Olam Group Limited · SGX:VC2
Olam — Investor Presentation (August 2025)
40 slides from Olam's investor presentation, August 2025
Slide 1: Unlocking value: Re-organisation of Olam
Olam Group Limited Unlocking value: Re-organisation Subtitle and Date of Olam Investor Presentation, August 2025
Slide 2: Cautionary note on forward-looking statements
Cautionary note on forward-looking statements This presentation entitled “Unlocking value: Re-organisation of Olam” may contain statements regarding the business of Olam Group Limited and its subsidiaries (“the Group”) that are of a forward-looking nature and are therefore based on management’s assu
Slide 3: Group overview
Group overview We are a leading food and agri-business supplying food, ingredients, feed and fibre to almost 22,000 customers worldwide. We are We are We are We are farmers suppliers processors innovators Field and farming experts Connecting customers to their Transforming raw materials Offering val
Slide 4: Over 35 years of growth
Over 35 years of growth Year: 1989 Year: 2024 Our products 1 50+ Our countries Nigeria 60+ Our revenue S$2 million S$56.2 billion Our employees 39,500+ Note: Number of employees refers to number of employees in the primary workforce Olam Group Limited Investor Presentation | August 2025 4
Slide 5: Our shareholders
Our shareholders First listed on the Singapore Exchange in 2005, we are now listed as Olam Group Limited since March 16, 2022, supported by a diversified shareholder group with long-term investment horizon. Temasek Mitsubishi Kewalram Directors Other Institutional Holdings Corporation Chanrai and Pu
Slide 6: Our customers
Our customers Diversified base with long-term relationships Number of customers Strong and reputable customer base ~22,000 customers worldwide, including several leading global brands Olam Group Limited Investor Presentation | August 2025 6
Slide 7: Re-organisation Plan: Core elements
Re-organisation Plan: Core elements 1. Create focus by reducing complexity and simplifying the portfolio. Clear separation of Olam Group into three distinct operating entities – ofi (Olam Food Ingredients), Olam Agri and Remaining Olam Group. 2. Attract natural, long-term owners for each operating e
Slide 8: Updated 2025 Re-organisation Plan: Achieve 3 key objectives
Updated 2025 Re-organisation Plan: Achieve 3 key objectives 1 2 3 De-lever Remaining Olam Group’s Invest US$500 million of equity into Responsibly divest and monetise balance sheet and make it debt- ofi all of the Remaining Olam Group’s free and self-sustaining • Continue to support various assets a
Slide 9: Value creation plan for shareholders (1/2)
Value creation plan for shareholders (1/2) US$ billion 4.0 3.5 1 Olam Agri 1.2 Discovered 2022 minority stake Olam Agri 2023 Valuation sale implied valuation book value Sale of Olam Agri: Strong validation of value creation thesis • Explored both public and private routes; 2-step • Divestment of Ola
Slide 10: Value creation plan for shareholders (2/2)
Value creation plan for shareholders (2/2) Unlocking intrinsic value in Remaining Olam Group and ofi 2 Remaining 3 Olam Group • Assets and businesses consist of Olam Global Holdco • Diversified and complementary portfolio with integrated (Olam Palm Gabon, Olam Rubber Gabon, Rusmolco, platforms that
Slide 11: 2020 Re-organisation Plan: What we have achieved so far (1/2)
2020 Re-organisation Plan What we have achieved so far (1/2) • Jan 2020: We announced the Re-organisation of our diverse business portfolio into three distinct operating groups – ofi, Olam Agri and the Remaining Olam Group – to maximise and unlock Olam Group’s long-term shareholder value via potenti
Slide 12: Re-organisation Plan: What we have achieved so far (2/2)
Re-organisation Plan What we have achieved so far (2/2) • Feb 2025: Announced key milestone transaction which illuminated significant value with the proposed sale of its remaining 64.57% stake in Olam Agri at an attractive valuation of US$4.0 billion on a 100% basis: • 14% valuation uplift from sale
Slide 13: Reporting segments and key performance metrics
Reporting segments and key performance metrics Operating group Businesses Reporting segments Key performance metrics Cocoa, Coffee, Dairy, Nuts, Spices 1) Global Sourcing Segment-level 2) Ingredients & Solutions Volume, Revenue, EBIT, Adjusted EBIT, EBIT per MT, Invested Capital (IC), EBIT/IC Grains
Slide 14: Changes to the presentation of H1 2025 Group financial highlights
Changes to the presentation of H1 2025 Group financial highlights 1. The Group announced on February 24, 2025 that it has agreed to sell its remaining 64.57% interest in Olam Agri to SALIC in two tranches – 44.58% (Tranche 1) and 19.99% (Tranche 2) at the end of 3 years post Tranche 1 completion. 2.
Slide 15: At a glance: H1 2025 Reported vs H1 2024 Re-presented
At a glance: H1 2025 Reported vs H1 2024 Re-presented 2.2 M MT S$15.3 B Operational S$327.1 M Volume & Revenue PATMI¹ +0.7% +49.9% +345.0% S$708.7 Free Cash -S$945.3 M EBIT² Flow to +85.5% Equity +S$4.4 B S$323.8 M From 2.60x to PATMI Gearing +573.2% 2.09x ²EBIT excludes exceptional items. 15 Olam G
Slide 16: At a glance: H1 2025 Adjusted vs H1 2024 Reported
At a glance: H1 2025 Adjusted vs H1 2024 Reported 27.8 M MT S$33.3 B Operational S$327.1 M Volume & Revenue PATMI¹ +14.5% +23.8% +345.0% S$1,203.1 M Free Cash -S$945.3 M EBIT² Flow to +35.5% Equity +S$4.4 B S$323.8 M From 2.60x to PATMI Gearing +573.2% 2.83x ² EBIT excludes exceptional items. 16 Ola
Slide 17: H1 2025 Adjusted vs H1 2024 Reported: Consolidated results by operating group
H1 2025 Adjusted vs H1 2024 Reported: Consolidated results by operating group ofi Olam Agri (Discontinuing Operations) Remaining Olam Group Invested Capital Volume ('000 MT) Revenue (S$ billion) EBIT (S$ million) (S$ million) 2.1% 1.8% 5.9% 14.4% 8.9% 44.0% 25.9% 44.5% 27,798.7 33.3 1,203.1 26,031.3
Slide 18: Consolidated H1 2025 Adjusted results: Profit & Loss
Consolidated H1 2025 Adjusted results: Profit & Loss H1 2024 % Change H1 2025 S$ million H1 2025 H1 2024 % Change Re-Presented Adjusted Volume ('000 MT) 2,218.4 2,202.1 0.7 27,798.7 24,272.0 14.5 EBITDA^ 987.4 660.4 49.5 1,580.6 1,258.1 25.6 EBIT^ 708.7 382.1 85.5 1,203.1 888.0 35.5 PATMI 323.8 48.1
Slide 19: Consolidated H1 2025 Adjusted results: Sales volume growth
Consolidated H1 2025 Adjusted results: Sales volume growth Volume growth by operating group ('000 MT) +14.5% 3,510 27,799 24,272 43 -26 H1 2024 ofi Remaining Olam Agri H1 2025 Olam Group (Discontinuing Operations) 19 Olam Group Limited Investor Presentation | August 2025
Slide 20: Consolidated H1 2025 Adjusted results: Core operating profits growth
Consolidated H1 2025 Adjusted results: Core operating profits growth EBIT³by operating group (S$ million) 266 1,203 -12 60 888 H1 2024 ofi Remaining Olam Agri Total Olam Group (Discontinuing Operations) Adjusted EBIT² 916 +311 1,227 (S$ M) ³ EBIT and Adjusted EBIT exclude exceptional items. 20 Olam
Slide 21: Consolidated H1 2025 Adjusted results: Operational PATMI at S$327.1 million
Consolidated H1 2025 Adjusted results: Operational PATMI at S$327.1 million PATMI increased from S$48.1 million to S$323.8 million on high EBIT growth PATMI (S$ million) +573.2% 327 10 3 324 -55 -11 48 H1 2024 EBIT^ Net Finance Taxation^ Exceptional Non-controlling H1 2025 Costs^ Items Interests Ope
Slide 22: Balance sheet
Balance sheet Jun-2025 Jun-2024 S$ million Jun-2025 Change Adjusted Restated Fixed Capital 7,600.6 9,397.0 9,756.6 (359.6) Right-of-use assets 717.5 841.0 867.8 (26.8) Uses of Working Capital 11,567.9 16,754.2 16,103.8 650.4 Capital Cash 1,566.9 3,397.2 3,514.9 (117.7) Others (121.8) (201.4) (325.2)
Slide 23: Consolidated H1 2025 Adjusted results: Marginal increase in invested capital
Consolidated H1 2025 Adjusted results: Marginal increase in invested capital Invested Capital4 (IC, S$ million) Gearing (times) Net gearing +0.7% Adjusted net gearing 25,842 26,031 2.83 2.79 2.60 Working Capital 2.09 Fixed Capital 15,462 16,045 1.04 0.92 0.98 0.68 10,381 9,986 Jun-24 Jun-25 Adjusted
Slide 24: Free cash flow
Free cash flow Reduction in working capital requirements and stable Capex improved FCFE Free Cash Flow to Equity (FCFE) (S$ million) +4,431 4,195 -18 -12 -84 -945 350 -5,377 H1 2024 Operating Changes in Tax Paid Capex / Net Interest H1 2025 Cash Flow Working Investments Paid (before Capital Interest
Slide 25: Sufficient liquidity with diversified pools of capital
Sufficient liquidity with diversified pools of capital Total borrowings and available liquidity (S$ million) 3,062 12,815 Short-Term 654 7,532 +5,644 7,171 1,567 Cash and RMI Secured Unutilised Available Short-term Short-term Receivables Bank Lines Liquidity Borrowings Fixed Deposits • Post H1 2025,
Slide 26: Significant shift and focus on...
2020-2024 Context Demonstrated resilience through multiple cycles of extreme volatility; continued to invest behind chosen strategy, some not yet yielding fully... Russia/Ukraine Continued and disciplined investment Rapid Inflation & Volatile behind our chosen strategy – in both Covid-19 & War & Int
Slide 27: ofi H1 2025 results
ofi H1 2025 results S$ Million S$ Million EBIT +12.7% Invested Capital Global Sourcing 536 476 Ingredients & Solutions +3.7% 22% 33% 16,356 16,968 37% 36% 78% 67% 63% 64% H1 2024 H1 2025 Jun-24 Jun-25 EBIT/MT (S$) 285 326 +11.5% Adjusted EBIT (S$) 498 555 • Continued prioritisation of selective grow
Slide 28: ofi: Global Sourcing
ofi: Global Sourcing S$ Million S$ Million EBIT +67.9% Invested Capital -0.4% 178 Working Capital 6,053 6,031 Fixed Capital 106 4,182 4,204 1,871 1,827 H1 2024 H1 2025 Jun-24 Jun-25 EBIT/MT (S$) 79 133 +64.0% Adjusted EBIT (S$) 109 178 • EBIT rose by 67.9% to S$177.5 million driven by recovery of co
Slide 29: ofi: Ingredients & Solutions
ofi: Ingredients & Solutions S$ Million S$ Million EBIT -3.1% Invested Capital +6.1% 370 358 Working Capital 10,303 10,937 Fixed Capital 6,127 6,887 4,176 4,050 H1 2024 H1 2025 Jun-24 Jun-25 EBIT/MT (S$) 587 539 -3.1% Adjusted EBIT (S$) 389 377 • Segment EBIT saw a modest reduction of 3.1% year-on-y
Slide 30: Remaining Olam Group
Remaining Olam Group5 De-prioritised/Exiting Assets Continuing/Gestating Businesses Incubating Businesses EBIT +285.1% Invested Capital S$ Million 173 S$ Million -11.6% 5 2,623 2,320 524 444 195 -12 2,062 1,852 -28 -57 -24 -93 37 24 H1 2024 Re-Presented H1 2025 Jun-24 Jun-25 • Improved contribution
Slide 31: Olam Agri: Segment results
Food & Feed - Origination & Merchandising Food & Feed - Processing & Value-added Fibre, Agri-industrials & Ag Services S$ Million -2.3% S$ Million -1.7% EBIT 506 Invested Capital 6,863 6,744 494 19% 11% 32% 32% 59% 70% 33% 33% 35% 35% 22% 19% H1 2024 Re-Presented H1 2025 Jun-24 Jun-25 EBIT/MT (S$) 2
Slide 32: Food & Feed - Origination & Merchandising
S$ Million S$ Million EBIT Invested Capital -2.2% -43.4% 99 2,164 2,117 Working Capital Fixed Capital 56 2,011 2,033 153 84 H1 2024 Re-Presented H1 2025 Jun-24 Jun-25 EBIT/MT (S$) 5 3 EBIT was down 43.4% or S$42.9 million to S$56.0 million mainly on lower IC decreased marginally by 2.2% to S$2.1 bil
Slide 33: Food & Feed - Processing & Value-added
S$ Million S$ Million EBIT +16.2% -2.3% Invested Capital 345 2,298 2,244 Working Capital 297 Fixed Capital 1,044 993 1,254 1,251 H1 2024 H1 2025 Jun-24 Jun-25 EBIT/MT (S$) 122 138 Healthy 16.2% growth in EBIT to S$345.0 million in H1 2025 with higher IC declined slightly by 2.3% from a year ago to S
Slide 34: Fibre, Agri-industrials & Ag Services
S$ Million S$ Million EBIT -15.2% Invested Capital -0.8% 110 Working Capital 2,401 2,383 93 Fixed Capital 1,878 1,798 523 585 H1 2024 Re-Presented H1 2025 Jun-24 Jun-25 EBIT/MT (S$) 92 73 EBIT declined 15.2% year-on-year to S$93.4 million and EBIT per MT contracted IC stood at S$2.4 billion, relativ
Slide 35: Business outlook and prospects
Business outlook and prospects 1 2 3 4 The Group expects the global ofi expects continued near-term The Group seeks to responsibly divest Olam Agri economic outlook for 2025 to be volatility for some of its input raw the businesses of the Remaining Olam (Discontinuing clouded by the ongoing trade ma
Slide 36: Governance: Board of directors
Governance Board of directors Olam Group Limited Investor Presentation | August 2025 36
Slide 37: Governance
Governance Board and four Board Committees oversee risk management Audit & Risk Nomination & Sustainability The Board Committees Remuneration Committee Committee All strategic risks are overseen by the offices of the Group CEO and the Executive Committees Olam Group Limited Investor Presentation | A
Slide 38: Governance: Living our Purpose (1/2)
Governance: Living our Purpose (1/2) Sustainability framework Olam Group Limited Investor Presentation | August 2025 38
Slide 39: Governance: Living our Purpose (2/2)
Governance: Living our Purpose (2/2) Sustainability framework Olam Group Limited Investor Presentation | August 2025 39
Slide 40: Olam Group Limited Investor Presentation
Olam Group Limited Investor Presentation | August 2025 olamgroup.com/investors.html ir@olamnet.com 40