Slide 1: 2025 Peer Review
INVESTORS & ANALYSTS 2025 Peer Review The connection to the world of sustainable tropical agriculture
Slide 2: Disclaimer
Disclaimer General information The information contained in this section is provided for your general information only and is not designed nor intended to offer anything more than information only. Sources and The information with respect to the companies included in the Peer Review was retrieved in
Slide 3: Principal assumptions
Principal assumptions Scope and methodology for the 2025 peer review Benchmark scope Production represented in the benchmark Main industrial competitors, based on their 2025 CPO production Tonnes own CPO production. Peer benchmark 12 720 340 Age profile Worldwide¹ 85 369 000 Based on SIPEF’s own age
Slide 4: Own planted area in 2025 ('000 hectares)
Own planted area in 2025 ('000 hectares) SD Guthrie 557 Golden Agri-Resources 415 Felda Global Ventures 353 SIPEF Kuala Lumpur Kepong 295 Salim Ivomas Pratama Wilmar International First Resources Astra Agro Lestari 208 237 234 232 86 thousand hectares IOI Corporation 168 Genting Plantations 137 +0.4
Slide 5: Average age of planted hectares
Average age of planted hectares 2025 age profile (years) London Sumatra Indon * 19,0 SIPEF Salim Ivomas Pratama * 19,0 9.4 R.E.A. Holdings 17,0 Astra Agro Lestari 16,7 Eagle High Plantations 15,3 Golden Agri-Resources 15,0 Prime Agri Resources 15,0 years DSNG 15,0 Bumitama 14,4 AEP Plantations 14,0
Slide 6: FFB yield across peers
FFB yield across peers 2025 fresh fruit bunch yield (MT/ha) United plantations 29,3 SIPEF Triputra Agro Persada 24,3 22.5 R.E.A. Holdings 23,0 Johor Plantations Group 22,8 SIPEF 22,5 MP Evans 21,5 Kuala Lumpur Kepong 21,1 MT per hectare Socfinasia 21,0 DSNG 20,8 First Resources 20,8 +14.1% vs 2024 I
Slide 7: FFB yield by SIPEF operating group
FFB yield by SIPEF operating group 2025 fresh fruit bunch yield (MT/ha) United plantations 29,3 SIPEF operations Hargy Oil Palms Ltd 28,7 Tolan Tiga Group 27,4 Triputra Agro Persada 24,3 Operating group FFB/ha Agro Muko Group 23,8 R.E.A. Holdings 23,0 Hargy Oil Palms 28.7 Johor Plantations Group 22,
Slide 8: Oil extraction rate across peers
Oil extraction rate across peers 2025 CPO extracted from fresh fruit bunches (%) SIPEF 23,8% SIPEF MP Evans 23,5% 23.8% Eagle High Plantations 23,3% DSNG 23,3% Triputra Agro Persada 23,3% Socfinaf 22,7% Socfinasia 22,5% oil extraction rate United plantations 22,4% Bumitama 22,2% R.E.A. Holdings 22,1
Slide 9: Oil extraction by SIPEF operating company
Oil extraction by SIPEF operating company 2025 CPO extracted from fresh fruit bunches (%) PT Eastern Sumatra 25,0% SIPEF operations Hargy Oil Palms Ltd 24,7% PT Agro Muara Rupit 24,7% Operating company OER PT Dendymarker Indah Lestari 23,5% MP Evans 23,5% Eagle High Plantations 23,3% Eastern Sumatra
Slide 10: CPO yield across peers
CPO yield across peers 2025 crude palm oil yield (MT/ha) United plantations 6,58 SIPEF Triputra Agro Persada 5,66 5.34 SIPEF 5,34 R.E.A. Holdings 5,08 MP Evans 5,05 DSNG 4,84 Socfinasia 4,72 MT per hectare Johor Plantations Group 4,62 First Resources 4,47 Kuala Lumpur Kepong 4,46 +19.2% vs 2024 IOI
Slide 11: CPO yield by SIPEF operating group
CPO yield by SIPEF operating group 2025 crude palm oil yield (MT/ha) Hargy Oil Palms Ltd 7,18 SIPEF operations United plantations 6,58 Tolan Tiga Group 6,36 Triputra Agro Persada 5,66 Operating group CPO/ha Agro Muko Group 5,49 R.E.A. Holdings 5,08 Hargy Oil Palms 7.18 MP Evans 5,05 DSNG 4,84 Tolan
Slide 12: Market capitalisation across peers
Market capitalisation across peers 2025 market capitalisation (USD million) SD Guthrie 8.039 SIPEF IOI Corporation 5.370 797 Kuala Lumpur Kepong 5.292 United plantations 3.323 Golden Agri-Resources 2.553 First Resources 1.957 Triputra Agro Persada 1.484 USD million Bumitama 1.315 Genting Plantations
Slide 13: Dividend yield across peers
Dividend yield across peers Based on average market capitalisation in 2025 (%) Socfinasia 15,6% SIPEF Bumitama 9,6% 6.4% First Resources 9,1% AEP Plantations 8,5% Triputra Agro Persada 7,4% Astra Agro Lestari 6,9% London Sumatra Indon 6,8% dividend yield SIPEF 6,4% Genting Plantations 5,7% United pl
Slide 14: Price-to-earnings ratio across peers
Price-to-earnings ratio across peers Based on average market capitalisation in 2025 (x) Kuala Lumpur Kepong 28,0 SIPEF Prime Agri Resources 18,8 United plantations IOI Corporation SD Guthrie Genting Plantations 12,5 13,7 15,4 17,2 6.4× Johor Plantations Group 9,5 price-to-earnings ratio Astra Agro L
Slide 15: Net financial position relative to equity
Net financial position relative to equity 2025 net financial position / equity (%) Net debt Plantation Integrated Companies with cash surplus Eagle High Plantations 153,1% Company Ratio Kuala Lumpur Kepong 61,7% Bumitama -4.1% R.E.A. Holdings 51,5% SIPEF -8.8% Golden Agri-Resources 47,6% Felda Globa
Slide 16: SPOTT scores across peers
SPOTT scores across peers 2025 SPOTT score (%) SD Guthrie 97,5% SIPEF United plantations 97,1% R.E.A. Holdings DSNG Johor Plantations Group SIPEF 97,1% 95,7% 95,1% 91,8% 91.8% MP Evans 91,0% SPOTT score Felda Global Ventures 86,0% Eagle High Plantations 85,7% Triputra Agro Persada 85,6% IOI Corporat
Slide 17: RSPO-certified hectares within total concession area
RSPO-certified hectares within total concession area 2025 comparison of certified area and remaining concession hectares RSPO-certified area Remaining concession area SD Guthrie 98.2% 601,659 Golden Agri-Resources 57.2% 477,331 Felda Global Ventures 45.5% 403,021 Kuala Lumpur Kepong 91.4% 336,089 Fi
Slide 18: The Connection to the world of Sustainable Tropical Agriculture
The Connection to the world of Sustainable Tropical Agriculture 18