ROS AGRO PLC trading update 1Q 2024

TRADING RESULTS 1Q 2024

Rusagro's revenue structure* for 1Q 2024

million roubles

Sugar segment

Meat segment

10,607

12,429

+45%

-1%Y-o-Y

+32% Y-o-Y

Agriculture segment

15%

71,718

17%

4,306

-27%Y-o-Y

49,389

6%

71,718

NMGK

20%

mln rub.

14,520

1Q 2023 1Q 2024

42%

Oil & Fat segment

29,856

+28% Y-o-Y

In 1Q 2024 Rusagro's consolidated sales before intersegment eliminations reached 71,718 mln roubles. In comparison to 1Q 2023 sales increased by 45% (+22,328 mln

roubles).

Rusagro's revenue improved amid sales volume growth in oil & fat business. Additional growth factor was the consolidation of NMGK Group (+14,520

mln roubles).

SUGAR SEGMENT

Production of sugar

thousand tonnes

In 1Q 2024 Rusagro produced 129 thousand tonnes of sugar, which is 88%

600(+60 thousand tonnes) higher than it was produced during the same quarter of the previous year.

Production increased due to higher volume of sugar beet processing in 2023/2024 season compared to 2022/2023 season.

+88%

224

129

129

69

69

35

1Q 2023

1Q 2024

1Q 2023

2Q 2023

3Q 2023

4Q 2023

1Q 2024

Sales volume of sugar

thousand tonnes

477

+26%

233

187

208

187

148

148

In 1Q 2024 in comparison to the same quarter of the previous year sugar sales volume expanded by 26% (+39 thousand tonnes) to 187 thousand tonnes.

Sugar sales were carried out in line with market conditions, however, sales volume growth was boosted by production improvement.

1Q 2023

1Q 2024

1Q 2023

2Q 2023

3Q 2023

4Q 2023

1Q 2024

1

* Sales before intersegment eliminations and account for other sales.

ROS AGRO PLC trading update 1Q 2024

OIL & FAT SEGMENT and NMGK SEGMENT

Production of Crude vegetable oil

thousand tonnes

+124%

NMGK: Bulk oil

Bulk oil

296

277

296

88

86

88

169

132

132

140

69

208

191

208

100

In 1Q 2024 Rusagro produced 296 thousand tonnes of crude vegetable oil, which is 124% (+164 thousand tonnes) higher year-over-year.

The dynamics is attributed to the growth of Oil & fat business after Balakovo oil extraction plant modernisation and consolidation of volumes at NMGK Group, which produced 88 thousand tonnes of crude vegetable oil.

1Q 2023

1Q 2024

1Q 2023

2Q 2023

3Q 2023

4Q 2023

1Q 2024

Sales volume of industrial Oil & Fat and dairy products

thousand tonnes

NMGK: Industrial fats

Industrial fats

NMGK: Bulk oil

Bulk oil

NMGK: Meal

Meal

Dry mixes

+102%

538

538

16

497

16

60

47

15

60

80

370

80

80

4

4

17

78

305

4

78

60

266

266

3

80

3

111

3

75

65

111

76

76

4

108

54

54

102

85

190

50

162

190

133

133

124

89

1Q 2023

1Q 2024

1Q 2023

2Q 2023

3Q 2023

4Q 2023

1Q 2024

Sales of industrial oil & fat and diary products in 1Q 2024 amounted to 538 thousand tonnes, which is 102% (+272 thousand tonnes) higher than in 1Q 2023.

Sales of bulk oil rose by 106% (+57 thousand tonnes), sales of meal improved by 42% (+56 thousand tonnes), sales of industrial fats increased by 3% (+2 thousand tonnes). The key growth driver is production volume expansion of bulk oil and meal due to modernisation of Balakovo oil extraction plant.

In 1Q 2024 NMGK sold a total of 155 thousand tonnes of industrial fat and oil products.

Sales volume of consumer Oil & Fat and dairy products

thousand tonnes

NMGK: Consumer Oil & Fat products

Consumer Dairy products

+84%

Consumer Oil & Fat products

150

125

130

125

57

49

55

49

68

68

78

4

4

4

4

5

3

3

88

72

73

70

72

65

65

1Q 2023

1Q 2024

1Q 2023

2Q 2023

3Q 2023

4Q 2023

1Q 2024

In 1Q 2024 sales of key categories of consumer products of Rusagro's Oil & fat business (bottled oil, margarines, mayonnaise and sauces based on it, ketchups, cheese, spreads, butter, cream and others) totaled 125 thousand tonnes,

which is 84% (+57 thousand tonnes) higher

than in 1Q 2023. The growth was driven by the expansion of presence in national trade networks and increase in exports, as well as by consolidation of NMGK Group, which sold 49 thousand tonnes of consumer oil & fat products.

2

ROS AGRO PLC trading update 1Q 2024

MEAT SEGMENT

Production of pigs

thousand tonnes, in live weight for slaughtering

In 1Q 2024 Rusagro produced 73 thousand

-17%

tonnes of live weight pork for slaughtering,

which is 17% (-15 thousand tonnes) lower

89

89

86

79

80

73

73

than in the same quarter of previous year.

The decrease in volume was due to birth

rate decline amid the ASF outbreak in

Primorsky Krai in 2023.

1Q 2023

1Q 2024

1Q 2023

2Q 2023

3Q 2023

4Q 2023

1Q 2024

Sales volume of pork products

thousand tonnes

-19%

74

72

72

68

66

58

58

1Q 2023

1Q 2024

1Q 2023

2Q 2023

3Q 2023

4Q 2023

1Q 2024

AGRICULTURE SEGMENT

Sales volume of grain crops

In 1Q 2024 compared to the same quarter of previous year, sales volume of pork decreased by 19% (-14thousand tonnes) to 58 thousand tonnes.

Sales decline is attributed to the postponed effect of the ASF outbreak in Primorsky Krai in 2023.

The decrease in sales affected less marginal categories to a greater extent - pork by live weight and half carcasses.

The decline in large cuts and offal was minimal.

thousand tonnes

Barley

Corn

Wheat

Sales volume of grain crops in 1Q 2024 was

436

428

186 thousand tonnes, which is 2,1 times

54

1

30

(+98 thousand tonnes)

higher than

1Q

+112%

32

2023 level.

186

198

186

Main contribution to

the growth

was

12

63

0

381

366

12

provided by significant increase in wheat

19

19

88

88

sales by 163% (+96 thousand tonnes) amid

0.1

155

0.1

155

29

59

29

135

59

sale of a large part of stocks following

1Q 2023

1Q 2024

1Q 2023

2Q 2023

3Q 2023

4Q 2023

1Q 2024

rouble depreciation.

Sales volume of oil crops

thousand tonnes

Sunflower

Soy

342

-60%

79

127

127

110

264

70

40

51

40

16

3

51

86

46

5

86

94

67

46

5

1Q 2023

1Q 2024

1Q 2023

2Q 2023

3Q 2023

4Q 2023

1Q 2024

Sales volume of sugar beet

Sales of oil crops in 1Q 2024 stood at 51

thousand tonnes, which is 60% (-76

thousand tonnes) lower compared to the same quarter of the previous year.

The decline in sales volume in 1Q 2024 was due to higher stocks at the beginning of 1Q 2023 amid unfavorable weather conditions for harvesting in the fall of 2022.

thousand tonnes

3 797

1 103

494

494

0

0

0

1Q 2023

1Q 2024

1Q 2023

2Q 2023

3Q 2023

4Q 2023

1Q 2024

In 1Q 2024 sales there were no sugar beet sales. The discrepancy with the same period of previous year is due to a shift in the schedule for harvesting and selling of sugar beet to January-February 2023 amid adverse weather conditions in 4Q 2022.

3

ROS AGRO PLC trading update 1Q 2024

Trading results of 1Q 2023

thousand tonnes

Item

1Q 2024

1Q 2023

Change, %

Total sales*, RUB million

71,718

49,389

45%

Oil & Fat Segment, thousand tonnes

Production volume of crude vegetable oil

208

132

57%

Sales volume of consumer products, including:

76

68

13%

oil & fat products

72

65

11%

dairy products

4

3

34%

Sales volume of industrial products, including:

383

266

44%

meal

190

133

42%

bulk oil

111

54

106%

industrial fats

78

76

3%

dry whey mixes

4

3

30%

NMGK, thousand tonnes

Production volume of crude vegetable oil

88

-

-

Sales volume of consumer products, including oil

49

-

-

& fat products

Sales volume of industrial products, including:

155

-

-

meal

80

-

-

bulk oil

60

-

-

industrial fats

16

-

-

Meat Segment, thousand tonnes

Production volume of pork in live weight for

73

89

(17%)

slaughtering

Sales volume of pork products

58

72

(19%)

Sugar Segment, thousand tonnes

Production volume of sugar

129

69

88%

Sales volume of sugar

187

148

26%

Agriculture Segment, thousand tonnes

Sales volume of grain crops, including:

186

88

112%

wheat

155

59

163%

corn

19

29

(34%)

barley

12

0

-

Sales volume of oil crops, including:

51

127

(60%)

sunflower

5

40

(87%)

soybeans

46

86

(47%)

Sales volume of sugar beet

0

494

(100%)

* Sales before intersegment eliminations and account for other sales.

Comment: Since some indicators and percentages in the diagrams and texts of the press release were rounded to the nearest whole number,

the sum of the rounded values may not fully match the totals. Further, calculations of changes were derived from the pre-rounded indicators 4 and may therefore not fully match the changes calculated with the rounded values.

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Disclaimer

Rusagro plc published this content on 22 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 April 2024 07:09:07 UTC.