Invictus Investment Company Plc · ADX:INVICTUS
Invictus Investment — FY2025 Earnings Presentation
13 slides from Invictus Investment's earnings presentation, Feb 20, 2026
Slide 1: FY25 Results Presentation
` FY25 RESULTS PRESENTATION February 20th, 2026 RESULTS PRESENTATION 1
Slide 2: Disclaimer
DISCLAIMER Information in this presentation may contain projections and forward looking statements that reflect the Invictus Investment’s current views with respect to future events and financial performance. These views are based on current assumptions which are subject to various risks and which m
Slide 3: FY 2025 Highlights and Outlook
FY 2025 HIGHLIGHTS AND OUTLOOK • 2025 was a transformational year for Invictus, on its path to creating a pan-African agro-food champion, with high growth achieved in volumes and profitability Significant expansion of the Trading business (volumes +32% yoy) Acquisition of Merec Industries SA in
Slide 4: 2025 at a Glance
2025 AT A GLANCE 14.2m MT 13.3 bn AED Volume Revenue +73% yoy +48% yoy 458 M AED Net income 228 M AED EBITDA +184% yoy EPS 0.2 AED per share Total Equity 1,444 M AED ROE 18.5% Note: ROE calculated on equity beginning of the year 4
Slide 5: 2025 by Verticals
2025 BY VERTICALS A SUCCESSFUL COMBINATION OF TRADING AND VALUE-ADDITION Volume Revenue Operating Profit Total assets 18% 14% 28% 22% 56% 82% 72% 64% 44% Trading Value-Addition Corporate & others Note: 5 - Breakdown of total vertical volumes, revenues and operating profit - Value-Addition vertical i
Slide 6: Consolidated Results
CONSOLIDATED RESULTS A SIGNIFICANT GROWTH IN PROFITABILITY • Revenue growth driven by the year-on-year increase in volumes • Gross margin at 4.6% vs 2.4% in 2024, reflecting the increase in the share of the Value Addition vertical in the overall operations • Operating margin at 3.0% vs 1.7% in 2024,
Slide 7: Financial Highlights: 2025
FINANCIAL HIGHLIGHTS: 2025 VALUE ADDITION ACCOUNTS FOR 56% OF VERTICALS OPERATING PROFIT Revenues Operating Profit In M AED 1.6% 9.5% 3.0% Operating profit margin 234 418 24 2,456 13,997 394 741 13,256 18% 11,541 Total Revenue of Verticals 56% • Trading 82% • Value Addition 18% Vertical Operating Pr
Slide 8: Vertical Results: Trading
VERTICAL RESULTS: TRADING A SIGNIFICANT BUSINESS GROWTH in AED million (ex. volumes) FY 25 FY 24 yoy% Volumes (k tons) 10,761 8,169 32% Volume growth includes the opening of West Africa, South Africa and a Fertilizer trading division Revenues 11,541 8,734 32% Revenue growth aligned with volume growt
Slide 9: Vertical Results: Value-Addition
VERTICAL RESULTS: VALUE-ADDITION A SUCCESSFUL FIRST YEAR OF OPERATION in AED million (ex. volumes) FY 25 FY 24 yoy% Volumes (k tons) 4,060 437 829% Consolidation of Merec and first full year of Graderco consolidation Revenues 2,456 200 1128% Impact of Merec consolidation, where selling price of prod
Slide 10: Cash Flow
CASH FLOW A YEAR OF SIGNIFICANT GROWTH IN OPERATIONS AND OF SIZEABLE INVESTMENTS • Growth in operating cash-flow driven by the business growth • Increase in working capital primarily driven by the increase in volumes • FFO reflecting the growing nature of the business • Investments for both the exis
Slide 11: Balance Sheet
BALANCE SHEET A STRONG BALANCE SHEET WITH SIZEABLE WORKING CAPITAL ASSETS Sound Balance Sheet Structure In AED million, December-25 Key guidelines on the Invictus Funding model Non-current assets 1,218 • The growth in equity enables to fund the growing activity of the 1,444 Total Equity business 555
Slide 12: Business Outlook
BUSINESS OUTLOOK • 2025 results showed significant growth and positive results across the verticals. It demonstrated the relevance and the strength of the Invictus model. • In 2026, we expect to continue our downstream integration both by organic and inorganic growth. The trading business is well po
Slide 13: About Invictus Investment Company Plc
ABOUT INVICTUS INVESTMENT COMPANY PLC At Invictus Investment Company PLC (ADX: INVICTUS), we bridge the gap between producers and consumers, delivering essential food grains, finished goods, and other commodities, with a particular focus on Africa, the Middle East, and Asia. Our diverse sourcing net
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