Ovostar Union PLC

Earnings Release • Oct 25, 2023

25 October 2023 Operations Update for the nine months ended 30 September 2023

Ovostar Union Public Company Limited (WSE: OVO) (further referred to as "Company"), a vertically integrated holding company, one of the leading egg and egg products producer in Ukraine, announces its operational results for the nine months ended 30 September 2023.

As of 30 September 2023 total flock of the Company was 7.42 mln (2022: 6.84 mln heads). The laying flock was 6.28 mln heads (2022: 5.75 mln heads).

Over the nine months of 2023 1 148 mln eggs were produced (2022: 1 190 mln eggs). Sales volume of shell eggs totaled to 734 mln (2022: 824 mln eggs). Export sales in egg segment equaled 280 mln eggs or 38% of the total sales volume (2022: 223 mln eggs and 27% respectively).

Average selling price of shell eggs in USD terms equaled 0.114 USD/egg (2022: 0.076 USD/egg).

In the reporting period 354 mln eggs were processed (2022: 339 mln eggs). The output of dry and liquid egg products was 1 906 tons and 9 374 tons respectively (2022: 2 239 tons and 7 609 tons).

Sales volume of dry egg products equaled 1 822 tons (2022: 1 611 tons), out of which 1 300 tons, or 71%, were exported (2022: 1 083 tons and 67% respectively).

Sales volume of liquid egg products equaled 9 053 tons (2022: 7 529 tons), out of which 3 986 tons, or 44%, were exported (2022: 3 117 tons and 41% respectively).

Average selling price of dry egg products was 8.59 USD/kg (2022: 8.63 USD/kg); average selling price of liquid egg products rose by 31% Y-o-Y to 2.40 USD/kg (2022: 1.83 USD/kg).

The Company's CEO Mr. Borys Bielikov commented:

"Despite the ongoing war in Ukraine, during the 9 months of 2023 the Group managed to increase the flock by 8% Y-o-Y. The management have been working on bringing the production and sales structure in accordance with the market situation, which resulted in the solid operational performance."

Note: All prices in this press release are indicated net of VAT