Slide 1: SIPEF Analyst presentation August 14, 2025
SIPEF Analyst presentation August 14, 2025 1
Slide 2: Summary
Summary SIPEF group - Company profile SIPEF group - Palm oil in the world SIPEF group - Production & prices SIPEF group – Financial performance SIPEF group – Strategic projects SIPEF group - Prospects
Slide 3: SIPEF at a glance
SIPEF AT A GLANCE Belgium USD 250 million Headquarters Total sales in FY2025/06 1919 More than More than 24.000 50.000 T employees of bananas expected More than Listed on the 430 000 T of CPO expected EURONEXT stock exchange 100% 9.5 years Young average age RSPO COMPLIANT 3 profile
Slide 4: Planted hectares per 31 December 2024
PLANTED HECTARES PER 31 DECEMBER 2024 Hectares 2024 Indonesia PNG Côte d’Ivoire 100% Palm 71.951 13.550 0 85.500 Bananas 0 0 1.257 1.257 Total planted 71.951 13.550 1.257 86.757 4
Slide 5: Evolution planted hectares palm
EVOLUTION PLANTED HECTARES PALM EVOLUTION OWN PALM HECTARES +5% 95.000 85.000 75.000 65.000 55.000 45.000 35.000 25.000 15.000 5.000 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 20
Slide 6: Evolution own CPO productions
EVOLUTION OWN CPO PRODUCTIONS +70% 550.000 500.000 450.000 400.000 350.000 300.000 250.000 200.000 150.000 100.000 50.000 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2
Slide 7: Evolution turnover - equity - NFP - result
EVOLUTION TURNOVER - EQUITY – NFP - RESULT 1.000 800 600 Turnover In MUSD Equity 400 Net financial position Result, share of the Group 200 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 -200 7
Slide 8: Summary
Summary SIPEF group - Company profile SIPEF group - Palm oil in the world SIPEF group - Production & prices SIPEF group – Financial performance SIPEF group – Strategic projects SIPEF group - Prospects
Slide 9: Palm oil: a leader in the vegetable oil market
PALM OIL: A LEADER IN THE VEGETABLE OIL MARKET
Slide 10: Vegetable oil production
VEGETABLE OIL PRODUCTION 2024 261 MT 1994 93.1 MT 19,2% 32,1% 15% 4,5% 34% 8,8% 20% 5% 8% 11% 12,0% 23,4% 10 Source: Oilworld
Slide 11: Palm oil production in the world
PALM OIL PRODUCTION IN THE WORLD 2024 Palm oil production Total of 79,2 Mn tonnes 6% Indonesia 5% 2% 4% Malaysia Thailand 23% 60% Africa Middle & South America Other countries 11 Source: Oilworld
Slide 12: Future potential
Future potential
Slide 13: Long term palm oil price forecasts
PROJECTED VEGETABLE OIL USE SPREAD Projected vegetable oil use 350 300 250 200 150 LONG TERM PALM OIL PRICE FORECASTS 100 50 0 2000 2010 2020 2030 2035 2040 Food Biodiesel Oleochemical Other Industrial
Slide 14: Oil and fat consumption per capita
OIL AND FAT CONSUMPTION PER CAPITA Oil and fat per capita consumtion (in Kg) 90 81,19 = 3 billion people 80 78,72 74,61 70 59,43 60 55,77 52,37 50 39,05 40 35,54 30,26 30 27,81 25,52 25,86 21,46 20,13 20 17,47 15,57 13,75 14,04 10 0 EU-28 USA China India Indonesia Pakistan Nigeria Brazil World 2022
Slide 15: Hardly any growth anymore in Indonesia and Malaysia
Hardly any growth anymore in Indonesia and Malaysia 15
Slide 16: Increasing age profile within the sector
Increasing age profile within the sector 16
Slide 17: Increasing age profile within the sector
Increasing age profile within the sector Country Sector Average age (yrs) % ≥ 20 yrs old Industrial 14.0 Indonesia* 26% Smallholder 14.2 Industrial 14.0 Malaysia** 27% Smallholder 14.0 – 15.0 SIPEF*** Own plantations 9.5 8% *ESSD 2024 ** MPOB *** Annual report Key takeaway: • Plantations in both cou
Slide 18: Summary
Summary SIPEF group - Company profile SIPEF group - Palm oil in the world SIPEF group - Production & prices SIPEF group – Financial performance SIPEF group – Strategic projects SIPEF group - Prospects
Slide 19: Group productions – crude palm oil
GROUP PRODUCTIONS – CRUDE PALM OIL Palm Oil Jun-25 Jun-24 Variance Own Tolan Tiga Group 30 509 28 536 6,9% Umbul Mas Wisesa Group 19 843 15 536 27,7% Agro Muko Group 42 655 36 333 17,4% South Sumatra Group 33 687 24 222 39,1% Hargy Oil Palms 43 415 39 088 11,1% Total own 170 110 143 716 18,4% Outgro
Slide 20: Monthly group productions – CPO 2025
MONTHLY GROUP PRODUCTIONS – CPO 2025 45.000 40.000 35.000 30.000 25.000 20.000 15.000 10.000 5.000 0 January February March April May June July August September October November December Mtd LY Mtd CY 20
Slide 21: Group productions – bananas
GROUP PRODUCTIONS – BANANAS Bananas Jun-25 Jun-24 Variance Azaguie 5 935 5 151 15,2% Agboville 3 538 4 027 -12,1% Motobé 3 040 3 502 -13,2% Lumen 8 639 9 565 -9,7% Akoudje 4 825 2 878 67,7% Total Bananas 25 977 25 122 3,4% 21
Slide 22: Bull and bear
BULL AND BEAR MDEX Bearish inputs Rating Bullish inputs EU market Palm Oil Steady - US biodiesel announcement, - Perfect weather in US, bearish for soybeans increasing vegoil demand with 3 mln and corn/grains. Funds are short all major mt for 2026. Local production is crops (but against a long in ve
Slide 23: CPO prices 2024 – 2025
CPO PRICES 2024 – 2025 Crude Palm Oil in $/mt Source: Bursa Malaysia 1 150 MDEX 1 100 1 050 1 000 950 900 850 800 750 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 23
Slide 24: Spread CPO – soybean oil
500 700 900 1 100 1 300 1 700 1 900 2 100 1 500 2009M01 2009M04 2009M07 2009M10 2010M01 2010M04 2010M07 2010M10 2011M01 2011M04 2011M07 2011M10 2012M01 2012M04 2012M07 2012M10 2013M01 2013M04 2013M07 2013M10 2014M01 2014M04 2014M07 2014M10 2015M01 2015M04 2015M07 2015M10 2016M01 2016M04 2016M07 Palm
Slide 25: Summary
Summary SIPEF group - Company profile SIPEF group - Palm oil in the world SIPEF group - Production & prices SIPEF group – Financial performance SIPEF group – Strategic projects SIPEF group - Prospects
Slide 26: June 2025 gross margin in KUSD
JUNE 2025 GROSS MARGIN IN KUSD Gross margin palm Gross margin Bananas 250.000 25.000 227.420 22.488 21.315 200.000 20.000 180.658 150.000 15.000 108.689 100.000 10.000 69.451 48% 50.000 5.000 4.050 38% 3.058 38% 18% 14% 0 0 June 2025 June 2024 June 2025 June 2024 Turnover bananas GM bananas Turnover
Slide 27: Profit and loss statement – June 2025 (1/2)
PROFIT AND LOSS STATEMENT – JUNE 2025 (1/2) KUSD June '25 June '24 Diff Gross margin Palm 108.689 69.451 39.238 Rubber 0 -5.015 5.015 Tea 0 85 -85 Bananas 4.050 3.058 992 G&A including corporate -26.411 -22.851 -3.560 Other operating -1.687 852 -2.539 Operating result 84.641 45.581 39.060 27
Slide 28: Profit and loss statement – June 2025 (2/2)
PROFIT AND LOSS STATEMENT – JUNE 2025 (2/2) KUSD June '25 June '24 Diff Operating result 84.641 45.581 39.060 Finance income/charges -407 -433 26 Exchange 4.587 -3.757 8.344 Financial result 4.180 -4.190 8.370 Profit before tax 88.821 41.391 47.430 Tax -27.063 -12.503 -14.560 Profit after tax 61.757
Slide 29: Balance sheet – June 2025
BALANCE SHEET – JUNE 2025 In KUSD (management presentation) 30/06/2025 31/12/2024 Biological assets (depreciated costs) - bearer plants 323 012 320 851 Goodwill 104 782 104 782 Other fixed assets 464 505 458 282 Receivables > 1 year 46 041 45 581 Assets held for sale 7 126 7 126 Net current assets,
Slide 30: Cash flow – June 2025
CASH FLOW– JUNE 2025 In KUSD (management presentation) 30/06/2025 30/06/2024 Cash flow from operating activities before change in net working capital 108 928 73 290 Change in net working capital - 21 252 - 4 692 Income taxes paid - 12 867 - 10 124 Cash flow from operating activities after tax 74 810
Slide 31: Value per hectare
VALUE PER HECTARE Sensitivity 30/06/2025 Stock price @ USD per hectare €40,00 5.153 €50,00 6.685 €60,00 8.218 €70,00 9.904 €80,00 11.284 €90,00 12.816 BOOKVALUE PER HECTARE = 10 713 USD/Ha 31
Slide 32: Summary
Summary SIPEF group - Company profile SIPEF group - Palm oil in the world SIPEF group - Production & prices SIPEF group – Financial performance SIPEF group – Strategic projects SIPEF group - Prospects
Slide 33: Finalizing ongoing expansions
FINALIZING INNOVATION TARGETING ONGOING THROUGH PREMIUM MARKETS EXPANSIONS DEVELOPMENT OF WITH HIGH-QUALITY HIGH-YIELDING F1 LOW-CONTAMINANT HYBRID SEEDS PALM OIL ONGOING COMMUNITY SUSTAINABILITY ENGAGEMENT COMMITMENTS
Slide 34: Strategic projects
Strategic projects Early Adaptors ❖Introducing or trialing new technologies; improving production quality ▪ Chloride reduction: Installation of washing plants in Perlabian, Bukit Maradja and Bunga Tanjung mill in 2025. ▪ Carbon reductions: Installation of biogas CNG and methane capturing installatio
Slide 35: Summary
Summary SIPEF group - Company profile SIPEF group - Palm oil in the world SIPEF group - Production & prices SIPEF group – Financial performance SIPEF group - Prospects
Slide 36: Prospects – 14/08/2025
PROSPECTS – 14/08/2025 ❖Production ➢ Steady palm production growth expected for the remainder of the year. ➢ In PNG, productions follow traditional seasonal curve with slight slowdown in second half. ➢ Drier conditions in different parts in Indonesia monitored closely. ➢ Full-year production still e
Slide 37: Prospects – 14/08/2025
PROSPECTS – 14/08/2025 ❖Results ➢ 73% of the projected palm oil volume sold at USD 963 per tonne EMG ❑ PNG 95% at 1 107USD/tonne EMG ❑ Indonesia 61% at 859 USD/tonne EMG ➢ Sales prices continue to be impacted by local export levy/taxes in Indonesia. ➢ Key input costs (fertilizer, fuel and transport)
Slide 38: The Connection to the world of Sustainable Tropical Agriculture
The Connection to the world of Sustainable Tropical Agriculture 38