Dn Agrar Group S.a · BVB:DN
Dn Agrar — Shareholder Meeting (April 2026)
63 slides from Dn Agrar's shareholder meeting presentation, Apr 28, 2026
Slide 1: DN AGRAR Group Annual General Meeting of Shareholders
DN AGRAR Group Annual General Meeting of Shareholders – 28.04.2026
Slide 2: Content
CONTENT 1 ABOUT DN AGRAR 2 2025 ANNUAL FINANCIAL RESULTS – GAAP & IFRS 3 OPERATIONAL ACTIVITY 4 CAPITAL MARKET JOURNEY 5 STRATEGIC PROJECTS CALENDAR & ESG 6 2026 BUDGET FORECASTING 7 MILK MARKET OUTLOOK
Slide 3: DN AGRAR - A Sustainable Vision Since 2008
DN AGRAR THE FOUR - A SUSTAINABLE VISION SINCE 2008 SCENARIOS: Approx. 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 Establi
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: Content
CONTENT 1 ABOUT DN AGRAR 2 2025 ANNUAL FINANCIAL RESULTS – GAAP & IFRS 3 OPERATIONAL ACTIVITY 4 CAPITAL MARKET JOURNEY 5 STRATEGIC PROJECTS CALENDAR 6 2026 BUDGET FORECASTING 7 MILK MARKET OUTLOOK
Slide 6: Record Results in 2025 - Turnover +21%, Net Profit +65%
RECORD RESULTS IN 2025 - TURNOVER +21%, NET PROFIT +65% TURNOVER, mil. RON EBITDA, mil. RON NET PROFIT, mil. RON 220.00 213.29 100.00 96.64 200.00 175.70 180.00 80.00 160.00 70.72 150.79 150.89 140.00 60.00 60.00 52.35 120.00 46.49 100.00 43.34 40.00 40.00 80.00 31.75 60.00 22.67 40.00 20.00 20.00 1
Slide 7: Factors That Influenced 2025 Results
FACTORS THAT INFLUENCED 2025 RESULTS 21% increase in 22% increase in 29% advance in turnover subsidy revenues personnel expenses 15% higher raw materials, Investments of RON 52 18% growth in million in key projects consumables and utilities depreciation expenses leading to a 19% rise in expenses lon
Slide 8: 2025 Financial Performance vs. Budget
2025 THE FOUR FINANCIAL SCENARIOS: PERFORMANCE VS. BUDGET TURNOVER, mil. RON EBITDA, mil. RON NET PROFIT, mil. RON Estimated 215 - 225 mil. RON 212 213 Estimated 89 93 - 97 mil. RON 97 Estimated 52 48 - 52 mil. RON 39 Budgeted March Revised Budget C 2025 Budgeted March Revised Budget 2025 Budgeted M
Slide 9: 2025 IFRS Financial Indicators
2025 THE FOUR IFRS FINANCIAL INDICATORS SCENARIOS: TURNOVER, mil. RON EBITDA, mil. RON NET PROFIT, mil. RON 220.00 217.78 120.00 105.97 200.00 100.00 181.29 81.39 180.00 80.00 80.00 64.22 160.00 60.00 60.00 44.27 140.00 40.00 40.00 120.00 20.00 20.00 100.00 0.00 0.00 2024 2025 2024 2025 2024 2025 Tu
Slide 10: 2025 IFRS Results
THE FOUR SCENARIOS: 2025 IFRS RESULTS PROFIT FROM PRODUCTION AND AGRICULTURE PROFIT MARGIN* RON 83.91 mil. 61% 29% 21% vs 2024 vs 2024 OPERATIONAL RESULLT PROFIT RENTABILITY** RON 86.70 mil. 43% 25% 21% vs 2024 vs 2024 FINANCIAL RESULLT EBITDA MARGIN RON (11.44) mil. 45% 49% 8% vs 2024 vs 2024 NET R
Slide 11: Content
CONTENT 1 ABOUT DN AGRAR 2 2025 ANNUAL FINANCIAL RESULTS – GAAP & IFRS 3 OPERATIONAL ACTIVITY 4 CAPITAL MARKET JOURNEY 5 STRATEGIC PROJECTS CALENDAR 6 2026 BUDGET FORECASTING 7 MILK MARKET OUTLOOK
Slide 12: Consistent Growth in Milk Deliveries
CONSISTENT GROWTH IN MILK DELIVERIES + 70 million liters of milk DN AGRAR concluded 2025 with were delivered in 2025 remarkable results, delivering over 70 million liters of milk, representing a 13% increase compared to 2024. This performance marks the successful validation of the company's strategy
Slide 13: Q1 2026 Milk Deliveries
Q1 2026 MILK DELIVERIES +22% 7,500,000 7,000,000 vs Q1 2025 6,500,000 6,000,000 5,500,000 5,000,000 4,500,000 4,000,000 3,500,000 3,000,000 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. 2025 2026
Slide 14: DN AGRAR Cereal Production Evolution
DN AGRAR CEREAL PRODUCTION EVOLUTION The climatic context of 2025, characterized by From this perspective, the agricultural activity in 2025 was challenges such as insufficient rainfall and temperature marked by significant climate challenges, which had fluctuations, played a decisive role in shapin
Slide 15: DN AGRAR Cereal Production – Crop Yields
DN AGRAR CEREAL PRODUCTION – CROP YIELDS Resilience Measures: In order to mitigate the adverse impact on crop yields, we adopted strategic soil conservation techniques, such as no-till farming, to optimize moisture levels and reduce costs. Production Trends: While these measures were significant, th
Slide 16: Current Agricultural Activities
CURRENT AGRICULTURAL ACTIVITIES Harvesting alfalfa Cutting alfalfa Sowing corn 16
Slide 17: Content
CONTENT 1 ABOUT DN AGRAR 2 2025 ANNUAL FINANCIAL RESULTS – GAAP & IFRS 3 OPERATIONAL ACTIVITY 4 CAPITAL MARKET JOURNEY 5 STRATEGIC PROJECTS CALENDAR 6 2026 BUDGET FORECASTING 7 MILK MARKET OUTLOOK
Slide 18: 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 + 4,400 shareholders as of December 2025 45% increase in the number o
Slide 19: Shares Outperforming the Market
DN AGRAR's THE FOUR SCENARIOS: SHARES OUTPERFORMING THE MARKET EVOLUTION 4 YEARS SINCE LISTING DN AGRAR +109% DN AGRAR +91% DN AGRAR +340% Listed on the AeRO market of the Bucharest Stock Exchange on February 2, 2022. BET +46% BET +103% Feb. 2022 BETAeRO +6% BETAeRO -10% Dec. 2024 Dec. 2025 VEKTOR b
Slide 20: Top Performer on the AeRO Market
TOP PERFORMER THE FOUR SCENARIOS: ON THE AeRO MARKET YEARLY TRADED VALUE, MONTHLY TOTAL TRADED VALUE, 2024 & 2025 1st position in BETAeRO, mil. RON mil. RON for 2025 total traded 19.4 value 2024 2025 26% DN share of the 81.75 15.93 BETAeRO Index for +51% 2025 total traded value 54.23 12.81 12% DN sh
Slide 21: DN AGRAR Share Price Shows Resilience in Challenging Markets
DN AGRAR THE FOUR SHARE PRICE SHOWS RESILIENCE IN CHALLENGING MARKETS SCENARIOS: SHARE PRICE EVOLUTION +9% +300% +11% -84% feb.22 dec.25 feb.22 dec.25 feb.22 dec.25 feb.22 dec.25 FirstFarms (FFARMS) - MHP SE (MHPC) - food and AUGA Group – vertically DN AGRAR outperforms regional integrated zootechni
Slide 22: Content
CONTENT 1 ABOUT DN AGRAR 2 2025 ANNUAL FINANCIAL RESULTS – GAAP & IFRS 3 OPERATIONAL ACTIVITY 4 CAPITAL MARKET JOURNEY 5 STRATEGIC PROJECTS CALENDAR & ESG 6 2026 BUDGET FORECASTING 7 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 vet 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: Biomethane Project
BIOMETHANE PROJECT • Total investment: Approx. • Expected revenues for DN AGRAR: EUR 30 million, will be fully An estimated annual turnover of EUR implemented by BSOG Energy 3–3.5 million • BSOG Energy received the license to produce biomethane, as the regulations for grid injection are moving towar
Slide 28: Green Energy - Solar Panels Project
GREEN ENERGY - SOLAR PANELS PROJECT DN AGRAR strengthens its energy strategy with new investments Solar panel installation on the roofs of DN AGRAR farms was completed APOLD farm ✓ A EUR 1.7 million project for the installation of solar panels on the buildings of Apold, Lacto Agrar, and Cut ✓ The in
Slide 29: Solar Panels Project - Current Status
SOLAR PANELS PROJECT - CURRENT STATUS CUT farm LACTO AGRAR farm
Slide 30: 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 development of 2 new production units: • Production capacity: 150,000 liters of milk/day • A wheatgrass production unit, inte
Slide 31: Vertical Farming (Wheatgrass)
VERTICAL FARMING (WHEATGRASS) • Production output: 35–40 tons • Investment: Approx. EUR 3 million of feed per day, with constant for the first facility, located at CUT 1 protein levels. farm storage facility.
Slide 32: Climate Change Impact on Feed Stock Security
CLIMATE CHANGE IMPACT ON FEED STOCK SECURITY Mitigation: • No-till technology • Solar • Compost • Wheatgrass production
Slide 33: Wheatgrass Factory
WHEATGRASS FACTORY 33
Slide 34: Vertical Farming Project Development
VERTICAL FARMING PROJECT DEVELOPMENT 34
Slide 35: 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 36: Food Cluster Visit in the Netherlands
FOOD CLUSTER VISIT IN THE NETHERLANDS 36
Slide 37: Straja Farm
STRAJA FARM DN AGRAR continues the development of Straja farm, a strategic project aimed at expanding production capacity. STRAJA
Slide 38: Straja Project Status
STRAJA PROJECT STATUS 38
Slide 39: Digestate Storage Lagoons
DIGESTATE STORAGE LAGOONS • The digestate is an organic byproduct of the biomethane production process. • In 2026 DN AGRAR plans to develop the first unit of this type. • Location: in the area of the Apold farm fields. • Planned investment: Approx. EUR 150,000.
Slide 40: 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 41: Apold Compost Factory
APOLD COMPOST FACTORY 41
Slide 42: Apold Compost Packaging Machine
APOLD COMPOST PACKAGING MACHINE 42
Slide 43: Lacto Agrar Compost Factory
LACTO AGRAR COMPOST FACTORY 43
Slide 44: DN AGRAR Group Sets Course for Main Market Upgrade
OUR PATH TO MAIN MARKET DN AGRAR GROUP sets course for Main Market upgrade
Slide 45: ESG 2025
ESG 2025 Key Sustainability Indicators 2025 ESG performance indicators show improvements in key environmental intensity metrics in 2025 compared to 2024, reflecting operational optimization, production scaling and the implementation of efficiency measures across agricultural operations. ENVIRONMENT
Slide 46: 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 47: DN's Integrated Business Model – In 2030
DN'S INTEGRATED BUSINESS MODEL – IN 2030
Slide 48: Scenarios by 2030
THE FOUR SCENARIOS by 2030 SCENARIO 1 - SCENARIO 2 - the milk price is the milk price is considered based on considered based on the average milk the average milk price in 2023. price in 2024. SCENARIO 3 SCENARIO 4 - the - the milk price is milk price is considered based on considered based on the a
Slide 49: Content
CONTENT 1 ABOUT DN AGRAR 2 2025 ANNUAL FINANCIAL RESULTS – GAAP & IFRS 3 OPERATIONAL ACTIVITY 4 CAPITAL MARKET JOURNEY 5 STRATEGIC PROJECTS CALENDAR 6 2026 BUDGET FORECASTING 7 MILK MARKET OUTLOOK
Slide 50: Forecasting the 2026 Budget
2026 THE FOUR BUDGET SCENARIOS: FORECASTING TURNOVER NET PROFIT EBITDA RON 200 mil. RON 38 mil. RON 85 mil. EUR 39.22 mil. EUR 7.45 mil. EUR 16.67% PROFIT MARGIN EBITDA MARGIN 19% 42.50%
Slide 51: Forecasting the 2026 Budget
2026 THE FOUR BUDGET SCENARIOS: FORECASTING 2. Key assumptions in 2026 3. Operational and strategic priorities considered in 2026 G G p’s b dg • Milk Prices: Stabilization at low levels reflects a prudent in Q1–Q2, with a gradual recovery In 2026, DN AGRAR Group focuses on and balanced approach, exp
Slide 52: Forecasting the 2026 Budget
2026 THE FOUR BUDGET SCENARIOS: FORECASTING 4. Management approach in a volatile 5. Medium- and long-term outlook 6. Positioning for growth in a environment transitional year DN AGRAR Group is positioning itself To navigate the current market for a projected recovery in the dairy Despite an expected
Slide 53: Content
CONTENT 1 ABOUT DN AGRAR 2 2025 ANNUAL FINANCIAL RESULTS – GAAP & IFRS 3 OPERATIONAL ACTIVITY 4 CAPITAL MARKET JOURNEY 5 STRATEGIC PROJECTS CALENDAR 6 2026 BUDGET FORECASTING 7 MILK MARKET OUTLOOK
Slide 54: Milk Market Outlook
MILK MARKET OUTLOOK • Ireland and NL deliver 15% of the EU market, both countries will face nitrogen legislation. Which will lead to a decrease of milk production. • CEE has the possibility to further intensify
Slide 55: Milk Market Outlook
MILK MARKET OUTLOOK • Majority farmers are 55+ years old • Only 12% of the farmers is under 40 years old • Most SME's will disappear, mainly in CEE region
Slide 56: Milk Market Outlook
MILK MARKET OUTLOOK 2003 2016 15 million farms EU 10.3 million farms EU 2020 2040 9.1 million farms EU 3.8 million farms EU Reduction of 3.2 million cows expected EU in 2035 ABN AMRO: Estimate dairy cows to fall 8% up to 2024-2030 Data: Eurostat & ResearchforAGRI
Slide 57: Milk Market Evolution - Wageningen University & Research
MILK MARKET EVOLUTION - Wageningen University & Research* Milk Price Forecasts The long-term outlook for the Dutch ➢ Regular Milk: Estimated at EUR 51.50 per 100kg (a EUR 2.50 increase dairy sector remains positive, with milk prices expected to rise over the from last year's forecast). next decade (
Slide 58: Milk Market Evolution - Wageningen University & Research
MILK MARKET EVOLUTION - Wageningen University & Research* Evolution of Netherlands milk price in EURO / 100 kg (prices excluding VAT) Rising Operational Costs Year WSER reference ➢ Livestock Prices: Significant increases in cattle value; adult slaughter 2016 31,09 cattle (EUR +400) and replacement c
Slide 59: Dynamics of the Milk Price Evolution
DINAMYCS THE FOUR SCENARIOS:OF THE MILK PRICE EVOLUTION
Slide 60: Upcoming Events
UPCOMING Events 29 April “Feel The Markets” live show – Speaker Peter de Boer, CEO & BoD Member 5 – 8 May “5 cities in 4 days Roadshow” in preparation for the Main Market upgrade Details: - Peter de Boer, CEO & Mihaela Nicula, CFO - Meetings with 27 Institutional Investors, Asset Managers and Family
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
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Slide 63: Questions
QUESTIONS 1. Does DN engage in trading activities with milk? Estimated revenue and costs with the factory? 2. What is the current status of the decision to launch the biogas project? 3. BSOG located near Straja? 4. How does the price of milk compare to your expectations? 5. What is the estimated pri