Dn Agrar Group S.a · BVB:DN
Dn Agrar — Q1 2026 Earnings Presentation
42 slides from Dn Agrar's earnings presentation, May 26, 2026
Slide 1: DN AGRAR Group Q1 2026 Teleconference
DN AGRAR Group Q1 2026 TELECONFERENCE – 26.05.2026
Slide 2: Content
CONTENT 1 ABOUT DN AGRAR 2 FINANCIAL RESULTS – ROMANIAN GAAP & IFRS 3 OPERATIONAL ACTIVITY 4 CAPITAL MARKET JOURNEY 5 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 EUROPEN 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 cr
Slide 4: DN AGRAR - An Outstanding Growth Story
DN AGRAR - AN OUTSTANDING GROWTH STORY Tripled the business since listing Track Record EBITDA surged by 470% since listing +70 million liters of milk delivered in 2025 Focus on sustainable, regenerative Sustainable agriculture practices that maximize Agriculture productivity, reduce environmental im
Slide 5: 2030 DN's Integrated Business Lines – Multiple Revenue Streams
2030 DN'S INTEGRATED BUSINESS LINES – MULTIPLE REVENUES STREAMS
Slide 6: Strategic Timeline 2025 - 2030
STRATEGIC TIMELINE 2025 - 2030 Vertical Integration Infrastructure Consolidation Market Penetration & diversification & Agritech Expansion & Final Vertical Integration Skimmed milk & Cream Cut 2 Farm (Animal Acquisition) Greenhouses (Phase 2) facility Vertical Farming (Cut 2) Vertical Farming (Apold
Slide 7: Content
CONTENT 1 ABOUT DN AGRAR 2 FINANCIAL RESULTS – ROMANIAN GAAP & IFRS 3 OPERATIONAL ACTIVITY 4 CAPITAL MARKET JOURNEY 5 STRATEGIC PROJECTS CALENDAR 6 MILK MARKET OUTLOOK
Slide 8: Q1 2026 Financial Results – Romanian Standards (GAAP)
Q1 2026 FINANCIAL RESULTS – ROMANIAN STANDARDS (GAAP) TURNOVER, mil. RON EBITDA, mil. RON NET PROFIT, mil. RON 55 51.10 50 46.84 45 44.28 40.28 24.54 40 25 20.74 35 29.96 20 30 17.12 17.70 15 14.06 25 15 9.56 20 10 9.76 8.26 10 7.89 15 10 5 5 3.10 5 0 0 0 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2026 Q1 2
Slide 9: Factors That Influenced Q1 2026 Results
FACTORS THAT INFLUENCED Q1 2026 RESULTS Turnover evolution: 15% advance in 7% increase in impact of milk personnel subsidy revenues market price expenses 4% higher raw materials, Investments of RON 14 13% growth in million in key projects consumables and utilities depreciation expenses leading to a
Slide 10: Q1 Key Financial Indicators – IFRS
Q1 2026 THE FOUR KEY FINANCIAL INDICATORS – IFRS SCENARIOS: TURNOVER, mil. RON EBITDA, mil. RON NET PROFIT, mil. RON 55 46.84 50 46.84 45 40 35 35 34.08 31.05 30 30 25 25 25 22.04 19.63 20 20 20 15 15 RON +10.3 mil. 15 RON +10 mil. 10 vs. GAAP vs. GAAP 10 10 RON +9.5 mil. RON +8 mil. 5 5 vs. GAAP 5
Slide 11: Q1 2026 Key Financial Indicators – IFRS
Q1 2026 KEY FINANCIAL INDICATORS – IFRS PROFIT FROM PRODUCTION AND AGRICULTURE PROFIT MARGIN* RON 14.97 mil. -26% 42% -2.85% vs T1 2025 vs T1 2025 OPERATIONAL RESULT PROFIT RENTABILITY** RON 25.86 mil. -12% 28% -12% vs T1 2025 vs T1 2025 FINANCIAL RESULT EBITDA MARGIN (interest & exchange rate) -19%
Slide 12: Forecasting – IFRS 2026 Budget
2026 THE FOUR BUDGET SCENARIOS: FORECASTING – IFRS BUDGET according to IFRS DN AGRAR Group’s 2026 IFRS projected NET EBITDA budget is driven by temporary external TURNOVER PROFIT pressure on European milk prices, RON 200 RON 92 while the company’s core RON 45 operational performance and mil. mil. vo
Slide 13: Content
CONTENT 1 ABOUT DN AGRAR 2 FINANCIAL RESULTS – ROMANIAN GAAP & IFRS 3 OPERATIONAL ACTIVITY 4 CAPITAL MARKET JOURNEY 5 STRATEGIC PROJECTS CALENDAR 6 MILK MARKET OUTLOOK
Slide 14: Consistent Growth in Milk Deliveries
CONSISTENT GROWTH IN MILK DELIVERIES DN AGRAR recorded robust operational Approx. 21 million liters of milk growth in Q1 2026, driven by an advance were delivered in Q1 2026 of over 22% in milk delivery volume compared to the same period last year. +22% vs Q1 2025 Notably, the monthly deliveries sur
Slide 15: Cereal Production Activity & Soil Moisture Evolution
DN AGRAR CEREAL PRODUCTION ACTIVITY & SOIL MOISTURE EVOLUTION For the spring 2026 campaign, agricultural operations are focused on seedbed preparation and maize sowing utilizing minimum-tillage and no-till technologies to conserve soil moisture, combat water stress, and optimize fuel consumption. To
Slide 16: Current Agricultural Activities
CURRENT AGRICULTURAL ACTIVITIES Harvesting triticale Corn on the fields 16
Slide 17: DN AGRAR Composting Units
DN AGRAR COMPOSTING UNITS 1ST COMPOST FACILITY COMPOST PACKAGING MACHINE 2ND COMPOST FACILITY (at APOLD Farm) (at APOLD Farm) (at LACTO AGRAR Farm) 17
Slide 18: Content
CONTENT 1 ABOUT DN AGRAR 2 FINANCIAL RESULTS – ROMANIAN GAAP & IFRS 3 OPERATIONAL ACTIVITY 4 CAPITAL MARKET JOURNEY 5 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 Over 5,400 shareholders as of March 2026 86% increase in the number o
Slide 20: Shares Outperforming the Market
DN AGRAR's THE FOUR SCENARIOS: SHARES OUTPERFORMING THE MARKET DN AGRAR +316% EVOLUTION SINCE LISTING BET +107% BETAeRO -12% DN AGRAR +3.9 % Listed on the AeRO market of the Bucharest Stock Exchange on February 2, 2022. BET +13.7% BETAeRO +2.9% Feb. ‘22 Dec. ‘24 Dec. ’25 Mar.’26 Dec. ‘26 VEKTOR by 8
Slide 21: Top Performer on the AeRO Market
TOP PERFORMER THE FOUR SCENARIOS: ON THE AeRO MARKET TOTAL TRADED VALUE, MONTHLY TOTAL TRADED VALUE, 1st position in BETAeRO, for mil. EUR mil. EUR Q1 2026 total traded value 4.5 3.9 38% DN share of the 4.0 16.21 BETAeRO Index for Q1 +51% 3.5 3.1 3.2 2026 total traded value 3.0 2.5 10.90 2.5 2.4 2.2
Slide 22: Content
CONTENT 1 ABOUT DN AGRAR 2 FINANCIAL RESULTS – ROMANIAN GAAP & IFRS 3 OPERATIONAL ACTIVITY 4 CAPITAL MARKET JOURNEY 5 STRATEGIC PROJECTS CALENDAR 6 MILK MARKET OUTLOOK
Slide 23: 2026 Projects Calendar
2026 PROJECTS CALENDAR Processing factory CUT 2 farm Biomethane — skimmed milk development project and cream Em ie! = Vertical farming for wheatgrass Oy DO R\a 4 / a as z -” « Digestate storage lagoons Compost on the fields Production Meee rf
Slide 24: Production of Cream and Skimmed Milk
PRODUCTION OF CREAM AND SKIMMED MILK • Estimated production • Extra storage capacity of capacity: 150.000 liters/day. 3 0 0 .0 0 0 liters. • Production of cream, • Possibility to produce milk skimmed milk, SMC* and with specific fat request for Kosher milk. food processors ranging from *SMC- Skimmed
Slide 25: Cream and Skimmed Milk Factory
CREAM AND SKIMMED MILK FACTORY 25
Slide 26: Cream and Skimmed Milk Factory
CREAM AND SKIMMED MILK FACTORY 26
Slide 27: Vertical Farming – Wheatgrass Production
VERTICAL FARMING – WHEATGRASS PRODUCTION • Investment: Approx. EUR 3 million for the • Production output: 40 tons of fresh food first facility. per day, with constant protein and sugar • Contract signed with Logiqs BV. levels. • Financing: Subject to GMS approval, will be • Hydroponic farm, fully au
Slide 28: Wheatgrass Factory
WHEATGRASS FACTORY 28
Slide 29: Straja Farm
STRAJA FARM STRAJA FARM OPERATIONAL STATUS DN AGRAR • Operational Kick-off: Q1 2025 continues the • Current Capacity: 50.000 liters of milk per day • Total Investment: EUR 9.265 million development of • Financing Structure: Secured via Exim Bank and a 20% own contribution, with an interest rate of 1
Slide 30: Straja Project Status
STRAJA PROJECT STATUS 30
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: Biomethane Project
BIOMETHANE PROJECT • Total investment: Approx. • Expected revenues for DN AGRAR: EUR 30 million, will be fully An estimated annual turnover of implemented by BSOG Energy. EUR 3–3.5 million • BSOG Energy received the • Option of equity stake 10% – 20% license to produce biomethane, as (EUR 3–6 millio
Slide 33: Cut 2 Farm Development
CUT 2 FARM DEVELOPMENT • Animal herd: 5.000 dairy cow 2026: new land acquisitions planned, to ensure optimal exploitable area for Cut 2 Farm, which will facilitate the future • Production capacity: 150.000 development of 2 new production units: liters of milk/day, approx. 50 mil. liters/year • A whe
Slide 34: Compost Production
COMPOST PRODUCTION • Production: Annual production • Impact: The volume of voluntary capacity will increase significantly, carbon credits is also expected to doubling from 14.000 tonnes to double, reaching approximately 28.000 tonnes of compost. 64.000 credits annually. • Investment: Approx. EUR 3.5
Slide 35: AgriGold – New Compost Brand
INS {I ase UL] Pure Nutrients. Golden Harvest. Your : > =3 — Gardening ‘al loose i sass [lll a a AGRIGOLD — NEW COMPOST BRAND Golden Harvest. Organic PREMIUM “At s Organic Fertilizer
Slide 36: DN AGRAR Group Sets Course for Main Market Upgrade
OUR PATH TO MAIN MARKET DN AGRAR GROUP sets course for Main Market upgrade
Slide 37: Content
CONTENT 1 ABOUT DN AGRAR 2 FINANCIAL RESULTS – ROMANIAN GAAP & IFRS 3 OPERATIONAL ACTIVITY 4 CAPITAL MARKET JOURNEY 5 STRATEGIC PROJECTS CALENDAR 6 MILK MARKET OUTLOOK
Slide 38: Milk Prices: Market Outlook & Evolution Dynamics
MILK PRICES: MARKET OUTLOOK & EVOLUTION DYNAMICS Looking ahead, we expect that milk prices will continue to stabilize gradually during the second half of the year, with a more meaningful recovery anticipated in Q3 and Q4, in line with broader European market dynamics. The gradual stabilization in co
Slide 39: Upcoming Events
UPCOMING Events 8th June Quarterly Report by TradeVille – speaker Peter de Boer, CEO & BoD Member 24th August Publication of H1 2026 Financial Report 25th August Teleconference for presenting H1 2026 Financial Report
Slide 40: 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 41: Questions
QUESTIONS 1. How much compost was sold without organic certification? 2. The impact of the opening of China’s Agri-Food market on DN AGRAR 3. Could you tell us how you view the fluctuations in milk prices during this second half of the year? 4. When will you receive organic certification for the com
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