Annual Report PJSC Rusagro Group 2024

RECIPE FOR SUSTAINED GROWTH

Annual Report - 2024

‌CONTENTS

About the Report 3

ABOUT RUSAGRO GROUP 4

Company's profile 6

Investment case 7

Rusagro Group's legal structure 17

History of Rusagro Group 19

Highlights of 2024 23

Key results of 2024 24

STRATEGIC REPORT 29

CEO's statement 30

Business development strategy 31

Analysis of the strategy's results 33

RESULTS OVERVIEW 49

Agriculture Business 50

Combined Oil and Fats Business 70

Sugar Business 99

Meat Business 113

Financial review 132

SUSTAINABLE DEVELOPMENT 133

ESG strategy 134

Sustainable development management system 141

Environmental aspect -

environmental stewardship 153

Social aspect 161

CORPORATE GOVERNANCE 179

Corporate governance system 180

Compliance system 197

Risk management 210

Investor relations 222

APPENDIX 225

International Financial Reporting Standards Consolidated Financial Statements for the year ended

31 December 2024 and Independent

Auditors' Report 226

Contact information 311

‌ABOUT THE REPORT

The present Annual Report of Rusagro Group

PJSC (the 'Report') for 2024 contains information

about the performance of Rusagro Group

(the 'Company' or 'Rusagro') for the reporting period from 1 January 2024

to 31 December 2024. The Report is published on an annual basis,

and previous versions are available here.

Material topics

Rusagro's management assessed the topics' materiality by considering stakeholder needs. The management

of the Company believes that the information disclosed in the Report will allow for a thorough evaluation

of the reporting period's outcomes. Among other things, this Report includes the strategy progress status as well as operational and financial metrics.

The sustainability priorities of Rusagro are given particular consideration.

Boundaries

The Report presents the operating and financial results of Rusagro Group PJSC (parent company) and

its subsidiaries, collectively referred to as Rusagro Group, in line with consolidated financial statements under

the International Financial Reporting Standards (IFRS).

Standards

The Report has been prepared based on Rusagro's management accounts and consolidated financial statements for 2024. The Company's consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the International Accounting Standards Board.

During the preparation of the Report, the following requirements were taken into account:

• Regulations of the Bank of Russia No. 714-P dated

  27 March 2020 'On Information Disclosure by Issuers of Equity Securities'

• Letter of the Bank of Russia No. 06-52/2463 dated 10 April 2014 'On the Corporate Governance Code'

• Letter of the Bank of Russia No. IN-06-28/49 dated 12 July 2021 'On Recommendations for Public Joint Stock Companies on how to Disclose Non-Financial Information Related to their Activities'

• Letter of the Bank of Russia No. IN-06-28/102 dated 27 December 2021 'On Disclosure

  of a Report on Compliance with the Principles and Recommendations of the Corporate Governance Code in the Annual Report of a Public Joint Stock Company'

• Moscow Exchange Listing Rules

Audit

The 2024 IFRS consolidated financial statements

of Rusagro Group PJSC have been audited by Kept JSC.

Approval of the Report

This Report has been provisionally approved by the Board of Directors of Rusagro Group PJSC on 13 May 2025.

Disclaimer

The Report contains estimations or forward-looking statements regarding operating, financial, economic, social, environmental and other Rusagro's performance metrics. For various reasons, the events or results presented in subsequent reports may differ materially from those contained in the assumptions or forecasts herein, not least in connection with the changing market

situation, as well as other risks directly related to Rusagro Group PJSC and its subsidiaries. The Company is not responsible for losses or damages that may be incurred by individuals and legal entities acting on the basis

of forward-looking statements. In each case, such statements represent only one of many scenarios and should not be considered as the most probable.

In addition to official information concerning Rusagro's activities, this Report contains data obtained from third parties and sources that Rusagro considers reliable. Nevertheless, the Company cannot guarantee the accuracy of such information, which may

be incomplete or abridged.

Presentation

of numerical data

The values and percentages presented in the various tables and graphs, as well as in the text of the Report, have been rounded to the nearest whole number

or to the nearest decimal fraction, therefore the sum of the numbers may not precisely match the final total. Some percentages presented in tables and graphs,

as well as in the text of the Report, are based on values that have not been rounded, and thus they may not precisely match the percentage data calculated using rounded figures.

RUSAGRO GROUP. ANNUAL REPORT 2024 4

ABOUT RUSAGRO GROUP

Company's profile 6

Investment case 7

Rusagro Group's legal structure 17

History of Rusagro Group 19

Highlights of 2024 23

RUSAGRO GROUP. ANNUAL REPORT 2024 ABOUT RUSAGRO GROUP 5

WE GOT CLOSER

TO RUSSIAN INVESTORS

STRENGTHENED LEADERSHIP

ON THE PORK MARKET

#RAGR

New ticker for Rusagro Group PJSC shares on the Moscow Exchange. Trading in the Company's securities started on 17 February 2025.

№2

Rusagro Group became the second largest pork producer in Russia through an M&A transaction.

for more details, see p. 220

ACHIEVED NEW RECORDS IN

OUTPUT AND SALES VOLUME

for more details, see p. 130

+23%

The success of separate business segments drove an over 20% year-on-year increase in Rusagro's revenue.

for more details, see p. 24

‌COMPANY'S PROFILE

Core values

Rusagro Group is one of the largest vertically integrated agricultural holdings in Russia.

The Company is the industry leader in the nation's meat, sugar, agriculture, and oil and fats sectors. The Company supplies Russian and international markets with its consumer and industrial products.

Mission

Making people's life longer

and better

Goal

Our goal is to be the company of first choice for consumers, partners and our employees. We believe that creating high-quality products, solidifying our position in key markets,

implementing innovative solutions, and applying the most advanced practices of sustainable growth are the primary means of accomplishing our goal.

‌INVESTMENT CASE

Why invest in Rusagro Group

Ingredient №1

Vertically integrated business

Ingredient №2

Sustained growth

in financial performance

High levels of raw material self-sufficiency serve as a natural hedging mechanism against changes in the pricing of raw materials and finished goods, as well as a means of increasing margins through cost optimisation.

01 4 02

Thanks to a holistic strategic approach

to modernising existing facilities and carrying out new major M&As, boosting sales, and fortifying its position in the market, Rusagro Group produces consistent results.

Ingredient №3

Product and geographic diversification

ingredients for shareholder return growth

03 04

Ingredient №4

Domestic market leadership and

broad export potential

Rusagro Group's assets are spread over 15 regions of the Russian Federation, and its four business segments provide products in both the B2B and B2C markets. Major food producers in Russia and abroad recognise us as a reliable partner, and thousands of customers choose our products available on store shelves.

We hold leading positions in the key sectors of Rusagro Group's presence in Russia,

with foreign markets accounting for about one-third of sales, and enjoy a capacity for the export fiow to grow even more.

Ingredient №1

VERTICALLY INTEGRATED BUSINESS

Vertical integration lies at the heart of the Rusagro Group business model. The Sugar, Meat, and Oil and Fats Businesses run fully integrated production, while the Agriculture Business provides them with the necessary raw materials.

By streamlining the raw material supply chain and improving quality control throughout the production process, as well as by integrating production, marketing, and logistics expenses, this business structure lowers production costs and increases Rusagro Group's competitiveness. Among other things,

the vertically integrated model allows us to accumulate margins within Group Rusagro during the periods of fiuctuation in prices for raw materials and finished products.

Production chain

The entire beet crop grown is sent

to the Company's Sugar Business. The fields' proximity to the production facilities reduces the cost of transportation and logistics.

Beet processing produces by-products such as pulp, molasses, raffinate, betaine and filter cake. The pulp and betaine are exported, filter cake is used as fertiliser, and molasses

is subject to the desugarisation process to extract additional sugar. Sugar and

cereals are marketed under in-house brands. Furthermore, sugar is used by the combined Oil and Fats segment in some sauce recipes.

Some of the grain grown by the Company is sent to feed mills of the Meat Business.

The breeding facility rears young animals and improves pig breeds, while the reproduction facility produces fattening pigs and replacement pigs for herd renewal. The meat processing plant produces finished products which are sold under in-house brand. Waste products are processed further into feed, thus closing the production cycle.

The Oil and Fats Business uses soya and sunfiower seeds supplied by the Agriculture Business to make oil. The oil is then sold

in bulk to third-party companies and is used at Rusagro Group's oil and fats plants

to produce own branded products. Part

of the meal, which is a by-product of the oil extraction process, is used as pig feed

in the Meat Business. Industrial fats are used to produce spreads, sauces, cheese products, and soaps.

Other Rusagro Group facilities also produce pasta products. Dairy plants produce dairy products such as whey powder, cheese, butter and cream.

Filter cake

Beet root

AGRICULTURE BUSINESS

Cultivation and sowing

Dressing and fertilising

Harvesting and storage

Product sales

for more details,

see pp. 50-69

Meal

Oilseed crops

Grain crops

SUGAR BUSINESS

for more details,

see pp. 99-112

Production of sugar

from beet root

Production of

cereals

Production of sugar

from the extract

Marketing

and sales

MEAT BUSINESS

for more details

see pp. 113-130

Production of

feed

Slaughtering and

deboning

Marketing

and sales

Pork

by live weight

Disposal of

slaughter waste

OIL AND FATS BUSINESS

for more details

see pp. 70-98

Production of consumer

oil and fats and dairy products

Extraction of

oil

Production of industrial

fats and whey powder

Marketing

and sales

Business model

Ingredient №2

SUSTAINED GROWTH IN FINANCIAL PERFORMANCE

Revenues, RUB bn

×2 vs 2020

340

276

219

237

156

2020

2021

2022

2023

2024

Investments, RUB bn

Investments in growth and maintenance projects

30

19

14

14

13

2020

2021

2022

2023

2024

The achievement of the Development Strategy's top targets has allowed Rusagro Group to grow steadily.

We are actively expanding our production capacity through mergers and acquisitions, modernisation, and new construction projects. Together with innovation, staff development, and balanced financial management, Rusagro Group's efforts

to boost operational effectiveness and enhance its sales portfolio are yielding

positive results.

Adjusted EBITDA / Adjusted EBITDA margin

Adjusted EBITDA margin, % Adjusted EBITDA, RUB

×2 vs 2020

20%

56

16%

53

17%

27

2020

19%

41

16%

37

2021

2022

2023

2024

Debt load, Net debt / adjusted EBITDA

3.11

Debt load is below the average level for the last five years

2.58

2.71

1.76

2020

2021

2022

1.21

2023

2024

6 PLANTS

OIL EXTRACTION

6 PLANTS

OIL AND FATS PRODUCTION

46PIG FARMS

4 ASSETS

MEAT PROCESSING

PRODUCT AND GEOGRAPHIC DIVERSIFICATION

Ingredient №3

In addition to providing prospects for business expansion, broad geographic and product diversification enables the Company

to optimise sales and logistics while accounting for regional demand for specific product categories. Though Rusagro Group is primarily a raw materials company, with about 75% of its sales coming from the B2B segment, it implements projects to grow

the B2C segment and expands the range of products, thus allowing for the addition of more marginal goods to the sales portfolio.

Rusagro Group's assets are located in 15 regions of the Russian Federation, namely, the Belgorod, Tambov, Voronezh, Kursk, Orel, Sverdlovsk, Samara, Ulyanovsk, Saratov, Orenburg,

Nizhny Novgorod, Volgograd, Tula Regions, the Republic of Bashkortostan, and Primorsky Territory. The Company

is headquartered in the Tambov Region, with a separate division in Moscow.

Structure of production capacities

0.8MN HA

Land holding

Business review - key figures

9SUGAR PLANTS

Raw oil

0.6MNTPA

Production of pork in live weight

1,2

Tambov and Voronezh Regions

3

sugar plants

1

cereal plant

3

grain storage elevators

160

ths ha

10

pig farms

3

breeding farms

1

compound feed mill

1

slaughterhouse and meat processing plant

4

Nizhny Novgorod

1

oil and fats plant

6

Samara Region

3

grain storage elevators

2

grain storage elevators

1

fats plant

1

creamery plant

1

oil extraction plant

5

Republic of Bashkortostan

1

grain storage elevator

9

Primorye Territory

87

ths ha of arable lands

6

pig farms

1

breeding farm

1

compound feed mill

1

slaughterhouse and meat processing plant

1

oil extraction and oil & fats plant

14

Volgograd Region

1

grain storage elevator

1

oil extraction plant

11

Sverdlovsk Region

1

oil and fats plant

10

Kursk Region

2

sugar plants

29 ths ha

of arable lands

Geography of assets by segment and region

Sugar Agriculture Oil and Fats Meat

Saratov Region

2

grain storage

elevators

1

grain storage

elevator

2

oil extraction plants

7

ths ha of arable

lands

1

oil and fats

plant

3

Orel Region

1

sugar plant

47

ths ha of arable lands

7

1

grain storage

elevator

8

Orenburg Region

Belgorod Region

3

sugar plants

370

ths ha of arable land

15

2

grain storage elevators

30

pig farms

10 7 12 1 4 13 6

11

5

1

grain storage

elevator

1

oil extraction plant

9

2

grain storage

elevators

2

pig breeding farms

2

5

compound feed mills

15 2

14 3 8

slaughterhouse and meat processing plants

13

Ulyanovsk Region

1

dairy plant

12

Tula Region

3

ths ha of arable lands

Rusagro Group products

Sales mix

Sugar

Agriculture

Oil and Fats

Meat

1. Sugar

2. Betaine

3. Molasses

4. Pulp

1. Sugar beet

2. Grains

3. Soybeans

4. Sunfiower seeds

1. Vegetable oil

2. Meal

3. Dry industrial whey-based mixes

4. Industrial margarines and fats

5. Food-grade surfactants

6. Fat products for HoReCa

1. Pork in live weight

2. Half-carcasses

3. Offcuts

4. Industrial cuts

5. Offal

6. Meat & bone meal and blood meal

7. Inedible fat

products

75%

B2B B2C

25%

Industrial

1. White sugar

2. Brown sugar

3. Coconut sugar

4. Muscovado sugar

5. Cereals

1. Bottled vegetable oil

2. Coconut oil

3. Margarine and spreads

4. Mayonnaise and sauces, including ketchups

5. Cheeses

6. Butter and spreads

7. Clarified butters

8. Cream

9. Pasta products

10. Soap and oleochemical products

1. Large, portioned, small cuts

2. Minced meat

3. Sausages

4. Skewered meat

5. Marinated meat

6. Chopped meat

7. Ready-to-cook meet products

Consumer products

Rusagro Group brands

горчица

OIL AND FATS BUSINESS

SUGAR BUSINESS

MEAT BUSINESS

Ingredient №4

DOMESTIC MARKET LEADERSHIP AND BROAD EXPORT POTENTIAL

Russian market share of Rusagro Group by segment

13%

Sunfiower oil

24%

Industrial fats

59%

Consumer margarine

38%

Mayonnaise

15%

Sugar

9%

Pork

4%

Land holding

Source: public data, company data

Along with enhancing product quality and customer experience throughout all interactions, Rusagro Group continuously pursues a strategy to boost production capacity, which produces positive outcomes in all pivotal markets.

Sales mix by market in 2024

Sugar segment

18%

Export market

82%

Russian market

Agriculture segment

4%

Export market

96%

Russian market

Oil and Fats segment Meat segment

39%

Export market

61%

Russian market

14%

Export market

86%

Russian market

Export footprint

Turkmenistan

Rusagro Group exports products to 36 countries and territories around the world.

South-West Asia and CIS countries

are the Company's main trading partners.

97

Estonia Latvia

Georgia South Ossetia

Abkhazia Moldavia

Belarus

Uzbekistan

Kazakhstan

South Korea

Tajikistan Kyrgyzstan Mongolia

Japan

RUB BN

28

Rusagro Group's revenues from exports

%

share of exports in Rusagro Group's

revenues

USA

Lithuania Germany

France

Switzerland Morocco

China

Export revenues by segment

Sugar Business

7 RUB bn

Meat Business

Agriculture Business

2024

76 RUB bn

Oil and Fats Business

12 RUB bn

2 RUB bn

Nigeria

Serbia Turkey

UAE

Iran

India

Vietnam

Hong Kong

Israel Kenya Iraq

Armenia Azerbaijan

Afghanistan

‌RUSAGRO GROUP'S LEGAL STRUCTURE

Rusagro Group of Companies LLC

Belgorod

Rusagro Group PJSC

Tambov

99.99%

Agriculture Business

Meat Business

Others Sugar Business

100%

100%

10

Tambovsky Bacon LLC

Tambov

Rusagro-Primorie LLC

Ussuriysk

Oil and Fats

0% Rusagro-Altai LLC

Altai

Business

50%

100%

100%

100%

100%

100%

SoyuzSemSvekla LLC

Voronezh region

Otyasskoye LLC

Tambov

Primorskaya Zemlya LLC

Ussuriysk

RusagroEnergoSbyt LLC

Tambov

Rusagro Tekh LLC

Moscow

Russky Metal JSC

Moscow

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

Rusagro-Tsentr LLC

Moscow

Rusagro-Sakhar LLC

Tambov

Rusagro-Belgorod LLC

Belgorod

Rusagro-Tambov LLC

Tambov

Krivets-Sakhar JSC

Kursk

Herkules JSC

Voronezh

Kshenskiy Sugar Plant JSC

Kursk

Otradinskiy Sugar Plant JSC

Orel

Chernyansky Sakharny Zavod LLC

Belgorod

Nika Sakharny Zavod LLC

Belgorod

Zherdevsky Sakharny Zavod LLC

Tambov

Nikiforovsky Sakharny Zavod LLC

Tambov

100%

100%

100%

100%

100%

100%

100%

100%

100%

42.5%

61%

Rusagro-Invest LLC

Belgorod

Agrotehnology LLC

Tambov

Primagro JSC

Ussuriysk

Biotekhnologii JSC

Tambov

Kshenagro LLC

Kursk

Otradaagroinvest LLC

Orel

Rusagro-NPK LLC

Saratov

Agromeliorant LLC

Primorsky Territory

Meta-Agro LLC

Belgorod

Aravana JSC

Moscow

Astreya JSC

Moscow

76% 100%

Etalon JSC

Moscow

Agro-Belogorie LLC

Belgorod

100%

100%

100%

100%

100%

89.6%

100%

100%

100%

100%

100%

100%

100%

Fats and Oil Integrated Works JSC

Yekaterinburg

Samaraagroprompererabotka JSC

Samara

Primorskaya Soya LLC

Ussuriysk

Rusagro-Saratov LLC

Saratov

Rusagro-Balakovo LLC

Saratov Region

Molochnye Produkty Rusagro LLC

Samara

Rusagro-Zakupki LLC

Saratov Region

Moskovsky Provansal LLC

Moscow

Tolyattinsky Zavod Zhelezobetonnyh Isdeliy

Krasnodar Territory

Rusagro-Atkarsk LLC

Saratov Region

Glushitsa Station JSC

Samara Region

Ekaterinovskiy Elevator JSC

Saratov Region

Trading House NMGK JSC

Nizhny Novgorod Region

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

90%

Energoset NN LLC

Nizhny Novgorod Region

Borskiy Elevator LLC

Saratov Region

Ermolaevskiy Khleb JSC

Republic of Bashkortostan

Sorochinskiy Elevator LLC

Orenburg Region

Sorochinsk Oil Extraction Plant LLC

Orenburg Region

Pestravska Station JSC

Samara Region

Uryupinsk Oil Extraction Plant JSC

Volgograd Region

Balashovskaya Khlebnaya Baza JSC

Saratov Region

Uryupinskiy Elevator JSC

Volgograd Region

Rusagro Eksport LLP

Kazakhstan

NMGK JSC

Nizhny Novgorod Region

NMGK-Logistic LLC

Nizhny Novgorod Region

10%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

Belgorod Pork Complex-1 LLC

Rakityansky SK LLC Strigunovsky SK LLC Graivoronsky SK1 LLC Graivoronsky SK2 LLC Graivoronsky SK LLC Belgorodsky SK LLC Borisovsky SK LLC Borisovsky SK1 LLC Kolomytsevsky SK LLC Krasnogvardeysky SK LLC Streletsky SK LLC Krasnogvardeysky SK1 LLC Krasnogvardeysky SK2 LLC Krasnoyaruzhsky SK OJSC SK Klimovoye LLC

MPZ Agro-Belogorie LLC

Krukovsky SK JSC

Yakovlevsky Sanvetutilzavod LLC Agro-Belogorie TH LLC

100%

100%

100%

100%

81.8%

Belgorod

100%

100%

100%

100%

100%

50%

100%

100%

100%

100%

100%

100%

100%

LTD AGRO BELOGORIE LLC

TP Belogorie LLC Grafovsky SK OJSC Belgorodskaya Svinina LLC

Novoborisovskoye Station OJSC

Selection Hybrid Center LLC Nikitovsky SK JSC Prokhorovskaya ZK LLC Livensky KZ OJSC Yakovlevsky KZ LLC

Alt Energo LLC Krasnogvardeyskaya KZ LLC

Graivoronsky Svinokompleks-2 LLC

Agro-Privolzhye LLC Nizhny Novgorod

Agro Belogorie Krasnodar LLC Krasnodar

Agro Belogorie Voronezh LLC Voronezh

Agro Belogorie Kursk LLC Kursk

Borisovskaya Zernovaya Kompania LLC

99.6%

Khotmyzhskoe Khlebopriemnoe

Predpriyatie OJSC Belgorod

‌HISTORY OF RUSAGRO GROUP

The history of the Company began in 1995 with sugar imports to Russia. Over time,

the Company acquired several sugar and oil &

History of Rusagro Group

fats plants, grain storage elevators, and also amassed its own land holding. Rusagro Group LLC was established in 2003. The Company's development can be broken down into several milestones and key events.

1997-2002

Launch of the Sugar and Agriculture Businesses

2003-2007

Launch of the Oil and Fats Business and the first retail brand

2008-2010

Launch of the Meat Business and expansion of the Sugar Business

2011-2013

Purchase of the first oil extraction plant

2014-2015

Floatation on the Moscow Stock Exchange and launch of a slaughtering sector

2016-2017

Deal with Razgulay

2018-2020

Business expansion and increase in exports

2021-2022

Innovation and digital transformation

2023

Business expansion

‌HIGHLIGHTS OF 2024

Production

Increasing the land holding

Corporate governance

Initiating the distribution of Rusagro Group PJSC shares among shareholders and GDR holders of ROS AGRO PLC

In July 2024, the Government of the Russian Federation listed Rusagro Group PJSC,

a subsidiary of ROS AGRO PLC, a Cypriot holding company, as an economically significant organisation. In September 2024, the Arbitration Court of the Moscow Region granted the application of the Ministry

of Agriculture of the Russian Federation, thus initiating the distribution of Rusagro Group PJSC shares to shareholders and holders

of ROS AGRO PLC GDRs. On 5 December 2024, trading of ROS AGRO PLC GDRs

on the Moscow Exchange (MOEX) and Astana International Exchange (AIX) was suspended. The distribution of shares among GDR holders in Russian depositories completed successfully in December 2024.

Rusagro Group finished the primary phases of a large-scale project to deploy a domestic agricultural production management system

built on GeomirAgro LLC's Field History cloud-based service. Grant funding of the Russian Fund for the Development of Information Technologies under the Digital Economy national project and Rusagro Tech's experience were sought for the successful execution

Business

Integrating NMGK into the Oil and Fats

Business

of this landmark project. The first phase involved all-round preparations. The second phase was the most time-consuming and homed in on the development of artificial intelligence modules.

After the integration with NMGK's entities,

Rusagro's Oil and Fats Business became

the Combined Oil and Fats Business. Through the resultant synergies and experience sharing, the Company improved its competitive advantages and solidified its position

in the industry.

Tambovsky Bacon LLC, part of Rusagro Group, became one of three Russian production facilities permitted to supply pork and registered with

Technologies

Completing the first and second implementation phases of the 'Field History' smart domestic system

the China Import Food Enterprises Registration (CIFER1) programme. The trading scope includes containerised offal and large cuts. Rusagro Group's exports to the PRC boosted capacity utilisation and sales volumes, which, coupled with the premium pork market in China, enhanced the Company's financial standing.

Rusagro Group's land holding grew to 815 thousand hectares, up 131 thousand hectares year-on-year, owing to the execution

Exports

Getting export permit and starting pork

shipments to China

of the relevant section of the investment programme, and the M&A transaction. In addition to improving the Agriculture Business's production performance,

the expansion of crop growing areas will supply raw materials for other vertically integrated segments.

Meat processing and recycling plant

in the Primorye Territory complying with international ISO standards

Deals

Closing of the transaction to consolidate 100% of shares and control over Agro-Belogorie Group LLC

Rusagro Group consolidated 100% of shares and control over Agro-Belogorie Group LLC. Agro-Belogorie includes 20 pig breeding farms, three compound feed mills, a meat processing facility and a land holding, with all company's assets situated in the Belgorod Region. Through consolidation, Rusagro Group became Russia's second-largest pork producer, while achieving significant synergies in the Group's Meat and Agriculture Businesses.

The meat processing and recycling plant in the Primorye Territory was certified to the ISO standard for food safety

management. By demonstrating adherence to strict safety regulations and high-quality of products, this successful step is fostering prospects in Asia.

1 CIFER - China Import Food Enterprise Registration

‌KEY RESULTS OF 2024

Revenue mix by business1 Structure of adjusted EBITDA by business1

Oil and Fats Business

Sugar Business

Agriculture Business

Meat Business

Agro-Belogorie Group

14%

14%

18%

1%2

340

RUB BN

53%

14%

11%

25%

2%2

53

RUB BN

48%

‌1 Excluding intersegment eliminations and other income.

2 The results of Agro-Belogorie Group are taken into account from the date Rusagro Group PJSC consolidated 100% ownership and control on 12 November 2024 (1.5 months).

OIL AND FATS BUSINESS

193

Revenue1

+39%

+67%

+120%

26

+43%

RUB BN

Sales mix, ths tonnes

28

+22%

16

7.1

THOUSAND PEOPLE

Average headcount

+47%

Positions in the Russian market

RUB BN

Adjusted EBITDA1

Consumer margarine

and spreads

-1 p.p.

13%

Adjusted EBITDA margin1

Sunfiower oil

Mayonnaise

52

Ready-to-eat

sauces

Ketchup

Consumer margarine

and spreads

15 +12%

Whey powder mixes

108

-3%

Bottled oil

954

Meal

284 +28%

Mayonnaise

330

Industrial fats

762 +90%

Raw oil

-5%

Industrial fats

Bottled oil

‌1 Excluding intersegment eliminations and other income.

MEAT BUSINESS

+4%

50RUB BN

Revenue1

+22%

6RUB BN

Adjusted EBITDA1

Sales mix, ths tonnes

7.7

THOUSAND PEOPLE

Average headcount

15.4 ths people, including the number of employees of Agro-Belogorie Group

Positions in the Russian market

+2 p.p.

12%

Adjusted EBITDA margin1

Position in the Russian pork

production market2

3

-87%

112

-11%

Pork in live weight

Large cuts and industrial cuts

31

Offal

-2%

54 +28%

Semi-finished products

57

+4%

Half-carcass

‌1 Excluding intersegment eliminations and other income.

‌2 Taking into account the results of Agro-Belogorie Group.

AGRICULTURE BUSINESS

51

Revenue1

-54%

8

-11%

RUB BN

67

-51%

172

Corn

347 -32%

Soybeans

-3%

Sunfiower

seeds

47 +55%

Barley

4,070 -25%

Sugar beet

767

Wheat

-19%

Sales mix, ths tonnes

3.9

THOUSAND PEOPLE

Average headcount of employee

Positions in the Russian market

RUB BN

Adjusted EBITDA1

-15 p.p.

15%

Adjusted EBITDA margin1

Position among Russian

landowners

‌1 Excluding intersegment eliminations and other income.

SUGAR BUSINESS

+5%

68RUB BN

Revenue1

-29%

14RUB BN

Adjusted EBITDA1

-10 p.p.

19

-41%

Betaine

1,071

Sugar

+1%

286 +3%

Pulp

20

Sales mix, ths tonnes

3.3

THOUSAND PEOPLE

Average headcount

Positions in the Russian market

Cube sugar market player

Sugar producer in Russia

%

Adjusted EBITDA margin1

‌1 Excluding intersegment eliminations and other income.

RUSAGRO GROUP. ANNUAL REPORT 2024 29

STRATEGIC REPORT

Statement from the Chief Executive Officer 30

Business development strategy 31

Analysis of the strategy's results 33

‌

RUSAGRO GROUP. ANNUAL REPORT 2024 STRATEGIC REPORT 30

STATEMENT FROM THE CHIEF EXECUTIVE OFFICER

Respected shareholders and partners,

We are delighted to present a detailed report

on the 2024 performance of one of Russia's largest agricultural holdings, Rusagro Group PJSC. Last year, Rusagro Group's team focused on attracting Russian investors and creating value through the realisation of key strategic priorities.

A fiexible vertically integrated business model and a holistic approach to developing the investment programme

in each of Rusagro Group's business segments allowed us to enjoy strong financial results. Over the last five years, the Company's revenue has grown 2.2-fold to RUB 340 billion, while its EBITDA has doubled to RUB 53 billion.

Timur Lipatov

Chief Executive Officer of Rusagro Group LLC

In 2024, Rusagro Group's capital investments totalled RUB 30 billion, up over 50% year-on-year. The major investment projects include building storage infrastructure for sugar beets, upgrading the Atkarsky oil extraction plant, and renewing the fieet of agricultural machinery. Coupled with organic growth projects,

the consolidation of 100% ownership and control over Agro-Belogorie Group made us the second largest pork producer in the Russian market. Joining the Rusagro Group will allow leveraging the synergies and improving our standing in the domestic market.

One of the ways Rusagro Group targets to boost its growth is by upgrading its sales portfolio.

We are making unceasing efforts to broaden our product range in the B2C segment and expand our presence

in the domestic and export markets. As for the latter area, in early 2024, Tambovsky Bacon, which is part

of Rusagro Group's Meat Business, was granted a licence to supply pork to China. By the end of last year, the volume of exports of pork products to China exceeded 5 thousand tonnes.

Another highlight was the recognition of Rusagro Group PJSC by the Government of the Russian Federation

as an economically significant organisation. The distribution of Rusagro Group shares among investors under Russian law rendered it feasible for Rusagro Group to pay dividends. Listing with the Moscow exchange necessitated the sweeping upgrade of the corporate governance framework to ensure compliance with the best Russian and international practices.

In 2024, energetic efforts were continued across all business segments of Rusagro Group to promote sustainable development goals and to minimise negative environmental impact. Priority is given to conserving water

resources, cutting waste, putting the circular economy into practice, and lowering greenhouse gas emissions. Among the common measures taken are the introduction of modern sewage treatment system and the use of waste incineration to generate own energy.

Human capital development is still one of the strategic objectives and the number one priority for us. In terms of the social component of sustainable growth, Rusagro Group made significant advancements in 2024.

Investment in employee training increased. We believe that making investments in our manpower' professional growth immediately augments the Company's market standing.

Throughout the reporting year, Rusagro Group kept refining its own comprehensive system to foster young specialists. This system encompasses both extensive specialised projects and traditional mentorship programmes. Over ten of system initiatives have been launched so far, and the latest noteworthy projects

are Rusagro Vector, a new project to fast track the training of young managers who will make the future leadership pool of our Company, and Rusagro Camp, a training programme for young specialist.

We are grateful to every employee and partner for their contribution to the development of the Company.

We have ambitious goals ahead of us, and if we work together, we can accomplish even more.