Slide 1: SIPEF Analyst presentation February 12, 2026
SIPEF Analyst presentation February 12, 2026 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 570 million Headquarters Total sales in FY2025 1919 More than More than 24.000 52.000 T employees of bananas More than Listed on the 440 000 T of CPO EURONEXT stock exchange 100% 9.8 years Young average age RSPO COMPLIANT 3 profile
Slide 4: Planted hectares per 31 December 2025
PLANTED HECTARES PER 31 DECEMBER 2025 Hectares 2025 Indonesia PNG Côte d’Ivoire 100% Palm 71.026* 13.550 0 84.576 Bananas 0 0 1.238 1.238 Total planted 71.026 13.550 1.238 85.814 * Change in reporting method of 1 897 Ha: • AM Group 1 593 Ha • TT group: 259 Ha • UMW group: 39 Ha • SS group: 6 Ha 4
Slide 5: Evolution planted hectares palm
EVOLUTION PLANTED HECTARES PALM EVOLUTION OWN PALM HECTARES 90.000 80.000 70.000 60.000 50.000 40.000 30.000 20.000 10.000 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
Slide 6: Evolution own CPO productions
EVOLUTION OWN CPO PRODUCTIONS +42% EVOLUTION OWN CPO PRODUCED 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 20
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 2025 -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 2025 269.3 MT 1994 93.1 MT 19,3% 30,3% 15% 34% 4,4% 20% 8,9% 5% 8% 11% 12,2% 24,9% 10 Source: Oilworld
Slide 11: Palm oil production in the world
PALM OIL PRODUCTION IN THE WORLD 2025 Palm oil production Total of 84.9 Mn tonnes 7% 7% 4% Indonesia Malaysia 24% 58% Thailand 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) 100 88,90 87,68 90 = 3 billion people 80 73,07 70 66,56 59,43 60 55,77 50 39,05 40 35,54 32,82 30,50 30 25,52 25,86 19,49 20,40 21,46 20 15,57 13,79 14,04 10 0 EU-28 USA China India Indonesia Pakistan Nigeria Brazil World 2
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 9.8 8% *ESSD 2024 ** MPOB *** Internal calculation Key takeaway: • Plantations in b
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 Dec-25 Dec-24 Variance Own Tolan Tiga Group 68 597 63 551 7,9% Umbul Mas Wisesa Group 42 419 33 827 25,4% Agro Muko Group 86 187 76 658 12,4% South Sumatra Group 80 772 60 058 34,5% Hargy Oil Palms 87 748 67 125 30,7% Total own 365 723 301 219 21,4% 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 Dec-25 Dec-24 Variance Azaguie 11 245 9 922 13,3% Agboville 7 940 8 938 -11,2% Motobé 5 541 6 165 -10,1% Lumen 17 585 19 389 -9,3% Akoudje 9 849 6 624 48,7% Total Bananas 52 159 51 038 2,2% 21
Slide 22: Bull and bear
BULL AND BEAR MDEX Rating Bullish inputs Bearish inputs Palm Oil - Mega rally on metals triggered fund - Still high stock in Malaysia. Indonesia better buying across many commodities. positioned after big exports in December. Correction means volatility. - Indians are washing out contracts Feb 1.050
Slide 23: CPO prices 2024 – 2025
CPO PRICES 2024 – 2025 Crude Palm Oil in $/mt Source: Bursa Malaysia MDEX 1 150 1 100 1 050 1 000 950 900 850 800 750 700 Jan Feb March Apr May June July Aug Sept Oct Nov Dec 2024 2025 23
Slide 24: Spread CPO – soybean oil
400 $ 600 $ 800 $ 1.000 $ 1.200 $ 1.400 $ 1.800 $ 2.000 $ 1.600 $ 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 2016M10 2017M01 CP
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: December 2025 gross margin in KUSD
DECEMBER 2025 GROSS MARGIN IN KUSD Gross margin palm Gross margin bananas 600.000 50.000 46.916 522.047 45.000 42.878 500.000 40.000 396.270 35.000 400.000 30.000 300.000 25.000 242.698 20.000 200.000 156.774 15.000 46% 10.000 100.000 6.804 5.799 40% 5.000 15% 14% 0 0 2025 2024 2025 2024 Turnover pa
Slide 27: Profit and loss statement 2025 (1/2)
PROFIT AND LOSS STATEMENT 2025 (1/2) KUSD 31/12/25 31/12/24 Diff Gross margin Palm 242.698 156.774 85.925 Rubber 0 -5.006 5.006 Bananas 6.804 5.799 1.005 G&A including corporate -56.151 -46.528 -9.623 Other operating -3.644 -539 -3.105 Operating result 189.708 110.499 79.209 27
Slide 28: Profit and loss statement 2025 (2/2)
PROFIT AND LOSS STATEMENT 2025 (2/2) KUSD 31/12/25 31/12/24 Diff Operating result 189.708 110.499 79.209 Finance income/charges 27 -1.364 1.390 Exchange 2.732 -5.277 8.009 Financial result 2.759 -6.640 9.399 Profit before tax 192.466 103.859 88.607 Tax -56.751 -25.851 -30.900 Profit after tax 135.71
Slide 29: Balance sheet – December 2025
BALANCE SHEET – DECEMBER 2025 In KUSD (management presentation) 31/12/25 31/12/24 Goodwill 104 782 104 782 Biological assets (depreciated costs) - bearer plants 334 813 320 851 Other fixed assets 475 432 458 282 Receivables > 1 year 41 385 45 581 Assets held for sale 5 108 7 126 Net current assets,
Slide 30: Cash flow – December 2025
CASH FLOW– DECEMBER 2025 In KUSD (management presentation) 31/12/25 31/12/24 Cash flow from operating activities before change in net working capital 253 200 162 900 Change in net working capital 15 230 1 768 Income taxes paid - 46 171 - 31 625 Cash flow from operating activities after tax 222 260 1
Slide 31: Value per hectare
VALUE PER HECTARE Sensitivity 31/12/2025 Stock price @ USD per hectare 50,00 5.954 60,00 7.433 70,00 8.932 80,00 10.421 90,00 11.910 100,00 13.400 BOOKVALUE PER HECTARE = 10 665 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 NEW PROJECTS 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 all remaining Indonesian mills in 2026. ▪ Carbon reductions: Installation of biogas CNG and methane capturing installations in 4 mills in
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 – 12/02/2026
PROSPECTS – 12/02/2026 ❖Production ➢ Outlook for 2026 is positive with increasing contributions from replanting programmes and growing shares of maturing estates (especially South Sumatra) ➢ Group palm oil productions expected to be around 470.000 tonnes ➢ Indonesia at 325.000 tonnes ➢ PNG at 145.00
Slide 37: Prospects – 12/02/2026
PROSPECTS – 12/02/2026 ❖ Results ➢ 29% of the projected palm oil volume sold at USD 1 012 per tonne EMG ❑ PNG 63% at 1 141USD/tonne EMG ❑ Indonesia 15% at 871 USD/tonne EMG ➢ Sales prices continue to be impacted by local export levy/taxes in Indonesia. ➢ Banana productions continue with fixed-price
Slide 38: The Connection to the world of Sustainable Tropical Agriculture
The Connection to the world of Sustainable Tropical Agriculture 38