Dear reader,

I am pleased to present our Annual Report 2024, which provides a comprehensive overview of our financial performance, strategic ambitions, and sustainability achievements over the past year. In 2024, we took significant steps in both sustainability and financial reporting. We transitioned from Dutch Generally Accepted Accounting Principles (Dutch GAAP) to International Financial Reporting Standards (IFRS) to enhance transparency and comparability on an international scale. Furthermore, we are now reporting in accordance with the Corporate Sustainability Reporting Directive (CSRD), underpinning our commitment to transparency on environmental, social, and governance (ESG) topics.

The world is changing at an unprecedented pace, presenting both challenges and opportunities. Businesses must navigate increasing pressures related to carbon emissions, biodiversity, and labour market constraints, while geopolitical developments continue to shape both strategic and operational decisions. However, within these challenges lie significant opportunities to drive positive change and contribute to a more sustainable future.

Dairy products, as a source of essential nutrients, will remain an important food worldwide, as part of a sustainable and healthy diet. Given its favourable climatic conditions, Northwest Europe remains one of the most suitable regions for responsible dairy production. Our ambition is to produce nutrient-rich dairy products while minimising the impact on people, animals, and the environment.

At Royal A-ware, we acknowledge our role and responsibility in fostering a more sustainable food chain. In 2024, we implemented key initiatives to enhance the sustainability of our supply chains. A milestone in this journey was the approval of our climate targets by the Science Based Targets initiative (SBTi), confirming that our efforts align with global greenhouse gas reduction goals. We are proud to be the first Dutch family-owned dairy company to receive this approval — an important validation of our commitment to sustainability, both for ourselves and our stakeholders.

A financial healthy family business while minimising the environmental and social impact

Jan Anker, CEO Royal A-ware Food Group

This report has been prepared in accordance with IFRS and the European Sustainability Reporting Standards (ESRS). It integrates financial and non-financial information, offering a holistic perspective on our economic performance, environmental impact, and social responsibility. Our actions are guided by a commitment to long-term value creation, ensuring that dairy farmers can continue their operations, customers maintain confidence in our products and services, and employees thrive in a workplace where they feel valued and supported.

I am proud of the progress we have made in 2024—from reducing CO₂ emissions to expanding opportunities for our employees. Our achievements and initiatives are outlined in detail in this report. However, we recognise that there is still work to be done, and we remain committed to continuous improvement.

Finally, I would like to express my sincere appreciation to everyone who has contributed to our progress. Our employees, dairy farmers, customers, and partners all play an essential role in achieving our shared goals. Their dedication and collaboration are fundamental to our continued success.

Jan Anker
CEO Royal A-ware Food Group