Slides
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SIPEF Analyst presentation February 12, 2026 1
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Summary SIPEF group - Company profile SIPEF group - Palm oil in the world SIPEF group - Production & prices SIPEF group – Financial performance SIPEF group – Strategic projects SIPEF group - Prospects
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3 SIPEF AT A GLANCE Belgium Headquarters 1919 More than 24.000 employees More than 440 000 T of CPO USD 570 million Total sales in FY2025 More than 52.000 T of bananas Listed on the EURONEXT stock exchange 100% RSPO COMPLIANT 9.8 years Young average age profile
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4 2025 Indonesia PNG Côte d’Ivoire Hectares 100% Palm 71.026* 13.550 0 84.576 Bananas 0 0 1.238 1.238 Total planted 71.026 13.550 1.238 85.814 PLANTED HECTARES PER 31 DECEMBER 2025 * Change in reporting method of 1 897 Ha: • AM Group 1 593 Ha • TT group: 259 Ha • UMW group: 39 Ha • SS group: 6 Ha
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5 EVOLUTION PLANTED HECTARES PALM 0 10.000 20.000 30.000 40.000 50.000 60.000 70.000 80.000 90.000 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 EVOLUTION OWN PALM HECTARES Tolan Tiga Group Agro Muko Group Hargy Oil Palm Ltd. UMW Group South Sumatra Group
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6 EVOLUTION OWN CPO PRODUCTIONS 0 50.000 100.000 150.000 200.000 250.000 300.000 350.000 400.000 450.000 500.000 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 EVOLUTION OWN CPO PRODUCED Tolan Tiga Group Agro Muko Group Hargy Oil Palm Ltd. UMW Group South Sumatra Group +42%
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7 EVOLUTION TURNOVER - EQUITY – NFP - RESULT -200 0 200 400 600 800 1.000 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 In MUSD Turnover Equity Net financial position Result, share of the Group
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Summary SIPEF group - Company profile SIPEF group - Palm oil in the world SIPEF group - Production & prices SIPEF group – Financial performance SIPEF group – Strategic projects SIPEF group - Prospects
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PALM OIL: A LEADER IN THE VEGETABLE OIL MARKET
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10 15% 20% 11%8% 5% 34% Source: Oilworld 1994 93.1 MT 2025 269.3 MT VEGETABLE OIL PRODUCTION 30,3% 24,9% 12,2% 8,9% 4,4% 19,3%
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11 Source: Oilworld PALM OIL PRODUCTION IN THE WORLD 58%24% 4% 7% 7% 2025 Palm oil production Total of 84.9 Mn tonnes Indonesia Malaysia Thailand Middle & South America Other countries
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Future potential
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PROJECTED VEGETABLE OIL USE SPREAD LONG TERM PALM OIL PRICE FORECASTS 0 50 100 150 200 250 300 350 2000 2010 2020 2030 2035 2040 Projected vegetable oil use Food Biodiesel Oleochemical Other Industrial
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14 Source: Oilworld OIL AND FAT CONSUMPTION PER CAPITA 73,07 88,90 30,50 19,49 87,68 20,40 13,79 66,56 32,82 59,43 55,77 25,52 15,57 35,54 21,46 14,04 39,05 25,86 0 10 20 30 40 50 60 70 80 90 100 EU-28 USA China India Indonesia Pakistan Nigeria Brazil World Oil and fat per capita consumtion (in Kg) 2024 2012 = 3 billion people
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15 Hardly any growth anymore in Indonesia and Malaysia
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16 Increasing age profile within the sector
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17 Increasing age profile within the sector *ESSD 2024 ** MPOB *** Internal calculation Country Sector Average age (yrs) % ≥ 20 yrs old Indonesia* Industrial 14.0 26% Smallholder 14.2 Malaysia** Industrial 14.0 27% Smallholder 14.0 – 15.0 SIPEF*** Own plantations 9.8 8% Key takeaway: • Plantations in both countries have older palms on average, driving the bulk of replanting needs. • Timely replanting is critical to maintain yields and production growth BUT it is expensive. • Satgas impact on Indonesian replanting schedules, fertilizer use & future growth?
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Summary SIPEF group - Company profile SIPEF group - Palm oil in the world SIPEF group - Production & prices SIPEF group – Financial performance SIPEF group – Strategic projects SIPEF group - Prospects
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19 GROUP PRODUCTIONS – CRUDE PALM OIL Palm Oil Dec-25 Dec-24 Variance Own Tolan Tiga Group 68 597 63 551 7,9% Umbul Mas Wisesa Group 42 419 33 827 25,4% Agro Muko Group 86 187 76 658 12,4% South Sumatra Group 80 772 60 058 34,5% Hargy Oil Palms 87 748 67 125 30,7% Total own 365 723 301 219 21,4% Outgrowers Tolan Tiga Group 2 109 1 814 16,3% Umbul Mas Wisesa Group 195 172 13,4% Agro Muko Group 3 442 3 015 14,2% South Sumatra Group 13 490 8 948 50,8% Hargy Oil Palms 56 907 47 236 20,5% Total outgrowers 76 143 61 185 24,4% Total Palm Oil 441 866 362 404 21,9% Indonesia 297 212 248 043 19,8% PNG 144 655 114 361 26,5%
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20 MONTHLY GROUP PRODUCTIONS – CPO 2025 0 5.000 10.000 15.000 20.000 25.000 30.000 35.000 40.000 45.000 January February March April May June July August September October November December Mtd LY Mtd CY
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21 GROUP PRODUCTIONS – BANANAS Bananas Dec-25 Dec-24 Variance Azaguie 11 245 9 922 13,3% Agboville 7 940 8 938 -11,2% Motobé 5 541 6 165 -10,1% Lumen 17 585 19 389 -9,3% Akoudje 9 849 6 624 48,7% Total Bananas 52 159 51 038 2,2%
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22 BULL AND BEAR MDEX Rating Bullish inputs Bearish inputs Palm Oil Feb 1.050 March 1.065 AMJ 1.073 JAS 1.065 - Mega rally on metals triggered fund buying across many commodities. Correction means volatility. - Lot of short covering by commercial traders. - Agrinas / Land seizures will likely reduce yields, but how big is the impact? - Friendly sun oil, certainly after the recent bomb on the Bunge installation in Ukraine. - Petroleum and gasoil rally, but this will not trigger more biodiesel biz. Correction. - Weak dollar is good for commodities. - Indo increase export levy by 2.5% by March - Still high stock in Malaysia. Indonesia better positioned after big exports in December. - Indians are washing out contracts - Physical demand was low, albeit Chinese seems rather well covered. - Palm higher priced than soybean oil for Q2. - Indo B50 delayed till 2027. - Record crops in South America. - Still a bearish soybean / corn / wheat story. - Rapeseed oil cheapest vegoil. - US biodiesel plans still not ratified. - Shaky geopolitical situation.
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23 CPO PRICES 2024 – 2025 Source: Bursa Malaysia 700 750 800 850 900 950 1 000 1 050 1 100 1 150 Jan Feb March Apr May June July Aug Sept Oct Nov Dec Crude Palm Oil in $/mt MDEX 2024 2025
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24 SPREAD CPO – SOYBEAN OIL Source: Worldbank 400 $ 600 $ 800 $ 1.000 $ 1.200 $ 1.400 $ 1.600 $ 1.800 $ 2.000 $ 2010M01 2010M04 2010M07 2010M10 2011M01 2011M04 2011M07 2011M10 2012M01 2012M04 2012M07 2012M10 2013M01 2013M04 2013M07 2013M10 2014M01 2014M04 2014M07 2014M10 2015M01 2015M04 2015M07 2015M10 2016M01 2016M04 2016M07 2016M10 2017M01 2017M04 2017M07 2017M10 2018M01 2018M04 2018M07 2018M10 2019M01 2019M04 2019M07 2019M10 2020M01 2020M04 2020M07 2020M10 2021M01 2021M04 2021M07 2021M10 2022M01 2022M04 2022M07 2022M10 2023M01 2023M04 2023M07 2023M10 2024M01 2024M04 2024M07 2024M10 2025M01 2025M04 2025M07 2025M10 2026M01 CPO PALM_OIL Soybean oil SOYBEAN_OIL
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Summary SIPEF group - Company profile SIPEF group - Palm oil in the world SIPEF group - Production & prices SIPEF group – Financial performance SIPEF group – Strategic projects SIPEF group - Prospects
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26 DECEMBER 2025 GROSS MARGIN IN KUSD 522.047 396.270 242.698 156.774 0 100.000 200.000 300.000 400.000 500.000 600.000 2025 2024 Gross margin palm Turnover palm GM palm 40% 46.916 42.878 6.804 5.799 0 5.000 10.000 15.000 20.000 25.000 30.000 35.000 40.000 45.000 50.000 2025 2024 Gross margin bananas Turnover bananas GM bananas 15% 14% 46%
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27 PROFIT AND LOSS STATEMENT 2025 (1/2) KUSD 31/12/25 31/12/24 Diff Gross margin Palm 242.698 156.774 85.925 Rubber 0 -5.006 5.006 Bananas 6.804 5.799 1.005 G&A including corporate -56.151 -46.528 -9.623 Other operating -3.644 -539 -3.105 Operating result 189.708 110.499 79.209
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28 PROFIT AND LOSS STATEMENT 2025 (2/2) KUSD 31/12/25 31/12/24 Diff Operating result 189.708 110.499 79.209 Finance income/charges 27 -1.364 1.390 Exchange 2.732 -5.277 8.009 Financial result 2.759 -6.640 9.399 Profit before tax 192.466 103.859 88.607 Tax -56.751 -25.851 -30.900 Profit after tax 135.715 78.008 57.708 Associated companies -1.482 -1.366 -116 Profit for the period (recurring) 134.233 76.642 57.591 Fair value adjustment sale Melania -2.018 -6.394 4.376 Profit for the period (non-recurring) 132.215 70.247 61.967 Group share (non-recurring) 125.449 65.838 59.611 Minority interests (non-recurring) 6.766 4.409 2.357
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29 BALANCE SHEET – DECEMBER 2025 In KUSD (management presentation) 31/12/25 31/12/24 Goodwill 104 782 104 782 Biological assets (depreciated costs) - bearer plants 334 813 320 851 Other fixed assets 475 432 458 282 Receivables > 1 year 41 385 45 581 Assets held for sale 5 108 7 126 Net current assets, net of cash 56 446 77 688 Net cash position 88 362 - 18 087 Total net assets 1 106 328 996 224 Shareholders' equity, group share 1 001 584 898 427 Non-controlling interest 41 610 37 355 Provisions and net deferred tax position 63 134 60 442 Total net liabilities 1 106 328 996 224
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30 CASH FLOW– DECEMBER 2025 In KUSD (management presentation) 31/12/25 31/12/24 Cash flow from operating activities before change in net working capital 253 200 162 900 Change in net working capital 15 230 1 768 Income taxes paid - 46 171 - 31 625 Cash flow from operating activities after tax 222 260 133 043 Acquisitions intangible and tangible assets - 89 404 - 86 858 Financing plasma advances - 1 363 - 4 282 Selling price of PP&E and financial assets 262 571 Use of advance PT Melania - 1 668 - 4 179 Free cash flow 130 086 38 295 Other financing activities - 56 594 - 29 965 Net movement in investments, cash and cash equivalents 73 492 8 331
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31 VALUE PER HECTARE BOOKVALUE PER HECTARE = 10 665 USD/Ha Sensitivity 31/12/2025 Stock price @ USD per hectare 50,00 5.954 60,00 7.433 70,00 8.932 80,00 10.421 90,00 11.910 100,00 13.400
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Summary SIPEF group - Company profile SIPEF group - Palm oil in the world SIPEF group - Production & prices SIPEF group – Financial performance SIPEF group – Strategic projects SIPEF group - Prospects
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FINALIZING ONGOING EXPANSIONS INNOVATION THROUGH DEVELOPMENT OF HIGH-YIELDING F1 HYBRID SEEDS TARGETING PREMIUM MARKETS WITH HIGH-QUALITY LOW-CONTAMINANT PALM OIL ONGOING SUSTAINABILITY COMMITMENTS COMMUNITY ENGAGEMENT NEW PROJECTS
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34 Strategic projects Early Adaptors ❖Introducing or trialing new technologies; improving production quality ▪ Chloride reduction: Installation of washing plants in all remaining Indonesian mills in 2026. ▪ Carbon reductions: Installation of biogas CNG and methane capturing installations in 4 mills in Indonesia & PNG. Innovation ❖Developing new seeds, products or methodologies: R&D boosting the resilience of future crops ▪ Development of the F1 hybrids ▪ Set to commercialize by 2029 ▪ First testing results are promising
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Summary SIPEF group - Company profile SIPEF group - Palm oil in the world SIPEF group - Production & prices SIPEF group – Financial performance SIPEF group - Prospects
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36 PROSPECTS – 12/02/2026 ❖Production ➢ Outlook for 2026 is positive with increasing contributions from replanting programmes and growing shares of maturing estates (especially South Sumatra) ➢ Group palm oil productions expected to be around 470.000 tonnes ➢ Indonesia at 325.000 tonnes ➢ PNG at 145.000 tonnes ➢ Group banana productions expected be around 55.000 tonnes. ❖ Markets ➢ Productions have moved beyond their seasonal peak ➢ Palm oil remains price competitive compared to other vegetable oils ➢ Indonesia announced increase in export levy from 10.0% to 12.5% ➢ Delay in B50 mandate in Indonesia ➢ Weather condition in Latin America favourable for soybean crops ➢ Significant growth expected in biodiesel for 2026 and 2027 ➢ Banana demand expected to remain robust at the start of 2026 with supply expected to increase progressively
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PROSPECTS – 12/02/2026 ❖ Results ➢ 29% of the projected palm oil volume sold at USD 1 012 per tonne EMG ❑ PNG 63% at 1 141USD/tonne EMG ❑ Indonesia 15% at 871 USD/tonne EMG ➢ Sales prices continue to be impacted by local export levy/taxes in Indonesia. ➢ Banana productions continue with fixed-price contracts in 2026 ➢ Unit production cost remain well under control with input prices expected to remain stable ➢ Local (wage) inflation offset by devaluation local currencies (PGK/IDR) against USD. ➢ SIPEFs outlook remains positive with a solid recurrent performance for 2026 ❖ Cash flow and expansion ➢ Further development in South Sumatra is ongoing. ➢ 25 055 ha of the 31 091 ha in South Sumatra classified as mature and harvested ➢ Extensive engineering upgrade plans initiated (improve boiler efficiency and turbine performance) ➢ Strategic investments in value creation to exceed 18.8 million USD with investments in CPO washing plants, biogas plants and other sustainability and quality related projects ➢ Planning and design new PK crushing plant in Bengkulu initiated ➢ CAPEX expected to be between 100 – 120 MUSD and a net financial position in line with 2025 ➢ AKL mill remains part of the Group’s medium-term planning.
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The Connection to the world of Sustainable Tropical Agriculture 38