Dn Agrar Group S.a · BVB:DN
Dn Agrar — 9M 2025 Earnings Presentation
47 slides from Dn Agrar's earnings presentation, Nov 19, 2025
Slide 1: Presentation Financial Results 9M 2025
Presentation Financial Results 9M 2025 - November 19th, 2025 - Cash Cows in Full Gallop: Revenues Surge 25% and Profits Moo-ltiplied
Slide 2: Content
CONTENT 1 ABOUT DN AGRAR 2 9M 2025 FINANCIAL RESULTS 3 OPERATIONAL ACTIVITY 4 CURRENT PROJECTS 5 CAPITAL MARKET JOURNEY 6 OUTLOOK & 2025 -2030 STRATEGY
Slide 3: DN Agrar - A Sustainable Vision Since 2008
DN AGRAR THE FOUR - A SUSTAINABLE VISION SINCE 2008 SCENARIOS: 17,000 heads dairy cows as well as young cattle. THE LARGEST MILK PRODUCER IN EUROPE 10,000+ hectares of worked land (7,000+ inside the group, and the rest outside the group) 5 farms & 1 compost factory. Established crops: Founded by Jan
Slide 4: DN Agrar - An Outstanding Growth Story
DN AGRAR - AN OUTSTANDING GROWTH STORY Tripled the business since listing Track Consistent Growth in EBITDA Record 52 million liters of milk delivered in 9M 2025. Focus on sustainable, regenerative Sustainable agriculture practices that maximize Agriculture productivity, reduce environmental impact,
Slide 5: Integrated Business Model – Today
INTEGRATED BUSINESS MODEL – TODAY
Slide 6: Content
CONTENT 1 ABOUT DN AGRAR 2 9M 2025 FINANCIAL RESULTS 3 OPERATIONAL ACTIVITY 4 CURRENT PROJECTS 5 CAPITAL MARKET JOURNEY 6 OUTLOOK & 2025 -2030 STRATEGY
Slide 7: Record Results in 9M 2025, Turnover +24.7%, Net Profit +104%
THE FOUR SCENARIOS: RECORD RESULTS IN 9M 2025, TURNOVER +24.7%, NET PROFIT +104% TURNOVER NET ASSETS RON 158.06 mil. +24.66% RON 339.16 mil. +22.27% vs 9M 2024 vs 31.12.2024 TOTAL ASSETS NET PROFIT RON 42.92 mil. +103.61% RON 418.24 mil. +15.64% vs 9M 2024 vs 31.12.2024 EBITDA EQUITY RON 77.41 mil.
Slide 8: Factors That Influenced the 9 Months 2025 Results
FACTORS THAT INFLUENCED THE 9 MONTHS 2025 RESULTS 25% increase in 28% increase in 27% advance in turnover subsidy revenues personnel expenses 11% higher raw materials, Investments of RON 42 16% growth in million in key projects consumables and utilities depreciation expenses leading to a 17% rise in
Slide 9: Financial Results Highlights in 9 Months 2025
FINANCIAL RESULTS HIGHLIGHTS in 9 MONTHS 2025 In the first 9 months of 2025, operating revenues PROFIT AND LOSS ACCOUNT 30/09/2025 30/09/2024 ∆% amounted to RON 245 million, a 27% increase (RON) compared to the same period of last year. OPERATING INCOME – TOTAL 245,140,981 193,492,036 26.69% Operati
Slide 10: The Main Elements of the Balance Sheet
THE MAIN ELEMENTS OF THE BALANCE SHEET BALANCE SHEET INDICATORS (RON) 30/09/2025 31/12/2024 ∆% Equity recorded an increase of 26% compared FIXED ASSETS - TOTAL 281,775,783 243,511,009 15.71% to 31.12.2024, reaching RON 208 million, this CURRENT ASSETS - TOTAL 132,075,857 115,784,991 14.07% evolution
Slide 11: Continuous Financial Growth Performance
CONTINOUS FINANCIAL GROWTH PERFORMANCE TURNOVER, mil. RON EBITDA, mil. RON NET PROFIT, mil. RON 160.00 158.07 140.00 126.79 120.00 115.98 80.00 77.41 103.23 100.00 60.00 80.00 50.02 42.92 46.49 40.00 60.00 40.00 32.48 40.00 22.34 21.08 20.00 20.00 20.00 10.60 0.00 0.00 0.00 9M 2022 9M 2023 9M 2024 9
Slide 12: 2025 Budget Review - Continuous Financial Growth
2025 THE FOUR BUDGET SCENARIOS: REVIEW - CONTINOUS FINANCIAL GROWTH TURNOVER, mil. RON EBITDA, mil. RON NET PROFIT, mil. RON Estimated 215 - 225 mil. RON 212 Estimated 176 93 - 97 mil. RON 89 Estimated 71 48 - 52 mil. RON 39 32 2024 Budgeted March Revised Budget C 2024 Budgeted March Revised Budget
Slide 13: Content
CONTENT 1 ABOUT DN AGRAR 2 9M 2025 FINANCIAL RESULTS 3 OPERATIONAL ACTIVITY 4 CURRENT PROJECTS 5 CAPITAL MARKET JOURNEY 6 OUTLOOK & 2025 -2030 STRATEGY
Slide 14: Consistent Growth in Milk Deliveries
CONSISTENT GROWTH IN MILK DELIVERIES 52 million liters of milk were delivered in 9M 2025 In the first 9M 2025 the company recorded an increase of 11% in the quantity of milk delivered, compared to the similar period in 2024, reaching a total volume of 52 million liters. Following the upward trend in
Slide 15: DN Agrar Cereal Production Evolution
DN AGRAR CEREAL PRODUCTION EVOLUTION The soil moisture map (0-20cm), published by the The agricultural activity carried out by DN AGRAR National Institute of Meteorology and Hydrology on n during the first nine months of 2025 was significantly September 8th, 2025, confirms the severity of the impact
Slide 16: DN Agrar Cereal Production – Crop Yields
DN AGRAR CEREAL PRODUCTION – CROP YIELDS While adaptation efforts were substantial, the significant water deficit resulted in a general decrease in production volume compared to the previous year. This was particularly pronounced in alfalfa and silage corn crops, where yields were considerably lower
Slide 17: Content
CONTENT 1 ABOUT DN AGRAR 2 9M 2025 FINANCIAL RESULTS 3 OPERATIONAL ACTIVITY 4 CURRENT PROJECTS 5 CAPITAL MARKET JOURNEY 6 OUTLOOK & 2025 -2030 STRATEGY
Slide 18: Straja Farm - A Significant Expansion in Production
STRAJA FARM - A SIGNIFICANT EXPANSION IN PRODUCTION • Beg. March – Start milk production Key Highlights • End of September - 1,900 cows • Milking parlors • Started in 2023 completed and End of 2027 robots installed • 5,000 dairy cows • Planned to be completed in 2027 • Farm hospital and maternity fi
Slide 19: Straja Project Current Status
STRAJA PROJECT CURRENT STATUS 19
Slide 20: Straja Project Current Status
STRAJA PROJECT CURRENT STATUS 20
Slide 21: Compost Factory to Strengthen the Circular Economic Model
COMPOST FACTORY TO STRENGTHEN THE CIRCULAR ECONOMIC MODEL Operational Highlights • The Apold compost factory is performing as planned, with a production of 2 compost approximately 3,500 tons of compost. factories • The Lacto Agrar compost factory is currently being developed, with operations planned
Slide 22: Apold Compost Factory
APOLD COMPOST FACTORY 22
Slide 23: Lacto Agrar Compost Factory
LACTO AGRAR COMPOST FACTORY 23
Slide 24: 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 ✓ An EUR 1.7 million project for the installation of solar panels on the buildings of Apold, Lacto Agrar, and Cut ✓ The i
Slide 25: Solar Panels Project - Current Status
SOLAR PANELS PROJECT - CURRENT STATUS CUT farm LACTO AGRAR farm
Slide 26: Biomethane Production for an Integrated Sustainable Strategy
BIOMETHANE PRODUCTION FOR AN INTEGRATED SUSTAINABLE STRATEGY Current Status • The supply and development contracts were signed in July this year. • The project is progressing precisely as scheduled and is currently in the permitting and detailed design phases, following the successful finalization o
Slide 27: Content
CONTENT 1 ABOUT DN AGRAR 2 9M 2025 FINANCIAL RESULTS 3 OPERATIONAL ACTIVITY 4 CURRENT PROJECTS 5 CAPITAL MARKET JOURNEY 6 OUTLOOK & 2025 -2030 STRATEGY
Slide 28: DN Agrar in the Capital Market
DN AGRAR IN THE CAPITAL MARKET Included in indices The company with the BETAeRO largest weight in the MSCI Frontier Small Cap BETAeRO index at the end of MSCI Romania Small Cap September 2025. Number of Shareholders The company with the Investment highest traded value from in CUT 2 Farm 3,700 shareh
Slide 29: DN Agrar's Shares Outperforming the Market
DN AGRAR's THE FOUR SCENARIOS: SHARES OUTPERFORMING THE MARKET 2.81 RON EVOLUTION SINCE LISTING closing price September 30th, 2025 DN AGRAR DN AGRAR DN AGRAR +109% +92% +301% Over the first nine months, the share Listed on the AeRO price recorded an market of the Bucharest appreciation of Stock Exch
Slide 30: Top Performer on the AeRO Market
TOP PERFORMER THE FOUR SCENARIOS: ON THE AeRO MARKET YEARLY TRADED VALUE, MONTHLY TOTAL TRADED VALUE, 2024 & YTD 2025 1st position in BETAeRO, mil. RON mil. RON for 2025 YTD total traded value 19.4 2024 DN share of the 24% 54.23 2025 BETAeRO Index for 51.68 15.93 2025 YTD total traded value 12% DN s
Slide 31: DN Agrar Group Sets Course for Main Market
OUR PATH TO MAIN MARKET Main Market of BVB DN AGRAR GROUP • Decision to be made at the end of 2025 • IFRS Reporting starting from 2026 sets course for Main Market upgrade
Slide 32: Content
CONTENT 1 ABOUT DN AGRAR 2 9M 2025 FINANCIAL RESULTS 3 OPERATIONAL ACTIVITY 4 CURRENT PROJECTS 5 CAPITAL MARKET JOURNEY 6 OUTLOOK & 2025 -2030 STRATEGY
Slide 33: Q4 2025 Outlook
Q4 2025 OUTLOOK Financial Highlights Operational Highlights Even in this context, we maintain a positive outlook, anticipating that the fourth quarter will remain positive, Milk production is expected to grow by 10% in though with a more moderate growth dynamic. 2025, a trend confirmed by the result
Slide 34: European Milk Market in 9 Months 2025
EUROPEAN MILK MARKET IN 9 MONTHS 2025 Amount of milk collected at the regional Price of milk at the region level level, % c/kg Romania -2.3% Romania 43.8 Poland 4.6% Poland 52.9 Bulgaria -15.5% Bulgaria 48.1 Hungary 14.1% Hungary 51.0 Aug 2025 vs. to Aug 2024 as of September 2025 *Source: https://ag
Slide 35: Dynamics of the Milk Price Evolution
DINAMYCS THE FOUR SCENARIOS:OF THE MILK PRICE EVOLUTION
Slide 36: 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 37: DN Agrar Strategy for 2030
BUSINESS SEGMENTS: DN AGRAR Strategy for 2030: 1 MILK Production 2 COMPOST A Vision for Growth, 3 GREEN ENERGY 4 VERTICAL FARMING Production for wheatgrass Innovation, and Value Creation 5 ALTERNATIVES for 6 GREENHOUSES VALORIZING MILK Double EBITDA by 2030 150 - 200 million liters of milk annually
Slide 38: 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 39: DN's Integrated Business Model – In 2030
DN'S INTEGRATED BUSINESS MODEL – IN 2030
Slide 40: The Development of Cut 2 Farm - Investment Plan
THE DEVELOPMENT OF CUT 2 Farm Investment Plan Estimated Investment: This transformative project is designed to harness advanced Approx. EUR 13-15 million agricultural technologies, sustainability practices, and operational f c c s to meet the growing demand for high- quality dairy products in Europe
Slide 41: Cut 2 Farm Timeline
CUT 2 Farm Timeline Current Status Construction Phase Sustainability Integration Land Acquisition Farm Development Vertical Farming for Feed Milking and Automation Manure Valorization Late 2025 Second Half 2027 2027 2025 2029 Early 2026 of 2026 2029 2029 Permitting and Livestock Procurement Full Ope
Slide 42: Cut 2 Farm planned layout
7 RR | RR oe = CUT 2 FARM CUT 1 FARM PLANNED (pn) _ AR. we compen rome ——
Slide 43: Alternatives for Valorizing Milk (substitutes)
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 allow
Slide 44: Production of Cream and Skimmed Milk - Investment Plan
PRODUCTION OF CREAM AND SKIMMED MILK Investment Plan Estimated Investment: Why? Approx. EUR 1.5 – 3 mil. Market diversification Financing: Client group diversification Bank Financing, estimated Increasing negotiation approval end of 2025 power Timeline: Reduction of transportation • First plant at t
Slide 45: 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 47: Questions
QUESTIONS 1. Straja operational progress update; Straja 2 plans? simplifying business structure is still a thing? 2. Since the H1 financial results were reported, has there been any progress on DN’s transfer to the Main Market? 3. Does DN intend to expand into other areas of agriculture and the food