Dn Agrar Group S.a · BVB:DN
Dn Agrar — H1 2025 Earnings Presentation
41 slides from Dn Agrar's earnings presentation, Aug 28, 2025
Slide 1: DN AGRAR's Management Team Presentation: Financial Results H1 2025
DN AGRAR’s Management Team Presentation Financial Results 1st half of 2025 - August 28th, 2025 -
Slide 2: Content
CONTENT 1 ABOUT DN AGRAR 2 6M 2025 FINANCIAL RESULTS 3 CAPITAL MARKET JOURNEY 4 OPERATIONAL ACTIVITY 5 CURRENT PROJECTS 6 OUTLOOK & 2025 -2030 STRATEGY
Slide 3: DN AGRAR - A Sustainable Vision Since 2008
DN AGRAR THE FOUR - A SUSTAINABLE VISION SINCE 2008 SCENARIOS: 16,000+ heads dairy cows as well as young cattle THE LARGEST MILK PRODUCER IN THE E.U. 10,000+ hectares of worked land (7,000+ inside the group, and the rest outside the group) 5 farms & 1 compost factory Founded by Jan G. de Boer in 200
Slide 4: DN AGRAR - An Outstanding Growth Story
DN AGRAR - AN OUTSTANDING GROWTH STORY ➢ Tripled the business since listing Track ➢ Consistent Growth in EBITDA Record ➢ 34 million liters of milk delivered in H1 2025 Focus on sustainable, regenerative agriculture Sustainable practices that maximize productivity, reduce Agriculture environmental im
Slide 5: Integrated Business Model – Today
INTEGRATED BUSINESS MODEL – TODAY
Slide 6: Content
CONTENT 1 ABOUT DN AGRAR 2 6M 2025 FINANCIAL RESULTS 3 CAPITAL MARKET JOURNEY 4 OPERATIONAL ACTIVITY 5 CURRENT PROJECTS 6 OUTLOOK & 2025 -2030 STRATEGY
Slide 7: Record Results in H1 2025, Turnover +21.6%, Net Profit +80%
RECORD RESULTS IN H1 2025, TURNOVER +21.6%, NET PROFIT +80% THE FOUR SCENARIOS: TURNOVER NET ASSETS RON 101.25 mil. +21.62% RON 317.04 mil. +14.30% vs H1 2024 vs 31.12.2024 NET PROFIT TOTAL ASSETS RON 27.18 mil. +80.25% RON 392.69 mil. +8.58% vs H1 2024 vs 31.12.2024 EBITDA EQUITY RON 49.38 mil. +42
Slide 8: Factors That Influenced the H1 2025 Results
FACTORS THAT INFLUENCED THE H1 2025 RESULTS Increase in Income from Personnel turnover by 22% subsidies expenses increased by 30% advanced by 27% Increase in raw materials, Agricultural equipment The increase in consumables and utilities purchases of ~RON 6 accounting expenses by 5% million led to a
Slide 9: Continuous Financial Growth Performance
CONTINOUS FINANCIAL GROWTH PERFORMANCE TURNOVER, mil. RON EBITDA, mil. RON NET PROFIT, mil. RON 110.00 101.25 60.00 100.00 49.38 90.00 83.25 80.35 80.00 40.00 34.74 70.00 40.00 62.40 31.60 60.00 27.18 50.00 18.47 20.00 20.00 15.08 40.00 15.18 30.00 5.06 20.00 0.00 0.00 6M 2022 6M 2023 6M 2024 6M 202
Slide 10: Financial Results Highlights in H1 2025
FINANCIAL RESULTS HIGHLIGHTS in H1 2025 In the first half of 2025, operating revenues PROFIT AND LOSS ACCOUNT 30/06/2025 30/06/2024 ∆% amounted to RON 159 million, a 20% increase (RON) compared to the same period of last year. OPERATING INCOME – TOTAL 158,719,177 131,737,012 20.48% Operating expense
Slide 11: The Main Elements of the Balance Sheet
THE MAIN ELEMENTS OF THE BALANCE SHEET BALANCE SHEET INDICATORS (RON) 30/06/2025 31/12/2024 ∆% Equity increased by 17% compared to FIXED ASSETS - TOTAL 270,095,463 243,511,009 10.92% December 31 , 2024, reaching RON 192 st CURRENT ASSETS - TOTAL 119,363,001 115,784,991 3.09% million, this increase b
Slide 12: Content
CONTENT 1 ABOUT DN AGRAR 2 6M 2025 FINANCIAL RESULTS 3 CAPITAL MARKET JOURNEY 4 OPERATIONAL ACTIVITY 5 CURRENT PROJECTS 6 OUTLOOK & 2025 -2030 STRATEGY
Slide 13: 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 Number of Shareholders end of H1 2025 Investment in CUT 2 Farm 3,100 shareholders 19% increase in the number of CAPITALIZATION Sha
Slide 14: Strong Performance in the Capital Market
STRONG PERFORMANCE IN THE CAPITAL MARKET
Slide 15: DN AGRAR's Shares Outperforming the Market
DN AGRAR's SHARES OUTPERFORMING THE MARKET EVOLUTION SINCE LISTING DN AGRAR DN AGRAR DN AGRAR +109% +63% +244% Listed on the AeRO market of the Bucharest Stock Exchange on February 2, 2022. BET BET +21% +51% BETAeRO BETAeRO Feb. 2022 Dec. 2024 July 2025 +6% -14%
Slide 16: DN AGRAR Group Sets Course for Main Market
OUR PATH TO MAIN MARKET Main Market of BVB DN AGRAR GROUP • Decision to be made at the end of 2025 • IFRS Reporting starting from 2026 sets course for Main Market upgrade
Slide 17: Content
CONTENT 1 ABOUT DN AGRAR 2 6M 2025 FINANCIAL RESULTS 3 CAPITAL MARKET JOURNEY 4 OPERATIONAL ACTIVITY 5 CURRENT PROJECTS 6 OUTLOOK & 2025 -2030 STRATEGY
Slide 18: Consistent Growth in Milk Deliveries
CONSISTENT GROWTH IN MILK DELIVERIES 34 million liters of milk were delivered in H1 2025 In H1 2025 the company recorded an increase of approximately 6% in the quantity of milk delivered, compared to the first half of 2024, reaching a total volume of 34 million liters. Following the upward trend in
Slide 19: DN AGRAR Cereal Production Evolution
DN AGRAR CEREAL PRODUCTION EVOLUTION The soil moisture map (0-100cm), published by the As we were in an area affected by severe pedological National Institute of Meteorology and Hydrology on June drought, this year's challenging climatic conditions, have 30th, 2025, confirms the severity of the situ
Slide 20: DN AGRAR Cereal Production – Crop Yields
DN AGRAR CEREAL PRODUCTION – CROP YIELDS As a result, in order to meet our internal feed requirements, we had to purchase fodder from the market, at additional costs. To mitigate the financial impact, our team acted proactively by securing the fodder supply, thereby ensuring a consistent and high-qu
Slide 21: Content
CONTENT 1 ABOUT DN AGRAR 2 6M 2025 FINANCIAL RESULTS 3 CAPITAL MARKET JOURNEY 4 OPERATIONAL ACTIVITY 5 CURRENT PROJECTS 6 OUTLOOK & 2025 -2030 STRATEGY
Slide 22: Straja Farm - A Significant Expansion in Production
STRAJA FARM - A SIGNIFICANT EXPANSION IN PRODUCTION Key Highlights 2025 2027 • Started in 2023, and planned to • Beg. March – Start be completed in 2027. milk production End of 2027 • 5,000 cows • Capacity of 5,000 cows (4,000 dairy • End of august 2025 (4,000 dairy cows and 1,000 young stock). 1,80
Slide 23: Straja Project Current Status
STRAJA PROJECT CURRENT STATUS 23
Slide 24: Straja Project Current Status
STRAJA PROJECT CURRENT STATUS 24
Slide 25: 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, with a production of approximately 1,500 tons of compost 2 compost • The Lacto Agrar compost factory is currently being developed factories • 21,000 tons of manure p
Slide 26: Apold Compost Factory
APOLD COMPOST FACTORY 26
Slide 27: Biomethane Production for an Integrated Sustainable Strategy
BIOMETHANE PRODUCTION FOR AN INTEGRATED SUSTAINABLE STRATEGY Operational Highlights • Production facility with a total capacity of up to 15-20 MW. • DN AGRAR will supply the raw material for the biomethane production and transportation. Cooperation agreement for the largest • BSOG Energy will develo
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 ✓ An EUR 1.7 million project for the installation ✓ The installation of the panels has been of solar panels on the buildi
Slide 29: Solar Panel Project Current Status
SOLAR PANEL PROJECT CURRENT STATUS CUT farm LACTO AGRAR farm
Slide 30: Content
CONTENT 1 ABOUT DN AGRAR 2 6M 2025 FINANCIAL RESULTS 3 CAPITAL MARKET JOURNEY 4 OPERATIONAL ACTIVITY 5 CURRENT PROJECTS 6 OUTLOOK & 2025 -2030 STRATEGY
Slide 31: H2 2025 Outlook
H2 2025 OUTLOOK Financial Highlights Operational Highlights Q3 began with higher feed costs resulting from the Milk volumes are expected to remain at unfavorable climate and significantly lower harvest yields, elevated levels in both Q3 and Q4, due to herd thus pressure on margins is expected. expan
Slide 32: European Milk Market
EUROPEAN MILK MARKET Amount of milk collected at the regional Price of milk at the region level level, % c/kg -12.1% Romania Romania 41 Poland 0.8% Poland 53.1 -7.2% Bulgaria Bulgaria 46.9 Hungary 1% Hungary 49.6 May 2025 vs. to May 2024 as of June 2025 *Source: https://agriculture.ec.europa.eu/
Slide 33: Dynamics of the Milk Price Evolution
DINAMYCS THE FOUR SCENARIOS:OF THE MILK PRICE EVOLUTION Although the milk price experienced a decline in the first quarter of 2025, it remained substantially above the levels seen in Q1 2024. In Q2 2025, the price continued to increase following an upward pace. The market environment remains favorab
Slide 34: The Four Scenarios by 2030
THE FOUR SCENARIOS by 2030 mil R N mil R N SCENARIO 1 - SCENARIO 2 - the milk price is the milk price is considered based on considered based on the average milk the average milk price in 2023. price in 2024. mil R N mil R N SCENARIO 3 SCENARIO 4 - the - the milk price is milk price is considered ba
Slide 35: DN AGRAR Strategy for 2030: A Vision for Growth, Innovation, and Value Creation
BUSINESS SEGMENTS: DN AGRAR Strategy for 2030: 1 MILK Production 2 COMPOST A Vision for Growth, 3 GREEN ENERGY 4 VERTICAL FARMING Production for wheatgrass Innovation, and Value Creation 5 ALTERNATIVES for 6 GREENHOUSES VALORIZING MILK Double EBITDA by 2030 150 - 200 million liters of milk annually
Slide 36: 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 37: Integrated Business Model – In 2030
INTEGRATED BUSINESS MODEL – IN 2030
Slide 38: DN AGRAR's Investor Day
DN AGRAR’S INVESTOR DAY September 19th, 2025 09:30 – 10:00 – Welcome Coffee & Registration & Meet DN AGRAR’s management team 10:00 – 11:30 – DN AGRAR’s Strategy – 2030: business segments, diversification & vision, capital market roadmap 11:30 – 12:10 – Panel Innovation & partnerships Kohshin (Japan)
Slide 39: 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 40: Slide 40
Slide 41: Questions
QUESTIONS 1. This conference is on 28th august so 2/3 of Q3 already passed. In which of the 4 presented scenarios is DN now? 2. Have you noticed the activity of investment funds in recent weeks? 3. When is DN AGRAR expected to be listed on the main market? 4. Could you present three scenarios for re