Dn Agrar Group S.a · BVB:DN
Dn Agrar — H1 2026 Earnings Presentation
61 slides from Dn Agrar's earnings presentation, Aug 25, 2026
Slide 1: DN AGRAR Group H1 2026 Teleconference
DN AGRAR Group H1 2026 TELECONFERENCE – 25.08.2026
Slide 2: Content
CONTENT 1 ABOUT DN AGRAR 2 FINANCIAL RESULTS – ROMANIAN GAAP & IFRS 3 OPERATIONAL ACTIVITY 4 CAPITAL MARKET EVOLUTION 5 2026 STRATEGIC PROJECTS CALENDAR 6 MILK MARKET OUTLOOK
Slide 3: DN AGRAR - A Sustainable Vision Since 2008
DN AGRAR THE FOUR - A SUSTAINABLE VISION SINCE 2008 SCENARIOS: 18,000+ heads dairy cows as well as young cattle. THE LARGEST MILK PRODUCER IN THE EUROPEAN UNION 10,000+ hectares of worked land (7,000+ inside the group, and the rest outside the group) 5 dairy farms & 2 compost factories Established c
Slide 4: DN AGRAR - An Outstanding Growth Story
DN AGRAR - AN OUTSTANDING GROWTH STORY Tripled the business since listing Track EBITDA surged by 470% since listing Record +70 million liters of milk delivered in 2025 Focus on sustainable, regenerative Sustainable agriculture practices that maximize Agriculture productivity, reduce environmen
Slide 5: 2030 DN's Integrated Business Lines – Multiple Revenue Streams
2030 DN'S INTEGRATED BUSINESS LINES – MULTIPLE REVENUES STREAMS
Slide 6: Content
CONTENT 1 ABOUT DN AGRAR 2 FINANCIAL RESULTS – ROMANIAN GAAP & IFRS 3 OPERATIONAL ACTIVITY 4 CAPITAL MARKET EVOLUTION 5 2026 STRATEGIC PROJECTS CALENDAR 6 MILK MARKET OUTLOOK
Slide 7: H1 2026 Financial Results – Romanian Standards (GAAP)
H1 2026 FINANCIAL RESULTS – ROMANIAN STANDARDS (GAAP) TURNOVER, mil. RON EBITDA, mil. RON NET PROFIT, mil. RON 110 101.25 100 90.30 90 49.38 83.25 50 80.35 80 36.05 40 70 34.74 30 27.18 62.40 31.60 60 30 20 50 15.08 13.72 20 18.47 15.18 40 10 10 30 5.06 20 0 0 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026
Slide 8: Factors That Influenced H1 2026 Results
FACTORS THAT INFLUENCED H1 2026 RESULTS Turnover Subsidy Personnel Depreciation Raw evolution revenues expenses expenses materials, impact of the consumables +49% +12% & utilities milk price +15% evolution +8% Interest & Other Other Bank & Leasing exchange operating Operating Income tax liabilities
Slide 9: H1 Key Financial Indicators – IFRS
H1 2026 THE FOUR KEY FINANCIAL INDICATORS – IFRS SCENARIOS: TURNOVER, mil. RON EBITDA, mil. RON NETPROFIT, NET PROFIT,mil.RON mil. RON 52.90 101.25 41.64 31.93 110 55 90.30 50 35 100 45 21.38 40 30 35 25 90 30 25 20 20 15 80 15 10 10 70 5 5 0 0 60 H1 2025 H1 2026 H1 2025 H1 2026 MIL RON 30.06.2026 5
Slide 10: H1 2026 Key Financial Indicators – IFRS
H1 2026 KEY FINANCIAL INDICATORS – IFRS PROFIT FROM PRODUCTION AND AGRICULTURE PROFIT MARGIN* -37% RON 24.99 mil. -25% 24% vs H1 2025 vs H1 2025 OPERATIONAL RESULT PROFIT RENTABILITY** -19% RON 37.70 mil. -28% 18% vs H1 2025 vs H1 2025 FINANCIAL RESULT (interest & exchange rate) EBITDA MARGIN 31% RO
Slide 11: Content
CONTENT 1 ABOUT DN AGRAR 2 FINANCIAL RESULTS – ROMANIAN GAAP & IFRS 3 OPERATIONAL ACTIVITY 4 CAPITAL MARKET EVOLUTION 5 2026 STRATEGIC PROJECTS CALENDAR 6 MILK MARKET OUTLOOK
Slide 12: Consistent Growth in Milk Deliveries
CONSISTENT GROWTH IN MILK DELIVERIES + 41 mil. liters of milk delivered in H1 2026 DN AGRAR recorded sustained operational growth in H1 2026, driven by a 21% increase in milk delivery volume +21% compared H1 2025. vs H1 2025 Notably, monthly deliveries maintained a high and stable level throughout t
Slide 13: Cereal Production Activity & Soil Moisture Evolution
DN AGRAR CEREAL PRODUCTION ACTIVITY & SOIL MOISTURE EVOLUTION Throughout Q2 2026, field operations progressed from Crop 2025 2026 2026 spring maize sowing and initial fodder harvests to crop protection and the start of summer cereal harvesting. Triticale silage (to/ha) 21.4 23 Soil moisture paramete
Slide 14: Agricultural Activities
AGRICULTURAL ACTIVITIES Corn on the fields Harvesting corn Lucerne on the fields 14
Slide 15: DN Agrar Composting Units
pn} wy IST COMPOST FACILITY COMPOST PACKAGING MACHINE 2ND COMPOST FACILITY (at APOLD Farm) (at APOLD Farm) (at LACTO AGRAR Farnn)
Slide 16: Straja Farm
STRAJA FARM STRAJA FARM OPERATIONAL STATUS • Operational Kick-off: Q1 2025 • Current Capacity: 50.000 liters of milk per day • Total Investment: EUR 9.265 million • Financing Structure: Secured via Exim Bank and a 20% own contribution, with an interest rate of 1.5% + 6M Euribor. • Strategic Integrat
Slide 17: Straja Project Status
STRAJA PROJECT STATUS 17
Slide 18: Content
CONTENT 1 ABOUT DN AGRAR 2 FINANCIAL RESULTS – ROMANIAN GAAP & IFRS 3 OPERATIONAL ACTIVITY 4 CAPITAL MARKET EVOLUTION 5 2026 STRATEGIC PROJECTS CALENDAR 6 MILK MARKET OUTLOOK
Slide 19: 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 Around 5,600 shareholders as of June 2026 81% increase in the number
Slide 20: Shares Outperforming the Market
DN AGRAR's THE FOUR SCENARIOS: SHARES OUTPERFORMING THE MARKET DN AGRAR +416 % EVOLUTION SINCE LISTING BET Index +142% BETAeRO Index -5% DN AGRAR +28.9 % Listed on the AeRO market of the Bucharest Stock Exchange on February BET Index 2, 2022. +32.9% BETAeRO Index +12.1% Feb. ‘22 Dec. ‘24 Dec. ’25 Ju
Slide 21: Top Performer on the AeRO Market
TOP PERFORMER THE FOUR SCENARIOS: ON THE AeRO MARKET TOTAL TRADED VALUE, MONTHLY TOTAL TRADED VALUE, mil. EUR mil. EUR 4.50 1st position in BETAeRO, Milioane 4.00 for 6M 2026 total 16.21 traded value +51% 3.50 3.14 3.00 23% DN share of the 10.90 10.64 2.40 BETAeRO Index for 6M 2.50 2.14 2026 total t
Slide 22: Content
CONTENT 1 ABOUT DN AGRAR 2 FINANCIAL RESULTS – ROMANIAN GAAP & IFRS 3 OPERATIONAL ACTIVITY 4 CAPITAL MARKET EVOLUTION 5 2026 STRATEGIC PROJECTS CALENDAR 6 MILK MARKET OUTLOOK
Slide 23: 2026 Strategic Projects Calendar
2026 STRATEGIC PROJECTS CALENDAR
Slide 24: Production of Cream and Skimmed Milk
PRODUCTION OF CREAM AND SKIMMED MILK • Estimated production • Extra storage capacity of Project status capacity: 150.000 liters/day. 3 0 0 .0 0 0 liters. • Production of cream, • Possibility to produce milk • Infrastructure & equipment skimmed milk, SMC* and The construction of the facility and wi
Slide 25: Cream and Skimmed Milk Factory
CREAM AND SKIMMED MILK FACTORY 25
Slide 26: Cut Farm Development
CUT 2 FARM DEVELOPMENT • Animal herd: 5.000 dairy cow 2026: Strategic land acquisitions were planned for this year, to • Production capacity: 150.000 optimize the operational area for Cut Project status 2 Farm, enabling the future expansion liters of milk/day, approx. 50 mil. of two new production u
Slide 27: Compost Production Development
COMPOST PRODUCTION DEVELOPMENT • Production: Annual production • Impact: The volume of Project status capacity will increase significantly, voluntary carbon credits is also doubling from 14.000 tonnes to expected to double, reaching 28.000 tonnes of compost. approximately 64.000 credits annually. • M
Slide 28: Agrigold – New Compost Brand
NE {|| sss oll! Pure Nutrients, Golden Harvest. AGRIGOLD — NEW COMPOST BRAND = Your . ns {il Gardening 7 _aa PAA] GOLD ll Organic Fertiizer Pure Nutrients. Golden! cea Golden Harvest. Fertilizer PREMIUM Organic Fertilizer
Slide 29: Vertical Farming – Wheatgrass Production
VERTICAL FARMING – WHEATGRASS PRODUCTION • Production output: 40 tons of fresh food • Investment: Approx. EUR 3 million for the first facility. Project status per day, with constant protein and sugar • Contract signed with Logiqs BV. levels. • Financing: Approved by the GMS in July, the • Hydroponic
Slide 30: Biomethane Project
BIOMETHANE PROJECT • Total investment: Approx. • Expected revenues for DN EUR 30 million, will be fully AGRAR: An estimated annual implemented by BSOG Energy. turnover of EUR 3–3.5 million Project status • Public consultation • BSOG Energy received the completed - successfully finalized • Option of
Slide 31: 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 32: DN AGRAR Group Sets Course for Main Market Upgrade
OUR PATH TO MAIN MARKET DN AGRAR GROUP sets course for Main Market upgrade
Slide 33: Entry into the Horticultural Sector
ENTRY INTO THE HORTICULTURAL SECTOR Key Project highlights & technical details Modern Glass Greenhouse Project • Project status & next steps • Asset valuation & • Current production & optimization Strategic acquisition of infrastructure potential Offer concluded: a binding Panorganic Vitavit S.R.L
Slide 34: Panorganix — Romania Greenhouse Site Visit Report
OUR PATH TO MAIN MARKET PANORGANIX — ROMANIA Greenhouse Site Visit Report CULTIVATORS
Slide 35: Entry into the Horticultural Sector: Visit Overview
ENTRY INTO THE HORTICULTURAL SECTOR Visit Overview First assessment of cultivation, hardware, and business economics 65–70% <50% 415,182 20% Production Feb–May Production in Heads sold YTD vs. Oversowing rate (target: 100%) June & July 1,154,000 budgeted (standard: 4–7%) Bottom line The greenhouse i
Slide 36: Recommendations: Short Term
ENTRY INTO THE HORTICULTURAL SECTOR Recommendations: Short Term Low-cost, high-impact fixes — cultivation & maintenance focused 1 Maintenance & Cleaning 2 Propagation Improvements Establish a protocol for all hardware; deep clean irrigation and growing Service and calibrate spray boom; monitor plug
Slide 37: Recommendations: Long Term
ENTRY INTO THE HORTICULTURAL SECTOR Recommendations: Long Term Hardware upgrades and investments to scale the facility 1 Fertigation System Upgrade Modern unit for crop-specific nutrient recipes; extra drain tank; real-time EC/pH sensors 2 Spray Boom (Growing Phase) Dedicated boom for mature plants;
Slide 38: Where This Leads
ENTRY INTO THE HORTICULTURAL SECTOR Where This Leads The path from fixes to sustainable, profitable production 1 2 3 4 5 Stabilized Reliable Systems Structured Planning Target Production Sustainable ROI Propagation → → → → Stronger, uniform seedlings Consistent irrigation & Closing the gap toward th
Slide 39: Content
CONTENT 1 ABOUT DN AGRAR 2 FINANCIAL RESULTS – ROMANIAN GAAP & IFRS 3 OPERATIONAL ACTIVITY 4 CAPITAL MARKET EVOLUTION 5 2026 STRATEGIC PROJECTS CALENDAR 6 MILK MARKET OUTLOOK
Slide 40: Milk Prices: Market Outlook & Evolution Dynamics
MILK PRICES: MARKET OUTLOOK & EVOLUTION DYNAMICS 2023 2025 50 2024 2022 2026 2022 2023 2024 2025 2026 30 january february march april may june july august sept october november december
Slide 41: The Key Signals for Investors
MILK PRICES: MARKET OUTLOOK & EVOLUTION DYNAMICS The key signals for investors €43.50 1.5 >€1,500 +21% Expected NL milk price Income-over-feed ratio Whey price per tonne — FAO growth forecast H2 2026 (per 100kg) (was 2.4 last year) highest in decades dairy demand to 2034 Key message for investors Bo
Slide 42: Market Situation: Peak Behind Us, Supply Growth Flattening
MILK PRICES: MARKET OUTLOOK & EVOLUTION DYNAMICS Market situation: peak behind us, supply growth flattening Global milk production still growing, but clearly slower 1 Milk production in the top-7 export regions (EU, New Zealand, US, Australia, Brazil, Argentina, Uruguay) grew 3.8% in Q1 2026 — histo
Slide 43: Supply Growth Trajectory: Deceleration Across Quarters
MILK PRICES: MARKET OUTLOOK & EVOLUTION DYNAMICS Supply growth trajectory: deceleration across quarters Top-7 export regions — quarterly Y-O-Y milk production growth Quarterly milk supply growth, top-7 export regions (%, Y-O-Y) 5 4.6 4.3 4.0 4 3.8 3.5 3.0 3 2.5 2.3 2.0 2 1.5 1.0 1 0 -0.5 -1 Q1 24 Q2
Slide 44: Why Supply Growth Is Slowing
MILK PRICES: MARKET OUTLOOK & EVOLUTION DYNAMICS Why supply growth is slowing DECLINING MARGINS COSTS & REGULATION • Income-over-feed ratio fell from 2.4 (summer 2025) to a • Middle East tensions are pushing diesel and fertiliser prices historically average 1.5 sharply higher • This level sits at or
Slide 45: Price Outlook: Gradual Recovery
MILK PRICES: MARKET OUTLOOK & EVOLUTION DYNAMICS Price outlook: gradual recovery Both banks expect a rising milk price towards the end of 2026 Indicative milk margin trend 2020-2027 3 PRICE SIGNALS 2.4 2.5 • Rabobank expects around €43.50/100kg for NL in H2 1.9 2026 2 1.7 1.7 1.6 • Fonterra (the wor
Slide 46: EEX Milk Futures Curve
MILK PRICES: MARKET OUTLOOK & EVOLUTION DYNAMICS EEX milk futures curve Forward curve points to a sustained price recovery through 2027 Source: Vesper — Milk, raw (Europe - EEX) futures, August 2026. Dairy Market & Investment Outlook | Source: ABN AMRO, Rabobank, Veeteelt & Trigona Dairy Trade (2026
Slide 47: European Raw Milk Export Volumes
MILK PRICES: MARKET OUTLOOK & EVOLUTION DYNAMICS European raw milk export volumes Monthly export volumes have trended upward through H1 2026 Source: Vesper — Raw milk (Europe-28, Export), August 2026. Dairy Market & Investment Outlook | Source: ABN AMRO, Rabobank, Veeteelt & Trigona Dairy Trade (202
Slide 48: Weekly Dairy Prices: Broad-Based Increases
MILK PRICES: MARKET OUTLOOK & EVOLUTION DYNAMICS Weekly dairy prices: broad-based increases Spot prices, EXW factory, four weeks to 21 Aug 2026 (EUR/mt, midpoint of range) EXW factory spot prices by product (EUR/mt) 6000 5000 4000 3000 2000 1000 0 31 Jul 7 Aug 14 Aug 21 Aug Cheddar EU Butter EU Crea
Slide 49: Raw Milk Spot Prices: NL & Germany Surge
MILK PRICES: MARKET OUTLOOK & EVOLUTION DYNAMICS Raw milk spot prices: NL & Germany surge Spot raw milk, cents/kg, four weeks to 21 Aug 2026 Spot raw milk price (cents/kg) +23% 50 45 40 Germany South raw milk price, 4 weeks to 21 Aug 2026 35 30 25 • NL spot raw milk up from 36.5 to 41.0 cts/kg in 4
Slide 50: GDT Tender 410: Broad Gains, Index +2.3%
MILK PRICES: MARKET OUTLOOK & EVOLUTION DYNAMICS GDT tender 410: broad gains, index +2.3% Global Dairy Trade auction results, 18 August 2026 GDT event 410 — price change by product (%) 10 8 7.6 6.1 6 4 3.2 3.0 2 0.6 0 -2 -2.0 -4 -3.5 -6 -6.0 -8 NZ SMP Cheddar Lactose WMP EU SMP AMF Butter US SMP Sou
Slide 51: Milk Prices: Market Outlook & Evolution Dynamics
MILK PRICES: MARKET OUTLOOK & EVOLUTION DYNAMICS Dairy Market & Investment Outlook | Source: ABN AMRO, Rabobank, Veeteelt & Trigona Dairy Trade (2026)
Slide 52: Trader View: Forward Curve Points Higher into Q4
MILK PRICES: MARKET OUTLOOK & EVOLUTION DYNAMICS Trader view: forward curve points higher into Q4 Trigona Dairy Trade, weekly market commentary, 21 August 2026 Q4 premium is building Cream is the standout mover Q4-2026 forward quotes sit well above current spot across the board — e.g. cheddar Cream
Slide 53: Market Shift: From Growth to Balance
MILK PRICES: MARKET OUTLOOK & EVOLUTION DYNAMICS Market shift: from growth to balance Recent signals confirm the turning point (source: Veeteelt/Rabobank, 10 June 2026) “ The market is shifting from strong growth to more balance. A declining incentive to produce and continued solid demand create pro
Slide 54: Protein as a Structural Value Driver
MILK PRICES: MARKET OUTLOOK & EVOLUTION DYNAMICS Protein as a structural value driver The strongest investment case in the dairy chain Record prices for whey High-value proteins in demand Whey price above €1,500 per tonne — 20 years ago still a by-product of cheese WPC-80 and WPI (whey protein conce
Slide 55: A Market Split in Two
MILK PRICES: MARKET OUTLOOK & EVOLUTION DYNAMICS A market split in two Fat-rich products under pressure — protein-rich products in demand European dairy product price development (%, Y-O-Y) 50 40 40 30 20 9 10 0 -10 -20 -21 -30 -26 -40 -50 -48 -60 Butter Whole milk powder Cheese Skimmed milk powder
Slide 56: Trade Agreements and Regulation
MILK PRICES: MARKET OUTLOOK & EVOLUTION DYNAMICS Trade agreements and regulation Opportunities and risks shaping the market balance TRADE AGREEMENTS PHOSPHATE CEILING (NL) • EU-Australia: cheese import tariff drops from €0.62/kg to €0 — • The NL dairy sector exceeded the lowered phosphate ceiling in
Slide 57: Export Demand: Growth Shifts to New Destinations
MILK PRICES: MARKET OUTLOOK & EVOLUTION DYNAMICS Export demand: growth shifts to new destinations Y-o-y import growth by destination market, early 2026 Growth in European dairy imports by destination (%, Y-O-Y) 15 12 10 10 9 5 3 0 -5 -10 -15 -15 -20 United States Middle East Asia (ex-China) United K
Slide 58: Factors That Could Affect the Recovery Path and Returns
MILK PRICES: MARKET OUTLOOK & EVOLUTION DYNAMICS Factors that could affect the recovery path and returns Butter & cheese stocks Strait of Hormuz El Niño High inventories built up since Oct. 2025 will keep Continued disruption could trigger broader inflation Could reduce milk supply in South America
Slide 59: Long-Term Outlook & Conclusion
MILK PRICES: MARKET OUTLOOK & EVOLUTION DYNAMICS Long-term outlook & conclusion Both banks see a structural recovery heading into 2027 and beyond GROWTH DRIVERS POINTS TO WATCH • FAO expects 21% growth in global dairy demand towards 2034 • Recovery lags behind falling supply due to high inventories
Slide 60: Upcoming Events
UPCOMING Events Quarterly Report by TradeVille – speaker Peter de Boer, CEO & BoD Member, 17th September joined by Adina Trufaș (COO) & Mihaela Nicula (CFO) Invest Strategy Forum by "Investește la Bursa" Club – speaker Peter de Boer 14th November CEO & BoD Member 23th November Publication of Q3 2026
Slide 61: 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