AGRANA Beteiligungs-AG

Quarterly Report • Oct 10, 2024

REPORT ON THE FIRST HALF OF 2024|25

First half of 2024|25 at a glance

• Revenue: € 1,861.7 million (–5.0%; H1 prior year: € 1,959.5 million)
• EBIT: € 56.6 million (–49.0%; H1 prior year: € 110.9 million)
• EBIT margin: 3.0% (H1 prior year: 5.7%)
• Profit for the period: € 23.5 million (–63.5%; H1 prior year: € 64.3 million)
• Equity ratio: 46.3% (29 February 2024: 43.2%)
• Gearing ratio1 : 50.9% (29 February 2024: 51.0%)
• Number of employees (FTE)2: 9,050 (H1 prior year: 9,003)

1 Ratio of net debt to total equity.

2 Average number of full-time equivalents in the reporting period.

Contents

3	Letter from the Management Board
4	Group management report
4	AGRANA Group results for the first half of 2024 25
8	AGRANA capital market developments
9	Fruit segment
11	Starch Segment
13	Sugar Segment
15	Management of risks and opportunities
15	Employees
15	Related party disclosures
15	Significant events after the interim reporting date
16	Outlook
18	Interim consolidated financial statements
18	Consolidated income statement
19	Consolidated statement of comprehensive income
20	Consolidated cash flow statement (condensed)
21	Consolidated balance sheet
22	Consolidated statement of changes in equity (condensed)
23	Notes to the interim consolidated financial statements
28	Management Board's responsibility statement
29	Other information

Letter from the Management Board

Dear Investor,

As predicted, the second quarter of 2024|25, like the first, was significantly weaker than the year-earlier quarter. In the first half of 2024|25 the AGRANA Group's operating profit (EBIT) was thus € 56.6 million, compared to € 110.9 million in the first half of the prior, 2023|24 financial year. While the Fruit segment delivered a very strong performance in the first six months, the earnings situation in the Starch and Sugar segments was depressed, particularly due to general market developments.

In the Sugar segment, very challenging times await in the coming months as well. Higher stocks of sugar in the EU and better crop expectations for the 2024 beet campaign now underway add up to a supply increase amid subdued demand. This affects sugar prices, which have recently declined significantly. No help is about to come from the world market, where sugar inventories are also projected to rise. The EBIT forecast for the Sugar segment has a correspondingly negative effect on our Group financial outlook for the full year 2024|25. We reaffirm our guidance of a significant yearon-year reduction in Group EBIT for 2024|25.1

In view of these unfavourable short-term prospects, we continue to work all-out on our Next Level strategy, designed to create the basis for the future success and profitability of our Group. We have already taken the first steps, including launching a comprehensive cost reduction programme both at the holding company and segment level. In the highly volatile commodity markets that we operate in, cost leadership is a key success factor, and one where we see great development potential. Another top priority for us is to keep intensifying our customer orientation in all that we do. A clear definition of our portfolio strategy, and aligning the organisation to take maximum advantage of existing synergy potential, will be further major building blocks for success. AGRANA is engaged in a sweeping process of transformation – in terms of costs, organisation and culture – with the steady goal of leading our company, strengthened by this process, into a successful future that adds value for all our stakeholders.

The harm that climate change can do was brought home to much of Central and Eastern Europe in the middle of September. Thousands of people were evacuated in the wake of catastrophic flooding that severely damaged numerous towns and much infrastructure. AGRANA was directly affected by the flooding at several sites, especially in the province of Lower Austria. Production losses occurred primarily at our biorefinery in Pischelsdorf, Austria, and our potato starch factory in Gmünd, Austria. Fortunately and most importantly, no employees suffered harm. We thank all our colleagues who are working extremely hard to resolve the disruptions as rapidly as they can and to keep the impact on our company as small as possible. We also wish to express our sincere gratitude to our suppliers and customers for their support and understanding.

Increasingly frequent weather extremes such as droughts or torrential rains once again underscore the importance of resolutely countering climate change and further reducing our greenhouse gas emissions, both at the level of society and as a company. On the heels of a tangible disaster, the objectives of our AGRANA climate strategy seem all the more relevant. In the first half of 2024|25, we continued to make good headway towards meeting our targets. The transition of our sugar plant in Opava, Czech Republic, from the use of coal to natural gas is progressing as planned and is expected to be complete in time for the 2025|26 campaign. This project represents a further significant step in our emission reduction efforts.

The Management Board of AGRANA Beteiligungs-AG

Stephan Büttner, CEO Norbert Harringer Stephan Meeder

Group management report

AGRANA Group results for the first half of 2023|24

Revenue and earnings

Consolidated income statement	H1	H1
(condensed)	2024 25	2023 24
€m, except as otherwise indicated
Revenue	1,861.7	1,959.5
EBITDA1	107.6	163.7
Operating profit before exceptional
items and results of equity-accounted
joint ventures	55.3	112.7
Share of results of equity-accounted
joint ventures	3.2	(2.2)
Exceptional items	(1.9)	0.4
Operating profit (EBIT)	56.6	110.9
EBIT margin	3.0%	5.7%
Net financial items	(19.4)	(24.3)
Profit before tax	37.2	86.6
Income tax expense	(13.7)	(22.3)
Profit for the period	23.5	64.3
Attributable to shareholders
of the parent	21.7	60.6
Earnings per share (€)	0.35	0.97

In the financial first half of 2024|25 (the six months ended 31 August 2024), revenue of the AGRANA Group was € 1,861.7 million, a slight decrease from the same period one year earlier, as lower sales prices in all business segments outweighed the effect of higher sales volumes.

Operating profit (EBIT) was € 56.6 million in the first half of 2024|25, a significant reduction from the year-ago level of € 110.9 million. EBIT in the Fruit segment grew to € 50.4 million (H1 prior year: € 43.7 million) thanks to a significantly better performance in the fruit juice preparations activities. Meanwhile, weaker margins on starch and saccharification products drove a significant decrease in Starch segment EBIT to € 24.9 million (H1 prior year: € 36.2 million). In the Sugar, reduced sales

Consolidated income statement (condensed)	Q2 2024 25	Q2 2023 24
€m, except as otherwise indicated
Revenue	917.4	993.4
EBITDA1	51.8	73.1
Operating profit before exceptional
items and results of equity-accounted
joint ventures	25.3	47.8
Share of results of equity-accounted
joint ventures	1.1	(0.4)
Exceptional items	(2.1)	0.0
Operating profit (EBIT)	24.3	47.4
EBIT margin	2.6%	4.8%
Net financial items	(10.2)	(11.0)
Profit before tax	14.1	36.4
Income tax expense	(6.7)	(10.1)
Profit for the period	7.4	26.3
Attributable to shareholders
of the parent	6.4	24.5
Earnings per share (€)	0.11	0.39

prices were responsible for deterioration in the EBIT result to a deficit of € 18.7 million (H1 prior year: profit of 31.0 million). The Group's net financial items amounted to an expense of € 19.4 million, down from a € 24.3 million net expense in the year-earlier period, primarily as a result of significantly improved currency translation differences, but also thanks to a moderate improvement in net interest expense. After an income tax expense of € 13.7 million, corresponding to a tax rate of 36.8% (H1 prior year: 25.8%), the Group's profit for the period was € 23.5 million (H1 prior year: € 64.3 million). Earnings per share attributable to AGRANA shareholders decreased to € 0.35 (H1 prior year: € 0.97).

Investment1

In the first half of the 2024|25 financial year, AGRANA invested € 47.1 million, or € 5.2 million more than in the year-earlier comparative period. Capital expenditure by segment was as follows:

Investment €m, except %	H1 2024 25	H1 2023 24	Change
Fruit segment	19.7	15.7	25.5%
Starch segment	12.2	14.3	–14.7%
Sugar segment	15.2	11.9	27.7%
Group	47.1	41.9	12.4%

In addition to regular projects for product quality and energy efficiency improvement and for asset replacement and maintenance across all production sites, the following individual investments made are worthy of note:

Fruit segment

• Capacity expansion in Jacona, Mexico
• Expansion of the food service area in Centerville, Tennessee, USA
• Expansion of solar power supply in China, France and South Africa

Starch segment

• Increase of production capacity for drum-dried, nonfood specialty starches in Gmünd, Austria
• Increase of bagging capacity for wheat starch and gluten in Pischelsdorf, Austria
• Upgrading of the biofiltration plant in Aschach, Austria

Sugar segment

• Optimisation of the evaporator stations in Roman, Romania, and in Kaposvár, Hungary
• Conversion of the fuel supply from coal to natural gas in Opava, Czech Republic

Additionally in the first half of 2024|25, € 16.4 million (H1 prior year: € 13.5 million) was invested in the equityaccounted joint ventures (the HUNGRANA and STUDEN groups and Beta Pura GmbH; these values for joint ventures are not stated at AGRANA's share but at 100% of the totals).

Cash flow

Consolidated cash flow statement (condensed) €m, except %	H1 2024 25	H1 2023 24	Change
Operating cash flow before changes in working capital	125.8	180.1	–30.1%
Changes in working capital	11.0	(142.7)	107.7%
Interest received and paid and income tax paid, net	(18.5)	(25.7)	28.0%
Net cash from operating activities	118.3	11.7	911.1%
Net cash (used in) investing activities	(44.4)	(40.5)	–9.6%
Net cash (used in)/from financing activities	(50.6)	34.5	–246.7%
Net increase in cash and cash equivalents	23.3	5.7	308.8%
Effects of movement in foreign exchange rates and
hyperinflation adjustments on cash and cash equivalents	(3.3)	(9.2)	64.1%
Cash and cash equivalents at beginning of period	88.1	118.3	–25.5%
Cash and cash equivalents at end of period	108.1	114.8	–5.8%

The amount of the item "operating cash flow before changes in working capital" decreased to € 125.8 million in the first half of 2024|25 (H1 prior year: € 180.1 million) as a result mainly of the much lower profit for the period. After a decrease of € 11.0 million in working capital (H1 prior year: increase of € 142.7 million), net cash from operating activities in the first half of 2024|25 was € 118.3 million (H1 prior year: € 11.7 million). Net cash used in investing activities rose to € 44.4 million (H1 prior year: net cash use of € 40.5 million) as a consequence of higher payments for purchases of property, plant and equipment and intangibles. With a constant dividend payment, a minimal increase in borrowings compared to the year-ago period brought the net cash outflow from financing activities to € 50.6 million (H1 prior year: net cash inflow of € 34.5 million).

Financial position

Gearing ratio1

Consolidated balance sheet (condensed) €m, except % and pp	31 August 2024	29 February 2024	Change
ASSETS
Non-current assets	1,034.7	1,031.2	0.3%
Of which intangible assets, including goodwill	112.7	112.4	0.3%
Of which property, plant and equipment	790.8	797.6	–0.9%
Current assets	1,600.2	1,858.2	–13.9%
Of which inventories	821.9	1,170.8	–29.8%
Of which trade receivables	532.2	441.9	20.4%
Of which cash and cash equivalents	108.1	88.1	22.7%
Total assets	2,634.9	2,889.4	–8.8%

EQUITY AND LIABILITIES
Equity	1,220.5	1,248.4	–2.2%
Equity attributable to shareholders of the parent	1,157.6	1,186.7	–2.5%
Non-controlling interests	62.9	61.7	1.9%
Non-current liabilities	621.2	628.7	–1.2%
Of which borrowings	519.8	523.6	–0.7%
Current liabilities	793.2	1,012.3	–21.6%
Of which borrowings	229.8	218.8	5.0%
Of which trade payables	318.6	561.6	–43.3%
Total equity and liabilities	2,634.9	2,889.4	–8.8%
Net debt	621.2	636.1	–2.3%

50.9% 51.0% –0.1pp

Total assets, at € 2,634.9 million as of 31 August 2024, were moderately lower than at the 2023|24 year-end balance sheet date, and the equity ratio was 46.3% (29 February 2024: 43.2%). The amount of non-current assets was virtually unchanged at € 1,034.7 million. Current assets, at € 1,600.2 million, decreased significantly, with inventories reduced while trade receivables increased. Non-current liabilities eased marginally to € 621.2 million. Current liabilities declined significantly on balance to € 793.2 million, as a mild increase in short-term borrowings coincided with a significant reduction in trade payables. Net debt as of 31 August 2024 stood at € 621.2 million, a decrease of € 14.9 million from the year-end level of 29 February 2024. The gearing ratio at the quarterly balance sheet date was 50.9% (29 February 2024: 51.0%).

Equity ratio 46.3% 43.2% 3.1pp

Uncertainty in assumptions and judgements arises from a volatile market environment with regard to the costs of raw materials, energy, transport and other expense items. In addition, the future trajectories of macroeconomic conditions, such as interest rates and inflation, are subject to high uncertainty.

AGRANA capital market developments

Share data		H1 2024 25
High (7 June 2024)	€	14.25
Low (22 August 2024)	€	11.90
Closing price (30 August 2024)	€	12.10
Closing book value per share	€	18.53
Closing market capitalisation	€m	756.1

AGRANA started the 2024|25 financial year at a share price of € 13.35 and closed at € 12.10 on the last trading day of August 2024, a decrease of 9.4%. The Austrian benchmark equity index, the ATX, rose by 11.4% over the same period.

The average daily trading volume in the period from March to August 2024 was about 23,000 shares1 (H1 prior year: approximately 14,000 shares1 ).

AGRANA's share price performance can be followed on the Group's website at www.agrana.com under the tab sequence > Investor > AGRANA Share > Share Price, Share Details & Research. The market capitalisation at the end of August 2024 was € 756.1 million.

The 37th Annual General Meeting of AGRANA Beteiligungs-AG on 5 July 2024 approved the payment of a dividend of € 0.90 per share for the 2023|24 financial year (2022|23: € 0.90 per share); the dividend was paid in July 2024.

Fruit segment

Share of Group revenue

Financial results

Fruit segment	H1 2024 25	H1 2023 24
€m, except %
Revenue	824.5	791.1
EBITDA1	70.6	62.8
Operating profit before exceptional items and results of equity-accounted
joint ventures	52.3	43.7
Exceptional items	(1.9)	0.0
Operating profit (EBIT)	50.4	43.7
EBIT margin	6.1%	5.5%

Fruit segment	Q2 2024 25	Q2 2023 24
€m, except %
Revenue	408.9	390.0
EBITDA1	34.8	28.8
Operating profit before exceptional
items and results of equity-accounted
joint ventures	25.5	19.3
Exceptional items	(2.1)	0.0
Operating profit (EBIT)	23.4	19.3
EBIT margin	5.7%	4.9%

Fruit segment revenue in the first half of 2024|25 was € 824.5 million, somewhat above the year-earlier amount. On the fruit preparations side, revenue rose for volume reasons, while the increase in fruit juice concentrate revenue was driven by volume and prices.

EBIT of the segment as a whole increased to € 50.4 million in the first six months of the financial year (H1 prior year: € 43.7 million). In the fruit preparations activities, EBIT was significantly above the year-ago level. The improvement was attributable especially to a positive business performance in the Europe region (including Ukraine), in Mexico and in Russia. The fruit juice concentrate operations also achieved good EBIT, although not matching the very strong result of the previous year's first half.

Market environment

The market environment for fruit preparations is determined by consumer trends in the global markets for dairy products, ice cream and food service. The top trends continue to revolve around pleasure, convenience, health, naturalness and sustainability.

The market situation remains volatile as a result of high inflation in many places, lower consumer spending and elevated geopolitical, climatic and supply chain risks.

According to the latest data as of September 2024 from Euromonitor, the global market for spoonable fruit yoghurt (the main market for the fruit preparations business) in 2024 was flat in volume terms versus 2023. Within this overall stagnation, the Western Europe region declined slightly (by 1.0%), the Asia region with China as its largest constituent market contracted moderately (by 3.3%), and mildly positive growth (of 1.3%) was seen in North America. Global annual volume growth of 1.3% is forecast for the coming years to 2029.

Besides yoghurt, the main market segments significant to the diversification of the fruit preparations activities are ice cream and food service. The ice cream market is forecast to grow globally by 1.8% p.a. from 2024 to 2029. The projection for volume growth in the largest ice cream markets – Asia, Western Europe and North America – ranges from 1% to 2%. Significantly higher growth rates are expected in Eastern Europe (3%) and the Middle East and Northern Africa (4.4%). In the food service segment, AGRANA's main markets are quick service restaurants (QSR) and coffee & tea shops. Current forecasts from GlobalData predict the future trend line of these sectors to 2028 to be very positive, with average annual revenue growth of 3.9% for QSR and 3.6% for coffee & tea shops.

In the fruit juice concentrate business, the level of customer call-offs for apple juice concentrate was good in the first half of 2024|25, exceeding the figure of one year earlier. Call-offs for berry juice concentrates in the first half of 2024|25 remained steady.

Amid very good market demand, the contracts for berry juice concentrates made from the 2024 crop were concluded at very high prices due to the low crop volume.

Raw materials and production

For the fruit preparations business, the harvest of strawberry, its principal fruit, was completed in July in all relevant procurement markets. The planned volume requirement was fully contracted in the production regions of the Mediterranean climate zones such as Egypt, Morocco and Spain as well as in Mexico and China. Average purchase prices were above the previous year's level, due mostly to a reduced crop volume in Egypt as a result of unfavourable weather.

As expected, the peach harvest in Spain, Greece and China, the main sourcing regions, produced good yields. Purchase prices were lower than in the previous year.

The sour cherry harvest in Serbia and Poland was below average, leading to significant price increases relative to the year before.

A similar development played out in raspberry procurement from the European production regions. Here too, the yields in the summer harvests were below expectations, resulting in higher purchase prices.

For mango from India and Vietnam, the El Niño effect led to reduced supply of the raw material and thus to higher prices.

In the first half of 2024|25, about 185,000 tonnes of raw materials were purchased for the fruit preparations activities.

In the 2024 berry juice processing season in the fruit juice concentrate business, which ended at the beginning of September, raw material availability was sub-average. For apple, the principal fruit, an overall weaker harvest in the EU is anticipated, including in Poland, for example. Consequently, rising raw material costs should also be expected in the 2024 apple campaign now underway.

Starch segment

Share of Group revenue

Financial results

	H1	H1
Starch segment	2024 25	2023 24
€m, except %
Revenue	532.9	614.8
EBITDA1	42.7	61.6
Operating profit before exceptional
items and results of equity-accounted
joint ventures	19.5	39.3
Share of results of equity-accounted
joint ventures	5.4	(3.1)
Operating profit (EBIT)	24.9	36.2
EBIT margin	4.7%	5.9%
	Q2	Q2
Starch segment	2024 25	2023 24
€m, except %
Revenue	267.4	297.7
EBITDA1	25.2	27.0
Operating profit before exceptional
items and results of equity-accounted
joint ventures	13.4	15.9
Share of results of equity-accounted
joint ventures	2.1	(1.8)
Operating profit (EBIT)	15.5	14.1
EBIT margin	5.8%	4.7%

Revenue in the Starch segment in the first half of 2024|25 was € 532.9 million, a level significantly below that of the year-earlier comparative period, when the war in Ukraine had led to powerful increases in market prices. Owing to the decline in raw material and energy prices, market

prices for the segment's products decreased noticeably year-on-year, which affected the selling prices obtained for the entire Starch portfolio. Ethanol sales prices, for instance, fell by about 12% amid a substantial drop in Platts quotations.

At € 24.9 million, EBIT in the Starch segment was down significantly from one year earlier. The key reason for this was the margin decline in starch and saccharification products driven by significantly lower sales prices for core and by-products. For example, the sales price of conventional vital gluten decreased by approximately 40%. As a result of reduced raw material and energy prices, the ethanol business improved its EBIT despite selling at lower prices. The equity-accounted HUNGRANA Group was a positive contributor to segment EBIT again, with a profit share for AGRANA of € 5.4 million (H1 prior year: loss of € 3.1 million); capacity utilisation in this Hungarian joint venture improved thanks to lower prices for raw materials and energy.

Market environment

From the beginning of this financial year, after a difficult 2023|24, market demand was firmer again. However, the markets relevant for AGRANA exhibit high competitive pressure that is directly felt in declining sales prices.

While the food target market is relatively more solid and shows a slight further improvement from last year, this market too requires downward price corrections by vendors to maintain their market share. Liquid saccharification products in particular (glucose syrup and isoglucose) are definitely confronted with a buyers' market, as suppliers seek to hold their market positions through price concessions.

In the non-food sector of the market, the volumes taken by the paper and packaging industry depend on the capacity utilisation of the paper machines at any given time, with high fluctuations from month to month being very common. Construction materials and paper adhesives are currently steadier. This area's slow market recovery of the first months of this financial year is solidifying.

In by-products, the prices of medium-protein feeds for the animal feed industry take their cue from the quotations on grain markets. At present, customers can be seen to cover their needs only for very short periods at a time. High-protein by-products (corn gluten, wheat gluten and potato protein) are uniformly enjoying more stable demand and firmer prices.

In the ethanol business, sustained high import pressure from the USA is heavily affecting the European market for fuel ethanol. Accordingly, Platts prices struggled during the whole first half of 2024|25 despite solid demand from refineries.

Raw materials and production

World grain production in the 2024/25 grain marketing year (July to June) is estimated at 2.32 billion tonnes by the International Grains Council in its forecast of 15 August 2024, which is about 16 million tonnes more than in the prior year and falls short of expected consumption by around 6 million tonnes. Wheat production is forecast at 799 million tonnes (prior year: 794 million tonnes; estimated 2024/25 consumption: 803 million tonnes) and the projected production of corn (maize) is 1,226 million tonnes (prior year: 1,223 million tonnes; estimated 2024/25 consumption: 1,229 million tonnes). Total ending grain stocks are to ease to approximately 581 million tonnes (prior year: 587 million tonnes).

Grain production in the EU-27 is estimated by Stratégie Grains at about 263 million tonnes (prior year: 272 million tonnes). Of this total, the soft wheat harvest is to account for about 117 million tonnes, a significant reduction from the previous year's 127 million tonnes. The 2024 corn harvest in the EU, estimated at about 60 million tonnes, is expected to decrease from the year before, when it was 63 million tonnes.

Wheat prices on the Euronext Paris commodity derivative exchange fell considerably with the 2024 harvest. Corn quotations followed this trend, despite an overall poorer crop outlook in Europe. Among the reasons for these price declines were weak export demand, the competition from the Black Sea area and a strong euro. At AGRANA's reporting date, the quotations were around € 199 per tonne for corn and € 206 for wheat (year earlier: € 213 and € 221 per tonne, respectively).

Potatoes

In the last third of August 2024, the potato starch factory in Gmünd, Austria, began receiving the year's new crop of starch and food potatoes (with contracts for about

200,000 tonnes of the raw material). Given the unfavourable weather conditions during the growing season, contract fulfilment by the growers is expected to reach about 90% of the contracted amount of potatoes. The average starch content of the starch potatoes will be about 19.0%.

Corn and wheat

Receiving and processing of freshly harvested wet corn at the corn starch plant in Aschach, Austria, began in the final third of August 2024. A wet corn volume of about 110,000 to 120,000 tonnes is expected to be received (approximately in line with the prior year); its processing is estimated to be completed by the middle of November 2024. Processing will then switch to the use of dry corn. In the first half of 2024|25, approximately 206,000 tonnes of corn was processed in Aschach (H1 prior year: almost 190,000 tonnes).

The raw materials used in the integrated biorefinery1 in Pischelsdorf, Austria, in the first six months of 2024|25 were non-corn grains (wheat, organic wheat, and triticale) and corn in a ratio of approximately 7 to 1. The total processing volume at this facility in the first six months of the financial year was about 510,000 tonnes (H1 prior year: approximately 450,000 tonnes). At the beginning of the last third of August, the complex began to process wet corn. At around 65,000 tonnes, the expectation is for a lower receiving volume than in the previous year and a processing period running until November 2024.

The purchasing of feedstock from the 2023 crop for the facilities in Aschach and Pischelsdorf is complete. Including the amounts contracted from the 2024 harvest, the bulk of the raw material supply for the 2024|25 financial year is secured.

The start of the wet corn campaign at the equityaccounted plant in Hungary (HUNGRANA) occurred in early August 2024. Due to the unfavourable hot and dry weather conditions, a significantly lower wet corn processing volume of 130,000 tonnes is expected than in the prior year, when it was 204,000 tonnes (volumes for equity-accounted entities are stated at 100% of the total). In the first half of 2024|25, about 490,000 tonnes of corn was processed here (H1 prior year: 280,000 tonnes).

Sugar segment

Share of Group revenue

Financial results

	H1	H1
Sugar segment	2024 25	2023 24
€m, except %
Revenue	504.3	553.6
EBITDA1	(5.7)	39.3
Operating (loss)/profit before exceptional items and results of equity-accounted
joint ventures	(16.5)	29.7
Share of results of equity-accounted
joint ventures	(2.2)	0.9
Exceptional items	0.0	0.4
Operating (loss)/profit [EBIT]	(18.7)	31.0
EBIT margin	(3.7%)	5.6%

Sugar segment €m, except %	Q2 2024 25	Q2 2023 24
Revenue	241.1	305.7
EBITDA1	(8.2)	17.3
Operating (loss)/profit before exceptional items and results of equity-accounted joint ventures	(13.6)	12.6
Share of results of equity-accounted joint ventures	(1.0)	1.4
Exceptional items	0.0	0.0
Operating (loss)/profit [EBIT]	(14.6)	14.0
EBIT margin	(6.1%)	4.6%

The Sugar segment's revenue in the first six months of 2024|25, at € 504.3 million, was moderately less than in the first half of the prior year. The negative effect of lower sugar sales prices could not be made up for by slightly higher sales volumes. The trajectory of the EU sugar market was most recently driven by higher European stocks of the commodity, the expectation of increased EU sugar production in the 2024/25 campaign, and declining world market prices.

The Sugar EBIT result in the first half of the 2024|25 financial year was a deficit of € 18.7 million, a sharp deterioration from the year-earlier period. This reflected especially the significant fall in sugar sales prices with the resellers channel. The deficit markets (CEE region) in particular showed downward price pressure. The earnings result of joint ventures too was lower than in the yearago period; it is determined in large part by the sugar activities of the AGRANA-STUDEN group in Southeastern Europe.

Market environment

World sugar market

In its world sugar balance estimate of September 2024, the market research firm S&P Global Commodity Insights has forecast a surplus of 5.2 million tonnes for the 2023/24 sugar marketing year (SMY, from 1 October 2023 to 30 September 2024) after a nearly even balance of global sugar supply and demand in the previous year. The projection calls for a slight increase in sugar consumption, outweighed by a stronger rise in production. The ratio of stocks to consumption, at 38.1%, is to remain low.

For SMY 2024/25, the estimate by S&P Global Commodity Insights is for a – shrinking – surplus of 3.9 million tonnes, with production continuing to grow, but only slightly and at a lower rate than consumption. The ratio of stocks to consumption in SMY 2024/25 would thus increase to 39.6%.

As the global supply relies heavily on Brazil and India, developments in these countries strongly affect the world sugar balance and can cause high volatility in the market. World market prices for white and raw sugar fell continually since the beginning of the 2024|25 financial year, reaching a 24-month low on 20 August. Fires in Brazilian sugar cane fields then led to a slight rally in prices. At the end of August 2024, white sugar quoted at US\$ 546.8 per tonne and raw sugar stood at US\$ 427.3 (31 August 2023: US\$ 715.2 and US\$ 551.9 per tonne, respectively).

EU sugar market

The latest EU sugar balance shows production of 15.6 million tonnes for the completed SMY 2023/24 (SMY 2022/23: 14.6 million tonnes). For the new SMY 2024/25, sugar production is expected to grow to 16.6 million tonnes. This figure is driven largely by a combination of the beet acreage expansion and predicted average yields.

According to EU price reporting, the average white sugar price in the EU reached € 787 per tonne in August 2024, down by € 32 per tonne from August of the previous year and below € 800 for the first time since January 2023. The downward price trend in the EU is borne out by the short-term EU prices, as the reported level of spot prices is now significantly lower than that of long-term contracts. Within the EU, there are significant regional price differences between the deficit and surplus regions.

Sugar imports from Ukraine to the EU

The EU's protective mechanism in place since 6 June 2024 to limit duty-free sugar imports from Ukraine will lead to a reduction in those imports. Imports from Ukraine were capped at about 263,000 tonnes for the 2024 calendar year and around 109,000 tonnes for the first five months of 2025. In the 2023 calendar year, about 495,000 tonnes of sugar were exported from Ukraine to the EU. The import cap for 2024 was reached in June and the EU's tariffs on imports from Ukraine were therefore reintroduced on 2 July 2024.

Raw materials and production

The area contracted by AGRANA with its growers for sugar beet production in the 2024 crop year was about 99,000 hectares (2023 crop year: around 86,000 hectares). Of this, about 800 hectares represented contracts for organic production. In Austria, the contract area for beet production increased by 16% from the prior year to about 43,300 hectares.

Planting in Austria began at the end of March 2024 and was completed within a few weeks thanks to favourable conditions. In May and June, ideal weather with sufficient moisture and mild temperatures allowed beet growth to progress rapidly. From July on, high temperatures set in, only occasionally interrupted by thunderstorms. During this phase, beet plants on poor soils displayed drought symptoms. From mid-August, the fungal disease Cercospora became visible in many locations in irrigated areas and on wet sites, often damaging the plants' leaf system.

In Austria, AGRANA's most important sugar production country, the start of the beet campaign was planned for the middle of September to reflect the significant expansion of beet acreage and an average yield expectation of around 75 tonnes per hectare. This would have been two weeks earlier than in previous years. However, the floods in mid-September in large parts of Central and Eastern Europe ultimately caused a delay and the campaign in Austria thus started only in the last week of September. To varying degrees, other AGRANA sugar factories in the CEE region were also impacted by the flooding, but the beet campaigns in all countries will be started or resumed by the beginning of October. Based on the current estimate of beet volume this year for the AGRANA Group, factory utilisation is expected to rise by about 6 percentage points year-on-year to 105%.

In the first half of 2024|25, AGRANA's raw cane sugar refinery in Buzau, Romania, did not process any sugar. At the site in Bosnia and Herzegovina, one raw cane sugar campaign ran from February to April 2024 and another started on 10 August 2024. In total, white sugar production at this facility in the first half of 2024|25 amounted to about 28,000 tonnes.

The betaine crystallisation plant of the joint venture Beta Pura GmbH, Vienna, produced approximately 1,800 tonnes of crystalline betaine at the site in Tulln, Austria, in the first half of 2024|25, all from regional raw material. Extensive efforts are under way in the four market categories of human nutrition, cosmetics, plant care and animal feed to further develop the betaine business. Above all, a worldwide distribution network is being established, sales and marketing activities are being stepped up and product improvements made in quality and technical terms.

Management of risks and opportunities

AGRANA uses an integrated system for the early identification and monitoring of risks that are relevant to the Group.

There are currently no known risks to the AGRANA Group's ability to continue as a going concern and no future risks of this nature are discernible at present.

A detailed description of the Group's business risks is provided on pages 104 to 114 of the annual report 2023|24.

Employees

Average full-time equivalents	H1 2024 25	H1 2023 24	Change
Fruit segment	6,042	6,015	0.4%
Starch segment	1,176	1,167	0.8%
Sugar segment	1,832	1,821	0.6%
Group	9,050	9,003	0.5%

In the first half of 2024|25, the AGRANA Group employed an average of 9,050 full-time equivalents1 (H1 prior year: 9,003) and the Group total was thus steady.

Related party disclosures

For disclosures on related party relationships, refer to the notes to the interim consolidated financial statements (page 27).

Significant events after the interim reporting date

No significant events occurred after the interim balance sheet date of 31 August 2024 that had a material effect on AGRANA's financial position, results of operations or cash flows.

Outlook

AGRANA Group €m	2023 24 Actual	2024 25 Forecast
Revenue	3,786.9	
EBIT	151.0	
Investment1	127.3	120

Moderate reduction2

Significant reduction2

At Group level for the full 2024|25 financial year, AGRANA expects a significant reduction in operating profit (EBIT). Group revenue is projected to show a moderate decrease.

EBIT for the third quarter of this financial year is expected to be very significantly below the year-earlier figure (Q3 prior year: € 38.5 million).

Fruit segment €m	2023 24 Actual	2024 25 Forecast
Revenue	1,566.9	
EBIT	60.2	
Investment1	50.8	56

Slight increase2

Significant increase2

For the 2024|25 financial year in the Fruit segment, AGRANA is forecasting a significant improvement in EBIT and slight growth in revenue. For the fruit preparations side of the segment, sales volume and revenue are predicted to be stable. Its EBIT should improve significantly in 2024|25, following the non-recurring 2023|24 asset impairment in Asia. In the fruit juice concentrate activities, revenue for the 2024|25 financial year is predicted to rise from last year. In view of the sales contracts closed to date for berry juice concentrate from the 2024 crop, the earnings situation in the concentrate business is expected to remain robust in 2024|25.

Starch segment €m	2023 24 Actual	2024 25 Forecast
Revenue	1,148.7	
EBIT	50.4	
Investment 1	42.1	34

Moderate reduction2

Significant reduction2

For the Starch segment, a moderate decrease in revenue is forecast for the 2024|25 financial year, driven by a continuing decline in selling prices for starch and saccharification products. Purchase prices and production costs are anticipated to fall by less than sales prices. Although projects to further increase efficiency and reduce costs through process optimisation have been initiated, EBIT is therefore expected to be significantly lower than in the year before.

2023 24 Actual	2024 25 Forecast
1,071.3	
40.4	
34.4	30

Significant reduction2

Very significant reduction2

In the Sugar segment, AGRANA is projecting a significant, mostly price-driven revenue reduction in 2024|25. The segment planning also anticipates slightly declining sales volumes. The size of the EU harvest expected for the 2024 campaign will lead to an increase in the volume of sugar on the European market. In light of this and the decline in sugar world market prices, the downtrend in EU prices accelerated further in the past weeks. EBIT in this business segment is therefore expected to be very significantly less than last year.

Forecast uncertainty and assumptions

The war in Ukraine underway since the beginning of the 2022|23 financial year broadly led to an increase in the already high volatility in target and procurement markets, notably for raw materials and energy. The further evolution of the negative impacts from the duty-free access for agricultural imports from Ukraine – extended by the EU but now volume-capped – is still uncertain. Similarly, the effects of the war that broke out in the Middle East in October of last year remain difficult to assess.

Investment represents purchases of property, plant and equipment and intangible assets, excluding goodwill.

2 These quantitative terms as used in this Outlook section are defined as specific ranges of percentage change; see the definitions on page 29.

1

Investment

Total investment across the three business segments in the 2024|25 financial year, at approximately € 120 million, is expected to be moderately below the 2023|24 value and only in line with the budgeted depreciation of about € 120 million. Around 12% of this capital expenditure will be for emission reduction measures in the Group's own production operations as part of the AGRANA climate strategy.

Interim consolidated financial statements

For the six months ended 31 August 2024 (unaudited)

Consolidated income statement

	First six months (1 March – 31 August)	Second quarter (1 June – 31 August)
€000, except per-share data	H1 2024 25	H1 2023 24	Q2 2024 25	Q2 2023 24
Revenue	1,861,667	1,959,495	917,362	993,413
Changes in inventories of finished and unfinished goods	(358,034)	(226,939)	(165,463)	(160,576)
Own work capitalised	299	318	118	155
Other operating income	17,553	18,367	9,551	7,399
Cost of materials	(1,004,691)	(1,184,903)	(505,324)	(561,848)
Staff cost	(216,207)	(197,638)	(110,068)	(99,712)
Depreciation, amortisation and impairment	(52,349)	(51,022)	(26,520)	(25,333)
Other operating expenses	(194,860)	(204,601)	(96,459)	(105,753)
Share of results of equity-accounted joint ventures	3,229	(2,152)	1,132	(347)
Operating profit [EBIT]	56,607	110,925	24,329	47,398
Finance income	25,851	29,160	2,393	2,720
Finance expense	(45,217)	(53,421)	(12,631)	(13,718)
Net financial items	(19,366)	(24,261)	(10,238)	(10,998)
Profit before tax	37,241	86,664	14,091	36,400
Income tax expense	(13,785)	(22,349)	(6,775)	(10,118)
Profit for the period	23,456	64,315	7,316	26,282
Attributable to shareholders of the parent	21,697	60,593	6,437	24,525
Attributable to non-controlling interests	1,759	3,722	878	1,757
Earnings per share under IFRS (basic and diluted)	€ 0.35	€ 0.97	€ 0.10	€ 0.39

		First six months	Second quarter
	(1 March – 31 August)		(1 June – 31 August)
€000	H1 2024 25	H1 2023 24	Q2 2024 25	Q2 2023 24
Profit for the period	23,456	64,315	7,316	26,282
Other comprehensive (expense)/income:
Currency translation differences and hyperinflation adjustments	(9,489)	(16,999)	(15,382)	(16,662)
Changes in fair value of hedging instruments (cash flow hedges)	7,069	(998)	(1,076)	9,313
- Changes through other comprehensive income	8,933	(1,004)	(1,447)	11,986
- Deferred taxes	(1,864)	6	371	(2,673)
Effects from equity-accounted joint ventures	4,180	3,998	764	114
Income/(expense) to be recognised
in the income statement in the future	1,760	(13,999)	(15,694)	(7,235)
Change in actuarial gains and losses on defined benefit
pension obligations and similar liabilities	(830)	(1,689)	(1,362)	(220)
- Changes through other comprehensive income	(1,082)	(2,170)	(1,779)	(274)
- Deferred taxes	252	481	417	54
Changes in fair value of equity instruments	796	316	0	0
- Changes through other comprehensive income	835	411	0	0
- Deferred taxes	(39)	(95)	0	0
(Expense) that will not be recognised
in the income statement in the future	(34)	(1,373)	(1,362)	(220)
Other comprehensive income/(expense)	1,726	(15,372)	(17,056)	(7,455)
Total comprehensive income/(expense) for the period	25,182	48,943	(9,740)	18,827
Attributable to shareholders of the parent	23,822	44,907	(10,306)	17,519
Attributable to non-controlling interests	1,360	4,036	566	1,308

Consolidated statement of comprehensive income

Consolidated cash flow statement (condensed)

For the first six months (1 March – 31 August) €000	H1 2024 25	H1 2023 24
Operating cash flow before changes in working capital	125,769	180,148
Changes in working capital	11,000	(142,665)
Interest received and paid and income tax paid, net	(18,477)	(25,751)
Net cash from operating activities	118,292	11,732
Net cash (used in) investing activities	(44,390)	(40,508)
Net cash (used in)/from financing activities	(50,604)	34,489
Net increase in cash and cash equivalents	23,298	5,713
Effect of movement in foreign exchange rates and hyperinflation adjustments on cash and cash equivalents	(3,317)	(9,214)
Cash and cash equivalents at beginning of period	88,106	118,343
Cash and cash equivalents at end of period	108,087	114,842

Consolidated balance sheet

ASSETS	2024	2024	2023
A. Non-current assets
Intangible assets, including goodwill	112,728	112,443	113,132
Property, plant and equipment	790,769	797,622	802,502
Equity-accounted joint ventures	77,009	68,985	66,698
Securities	20,282	18,206	17,928
Investments in non-consolidated subsidiaries and outside companies	280	280	280
Other assets	5,321	3,318	4,160
Deferred tax assets	28,276	30,312	21,048
	1,034,665	1,031,166	1,025,748
B. Current assets
Inventories	821,949	1,170,810	957,547
Trade receivables	532,162	441,934	563,459
Other assets	135,347	153,368	140,453
Current tax assets	2,675	4,037	6,597
Cash and cash equivalents	108,087	88,106	114,842
	1,600,220	1,858,255	1,782,898
Total assets	2,634,885	2,889,421	2,808,646
EQUITY AND LIABILITIES
A. Equity
Share capital	113,531	113,531	113,531
Share premium and other capital reserves	540,760	540,760	540,760
Retained earnings	503,340	532,438	527,947
Equity attributable to shareholders of the parent	1,157,631	1,186,729	1,182,238
Non-controlling interests	62,871	61,701	66,029
	1,220,502	1,248,430	1,248,267
B. Non-current liabilities
Provisions for pensions and termination benefits	52,192	52,465	51,747
Other provisions	31,099	31,271	28,174
Borrowings	519,841	523,596	476,536
Other payables	9,216	15,957	5,447
Deferred tax liabilities	8,874	5,391	8,257
	621,222	628,680	570,161
C. Current liabilities
Other provisions	26,064	27,018	25,993
Borrowings	229,750	218,799	435,828
Trade payables	318,614	561,642	302,731
Other payables	179,589	164,967	190,378
Tax liabilities	39,144	39,885	35,288
	793,161	1,012,311	990,218
Total equity and liabilities	2,634,885	2,889,421	2,808,646

Consolidated statement of changes in equity (condensed)

	Equity
For the first six months (1 March – 31 August)	attributable to shareholders	Non-controlling
€000	of the parent	interests	Total
2024 25
At 1 March 2024	1,186,729	61,701	1,248,430
Changes in fair value of equity instruments	835	0	835
Changes in fair value of hedging instruments (cash flow hedges)	15,169	(2)	15,167
Changes in actuarial gains and losses on
defined benefit pension obligations and similar liabilities	(1,081)	(1)	(1,082)
Tax effects	(3,845)	1	(3,844)
Currency translation (loss) and hyperinflation adjustments	(8,953)	(397)	(9,350)
Other comprehensive income/(expense) for the period	2,125	(399)	1,726
Profit for the period	21,697	1,759	23,456
Total comprehensive income for the period	23,822	1,360	25,182
Dividends paid	(56,240)	(190)	(56,430)
Basis adjustment	3,320	0	3,320
At 31 August 2024	1,157,631	62,871	1,220,502

	Equity
For the first six months (1 March – 31 August)	attributable to shareholders	Non-controlling
€000	of the parent	interests	Total
2023 24
At 1 March 2023	1,193,575	62,994	1,256,569
Changes in fair value of equity instruments	411	0	411
Changes in fair value of hedging instruments (cash flow hedges)	6,987	(304)	6,683
Changes in actuarial gains and losses on
defined benefit pension obligations and similar liabilities	(2,168)	(1)	(2,169)
Tax effects	(2,802)	40	(2,762)
Currency translation (loss) and hyperinflation adjustments	(18,114)	579	(17,535)
Other comprehensive (expense)/income for the period	(15,686)	314	(15,372)
Profit for the period	60,593	3,722	64,315
Total comprehensive income for the period	44,907	4,036	48,943
Dividends paid	(56,240)	(1,001)	(57,241)
Other changes	(4)	0	(4)
At 31 August 2023	1,182,238	66,029	1,248,267

Notes to the interim consolidated financial statements

For the first six months ended 31 August 2024 (unaudited)

Segment reporting

For the first six months	H1	H1	For the first six months	H1	H1
(1 March – 31 August)	2024 25	2023 24	(1 March – 31 August)	2024 25	2023 24
€000			€000
Total revenue			Share of results of equity
Fruit	825,164	791,640	accounted joint ventures
Starch	539,735	622,820	Fruit	0	0
Sugar	525,694	571,137	Starch	5,428	(3,100)
Group	1,890,593	1,985,597	Sugar	(2,199)	948
			Group	3,229	(2,152)
Inter-segment revenue
Fruit	(623)	(569)	Operating profit/(loss) [EBIT]1
Starch	(6,873)	(7,992)	Fruit	50,383	43,728
Sugar	(21,430)	(17,541)	Starch	24,927	36,159
Group	(28,926)	(26,102)	Sugar	(18,703)	31,038
			Group	56,607	110,925
Revenue
Fruit	824,541	791,071	Investment2
Starch	532,862	614,828	Fruit	19,641	15,699
Sugar	504,264	553,596	Starch	12,221	14,335
Group	1,861,667	1,959,495	Sugar	15,234	11,929
			Group	47,096	41,963
Operating profit before
exceptional items and results of			Number of employees (FTE3)
equity-accounted joint ventures			Fruit	6,042	6,015
Fruit	52,266	43,728	Starch	1,176	1,167
Starch	19,499	39,259	Sugar	1,832	1,821
Sugar	(16,504)	29,694	Group	9,050	9,003
Group	55,261	112,681
Net exceptional items
Fruit	(1,883)	0

accounted joint ventures
Fruit	0	0
Starch	5,428	(3,100)
Sugar	(2,199)	948
Group	3,229	(2,152)
Operating profit/(loss) [EBIT]1
Fruit	50,383	43,728
Starch	24,927	36,159
Sugar	(18,703)	31,038
Group	56,607	110,925
Investment2
Fruit	19,641	15,699
Starch	12,221	14,335
Sugar	15,234	11,929
Group	47,096	41,963

Number of employees (FTE3)

Sugar Group	1,832 9,050	1,821 9,003
Starch	1,176	1,167
Fruit	6,042	6,015

Group	(1,883)	396
Sugar	0	396
Starch	0	0
Fruit	(1,883)	0

1 Operating profit (EBIT) is after exceptional items and results of equity-accounted joint ventures.

2 Investment represents purchases of property, plant and equipment and intangible assets (excluding goodwill).

3 Average number of full-time equivalents in the reporting period.

Basis of preparation

The interim report of the AGRANA Group for the period ended 31 August 2024 was prepared in accordance with the rules for interim financial reporting under IAS 34, in compliance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and their interpretation by the IFRS Interpretations Committee. Consistent with IAS 34, the consolidated financial statements of AGRANA Beteiligungs-Aktiengesellschaft ("AGRANA Beteiligungs-AG") at and for the period ended 31 August 2024 are presented in condensed form. These interim consolidated financial statements were not audited or reviewed. They were prepared by the Management Board of AGRANA Beteiligungs-AG on 30 September 2024.

The AGRANA Group's annual report 2023|24 is available on the Internet at www.agrana.com/en/ir/publications for online viewing or downloading.

Accounting policies

In the preparation of these interim financial statements, certain new or changed standards and interpretations became effective for the first time, as described on pages 131 to 132 of the annual report 2023|24 in the notes to the consolidated financial statements, section 2, "Basis of preparation".

Critical assumptions and judgements

Uncertainty in assumptions and judgements arises from a volatile market environment with regard to the costs of raw materials, energy, transport and other expense items. In addition, the future trajectories of macroeconomic conditions in terms of interest rates and inflation are uncertain.

Except for the newly effective IFRS and interpretations, the same accounting methods were applied as in the preparation of the annual consolidated financial statements for the year ended 29 February 2024 (the latest full financial year).

The notes to those 2023|24 annual consolidated financial statements therefore apply mutatis mutandis to these interim accounts. Corporate income taxes were determined on the basis of country-specific income tax rates, taking into account the tax planning for the full financial year.

Basis of consolidation

In the first half of 2024|25 there were no changes in the scope of consolidation.

At the half-year balance sheet date, in total in the consolidated financial statements, 54 companies besides the parent were fully consolidated (29 February 2024 year-end: 54 companies) and 13 companies were accounted for using the equity method (29 February 2024: 13 companies).

Seasonality of business

Most of the Group's sugar production falls into the period from September to January. Depreciation and impairment of plant and equipment used in the campaign are therefore incurred largely in the financial third quarter. The material costs, staff costs and other operating expenses incurred before the sugar campaign in preparation for production are recognised intra-year under the respective type of expense and capitalised within inventories as unfinished goods (through the item "changes in inventories of finished and unfinished goods").

Notes to the consolidated income statement

Revenue decreased moderately to € 1,861.7 million (H1 prior year: € 1,959.5 million). This reduction despite higher sales volumes was attributable to lower prices in all business segments.

The Group's operating profit (EBIT) in the first half of 2024|25 declined significantly to € 56.6 million from € 110.9 million in the first half of the prior year. While EBIT in the Fruit segment rose thanks to an improved performance in the fruit preparations business, EBIT in the Starch and Sugar segments fell sharply. In the Starch segment, the reduction was due to lower margins on starch and saccharification products; in the Sugar segment the reason was the drop in sales prices.

Net financial items amounted to an expense of € 19.4 million (H1 prior year: expense of € 24.3 million). The positive change resulted primarily from significantly improved currency translation differences and a moderate improvement in net interest expense.

The Group's profit for the period was € 23.5 million (H1 prior year: € 64.3 million).

Notes to the consolidated cash flow statement

From the beginning of March to the end of August 2024, cash and cash equivalents increased by € 20.0 million to € 108.1 million.

In the first half of 2024|25, driven mainly by the very significant reduction in profit for the period, the item "operating cash flow before changes in working capital" fell to € 125.8 million (H1 prior year: € 180.1 million). After a decrease of € 11.0 million in working capital (H1 prior year: increase of € 142.7 million), cash flow from operating activities grew to € 118.3 million in the first six months of 2024|25 (H1 prior year: € 11.7 million), a very significant rise of € 106.6 million year-on-year.

Net cash used in investing activities was € 44.4 million (H1 prior year: € 40.5 million), a moderate increase of € 3.9 million from the first half of the year before. The higher cash outflow was due primarily to greater investment in property, plant and equipment and intangible assets.

The net cash outflow of € 50.6 million for financing activities (H1 prior year: net cash inflow of € 34.5 million) was due to marginally higher borrowings and the unchanged dividend of € 56.2 million paid to shareholders of AGRANA Beteiligungs-AG in July 2024.

Notes to the consolidated balance sheet

Total assets decreased moderately by € 254.5 million from 29 February 2024, to € 2,634.9 million.

On the assets side, the decrease in the balance sheet total was driven largely by the net effect of significantly higher trade receivables and significantly lower inventories. In the liabilities section of the balance sheet, the decline resulted mostly from a substantial reduction in trade payables.

With shareholders' equity of € 1,220.5 million (29 February 2024: € 1,248.4 million), the equity ratio at the end of August was 46.3% (29 February 2024: 43.2%).

Financial instruments

To hedge risks from operating and financing activities (risks related to changes in interest rates, exchange rates and commodity prices), the AGRANA Group to a limited extent uses common derivative financial instruments. Derivatives are recognised at cost at the inception of the derivative contract and are subsequently measured at fair value at every

balance sheet date. Changes in value are as a rule recognised in profit or loss. Where the hedging relationship meets the hedge accounting requirements under IFRS 9, the unrealised changes in value are recognised directly in equity.

In the table below, the financial assets and liabilities measured at fair value are analysed by their level of the fair value hierarchy. The levels are defined as follows under IFRS 7:

• Level 1 consists of those financial instruments for which the fair value represents exchange or market prices quoted for the exact instrument on an active market (i.e., these prices are used without adjustment or change in composition).
• In Level 2, the fair values are determined on the basis of exchange or market prices quoted on an active market for similar assets or liabilities, or using other valuation techniques for which the significant inputs are based on observable market data.
• Level 3 consists of those financial instruments for which the fair values are determined on the basis of valuation techniques using significant inputs that are not based on observable market data.

In the reporting period no reclassifications were made between levels of the hierarchy.

31 August 2024	Level 1	Level 2	Level 3	Total
€000
Securities (non-current)	11,361	0	8,921	20,282
Investments in non-consolidated subsidiaries and outside
companies (non-current)	0	0	280	280
Derivative financial assets at fair value through other
comprehensive income (hedge accounting)	0	4,732	0	4,732
Derivative financial assets at fair value through profit and loss	95	5,072	0	5,167
Financial assets	11,456	9,804	9,201	30,461
Liabilities from derivatives at fair value through other
comprehensive income (hedge accounting)	3,063	8,935	0	11,998
Liabilities from derivatives at fair value through profit and loss	0	1,993	0	1,993
Financial liabilities	3,063	10,928	0	13,991
31 August 2023	Level 1	Level 2	Level 3	Total
€000
Securities (non-current)	10,722	0	7,206	17,928
Investments in non-consolidated subsidiaries and outside
companies (non-current)	0	0	280	280
Derivative financial assets at fair value through other
comprehensive income (hedge accounting)	0	3,600	0	3,600
Derivative financial assets at fair value through profit and loss	133	3,066	0	3,199
Financial assets	10,855	6,666	7,486	25,007
Liabilities from derivatives at fair value through other
comprehensive income (hedge accounting)	6,238	17,327	0	23,565
Liabilities from derivatives at fair value through profit and loss	0	6,729	0	6,729
Financial liabilities	6,238	24,056	0	30,294

For cash and cash equivalents, securities, investments in non-consolidated subsidiaries, trade receivables and other assets, and trade and other payables, the carrying amount can be assumed to be a realistic estimate of fair value.

The following table presents the carrying amounts and fair values of borrowings. The fair values of bank loans and overdrafts, and Schuldschein loans (a type of loan with some bond like characteristics), are measured at the present value of the payments related to the borrowings:

	Carrying	Fair
31 August 2024	amount	value
€000
Bank loans and overdrafts	396,133	392,694
Schuldschein loans	324,000	321,189
Lease liabilities	29,458	–
Borrowings	749,591	713,883
	Carrying	Fair
31 August 2023	amount	value
€000
Bank loans and overdrafts	472,007	464,323
Schuldschein loans	409,000	398,780
Lease liabilities	31,357	–
Borrowings	912,364	863,103

Further details on the fair value measurement of the individual types of financial instruments and their assignment to levels of the fair value hierarchy are provided on pages 185 to 189 of the annual report 2023|24, in section 11.3, "Additional disclosures on financial instruments".

Number of employees

In the first half of 2024|25 the AGRANA Group employed an average of 9,050 full-time equivalents (H1 prior year: 9,003); the number thus remained nearly constant.

Related party disclosures

There were no material changes in related party relationships since the year-end balance sheet date of 29 February 2024 or since the year-ago comparative period. Transactions with related parties as defined in IAS 24 are conducted on arm's length terms. Further information on individual related party relationships is provided in the AGRANA annual report 2023|24 (from page 196).

Significant events after the interim reporting date

No significant events occurred after the interim balance sheet date of 31 August 2024 that had a material effect on AGRANA's financial position, results of operations or cash flows.

Management Board's responsibility statement

We confirm that, to the best of our knowledge:

• the condensed consolidated interim financial statements, which have been prepared in accordance with the applicable accounting standards, give a true and fair view of the Group's financial position, results of operations and cash flows within the meaning of the Austrian Stock Exchange Act, and
• the Group's management report for the first six months gives a true and fair view of the Group's financial position, results of operations and cash flows, within the meaning of the Stock Exchange Act, in relation to (1) the important events in the first half of the financial year and their effects on the condensed consolidated interim financial statements, (2) the principal risks and uncertainties for the remaining six months of the financial year, and (3) the reportable significant transactions with related parties.

Vienna, 30 September 2024

The Management Board of AGRANA Beteiligungs-AG

Stephan Büttner Chief Executive Officer (CEO) Chair of the Management Board

Norbert Harringer Chief Technology Officer (CTO) Member of the Management Board

Stephan Meeder Chief Audit Officer (CAO) Member of the Management Board

Other information

Forward-looking statements

This interim report contains forward-looking statements, which are based on assumptions and estimates made by the Management Board of AGRANA Beteiligungs-AG. Although these assumptions, plans and projections represent the Management Board's current intentions and best knowledge, a large number of internal and external factors may cause actual future developments and results to differ materially from these assumptions and estimates. Some examples of such factors are, without limitation: negotiations concerning world trade agreements; changes in the overall economic environment, especially in macroeconomic variables such as exchange rates, inflation and interest rates; EU sugar policy; consumer behaviour; and public policy related to food and energy. AGRANA Beteiligungs-AG does not guarantee in any way that the actual future developments and actual future results achieved will match the assumptions and estimates expressed or made in this interim report, and does not accept any liability in the event that assumptions and estimates prove to be incorrect.

THE QUANTITATIVE STATEMENTS AND DIRECTION ARROWS IN THE "OUTLOOK" SECTION OF THIS REPORT ARE BASED ON THE FOLLOWING DEFINITIONS:

Modifier	Visualisation	Numerical rate of change
Steady		0% up to +1%, or 0% up to –1%
Slight(ly)	 or 	More than +1% up to +5%, or more than –1% up to –5%
Moderate(ly)	 or 	More than +5% up to +10%, or more than –5% up to –10%
Significant(ly)	 or 	More than +10% up to +50%, or more than –10% up to –50%
Very significant(ly)	 or 	More than +50% or more than –50%

This interim report has not been audited or reviewed.

For financial performance indicators not defined in a footnote, please see the definitions on page 224 of the annual report 2023|24.

AGRANA strives to use gender-inclusive language in all its internal and external written documents, including in this interim report. To ensure readability, this document may occasionally employ language that does not explicitly reflect all gender identities. However, any gender-specific references should be understood to include all genders, as appropriate to the context.

As a result of the standard round-half-up convention used in rounding individual amounts and percentages, this interim report may contain minor, immaterial rounding errors. No liability is assumed for misprints, typographical and similar errors.

This English translation of the interim report is solely for readers' convenience and is not definitive. In the event of discrepancies or disputes, the German version shall govern.

Financial calendar

14 January 2025	Results for first three quarters of 2024 25
9 May 2025	Results for full year 2024 25 (annual results press conference)
24 June 2025	Record date for participation in Annual General Meeting
4 July 2025	Annual General Meeting in respect of 2024 25
9 July 2025	Ex-dividend date
10 July 2025	Results for first quarter of 2025 26
10 July 2025	Record date for dividend
14 July 2025	Dividend payment date
9 October 2025	Results for first half of 2025 26
13 January 2026	Results for first three quarters of 2025 26

Contacts

AGRANA Beteiligungs-AG

Friedrich-Wilhelm-Raiffeisen-Platz 1 1020 Vienna, Austria www.agrana.com/en

Investor Relations

Hannes Haider Phone: +43-1-211 37-12905 Fax: +43-1-211 37-12926 Email: investor.relations@agrana.com

Corporate Communications/Public Relations

Markus Simak Phone: +43-1-211 37-12084 Fax: +43-1-211 37-12926 Email: info.ab@agrana.com

Report on the first half of 2024|25

Published 10 October 2024 by AGRANA Beteiligungs-AG Friedrich-Wilhelm-Raiffeisen-Platz 1 1020 Vienna, Austria