Earnings release
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SIPEF NV - Kasteel Calesberg - 2900 Schoten RLE Antwerp, division Antwerp / VAT BE 0404.491.285 p. 1 of 10 Press release Regulated information The connection to the world of sustainable tropical agriculture Interim statement of the SIPEF group as at 30 September 2026 (9m/26) Strong momentum puts SIPEF on track for another record year • SIPEF recorded crude palm oil ( CPO) production of 136 927 tonnes in the third quarter of 2026, an increase of 16.5% compared with the third quarter of 2025. Over the first nine months of the year, CPO production increased by 10.4% to 359 357 tonnes. • The increase was driven by strong production growth in Indonesia, where CPO production rose by 21.3% in the third quarter and by 13.7% over the first nine months of the year. Papua New Guinea also contributed positively, with CPO production increasing by 5.6% in the third quarter and by 3.7% over the first nine months. • Banana production continued to grow, increasing by 7.9% in the third quarter and by 8.9% over the first nine months of 2026, to 42 059 tonnes. • Palm oil prices remained at strong levels during the third quarter. Benchmark CPO futures increased from approximately USD 1 100 per tonne at the start of the quarter to USD 1 250 per tonne at the end of August, before correcting to approximately USD 1 120 per tonne in September. • The palm oil market outlook remains robust for the fourth quarter of 2026 and throughout 2027. Elevated inventories provide a temporary buffer, while the developing El Niño, biodiesel demand, and geopolitical uncertainty continue to support the medium-term outlook. • Full-year CPO production is expected to come in around 470 000 tonnes, with potential upside subject to weather and operational conditions during the final quarter. • SIPEF completed the acquisition of the Tiabam banana plantation in Côte d’Ivoire on 30 September 2026, adding approximately 320 producing hectares adjacent to its existing Akoudjé plantation and 12 000 – 14 000 tonnes of annual banana production.
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SIPEF NV - Kasteel Calesberg - 2900 Schoten RLE Antwerp, division Antwerp / VAT BE 0404.491.285 p. 2 of 10 • SIPEF has contracted 86% of its budgeted 2026 palm oil volumes at an average ex -mill gate price of USD 997 per tonne compared with 84% at USD 961 per tonne over the same period last year. • Supported by strong production volumes and favourable selling prices, the recurring result, share of the Group, is expected to range between USD 140 million and USD 150 million for 2026, setting a new record. • The Group remains on course to finish 2026 with a net financial position of approximately USD 130 to 150 million, while executing its investment programme of USD 90 to 100 million. • Plantations J. Eglin renews GLOBALG.A.P. and Fairtrade banana production certifications. Petra Meekers, managing director Another strong quarter reflects the continued momentum across our operations, with crude palm oil production increasing by 16.5% and banana production by 7.9%. Together with favourable selling prices, this strong performance puts SIPEF in an excellent position as we approach year -end, while we continue to closely monitor the potential impact of El Niño. Our recent acquisition of Tiabam in Côte d’Ivoire marks another important milestone in our long- term strategy, further strengthening our banana operations and our commitment to sustainable growth. Bart Cambré, chief financial officer SIPEF remains on course for another record year, with the recurring result expected to be between USD 140 million and USD 150 million. Despite rising input costs and an increasing contribution from structurally higher -cost production areas, we have reduced our unit production costs by 1.6%, reflecting continued operational discipline. Combined with favourable palm oil prices and strong cash generation, this is expected to further strengthen our net financial position to between USD 130 million and USD 150 m illion by year-end, even after substantial investments and dividend payments. These results underline the Group’s ability to combine profitable growth with a strong balance sheet and continued investment in its future.
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SIPEF NV - Kasteel Calesberg - 2900 Schoten RLE Antwerp, division Antwerp / VAT BE 0404.491.285 p. 3 of 10 1. Group production Group production 2026 (in tonnes) Own Third parties Q3/26 YoY% Own Third parties YTD Q3/26 YoY% Palm oil 116 473 20 454 136 927 16.47% 299 845 59 512 359 357 10.36% Bananas 13 630 0 13 630 7.93% 42 059 0 42 059 8.94% 2025 (in tonnes) Own Third parties Q3/25 Own Third parties YTD Q3/25 Palm oil 99 074 18 490 117 565 269 184 56 440 325 624 Bananas 12 628 0 12 628 38 606 0 38 606 SIPEF recorded a strong third quarter, with production of fresh fruit bunch es (FFB) increasing by 15.6% compared with the same period last year, bringing the year- to-date increase to 9.8%. Crude palm oil (CPO) production increased by 16.5% during the quarter and by 10.4% year to date. Growth was particularly strong in South Sumatra, while Bengkulu and Hargy Oil Palms also made a solid contribution. The Group’s oil extraction rate (OER) improved to 24.2% in the third quarter, compared with 23.8% in the same period last year, bringing the year-to-date OER to 23.9%, compared with 23.7% in 2025. In Indonesia, CPO production increased by 21.3% during the third quarter and by 13.7% year to date compared with the corresponding periods last year. The average Indonesian OER improved to 23.7% year to date, compared with 23.2% in the same period last year, continuing the positive development reported at the end of the first half. Weather conditions differed significantly across the Indonesian operating regions. North Sumatra experienced a pronounced rainfall deficit during the first half of the year before conditions improved in the third quarter. Bengkulu benefited from better rai nfall distribution during the first half, supporting crop recovery, but subsequently entered a drier period, while South Sumatra experienced increasingly dry conditions towards the end of the third quarter. In North Sumatra, production trends differed between the mineral- and organic-soil estates. On the mineral- soil estates of Tolan Tiga Indonesia, own FFB production increased by 11.6% during the third quarter and by 0.8% year to date, supported by more favourable rainfall conditions as the year progressed. The Umbul Mas Wisesa operations on organic soils recorded broadly stable production in the third quarter, while year-to-date production remained 6.1% below last year. This continued to reflect the impact of earlier dry periods on bunch availability, together with lower mature hectarage as the replanting programme progresses. The Agro Muko plantations in Bengkulu maintained good production momentum, with own FFB production increasing by 22.5% during the third quarter and by 7.7% year to date. Improved rainfall distribution earlier in 2026 supported crop recovery and bunch development, although conditions became drier during the third quarter. Own CPO production increased by 23.1% during the quarter and by 8.4% over the first nine months. South Sumatra remained the principal growth driver in Indonesia. With further hectares reaching maturity, own FFB production increased by 27.7% during the third quarter and by 31.1% year to date. Own CPO production increased by 32.4% during the quarter and by 32.7% year to date. The outgrowers’ FFB volumes were also substantially higher, increasing by 63.3% during the quarter and by 65.3% year to date, further supporting mill throughput. This strong production performance was achieved despite increasingly dry conditions towards the end of the quarter.
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SIPEF NV - Kasteel Calesberg - 2900 Schoten RLE Antwerp, division Antwerp / VAT BE 0404.491.285 p. 4 of 10 In Papua New Guinea, the Group’s own plantations at Hargy Oil Palms continued to perform strongly. Own FFB production increased by 12.2% during the third quarter and by 12.6% year to date. Smallholder volumes declined by 2.6% during the quarter and by 4.6% over the first nine months, resulting in overall FFB production increasing by 6.5% in the third quarter and by 5.7% year to date. Weather conditions at Hargy Oil Palms changed considerably during the quarter. Following an exceptionally wet first part of the year, conditions became markedly drier from July onwards. Several weeks brought little or no rainfall, particularly during July and August. Rainfall towards the end of August provided some relief, allowing planting, smallholder replanting , and fertiliser activities to resume, although dry conditions continued into September. The OER at Hargy Oil Palms averaged 24.6% during the third quarter, compared with 24.8% last year, bringing the year -to-date OER to 24.3%, compared with 24.7%. The lower year -to-date rate mainly reflects the exceptionally wet conditions earlier in the year, which affected fruit quality and extraction efficiency. Drier conditions during the third quarter supported an improvement in extraction performance, although the OER remained slightly below last year’s level. Banana production in Côte d’Ivoire maintained its positive momentum, increasing by 7.9% during the third quarter and reaching 42 059 tonnes for the first nine months of 2026, 8.9% above the corresponding period last year. Growth was supported by the contin ued strong contribution from Akoud jé and improving production across the historical plantations. At Motobé, production increased by 5. 4% compared with last year, providing encouraging signs of recovery as the measures to improve water management and irrigation progressively take effect. Production at Lumen continued to reflect the normalisation of yields as the plantations mature, alongside some ongoing agronomic challenges. Fruit quality also improved towards the end of the quarter following logistical disruptions during the summer months.
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SIPEF NV - Kasteel Calesberg - 2900 Schoten RLE Antwerp, division Antwerp / VAT BE 0404.491.285 p. 5 of 10 2. Markets Average market prices In USD/tonne YTD Q3/26 YTD Q3/25 YTD Q4/25 Crude palm oil MDEX* 1 126 982 990 Crude palm kernel oil (CPKO) CIF Rotterdam** 2 034 1 874 1 866 Bananas CFR Europe*** 787 873 852 * Bursa Malaysia Derivatives Exchange (MDEX) price data ** Oil World price data *** CIRAD price data (in EUR) The third quarter of 2026 was characterised by firmer gasoil prices and further indications of a developing Super El Niño event. These factors drove prices higher through late August, leaving palm oil more expensive than soybean oil. Markets subsequently corrected in response to strong spot palm oil production, relatively subdued exports, and rising inventories. Such price behaviour is not unusual during the development of a Super El Niño event. Initial support reflects the constructive medium-term outlook, while current production has not yet been materially affected. The subsequent correction should therefore be regarded as a market adjustment. Palm oil production in the third quarter exceeded expectations, particularly in Malaysia and North Sumatra, where rainfall remained sufficient. By contrast, other parts of Indonesia, including Kalimantan and South Sumatra, experienced dry to very dry conditions. Palm oil exports remained subdued as key importers favoured more competitively priced soybean oil. This contributed to a significant increase in inventories and a stronger carrying market, in which spot prices are comparatively low relative to 2027 values. Elevated gasoil prices continued to provide broad support to vegetable oil markets. Uncertainty in the Middle East kept petroleum prices high, with an even more pronounced impact on gasoil, while market volatility remained significant. Damage to Russian refineries also contributed to the strength of the gasoil market. These conditions are expected to persist, supporting biodiesel mandates globally and potentially encouraging economically driven blending, as vegetable oil methyl esters remain less expensive than gasoil. Indonesia has introduced a new regulatory framework for exports of strategic commodities, including palm oil, through the newly established state -owned entity Danantara Sumberdaya Indonesia (DSI). The implementation of this framework is being phased in, while precise operational arrangements continue to evolve. SIPEF is actively monitoring the implementation of the new export framework and will assess whether any action is required. Benchmark CPO futures on the MDEX opened the quarter at approximately USD 1 100 per tonne, rose to USD 1 250 per tonne by the end of August, and subsequently corrected to approximately USD 1 120 per tonne in September. Palm kernel oil (PKO) prices were more volatile during the period. Prices initially came under pressure from the coconut oil market, while stronger-than-expected palm oil production also weighed on PKO prices. Higher inventories resulting from strong produ ction continued to put pressure on the lauric oil market, despite concerns that El Niño could affect future supply. C rude palm kernel oil cost, insurance , and freight (CIF) Rotterdam prices fluctuated between approximately USD 1 800 and USD 2 100 per tonne.
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SIPEF NV - Kasteel Calesberg - 2900 Schoten RLE Antwerp, division Antwerp / VAT BE 0404.491.285 p. 6 of 10 The banana market saw its usual seasonal slowdown during the third quarter , with high temperatures and competition from summer fruits weighing on consumption. At the same time , supply remained abundant , largely driven by sustained production in Ecuador. This combination resulted in a buildup of stocks and sluggishness in the spot market until mid-August. Significant port congestion in Abidjan affected transit times and the quality of export produce. By early September, the situation had returned to normal as market demand recovered, spurred by cooler temperatures and the back -to-school period. This recovery persisted with volumes remaining slightly above average. 2.1. Projected production For the remainder of 2026, Indonesian production is expected to remain broadly on track, supported by the recovery of the mineral- soil estates in North Sumatra and a stable contribution from Bengkulu. In North Sumatra, recent rainfall has supported crop development, while production from the organic -soil areas continues to reflect the lagged impact of earlier dry periods. Production in Bengkulu is expected to remain relatively stable . In South Sumatra , the growing contribution from maturing areas continues to support production despite increasingly dry conditions, which may slow fruit ripening and shift some production into later periods. The latest field -based forecast remains broadly in line with full- year expectations, with South Sumatra currently representing the main weather-related risk. In Papua New Guinea, plantation production at Hargy Oil Palms continues to perform strongly, while smallholder production remains below last year. The latest crop forecast indicates a steady production trend for the coming months, although the prolonged dr y conditions are increasingly influencing crop ripening. Sufficient and well- distributed rainfall would support crop development, while a continuation of the dry conditions could constrain production towards year-end. Full-year Group CPO production is expected to come in around 470 000 tonnes, with potential upside, subject to weather and operational conditions during the final quarter. At the end of September, Group CPO production amounted to 359 357 tonnes, 10.4% above the corresponding period last year. With ongoing El Niño conditions, rainfall in both Indonesia and Papua New Guinea will remain an important determinant of the final production outcome. Looking ahead to 2027, the potential impact of the current El Niño weather pattern on future crop yields remains difficult to assess, as the extent and duration of the dry conditions, together with their lagged effects on palm development and production, remain uncertain. Banana production is expected to maintain its positive year-on-year development during the remainder of the year, supported by the continued contribution from the expanded plantations and the gradual recovery of the historical production areas. At Motobé, ongoing improvements in water management and irrigation are supporting the recovery programme, while Lumen continues its transition towards a more normalised production profile as the plantations mature. 2.2. Future evolution of markets The market is expected to continue balancing elevated inventories, particularly in Malaysia, against a constructive medium-term outlook over the coming months, as the peak production cycle remains under way. Sea-surface temperatures are already significant ly above the levels recorded in 1997 and 2015, providing further confirmation that El Niño is developing to unprecedented levels. The principal uncertainty is the timing of any resulting production losses. Ongoing global conflicts, geopolitical uncertainty, and volatility in gasoil prices will remain key external factors to monitor. Within the competitive vegetable oil complex, attention will focus on the United States soybean
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SIPEF NV - Kasteel Calesberg - 2900 Schoten RLE Antwerp, division Antwerp / VAT BE 0404.491.285 p. 7 of 10 harvest, where yields may face downward pressure; constraints on sunflower oil exports from Ukraine and Russia following reciprocal attacks in the Sea of Azov; crop development in India amid lower monsoon rainfall; and new plantings in Latin America, inclu ding the potential impact of El Niño on weather conditions during the growing season. The fundamental outlook remains robust for the fourth quarter of 2026 and throughout 2027. Although elevated spot inventories provide a temporary buffer, SIPEF remains confident that a sustained high -price environment will continue over the period ahead. Looking into 2027, the palm oil market is expected to remain supported by strong biodiesel demand and increasing concerns over the potential impact of the developing El Niño on global production. Dry conditions have already been observed in parts of Indonesia, including Kalimantan and South Sumatra. While the timing and extent of any production impact remain uncertain, potentially tighter global supply is expected to provide continued support to palm oil prices. European demand for bananas remains strong , and t he banana is the most consumed fruit in Europe; it is highly affordable and a healthy choice. Consumers are increasingly demanding in terms of fruit quality and continue to favo ur sustainable sources , creating opportunities to raise awareness of Fairtrade -certified products. Importers are more and more diversifying their sourcing — a move strongly encouraged by El Niño — to secure future supplies. Prices are expected to hold steady until the end of the year. Quality and supply chain management remain key factors for success in the banana sector. 2.3. Projected results Palm oil markets remained favourable throughout the first nine months of 2026, maintaining historically attractive price levels despite continued global economic and geopolitical uncertainty. Against this background, SIPEF has contracted 86 % of its budgeted palm oil volumes at an average ex -mill gate price of USD 997 per tonne, including premiums for certified sustainability and traceable origin. This compares with 84% of volumes contracted at an average price of USD 961 per tonne over the same period last year. In Papua New Guinea, 100% of the anticipated annual production has already been sold at an average ex-mill gate price of USD 1 214 per tonne. For Indonesia, contracted volumes represent 80% of the full -year production forecast, at an average ex-mill gate price of USD 875 per tonne. Indonesian selling prices continue to be affected by the monthly government-determined export tax and levy, currently amounting to USD 308 per tonne. As the reference pricing mechanism underpinning these charges remains subject to fluctuations, most Indonesian palm oil sales continue to be concluded monthly. The Group continues to experience cost pressure from higher prices for fertilisers, fuel, and transport, partly driven by geopolitical developments. However, the depreciation of local currencies against the US dollar has continued to mitigate inflation-related increases in staff costs, helping to contain overall cost inflation. At the same time, production growth is providing an increasingly important offset to these cost pressures. The progressive maturation of planted hectares, particularly in South Sumatra, together with higher output from Agro Muko and Papua New Guinea, has supported a further increase in production volumes. Although total operating expenditure has increased in line with the expanding production base, higher volumes and continued cost discipline have resulted in a 1.6% decrease in u nit production costs compared with the first nine months of 2025. This reduction is particularly significant given the evolving geographical production mix, with a growing proportion of the Group’s output originating from relatively higher- cost operations. These include South Sumatra, where younger plantations have not yet reached their full productive potential, and Papua New Guinea, which has a structurally higher cost base. The decrease in Group-wide unit production costs therefore reflects effective cost management and improving operational efficiencies across the plantations. With
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SIPEF NV - Kasteel Calesberg - 2900 Schoten RLE Antwerp, division Antwerp / VAT BE 0404.491.285 p. 8 of 10 production expected to remain strong during the final quarter, unit production costs are anticipated to remain broadly stable towards year-end. In Côte d’Ivoire, Plantations J. Eglin continued to deliver stable earnings, supported by the Group’s established commercial strategy of annual fixed -price contracts with long -standing European customers. This approach provides predictable returns and limits the banana segment’s exposure to fluctuations in international market prices. The recently acquired Tiabam plantation has not yet contributed to the Group’s reported results, as the effective takeover date was 1 October 2026. Its financial performance will therefore be reflected in the Group’s results from the fourth quarter onwards. Supported by favourable palm oil selling prices and continued production growth across its operations, SIPEF maintains a positive outlook for the remainder of 2026. The Group expects its full -year recurring result to exceed the record level achieved in 2025. Based on current production forecasts and contracted sales, the recurring result for 2026, share of the Group, is anticipated to range between USD 1 40 million and USD 150 million. The outcome will nevertheless depend on palm oil market developments during the remaining months of the year, the achievement of forecast production volumes in Indonesia and Papua New Guinea subject to weather conditions, the evolution of Indonesian export taxes and levies, and developments in production costs. 2.4. Cash flow and expansion SIPEF continued the implementation of its investment programme during the third quarter of 2026, with a focus on completing ongoing plantation developments, maintaining the long-term productivity of its estates, and further improving operational efficiency, sustainability, and product quality. In South Sumatra, the development of the remaining 706 hectares and the associated infrastructure is progressing towards completion. The region now comprises a total planted area of 26 352 hectares, of which 23 604 hectares are classified as mature and contribute to production. As the younger plantations progressively reach their full productive potential, South Sumatra is expected to remain an important driver of the Group’s production growth over the coming years. In North Sumatra and Bengkulu, the conversion of 2 437 hectares of former rubber plantations to oil palm is substantially complete. These newly planted areas will gradually contribute to increasing production volumes as they mature. Regular replanting programmes continue across the Group’s operations in Indonesia, Papua New Guinea, and Côte d'Ivoire. However, the prolonged dry conditions associated with the current El Niño weather pattern have complicated replanting activities in Indonesia and Papua New Guinea, as newly planted oil palms require sufficient soil moisture for successful establishment and early growth. Consequently, part of the replanting programme scheduled for the final quarter of 2026 may be postponed until 2027, depending on the duration and severity of the dry cond itions. This potential postponement represents a shift in the timing of planned investments rather than a reduction in the Group’s long-term replanting ambitions and commitment to maintaining the productivity of its plantation assets. At the end of September, the Group had approximately 11 019 immature hectares, reflecting its continued investments in the long -term productivity and sustainability of its plantation assets. Further capital expenditure is allocated to the maintenance and u pgrading of plantation infrastructure, equipment , and milling facilities.
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SIPEF NV - Kasteel Calesberg - 2900 Schoten RLE Antwerp, division Antwerp / VAT BE 0404.491.285 p. 9 of 10 Beyond plantation development, SIPEF continues to invest in projects aimed at enhancing product quality, reducing environmental impact , and improving processing efficiency. The 2026 programme includes approximately USD 18.8 million of targeted investments in innovation, sustainability , and operational performance. Progress has been made on the construction of two additional CPO washing installations, designed to further improve palm oil quality and reduce contaminant levels. Investments in new biogas facilities and upgrades to existing installations are also progres sing, supporting the Group’s efforts to reduce greenhouse gas (GHG) emissions and expand the use of bio-compressed natural gas (bio-CNG). Preparatory work for the planned palm kernel crushing facility in Bengkulu is advancing. The project is intended to process the increasing volumes of palm kernels generated by the Group’s Indonesian operations and will support further integration of its palm oil value chain. In Côte d ’Ivoire, SIPEF continues to develop its banana operations . On 30 September 2026, the Group completed the acquisition of 100% of the shares in Tiabam through its subsidiary , Plantations J. Eglin. The acquisition expands the Group’s banana operations through the addition of a plantation adjoining its existing Akoudjé site. Tiabam operates across approximately 450 hectares, of which 320 hectares are in production, with annual banana production of 12 000 –14 000 tonnes. More than 90% of this production is exported to the European market, with the balance serving subregional and domestic markets. Its proximity to SIPEF’s existing Akoudjé site provides opportunities for operational synergies and further productivity improvements. Integration into Plantations J. Eglin’s operations is under way, with an initial focus on operational continuity and priority investments. Following the acquisition, Plantations J. Eglin’s banana operations in Côte d’Ivoire are expected to comprise approximately 1 595 planted hectares by year-end. Selected plots are being left temporarily fallow to restore soil quality ahead of replanting, while investments in plantation infrastructure and the further digitisation of the banana supply chain continue. Reflecting the potential postponement of part of the replanting programme, the Group’s total capital expenditure for 2026 is now estimated at between USD 90 million and USD 100 million, covering plantation development, replanting, mill improvements, and sustainability-related projects. Supported by favourable palm oil prices and increasing production volumes, the Group continues to generate strong operating cash flows, which are expected to fully finance both its investment programme and dividend distribution. Consequently, SIPEF anticipates a further strengthening of its positive net financial position, which stood at USD 88.4 million at the end of 2025. The year -end 2026 net financial position is currently projected to range between USD 130 million and USD 150 million, reflecting the Group’s strong cash generation and disciplined investment approach. The final position will remain dependent on working capital movements during the final quarter and the actual level of capital expenditure incurred before year-end. This further improvement in the Group’s financial position will provide additional capacity to support its long- term investment and growth strategy.
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SIPEF NV - Kasteel Calesberg - 2900 Schoten RLE Antwerp, division Antwerp / VAT BE 0404.491.285 p. 10 of 10 3. Sustainability Plantations J. Eglin renews GLOBALG.A.P. and Fairtrade banana production certifications Plantations J. Eglin, a subsidiary of the SIPEF group, has successfully renewed its GLOBAL G.A.P. certification for banana production through to September 2027 and its Fairtrade certification through to July 2030. The GLOBALG.A.P. certificate was subject to a recertification audit across Plantations J. Eglin’s Azaguié, Agboville, and Lumen sites. Although the Fairtrade certificate was not due to expire until March 2027, an audit was conducted to extend its validity. These certification renewals represent important milestones in Plantations J. Eglin’s continuous improvement approach. They demonstrate its commitment to maintaining high standards throughout its operations, while supporting the Group’s licence to operate, managing environmental, social, and governance (ESG) risks, and protecting long-term access to key markets. Translation: this press release is available in Dutch and English. The Dutch version is the original; the other language version is a free translation. SIPEF has made every reasonable effort to avoid any discrepancies between the different language versions. However, should such discrepancies exist, the Dutch version will take precedence. Schoten, 15 October 2026 For more information, please contact: * P. Meekers, managing director (Mobile +32 471 11 27 62) * B. Cambré, chief financial officer Tel.: +32 3 641 97 00 investors@sipef.com www.sipef.com (section ‘investors’) SIPEF is a Belgian agribusiness group listed on Euronext Brussels, specialising in sustainably certified tropical agricultural commodities, primarily palm oil and bananas. These labour-intensive activities are consolidated in Indonesia, Papua New Guinea, and Côte d’Ivoire and are characterised by broad stakeholder involvement, which supports the long-term sustainability of the Group’s investments.