,555 | |
- Including right-of-use assets
- Including software and under construction software
18.5 Inventories
Inventories | 31 December 2025 | 31 December 2024 |
|---|---|---|
Raw materials | 169,552 | 85,096 |
Semi-finished products | 14,652 | 18,155 |
Finished goods | 305,500 | 255,519 |
Packaging materials and supplies | 8,254 | 8,362 |
Total inventories | 497,958 | 367,132 |
The cost of inventories recognized as expense and included in cost of goods sold amounted to €1,301.9 million (2024: €1,189 million). As at 31 December 2025, the provision for write-down of inventories to net realizable value amounted to €7.6 million (2024: €4.6 million).
18.6 Deferred tax liabilities and assets
Deferred income tax position | 31 December 2025 | 31 December 2024 |
|---|---|---|
Deferred tax assets | 535 | 1,014 |
Deferred tax liabilities | (15,579) | (9,316) |
Deferred tax liabilities, net | (15,044) | (8,302) |
The movement in the total deferred income tax position is as follows:
Total deferred income tax position | 2025 | 2024 |
|---|---|---|
1 January | (8,302) | (12,112) |
Recognized in OCI | 2 | (293) |
Recognized in income | (6,837) | 4,990 |
Currency translation effects | 65 | 146 |
Acquisition subsidiary | 13 | (181) |
Other movements | 15 | (852) |
31 December | (15,044) | (8,302) |
The movement in deferred income tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:
Movements 2025 | 1 January | Recognized in OCI | Recognized in income | Currency | Acquisition subsidiary | Other | 31 December |
|---|---|---|---|---|---|---|---|
Intangible assets | (6,846) | - | (425) | 420 | - | - | (6,851) |
Property, plant and equipment | (2,397) | - | 28 | 254 | - | 111 | (2,004) |
Inventories | (3,591) | - | (1,237) | (292) | - | - | (5,120) |
Current assets and liabilities, net | 4,896 | 99 | (5,245) | (313) | 13 | (96) | (646) |
Pension provisions | 171 | (97) | (48) | (15) | - | 20 | 31 |
Other provisions | (58) | - | (1) | 11 | - | (20) | (68) |
Long-term debt | (477) | - | 91 | - | - | - | (386) |
Total | (8,302) | 2 | (6,837) | 65 | 13 | 15 | (15,044) |
Movements 2024 | 1 January | Recognized in OCI | Recognized in income | Currency | Acquisition subsidiary | Other | 31 December |
|---|---|---|---|---|---|---|---|
Intangible assets | (6,166) | - | 817 | (189) | (181) | (1,127) | (6,846) |
Property, plant and equipment | (2,791) | - | 440 | (152) | - | 106 | (2,397) |
Inventories | (2,635) | - | (1,486) | 545 | - | (15) | (3,591) |
Current assets and liabilities, net | (80) | (129) | 4,906 | (71) | - | 270 | 4,896 |
Pension provisions | 441 | (164) | - | 19 | - | (125) | 171 |
Other provisions | (86) | - | (5) | (6) | - | 39 | (58) |
Long-term debt | (795) | - | 318 | - | - | - | (477) |
Total | (12,112) | (293) | 4,990 | 146 | (181) | (852) | (8,302) |
An amount of €1.1 million (2024: €1.1 million) is expected to be recovered within 12 months.
Deferred tax assets and liabilities relate to the balance sheet captions as at 31 December 2025 and 2024 as follows:
2025 | Assets | Liabilities | Net |
|---|---|---|---|
Intangible assets | 861 | (7,712) | (6,851) |
Property, plant and equipment | - | (2,004) | (2,004) |
Inventories | 434 | (5,554) | (5,120) |
Current assets and liabilities, net | (347) | (299) | (646) |
Pension provisions | 31 | - | 31 |
Other provisions | - | (68) | (68) |
Long-term debt | - | (386) | (386) |
Total | 979 | (16,023) | (15,044) |
Set-off | (444) | 444 | - |
Net position | 535 | (15,579) | (15,044) |
2024 | Assets | Liabilities | Net |
|---|---|---|---|
Intangible assets | 727 | (7,573) | (6,846) |
Property, plant and equipment | - | (2,398) | (2,398) |
Inventories | 764 | (4,355) | (3,591) |
Current assets and liabilities, net | 6,071 | (1,174) | 4,897 |
Pension provisions | 170 | - | 170 |
Other provisions | - | (57) | (57) |
Long-term debt | - | (477) | (477) |
Total | 7,732 | (16,034) | (8,302) |
Set-off | (6,718) | 6,718 | - |
Net position | 1,014 | (9,316) | (8,302) |
As at 31 December 2025, deferred income tax liabilities of €3 million (2024: €2.1 million) have not been recognized for withholding tax and other taxes that would be payable on the unremitted earnings of certain subsidiaries. Such amounts are permanently reinvested. Unremitted earnings totalled €25 million as at 31 December 2025 (2024: €19.6 million).
18.7 Retirement benefit obligations
The retirement benefit obligations are as follows:
Balance sheet obligations | 31 December 2025 | 31 December 2024 |
|---|---|---|
Pension benefits – defined benefit plans | 250 | 447 |
Pension benefits – defined contribution plans | 194 | 100 |
Liability in the balance sheet | 444 | 547 |
The pension costs in the income statement are as follows:
Income statement charges | Note | 2025 | 2024 |
|---|---|---|---|
Pension costs – defined benefit plans | 8 | 29 | 63 |
Pension costs – defined contribution plans | 8 | 4,484 | 4,033 |
Pension cost in the income statement | 4,513 | 4,096 |
Pension benefits – defined benefit plans
Since the acquisition of Royal Van Rees Group, Red River Commodities and Delinuts, the Group has operated defined benefit pension plans in the Netherlands and the US, based on employee pensionable remuneration and length of service. The Royal Van Rees Group plan was changed into a defined contribution plan in 2014. The pension plan in the US was closed in 2008, both for changes in salaries and for new entrants, and therefore serves as a pension fund for existing and former employees of Red River Commodities that were eligible up to mid-2008. The remaining defined benefit plan in the US is externally funded. The Delinuts pension plan was changed into a defined contribution plan in 2018. Plan assets are held in trusts and at insurance companies, governed by local regulations and practice in each country. In addition, some relatively limited selected pension agreements have been arranged within the Group.
The Group also operates defined contribution plans which receive fixed contributions from group companies. The Group’s legal or constructive obligation for these plans is limited to the contributions.
The amounts recognized in the balance sheet are determined as follows:
Net pension liability | 31 December 2025 | 31 December 2024 |
|---|---|---|
Present value of funded obligations | 4,002 | 4,218 |
Fair value of plan assets | (3,752) | (3,771) |
Deficit of funded plans | 250 | 447 |
Other pension liabilities | 194 | 100 |
Total net pension liability | 444 | 547 |
The movement in the defined benefit obligations over the year is as follows:
Actuarial pension obligations | 2025 | 2024 |
|---|---|---|
1 January | 5,070 | 5,268 |
Interest cost | 233 | 239 |
Benefit payments | (449) | (156) |
Remeasurements | 6 | (587) |
Exchange differences | (858) | 306 |
31 December | 4,002 | 5,070 |
Actuarial results mainly consist of changes in financial assumptions.
The movement in the fair value of plan assets of the year is as follows:
Value plan assets | 2025 | 2024 |
|---|---|---|
1 January | 4,548 | 4,031 |
Interest on plan assets | 204 | 176 |
Remeasurements | 269 | 178 |
Employer contributions | 60 | 66 |
Benefit payments | (449) | (156) |
Exchange differences | (880) | 253 |
31 December | 3,752 | 4,548 |
The plan assets mainly consist of equity instruments (€1.9 million) and debt instruments (€1.7 million).
The amounts recognized in the income statement are as follows:
Pension costs | Note | 2025 | 2024 |
|---|---|---|---|
Interest cost | 233 | 239 | |
Interest on plan assets | (204) | (176) | |
Total pension costs, included in personnel costs | 8 | 29 | 63 |
The principal actuarial assumptions are as follows:
Actuarial assumptions | 31 December 2025 | 31 December 2024 |
|---|---|---|
Discount rate | 5.6% | 5.5% |
Mortality table | Pri-2012 | Pri-2012 |
Correction | Scale MP-2021 | Scale MP-2021 |
Actuarial calculations indicate that a 0.5% decrease in the discount rate used would affect the total liability by approximately 4.1%.
Total employer contributions expected to be paid during 2026 are estimated at €57, and total expected benefit payments to participants in 2026 are estimated at €196.
Historical data | 31 December 2025 | 31 December 2024 | 31 December 2023 | 31 December 2022 |
|---|---|---|---|---|
Defined benefit obligations | 4,002 | 4,218 | 4,854 | 5,110 |
Fair values of plan assets | (3,752) | (3,771) | (3,535) | (3,645) |
Deficit of funded plans | 250 | 447 | 1,319 | 1,465 |
Other pension liabilities mainly refer to provisions for retirement benefits by law (gratuity) in various countries including Italy, Kenya and Sri Lanka.
18.8 Provisions
Legal | Other | Total | |
|---|---|---|---|
1 January 2025 | 15 | 57 | 72 |
(Released)/charged to the income statement | 10 | 78 | 88 |
Exchange differences | - | (2) | (2) |
31 December 2025 | 25 | 133 | 158 |
Analysis of other provisions | |||
|---|---|---|---|
Non-current | 25 | 23 | 48 |
Current | - | 110 | 110 |
Total other provisions | 25 | 133 | 158 |
a Legal claims
Included is a provision for certain claims brought against the Group by third parties, the outcome of which is uncertain. The provision charge is recognized in profit or loss within General cost. In management’s opinion, taken into account all known facts and circumstances as at 31 December 2025 and after taking appropriate legal advice, the outcome of these legal claims will not give rise to any significant loss beyond the amounts provided as at 31 December 2025.
b Other
Other provisions mainly relate to short positions outstanding at year-end of which contract prices of goods to be delivered were lower than the market price of the goods at year-end and to other onerous trading contracts.
19 Business combinations
19.1 Transaction closed in 2025
On 17 November 2025, the Group acquired 100% of the issued share capital of Manuzzi S.r.l., a leading Italian nuts & dried fruits business, active in the import, nationwide distribution and sales of a wide range of nuts, seeds, kernels, dried fruits and pulses to wholesale and retail customers, the food industry and the Out-of-Home market. The company is mainly active in Italy. Acomo’s new subsidiary complements the existing activities of the companies in the Spices & Nuts segment and establishes a stepping stone in the Mediterranean markets.
From the date of acquisition, Manuzzi S.r.l. contributed €3.8 million of revenue and €0.5 million to profit before tax from continuing operations of the Group. If the combination had taken place at the beginning of the year, revenue from continuing operations would have been €1.5 billion and profit before tax from continuing operations for the Group would have been €100 million.
19.2 Assets acquired and liabilities assumed
The identifiable assets recognised and liabilities assumed are recognized on the basis of provisional purchase price allocation. The fair value adjustments are expected on intangible assets (valuation of order book) and tangible fixed assets (valuation of the building). We expect to finalize the purchase price allocation in the first half of 2026.
The below table shows the provisionally identified assets recognised and liabilities assumed at acquisition date. The difference between the purchase price (total consideration) and the value of the net assets is recorded in goodwill.
Fair value recognized on acquisition | |
|---|---|
Assets | |
Other intangible assets | 46 |
Property, plant and equipment | 3,208 |
Inventories | 2,462 |
Trade and other receivables | 6,014 |
Cash and cash equivalents | 1,687 |
13,417 | |
Liabilities | |
Long-term bank borrowing | 841 |
Trade and other payables | 3,083 |
3,924 | |
Total identifiable net assets at fair value | 9,493 |
19.3 Goodwill
Goodwill recognised as a result of the acquisition in the financial year is as follows:
Total consideration | 24,296 |
Less: Fair value of identifiable net assets | 9,493 |
Goodwill | 14,803 |
The goodwill of €14.8 million is attributable to the workforce and an increase in market share. Goodwill is allocated entirely to the Spices and Nuts segment. None of the goodwill recognized is expected to be deductible for income tax purposes.
19.4 Purchase price consideration and acquisition-related costs
Cash consideration | 24,296 |
Net cash acquired with the subsidiary | (1,687) |
Net outflow of cash - included in cash flows from investing activities | 22,609 |
Transaction costs of the acquisition for Manuzzi of €1.0 million were expensed and are included in the general and administrative expenses, and are included in cash flows from operating activities.
There were no other acquisitions in the year ended 31 December 2025.
20 Equity
20.1 Share capital and share premium reserve
The total authorized number of ordinary shares is 66.7 million shares (2024: 66.7 million shares) with a par value of €0.45 per share (2024: €0.45 per share). All 29.6 million issued shares (31 December 2024: 29.6 million) are fully paid.
The movements during 2025 and 2024 are as follows:
Share capital and share premium reserve | Number of | Share | Share | Total |
|---|---|---|---|---|
1 January 2024 | 29,617,746 | 13,329 | 155,269 | 168,598 |
31 December 2024 | 29,617,746 | 13,329 | 155,269 | 168,598 |
New shares issued | 7,500 | 3 | 123 | 126 |
31 December 2025 | 29,625,246 | 13,332 | 155,392 | 168,724 |
20.2 Other reserves
Other reserves | Currency | Share-based | Hedge | Other | Total |
|---|---|---|---|---|---|
1 January 2024 | 34,749 | 752 | (282) | 161 | 35,380 |
Cash flow hedges | - | - | 376 | - | 376 |
Share based payments | - | 674 | - | - | 674 |
Currency translation adjustments (CTA) | 19,820 | - | - | - | 19,820 |
Remeasurement gains/(losses) on defined benefit plans | - | - | - | 548 | 548 |
31 December 2024 | 54,569 | 1,426 | 94 | 709 | 56,798 |
Cash flow hedges | - | - | (288) | - | (288) |
Share-based payments | - | 8 | - | - | 8 |
Transfer to retained earnings | - | (823) | - | - | (823) |
Currency translation adjustments (CTA) | (38,105) | - | - | - | (38,105) |
Remeasurement gains/(losses) on defined benefit plans | - | - | - | 227 | 227 |
31 December 2025 | 16,464 | 611 | (194) | 936 | 17,817 |
The currency translation reserve comprises all translation differences arising from the translation of the net investment in group companies, including goodwill, in currencies other than the euro. The share-based payment plans reserve comprises the value of the unvested rights in respect of the share-based payment plans (Note 21) and the vested rights as far as stock options have not been exercised. The hedge reserve comprises the unrealized gains and losses related to cash flow hedges where hedge accounting is applied. Pursuant to Dutch law, limitations exist relating to the distribution of shareholders’ equity of €29.8 million (2024: €67.9 million). Such limitations relate to share capital as well as to legal reserves required by Dutch law included under other reserves.
20.3 Non-controlling interests
At 31 December 2025 the non-controlling interests relate to:
Trabocca B.V.
Van Rees India Private Ltd.
In 2025 the Group acquired the remaining 12.5% of the shares of SunAvo B.V.
At 31 December 2025, the non-controlling interests amount to €2,850 (2024: €1,592). The net result for the financial year attributed to the non-controlling interests amounts to €1,157 (2024: -€112).
21 Share-based payment
The Group has two share-based payment plans: the long-term incentive plan and the share option plan.
Long-term incentive plan (LTI)
Acomo has a performance based LTI for the executive directors. Under this LTI, share rights are conditionally awarded to participants on an annual basis. The vesting of these rights is subject to the performance of the Group, on specific internal performance conditions and continued service over a three-calendar year period by the participant. The share rights are not dividend-bearing during the performance period. After vesting, the participant is required to hold the shares for a period of another two years.
The number of oustanding share rights and the movement over the year under the LTI of the executive directors is as follows:
Share rights(number) | 2025 |
|---|---|
Outstanding as at 1 January | 35,224 |
Conditionally granted during the year | 39,655 |
Outstanding as at 31 December | 74,879 |
Share price as at 31 December (€) | 24.35 |
At vesting, Acomo deducts a number of shares to cover payroll taxes and mandatory withholdings om behalf of the individual executive directors. Therefore, the number of ACOMO N.V. shares to be received by LTI participants is a net (after-tax) number.
Share option plan
Share options are granted to management and to selected employees of the group companies. The establishment of Acomo’s share option plan was approved by the shareholders at the Annual General Meeting of 27 May 2010. The share option plan
is aimed at retaining key managers and employees of the Company and its subsidiaries. Under the plan, participants are granted options which only vest and can be exercised on the continued employment of the participant in the Group. Participation in the plan is at the Board of Directors’ discretion. As of 1 January 2024 executive directors will not be granted new share options under the existing share option plan (based on the 2024 Remuneration Policy approved by the shareholders at the AGM of 26 April 2024).
The options have a contractual option term of seven years. All options vest in a six-year period with the first vesting three years after granting of the options. Options are granted under the plan for no consideration and carry no dividend or voting rights. When exercisable, each option is convertible into one ordinary share. The Group has no legal or constructive obligation to repurchase or settle the options in cash.
The table below shows the movement of share options outstanding at the end of the year with their respective vesting dates, expiry dates and exercise prices.
Movement of share options | ||||||
|---|---|---|---|---|---|---|
Year of grant | Expiry year | Outstanding 1 January 2025 | Exercised 2025 | Forfeited 2025 | Outstanding 31 December 2025 | Exercise price per option (€) |
2018 | 2025 | 5,250 | - | (5,250) | - | 21.30 |
2019 | 2026 | 40,000 | - | (12,000) | 28,000 | 18.74 |
2020 | 2027 | 50,000 | (7,500) | - | 42,500 | 16.83 |
2021 | 2028 | 220,000 | - | - | 220,000 | 22.311 |
2023 | 2030 | 17,500 | - | - | 17,500 | 22.11 |
2024 | 2031 | 150,000 | - | - | 150,000 | 17.631 |
Total | 482,750 | (7,500) | (17,250) | 458,000 |
- Average price
The fair value at grant date is independently determined using the Black-Scholes model that takes into account the exercise price, the term of the option, the share price at grant date and expected price volatility of the Acomo share, the expected dividend yield and the risk-free interest rate for the term of the option. The volatility measured at the standard deviation of continuously compound share returns is based on statistical analysis of the Acomo share, measured over a historic period equal to the expected life.
The model inputs are set out below:
Year of grant | Fair value per option at grant date (€) | Share price (€) | Strike price (€) | Volatility | Dividend yield | Annual risk-free rate |
|---|---|---|---|---|---|---|
2018 | 1.25 | 21.30 | 21.30 | 17.50% | 4.60% | 0.19% |
2019 | 0.95 | 18.74 | 18.74 | 17.50% | 4.60% | -0.60% |
2020 | 1.89 | 19.64 | 16.83 | 20.00% | 4.80% | -0.70% |
2021 | 1.87 | 20.90 | 20.81 | 22.50% | 4.30% | -0.75% |
2021 | 1.87 | 23.50 | 23.80 | 22.50% | 4.80% | -0.61% |
2023 | 2.53 | 22.20 | 22.11 | 22.50% | 5.20% | 2.20% |
2024 | 1.92 | 17.58 | 17.58 | 22.50% | 5.20% | 2.00% |
2024 | 1.83 | 17.60 | 17.67 | 22.50% | 5.50% | 2.20% |
Total share-based payment expenses for both plans amounted to €621 (2024: €61).
22 Off-balance sheet commitments
22.1 Guarantees and commitments
As at 31 December 2025, the Group has granted guarantees of €1.0 million in total. Those guarantees mainly consist of bank guarantees to customs and tax authorities of €0.1 million, office rental guarantees of €0.3 million, and guarantees for goods and services of €0.6 million.
22.2 Claims
The Group has contingent liabilities in respect of legal claims arising in the ordinary course of business. Besides the recognized provisions (see Note 18.8), the Company is involved in liability disputes from time to time.
Under certain circumstances, Acomo or its customers may be required to recall or withdraw products. This could result in significant losses. The Group maintains product recall and general liability insurance levels that it believes to be adequate. However, Acomo cannot assure that no liability claims are incurred which are not covered by insurance policies. These claims could potentially have a materially adverse effect on the financial position of the Company. Besides the claims provided for, the Company cannot reasonably predict potential financial losses to the Company arising from other disputes and/or claims.
23 Related-party transactions
23.1 Identity of related parties
The Group has related-party relationships with its shareholders, subsidiaries and Board of Directors. For an overview of the group companies, reference is made to Note 24.
23.2 Transactions with subsidiaries
The financial transactions between the Company and its subsidiaries comprise financing related transactions and operational transactions in the normal course of business. Transactions within the Group are not included in these disclosures as these are eliminated in the consolidated financial statements.
23.3 Transactions with key management personnel
The members of the Board of Directors are considered key management personnel as defined in IAS 24 ‘Related party disclosures’. For details on their remuneration, reference is made to Note 2.10 of the Company financial statements.
24 Subsidiaries
Set out below are the Group's subsidiaries at 31 December 2025. The subsidiaries as listed below are held by the Group and the proportion of ownership interests held equals the proportion of the voting rights held by Acomo.
Percentage of ownership | |||
|---|---|---|---|
Subsidiaries | City and country of incorporation | 2025 | 2024 |
Acomo European Nuts Holding B.V. | Bodegraven, the Netherlands | 100% | 100% |
Acomo Food Ingredients Holding B.V. | Rotterdam, the Netherlands | 100% | 100% |
Acomo Investments B.V. | Rotterdam, the Netherlands | 100% | 100% |
Acomo North American Commodities B.V. | Rotterdam, the Netherlands | 100% | 100% |
Acomo Seeds Holding B.V. | Etten-Leur, the Netherlands | 100% | 100% |
Acomo US Holdings LLC | Dover (DE), USA | 100% | 100% |
Food Ingredients Service Center Europe B.V. | Etten-Leur, the Netherlands | 100% | 100% |
Red River-van Eck B.V. | Etten-Leur, the Netherlands | 100% | 100% |
Red River Commodities Inc. | Fargo (ND), USA | 100% | 100% |
Red River Global Ingredients Ltd. | Winkler, Canada | 100% | 100% |
Red River Commodities International Inc. | Fargo (ND), USA | 100% | 100% |
SunGold Foods Inc. | Fargo (ND), USA | 100% | 100% |
SunButter LLC | Fargo (ND), USA | 100% | 100% |
SIGCO Warenhandelsgesellschaft mbH | Hamburg, Germany | 100% | 100% |
Snick EuroIngredients N.V. | Ruddervoorde, Belgium | 100% | 100% |
Catz International B.V. | Rotterdam, the Netherlands | 100% | 100% |
Delinuts B.V. | Ede, the Netherlands | 100% | 100% |
Delinuts Nordics AB | Malmö, Sweden | 100% | 100% |
MH S.r.l. | Milan, Italy | 100% | - |
Manuzzi S.r.l. | Cesena, Italy | 100% | - |
King Nuts B.V. | Bodegraven, the Netherlands | 100% | 100% |
Tovano B.V. | Maasdijk, the Netherlands | 100% | 100% |
Van Rees Group B.V. | Rotterdam, the Netherlands | 100% | 100% |
Van Rees India B.V. | Rotterdam, the Netherlands | 100% | 100% |
P.T. Van Rees Indonesia | Jakarta, Indonesia | 100% | 100% |
Van Rees Kenya Ltd. | Mombasa, Kenya | 100% | 100% |
Van Rees B.V. | Rotterdam, the Netherlands | 100% | 100% |
Van Rees North America Inc. | Toronto, Canada | 100% | 100% |
Van Rees LLC | Moscow, Russia | 100% | 100% |
Van Rees Ceylon Ltd. | Peliyagoda, Sri Lanka | 100% | 100% |
Van Rees Ceylon B.V. | Rotterdam, the Netherlands | 100% | 100% |
Van Rees Middle East Ltd. | Dubai, United Arab Emirates | 100% | 100% |
Van Rees United Kingdom Ltd. | Altrincham, United Kingdom | 100% | 100% |
Van Rees India Private Ltd. | Coimbatore, India | 90% | 90% |
Van Rees Global FZCO | Dubai, United Arab Emirates | 100% | - |
The Organic Corporation B.V. | Amsterdam, the Netherlands | 100% | 100% |
Crown of Holland B.V. | Middenmeer, the Netherlands | 100% | 100% |
Organic Development Services B.V. | Amsterdam, the Netherlands | 100% | 100% |
Organic Land Corporation EOOD | Varna, Bulgaria | 100% | 100% |
Organic Raw Materials SAS | Cavaillon, France | 100% | 100% |
Sanmark B.V. | Amsterdam, the Netherlands | 100% | 100% |
Suncomo Foods Bulgaria EOOD | Varna, Bulgaria | 100% | 100% |
SunAvo B.V. | Amsterdam, the Netherlands | 100% | 87.5% |
SunVado Manufacturing Plc | Addis Ababa, Ethiopia | 100% | 100% |
Supreme Smallholders Coffee LLC | Addis Ababa, Ethiopia | 52% | 52% |
Trabocca B.V. | Amsterdam, the Netherlands | 65% | 65% |
Tradin Organic Agriculture B.V. | Amsterdam, the Netherlands | 100% | 100% |
Tradin Organic Cocoa B.V. | Amsterdam, the Netherlands | 100% | 100% |
Tradin Organics USA LLC | Aptos (CA), USA | 100% | 100% |
Tradin Sierra Leone Ltd. | Kenema, Sierra Leone | 100% | 100% |
25 Subsequent events
There were no subsequent events.
Company Statement of Income
(in € thousands) | Note | 2025 | 2024 |
|---|---|---|---|
Operating income | 4,683 | 4,860 | |
Wages and salaries | (3,337) | (2,874) | |
Social security and other charges | (457) | (355) | |
Other operating expenses | (6,720) | (4,618) | |
Operating expenses | (10,514) | (7,847) | |
Net finance costs | (29) | (280) | |
Share in results from participating interests, after taxation | 76,148 | 47,790 | |
Result before income tax | 70,288 | 44,523 | |
Corporate income tax | 2,751 | 711 | |
Net profit | 73,039 | 45,234 |
Company Balance Sheet
as at 31 December
(in € thousands, before profit appropriation) | Note | 31 December 2025 | 31 December 2024 |
|---|---|---|---|
Assets | |||
Non-current assets | |||
Property, plant and equipment | 34 | 12 | |
Right-of-use assets | 729 | 311 | |
Participating interest in group companies | 518,216 | 485,480 | |
Loan receivable from subsidiary | 4,963 | 4,685 | |
Total non-current assets | 523,942 | 490,488 | |
Current assets | |||
Other receivables and prepayments | 1,165 | 1,516 | |
Cash and cash equivalents | - | 484 | |
Total current assets | 1,165 | 2,000 | |
Total assets | 525,107 | 492,488 |
(in € thousands, before profit appropriation) | Note | 31 December 2025 | 31 December 2024 |
|---|---|---|---|
Equity and liabilities | |||
Shareholders’ equity | |||
Share capital | 13,332 | 13,329 | |
Share premium reserve | 155,392 | 155,269 | |
Legal reserves | 16,464 | 54,569 | |
Other reserves | 175,893 | 169,666 | |
Net profit for the year | 73,039 | 45,234 | |
Total shareholders’ equity | 434,120 | 438,067 | |
Provisions | |||
Deferred tax liability | 5,941 | 4,840 | |
Non-current liabilities | |||
Lease liabilities | 525 | 198 | |
Current liabilities | |||
Bank borrowings | 472 | - | |
Lease liabilities | 220 | 119 | |
Amounts owed to Group subsidiaries | 65,415 | 38,078 | |
Corporate income tax liability | 12,251 | 5,177 | |
Other current liabilities and accrued expenses | 6,163 | 6,009 | |
Total current liabilities | 84,521 | 49,383 | |
Total equity and liabilities | 525,107 | 492,488 |
Notes to the Company financial statements
1 Basis of preparation
The Company financial statements of ACOMO N.V. (‘Acomo’) are prepared in accordance with generally accepted accounting principles in the Netherlands (Dutch GAAP) and compliant with the requirements included in Part 9 of Book 2 of the Dutch Civil Code.
The Company prepares its consolidated financial statements according to IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) as adopted by the European Union. The Company has made use of the possibility based on Article 362, paragraph 8, Part 9, Book 2 of the Dutch Civil Code to prepare the Company financial statements based on the accounting policies used for the consolidated financial statements. The material accounting policies as described in the notes to the consolidated financial statements also apply to the Company financial statements unless indicated otherwise.
Acomo is the parent company of the Group and has its office at Beursplein 37, 3011 AA Rotterdam, the Netherlands. Its revenue consists of management fee income from subsidiaries.
2 Company disclosures
2.1 Participating interest in group companies
Participating interests are valued on the basis of the equity method.
The share in results from participating interests, after taxation consists of the share of the Company in the results of these participating interests.
Acomo and most of its Dutch subsidiaries form a fiscal unity for corporate income tax purposes. In accordance with standard conditions, the Company, along with the respective subsidiaries that are part of the fiscal unity, are wholly and severally liable for the tax liabilities of the fiscal unity. Corporate income tax expense on results of subsidiaries is reported as part of Results subsidiaries and affiliates.
For an overview of the subsidiaries of the Company, see Note 24 of the consolidated financial statements.
Participating interest in group companies | 2025 | 2024 |
|---|---|---|
Balance as at 1 January | 485,480 | 449,692 |
Changes: | ||
Share in results from participating interests after taxation | 76,148 | 47,790 |
Dividends declared | (46,370) | (45,594) |
Currency translation differences | (38,384) | 19,820 |
Movement other reserves | 227 | 548 |
Investments in participating interests | 41,403 | 12,848 |
Movement hedge reserve | (288) | 376 |
Balance at 31 December | 518,216 | 485,480 |
2.2 Other receivables and prepayments – amounts owed to group companies
Other receivables and prepayments consist of prepaid income taxes 2024 and 2025, which will be charged to the related subsidiaries in 2026. The deferred tax liabilities are primarily related to temporary differences of assets in Dutch subsidiaries that are part of the fiscal unity of which the Company is the head.
The income taxes are determined per subsidiary and are settled through the inter-Company current accounts, with a subsequent payment by the Company to the tax authorities.
The amounts owed to group companies mainly relate to the current account payable with Acomo Investments B.V.
The fair value of the other receivables and prepayments approximates the book value and falls due within one year.
2.3 Deferred tax liability
The deferred tax liability comprises temporary differences within the Dutch fiscal unity. The movement for the year is shown in the table below. Refer to Note 18.6 Deferred tax liabilities and assets, of the consolidated financial statements.
Deferred tax liability | 2025 | 2024 |
|---|---|---|
1 January | 4,840 | 3,926 |
Recognized in income | 1,101 | 154 |
31 December | 5,941 | 4,080 |
2.4 Other current liabilities and accrued expenses
Other current liabilities and accrued expenses | 31 December 2025 | 31 December 2024 |
|---|---|---|
Payroll related accruals | 1,477 | 1,505 |
Accrued expenses | 2,163 | 1,778 |
Other | 2,523 | 2,726 |
Total other current liabilities and accrued expenses | 6,163 | 6,009 |
2.5 Shareholders’ equity
Shareholders’ equity | Share capital | Share premium reserve | Legal reserves | Other reserves | Net profit for the year | Total equity |
|---|---|---|---|---|---|---|
Balance 1 January 2024 | 13,329 | 155,269 | 35,501 | 161,649 | 39,726 | 405,474 |
Net profit 2024 | - | - | - | - | 45,234 | 45,234 |
Dividends relating to 2023, final | - | - | - | (22,213) | - | (22,213) |
Dividends relating to 2024, interim | - | - | - | (11,847) | - | (11,847) |
Currency translation adjustments (CTA) | - | - | 19,821 | - | - | 19,821 |
Appropriation of net profit | - | - | - | 39,726 | (39,726) | - |
Share-based payments | - | - | 674 | - | 674 | |
Transfer to other reserves | (753) | 753 | - | |||
Change in cash flow hedges | - | - | - | 376 | - | 376 |
Remeasurement gains/(losses) on defined benefit plans | - | - | - | 548 | - | 548 |
Balance 31 December 2024 | 13,329 | 155,269 | 54,569 | 169,666 | 45,234 | 438,067 |
Net profit 2025 | - | - | - | - | 73,039 | 73,039 |
Dividends relating to 2024, final | - | - | - | (25,181) | - | (25,181) |
Dividends relating to 2025, interim | - | - | - | (13,332) | - | (13,332) |
Currency translation adjustments (CTA) | - | - | (38,105) | - | - | (38,105) |
Appropriation of net profit | - | - | - | 45,234 | (45,234) | - |
New shares issued | 3 | 123 | - | - | - | 126 |
Share-based payments | - | - | - | 8 | - | 8 |
Non-controlling interests | - | - | - | (441) | - | (441) |
Change in cash flow hedges | - | - | - | (288) | - | (288) |
Remeasurement gains/(losses) on defined benefit plans | - | - | - | 227 | - | 227 |
Balance 31 December 2025 | 13,332 | 155,392 | 16,464 | 175,893 | 73,039 | 434,120 |
The total authorized number of ordinary shares is 66.7 million shares with a par value of €0.45 per share. As at 31 December 2025, 29.6 million (2024: 29.6 million) shares were issued and fully paid.
Included in the legal reserves is the currency translation reserve, which comprises all translation differences arising from the translation of the net investment in group companies, including goodwill, in currencies other than the euro.
2.6 Employee information
During 2025, the average number of employees employed by the Company was fourteen full-time equivalents (2024: eleven), at year-end sixteen (2024: twelve). All employees were based in the Netherlands.
2.7 Audit fees
With reference to Section 2:382a(1) and (2) of The Netherlands Civil Code, the following fees for the financial year have been charged by EY Accountants and other EY member firms and affiliates to the Company, and its subsidiaries.
Fees EY 2025 | |||
|---|---|---|---|
(in € millions) | In the Netherlands | Network outside the Netherlands | Total |
Audit | 1.20 | 0.30 | 1.50 |
Audit-related | 0.301 | - | 0.30 |
Other assurance services | 0.02 | - | 0.02 |
Non-audit services | - | 0.05 | 0.05 |
Total fees EY | 1.52 | 0.35 | 1.87 |
Fees EY 2024 | |||
Audit | 0.70 | 0.40 | 1.10 |
Audit-related | 0.20 | - | 0.20 |
Other assurance services | - | - | - |
Non-audit services | - | 0.05 | 0.05 |
Total fees EY | 0.90 | 0.45 | 1.35 |
- Relates to the sustainability statement review fee
The fees are included in the general costs of the consolidated accounts. The audit fees relate to the audit of the 2025 financial statements, regardless of whether the work was performed during the financial year.
2.8 Contingent liabilities
Contingent liabilities are not expected to give rise to any material loss and include guarantees given for group companies. The Company has issued joint and several liability undertakings, some as defined in Article 403, Book 2 of the Dutch Civil Code, for almost all group companies in the Netherlands. These written undertakings have been filed with the Trade Register of the Chamber of Commerce in the respective seat the group company concerned has its registered office. The Company is the head of a fiscal unity that includes most of the Dutch wholly-owned group companies. The Company is therefore jointly and severally liable for the tax liabilities of the fiscal unity as a whole.
The Group also issued a joint and several liability undertaking for SIGCO Warenhandelsgesellschaft mbH, a German group company. The 2025 financial figures of SIGCO Warenhandelsgesellschaft mbH, Hamburg, Germany, are included in the 2025 consolidated financial statements of ACOMO N.V. SIGCO Warenhandelsgesellschaft mbH makes use of the exemption provision of section 264 (3) of the German Commercial Code (HGB) in the financial year 2025.
2.9 Related parties
The members of the Board of Directors are considered key management personnel as defined in IAS 24 ‘Related party disclosures’. For details on their remuneration, reference is made to Note 2.10.
The Board of Directors include the Executive Directors, Allard Goldschmeding and Mirjam van Thiel, who are the statutory directors of the Company, and the Non-Executive Directors, Bernard Stuivinga, Machtelt Groothuis, Bert Meulman, and Jan Niessen.
2.10 Remuneration of the Board of Directors
The remuneration of the Executive and Non-Executive Directors of the Board is determined in accordance with the remuneration policy as disclosed in the chapter Remuneration Report on page and following.
The 2025 and 2024 remuneration to the Executive Directors is shown below. The short-term remuneration shown is related to the performance in 2025 and will be paid out in 2026.
Remuneration Executive Directors | ||||||
|---|---|---|---|---|---|---|
(in € thousands) | ||||||
2025 | Salary | Short-term remuneration | Post-employment benefits | Share-based expenses | Total remuneration | Fixed-variable remuneration |
Goldschmeding | 600 | 555 | 45 | 6 | 1,206 | 54%-46% |
Van Thiel | 320 | 258 | 30 | - | 608 | 58%-42% |
Total | 920 | 813 | 75 | 6 | 1,814 | |
2024 | ||||||
|---|---|---|---|---|---|---|
Goldschmeding | 600 | 765 | 45 | 11 | 1,421 | 46%-54% |
Van Thiel | 80 | 60 | 8 | - | 148 | 59%-41% |
Total | 680 | 825 | 53 | 11 | 1,569 |
The table below shows the outstanding options that were granted before 1 January 2024 to Executive Directors :
Share option plan | Year of grant | Outstanding 1 Jan 2025 | Exercised 2025 | Outstanding 31 Dec 2025 | Exercise price (€) | Expiry date |
|---|---|---|---|---|---|---|
Goldschmeding | 2020 | 50,000 | (7,500) | 42,500 | 16.83 | 30-4-2027 |
See Note 21 of the consolidated financial statements for a description of the share option plan and the LTI share plan.
The table below shows the outstanding conditional share rights with the year of vesting of the share rights for the executive directors as part of the LTI share plan.
Share rights outstanding 31 December 2025 | |||
|---|---|---|---|
vesting in: | |||
2027 | 2028 | Total | |
Goldschmeding | 31,776 | 25,862 | 57,638 |
Van Thiel | 3,448 | 13,793 | 17,241 |
Share price at 31 December 2025 (€) | 24.35 |
The 2025 and 2024 remuneration of the Non-Executive Directors is as follows:
Remuneration Non-Executive Directors (in € thousands) | 2025 | 2024 |
|---|---|---|
Stuivinga1 | 116 | 116 |
Gottesman2 | - | 30 |
Groothuis | 97 | 93 |
Meulman | 91 | - |
Niessen | 90 | 96 |
Vandeputte3 | 90 | 90 |
Total | 484 | 425 |
- Including €10 remuneration for being a member of the Supervisory Board of Catz International
- Mr Gottesman retired as Non-Executive Director as of 26 April 2024
- Ms Vandeputte resigned as Non-Executive Director as of 1 January 2026
As at 31 December 2025, the following Board members directly or indirectly owned Acomo shares: Bernard Stuivinga (40,595), Machtelt Groothuis (3,000), Bert Meulman (2,237,770), Jan Niessen (4,000,000) and Allard Goldschmeding (25,000).
No loans, advances or guarantees were granted to the Board. No share options or share rights were granted to non-executive directors of the Board.
2.11 Profit appropriation
In accordance with the resolution of the Annual General Meeting held on 25 April 2025, the profit for 2024 has been appropriated in conformity with the proposed appropriation of profit stated in the 2024 financial statements.
The net profit for 2025 attributable to the shareholders amounting to €73.0 million shall be available in accordance with Article 24 of the Company’s Articles of Association.
The Board of Directors proposes to distribute a 2025 final dividend of €0.95 per share.
The residual profit is proposed to be added to reserves.
Rotterdam, 5 March 2026
The Board of Directors,
Bernard Stuivinga, Non-Executive Chair
Machtelt Groothuis, Non-Executive Director
Bert Meulman, Non-Executive Director
Jan Niessen, Non-Executive Director
Allard Goldschmeding, Executive Director
Mirjam van Thiel, Executive Director
Appropriation of profit
Article 24 paragraph 1 of the Articles of Association stipulates:
From the net profit as disclosed in the adopted income statement, such amounts are transferred to reserves as may be determined by the General Meeting of Shareholders and proposed by the Board of Directors. The remaining amount is at the disposal of the General Meeting of Shareholders.
Independent Auditor’s Report
To: the shareholders of Acomo N.V.
We have audited the accompanying financial statements for the financial year ended 31 December 2025 of Acomo N.V. based in Rotterdam, the Netherlands.
The financial statements comprise the consolidated financial statements and the company financial statements.
In our opinion:
The consolidated financial statements give a true and fair view of the financial position of Acomo N.V. as at 31 December 2025 and of its result and its cash flows for 2025 in accordance with IFRS Accounting Standards as adopted in the European Union (IFRS Accounting Standards) and with Part 9 of Book 2 of the Dutch Civil Code;
The company financial statements give a true and fair view of the financial position of Acomo N.V. as at 31 December 2025 and of its result for 2025 in accordance with Part 9 of Book 2 of the
Dutch Civil Code.
The consolidated financial statements comprise:
The consolidated balance sheet as at 31 December 2025;
The following statements for 2025: the consolidated statement of income, the consolidated statements of comprehensive income, changes in equity and cash flows;
The notes comprising material accounting policy information and other explanatory information.
The company financial statements comprise:
The company balance sheet as at 31 December 2025;
The company statement of income for 2025;
The notes comprising a summary of the accounting policies and other explanatory information.
We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. Our responsibilities under those standards are further described in the Our responsibilities for the audit of the financial statements section of our report.
We are independent of Acomo N.V. in accordance with the EU Regulation on specific requirements regarding statutory audit of public-interest entities, the Wet toezicht accountantsorganisaties (Wta, Audit firms supervision act), the Verordening inzake de onafhankelijkheid van accountants bij assurance-opdrachten (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence) and other relevant independence regulations in the Netherlands. Furthermore we have complied with the Verordening gedrags- en beroepsregels accountants (VGBA, Dutch Code of Ethics for professional accountants).
We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We designed our audit procedures in the context of our audit of the financial statements as a whole and in forming our opinion thereon. The following information in support of our opinion and any findings were addressed in this context, and we do not provide a separate opinion or conclusion on these matters.
Acomo N.V. (the company, and, together with its consolidated subsidiaries, “the group”) is an international group of companies active in the worldwide sourcing,
trading, processing, packaging, and distribution of conventional and organic food ingredients and solutions for the food and beverage industry.
The group is structured in components and we tailored our group audit approach accordingly. We paid specific attention in our audit to a number of areas driven by the operations of the group and our risk assessment.
We determined materiality and identified and assessed the risks of material misstatement of the financial statements, whether due to fraud or error in order to design audit procedures responsive to those risks and to obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Materiality | €7,000,000 (2024: €3,500,000) |
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Benchmark applied | Approximately 0.5% of revenues (2024: 5% of profit before income tax, adjusted for unrealized currency and commodity results) |
Explanation | We determined materiality based on our understanding of the company’s business and our perception of the financial information needs of users of the financial statements. We have changed the benchmark to revenues with respect to prior financial year, in line with Management’s renewed strategy for the entity, showing a more significant focus towards growth in revenues, which is also reflected in the communication towards the financial markets. Accordingly, we conclude that revenues as measurement basis is appropriate, as it is an important and stable indicator. |
We have also taken into account misstatements and/or possible misstatements that in our opinion are material for the users of the financial statements for qualitative reasons.
We agreed with board of directors that misstatements in excess of €175,000, which are identified during the audit, would be reported to them, as well as smaller misstatements that in our view must be reported on qualitative grounds.
Acomo N.V. is at the head of a group of entities. The financial information of this group is included in the financial statements.
We are responsible for planning and performing the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the financial statements. We are also responsible for the direction, supervision, review and evaluation of the audit work performed for purposes of the group audit. We bear the full responsibility for the auditor’s report.
Based on our understanding of the group and its environment, the applicable financial framework and the group’s system of internal control, we identified and assessed risks of material misstatement of the financial statements and the significant accounts and disclosures. Based on this risk assessment, we determined the nature, timing and extent of audit work performed, including the entities or business units within the group (components) at which to perform audit work. For this determination we considered the nature of the relevant events and conditions underlying the identified risks of material misstatements for the financial statements, the association of these risks to components and the materiality or financial size of the components relative to the group. We communicated the audit work to be performed and identified risks through instructions for component auditors as well as requesting component auditors to communicate matters related to the financial information of the component that is relevant to identifying and assessing risks.
We have:
Performed audit procedures ourselves in respect of areas such as valuation of goodwill, business combinations, bank borrowings, corporate income taxes and IT general control procedures;
Selected 6 components to perform audits for group reporting purposes because we identified a significant risk of material misstatement for one or more account balances and/or disclosures.
This resulted in a coverage of 83% of the profit before tax, 92% of revenue and 86% of total assets.
For other components, we performed specified audit procedures and analytical procedures to corroborate that our risk assessment and scoping remained appropriate throughout the audit.
We hosted audit meetings with component auditors to discuss the group audit, risks, audit approach and instructions. In addition, we sent instructions to component auditors, covering the significant areas to be audited and the information required to be reported to us. Based on our risk assessment, we attended multiple in-person site visits at component locations in the Netherlands, Belgium, Sri Lanka and the United States. These site visits encompassed some, or all, of the following activities: reviewing key local working papers and conclusions, meeting with local and regional management teams and obtaining an understanding of key processes including centralized entity level controls processes. In general, we interacted regularly with the component teams during various stages of the audit through the use of video or teleconferencing facilities. Where deemed appropriate, we attended certain component closing meetings with management, also using video or teleconferencing facilities. We reviewed and evaluated the adequacy of the deliverables from component auditors and reviewed key working papers for selected components to address the risks of material misstatement, using the EY electronic audit file platform, screen sharing or by the provision of copies of work papers direct to the group audit team.
By performing the audit work mentioned above at the entities or business units within the group, together with additional work at group level, we have been able
to obtain sufficient and appropriate audit evidence about the group’s financial information to provide an opinion on the financial statements.
We ensured that the audit teams both at group and at component levels included the appropriate skills and competences which are needed for the audit of a listed client in the food and beverage industry.
We included specialists in the areas of IT audit, forensics, and income tax and have made use of our own experts in the areas of valuations such as goodwill impairment testing.
Climate change and the energy transition are high on the public agenda. Issues such as CO2 reduction impact financial reporting, as these issues entail risks for the business operation, the valuation of assets and provisions or the sustainability of the business model and access to financial markets of companies with a larger CO2 footprint.
The board of directors summarized the company’s commitments and obligations, and reported in the Section Risk management and control of the annual report how the company is addressing climate-related and environmental risks.
As part of our audit of the financial statements, we evaluated the extent to which climate-related risks and the effects of the energy transition and the company’s commitments and (constructive) obligations, are taken into account in estimates and significant assumptions as well as in the design of relevant internal control measures. Furthermore, we read the annual report and considered whether there is any material inconsistency between the non-financial information in Section Risk management and control and Sustainability statement and the financial statements.
Based on the audit procedures performed, we do not deem climate-related risks to have a material impact on the financial reporting judgements, estimates or significant assumptions as at 31 December 2025.
Our responsibility
Although we are not responsible for preventing fraud or non-compliance and we cannot be expected to detect non-compliance with all laws and regulations, it is our responsibility to obtain reasonable assurance that the financial statements, taken as a whole, are free from material misstatement, whether caused by fraud or error. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Our audit response related to fraud risks
We identified and assessed the risks of material misstatements of the financial statements due to fraud. During our audit we obtained an understanding of the company and its environment and the components of the system of internal control, including the risk assessment process and the board of directors’ process for responding to the risks of fraud and monitoring the system of internal control and how the non-executive directors exercise oversight, as well as the outcomes. We refer to Section Risk management and control of the annual report for the (fraud) risk assessment of the board of directors and Section Audit Committee of the annual report of the non-executive directors in which the non-executive directors reflect on this (fraud) risk assessment.
We evaluated the design and relevant aspects of the system of internal control and in particular the fraud risk assessment, as well as the code of conduct, whistle blower procedures and incident registration. We evaluated the design and the implementation of internal controls designed to mitigate fraud risks.
As part of our process of identifying fraud risks, we evaluated fraud risk factors with respect to financial reporting fraud, misappropriation of assets and bribery and corruption in close co-operation with our forensic specialists. We evaluated whether these factors indicate that a risk of material misstatement due to fraud is present.
We incorporated elements of unpredictability in our audit. We also considered the outcome of our other audit procedures and evaluated whether any findings were indicative of fraud or non-compliance.
We addressed the risks related to management override of controls, as this risk is present in all organizations. For these risks we have, among other things, performed procedures to evaluate whether the selection and application of accounting policies by the company, particularly those relating to subjective measurements and complex transactions, as disclosed in Note 5 ‘Use of judgements and estimates’ may be indicative to fraudulent financial reporting. We have also used data analysis to identify and address high-risk journal entries and evaluated the business rationale (or the lack thereof) of significant extraordinary transactions, including those with related parties.
We presumed that there are risks of fraud in revenue recognition. We evaluated that sales in the segments Spices & Nuts, Edible Seeds, Organic Ingredients and Tea in particular give rise to such risks. We describe the audit procedures responsive to the presumed risk of fraud in revenue recognition in the description of our audit approach for the key audit matter ‘Incorrect recognition of revenues around year-end’.
We considered available information and made enquiries of relevant executives, directors, internal audit, legal, compliance, local management teams and non-executive directors.
The fraud risks we identified, enquiries and other available information did not lead to specific indications for fraud or suspected fraud potentially materially impacting the view of the financial statements.
Our audit response related to risks of non-compliance with laws and regulations
We performed appropriate audit procedures regarding compliance with the provisions of those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. Furthermore, we assessed factors related to the risks of non-compliance with laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general industry experience, through discussions with the board of directors, reading minutes, inspection of internal audit and compliance reports and performing substantive tests of details of classes of transactions, account balances or disclosures.
We also inspected lawyers’ letters and we have been informed by management that there was no correspondence with regulatory authorities and remained alert to any indication of (suspected) non-compliance throughout the audit. Finally we obtained written representations that all known instances of non-compliance with laws and regulations have been disclosed to us.
As disclosed in Note 3 Basis of measurement to the financial statements, the financial statements have been prepared on a going concern basis. When preparing the financial statements, the board of directors made a specific assessment of the company’s ability to continue as a going concern and to continue its operations for the foreseeable future.
We discussed and evaluated the specific assessment with the board of directors exercising professional judgment and maintaining professional skepticism.
We considered whether the board of directors’ going concern assessment, based on our knowledge and understanding obtained through our audit of the financial statements or otherwise, contains all relevant events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion.
Based on our procedures performed, we did not identify material uncertainties about going concern or the board of directors use of the going concern basis of accounting. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause a company to cease to continue as a going concern.
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements. We have communicated the key audit matters to the board of directors. The key audit matters are not a comprehensive reflection of all matters discussed.
Following the operational performance of the Cash Generating Unit (CGU) Tea, a new key audit matter ‘Valuation of goodwill related to the CGU Tea’ has been defined.
Incorrect recognition of revenues | |
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Risk | As disclosed in Note 10 Revenue to the financial statements, the company is conducting business worldwide. Given the nature of the businesses with worldwide deliveries, various shipping terms and requirements of customers are in place which impact the revenue recognition. Therefore, based on our understanding of the company’s business, we identify a fraud risk for incorrect revenue recognition associated with cut-off around period end. Noting the size of the segments as disclosed in Note 9 Segment information to the financial statements, we identify this risk specifically for the segments Spices & Nuts, Edible Seeds, Organic Ingredients and Tea. |
Our audit approach |
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Key observations | We concur with the revenue recognized in the financial statements. |
Overstated valuation of inventories to be valued at net realizable value | |
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Risk | Inventories amount to €498.0 million as of 31 December 2025. Inventories represent 50% of the company’s total assets at year-end. |
We refer to Note 18.5 Inventories to the financial statements for details regarding inventories. The product portfolio is diverse, and inventories are being purchased and stored across the world. | |
It is the core business of the company to accept managed risks, by taking positions in different types of (non-quoted) inventories. This is to a large extent performed autonomously under the responsibility of local management and recorded in separate financial and operational systems. | |
Cost price of commodities in inventories could exceed the net realizable value, management judgement is required to determine the valuation. | |
Given the diversified portfolio of products and presence of illiquid markets for the involved commodities, we identified a risk of overstated valuation of inventories due to volatility in the commodity markets and given the amounts involved, we consider this a key audit matter. | |
Our audit approach |
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Key observations | We concur with the valuation of the inventories in the financial statements. |
Valuation of goodwill in the CGU Tea | |
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Risk | The total goodwill amounts to €171 million as of 31 December 2025 and represents 17% of the Company’s total assets at year end, €11 million of the goodwill balance relates to cash-generating unit (CGU) Tea. |
We refer to Note 18.1 Intangibles in the notes to the consolidated financial statements for material accounting policy information and other relevant explanatory information. Goodwill is allocated to groups of cash-generating units and tested for impairment at the operating segment level, which represents the lowest level at which the goodwill is monitored internally for management purposes. The cash generating units Tea required additional attention from us during 2025, due to the decline in results and the related complex estimates. Auditing the calculation of the recoverable amount was complex, given the significant judgment and estimation uncertainty related to assumptions in the model used to determine whether the recoverable amount of the CGU was appropriate. The most significant assumptions used for Tea within the model to support the recoverable amount were revenue growth rates and pre-tax weighted average cost of capital (WACC). Adequate disclosure of key assumptions and sensitivity also received additional attention. | |
We identified a higher risk of material misstatements on the valuation of goodwill related to CGU Tea due to significant judgements and given the amounts involved, and therefore we consider this a key audit matter. | |
Our audit approach |
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Key observations | We consider management’s assumptions and estimates made to calculate the recoverable amount to be reasonable. |
The annual report contains other information in addition to the financial statements and our auditor’s report thereon.
Based on the following procedures performed, we conclude that the other information:
Is consistent with the financial statements and does not contain material misstatements;
Contains the information as required by Part 9 of Book 2 of the Dutch Civil Code for the management report (excluding the sustainability statement) and the other information as required by Part 9 of Book 2 of the Dutch Civil Code and as required by Sections 2:135b and 2:145 sub‑section 2 of the Dutch Civil Code for the remuneration report.
We have read the other information. Based on our knowledge and understanding obtained through our audit of the financial statements or otherwise, we have considered whether the other information contains material misstatements. By performing these procedures, we comply with the requirements of Part 9 of Book 2 and Section 2:135b sub-Section 7 of the Dutch Civil Code and the Dutch Standard 720. The scope of the procedures performed is substantially less than the scope of those performed in our audit of the financial statements.
The board of directors is responsible for the preparation of the other information, including the management report in accordance with Part 9 of Book 2 of the Dutch Civil Code and other information required by Part 9 of Book 2 of the Dutch Civil Code. The board of directors are responsible for ensuring that the remuneration report is drawn up and published in accordance with Sections 2:135b and 2:145 sub‑section 2 of the Dutch Civil Code.
The board of directors is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS Accounting Standards and Part 9 of Book 2 of the Dutch Civil Code. Furthermore, the board of directors is responsible for such internal control as the board of directors determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.
As part of the preparation of the financial statements, the board of directors is responsible for assessing the company’s ability to continue as a going concern. Based on the financial reporting framework mentioned, the board of directors should prepare the financial statements using the going concern basis of accounting unless the board of directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. The board of directors should disclose events and circumstances that may cast significant doubt on the company’s ability to continue as a going concern in the financial statements.
Our objective is to plan and perform the audit engagement in a manner that allows us to obtain sufficient and appropriate audit evidence for our opinion.
Our audit has been performed with a high, but not absolute, level of assurance, which means we may not detect all material misstatements, whether due to fraud or error during our audit.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The materiality affects the nature, timing and extent of our audit procedures and the evaluation of the effect of identified misstatements on our opinion.
We have exercised professional judgment and have maintained professional skepticism throughout the audit, in accordance with Dutch Standards on Auditing, ethical requirements and independence requirements. The Information in support of our opinion section above includes an informative summary of our responsibilities and the work performed as the basis for our opinion.
Our audit further included among others:
Performing audit procedures responsive to the risks identified, and obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion;
Obtaining an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control;
Evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the board of directors;
Evaluating the overall presentation, structure and content of the financial statements, including the disclosures;
Evaluating whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with the board of directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant findings in internal control that we identify during our audit.
In this respect we also submit an additional report to the audit committee in accordance with Article 11 of the EU Regulation on specific requirements regarding statutory audit of public-interest entities. The information included in this additional report is consistent with our audit opinion in this auditor’s report.
We provide the board of directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the board of directors, we determine the key audit matters: those matters that were of most significance in the audit of the financial statements. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, not communicating the matter is in the public interest.
We were engaged by the general meeting as auditor of Acomo N.V. on 26 April 2024, as of the audit for the year 2024 and have operated as statutory auditor ever since that date.
We have not provided prohibited non-audit services as referred to in Article 5(1) of the EU Regulation on specific requirements regarding statutory audit of public-interest entities.
Acomo N.V has prepared the annual report in ESEF. The requirements for this are set out in the Delegated Regulation (EU) 2019/815 with regard to regulatory technical standards on the specification of a single electronic reporting format (hereinafter: the RTS on ESEF).
In our opinion the annual report prepared in the XHTML format, including the (partially) marked-up consolidated financial statements as included in the reporting package by Acomo N.V., complies in all material respects with the RTS on ESEF.
The board of directors is responsible for preparing the annual report, including the financial statements, in accordance with the RTS on ESEF, whereby the board of directors combines the various components into a single reporting package.
Our responsibility is to obtain reasonable assurance for our opinion whether the annual report in this reporting package complies with the RTS on ESEF.
We performed our examination in accordance with Dutch law, including Dutch Standard 3950N, ”Assurance-opdrachten inzake het voldoen aan de criteria voor het opstellen van een digitaal verantwoordingsdocument” (assurance engagements relating to compliance with criteria for digital reporting). Our examination included amongst others:
Obtaining an understanding of the entity’s financial reporting process, including the preparation of the reporting package;
Identifying and assessing the risks that the annual report does not comply in all material respects with the RTS on ESEF and designing and performing further assurance procedures responsive to those risks to provide a basis for our opinion, including:
Obtaining the reporting package and performing validations to determine whether the reporting package containing the Inline XBRL instance document and the XBRL extension taxonomy files, has been prepared in accordance with the technical specifications as included in the RTS on ESEF;
Examining the information related to the consolidated financial statements in the reporting package to determine whether all required mark-ups have been applied and whether these are in accordance with the RTS on ESEF.
Eindhoven, 5 March 2026
EY Accountants B.V.
Signed by M. Moolenaar
Limited assurance report of the independent auditor on the sustainability statement
To: the shareholders of Acomo N.V.
We have performed a limited assurance engagement on the consolidated sustainability statement for 2025 of Acomo N.V. based in Rotterdam (hereinafter: Acomo or the company) in section ’Sustainability Statement’ of the accompanying management report including the information incorporated in the sustainability statement by reference (hereinafter: the sustainability statement).
Based on our procedures performed and the evidence obtained, nothing has come to our attention that causes us to believe that the sustainability statement is not, in all material respects:
prepared in accordance with the European Sustainability Reporting Standards (ESRS) as adopted by the European Commission and compliant with the double materiality assessment process carried out by Acomo to identify the information reported pursuant to the ESRS; and
compliant with the reporting requirements provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation).
Our conclusion has been formed on the basis of the matters outlined in this limited assurance report.
We have performed our limited assurance engagement on the sustainability statement in accordance with Dutch law, including Dutch Standard 3810N, “Assurance-opdrachten inzake duurzaamheidsverslaggeving” (Assurance engagements relating to sustainability reporting), which is a specified Dutch standard that is based on the International Standard on Assurance Engagements (ISAE) 3000 (Revised), “Assurance engagements other than audits or reviews of historical financial information”.
Our assurance engagement was aimed to obtain a limited level of assurance that the sustainability statement is free from material misstatements. The procedures vary in nature and timing from, and are less in extent, than for a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.
Our responsibilities in this regard are further described in the section ‘Our responsibilities for the limited assurance engagement on the sustainability statement’ of our report.
We are independent of Acomo N.V. in accordance with the Verordening inzake de onafhankelijkheid van accountants bij assurance-opdrachten (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence) and other relevant independence regulations in the Netherlands. This includes that we do not perform any activities that could result in a conflict of interest with our independent assurance engagement and we are not involved in the preparation of the sustainability statement, as doing so may compromise our independence. Furthermore, we have complied with the Verordening gedrags- en beroepsregels accountants (VGBA, Dutch Code of Ethics for Professional Accountants). The ViO and VGBA are at least as demanding as the International code of ethics for professional accountants (including International independence standards) of the International Ethics Standards Board for Accountants (the IESBA Code) as relevant to limited assurance engagements on sustainability statements of public interest entities in the European Union.
We believe that the assurance evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.
Sections ‘[BP-1] Basis for preparation’ and ‘[BP-2] Disclosures in relation to specific circumstances’ in the sustainability statement identify the quantitative metrics and monetary amounts that are subject to a high level of measurement uncertainty and disclose information about the sources of measurement uncertainty and the assumptions, approximations and judgements Acomo has made in measuring these in compliance with the ESRS.
Acomo provides additional entity-specific sustainability information in Sections ‘[E4-5] Impact metrics’, ‘[S2-4] Actions’, and ‘[S4-4] Actions’. The comparability of entity-specific sustainability information between entities and over time may be affected by the absence of a uniform practice or availability of external information sources to measure or evaluate this information that can support comparability. This allows for the application of different, but acceptable, measurement techniques.
The sustainability statement may not include every impact, risk and opportunity or additional entity-specific disclosure that each individual stakeholder (group) may consider important in its own particular assessment.
In reporting forward-looking information in accordance with the ESRS, the board of directors describes the underlying assumptions and methods of producing the information, as well as other factors that provide evidence that it reflects the actual plans or decisions made by the company (actions). Forward-looking information relates to events and actions that have not yet occurred and may never occur. The actual outcome is likely to be different since anticipated events frequently do not occur as expected.
Sustainability information for reporting years before 2024 included in the sustainability statement, has not been part of this limited assurance engagement. Consequently, we do not provide any assurance on the comparative information and thereto related disclosures in the sustainability statement for reporting years before 2024.
Our conclusion is not modified in respect of this matter.
The board of directors is responsible for the preparation of the sustainability statement in accordance with the ESRS, including the double materiality assessment process carried out by Acomo as the basis for the sustainability statement and disclosure of material impacts, risks and opportunities in accordance with the ESRS. As part of the preparation of the sustainability statement, the board of directors is responsible for compliance with the reporting requirements provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation).
The board of directors is also responsible for selecting and applying additional entity-specific disclosures to enable users to understand Acomo’s sustainability-related impacts, risks or opportunities and for determining that these additional entity-specific disclosures are suitable in the circumstances and in accordance with the ESRS.
Furthermore, the board of directors is responsible for such internal control as it determines is necessary to enable the preparation of the sustainability statement that is free from material misstatement, whether due to fraud or error.
The non-executive board members are responsible for overseeing the sustainability reporting process including the double materiality assessment process carried out by Acomo.
Our responsibility is to plan and perform the limited assurance engagement in a manner that allows us to obtain sufficient and appropriate assurance evidence for our conclusion.
We apply the applicable quality management requirements pursuant to the Nadere voorschriften kwaliteitsmanagement (NVKM, regulations for quality management) and the International Standard on Quality Management (ISQM) 1, and accordingly maintain a comprehensive system of quality management including documented policies and procedures regarding compliance with ethical requirements, professional standards and other relevant legal and regulatory requirements.
Our limited assurance engagement included amongst others:
Performing inquiries and an analysis of the external environment and obtaining an understanding of relevant sustainability themes and issues, the characteristics of Acomo, its activities and the value chain and its key intangible resources in order to assess the double materiality assessment process carried out by Acomo as the basis for the sustainability statement and disclosure of all material sustainability-related impacts, risks and opportunities in accordance with the ESRS;
Obtaining through inquiries a general understanding of the internal control environment, the company’s processes for gathering and reporting entity-related and value chain information, the information systems and the company’s risk assessment process relevant to the preparation of the sustainability statement and for identifying the company’s activities, determining eligible and aligned economic activities and prepare the disclosures provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation), without obtaining assurance information about the implementation or testing the operating effectiveness of controls;
Assessing the double materiality assessment process carried out by Acomo and identifying and assessing areas of the sustainability statement, including the disclosures provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation), where misleading or unbalanced information or material misstatements, whether due to fraud or error, are likely to arise (‘selected disclosures’). Designing and performing further assurance procedures aimed at assessing that the sustainability statement is free from material misstatements responsive to this risk analysis;
Considering whether the description of the double materiality assessment process in the sustainability statement made by the board of directors appears consistent with the process carried out by Acomo;
Performing analytical review procedures on quantitative information in the sustainability statement, including consideration of data and trends;
Assessing whether Acomo’s methods for developing estimates are appropriate and have been consistently applied for selected disclosures. We considered data and trends, however our procedures did not include testing the data on which the estimates are based or separately developing our own estimates against which to evaluate the board of directors’ estimates;
Analyzing, on a limited sample basis, relevant internal and external documentation available to Acomo (including publicly available information or information from actors throughout its value chain) for selected disclosures;
Reading the other information in the annual report to identify material inconsistencies, if any, with the sustainability statement;
Considering whether the disclosures provided to address the reporting requirements provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation) for each of the environmental objectives, reconcile with the underlying records of Acomo and are consistent or coherent with the sustainability statement, appear reasonable, in particular whether the eligible economic activities meet the cumulative conditions to qualify as aligned and whether the technical screening criteria are met, and whether the key performance indicators disclosures have been defined and calculated in accordance with the Taxonomy delegated acts, and comply with the reporting requirements provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation), including the format in which the activities are presented;
Considering the overall presentation, structure and fundamental qualitative characteristics of information (relevance and faithful representation: complete, neutral and accurate) reported in the sustainability statement, including the reporting requirements provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation);
Considering, based on our limited assurance procedures and evaluation of the evidence obtained, whether the sustainability statement as a whole, is free from material misstatements and prepared in accordance with the ESRS.
We communicate with non-executive board members regarding, among other matters, the planned scope and timing of the assurance engagement and significant findings that we identify during our assurance engagement.
Eindhoven, 5 March 2026
EY Accountants B.V.
Signed by M. Moolenaar
List of acronyms and abbreviations
AFM | Dutch Authority for the Financial Markets |
AGM | Annual General Meeting of Shareholders |
AScX | Amsterdam Small Cap Index |
BRC | British Retail Consortium Global Standard for Food Safety |
CAGR | Compound annual growth rate |
CGU | Cash-generating unit |
Code | Dutch Corporate Governance Code |
CSDDD | Corporate Sustainability Due Diligence Directive |
CSRD | Corporate Sustainability Reporting Directive |
CTA | Currency translation adjustments |
CX | Commodity exchange |
DAF | Dynamic Agroforestry |
DMA | Double-materiality assessment |
EBIT | Earnings before interest and taxes (operating income) |
EBITDA | Earnings before interest, taxes, depreciation and amortization |
EPS | Earnings per share |
ESG | Environmental, social and governance |
ESRS | European Sustainability Reporting Standards |
EUDR | EU Deforestation Regulation |
Euribor | Euro Interbank Offered Rate |
FIFO | First in, first out |
FTE | Full-time equivalent |
FX | Foreign exchange |
GAAP | Generally accepted accounting principles |
GFSI | Global Food Safety Initiative |
GHG | Greenhouse gas |
GRI | Global Reporting Initiative |
HACCP | Hazard Analysis and Critical Control Points |
HGB | Handelsgezetsbuch |
IAS | International Accounting Standards |
IFRS | International Financial Reporting Standards |
ILO | International Labour Organization |
IRO | Impact, risk and opportunities |
ISIN | International Securities Identification Number |
LTI | Long-term incentive |
NGO | Non-governmental organization |
NIS2 | Network and Information Security directive 2 |
OCI | Other comprehensive income |
OECD | Organisation for Economic Cooperation and Development |
OHSAS | Occupational Health and Safety Assessment Series |
PPE | Property, plant and equipment |
RCF | Revolving credit facility |
REC | Renewable Energy Certificates |
RONCE | Return on net capital employed |
RVO | Netherlands Enterpise Agency |
SBTi | Science Based Targets Initiative |
SBTN | Science Based Targets Network |
SDG | Sustainable Development Goals |
SEDEX | Supplier Ethical Data Exchange platform |
SIL | Sustainability improvement loan |
SMETA | Sedex Members Ethical Trade Audit |
SOFR | Secured Overnight Financing Rate |
SRD II | Shareholder Rights Directive II |
SSI | Sustainable Spices Initiative |
STI | Short-term incentive |
VOR | Risk Management Statement for Dutch listed companies |
WACC | Weighted average cost of capital |
Wta | Dutch Audit Firms Supervision Act |
Reconciliation of non-IFRS information
In this Annual Report Acomo presents certain financial measures when discussing Acomo's performance that are not measures of financial performance under IFRS. These non-IFRS measures (also known as non-GAAP or alternative performance measures (APMs)) are presented because management considers them important supplemental measures of the Group's performance. Acomo believes that understanding of its operational performance, profitability and financial strength is enhanced by reporting the following non-IFRS measures:
EBITDA
EBITDA (adjusted)
Earnings per share (adjusted)
Net Debt
Working capital
Invested capital
This chapter contains the definitions of the non-IFRS measures used in this Annual Report as well as reconciliations from the most directly comparable IFRS measures. These non-IFRS measures have not been audited or reviewed by the Group's external auditors.
EBITDA or reported EBITDA represents the Earnings Before Interest, Tax, Depreciation and Amortization and is calculated by the sum of Operating Income and Depreciation and Amortization.
The adjusted EBITDA, or operational EBITDA, is the reported EBITDA for the period, adjusted for the unrealized FX and CX hedge results in the Spices and Nuts, Edible Seeds and Organic Ingredients segments, and exceptional one-off items.
Below table shows the reconciliation from Operating Income to EBITDA to EBITDA (adjusted):
Reconciliation of Operating income to EBITDA and EBITDA (adjusted) | 2025 | 2024 |
|---|---|---|
Operating income | 114,416 | 79,737 |
Depreciation, amortization and impairments | 20,452 | 17,719 |
EBITDA | 134,868 | 97,456 |
Adjustments for: | ||
Exceptional items Edible Seeds US | (3,725) | - |
Unrealized FX and CX results | 20,355 | (11,299) |
EBITDA (adjusted) | 118,238 | 108,755 |
The earnings per share (adjusted) are calculated by adjusting the total net profit for the period, with the post-tax total unrealized FX and CX results, the post-tax amortization charges of the acquisition-related intangibles, and the post-tax exceptional one-off items, divided by the (weighted) average number of ordinary shares outstanding.
Below table shows the reconciliation from Net profit to Net profit (adjusted), the basis for calculating Earnings per share (adjusted):
Reconciliation of Net profit to Net profit (adjusted) | 2025 | 2024 |
|---|---|---|
Net profit attributable to shareholders of the Company | 73,039 | 45,234 |
Adjustments for: | ||
Unrealized FX and CX results | 20,355 | (13,801) |
Amortization charges other intangible assets | (5,082) | (5,071) |
Exceptional items Edible Seeds US | (3,725) | - |
Tax impact on adjusting items | (2,979) | 4,869 |
Net profit (adjusted) | 64,470 | 59,125 |
Net debt represents the total of bank borrowings (current and non-current) adjusted for cash at banks:
Reconciliation Net debt | 2025 | 2024 |
|---|---|---|
Bank borrowings non-current1 | 110,714 | 112,366 |
Bank borrowings current | 250,659 | 118,875 |
Cash and cash equivalents | (5,380) | (5,628) |
Net debt | 355,993 | 225,613 |
- Including the current part of the non-current borrowings
Working capital is specified as follows:
Reconciliation working capital | 2025 | 2024 |
|---|---|---|
Inventories | 497,958 | 367,132 |
Trade receivables | 155,111 | 170,541 |
Other receivables | 44,331 | 30,169 |
Assets held-for-sale | 1,571 | 1,782.00 |
Current portion long-term bank borrowings | (897) | (712) |
Trade creditors | (75,205) | (85,392) |
Tax liabilities | (16,856) | (9,229) |
Other current liabilities and accrued expenses | (60,373) | (42,648) |
Total working capital | 545,640 | 431,643 |
Invested capital is specified as follows:
Reconciliation invested capital | 2025 | 2024 |
|---|---|---|
Property, plant and equipment (including right-of-use assets) | 65,287 | 70,021 |
Intangible assets | 205,991 | 211,767 |
Other non-current receivables | 3,411 | 3,371 |
Working capital | 545,640 | 431,643 |
Cash and cash equivalents | 5,380 | 5,628 |
Deferred tax liabilities and assets | (15,044) | (8,302) |
Retirement benefit obligations | (444) | (547) |
Provisions | (48) | (72) |
Total invested capital | 810,173 | 713,509 |
Explanation of some concepts and ratios
Compound annual growth rate (CAGR)
This rate is calculated as the value at the end of the period divided by the value at the beginning of the period, compounded to the respective period.
The dividend pay-out ratio is calculated as the sum of the interim and (proposed) final dividend for the year as a percentage of the net profit for the year.
The earnings per share are calculated as the total net profit for the period divided by the (weighted) average number of ordinary shares outstanding.
The equity per share reflects the Company’s equity allocated to each outstanding share of common stock and is calculated by dividing the total shareholders’ equity by the total number of ordinary shares outstanding at year-end.
The interest cover ratio is calculated by dividing the normalized EBITDA by the total of the interest expense minus interest income.
Market capitalization reflects the total market value of all the Company’s outstanding shares and is calculated by multiplying the total shares issued by the share price at period-end.
Net capital employed
Net capital employed consists of the total assets minus cash and banks, provisions, trade creditors and other liabilities.
This ratio is calculated by dividing the net debt by the total equity.
Net operating assets comprise the average total net assets adjusted for goodwill.
The price/earnings ratio is calculated by dividing the share price at year-end by the earnings per share.
Return on net capital employed measures a company’s profitability and the efficiency with which its capital is employed. This indicator reflects the EBIT as a percentage of the average net capital employed.
Solvency reflects the total equity as a percentage of the total assets.
The total shareholders’ return shows the performance of the Company’s shares over time using the change in share price at year-end and the total dividend paid during the year, divided by the year-end share price of prior year
Information Takeover Directive Decree
Information following Article 10, Takeover Directive Decree, and section 391, subsection 5, Book 2 of the Dutch Civil Code:
Capital structure and attached rights and duties
The information on the capital structure of the Company can be found in chapter The Acomo Share, and information on the attached rights and duties (voting rights) can be found in chapter Corporate Governance.Statutory or contractual restrictions on share transfer
Not applicable.Major shareholders
See chapter The Acomo Share.Special rights of control
Not applicable.Control mechanisms relating to options plans, share plans, and share purchase plans
The Company has only one share-based payment arrangement in effect: a share option plan for key managers and employees of the Company and its subsidiaries, including executive directors. The relevant characteristics of the plan can be found in the notes to share-based payment.Voting limitations
Not applicable.
Agreements with shareholders that can limit the transfer of shares or voting rights
Not applicable.Regulations concerning the appointment and dismissal of Board members and changes to the Articles of Association
Members of the Board of Directors are appointed by, and may at any time be suspended or dismissed by, the Annual General Meeting of Shareholders.Resolutions with respect to appointment and dismissal are passed by an absolute majority of votes cast. If an amendment to the Articles of Association is proposed to the Annual General Meeting of Shareholders, this is always stated in the convening notice for that meeting.
Authority of the Board, especially to issue and repurchase shares in the Company
This information is disclosed in chapter Governance.Change of control arrangements
Change of control provisions have been included in the Company’s arrangements with the financial institutions that provide the credit facilities to the Company.Agreements with Executive Board members or employees
The severance payment for the Executive Directors has been set at a maximum of one time the annual pay.
Five-year overview
(in € millions) | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
Sales | 1,463.6 | 1,362.8 | 1,266.1 | 1,422.8 | 1,254.4 |
Gross profit | 238.7 | 197.3 | 176.9 | 184.6 | 170.2 |
EBITDA | 134.9 | 97.5 | 89.7 | 104.6 | 104.8 |
EBITDA (adjusted)1 | 118.2 | 108.8 | 91.9 | 108.0 | 101.3 |
EBIT | 114.4 | 79.7 | 70.3 | 84.9 | 80.2 |
Financial income and expenses | (15.7) | (19.2) | (16.7) | (11.2) | (7.1) |
Corporate income tax | (24.5) | (15.4) | (13.9) | (18.8) | (19.1) |
Net profit | 74.2 | 45.1 | 39.6 | 54.9 | 54.0 |
Net working capital (at year-end) | 307.4 | 297.9 | 288.8 | 283.7 | 223.1 |
Net operating assets (annual average) | 300.8 | 296.6 | 280.8 | 284.6 | 211.1 |
Shareholders’ equity (before final dividend) | 434.1 | 438.1 | 405.5 | 411.9 | 364.3 |
Total assets | 989.9 | 867.9 | 747.6 | 860.8 | 866.8 |
Ratios | |||||
Solvency | 44.1% | 50.7% | 54.5% | 48.1% | 42.2% |
RONCE operating companies (excluding goodwill) | 19.7% | 16.2% | 13.9% | 15.2% | 16.0% |
Dividend pay-out ratio | 56.8% | 81.8% | 85.7% | 67.7% | 32.9% |
Net debt1/total equity | 0.82 | 0.51 | 0.48 | 0.68 | 0.92 |
Key performance indicators (in €) | |||||
Earnings per share (adjusted)1 | 2.18 | 2.00 | 1.52 | 2.07 | 2.01 |
Earnings per share | 2.47 | 1.53 | 1.34 | 1.85 | 1.82 |
Dividend per share (2025: proposed) | 1.40 | 1.25 | 1.15 | 1.25 | 0.60 |
Equity per share at year-end | 14.65 | 14.77 | 13.69 | 13.91 | 12.30 |
Share price at year-end | 24.35 | 17.30 | 17.54 | 19.02 | 24.90 |
Share price high | 25.15 | 18.42 | 23.15 | 27.10 | 25.20 |
Share price low | 17.36 | 16.52 | 16.70 | 18.06 | 20.10 |
Market capitalization as at 31 December (in millions) | 721.4 | 512.4 | 519.5 | 563.3 | 737.3 |
Net cash flow from operating activities (in millions) | (71.0) | 30.7 | 137.3 | 72.7 | (36.4) |
Number of shares outstanding (in thousands) | |||||
Weighted average | 29,623 | 29,618 | 29,618 | 29,616 | 29,598 |
At year-end | 29,625 | 29,618 | 29,618 | 29,618 | 29,610 |
Fully diluted at year-end | 29,738 | 29,618 | 29,618 | 29,618 | 29,654 |
Exchange rates (against €1) | |||||
US dollar at year-end | 1.175 | 1.035 | 1.104 | 1.071 | 1.137 |
% change | 13.4% | -6.2% | 3.1% | -5.8% | -7.6% |
Average US dollar | 1.130 | 1.082 | 1.082 | 1.053 | 1.183 |
% change | 4.5% | 0.0% | 2.7% | -11.0% | 3.6% |
- Non-IFRS financial measure. For the definition and reconciliation of the most directly comparable IFRS measure, refer to Reconciliation of non-IFRS information.
Contact details
WTC, Beursplein 37
P.O. Box 30156, 3001 DD Rotterdam
The Netherlands
+31 10 405 11 95
[email protected]
www.acomo.nl
Boompjes 40
P.O. Box 180, 3000 AD Rotterdam
The Netherlands
+31 10 411 34 40
[email protected]
www.catz.nl
Transportweg 47
2676 LM Maasdijk
The Netherlands
+31 174 52 83 33
[email protected]
www.tovano.nl
Spanjeweg 4
P.O. Box 1044, 2410 CA Bodegraven
The Netherlands
+31 172 63 22 22
[email protected]
www.kingnuts-raaphorst.com
Radonstraat 12
P.O. Box 8100, 6710 AC Ede
The Netherlands
+31 318 555 000
[email protected]
www.delinuts.nl
Via Vilfredo Pareto, 175
47521 Cesena (FC)
Italy
+39 0547 533 07
[email protected]
www.manuzzisrl.it
Dammtorstraße 21b
20354 Hamburg
Germany
+49 40 351 03 90
[email protected]
www.sigco.de
501, 42nd Street NW
P.O. Box 3022, Fargo,
North Dakota 58102, USA
+1 701 28 22 600
[email protected]
www.redriv.com
Nijverheidsweg 148
4879 AZ Etten-Leur
The Netherlands
+31 168 32 35 55
[email protected]
www.rr-ve.com
Stationsplein 61–65
1012 AB Amsterdam
The Netherlands
+31 20 407 44 99
[email protected]
www.tradinorganic.com
Blaak 16
3011 TA Rotterdam
The Netherlands
+31 10 402 17 50
[email protected]
www.vanrees.com
De Leiteweg 13
8020 Ruddervoorde
Belgium
+32 50 36 16 85
[email protected]
www.snick.be
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