Dn Agrar Group S.a · BVB:DN
Dn Agrar — FY2025 Earnings Presentation
70 slides from Dn Agrar's earnings presentation, Feb 23, 2026
Slide 1: Presentation of the 2025 Preliminary Results
Presentation of the 2025 Preliminary Results Outperforming Today. Diversifying for Tomorrow. DN AGRAR closes its most successful year in Company history with record financial results and a newly announced diversification strategy - creating a robust foundation for sustainable growth despite near-ter
Slide 2: The 2025 Preliminary Results Video is available
The 2025 Preliminary Results VIDEO is available
Slide 3: Content
CONTENT 1 ABOUT DN AGRAR 2 2025 PRELIMINARY FINANCIAL RESULTS – GAAP & IFRS 3 OPERATIONAL ACTIVITY 4 CURRENT PROJECTS 5 CAPITAL MARKET JOURNEY 6 2026 STRATEGY PROJECTS CALENDAR 7 MILK MARKET OUTLOOK
Slide 4: DN AGRAR - A Sustainable Vision Since 2008
DN AGRAR THE FOUR - A SUSTAINABLE VISION SINCE 2008 SCENARIOS: Approx. 18,000 heads dairy cows as well as young cattle. THE LARGEST MILK PRODUCER IN THE EUROPEN UNION 10,000+ hectares of worked land (7,000+ inside the group, and the rest outside the group) 5 farms & 2 compost factories Established c
Slide 5: DN AGRAR - An Outstanding Growth Story
DN AGRAR - AN OUTSTANDING GROWTH STORY Tripled the business since listing Track Record EBITDA surged by 470% since listing +70 million liters of milk delivered in 2025 Focus on sustainable, regenerative Sustainable agriculture practices that maximize Agriculture productivity, reduce environmental im
Slide 6: Integrated Business Model – Today
INTEGRATED BUSINESS MODEL – TODAY
Slide 7: Content
CONTENT 1 ABOUT DN AGRAR 2 2025 PRELIMINARY FINANCIAL RESULTS – GAAP & IFRS 3 OPERATIONAL ACTIVITY 4 CURRENT PROJECTS 5 CAPITAL MARKET JOURNEY 6 2026 STRATEGY PROJECTS CALENDAR 7 MILK MARKET OUTLOOK
Slide 8: Record Results in 2025 - Turnover +21%, Net Profit +65%
THE FOUR SCENARIOS: RECORD RESULTS IN 2025 - TURNOVER +21%, NET PROFIT +65% TURNOVER NET ASSETS RON 213.29 mil. +21.40% RON 351.49 mil. +26.71% vs 2024 vs 31.12.2024 TOTAL ASSETS NET PROFIT RON 52.35 mil. +64.95% RON 441.06 mil. +21.95% vs 2024 vs 31.12.2024 EBITDA EQUITY RON 96.64 mil. +36.64% RON
Slide 9: Financial Results Highlights in 2025
FINANCIAL RESULTS HIGHLIGHTS in 2025 During 2025, operating revenues amounted to PROFIT AND LOSS ACCOUNT 31/12/2025 31/12/2024 ∆% RON 335 million, a 27% increase compared to the (RON) same period of last year. OPERATING INCOME – TOTAL 334,731,187 264,319,815 26.64% Operating expenses increased by 20
Slide 10: Factors That Influenced 2025 Results
FACTORS THAT INFLUENCED 2025 RESULTS 21% increase in 22% increase in 29% advance in turnover subsidy revenues personnel expenses 15% higher raw materials, Investments of RON 52 18% growth in million in key projects consumables and utilities depreciation expenses leading to a 19% rise in expenses lon
Slide 11: The Main Elements of the Balance Sheet
THE MAIN ELEMENTS OF THE BALANCE SHEET BALANCE SHEET INDICATORS (RON) 31/12/2025 31/12/2024 ∆% Equity recorded an increase of 32% FIXED ASSETS - TOTAL 292,742,323 243,511,009 20.22% compared to 31.12.2024, reaching RON 218 CURRENT ASSETS - TOTAL 144,725,292 115,784,991 24.99% million, this evolution
Slide 12: Continuous Financial Growth Performance
CONTINOUS FINANCIAL GROWTH PERFORMANCE TURNOVER, mil. RON EBITDA, mil. RON NET PROFIT, mil. RON 213.29 200.00 100.00 96.64 175.70 180.00 160.00 150.79 150.89 80.00 70.72 140.00 120.00 60.00 60.00 52.35 100.00 46.49 43.34 80.00 40.00 40.00 31.75 60.00 22.67 40.00 20.00 20.00 13.94 20.00 0.00 0.00 0.0
Slide 13: Financial Performance vs. Budget
2025 THE FOUR FINANCIAL SCENARIOS: PERFORMANCE VS. BUDGET TURNOVER, mil. RON EBITDA, mil. RON NET PROFIT, mil. RON Estimated 215 - 225 mil. RON 212 213 Estimated 89 93 - 97 mil. RON 97 Estimated 52 48 - 52 mil. RON 39 Budgeted March Revised Budget C 2025 Budgeted March Revised Budget 2025 Budgeted M
Slide 14: 2025 IFRS Results
THE FOUR SCENARIOS: 2025 IFRS RESULTS TOTAL NON-CURRENT ASSETS TOTAL NON-CURRENT LIABILITIES RON 435.29 mil. 22.7% RON 186.35 mil. 19.1% vs 2024 vs 2024 TOTAL CURRENT ASSETS TOTAL CURRENT LIABILITIES RON 70.66 mil. 37.4% RON 72.65 mil. 7.8% vs 2024 vs 2024 TOTAL ASSETS TOTAL LIABILITIES RON 505.92 m
Slide 15: 2025 IFRS Results
THE FOUR SCENARIOS: 2025 IFRS RESULTS TURNOVER OPERATIONAL RESULLT RON 217.78 mil. 20% RON 86.70 mil. 43% vs 2024 vs 2024 PROFIT FROM PRODUCTION AND AGRICULTURE FINANCIAL RESULLT RON 83.91 mil. 61% RON (11.44) mil. 45% vs 2024 vs 2024 NET RESULT RON 64.22 mil. 45% vs 2024
Slide 16: 2025 IFRS Results
THE FOUR SCENARIOS: 2025 IFRS RESULTS PROFIT MARGIN* EBITDA MARGIN 29% 21% 49% 8% vs 2024 vs 2024 PROFIT RENTABILITY** EBITDA RENTABILITY 25% 21% 41% 9% vs 2024 vs 2024 *Profit/Turnover **Profit/Total Revenue
Slide 17: Content
CONTENT 1 ABOUT DN AGRAR 2 2025 PRELIMINARY FINANCIAL RESULTS – GAAP & IFRS 3 OPERATIONAL ACTIVITY 4 CURRENT PROJECTS 5 CAPITAL MARKET JOURNEY 6 2026 STRATEGY PROJECTS CALENDAR 7 MILK MARKET OUTLOOK
Slide 18: Consistent Growth in Milk Deliveries
CONSISTENT GROWTH IN MILK DELIVERIES + 70 million liters of milk DN AGRAR concluded 2025 with were delivered in 2025 remarkable results, delivering over 70 million liters of milk, representing a 13% increase compared to 2024. This performance marks the successful validation of the company's strategy
Slide 19: DN AGRAR Cereal Production Evolution
DN AGRAR CEREAL PRODUCTION EVOLUTION The climatic context of 2025, characterized by From this perspective, the agricultural activity in 2025 was challenges such as insufficient rainfall and temperature marked by significant climate challenges, which had fluctuations, played a decisive role in shapin
Slide 20: DN AGRAR Cereal Production – Crop Yields
DN AGRAR CEREAL PRODUCTION – CROP YIELDS Resilience Measures: In order to mitigate the adverse impact on crop yields, we adopted strategic soil conservation techniques, such as no-till farming, to optimize moisture levels and reduce costs. Production Trends: While these measures were significant, th
Slide 21: Content
CONTENT 1 ABOUT DN AGRAR 2 2025 PRELIMINARY FINANCIAL RESULTS – GAAP & IFRS 3 OPERATIONAL ACTIVITY 4 CURRENT PROJECTS 5 CAPITAL MARKET JOURNEY 6 2026 STRATEGY PROJECTS CALENDAR 7 MILK MARKET OUTLOOK
Slide 22: Straja Farm - A Significant Expansion in Production
STRAJA FARM - A SIGNIFICANT EXPANSION IN PRODUCTION • Beg. March – Start milk production Key Highlights • End of December – 2,200 cows • Milking parlors • Started in 2023 completed and End of 2027 robots installed • Planned to be completed in 2027 • 5,000 dairy cows • Farm hospital and maternity fin
Slide 23: Straja Project Current Status
STRAJA PROJECT CURRENT STATUS 23
Slide 24: Compost Factory to Strengthen the Circular Economic Model
COMPOST FACTORY TO STRENGTHEN THE CIRCULAR ECONOMIC MODEL Operational Highlights • The Apold compost factory is performing as planned. 2 compost • The construction of Lacto Agrar compost facility is completed and started the testing and commissioning period, with full-scale production factories sche
Slide 25: Apold Compost Factory
APOLD COMPOST FACTORY 25
Slide 26: Apold Compost Packaging Machine
APOLD COMPOST PACKAGING MACHINE 26
Slide 27: Lacto Agrar Compost Factory
LACTO AGRAR COMPOST FACTORY 27
Slide 28: Green Energy - Solar Panels Project
GREEN ENERGY - SOLAR PANELS PROJECT DN AGRAR strengthens its energy strategy with new investments Solar panel installation on the roofs of DN AGRAR farms was completed APOLD farm A EUR 1.7 million project for the installation of solar panels on the buildings of Apold, Lacto Agrar, and Cut The in
Slide 29: Solar Panels Project - Current Status
SOLAR PANELS PROJECT - CURRENT STATUS CUT farm LACTO AGRAR farm
Slide 30: Biomethane Production for an Integrated Sustainable Strategy
BIOMETHANE PRODUCTION FOR AN INTEGRATED SUSTAINABLE STRATEGY Current Status • The supply and development contracts were signed in July this year. • The project is progressing precisely as scheduled and is currently in the permitting and detailed design phases, following the successful finalization o
Slide 31: Content
CONTENT 1 ABOUT DN AGRAR 2 2025 PRELIMINARY FINANCIAL RESULTS – GAAP & IFRS 3 OPERATIONAL ACTIVITY 4 CURRENT PROJECTS 5 CAPITAL MARKET JOURNEY 6 2026 STRATEGY PROJECTS CALENDAR 7 MILK MARKET OUTLOOK
Slide 32: DN AGRAR in the Capital Market
DN AGRAR IN THE CAPITAL MARKET Included in indices BETAeRO MSCI Frontier Small Cap The company with the MSCI Romania Small Cap largest weight in the BETAeRO index at the end Number of Shareholders of 2025. Investment in CUT 2 Farm + 4,200 shareholders as of December 2025 45% increase in the number o
Slide 33: Shares Outperforming the Market
DN AGRAR's THE FOUR SCENARIOS: SHARES OUTPERFORMING THE MARKET EVOLUTION 4 YEARS SINCE LISTING DN AGRAR +109% DN AGRAR +91% DN AGRAR +340% Listed on the AeRO market of the Bucharest Stock Exchange on February 2, 2022. BET +46% BET +103% Feb. 2022 BETAeRO +6% BETAeRO -10% Dec. 2024 Dec. 2025 VEKTOR b
Slide 34: Shares Outperforming the Market
DN AGRAR's THE FOUR SCENARIOS: SHARES OUTPERFORMING THE MARKET DN AGRAR +449 % EVOLUTION SINCE LISTING BET +118% BETAeRO -5% DN AGRAR + 300% DN AGRAR +37 % Listed on the AeRO market of the Bucharest Stock Exchange on February 2, 2022. BET +82% BET +19% BETAeRO -15% BETAeRO +11% Feb. ‘22 Dec. ‘24 Dec
Slide 35: Top Performer on the AeRO Market
TOP PERFORMER THE FOUR SCENARIOS: ON THE AeRO MARKET YEARLY TRADED VALUE, MONTHLY TOTAL TRADED VALUE, 2024 & 2025 1st position in BETAeRO, mil. RON mil. RON for 2025 total traded 19.4 value 2024 2025 26% DN share of the 81.75 15.93 BETAeRO Index for +51% 2025 total traded value 54.23 12.81 12% DN sh
Slide 36: DN AGRAR Share Price Shows Resilience in Challenging Markets
DN AGRAR THE FOUR SHARE PRICE SHOWS RESILIENCE IN CHALLENGING MARKETS SCENARIOS: SHARE PRICE EVOLUTION +9% +300% +11% -84% feb.22 dec.25 feb.22 dec.25 feb.22 dec.25 feb.22 dec.25 FirstFarms (FFARMS) - MHP SE (MHPC) - food and AUGA Group – vertically DN AGRAR outperforms regional integrated zootechni
Slide 37: Content
CONTENT 1 ABOUT DN AGRAR 2 2025 PRELIMINARY FINANCIAL RESULTS – GAAP & IFRS 3 OPERATIONAL ACTIVITY 4 CURRENT PROJECTS 5 CAPITAL MARKET JOURNEY 6 2026 STRATEGY PROJECTS CALENDAR 7 MILK MARKET OUTLOOK
Slide 38: 2026 Projects Calendar
2026 PROJECTS CALENDAR Processing factory CUT 2 farm Biomethane — skimmed milk development project and cream Em ie! = Vertical farming for wheatgrass Oy DO R\a 4 / a as z -” « Digestate storage lagoons Compost on the fields Production Meee rf
Slide 39: Production of Cream and Skimmed Milk
PRODUCTION OF CREAM AND SKIMMED MILK • Estimated production • Extra storage capacity of capacity: 150,000 liters/day. 3 0 0 .0 0 0 liters. • Production of cream, • Possibility to produce milk skimmed milk, MMC* and with specific vet request for Kosher milk. food processors ranging from *MMC - Skimmed
Slide 40: Cream and Skimmed Milk Factory
CREAM AND SKIMMED MILK FACTORY 40
Slide 41: Biomethane Project
BIOMETHANE PROJECT • Total investment: Approx. • Expected revenues for DN AGRAR: EUR 30 million, will be fully An estimated annual turnover of EUR implemented by BSOG Energy 3–3.5 million • BSOG Energy received the license to produce biomethane, as the regulations for grid injection are moving towar
Slide 42: CUT 2 Farm Development
CUT 2 FARM DEVELOPMENT • Animal herd: 5,000 dairy cow 2026: new land acquisitions planned, to ensure optimal exploitable area for Cut 2 Farm, which will facilitate the future development of 2 new production units: • Production capacity: 150,000 liters of milk/day • A wheatgrass production unit, inte
Slide 43: Vertical Farming (Wheatgrass)
VERTICAL FARMING (WHEATGRASS) • Production output: 35–40 tons • Investment: Approx. EUR 3 million of feed per day, with constant for the first facility, located at CUT 1 protein levels. farm storage facility.
Slide 44: Food Cluster
FOOD CLUSTER • Project developed in collaboration with Wageningen Metropolitan Food Clusters. • Site analysis initiated. • Preliminary discussions with experienced industry partners, to explore strategic opportunities.
Slide 45: Food Cluster Visit in the Netherlands
FOOD CLUSTER VISIT IN THE NETHERLANDS 45
Slide 46: Straja Farm
apy DN AGRAR TIMELINE continues the development of aX =D Completion of paddock Straija farm, ip cnet ap ea a strategic a works at the aimed at expanding Q4 2026 production capacity. STRAJA By year-end, the livestock population at Strajafarmis projected to reach 3,400 heads, both dairy cows and pregn
Slide 47: Digestate Storage Lagoons
DIGESTATE STORAGE LAGOONS • The digestate is an organic byproduct of the biomethane production process. • In 2026 DN AGRAR plans to develop the first unit of this type. • Location: in the area of the Apold farm fields. • Planned investment: Approx. EUR 150,000.
Slide 48: Compost Production
COMPOST PRODUCTION • Production: Annual production • Impact: The volume of voluntary capacity will increase significantly, carbon credits is also expected to doubling from 14,000 tonnes to double, reaching approximately 28,000 tonnes of compost. 64,000 credits annually. • Investment: Approx. EUR 3.5
Slide 49: DN AGRAR Group Sets Course for Main Market Upgrade
OUR PATH TO MAIN MARKET DN AGRAR GROUP sets course for Main Market upgrade
Slide 50: Content
CONTENT 1 ABOUT DN AGRAR 2 2025 PRELIMINARY FINANCIAL RESULTS – GAAP & IFRS 3 OPERATIONAL ACTIVITY 4 CURRENT PROJECTS 5 CAPITAL MARKET JOURNEY 6 2026 STRATEGY PROJECTS CALENDAR 7 MILK MARKET OUTLOOK
Slide 51: Milk Market Outlook 2035
MILK MARKET OUTLOOK 2035 -5% EU compared to 2025 • EU milk supply is not declining yet, thanks to strong growth in late 2025. Still, despite favourable conditions – like low feed costs, high milk prices, no droughts, and minimal disease impact – annual growth is only about 0.7%, far below gains in t
Slide 52: Milk Market Outlook
MILK MARKET OUTLOOK • Ireland and NL deliver 15% of the EU market, both countries will face nitrogen legislation. Which will lead to a decrease of milk production. • CEE has the possibility to further intensify.
Slide 53: Milk Market Outlook
MILK MARKET OUTLOOK • Majority farmers are 55+ years old; • Only 12% of the farmers is under 40 years old; • Most SME's will disappear, mainly in CEE region.
Slide 54: Milk Market Outlook
MILK MARKET OUTLOOK 2003 2016 15 million farms EU 10.3 million farms EU 2020 2040 9.1 million farms EU 3.8 million farms EU Reduction of 3.2 million cows expected EU in 2035 ABN AMRO: Estimate dairy cows to fall 8% up to 2024-2030 Data: Eurostat & Research for AGRI
Slide 55: Milk Market Outlook
MILK MARKET OUTLOOK Mitigation: • No-till technology • Solar • Compost • Wheatgrass production
Slide 56: Milk Market Outlook 2035
MILK MARKET OUTLOOK 2035 a wy Figure 1: Milk production growth, Big-7 exporters and China (actual and RaboResearch forecast), 2023-2027f* 3.0 20 10 10 20 a a 2027 aif a2 a3F asf 2026 Qt a2 Qe asf 2025 a1 a2 a3 a4 2024 ar a2 a3 a 2023 MUS Oceania MEU = South America m= China * Note:The Bg includes tr
Slide 57: Milk Market Outlook
MILK MARKET OUTLOOK 2025¢ 4000 3000 “Thousand metic tons 8 Figure 6: New Zealand milk production, Jan 2023-Dec Aor May Jun Jul Rug Sep Oct Nov ee 27s mmm 2025 2004 2023 Figure 5: US milk production, Jan 2023-Dec 2025f Jan Feb Mar Apr May Jun Jul Aug Sep Oct Now roost mmm2025 204 2008, Regional milk
Slide 58: Milk Market Outlook
MILK MARKET OUTLOOK wy Table 1: Quarterly dairy commodity prices (historic and forecast), 2024-2026f Europe (Gouda) Us (Cheddar) Oceania (Cheddar) Dry whey powder Europe us Skim milk powder Europe us Oceania Whole milk powder Europe Oceania South America EUR/metric ton USD/metric ton USD/metric ton
Slide 59: Milk Market Outlook Rabobank Study
MILK MARKET OUTLOOK Rabobank Study • EU export surplus is expected to shrink from 14% to day to 9% by 2035; • Shift: Europe is moving from chronic oversupply to structurally tightening supply; • 3-4 milk processing plants in Northwest Europe may need to close due to shrinking supply; • In 2025 Fries
Slide 60: Dynamics of the Milk Price Evolution
DINAMYCS THE FOUR SCENARIOS:OF THE MILK PRICE EVOLUTION
Slide 61: DN AGRAR Strategy for 2030
DN AGRAR BUSINESS SEGMENTS: Strategy for 2030: 1 MILK Production 2 COMPOST A Vision for Growth, VERTICAL FARMING 3 4 Innovation, GREEN ENERGY Production for wheatgrass and Value Creation 5 ALTERNATIVES for VALORIZING MILK 6 GREENHOUSES Double EBITDA by 2030 150 - 200 million liters of milk annually
Slide 62: Strategic Timeline 2025 - 2030
STRATEGIC TIMELINE 2025 - 2030 Vertical Integration Infrastructure Consolidation Market Penetration & diversification & Agritech Expansion & Final Vertical Integration Vertical Farming (Cut 1) Cut 2 Farm (Animal Acquisition) Greenhouses (Phase 2) Compost (Cut 1) Vertical Farming (Cut 2) Vertical Far
Slide 63: DN's Integrated Business Model – In 2030
DN'S INTEGRATED BUSINESS MODEL – IN 2030
Slide 64: Scenarios by 2030
THE FOUR SCENARIOS by 2030 mil. RON mil. RON 500 500 475 475 450 450 SCENARIO 1 - 425 400 425 400 SCENARIO 2 - 375 the milk price is 375 350 350 the milk price is considered based on 325 325 considered based on 300 300 the average milk 275 275 the average milk 250 250 price in 2023. 225 225 price in
Slide 65: Upcoming Events
UPCOMING Events 24 February ”Deschiderea de Astăzi” live show from Ziarul Financiar 10 March ”Quarterly Report” by TradeVille (TBD) "Economic developments and the investment climate in Romania" event organized 12 March by the Dutch-Romanian Network in Wassenaar, The Netherlands Speakers at the event
Slide 66: Upcoming Events
UPCOMING Events 16 March ”Capital Market Summit” by Ziarul Financiar 25 March Publication of 2025 Annual Report
Slide 67: Contact
CONTACT Website: www.dn-agrar.eu How do you contact us? On the DN AGRAR company website, you can find press releases, financial reports, annual reports, presentations, the financial calendar, and other relevant information for shareholders, accessible through the Euroland interactive tool. Visit our
Slide 68: Slide 68
Slide 69: Questions
QUESTIONS 1. Do you qualify for any of the facilities announced by Prime Minister Bolojan government regarding the economic recovery? 2. Can the Cash Flow also be published? 3. Has the authorization for bio-compost been obtained? 4. Please detail your policy regarding the revaluation of biological a
Slide 70: Questions
QUESTIONS 14. What signals are you seeing regarding milk price developments over the coming months? 15. Is the Romanian milk market oversupplied at the moment? And if so, how long do you estimate this situation will persist? 16. Are you considering a short-term limitation of milk production? 17. Are