Sucro Limited · TSXV:SUGR
Sucro — Investor Presentation (April 2025)
24 slides from Sucro's investor presentation, April 2025
Slide 1: Investor Presentation
Investor Presentation APRIL 2025 TSXV: SUGR | OTCQB: SUGRF
Slide 2: Disclaimers
DISCLAIMERS General Matters This Presentation should be read in conjunction with the Sucro Limited’s audited annual consolidated financial statements for the year ended December 31, 2024. The information presented includes the historical financial performance of Sucro Holdings, LLC (“Sucro Holdings”
Slide 3: This Isn't Your Grandfather's Sugar Refiner
THIS ISN’T YOUR GRANDFATHER’S SUGAR REFINER “Our mission is to be the leading alternative integrated sugar supplier in North America, leveraging our processing footprint and strategic partnerships to fully service sugar users.“ Jonathan Taylor, Sucro’s Founder and CEO Canada, 1854 TSXV: SUGR| OTCQB:
Slide 4: Proven Team with a Focus on Growth & Profitability
PROVEN TEAM WITH A FOCUS ON GROWTH & PROFITABILITY Jonathan Taylor Stefano D’Aniello Matt Dyer Eli Cohen Oliver Hire Founder & CEO CFO Managing Director VP Canada, Sales & VP, Head of Trading Director & VP, US Sales Operations • 15+ years of sugar trading • 15+ years of financial • 15+ years of Food
Slide 5: Innovative North American refiner building modern, capital-efficient refineries
Innovative North American refiner building modern, capital-efficient refineries, with a highly visible strategy for growth, in a highly profitable market TSXV: SUGR | OTCQB: SUGRF 5
Slide 6: Operations & Performance at a Glance
OPERATIONS & PERFORMANCE AT A GLANCE 207,000 MT 5 261 2024 Refining Volume Refining & Employees Processing Facilities Refineries Performance 250,000 $35,000,000 Sucro sales & profit growth driven by expanded 200,000 $30,000,000 refinery capabilities $25,000,000 150,000 $20,000,000 Two refineries bui
Slide 7: Sucro Share Information
SUCRO (TSXV: SUGR, OTCQB: SUGRF) Share Information Canada: TSX Venture SUGR C$11.45 C$269.6 M 1.15 United States: OTCQB SUGRF Share Price Market Cap1 Price to (Closing share price on TSXV April 11, 2025) Book Value1.2 Shares outstanding3 23,718,010 Management Ownership ~60% Consistently strong growt
Slide 8: Overview of Beta San Miguel (BSM)
OVERVIEW OF BETA SAN MIGUEL (BSM) Beta San Miguel is one of the largest cane sugar mills in Mexico, and now owns 15.9% of Sucro Shares, with option to purchase a controlling interest2 Company Overview Key Metrics ~1.1m tons ~20% ~77k tons • Founded in 1987 in Mexico and privately owned sugar produce
Slide 9: Transaction Provides Strategic and Financial Opportunities / Benefits to Sucro
TRANSACTION PROVIDES A WIDE RANGE OF STRATEGIC AND FINANCIAL OPPORTUNITIES / BENEFITS TO SUCRO 1 2 3 Raw Material Risk Management Sales & Distribution Cost & Operational Efficiency • Provides guaranteed access to raw and • New distribution opportunities should lead to • Improves price hedging on sug
Slide 10: Reliable Demand Growth for Sugar
RELIABLE DEMAND GROWTH FOR SUGAR ~11.5 M short tons1,3 delivered annually U.S. Refined Sugar Deliveries Consistent, predictable growth requires new refining capacity ('000 ST/yr) • Underserved market, current production doesn’t meet domestic demand 14,000 400.0 • Sugar consumption grows steadily and
Slide 11: Domestic Grower Production Is Constrained
DOMESTIC GROWER PRODUCTION IS CONSTRAINED Demand growth across entire N.A. sugar industry is not being met by domestic growers/producers • Domestic U.S. Cane and Beet production has been stalled for years • Mexican production appears to be in systemic decline over past 10+ years • Sucro’s Refining a
Slide 12: Unique & Competitively Advantaged Trade Flow
UNIQUE & COMPETITIVELY ADVANTAGED TRADE • Customers value Sucro’s FLOW unique capabilities Canada Refined trade flows United New / Upcoming Refineries • Unique and differentiated • Builds relationships States Raw trade flow Canadian Refinery (Hamilton) trade flow – active in Mexico Raw & refined tra
Slide 13: After 10 Years, Sucro Still Achieving Significant Growth
AFTER 10 YEARS, SUCRO STILL ACHIEVING SIGNIFICANT GROWTH Overall Total Sugar Refineries Volume (MT) Wholesale Distribution Deliveries (MT) 250,000 (MT) 700,000 500,000 200,000 450,000 600,000 400,000 500,000 150,000 350,000 300,000 400,000 250,000 100,000 300,000 200,000 150,000 200,000 50,000 100,0
Slide 14: Sucro's Unique Sugar Refining Model
SUCRO’S UNIQUE SUGAR REFINING MODEL Original Hamilton Refinery ü First refinery built in Hamilton, Ontario (2017-2019) was self-funded ü Innovative and unique micro scale and concept ü Less refining, higher colour sugar ü Only refiner in North America meeting customer demand for flexibility in granu
Slide 15: Building Value Along Our End-to-End Sugar Supply Chain
BUILDING VALUE ALONG OUR END-TO-END SUGAR SUPPLY CHAIN REFINING: INBOUND LOGISTICS OUTBOUND LOGISTICS SOURCING SALES & WAREHOUSING & WAREHOUSING Diversified supplier Active supply chain We build low-cost facilities with Optimized locations Providing innovative base of raw sugar management & cost con
Slide 16: In Only 10+ Years…
IN ONLY 10+ YEARS… WE’VE ORGANICALLY BUILT A BUILT & EXPANDED EXPANDED OUR PRODUCT VALUABLE END-TO-END SUGAR A NETWORK OF LOW CAP-EX LINE & TRADE CHANNELS SUPPLY CHAIN REFINERIES Light A market leader Footprint in commercial >600,000 MT in North America integration across all 3 Total Volume1 NAFTA c
Slide 17: Current and Future Refineries – Both Sides of Border
CURRENT AND FUTURE REFINERIES – BOTH SIDES OF BORDER Refinery Locations • Sucro’s current refinery expansion strategy well timed for current tariff threats Operational Refinery Hamilton, Ontario • Two active refineries in both Under construction Canada and United States New Hamilton Refinery Operati
Slide 18: Increasing Refinery Capacity Driving Value
INCREASING REFINERY CAPACITY DRIVING VALUE Our Refineries Volumes and Adjusted Gross Profit per MT Delivered1,2 Hamilton, Ontario 250,000 $160.00 Granular refinery $140.00 Region Served: Ontario, Canada 200,000 $120.00 $100.00 150,000 $80.00 100,000 $60.00 Lackawanna, New York $40.00 50,000 Granular
Slide 19: 3 Concurrent Expansion Projects to Serve the North American Sugar Market
3 CONCURRENT EXPANSION PROJECTS TO SERVE THE LARGE AND ATTRACTIVE NORTH AMERICAN SUGAR MARKET Ongoing Commissioning UNDER CONSTRUCTION Chicago, Illinois Granular refinery – 1st half 2026 Projected Expansion: up to 250K MT Projected Cost: Phase 1 - US$25 M Lackawanna, New York New Hamilton Facility G
Slide 20: A Clear Path to Future Volume Growth
A CLEAR PATH TO FUTURE VOLUME GROWTH Aspirational Refinery Volume Growth to 1M MT 1,000,000 900,000 800,000 700,000 SUCRO’S GOAL: 600,000 500,000 400,000 ~1 million MT 300,000 of refining volume by 2029 200,000 100,000 - 2021 2022 2023 2024 2025 2026 2027 2028 2029 Refinery Volumes (MT) Actual Estim
Slide 21: Supplying Global Customers Across North America
SUPPLYING GLOBAL CUSTOMERS ACROSS NORTH AMERICA Sucro Regional Sales Low degree of customer concentration, with no single 12% customer representing CANADA 16% 16% >4.5% of revenue USA 54% 20% MEXICO 16% Sucro supplies leading global brands including ROW 13% 52% 10 of the 15 largest and most recogniz
Slide 22: Our team is finding new ways to capture value throughout the full sugar supply chain
“Our team is finding new ways to capture value throughout the full sugar supply chain, with an emphasis on cost-efficient refineries that address the evolving needs of our customers. ” Jonathan Taylor, Sucro’s Founder and CEO TSXV: SUGR | OTCQB: SUGRF 22
Slide 23: Sucro's Value Proposition
SUCRO’S VALUE PROPOSITION Attractive industry Large, growing, predictable and profitable Strong growth performance Effective use of currently capital available at a resources Positive Impact of BSM relatively (build vs buy) strategic investment attractive P/BV • Upside opportunities to both operatin
Slide 24: Thank You
THANK YOU Don Hill – Chairman, Sucro P: (305) 901-5222 E: IR@Sucro.us TSXV: SUGR| OTCQB: SUGRF 24