Slides
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2024 Results Briefing February 28, 2025
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 Notice This presentation should be read in conjunction with Olam Group Limited’s Financial Statements and Management Discussion and Analysis for the Six Months (“H2 2024”) and Full Year ended December 31, 2024 (“2024”) lodged on SGXNET on February 28, 2025. 2
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 Cautionary note on forward-looking statements This presentation and announcement entitled “2024 Results Briefing” may contain statements regarding the business of Olam Group Limited and its subsidiaries (“the Group”) that are of a forward-looking nature and are therefore based on management’s assumptions about future developments. Such forward looking statements are intended to be identified by words such as ‘believe’, ‘estimate’, ‘intend’, ‘may’, ‘will’, ‘expect’, and ‘project’, and similar expressions as they relate to the Group. Forward-looking statements involve certain risks and uncertainties because they relate to future events. Actual results may varymaterially from those targeted, expected or projected due to several factors. Potential risks and uncertainties includes such factors as general economic conditions, foreign exchange fluctuations, interest rate changes, commodity price fluctuations and regulatory developments. Such factors that may affect Olam Group’s future financial results are detailed in our circulars, information memorandums, information contained in this presentation, or discussed in today’s news release and in the Management Discussion and Analysis section of the Company’s and the Group’s Six Months and Full Year ended December 31, 2024 results report and filings on SGXNET. The reader and/or listener is cautioned to not unduly rely on these forward-looking statements. We do not undertake any duty to publish any updateor revision of any forward-looking statements. Shareholders are advised to exercise caution in trading their Shares as there is no certainty or assurance as at the date of this presentation that the proposed IPO of Olam Agri and ofi and concurrent respective demergers will proceed, as they are subject to, inter alia, approval from Olam Group shareholders at an extraordinary general meeting and future market conditions. Shareholders are advised to read this presentation and any further announcements by the Company carefully. Shareholders should consult their stockbrokers, solicitors or other professional advisors if they have any doubts about the action they should take. All statements other than statements of historical facts included in this presentation are or may be forward-looking statements. Forward-looking statements include but are not limited to those using words such as "seek", "expect", "anticipate", "estimate", "believe", "intend", "project", "plan", "strategy", "forecast" and similar expressions or future or conditional verbs such as "will", "would", "should", "could", "may" and "might". These statements reflect the Company's current expectations, beliefs, hopes, intentions or strategies regarding the future and assumptions in light of currently available information. Such forward-looking statements are not guarantees of future performance or events and involve known and unknown risks and uncertainties. Accordingly, actual results may differ materially from those described in such forward-looking statements. Shareholders and investors of the Company should not place undue reliance on such forward-looking statements, and the Company does not undertake any obligation to update publicly or revise any forward-looking statements. 3
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 Presenters N. Muthukumar Group CFO Olam Group Limited Sunny Verghese Co-Founder and Group CEO Olam Group Limited A. Shekhar CEO ofi Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 Agenda 1 Business prospects and outlook 3 Segmental performance by operating group 2 Group 2024 financial highlights 4 Re-organisation update 5 Key takeaways
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 Group 2024 financial highlights 1
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 Group 2024 results: At a glance Volume & Revenue Operational PATMI¹ EBIT¹ & EBIT¹ /IC² Free Cash Flow to Equity PATMI Gearing +16.3% S$56.2 B +12.5% 49.6 M MT -52.8% S$216.3 M +9.2% S$1.9 B -S$5.0 B -S$5.9 B -69.0% S$86.4 M 2.79x From 1.73x to Note: All results are compared against 2023. ¹EBIT and Operational PATMI exclude exceptional items ²EBIT/IC is EBIT on average invested capital 7 8.4% From 9.1% to
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 Group 2024 results: Resilient EBIT growth of 9.2% at S$1.9 billion, supported by growth in ofi, Olam Agri ^ Excluding exceptional items ^^ Excluding exceptional items and acquired intangibles asset amortisation S$ million 2024 2023 % Change Volume ('000 MT) 49,596.6 44,097.4 12.5 EBITDA^ 2,691.4 2,492.8 8.0 EBIT^ 1,935.8 1,771.9 9.2 Adjusted EBIT^^ 1,989.0 1,825.5 9.0 PAT 128.3 351.0 (63.4) PATMI 86.4 278.7 (69.0) Operational PATMI^ 216.3 458.1 (52.8) 8 • ofi delivered double-digit 29.1% growth in EBIT to S$1,070.7 million led by strong growth in Ingredients & Solutions segment; Adjusted EBIT growth of 27.5% at S$1,115.0 million • Olam Agri achieved EBIT of S$1,023.8 million, 5.8% higher than 2023, driven by 32.2% growth in Fibre, Agri-industrials & Ag Services segment • PATMI declined to S$86.4 million as higher net finance costs offset EBIT growth • Board of Directors recommends second and final dividend of 3.0 cents per share, taking total dividends to 6.0 cents per share for 2024 (2023: 7.0 cents)
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 Consolidated results by operating group 2024 at a glance Olam Agriofi Remaining Olam Group 2.3% 6.8% 90.9% 49,596.6 +12.5% Volume ('000 MT) 2.0% 38.9% 59.1% 56,157.1 +16.3% Revenue (S$ million) 1,935.8 +9.2% EBIT (S$ million) 9.3% 65.4% 25.3% 26,553.1 +34.4% Invested Capital (S$ million) -8.2% 52.9% 55.3% 9 Note: All results are compared against 2023
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 Sales volume up 12.5%, 5.5 million MT higher at 49.6 million MT Volume growth by operating group ('000 MT) 70 5,542 2023 ofi Olam Agri Remaining Olam Group 2024 44,097 -112 49,597 +12.5% 10
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 Improved core operating profits with EBIT²growing 9.2% Adjusted EBIT up 9.0% EBIT²by operating group (S$ million) 241 56 2023 ofi Olam Agri Remaining Olam Group 2024 1,772 -134 1,936 +9.2% +1631,826 1,989Adjusted EBIT² (S$ M) ² EBIT and Adjusted EBIT exclude exceptional items. 11
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 Operational PATMI at S$216.3 million PATMI declined 69.0% to S$86.4 million as EBIT growth was offset by significantly higher interest costs ^ Excludes exceptional items PATMI (S$ million) -242458 216Operational PATMI (S$ M) 279 86 164 49 30 2023 EBIT^ Net Finance Costs^ Taxation^ Exceptional Items Non-controlling Interests 2024 -446 10 -69.0% 12
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 Higher working capital deployment led to increased invested capital³ and gearing 4 Invested Capital excludes Gabon Fertiliser Project (31-Dec-24: S$$237.4 million; 31-Dec-23: S$244.8 million) Invested Capital4 (IC, S$ million) Gearing (times) 10,001 10,199 9,749 16,354 Dec-23 Dec-24 19,750 26,553 +34.4% Working Capital Fixed Capital 1.73 2.79 0.65 0.68 Dec-23 Dec-24 Net gearing Adjusted net gearing 13 • While the headline net gearing increased from 1.73 times to 2.79 times, most of the increase was due to the to the surge in working capital driven by very high input prices, which in turn caused net debt levels to rise. • Almost all of this increase was covered by RMI and secured receivables, resulting in stable adjusted net gearing of 0.68 times. • Growth in invested capital mainly from significant investments in working capital due to unprecedented sharp rises in commodity prices, namely cocoa and coffee prices, as well as from higher Rice inventory and edible oil prices as at year-end. • High working capital also arose from higher margin deposits on physical inventory hedges that are essential to mitigate price risk and protect margins.
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 Free cash flow Increase in working capital requirements and interest payments further impacted FCFE -4,605215 -4,390FCFF (S$ M) Free Cash Flow to Equity (FCFE) (S$ million) -4,5761,031 -3,545Net Operating Cash Flow (S$ M) -915 -5,937 -4,848 -39 -417 2023 Operating Cash Flow (before Interest & Tax) Changes in Working Capital Tax Paid Capex / Investments Net Interest Paid 2024 273 9 -5,022 14
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 Sufficient liquidity with diversified pools of capital Total borrowings and available liquidity (S$ million) as at December 31, 2024 3,330 25,138 13,120 12,148 2,789 6,871 9,975 Cash and Short-term Fixed Deposits RMI Secured Receivables Unutilised Bank Lines Available Liquidity Total Borrowings 23,095 +2,043Short-Term Long-Term 15
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 2 Segmental performance by operating group
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2024 results ofi
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0 50 100 150 200 250 300 350 400 0 1,000 2,000 3,000 4,000 5,000 6,000 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Robusta - EU (USD/MT) Arabica - US (c/lb) 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 London (GBP/MT) New York (USD/MT) 18 ofi 2024 results: Market backdrop Cocoa Coffee • In 2024, ofi navigated an operating environment characterised by increased volatility, record price peaks, and supply challenges across several key products. • Prices for cocoa beans, coffee, pepper, and cashews saw significant increases that persisted at elevated levels across most of the year Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 • Despite these challenges, ofi's extensive scale, diverse portfolio, and vertically integrated operations enabled the company to effectively manage through the turbulence, support its supplier network, deliver for customers, and continue executing its strategy. Source: Bloomberg
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55% 50% 55% 64% 71% 45% 50% 45% 36% 29% ofi 2024 results 19 EBIT S$ Million Invested Capital S$ Million Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 • ofi’s focus on prioritising selective growth opportunities, combined with continued strategic progress towards becoming a more customer-centric, solutions-focused business, led to 29.1% year-on-year growth, reaching S$1,070.7 million. • While both reporting segments contributed to EBIT growth, Ingredients & Solutions was the key driver, building on top of the strong and resilient Global Sourcing foundation • Adjusted EBIT grew by 27.5% to S$1,115.0 million. • Invested capital was up by S$5.6 billion to S$17.4 billion mainly due to higher working capital from the sharp and persistent increases in several key input raw materials (cocoa, coffee, pepper, and cashews). Almost all of this is reflected in higher readily marketable inventories • Proactive and tight capital management helped limit the capital deployed vis-à-vis the extent of the underlying input price increase • Despite higher invested capital, EBIT/Avg IC increased to 7.4% on higher EBIT EBIT/MT (S$) Adjusted EBIT (S$) 212 223 208 253 319 2022 2023 202420212020 704 849 789 874 1,115 692 821 747 829 1,071 +29.1%+11.5% 43% 57% 61% 64% 64%57% 43% 39% 36% 36% 2022 2023 202420212020 EBIT/Avg IC 8.3% 6.7% 7.1% 7.4%7.9% 8,943 10,762 11,546 11,754 17,361 +47.7% +18.0%Global Sourcing Ingredients & Solutions
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20 ofi 2024 results: Invested capital mix S$ Million Invested Capital Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 • Working capital represented the significant majority of invested capital growth, due to sharp and persistent increases in prices of several key input raw materials, including cocoa, coffee, pepper, and cashew nuts. • However, it is important to note that almost all of this is reflected in higher readily marketable inventories. 2023 2024 Fixed Capital Fixed Capital OWC OWC RMI RMI Fixed Capital Other Working Capital RMI 17,361 11,754 S$M 2024 2023 Y-o-Y Fixed Capital 5,869 5,771 98 Working Capital 11,492 5,983 5,509 Total Invested Capital 17,361 11,754 5,606
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ofi: Global Sourcing 339 295 313 2022 2023 2024 -3.9% +6.1% 1,782 1,752 1,745 2,694 2,467 4,550 Dec-22 Dec-23 Dec-24 4,476 4,219 6,295 +18.6% +49.2% Working Capital Fixed Capital EBIT S$ Million Invested Capital S$ Million EBIT/MT (S$) 114 115 21 109 7.4% 6.0%6.8% +5.9% 345 301 319Adjusted EBIT (S$) -3.8% • Deliberate strategy to prioritize capital towards captive volumes for ingredient processing over external sales opportunities in this segment. • EBIT grew 6.1% to S$313.1 million, driven by stronger cashew sales and margins, a normalisation of peanut operations, and cocoa. Partially offset by softer performance in coffee due to selective capital allocation and increased hedging costs. • Adjusted EBIT grew by 5.9% to S$319.0 million. • Invested capital increased by S$2.1 billion to S$6.3 billion, primarily due to higher price-led working capital. The business maintained tight capital management controls to keep the working capital increase below the extent of the price rise • Fixed capital remained largely unchanged. • Higher invested capital and prioritization of selective growth opportunities led to EBIT/Avg IC of 6.0% versus 6.8% in 2023 Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 EBIT/Avg IC
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ofi: Ingredients & Solutions EBIT Invested CapitalS$ Million 408 534 758 2022 2023 2024 +36.4% +41.8% 4,019 4,124 3,137 3,517 6,942 Dec-22 Dec-23 Dec-24 7,070 7,536 11,066 3,933 +25.1% +46.8% Working Capital Fixed Capital EBIT/MT (S$) 321 431 22 587 6.2% 7.3% 8.1% +38.9% +34.0% 444 573 796Adjusted EBIT (S$) • EBIT grew by 41.8% year-on-year to S$757.6 million, reflecting both continued strategic progression and increased margins to compensate for elevated levels of capital and risk. • Growth was led by cocoa, dairy, and spices, supported by continued contribution from Olde Thompson and the New Zealand and Malaysia dairy processing facilities. However, soluble coffee margins were pressured by higher input costs, and the US industrial spices market faced softer demand. • Adjusted EBIT grew by 38.9% to S$796.0 million • Invested capital increased by S$3.5 billion to S$11.1 billion driven by the price-led working capital increases previously outlined, while fixed capital remained stable. • This was more than offset by the strength of EBIT growth, driving EBIT/Avg IC higher at 8.1% versus 7.3% in 2023. Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 EBIT/Avg IC
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Transforming food, feed & fibre 2024 results
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24 27% 45% 28% Dec-22 25% 40% 35% Dec-23 29% 37% 34% Dec-24 5,124 5,458 6,720 +14.5% +23.1% 29% 49% 21% 2022 23% 61% 16% 2023 21% 59% 20% 2024 858 968 1,024 +9.3% +5.8% Food & Feed - Origination & Merchandising Food & Feed - Processing & Value-added Fibre, Agri-industrials & Ag Services EBIT Invested Capital S$ Million EBIT/MT (S$) 22 24 16.5% 18.3%23 16.8%EBIT/IC (%) S$ Million Olam Agri achieved a 5.8% improvement in EBIT, reflecting uninterrupted growth from Food & Feed – Processing & Value-added segment since 2020 and 32.2% year-on-year growth from Fibre, Agri-industrials & Ag Services growing. Even with volumes growing at 14.0%, EBIT per MT pulled back only slightly from S$24 in 2023 to S$23 in 2024. Invested capital grew by 23.1% with additions across all segments and the bulk of the increase being working capital investment. Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 Olam Agri 2024 results
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25 Olam Agri: Food & Feed - Origination & Merchandising 252 224 222 2022 Restated 2023 2024 -6.2% -1.2% 1,191 1,199 1,767 196 Dec-22 Restated 150 Dec-23 159 Dec-24 1,387 1,349 1,926 +17.8% +42.8% Working Capital Fixed Capital EBIT Invested Capital S$ Million 8 7 23.2% 16.4%6 13.5%EBIT/MT (S$) EBIT/IC (%) EBIT flattish at S$221.7 million in 2024 with EBIT per MT tracking within historical range of S$5-8 between 2020 and 2023. Strong performance from Edible Oils on buoyant market conditions and firm prices; Freight business which was adversely impacted by the industry downturn during H1 2024 saw improved performance in H2 2024 as freight rates recovered and freight trading operations restructured to reduce exposure to Capesize vessels. Rice trading business shipped higher volumes but on normalised margins compared with exceptional performance in 2023. Invested capital grew 42.8%, largely from working capital increase due to higher volumes across the segment and elevated prices in Edible Oils and Rice. S$ Million Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
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26 423 591 601 2022 2023 2024 +19.2% +1.7% 1,245 1,223 1,344 1,062 972 Dec-22 Dec-23 Dec-24 2,307 2,195 2,510 1,166 +4.3% +14.3%Working Capital Fixed Capital EBIT Invested Capital S$ Million 105 143 19.3% 26.3%115 25.5%EBIT/MT (S$) EBIT/IC (%) Segment posted higher EBIT despite sharp currency devaluations and high inflation in key consumption markets as compared an exceptional 2023. The flour and pasta business led the growth with normalised margins, reflecting successful control and pass-through of input costs; Integrated Feed & Protein business reported stronger earnings despite facing higher costs, bolstered by acquisition in Senegal; Edible Oils processing business did well due to its enhanced performance in South Africa and its acquisition in Mozambique; Rice, Specialty Grains & Seeds came in lower as demand in Africa was affected by inflationary pressures and higher prices, particularly in Ghana due to currency devaluation and intense competition. Invested capital rose by 14.3% - while there was some increase in fixed capital arising from our investments in Senegal, soy crushing in Nigeria and edible oil processing in Mozambique, the bulk of the growth in invested capital was due to working capital from higher Rice inventory and our acquisition in Mozambique. Olam Agri: Food & Feed – Processing & Value-added S$ Million Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
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27 Olam Agri: Fibre, Agri-industrials & Ag Services EBIT Invested Capital S$ Million 78 71 9.6% 9.1% 183 152 201 2022 Restated 2023 2024 +4.9% +32.2% 421 473 1,009 1,441 1,728 Dec-22 Restated Dec-23 Dec-24 1,430 1,914 2,285 557 +26.4% +19.4% Working Capital Fixed Capital 81 9.6%EBIT/MT (S$) EBIT/IC (%) The segment achieved higher EBIT, growing 32.2% over 2023. Primary drivers behind the growth were Rubber, Commodity Financial Services and Sugar businesses. Wood Products held up well as it shifted focus from primary to value-added secondary products and benefitted from enhanced value-added capacity in Congo during the year. The Cotton business remained sluggish throughout 2024 as key markets in South Asia, China and Turkey continued to experience weak demand and slowdown in consumer spending with textile mills operating at sub -par levels; margins continued to be under pressure from macroeconomic factors affecting the industry. Invested capital increased by 19.4% primarily on higher working capital due to change in the product mix in favour of Rubber and Wood which we have shifted towards higher value-added production. There were also larger Cotton receivables as a result of a temporary shortage of foreign exchange in consumption markets in South Asia. Fixed capital had a moderate increase from our expansion into sugar milling and bioenergy production in India and enhanced Rubber and Wood processing capacities in Cote d’Ivoire and Congo respectively. S$ Million Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
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Remaining Olam Group 2024 Results 28
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 29 Remaining Olam Group EBIT Invested Capital S$ Million S$ Million • Remaining Olam Group reported a wider EBIT loss of S$158.7 million, mainly due to non-cash foreign exchange revaluation losses on Euro denominated parent loans to OPG, which was partially offset by the growth in EBIT from Rusmolco, Packaged Foods and Mindsprint. • Incubating Businesses saw reduced losses in the same period. • Invested capital was down 2.6% on reduced fixed capital mainly because of the transfer of edible oil processing asset out of the Remaining Olam Group. 52 53 -96 -62 -67 -50 14 2022 -11 2023 -13 2024 5 -25 -159 De-prioritised/Exiting Assets Continuing/Gestating Businesses Incubating Businesses 2,098 1,991 2,008 551 523 420 14 Dec-22 24 Dec-23 44 Dec-24 2,663 2,538 2,472 -2.6%
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 Re-organisation update 3
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 Re-organisation update (1/2) 31 Olam Group to sell 44.58% in Olam Agri to SALIC for approximately US$1.78 billion (“Tranche 1”), at an implied 100% equity valuation for Olam Agri of US$4.0 billion Olam Group to sell its remaining 19.99% stake in Olam Agri to SALIC (“Tranche 2”) at the end of three years from completion of the sale of Tranche 1 at the Closing Valuation plus 6% IRR. Sale of Tranche 1 and 2 would raise estimated total gross proceeds of US$2.58 billion (S$3.41 billion) The Board will take into consideration various factors, including the level of the Group’s future earnings, cash flows, capital requirements for maintenance and growth, other financial and general business conditions before making any decision on the use of the proceeds, which may include debt repayment, right-sizing the capital structure of OGL and ofi, as well as the provision of a possible one-time special dividend distribution. Transformative deal represents a significant value realisation for shareholders: Divestment of a 100% interest in Olam Agri at the end of Tranche 2, including the initial sale of 35.43% stake in 2022, would raise total gross proceeds of US$3.87 billion (S$5.11 billion), accreting a total gain of US$2.72 billion (S$3.59 billion). 1
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 Re-organisation update (2/2) Note: Any listing and demerger, including the timing, venues and other terms thereof, are subject to inter alia prevailing market conditions, all requisite approvals and clearances from regulatory authorities, and relevant approvals of shareholders. It is also subject to final decision by Olam Group board. Shareholders should note that there is no certainty or assurance that the listing and demerger of ofi will take place. 32 3 The Group will focus on seeking strategic options to unlock value for the Remaining Olam Group businesses and ofi, including the pursuit of an ofi IPO. 2 Completion of the sale of Tranche 1 is conditional upon, inter alia, approval by OGL’s shareholders and other customary closing conditions, including regulatory approvals. Subject to these conditions being fulfilled, the sale of Tranche 1 is expected to complete in Q4 2025.
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 4 Business outlook and prospects
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 Business outlook and prospects 1 ofi expects continued near-term volatility for some of its input raw materials like cocoa and coffee. The company will stay focused on supporting its customers and suppliers, while balancing and optimising between risk, return, and cash flow to navigate through the current market volatility, while aiming to protect risk-adjusted margins and returns. ofi will continue to execute its strategy and invest for the future and maintain its existing guidance for low- to mid-single digit total volume growth and high single- digit adjusted EBIT growth over the medium-term. 2 Olam Agri continues to profitably grow its three segments - Origination & Merchandising, Processing & Value-added and Fibre, Agri-industrials & Ag Services. SALIC as a strategic and future majority shareholder is expected to support and catalyse its growth. 3 The Group expects 2025 to experience continued uncertainty due to various geopolitical and macroeconomic factors, such as impacts from US trade policies, potentially more tense US-China trade relations, sluggish economic growth in China, political uncertainties around the Ukraine-Russia war and the Middle East conflicts. Inflation outlook also remains uncertain. The Remaining Olam Group businesses will focus on narrowing its losses while the Group reviews strategic options for these businesses to unlock and realise value for shareholders. 4 34
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 Key takeaways 5
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 Key takeaways 1 The Group will focus on seeking strategic options to unlock value for the Remaining Olam Group businesses and ofi, including the pursuit of an ofi IPO. Resilient EBIT growth of 9.2% at S$1.9 billion, supported by growth in ofi and Olam Agri, despite various challenges from geopolitical uncertainties, heightened volatility, record prices and supply challenges across several key products. Board of Directors recommends second and final dividend of 3.0 cents per share, ie total dividend of 6.0 cents for 2024 (2023: 7.0 cents). 2 3 Sale of Olam Agri to SALIC a key and important step forward in the Group’s Re- organisation Plan, achieving another milestone to unlock value for OGL shareholders. 4 36
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 Appendix – Operating groups
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Dairy Spices Nuts Cocoa Coffee Billion revenue (S$) 21.8 manufacturing facilities 120+ Million EBIT (S$) 1,071 Million EBITDA (S$) 1,499 countries ~50 employees ~18,000 customers ~11,000 ofi in numbers Note: All financial figures are for 2024. Olam Group Limited Results for Year ended December 31, 2024 | February 28, 2025 38
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ofi: Growth framework 1 Adjusted for one-off non-recurring items and amortisation of acquired intangibles Inorganic Growth – Disciplined Buying Organic Growth – Growing & extending the core Extract full value from current investments Focus on cost competitiveness Increase share of value with targeted strategic customers Expand innovation & sustainability solutions Accelerated M&A opportunities in higher value products, categories, and channels… • Channel expansion: private label, foodservice, e-commerce • Product extensions: Eg: nut ingredients, spice blends, etc • Category solutions: beverages, bakery & confectionery, snacks, culinary Contribution to medium-term Volume growth: Low to Mid-single digit Contribution to medium-term EBIT¹ growth: High-single digit 39 Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
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1. CPG = Consumer Packaged Goods 2. QSR = Quick Service Restaurants 3. SMB = Small & Medium Business Diversified and complementary portfolio Global Sourcing Ingredients & Solutions Dairy Nuts Coffee Cocoa Spices Beverages Bakery Confectionery Snacking Culinary Categories CPG1 Food service/ QSR2 Private label E-Commerce/ SMB3 Channels 40 Sharing common Customers, Categories, Channels & Capabilities Integrated platforms combining a strong Global Sourcing network and delivering value- added Ingredients & Solutions to customers Joined by a common Purpose with Sustainability at the core of our business Recap – our strategy & business model Be the change for good food and a healthy future Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
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10,000+ employees S$33.2b revenue 45m tonnes in volume handled 60+ Manufacturing & processing facilities S$1,024m EBIT 2021-2024 CAGR: 10.8% S$1,217m EBITDA 2021-2024 CAGR: 9.4% 30+ countries Food & Feed - Origination & Merchandising1 Food & Feed - Processing & Value-added2 Fibre, Agri- Industrials & Ag Services3 Olam Agri in numbers 3 Segments Note: All numbers are for 2024, except employees. 16.8% EBIT/IC Olam Group Limited Results for the Year Ended December 31, 2024 | February 28, 2025 41
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Olam Agri’s differentiated model and focus on high-growth emerging markets has led to industry leading growth, capital efficiency and return profile. Strategically positioned as a food security play in the growing and attractive food & agri sector supported by strong secular fundamentals A clear focus on high- growth emerging consumption markets 1 Participation in key parts of the global agri market and targeted sub-markets as a relatively asset-light, independent trader 2 3 Helmed by a highly experienced, capable and engaged management team 4 Market leading sustainability track record aligned to its key objectives of being climate positive, nature positive and livelihood positive across its businesses 5 Olam Agri key takeaways Olam Agri’s strategic partnership with SALIC to catalyse future growth. More asset intensive in the processing and value- added segment with strong operating capabilities and significant further investments planned Selective further expansion of geographical footprint in Middle East and Asia 42 Olam Group Limited Results for the Year Ended December 31, 2024 | February 28, 2025
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Remaining Olam Group in numbers Volume Revenue EBIT Invested Capital Customers Employees 1,160,100 MT S$1.2 B -S$158.7 M S$2.5 B 2,300+ 11,000+ Olam Global Holdco 43 Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 Note: All numbers are as of December 31, 2024, except employees.
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 Remaining Olam Group Olam Global Holdco (OGH) • Houses de-prioritised assets: 60% stake in Olam Rubber Gabon; and Gabon Fertiliser Project • Nurtures gestating assets and continues to operate dairy farming in Russia (Rusmolco) • Seeks strategic partnership options for gestating assets to partially or fully monetise Olam Palm Gabon, Packaged Foods and ARISE P&L Nupo Ventures • Acts as a foundry to build new sustainability and digital platforms for growth • Strategic partnerships being explored to take it to full potential Mindsprint • Provides IT, digital and shared services to the operating groups, including ofi and Olam Agri through long-term service agreements • Develops IT and digital services for third-parties • Explores strategic partnerships to take this business to full potential Remaining Olam Group 44 Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 Appendix – Financials
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 46 P&L statement ^ Excluding exceptional items S$ million 2024 2023 % Change H2 2024 H2 2023 % Change Volume (’000 MT) 49,596.6 44,097.4 12.5 25,324.6 22,779.7 11.2 Revenue 56,157.1 48,272.0 16.3 29,236.8 23,586.9 24.0 EBITDA^ 2,691.4 2,492.8 8.0 1,433.3 1,316.5 8.9 EBIT^ 1,935.8 1,771.9 9.2 1,047.8 952.3 10.0 Adjusted EBIT^^ 1,989.0 1,825.5 9.0 1,073.3 979.3 9.6 PAT 128.3 351.0 (63.4) 61.1 234.3 (73.9) PATMI 86.4 278.7 (69.0) 38.3 230.8 (83.4) Operational PATMI^ 216.3 458.1 (52.8) 142.8 274.1 (47.9) ^ Exclude exceptional items ^^ Excludes exceptional items and acquired intangibles amortisation
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 47 Exceptional items S$ million 2024 2023 H2 2024 H2 2023 Re-organisation cost (21.6) (62.9) (11.4) (38.1) US Spices one-off charges (30.8) - (30.8) - US almonds one-off charges (61.0) - (61.0) - Funds Management Business Closure (16.5) - (1.3) - Australia almonds lower crop yield - (116.5) - (5.2) Exceptional Items (129.9) (179.4) (104.5) (43.3)
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 Balance sheet S$ million Dec-2024 Dec-2023 Change Fixed Capital 9,531.7 9,454.8 76.9 Right-of-use assets 905.0 791.0 114.0 Working Capital 17,866.8 9,580.5 8,286.3 Cash 3,329.7 3,581.6 (251.9) Others (1,219.6) 554.5 (1,774.1) Total 30,413.6 23,962.4 6,451.2 Equity & Reserves 7,072.8 7,366.0 (293.2) Non-controlling interests 308.9 341.1 (32.2) Short-term debt 9,811.9 6,419.4 3,392.5 Long-term debt 12,168.2 8,893.3 3,274.9 Short-term lease liabilities 162.7 131.0 31.7 Long-term lease liabilities 952.0 850.1 101.9 Fair value reserve (62.9) (38.5) (24.4) Total 30,413.6 23,962.4 6,451.2 Uses of Capital Sources of Capital 48
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Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 Cash flow statement S$ million 2024 2023 Change H2 2024 H2 2023 Change Operating Cash flow (before Interest & Tax) 2,528.6 2,255.7 272.9 1,285.5 1,192.4 93.1 Changes in Working Capital (6,073.4) (1,224.8) (4,848.6) (561.1) (561.6) 0.5 Net Operating Cash Flow (3,544.8) 1,030.9 (4,575.7) 724.4 630.8 93.6 Net interest paid (1,547.3) (1,130.2) (417.1) (833.4) (622.1) (211.3) Tax paid (226.1) (235.3) 9.2 (100.1) (109.2) 9.1 Cash from divestments 98.2 117.0 (18.8) 66.4 26.0 40.4 Free cash flow before Capex/investments (5,220.0) (217.6) (5,002.4) (142.7) (74.5) (68.2) Capex/Investments (717.0) (697.2) (19.8) (417.6) (356.6) (61.0) Free cash flow to equity (FCFE) (5,937.0) (914.8) (5,022.2) (560.3) (431.1) (129.2) 49
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2024 Results Briefing olamgroup.com/investors.html ir@olamnet.com