Dn Agrar Group S.a · BVB:DN
Dn Agrar — Investor Presentation (June 2025)
46 slides from Dn Agrar's investor presentation, June 2025
Slide 1: Capital Market Story
CAPITAL MARKET STORY HAPPY COWS • HEALTHY MILK • SATISFIED CUTOMERS
Slide 2: Disclaimer
DISCLAIMER THE FOUR SCENARIOS: To be added. This presentation has been prepared by DN AGRAR Group SA In addition, this presentation contains forward-looking statements. These are (the “Company”) solely for informational purposes and does based on current expectations, projections, and assumptions an
Slide 3: DN AGRAR Journey: From Local Roots to European Leadership
DN AGRAR Journey: From Local Roots to European Leadership
Slide 4: Agenda
AGENDA 1 DN AGRAR TODAY 2 RESULTS 3 CAPITAL MARKET JOURNEY 4 2025 -2030 GROWTH STRATEGY 5 WHY INVEST IN DN AGRAR? 6 CONTACT
Slide 5: 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 EUROPE 10,000+ hectares of worked land. 5 farms & 1 compost factory. Established crops: Founded by Jan G. de Boer in 2008. Wheat Triticale Barley Alfa
Slide 6: An Outstanding Growth Story
AN OUTSTANDING GROWTH STORY • Tripled the business since listing Track • Consistent Growth in EBITDA • Milk delivered in 2024: approx. 65 mil. liters Record • Estimated milk deliveries in 2025: over 70 mil. liters Focus on sustainable, regenerative Sustainable agriculture practices that maximize Agr
Slide 7: Integrated Business Model - Today
INTEGRATED BUSINESS MODEL - TODAY
Slide 8: Integrated Business Model - Next Years
INTEGRATED BUSINESS MODEL – NEXT YEARS 150–200 mil. liters of milk annualy
Slide 9: Management Team
MANAGEMENT TEAM Jan Peter Adina de Boer de Boer Trufaș CEO & COO & 2008 Founder of DN AGRAR & 2019 BoD Member 2011 Deputy CEO President of the Board Mihaela Bogdan Marian Nicula Dan Rusu Technical Director 2011 CFO 2012 Vegetable 2009 Production Manager
Slide 10: Our Current Farms - Leading Romanian Milk Production
OUR CURRENT FARMS – LEADING ROMANIAN MILK PRODUCTION DN AGRAR CUT LACTO AGRAR FARM APOLD FARM PRODLACT FARM STRAJA FARM A leader in Sustainable Dairy A major strategic Responsible and Smart Farming Pioneering Sustainable Dairy and Fodder Production, investment that supports sustainable approach for
Slide 11: Straja Farm - A Significant Expansion in Production
STRAJA FARM - A SIGNIFICANT EXPANSION IN PRODUCTION • Beg. March – Start Key Highlights milk production • Started in 2023, and • End of April – planned to be completed finalizing the 2nd in 2027. milking parlor End of 2027 • 5,000 cows • Capacity of 5,000 cows (4,000 dairy (4,000 dairy cows and cows
Slide 12: Compost Factory to Strengthen the Circular Economic Model
COMPOST FACTORY TO STRENGTHEN THE CIRCULAR ECONOMIC MODEL Operational Highlights • Operations started in November 2024 Investment of EUR • 21,000 tons of manure processed annually 1.8 million • Production of over 7,000 tons of organic fertilizer realized • Use the organic fertilizers produced for in
Slide 13: The Context in Which We Operate
THE CONTEX THE FOUR SCENARIOS: IN WHICH WE OPERATE Farmers in Romania Major Agricultural Outputs • Extensive arable land, Romania has the highest number of Romania is one of the largest cereal favorable climate for dairy farmers in the EU, with nearly 3.5 million. producers in the EU. farming. 90% o
Slide 14: SWOT Analysis
SWOT Analysis S W O T • Rising Demand for Sustainable Dairy • Integrated Agribusiness Model • Geographic Concentration Risk • Commodity Price Volatility and Traceable Food Sources • Strong Position in Romanian • High Capital Intensity • Climate Change and • Expansion into Value-Added Commodity Dairy
Slide 15: Porter's Five Forces Analysis
Porter’s five forces analysis INTENSITY / DEGREE FORCE KEY GROWTH LEVER OF INFLUENCE Threat of New Entrants Maintain tech edge and capital barriers L M through vertical integration. Bargaining Power of Suppliers Scale in-house inputs (feed, compost) M and build strategic supplier partnerships. Devel
Slide 16: Agenda
AGENDA 1 DN AGRAR TODAY 2 RESULTS 3 CAPITAL MARKET JOURNEY 4 2025 -2030 GROWTH STRATEGY 5 WHY INVEST IN DN AGRAR? 6 CONTACT
Slide 17: Continuous Financial Growth Performance
CONTINUOUS FINANCIAL GROWTH PERFORMANCE TURNOVER, mil. RON EBITDA, mil. RON NET PROFIT, mil. RON 240 212 200 176 160 151 151 100 89 120 80 70 80 60 54 39 40 32 43 47 40 23 40 20 17 14 20 9 0 0 0 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Budget Budget Budget
Slide 18: 2024 Performance Indicators
2024 PERFORMANCE INDICATORS EBITDA Indicators 31/03/2025 31/03/2024 MARGIN 49.98% +13.79% vs 31/03/2025 31.03.2024 PER 6.34** 11.49** -44.81% PROFIT MARGIN 27.53% +40.55% vs EPS 0.09 RON 0.05 RON 31/03/2025 31.03.2024 +78.28% vs 31.03.2024 EBITDA P/BV 0.81 0.84 RENTABILITY 31/03/2025 34.74% +18.60%
Slide 19: Record Results in Q1 2025
RECORD RESULTS IN Q1 2025 THE FOUR SCENARIOS: TURNOVER, mil. RON EBITDA, mil. RON NET PROFIT, mil. RON 60 40 51 50 44 25 40 20 40 18 20 17 14 30 8 30 10 8 3 20 0 0 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2022 Q1 2023 Q1 2024 Q1 2025 TURNOVER +27%, NET PROFIT +78% VS Q1 202
Slide 20: 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. Furthermore, for Q2 2025, the price continues to increase, following an upward pace.
Slide 21: Dynamics of the Milk Deliveries - A Decade of Growth
DINAMYCS THE FOUR SCENARIOS:OF THE MILK DELIVERIES – A DECADE OF GROWTH The chart below displays DN x3 AGRAR’s milk deliveries over the last decade. Initially, in 2013, the milk delivered came solely from the Apold and Lacto Agrar farms. In 2020, the Cut farm joined, contributing to the total of mil
Slide 22: Continuous Growth in Milk Deliveries - Up to 2030
CONTINUOUS THE FOUR SCENARIOS: GROWTH IN MILK DELIVERIES – UP TO 2030 x4
Slide 23: Q1 2025 Milk Deliveries
Q1 2025 THE FOUR MILK DELIVERIES SCENARIOS: Regarding DN AGRAR’s milk ~ 17 million liters of milk production activity, in Q1 2025 were delivered in Q1 2025 the company reported an increase of approximately 7% in the quantity of milk delivered, compared to the first quarter of 2024, reaching a total
Slide 24: Financial Trajectory Driven by Strategy and Delivery
FINANCIAL TRAJECTORY DRIVEN BY STRATEGY AND DELIVERY CONSTANTLY DELIVER ON THE PROMISES TURNOVER, mil. RON EBITDA, mil. RON Estimated 222 310 - 330 mil. RON 177 176 X2 X2 X3 151 89 46 2021 2024 Budgeted 2025 2023 2027 Budgeted 2025 2030
Slide 25: Agenda
AGENDA 1 DN AGRAR TODAY 2 RESULTS 3 CAPITAL MARKET JOURNEY 4 2025 -2030 GROWTH STRATEGY 5 WHY INVEST IN DN AGRAR? 6 CONTACT
Slide 26: DN AGRAR in the Capital Market
DN AGRAR IN THE CAPITAL MARKET Included in indices BETAeRO MSCI Frontier Small Cap MSCI Romania Small Cap CAPITALIZATION Number of Shareholders RON 276.82 MIL. Investment in CUT 2 Farm 3,000 shareholders EUR 54.67 MIL. Recognition 30.05.2025 +16.78% Shareholding Structure Score of 10 in the VEKTOR b
Slide 27: Outperforming the Market
OUTPERFORMING THE FOUR SCENARIOS: THE MARKET EVOLUTION SINCE LISTING The share price DN AGRAR DN AGRAR doubled +109% +141% since the listing. Listed on the AeRO market of the Bucharest Stock Exchange on +3.07% February 2, 2022. share price performance in Q1 2025. BET BET +32% +39% Largest weight fro
Slide 28: Top Performer on the AeRO Market
TOP PERFORMER THE FOUR SCENARIOS: ON THE AeRO MARKET YEARLY TRADED VALUE, MONTHLY TOTAL TRADED VALUE, 2024 2nd position in BETAeRO, mil. RON mil. RON for 2024 total traded value 19.45 13% DN share of the 54.23 BETAeRO Index for 2024 total traded value 6.5% DN share of the AeRO Market for 2024 total
Slide 29: DN AGRAR Share Price Shows Resilience in Challenging Markets
DN AGRAR THE FOUR SHARE PRICE SHOWS RESILIENCE IN CHALLENGING MARKETS SCENARIOS: SHARE PRICE EVOLUTION + 10% - 18% - 80% +141% Feb-22 Jun-25 Feb-22 Jun-25 Feb-22 Jun-25 Feb-22 Jun-25 FirstFarms (FFARMS) - MHP SE (MHPC) - food and AUGA Group – vertically DN AGRAR outperforms regional integrated zoote
Slide 30: Our Path to Main Market
OUR PATH TO MAIN MARKET Main Market of BVB DN AGRAR GROUP sets course for • Estimated by 2028 • IFRS Reporting starting from 2026 Main Market upgrade and has plans to reward shareholders also through dividends Dividend Plans • Dividend payments starting from 2028 • Free shares • Buy-back-program
Slide 31: Agenda
AGENDA 1 DN AGRAR TODAY 2 RESULTS 3 CAPITAL MARKET JOURNEY 4 2025 - 2030 GROWTH STRATEGY 5 WHY INVEST IN DN AGRAR? 6 CONTACT
Slide 32: DN AGRAR Strategy for 2030
DN AGRAR BUSINESS SEGMENTS: Strategy for 2030: 1 MILK Production 2 COMPOST A Vision for Growth, 3 GREEN ENERGY 4 VERTICAL FARMING Production for Innovation, wheatgrass and Value Creation 5 ALTERNATIVES for 6 GREENHOUSES VALORIZING MILK Double EBITDA by 2030 150 - 200 million liters of milk annually
Slide 33: Our Strategy 2030 Is Underpinned by Five Core Pillars
Our strategy 2030 is A key component underpinned by of our strategy is FIVE CORE PILLARS: the creation of industrial clusters for sustainable Diversification food production. Sustainability Digital & Automation Our goal is to enhance local production capabilities, Expansion of current reduce food sh
Slide 34: 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 35: Milk Production
1 MILK Production • 5,000 dairy cows Expanding Our objective is to expand the milk production capacity of Investment milk production the Apold Farm, aiming for a in CUT 2 Farm • 150,000 liters of milk per day, capacity at the daily output of up to 100,000 approx. 50 million per year APOLD Farm liter
Slide 36: Compost
2 COMPOST Expansion of Compost Factories In line with our commitment to sustainability, DN AGRAR will invest in multiple compost factories, transforming organic waste into premium organic fertilizers. This circular economy approach will not only reduce waste but also create a new, high-margin revenu
Slide 37: Green Energy
3 GREEN ENERGY DN AGRAR Group Leads Romania’s Biomethane Solar Panels Revolution With this initiative, DN AGRAR aims to reduce with 80% the electricity power bills, • Operational in 2027 /2028 which translates to: • 15 – 20 MW • Not all manure is contracted, the possibility 2026: 2028: of increasing
Slide 38: Vertical Farming - Production for Wheatgrass
4 VERTICAL FARMING Estimated Investment: Production for wheatgrass Between EUR 3-4 million for 20 tons produced Investment Plan: Financing: Sustainable Wheatgrass Production Bank loan for Livestock Feed at DN AGRAR Group ROI: Approx. 3 years • 5 Units • Approx. 140 tons daily output • First unit ope
Slide 39: Alternatives for Valorizing Milk
5 ALTERNATIVES for VALORIZING MILK (substitutes) Increasing the Value of Raw Milk We are conducting in-depth research on methods to increase the value of raw milk, including developing premium dairy products such as cream, fat, and milk-based supplements. This focus on value-added products will allo
Slide 40: Greenhouses
6 GREENHOUSES STRATEGIC IMPACT Why? Reduce Romania’s dependence \\\\ on imports during off-season Because the market context & structural gaps offer opportunities Deliver premium pricing and high yield per m² • Total vegetable production in Romania fell from • Romania is a net importer of vegetables
Slide 41: DN AGRAR in 2030: A Vision of Scaled Growth
DN AGRAR in 2030: A Vision of Scaled Growth, Sustainability, and Value Creation • 150 - 200 million liters of milk annually • 2 industrial Greenhouses for consumer-based vegetable production • Close to 30,000 animals • DN AGRAR is listed for several years on • 6 composting units producing the Main M
Slide 42: The Four Scenarios by 2030
THE FOUR SCENARIOS by 2030 mil. RON mil. RON 500 500 475 475 450 450 SCENARIO 1 - 425 400 425 400 SCENARIO 2 - 375 the milk price is 375 350 350 the milk price is considered based on 325 325 considered based on 300 300 the average milk 275 275 the average milk 250 250 price in 2023. 225 225 price in
Slide 43: The Four Scenarios by 2030 - Inclusions and Exclusions
THE FOUR SCENARIOS by 2030 What’s included in the • Current operations • Straja farm – 5,000 animals and a production of 50 mil. liters/year financial scenarios • Cut 2 farm • 28,000 tons organic fertilizer up to 2030 • Biometehane production (from 2028) • Solar in Straja, Apold, Cut and Lacto What’
Slide 44: Agenda
AGENDA 1 DN AGRAR TODAY 2 RESULTS 3 CAPITAL MARKET JOURNEY 4 2025 - 2030 GROWTH STRATEGY 5 WHY INVEST IN DN AGRAR? 6 CONTACT
Slide 45: Why Invest in DN AGRAR?
WHY INVEST IN DN AGRAR? • High-Return Growth Strategy • Sustainability and Efficiency Strategic focus on sustainability, Investments in solar, wheatgrass innovation, and M&A ensures strong production, composting, and long-term financial performance. biomethanization. • Market Leadership in • Geograp
Slide 46: 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