KWS SAAT SE & Co. KGaA

Annual Report • Sep 29, 2025

Annual Report 2024|2025

KWS in Figures

KWS Group (in € millions)	2024/2025	2023/2024	2022/2023	2021/2022	2020/2021	2019/2020
Net sales and income
Continuing operations
Net sales	1,676.6	1,678.1	1,500.3	1,275.8	1,158.6	1,138.3
EBITDA	350.5	404.9	278.8	230.0	205.6	199.8
EBIT	247.6	302.0	195.1	141.5	118.3	118.1
as a % of net sales (EBIT margin)	14.8	18.0	13.0	11.1	10.2	10.4
Net financial income/expense	−35.4	−50.0	−23.8	−7.2	8.3	0.5
Net income for the year	140.0	184.1	126.1	106.4	99.9	83.8
Discontinued operations
Net income	96.4	−53.2	0.9	1.3	10.7	11.4
Group
Net income	236.3	130.8	127.0	107.8	110.6	95.2
Other figures on earnings
R&D intensity in %	20.8	19.4	20.0	20.5	20.0	19.2
Financial position and assets
Capital expenditure	119.6	139.9	100.8	83.4	73.3	100.4
Depreciation and amortization	102.9	102.9	83.7	88.5	87.2	81.7
Equity	1,601.5	1,399.9	1,291.1	1,245.9	1,053.7	994.5
Equity ratio in %	59.8	47.4	47.0	47.0	44.3	44.5
Return on equity in %	10.2	14.6	10.3	10.4	10.3	8.9
Return on assets in %	5.0	7.3	5.1	4.7	4.7	4.3
Net debt 1	61.6	385.1	565.2	521.9	475.6	495.7
Total assets	2,676.2	2,956.1	2,749.6	2,651.8	2,376.7	2,235.5
Capital employed (avg.) 2	1,775.3	1,819.1	1,819.1	1,667.9	1,604.7	1,640.5
ROCE (avg.) in %3	13.9	16.6	10.7	8.5	7.4	7.2
Cash flow from operating activities	227.7	157.9	158.5	200.6	202.3	86.1
Free cash flow	123.2	56.8	55.4	113.6	136.2	−11.2
Employees
Number of employees (avg.) 4	4,837	4,673	4,391	4,222	3,977	3,995
Personnel expenses	442.8	397.1	371.4	327.9	308.9	291.5
Key figures for the share
Earnings per share from continuing operations in €	4.24	5.58	3.82	3.23	3.03	2.54
Earnings per share in €	7.16	3.96	3.85	3.27	3.35	2.89
Dividend per share in €5	1.25	1.00	0.90	0.80	0.80	0.70

1 Short-term + long-term borrowings – cash and cash equivalents – securities

2 Total capital employed at the end of the quarters (intangible assets + property, plant and equipment + inventories + trade receivables – trade payables) / 4

3 EBIT/Capital Employed (avg.)

4 FTE: Full time equivalents excluding employees of discontinued operations 5 The dividend for 2024/2025 is subject to the consent of the Annual Shareholders' Meeting in December 2025.

Contents

1. To Our Shareholders	2
Foreword of the Executive Board	2
Report of the Supervisory Board	6
KWS on the Capital Market	12
2. Combined Management Report	15
2.1 Fundamentals of the KWS Group	16
2.2 Research & Development Report	22
2.3 Economic Report	25
2.4 Sustainability Information	44
2.5 Opportunity and Risk Report	76
2.6 Forecast Report	90
2.7 Further Information	92
2.8 Report on KWS SAAT SE & Co. KGaA	96

3. Consolidated Financial Statements
of KWS SAAT SE & Co. KGaA 2024/2025	99

Corn in the phase of "silks emergence" in a field near Uelzen, North Germany. During this sensitive period of development, the corn reveals its fine, silky threads, emerging from the cob husks – a fascinating moment in the growth cycle. Corn is not only one of the most important crops worldwide, but also a true all-rounder: as a staple food, animal feed, energy supplier for biogas plants, and raw material for industrial applications. Its versatility makes it an indispensable part of modern agriculture. You can read more about corn and its strengths in the current issue of our KWS Portrait at https://portrait.kws.com/.

KWS Group | Annual Report 2024/2025 | To Our Shareholders 1

Executive Board

1. To Our Shareholders

Foreword of the Executive Board

Jörn Andreas Finance & Controlling, Global Business Operations, Legal Services & IP, Information Technology, Governance, Risk & Audit, Investor Relations Felix Büchting (Spokesperson) Research & Breeding, Human Resources, Farming, Corporate Office & Services, Group Strategy Nicolás Wielandt Sugarbeet, Vegetables ¹

Sebastian Talg Corn, Cereals, Oilseed Rape & Special Crops, Marketing & Communications ²

2 Dr. Peter Hofmann will retire with effect from September 30, 2025. Sebastian Talg was appointed to the Executive Board of KWS SE as of September 1, 2025.

¹ Nicolás Wielandt has already taken over the Sugarbeet and Vegetables resorts with effect of July 1, 2025.

To Our Shareholders

I am delighted to present in this 2024/2025 Annual Report a KWS that is successfully navigating challenging times in its operating activities, boasts a strong financial footing, and has a clear plan for its future strategic orientation.

Challenges in agricultural markets overcome

There were strong headwinds in agricultural markets this year. Farmers around the world are facing major challenges, not least due to low purchase prices for agricultural products and heavy pressure to cut costs. That also impacted our business: In our corn and sugarbeet seed segments, area under cultivation declined significantly in some cases, particularly in European markets.

The fact that we were able to achieve slight organic growth in net sales and maintain our profitability under these conditions speaks to the resilience of KWS and our business model. Innovative varieties with high agronomic added value and a broad portfolio that strikes a good balance between our opportunities and risks are key factors in this regard.

Numerous new variety approvals and a keen focus on research and development

In fiscal year 2024/2025, we generated approximately two-thirds of our net sales from new varieties. This indicator is a key barometer of our innovative strength and thus proof of the efficiency and effectiveness of our research and development.

With a record 584 new official variety approvals in the year under review, a year-on-year increase of more than 4%, we are creating the foundation for reaping rewards in the market on the back of an innovative portfolio – now and in the future.

Plant breeding involves complex cycles and requires staying power. The breeding projects we invest in today will not bring forth commercial varieties until the coming decade. To successfully complete this "marathon," we need a long-term perspective and powerful resources. In the year under review, we thus once again invested heavily in our research and development, spending around €350 million or some 21% of our net sales and thus underscoring our mission to keep on providing innovative solutions for the future of agriculture moving ahead.

Financial strength reinforced for forward-looking investments

Our financial strength is an important guarantor of our ability to make independent commercial decisions. The improvement in our key financial indicators in the past fiscal year – including a sharp increase in free cash flow and a significant reduction in our net debt – are testimony to our great financial strength.

This healthy capital base allows us to tackle the challenges the future holds and to make the necessary investments in line with our strategic priorities. Our particular focus is on strengthening our growth – both organically and through selective acquisitions – and on expanding the technologies and infrastructure necessary to achieve that.

As a result of the portfolio changes, KWS's net debt and free cash flow have improved structurally. After distributing a dividend at the upper end of the payout ratio range of 20% to 25% in recent years, we have decided to adjust our dividend policy accordingly and increase the payout ratio to 25% to 30%, while continuing to pursue a high degree of dividend continuity. We will therefore propose to the Annual Shareholders' Meeting a sharp increase in the dividend for fiscal 2024/2025 to €1.25 (1.00).

Strategic priorities sharpened and medium-term targets defined

After streamlining our portfolio in the Corn Segment in the past 12 months, KWS is now embarking on a new phase of its corporate development. In view of that, we have revised our strategic framework and set ourselves new medium-term financial targets.

Our strategic priorities focus on three key pillars: expanding our market leadership in established crops, bolstering our activities in areas offering long-term value creation, such as vegetable seed, and pressing ahead with delivering innovations in breeding.

On the basis of these strategic drivers, we are aiming for organic net sales growth of 3% to 5% and an EBITDA margin of 19% to 21% in the future, while rigorously pursuing our sustainability objectives. We intend to provide more comprehensive insights into our goals and future growth drivers at our Capital Markets Day in Einbeck on November 18, 2025.

Dear shareholders, KWS is on track and making good progress after a successful fiscal year 2024/2025. Despite all the challenges, we look to the future with confidence – true to our vision of "Seeding the future for generations."

KWS' success would not be possible without the great efforts of our dedicated employees worldwide, to whom I would like to express my special thanks on behalf of the Executive Board team.

I would also like to take this opportunity to thank our many customers, business partners and shareholders for their trust in KWS. I hope you find our 2024/2025 Annual Report both informative and interesting.

Dr. Felix Büchting Spokesperson of the Executive Board

Report of the Supervisory Board

In the year under review, KWS took a further step in the strategic realignment of its product portfolio. In view of steadily rising demand for plant-based foods, KWS is striving to build a significant position in the global vegetable seed market. The product portfolio was streamlined so that the company can press ahead with achieving that faster. Following the sale of its South American corn activities in the previous year, KWS has now divested its North American corn business, which it operated together with its French partner Limagrain in the joint ventures AgReliant Genetics Inc. (Canada) and AgReliant Genetics LLC (U.S.). However, European corn business, in which KWS occupies a leading position, is intended to contribute long-term to the KWS Group's profitable growth. Moreover, KWS will continue to expand its successful product portfolio in North America with sugarbeet, cereal and vegetable varieties.

Following the election of Dr. Hagen Duenbostel to the Supervisory Board of KWS SAAT SE & Co. KGaA by the Annual Shareholders' Meeting on December 5, 2024, the Supervisory Board convened and elected Dr. Hagen Duenbostel as its Chairperson and Dr. Marie Schnell as its Deputy Chairperson. As Chairperson of the Supervisory Board and a financial expert, Dr. Hagen Duenbostel took a seat on the board's Audit Committee and Nominating Committee. The Annual Shareholders' Meeting of KWS SE had already elected Dr. Hagen Duenbostel to the latter's Supervisory Board the previous day. This Supervisory Board likewise elected him as its Chairperson and Dr. Marie Schnell as its Deputy Chairperson. Dr. Hagen Duenbostel also took over as Chairperson of the Committee for Executive Board Affairs and Dr. Marie Schnell as Chairperson of the Nominating Committee.

The Supervisory Bodies of KWS SAAT SE & Co. KGaA and KWS SE therefore still had the same shareholder representatives serving on both of them. The Supervisory Board of KWS SAAT SE & Co. KGaA has two employee representatives in addition to the shareholder representatives. Both boards hold some meetings together, with the result that the employee representatives are informed at an early stage about upcoming decisions by the personally liable partner.

The Supervisory Board of KWS SAAT SE & Co. KGaA discharged the duties incumbent on it in accordance with the law, the company's Articles of Association and the bylaws, regularly advised and monitored the personally liable partner, represented by its Executive Board, in its activities and satisfied itself that the company was run properly and in compliance with the law and that it was organized efficiently and cost-effectively. The Supervisory Board extensively discussed all significant business transactions and carefully accompanied the Executive Board in all fundamental decisions of importance to the company. As is customary, the Executive Board involved the Supervisory Board in all key decisions. The Supervisory Board was provided with the necessary information in written and oral form regularly, promptly and comprehensively. This included all key information on relevant questions, in particular relating to strategy, planning and the business performance, as well as the situation of the company and the KWS Group, including the risk situation, risk management and compliance. In the year under review, there were no transactions with related parties which require the Supervisory Board's approval in accordance with Section 111b of the German Stock Corporation Act (AktG).

Report of the Supervisory Board

The company's business policy, corporate and financial planning, profitability and situation, market trends and the competitive environment, research and breeding and, along with important individual projects, risk management at the KWS Group were the subject of detailed discussions in the year under review.

Dr. Marie Schnell and (from January 1, 2025) Dr. Hagen Duenbostel continued the direct discussions with the Spokesperson of KWS SE's Executive Board and individual members of the Executive Board in regular talks outside the meetings of the Supervisory Board in the year under review. In addition, there were monthly meetings with the Executive Board as a whole, where the company's current business development and, in particular, its strategy, occurrences of special importance and individual aspects were dealt with. The Chairperson of the Supervisory Board informed the Supervisory Board of the results of these meetings. The Supervisory Board did not make use of its right to conduct an examination granted by Section 111 (2) of the German Stock Corporation Act (AktG) since the reporting by the Executive Board meant there was no reason to do so.

Focal areas of deliberations

Four in-person meetings of the Supervisory Board of KWS SAAT SE & Co. KGaA were convened in fiscal 2024/2025 and they were attended by all members of the Supervisory Board. There were only two meetings at which one member was connected online at each.

At the beginning of the year under review, the Supervisory Board of KWS SAAT SE & Co. KGaA convened its meeting to discuss the financial statements on September 25, 2024. At this meeting, the Supervisory Board first asked the auditors to explain the results of the audit of the annual financial statements of KWS SAAT SE & Co. KGaA and the KWS Group. This discussion took place without the Executive Board of KWS SE. With the Executive Board in attendance, the Supervisory Board then approved the financial statements of KWS SAAT SE & Co. KGaA and approved the consolidated financial statements of the KWS Group as of June 30, 2024. Following this meeting, both boards discussed the results of a Group-wide Employee Engagement Survey. On December 4, 2024, the Supervisory Board of KWS SAAT SE & Co. KGaA convened as usual to inform itself about the status of KWS' research activities. Furthermore, the diverse applications of AI systems, both in administration and especially in research at KWS, were on the agenda. On March 27, 2025, the Supervisory Board requested and was given a presentation on the performance status of the breeding programs for all major crops and information about the progress made in establishing the Business Unit Vegetables. On May 28, 2025, both boards discussed the budget and medium-term planning, which was then adopted by the Supervisory Board of KWS SE. This meeting also dealt with the potential sale of KWS' corn business in North America to GDM, a leading provider of plant genetics based in Argentina.

Corporate governance

The Supervisory Board discussed compliance with the recommendations of the German Commission for the Corporate Governance Code and issued a new declaration of compliance with the German Corporate Governance Code in the version dated April 22, 2022, in accordance with Section 161 of the German Stock Corporation Act (AktG) together with the personally liable partner in September 2025. The Declaration of Compliance can be obtained on the company's website.

The Supervisory Board regularly addressed the question of any conflicts of interest on the part of its members and those of the Executive Board in the year under review. In the year under review, there were no such conflicts of interests that had to be disclosed immediately to the Supervisory Board and reported to the Annual Shareholders' Meeting.

The Supervisory Board conducted a self-assessment in accordance with recommendation D.12 of the German Corporate Governance Code for the year under review. It was supported in that by Deloitte GmbH Wirtschaftsprüfungsgesellschaft. As part of this process, Deloitte conducted structured individual interviews with all members of the Supervisory Board, the Spokesperson of the Executive Board and the Chief Financial Officer. Based on that, Deloitte concluded that both the entire board and the Audit Committee work at a best practice level.

Supervisory Board committees

In the year under review, the Supervisory Board of KWS SAAT SE & Co. KGaA had two committees: the Audit Committee and the Nominating Committee. The Audit Committee convened for four joint meetings in fiscal 2024/2025, each of which was attended by all members either in person or online. In its meeting on September 10, 2024, the Audit Committee discussed the annual financial statements and accounting of KWS SAAT SE & Co. KGaA and the consolidated financial statements of the KWS Group for the fiscal year 2023/2024, along with the Combined Management Report and the proposal on the appropriation of the profits. The Compliance Report, the Quarterly Report Q1 2024/2025 and tax-related issues were discussed in particular at the meeting on November 7, 2024. The meeting on February 12, 2025, discussed and defined the focus of the audit for fiscal year 2024/2025 in the presence of the appointed independent auditor. It also discussed the situation as regards the KWS Group's financing, the Semiannual Report 2024/2025 and the sustainability reporting in detail. The Quarterly Report 9M 2024/2025 and the report by Internal Auditing for fiscal 2024/2025 were discussed and the audit plan for the subsequent years was defined and adopted at the meeting on May 9, 2025. The risk situation, tax-related issues and aspects concerning capital market communication of the KWS Group were also discussed.

In addition, the Audit Committee obtained the statement of independence from the auditor, ascertained and monitored the auditor's independence and examined its qualifications. The Audit Committee also satisfied itself that the regulations on internal rotation were observed by the independent auditor and dealt with the issue of any additional services rendered by the independent auditor.

Dr. Hagen Duenbostel, Chairperson of the Supervisory Board.

The Nominating Committee of KWS SAAT SE & Co. KGaA did not convene in the year under review, since a decision to nominate Dr. Hagen Duenbostel for election to the board had already been made at the end of 2021 in preparation for his cooling-off period.

The Supervisory Board of KWS SAAT SE & Co. KGaA does not hold personnel responsibility as regards management, in particular in relation to the Executive Board of KWS SE. Nevertheless, we would like to take this opportunity to inform you about the personnel changes at the personally liable partner.

On September 25, 2024, the Supervisory Board of KWS SE consented to the request of Eva Kienle, to terminate her Executive Board contract for personal reasons effective January 31, 2025. Eva Kienle has been responsible for the functions Finance & Procurement, Controlling, Global Transaction Center, Legal Services & IP, Information Technology, and Governance, Compliance & Risk Management since July 1, 2013, in her capacity as CFO of the KWS Group. In addition to her successful work as CFO, Eva Kienle initiated and drove KWS' digital agenda and successfully implemented the comprehensive strategic transformation project GLOBE (Global Business Excellence). At the Annual Shareholders' Meeting on December 5, 2024, Dr. Marie Schnell thanked Eva Kienle for her successful work over the past decade.

On the recommendation of its Committee for Executive Board Affairs, the Supervisory Board of KWS SE appointed Dr. Jörn Andreas as a member

of the Executive Board effective January 1, 2025. Jörn Andreas contributes extensive experience as a CFO and Head of Division. Until September 2024, he was responsible for the Scent & Care segment on the Executive Board of the DAX-listed company Symrise AG. On the Executive Board of KWS, he is responsible for the departments previously headed by Eva Kienle. In compliance with recommendation B.3 of the German Corporate Governance Code, the term of his first-time appointment was limited to three years.

Dr. Peter Hofmann will retire after 31 years of service on September 30, 2025. Peter Hofmann began his career at KWS in 1994 in Sales for the Sugarbeet segment, where he was initially in charge of Northern Europe, North America and Asia before assuming overall management of the segment in 2005. His era saw our company successfully overcome abolition of the European sugar market regulation, which was accompanied by a significant decline in land under cultivation in Europe, as well as the groundbreaking market launch of genetically improved sugarbeet varieties in North America, without which American sugarbeet farming would no longer be conceivable today due to the cultivation conditions there. He was then appointed as a member of our company's Executive Board in 2014. In this function, Peter Hofmann not only managed the Sugarbeet segment throughout his term of office, but also on a temporary basis the Corn and Cereals segments due to his extensive sales expertise. Since 2021 he has also been in charge of establishing our new buisiness unit Vegetables. We owe a great debt of gratitude to Dr. Peter Hofmann for his positive track record in every respect.

Sebastian Talg was appointed to the Executive Board of KWS SE effective September 1, 2025, likewise for three years. He will take over responsibility for Corn, Cereals, Oilseed Rape/Special Crops & Organic Seed, and Marketing & Communications. Sebastian Talg has extensive sales and marketing experience in agriculture, among other things from his many years working for the agricultural machinery manufacturer Grimme, where he was responsible for the sales and service companies.

Annual and consolidated financial statements and auditing

EY GmbH & Co. KG, Wirtschaftsprüfungsgesellschaft, Stuttgart, the independent auditor chosen at the Annual Shareholders' Meeting on December 5, 2024, and commissioned by the Audit Committee, has audited the financial statements of KWS SAAT SE & Co. KGaA that were presented by the personally liable partner, KWS SE, and prepared in accordance with the provisions of the German Commercial Code (HGB) for fiscal 2024/2025 and the financial statements of the KWS Group (IFRS consolidated financial statements), as well as the Combined Management Report of KWS SAAT SE & Co. KGaA and the KWS Group (Group Management Report), including the accounting reports, and awarded them its unqualified audit certificate. In addition, the auditor concluded that the audit of the financial statements did not reveal any facts that might indicate a misstatement in the declaration of compliance issued by the personally liable partner and the Supervisory Board in accordance with Section 161 of the German Stock Corporation Act (AktG) with respect to the recommendations of the Government Commission for the German Corporate Governance Code. The Non-Financial Declaration (Section 289b and Section 315b of the German Commercial Code (HGB)) in the Combined Management Report was likewise audited by the independent auditor.

The Supervisory Board received and discussed the financial statements of KWS SAAT SE & Co. KGaA and the consolidated financial statements of the KWS Group and Combined Management Report of KWS SAAT SE & Co. KGaA and the KWS Group, along with the report by the independent auditor of KWS SAAT SE & Co. KGaA and the KWS Group and the proposal on appropriation of the net retained profit for the year made by KWS SAAT SE & Co. KGaA, in due time. Comprehensive documents and drafts were submitted to the members of the Supervisory Board as preparation. For example, all of them were provided with the annual financial statements, consolidated financial statements, Combined Management Report, audit reports by the independent auditor, and the

proposal by the personally liable partner on the appropriation of the profits. The Supervisory Board likewise received and discussed the Non-Financial Declaration (Section 289b and Section 315b of the German Commercial Code (HGB)), which is part of the Combined Management Report and contains disclosures on the KWS Group and the parent company KWS SAAT SE & Co. KGaA, as well as the related audit report by the independent auditor (Section 111 (2) Sentence 4 of the German Stock Corporation Act (AktG)) as part of a limited assurance engagement.

The Audit Committee convened on September 10, 2025, to discuss the annual financial statements of KWS SAAT SE & Co. KGaA and the KWS Group's consolidated financial statements for the 2024/2025 fiscal year and accounting, along with the Combined Management Report. The independent auditor for fiscal 2024/2025 explained the results of its audit of the annual financial statements and consolidated financial statements. It pointed out that there were no grounds for assuming a lack of impartiality on the part of the independent auditor in its audit. The Audit Committee also dealt with the proposal by the personally liable partner on the appropriation of the net retained profit of KWS SAAT SE & Co. KGaA and recommended that the Supervisory Board approve it.

In accordance with the final results of its own examination, among other things as a result of the preliminary examination by the Audit Committee, the Supervisory Board endorsed the results of the audit and of the audit of the Non-Financial Declaration and of the Income Tax Information Report and did not raise any objections at its meeting to discuss the financial statements on September 24, 2025. The auditor took part in the meeting. It reported on the main results of the audit and was also available to answer additional questions and provide further information for the Supervisory Board. According to the report of the independent auditor, there were no material weaknesses in the internal control and risk management system in relation to the accounting process. There were also no circumstances that might raise concerns about a lack of

impartiality on the part of the independent auditor. The independent auditor did not provide any additional services.

The Supervisory Board accordingly gave its consent to the annual financial statements of KWS SAAT SE & Co. KGaA submitted by the personally liable partner, and to the consolidated financial statements of the KWS Group and the Combined Management Report of KWS SAAT SE & Co. KGaA and the KWS Group and recommended that the Annual Shareholders' Meeting on December 3, 2025, approve the annual financial statements of KWS SAAT SE & Co. KGaA prepared by the personally liable partner. The Supervisory Board also endorsed the proposal by the personally liable partner to the Annual Shareholders' Meeting on the appropriation of the net retained profit of KWS SAAT SE & Co. KGaA after having examined it.

The company owes Dr. Marie Schnell a particular debt of gratitude. With great personal commitment, Marie Schnell took over as Chairperson of the Supervisory Board of KWS SAAT SE & Co. KGaA and KWS SE following the death of Philip Freiherr von dem Bussche. In this function, which she held from April to December 2024, she accompanied the Executive Board in the strategic realignment of the product portfolio mentioned at the outset and played a key role in finding qualified replacements for two positions on the Executive Board.

The Supervisory Board expresses its thanks to the Executive Board and all employees of the KWS Group for their dedication, commitment and contribution to the successful further development of KWS in the past fiscal year 2024/2025.

Frankfurt, September 24, 2025

Dr. Hagen Duenbostel Chairperson of the Supervisory Board KWS SAAT SE & Co. KGaA

KWS on the Capital Market

Stock markets and share performance

Global stock indexes performed positively in fiscal year 2024/2025 despite challenges. Fears of recession and geopolitical tensions weighed on market sentiment worldwide in the summer of 2024. The DAX, Germany's benchmark index, fell sharply to 17,339 points at the beginning of August. As the year progressed, stock markets rose worldwide thanks to interest rate cuts by central banks and expectations of improved economic conditions. The DAX benefited from these developments and closed 2024 at 19,909 points.

In the first half of 2025, the positive trend on stock markets initially continued, but came to an abrupt halt in April 2025 due to the threat of U.S. tariffs. In anticipation of a resolution to the tariff conflict, a recovery ensured, resulting in new highs for the year. At the end of June 2025, the DAX closed at 23,909 points – a year-over-year increase of 31%.

The SDAX, on which the KWS share is listed, mainly followed this trend, rising by 23% and standing at 17,563 (14,318) points at the end of trading on June 30, 2025.

KWS' share closed at €61.70 at the end of June 2025 and thus around 3.5% above the level at the end of June 2024 (€59.60).

The average trading volume per day on XETRA rose from around 9,900 shares to approximately 12,300.

Employee Stock Purchase Plan

For more than 30 years KWS has offered its employees the chance to become shareholders in the company and thus share in its success. 507 (516) employees in seven (ten) European countries utilized this year's Employee Stock Purchase Plan and purchased a total of 56,015 (62,300) shares. The acquired shares are subject to a lock-up period of four years. They cannot be sold, transferred or pledged during this period. As in previous years, the shares used for the Employee Stock Purchase Plan were acquired in accordance with Section 71 (1) No. 2 of the German Stock Corporation Act (AktG). More details have been published in information released for the capital market and can be viewed on our website at https://www.kws.com/corp/en/investors/.

KWS on the Capital Market

Shareholder structure at June 30, 2025

Family Büchting, Family Arend Oetker, Family Tessner 69.3% (thereof 15.4% Tessner Beteiligungs GmbH)

Free oat 30.7%

Planned appropriation of profits: Dividend increase to €1.25 (1.00) per share

As a result of the portfolio changes, KWS's net debt and free cash flow have improved structurally. After dividends in recent years have already been at the upper end of the payout ratio of 20–25%, the Executive Board and Supervisory Board have decided to adjust the dividend policy and increase the payout ratio to 25–30%. KWS continues to pursue the goal of high dividend continuity.

Against this background, the Executive Board and Supervisory Board propose to the Annual General Meeting on December 3, 2025, for the 2024/2025 financial year, the distribution of a dividend of €1.25 (€1.00) per share. This would result in a distribution of €41.3 million (€33.0 million) to the shareholders of KWS SAAT SE & Co. KGaA. This corresponds to a payout ratio of 26.2% (25.2%) of the adjusted net income after taxes.

Key figures for the KWS share (Xetra®)
ISIN	DE0007074007
Share class	Non-par
Number of shares	33,000,000
Index	SDAX
Closing price	in €
June 30, 2025	61.70
June 28, 2024	59.60
High and low	in €
High (August 30, 2024)	68.30
Low (April 22, 2025)	52.90
Trading volume	in shares/day
Fiscal 2024/2025	12,364
Fiscal 2023/2024	9,911
Market capitalization	in € million
June 30, 2025	2,036
June 30, 2024	1,967

To Our Shareholders | KWS on the Capital Market Annual Report 2024/2025 | KWS Group

2. Combined Management Report 2024/2025 of the KWS Group

KWS Group | Annual Report 2024/2025 KWS on the Capital Market | To Our Shareholders 15

2.1 Fundamentals of the KWS Group	16
2.1.1 Business model	16
2.1.2 Branches	18
2.1.3 Vision und Mission	18
2.1.4 Objectives and Strategy	18
2.1.5 Control System	20
2.1.6 Fundamentals of Research & Development	21
2.2 Research & Development Report	22
2.3 Economic Report	25
2.3.1 Business Performance	25
2.3.2 Earnings, Financial Position and Assets	28
2.3.3 Segment Reports	33
2.3.4 Employment Trends	43
2.4 Sustainability Information	44
2.4.1 General Information	44
2.4.2 Environmental Aspects	48
2.4.2.1 Climate Change	48
2.4.2.2 Environmental Pollution	50
2.4.2.3 Water	51
2.4.2.4 Biodiversity and Ecosystems	52
2.4.2.5 Innovations for Agriculture	54
2.4.2.6 EU Taxonomy	55
2.4.3 Social Aspects	64
2.4.3.1 Social Engagement	64
2.4.3.2 Own Workforce	66
2.4.3.3 Workers in the Value Chain	72
2.4.4 Governance	73
2.4.4.1 Business Conduct	73

2.5 Opportunity and Risk Report	76
2.5.1 Opportunity Management	76
2.5.2 Risk Management	78
2.6 Forecast Report	90
2.6.1 Changes in the KWS Group's Composition that are Significant for the Forecast	90
2.6.2 Forecast for the KWS Group's Statement
of Comprehensive Income	90
2.6.3 Forecast for the Segments	91
2.7 Further Information	92
2.7.1 Corporate Governance and Declaration
on Corporate Governance	92
2.7.2 Compliance Declaration in Accordance
with Section 161 AktG (German Stock Corporation Act)	92
2.7.3 Compensation Report	92
2.7.4 Explanatory Report of the Personally
Liable Partner (KWS SE) of KWS SAAT
SE & Co. KGaA in Accordance with Section 176 (1) Sentence 1 AktG
(German Stock Corporation Act) on the
Disclosures in Accordance with Section
289a (1) and Section 315a (1) HGB
(German Commercial Code)	92
2.8 Report on KWS SAAT SE & Co. KGaA	96

1. Combined Management Report

2. Combined Management Report

The Combined Management Report comprises aspects of sustainability reporting in addition to content related to financial reporting. Our objective is to illustrate the relationship between ecological, social and financial factors, and highlight their impact on our long-term commercial success. The reporting structure of the Combined Non-Financial Declaration (starting on page 44) in this report has been adapted to the topics of the European Sustainability Reporting Standards to be applied as from the fiscal year 2024/2025 and already taken into account in relation to individual contents of the report. In addition, reference is made to the report aspects required pursuant to Sections 289b et seq. and Sections 315b et seq. of the German Commercial Code (HGB). The contents of the Non-Financial Declaration were not audited as part of the audit of the annual and consolidated financial statements but underwent a voluntary external examination by an auditor. The Combined Management Report also includes voluntary components that are not audited separately. These are indicated by footnotes.

2.1 Fundamentals of the KWS Group

2.1.1 Business model

Since it was founded in 1856, KWS has specialized in breeding, producing and distributing high-quality seed for agriculture. From its beginnings in sugarbeet breeding, KWS has evolved into an innovative, international supplier with a broad portfolio of crops. The company covers the complete value chain of a modern seed producer that focuses on sustainable agriculture – from developing new varieties, propagation and processing, to marketing of the seed and consulting for farmers. KWS' core competence lies in breeding new, high-performance varieties that are adapted to regional needs, such as climatic and soil conditions, and use fewer resources, such as water and fertilizer. Targeted breeding of resistances against fungi or viruses, for example, also enables a significant reduction in the use of chemical pesticides in agriculture. Every new variety delivers sustainable added value for our customers. KWS' business model is based on this added value – which is ultimately attributable to breeding progress, optimization of seed quality and pinpointed consulting.

Organization and segments of the KWS Group

In the year under review, the KWS Group's operational business consisted of five Business Units, which were grouped in the four product segments Sugarbeet, Corn, Cereals and Vegetables. The Business Units Sugarbeet, Cereals and Vegetables are identical to the corresponding segments. There are two Business Units for the Corn Segment: Europe and the Americas.

The Sugarbeet Segment comprises sugarbeet seed breeding, production and distribution, as well as the development of diploid hybrid potatoes. KWS' high-quality sugarbeet varieties are consistently some of the highest yielding in the industry. KWS is the world market leader in sugarbeet seed, not least thanks to many innovations. Its main sales markets are the European Union, Eastern Europe, North America and Türkiye. Sugarbeet is sown in the spring, which means that net sales in this segment are likewise largely generated in the second half of the fiscal year (January to June).

The Corn Segment covers breeding, production and distribution of seed for corn and sunflowers, as well as production and distribution of soybeans. Its operating performance depends largely on the spring sowing season in the northern hemisphere. That means the lion's share of the segment's net sales is generated in the second half of the fiscal year (January to June). According to our own surveys, KWS is the market leader for silage corn in Europe.

The Cereals Segment includes the breeding, production and distribution of seed for rye, wheat, barley and oilseed rape. Rye accounts for the largest share of revenue from cereals (around 38%), followed by oilseed rape, wheat and barley. KWS also generates revenue from other crops such as peas, catch crops (e.g. mustard) and oats. Farmers in KWS' core markets (Germany, Poland, the UK, France and Scandinavia) predominantly sow cereals seed in the fall. Consequently, the segment generates most of its revenue in the first half of the fiscal year (July to December).

The Vegetables Segment comprises vegetable seed breeding, production and distribution. KWS is the world leader in spinach seed. Its portfolio also includes seed for beans, Swiss chard, red beet and tomatoes. The segment generates just about half its revenue in the U.S. KWS' strategic objective is to build a significant position in the vegetable seed market long-term. Our focus apart from spinach and beans is on the world's five most important crops in this segment: tomatoes, peppers, cucumbers, watermelons and melons.

Apart from the operating segments, there is also Corporate, a segment which by and large does not conduct any operational activities. Its relatively low net sales come from the revenue from our own farms in Germany, France and Poland. Since the KWS Group's basic research expenditure and costs for administrative functions are charged to the Corporate Segment, its income is usually negative.

The sale of the corn business in South America was completed and an agreement to divest the corn business in North America was concluded on August 29, 2025. (see the report on the Corn Segment starting on page 36). Apart from that, there were no significant changes in the KWS Group's composition and organization. Further information on the segments' share of net sales and income, including our joint ventures, can be found in our segment reports starting on page 33.

Main business processes

KWS' breeding processes are geared toward exploiting plants' potential as much as possible and leveraging that potential to tackle the major challenges of modern sustainable agriculture. Whether it is plants for producing food, fodder or energy, conventional, organic or genetically modified: KWS offers its customers a broad portfolio of high-performance varieties. It takes an average of eight to ten years to breed a new variety. Thanks to its large network of breeding and trial stations in all the world's key markets, the company can develop the individual candidates for a wide range of climatic and local conditions and test whether the varieties are suitable for cultivation. In most markets, variety development ends in an official approval process in which candidates must meet high quality standards, usually in three-year field trials. Seed propagation in selected cultivation regions also takes up to two years. Only then can the varieties be marketed via the various distribution channels.

2.1.2 Branches

KWS SAAT SE & Co. KGaA is the parent company of the KWS Group. Strategic management of all of KWS' global activities is pooled under its roof. It is headquartered in Einbeck, Germany, and controls breeding of the KWS Group's range of varieties. There are also currently 71 subsidiaries and associated companies in 28 countries. An overview of our subsidiaries and associated companies can be found in the Notes on pages 160 to 162.

2.1.3 Vision und Mission 1

Vision

"Seeding the future for generations."

Our vision comprises all of KWS' core values. With foresight, we shape a sustainable future, staying close to generations of farmers and serving as a trusted, reliable partner to all our customers while remaining an independent company.

Mission

"Our passion for plants sustains farming, food and planet."

We are convinced that we can make a difference with our specialization in plant breeding and seed. We are passionate about breeding and research – and we optimize the potential of plants and varieties in order to contribute to increasing sustainability in agriculture year after year.

Apart from continuous improvements in yield, we provide solutions by delivering varieties with relevant traits such as improved drought tolerance and less need for pesticide and help agriculture successfully tackle future challenges.

KWS' seed is at the beginning of the food chain – and therefore makes an important contribution throughout the agricultural production process. End consumers are also a growing focus: What variety traits are important for processing and the end product, and how can plant breeding help improve them? Finally, our work also has an impact on the

environment as a whole: Reducing inputs such as pesticide or water, innovations also for areas such as alternative energies, and of course the efficient use of available land all contribute to the agriculture of the future.

2.1.4 Objectives and Strategy

Our strategic planning is the foundation for the KWS Group's further development. It defines strategic objectives, initiatives and core measures for existing activities and for potential new fields of business. The planning is based on a long-term horizon (ten years) and includes an analysis and assessment of market trends, competitors and the KWS Group's position.

We updated our strategic planning in fiscal 2024/2025, honing KWS' fundamental business model and defining fields of activity that are to generate KWS' future growth.

We aim to further expand our market positions in established crops and defend our leading positions. With an extensive product portfolio geared to the needs of our customers, we want to keep on making an important contribution to sustainable agricultural practices, such as comprehensive crop rotations in the future.

In the long term, we also want to strengthen our activities in areas where we can tap into additional value potential, such as vegetable seed.

Innovations in breeding play a fundamental role in our business model. To keep on successfully developing products with agronomic added value long-term, we aim to leverage the full potential of hybrid breeding and new breeding technologies such as genome editing.

We intend to systematically expand our range of services and tools in the future in order to offer our customers the resources and support they need to succeed in an increasingly digital agricultural landscape.

1 Not an audited part of the Combined Management Report

Corporate objectives of the KWS Group

As part of the strategic planning we updated in fiscal 2024/2025, we revised our objectives relating to profitable growth.

In the medium-term period 2025 – 2028, we now aim to achieve annual organic net sales growth of 3% to 5% and an EBITDA margin of 19% to 21% as a measure of our profitability. At the same time, we intend to continue investing significantly in our research and development moving ahead.

Sustainability is and always will be both an obligation and an opportunity for us. Agriculture faces huge challenges globally. They include the world's growing population, increasingly severe consequences of climate change, and the preservation of biodiversity and natural resources. Innovations in plant breeding play a key role in tackling these challenges. As part of

our Sustainability Ambition 2030, we have set ourselves concrete goals, which we report on in our Non-Financial Declaration (starting on page 44).

Motivated and qualified employees are the key to our success. It is therefore vital to acquire, encourage and retain the right talents. As a global seed company, we strive to provide a value-based work environment, a supportive culture and appropriate development opportunities for individual career paths. With our diverse range of offerings and programs, we are constantly working to be a highly attractive employer in the seed industry.

Our business developed largely in line with our strategic objectives in the year under review. We deal with that and other details of achievement of our objectives in the respective sections, which are referred to in the table on the corporate objectives.

The KWS Group's medium- and long-term objectives
Main strategic subject areas		Explanation
Profitable growth	Focus on organic growth of " consolidated net sales; medium-term ambition (2025–2028): average organic growth of 3% to 5% p.a.	Page 25 et. seq.
	Medium-term ambition (2025–2028): " 19% to 21% EBITDA margin 1	Page 25 et seq.
	A dividend payout ratio of 25% to 30% " of the adjusted earnings after taxes 2 ; high degree of dividend continuity	Page 158 (Notes)
Innovation	Continuous and significant research " and development expenditures	Page 22
Attractiveness as an employer	Acquisition, retention and " encouragement of talents	Page 69 et. seq.
Sustainability	Implementation of the KWS " Sustainability Ambition 2030	Page 44

1 Operating income before depreciation and amortization as a % of net sales

2 Adjusted for portfolio effects and other special effects

2.1.5 Control System

Detailed annual and medium-term operational plans are used to control the Group and our Business Units. The medium-term plan covers the time frame of the annual plan and the three subsequent fiscal years. It is thus an anchor point for our strategic planning, which covers a timescale of ten years.

The targets set in the annual planning ("top-down target") are based on the strategic planning, results achieved, regional economic and legal situation, anticipated macroeconomic trends and assessments of the company's position in the market and the potential product performance. In a subsequent bottom-up process, which also includes the development of our joint ventures, we use these premises to plan figures for sales volumes and net sales, breeding activities, production capacities and quantities, the allocation of resources (including capital spending and personnel), the level of material costs and internal charge allocation and the resultant balance sheet data, along with the financial budget. In principle, part of the planning documentation is also an opportunity/risk assessment which every manager must conduct for his or her unit.

The planning is compared every quarter with the company's actual business performance and the underlying general conditions. If necessary, we initiate suitable countermeasures and adjust. We update the forecast for the current fiscal year at the end of every quarter. At the end of each fiscal year, all the units conduct a detailed variance analysis of the planned and actual results. It serves to optimize the quality of our planning assumptions.

Controlling is responsible for coordinating and documenting all planning processes and our current expectations. It reports on compliance with adopted budgets and analyzes the efficiency and cost-effectiveness of business processes and measures. Business Partner Controlling and Finance also advise our decision-makers on economic optimization measures. In particular, the heads of the product segments, the regional directors and the heads of research and breeding activities and the central functions are responsible for the content of the planning and current forecasts.

The Executive Board uses various indicators for planning, controlling and monitoring the business performance of the KWS Group and its operating units. The main indicators for the KWS Group were adjusted for the future from fiscal year 2025/2026. We still use the key indicator "development of net sales," but as of July 1, 2025, we will use the indicator "EBITDA margin" (operating income before depreciation and amortization as a % of net sales) as a measure of our operating performance. However, the existing main indicators "EBIT margin" (operating income as a % of net sales) and "R&D intensity" ¹ will no longer be used. KWS aims to improve external comparability and place a stronger focus on operating cash flow by switching to the main indicator "EBITDA margin" to assess operating performance.

The focus in controlling the development of net sales is exclusively on key operating indicators for our business, in particular the development of sales volumes and prices of our product portfolio. Forecasts of our net sales development are therefore based on these key indicators, while exchange rate and portfolio effects (from significant acquisitions or divestments) are not considered. Exchange rate effects are the difference between net sales in the period under review at exchange rates for the period under review minus net sales in the period under review at exchange rates for the comparison period.

1 Research & development expenses as % of sales

In addition to these financial indicators, KWS will increasingly include non-financial KPIs (such as CO2 emissions) in planning and controlling its business activities in the future. KWS' product segments, which are divided into Business Units, are in turn geared toward the main indicators of net sales and EBITDA margin. All cross-segment costs for the KWS Group's central functions and research expenditure are charged to the Corporate Segment; the key performance indicator for controlling here is EBITDA (operating income before depreciation and amortization).

Management and control

The company is a partnership limited by shares (KGaA). The personally liable partner is responsible for the tasks of running the business of a partnership limited by shares. The company's sole personally liable partner is KWS SE, whose Executive Board is therefore responsible for management of the company's business.

The rights and obligations of the Supervisory Board at a partnership limited by shares differ greatly from those at a stock corporation (AG) or a European Company (Societas Europaea or SE). In particular, the Supervisory Board at a partnership limited by shares does not hold personnel responsibility as regards management; moreover, it cannot appoint any further personally liable partners and define the contractual terms and conditions for them, enact bylaws for the Executive Board, or define business transactions requiring its consent.

The Annual Shareholders' Meeting of a partnership limited by shares basically has the same rights as the Annual Shareholders' Meeting of a stock

corporation or SE. It also adopts resolutions on whether to approve the company's annual financial statements and ratify the acts of the personally liable partner. Certain resolutions adopted by the Annual Shareholders' Meeting of a partnership limited by shares also require the approval of the personally liable partner. The declaration on corporate governance in accordance with Section 289f of the German Commercial Code (HGB) contains detailed information on the extensive and close cooperation between the Executive Board and the Supervisory Board and has been published at https://www.kws.com/corp/en/ investors/corporate-governance/.

2.1.6 Fundamentals of Research & Development

Innovation at KWS is driven by research and development. KWS' objective is to create highperformance varieties that meet various environmental and application requirements and deliver continuous value added to farmers. Plant breeding is a very research-intensive and long-term business. It takes an average of eight to ten years to develop a new, high-performance variety.

Using state-of-the-art breeding methods, KWS has generated steady yield progress for decades and supports agriculture with solutions to tackle future challenges – for example, through varieties that boast improved drought tolerance or need less pesticide. The company also increases genetic diversity, which is vital to improving crops, through its breeding work on plants. We contribute to sustainable agriculture by continuously improving yields, minimizing the use of resources and increasing varietal diversity and play a key role in supplying people with food.

2.2 Research & Development Report1

Key research & development figures

		2024/2025	2023/2024	+/−
R&D employees 1	ø	1,944	1,866	4.2%
Sahre of R&D employees relative to the total workforce	in %	38.1	37.8	–
R&D expenditure		349.0	325.6	7.2%
R&D intensity 2	in %	20.8	19.4	–
Variety approvals		584	559	4.5%

1 Average headcount 2 As a % of net sales

Genome editing: KWS pushes ahead with trait development activities

From the idea to a cornerstone of KWS' research: KWS' Gateway Research Center (GRC) in St. Louis, USA celebrated its tenth anniversary on June 5, 2025. Since its inception, the GRC has become an integral part of our company's international research activities. Today, it exemplifies scientific excellence, technological innovativeness and strategic foresight at KWS.

The GRC was founded in 2015 to specifically advance new breeding technologies such as genome editing. The choice of St. Louis as a location was strategically motivated: Its immediate proximity to the Donald Danforth Plant Science Center and integration in an international, dynamic plant research environment create ideal conditions for scientific exchange and technological development.

The GRC is now a driving force behind innovation in KWS' research. Genome editing was initially used as a method to validate gene functions, develop technology and identify promising genes for agronomic plant traits. Genome editing also makes it possible to speed up breeding processes significantly and improve their precision. This shortens development times, increases the efficiency of plant breeding and enables genetic diversity to be leveraged to better effect. The focus at KWS is on developing innovative traits – in particular to increase resistance to plant diseases such as

fungal, viral and insect infestation. The objective is to translate these innovations into marketable varieties and to better serve the needs of sustainable agriculture. In addition, new breeding technologies are used to identify weaknesses in plant defenses against emerging diseases. One example is SBR (Syndrome Basses Richesses = low sugar syndrome), a disease that is transmitted by cicadas and began appearing in sugarbeet cultivation regions in Southern Germany some years ago. This approach allows pinpointed and faster testing to determine whether certain genes have the potential to confer resistance to the disease and thus strengthen the plants' resistance.

KWS has defined genome editing as one of the focal research priorities and has now developed and implemented a platform for most of its crops, including vegetables. The company aims to become a leader in trait development in Europe and to create initial products using new breeding technologies by the beginning of the next decade.

Sugarbeet: New varieties underscore innovation leadership

In the period under review, significant progress was made in expanding the sugarbeet variety portfolio, especially in terms of resistance to pests. This underlines KWS' role as a leading provider of sustainable and future-oriented solutions in sugarbeet cultivation.

1 Not an audited part of the Combined Management Report

With the rollout of CR+ varieties that also offer nematode tolerance, KWS impressively demonstrates its ability to swiftly market breeding innovations tailored to the needs of farmers. CR+ varieties are a new generation of sugarbeet varieties that have been specifically bred for improved tolerance to the leaf spot disease Cercospora – one of the most damaging fungal diseases in sugarbeet farming worldwide. Nematodes are microscopic threadworms that infest the roots of sugarbeet and can cause considerable yield losses. The newly approved varieties with combined tolerance to Cercospora and nematodes are now the standout performers in key Central European markets such as France, Germany, the Netherlands and Belgium.

With the approval of IVONETTA KWS in Switzerland and GENEROSA KWS in the UK, KWS has taken an important step forward in the virus-resistant sugarbeet segment. These varieties are among the first of their kind to boast targeted resistance to yellowing viruses. The viruses are transmitted by aphids and can result in severe yield losses. Since neonicotinoids were banned in seed treatment, there has been no chemical means of protecting plants against aphids. The new varieties are testimony to KWS' pioneering breeding work in a field where there have been hardly no marketable solutions to date. KWS is thus positioning itself in an increasingly relevant segment and will continue to systematically enhance the performance potential of virus-resistant varieties.

The first official approval of CONVISO® SMART varieties in markets such as Belgium, France and the Czech Republic marks another strategic milestone. This further increases the chances for the technology to penetrate the market. The CONVISO® SMART portfolio offers farmers an integrated solution for efficient weed management and impresses with its adaptability to different local conditions. By selectively expanding its variety portfolio in strategically relevant markets, KWS is strengthening its market presence and building on its leading position in modern sugarbeet breeding.

Successes in corn breeding: Eight new silage corn varieties in Germany – Grain corn performs impressively in Southeastern Europe

In fiscal 2024/2025, KWS achieved an outstanding result in silage corn breeding, gaining eight new approvals from the German Federal Office of Plant Varieties – more than any other provider. The new hybrids are distinguished not only by high yields, but also by their good digestibility. They improve feed conversion and energy intake in dairy cows, resulting in higher milk yields and economic benefits in dairy farming. Three varieties can be singled out by way of example: KWS AVESO, KWS BURANO and KWS RIBONO impress with their high variety performance and versatile usability. The varieties address different requirements in feed, biogas production and grain utilization, thereby making an important contribution to increasing efficiency in agricultural value chains.

In Southeastern Europe, KWS is continuing its success story in the grain corn segment. The strategy of developing locally adapted varieties with good drought tolerance has paid off here. The new generation of varieties has proven its worth over the past two years under extreme drought conditions in Hungary and Romania. In national variety trials, KWS hybrids demonstrated their superior drought tolerance and competitiveness.

Two high-performance grain corn hybrids with high yield stability – KWS OLTENIO and KWS GIRO – have been incorporated in the portfolio. Both varieties specifically address the challenges of climate volatility such as heat and drought.

In view of the growing climate-related challenges, KWS is systematically advancing its breeding of grain corn hybrids and expanding it to regions north and east of Hungary and Romania. With its varieties adapted to regional conditions, KWS is making a major contribution to sustainable corn cultivation in Europe in times of climate change.

Sorghum: Initial hybrids from our own breeding program gain approval

Sorghum is native to warmer climes, the fifth most important crop worldwide and mainly grown at present in India, Africa, South America and North America. The area under cultivation for this type of millet in Europe is still relatively small at around 360,000 hectares, but has been growing steadily for some years due to climate change and increasing periods of drought. This is because the great advantage of sorghum over other crops is its very good drought tolerance and low susceptibility to diseases. In the most important EU states where it is grown (France, Italy and various countries in Southeastern Europe), 60% of sorghum is harvested for grain and 40% as a whole plant (for use as feed or biogas).

KWS has its own grain sorghum breeding program, from which the first fully competitive hybrid variety was approved in early 2025. Until now, KWS' sorghum portfolio consisted of hybrids for use as biogas and (mostly in-licensed) hybrids for feed. Two further hybrid varieties are expected to be approved in 2026, while promising products are in the pipeline. This will enable KWS to establish itself as a powerful player in sorghum seed business in the medium term.

Vegetables: Variety from the new breeding program marketed for the first time

KWS entered vegetable seed business in 2019. By acquiring Pop Vriend Seeds (Netherlands) and Geneplanta S.r.l. (Italy), it also obtained these companies' breeding programs, from which new

varieties of spinach and tomatoes, for example, are regularly launched on the market. The first variety from the newly commenced vegetable breeding activities has now gained approval. This important step was achieved with the Tropikalia watermelon variety in Brazil. It was successfully adapted to the specific requirements of the Brazilian market and launched there in the 2024/2025 fiscal year. The continuous expansion of a global network of vegetable breeding stations supports our breeding activities long-term. The product pipeline for all vegetable crops that KWS has defined as strategically important (cucumbers, peppers, tomatoes, melons, watermelons, spinach, beans, red beet and Swiss chard) keeps on filling up.

The use of existing technological resources within the KWS Group contributes significantly to the efficiency of product development. Examples of the synergies within KWS include the shared use of marker technology and molecular biology methods. These technologies speed up the breeding of new varieties and strengthen innovativeness in vegetable breeding.

After around one year of construction, a cutting-edge research & development center was officially inaugurated in Andijk, the Netherlands, in June 2025. Covering an area of around 10,000 m², it is home to a 6,600 m² greenhouse, a preparation and research area for outdoor vegetables, as well as offices and laboratories. The 25 experts at the new facility will focus on breeding spinach, beans, red beet, Swiss chard, cucumbers and peppers.

2.3 Economic Report

2.3.1 Business Performance

General macroeconomic conditions

Real gross domestic product (GDP) in the eurozone grew modestly by 0.9% (0.4%) in 2024 for the second year in a row. As in the previous year, Germany, the largest economy in the EU, recorded negative economic growth of −0.2% (−0.3%) in 2024. The International Monetary Fund (IMF) forecasts a moderate 0.8% increase in GDP in the eurozone in 2025, while economic output in Germany is predicted to stagnate.

The U.S. economy performed far more buoyantly: GDP grew by 2.8% (2.9%) in 2024 and the IMF forecasts that it will increase by 1.8% in 2025. The reduced economic growth differential between the U.S. and the EU, coupled with growing concerns about spiraling government debt in the U.S., led to a depreciation of the US dollar against the euro in the first half of 2025. However, the average EUR/USD exchange rate in fiscal 2024/2025 was at the level of the previous year.

KWS' international orientation means that changes in exchange rates impact our key economic figures. The following overview shows the exchange rates of KWS' most important currencies relative to the euro on the balance sheet dates:

Exchange rates for main currencies on the balance sheet date1

	Rate on balance sheet date
	06/30/2025	06/30/2024
UK	0.86	0.85
Russia	92.28	92.42
Türkiye	46.55	35.13
Ukraine	48.78	43.35
U.S.	1.18	1.07

1 Due to the sale of the South American maize and sorghum business, the exchange rates for "Argentina" and "Brazil" are no longer listed, as they are no longer significant foreign currencies for the Group.

General conditions in the agricultural sector

The global agricultural sector once again faced numerous challenges in the year under review. In Europe, prices for key agricultural raw materials such as corn and wheat fell, while the oilseed rape market remained stable. Prices for corn and wheat remained at the previous year's level into the first quarter of 2025 but fell over the further course of the year. One of the reasons for that was unfavorable weather conditions: In Western Europe, persistently high levels of rainfall resulted in poorer yield prospects for winter crops and enabled a rise in disease and pest pressure. In some regions of Eastern Europe and in Spain, however, sustained drought weighed on yield forecasts.

Area under sugarbeet cultivation fell by around 3% after rising in the previous year. That was mainly due to lower world market prices for sugar. This trend was particularly pronounced in the cultivation regions of Southeastern Europe and Eastern Europe.

In the U.S., the areas under cultivation for the most important crops developed differently. Land under corn cultivation rose by 5% in the 2025 sowing season due to higher prices. In contrast, the area on which soybeans were grown declined by 4% and that for wheat by 1% – lower price levels influenced farmers' decisions on what to grow in this case.

In Brazil, one of the world's largest agricultural producers, higher yields are anticipated in 2025. In the previous year, the climate phenomenon El Niño had a significant impact on cultivation conditions.

	Results in 2023/2024	Guidance for 2024/2025	Adjustments to the guidance during the year	Results in 2024/2025
		Annual report 2023/2024	9M Report 2024/2025 dated May 13, 2025
Net sales growth1	€1,678.1 million	2–4%1	At the level of the previous year 1	€1,676.6 million; 1.0%1
R&D intensity	19.4%	18–19%	~20%	20.8%
EBIT margin	18.0%	14–16%	14–16%	14.8%

Guidance versus actual business performance of the KWS Group

1 Net sales growth on a comparable basis (excluding exchange rate and portfolio effects)

Guidance versus actual business performance of the KWS Group

Our business performance in 2024/2025 was impacted by challenges in the agricultural markets. Due to a perceptible reduction in the area under cultivation for corn and sugarbeet, we revised our net sales guidance in our reporting on the first nine months of 2024/2025 on May 13, 2025. As a result of lower net sales expectations and the planned increase in research and development expenditure, we also revised our forecast for research and development (R&D) intensity on the same date (see the table above).

The KWS Group's net sales were €1,676.6 (1,678.1) million and thus on a par with the previous year. Consolidated net sales increased by 1.0% on a comparable basis (excluding exchange rate and portfolio effects) and so were slightly above the updated guidance ("at the level of the previous year", original forecast: "2–4% growth on a comparable basis") we had issued in the course of the fiscal year, which takes into account the reduced acreage, especially in Europe. The R&D intensity was 20.8% and thus above the around 20% we stated in the guidance we revised during the year.

The EBIT margin was 14.8%, within the forecast range of 14.0% to 16.0%.

All in all, the Executive Board believes that the KWS Group's business performed favorably in the year under review.

Summary of the segments' course of business and comparison with the guidance ¹ Net sales at the Sugarbeet Segment rose slightly by 0.8% to €871.8 (864.9) million. Net sales increased by 2.2% on a comparable basis (excluding exchange rate and portfolio effects) and were thus in line with our guidance ("slight increase"). Despite the decline in global area under cultivation, as in previous years the market success of our innovative CONVISO® SMART and CR+ varieties underpinned the increase in net sales. The Sugarbeet Segment's EBIT margin rose to 42.1% from the high level of the previous year (40.5%) and was thus above our guidance ("at the level of the previous year").

Net sales in the Corn Segment were €682.8 (701.5) million or 2.7% lower year over year. On a comparable basis (excluding exchange rate and portfolio effects), the segment's net sales were at the level of the previous year (−1.6%) and thus above the guidance we updated during the year ("moderate decline", original forecast: "slight increase").

¹ Including equity-accounted companies. Details on the segments' business performance and their economic environment can be found in the segment reports.

The decline in the segment's income to €−4.2 (39.1) million is attributable to special effects and its operating performance. The previous year's figure for the segment included proceeds of €28.1 million from divestment of the Chinese corn business. In the year under review, the write-down of €20.7 million in connection with the sale of the joint ventures in our American corn business (AgReliant) in June 2025 reduced the segment's income. The segment's EBIT margin fell to −0.6% (5.6%) and was thus in line with the guidance we revised during the year ("perceptible decline," original forecast: "at the level of the previous year").

Net sales in the Cereals Segment declined by 4.6% to €263.3 (275.9) million due to lower net sales from oilseed rape and rye. On a comparable basis (excluding exchange rate and portfolio effects), the fall was 4.5% and thus in line with our guidance ("sharp decline"). The segment's EBIT margin fell to 12.2% (18.3%) and was thus within our guidance ("sharp decline").

Net sales in the Vegetables Segment in the year under review rose by 16.2% to €72.1 (62.1) million. Net sales grew by 15.8% on a comparable basis (excluding exchange rate and portfolio effects) in line with our guidance ("sharp increase").

The segment's income fell sharply to €−45.8 (−34.7) million, mainly as a result of the planned increase in expenditure on establishing our vegetable breeding activities and the related distribution organization. The EBIT margin was −63.5% (−55.9%) and thus below our forecast (guidance: "at the level of the previous year").

In light of the switch to the "KWS" brand, the residual carrying amount of the "Pop Vriend" brand €−10.4 (10.4) million – was written off in full in the year under review. Marketing for the vegetable business has been conducted entirely under the KWS brand since this switch. Amortization of intangible assets in the segment totaled €19.8 (19.4) million.

Revenue from our farms in Germany, France and Poland is grouped in the Corporate Segment. Since all cross-segment costs for the KWS Group's central functions and research expenditure are still charged to the Corporate Segment, its income is usually negative. The segment's income fell to €−135.4 (−127.1) million, mainly due to higher personnel and IT costs, and was slightly below our guidance ("around €−130 million").

2.3.2 Earnings, Financial Position and Assets

Earnings

Condensed income statement
in € million		2024/2025	2023/2024	+/−
Continuing operations
Net sales		1,676.6	1,678.1	−0.1%
EBITDA		350.5	404.9	−13.4%
EBIT		247.6	302.0	−18.0%
Net financial income/expenses		−35.4	−50.0	29.1%
Earnings before taxes		212.2	252.0	−15.8%
Taxes		72.2	67.9	6.3%
Earnings after taxes		140.0	184.1	−24.0%
Discontinued operation
Earnings after taxes		96.4	−53.2	–
Group
Earnings after taxes		236.3	130.8	80.7%
Earnings per share from
continuing operations	in €	4.24	5.58	−24.0%
Earnings per share	in €	7.16	3.96	80.7%
EBIT margin
(Continuing operations)	in %	14.8	18.0	–

KWS posts stable net sales under challenging conditions

The key indicators reported below relate to the continuing operations of KWS following closing of the sale of the South American corn and sorghum business in July 2024.

The North American corn business (AgReliant joint ventures) is reported in the balance sheet as an asset held for sale. The joint ventures contribution to earnings was included at-equity in the net financial income/expenses in the income statement.

The KWS Group generated stable net sales of €1,676.6 (1,678.1) million in the year under review, despite perceptibly lower area under cultivation for corn and sugarbeet. Consolidated net sales increased by 1.0% on a comparable basis (excluding exchange rate and portfolio effects).

There were negative exchange rate effects mainly from the depreciation of the Turkish lira and the Ukrainian hryvnia against the euro.

The net sales performance in our product segments varied greatly (all figures excluding exchange rate and portfolio effects).

Revenues rose slightly in the Sugarbeet Segment, while the Vegetables Segment posted a sharp increase. The Corn Segment recorded a slight decline, while cereals business declined sharply (see also the section "Segment reports" starting on page 33).

The Sugarbeet and Corn Segments (excluding net sales from the equity-accounted companies) generated a major share of total net sales, namely 52.0% (51.5%) and 27.3% (27.8%) respectively.

Net sales by segment Sugarbeet 52.0% Cereals 15.7% Corporate 0.7% Corn 27.3% Vegetables 4.3% Total net sales €1,676.6 million ¹

1 Excluding net sales from our equity-accounted companies

The share of the Cereals Segment in the year under review fell to 15.7% (16.4%). The Vegetables Segment increased its share of total net sales to 4.3% (3.7%).

The region where we generated most of our business was Europe, which accounted for 73.5% (73.6%) of net sales (Germany: 17.6% (18.3%)). The share of net sales in North and South America accounted for 18.5% (17.6%) of our total net sales. Revenues from our North American equityaccounted companies are only included at the segment level (see our segment reporting starting on page 33).

Decline in key indicators for operating income The KWS Group's operating income before depreciation and amortization (EBITDA) decreased by 13.4% to €350.5 (404.9) million in the fiscal year. Operating income (EBIT) was €247.6 (302.0) million or −18.0% year over year. The EBIT margin fell accordingly to 14.8% (18.0%).

The decline in key indicators for operating income is attributable to special effects and our operating performance. The previous year included a positive special effect of €28.1 million from divestment of the Chinese corn business. The operating income was impacted by a sharp rise in administrative expenses, as well as higher expenditure on research and development and distribution.

The KWS Group's cost of sales fell by 0.5% to €619.2 (622.4) million, mainly due to lower sales volumes. Accordingly, the gross profit on sales rose by 0.2% to €1,057.4 (1,055.7) million and the gross margin to 63.1% (62.9%).

1 Excluding net sales from our equity-accounted companies

Selling expenses rose by 4.4% to €296.6 (284.3) million, mainly due to higher personnel costs. The selling expense ratio in the fiscal year was 17.7% (16.9%).

Research and development expenditure in the period under review rose by 7.2% to €349.0 (325.6) million. Given the stable level of net sales and higher R&D expenditure, the R&D intensity was 20.8% and so up on the previous year (19.4%).

Administrative expenses rose by 10.5% to €165.3 (149.6) million, among other things due to higher IT and personnel costs. The administrative expense ratio increased to 9.9% (8.9%).

The balance of other operating income and other operating expenses fell to €1.2 (5.7) million. The previous year included a positive non-recurring effect of €28.1 million from divestment of the Chinese corn business. Details and explanations on the related individual items can be found in the Notes on page 127.

Sharp improvement in net financial income/expenses

The net financial income/expenses are made up of the net income from equity investments and the interest result. In addition, we report realized and unrealized foreign exchange differences from financing activities within net financial income/expenses.

Net income from equity investments includes the earnings from equity-accounted joint ventures, which decreased to €−33.7 (−24.3) million due to an impairment loss of €20.7 million on the joint ventures carrying amount in connection with its sale and the operating loss.

However, the balance of financial expenses and financial income improved sharply to €−1.7 (−25.6) million. This was mainly due to lower interest expenses resulting from the repayment of borrowings and exchange rate effects. The

above changes resulted overall in a significant improvement in net financial income/expenses to €−35.4 (−50.0) million.

Fall in earnings after taxes from continuing operations

Earnings before taxes fell by −15.8% to €212.2 (252.0) million. Income taxes increased to €72.2 (67.9) million. That resulted in a sharp rise in the tax rate to 34.0% (27.0%).

Earnings after taxes from continuing operations fell to €140.0 (184.1) million. Given that the number of shares is 33,000,000, earnings per share from continuing operations were €4.24 (5.58).

Earnings after taxes including the earnings from discontinued operations rose sharply to €236.4 (130.8) million. The increase is mainly due to the profit after tax of the discontinued operation of €96.4 million realized in the 2024/25 financial year.

Financial situation

Selected key figures on the financial situation
in € million	2024/2025	2023/2024	+/−
Cash and cash equivalents	374.0	222.4	68.2%
Net cash from operating activities from continuing operations	227.7	157.9	44.2%
Net cash from investing activities from continuing operations	−104.5	−101.1	3.4%
Free cash flow from continuing operations	123.2	56.8	> 100%
Net cash from financing activities from continuing operations	−230.6	55.2	–

Securing the KWS Group's financial flexibility, enabling its profitable growth and preserving its independence are the core tasks of our financial management. Among other things, we ensure that by extensive liquidity planning, monitoring of cash flows and, in some cases, hedging the risk of interest rate changes and currency risks.

The main financial instruments used by the Group in the fiscal year, apart from a syndicated credit line and a loan from the European Investment Bank (EIB) to fund research and development, were in

particular borrower's notes and commercial papers with different loan periods and terms (see section 7.11 in the Notes for the KWS Group on page 141 for the presentation of the main terms and conditions of our financing instruments).

At June 30, 2025, the KWS Group had firmly promised loans it had not used totaling €432.1 (398.2) million.

As of June 30, 2025, liabilities and other financial obligations amounted to €172.5 (184.0) million. The year-over-year decline is mainly due to VAT

Capital expenditure by segment

1 Excluding capital expenditure at our equity-accounted companies and excluding the discontinued operation

risks that no longer existed as of the reporting date (for further details, see Notes to the Consolidated Financial Statements, Section 7.16, page 156).

The maturity profile of the Group's borrowings has a broad spread, with a high proportion of mediumand long-term financing.

To secure KWS' growth, we also consider the option of a capital increase in exceptional cases, for example to fund a further large acquisition.

Net cash from operating activities from continuing operations increased to €227.7 (157.9) million in the period under review. This was mainly attributable to lower cash outflows related to the increase in inventories and trade receivables.

The Group's net cash from investing activities totaled €166.8 (−103.4) million. This includes proceeds of €272.1 (0.0) million from the divestment of the South American corn and sorghum business. The net cash from investing activities from continuing operations was €−104.5 (−101.1) million. Payments for capital expenditures on property, plant and equipment and on intangible assets amounted to €−122.0 (−151.2) million in the fiscal year. The focus of our capital spending in the year under review was on erecting and expanding production and research and development capacities. Construction of the new elite storehouse for processing and storing breeding material for

sugarbeet was completed at the Einbeck location. The largest investment projects in the Corn Segment related to modernization of the production plants in the U.S. and Türkiye. In the Cereals Segment, we invested in our production plants in Germany and France and in expanding storage capacities in Germany. A new research and development center for vegetable seed was completed in Andijk, the

1 Excluding capital expenditure at our equity-accounted companies and excluding

On the other hand, there were proceeds from the disposal of tangible assets and intangible assets totaling €4.0 (31.7) million. The previous year's figure was impacted by divestment of the Chinese corn business.

Netherlands, during the fiscal year.

the discontinued operation

Depreciation and amortization in the year under review totaled €102.9 million and was thus below the previous year's figure (€119.1 million). While depreciation and amortization in the Corporate Segment was higher due to the capital spending in past years, it was lower in the Sugarbeet, Cereals and Corn Segments. Depreciation and amortization in the Vegetables Segment includes a figure of €10.4 (10.4) million due to the shorter useful life of the "Pop Vriend" brand.

The free cash flow from continuing operations of €123.2 (56.8) million and the free cash flow from continuing and discontinued operations of €393.4 (53.8) million were both well above the figure of the previous year.

The net cash from financing activities from continuing operations was €−230.6 (55.2) million. This was mainly attributable to the repayment of borrowings to an amount of € 169.5 (98.1) million. In addition, we did not raise any new borrowings in the year under review, whereas we raised new borrowings totaling €208.1 million in the previous year.

For the discontinued operation, net cash from operating activities was €−1.2 (−0.7) million, net cash from investing activities was €271.4 (−2.3) million and net cash from financing activities was €−6.3 (−30.4) million.

Assets

The KWS Group's balance sheet is impacted by the seasonal nature of our business. In the course of the year, there are usually balance sheet items that differ significantly from the corresponding figures at the end of the fiscal year, in particular in relation to working capital.

The South American corn and sorghum business was classified as a discontinued operation in the previous year. The North American corn seed business, which KWS operated jointly with the Limagrain Group and which had previously been accounted for using the equity method, was also classified as for sale at the end of the fiscal year due to the intention to sell it (see page 119 of the Notes for further details).

Total assets on June 30, 2025, were €2,676.2 (2,956.1) million. Noncurrent assets totaled €1,126.2 (1,220.1) million and current assets totaled €1,471.0 (1,301.5) million. The decrease in noncurrent assets is mainly due to the reclassification of the JV shares of the

North American corn business accounted for using the equity method from financial assets to held assets for sale in connection with the intention to sell.

Current assets were impacted by significantly higher cash and cash equivalents, higher inventories and lower trade receivables. The increase in cash and cash equivalents reflects the proceeds from the sale of the South American corn and sorghum business.

Equity increased to €1,601.5 (1,399.9) million, mainly due to the net income for the year. Higher equity coupled with lower total assets led to a sharp increase in the equity ratio to 59.8% (47.4%).

Noncurrent liabilities fell to €553.3 (610.0) million, largely due to lower long-term borrowings and lower noncurrent tax liabilities. Current liabilities were €521.4 (655.2) million and were mainly impacted by falls in short-term borrowings, trade payables and current tax liabilities.

The decline in short-term borrowings to €393.4 (427.0) million is mainly due to reclassification of borrowings as short-term due to their maturity and, to a smaller extent, to repayments. Short-term borrowings decreased sharply to €42.1 (180.4) million as a result of the repayment of loans. Liabilities in connection with assets held for sale decreased to €0.0 (291.0) million following closing of the sale of the South American corn and sorghum business.

As a result of the increase in cash and cash equivalents and the fall in short-term and long-term borrowings, net debt (long-term and short-term borrowings from banks less cash and cash equivalents) improved sharply to €61.6 (385.1) million.

Condensed balance sheet

in € million	06/30/2025	06/30/2024	+/−
Assets
Noncurrent assets	1,126.2	1,220.1	−7.7%
Current assets	1,471.0	1,301.5	13.0%
Assets held for sale	79.0	434.5	−81.8%
Equity and liabilities
Equity	1,601.5	1,399.9	14.4%
Noncurrent liabilities	553.3	610.0	−9.3%
Current liabilities	521.4	655.2	−20.4%
Liabilities in connection with assets held for sale	0.0	291.0	−100.0%
Total assets	2,676.2	2,956.1	−9.5%

2.3.3 Segment Reports

Reconciliation with the KWS Group

The KWS Group's consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS). The segments are presented in the Management Report in line with our internal corporate controlling structure in accordance with GAS 20. The main difference is that we do not carry the revenues and costs of our equity-accounted companies in the statement of comprehensive income (in accordance with IFRS 11 and IAS 28). The KWS Group's

net sales and EBIT are therefore lower than the total for the segments. The earnings contributed by the equity-accounted companies are instead included under net financial income/expenses. Our equity-accounted companies are included proportionately in the segment reports in line with our internal corporate controlling structure.

The difference from the KWS Group's statement of comprehensive income is summarized for several key indicators – relating to continuing operations – in the reconciliation table:

in € millions	Segments	Reconciliation	KWS Group
Net sales	1,901.3	−224.4	1,676.6
EBITDA	350.9	−0.3	350.5
EBIT	213.9	33.7	247.6
Amortization/depreciation	137.0	−34.1	102.9
Capital expenditure	123.8	−4.2	119.6
Total assets	2,783.4	−107.2	2,676.2

Reconciliation table (all key indicators relate to continuing operations)

The reconciliation between the KWS Group's statement of comprehensive income and the reporting by segments in fiscal 2024/2025 is impacted by our equity-accounted companies in North America. These were classified as assets held for sale due to the intention to sell at the end of the 2024/2025 financial year.

Sugarbeet

Sugarbeet Segment

General industry-specific conditions: Lower sugar prices lead to sharp decline in land under cultivation

After peaking in the fall of 2023, global sugar prices have since fallen steadily. The price of sugar at the end of fiscal 2024/2025 was significantly lower year over year. Due to favorable weather conditions in the two most important sugar cane-growing countries, Brazil and India in particular, the U.S. Department of Agriculture expects global sugar production to increase year over year by just under 5%. Due to lower sugar prices, the global area under sugarbeet cultivation declined by 3% to approximately 4.5 million hectares and is at the level of previous years. Land under cultivation declined, particularly in southern European Union and Eastern Europe.

According to estimates by the U.S. Department of Agriculture, global sugar consumption will increase by 1.5% compared to the previous year, mainly due to higher consumption in Asian and African countries.

The segment's performance: Growth in net sales and continuing high profitability thanks to product innovations

Net sales at the Sugarbeet Segment rose in the year under review to €871.8 (864.9) million or by 0.8%. The growth was 2.2% on a comparable basis (excluding exchange rate and portfolio effects), despite the sharp decline in land under cultivation. There were negative exchange rate effects mainly from the depreciation of the Turkish lira and, to a lesser extent, the Ukrainian hryvnia against the euro.

Europe remained the segment's most important market, accounting for 62.2% (60.4%) of total net sales, followed by North America with 26.8% (26.5%).

The increase in the segment's net sales was mainly due to higher net sales in Northern, Western and Eastern Europe and, to a lesser extent, in North America, while net sales declined in Southeastern Europe, Southern Europe and the Middle East. KWS remains the clear leader in the market for sugarbeet seed.

Our sustainable product innovations CONVISO® SMART and CR+ played a substantial part in our performance and once again recorded high demand in the 2025 growing season. The share contributed by these innovations to the segment's total net sales increased again to around 61% (56%). This is mainly due to stronger market penetration in France, the Benelux countries, Poland and Germany.

In addition, we successfully launched unique combination varieties (CONVISO® SMART combined with CR+) in several European countries. Against the backdrop of increasing regulation of pesticides and rising disease pressure because of climate change, these innovations make an important contribution to achieving stable beet yields with less use of pesticides.

The segment's income was €367.2 (350.1) million, a year-on-year increase of 4.9%. This includes a positive one-off effect of €7.7 (−7.7) million from the reversal of a provision for VAT risks that had been recognized in the previous year.

The gross profit on sales rose by 3.5%. On the other hand, there was a 12.8% increase in selling expenses and a 14.9% increase in research and development expenditure, among other things due to higher personnel costs and costs for the development of innovative seed. General and administrative expenses were 5.4% higher. Both

the EBITDA margin and the EBIT margin improved to 45.5% (43.7%) and 42.1% (40.5%) respectively.

We are continuing to invest strongly in expanding our sugarbeet breeding so that we can continue to provide our farmers with innovative seed in the future. The focus is on solutions to combat increasing disease or insect infestation as a consequence of climate change and to enable effective weed control. In addition, development of diploid hybrid potatoes was continued in the year under review.

Important capital spending projects

Construction of our new elite storehouse for processing and storing breeding material for sugarbeet at our Einbeck location was successfully completed in fiscal 2024/2025. It was put into operation in May 2025. The new building is one of the largest single investments in KWS' history, involving total spending of €56.8 million over several fiscal years, a large part of which was charged to the previous year.

We also invested in our production plant in France, in expanding storage capacities in the Netherlands and in constructing new greenhouses and offices in the U.S.

The segment's capital spending in the year under review totaled €41.2 (58.5) million and was thus well below the figure for the previous year.

in € million		2024/2025	2023/2024	+/−
Net sales		871.8	864.9	0.8%
EBITDA1		397.0	378.1	5.0%
EBITDA margin	in %	45.5	43.7	–
EBIT		367.2	350.1	4.9%
EBIT margin	in %	42.1	40.5	–
Amortization/depreciation		29.7	28.1	6.0%
Capital expenditure		41.2	58.5	−29.6%
Capital employed (avg.) 2		522.5	519.1	0.7%
ROCE (avg.) 3	in %	70.3	67.4	–

Key figures

1 EBITDA = EBIT (incl. IAS 29 Hyperinflation) + depreciation (incl. IAS 29 Hyperinflation) + amortization (incl. IAS 29 Hyperinflation)

2 Capital employed (average capital employed) = (quarterly figures at the reporting date for intangible assets + property, plant and equipment + inventories + trade

receivables – trade payables) / 4

3 ROCE = EBIT / average capital employed

Corn Segment

General industry-specific conditions: Decline in area under corn cultivation in Europe

Global conditions for corn cultivation in 2025 were positive overall, despite regional challenges. The International Grains Council (IGC) expects global corn production to increase year on year by around 4% in the current growing season.

However, the general conditions for corn cultivation in Europe in the past growing season were challenging.

In the previous year, adverse weather conditions meant that more corn was planted in the fall sowing season, but the amount of land on which it was cultivated returned to normal in this year's growing season, for example in Germany and France.

In Southeastern Europe, prolonged heat waves and drought have affected corn cultivation for some years now, and farmers are increasingly switching to winter crops. This trend continued in 2025. All in all, the land under corn cultivation in Europe declined slightly.

The segment's performance: Sale of the corn business in North and South America

The Corn Segment underwent significant changes in the period under review. The South American corn business, whose sale we completed in July 2024, is classified (as in the previous year) as a discontinued operation in the 2024/2025 consolidated financial statements and is therefore not included in the report for the Corn Segment.

We also concluded an agreement to sell our North American corn business in June 2025. The transaction, which includes the sale of KWS' shares in the two joint ventures with Limagrain (AgReliant) and licenses for the use of genetic material, was closed on August 29, 2025.

The net sales from continuing operations in our corn business, including the proportionate contributions by AgReliant, fell by 2.7% to €682.8 (701.5) million in the year under review. Net sales declined by 1.6% on a comparable basis (excluding exchange rate and portfolio effects). There were negative exchange rate effects mainly from the depreciation

of the Turkish lira and the Ukrainian hryvnia against the euro.

We generated net sales in Europe at the level of the previous year (on a comparable basis) despite the fall in land under cultivation. KWS remained one of the leading suppliers in the silage corn market segment in the year under review.

Net sales at our North American joint venture AgReliant declined by around 5%. In addition to the influence of negative exchange rate effects, the joint venture recorded a sharp decline in volumes in a fiercely competitive environment.

There are various reasons for the significant decline in the segment's income to € −4.2 (39.1). The segment's income for the previous year included a positive non-recurring effect of €28.1 million from divestment of the Chinese corn portfolio. In addition, there was an extraordinary effect on the segment's income due to an impairment loss of €20.7 million on the carrying amount of AgReliant in connection with the sale agreement concluded in June 2025. AgReliant's

operating loss was lower than in the previous year, while contributions to operating income from the European business declined.

As a consequence of the effects described in the previous section, the EBIT margin declined to −0.6% (5.6%).

The segment's EBITDA fell to €53.0 (82.2) million and the EBITDA margin to 7.8% (11.7%).

Expansion of production plants

The segment's capital spending decreased sharply to €16.0 (27.8) million in the year under review. Apart from routine maintenance measures, we expanded our drying capacities in Türkiye, among other things, thereby significantly reducing our dependence on third-party providers.

In addition, we invested in modernizing and expanding one of our North American production plants. The decline in capital employed is primarily due to the reclassification of the investment in AgReliant as an asset held for sale at the end of the fiscal year.

Key figures
in € million		2024/2025	2023/2024	+/−
Net sales		682.8	701.5	−2.7%
EBITDA1		53.0	82.2	−35.5%
EBITDA margin	in %	7.8	11.7	–
EBIT		−4.2	39.1	–
EBIT margin	in %	−0.6	5.6	–
Amortization/depreciation		57.2	43.1	32.6%
Capital expenditure		16.0	27.8	−42.4%
Capital employed (avg.) 2		579.7	767.1	−24.4%
ROCE (avg.) 3	in %	−0.7	5.1	–

1 EBITDA = EBIT (incl. IAS 29 Hyperinflation) + depreciation (incl. IAS 29 Hyperinflation) + amortization (incl. IAS 29 Hyperinflation)

2 Capital employed (average capital employed) = (quarterly figures at the reporting date for intangible assets + property, plant and equipment + inventories + trade

receivables – trade payables) / 4 3 ROCE = EBIT / average capital employed

Cereals Segment

General industry-specific conditions: Prices for key agricultural raw materials decline slightly There were mixed trends as regards international prices for important agricultural commodities. Prices for rye, oilseed rape and wheat declined slightly, while those for barley remained largely stable.

Land under rye cultivation in the EU declined due to less attractive market conditions and high inventories from the previous year. This was partially offset by growth in North America and Eastern Europe. Cultivation conditions for oilseed rape were impacted by drought and, in Eastern Europe, by pests. Wheat prices during the 2025 sowing season were influenced by high global inventories and good harvest expectations in North America and Argentina. In Europe, land under wheat cultivation increased slightly. Barley prices at the time of the 2025 sowing season were stable year over year. Demand for malting barley remained constant. However, demand for feed barley declined in parts of Europe. All in all, land under cultivation in the EU remained stable.

According to estimates by the Food and Agriculture Organization (FAO) of the United Nations, the level of supply on the global cereals markets was sufficient as a whole during the period under review.

The segment's performance: Net sales and earnings lower year on year

Net sales at the Cereals Segment in fiscal 2024/2025 declined as expected to €263.3 (275.9) million or by 4.6%. The fall in net sales on a comparable basis (excluding exchange rate and portfolio effects) was 4.5%. Revenues from barley, rye and oilseed rape seed declined compared to the previous year, while net sales of wheat seed rose slightly in the fiscal year. As in the previous year, the segment's further activities generated low revenues.

There were negative exchange rate effects on net sales mainly from the depreciation of the Ukrainian hryvnia and the Turkish lira against the euro, while the performance of pound sterling had a slight positive impact.

Rye seed business fell by around 5% in the year under review. This is mainly attributable to the German and Polish markets. These trends were partially offset by higher revenues in North America and Eastern Europe. In Canada, we achieved significantly higher revenues by reorganizing our distribution structures. Rye seed business still accounted for the largest share of the segment's net sales, namely 38% (38%).

The 4% decline in net sales from oilseed rape is mainly attributable to the introduction of a quota system for seed imports in Russia. We grew our revenues in Germany and Poland, while they fell in France. Oilseed rape once again accounted for around 31% (31%) of the segment's net sales.

Net sales of wheat seed were slightly higher than in the previous year. Whereas net sales in Eastern and Southeastern Europe and in North America were higher, revenues in the UK fell. The share of business from wheat seed was unchanged at 15% (15%).

Given the declining business performance and higher research and development expenditure, EBITDA fell to €42.9 (59.8) million. The EBITDA margin decreased to 16.3% (21.7%).

EBIT was €32.1 (50.4) million, a year-on-year drop of 36.3%. The EBIT margin fell accordingly to 12.2% (18.3%).

The segment's gross profit in the year under review declined by 7% due to the lower business volume. Research and development expenditure increased (+10%) mainly due to expansion of our hybrid breeding activities. The rise in general and administrative expenses (+11%) is attributable to higher personnel costs, among other things. Selling expenses were at the level of the previous year.

As part of our strategic orientation, the focus of our research and development is on breeding hybrid seed, including for wheat and barley. In the UK, we launched the first hybrid barley variety on the market in the year under review. Another focus is on breeding high-performance varieties as well as on their resource efficiency and improved traits to promote sustainable agriculture.

Continued investment in breeding and production

The segment's capital spending in the year under review was €10.7 (17.5) million and thus below that of the previous year. The main focus of investment activity was on expanding and modernizing production plants in Germany, France and Poland, among other things for warehouses and silos at Wohlde, Germany, and on modernizing breeding stations.

in € million		2024/2025	2023/2024	+/−
Net sales		263.3	275.9	−4.6%
EBITDA1		42.9	59.8	−28.2%
EBITDA margin	in %	16.3	21.7	–
EBIT		32.1	50.4	−36.3%
EBIT margin	in %	12.2	18.3	–
Amortization/depreciation		10.9	9.4	15.2%
Capital expenditure		10.7	17.5	−39.0%
Capital employed (avg.) 2		161.3	170.0	−5.1%
ROCE (avg.) 3	in %	19.9	29.6	–

Key figures

1 EBITDA = EBIT (incl. IAS 29 Hyperinflation) + depreciation (incl. IAS 29 Hyperinflation) + amortization (incl. IAS 29 Hyperinflation)

2 Capital employed (average capital employed) = (quarterly figures at the reporting date for intangible assets + property, plant and equipment + inventories + trade

receivables – trade payables) / 4

3 ROCE = EBIT / average capital employed

Vegetables Segment

General industry-specific conditions: Growth in the vegetable market anticipated

According to expert estimates, global demand for vegetables rose in the fiscal year. Vegetables are an attractive growth market in the medium and long term. We expect global demand for vegetable seed to increase at a similarly buoyant rate.

Demand for vegetables is likely to be influenced in the future by the growing number of vegans and vegetarians, health and wellness trends and the increasing popularity of vegetables as a source of protein. At the same time, there is a growing trend toward higher-priced organic vegetables.

The specific general conditions for spinach seed, our main sales driver in the Vegetables Segment, were unchanged in the fiscal year, while the market for bean seed, which accounts for around a quarter of net sales and is the second-largest product group in the segment, declined slightly.

The segment's performance: Sharp increase in net sales, income impacted by planned expansion of breeding activities

Net sales in the Vegetables Segment in the year under review increased significantly by 16.2% to €72.1 (62.1) million. Net sales grew similarly by 15.8% on a comparable basis (excluding exchange rate and portfolio effects).

This increase is largely due to higher revenues from spinach seed, which accounts for around two-thirds of the segment's net sales.

Business was very buoyant, particularly in Europe due to expansion of our distribution activities in key European markets such as Spain and Italy.

In our main market, the U.S., we likewise grew in a highly competitive environment on the back of an improved product portfolio. In the Chinese market, we were able to expand our position and significantly increase our revenues.

Worldwide, we expanded our leading position in spinach seed in the fiscal year in what was overall a stable market environment.

In a slightly contracting market, bean seed business remained at the previous year's level. While revenues in North America and Southern Europe were higher, net sales in Western Europe and Southeastern Europe fell.

The segment's EBITDA decreased to €−22.0 (−11.2) million, mainly as a result of the planned increase in expenditure on establishing our vegetable breeding activities and the related distribution organization.

In the fiscal year we switched distribution of vegetable seed fully from the "Pop Vriend" to the "KWS" brand. Consequently, the residual carrying amount of the "Pop Vriend" brand €−10.4 (10.4) million – was written off in full.

Amortization of intangible assets in the segment totaled €19.8 (19.4) million. EBIT fell to €−45.8 (−34.7) million.

Continued expansion of vegetable breeding KWS' strategic objective is to build a significant position in the vegetable seed market long-term.

In June 2025, after a construction period of one year, we inaugurated a new 10,000 m² research and development center in Andijk, the Netherlands. This complex comprises a greenhouse, a research area for outdoor crops, and office and laboratory buildings. The new greenhouse will be used for research into the outdoor crops spinach, beans, red beet and Swiss chard, among other things.

KWS has vegetable breeding stations in Spain, Italy, the Netherlands, Türkiye, Brazil and Mexico. The breeding programs were successfully developed further in the fiscal year. KWS plans to market innovative varieties for all nine types of vegetable in its breeding programs within the next three years.

Capital expenditure in the Vegetables Segment increased to €18.6 (16.5) million. Most of that figure was accounted for by the new research and development center in Andijk, the Netherlands. Apart from that, we invested in expanding our breeding stations in Spain, Türkiye and Mexico.

Key figures
in € million		2024/2025	2023/2024	+/−
Net sales		72.1	62.1	16.2%
EBITDA1		−22.0	−11.2	−96.1%
EBITDA margin	in %	−30.4	−18.0	–
EBIT		−45.8	−34.7	−32.0%
EBIT margin	in %	−63.5	−55.9	–
Amortization/depreciation		23.9	23.5	1.5%
Capital expenditure		18.6	16.5	12.8%
Capital employed (avg.) 2		434.3	430.9	0.8%
ROCE (avg.) 3	in %	−10.6	−8.1	–

1 EBITDA = EBIT (incl. IAS 29 Hyperinflation) + depreciation (incl. IAS 29 Hyperinflation) + amortization (incl. IAS 29 Hyperinflation)

2 Capital employed (average capital employed) = (quarterly figures at the reporting date for intangible assets + property, plant and equipment + inventories + trade

receivables – trade payables) / 4

3 ROCE = EBIT / average capital employed

Corporate Segment

Key figures
in € million	2024/2025	2023/2024	+/−
Net sales	11.3	9.2	23.5%
EBITDA1	−120.1	−112.4	−6.9%
EBIT	−135.4	−127.1	−6.6%
Amortization/depreciation	15.3	14.7	4.5%
Capital expenditure	37.4	25.4	47.0%

1 EBITDA = EBIT (incl. IAS 29 Hyperinflation) + depreciation (incl. IAS 29 Hyperinflation) + amortization (incl. IAS 29 Hyperinflation)

Net sales in the Corporate Segment are mainly generated from our farms in Germany, France and Poland and increased to €11.3 (9.2) million in the period under review.

At the same time, since cross-segment costs for the KWS Group's central functions and central research expenditure are charged to the Corporate Segment, its income is usually negative.

The segment's income fell to €−135.4 (−127.1) million, mainly due to higher IT costs and general cost increases, especially for personnel. Capital spending was €37.4 (25.4) million and thus above that of the previous year.

The main focus of investment activity related to implementing a new ERP software, an efficiency project aimed at using heat from effluents, insect resistance for a greenhouse, the IT infrastructure and a photovoltaic system.

2.3.4 Employment Trends

The KWS Group employed an average of 5,102 (4,937) people (excluding seasonal workers and employees from the discontinued operation) in the year under review, a year-on-year increase of around 3%.

2,662 (2,558), or around 52.2% (51.8%) of the workforce, were employed in Germany. Once again, the area that accounted for the most employees was Research & Development, which made up 38.1% (37.8%) of the total workforce.

2.4 Sustainability Information (Combined Non-Financial Declaration)

2.4.1 General Information 2.4 Sustainability Information

2.4.1 General Information

Overview of the status of implementation of our sustainability goals
Environmental Aspects	Target in 2030	Section	2024/2025	2023/2024
Climate Change		2.4.2
Scope 1 and Scope 2 emissions 1	50% reduction (2050: net zero) compared with the baseline year 2020/2021 (47,587 t CO2 e)		52,044 t CO2 e	49,213 t CO2 e 2
Use of scorecards to measure local environmental performance	Use of scorecards at all production sites, including processing plants and our own seed multiplication areas		53 out of 63 locations	49 out of 62 locations 3
Biodiversity and Ecosystems		2.4.2
Crops in breeding programs	27		22	23
Share of R&D expenditures on reducing the use of resources	> 30% of annual R&D expenditure		22.5%	21.9%
Share of low-input varieties 4	Suitability of > 25% of KWS' varieties for low-input farming		22.6%	18.9%
Innovations for Agriculture		2.4.2
Annual yield gain 5	1.5% on average		1.0%	1.1%
Use of digital solutions on customers' fields	Use of digital solutions on > 6 million hectares		3.2 million hectares	2.9 million hectares
Share of varieties for direct human nutrition 6	Suitability of > 40% of KWS' varieties for direct human nutrition		39.7%	35.9%
Social Aspects	Target in 2030	Section	2024/2025	2023/2024
Social Engagement		2.4.3
Share of expenditures as part of our social engagement	1% of operating income (EBIT) p.a.		0.9%	0.7%
Own Workforce		2.4.3
OSHA incident rate at the KWS Group7	< 5.0		7.99	8.04
Governance	Target in 2030	Section	2024/2025	2023/2024
Business Conduct		2.4.4
Access to the Compliance Portal	95%		95%	92%

1 The Scope 1 and Scope 2 emissions relate to the past calendar year in each case.

2 The previous year's figure for Scope 1 and Scope 2 emissions was adjusted due to a correction in natural gas consumption at one location.

3 The previous year's figures were adjusted to reflect the sales of the commercial corn and sorghum business in South America in the first quarter of 2024/2025 to enhance comparability.

4 Recorded for the German and UK markets, excluding vegetable varieties. 5 Recorded for the German and UK markets. This key figure is determined based on the crops corn, wheat, barley, oilseed rape, rye and sugar beet.

6 Recorded for the German and UK markets.

7 Rate of occupational health and safety incidents involving lost time in relation to hours worked (based on 1 million working hours) according to the Occupational Safety and Health Administration (OSHA).

Voluntary audit with limited audit assurance

In addition to the legally required external audit of the Consolidated Financial Statements and the Combined Management Report with reasonable assurance, our Combined Non-Financial Declaration was subject to a voluntary audit with limited assurance by our auditor EY GmbH & Co. KG Wirtschaftsprüfungsgesellschaft.

Our understanding of sustainability

It is our understanding of sustainability that sustainable corporate success requires – in addition to stringent implementation of our financial objectives – a socially, ecologically and economically balanced business culture. Our corporate vision, mission and values form the basis for this and are a major decisive factor in our activity and in ensuring KWS' long-term economic success.

"Our passion for plants sustains farming, food and planet"

The KWS Group's mission

We set ourselves long-term and concrete objectives under our sustainability strategy, for which the Executive Board is jointly responsible. Their appropriateness is regularly reviewed as part of our global strategic planning process. In this spirit, KWS adopted sustainability goals in 2021 as part of the Sustainability Ambition 2030, and the status of their implementation is reported on in the Non-Financial Declaration. A central Sustainability Team operates as a staff unit under the responsibility of our Chief Financial Officer and coordinates the main sustainability activities within the KWS Group.

Material sustainability issues

We derive the issues we report on in the Non-Financial Declaration from a materiality analysis based on the Corporate Sustainability Reporting Directive (CSRD). It was conducted in financial year 2023/2024 and follows the concept of double materiality.

We involved our relevant stakeholder groups in the materiality analysis process. The key stakeholder groups include not only our direct customers, i.e. farmers, but also our shareholders, suppliers and employees. We also included various stakeholders throughout the agricultural value chain in our analysis, such as policymakers, public authorities, non-governmental organizations, science, academia and the media.

We first identified our impacts, risks and opportunities related to sustainability issues along our value chain. This also took into account companyspecific issues, for example in connection with our strategy and business model. We then assessed the identified impacts, risks and opportunities in terms of the materiality of the impacts and financial materiality.

In financial year 2024/2025, we reviewed the results of our last full materiality analysis. As part of that, we assessed microplastics to be an additional material issue in the context of environmental pollution. We consequently expanded our previous reporting to include this topic.

Overall, the following material sustainability issues for the KWS Group were identified:

Environmental aspects

• Climate Change
• Environmental Pollution
• Water
• Biodiversity and Ecosystems
• Innovations for Agriculture

Social aspects

• Own Workforce
• Workers in the Value Chain
• Social Engagement

Governance aspects

Business Conduct

Our material sustainability aspects are presented in the Non-Financial Declaration.

Legal disclosures

In accordance with Sections 289b et seq. and Sections 315b et seq. of the German Commercial Code (HGB), KWS is obliged to prepare a Non-Financial Declaration for the parent company KWS SAAT SE & Co. KGaA and the KWS Group disclosing details of the business model and related material corporate social responsibility (CSR) aspects (environmental matters, social matters, employee-related matters, human rights, and combating corruption and bribery), where these are necessary for an understanding of the course of business, business results, the situation of KWS SAAT SE & Co. KGaA and the KWS Group, and the effects on said aspects. The disclosures in the Combined Non-Financial Declaration

relate to both KWS SAAT SE & Co. KGaA and the KWS Group (including its subsidiaries), unless otherwise specified, but not to our joint arrangements or associated companies.

The table below gives an overview of the CSR report aspects stipulated by law in accordance with Section 289c of the German Commercial Code (HGB) and other associated issues that require reporting, as well as references to the sections in which the required disclosures on concepts, results, risks and key performance indicators are made. We did not identify any risks that exceeded the statutory materiality threshold defined in Section 289c (3) of the German Commercial Code (HGB). In addition, the KWS Group has not defined any non-financial performance indicators relating to controlling at present.

Required HGB disclosures	Material sustainability topic	Reference to sections
Business model		2.4.1 General Information
Environmental matters	Climate Change Pollution Water Biodiversity and Ecosystems Innovations for Agriculture	2.4.2 Environmental Aspects 2.4.2 Environmental Aspects 2.4.2 Environmental Aspects 2.4.2 Environmental Aspects 2.4.2 Environmental Aspects
Employee-related matters	Own Workforce	2.4.3 Social Aspects
Anti-corruption and anti-bribery	Business Conduct	2.4.4 Governance
Human rights	Own Workforce	2.4.3 Social Aspects
Social matters	Own Workforce Workers in the Value Chain Social Engagement	2.4.3 Social Aspects 2.4.3 Social Aspects 2.4.3 Social Aspects
EU Taxonomy		2.4.2 Environmental Aspects

Index for the Non-Financial Declaration

Sustainable Development Goals

KWS supports achievement of the Sustainable Development Goals (SDGs) under the UN's Agenda 2030 (https://www.un.org/sustainabledevelopment/ sustainable-development-goals/). KWS feels it has a commitment to achieving these goals and makes concrete contributions to the following SDGs through its business activities:

We will be guided by the SDGs in the future development of our company and intend to continue integrating them into the Group.

KWS' focal issues from the 17 Sustainable Development Goals (SDGs)

2.4.2 Environmental Aspects

2.4.2.1 Climate Change

Improve operational footprint (Sustainability Ambition 2030)

Objective	Target in 2030	2024/2025	2023/2024
Scope 1 and Scope 2 emissions 1	50% reduction (2050: net zero) compared with the baseline year 2020/2021 (47,587 t CO2e)	52,044 t CO2 e	49,213 t CO2 e 2
Use of scorecards to measure local environmental performance	Use of scorecards at all production sites, including processing plants and our own seed multiplication areas	53 out of 63 locations	49 out of 62 locations 3

1 The Scope 1 and Scope 2 emissions relate to the past calendar year in each case.

2 The previous year's figure for Scope 1 and Scope 2 emissions was adjusted due to a subsequent correction in natural gas consumption at one location. 3 The previous year's figures were adjusted to reflect the sales of the commercial corn and sorghum business in South America in the first quarter of 2024/2025 to

enhance comparability.

Energy and emissions

KWS has set itself the goal of reducing Scope 1 and Scope 2 emissions by 50% by 2030 compared with the baseline year 2020/2021 (47,587 t CO2 e). KWS therefore surpasses the 42% reduction required by the Science Based Targets initiative (SBTi) for this period. Our aim is to reduce our Scope 1 and Scope 2 emissions to net zero by 2050. Both targets are geared toward meeting the 1.5-degree target defined in the Paris Agreement. Our energy consumption and CO2 emissions in this section relate to the past calendar year in each case, as this is the period for which we have the highest data availability.

Energy

As a plant breeding company, KWS is part of the agricultural value chain. We mainly require heat for drying seed, and cold and heat for breeding work in greenhouses or climatic chambers, and for operating agricultural machinery. Weather conditions, such as the prevailing humidity, can significantly influence our energy requirements and result in fluctuations. We currently cover these energy requirements predominantly with natural gas, by purchasing electricity from national power grids, and with diesel, but also by using energy obtained from biomass ¹ . The company also has its own photovoltaic systems at various locations and they help reduce the amount of energy that has to be purchased externally.

The previous year's energy consumption figure was adjusted retrospectively. The reason for this is the subsequent correction to natural gas consumption at one location in calendar year 2023. Our global energy consumption totaled 832 (794) ² TJ in calendar year 2024, of which 15% (13%) was covered by renewable energies. ³ The increased energy consumption was covered in particular by higher diesel consumption and a greater combustion of corn cobs and biomethane. The energy intensity was 0.50 (0.47) ⁴ GJ per €1,000 of net sales.

in % of total

2, 4 The previous year's figure was adjusted due to a subsequent correction in natural gas consumption at one location.

1 Biomethane, wood chips, corn cobs and bioethanol.

³ This includes energy obtained from the combustion of biomethane, corn cobs and wood chips and from in-house power generation using photovoltaic systems. We do not have any information to enable the data on electricity we buy in to be broken down by renewable energies.

Energy consumption at the KWS Group

in TJ	2024	2023
Natural gas	297	3051
Electricity	179	184
Diesel	145	125
Biomethane combustion	90	81
Petrol	48	53
Others	73	47
Total	832	7941

1 The previous year's figure was adjusted due to a subsequent correction in natural gas consumption at one location.

Emissions

In order to achieve our emissions targets, we adjust our use of energy. We examine among other things increasing the use of biomass-based energy generation, expanding our own photovoltaic systems and purchasing green electricity under power purchase agreements, as well as energy efficiency measures. As part of that, we take into account both the potential of such projects to reduce emissions and their cost-effectiveness. In financial year 2023/2024, the Executive Board decided to replace our use of natural gas in Germany with biomethane by 2027. A supply agreement to this effect was concluded. The heat exchange concept with the municipal water treatment plant in Einbeck was implemented in the year under review. In addition, photovoltaic systems were purchased to generate electricity in-house and their registration was initiated. Further measures for German locations are being examined or planned. These include the use of wind power and district heating, the purchase of low-emission electricity, the use of heat pumps and heat exchangers, and other energy efficiency measures to reduce our energy requirements. In the coming years, the focus of further energy reduction measures will be on our foreign locations.

Methodology

We are guided by the requirements of the GHG Protocol in determining our greenhouse gas emissions. As part of that, our energy and fertilizer consumption is recorded worldwide, consolidated centrally and converted into CO2 equivalents using emissions factors. We use factors from the UK

Department for Environment, Food and Rural Affairs (DEFRA) for Scope 1 emissions and factors from the International Energy Agency (IEA) for Scope 2 emissions as part of that. Emissions from fertilizers are calculated based on the source "Metodologia do GHG Protocol da agricultura". ⁵ Our Scope 2 emissions are reported in accordance with the location-based method. We report our emissions resulting from the use of biomass ⁶ mainly outside the GHG Scopes, as they are not to be assigned to any Scope according to the GHG Protocol.

The correction of our natural gas consumption in the previous year also affects our Scope 1 emissions and has been taken into account accordingly in the following paragraphs. In calendar year 2024, the KWS Group's Scope 1 and Scope 2 emissions were 52,044 (49,213) ⁷ t CO2 e. The 6% increase is attributable in particular to higher emissions from diesel and Scope 1 fertilizer consumption at our production and breeding stations. That results in an emission intensity of 31.0 (29.3) ⁷ kg CO2 e per €1,000 of net sales. The Scope 1 and Scope 2 emissions of the parent company KWS SAAT SE & Co. KGaA were 14,106 (12,387) t CO2 e.

in calendar year 2024 in % of the total Scope 1 and Scope 2 emissions

5 See https://ghgprotocol.org/sites/default/files/standards\_supporting/ Metodologia.pdf.

6 Biomethane, corn cobs, wood chips, bioethanol and organic fertilizer

7 The previous year's figure for Scope 1 and Scope 2 emissions was adjusted due to a subsequent correction in natural gas consumption at one location.

The out-of-scope emissions in calendar year 2024 were 9,020 (7,793) t CO2 e for the KWS Group and 4,948 (4,483) t CO2 e for KWS SAAT SE & Co. KGaA.

Scope 1 and Scope 2 emissions of the KWS Group

in t CO2e	2024	2023
Electricity	16,322	17,074
Natural gas	15,084	15,4611
Diesel	10,692	8,295
Scope 1 fertilizer	4,181	3,382
Petrol	3,246	3,258
Others	2,519	1,742
Total	52,044	49,2131

1 The previous year's figure for Scope 1 and Scope 2 emissions was adjusted due to a subsequent correction in natural gas consumption at one location.

The KWS Group's greenhouse gas emissions in accordance with the GHG Scopes

Type of emissions	2024 (t CO2e)	2023 (t CO2e)	Delta (%)
Direct emissions (Scope 1)	35,639	32,044 1	11
Indirect emissions (Scope 2)	16,405	17,169	−4
Total	52,044	49,213 1	6
Biomass emissions (out-of-scope)	9,020	7,793	16

1 The previous year's figure for Scope 1 emissions was adjusted due to a subsequent correction in natural gas consumption at one location.

We are currently refining our defined methods and established processes and plan to determine our Scope 3 emissions for the financial year 2025/2026 and report them in our sustainability statement next year in accordance with the CSRD.

Environmental scorecards

In order to minimize the ecological impacts of our locations and operations, we strive to continuously improve our internal processes, technologies and standards. The locations themselves are responsible for the implementation of resource-conserving measures. We aim to ensure that all KWS locations are governed by comparable regulations by means of global minimum requirements in our HSE (health, safety and environment) management activities.

We use environmental scorecards to measure the environmental performance of locations within the KWS Group. In financial year 2024/2025, scorecards were used to record environmental data relating to biodiversity, water and energy worldwide for 53 (49) out of 63 (62) production and multiplication sites. The previous year's figures were adjusted to reflect the sales of the commercial corn and sorghum business in South America in the first quarter of 2024/2025 so as to enhance comparability.

Starting in financial year 2025/2026, we will record extensive environmental data throughout the Group in accordance with the Corporate Sustainability Reporting Directive (CSRD), which will eliminate the need for separate data capture using environmental scorecards.

2.4.2.2 Environmental Pollution

Microplastics

Pesticides are used in conventional crop farming to protect seed against harmful environmental influences. Some important and widespread pesticides are currently not available on the market in plastic-free form. Alternative plastic-free products

currently do not offer comparable and sufficient effectiveness. This means KWS will continue to use pesticides containing plastic for the time being until suitable alternatives are found. Our long-term goal is to reduce our environmental impact and use plastic-free pesticides. That is why we are engaged in a dialogue with pesticide suppliers in this regard.

We assessed microplastics to be a material issue for the first time in financial year 2024/2025. We consequently expanded our previous reporting to include this topic. We are currently establishing the necessary reporting processes so that we can address the issue of microplastics transparently in our sustainability reporting in the future.

2.4.2.3 Water

Water is an important resource for KWS as a breeding company. As part of our seed production and breeding processes, a water supply suitable for the needs of our plants is vital so that we can harvest healthy seed and ensure a high yield from multiplication. As part of its global HSE management, KWS has committed itself to a resource-conserving operation of its processes. KWS strives to reduce water withdrawal and use the resource water as efficiently as possible. To enable that, we record and monitor our global water withdrawal and have implemented internal stipulations on using water and handling sewage. Our water withdrawal figures in this section relate to the past calendar year in each case, as this is the period for which we have the highest data availability.

The KWS Group's water withdrawal

in m3	2024	2023
Total	5,440,240	5,214,1251

1 The previous year's figure for water withdrawal was adjusted due to subsequent estimates of water withdrawal by locations and subsequent correction to the water withdrawal data of two locations.

In the reporting for financial year 2023/2024, water withdrawal was reported solely on the basis of existing measurement data. In the year under review, we included for the first time application areas for which we currently have no measurement data in determining water withdrawal. Consequently, we estimated water withdrawal for field irrigation using surface water and groundwater at significant locations.

In calendar year 2024, the KWS Group's water withdrawal was 5,440,240 (5,214,125) ⁸ m3. Ten locations accounted for 93% of our total water withdrawal in calendar year 2024. Much of that is attributable to field irrigation using surface water and is currently determined based on estimates. Part of the water we withdraw seeps away during field irrigation, thereby contributing to groundwater recharge. Consequently, our water consumption is lower than our water withdrawal.

In order to enable comparability of this year's water withdrawal figure with that of the previous year, we also estimated the water withdrawal data for the locations for which estimates were made for the first time for the previous year and adjusted the figure reported for the previous year. In addition, the water withdrawal data reported in the previous year for two locations was subsequently corrected, which also resulted in a revision to the water withdrawal figure reported in the previous year. By expanding our internal controls, we continue to work on improving the accuracy of data on our water withdrawal. In addition, we plan to continuously reduce the proportion of estimated water withdrawal by installing water meters in the coming years.

⁸ The previous year's figure for water withdrawal was adjusted due to subsequent estimates of water withdrawal by locations and subsequent correction to the water withdrawal data of two locations.

Use of fresh water and water stress

Our internal HSE management system defines a globally applicable standard specifying that we aim to work in a way that conserves resources and to avoid process-related effluents as far as possible.

Alongside water withdrawal in offices and research buildings, the highest levels of fresh water are used in watering the plants at our in-house trial and multiplication locations. "Smart" drip irrigation that controls watering based on the plants' needs is used in some of our greenhouses and on some of our fields. We prescribe that the use of regenerative resources must be examined for new construction projects so that the use of groundwater can be reduced further. Our scorecards include questions

on the subject of water stress. This captures qualitative data about whether production sites rely on renewable water sources (currently 10 out of 53 production and multiplication sites for which data is recorded) and whether locations are situated near or within areas of water stress (currently 23 out of 53 production and multiplication sites for which data is recorded).

We plan to review our approach to water withdrawal in financial year 2025/2026 and adjust it if necessary. We do not currently see an absolute reduction in our water withdrawal as reasonable due to the impact of the weather on our business model and the associated fluctuations in water requirements.

2.4.2.4 Biodiversity and Ecosystems

Enhance crop diversity (Sustainability Ambition 2030)

Objective	Target in 2030	2024/2025	2023/2024
Crops in breeding programs	27	22	23

Flexible and sustainable crop rotation in agriculture is part of our sustainable product strategy. We therefore offer our customers a broad portfolio of varieties for different crops. We plan to increase the number of our breeding programs from 22 (23) at present to 27 by 2030. The decline compared to the previous year is attributable to the fact that, since this financial year, the focus for one catch crop has been on preservation breeding. A plant breeding program for agricultural crops is a systematic and science-based method of developing plants with improved traits and properties. It comprises the pinpointed crossing and selection of plants over multiple generations to enhance desirable traits

such as yield, resistance to diseases and pests, drought tolerance, nutrient efficiency and adaptability to different environmental conditions. The goal is to develop varieties that meet farmers' needs, increase yields, improve food security and promote sustainable agricultural practices. Modern plant breeding programs use innovative technologies such as genomics, marker-assisted selection, digital phenotyping and genome editing to speed up and optimize the breeding process. Crop-specific development objectives are agreed annually between the Research, Breeding, Production and Sales departments, submitted to the Executive Board for approval and reported to the Supervisory Board.

We support both conventional and organic farming with our varieties, catch crops and mixed cropping solutions from breeding programs. Compared to traditional agriculture, organic farming has a more positive influence on biodiversity, since no chemical pesticides are used in it and near-natural areas are fostered to a greater extent. We already have one of the most diverse product portfolios in plant breeding, enabling us to provide extensive support for multiyear crop rotation strategies and conventional and organic market segments with our own products.

Another indicator of the success of our breeding programs is the number of official variety approvals awarded per year. Only varieties of agricultural plant species that enable a clear improvement in cultivation or further processing over already approved ones, and thus have "value for cultivation and use," can be marketed in the EU. We obtained 584 variety approvals worldwide in financial year 2024/2025 compared to 559 in the previous year.

Minimize required inputs (Sustainability Ambition 2030)

Objective	Target in 2030	2024/2025	2023/2024
Share of R&D expenditures on reducing the use of resources	> 30% of annual R&D expenditure	22.5%	21.9%
Share of low-input varieties 1	Suitability of > 25% of KWS' varieties for low-input farming	22.6%	18.9%

1 Recorded for the German and UK markets, excluding vegetable varieties.

KWS has set itself the goal of minimizing the use of natural and chemical resources in agriculture. To achieve this, we have phrased two targets in our Sustainability Ambition 2030:

More than 30% of our annual R&D expenditure is going toward reducing the use of resources.

In the future, we intend to use more than 30% of our annual R&D expenditures specifically on reducing the use of resources (water, fertilizer and pesticides) in arable farming. To enable this, we are planning to develop varieties that, for example, are resistant to diseases or pathogens or have greater tolerance to climatic stress factors and therefore require less pesticide and work by the farmer. In financial year 2024/2025, 22.5% (21.9%) of our R&D expenditure ⁹ went toward breeding and developing resource-conserving varieties.

More than 25% of our portfolio of varieties are to be suitable for low-input farming.

We develop resource-saving traits as part of our breeding activities. They include varieties that deliver yields that are customary for the market with little use of fertilizer, limited water availability or reduced use of chemical pesticides. At least one trait of a variety must enable lower resource use in cultivation and, at the same time, offer a yield potential that is market standard, in which case the variety is classified as low-input. Very high yields may also result in varieties being awarded this classification, as such varieties can achieve the same yield level as customary varieties with fewer resources. We have to prove the performance of these low-input varieties under cultivation conditions, either in our internal trials or as part of official approval processes. We intend to further expand the breeding of low-input varieties in the future.

Resource-conserving traits in sugar beet are, for example, disease resistance, which may entail the use of less pesticide and reduce the number of times machines have to cross the field. In the case of oilseed rape, they are traits where there is demonstrably lower infestation by pests. We currently offer our customers a total of 337 (312) varieties of sugar beet, silage corn, winter oilseed rape, wheat, barley and rye in Germany and the UK. Of these, 76 (59) varieties, or 22.6% (18.9%), were classified by us as low-input in financial year 2024/2025.

for the breeding programs for corn, cereals and vegetables. This share is based on the ratio reported for sugar beet, which was approximately 24% (21%) for financial year 2024/2025.

⁹ In R&D controlling, not all research and breeding activities that contribute to reducing the use of resources can be clearly separated from other breeding activities such as increasing yield. Consequently, the key figure includes the actual costs for individual R&D projects and a pro-rata share of the total costs

2.4.2.5 Innovations for Agriculture

Securing food production and supporting sustainable nutrition (Sustainability Ambition 2030)

Objective	Target in 2030	2024/2025	2023/2024
Annual yield gain1	1.5% on average	1.0%	1.1%
Use of digital solutions on customers' fields	Use of digital solutions on > 6 million hectares	3.2 million hectares	2.9 million hectares
Share of varieties for direct human nutrition2	Suitability of > 40% of KWS' varieties for direct human nutrition	39.7%	35.9%

1 Recorded for the German and UK markets. The key figure is determined based on the crops corn, wheat, barley, oilseed rape, rye and sugar beet. 2 Recorded for the German and UK markets.

KWS keeps on developing innovative plant varieties that have to meet the differing requirements of farmers and consumers. We breed sugar beet, corn, various cereals and vegetables, oilseed rape and catch crops and thus offer a broad range of products for conventional and organic farming. Innovative plant breeding can help reduce the consumption of limited resources such as water, land and energy. Plant breeding is therefore an important factor in making agricultural cultivation

Product innovations made by KWS

more resource-efficient.

We continuously develop varieties for agriculture further in our breeding programs. A particular focus of that – apart from the development of resistances, tolerances as well as nutrient efficiencies – is to increase yields. Among other things, high-yielding varieties help to alleviate pressures on land use in food production resulting from the rising world population.

Based on the test results of all varieties in official trials over the past ten years, corn, wheat, barley, oilseed rape, rye and sugar beet achieved an average yield gain of 1.0% (1.1%) p.a. for the German and UK markets. This result was derived from data from approval authorities.

In addition to the genetic configuration of the plant varieties, digital services also contribute to yield gain. KWS supported farmers on around 3.2 (2.9) million hectares with digital solutions by the end of financial year 2024/2025. These solutions can be used to calculate the seed rate for specific subplots or to determine the time of harvest, for example. As part of our Sustainability Ambition 2030, we aim to expand that figure to more than six million hectares.

In addition, our goal is for more than 40% of KWS' varieties to be suitable and intended for direct human consumption or use in a plant-based diet. Since more and more people are adopting a mainly vegetarian diet, we intend to cater for this growing demand for plant-based foods. Our goal, in addition to our existing vegetable portfolio, is to develop nutrient-rich varieties for the global market that, when harvested, can be used for human nutrition directly or with little processing. The share of varieties intended by KWS for direct human nutrition in financial year 2024/2025 was 39.7% (35.9%) for the German and UK markets.

For more resilient cultivation systems, so as to promote sustainable agriculture, we offer European farmers tailor-made solutions with our KWS Fit4NEXT range of catch crop mixtures. They allow typical crop rotations to be supplemented usefully and optimized. The diverse functions of a catch crop mixture as a means of conserving the soil and storing nutrients, as well as a habitat for numerous species, are just as important as its role in suppressing unwanted weeds and reducing harmful nematodes. The use of additional nitrogen can be reduced with catch crop mixtures that contain legumes. This, together with the conservation of nitrogen from the soil, contributes significantly to the preservation of valuable resources and reduces the use of fertilizers. Catch crops use CO2 to generate valuable humus for improving and maintaining soil fertility.

We have worked for years on developing biologicals as an alternative or complement to a chemical seed treatment. They include microorganisms such as fungi and bacteria, as well as substances obtained from plants or microorganisms. We have treated sugar beet, oilseed rape, corn, rye and sorghum seed with biologicals since financial year 2019/2020. Biological treatments for further crops, such as sunflowers, barley, spinach, fodder beet and beans, are being developed. In financial year 2024/2025, we submitted further applications for approval so that biological seed treatments developed by us can be offered in further countries, such as Türkiye, Switzerland, Italy and Moldova. We are also striving to establish biologicals in the treatment of sugar beet seed in North America.

2.4.2.6 EU Taxonomy

Under Article 8 of the EU Taxonomy Regulation (EU) 2020/852 and the supplementary delegated acts, KWS is required to disclose the proportions of Taxonomy-eligible and Taxonomy-aligned turnover, capital expenditures (CapEx) and operating expenditures (OpEx) in relation to the following environmental objectives for financial year 2024/2025:

• Climate change mitigation
• Climate change adaptation
• Sustainable use and protection of water and marine resources
• Transition to a circular economy
• Pollution prevention and control
• Protection and restoration of biodiversity and ecosystems.

The European Commission publishes delegated acts that specify criteria for assessing the sustainable pursuit of economic activities in relation to various environmental objectives. Firstly, an economic activity is Taxonomy-eligible if it is described in one of these delegated acts. In this case, criteria for assessing the sustainability of this economic activity are laid down in the relevant delegated act. If an economic activity is Taxonomy-eligible, the second step is to assess whether it is pursued in an environmentally sustainable manner, i.e. whether it is Taxonomy-aligned.

A Taxonomy-eligible economic activity is deemed to be Taxonomy-aligned if it

• contributes substantially to at least one environmental objective,
• does not significantly harm other environmental objectives and
• is carried out in compliance with the minimum safeguards.

The requirements regarding the substantial contribution and the avoidance of significant harm are activity-specific, whereas compliance with the minimum safeguards applies in principle across all activities. The minimum safeguards comprise existing procedures that ensure compliance with the following frameworks:

• the OECD Guidelines for Multinational Enterprises,
• the UN Guiding Principles on Business and Human Rights,
• the Declaration of the International Labour Organisation (ILO) on Fundamental Principles and Rights at Work and
• the International Bill of Human Rights.

The requirements for compliance with the minimum safeguards are concretized by the Final Report on Minimum Safeguards by the Platform on Sustainable Finance (PSF). Accordingly, the minimum safeguards relate to four core topics: human rights (including labour and consumer rights), corruption and bribery, taxation, and fair competition. Our analysis has shown that we ensure compliance with the minimum safeguards.

In order to avoid double counting in determining the Taxonomy-eligible and Taxonomy-aligned proportions, economic activities are only considered under one environmental objective. As part of this, Taxonomy-eligible activities that account for a total proportion of less than 1% of KWS' respective KPI are not considered material and are therefore classified as Taxonomy-non-eligible. The Taxonomy-eligible economic activities classified as non-material totaled less than 3% (3%) of capital expenditures (CapEx) and less than 1% (1%) of operating expenditures (OpEx) in financial year 2024/2025.

Turnover

Turnover corresponds to consolidated net revenue in accordance with IAS 1.82(a) as presented in the Consolidated Statement of Comprehensive Income. The relevant accounting policies are presented in the Consolidated Financial Statements in the section "3.6 Recognition of income and expenses"

of the Notes. Our total turnover (we use the term "net sales" in our Financial Statements) in financial year 2024/2025 was €1,676.6 (1,678.1) million.

As a plant breeding company, our core business activities are currently not covered by the European Commission's delegated acts on the six environmental objectives and are therefore not Taxonomy-eligible. That means there are at present no activity-specific criteria that we can use to assess the environmental sustainability of our turnover. Consequently, the proportions of our Taxonomy-eligible and Taxonomy-aligned turnover in financial year 2024/2025 are 0% (0%) in each case.

Operating expenditures (OpEx)

The EU Taxonomy defines operating expenditures (OpEx) as direct, non-capitalized costs relating to research and development, building renovation measures, short-term lease, maintenance and repairs and other direct expenditures relating to the day-to-day servicing of assets of property, plant and equipment. Our total operating expenditures in financial year 2024/2025 were €370.0 (348.5) million.

In order to generate innovations, we invest a significant amount in research and development every year. Accordingly, our operating expenditures (OpEx) consist largely of research and development expenses. As the EU taxonomy does not yet include any economic activities in the field of plant breeding, the proportion of our Taxonomy-eligible and Taxonomy-aligned operating expenditures (OpEx) in financial year 2024/2025 is 0% (0%) in each case.

Capital expenditures (CapEx)

Capital expenditures comprise gross additions to property, plant and equipment (IAS 16), intangible assets (IAS 38) and right-of-use assets (IFRS 16). The relevant accounting policies are presented in the Consolidated Financial Statements in the sections "3.7 Intangible assets," "3.8 Property, plant and equipment" and "3.9 Leases" of the Notes. Our total capital expenditures in financial year 2024/2025 were €134.9 (156.5) million. This total value comprises additions to intangible

assets (section "7.1 Intangible assets" of the Notes), property, plant and equipment (section "7.2 Property, plant and equipment" of the Notes) and right-of-use assets (section "7.15 Leases" of the Notes) in the period under review.

Taxonomy-eligible and Taxonomy-aligned capital expenditures were identified in financial year 2024/2025 and are summarized in the following table:

Economic activity (environmental objective)	Taxonomy-aligned capital expenditures in 2024/2025 in € million	Taxonomy-eligible capital expenditures in 2024/2025 in € million
6.5 Transport by motorbikes, passenger cars and light commercial vehicles (climate change mitigation)	0	12.2
7.1 Construction of new buildings (climate change miti gation)	13.5	31.9
7.6 Installation, maintenance and repair of renewable energy technologies (climate change mitigation)	3.0	3.2
7.7 Acquisition and ownership of buildings (climate change mitigation)	0	3.2
Total	16.5	50.5

Taxonomy-eligible and Taxonomy-aligned capital expenditures (CapEx)

In financial year 2024/2025, there were Taxonomyaligned capital expenditures (CapEx) of €13.5 million related to the economic activity "7.1 Construction of new buildings" in connection with the environmental objective of "climate change mitigation." They accounted for 10% of the KWS Group's total capital expenditures (CapEx). These Taxonomyaligned capital expenditures (CapEx) referred entirely to the construction project "Elitespeicher", a new building complex for seed production that was completed in the year under review. Total capital expenditure on the "Elitespeicher" amounted to approximately €56.7 million. Compliance with the technical screening criteria for substantial contribution to climate change mitigation as well as the avoidance of significant harm to other environmental objectives is ensured for the "Elitespeicher" through the targeted certification by the German Sustainable Building Council (DGNB). To enable that, an extensive certification process is currently underway.

In addition, Taxonomy-aligned capital expenditures (CapEx) of €3.0 million relating to the economic activity "7.6 Installation, maintenance and repair of renewable energy technologies" were identified in the past financial year under the environmental objective "climate change mitigation." They accounted for 2% of total capital expenditures (CapEx). These Taxonomy-aligned capital expenditures (CapEx) primarily related to photovoltaic systems and a project for waste heat utilization from the municipal water treatment plant in Einbeck.

The templates to be published in accordance with the EU Taxonomy Regulation are presented below. Since we do not have any Taxonomy-eligible economic activities related to gas and nuclear energy, the corresponding sector-specific tables are not shown.

EU Taxonomy Template: Turnover

Financial year 2024/2025		2024/2025					Substantial contribution criteria
Economic activities	Code	Turnover	Propor tion of turnover 2024/2025	Climate change mitigation	Climate change adaptation	Water	Pollution	Circular economy
		in € thousand	%	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL

A. Taxonomy-eligible activities

A.1. Environmentally sustainable activities (Taxonomy-aligned)
Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1)	0		0.0
Of which enabling	0		0.0
Of which transitional	0		0.0

A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

	in € thousand	%	EL; N/EL	EL; N/EL	EL; N/EL	EL; N/EL
Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)	0	0.0
A. Turnover of Taxonomy-eligible activities (A.1 + A.2)	0	0.0
B. Taxonomy-non-eligible activities
B. Turnover of taxonomy-non-eligible activities	1,676,628	100.0
Total	1,676,628	100.0

Y – Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective.

N – No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective.

EL – Eligible, Taxonomy-eligible activity for the relevant environmental objective. N/EL – Not eligible, Taxonomy-non-eligible activity for the relevant environmental objective.

Proportion of Turnover per Environmental Objective

	Proportion of turnover / Total turnover
in %	Taxonomy-aligned per objective	Taxonomy-eligible per objective
Climate change mitigation (CCM)	0	0
Climate change adaptation (CCA)	0	0
Water and marine resources (WTR)	0	0
Circular economy (CE)	0	0
Pollution prevention and control (PPC)	0	0
Biodiversity and ecosystems (BIO)	0	0

Category transitional

				DNSH- criteria ('Does Not Significantly Harm')			Minimum	Proportion	Category	Category
Bio diversity	Climate change mitigation	Climate change adaptiaon	Water	Pollution	Circular economy	Bio diversity	safe gurards	of taxonomy aligned (A.1.) or -eligible (A.2.) turnover 2023/2024	enabling activity	transitional activity
Y; N; N/EL	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	%	E	T
								0.0
								0.0
								0.0
EL; N/EL								%
								0.0
								0.0

EU Taxonomy Template: Turnover

B. Taxonomy-non-eligible activities B. Turnover of taxonomy-non-eligible

activities

in %

Total 1,676,628 100.0

Y – Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective. N – No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective.

Proportion of Turnover per Environmental Objective

EL – Eligible, Taxonomy-eligible activity for the relevant environmental objective. N/EL – Not eligible, Taxonomy-non-eligible activity for the relevant environmental objective.

1,676,628 100.0

Climate change mitigation (CCM) 0 0 Climate change adaptation (CCA) 0 0 Water and marine resources (WTR) 0 0 Circular economy (CE) 0 0 Pollution prevention and control (PPC) 0 0 Biodiversity and ecosystems (BIO) 0 0

Proportion of turnover / Total turnover

Taxonomy-eligible per objective

Taxonomy-aligned per objective

EU Taxonomy Template: Operating expenditures (OpEx)

Financial year 2024/2025		2024/2025				Substantial contribution criteria
Economic activities	Code	OpEx	Propor tion of OpEx 2024/2025	Climate change mitigation	Climate change adaptation	Water	Pollution	Circular economy
		in € thousand	%	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL
A. Taxonomy-eligible activities
A.1. Environmentally sustainable activities (Taxonomy-aligned)
OpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)		0	0.0
Of which enabling		0	0.0

A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

	in € thousand	%	EL; N/EL	EL; N/EL	EL; N/EL	EL; N/EL	EL; N/EL
OpEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)	0	0.0
A. OpEx of Taxonomy-eligible activities (A.1 + A.2)	0	0.0
B. Taxonomy-non-eligible activities
OpEx of taxonomy-non-eligible activities	370,006	100.0
Total	370,006	100.0

Y – Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective.

N – No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective.

EL – Eligible, Taxonomy-eligible activity for the relevant environmental objective.

N/EL – Not eligible, Taxonomy-non-eligible activity for the relevant environmental objective.

Proportion of OpEx per Environmental Objective

	Proportion of OpEx / Total OpEx
in %	Taxonomy-aligned per objective	Taxonomy-eligible per objective
Climate change mitigation (CCM)	0	0
Climate change adaptation (CCA)	0	0
Water and marine resources (WTR)	0	0
Circular economy (CE)	0	0
Pollution prevention and control (PPC)	0	0
Biodiversity and ecosystems (BIO)	0	0

Of which transitional 0 0.0 0.0

Category transitional

	DNSH- criteria ('Does Not Significantly Harm')		Minimum	Proportion			Category	Category
	Circular economy	Bio diversity	safe gurards		of taxonomy aligned (A.1.) or -eligible (A.2.) turnover 2023/2024		enabling activity	transitional activity
	Y/N	Y/N	Y/N		%		E	T
						0.0
						0.0
						0.0
					%
						0.0
						0.0

EU Taxonomy Template: Operating expenditures (OpEx)

Total 370,006 100.0

Y – Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective. N – No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective.

EL – Eligible, Taxonomy-eligible activity for the relevant environmental objective. N/EL – Not eligible, Taxonomy-non-eligible activity for the relevant environmental objective.

Proportion of OpEx per Environmental Objective

B. Taxonomy-non-eligible activities OpEx of taxonomy-non-eligible

activities

in %

370,006 100.0

Climate change mitigation (CCM) 0 0 Climate change adaptation (CCA) 0 0 Water and marine resources (WTR) 0 0 Circular economy (CE) 0 0 Pollution prevention and control (PPC) 0 0 Biodiversity and ecosystems (BIO) 0 0

Proportion of OpEx / Total OpEx

Taxonomy-eligible per objective

Taxonomy-aligned per objective

EU Taxonomy Template: Capital expenditures (CapEx)

Financial year 2024/2025		2024/2025		Substantial contribution criteria
Economic activities	Code	CapEx	Propor tion of CapEx 2024/2025	Climate change mitigation	Climate change adaptation	Water	Pollution	Circular economy
		in € thousand	%	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL
A. Taxonomy-eligible activities
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Construction of new buildings	CCM 7.1	13,541	10.0	Y	N/EL	N/EL	N/EL	N/EL
Installation, maintenance and repair of renewable energy technologies	CCM 7.6	3,041	2.3	Y	N/EL	N/EL	N/EL	N/EL
CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)		16,582	12.3	100.0%	0.0%	0.0%	0.0%	0.0%
Of which enabling		3,041	2.3	100.0%	0.0%	0.0%	0.0%	0.0%
Of which transitional		0	0.0	0.0%

A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

		in € thousand	%	EL; N/EL	EL; N/EL	EL; N/EL	EL; N/EL	EL; N/EL
Transport by motorbikes, passenger cars and light commercial vehicles	CCM 6.5	12,153	9.0	EL	N/EL	N/EL	N/EL	N/EL
Construction of new buildings	CCM 7.1	18,335	13.6	EL	N/EL	N/EL	N/EL	N/EL
Renovation of existing buildings	CCM 7.2	0	0.0	EL	N/EL	N/EL	N/EL	N/EL
Installation, maintenance and repair of renewable energy technologies	CCM 7.6	185	0.1	EL	N/EL	N/EL	N/EL	N/EL
Acquisition and ownership of buildings	CCM 7.7	3,226	2.4	EL	N/EL	N/EL	N/EL	N/EL
CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)		33,901	25.1	100.0%	0.0%	0.0%	0.0%	0.0%
A. CapEx of Taxonomy-eligible activities (A.1 + A.2)		50,482	37.4	100.0%	0.0%	0.0%	0.0%	0.0%
B. Taxonomy-non-eligible activities
CapEx of taxonomy-non-eligible activities		84,378	62.5
Total		134,861	100.0

Y – Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective.

N – No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective.

EL – Eligible, Taxonomy-eligible activity for the relevant environmental objective. N/EL – Not eligible, Taxonomy-non-eligible activity for the relevant environmental objective.

Proportion of CapEx per Environmental Objective

	Proportion of CapEx / Total CapEx
in %	Taxonomy-aligned per objective	Taxonomy-eligible per objective
Climate change mitigation (CCM)	12.3	37.4
Climate change adaptation (CCA)	0	0
Water and marine resources (WTR)	0	0
Circular economy (CE)	0	0
Pollution prevention and control (PPC)	0	0
Biodiversity and ecosystems (BIO)	0	0

Category transitional

DNSH- criteria ('Does Not Significantly Harm')
	Bio diversity		Circular economy			Pollution	Water	Climate change adaptiaon		Climate change mitigation		Bio diversity
	Y/N		Y/N		Y/N		Y/N	Y/N		Y/N		Y; N; N/EL
Y		Y			Y		Y	Y				N/EL
								Y				N/EL
												0.0%
												0.0%
												EL; N/EL
												N/EL
												N/EL
												N/EL
												N/EL
												N/EL
												0.0%
												0.0%

EU Taxonomy Template: Capital expenditures (CapEx)

B. Taxonomy-non-eligible activities CapEx of taxonomy-non-eligible

Total 134,861 100.0

Y – Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective. N – No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective.

EL – Eligible, Taxonomy-eligible activity for the relevant environmental objective. N/EL – Not eligible, Taxonomy-non-eligible activity for the relevant environmental objective. Proportion of CapEx per Environmental Objective

activities

in %

84,378 62.5

Climate change mitigation (CCM) 12.3 37.4 Climate change adaptation (CCA) 0 0 Water and marine resources (WTR) 0 0 Circular economy (CE) 0 0 Pollution prevention and control (PPC) 0 0 Biodiversity and ecosystems (BIO) 0 0

Proportion of CapEx / Total CapEx

Taxonomy-eligible per objective

Taxonomy-aligned per objective

2.4.3 Social Aspects

2.4.3.1 Social Engagement

Foster social engagement (Sustainability Ambition 2030)
Objective	Target in 2030	2024/2025	2023/2024
Ratio of expenditures as part of our social engagement	1% of operating income (EBIT) p.a.	0.9%	0.7%

KWS sees itself as an active member of society and thus wants to put its corporate values into practice through external engagement. As a forward-looking company, KWS therefore assumes responsibility in society. In general, our social engagement is organized locally. Our internal "Social Commitment" guideline provides the framework for that. The content of our activity in this area is also geared toward the United Nations' Sustainable Development Goals. ¹⁰

Regionally, KWS assumes responsibility in towns, cities and communities where it has locations by supporting cultural, social and socioeconomic projects. The objective is to increase the overall attractiveness of the predominantly rural surrounding area. This is achieved through long-term involvement in private-public partnerships, but also through long-term cultural commitments, e.g. in the form of the KWS Art Lounge or the annual cultural festival "Kulturkrafttage" ("Culture Power Days").

KWS focuses its supraregional social engagement on promoting education in the field of natural and agricultural sciences. In the past financial year, a clear objective was formulated in the form of a "social purpose." It reads as follows:

"Provide expertise, resources and inspiration to generate a social impact from science to farm to fork."

To achieve this objective, with a focus on science, agriculture and nutrition, KWS pursues various types of support in a targeted manner. Non-profit organizations are supported through donations,

scholarships are awarded or cooperation ventures with international partners in long-term development programs are initiated. Non-profit organizations are also supported through sponsorship activities if the projects in question are consistent with our social engagement objectives.

Education in the field of natural sciences

KWS is a long-standing sponsor of the "Jugend forscht junior" ("Youth Researches Junior") state contest, with the goal of lastingly inspiring children and young people for STEM subjects (science, technology, engineering and mathematics). In addition, KWS supports young scientists with diverse long-term scholarship programs in cooperation with various universities. In the financial year 2024/2025, we awarded university scholarships in the field of research and development, the German public-private scholarship "Deutschlandstipendium" in the field of human resources, and the Ferdinand von Lochow Scholarship to particularly committed students of agricultural sciences.

Education in the field of agriculture

Development partnerships in Africa are one focal aspect of KWS' activities here. In Zambia, the company is currently working with the local partner Good Nature Agro to improve access to agricultural resources and market connections for smallholder farms, as well as to identify corn, bean, sorghum and sunflower varieties that are best suited to the local context. A training project was also launched in Zambia in the financial year 2024/2025 in cooperation with Good Hope Zambia e.V. to professionalize young farmers in regenerative agriculture practices. KWS is also collaborating with the local

partner Agventure in Kenya to contribute to the diversification of cultivation systems and improve farmers' access to more robust varieties. The focus here is on corn, sorghum, sunflower, oilseed rape and peas.

In addition, we support various formats to encourage young talents and foster dialogue in the field of agricultural sciences. The goal of that is to promote dialogue and knowledge-sharing on resourceconserving agriculture at various levels. However, support is also given to projects that bring the topic of agriculture directly closer to wider society, such as a local farm working group or the network "Forum Moderne Landwirtschaft" which covers all areas of agriculture.

Education in the field of nutrition

In cooperation with STÄDTE OHNE HUNGER e.V., the company has established 10 school gardens in Brazil to give socially disadvantaged children access to fresh vegetables. Salads, peppers, cabbage, red beet, tomatoes, onions, parsley and coriander are grown by the children over an area of 100 to 3,000 square meters and harvested in teamwork. The aim is to spark the children's interest in agriculture and get them excited about plants and nutrition. KWS also supports school garden projects in Berlin in collaboration with Acker e.V.

The company also continued its engagement for Ukraine in financial year 2024/2025, as part of which various projects initiated by KWS employees were supported through donations.

The importance of social engagement is underscored by the target set by KWS' Executive Board of spending around 1% of annual operating profit (EBIT) on social engagement.

Expenditures as part of our social engagement

in € millions	2024/2025	2023/2024
Expenditures as part of our social engagement¹	2.1	1.9
of which for donations and development programs in Kenya and Zambia	1.4	1.3
of which for sponsor ship activities	0.7	0.6
As a % of operating income (EBIT)	0.9	0.7

1 Does not include all holding companies.

2.4.3.2 Own Workforce

Reduction in the number of occupational health and safety incidents (Sustainability Ambition 2030)

Objective	Target in 2030	2024/2025	2023/2024
OSHA incident rate at the KWS Group1	< 5.0	7.99	8.04

1 Rate of occupational health and safety incidents involving lost time in relation to hours worked (based on 1 million working hours) according to the Occupational Safety and Health Administration (OSHA).

Labor and social standards

KWS regards compliance with acknowledged human rights, labor and social standards and responsible conduct toward one another as a fundamental element of its commercial activity. The basis for that is the respective labor and social standards specified by law and, where applicable, by collective bargaining agreements.

KWS' main labor standards are:

• KWS ensures that regulations under labor and social insurance law are observed in all employment relationships.
• Worldwide, KWS implements the local statutory regulations in relation to the principle of "equal pay for equal work, taking into account individual expertise, professional experience and local market conditions."
• Our labor standards also include technical, organizational and occupational health measures to prevent accidents and diseases at work.
• In order to ensure we observe human rights when recruiting, hiring and employing staff, we are guided by prevailing anti-discrimination laws and the standards of the International Labour Organization (ILO) relating to child, forced and compulsory labor.

Human rights

KWS is committed to internationally recognized human rights standards, such as those of the UN's Universal Declaration of Human Rights and the ILO proscribing child, forced and compulsory labor. We have enshrined the principles of the Universal Declaration of Human Rights in our Human Rights Policy.

Labor standards

The working conditions of employees of the KWS Group are governed by country-specific legislation and defined contractually. Our compensation structure is in line with standard market practices. Depending on the country and company, a KWS employee's compensation package consists of a basic salary and various social benefits.

In addition, depending on the country and company, we offer employees the opportunity to share in the company's success, for example through performance-related and variable compensation models and an Employee Share Program.

A key objective of our compensation policy is to ensure that employees are paid appropriately for their work, taking into account their individual expertise, professional experience and, where applicable, their individual performance and the local market situation. This implies that employees with comparable qualifications and experience must be paid the same for the same work at the respective location.

The principle of equal pay is reflected in laws, collective bargaining agreements and company regulations, where they exist. The same applies, for example, to regulations on working hours, vacation, business travel and partial retirement.

More than half of our employees worldwide are covered by regulations under collective bargaining agreements. The figure in Germany is more than 97% (97%) 11.

11 Excluding seasonal workers and non-integrated companies, but including trainees and interns.

Employment relationships of our own workforce 95% (95%) of our employees throughout the Group and 94% (94%) in Germany had a permanent employment contract in financial year 2024/2025. ¹² KWS also employed an average of 971 (920) seasonal workers in harvesting in financial year 2024/2025.

Ratio of women/ men/ non-binary persons (in %)	2024/ 2025 Perma nent	2024/ 2025 Tem porary	2023/ 2024 Perma nent	2023/ 2024 Tem porary
Full-time	33/67/0	45/55/0	33/67/0	45/55/0
Part-time	77/23/0	42/58/0	79/21/0	52/48/0
Seasonal workers 2		49/51/0	50/50/0

Employees ¹ by type of contract

1 Including trainees and interns.

2 No distinction is made between permanent and temporary seasonal workers.

Occupational health and safety

The health and safety of our employees at all locations has a high priority for us. The organization of occupational health and safety is a core management task. KWS has therefore set itself the goal of recording occupational accidents globally and reducing them in the long term. In this context, an OSHA (Occupational Safety and Health Administration) incident rate was determined and published for the first time in financial year 2021/2022. It reflects the occupational health and safety incidents involving lost time in relation to hours worked and enables a comparison of incident rates between individual locations and companies.

KWS has a globally oriented HSE (Health, Safety, Environment) management system. Our internal occupational safety standards comprise technical, organizational and occupational health measures to prevent accidents and work-related diseases. We review the implementation of these standards

annually by means of internal audits. The HSE Guideline is a key tool in this regard and defines global framework conditions. Among other things, it states that the respective manager must ensure occupational accidents are recorded.

To date, global accident figures have been recorded and consolidated over four financial years and the accident frequency rate has been determined over the last three financial years. Most accidents occur at our breeding and production sites. The OSHA incident rate for the KWS Group is 7.99% (8.04%) and for KWS SAAT SE & Co. KGaA 11.01% (11.13%) per 1 million working hours.

Our goal under the Sustainability Ambition 2030 of reducing occupational accidents by 2030 is reflected in our target of achieving an accident frequency rate of < 5.0. To achieve that, the focal areas of accidents are assessed, after which targeted measures are taken in the form of training or, if necessary, decisions to change work processes. In financial year 2024/2025, a campaign to raise awareness for the issue of occupational health and safety was launched at the company as a supporting measure.

Work safety incidents and days lost at the KWS Group were as follows in 2024/2025:

	Work safety incidents and days lost 1

	2024/2025	2023/2024
Work safety incidents	188	191
of which lost time incidents	83	79
of which fatalities	0	0
Total days lost	1,045	1,318
Average number of days lost per incident	13	17
Countries where acci dents are documented	10	11

1 Including trainees, interns and seasonal workers.

Internal dialogue and collective representation of interests

We are committed to upholding the ILO conventions no. 87 "Freedom of Association and Protection of the Right to Organise" and no. 98 "Right to Organise and Collective Bargaining." Employees' interests are represented collectively to their respective management by the locally elected Works Councils and the persons entrusted with representing young people and trainees and disabled employees.

There are employee codetermination bodies in Germany, France and the Netherlands, among other countries. They work closely and in a trusting manner with the respective management and nurture open and constructive dialogue.

In countries where there is no collective employee representative body, we enhance the importance of mutual respect and open dialogue with employees. If the workforce wishes to have a collective representative body or such a body is prescribed by law, we support our employees in establishing it.

The European Employees' Committee (EEC) has been in existence as a European employee representative body since 2015 and has worked successfully and in a trusting manner with the company's management on cross-border matters in the EU in all that time.

Diversity in the workforce

Demographic data

The KWS Group employed an average of 5,091 (4,937) people 13 in the financial year. 2,662 (2,558), or around 52% (52%) of the workforce, were employed in Germany.

61% (61%) of employees were male, 39% (39%) female and 0% (0%) non-binary 14. The average age of our workforce 15 at June 30, 2025, was approximately 41 (41) years.

Employees by age group in %

KWS Group	2024/2025	2023/2024
Below the age of 30	18	18
30 to 50	60	60
Aged 50 and above	22	22

Germany	2024/2025	2023/2024
Below the age of 30	17	17
30 to 50	60	59
Aged 50 and above	23	23

Anti-discrimination

KWS strongly opposes any form of discrimination and is committed to equal opportunities and rights for all its employees, regardless of religion or belief, ethnic origin, age, handicap, skin color, language or sexual orientation. We have anchored this in our Code of Business Ethics, which is binding for all employees.

Diversity

The diversity of our employees is reflected in their individual educational background, training, skills, knowledge, experience, convictions, personalities and ideas, for instance, and is a key competitive advantage for us.

In financial year 2022/2023, a five-year diversity concept was developed with the aim of promoting diversity among employees and managers and an inclusive work culture. The resultant measures are intended to foster all diversity dimensions, with a particular focus on age, gender and nationality. In relation to the dimension of gender, KWS is particularly committed to increasing the ratio of female managers. Specific measures to achieve that are planned as part of the diversity concept.

An integrative leadership culture also plays a vital role here, as is reflected in our management training courses and in our Leadership Capability Model, in which "promoting diversity and developing talents"

¹³ Excluding seasonal workers, trainees and interns.

¹⁴ Excluding seasonal workers, but including trainees and interns.

¹⁵ The age-related figures exclude seasonal workers and non-integrated companies, but include trainees and interns.

constitutes one of six key competencies. This model is also a core component of our Assessment, Orientation and Development Center and has been a firm part of the annual performance and career development reviews since the year under review.

		Ratio of female managers at the KWS Group1
--	--	--------------------------------------------	--	--	--

Target	Target value 2026/2027	2024/2025	2023/2024
First man agement tier	25%	15%	15%
Second manage ment tier	30%	27%	28%

1 Excluding non-integrated companies.

At KWS SAAT SE & Co. KGaA, the ratio of women in the first management level is 17% (17%) and the target is 25%, while the ratio in the second management level is 28% (30%) and the target is 30% by financial year 2026/2027.

Family friendliness

KWS is committed to family-friendly work. The life situations of our employees are diverse and highly individual. That means they also have different needs regarding when and where they work.

One of the factors that helps our employees achieve a good work-life balance is our wide range of working time models, which are open to just about all employees. There is also a global policy that generally permits mobile working for our employees, where it is compatible with their specific activity and in compliance with local legislation.

At our Berlin location, where we employ employees from more than 60 nations, our employees have the option of temporary remote working from abroad under a pilot project since financial year 2023/2024. In this way, we enable our employees to spend additional time with their families abroad.

Apart from working models that are highly flexible in terms of where and when employees can work, various part-time models are also used. Around 13% (13%) of our employees 16 worldwide and around 20% (20%) in Germany worked part-time in financial year 2024/2025.

Attraction and employee retention

The core aspect of our HR work is our ambition to be acknowledged as the Employer of Choice in the seed industry in the long term. Given our planned growth, demographic change and the growing shortage of skilled labor, we therefore attach particular importance to creating an attractive working environment for our employees and potential new talents – also in comparison with other companies in the industry. An important foundation for that is our Employer Value Proposition, which defines KWS' unique selling points as an employer and is currently being revised.

To make recruitment at KWS more applicant-friendly, we launched a multiyear project in the financial year 2022/2023 to analyze the steps taken by an applicant from his or her first contact with KWS to hiring. In the financial year 2024/2025, the focus was on analyzing all touchpoints between candidates and the KWS employer brand. The analysis identified potential for improvement in relation to the career website, social media communication and events, and that is now being addressed through specific measures.

KWS is particularly committed to encouraging young talents. That is the reason we award scholarships to universities and offer a global program for university graduates who mainly come from the fields of agricultural sciences and interdisciplinary courses such as international business administration with an agricultural orientation.

¹⁶ Excluding seasonal workers, but including trainees and interns.

We also believe it is important to offer good training opportunities. That is reflected in the quality of our training. For example, KWS SAAT SE & Co. KGaA has been awarded the "TOP AUSBILDUNG" certificate of quality from Hanover Chamber of Industry and Commerce.

In Germany, we employed an average of 103 (95) trainees and students on dual students and 28 (24) interns in the reporting period, once again supporting many young people on their way to gaining their professional qualifications and starting their careers.

Participants in training programs in Germany
----------------------------------------------	--	--	--	--	--	--

Annual average across all quarters	2024/2025	2023/2024
Trainees and students on dual study courses	103	95
Interns	28	24

The average length of service of employees 17 at the Group level was 9 (9) years in financial year 2024/2025.

Employment details for our workforce

Average for the year		2024/2025	2023/2024
Rate of new employee hires (in %) 1	Globally	13.7	15.5
Rate of em ployee turn over (in %) 2	Globally (Germany)	8.4 (5.1)	9.5 (7.0)
Length of service (in years)3	Globally (Germany)	9.2 (10.8)	9.2 (10.9)

1 Ratio of employees who joined the company during the period under review relative to the total workforce. Excluding seasonal workers and non-integrated companies, but including trainees and interns.

2 Ratio of employees who left the company during the period under review relative to the total workforce. Excluding seasonal workers, trainees, interns and nonintegrated companies.

3 Excluding non-integrated companies. Relative to the number of permanent contracts.

Our employees have been the key to our success for generations. The strong commitment of each individual and the will to give their best every day

make the difference and are an expression of our unique culture.

The continuous integration of employee feedback is a fundamental factor in our corporate culture in a future-oriented working environment. That is why we launched our first Group-wide Employee Engagement Survey in financial year 2023/2024. The key result of this survey is the Employee Engagement Index, which is calculated from the average of the positive responses to three key questions. With a participation rate of two-thirds of employees and a high Employee Engagement Index of 74%, the Employee Engagement Survey provided us with valuable insights into both the strengths and potential for improvement in our working environment in financial year 2023/2024. Based on the results, teams from all areas of the KWS Group planned and implemented numerous measures and played an active part in shaping the work environment at KWS.

The follow-up survey in financial year 2024/2025 resulted in a slight increase in the Employee Engagement Index to 75%. The participation rate also increased and was 75% in the reporting period. This year, the post-survey process also includes an analysis and discussion of the results as well as the planning and implementation of measures.

The Employee Engagement Survey enables us to continuously receive feedback from our employees, respond to this feedback with concrete measures and review the success of the measures we have implemented. Even though the Employee Engagement Index may vary from year to year, our long-term goal is to maintain consistently high employee engagement.

Qualification, further training and development

Individual performance and career development reviews between employees and their managers are held once a year with the aim of supporting our employees advance further. KWS has also implemented an annual Talent and Succession

17 Excluding non-integrated companies. Relative to the number of permanent contracts.

Management Cycle covering the critical positions for the company up to at least the third level and all employees up to at least the fourth level below the Executive Board. In this way, we aim to ensure qualified staffing of key positions at KWS in the medium and long term, while offering our employees attractive development opportunities at the company. The Orientation Center (OC), a concept involving an intensive evaluation of potential talents to take over advanced management positions, is staged twice a year with six high potentials each time, as was again the case in financial year 2024/2025.

We are particularly committed to having our employees receive qualified and values-based leadership, encouragement and support in their development from their managers. Since it was introduced in financial year 2023/2024, the Leadership Capability Model (LCM) has been integrated into the ongoing development offers under our leadership development program, the annual performance and career development review and other HR processes. In financial year 2024/2025, we also offered all managers on the first two management levels 360° feedback to give them the opportunity to reflect on their own leadership behavior based on KWS' Leadership Capability Model and to identify and implement measures for their professional development. This offer will be extended to the entire third management level next financial year. There will also be tailored 270° feedback for potential future managers.

Our international management development program was also continuously expanded and continued in financial year 2024/2025. The "Leadership Essentials" module we introduced in 2023/2024 was rolled out to further countries in their respective national languages in 2024/2025. 402 (227) employees from various KWS locations started or completed one or more modules of the management development program in financial year 2024/2025.

For our high potentials starting out on their management career, the new "Seed2Lead" program was launched in financial year 2023/2024 with an initial group of 16 participants, who successfully completed the program by the end of the reporting period. The aim of the program is to familiarize these high potentials with the basics of self-management and leadership, as well as with KWS' business processes across all functions and countries. The next group in the "Seed2Lead" program, again with 16 participants, is due to start in September 2025.

A special program for two different expert levels was formulated in financial year 2023/2024 to provide our experts with even more intensive support in further developing their soft skills. The Knowledge Expert Programs Level I and Level II are each three-day intensive training courses aimed at both generalists and experts in specific disciplines. The program provides our specialists with the necessary skills and knowledge to perform effectively in their respective roles – even without formal leadership responsibilities. Participants learn to apply their knowledge strategically, build relationships with managers, and drive innovation in their own field. In addition, they are encouraged to give professional support to their colleagues, further develop personal excellence and contribute to company-wide performance. The first pilot group completed the program's first level in September of financial year 2024/2025. The start of the second training level is planned for the coming financial year.

KWS' learning management system makes our international training and development offers transparent and easy to access for our employees worldwide. This also comprises our internal subject-specific academies, such as the International Sugarbeet Academy, the Sales and Farming Academy, and the various self-learning offerings that extend beyond specialist training. Our self-learning offerings include, for example, LinkedIn Learning and Bookboon.

According to KWS' essence "Make yourself grow," we will continue to focus on supporting and encouraging our employees and managers in the future as well as on expanding our training portfolio both nationally and internationally.

2.4.3.3 Workers in the Value Chain

KWS expects its suppliers and service providers (hereinafter referred to as "suppliers") to comply with all internationally recognized standards relating to human rights, working conditions, ethical business practices and other relevant social and environmental requirements. 18 The framework for this is our Code of Business Ethics for Suppliers (hereinafter referred to as the "Supplier Code"). The Supplier Code reflects the underlying principles of the KWS Group's Code of Conduct and our Human Rights Policy. It was updated last year in line with the requirements of the German Supply Chain Due Diligence Act (LkSG) and published on our homepage in German, English, French and Spanish in financial year 2024/2025.

The Code includes requirements for our suppliers, such as combating child and forced labor, which is considered particularly relevant in our industry. Suppliers are also to comply with provisions on occupational safety, product safety, environmental protection, the prevention of corruption, fair competition as well as the protection of personal data and third-party know-how. We have also been a member of the United Nations Global Compact (UNGC) network since financial year 2023/2024 and are thus officially committed to complying with the UN Guiding Principles on Business and Human Rights.

Our central sourcing concept aims at supporting both standardized and cost-efficient cooperation with external partners and observance of specific social and environmental standards. We also take into account requirements from the German Supply Chain Due Diligence Act (LkSG), which has been mandatory for KWS from January 1, 2024, or the expansion of our emissions management to cover Scope 3 emissions in our sourcing concept and related purchasing processes.

Our aim is to strengthen sustainability in the supply chain through a centralized system that increases efficiency and productivity and minimizes the ecological footprint and negative social impacts of our supply chain. Our Procurement Guideline, which defines the fundamental principles in the procurement process, and a largely centralized process landscape form the basis of ensuring that our purchasing transactions worldwide can be conducted in accordance with uniform rules. Purchase agreements relating to the supply of goods and services are concluded based on standardized templates and specify the general conditions, including the importance of the Code of Business Ethics for Suppliers. A central Seed Purchasing Policy stipulates that these standards are also to be applied to agreements concluded with external seed multiplication partners.

KWS has centralized its supplier data management over the past years. In the 2023/2024 financial year, compliance with LkSG-relevant issues was checked during on-site visits to 13 suppliers. In 2024/2025, we conducted further risk-oriented audits at our suppliers and obtained self-disclosures from suppliers based on questionnaires. In addition, we are continuously working to expand our automated management of procurement risks.

¹⁸ In this section, we use the term "value chain" as a synonym for our supply chains, which we define in accordance with Section 2 (5) of the German Supply Chain Due Diligence Act (LkSG) and only covers the upstream value chain.

2.4.4 Governance

2.4.4.1 Business Conduct

Adhering to fundamental principles of business ethics is part of our license to operate. Accordingly, the compliance rules apply to all employees in the KWS Group. This forms the foundation for KWS' understanding of compliance: to gain and maintain the trust of customers through ethical conduct and to protect the company's employees, reputation and assets. Information, training and ongoing intensive consultation promote the integration of compliance into business processes and support management in making business decisions in line with the corporate culture.

Code of Business Ethics

Our Code of Business Ethics and accompanying guidelines are crucial in guiding our employees in their daily work. They set out the basic rules for compliance with laws on fair competition, the prevention of corruption and money laundering, safety in the workplace, environmental protection and respectful interaction with each other as well as with customers, business partners, other third parties and authorities. Upon joining the company, each employee undertakes to comply with the Code by signing it and is provided with general compliance information as well as information that is particularly relevant to their specific role.

Our Code of Business Ethics also covers the issue of international anti-corruption management as an integral part of our compliance system. Based on the regulations in the Code, there is a policy of zero tolerance toward any form of corruption within the KWS Group. This is laid down as a Group-wide standard in the Anti-Corruption Guideline and the Anti-Corruption Policy. This standard applies regardless of whether bribery is prohibited, tolerated or permitted by law in the respective country. The Group-wide Anti-Corruption Guideline regulates the corresponding responsibilities, processes and regulations in relation to preventing corruption and bribery at the KWS Group.

Compliance training

Access to the Compliance Portal

Objective	Target	2024/	2023/
	in 2030	2025	2024
Proportion of employees with access to the Compliance Portal	95%	95%	92%

Compliance officers regularly provide information about the compliance system and its principles, as well as frequently asked questions and current developments, in training courses, information events and workshops. In addition to this information, our employees also have access to a wide range of tools. Checklists, toolkits, leaflets and other guides provide practical advice on implementing compliance rules in everyday work. Compliance information and rules of conduct are accessible to employees worldwide via the Compliance Portal on the KWS intranet. In 2024/2025, 95% (92%) of the total workforce had access to the Compliance Portal. In addition, all supervisors are obliged to inform the employees assigned to them about compliance issues.

The e-learning courses offered continued to be used in the financial year 2024/2025. Of the invited employees,

• 58% (60%) completed the online training on anti-corruption and antitrust law,
• 50% (61%) the data protection training and
• 53% (60%) the training in prevention of money laundering.

Reporting of violations/whistleblower hotline If an examination or report reveals indications of a compliance violation, the investigation is conducted in accordance with KWS' regulations "Procedures of Internal Compliance Notification." KWS' employees are obliged to report suspected cases. The open-door principle applies here: Employees

can supply information on suspected violations to their supervisor, to the Compliance department or via the Compliance Reporting Platform. The Compliance Reporting Platform is available 24/7 to both employees and external third parties in over 50 languages via our homepage. Reports of suspected cases can also be submitted anonymously. The reported cases are investigated by KWS. The most important information for both KWS employees and external third parties, such as how violations can be reported and what happens to the reports, is summarized in a document on our website. Whistleblowers do not suffer any disadvantages as a result of their report - unless they have obviously abused their right to report violations. Whistleblowers receive confirmation of receipt of their report has been received and may be contacted via the portal with a request for further information. Finally, they will be informed of the conclusion of the investigation.

If suspected cases prove to be violations, the system of sanctions is applied. In general, it can be applied to all types of compliance violations. The system of sanctions defines various criteria that determine the measures to be taken, such as the severity of the violation, the extent of the breach of duty by the person concerned, their level of responsibility, their behavior after the act – cooperation in the investigation or attempts to cover up – and the consequences of the violation, such as imminent or actual damage. The sanctions range from cautions or warnings to immediate dismissal and filing of charges.

Violations in the financial year 2024/2025

In 2024/2025, two potential violations of antitrust law were reported in Türkiye. The corresponding

proceedings are pending and not yet complete, which is why these pending proceedings will not be discussed in detail here. No further significant violations of international anti-corruption or anti-money laundering guidelines were reported to the Compliance function. In addition, there were two reportable data protection violations.

Adequacy of the Compliance Management System

The implementation of and compliance with individual compliance aspects are reviewed as part of audits. The Executive Board and the Supervisory Board's Audit Committee are informed once a year about the status and current developments of the Compliance Management System.

Diversity of the Executive Board and the Supervisory Board

The Executive Board of KWS SE, the personally liable partner of KWS SAAT SE & Co. KGaA, consisted of four men as of June 30, 2025.

As of 30 June 2025, the six-member Supervisory Board of KWS SAAT SE & Co. KGaA consisted of two women and four men. Pursuant to Section 111 (5) of the German Stock Corporation Act (AktG), the Supervisory Board is required to define a target for the proportions of women and men on the Supervisory Board and a deadline for achieving this target. Accordingly, the Supervisory Board of KWS SAAT SE & Co. KGaA decided at its meeting on June 23, 2022, that the proportions of women and men among the shareholder representatives on the Supervisory Board should not be less than 25% by June 30, 2027. The proportion of shareholder representatives on the Supervisory Board as of June 30, 2025, was 67%. Of these, 25% were female.

Dr. Felix Büchting (Spokesperson) (Jörn Andreas) 1	Dr. Peter Hofmann (Nicolás Wielandt) 1	Dr. Jörn Andreas (Felix Büchting) 1	Nicolás Wielandt (Peter Hofmann) 1
" Research & Breeding " Global Human Resources Farming " Group Strategy " Corporate Office & " Services	" Sugarbeet " Vegetables " Cereals Global Marketing & " Communications	" Global Finance & Controlling " Global Information Technology Global Legal & " Intellectual Property Global Business " Operations Group Governance, " Compliance, Risk & Internal Audit	" Corn Europe / Asia " Corn North America

Distribution of responsibilities among the members of the Executive Board

1 Including substitution arrangements.

Executive Board and Supervisory Board by gender

	Proportion in the Executive Board	Proportion in the Super visory Board
Female	0%	33%
Male	100%	67%

Executive Board and Supervisory Board by age group

	Proportion in the Executive Board	Proportion in the Super visory Board
Under 30 years old	0%	0%
30 to 50 years old	75%	17%
Over 50 years old	25%	83%

Remuneration of the Executive Board and the Supervisory Board

The remuneration system for the Executive Board is designed to promote the company's sustainable development and comply with the objectives of the German Act Implementing the Second Shareholder Rights Directive (SRD II) and the German

Corporate Governance Code. In addition to a basic salary, total remuneration also includes performance-based components linked to the company's success, as well as fringe benefits. The compensation of the Executive Board is set by the company's general partner and approved by the Annual Shareholders' Meeting. The remuneration of the Supervisory Board is governed by the Articles of Association and is based on the size of the company and their responsibilities. The company believes that a fixed remuneration structure means that the Supervisory Board can better exercise its control function. The composition and level of the total remuneration are disclosed in the Remuneration Report for 2024/2025.

Manager to worker pay ratio

The manager to worker pay ratio indicates the ratio of the total remuneration of the highest-paid employee to the median total remuneration of all employees, excluding the highest-paid employee. In order to enable a comparison of the annual salaries of various employees, this key figure is calculated taking into account those employees who are employed full-time and who had an active employment relationship throughout the entire financial year. The manager to worker pay ratio for all German subsidiaries in the financial year 2024/2025 was 17.8 (19.8).

2.5 Opportunity and Risk Report

The opportunities and risks as part of our business activity as an international plant breeding company, as well as the processes for identifying them, are described in the following section.

2.5.1 Opportunity Management

Strategic opportunities

We define strategic opportunities as being developments that are of significant importance for the KWS Group and have a sustained positive impact on our commercial success. We can leverage these opportunities successfully only if we always keep on improving our company in terms of economics, ecology, social engagement and governance. In the global agricultural raw material and seed industry, there are strategic opportunities for the KWS Group both externally (due to the changing needs of farmers and consumers, changes in global food systems, regulatory developments, climate change and technological advances) and internally (as a result of innovations in plant breeding, digital farming solutions, sustainability initiatives and excellence initiatives within our organization).

Our objectives and initiatives are regularly reviewed as part of our strategic planning. This planning covers the 10-year period ahead of us and is conducted at regular intervals. It is jointly formulated in multiple units, discussed and finally adopted by the Executive Board. The company's objectives can be retained, adapted or expanded as a result of the insights from the strategic planning. For example, new fields of business can be tapped or procedures and processes adjusted and improved.

We see a particular strategic opportunity in the growing importance of sustainability in agricultural practice. Our breeding objectives are geared toward increasing yields while improving plant health and nutrient use efficiency, with the aim of potentially reducing the use of pesticides and fertilizers.

Apart from the possibility of cutting costs, these variety traits also give our customers a means to reduce their emission footprint and operate in a more climate-friendly manner. Our diverse portfolio of crops also enables crop rotation that conserves the soil's fertility and binds emissions by fostering humus formation.

Thanks to this broad offering, we can supply both conventional and organic farms with varieties and services.

As part of the strategic planning we revised in the year under review, we identified long-term opportunities in the areas of innovative varieties, modern breeding technologies, digitalization, changes in demand and global macroeconomic developments.

Innovative varieties

To succeed in achieving sustainable growth in the future as well, our prime goal must be to retain and increase our innovativeness. That is increasingly important, especially in times of climate change, when resilient varieties that deliver reliable yields must ensure that the population has enough food. It is vital for us to increase plants' yield potential, enhance resource efficiency or develop their resistance and tolerance to detrimental influences, of whatever type. That requires continuous and intensive research work, since it takes up to 10 years for a new variety to gain approval and be put on the market.

We therefore invest a double-digit percentage of our net sales in research and development projects every year in order to achieve our goal of an average yield progress of 1.5% per annum. However, our complex research and breeding processes are also subject to risks that may result in regional weaknesses in our portfolio. They include external factors such as changing disease patterns as a result of climate change or new statutory regulations on reducing the use of operating resources, as

well as internal factors such as technical problems and process delays. The varieties we develop must meet high quality requirements. The performance of our varieties is reassessed every year by management and the Supervisory Board so that we can respond immediately to weaknesses in our portfolio if necessary.

Our product – seed – stands right at the beginning of the agricultural value chain. Continuous and forward-looking breeding work can make the agricultural process chain more sustainable. The introduction and use of new cultivation systems, resistances and tolerances or nutrient efficiencies can help increase and stabilize yields, reduce the use of resources such as fertilizer, pesticide or water, and promote biodiversity. Varieties with improved resource utilization mean the carbon footprint per unit can be reduced. At the same time, higher yields per unit area can also result in less cultivation area being required. KWS is working to develop such products and cultivation systems to leverage this potential.

Modern breeding technologies

Plant breeders are developing new varieties to meet all challenges caused by the consequences of climate change, new pests, reduced fertilizer use and the need to deliver high-quality agricultural products. KWS uses the most suitable breeding methods for that. Increasing complexity and growing pace of change also mean we have to use state-of-the-art technologies and analysis methods to speed up our variety development and improve precision.

These new methods complement our plaint breeders' toolset and offer additional opportunities to improve plants in a targeted way through breeding. Against the backdrop of expected regulatory changes for genome editing in the European Union, our goal is to succeed as a leading developer of plant traits in this field and to use genome editing to develop innovative varieties that benefit farmers and consumers alike.

KWS is working on the hybridization of potatoes, wheat and barley using a combination of new methods and conventional breeding, as well as exploiting the natural resilience offered by hybrid breeding, with market launches planned in the coming years. High-yielding hybrid potato, wheat and barley varieties can make an important contribution to increasing land efficiency in agriculture.

Digitalization

New methods of data analysis are important tools for increasing efficiency in plant breeding and agriculture. Advances in automated data collection and transmission, big data analytics, robotics or artificial intelligence are creating new opportunities for tailor-made digital agriculture solutions. Drones or high-quality satellite technology, for example, offer services for detecting pests or diseases that can be combatted precisely. This can reduce the use of pesticides and the number of field crossings. These technologies are already being used in our research and breeding processes. They are becoming increasingly relevant in agricultural practice and vegetable cultivation. Growing AI capabilities, i.e. generative AI and the availability of AI infrastructures, offer the opportunity to strengthen our core business of plant breeding and seed production, while expanding our range of digital products and tools.

Changes in demand

More and more people are adopting a mainly plantbased diet. In order to satisfy growing demand, the food industry is turning to new plant-based products and is substituting meat, eggs or milk, for example, with vegetarian alternatives. This opens numerous opportunities for KWS. Our goal is to develop nutrient-rich varieties that, when harvested, can be used in food directly or with little processing. In addition, aspects such as texture, color and taste play a fundamental role in the development of alternative plant-based sources of protein. Here we see an opportunity for KWS to make an important contribution to the food industry with our extensive knowledge and experience in plant genetics.

The vegetable sector is likewise a strategically important, promising growth market for KWS. After adding vegetable seed to our portfolio in 2019, we intend to capitalize more strongly on the growing demand for plant-based foods with numerous new products in the future.

Global macroeconomic developments

An easing of global geopolitical tensions – in particular a de-escalation in relation to tariffs and in the conflicts in Ukraine and the Middle East – would lead to a more stable and predictable macroeconomic environment. This shift could be an opportunity to improve global trade flows, reduce the volatility of input costs and strengthen investor confidence. For a global company like the KWS Group, this would create favorable conditions for our global trading activities and for cross-border payment transactions.

Operational opportunities

By an operational opportunity, we understand a development that is consistent with our strategic planning and might have a positive short-term impact on our earnings, financial position and assets and has not yet been reflected fully or at all in the company's financial planning. Operational opportunities are identified and assessed by our Business Units. We leverage them by pinpointed investment in production capacities, research and development activities and by further enhancing distribution and central purchasing, for example.

Market opportunities arise from our fledgling activities in the vegetable market, with which we are tapping a new field of business and new customer segments. We see a further opportunity in restructuring our country organizations and the associated sales units in the most important core markets for our crops. With our holistic approach of supporting customers with a single point of contact for KWS' entire portfolio of crops, we strive to forge an even better relationship with our customers. At the same time, we adapt and optimize background processes so that customers are supplied optimally with KWS' varieties and services from a single source in the future.

Investing in expansion of our production capacities and modernization of our seed processing creates the foundation for leveraging opportunities and potential in existing and adjacent markets. Further development of our variety portfolio and expansion of production capacities is accompanied by steps to enhance our international distribution structures. In addition, continuous optimization of processes offers the KWS Group opportunities to increase productivity and digitalization and improve cost structures. Recording of operational opportunities is part of risk management.

2.5.2 Risk Management

Risk management strategy and objectives

The objective of the KWS Group's central risk management is to identify relevant risks at an early stage, mitigate financial, reputational, environmental, legal, strategic or health-related damage, and ensure compliance with key corporate principles and social standards. We consequently understand the term "risks" as denoting events and potential developments, both inside and outside the KWS Group, that have a negative impact on achievement of our corporate objectives or adherence to our principles. That also includes events that impair our value chain and harm the environment and which we can influence (outside-in/inside-out perspective).

We strive to address risks openly. A proactive and open risk culture is part of that. Speaking about risks should be established practice in our daily work. KWS applies an entrepreneurial attitude to risk, i.e. deliberate risks can be taken if that offers opportunities that are consistent with the KWS Group's strategic planning, corporate objectives and internal standards. If a risk does not entail any relevant opportunities, or if risks jeopardize

achievement of the Group's key financial targets in terms of profitable growth (see page 19), they are to be avoided or their impact must be reduced as far as possible, taking cost-benefit considerations into account. Violations of the law and important corporate principles, such as respect for human rights, are unacceptable without exception. To assess our risk-bearing capacity, we compare our equity and liquidity with the aggregate risk situation and look at strategic key financial indicators such as the anticipated EBIT margin.

As part of that, we also consider anticipated developments for the coming fiscal year. The results are included in the Executive Board's overall assessment of the risk situation. As part of the continuous development of our risk management system, targeted measures are planned for the coming financial year. These include the revision of the risk-bearing capacity analysis, the implementation of simulation-based procedures and the further development of the assessment system.

Responsibility

The Executive Board is responsible for Group-wide risk management. The Audit Committee reviews the risk management system at least once a year to assess its suitability and effectiveness. It is assisted by the independent auditor of the financial statements as part of its statutory audit assignment and – as mandated by the Supervisory Board – by Internal Auditing. In addition, a Risk Committee consisting of representatives from all divisions who have a good knowledge of the issue of risks has been established. It usually convenes twice a year, discusses and reviews the risks maintained in the risk management system and measures to control them, and formulates recommendations for the Executive Board, if necessary. Responsibility for identifying, assessing and controlling risks lies with the divisions, while central risk management coordinates the processes and ensures reporting to company management. Other roles in our risk management are specified in the chart "Players and systems in managing risks at KWS."

Players and systems in managing risks at KWS in accordance with the Three Lines Model

Supervisory Board
Executive Board
Risk Comittee
Central Risk Management
Divisions (1st Line)	Controls and monitoring systems (2nd line)	Process-independent controls (3rd line)
Business Units "	Controlling (incl. Early detection) "	Internal auditing "
Research & Development "	Internal control system, " accounting processes
Global Functions "	Compliance Management "
	Risk Management "
	Other systems (e.g. Quality " Management, Stewardship, etc.)
	KWS Governance (Code of Business Ethics, Group Standards, Vision & Mission)

Central risk management process

Our central risk management process consists of the phases of identification, assessment, control, documentation, monitoring of risks and risk reporting. It is conducted regularly, usually twice a year. As part of risk identification, we record individual risks on an electronic platform and assess them qualitatively or quantitatively based on Group-wide standards, in each case before (gross risk) and after (net risk) any countermeasures. As part of that, we calculate expected monetary values for all risks and classify the risks as "moderate", "medium" and "high".

This enables end-to-end comparability of all recorded risks, which in turn forms the basis for prioritizing risk control measures. We query linkages between risks as part of risk identification, document them and take them into account in risk assessment in evaluating the likelihood of their occurrence. We record risks that impact our short-term (one-year), medium-term (four-year) and long-term (10-year) planning horizon. The individual risks are classified as follows:

We decide systematically on what appropriate countermeasures to take to manage risks, in particular high risks. They may be measures to reduce risks, constant monitoring of them or taking out insurance, or the acceptance of risks (where no measures are possible or make economic sense), for example. The KWS Group's current risk situation is aggregated by central risk management into risk categories and reported first to the Risk Committee. On that basis, the Risk Committee discusses how to deal with the risks and submits recommendations to company management if required. Central risk management coordinates the entire risk management process and supports the departments in their tasks. In designing the system, we are guided by acknowledged frameworks such as COSO II or the auditing standard IDW 981.

We meet the statutory requirements for early detection of risks with our financial controlling and risk management processes. In addition to the half-yearly Group-wide risk management process and the quarterly expectation reports prepared by Controlling, central risk management conducts an

Scheme for assessing individual risks
		Likelihood of occurence
		Unlikely < 10%	Possible 10% bis 50%	Likely 50% bis 90%	Almost certain ≥90%
impact (EBT) Financial	Very low 0.1 to 3.0 € million
	Low ≥3.0 to 7.5 € million
	Medium ≥7.5 to 15.0 € million
	High ≥15 € million

In the risk situation section, we report risks in the area framed in black.

Risk classification for single risks

Risk level	Risk Score
Moderate	Smaller than 1
Medium	Between 1 and 5
High	Above 5

Formula assessment of single risks

Risk scoring

Net financial damage (in € million) × net likelihood = risk score for an individual risk

1 Not part of the audited Management Report

early risk identification process in cooperation with the divisions. These results are reported in writing to KWS' top two management tiers. We revised this process in the year under review and reduced the reporting frequency. We plan to produce two to four additional reports of this kind in the future.

Control and monitoring systems ¹

We structure the internal control system at KWS based on the Three Lines Model. It enables a systematic approach to monitoring and managing risks. We make a distinction here between three different levels (see also the chart "Players and systems in managing risks at KWS based on the Three Lines Model"):

1st line: Decentralized risk management by the divisions, such as transaction controls, quality controls, certification, contract management or IP due diligence.

2nd line: Global controls by means of higher-level systems, such as our risk management, compliance management or controlling systems.

3rd line: Independent audits by Internal Auditing.

The various levels are supported, among other things, by Group-wide internal guidelines as well as centralized and standardized process definitions that enable variance analyses.

The principle of separation of functions is also laid down in our guidelines, as is a system of information classification.

Manual and automated controls have been established at the various levels and are subject to regular reviews by the company. Identified control weaknesses are discussed, and measures are initiated to eliminate them.

No control weaknesses were identified in the past fiscal year. In addition, the Executive Board and Supervisory Board had no information to indicate any material weaknesses in the effectiveness or any inadequacy of the internal control system.

In principle, however, it should be borne in mind that an internal control system, regardless of its design, does not provide absolute certainty that errors in our business processes will be detected. In the following, we deal with the internal control system for accounting in more detail.

The internal control and risk management system in relation to the accounting process (Section 315 (4) of the German Commercial Code (HGB))

This is the responsibility of Global Finance & Controlling and comprises structures and processes that enable proper and effective accounting and financial reporting. They include:

• Process-integrated controls, such as validation of reported data, separation of functions and the four-eyes principle, as well as regular analytical controls by Business Partner Finance and Controlling.
• Standardized financial accounting processes at the Global Transaction Center, in which almost all Group companies are integrated, and appropriate assurance that business transactions are included in accounting consistently, promptly and correctly and that all applicable statutory accounting regulations, standards and internal guidelines are implemented throughout the Group.
• Ensuring that the consolidated financial statements (including the Management Report) comply with the rules by means of Group-wide specifications relating to accounting guidelines, charts of accounts and uniform reporting processes.

¹ Not an audited part of the Combined Management Report

• Central preparation of the consolidated financial statements using the uniform reporting process as well as system and manual controls regarding accounting-specific interconnections.
• Notification of employees in the Global Transaction Center, Business Partner Finance and Controlling, as well as other relevant contact persons at subsidiaries, about changes in the financial statement preparation process on a quarterly basis.
• Protection of accounting-related IT systems against unapproved access by means of authorization and access regulations for the IT accounting systems.
• Ensuring the professional aptitude of employees involved in the accounting and financial reporting process by means of selection processes and training.

KWS' internal control system is regularly reviewed and enhanced to meet changing requirements. Adjustments are also envisaged in the coming fiscal year to further strengthen the effectiveness and efficiency of the control processes.

Description of the KWS Group's current risk situation

Here we provide a report in summarized form on known medium and high individual risks with a net impact of at least €7.5 million and a horizon of up to 10 years. The individual risks are assigned to predefined risk categories and then reported in summarized form under these categories. As explained in the last report, we have added new risk categories and merged existing ones. This year, we present the risk situation using this new categorization for the first time. We summarize the aggregated risk situation in these categories using four-level risk classes ranging from "Low" to "Substantial". If the risk classes of the categories have changed compared to the previous year, we explain this in the respective sections.

There are currently no non-financial risks that are very likely to occur and have a serious impact on the reportable aspects in accordance with Section 289c of the German Commercial Code (HGB).

The development of the overall risk situation is discussed in the overall statement on the risk situation by the Executive Board.

Risk Type	Risk Category	Risk classification 24/25	Risk classification 23/24	Risiko Trend
Strategic risks	" Change of geopolitical alliances and market access	Substantial	Substantial
	" Limited access to technology	Medium	Substantial
	" Structural change of demand	Noticeable	Substantial
	" Structural underperformance of products	Medium	Medium

Strategic risk categories with an horizon up to ten years

Risk categories with a horizon of up to four years

		Risk classification	Risk classification	Risiko
Risk Type	Risk Category	24/25	23/24	Trend
Operative risks	Human Resources "	Low	Low
	Incidents "	Substantial	Substantial
	Influence on cultivation "	Low	Low
	Price and supply chain "	Substantial	Medium
	Product & service quality "	–	Low
ESG risks	Environment "	Low	Low
	Governance "	Noticeable	Medium
	Social "	Noticeable	Noticeable
Legal and	Compliance risks "	Noticeable	Noticeable
compliance	Other legal risks "	Medium	Low
Financial risks	Financing & liquidity "	Low	Low
	FX risks "	Low	Medium
	Receiveable risks "	Low	Low
	" Tax risks	Medium	Low
Reputational risks	" Public perception and customer trust	Low	Low

Risk classification for aggregated risk categories

Risk class	Threshold values (risk score)
Low	smaller than 10
Medium	between 10 and 20
Noticeable	between 20 and 30
Substantial	above 30

Formulas aggregated view

Formulas

• 1: Net impact (in € million) × Net-likelihood = Risk Scoring of a single risk
• 2: ∑ of reported risk scores within a category = Risk scoring of a category

Strategic risks

Geopolitical risks and market access

Geopolitical tensions, trade restrictions and conflicts pose high risks to our business operations and could result in the partial or complete loss of one or more markets. Regulatory risks can also have a substantial impact on our business development, for example by restricting the use of important agricultural inputs such as pesticides or fertilizers. This may impair the commercial success of our customers in agriculture and negatively impact our research and development activities. We counter these risks at various levels through operational measures and, where necessary, strategic adjustments.

Restricted access to technology

The consequences of climate change, new pests, increasing restrictions on the use of pesticides and fertilizers, and the need for high-quality agricultural products: Plant breeders are developing new varieties to meet all these challenges and secure the supply of food now and in the future. KWS uses the most suitable breeding methods for that. Increasing complexity in and the growing pace of plant breeding also mean we must use stateof-the-art technologies and analysis methods to speed up our variety development and improve its precision. We already use these technologies in our research and product development processes. Restrictions on access to new technologies may harbor risks for KWS. In order to avoid risks such as competitive disadvantages, we focus on identifying further new, highly promising methods and technologies or developing them in-house so as to acquire rights to use them and to ultimately establish them in our R&D processes. If the identified risks can no longer be offset by relevant opportunities, we review our commercial orientation and adjust our strategic focus accordingly. For instance, we terminated our further cooperation as part of Genective this fiscal year and initiated its sale. Halting the development and marketing of genetically modified corn varieties for the North American market resulted in an improvement in the risk situation in this category.

Structural change in demand

The risks described in this category include external factors that could potentially impact our business success and where we cannot directly control their occurrence. They include the development of market conditions and overall demand, as well as changing requirements that our customer groups, in particular farmers, demand from our sales and service organization. We monitor these external general conditions as part of recurrent strategic planning processes so that we can take measures at an early stage. In the period under review,

a reduced risk was identified as part of such a strategic analysis. In addition to our rolling strategic planning process, we introduced a trend monitoring process designed to measure changes at an early stage.

Structurally inadequate performance of our products

To succeed in achieving sustainable growth in the future as well, we intend to retain and increase our innovativeness. That is increasingly important, especially in times of climate change, when resilient varieties that deliver stable yields have to ensure that the population has enough food. Plant breeding is highly innovative. KWS is regularly awarded a large number of official approvals for new varieties (see page 22). However, our complex research and breeding processes are also subject to risks that may result in regional weaknesses in our portfolio. That may be caused by external factors such as changing disease patterns as a result of climate change or new statutory regulations on reducing the use of operating resources, as well as internal factors such as technical problems and process delays. We counter these risks through close, regular performance monitoring. For example, the performance of our varieties is reassessed every year by management and the Supervisory Board so that we can respond immediately to weaknesses in our portfolio if necessary.

Operational risks

Human resources

Recruiting the right employees for KWS, offering them diverse development opportunities and striving for a long-term working relationship with them are factors that are crucial to our business success. In order to counter potential risks such as the loss of employees or lengthy vacancies, we regularly review our attractiveness and positioning as an employer. In this way, we prevent any future staffing risks through structured succession

planning, continuously expand our employer brand on the external market and endeavor to strengthen our employees' loyalty through attractive development programs and compensation at a fair market level. The battle for talents and experts on the labor market remained intense and so there was an associated rise in internal requirements in relation to retaining employees. We conducted an extensive employee satisfaction survey last year. On the basis of the results and using a coordinated follow-up process, numerous measures were jointly developed and implemented by employees in the individual areas of the company. The survey was repeated in the year under review to identify changes, any progress or further needs of our employees. A similar tracking process is subsequently planned.

Incidents, disruptions, interruptions to business operations

This category includes risks that may result from sudden disruptive incidents. These include IT risks and interruptions to business operations in seed production, which we explain in more detail below.

Attacks on our IT can lead to a loss of confidentiality, availability, integrity and/or authenticity of data, information and systems. That harbors risks, such as loss of know-how, data manipulation, loss of personal data and loss of image, and may result in large financial losses. We reduce these risks by means of organizational and technical measures. IT service providers constantly examine our IT security, and recommendations for optimization measures are issued on the basis of their risk assessment. Uncontrolled and/or undetected loss and damage because of hacking and malware are still possible even if very good precautionary measures are in place. Targeted anti-phishing training was provided in the period under review in order to sensitize employees to potential cyber threats. The aim of this measure was to raise security awareness and improve responsiveness in dealing with suspicious e-mails.

KWS uses technically complex seed processing plants. Interruptions to business operations may have a negative impact on the volumes that are available for sale and represent significant risks, especially if they occur in our sales season. In order to reduce these risks, we conduct regular risk inspections, carry out preventive maintenance and have property and business interruption insurance.

Seed propagation is dependent on the weather. We reduce the risk of crop failures by propagating seed – depending on the crop – in separate locations and regions in Europe and North and South America. We can carry out contra-seasonal propagation in Europe's winter half-year in the southern hemisphere if there are bottlenecks in the volume of seed produced.

There are still risks of potential restrictions or interruptions to business operations. In the energy arena, we are continuously working to switch to a low-emission supply based on renewable energies in the medium to long term.

The hostilities in Ukraine may result in interruptions to business operations (corn seed production). In addition, our seed production in Russia is subject to high political risks. The Russian Ministry of Agriculture is still making efforts to increase localization and control of the local seed market. We regularly monitor and evaluate the situation.

Influences on plant cultivation

In this category, we record risks arising from commercial plant cultivation. These include changes in local market conditions, higher seed returns, for example due to lower short-term demand, and risks associated with changes in area under cultivation.

Prices and supply chains

As an international seed company, we operate in a globally networked market environment. Our business activities use intermediate products and external services that are subject to international supply and trade flows. Politically motivated trade conflicts, particularly in relation to tariffs, could potentially impact our procurement costs. The recent very high degree of volatility in international tariff policy led to a moderate increase in expected procurement costs at KWS. The increasing bottlenecks and price increases in the logistics sector also pose risks for KWS and rose slightly in the year under review, particularly in ocean freight. The risk situation in this area has deteriorated overall. We counter risks in particular through the activities of our central Purchasing department. It monitors developments, reports them to internal stakeholders as necessary and takes appropriate action where necessary and possible.

Products and services

In this category, we record risks arising from inadequate fulfillment of customer requirements. To manage these risks, we regularly review our distribution processes and structures and take appropriate organizational measures if and when necessary. In the year under review, we continued the organizational adjustments to our distribution structure that we initiated last year, meaning we were able to achieve an improvement in the risk situation in this category.

We also record risks here that arise from technical processing problems in the production process and could affect the quality of our seed. The latter can impair germination capacity and have a negative impact on yield. We counter these production-related risks with quality controls, certification systems and internal standards.

ESG (environment, social, governance)

Environment

This category covers environmental risks such as environmental incidents, the effects of climate change or biodiversity risks. Climate change and the increasing frequency of extreme weather events – such as heavy rain, heat waves or late frost – pose a growing risk to agricultural processes. These developments can have a direct impact on cultivation, the harvest and seed quality, requiring us to continuously adapt our risk assessment and plans of action. In the period under review, the risk in this area increased due to the greater spread of new pests linked to the effects of climate change. We have a dedicated phytosanitary department that is responsible for developing new resistances.

Social

Accidents, technical problems or misconduct in our business processes may result in injury to persons and are high risks. One measure we have taken to reduce these risks is to implement a global health, safety and environment standard, which the central function of a Manager for Health, Safety & Environment (HSE Manager) will keep on developing.

In Ukraine, we are continuing our crisis management activities, the prime goal of which is to protect local employees and their families. Our business activities are not near the fighting; however, we see a high risk to the health of our local colleagues due to the continuing drone attacks and air raids throughout the country and the ongoing war, factors that continue to determine this category's risk classification.

As an international company, we also operate in markets where there are indications of insufficient compliance with social standards. In some countries, for example, child labor, forced labor and inadequate working standards exist in agriculture. We systematically monitor these risks. Audits of service providers and suppliers are planned and conducted in collaboration with Purchasing. We use the insights they deliver, coupled with risk screening, to design the measures we intend to apply both preventively and in response to violations.

Governance

Under governance risks, we record potential weaknesses in process and project management, as well as risks that may arise due to the high complexity of our internal requirements and stipulations. To limit these risks, a central project is currently underway to revise internal regulations which, in addition to implementing clear responsibilities and stronger controls, also aims to improve clarity and user-friendliness. The risk in this area increased slightly in the year under review due to project management risks. In order to minimize risks, internal processes were reviewed, and the applicable requirements were defined more clearly.

Legal and compliance

Compliance risks

Our company is exposed to potential compliance risks that may result from, among other things, violations of antitrust, competition, anti-corruption and money laundering law, sanctions and data protection requirements. Violations may incur serious consequences under criminal and civil law, including financial penalties and the possible loss of our business license.

Under our compliance policy, the Code of Business Ethics and our Group Standards, we raise the awareness of our managers and employees and obligate them to act in accordance with laws,

contracts, internal guidelines and our corporate values. Regular communication, instruction and training and advice are intended to ensure compliance. We rigorously investigate reports of compliance breaches. Nevertheless, violations due to unawareness or legal unclarity, for example, cannot be ruled out categorically. As is expressly pointed out, sanctions are imposed if our compliance regulations are intentionally violated. Ongoing antitrust proceedings may result in a higher risk in this area. However, we do not currently expect any significant increase in this risk category.

Other legal risks

We number all risks that are not considered compliance risks as other legal risks. These include risks related to protection of our intellectual property. Protecting intellectual property is vital to companies that conduct research if they wish to preserve their freedom of action and keep on generating value. The seed-specific property rights under "variety protection" ensure they are compensated for the years-long process of research, breeding and development of new varieties and that third parties cannot market the same variety at no costs to themselves. KWS uses patents to protect certain plant traits, in particular if they have been developed or produced by means of technical methods. In order to secure its freedom of action and avoid infringing third-party proprietary rights, KWS has implemented far-reaching due diligence processes throughout the company.

Moreover, KWS is exposed to further legal risks arising from official proceedings and legal disputes with suppliers, licensors, customers, employees, lenders and investors. They may result in payments or other obligations. At the end of the 2024/2025 fiscal year, there was one legal proceeding pending, resulting in a moderate increase in the risk in this category. However, we do not currently anticipate any significant financial risks arising from it.

Finance

Financing and liquidity

The overriding goal of our liquidity management is to ensure we meet our payment obligations on time. External factors, such as global crises, may restrict the availability of credit lines and/or mean we can only obtain economically disadvantageous terms and conditions. Our central Treasury Department determines what funding we require in its liquidity planning and covers those needs by providing cash, promised credit lines and other financial instruments. We have agreed customary covenants for part of these promised credit lines. If these covenants are breached, the lender has the right to terminate the agreement.

Completion of the sale of our South American corn business also eliminated the related financial obligations in the past fiscal year. In conjunction with an increase in cash and cash equivalents, KWS' financial stability improved further. This helped reduce the risk situation in this area.

Currency risks

Currency risks arise, in particular, from receivables and liabilities denominated in foreign currency. Where it appears economically appropriate, we address currency risks through the usual hedging instruments and internal standards to reduce the influence on the KWS Group's earnings and assets situation. We also reduce our transaction risks by means of natural hedging, when expenses are incurred in the same currency in which we generate revenue. The currency risk fell in the period under review.

Receivable risks

We nurture extensive business relationships with various customer groups – from the sugar industry and agricultural wholesalers to individual farmers.

If, in particular, large customers cannot meet their contractual payment obligations to us, we could suffer losses. We reduce such credit risks through our receivables management and, where possible and expedient, by means of credit insurance. The risks of counterparty defaults in Ukraine and Russia are largely manageable due to the use of advance payments.

Tax risks

KWS operates in about 70 countries and is therefore subject to an array of complex national tax requirements and laws. Changes in the law, court rulings or interpretations by the fiscal authorities may have significant effects on tax assets and liabilities.

In the year under review, tax assessments were adjusted by German tax authorities as part of a tax audit, resulting in a deterioration in the risk situation. There is not yet any final assessment relating to these matters.

Given current developments, particularly in international transfer pricing, KWS anticipates potential financial impacts. To hedge these risks, our Finance department conducts ongoing assessments in close consultation with external experts.

Reputation

Public perception and customer trust

In the course of our business activities, we are exposed to various reputational risks worldwide. These may result from inadequate or misleading communication regarding our business strategies, innovation processes or our environmental and social responsibility, our continued presence in the Russian seed market and our position on patents and may be reflected in negative reporting about KWS. To counteract these risks, we nurture continuous and open communication with various target groups. They include shareholders, customers, employees, NGOs and the general public.

Overall statement on the risk situation by the Executive Board

The KWS Group's net risk position at the end of the fiscal year was slightly lower compared with the previous year, despite the continuing geopolitical tensions. An internal resilience analysis conducted to supplement the usual risk management processes was presented to the Executive Board and Supervisory Board and demonstrated the KWS Group's robust resilience to external shocks.

The political risks as a result of Russia's localization efforts remain. Internal teams of experts analyze, assess and control risk-related developments on an ongoing basis and report to the Executive Board as and when required. In Ukraine, additional measures were taken to protect our employees in Kyiv, and a new, secure office complex was leased.

In view of the available assessments and countermeasures we have initiated, risks that jeopardize the company's existence are not discernible at present.

Furthermore, based on the analysis of our risk-bearing capacity, we did not identify any potential threat to the company's existence. We feel sure that, thanks to our global footprint, innovative strength and the quality of our products, we can seize opportunities and successfully manage risks as they arise. However, we cannot rule out the possibility that other factors that are currently unknown or which are not assessed as significant may jeopardize the continued existence of the KWS Group in the future.

2.6 Forecast Report

The expectations of management outlined here are based on our corporate planning and the information it considers, including market expectations, strategic decisions, regulatory measures or exchange rate trends. They are subject to the same premises as the consolidated financial statements and forecast our business performance up to the end of fiscal 2025/2026 on June 30, 2026. In our forecast for the KWS Group's statement of comprehensive income and for our product segments, we deal with the KWS Group's anticipated net sales (on a comparable basis, excluding exchange rate and portfolio effects) and the anticipated EBITDA margin, while we forecast the EBITDA in the Corporate Segment.

2.6.1 Changes in the KWS Group's Composition that are Significant for the Forecast

The Corn Segment underwent significant changes in the period under review. The South American corn business is classified as a discontinued operation in the 2024/2025 consolidated financial statements and is therefore not included in the report for the Corn Segment. We also concluded an agreement to sell our North American corn business in June 2025. The transaction, which includes the sale of KWS' shares in the two joint ventures with Limagrain (AgReliant) and licenses for the use of genetic material, was concluded on August 29, 2025. The forecast for the Corn Segment takes these changes into account and relates to continuing operations.

2.6.2 Forecast for the KWS Group's Statement of Comprehensive Income

The KWS Group's economic performance in fiscal 2025/2026 will probably continue to be impacted by the challenging general conditions on global agricultural markets. In addition to low prices for agricultural raw materials, they include the increased occurrence of weather extremes as a result of climate change, which increases the

level of volatility when it comes to farmers making decisions on what crop to grow.

The associated fluctuations in supply and demand impair planning security for farmers and thus also for us as a seed vendor. However, our broad product portfolio enables us to counter these fluctuations to a certain extent.

There are still significant currency risks in important markets, in particular in Türkiye and Eastern Europe.

In the medium-term period 2025-2028, we have set ourselves the target of average annual growth in net sales (on a comparable basis, excluding exchange rate and portfolio effects) of 3% to 5%.

Due to a generally subdued agricultural environment and an anticipated further decline in business in Russia as a result of import restrictions and localization efforts for seed, we therefore assume that net sales growth (on a comparable basis, excluding exchange rate and portfolio effects) in fiscal 2025/2026 will be around 3% and so at the lower end of the target range compared to the previous year (€1,676.6 million).

In line with our medium-term targets, we anticipate that the EBITDA margin will be in the range of 19% to 21%. This does not include an expected positive special effect of around €30 million from sale of the license rights as part of the divestment of our North American corn business.

Due to the strongly seasonal nature of our business as a result of the great importance of the spring sowing season and external factors that are difficult to anticipate, such as the weather and fluctuations in area under cultivation, our statements on our anticipated net sales and earnings performance are subject to uncertainty.

2.6.3 Forecast for the Segments

In fiscal 2025/2026, we anticipate that the Corn Segment (on a comparable basis, excluding exchange rate and portfolio effects) will grow its net sales from continuing operations (essentially corn business in Europe) slightly compared with the previous year (€444.1 million).

As far as can be seen at present, the EBITDA margin is expected to be significantly above the level of the previous year (7.8%). This does not include an expected positive special effect of around €30 million from sale of the license rights as part of the divestment of our North American corn business.

In the Sugarbeet Segment, our high-yielding portfolio of varieties will likely mean another successful fiscal year for us. We assume that land under sugarbeet cultivation will remain stable all in all. The segment's business performance should benefit from further growth due to CONVISO® SMART seed and demand for Cercospora-tolerant (CR+) varieties. We expect the segment's net sales (on a comparable basis, excluding exchange rate and portfolio effects) to increase slightly compared with the previous year (€871.8 million) and the EBITDA margin to be below that of the previous year (45.5%), among other things due to a positive special effect of €7.7 million in fiscal 2024/2025 (see the report on the Sugarbeet Segment on page 34).

In the Cereals Segment, we assume that net sales (on a comparable basis, excluding exchange rate and portfolio effects) will rise slightly compared to the previous year (€263.3 million) on the back of anticipated growth in revenue from oilseed rape seed. We expect the EBITDA margin to be slightly below the level of the previous year (16.3%).

The Vegetables Segment essentially comprises the net sales and earnings contributed by acquired vegetable seed businesses. Assuming a stable market environment, in particular for spinach seed, we expect the segment's net sales (on a comparable basis, excluding exchange rate and portfolio effects) to be at the level of the previous year (€72.1 million). There are also costs for establishing an international breeding program and the Business Unit in the segment. Consequently, the number of employees will probably increase further. Due to the above-mentioned effects, we expect the EBITDA margin to be negative and below the level of the previous year (−30.4%).

Revenue (albeit slight) from our farms in Germany, France and Poland is grouped in the Corporate Segment. Since all cross-segment costs for the KWS Group's central functions and research expenditure are still charged to the Corporate Segment, its income is usually negative. In view of the planned cost developments, we expect the segment's EBITDA to be at the level of the previous year (€−120.1 million).

2.7 Further Information

2.7.1 Corporate Governance and Declaration on Corporate Governance 1

Responsible corporate governance has always been of great importance at KWS SAAT SE & Co. KGaA. Since the company was founded in 1856, its successful development has been based on thinking in the long term and acting in terms of sustainability. The Executive Board (the personally liable partner KWS SE, whose Executive Board is responsible for management of the company's business) and the Supervisory Board run and accompany KWS with the goal of ensuring it creates sustainable value added. They once again examined in the year under review whether the company complies with the stipulations of the German Corporate Governance Code and issued the Declaration of Compliance in Accordance with Section 161 AktG (German Stock Corporation Act) to the effect that the company complies fully with the code's recommendations.

You can find detailed information on corporate governance in our declaration on corporate governance in accordance with Section 289f of the German Commercial Code (HGB), which is available in full on our website at https://www.kws.com/corp/ en/investors/corporate-governance/. The Compensation Report for fiscal 2024/2025 is also available there.

2.7.2 Compliance Declaration in Accordance with Section 161 AktG (German Stock Corporation Act)

The final version of the Declaration of Compliance in accordance with Section 161 AktG (German Stock Corporation Act) is available to shareholders on the website https://www.kws.com/corp/en/investors/ declaration-of-corporate-governance.html. 1

2.7.3 Compensation Report

The Compensation Report outlines the principles and salient features of the compensation systems for the Executive Board of KWS SE, the managing partner of KWS SAAT SE & Co. KGaA, and its Supervisory Board. It is not part of the 1

Group Management Report. The Compensation Report pursuant to Section 162 of the German Stock Corporation Act (AktG) for the fiscal year 2024/2025, together with the audit report by the independent auditor, can be found on our website at https://www.kws.com/corp/en/investors/ publications/financial-reports/.

2.7.4 Explanatory Report of the Personally Liable Partner (KWS SE) of KWS SAAT SE & Co. KGaA in Accordance with Section 176 (1) Sentence 1 AktG (German Stock Corporation Act) on the Disclosures in Accordance with Section 289a (1) and Section 315a (1) HGB (German Commercial Code)

The personally liable partner of KWS SAAT SE & Co. KGaA provides the following explanation on the following disclosures in accordance with Section 289a and Section 315a HGB (German Commercial Code):

Composition of the subscribed capital

The subscribed capital of KWS SAAT SE & Co. KGaA is €99,000,000.00 and is divided into 33,000,000 bearer shares. The pro-rata share of each share in the capital stock is €3.00. Each share grants the holder the right to cast one vote at the Annual Shareholders' Meeting. The rights of shareholders are governed by the German Stock Corporation Act (AktG) and the Articles of Association.

Restrictions relating to voting rights or the transfer of shares

There may be restrictions relating to voting rights or the transfer of shares as a result of statutory or contractual provisions. For example, shareholders are barred from voting under certain conditions pursuant to Section 136 of the German Stock Corporation Act (AktG) in conjunction with Section 278 (3) of the German Stock Corporation Act (AktG) or Section 44 of the German Securities Trading Act (WpHG); the bars on voting pursuant to Section 285 of the German Stock Corporation Act (AktG) must also be observed for personally liable partners at a

¹ Not an audited part of the Combined Management Report

partnership limited by shares (KGaA). In addition, no voting rights accrue to the company on the basis of the shares it holds (Section 71b AktG).

The personally liable partner is not aware of any contractual restrictions relating to voting rights or transfer of shares. If there are no restrictions on voting rights, all shareholders who register for the Annual Shareholders' Meeting in time and have submitted proof of their authorization to participate in the Annual Shareholders' Meeting and exercise their voting rights are authorized to exercise the voting rights conferred by all the shares they hold and have registered. If members of the Executive Board of the personally liable partner or executive employees of the company have acquired shares as part of the long-term incentive programs, these shares are subject to a lock-up period until the end of the fifth year after the end of the quarter in which they were acquired. The lock-up period for shares that employees have acquired as part of the Employee Stock Purchase Plans runs until the end of the fourth year as of when they are posted to the employee's securities account.

Direct and indirect participating interests in excess of 10% of the voting rights

The company has been informed by shareholders of the following direct or indirect participating interests in the capital of KWS SAAT SE & Co. KGaA in excess of 10% of the voting rights in accordance with Section 33 and Section 34 of the German Securities Trading Act (WpHG) or elsewhere.

1. The voting shares, including mutual allocations, of the persons, companies and foundations stated below each exceed 10% and total 69.3%:

2. AKB Stiftung, Hannover

3. Büchting Beteiligungsgesellschaft mbH, Hannover
4. Zukunftsstiftung Jugend, Umwelt und Kultur, Einbeck
5. Dr. Drs. h. c. Andreas J. Büchting, Deutschland
6. RETOKE Holding Vermögensverwaltungsgesellschaft mbH & Co. KG, Bad Schwartau
7. Tessner Beteiligungs GmbH, Goslar

Tessner Holding KG, Goslar

1. The voting shares of the persons stated below, including mutual allocations and allocations of voting shares of Dr. Drs. h.c. Andreas J. Büchting, Germany, AKB Stiftung, Hanover, Büchting Beteiligungsgesellschaft mbH, Hanover, Zukunftsstiftung Jugend, Umwelt und Kultur, Einbeck, and RETOKE Holding Vermögensverwaltungsgesellschaft mbH & Co. KG, Bad Schwartau, each exceed 10% and total 54.8%:

2. Christiane Stratmann, Germany

3. Michael C.-E. Büchting, Germany
4. Annette Büchting, Germany
5. Stephan O. Büchting, Germany
6. Matthias Sohnemann, Germany
7. Malte Sohnemann, Germany

8. Arne Sohnemann, Germany

9. The voting shares of the shareholder named below, including allocations of the persons, companies and foundations named in 1. above, exceed 10% and total 69.3%:

Hans-Joachim Tessner, Germany

1. The voting shares of the shareholder named below, including allocations of all the persons, companies and foundations named in 2. above, exceed 10% and total 56.2%:

Dr. Arend Oetker, Germany

1. The voting shares of the shareholder named below, including allocations of all the persons, companies and foundations named in 2. above, exceed 10% and total 55.0%:

2. Dr. Marie Th. Schnell, Germany

3. Johanna Sophie Oetker, Germany
4. Leopold Heinrich Oetker, Germany
5. Clara Christina Oetker, Germany
6. Ludwig August Oetker, Germany

Shares with special rights and voting control Shares with special rights that grant powers of control have not been issued by the company. There is no special type of voting control for the participating interests of employees. Employees who have an interest in the company's capital exercise their control rights in the same way as other shareholders.

Appointment and removal of management

The personally liable partner, KWS SE, is responsible for managing the business of KWS SAAT SE & Co. KGaA under Section 7.2 of the Articles of Association of KWS SAAT SE & Co. KGaA.

In accordance with Section 6 (3) of the Articles of Association of KWS SAAT SE & Co. KGaA, the personally liable partner shall leave the company if the majority of shares in the personally liable partner can no longer be held directly and/or indirectly for a time longer than 30 calendar days by persons who hold a combined total of more than 15% of the company's capital stock directly and/ or indirectly through a company that is dependent in accordance with Section 17 (1) of the German Stock Corporation Act (AktG) or is controlled in accordance with Section 290 (2) of the German Commercial Code (HGB). This shall not apply if all shares in the personally liable partner are held by the company.

Furthermore, Section 6 (4) of the Articles of Association of KWS SAAT SE & Co. KGaA stipulates that the personally liable partner shall leave the company if a person who is not a family shareholder (acquiring party) obtains control over the personally liable partner directly or indirectly (acquisition of control) and does not submit to the company's limited partners a takeover or mandatory offer in accordance with this provision and otherwise in accordance with the provisions in the German Securities Acquisition and Takeover Act (WpÜG) within three months of acquisition of control.

Under Section 6.5 of the Articles of Association of KWS SAAT SE & Co. KGaA, the personally liable partner shall also leave the company by means of termination. Notice of termination shall be given to all the limited partners at the Annual Shareholders' Meeting. Outside of the Annual Shareholders' Meeting, notice of termination shall be given to the chairperson of the Supervisory Board or his or her deputy. The notice of termination can be submitted with a period of at least six months effective the end of a fiscal year.

The other statutory grounds for the personally liable partner leaving the company shall remain unaffected.

The members of the Executive Board of the personally liable partner, which is responsible for managing the company's business, are appointed and removed by the Supervisory Board of the personally liable partner, KWS SE. Pursuant to Article 46 (1) of Council Regulation (EC) 2157/2001 in conjunction with Section 6 of the Articles of Association of KWS SE, members of the Executive Board are appointed for a maximum period of six years. Members may be reappointed.

Amendments to the Articles of Association

Amendments to the company's Articles of Association are made pursuant to a resolution adopted by the Annual Shareholders' Meeting in accordance with Section 278 (3) in conjunction with Section 179 of the German Stock Corporation Act (AktG). Section 285 (2) Sentence 1 of the German Stock Corporation Act (AktG) stipulates that amendments to the Articles of Association require the approval of the personally liable partner.

In accordance with Section 133, Section 179 (2) of the German Stock Corporation Act (AktG) and Section 18 (1) of the Articles of Association of KWS SAAT SE & Co. KGaA, a resolution by the Annual Shareholders' Meeting to amend the Articles of Association must be adopted by a simple majority of the votes cast and a simple majority of the capital stock represented in adoption of the resolution, unless obligatory statutory regulations or the Articles of Association otherwise compel.

The power to make amendments to the Articles of Association that only affect the wording (Section 179 (1) Sentence 2 AktG) has been conferred on the Supervisory Board in accordance with Section 22 of the Articles of Association of KWS SAAT SE & Co. KGaA.

Powers of the personally liable partner, in particular in relation to issuing or buying back shares

The personally liable partner is authorized, with the consent of the Supervisory Board, to increase the capital stock of the company in the period up to midnight on December 15, 2025, once or in installments by a total of up to €9,900,000.00 by issuing new shares in exchange for cash contributions and/or contributions in kind (Authorized Capital 2020). As a matter of principle, shareholders have a subscription right to the shares. The shares can also be assumed by one or more credit institutions or enterprises within the meaning of Section 186 (5) Sentence 1 of the German Stock Corporation Act (AktG) appointed by the personally liable partner, with the obligation to offer them for subscription solely to the shareholders (indirect subscription right). However, the shareholders' subscription right can be excluded with the consent of the Supervisory Board, subject to certain conditions defined in the authorization.

Significant agreements in the event of a change of control, compensation agreements

Significant agreements subject to the condition of a change in control pursuant to a takeover bid have not been concluded. The agreements with members of the Executive Board of the personally liable partner stipulate that any commitments in the case of a change in control are limited to the maximum amounts specified by the German Corporate Governance Code.

2.8 Report on KWS SAAT SE & Co. KGaA (Declaration based on the German Commercial Code (HGB))

References to KWS SAAT SE & Co. KGaA in the KWS Group's Annual Report

2.8 Report on KWS SAAT SE & Co. KGaA

The Management Reports of KWS SAAT SE & Co. KGaA and the KWS Group are combined. The declaration on corporate governance in accordance with Section 289f of the German Commercial Code (HGB), which also contains the compliance declaration in accordance with Section 161 AktG (German Stock Corporation Act), has been published on the Internet at https://www.kws.com/ corp/en/investors/. The following disclosures are identical to those of the KWS Group and are printed in this Annual Report:

References to KWS SAAT SE & Co. KGaA in the KWS Group's Annual Report

Disclosures	Page(s)
Report in accordance with Section 289 (4) of the Geman Commercial Code (HGB) And explanatory report of the Executive Board	92 to 95
On business activity, corporate strategy, corporate controlling and management, as well as explanations on business performance	16 to 43
On the dividend	158 (Notes)
On research and development	22 to 24
On the report on the events after the balance sheet date	159 (Notes)

KWS SAAT SE & Co. KGaA is the parent company of the KWS Group. It is responsible for strategic management and, among other things, propagates and distributes sugarbeet and corn seed. It finances basic research and breeding of the main range of varieties at the KWS Group and provides its subsidiaries with new varieties every year for the purpose of propagation and distribution.

Earnings

Net sales at KWS SAAT SE & Co. KGaA in the year under review fell slightly to €964.7 (970.6) million (guidance: sharp decline in net sales). That was due in particular to lower revenues from corn business and royalties. These developments were largely offset by higher net sales of sugarbeet and cereal seed. The gross profit grew slightly to €595.3 (592.4) million. Research and development expenditure, which is mostly pooled at KWS SAAT SE & Co. KGaA, was increased as planned to €294.3 (269.3) million.

Selling expenses rose slightly, mainly due to higher personnel costs, to €102.4 (101.0) million. Most of the administrative expenses at the KWS Group are incurred at KWS SAAT SE & Co. KGaA.

General and administrative expenses in the year under review totaled €156.2 (157.2) million. The balance of other operating income and other operating expenses was €−2.8 (26.9) million. The previous year included a positive special effect of €30.7 million from divestment of the Chinese corn business. Due to the above reasons, KWS SAAT SE & Co. KGaA's operating income fell significantly to €39.5 (91.8) million (guidance: well below the previous year). Net interest income result to €–9.2 (–11.6) million, mainly due to lower interest expenses. In addition, the investment and financial result includes income from profit transfer agreements of €41.0 (22.2) million. Net financial income/ expenses increased overall to €22.3 (8.1) million.

Taking into account taxes totaling €38.5 (27.8) million, the net income for the year was €23.4 (72.1) million. The net retained profit at the end of the fiscal year was €284.3 (294.0) million.

Financial position and assets

KWS SAAT SE & Co. KGaA's total assets in fiscal 2024/2025 increased to €2,207.1 (1,982.5) million. Fixed assets at the balance sheet date were €1,012.8 (1,059.3) million. Property, plant and equipment rose, while intangible assets were below the level of the previous year. Financial assets fell sharply, mainly due to the merger of a company with KWS SAAT SE & Co. KGaA and the sale of the South American corn and sorghum business. Current assets rose significantly to €1,184.9 (915.0) million. Cash on hand increased to €271.1 (114.0) million, mainly due to the proceeds from the sale of the corn and sorghum business in South America. Inventories rose to €179.3 (135.6) million, mainly due to a strong harvest and the planned increase in seed stocks.

Receivables and other assets increased to €734.5 (665.4) million, in particular as a result of higher receivables from affiliated companies. Liabilities at the balance sheet date rose to €1,420.9 (1,239.4) million, mainly due to an increase in liabilities to affiliated companies. This was partially offset by a decrease in borrowings from banks and trade payables. KWS SAAT SE & Co. KGaA's equity fell to €494.2 (503.9) million, giving an equity ratio of 22.4% (25.4%). The change in equity is mainly attributable to the dividend payout of €33.0) million in the fiscal year and the net income for the year of €23.4 million.

Employees

An average of 1,987 (1,834) people were employed at KWS SAAT SE & Co. KGaA in the year under review.

Risks and opportunities

The opportunities and risks at KWS SAAT SE & Co. KGaA are essentially the same as at the KWS Group. It shares the risks of its subsidiaries and associated companies in accordance with its respective stake in them. You can find a detailed description of the opportunities and risks and an explanation of the internal control and risk management system (Section 289 (4) of the German Commercial Code (HGB)) on pages 76 to 89.

Forecast Report

KWS SAAT SE & Co. KGaA generates the main part of its net sales from sugarbeet, cereal and corn seed business and royalties from basic seed. Its further development depends, among other things, on the performance of our varieties, area under cultivation in our key markets and developments in our growth markets. Based on our planning, we anticipate a slight decline in net sales. KWS SAAT SE & Co. KGaA's operating income is also mainly impacted by the costs of central functions of the KWS Group and cross-segment research and development activities. Given that the gross profit is expected to fall, KWS SAAT SE & Co. KGaA's operating income should decline sharply.

Einbeck, September 10, 2025

KWS SE

Dr. Felix Büchting | Dr. Jörn Andreas | Dr. Peter Hofmann | Sebastian Talg | Nicolás Wielandt

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3. Consolidated Financial Statements of KWS SAAT SE& Co. KGaA 2024/2025

Consolidated Statement of Comprehensive Income
Consolidated Balance Sheet	101
Consolidated Statement of Changes in Equity	103
Consolidated Cash Flow Statement	104
Notes for KWS SAAT SE & Co. KGaA 2024/2025	106
1. General Disclosures	106
2. Standards and Interpretations Applied for the First Time	106
3. Accounting Policies	107
4. Consolidated Group and Changes
in the Consolidated Group	119
5. Segment Reporting for the KWS Group	122
6. Notes to the Consolidated Statement of Comprehensive Income	127
7. Notes to the Consolidated Balance Sheet	134
8. Notes to the Consolidated Cash Flow Statement	157
9. Other Notes	158
Reproduction of the auditor's report	166
Independent auditor's report on a limited assurance
engagement	174
Declaration by Legal Representatives
Additional Information

1. Consolidated Financial Statements of KWS SAAT SE & Co. KGaA 2024/2025

Consolidated Statement of Comprehensive Income

July 1 to June 30
in € thousand	Note no.	2024/2025	2023/2024
I. Income statement
Continuing operations
Net sales	6.1	1,676,628	1,678,118
Cost of sales	6.1	619,198	622,423
Gross profit on sales		1,057,431	1,055,695
Selling expenses	6.1	296,742	284,277
Research & development expenses	6.1	348,951	325,565
General and administrative expenses	6.1	165,269	149,586
Other operating income	6.2	49,129	57,453
Other operating expenses	6.3	47,966	51,769
Operating income		247,633	301,951
Financial income	6.4	26,152	8,709
Financial expenses	6.4	27,877	34,326
Result from equity-accounted financial assets	6.4	−33,718	−24,345
Net financial income/expenses	6.4	−35,442	−49,963
Earnings before taxes from continuing operations		212,191	251,988
Income taxes	6.5	72,210	67,912
Earnings after taxes from continuing operations	6.8	139,980	184,076
Discontinued operation
Earnings after taxes from discontinued operations	4.2	96,366	−53,246
Group
Earnings after taxes		236,346	130,830
II. Other comprehensive income
Changes in reserve for currency translation differences and hyperinflation for foreign operations	7.9	3,802	3,252
Other income from equity-accounted financial assets	7.9	−6,398	1,457
Net gain/(loss) on cash flow hedges	7.9	0	0
Net change in cost of hedging	7.9	597	−397
Items that may have to be subsequently reclassified as profit or loss		−2,000	4,312
Net gain/(loss) on equity instruments designated at fair value through other comprehensive income	7.9	−2,320	−738
Remeasurement gain/(loss) in defined benefit plans	7.9	2,591	4,134
Items not reclassified as profit or loss		271	3,396
Other comprehensive income after tax	7.9	−1,729	7,708
III. Comprehensive income		234,617	138,538
Diluted and basic earnings per share from continuing operations (in €)	6.8	4.24	5.58
Diluted and basic earnings per share for the Group (in €)	6.8	7.16	3.96

Consolidated Balance Sheet

Assets
in € thousand	Note no.	06/30/2025	06/30/2024
Goodwill	7.1	105,391	105,407
Intangible assets	7.1	266,809	279,916
Right-of-use assets	7.15	42,673	46,200
Property, plant and equipment	7.2	661,001	621,296
Equity-accounted financial assets	7.3	56	119,919
Financial assets	7.5	13,706	6,704
Noncurrent tax assets	7.5	0	123
Other noncurrent receivables	7.5	10,806	5,104
Deferred tax assets	6.5	25,771	35,433
Noncurrent assets		1,126,212	1,220,103
Inventories and biological assets	7.6	420,328	380,551
Trade receivables	7.7	489,330	504,202
Cash and cash equivalents	7.8	373,987	222,363
Current tax assets	7.7	113,934	121,004
Other current financial assets	7.7	33,022	36,861
Other current assets	7.7	40,358	36,525
Current assets		1,470,961	1,301,505
Assets held for sale	4.2; 4.3	79,048	434,486
Total assets		2,676,221	2,956,093
Equity and liabilities
Subscribed capital	7.9	99,000	99,000
Capital reserve	7.9	5,530	5,530
Retained earnings	7.9	1,497,001	1,295,384
Equity	7.9	1,601,531	1,399,914
Long-term provisions	7.11	91,963	91,333
Long-term borrowings	7.11	393,449	427,035
Noncurrent lease liabilities	7.11; 7.15	33,349	35,828
Deferred tax liabilities	6.5	34,063	53,872
Other noncurrent financial/non-financial liabilities	7.11	475	1,927
Noncurrent liabilities	7.11	553,298	609,995
Short-term provisions	7.12	30,032	30,910
Short-term borrowings	7.12	42,100	180,420
Current lease liabilities	7.12; 7.15	14,637	15,578
Trade payables	7.12	180,191	202,579
Current tax liabilities	7.12	85,144	53,606
Other current financial liabilities	7.12	12,062	17,024
Contract and refund liabilities	7.12	51,630	59,703
Other current liabilities	7.12	105,596	95,345
Current liabilities	7.12	521,392	655,165
Liabilities in connection with assets held for sale	4.2	0	291,020
Liabilities		1,074,690	1,556,180
Total equity and liabilities		2,676,221	2,956,093

Consolidated Statement of Changes in Equity

July 1 to June 30

in € thousand	Parent company
	Subscribed capital	Capital reserve	Accumulated Group equity from earnings	Comprehensive other Group income
				Reserve for currency translation differences and effects of hyperinflation for foreign operations	Reserve for currency translation differences on equity accounted financial assets
07/01/2023	99,000	5,530	1,290,692	−89,200	13,216
Dividends paid			−29,700
Earnings after taxes			130,830
Other comprehensive income after taxes				3,252	3,020
Total consolidated gains (losses)			130,830	3,252	3,020
Other changes			0	0	0
06/30/2024	99,000	5,530	1,391,822	−85,948	16,236
07/01/2024	99,000	5,530	1,391,822	−85,948	16,236
Dividends paid			−33,000
Earnings after taxes			236,346
Other comprehensive income after taxes				3,802	−9,166
Total consolidated gains (losses)			236,346	3,802	−9,166
Other changes			0	0	0
06/30/2025	99,000	5,530	1,595,168	−82,146	7,071

Group equity	Parent company
Total	Total		Comprehensive other Group income
		Cost of hedging reserve	Revaluation of defined benefit plans	Net gain/(loss) on equity instruments designated at fair value through other comprehensive income	Cash flow hedge reserve on equity-accounted financial assets
1,291,075	1,291,075	−200	−28,424	2,786	−2,326
−29,700	−29,700
130,830	130,830
7,708	7,708	−397	4,134	−738	−1,563
138,538	138,538	−397	4,134	−738	−1,563
	0	0	0	0	0
1,399,914	1,399,914	−597	−24,290	2,048	−3,889
1,399,914	1,399,914	−597	−24,290	2,048	−3,889
−33,000	−33,000
236,346	236,346
−1,729	−1,729	597	2,591	−2,320	2,767
234,617	234,617	597	2,591	−2,320	2,767
	0	0	0	0	0
1,601,531	1,601,531	0	−21,700	−272	−1,122

Consolidated Statement of Changes in Equity

July 1 to June 30

July 1 to June 30

in € thousand	Note no.	2024/2025	2023/2024
Earnings after taxes	6.8	236,346	130,830
Depreciation and amortization/impairment losses/reversals of impairment losses	7.1; 7.2; 7.15	102,887	119,088
Increase/decrease in long-term provisions	7.11	−2,124	−2,652
Other non-cash expenses/income	8	93,525	89,733
Increase/decrease in short-term provisions	7.12	66	26,692
Net gain/loss from the disposal of assets	6.2; 6.3	−2,438	−30,431
Gain from the sale of the discontinued operation	4.2	−108,080	0
Income tax expense/income	6.5	72,210	67,912
Income tax payments/refunds	6.5	−37,070	−41,778
Interest expense/interest income	6.4	6,312	17,653
Increase/decrease in inventories	7.6	−112,545	−152,790
Increase/decrease in trade receivables	7.7	−4,086	−71,662
Increase/decrease in other assets not attributable to investing or financing activities		2,678	−32,130
Increase/decrease in trade payables	7.12	−17,045	10,493
Increase/decrease in other liabilities not attributable to investing or financing activities		−4,159	26,088
Proceeds and payments from equity-accounted entities	7.3	60	160
Net cash from operating activities of the Group		226,537	157,205
Minus net cash from operating activities of the discontinued operation		−1,180	−718
Net cash from operating activities of discontinued operations		227,717	157,923
Proceeds from disposal of tangible assets	7.2	3,939	953
Payments for capital expenditures for tangible assets	7.2	−108,116	−136,060
Proceeds from disposal of intangible assets	7.1	128	30,705
Payments for capital expenditures for intangible assets		−13,862	−15,119
Proceeds from disposal of financial assets		0	11,528
Proceeds from the sale of consolidated entities and other business units		276,739	0
Interest received		8,003	4,598
Net cash from investing activities of the Group		166,830	−103,395
Minus net cash from investing activities of the discontinued operation		271,369	−2,299
Net cash from investing activities of discontinued operations		−104,539	−101,096

July 1 to June 30

in € thousand	Note no.	2024/2025	2023/2024
Dividend payments to shareholders	7.9	−33,000	−29,700
Payment of principal portion of lease liabilities	7.15	−15,294	−17,125
Payment of interest portion of lease liabilities	6.4; 7.15	−2,781	−2,526
Interest paid incl. transaction costs on issuance of promissory notes and borrowings		−11,964	−14,864
Proceeds from long-term borrowings		0	208,106
Repayment of long-term borrowings		−169,465	−98,105
Changes from proceeds/repayments of short-term borrowings		−4,346	−21,036
Net cash from financing activities of the Group		−236,849	24,750
minus net cash from financing activities of the discontinued operation		−6,291	−30,449
Net cash from financing activities of discontinued operations		−230,558	55,199
Net cash changes in cash and cash equivalents (including restricted cash)		156,518	78,560
Changes in cash and cash equivalents (including restricted cash) due to exchange rate, consolidated group and measurement changes		−4,894	−6,091
minus cash and cash equivalents (including restricted cash) of the discontinued operation (IFRS 5)		0	−23,105
Cash and cash equivalents (including restricted cash) at beginning of year		222,363	172,999
Cash and cash equivalents (including restricted cash) at end of year		373,987	222,363
thereof restricted cash and cash equivalents at end of year		54	265

Notes for KWS SAAT SE & Co. KGaA 2024/2025

1. General Disclosures

Notes for KWS SAAT SE & Co. KGaA 2024/2025

The consolidated financial statements of KWS SAAT SE & Co. KGaA and its subsidiaries (hereinafter also referred to as "KWS" or the "KWS Group") were prepared under the assumption that the operations of the companies will be continued and applying Section 315e of the German Commercial Code (HGB). They comply with the IFRS Accounting Standards as applicable in the European Union (EU) for the fiscal year 2024/2025.

Notes for the KWS Group

KWS SAAT SE & Co. KGaA, the ultimate parent company of the KWS Group, is an international company based in Germany, has its headquarters at Grimsehlstraße 31, 37574 Einbeck, Germany, and is registered at Göttingen Local Court under the number HRB 205722. Since it was founded in 1856, the KWS Group has specialized in developing, producing and distributing high-quality seed for agriculture. The KWS Group covers the complete value chain of a modern seed producer – from breeding of new varieties, propagation and processing to marketing of the seed and consulting for farmers. KWS' core competence is in breeding new, high-performance varieties that are adapted to regional needs, such as climatic and soil conditions.

The Executive Board of KWS SE, the personally liable partner of KWS SAAT SE & Co. KGaA, prepared the consolidated financial statements on September 10, 2025, and released them for distribution to the Supervisory Board. The Supervisory Board has the task of examining the consolidated financial statements and declaring whether it approves them.

2. Standards and Interpretations Applied for the First Time

The following standards and interpretations have been adopted and applied for the first time in fiscal year 2024/2025:

Standards and interpretations applied for the first time

Standards and interpretations

Amendments to IFRS 16 – Leases: Lease Liability in a Sale and Leaseback

Amendments to IAS 1 – Presentation of Financial Statements: Classification of Liabilities as Current or Non-current, including Deferral of Effective Date, and Non-current Liabilities with Covenants

Amendments to IAS 7 – Statement of Cash Flows and IFRS 7 – Financial Instruments: Disclosures: Supplier Finance Arrangements

At the date of signing, all amendments to the standards and interpretations applied as of July 1, 2024, did not have any impact on the consolidated financial statements of the KWS Group.

Standards and interpretations to be applied in future

The IASB has issued the following standards and interpretations and amendments to standards and interpretations whose application was not yet mandatory for the 2024/2025 fiscal year or where the standards or interpretations have been published by the IASB, but the European Union had not yet completed the endorsement process by the balance sheet date. The standards in the table below have not yet been applied by the KWS Group.

The Group is currently assessing the potential impact of the new standard IFRS 18, which introduces the following significant new requirements:

• Entities are required to classify all items of income and expense in the statement of profit or loss or income statement in one of five categories: the operating category, the investing category, the financing category, the income taxes category and the discontinued operations category. The entities' earnings after tax will not change.
• Certain entity-specific performance indicators (termed management-defined performance measures (MPMs)) are disclosed in a separate note in the financial statements.
• Improved guidelines for grouping information within the financial statements are introduced.
• If the indirect method is used, entities are required to use the operating profit or loss as the starting point for the cash flow statement.

The other new and amended standards and interpretations are not expected to have any significant impact on the consolidated financial statements.

Standards and interpretations to be applied in future

Standards and interpretations (adopted into European law)	Mandatory first-time application
Amendments to IAS 21 – The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability	Fiscal year 2025/2026
Amendments to IFRS 9 – Financial Instruments and IFRS 7 – Financial Instruments: Disclosures: Classification and Measurement of Financial Instruments	Fiscal year 2026/2027

Standards and interpretations to be applied in future

Standards and interpretations (not yet adopted into European law)	Anticipated mandatory first time application acc. to IASB
Amendments to IFRS 9 – Financial Instruments and IFRS 7 – Financial Instruments Disclosures: Contracts Referencing Nature-dependent Electricity (published by the IASB on December 18, 20241 )	Fiscal 2026/2027
Annual Improvements to IFRS Accounting Standards – Volume 11 (published by the IASB on July 18, 20242 )	Fiscal 2026/2027
IFRS 18 – Presentation and Disclosure in Financial Statements (published by the IASB on April 9, 2024)	Fiscal year 2027/2028
IFRS 19 – Subsidiaries without Public Accountability: Disclosures (published by the IASB on May 9, 2024)	Fiscal year 2027/2028

1 After the balance sheet date, the European Union published Regulation (EU) No 2025/1266 in the Official Journal dated July 1, 2025, and adopted the amendments into European law. 2 After the balance sheet date, the European Union published Regulation (EU) No 2025/1331 in the Official Journal dated July 10, 2025, and adopted the amendments into European law.

3. Accounting Policies

3.1 Consistency of accounting policies

Consistent accounting policies are applied in the financial statements of the companies included in the consolidated financial statements. There were no changes to the accounting policies from the previous financial year.

3.2 Companies consolidated in the KWS Group

The consolidated financial statements of the KWS Group include the single-entity financial statements of KWS SAAT SE & Co. KGaA and its subsidiaries in Germany and other countries, as well as joint ventures and associated companies, which are carried using the equity method, and joint operations. A company is a subsidiary if KWS SAAT SE & Co. KGaA currently has existing rights that give it the ability to control its relevant activities. Relevant activities are the activities that significantly affect the company's returns. Control therefore only exists if KWS SAAT SE & Co. KGaA

has the ability to use its power to affect the amount of the variable returns. Control can usually be derived from holding a majority of the voting rights directly or indirectly. Details on the changes in the consolidated group are provided in section 4 "Consolidated Group and Changes in the Consolidated Group" of the Notes.

3.3 Consolidation methods

The single-entity financial statements of the individual subsidiaries included in the consolidated financial statements and the single-entity financial statements of the joint ventures and associated companies included using the equity method and of the proportionately consolidated joint operations were uniformly prepared on the basis of the accounting and measurement policies applied at KWS SAAT SE & Co. KGaA. For business combinations, capital consolidation is performed according to the acquisition method by allocating the cost of acquisition to the Group's interest in the subsidiary's remeasured equity at the time

of acquisition. Any excess of interest in equity over cost is recognized as an asset to the extent by which fair value exceeds the carrying amount. Any goodwill remaining after first-time consolidation is recognized as an intangible asset. Costs incurred as part of the business combination are recognized as an expense and carried as administrative expenses.

According to IAS 36, goodwill is not amortized, but tested for impairment at least once a year at the end of the year (impairment-only approach).

Joint ventures are consolidated using the equity method in application of IFRS 11 and IAS 28. The basis for a joint venture is a contractual agreement with a third party to control and manage a venture collectively. In the case of joint ventures, the parties who exercise joint management have rights to the net assets of the agreement.

In the case of joint ventures carried in accordance with the equity method, the carrying amount is increased or reduced annually by the equity capital changes corresponding to the KWS Group's share. In the case of first-time consolidation of equity investments using the equity method, differences from first-time consolidation are treated in accordance with the principles of full consolidation. The changes in the proportionate equity that are recognized in profit or loss are included, along with impairment of goodwill, under the item "Result from equityaccounted financial assets" in the net financial income/ expenses. Associated companies in which the KWS Group exerts a significant influence (which can usually be assumed if it holds a stake of between 20% and 50%) are likewise measured using the equity method.

The basis for a joint operation is likewise a contractual agreement with a third party to manage the company's activities jointly. In this case, the parties have rights to the assets that can be ascribed to the agreement and obligations in respect of the liabilities. The assets and liabilities and revenue and expenses are included in the consolidated financial statements proportionately in accordance with the KWS Group's stake (50%).

Deferred taxes on consolidation transactions recognized in income are calculated at the tax rate applicable to the company concerned. These deferred taxes are aggregated with the deferred taxes recognized in the separate financial statements.

As part of the elimination of intra-Group balances, borrowings, receivables, liabilities, and provisions are netted between the consolidated companies. Intercompany profits not realized at Group level are eliminated from intra-Group transactions. Sales, income, and expenses are netted between consolidated companies, and intra-Group distributions of profit are eliminated.

If there are non-controlling interests, they are recognized in the amount of the imputed percentage of equity in the consolidated companies.

3.4 Currency translation

Under IAS 21, the financial statements of the consolidated foreign subsidiaries that conduct their business as financially, economically, and organizationally independent entities are translated into euros using the functional currency method and rounded in accordance with standard commercial practice as follows:

• Income statement items at the average exchange rate for the year on a monthly basis
• Balance sheet items at the exchange rate on the balance sheet date.

The following exchange rates were applied in the consolidated financial statements for the main foreign currencies relative to the euro:

Exchange rates for main currencies1
		Rate on balance sheet date		Average rate
1 EUR/		06/30/2025	06/30/2024	2024/2025	2023/2024
GBP	UK	0.86	0.85	0.84	0.86
RUB	Russia	92.28	92.42	98.91	99.73
TRY2	Türkiye	46.55	35.13	46.55	35.13
UAH	Ukraine	48.78	43.35	45.14	41.00
USD	U.S.	1.18	1.07	1.09	1.08

1 Due to the sale of the South American corn and sorghum business, the exchange rates "ARG" and "BRL" are no longer listed, as these are no longer main currencies for the Group. 2 The average exchange rate corresponds to the rate on the balance sheet date pursuant to the application of IAS 29 for the Turkish subsidiaries.

The difference resulting from the application of annual average rates on a monthly basis to the earnings after taxes in the income statement at the rate on the balance sheet date is taken directly to equity.

Differences arising from currency translation of monetary balance sheet items denominated in foreign currency are recognized in profit or loss under "Other operating income" or "Other operating expenses" and, where they result from financial transactions, under "Financial income" or "Financial expenses." An exception is currency translation differences from loan receivables that represent part of the net investment in a foreign subsidiary. According to IAS 21, these translation differences are recognized in the other comprehensive income and are not reclassified to profit or loss until disposal of the net investment. The accumulated amount is recognized in the income statement only when the net investment is disposed of.

Türkiye and Argentina were still classified as hyperinflationary economies this fiscal year, as a result of which IAS 29 "Financial Reporting in Hyperinflationary Economies" was applied to the significant subsidiaries in these countries. For Argentina, however, this only applies to the period up to July 31, 2024, as there are no longer any subsidiaries in Argentina following the sale of the South American corn and sorghum business.

The net gains or losses from the ongoing inflation of non-monetary assets and liabilities as well as equity and all items in the income statement are recognized under "Other comprehensive income."

The financial statements of these subsidiaries are generally based on the historical cost concept. Due to changes in the general purchasing power of the functional currency, these financial statements had to be adjusted to the unit of measure applicable at the balance sheet date.

Türkiye's Consumer Price Index (CPI) was 2,319.29 points at July 1, 2024, and rose by 35.0% in the past fiscal year to 3,132.17 points at June 30, 2025.

3.5 Classification of the statement of comprehensive income

The KWS Group has prepared the income statement using the cost-of-sales method. The costs for the functional areas include all directly attributable costs, including other taxes, as well as received government grants recognized in profit or loss.

3.6 Recognition of income and expenses

Revenue from contracts with customers is primarily generated from the sale of seed. It is recognized when the KWS Group transfers control over products to the customer. That is usually the time when risk passes to the customer. The revenue is recognized at the amount of the consideration promised in the contract.

The revenue is limited to the amount that the KWS Group expects to receive for fulfilling its performance obligations. Accordingly, revenue is reduced by value-added or sales taxes as well as actual and expected discounts, cash discounts and bonuses. If rights of return are provided for in the contract, these must be measured separately. The KWS Group uses empirical country-specific and seasonal figures and information on already announced returns to estimate the anticipated returns.

The KWS Group's contracts with customers do not usually have any significant separable performance obligations apart from the delivery of seed. Consequently, splitting of the transaction price is not required for most of the KWS Group's contracts with customers. The total purchase price must be recognized at a point in time.

The level of the promised consideration is not adjusted by the effects of a financing component if the period for payment is less than 12 months. For contracts with customers that have a period for payment of more than 12 months, the financing component is carried separately on the basis of present value.

The incremental costs of obtaining a contract are recognized as a current expense in the period.

Revenue from service transactions is recognized over the period of time in which the service is provided and measured using the percentage of completion method or in accordance with the costs incurred. Revenue from royalties and other income, such as interest and dividends, are recognized in the period in which they accrue as soon as there is a contractual or legal entitlement to them.

Performance-based public grants are carried as a reduction in the respective function costs.

Operating expenses are recognized in the income statement upon the service in question being used or as of the date on which they occur.

3.7 Intangible assets

Purchased intangible assets are carried at cost less straight-line amortization and impairment losses.

Research & development is recognized as an expense in the year it is incurred. Development costs for new varieties are not recognized as an intangible asset because evidence of economic benefit can only be provided after the variety has been officially approved.

It is necessary to examine whether the useful life of intangible assets is finite or indefinite. Any amortization is included in the respective functional areas. Goodwill has an indefinite useful life. Goodwill and intangible assets with an indefinite useful life are not amortized, but tested for impairment at least once a year.

Intangible assets acquired as part of business combinations are carried separately from goodwill if they are separable according to the definition in IAS 38 or result from a contractual or legal right.

The useful life of intangible assets with a finite useful life is as follows:

Useful life of intangible assets

	Useful life
Breeding material, proprietary rights to varieties and trademarks	10–30 years
Distribution rights	5–20 years
Software	3–8 years
Other rights	3–10 years
Customer relationships	1–5 years

The residual values, useful economic lives (finite and indefinite) and methods of amortization for intangible assets are reviewed no later than at the end of each fiscal year and adjusted prospectively if necessary.

3.8 Property, plant and equipment

Property, plant and equipment is measured at cost less straight-line depreciation over its expected useful life and impairment losses. Depreciation of an asset commences when the asset is at its location and is in the condition necessary for it to be capable of operating in the manner intended by management. Depreciation of an asset ends when the asset has been fully expensed or is classified as held for sale in accordance with IFRS 5 or at the latest when it is derecognized.

If property, plant and equipment is sold or scrapped, the profit or loss from the difference between the proceeds and residual carrying amount is recognized under the other operating income or other operating expenses.

In addition to directly attributable costs, the cost of self-produced plant or equipment also includes a proportion of the overheads and depreciation/amortization.

Useful life of property, plant and equipment

	Useful life
Buildings	10–50 years
Operating equipment and other facilities	5–25 years
Technical equipment and machinery	5–15 years
Laboratory and research facilities	5–13 years
Other equipment, operating and office equipment	3–15 years

Low-value assets (with a value of up to €1 thousand) are fully expensed in the year of purchase; they are reported as additions and disposals in the year of purchase in the statement of changes in fixed assets.

If there is evidence of a possible impairment, an impairment test on the property, plant and equipment or at a cash-generating unit is carried out in accordance with IAS 36. An impairment is recognized if the recoverable amount for the asset/cash-generating unit has fallen below the residual carrying amount. The recoverable amount is the higher of the fair value less costs to sell or the value in use. If the reason for an earlier impairment loss on property, plant and equipment no longer applies, its value is increased to up to the amount that would have resulted if the impairment loss had not occurred, taking depreciation into account. In accordance with IAS 20, government grants for assets are deducted from the costs of the asset.

The residual values, useful economic lives and methods of depreciation for property, plant and equipment are reviewed at the end of each fiscal year and adjusted prospectively if necessary.

In accordance with IAS 23, borrowing costs are capitalized if they can be classified as qualifying assets.

3.9 Leases

A lease is an agreement whereby the lessor conveys the right to use an asset for an agreed period of time to the lessee in exchange for a payment or a series of payments.

If the KWS Group is the lessee, leases are recognized as a right-of-use asset and lease liability in the balance sheet in accordance with the regulations of IFRS 16. In subsequent periods, the right-of-use asset is depreciated over the lease's term, taking into account the exercise of any renewal options. This depreciation is recognized in the respective function costs. Interest expense is accrued on the lease liability in the course of the lease and the liability is reduced by the lease payments that have been made. The effect from the accrued interest is recognized in the interest expense under net financial income/expenses.

The lease payments for short-term leases and leases of low-value assets are recognized as operating expenses in accordance with the available exemption.

The right-of-use assets are recognized to the amount of the corresponding lease liabilities, adjusted for any prepaid or accrued lease payments if applicable. The right-of-use assets and lease liabilities are each reported in the balance sheet under a separate item.

If the KWS Group is the lessor and the main risks and rewards from use of the leased object are transferred to the contractual partner, the lease is deemed to be a financial lease. The net investment in the lease is recognized as a receivable.

If the KWS Group acts as a lessor as part of an operating lease, the lease payments are recognized as other operating income in the income statement on a straight-line basis over the lease's term.

The KWS Group's leases mainly relate to tenancy agreements for office space, lease agreements and leased vehicles.

3.10 Assets and disposal groups held for sale and discontinued operations

Noncurrent assets or disposal groups comprising assets and liabilities are classified as held for sale if it is highly probable that they will be realized predominantly through sale or distribution rather than through continued use.

In general, these assets or the disposal group are recognized at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is first allocated to goodwill and then to the remaining assets and liabilities on a pro rata basis – with the exception that no loss is allocated to inventories, financial assets, deferred tax assets, assets arising from employee benefits, investment property or biological assets, which continue to be measured in accordance with the Group's other accounting policies.

Impairment losses on initial classification of an asset as held for sale and subsequent gains and losses on remeasurement are recognized in profit or loss.

Intangible assets and property, plant and equipment are no longer amortized or depreciated from the time they are classified as held for sale, and any equity-accounted investee is no longer carried using the equity method as soon as it is classified as held for sale.

An operation is classified as a discontinued operation upon its sale or as soon as it meets the criteria for classification as held for sale, whichever is earlier.

A discontinued operation is a component of the Group's business where

• its business area and cash flows can be clearly segregated from the rest of the Group and it represents a separate major line of business or geographical area of operations;
• it is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations, or
• it is a subsidiary acquired exclusively with a view to resale.

If an operation is classified as discontinued, the income statement for the comparative year is adjusted as if the operation had been classified as discontinued from the beginning of the comparative year.

Consolidation processes are regularly applied in calculating current earnings after taxes from discontinued operations, i.e. all transactions between the discontinued and continuing operations are eliminated in full.

In addition, the regulations of IAS 29 "Financial Reporting in Hyperinflationary Economies" are also applied if the discontinued operation includes subsidiaries located in hyperinflationary economies.

Cash proceeds/payments from discontinued operations are presented separately from cash proceeds/payments from continuing operations in the consolidated cash flow statement. The proceeds from the sale of discontinued operations are allocated to the net cash from investing activities of the discontinued operation. Prior-year figures are adjusted as if the operation had been classified as discontinued from the beginning of the comparative year.

3.11 Financial instruments

Classification and measurement

Apart from equity instruments, financial instruments are financial assets and financial liabilities.

When financial assets are initially recognized, they are assigned to one of the following three categories for the purpose of subsequent measurement:

• At amortized cost
• At fair value through other comprehensive income
• At fair value through profit or loss.

Equity instruments are generally measured at fair value through profit or loss, unless an option to classify them irrevocably as being measured at fair value through other comprehensive income is exercised when they are initially recognized. Such an option is available if the financial investments in equity instruments are neither held for trading nor constitute a contingent consideration as part of a company acquisition. The debt instruments are classified taking into account the KWS Group's business model for controlling these financial assets and the contractual cash flow characteristics for the financial instrument. A financial asset is measured at amortized cost if it is held with the objective of collecting contractual cash flows and the latter comprise solely payments of interest and principal. If financial assets are held as part of the business model to collect contractual cash flows and sell accordingly designated financial instruments, these financial instruments are classified as being measured at fair value through other comprehensive income. All the other financial instruments are classified in the category "measured at fair value through profit or loss." There is also the option of designating the debt instrument as being measured at fair value through profit or loss under certain conditions when it is carried for the first time.

The financial assets consist of bank balances and cash on hand, trade receivables, loans, fund shares, securities, derivatives and other financial assets. Regular-way purchases and sales of financial assets are recognized or derecognized in general at the settlement date. Because fund shares have the characteristics of equity, they are classified irrevocably as being measured at fair value through other comprehensive income. The changes to fair value in subsequent measurement are recognized as unrealized gains and losses directly in other comprehensive income in the reserve for revaluation of equity instruments.

In addition, derivatives designated as hedging relationships are classified in accordance with hedge accounting regulations as being measured through other comprehensive income. In contrast, derivatives not designated as hedging relationships are recognized through profit or loss.

The other financial assets are measured at amortized cost. The carrying amount of receivables, money market accounts and cash is assumed as the fair value.

Impairment losses

The credit risk is the risk that a contractual partner does not fulfill its payment obligations as part of a financial instrument. The risks of default are monitored and controlled constantly and reflected by means of impairment losses. The KWS Group ascertains the need to recognize an impairment loss for all financial assets not classified in the category "at fair value through profit or loss." That is calculated on the basis of the expected losses. The expected losses are in general the present value resulting from the difference between the cash flows defined in the contract and the cash flows the KWS Group expects to receive.

In general, a two-stage model must be applied in calculating the expected losses. If the credit risk for financial instruments has not increased significantly, the risk provision is recognized only on the basis of losses resulting from default events within the next 12 months. In the case of financial instruments whose credit risk has increased significantly since first-time recognition, the entire remaining lifetime is used to calculate the expected losses.

The KWS Group uses a simplified approach under IFRS 9 to determine the expected losses because the financial assets mainly consist of current trade receivables.

Measurement and first-time recognition of the receivables and also their subsequent measurement therefore take into account expectations of default on the item in question over its entire lifetime.

The KWS Group determines the expected counterparty default on the basis of the probability of default and the loss rate in the event of default.

The probability of default is generally determined on the basis of customer-specific ratings. The probability of default relates to a year, which is usually the maximum lifetime of receivables at the KWS Group. Since specific ratings are not available for all customers, an average rating based on all classified customers is calculated for each country, regardless of the receivables per customer. It is then applied to the total amount for all the receivables in the country in question. If that information is not available for a country, the average rating of a country with a comparable risk is applied.

The loss rate is the percentage loss in the event of default and corresponds to the amount of the unpaid receivables less an expected recovery rate. The KWS Group applies a uniform recovery rate determined regardless of customer group, due date and country over a long period of time and over a broad total number of company insolvencies.

Changes to the level of the risk provision must be carried in the income statement as a reversal of an impairment loss or as an impairment loss.

Cash and cash equivalents are exposed only to an insignificant risk of fluctuations in their value. The seasonal nature of the KWS Group's liquidity situation over the fiscal year only permits short-term cash deposits in the period from May to August. The bank balances and short-term cash deposits are mainly with banks that have high and stable creditworthiness. Given the external credit rating for these banks, the KWS Group's cash and cash equivalents are regarded as low-risk. Moreover, bank balances are spread over multiple banks in order to avoid any concentration of them. Impairment losses on cash and cash equivalents are regularly calculated on the basis of credit default swaps (CDS) of the banks and are only recognized as an impairment loss in the balance sheet if they are material. Bank balances are recognized at nominal value less any necessary risk provision for expected credit losses.

Financial assets are derecognized once the contractual rights to obtain cash flows from financial assets have expired or the financial assets with all their risks and rewards have been transferred to a third party. When the contractual rights are transferred, the KWS Group assesses whether and to what extent risks and rewards associated with ownership of them remain with the Group. If the risks and rewards are not transferred in full, the KWS Group continues to recognize the asset to the extent of its continuing involvement. In that case, a related liability is also recognized.

The financial liabilities mainly comprise trade payables, loans from banks, derivatives and other financial liabilities. When financial liabilities are initially recognized, they are classified as being measured at fair value through profit or loss or at amortized cost. KWS Group adopts firsttime measurement at fair value. The fair value of financial liabilities with a long-term fixed interest rate is determined as present values of the payments related to the liabilities, using a yield curve applicable on the balance sheet date.

All financial liabilities at the KWS Group, with the exception of derivative financial instruments, are measured at amortized cost using the effective interest method. The liabilities are derecognized at the time they are settled or when the reason why they were formed no longer exists.

Depending on their structure, liabilities from derivative financial instruments are recognized with changes in value in the other comprehensive income or in profit or loss (see also section "3.12 Derivatives" of the Notes). Financial instruments in level 1 are measured using quoted prices in active markets for identical assets or liabilities. In level 2, they are measured by directly observable market inputs or derived indirectly on the basis of prices for similar instruments. Finally, input factors not based on observable market data are used to calculate the value of level 3 financial instruments.

3.12 Derivatives

The KWS Group uses derivatives to reduce currency, interest rate and commodity price risks. It mainly uses forward and swap deals and options that are customary in the market for that purpose. Derivative instruments are measured at fair value; they can be assets or liabilities.

The fair value of the financial instruments is measured on the basis of the market information available on the balance sheet date and using recognized mathematical models, such as present value or Black-Scholes, to calculate option values, taking their volatility, remaining maturity and capital market interest rates into account. The instruments must also be classified in a level of the fair value hierarchy.

The changes in the market value of derivatives not designated as hedging relationships are recognized in the income statement. Derivatives are derecognized on their day of settlement.

Hedging relationships

The KWS Group uses commodity options to hedge against commodity price risks. Derivatives can be designated as hedges of cash flows from a transaction that is highly likely to occur in the future in individual cases, but this is not taken into consideration at present. In such cases, the hedged item and hedging transactions formally defined and documented as a hedging relationship are managed and monitored as part of operational risk management.

The effective portion of the changes in the market value of designated derivatives is recognized in other comprehensive income in the reserve for cash flow hedging. The ineffective portion is recognized immediately in the income statement under other operating expenses. The reserve for cash flow hedging is adjusted to the lower of the cumulative gain or loss from the hedging instrument and the cumulative change in fair value of the hedged item.

The KWS Group only designates the change in the intrinsic value of an option as a hedging instrument. The change in fair value is recognized directly in other comprehensive income and accumulated in a separate equity component, the "Cost of hedging reserve."

If a hedged future transaction subsequently results in the recognition of a non-financial item (for example, inventories), the amount accumulated in other comprehensive income is reclassified to initial cost (basis adjustment). If recognition of hedging relationships for cash flow hedging is discontinued, the amount accumulated in other comprehensive income remains in other comprehensive income if the hedged future cash flows are still expected to occur. Otherwise, the amount is immediately reclassified to the income statement.

3.13 Inventories and biological assets

Inventories are measured at the lower of cost or net realizable value less an allowance for obsolescent or slowmoving items. In addition to directly attributable costs, the cost of sales also includes indirect labor and materials including depreciation under IAS 2.

As in previous years, biological assets result from the KWS Group's farming activities at its locations in Germany, France and Poland. At these locations, the KWS Group has farms that carry out all agricultural activities as part of seed propagation. Under IAS 41, biological assets are measured at fair value less the estimated costs to sell. If their fair value cannot be reliably determined, they are measured at cost. Immature biological assets are carried as inventories as of the time they are harvested.

3.14 Deferred taxes

Deferred taxes are calculated in accordance with IAS 12. Deferred taxes are calculated on temporary differences between the different carrying amounts of assets and liabilities between the IFRS and the tax regulations, including differences from consolidation measures, and on tax loss carryforwards, tax credits and interest carryforwards. Since it is not permissible to recognize deferred tax liabilities arising from initial recognition of goodwill pursuant to a business combination, the KWS Group does not calculate any deferred taxes on them. Deferred taxes are generally recognized in profit or loss, except to the extent that they are linked to an item recognized in equity or in other comprehensive income.

Deferred taxes are measured on the basis of the applicable local income tax rates anticipated at the time the asset is realized or the liability is settled. Deferred tax assets and liabilities are measured based on the tax rates/laws that apply or have been enacted or substantively enacted by the balance sheet date. No discounting is carried out. Deferred taxes and actual taxes are generally recognized as an expense, unless they relate to transactions or events that are recognized outside of profit or loss, for example in relation to pension provisions (remeasurement gain/loss in defined benefit plans) or certain financial assets (net gain/ loss on equity instruments designated at fair value through other comprehensive income).

Deferred tax assets are netted off against deferred tax liabilities if there is a legally enforceable right to set off actual tax refund claims against actual tax liabilities and if the deferred taxes relate to income taxes levied by the same taxing authority.

Deferred tax assets are recognized if it is considered probable that there will be sufficient future taxable profit against which the deductible temporary differences, tax loss carryforwards, tax credits and interest carryforwards can be offset. Future taxable gains are determined on the basis of the reversal of taxable temporary differences. Deferred tax claims are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that the related tax benefit can be realized. Write-ups are made if the probability of future taxable income improves. Irrespective of the forecast for taxable gains, deferred tax assets are recognized to the extent that they are offset by deferred tax liabilities. Deferred tax liabilities must be recognized for all taxable temporary differences.

The measurement of deferred taxes reflects the tax consequences that result from the KWS Group's expectations with regard to the way in which the carrying amounts of its assets will be realized or its liabilities settled at the balance sheet date.

Deferred tax liabilities on taxable temporary differences associated with investments in subsidiaries, branches and associated companies, and interests in joint arrangements, are not recognized if the entity is able to control the timing of the reversal of the temporary differences and it is probable that the reversal will not occur in the foreseeable future.

3.15 Actual taxes

Actual taxes are the expected tax liability or tax asset on the taxable income or tax loss for the fiscal year, based on tax rates that apply at the balance sheet date or will soon apply. The actual income taxes are calculated on the basis of the respective national taxable profit and regulations for the year. In addition, the actual taxes recognized in the fiscal year also include adjustments for any tax payments or refunds in respect of years that have not yet been definitively assessed, but excluding interest payments, interest refunds and penalties on payments of tax arrears.

If there is uncertainty over the income tax treatment, the KWS Group measures actual or deferred tax claims or liabilities in accordance with the regulations of IAS 12 and IFRIC 23. The KWS Group decides on a case-bycase basis whether the uncertain tax treatment should be considered independently or collectively together with one or more other uncertain tax treatments, depending on which approach provides better predictions of the resolution of the uncertainty.

If it is considered improbable that the tax authority will accept an uncertain tax treatment, the KWS Group recognizes the effects of the uncertainty at the amount of the anticipated tax payment (the expected value or most likely amount of the tax treatment). Tax assets from uncertain tax positions are recognized if it is probable that they can be realized. No provision for taxes is recognized for these uncertain tax positions only if there is a tax loss carryforward or an unused tax credit; instead, the deferred asset is adjusted for the unused tax loss carryforwards and tax credits.

In assessing whether and how an uncertain tax treatment affects determination of the taxable profits/taxable losses, tax bases, unused loss carryforwards, unused tax credits and tax rates, the KWS Group assumes that a tax authority will examine the amounts it is authorized to examine and has full knowledge of all related information as part of such examinations.

The KWS Group operates in a large number of countries and is therefore subject to various tax jurisdictions. Determining the tax liabilities requires a number of assessments by management. Management has conducted an extensive assessment of tax-related imponderables; however, it is not possible to rule out a deviation from the results of that and the actual outcome of the imponderables.

Any deviations may impact the amount of tax liabilities or deferred taxes in the year the decision is made.

In order to reduce tax avoidance and profit shifting, the Organization for Economic Cooperation and Development (OECD) has published the Pillar Two Model Rules, which are intended to address the tax challenges arising from digitalization of the global economy in order to ensure an effective minimum tax rate of 15%.

The global minimum tax under Pillar Two is calculated on the basis of the taxable profit or loss in the country in question. This profit or loss – before elimination of intra-Group items and after other adjustments – is included in the consolidated financial statements of the ultimate parent company, i.e. the global minimum tax is levied on a net amount. The KWS Group has therefore come to the conclusion that this global minimum tax, which is payable under national legislation for Pillar Two, is an income tax within the scope of IAS 12. The KWS Group has applied the temporary, mandatory exemption regarding the recognition of deferred taxes resulting from introduction of global minimum taxation, i.e. deferred taxes in connection with income taxes resulting from current or announced tax regulations to implement the Pillar Two legislation do not have to be recognized or disclosed. These taxes are carried accordingly as actual tax expense/income at the time they are incurred.

3.16 Provisions for pensions and other employee benefits

The provisions for pensions and other employee benefits are calculated using actuarial principles in accordance with the projected unit credit method. Actuarial gains and losses must be recognized directly in equity in other comprehensive income. The service costs (including past service costs) are recognized in operating income in accordance with the employees' assignment to the functional areas. If there are plan assets and the relevant requirements for netting them off are met, they are netted off against the associated obligations.

The provisions for semi-retirement include obligations from concluded semi-retirement agreements. Payment arrears and top-up amounts for semi-retirement pay and for the contributions to the statutory pension insurance program are recognized in measuring them.

3.17 Other provisions

Provisions are recognized for present legal and constructive obligations arising from past events that will likely give rise to a future outflow of resources, provided that a reliable estimate can be made of the amount of the obligations.

Provisions are measured at their expected amount or most likely amount, depending on whether they comprise a large number of items or constitute a single obligation. Provisions are reviewed regularly and adjusted to reflect new findings or changes in circumstances. If it is no longer likely that the economic outflow of a provision will occur, or the conditions for why it was recognized no longer apply, the provision is reversed by the corresponding amount and the resulting income recognized in the item(s) in which the original charge was recognized. If the reversal amount is material and so the effect not related to the period must be classified as material, the reversal is carried as income from the reversal of provisions under other operating income not related to the period.

Long-term provisions are discounted taking into account future cost increases and using a market interest rate that adequately reflects the risk, provided the interest effect is material.

3.18 Contingent liabilities

The contingent liabilities result from debt obligations where outflow of the resource is not probable or the level of the obligation cannot be estimated with sufficient reliability or from potential obligations for loan amounts drawn down by third parties as of the balance sheet date.

3.19 Significant accounting judgments, estimates and assumptions

In preparing the IFRS consolidated financial statements, management has to make certain assumptions and estimates that may substantially impact the presentation of the Group's financial position and/or results of operations. Essential estimates and assumptions that may affect reporting in the various item categories of the financial statements are described in the following:

• Calculation of the expected returns and discounts from customers at the balance sheet date (section 3.6 of the Notes)
• Determination of the useful life of the depreciable asset (sections 3.7 and 3.8 of the Notes)
• Assessment by management of uncertainties in connection with income taxes and of whether deferred tax assets can be realized, taking into account the time at which deferred tax liabilities are reversed and the anticipated future taxable income in the period under review (sections 3.14, 3.15 and 6.5 of the Notes)
• Definition of measurement assumptions and future results in connection with impairment tests, above all for capitalized goodwill (section 7.1 of the Notes)
• Determination of the need to recognize impairment losses on inventories (sections 6.1 and 7.6 of the Notes)
• Definition of the parameters required for measuring pension provisions (section 7.11 of the Notes)
• Measurement of other provisions (section 7.12 of the Notes)
• Determination whether there is reasonable certainty as to whether extension or termination options as a part of a lease will be exercised or not (section 7.15 of the Notes).

Estimates are based on historical experience and other assumptions that are considered reasonable under given circumstances. They are continually reviewed but may vary from the actual values.

3.20 Impact of significant events

Impacts due to the overall economic situation In recent years, a number of global events, such as geopolitical and economic conflicts, have caused greater economic uncertainty. These include Russia's war of aggression in Ukraine and the various armed conflicts in the Middle East, as well as the effects of U.S. trade policy, particularly its tariff policy.

The war between Russia and Ukraine

The ongoing war resulting from Russia's invasion of Ukraine in February 2022 is of major importance for the KWS Group. The situation in both countries is therefore being constantly monitored and assessed. The spread of hostilities in Ukraine may result in interruptions to business operations (corn seed production), for example. There are continued efforts by the Russian Ministry of Agriculture to increase localization and control of the local seed market and tighter import restrictions.

Among other things, the change in the market situation caused by the war between Russia and Ukraine was taken into account in the adopted budget and medium-term planning, which in turn were included in the annual goodwill impairment test at June 30, 2025. In addition, indications of impairment of property, plant and equipment and other intangible assets were examined against the backdrop of the war between Russia and Ukraine. All in all, the examination did not reveal any impairment losses.

The effect on other assets, such as trade receivables and inventories, was continually examined with regard to the impact of the war in Ukraine on the economic environment. The KWS Group's business model is seasonal in nature, which is why it generates most of its net sales by the end of the third quarter and collects a large proportion of the receivables owed to it in the fourth quarter. As regards customers' solvency, no circumstances justifying impairment of the receivables above and beyond the existing approach were identified. Potential industry- and country-specific risks were, and will continue to be, taken into account in assessing the potential impact of the war between Russia and Ukraine on trade receivables.

Our business activities in Russia in fiscal 2024/2025 accounted for 9.1% (previous year: 8.2%) of consolidated net sales. Potential effects on the recognition and measurement of assets and liabilities are analyzed on an ongoing basis. The KWS Group's assets, financial position and earnings in fiscal 2024/2025 were impacted by the repercussions of the war between Russia and Ukraine only to a small extent.

Other geopolitical events

We continuously evaluate the impact of other current geopolitical developments and they are monitored and addressed as part of our risk management. However, there are no significant effects from them at present. Nevertheless, there are still greater uncertainties, partly as a result of the unforeseeable global consequences of the U.S. administration's change in tariff policy and the countermeasures taken by other countries, as well as in relation to exchange rate movements.

Impacts of climate change

Climate-related effects on our business activities are analyzed as part of our global risk management and in our strategic planning. There are operational risks in particular from extreme weather events such as heavy rain, flooding, storms or drought, which according to prevailing scientific analyses will continue to increase in number. We mainly develop new varieties and propagate our seed outdoors, meaning these activities are exposed to weather events. In addition to local protection measures such as irrigation, flood control or greenhouses, we can limit these risks through regional diversification. Contra-seasonal production in the southern hemisphere enables two cultivation cycles a year.

In addition to extreme weather events, climate change is also causing a gradual increase in average temperatures, changes in regional average rainfall, and changes in disease or pest pressure. We counter that by continuously improving our varieties as part of our global breeding programs. The breeding objectives as part of that include drought resistance, standing ability, better nutrient utilization or new resistances. Climate change thus also entails opportunities for KWS, which we explain in the section "Opportunity Management" in the Management Report.

In general, the above-mentioned climate-related issues are already inherent in the KWS Group's business activities and are therefore reflected in the accounting policies and assumptions. Consequently, there is currently no or only a minor impact on estimates of the useful lives and impairment of noncurrent assets, including goodwill, for example.

The Group Management Report provides a more detailed explanation of these significant events.

4. Consolidated Group and Changes in the Consolidated Group

4.1 Changes in the consolidated group in the current fiscal year

There are 72 companies consolidated in the KWS Group (previous year: 85).

	06/30/2025		06/30/2024
	Germany	Abroad	Total	Germany	Abroad	Total
Fully consolidated	12	54	66	13	60	73
Equity method	0	4	4	0	5	5
Joint operation	0	2	2	0	7	7
Total	12	60	72	13	72	85

Number of companies including KWS SAAT SE & Co. KGaA

There were the following changes among the fully consolidated German subsidiaries:

DELITZSCH PFLANZENZUCHT GMBH, Einbeck, was merged with KWS SAAT SE & Co. KGaA retroactively effective July 1, 2024.

There were the following changes among the fully consolidated foreign subsidiaries:

• The companies KWS SEMENTES LTDA and SERVICOS E PARTICIPACOES SOUTH AMERICA LTDA (both in Brazil) and KWS ARGENTINA S.A. (Argentina) were successfully sold effective July 31, 2024. The subsidiaries are part of the discontinued operation (sale of the corn and sorghum business, together with licenses, in South America). The transaction was closed in fiscal 2024/2025 (see section "4.2. Discontinued operation: disposal group classified as held for sale" for more details).
• KWS AGRICULTURE RESEARCH & DEVELOPMENT CENTER (China) was dissolved with effect from August 31, 2024. In connection with the deconsolidation, a loss of €7 thousand was recognized as other operating expenses.
• The two Turkish companies POP VRIEND TOHUMCULUK VE TARIM ÜRÜNLERI SANAYI VE TICARET LIMITED SIRKETI and PV TOHUMCULUK TARIM ÜRÜNLERI SANAYI VE TICARET LIMITED SIRKETI were merged with KWS TÜRK TARIM TICARET A.S. (Türkiye) effective March 28, 2025.

There were the following changes among the equityaccounted foreign companies:

The 50% stake in the insignificant joint venture FARMDESK B.V. (Belgium), which operates in the field of agricultural software development and data technology, was sold effective October 31, 2024. Disposal of the shares resulted in a gain of €640 thousand, which was recognized in the result from equity-accounted financial assets.

There were the following changes among the foreign joint operations:

The 50% stake in GENECTIVE S.A. (including its four subsidiaries) was successfully sold effective January 14, 2025 (see section "4.3 Other assets and disposal groups held for sale" of the Notes for more details).

4.2 Discontinued operation: disposal group classified as held for sale

KWS concluded an agreement with GDM Holding S.A. (GDM Group) to sell its corn and sorghum business, together with licenses, effective March 25, 2024.

The transaction essentially comprises all the KWS Group's breeding and sales activities for corn in South America (Brazil, Argentina, Paraguay and Uruguay) and its production sites for corn seed in Argentina and Brazil and thus relates in particular to the Corn operating segment. The South American sorghum business, which was also sold, was part of the Cereals operating segment.

The transaction was subject to defined closing conditions and approval by the competent authorities. These conditions were met in the current fiscal year 2024/2025, meaning that the transaction was closed effective July 31, 2024.

Including the earnings after taxes of the discontinued operation totaling € –11,715 (–53,246) thousand and the after-tax profit from the sale of the discontinued operation of €108,080 (€0) thousand, total earnings after taxes of €96,366 (–53,246) thousand were recognized for the discontinued operation in the fiscal 2024/2025.

in € thousand	2024/2025	2023/2024
Revenue	10,095	265,120
Expenses	25,767	335,703
Earnings before taxes	−15,671	−70,582
Taxes	−3,956	−17,337
Earnings after taxes	−11,715	−53,246
Pre-tax profit from the sale of the discontinued operation	141,562	0
Taxes	33,481	0
After-tax profit from the sale of the discontinued operation	108,080	0
Earnings after taxes (total) of the discontinued opera tion	96,366	−53,246
Earnings per share of the dis continued operation (in €)	2.92	−1.61

The profit from the sale of the discontinued operation is derived as follows:

in € thousand	07/31/2024
Pre-tax proceeds from the sale	308,818
thereof cash	301,286
Carrying amount of the sold net assets	126,343
Profit from the sale before income taxes and reclassification of the reserve for other comprehensive income	182,475
Reclassification of the reserve for other comprehensive income	−40,913
Pre-tax profit from the sale of the discontinued operation	141,562
Taxes	33,481
After-tax profit from the sale of the discontinued operation	108,080

Immediately before classification as a discontinued operation, the recoverable amount of certain noncurrent assets was estimated based on fair value less costs to sell. No impairment loss was identified or recognized as part of that.

Following initial classification, the disposal group was recognized at the lower of its carrying amount and fair value less costs to sell. The disposal group was reported at its carrying amount.

The carrying amounts of the disposal group's assets and liabilities at the time of the sale (July 31, 2024), which were used as the basis for calculating the profit from the sale of the discontinued operation, are as follows:

in € thousand	07/31/2024
Goodwill	16,195
Intangible assets	15,888
Property, plant and equipment	58,305
Trade receivables	109,031
Inventories	109,989
Cash and cash equivalents	13,588
Taxes	51,827
Other	55,175
Total assets	429,996

	in € thousand	07/31/2024
Financial liabilities		194,905
Provisions		43,861
Trade payables		28,662
Taxes		20,367
Other		15,858
Total liabilities		303,653
Net assets		126,343

4.3 Other assets and disposal groups held for sale GENECTIVE S.A. (including its subsidiaries)

At the end of fiscal year 2023/2024, the KWS Group terminated the joint venture agreement relating to the 50% stake in GENECTIVE S.A. (Including its subsidiaries), which is included proportionately in the consolidated financial statements. This company operates in the field of development of genetically improved traits in crops.

In view of the associated intention to sell the shares, the joint operation was classified as held for sale as of the balance sheet date June 30, 2024. The stake was tested for impairment immediately prior to classification of the joint operation as held for sale. An impairment loss of €4,573 thousand was recognized in the fourth quarter of 2023/2024; it was entirely attributable to the "R&D costs" functional area and reduced net assets as of June 30, 2024, by the same amount.

The transaction was closed in fiscal 2024/2025 (effective January 14, 2025). Taking into account the consideration received of €12,542 thousand, net assets of €10,734 thousand and the reclassification of the reserve for other comprehensive income of €242 thousand, a gain of €2,050 thousand was recognized in the income statement as other operating income in connection with the deconsolidation.

The carrying amounts of the assets and liabilities of GENECTIVE S.A. (including its subsidiaries) at the time of the sale (January 14, 2025) are as follows:

in € thousand	01/14/2025
Intangible assets	6,466
Property, plant and equipment	2,633
Cash and cash equivalents	3,036
Trade receivables and other receivables	46
Other	266
Total assets	12,446
Financial liabilities	420
Provisions	370
Trade payables and other liabilities	261
Other	661
Liabilities in connection with assets held for sale	1,713
Net assets	10,734

AGRELIANT GENETICS LLC and AGRELIANT GENETICS INC.

The two joint ventures AGRELIANT GENETICS LLC and AGRELIANT GENETICS INC., which KWS operates together with its partner Vilmorin & Cie (Limagrain Group), were recognized at equity to date.

At the end of fiscal 2024/2025, the KWS Group concluded an agreement to sell its 50% stakes in the joint ventures AGRELIANT GENETICS INC. (Canada) and AGRELIANT GENETICS LLC (U.S.), whose main business involves the production and sale of corn and soybean seed in North America. Under license agreements, KWS was also to sell the rights to genetic material from joint corn breeding with the joint venture partner and the rights to selected European corn breeding material of the KWS Group for use in North America. The transaction is subject to customary regulatory approvals and closing conditions. The transaction was closed in the first quarter of fiscal 2025/2026 effective August 29, 2025 (see also section "9.6. Report on Events after the Balance Sheet Date" of the Notes).

In view of the associated intention to sell the shares, the two joint ventures were classified as held for sale as of the end of fiscal 2024/2025. An at-equity valuation was performed for the last time immediately prior to classification as held for sale and the stake was then tested for impairment. An impairment loss of €20,663 thousand was recognized in the fourth quarter of 2024/2025; it was entirely attributable to net financial income/expenses.

The other comprehensive income contains a cumulative effect of €5,950 thousand.

5. Segment Reporting for the KWS Group

In accordance with its internal reporting and controlling system, the KWS Group is primarily organized according to the following business segments:

• Sugarbeet
• Corn
• Cereals
• Vegetables and
• Corporate

The core competency for the KWS Group's entire product range, plant breeding, including the related biotechnology research, is essentially concentrated at the parent company KWS SAAT SE & Co. KGaA in Einbeck. The breeding material, including the relevant information and expertise about how to use it, is owned by KWS SAAT SE & Co. KGaA with respect to sugarbeet and corn and mainly by KWS LOCHOW GmbH with respect to cereals. Productrelated R&D costs are carried directly in the product segments Corn, Sugarbeet and Cereals. The activities of the Vegetables Segment are pooled at KWS VEGETABLES B.V. in Andijk (the Netherlands) and its subsidiaries. Centrally controlled corporate functions are grouped in the Corporate Segment. Furthermore, the breeding, production and distribution of oilseed rape seed are allocated to the Cereals Segment, while activities related to sunflowers are included in the Corn Segment.

The Executive Board is the main decision-making body and is responsible for allocating resources and assessing the earnings strength of the business segments. The segments and regions are defined in compliance with the internal controlling and reporting systems (management approach). The accounting policies used to determine the information for the segments are adopted in line with those used for the KWS Group. The only exception relates to consolidation of the equity-accounted joint ventures that are assigned to the Corn Segment, namely AGRELIANT GENETICS LLC, AGRELIANT GENETICS INC. and FARMDESK B.V. In accordance with internal controlling practices, they are included proportionately as part of segment reporting.

The presentation of net sales, income, depreciation and amortization, other noncash items, selling expenses, research & development expenses, administrative expenses, operating assets, operating liabilities and capital expenditure on noncurrent assets by segment have been determined in accordance with the internal operational controlling structure, with the above joint ventures consolidated proportionately.

Like in the previous year, the corn and sorghum business in Brazil and Argentina is no longer included in management reporting due to its classification as a discontinued operation and is therefore also not reflected in the segment information.

In order to permit better comparability, the figures have been reconciled with those in the consolidated financial statements.

Sales per segment
in € thousand	Segment sales		Internal sales		External sales
	2024/2025	2023/2024	2024/2025	2023/2024	2024/2025	2023/2024
Sugarbeet	871,756	864,873	0	0	871,756	864,873
Corn	682,773	701,455	0	0	682,773	701,455
Cereals	263,297	275,855	0	0	263,297	275,855
Vegetables	72,276	62,349	147	284	72,129	62,066
Corporate	25,942	23,582	14,623	14,419	11,319	9,164
Total for the segments	1,916,043	1,928,114	14,770	14,702	1,901,273	1,913,412
Elimination of equity-accounted financial assets					−224,645	−235,294
Sales according to the consolidated statement of comprehensive income					1,676,628	1,678,118

Segment sales contains both net sales from third parties (external sales) and net sales between the segments (intersegment sales). The prices for intersegment sales are determined on an arm's-length basis.

Uniform royalty rates per segment for breeding genetics are used as the basis or are paid for the variable royalties in order to ensure compliance with the arm's length principle. Technology revenues from genetically modified traits ("tech fees") are paid as a per-unit royalty on the basis of the number of units sold, due to their growing competitive importance.

Earnings, depreciation and amortization and non-cash items per segment

in € thousand	Segment earnings		Depreciation and amortization		Other noncash items
	2024/2025	2023/2024	2024/2025	2023/2024	2024/2025	2023/2024
Sugarbeet	367,237	350,050	29,743	28,065	−37,985	−46,174
Corn	−4,151	39,066	57,162	43,106	−56,883	−44,293
Cereals	32,069	50,354	10,870	9,434	−9,063	−5,488
Vegetables	−45,828	−34,711	23,872	23,516	−3,399	−1,516
Corporate	−135,428	−127,060	15,307	14,652	−18,971	−11,176
Total for the segments	213,900	277,699	136,953	118,774	−126,301	−108,648
Elimination of equity-accounted financial assets	33,733	24,253	−34,066	−15,829	50,778	14,705
Total excluding equity-accounted financial assets	247,633	301,951	102,887	102,945	−75,522	−93,943
Net financial income/expenses	−35,442	−49,963
Earnings before taxes from continuing operations	212,191	251,988

Selling expenses, research & development expenses and administrative expenses

				Research &		Administrative
in € thousand	Selling expenses			development expenses	expenses
	2024/2025	2023/2024	2024/2025	2023/2024	2024/2025	2023/2024
Sugarbeet	92,391	81,873	105,298	91,638	28,294	26,853
Corn	153,389	161,539	101,453	106,516	34,494	31,871
Cereals	57,189	57,406	64,994	59,132	11,522	10,344
Vegetables	26,873	23,595	35,712	29,009	8,780	7,710
Corporate	16,452	15,523	47,502	45,913	94,542	83,375
Total for the segments	346,294	339,935	354,958	332,209	177,632	160,153
Elimination of equity-accounted financial assets	−49,552	−55,658	−6,008	−6,643	−12,363	−10,568
Total excluding equity-accounted financial assets	296,742	284,277	348,951	325,565	165,269	149,586

The income statements of the consolidated companies are assigned to the segments by means of profit center allocation. Operating income, an important internal parameter and an indicator of the earnings strength in the KWS Group, is used as the segment earnings. The operating income of each segment is reported as the segment earnings. As part of the adjusted controlling, the operating income before depreciation and amortization will be used in future as an indicator of the earnings strength (segment earnings). The segment earnings are presented on a consolidated basis and include all directly attributable income and expenses. Items that are not directly attributable are allocated to the segments on the basis of an appropriate formula.

The main expenses include selling expenses, research & development expenses and administrative expenses. Depreciation and amortization charges allocated to the segments relate exclusively to intangible assets, rightof-use assets and property, plant and equipment.

The other noncash items recognized in the income statement relate to noncash changes in the allowances on inventories and receivables, and in provisions.

Operating assets and operating liabilities per segment

in € thousand	Operating assets		Operating liabilities
	2024/2025	2023/2024	2024/2025	2023/2024
Sugarbeet	562,074	622,211	101,405	123,498
Corn	393,438	637,581	71,425	148,775
Cereals	167,240	166,063	34,260	42,462
Vegetables	453,446	436,703	13,804	9,582
Corporate	408,921	263,404	277,197	270,110
Total for the segments	1,985,119	2,125,962	498,091	594,427
Elimination of equity-accounted financial assets	0	−187,989	0	−65,754
Total excluding equity-accounted financial assets	1,985,119	1,937,973	498,091	528,673
Others	691,102	1,018,120	576,599	1,027,507
KWS Group acc. to consolidated financial statements	2,676,221	2,956,093	1,074,690	1,556,180

The operating assets of the segments are composed of intangible assets, right-of-use assets, property, plant and equipment, inventories, biological assets and trade receivables that can be charged directly to the segments or indirectly allocated to them by means of an appropriate formula.

Other assets include financial assets, tax assets, deferred tax assets, cash and cash equivalents and assets held for sale and are accordingly carried under the "Others" item.

The operating liabilities attributable to the segments include – in accordance with the management approach – trade payables, contractual and refund obligations, lease liabilities and provisions, insofar as these are not connected to income taxes.

Other liabilities include financial liabilities, provisions for taxes, deferred tax liabilities and liabilities in connection with assets held for sale and are accordingly carried under the "Others" item.

The decline in the "Others" item is mainly attributable to the sale of the net assets of the South American corn and sorghum business (see also section "4.2 Discontinued operation: disposal group classified as held for sale" of the Notes).

Investments in long-term assets by segment ¹

in € thousand	2024/2025	2023/2024
Sugarbeet	41,159	58,474
Corn	16,026	27,843
Cereals	10,692	17,527
Vegetables	18,563	16,458
Corporate	37,353	25,417
Total for the segments	123,792	145,719
Elimination of equity-accounted financial assets	−4,203	−5,804
Investments acc. to consolidated financial statements	119,589	139,915

1 Excluding right-of-use assets in accordance with IFRS 16

The main capital spending for each segment is as follows:

• Sugarbeet: Expansion of storage capacities in Germany (among other things with construction of an elite storehouse at Einbeck) and in the Netherlands, as well as modernization and expansion of production plants in France and Türkiye
• Corn: Expansion and modernization of production and processing plants, in particular in Türkiye
• Cereals: Expansion and modernization of production plants, warehouses and breeding stations, in particular in Germany and France
• Vegetables: Construction of a new research center in the Netherlands, as well as expansion of breeding stations and construction of new greenhouses in Spain, Mexico and Türkiye
• Corporate: Implementation of a new ERP software and IT applications for the customer relationship management system.

Disclosures by region

The disclosures on the regional composition of net sales and noncurrent operating assets have been made in accordance with the accounting policies to be applied to the consolidated financial statements of the KWS Group and thus without proportionate consolidation of the equity-accounted financial investments. Noncurrent operating assets comprise goodwill, other intangible

assets, right-of-use assets, property, plant and equipment, and financial assets.

The external net sales by sales region are broken down on the basis of the country where the customer is based. No individual customer accounted for more than 10% of total net sales in the current and the previous fiscal years.

External sales by region

in € thousand	2024/2025	2023/2024
Germany	295,908	307,756
Europe (excluding Germany)	936,216	928,720
thereof in France	176,887	169,246
North and South America	309,870	295,587
thereof in the U.S.	274,500	267,856
Rest of world	134,634	146,055
KWS Group	1,676,628	1,678,118

Long-term assets by region

in € thousand	2024/2025	2023/2024
Germany	344,553	333,153
Europe (excluding Germany)	631,541	630,387
thereof in the Netherlands	403,553	411,868
North and South America	81,899	190,732
thereof in the U.S.	62,873	170,190
Rest of world	31,643	25,170
KWS Group	1,089,636	1,179,442

6. Notes to the Consolidated Statement of Comprehensive Income

6.1 Net sales and function costs

Net sales were €1,676,628 (1,678,118) thousand and thus at the level of the previous year; they are mainly generated from seed deliveries (€1,478,123 thousand, previous year: €1,487,093 thousand) and royalties (€137,094 thousand, previous year: €131,470 thousand). A breakdown by segments and regions is provided in the segment reporting in section 5 of the Notes.

The cost of sales fell by 0.5% to €619,198 (622,423) thousand, or 36.9% (37.1%) of sales. In particular, improved portfolio mix effects and economies of scale in the Sugarbeet Segment had a positive impact on the cost of sales ratio. The total cost of goods sold was €509,979 (527,621) thousand. The grants recognized in the cost of sales amounted to €1,459 (1,227) thousand. The impairment losses on and destruction of inventories and the reversals of impairment losses, which are carried as a reduction in the cost of materials in the period, are as follows:

July 1 to June 30
in € thousand	2024/2025	2023/2024
Impairment losses	65,990	56,917
Reversals of impairment losses	3,296	2,773

The impairment losses relate mainly to unsold or destroyed seed. They are based on, among other things, empirical values (such as germination capacity) and expectations as to substitution by new varieties. Furthermore, the impairment losses also reflect current information from strategic inventory and sales planning. The increase in impairment losses in the year under review is related in particular to the planned increase in stocks and the strong harvest in the Sugarbeet Segment, with the result that the higher inventories also meant higher impairment losses in absolute terms. Impairment losses on inventories are reversed if the reasons for the impairment no longer apply.

Selling expenses increased by €12,465 thousand to €296,742 (284,277) thousand, or 17.7% (16.9%) of sales. This increase in absolute terms is mainly attributable to cost increases compared with the previous year.

Research & development is recognized in full as an expense in the year it is incurred; in the year under review, this amounted to €348,951 (325,565) thousand. That was 20.8% (19.4%) of sales. The grants recognized in the R&D expenses amounted to €11,474 (10,372) thousand.

General and administrative expenses rose

by €15,683 thousand to €165,269 (149,586) thousand, among other things due to higher IT and wage costs, and were 9.9% (8.9%) of sales.

6.2 Other operating income

July 1 to June 30
in € thousand 2024/2025		2023/2024
Foreign exchange gains 19,312		12,251
Income from the reversal of provisions 7,817		2
Income from reversal of valuation allowances for trade receivables and recovery of written-off receivables 6,423		4,355
Income from the disposal of noncurrent assets 3,269		31,002
Other income related to previous periods	610	243
Unrealized gain on derivatives measured at fair value through profit or loss	388	1,173
Income from received compensation	340	996
Miscellaneous 10,969		7,431
Total 49,129		57,453

Other operating income in fiscal 2024/2025 was mainly impacted by foreign exchange gains. These result from exchange rate changes between the time at which foreign currency receivables and liabilities arose and when they were paid, as well as from exchange rate gains from measurement at the rate on the balance sheet date. The high foreign exchange gains in the year under review are largely attributable to the sharp volatility of currencies during the year, particularly in Eastern Europe.

In addition, the reversal of a provision for VAT risks in the Sugarbeet Segment totaling €7,755 thousand resulted in a positive special effect in the year under review.

The increase in income from the reversal of valuation allowances for trade receivables and recovery of written-off receivables is the result of targeted receivables

management measures (for receivables that are long overdue) that were introduced in the year under review in Germany, among other countries.

The income from the disposal of noncurrent assets mainly came from the sale of two properties (land and buildings) in Germany. The high figure for the previous year is attributable to the non-recurring income from divestment of the Chinese corn portfolio (including licenses) to an amount of €30,664 thousand.

In connection with the deconsolidation of GENECTIVE S.A. (including its subsidiaries), a gain of €2,050 thousand was recognized (see also section "4.3 Other assets and disposal groups held for sale" of the Notes), which is carried under the "Miscellaneous" item in other operating income.

6.3 Other operating expenses

July 1 to June 30
in € thousand	2024/2025	2023/2024
Foreign exchange losses	26,653	19,540
Valuation allowances on receivables	4,426	6,848
Loss on net monetary position (hyperinflation)	4,285	9,244
Expenses relating to previous periods	445	1,592
Unrealized loss on derivatives measured at fair value through profit or loss	389	622
Miscellaneous	11,768	13,923
Total	47,966	51,769

The other operating expenses mainly comprise foreign exchange losses and valuation allowances on receivables, as well as losses from the net monetary position (hyperinflation).

The foreign exchange losses result from exchange rate changes between the time at which foreign currency receivables and liabilities arose and when they were paid, as well as from exchange rate losses from measurement at the rate on the balance sheet date. The high foreign exchange losses compared to the previous year are largely attributable to the sharp volatility of currencies, particularly in Eastern Europe, and the devaluation of the Turkish lira and US dollar.

The decline in the loss on net monetary position by €4,959 thousand to €4,285 (9,244) thousand is due to lower inflation in Türkiye.

The "Miscellaneous" item includes expenses for a variety of different individual matters, such as the setup of provisions, for example for other taxes.

6.4 Net financial income/expenses

July 1 to June 30

in € thousand	2024/2025	2023/2024
Foreign exchange gains	18,100	3,818
Interest income	7,188	4,801
Income from other financial assets and receivables	865	90
Financial income	26,152	8,709
Foreign exchange losses	13,512	8,423
Interest expenses	8,497	20,017
Interest expenses for lease liabilities	2,763	2,526
Interest effects from pension provisions	2,714	3,003
Interest expense for other long-term provisions	391	357
Financial expenses	27,877	34,326
Result from equity-accounted financial assets	−33,718	−24,345
Net financial income/expenses	−35,442	−49,963

Net financial income/expenses improved year over year, mainly due to a far better net interest result and a higher net gain from exchange rate gains and losses.

The net interest result of € –6,312 (–21,013) thousand was mainly influenced by significantly lower interest expenses, which in turn were attributable to the repayment of existing financial borrowings. For example, a tranche of the borrower's note loan amounting to €143,000 thousand was repaid as scheduled in the first quarter of 2024/2025. Interest income also increased due to, among other things, the cash proceeds from the sale of the discontinued operation (see also section "4.2 Discontinued operation: disposal group classified as held for sale" of the Notes).

Net foreign exchange gains and losses amounted to €4,588 thousand (previous year: net loss of €4,605 thousand). The foreign exchange losses mainly arose in connection with the Group's financing. The net gain is largely attributable to short-term intra-Group loans denominated in US dollars.

The negative result from equity-accounted joint ventures and associated companies comprises not only the recognized impairment loss of €20,663 thousand, but also the high current loss of AGRELIANT GENETICS LLC, which was recognized before the joint ventures were classified as "held for sale" (see also section "4.3 Other assets and disposal groups held for sale" of the Notes).

6.5 Taxes

Income tax expenses
in € thousand	2024/2025	2023/2024
Actual income taxes	82,324	80,135
thereof from previous years	4,034	−2,577
Deferred taxes	−10,114	−12,223
Income taxes	72,210	67,912

The KWS Group pays tax in Germany at a rate of 29.8% (29.7%). Corporate income tax of 15.0% (15.0%) and solidarity tax of 5.5% (5.5%) are applied uniformly to distributed and retained profits and remain unchanged.

In addition, trade tax is payable on profits generated in Germany. Trade tax is applied at a weighted average rate of 14.0% (13.9%), resulting in a total tax rate of 29.8% (29.7%).

The profits generated by Group companies outside Germany are taxed at the rates applicable in the country in which they are based. The tax rates of the fully consolidated companies in foreign countries vary between 2.0% (2.0%) in Russia (Special Economic Zone) and 34.0% (34.0%) in Brazil.

The deferred taxes that are recognized relate to the following balance sheet items and tax loss carryforwards:

Deferred taxes

in € thousand	At 06/30/2024		Changes in current year
	Deferred tax assets	Deferred tax liabilities	Net value	Recog nized in profit or loss	Other compre hensive income	Currency incl. hyper inflation effects
Intangible assets 1	123	48,723	−48,600	4,159	0	720
Property, plant and equipment	608	19,162	−18,553	1,286	0	223
Financial assets	2,837	260	2,577	2,761	−307	478
Inventories	16,898	4,531	12,367	2,851	0	494
Current assets	5,431	4,486	946	−672	0	−116
Noncurrent liabilities 2	17,465	1,887	15,578	−1,096	−677	−190
of which pension provisions	8,875	413	8,462	55	−767	10
Current liabilities 3	18,565	2,131	16,434	−3,412	0	−591
Deferred taxes recognized (gross)	61,927	81,179	−19,251	5.877	−984	1,017
Tax loss carryforward	812	0	812	4,237
Setting off	−27,307	−27,307	0	0	0	0
Deferred taxes recognized (net)	35,432	53,871	−18,439	10,114	−984	1,017

in € thousand			At 06/30/2025
	Deferred tax assets	Deferred tax liabilities	Net value
Intangible assets 1	90	43,811	−43,721
Property, plant and equipment	958	18,002	−17,045
Financial assets	12,776	7,266	5,509
Inventories	19,070	3,359	15,712
Current assets	4,093	4,701	−609
Noncurrent liabilities 2	16,094	2,479	13,615
of which pension provisions	7,895	135	7,760
Current liabilities 3	17,878	5,447	12,431
Deferred taxes recognized (gross)	70,958	85,065	−14,107
Tax loss carryforward	5,815	0	5,815
Setting off	−51,002	−51,002	0
Deferred taxes recognized (net)	25,771	34,063	−8,292

1 Due to application of IFRS 16, there are deferred tax liabilities of €7,068 (8,752) thousand attributable to intangible assets as of June 30, 2025.

2 Due to application of IFRS 16, there are deferred tax assets of €6,558 (8,129) thousand attributable to noncurrent liabilities as of June 30, 2025.

3 Due to application of IFRS 16, there are deferred tax liabilities of €3,030 (2,735) thousand attributable to temporary differences in the recognition of current liabilities as of June 30, 2025.

Due to the use of tax loss carryforwards and tax credits on which no deferred taxes were recognized in the past, the actual tax expense fell by €813 (362) thousand.

No deferred taxes were formed for corporation income tax loss carryforwards amounting to €12,930 thousand and for trade tax loss carryforwards amounting to €4,102 thousand, giving a total of €17,032 (20,986) thousand. These loss carryforwards can be utilized without any time limit.

Deferred tax assets relating to deductible temporary differences amounting to €2,568 (0) thousand were not recognized, as it is not likely that there will be a taxable profit in the future against which the Group can offset the deferred tax assets.

No deferred taxes were recognized on temporary differences totaling €46,778 (38,536) thousand associated with investments in subsidiaries, branches and associated companies, and interests in joint arrangements, where the KWS Group is able to control the timing of the reversal of the differences and if it is probable that the reversal will not occur in the foreseeable future.

In the year under review, there were surpluses of deferred tax assets from temporary differences and loss carryforwards totaling €3,978 (17,323) thousand at Group companies that made losses in the past period or the previous period. They were considered recoverable, since it is assumed that the companies in question will post taxable profits in the future. The fact is taken into account here that the KWS Group may realize income with a delay due to the long-term nature of research and development spending.

The reconciliation of the expected income tax expense to the reported income tax expense is derived on the basis of the consolidated income before taxes and applicable tax rate for the Group of 29.8% (29.7%), taking into account the following effects:

Reconciliation of income taxes
in € thousand	2024/2025	2023/2024
Earnings before income taxes	212,191	251,988
Expected income tax expense1	63,214	74,952
Reconciliation with the reported income tax expense
Differences from the Group's tax rate	−7,912	−10,906
Effects of changes in the tax rate	−835	−1,446
Tax effects from:
Expenses not deductible for tax purposes and other additions	11,230	5,346
- Tax free income	−5,409	−5,122
Other permanent deviations	−3,432	−2,568
Recognition and measurement of deferred tax assets	−172	−427
Income taxes for prior years, withholding taxes and uncertain tax positions	16,333	5,083
Other effects	−808	3,001
Reported income tax expense	72,210	67,912
Effective tax rate	34.0%	27.0%

1 Tax rate of the Group's parent company: 29.8% (29.7%)

The other effects include effects from the application of IAS 29 (hyperinflation) amounting to €382 (2,850) thousand in Türkiye.

The item "Recognition and measurement of deferred tax assets" includes in particular the effects of the nonrecognition and initial recognition of deferred tax assets

on temporary differences and tax loss carryforwards. There is a deferred tax expense of €1,587 (452) thousand from the non-recognition of deferred taxes on tax loss carryforwards and temporary differences in the year under review. The use of deferred taxes on loss carryforwards that had not previously been recognized results in deferred tax income of €0 (158) thousand.

Effects from changes in tax rates relate in particular to the Russian companies.

The increase in the item "Income taxes for prior years, withholding taxes and uncertain tax positions" is mainly due to the increase in uncertain tax positions and adoption of Germany's Tax Haven Defense Act in the year under review.

There is no definitive tax assessment in respect of several years at the Group. A tax audit in Germany and in a number of other countries has currently not been concluded. Since the KWS Group operates multinationally and there are numerous relationships between affiliated companies, queries on the subject of transfer prices in particular are expected from the local fiscal authorities. The KWS Group believes it has made adequate provisions for these years where the tax assessment is not concluded. As a result of future legislation or changes in the opinions of the fiscal authorities, and allowing for the fact that there is some uncertainty in the area of transfer pricing, it is not possible to rule out that there will be tax refunds or payments of tax arrears for past years.

In order to reduce tax avoidance and profit shifting, the Organization for Economic Cooperation and Development (OECD) has published the Pillar Two Model Rules, which are intended to address the tax challenges arising from digitalization of the global economy in order to ensure an effective minimum tax rate of 15%.

Based on qualified country-by-country reporting and taking into account the (simplified) Full GloBE (Global Anti-Base Erosion Rules) calculation scheme, all jurisdictions are subject to an effective tax rate per country of more than 15% for the current fiscal year. Accordingly, the Group did not have to recognize any current tax expense for the supplementary tax in connection with global minimum taxation.

6.6 Personnel costs/employees

July 1 to June 30

in € thousand	2024/2025	2023/2024
Wages and salaries	352,260	317,209
Social security contributions, expenses for pension plans and benefits	90,548	79,863
Total	442,808	397,072

Personnel costs went up by 11.5%. The number of employees increased from 4,673 to 4,837, or by 3.5%. Of the 4,837 (4,673) employees, 4,610 (4,461) are permanent employees and 226 (212) are temporary employees. The number of trainees and interns is recorded separately and not included in the headcount. There were 181 (157) trainees and interns at KWS at June 30, 2025.

Employees (FTE) by region (continuing operations only)

	2024/2025	2023/2024
Employees (FTE)
Germany	2,446	2,316
Europe (excluding Germany)	1,765	1,749
North and South America	406	409
Rest of world	220	199
Total	4,837	4,673
Trainees and interns	181	157

6.7 Share-based payment

Employee Stock Purchase Plan

KWS has an Employee Stock Purchase Plan. All employees who have been with the company for at least one year without interruption and have an employment relationship that has not been terminated at a KWS Group company that participates in the program are eligible to take part. That also includes employees who are on maternity leave or parental leave or who are in semi-retirement.

Each employee can acquire up to 2,000 shares. A bonus of 20% is deducted from the purchase price, which depends on the price applicable on the key date. The shares are subject to a lock-up period of four years beginning when they are posted to the employee's securities account. The right to a dividend, if declared by KWS SAAT SE & Co. KGaA, exists during the lock-up period. Holders can also participate in the Annual Shareholders' Meeting during the lock-up period. They can dispose freely of the shares after the lock-up period.

In the year under review, 56,015 (62,300) shares were repurchased for the Employee Stock Purchase Plan at a total price of €3,299 (3,189) thousand and transferred directly to the employees. The total cost for issuing shares at a reduced price was €645 thousand in the past fiscal year (previous year: €623 thousand).

Long-term incentive (LTI)

The stock-based compensation plans awarded at the KWS Group to members of the Executive Board and of the first management level are recognized in accordance with IFRS 2 "Share-based Payment." The incentive program, which was launched in fiscal 2009/2010, involves stockbased payment transactions with cash compensation, which are measured at fair value at every balance sheet date. Members of the Executive Board are obligated to acquire shares in KWS SAAT SE & Co. KGaA every year in a freely selectable amount ranging between 35% and 50% of the gross performance-related bonus. Along with that, members of the first management level below the Executive Board likewise take part in an LTI program. As part of this program, they are obligated to invest in shares in KWS SAAT SE & Co. KGaA every year in a freely selectable amount ranging between 10% and 40% of the gross

performance-related bonus. The shares acquired under the LTI program may be sold at the earliest after a regular holding period of five years beginning at the time they are acquired (end of the quarter in which the shares were acquired). In addition to the shares being unlocked, the entitled persons are paid a long-term incentive (LTI) in the form of cash compensation after the holding period for the tranche in question. Its level is calculated on the basis of KWS SAAT SE & Co. KGaA's share performance and on the KWS Group's return on sales (ROS), measured as the ratio of operating income to net sales, over the holding period. For persons with contracts as of July 1, 2014, the cash compensation for members of the Executive Board is a maximum of one-and-half times (for the Spokesperson of the Executive Board two times), and for members of the first management level below the Executive Board a maximum of two times their own investment (LTI cap). The costs of this compensation are recognized in the income statement over the period and, taking the cash compensation in January 2025 into account, were €806 (542) thousand in the period under review. The provision for it at June 30, 2025, was €3,373 (2,923) thousand. The LTI fair values are calculated by an external expert.

6.8 Earnings after taxes

The earnings after taxes of the continuing operations were €139,980 (184,076) thousand on operating income of €247,633 (301,951) thousand and net financial income/ expenses of € –35,442 (– 49,963) thousand and after taxes totaling €72,210 (67,912) thousand. Including the earnings after taxes of the discontinued operation totaling €96,366 (–53,246) thousand, the Group's earnings after taxes amounted to €236,346 (130,830) thousand.

The return on sales (earnings after taxes of the continuing operations relative to net sales) was 8.3% and thus below the level of the previous year (11.0%). Diluted/ basic earnings per share are calculated by dividing the Group's earnings after taxes by 33,000,000 shares and was €7.16 (3.96) for the Group and €4.24 (5.58) for the continuing operations.

7. Notes to the Consolidated Balance Sheet

7.1 Intangible assets

Reconciliation of the carrying amount of intangible assets

	Other intangible		Intangible
in € thousand	assets	Goodwill	assets
Gross carrying amounts: 07/01/2024	445,333	105,407	550,740
Currency translation	−433	−17	−450
IAS 29 inflation adjustment	38	0	38
Additions	13,862	0	13,862
Disposals	1,171	0	1,171
Transfers	1,960	0	1,960
Reclassification of assets held for sale (IFRS 5)	0	0	0
Gross carrying amounts: 06/30/2025	459,589	105,391	564,980
Amortization and write-downs: 07/01/2024	165,417	0	165,417
Currency translation	−409	0	−409
Additions	28,815	0	28,815
Impairments	0	0	0
Disposals	1,043	0	1,043
Transfers	−1	0	−1
Reclassification of assets held for sale (IFRS 5)	0	0	0
Amortization and write-downs: 06/30/2025	192,780	0	192,779
Net carrying amounts: 06/30/2025	266,809	105,391	372,200
Net carrying amounts: 06/30/2024	279,916	105,407	385,323

Other intangible assets	Goodwill	Intangible assets
493,253	123,678	616,931
−2,095	−1,696	−3,792
84	0	84
15,120	0	15,120
692	0	692
547	0	547
60,883	16,575	77,458
445,333	105,407	550,740
173,387	0	173,387
−1,840	0	−1,839
30,373	0	30,373
4,573	0	4,573
421	0	421
0	0	0
40,656	0	40,656
165,417	0	165,417
279,916	105,407	385,323
319,866	123,679	443,544

Intangible assets include purchased varieties, rights to varieties and distribution rights, brands, customer relationships, software licenses for electronic data processing, and goodwill. The current additions of €13,862 (15,120) thousand related to the ongoing implementation of a new ERP software and digital IT applications for the customer relationship management system. Amortization of intangible assets amounted to €28,815 (30,373) thousand and was thus almost at the level of the previous year.

The main carrying amount of the other intangible assets still relates to the technology from acquisition of the POP VRIEND SEEDS Group on July 1, 2019, namely €210,806 (219,589) thousand, which has an expected remaining useful life of 24 years.

Similarly to intangible assets with an indefinite useful life, goodwill obtained as part of company acquisitions is tested for impairment at least once a year.

To enable that, cash-generating units have been defined in line with internal budgeting and reporting processes. In the KWS Group, these are the Business Units. To test for impairment, the carrying amount of each Business Unit is determined by allocating the assets and liabilities, including attributable goodwill and intangible assets. An impairment loss is recognized if the recoverable amount of a Business Unit is less than its carrying amount. The recoverable amount is the higher of the fair value less costs to sell and the value in use of a cash-generating unit. As of June 30, 2025, only the Business Unit Vegetables had significant goodwill.

Goodwill
in € thousand	06/30/2025	06/30/2024
Vegetables	99,576	99,576
Cereals	3,999	4,017
Other	1,816	1,814
Total	105,391	105,407

The recoverable amount for the Business Unit Vegetables is calculated as the fair value less costs to sell. Measurement is based on the present value of future cash flows

derived from planning (fair value hierarchy level 3). This takes into account not only the medium-term but also the long-term net sales and earnings expectations from establishment of KWS' vegetable breeding operations. For this reason, the estimate of future cash flows covers a longterm period extending beyond the basic detailed planning horizon until a stable state is reached in fiscal 2039/2040.

In addition to the significant double-digit sales growth, due among other things to the anticipated recovery in the market for spinach and bean seed, further important foundations for the Business Unit's future long-term growth were laid in fiscal year 2024/2025. They included construction of a new research center in the Netherlands, as well as expansion of breeding stations and construction of new greenhouses, such as in Spain, Mexico and Türkiye. In addition, further large short- to medium-term capital spending projects were adopted, with the aim of speeding up achievement of the KWS Group's strategic goals. Alongside spinach and beans, significant market share for vegetable seed (in Europe, Türkiye and Central and South America) is to be captured, in particular by the world's five most important crops in this segment: tomatoes, peppers, cucumbers, watermelons and melons.

The discount rate at the Business Unit Vegetables has been derived as the weighted average cost of capital (WACC) and was 6.30% (6.65%) after taxes.

A long-term growth rate of 2.0% (2.0%) has been assumed here on the basis of the long-term business expectations beyond the detailed planning horizon.

The impairment test conducted at the end of fiscal year 2024/2025 confirmed that the goodwill is not impaired.

Various sensitivity analyses were also carried out, and it was assumed that the future cash flows would fall by 10%, the weighted average cost of capital would increase by 10% or the long-term growth rate would fall by 1 percentage point.

None of the sensitivity analyses revealed the need to recognize an impairment loss.

7.2 Property, plant and equipment

Reconciliation of the carrying amount of property, plant and equipment

in € thousand	Land and buildings	Technical equipment and machinery	Operating and office equipment	Prepay ments for assets under construction	Property, plant and equipment
Gross carrying amounts: 07/01/2024	478,449	392,543	157,863	116,448	1,145,304
Currency translation	−10,166	−9,856	−3,196	−3,163	−26,380
IAS 29 inflation adjustment	7,692	3,739	979	−2,301	10,109
Additions	27,929	14,662	10,836	52,299	105,726
Disposals	4,244	5,211	6,306	28	15,789
Transfers	49,910	23,275	8,151	−83,217	−1,880
Reclassification of assets held for sale (IFRS 5)	0	0	0	0	0
Gross carrying amounts: 06/30/2025	549,570	419,153	168,328	80,040	1,217,091
Depreciation and write-downs: 07/01/2024	160,462	251,605	111,942	0	524,008
Currency translation	−2,856	−6,970	−2,329	−1	−12,155
IAS 29 inflation adjustment	1,523	2,591	730	0	4,843
Additions	15,002	24,667	13,899	51	53,619
Disposals	3,247	5,253	5,805	0	14,305
Transfers	0	126	−46	0	80
Reclassification of assets held for sale (IFRS 5)	0	0	0	0	0
Depreciation and write-downs: 06/30/2025	170,884	266,767	118,390	50	556,090
Net carrying amounts: 06/30/2025	378,686	152,386	49,937	79,990	661,000
Net carrying amounts: 06/30/2024	317,987	140,938	45,922	116,448	621,296

in € thousand	Land and buildings	Technical equipment and machinery	Operating and office equipment	Prepay ments for assets under construction	Property, plant and equipment
Gross carrying amounts: 07/01/2023	483,265	378,458	159,930	77,128	1,098,781
Currency translation	−14,615	−11,919	−6,367	−1,870	−34,772
IAS 29 inflation adjustment	17,836	11,545	7,845	4,961	42,187
Additions	16,783	21,911	12,593	84,773	136,060
Disposals	330	2,749	5,323	134	8,536
Transfers	15,686	21,598	4,476	−42,523	−763
Reclassification of assets held for sale (IFRS 5)	40,176	26,301	15,290	5,886	87,653
Gross carrying amounts: 06/30/2024	478,449	392,543	157,863	116,448	1,145,304
Depreciation and write-downs: 07/01/2023	155,725	237,779	110,284	0	503,786
Currency translation	−2,922	−5,169	−3,111	0	−11,201
IAS 29 inflation adjustment	4,785	7,225	4,760	0	16,770
Additions	14,631	24,268	13,219	0	52,118
Disposals	156	2,616	4,811	0	7,583
Transfers	−2,091	1,954	−76	0	−214
Reclassification of assets held for sale (IFRS 5)	9,510	11,835	8,324	0	29,669
Depreciation and write-downs: 06/30/2024	160,462	251,605	111,942	0	524,008
Net carrying amounts: 06/30/2024	317,987	140,938	45,922	116,448	621,296
Net carrying amounts: 06/30/2023	327,540	140,679	49,646	77,128	594,995

136 Consolidated Financial Statements | Notes for the KWS Group | 7. Notes to the Consolidated Balance Sheet Annual Report 2024/2025 | KWS Group

The main focus of the KWS Group's capital spending in the year under review was again on erecting and expanding production and research and development capacities. Construction of the new elite storehouse for processing and storing breeding material for sugarbeet was completed at the Einbeck location. In the Vegetables Segment, construction of an extensive research facility in the Netherlands continued, among other things. Across all segments, investments were made in particular in expanding and modernizing production and processing plants, warehouses and breeding stations.

7.3 Equity-accounted financial assets

Equity-accounted joint ventures

The two joint ventures AGRELIANT GENETICS LLC and AGRELIANT GENETICS INC., which KWS operates together with its partner Vilmorin & Cie (Limagrain Group), were recognized at equity to date.

In light of the intention to sell the shares, the two joint ventures were classified as held for sale at the end of fiscal 2024/2025 (see section "4.3 Other assets and disposal groups held for sale" of the Notes for more details) and so were no longer carried under the equity-accounted financial assets.

In addition, the 50% stake in the insignificant joint venture FARMDESK B.V. (Belgium) was sold with effect from October 31, 2024 (see section "4.1. Changes in the consolidated group in the current fiscal year" of the Notes).

Equity-accounted associated companies

Following the divestment last year of the Chinese joint venture KENFENG – KWS SEED CO., LTD., which was classified as a significant associated company, only two insignificant associated companies are now included in the KWS Group's consolidated financial statements using the equity method. They are IMPETUS AGRICULTURE, INC. with a carrying amount of €0 (386) thousand and GIE RHP RECOLTE HAUTE PRECISION with a carrying amount of €56 (53) thousand.

7.4 Proportionately consolidated joint operations

In general, the assets and liabilities and revenue and expenses from the joint operations are included proportionately (at 50%) in the consolidated financial statements.

KWS sold GENECTIVE S.A., including its subsidiaries, effective January 14, 2025 (see also section "4.3 Other assets and disposal groups held for sale" of the Notes).

Accordingly, AARDEVO B.V., including its subsidiaries, which specializes in developing potato seed, is the only proportionately consolidated joint operation in the KWS Group.

7.5 Financial assets and noncurrent receivables

Financial assets mainly comprise the investments in the capital investment fund MLS Capital Fund II (financing of projects/access to biotechnology developments) totaling €4,987 (5,487) thousand, which are measured at fair value through other comprehensive income. The remainder relates to a large number of financial investments that – taken individually – are insignificant, such as other interest-bearing loans, shares in cooperatives, and other securities. The financial assets also include net plan assets totaling €2,312 (536) thousand in the U.S., as the fair value of the plan assets for these pension commitments exceeded the present value of the accrued benefit entitlements from retirement obligations by a corresponding amount at June 30, 2025 (see also section "7.11. Noncurrent liabilities", subsection "Defined benefit plans").

No noncurrent tax assets were recognized in the year under review. In the previous year, there were noncurrent tax assets totaling €123 thousand, which related exclusively to income tax receivables.

The other noncurrent receivables amount to €10,806 (5,104) thousand. The year-on-year increase results from a loan receivable with a carrying amount of €5,783 thousand as of the balance sheet date. In addition, there are trade receivables amounting to €25 (855) thousand that have a remaining period for payment of more than 365 days on June 30 and noncurrent receivables amounting to €2,218 (2,773) thousand from the subleasing of office space that is classified as a financial lease. In addition, this item includes noncurrent receivables from derivative financial instruments totaling €639 (1,162) thousand.

7.6 Inventories and biological assets

Inventories and biological assets
in € thousand	06/30/2025	06/30/2024
Raw materials and consumables	49,354	53,567
Work in progress	192,092	132,282
Immature biological assets	7,008	6,047
Finished goods	167,592	183,528
Rights of return	4,282	5,127
Total	420,328	380,551

Inventories and biological assets increased year over year by €39,777 thousand or 10.5%, primarily due to the strong harvest and the planned increase in stocks in the Sugarbeet Segment, which led to a significantly higher quantity of seed in Germany and other countries.

Immature biological assets relate to living plants in the process of growing (before harvest) at the farms in Germany, France and Poland. The field inventories of the previous year have been harvested in full and the fields have been newly tilled in the year under review. Government grants of €1,378 (€589) thousand, for which all the requirements were met at the balance sheet date, were awarded for agricultural activity in the fiscal year. Future government grants depend on the further development of European agricultural policy.

Credit risk exposure on trade receivables

7.7 Current receivables and other assets

Current receivables and other assets

in € thousand	06/30/2025	06/30/2024
Trade receivables	489,330	504,202
Current tax assets	113,934	121,004
Other current financial assets	33,022	36,861
Other current assets	40,358	36,525
Total	676,645	698,591

The trade receivables include €10,888 (12,247) thousand in receivables from joint ventures and joint operations.

The need to recognize impairment losses at June 30, 2025, was analyzed using the provision matrix on the basis of the expected losses. To enable that, the receivables were grouped by geographical region and the length of time they were overdue and multiplied by appropriate default rates. Receivables that are overdue by more than 360 days and are no longer subject to an enforcement measure have been classified as uncollectible and written off in full.

The maximum credit risk exposure from noncurrent and current trade receivables is the carrying amount reported on the balance sheet and is as follows at June 30, 2025:

in € thousand
	Overdue in days
	Not overdue	1–180 days	181–360 days	>360 days	Total
06/30/2025
Expected credit loss rate	1%	2%	62%	91%
Total gross amount upon default	441,450	51,640	2,435	6,798	502,324
Expected credit loss	4,371	938	1,506	6,154	12,968
06/30/2024
Expected credit loss rate	1%	2%	60%	99%
Total gross amount upon default	474,266	31,768	7,024	7,286	520,345
Expected credit loss	3,094	763	4,219	7,212	15,288

The credit risks were reflected by the following allowances at June 30, 2025, and in the previous year:

Change in allowances on receivables

in € thousand	2024/2025	2023/2024
07/01	15,288	29,490
Currency translation	−280	−2,752
Addition	4,426	13,084
Disposal	47	5,169
Reversal	6,419	5,137
Reclassification of disposal group (IFRS 5)	0	14,229
06/30	12,968	15,288

Current tax assets mainly include income tax receivables of €45,814 (46,475) thousand and other tax assets (in particular value-added tax) of €68,121 (74,529) thousand.

The deposited security for concluded commodity derivatives is €109 (351) thousand. It is carried in the other current financial assets. This item also includes other current receivables that are not allocated to trade receivables (e.g. creditors with debit balances and other shortterm loans and deferrals).

Other current assets include payments on account totaling €25,066 (23,042) thousand.

7.8 Cash and cash equivalents

This item comprises cash and cash equivalents in the form of cash on hand, checks, and immediately available balances at banks, as well as securities.

Cash and cash equivalents at June 30, 2025, were €373,987 (222,362) thousand. Securities at the balance sheet date amounted to €5 (1) thousand. As in the previous year, the annual impairment test of cash and cash equivalents did not result in any need to recognize any need for significant write-downs, meaning that no impairment loss has been recognized.

The change in cash and cash equivalents compared to the previous year is explained in the cash flow statement.

At June 30, 2025, the KWS Group had firmly promised loans it had not used totaling €432,085 (398,190) thousand.

7.9 Equity

The fully paid-up capital of KWS is still €99,000 thousand. The no-par bearer shares are certificated by a global certificate for 33,000,000 shares. The company does not hold any shares of its own. KWS has Authorized Capital of up to €9,900 thousand at the balance sheet date.

The capital reserves essentially comprise the premium obtained as part of share issues.

The other reserves and net retained profit essentially comprise the net income generated in the past by the companies included in the consolidated financial statements, minus dividends paid to shareholders, and the net retained profit. Differences from currency translation and effects of hyperinflation, the reserve for revaluation of net liabilities/assets from defined benefit plans, the reserve for currency translation differences for equity-accounted financial assets, the reserve for the changes in value of the cash flow hedges of the equity-accounted joint ventures, the reserve for revaluation of equity instruments (with changes in value in the other comprehensive income), the reserves for cash flow hedging and the cost of hedging are also carried here.

Differences from translation of the functional currency of foreign business operations into the currency used by the KWS Group in reporting (euro) and inflation-related remeasurement effects for subsidiaries located in hyperinflationary economies are carried in the item "Reserve for currency translation differences and effects of hyperinflation for foreign operations." The item "Revaluation of net liabilities/assets from defined benefit plans" and the associated plan assets includes the actuarial gains and losses from pensions and similar obligations. Differences from translation of the functional currency of equity-accounted foreign business units into the currency used by the Group in reporting (euro) are carried in the "Reserve for currency translation differences on equity-accounted financial assets." The effective portions of the changes in the value of derivatives recognized as part of cash flow hedges are carried in the "Cost of hedging reserve" for cash flows. If options are used in hedging, the changes in value of the fair value component are carried in a separate cash flow hedge reserve.

Other comprehensive income
in € thousand			2024/2025	2023/2024
	Before taxes	Tax effect	After taxes	Before taxes	Tax effect	After taxes
Items that may have to be subse quently reclassified as profit or loss	−1,692	−307	−2,000	4,022	290	4,312
Changes in reserve for currency translation differences and effects of hyperinflation for foreign operations	3,802	0	3,802	3,252	0	3,252
Other comprehensive income from equity-accounted financial assets	−6,398	0	−6,398	1,457	0	1,457
Net gain/(loss) on cash flow hedges	0	0	0	0	0	0
Net change in cost of hedging	904	−307	597	−688	290	−397
Items not reclassified as profit or loss	947	−676	271	4,973	−1,577	3,396
Net gain/(loss) on equity instruments designated at fair value through other comprehensive income	−2,410	90	−2,320	−702	−36	−738
Revaluation of net liabilities/assets from defined benefit plans	3,357	−767	2,591	5,675	−1,541	4,134
Other comprehensive income	−745	−984	−1,729	8,995	−1,287	7,708

The objective of the KWS Group's capital management activities is to pursue the interests of shareholders and employees in accordance with the corporate strategy and earn a reasonable return on investment. The KWS Group is not subject to any external minimum capital requirements. One main goal is to retain the trust of investors, lenders and the market so as to strengthen the company's future business development. The KWS Group's capital management activities intend to continue optimizing the average cost of capital. Another goal is a balanced mix of equity and debt capital. The Group's earnings after taxes were €236,346 (130,830) thousand. On the other hand, there was a total dividend payout of €33,000 (29,700)

thousand in December 2024. This mix ensures the adequate financing of future operating business expansion in the long term.

The focus in selecting financial instruments is on financing with matching maturities, which is achieved by controlling the maturities.

Additional financial flexibility is also provided by the renewal of the syndicated credit line signed in the 2024/2025 fiscal year with a volume of €200,000 thousand (including an option to increase it by €100,000) and a term of five years. It has not yet been utilized.

Capital structure
in € thousand	06/30/2025	06/30/2024
Equity	1,601,531	1,399,914
Long-term borrowings	393,449	427,035
Other noncurrent liabilities	159,849	182,960
Short-term borrowings	42,100	180,420
Other noncurrent liabilities	479,292	474,745
Liabilities in connection with assets held for sale	0	291,020
Total capital	2,676,221	2,956,093
Equity ratio (%)	59.8	47.4

7.10 Minority interests

As in the previous year, there are no minority interests in the KWS Group at June 30, 2025.

7.11 Noncurrent liabilities

Noncurrent liabilities decreased by a total of €56,697 to €553,298 (609,995) thousand.

While long-term provisions (see further details in this section of the Notes), trade payables, lease liabilities and other liabilities remained at roughly the same level as the previous year, the decline is primarily attributable to long-term borrowings, which fell by €33,586 thousand. The decrease is based on the reclassification of long-term borrowings under the short-term borrowings (see also section "7.12 Current liabilities" of the Notes), as various tranches of the loan from the European Investment Bank are scheduled to be repaid within the next 12 months.

In addition, no new loans were taken out in the current year under review. The previously existing noncurrent liabilities mainly relate to two tranches of the borrower's note loan

totaling €167,000 (167,000) thousand, which will be repaid within the next five years and have an average interest rate of 0.7%, and financial liabilities to the European Investment Bank totaling €200,671 (225,732) thousand with a weighted average interest rate of 1.59% and maturing through 2035.

The decrease in deferred tax liabilities is primarily attributable to higher offsetting (netting) against the corresponding deferred tax assets in Germany and the Netherlands.

Noncurrent liabilities in € thousand 06/30/2025 06/30/2024 Long-term provisions 91,963 91,333 Long-term borrowings 393,449 427,035 Trade payables ¹ 3 5 Deferred tax liabilities 34,063 53,872 Lease liabilities 33,349 35,828 Other noncurrent liabilities 471 1,923 Total 553,298 609,995

1 This item has been disclosed in the consolidated balance sheet within "Other noncurrent financial/non-financial liabilities" and is not stated separately.

Long-term provisions
in € thousand	06/30 2024							06/30 2025
		Changes in the con solidated group, currency	Interest expenses from com pounding	Addition	Adjust ment not affecting profit or loss	Con sump tion	Reversal
Pension provisions	79,391	5	2,772	446	−421	4,768	0	77,424
Other provisions	11,942	14	391	6,266	0	4,074	0	14,538
Total	91,333	18	3,162	6,711	−421	8,842	0	91,963

Long-term provisions

in € thousand	06/30 2023							06/30 2024
		Changes in the con solidated group, currency	Interest expenses from com pounding	Addition	Adjust ment not affecting profit or loss	Con sump tion	Reversal
Pension provisions	85,355	−1,450	2,939	539	−3,334	4,658	0	79,391
Other provisions	11,938	−1,223	369	1,722	0	864	0	11,942
Total	97,293	−2,673	3,308	2,261	−3,334	5,522	0	91,333

Nature and scope of the pension benefits

At the KWS Group, the company retirement pension program is based on both defined contribution plans and defined benefit plans. The defined contribution plans are statutory or contractual requirements or involve voluntary contributions to an external pension provider.

In previous years, the KWS Group countered the usual risks of direct obligations in Germany by converting the pension obligations from defined benefit to defined contribution plans. As a result, subsequent benefits will be provided by a provident fund backed by a guarantee. The existing obligations, which are partly covered by plan assets, are funded from the operating cash flow and are subject to the measurement risks specified below.

Defined benefit plans

The pension provisions are based on defined benefit obligations, determined by years of service and pensionable compensation. They are measured using the accrued benefit method under IAS 19, on the basis of assumptions about future development.

In Germany

The following benefits are provided under a company agreement relating to the company retirement pension program:

• An old-age pension at the age of 65
• An early retirement pension before the age of 65, coupled with benefits from the early retirement pension from the statutory pension insurance program
• An invalidity pension for persons who suffer from occupational disability or incapacity to work as defined by the statutory pension insurance program
• A widow's or widower's pension

For benefit obligations backed by a guarantee by an insurance company toward three former members of the Executive Board, the plan assets of €6,478 (6,764) thousand correspond to the present value of the obligation. In accordance with IAS 19, the pension commitments are netted off against the corresponding plan assets.

Abroad

The defined benefit obligations abroad mainly relate to pension commitments in the U.S. Share funds and bonds were mainly invested as plan assets to cover them. All employees who have reached the age of 21 are entitled to benefits. In addition, each employee must have worked at least one year and at least 1,000 working hours to earn an entitlement.

The legal and regulatory framework of the pension plan in the U.S. is based on the U.S. Employee Retirement Income Security Act (ERISA), which sets minimum standards for pension plans, including the minimum funding level. In accordance with U.S. regulations, the funding level is determined on the basis of a regular assessment in order to avoid benefit restrictions.

The following benefits are granted from the pension plan:

• An old-age pension at the age of 65
• An early retirement pension before the age of 65 to be eligible, the employee must be at least 55 and the minimum vesting period is five years and
• A pro-rata pension if the employee reaches the minimum vesting period of five years, but is below 55.

The assumptions in detail are that wages and salaries in Germany will increase by 3.00% (3.00%) annually, in the U.S. by 4.50% (4.50%) annually and in the rest of the world by 2.20% to 3.00% (2.50% to 3.00%) annually. An annual increase in pensions of 2.00% (2.00%) in the long term is assumed in Germany. The discount rate in Germany was unchanged at 3.65%, 5.70% in the U.S. compared with 5.50% the year before, and between 3.20% and 5.50% (3.44% and 5.80%) in the rest of the world.

The following mortality tables were used at June 30, 2025:

• In Germany: The 2018 G mortality table of Klaus Heubeck
• Abroad: Mainly Pri-2012 Private Retirement Plans Mortality Table Projection Scale MP-2021 and INSEE TABLE TD/TV 20-22
• A retirement age of 65 years is imputed for Germany and the U.S.

The pension plans are mainly subject to the following risks:

Investment and return

The present value of the defined benefit obligation from the pension plan is calculated using a discount rate defined on the basis of the returns on high-quality fixed-income corporate bonds. If the income from the plan assets is below this rate of interest, that may result in general in a shortfall in the plan. The corporate bonds and share funds are chosen to ensure risk diversification and managed by an external fund manager.

Change in interest rates

The fall in the returns on corporate bonds and thus the discount rate will result in an increase in the obligations, which is only partly compensated for by a change in the value of the plan assets.

Life expectancy

The present value of the defined benefit obligation from the plan is calculated on the basis of the best-possible estimate using mortality tables. An increase in the life expectancy of the entitled employees results in an increase in the planned liabilities.

Salary and pension trends

The present value of the defined benefit obligation from the plan is calculated on the basis of future salaries/pensions. Consequently, increases in the salary and pension of the entitled employees results in an increase in the planned liabilities.

in € thousand	2024/2025 2023/2024
	Germany	U.S.	Others	Total	Germany	U.S.	Others	Total
Accrued benefit entitlements from retirement obligations on July 1	83,919	26,820	2,954	113,694	89,357	25,531	2,739	117,628
Service cost	287	1,102	165	1,554	344	1,108	195	1,647
Interest expense	2,926	1,313	104	4,343	3,123	1,311	97	4,531
Actuarial gains (–)/losses (+)	−119	−429	−159	−707	−3,664	−660	−8	−4,331
of which due to a change in financial assumptions used for calculation	−450	−754	30	−1,174	−4,120	−1,433	−27	−5,580
of which due to demographic assumptions	0	0	82	82	0	0	64	64
of which due to experience adjustments	331	325	−271	385	457	773	−45	1,185
Pension payments made	−5,390	−903	−57	−6,350	−5,243	−939	−76	−6,258
Exchange rate changes	0	−2,439	5	−2,434	0	469	8	477
Accrued benefit entitlements from retirement obligations on June 30	81,623	25,464	3,012	110,099	83,919	26,820	2,954	113,694

Change in plan assets

in € thousand				2024/2025				2023/2024
	Germany	U.S.	Others	Total	Germany	U.S.	Others	Total
Fair value of the plan assets on July 1	6,764	27,356	719	34,839	7,420	24,073	780	32,272
Interest income	232	1,367	26	1,625	255	1,258	28	1,541
Income(+)/expenses(–) from plan assets excluding amounts already recognized as interest income	161	1,546	−12	1,695	−250	1,683	−89	1,344
Pension payments made	−679	−903	0	−1,582	−661	−939	0	−1,600
Contributions to plan assets	0	985	0	985	0	925	0	925
Exchange rate changes	0	−2,488	0	−2,488	0	443	0	443
Other changes in value	0	−87	0	−87	0	−87	0	−87
Fair value of the plan assets on June 30	6,478	27,776	733	34,987	6,764	27,356	719	34,839

In order to allow reconciliation with the figures in the balance sheet, the accrued benefit must be netted off with the plan assets.

As the fair value of the plan assets for the pension commitments in the U.S. exceeded the present value of the accrued benefit entitlements from retirement obligations by €2,312 (536) thousand at June 30, 2025, these

pension commitments were shown separately from the other pension commitments abroad in the presentation of the changes in the accrued benefit entitlements, plan assets and balance sheet values. The net plan assets totaling €2,312 (536) thousand were reported under financial assets (see also section "7.5. Financial assets and noncurrent receivables" of the Notes).

Reconciliation with the balance sheet values for pensions

in € thousand				2024/2025	2023/2024
	Germany	U.S.	Other	Total	Germany	U.S.	Other	Total
Accrued benefit entitlements from retirement obligations on June 30	81,623	25,464	3,012	110,099	83,919	26,820	2,954	113,694
Fair value of the plan assets on June 30	6,478	27,776	733	34,987	6,764	27,357	719	34,839
Balance sheet values on June 30	75,145	−2,312	2,279	75,112	77,155	−536	2,236	78,854

The following amounts were recognized in the statement of comprehensive income:

Effects on the statement of comprehensive income
in € thousand			2024/2025			2023/2024
	Germany	Abroad	Total	Germany	Abroad	Total
Service cost	287	1,267	1,554	344	1,303	1,647
Net interest expense (+)/income (–)	2,694	24	2,718	2,867	122	2,989
Amounts recognized in the income statement	2,981	1,291	4,272	3,211	1,425	4,636
Gains (–)/losses (+) from revaluation of the plan assets (excluding amounts already recognized as interest income)	−161	−1,535	−1,696	250	−1,594	−1,344
Actuarial gains (–)/losses (+) due to a change in financial assumptions used for calculation	−450	−723	−1,173	−4,120	−1,460	−5,580
Actuarial gains (–)/losses (+) due to a change in demographic assumptions used for calculation	0	82	82	0	64	64
Actuarial gains (–)/losses (+) due to experience adjustments	331	54	385	457	728	1,185
Amounts recognized in other comprehensive income	−280	−2,122	−2,402	−3,412	−2,263	−5,675
Total (amounts recognized in the statement of comprehensive income)	2,701	−831	1,870	−201	−838	−1,039

The service cost is recognized in operating income in the respective functional areas by means of an appropriate formula. Net interest expenses and income are carried in the interest result.

The fair value of the plan assets was split over the following investment categories:

in € thousand			2024/2025			2023/2024
	Germany	Abroad	Total	Germany	Abroad	Total
Corporate bonds		7,755	7,755		7,651	7,651
Equity funds		18,831	18,831		18,507	18,507
Consumer industry		2,631	2,631		2,779	2,779
Finance		3,354	3,354		2,912	2,912
Industry		2,393	2,393		2,305	2,305
Technology		3,982	3,982		3,880	3,880
Health care		2,056	2,056		2,142	2,142
Other		4,415	4,415		4,489	4,489
Cash and cash equivalents		1,923	1,923		1,917	1,917
Reinsurance policies	6,478		6,478	6,764		6,764
Plan assets on June 30	6,478	28,509	34,987	6,764	28,075	34,839

Breakdown of the plan assets by investment category

The plan assets abroad relate mainly to the U.S.

There is no active market for the reinsurance policies in Germany. There is an active market for the other plan assets: The fair value can be derived from their stock market prices. 59.79% (70.42%) of the corporate bonds have an AAA rating.

The following sensitivity analysis at June 30, 2025, shows how the present value of the obligation would change given a change in the actuarial assumptions. No correlations between the individual assumptions were taken into account in this, i.e. if an assumption varies, the other assumptions were kept constant. The projected unit credit method used to calculate the balance sheet values was also used in the sensitivity analysis.

Sensitivity analysis

in € thousand			Effect on obligation in 2024/2025	Effect on obligation in 2023/2024
	Change in assumptions	Decrease	Increase	Change in assumptions	Decrease	Increase
Discount rate	+/−100 bps	14,163	−11,539	+/−100 bps	15,262	−12,392
Anticipated annual pay increase	+/−50 bps	−716	779	+/−50 bps	−846	915
Anticipated annual pension increase	+/−25 bps	−1,849	1,922	+/−25 bps	−1,942	2,019
Life expectancy	+/−1 year	−3,135	3,175	+/−1 year	−3,199	3,236

The following undiscounted payments for pensions (with their due dates) are expected in the following years:

Anticipated payments for pensions

in € thousand			2024/2025
	Germany	Abroad	Total
2025/2026	5,323	1,185	6,507
2026/2027	5,307	1,286	6,593
2027/2028	5,289	1,402	6,690
2028/2029	5,259	1,568	6,827
2029/2030	5,233	1,545	6,778
2030/2031−2034/2035	25,002	10,162	35,164

Anticipated payments for pensions

in € thousand			2023/2024
	Germany	Abroad	Total
2024/2025	5,281	1,229	6,509
2025/2026	5,211	1,253	6,464
2026/2027	5,208	1,562	6,770
2027/2028	5,226	1,466	6,692
2028/2029	5,216	1,628	6,844
2029/2030−2033/2034	25,294	9,934	35,229

The weighted average time at which the pension obligations are due is 11.3 (11.7) years in Germany and 16.5 (17.4) years abroad.

Defined contribution plans

Apart from the above-described pension obligations, there are other old-age pension systems. However, no provisions have to be recognized for them, since there are no further obligations above and beyond payment of the contributions (defined contribution plans). These comprise benefits that are funded solely by the employer and allowances for conversion of earnings by employees.

The total pension costs for fiscal 2024/2025 were as follows:

Pension costs

in € thousand			2024/2025	2023/2024
	Germany	Abroad	Total	Germany	Abroad	Total
Cost for defined contribu tion plans	4,802	1,117	5,919	4,252	1,076	5,327
Service cost for the defined benefit obligations	287	1,267	1,554	344	1,309	1,653
Pension costs	5,089	2,384	7,473	4,596	2,385	6,980

In addition, contributions of €17,674 (18,724) thousand were paid to statutory pension insurance institutions.

The costs for defined contribution plans in Germany mainly related to the provident fund backed by a guarantee. The contributions to this pension plan were €4,489 (3,939) thousand. In addition, the pension benefits from

salary conversion were backed by a guarantee that exactly matches the present value of the obligation of €6,135 (6,190) thousand.

Other provisions

The other provisions mainly comprise provisions by the German companies for semi-retirement and loyalty bonuses.

7.12 Current liabilities

Current liabilities
in € thousand	06/30/2025	06/30/2024
Short-term provisions	30,032	30,910
Current liabilities to banks	42,010	180,348
Other short-term borrowings	90	72
Short-term borrowings	42,100	180,420
Trade payables	180,191	202,579
Tax liabilities	85,144	53,606
Other current financial liabilities	12,062	17,024
Lease liabilities	14,637	15,578
Other current liabilities	105,596	95,345
Contract liabilities	16,183	12,889
Refund liabilities	35,447	46,815
Total	521,392	655,165

The current liabilities to banks mainly include loan liabilities to banks in Germany to an amount of €38,279 (175,813) thousand. The sharp year-on-year decrease is attributable to a tranche of the existing borrower's note loan of €143,000, which was repaid as scheduled in the first quarter of 2024/2025. With regard to the loan from the European Investment Bank, various payments were made for the individual tranches of the loan in the current year under review and further repayments are due within the next 12 months, with the result that an amount of €33,586 thousand was reclassified from long-term to short-term borrowings (see also section "7.11 Noncurrent liabilities" of the Notes).

The remaining current liabilities totaling €3,731 (4,535) thousand are due to banks in Türkiye.

The tax liabilities of €85,144 (53,606) thousand include amounts for the year under review and the period for which the external tax audit has not yet been concluded. Of that figure, income taxes account for €80,696 (48,311) thousand and other taxes (in particular value-added tax) account for €4,448 (5,295) thousand.

The increase in contract liabilities to €16,183 (€12,889) thousand is mainly due to higher payments on account received from our customers. Payments on account received are always carried as net sales in the next fiscal year.

The decrease in refund liabilities to €35,447 (46,815) thousand primarily related to retroactive customer bonuses and volume discounts which, unlike in the previous year, were paid to customers before the balance sheet date.

Short-term provisions
in € thousand	06/30/2024
		Changes in the con solidated group, currency	Addition	Consump tion	Reversal	Reclassifi cation incl. IFRS 5
Obligations from sales transactions	10,339	–236	10,135	7,704	62	0	12,472
Other obligations	20,571	−97	10,259	5,417	7,755	0	17,560
Total	30,910	−333	20,394	13,121	7,817	0	30,032

Short-term provisions

in € thousand	06/30/2023						06/30/2024
		Changes in the con solidated group, currency	Addition	Consump tion	Reversal	Reclassifi cation incl. IFRS 5
Obligations from sales transactions	25,899	−4,727	21,217	5,251	0	−26,799	10,339
Other obligations	12,110	−183	17,995	6,727	2	−2,621	20,571
Total	38,007	−4,910	39,213	11,978	2	−29,421	30,910

The obligations from sales transactions essentially relate to guarantees, obligations for services received that have not yet been invoiced (licenses) and sales commission obligations, where they are not contained in the trade payables. The other obligations relate to risks from legal disputes, provisions from procurement transactions, such as compensation for breeding areas, and other provisions that cannot be assigned to the group of sales transactions. The reversal of the other obligations relates to a provision for VAT risks in the Sugarbeet Segment.

7.13 Financial instruments

In general, the fair values of financial assets and liabilities are calculated on the basis of the market data available on the balance sheet date and are assigned to one of the three hierarchy levels in accordance with IFRS 13. The principal market, i.e. the market with the largest volume of trading and the greatest business activity, is used to calculate the fair value. If this market does not exist for the asset or liabilities in question, the market that maximizes the amount that would be received to sell the asset or minimizes the amount that would be paid to transfer

the liability, after taking into account transaction costs, is used. These are active and accessible markets for identical assets and liabilities, where the fair value results from quoted prices that are observable (level 1 input factors). The KWS Group has commodity derivatives that are assigned to level 1 in the current fiscal year.

The level 2 input factors relate to equity instruments (fund shares) and derivative financial instruments that have been concluded between Group companies and banks. The fair values of such financial instruments are measured on the basis of market data that is directly or indirectly connected with the financial instrument. The level 3 input factors cannot be derived from observable market information. There were no reclassifications between the levels in the fiscal year.

The carrying amounts and fair values of the financial assets (financial instruments), split into the measurement categories in accordance with IFRS 9, are as follows:

06/30/2025

in € thousand Financial assets Fair values Carrying amounts At amortized cost At fair value through other comprehensive income At fair value through profit and loss Total carrying amount Financial assets Financial assets 13,706 5,783 7,923 0 13,706 Other noncurrent receivables 10,806 10,166 0 639 10,806 of which derivative financial instruments 639 0 0 639 639 Short-term trade receivables 489,330 489,330 0 0 489,330 Cash and cash equivalents 373,987 373,987 0 0 373,987 Other current financial assets 33,022 33,022 0 0 33,022 of which derivative financial instruments 0 0 0 0 0 Total 920,852 912,290 7,923 639 920,852

06/30/2024

in € thousand					Financial assets
	Fair values	Carrying amounts
		At amortized cost	At fair value through other comprehensive income	At fair value through profit and loss	Total carrying amount
Financial assets
Financial assets	6,704	0	6,704	0	6,704
Other noncurrent receivables	5,104	3,942	0	1,162	5,104
of which derivative financial instruments	1,162	0	0	1,162	1,162
Short-term trade receivables	504,202	504,202	0	0	504,202
Cash and cash equivalents	222,363	222,363	0	0	222,363
Other current financial assets	36,861	36,455	0	406	36,861
of which derivative financial instruments	406	0	0	406	406
Total	775,233	766,962	6,704	1,568	775,233

The financial assets comprise a loan receivable measured at amortized cost, whose fair value is approximately equal to its carrying amount as of the balance sheet date. The financial assets also include derivative financial instruments, which are measured and carried at fair value. The fair value of the long-term fund shares contained in the financial assets and of the plan assets is measured using generally accepted methods based on directly and indirectly observable market inputs.

The fair value of currency derivatives is the present values of the payments related to these balance sheet items. These instruments are mainly forward exchange and currency swap deals. They are measured on the basis of quoted exchange rates and yield curves available from the market data and allowing for counterparty risks. Commodity derivatives are mainly measured on the basis of current market prices.

The fair values of noncurrent and current receivables corresponded approximately to their carrying amounts at the balance sheet date.

The carrying amounts and fair values of the financial liabilities (financial instruments), split into the measurement categories in accordance with IFRS 9, are as follows:

06/30/2025

in € thousand	Financial liabilities
	Fair values		Carrying amounts
		At amortized cost	At fair value through profit and loss	Total carrying amount
Financial liabilities
Long-term borrowings	371,405	393,449	0	393,449
Long-term trade payables	3	3	0	3
Short-term borrowings	42,100	42,100	0	42,100
Short-term trade payables	180,191	180,191	0	180,191
Other current financial liabilities	12,062	11,945	117	12,062
of which derivative financial instruments	117	0	117	117
Total	605,762	627,688	117	627,805

06/30/2024

in € thousand				Financial liabilities
	Fair values		Carrying amounts
		At amortized cost	At fair value through profit and loss	Total carrying amount
Financial liabilities
Long-term borrowings	393,414	427,035	0	427,035
Long-term trade payables	5	5	0	5
Short-term borrowings	180,420	180,420	0	180,420
Short-term trade payables	202,579	202,579	0	202,579
Other current financial liabilities	17,024	16,932	92	17,024
of which derivative financial instruments	92	0	92	92
Total	793,442	826,970	92	827,063

The fair value of long-term borrowings was calculated on the basis of discounted cash flows. To enable that, interest rates for comparable transactions and yield curves were used.

Due to the generally short times by which trade payables and other current financial liabilities (excluding derivatives) are

due, it is assumed that their carrying amounts are equal to the fair value.

The following table shows the financial assets and liabilities measured at fair value:

Financial assets and liabilities measured at fair value

in € thousand	06/30/2025			06/30/2024
	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Derivative financial instruments without application of hedge accounting under IFRS 9	0	639	0	639	0	1,568	0	1,568
Financial assets	0	7,923	0	7,923	0	6,704	0	6,704
Financial assets	0	8,562	0	8,562	0	8,272	0	8,272
Derivative financial instruments without application of hedge accounting under IFRS 9	0	117	0	117	0	92	0	92
Financial liabilities	0	117	0	117	0	92	0	92

The table below presents the net gains/losses carried in the consolidated statement of comprehensive income for financial instruments in each measurement category:

Net gain/losses of financial instruments (gain(+)/loss(–))

in € thousand	2024/2025	2023/2024
Equity instruments measured at fair value through other comprehensive income	−2,320	−738
Financial assets measured at fair value through profit or loss	1,028	2,308
Financial assets measured at amortized cost	7,174	943
Financial liabilities measured at amortized cost	−8,497	−20,017
Financial liabilities measured at fair value through profit or loss	−1,525	−3,065

The net losses for equity instruments measured at fair value through other comprehensive income include income from non-terminable interests in investment funds.

The net gains from financial assets and net losses from financial liabilities measured at fair value through profit or loss solely comprise changes in the market value of derivative financial instruments.

The net gains from financial assets measured at amortized cost mainly include effects from changes in the allowances for impairment and interest effects.

The net losses from financial liabilities measured at amortized cost result mainly from interest expense.

Credit risks

The credit risk is the risk that a business partner does not fulfill its obligations as part of a financial instrument or contract with a customer, resulting in a financial loss. The KWS Group is exposed to credit risks in its operational activities mainly in relation to trade receivables.

In order to control the credit risks resulting from receivables from customers, a regular creditworthiness analysis is conducted in accordance with the credit volume. If a customer's credit risk is classified as high, it is reduced by means of security. This includes, in particular, credit insurance, prepayments, down payments, promissory notes and guarantees. Depending on the contract's design, reservation of ownership of goods is agreed with our customers. Credit limits are defined for our customers. Credit limits, outstanding claims and the collection of receivables are analyzed in regular meetings of the Credit Committee. For details of the exposure to the risk of default at June 30, 2025, please refer to section 7.7 of the Notes.

Credit risks from financial transactions are controlled centrally by the Treasury department. In order to minimize risks, financial transactions are exclusively conducted within defined limits with banks and partners who always have an investment grade. Compliance with the risk limits is constantly monitored. The limits are adjusted depending on the credit volume only subject to the approval of management and, at KWS SAAT SE & Co. KGaA, of the Executive Board.

Liquidity risks

Liquidity risk is the risk that funds to settle due payment obligations cannot be obtained on time or at all.

Liquidity is managed across all currencies by the central Treasury unit using a cash pooling system. Liquidity requirements are generally determined by means of cash planning and are covered by cash and promised credit lines.

As part of its liquidity management, the KWS Group ensures that it complies with the financial covenants that have been agreed as part of specific interest-bearing loans and relate to the capital structure. The lenders have the right to terminate the loan agreements in question immediately if these requirements are not met. The KWS Group complied with all agreed financial covenants in fiscal 2024/2025.

As part of the renewal of the syndicated credit (see section "7.8 Cash and cash equivalents" of the Notes), the participating banks waived the agreement of financial covenants, meaning that there are only financial covenants with the European Investment Bank.

The table below shows the KWS Group's liquidity analysis for nonderivative and derivative financial liabilities. The table is based on contractually agreed, undiscounted payment flows (interest and payments of principal):

Fiscal 2024/2025

in € thousand	Carrying amount				Cash flows
Liquidity analysis of financial liabilities	06/30/2025	06/30/2025 Total	Due in < 1 year	Due in > 1 year and < 5 years	Due in > 5 years
Financial liabilities	435,549	460,698	45,717	309,157	105,824
Trade payables	180,195	180,195	180,191	3	0
Other financial liabilities	11,945	11,945	11,945	0	0
Lease liabilities	47,985	55,585	15,181	27,994	12,410
Nonderivative financial liabilities	675,674	708,423	253,034	337,155	118,234
Payment claim	0	0	0	0	0
Payment obligation	117	117	117	0	0
Derivative financial liabilities	117	117	117	0	0

Fiscal 2023/2024

in € thousand	Carrying amount				Cash flows
Liquidity analysis of financial liabilities	06/30/2024	06/30/2024 Total	Due in < 1 year	Due in > 1 year and < 5 years	Due in > 5 years
Financial liabilities	607,455	635,903	181,525	256,193	198,185
Trade payables	202,584	202,584	202,579	5	0
Other financial liabilities	16,932	16,932	16,932	0	0
Lease liabilities	51,406	60,374	16,347	29,860	14,167
Nonderivative financial liabilities	878,376	915,793	417,383	286,058	212,352
Payment claim	0	0	0	0	0
Payment obligation	92	92	92	0	0
Derivative financial liabilities	92	92	92	0	0

The cash flows of the derivative financial liabilities for forward exchange deals are presented as an undiscounted gross amount. These derivative financial instruments are settled in gross. Net settlement is envisaged for commodity derivatives. Accordingly, cash flows are presented on a net basis.

Currency risks

Currency risks are where the fair value or future cash flows of a financial instrument are subject to fluctuations due to exchange rate changes. The KWS Group is mainly exposed to currency risks as part of goods deliveries, services and financing activities with foreign subsidiaries. To reduce currency risks in its operating activities, the KWS Group increasingly relies on advance payments and short-term settlement of invoices in volatile currency areas. In some cases, customer receivables are also hedged. Derivative financial instruments (forward exchange deals and currency swaps) are concluded to hedge against currency risks from intra-Group financing. The company ensures that the derivative financial instrument is commensurate with the risk to be hedged.

In order to assess the currency risk, the sensitivity of a currency to fluctuations was determined. The calculated figures relate to the portfolio of financial instruments at the balance sheet date and show the hypothetical effect on income and equity for one year. After the euro, the US dollar is the most important currency in the KWS Group. The currency risk results from intra-Group trade receivables and payables and from financing activity. The average EUR/USD exchange rate in the fiscal year was 1.09 (1.08). If the US dollar depreciated by 10%, the extra income would be €5,919 (3,063) thousand. If the US dollar appreciated by 10%, the extra expense would be €5,919 (3,063) thousand.

The sensitivity for the Russian ruble (RUB) and Turkish lira (TRY) was also determined. In the fiscal year, the average EUR/RUB exchange rate was 98.91 (99.73) and the average EUR/TRY exchange rate was 46.55 (35.13).

If the ruble depreciated by 10%, the extra income would be €320 (358) thousand. If the ruble appreciated by 10%, the extra expense would be €320 (358) thousand. If the Turkish lira depreciated by 10%, the extra income would be €1,028 (1,870) thousand. If the Turkish lira appreciated by 10%, the extra expense would be €1,028 (1,870) thousand.

All other currencies are generally of minor importance.

Risk of changes in interest rates

The risk of changes in interest rates is where the fair value or future cash flows of a financial instrument are subject to fluctuations due to changes in market interest rates.

The risk of changes in interest rates is controlled by means of a balanced portfolio of fixed-interest and variableinterest loans. Interest rate swaps are concluded if there is a high risk of interest rate variability in the portfolio. As part of them, the KWS Group exchanges the difference between fixed-interest and variable-interest amounts determined with reference to a previously agreed nominal amount with a contractual partner at defined intervals of time. In addition, the KWS Group uses interest rate collars to secure a certain interest rate spread.

Interest rate sensitivity is a measure for showing the interest rate risk. The interest rate sensitivity analysis was conducted for the portfolio of financial instruments with a variable interest rate at the balance sheet date and shows the hypothetical effect on income for one year. The variable-interest components of the KWS Group's interest expenses and interest income were determined to calculate that. In a scenario analysis, the effects of an increase/ reduction of 1 percentage point (100 base points) in the relevant underlying capital market interest rate on the interest result were calculated. An increase in all relevant rates of interest of 1 percentage point would result in additional interest expense of €34 (34) thousand. A reduction in the rate of interest of 1 percentage point would add a further €34 (34) million in income.

Commodity price risks

Volatility in the prices of certain agricultural raw materials has an impact on the KWS Group. In its procurement transactions, the KWS Group is partly exposed to a risk from fluctuating market prices for agricultural raw materials.

In order to mitigate the impact of market price risks on operating income, the KWS Group uses derivative financial instruments for hedging purposes in some cases. Various commodity futures (forwards, options and swaps) are used in that.

Selected commodity price hedges can be accounted for using hedge accounting in accordance with IFRS 9, i.e. recognized directly in equity in the other comprehensive income. No such designation was made in the reporting year, meaning that changes in the value of existing commodity derivatives are recognized directly in the income statement.

As in the previous year, all currency and commodity hedges have a remaining maturity of less than one year. The interest rate hedges have a remaining maturity of more than one year.

As part of analysis of the market price risk, a sensitivity analysis is performed based on the portfolio of financial instruments at the balance sheet date. The values calculated

7.14 Hedging instruments and derivative financial instruments

Hedging transactions and derivative financial instruments

show the hypothetical impact of a 10% change in forward market quotations on operating income for one year.

A 10% increase in the year-end price of commodity futures would result in additional expense of €78 (133) thousand. A 10% decrease in the year-end price of commodity futures would add a further €78 (133) thousand in income.

in € thousand	06/30/2025			06/30/2024
	Nominal volume	Net carrying amounts	Fair value	Nominal volume	Net carrying amounts	Fair value
Currency hedges	11,111	639	639	11,111	1,135	1,135
Interest-rate hedges	0	0	0	80,000	27	27
Commodity hedges	2,204	−117	−117	3,715	313	313
Total	13,315	522	522	94,826	1,475	1,475

7.15 Leases

Carrying amounts for right-of-use assets

in € thousand	06/30/2025	06/30/2024
Land, land rights and buildings including buildings on third-party land	25,758	29,754
Technical equipment and machinery	1,189	1,390
Other equipment, operating and office equipment	15,725	15,056
Total	42,673	46,200

Additions to rights of use for leased assets

totaling €15,272 (17,907) thousand were recognized in fiscal 2024/2025. Of this amount, €3,226 (3,339) thousand is attributable to "Land, land rights and buildings" (almost exclusively for research and development), €617 (1,931) thousand to "Technical equipment and machinery" (mainly warehouse and agricultural vehicles) and €11,429 (12,637) thousand to "Other equipment, operating and office equipment" (almost exclusively in connection with the leasing of company vehicles).

The depreciation on rights of use for leased assets was as follows in the year under review:

Depreciation of right-of-use assets

in € thousand	2024/2025	2023/2024
Land, land rights and build ings including buildings on third-party land	5,750	5,688
Technical equipment and machinery	737	701
Other equipment, operating and office equipment	9,122	8,858
Total	15,610	15,247

Expenses for short-term leases and for leases relating to low-value assets totaled €17,417 (17,208) thousand in the period under review.

Short-term lease liabilities totaled €14,637 (15,578) thousand and long-term lease liabilities €33,349 (35,828) thousand at June 30, 2025. The maturity analysis of the lease liabilities is presented in section "7.13 Financial instruments" of the Notes. Lease payments (repayment) totaled €15,294 (17,125) thousand in fiscal 2024/2025.

Interest expenses from interest accrued on the lease liabilities were €2,763 (2,526) thousand.

In general, lease agreements are concluded without extension or termination options. Possible cash outflows of €25,049 (24,486) thousand for existing options to extend a property rental agreement were not included in determining the lease liabilities since there is no reasonable certainty as to whether the options will be exercised.

The KWS Group also acts as a lessor. There is currently a long-term sublease agreement, which has been classified as a financial lease in relation to the main lease agreement. The interest income was €114 (117) thousand. The sublease is reported under the other noncurrent receivables to an amount of €2,218 (2,773) thousand and under the other current receivables to an amount of €664 (691) thousand. The annual income from the sublease is €828 (813) thousand. The lease agreement contains a clause permitting annual adjustment of the lease payment depending on market circumstances.

7.16 Contingent liabilities and other financial obligations

The obligations from uncompleted capital expenditure projects, mainly relating to property, plant and equipment, and the other capital commitment amount to €34,726 (28,628) thousand.

As of the balance sheet date, there were guarantees with respect to third parties totaling €137,617 (140,817) thousand, roughly at the level of the previous year. The vast majority relates to guarantees with respect to third parties for the fulfillment of obligations of the joint venture AGRELIANT GENETICS LLC. When the sale is completed in the first quarter of fiscal 2025/2026 effective August 29, 2025 (see also section "9.6 Report on Events after the Balance Sheet Date" of the Notes), these guarantees will no longer exist.

There were contingent liabilities of €114 (14,519) thousand not recorded on the balance sheet. The amount in the previous year related to possible, but predominantly not likely, claims arising from VAT risks; they no longer exist as of the balance sheet date. Accordingly, this also resulted in reversal of the related provisions for the portion recognized in the balance sheet (see section "6.2 Other operating income" and section "7.12 Current liabilities" of the Notes).

8. Notes to the Consolidated Cash Flow Statement

The cash flow statement shows the changes in cash and cash equivalents of the KWS Group in the three categories of operating activities, investing activities and financing activities, presenting the three categories separately for the continuing operations and for the discontinued operation. The effects of exchange rate changes and changes in the consolidated group have been eliminated from the respective balance sheet items, except those affecting cash and cash equivalents.

As in previous years, cash and cash equivalents are composed of cash (on hand and balances with banks) and current securities.

Financial liabilities changed as follows this year and in the previous year:

Changes in financial liabilities

in € thousand		Cash flows		Non-cash-effective changes
Group (including discontinued operation)	06/30/2024	Group	Reclassifi cation of the cash flow of discontinued operation	Currency	New contracts (IFRS 16)	Other effects	06/30/2025
Financial liabilities	607,455	−173,810	2,804	−900	0	0	435,549
Lease liabilities	51,406	−18,075	−63	−1,146	15,272	591	47,985

Changes in financial liabilities

in € thousand		Cash flows	Non-cash-effective changes
Group (including discontinued operation)	06/30/2023	Group	Reclassi fication of discontinued operation (IFRS 5)	Currency	New contracts (IFRS 16)	Other effects	06/30/2024
Financial liabilities	738,227	88,965	−196,452	−23,285	0	0	607,455
Lease liabilities	51,602	−19,651	−1,906	−404	17,907	3,858	51,406

The non-cash expenses and income totaling €93,525 (89,733) thousand relate, among other things, to the measurement of inventories, trade receivables and derivatives, as well as the result from equity-accounted financial assets and effects from the application of IAS 29 "Financial Reporting in Hyperinflationary Economies."

9. Other Notes

9.1 Proposal for the appropriation of net retained profits

The net retained profits of KWS SAAT SE & Co. KGaA are €284,612 (293,944) thousand..

A proposal will be made to the Annual Shareholders' Meeting that an amount of €41,250 (33,000) thousand should be used to pay a dividend of €1.25 (1.00) for each of the 33,000,000 shares.

9.2 Total remuneration of the Supervisory Board and the Executive Board and of former members of the Supervisory Board and the Executive Board of KWS SAAT SE & Co. KGaA

The compensation of the members of the Supervisory Board was converted to a purely fixed compensation pursuant to the resolution adopted by the Annual Shareholders' Meeting in December 2017. Members of the Supervisory Board who are members of a committee – with the exception of the Chairperson of the Supervisory Board – receive an additional fixed payment therefor. The total compensation for members of the Supervisory Board amounts to €745 (582) thousand, excluding value-added tax. The total compensation for members of the Supervisory Board of KWS SE, the personally liable partner of KWS SAAT SE & Co. KGaA, in the year under review amounted to €620 (218) thousand, excluding value-added tax. In fiscal year 2024/2025, total Executive Board compensation amounted to €6,263 (5,958) thousand. The variable compensation, which is calculated on the basis of the earnings after taxes of the KWS Group, is made up of a bonus and a long-term incentive. The bonus totals €2,979 (2,772) thousand; there are contributions from the long-term incentive tranche totaling €667 thousand (previous year: €655 thousand). Pension provisions totaling €933 (920) thousand were formed for two members of the Executive Board at KWS SAAT SE & Co. KGaA.

Compensation of former members of the Executive Board and their surviving dependents amounted to €1,018 (1,252) thousand. Pension provisions recognized for this group of persons amounted to €5,253 (4,001) thousand as of June 30, 2025, after being netted off with the relevant plan assets.

9.3 Related party disclosures

Transactions with related parties in accordance with IAS 24 are all business dealings that are conducted with the reporting entity by entities or natural persons or their close family members, if the party or person in question controls the reporting entity or is a member of its key management personnel, for example.

The personally liable partner KWS SE provides business management services on behalf of KWS SAAT SE & Co. KGaA. KWS SE is therefore considered a related party, as are its respective shareholders who have at least significant influence.

in € thousand	Deliveries and services provided		Received deliveries and services		Receivables		Payables
	2024/2025	2023/2024	2024/2025	2023/2024	2024/2025	2023/2024	2024/2025	2023/2024
KWS SE	0	0	6,316	6,232	0	0	6,225	5,133
Equity-accounted joint ventures	11,771	10,549	7,428	7,153	11,273	10,248	3,425	3,159
Equity-accounted associated companies	0	69	396	508	0	3	8	22
Other related
parties	42	81	0	0	0	0	0	0

Related parties

As part of its operations, the KWS Group procures goods and services worldwide from a large number of business partners. They also include companies in which the KWS Group has an interest or on which representatives of the KWS Group's Supervisory Board exert a significant influence. The services for joint ventures and associated companies are mainly rendered under existing license agreements. The services received from joint ventures relate to research activities. Business dealings with related companies are always conducted on an arm's length basis and are not material in terms of volume.

The compensation of members of the Executive Board comprises short-term employee benefits, share-based payment benefits and post-employment benefits. Individualized disclosures on the compensation of members of the Executive Board and the Supervisory Board are presented in the Compensation Report. The Compensation Report can be found on our website at: www.kws.com

There were also no business transactions or legal transactions that required reporting for related parties in fiscal 2024/2025.

9.4 Disclosure

The following subsidiaries with the legal form of a corporation within the meaning of Section 264 (3) of the German Commercial Code (HGB) have utilized the exemption provided in Section 264 (3) of the German Commercial Code (HGB) as regards preparation of financial statements and their publication:

• KWS LOCHOW GmbH, Bergen
• KWS Landwirtschaft GmbH, Einbeck
• Betaseed GmbH, Frankfurt am Main
• KWS SAATFINANZ GmbH, Einbeck
• Kant-Hartwig & Vogel GmbH, Einbeck
• Agromais GmbH, Everswinkel
• KWS Berlin GmbH, Berlin
• KWS INTERSAAT GmbH, Einbeck
• Euro-Hybrid Gesellschaft für Getreidezüchtung mbH, Einbeck
• KWS Klostergut Wiebrechtshausen GmbH, Northeim-Wiebrechtshausen
• RAGIS Kartoffelzucht- und Handelsgesellschaft mbH, Einbeck

KWS SAAT SE & Co. KGaA prepares the consolidated financial statements for the largest and smallest group of companies.

9.5 Audit of the annual financial statements

On December 5, 2024, the Annual Shareholders' Meeting of KWS SAAT SE & Co. KGaA elected the accounting firm EY GmbH & Co. KG Wirtschaftsprüfungsgesellschaft, Stuttgart, to be the Group's auditors for fiscal year 2024/2025.

Fee paid to the external auditors under Section 314 (1) No. 9 HGB

in € thousand	2024/2025	2023/2024
a) Audit of the consolidated financial statements	1,099	988
b) Other certification services	235	153
c) Tax consulting	0	0
d) Other services	21	20
Total fee paid	1,354	1,161

Other certification services in fiscal 2024/2025 essentially comprised non-audit services as part of the voluntary audit of the Non-Financial Declaration and auditing of the Compensation Report.

9.6 Report on events after the balance sheet date

As described in section "4.3 Other assets and disposal groups held for sale" of the Notes, the sale of the two joint ventures AGRELIANT GENETICS LLC and AGRELIANT GENETICS INC. was closed effective August 29, 2025. In this connection, a non-recurring positive effect on earnings of around €30 million before taxes is expected. The selling price was in the low triple-digit million USD range.

Apart from that, there have been no events of particular significance that might have an impact on the presentation of the KWS Group's assets, financial position and earnings since the end of the fiscal year.

9.7 Declaration of compliance with the German Corporate Governance Code

KWS SAAT SE & Co. KGaA has issued the declaration of compliance with the German Corporate Governance Code required by Section 161 of the Aktiengesetz (AktG – German Stock Corporation Act) in September 2024 and made it accessible to its shareholders on the company's homepage at www.kws.com/corp/en/company/ investor-relations/corporate-governance.

9.8 List of shareholdings

List of shareholdings in accordance with Section 313 (2) HGB (German Commercial Code)

Fiscal 2024/2025
Name and registered office of the company	Currency	Interest held	Footnote
		Total in %
Fully consolidated subsidiaries (direct)
Germany
AGROMAIS GMBH, Everswinkel	EUR	100.00	1
BETASEED GMBH, Frankfurt am Main	EUR	100.00
EURO-HYBRID GESELLSCHAFT FÜR GETREIDEZÜCHTUNG MBH, Einbeck	EUR	100.00
KANT-HARTWIG & VOGEL GMBH, Einbeck	EUR	100.00	1
KWS BERLIN GMBH, Berlin	EUR	100.00
KWS INTERSAAT GMBH, Einbeck	EUR	100.00
KWS KLOSTERGUT WIEBRECHTSHAUSEN GMBH, Northeim-Wiebrechtshausen	EUR	100.00	1
KWS LANDWIRTSCHAFT GMBH, Einbeck	EUR	100.00
KWS LOCHOW GMBH, Bergen	EUR	100.00	1
KWS SAATFINANZ GMBH, Einbeck	EUR	100.00	1
RAGIS KARTOFFELZUCHT- UND HANDELSGESELLSCHAFT MBH, Einbeck	EUR	100.00	1
Abroad
KWS BULGARIA EOOD., Sofia/Bulgaria	BGN	100.00
KWS SEMENA S.R.O., Bratislava/Slovakia	EUR	100.00
KWS SRBIJA D.O.O., New Belgrade/Serbia	RSD	100.00
SEMILLAS KWS CHILE LTDA., Rancagua/Chile	CLP	100.00
Fully consolidated subsidiaries (indirect)
Abroad
BEIJING KWS AGRICULTURE TECHNOLOGY CO., LTD., Beijing/China	CNY	100.00	7
BETASEED FRANCE S.A.R.L., Bethune/France	EUR	100.00	2
BETASEED RUS LLC, Moscow/Russia	RUB	100.00	21
BTS TURKEY TARIM TICARET LIMITED SIRKETI, Eskisehir/Türkiye	TRY	100.00	2
EUROPSEEDS B.V., Enkhuizen/Netherlands	EUR	100.00	16
GLH SEEDS INC., Bloomington/U.S.	USD	100.00	3
KLEIN WANZLEBENER SAATZUCHT MAROC S.A.R.L.A.U., Casablanca/Morocco	MAD	100.00	8
KWS AUSTRIA SAAT GMBH, Vienna/Austria	EUR	100.00	2
KWS BENELUX B.V., Amsterdam/Netherlands	EUR	100.00	2
KWS BRASIL LTDA., Campinas/Brazil	BRL	100.00	2
KWS CEREALS USA LLC, Champaign/U.S.	USD	100.00	3
KWS FRANCE S.A.R.L., Roye/France	EUR	100.00	2

Fiscal 2024/2025
Name and registered office of the company	Currency	Interest held	Footnote
		Total in %
KWS GATEWAY RESEARCH CENTER LLC, St. Louis/U.S.	USD	100.00	3
KWS INTERNATIONAL HOLDING B.V., Roosendaal/Netherlands	EUR	100.00	5
KWS INTERNATIONAL HOLDING II B.V., Roosendaal/Netherlands	EUR	100.00	2
KWS ITALIA S.P.A., Forlì/Italy	EUR	100.00	2
KWS KUBAN O.O.O., Krasnodar/Russia	RUB	100.00	6
KWS LOCHOW POLSKA SP.Z O.O., Kondratowice/Poland	PLN	100.00	2
KWS MAGYARORSZÁG KFT., Györ/Hungary	HUF	100.00	2
KWS MAIS FRANCE S.A.R.L., Champol/France	EUR	100.00	2
KWS MOMONT RECHERCHE S.A.R.L., Mons-en-Pévèle/France	EUR	100.00	10
KWS MOMONT S.A.S., Mons-en-Pévèle/France	EUR	100.00	2
KWS OSIVA S.R.O, Velké Mezirici/Czech Republic	CZK	100.00	2
KWS PARAGUAY SRL, Asunción/Paraguay	PYG	100.00	21
KWS PERU S.A.C., Lima/Peru	PEN	100.00	4
KWS PODILLYA T.O.V., Kyiv/Ukraine	UAH	100.00	9
KWS POLSKA SP.Z O.O., Poznan/Poland	PLN	100.00	2
KWS R&D INVEST B.V., Emmeloord/Netherlands	EUR	100.00	2
KWS R&D RUS LLC, Lipetsk/Russia	RUB	100.00	6
KWS RUS O.O.O., Lipetsk/Russia	RUB	100.00	18
KWS SCANDINAVIA A/S, Guldborgsund/Denmark	DKK	100.00	2
KWS SEEDS CANADA, LTD., Calgary/Canada	CAD	100.00	2
KWS SEEDS INC., Bloomington/U.S.	USD	100.00	2
KWS SEEDS INDIA PRIVATE LIMITED, New Delhi/India	INR	100.00	20
KWS SEEDS LLC, Bloomington/U.S.	USD	100.00	3
KWS SEMILLAS CANARIAS S.L.U., Gran Canaria/Spain	EUR	100.00	2
KWS SEMILLAS IBÉRICA S.L., Zaratán/Spain	EUR	100.00	2
KWS SEMINTE S.R.L., Bucharest/Romania	RON	100.00	19
KWS SJEME D.O.O., Osijek/Croatia	HRK	100.00	2
KWS SUISSE S.A., Basel/Switzerland	CHF	100.00	2
KWS TÜRK TARIM TICARET A.S., Eskisehir/Türkiye	TRY	100.00	2
KWS UK LTD., Thriplow/UK	GBP	100.00	22
KWS UKRAINA T.O.V., Kyiv/Ukraine	UAH	100.00	23
KWS VEGETABLES B.V., Andijk/Netherlands	EUR	100.00	2
KWS VEGETABLES ITALIA S.R.L: A SOCIO UNICO, Noceto/Italy	EUR	100.00	14
KWS VEGETABLES MEXICO S.A. DE C.V., Mexico City/Mexico	MXN	100.00	20
POP VRIEND HOLDING B.V., Amsterdam/Netherlands	EUR	100.00	14
POP VRIEND INTERNATIONAAL B.V., Andijk/Netherlands	EUR	100.00	16
POP VRIEND SEEDS B.V., Andijk/Netherlands	EUR	100.00	16
SEED PLANT KWS O.O.O., Lipetsk/Russia	RUB	100.00	6
Equity-accounted joint ventures
AGRELIANT GENETICS INC., Chatham/Canada	CAD	50.00
AGRELIANT GENETICS LLC, Westfield/U.S.	USD	50.00	11

Fiscal 2024/2025
Name and registered office of the company	Currency	Interest held	Footnote
		Total in %
Equity-accounted associated companies
GIE RHP RECOLTE HAUTE PRECISION, Roye/France	EUR	49.67	15
IMPETUS AGRICULTURE INC., Lewes/U.S.	USD	38.82	17
Joint operations (proportionately consolidated)
AARDEVO B.V., Nagele/Netherlands	USD	50.00	12
AARDEVO NORTH AMERICA LLC, Boise/U.S.	USD	50.00	13

Profit and loss transfer agreement

Subsidiary of KWS INTERNATIONAL HOLDING B.V. Subsidiary of KWS SEEDS INC.

Subsidiary of SEMILLAS KWS CHILE LTDA. and KWS INTERNATIONAL HOLDING B.V.

Subsidiary of KWS INTERSAAT GMBH

Subsidiary of KWS RUS O.O.O. Subsidiary of EURO-HYBRID GMBH

Subsidiary of KWS BENELUX B.V.

Subsidiary of KWS UKRAINA T.O.V.

Subsidiary of KWS MOMONT S.A.S.

Participation of GLH SEEDS INC.

Participation of RAGIS KARTOFFELZUCHT- UND HANDELSGESELLSCHAFT MBH

Subsidiary of AARDEVO B.V. Subsidiary of KWS VEGETABLES B.V.

Participation of KWS FRANCE S.A.R.L

Subsidiary of POP VRIEND HOLDING B.V.

Participation of KWS R&D INVEST B.V.

Subsidiary of EURO-HYBRID GMBH and KWS SAATFINANZ GMBH

Subsidiary of KWS INTERSAAT GMBH and KWS SAATFINANZ GMBH

Subsidiary of KWS INTERNATIONAL HOLDING B.V. and KWS VEGETABLES B.V.

Subsidiary of KWS INTERNATIONAL HOLDING B.V. and KWS INTERNATIONAL HOLDING II B.V. Subsidiary of KWS INTERNATIONAL HOLDING B.V. Includes two companies that are currently not operational (TWYFORD SEEDS LTD. and CPB TWYFORD LTD.)

Subsidiary of EURO-HYBRID GMBH, KWS SAATFINANZ GMBH and KWS SAAT SE & Co.KGaA

9.9.1 Supervisory Board

	Other seats held in 2024/2025
Members	(at the balance sheet date)
Dr. Hagen Duenbostel (since December 7, 2024) Innsbruck (Austria) Graduate in business administration Chairperson of the Supervisory Board of KWS SAAT SE & Co. KGaA and KWS SE	Membership of comparable German and foreign oversight boards:
	C. H. Boehringer Sohn AG & Co. KG, Ingelheim am Rhein " (member of the advisory group)
	Georg von Holtzbrinck GmbH & Co. KG, Stuttgart " (Deputy Chairperson of the Supervisory Board)
	Verlagsgruppe Georg von Holtzbrinck GmbH, Stuttgart " (Deputy Chairperson of the Supervisory Board)
	HERO AG, Lenzburg (Switzerland) " (member of the Board of Administration)
	Max-Planck-Gesellschaft zur Förderung der " Wissenschaften e.V., Berlin (Chairperson of the Audit Committee)
Dr. Marie Schnell Munich Graduate in communications Deputy Chairperson of the Supervisory Board1 of KWS SAAT SE & Co. KGaA and KWS SE	Membership of comparable German and foreign oversight boards:
	" DR. SCHNELL GmbH & Co. KGaA, Munich (member of the Supervisory Board)
Victor W. Balli Zurich (Switzerland) Chemical Engineer Member of the Supervisory Board1 of KWS SAAT SE & Co. KGaA and KWS SE	Membership of comparable German and foreign oversight boards:
	" Givaudan SA, Vernier (Switzerland) (Chairperson of the Audit Committee, member of the Board of Directors and the Compensation Committee)
	Medacta International SA, Castel San Pietro (Switzerland) " (member of the Board of Directors and Chairperson of the Audit Committee)
	Hemro AG, Zurich (Switzerland) " (member of the Management Board)
	Sika AG, Baar (Switzerland) " (member of the Board of Directors, the Audit Committee and the ESG Committee)
	Louis Dreyfus Company International Holding B.V., " Amsterdam (Netherlands)
	(member of the Supervisory Board and Chairperson of the Audit Committee)

1 Dr. Marie Schnell served as Chairperson of the Supervisory Board of KWS SAAT SE & Co. KGaA and KWS SE from April 17, 2024, to December 6, 2024. Victor W. Balli held the position of Deputy Chairperson in that period of time.

9.9.1 Supervisory Board

Members	Other seats held in 2024/2025 (at the balance sheet date)
Christine Coenen Einbeck Interpreter Chairperson of the European Employees' Committee (EEC) of KWS SAAT SE & Co. KGaA Member of the Supervisory Board of KWS SAAT SE & Co. KGaA
Eric Gombert Villeneuve-sur-Lot (France) Graduate in agricultural engineering Vice-Chairperson of the European Employees' Committee (EEC) of KWS SAAT SE & Co. KGaA Member of the Supervisory Board of KWS SAAT SE & Co. KGaA
Prof. Dr. Dr. h.c. mult. Stefan W. Hell Göttingen Physicist Director at the Max Planck Institute for Multidisciplinary Sciences, Göttingen, and Director at the Max Planck Institute for Medical Research, Heidelberg Member of the Supervisory Board of KWS SAAT SE & Co. KGaA and KWS SE
Honorary members	Other seats held in 2024/2025 (at the balance sheet date)
Dr. Drs. h. c. Andreas J. Büchting Göttingen Agricultural Biologist Honorary member of the Supervisory Board of KWS SAAT SE & Co. KGaA and KWS SE
Dr. Arend Oetker Berlin Honorary member of the Supervisory Board of KWS SAAT SE & Co. KGaA and KWS SE

9.9.2 Supervisory Board committees

Committee	Chairperson	Members in 2024/2025
Audit Committee	Victor W. Balli	Christine Coenen Dr. Hagen Duenbostel
Nominating Committee	Dr. Marie Schnell	Dr. Hagen Duenbostel Prof. Dr. Dr. h.c. mult. Stefan W. Hell

Members	Other seats held in 2024/2025 (at the balance sheet date)
Dr. Felix Büchting Einbeck Spokesperson Research, Breeding, Global Human Resources, Farming Group Strategy, Corporate Office & Services
Eva Kienle (until January 31, 2025) Göttingen Finance & Procurement, Controlling, IT, Legal Services & IP Governance, Compliance & Risk Management Global Transaction Center	Membership of other legally required supervisory boards: Zumtobel Group AG, Dornbirn (Austria) " (member of the Supervisory Board and Chairperson of the Audit Committee) Schott Pharma AG & Co. KGaA, Mainz " (member of the Supervisory Board)
Dr. Jörn Andreas (since January 1, 2025) Duingen Global Finance & Controlling, Global Business Operations, Global Legal Services & IP, Global Information Technology, Group Governance, Compliance, Risk Management & Internal Audit, Investor Relations	Membership of other legally required supervisory boards: GELITA AG, Eberbach " (Deputy Chairperson of the Supervisory Board and member of the Audit Committee)
Dr. Peter Hofmann1 Einbeck Sugarbeet, Vegetables, Cereals, Oilseed Rape/Special Crops & Organic Seeds, Global Marketing & Communications
Nicolás Wielandt 2 Einbeck Corn Europe, Corn South America, Corn North America, Corn China/Asia, Sugarbeet, Vegetables

1 Dr. Peter Hofmann is to retire on September 30, 2025. Sebastian Talg was appointed to the Executive Board of KWS SE effective September 1, 2025.He is responsible for Corn, Cereals, Oilseed Rape/Special Crops & Organic Seeds and Global Marketing & Communications.

2 Nicolás Wielandt assumed responsibility for Sugarbeet and Vegetables effective July 1, 2025.

Einbeck, September 10, 2025

KWS SE

Dr. Felix Büchting | Dr. Jörn Andreas | Dr. Peter Hofmann | Sebastian Talg | Nicolás Wielandt

Reproduction of the auditor's report

We issued the following auditor's report on the consolidated financial statements, the group management report, which was combined with the Company's management report, and the ESEF documents:

Independent auditor's report

To KWS SAAT SE & Co. KGaA

Report on the audit of the consolidated financial statements and of the group management report

Reproduction of the auditor's report

Opinions

We have audited the consolidated financial statements of KWS SAAT SE & Co. KGaA, Einbeck, and its subsidiaries (the Group), which comprise the consolidated statement of comprehensive income for the fiscal year from 1 July 2024 to 30 June 2025, and the consolidated balance sheet as at 30 June 2025, consolidated statement of changes in equity and consolidated cash flow statement for the fiscal year from 1 July 2024 to 30 June 2025, and notes to the consolidated financial statements, including material accounting policy information. In addition, we have audited the group management report of KWS SAAT SE & Co. KGaA, which was combined with the management report of the Company, for the fiscal year from 1 July 2024 to 30 June 2025. We have not audited the content of the parts of the group management report specified in the appendix to the auditor's report and the company information stated therein that is provided outside of the annual report and is referenced in the group management report.

In our opinion, on the basis of the knowledge obtained in the audit,

the accompanying consolidated financial statements comply, in all material respects, with the IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) (IFRS Accounting Standards) as adopted by the EU, and the additional requirements of German commercial law pursuant to Sec. 315e (1) HGB ["Handelsgesetzbuch": German Commercial Code] and, in compliance with these requirements, give a true and fair view of the assets, liabilities and financial position of the Group as at 30 June 2025 and of its financial performance for the fiscal year from 1 July 2024 to 30 June 2025, and the

accompanying group management report as a whole provides an appropriate view of the Group's position. In all material respects, this group management report is consistent with the consolidated financial statements, complies with German legal requirements and appropriately presents the opportunities and risks of future development. We do not express an opinion on the parts of the group management report listed in the appendix.

Pursuant to Sec. 322 (3) Sentence 1 HGB, we declare that our audit has not led to any reservations relating to the legal compliance of the consolidated financial statements and of the group management report.

Basis for the opinions

We conducted our audit of the consolidated financial statements and of the group management report in accordance with Sec. 317 HGB and the EU Audit Regulation (No 537/2014, referred to subsequently as "EU Audit Regulation") and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Our responsibilities under those requirements and principles are further described in the "Auditor's responsibilities for the audit of the consolidated financial statements and of the group management report" section of our auditor's report. We are independent of the group entities in accordance with the requirements of European law and German commercial and professional law, and we have fulfilled our other German professional responsibilities in accordance with these requirements. In addition, in accordance with Art. 10 (2) f) of the EU Audit Regulation, we declare that we have not provided non-audit services prohibited under Art. 5 (1) of the EU Audit Regulation. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions on the consolidated financial statements and on the group management report.

Key audit matters in the audit of the consolidated financial statements

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements for the fiscal year from 1 July 2024 to 30 June 2025. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon; we do not provide a separate opinion on these matters.

Below, we describe what we consider to be the key audit matters:

(1) Revenue recognition from the sale of seed

Reasons why the matter was determined to be a key audit matter

In the consolidated financial statements of KWS SAAT SE & Co. KGaA, revenue from the sale of seed is recognized when control is transferred to the customer, allowing for contractually agreed returns. Due to different contractual agreements and judgment exercised in assessing expected return deliveries, there is an elevated risk of misstatement in relation to the proper recognition of revenue on an accrual basis.

Auditor's response

During our audit, we considered, based on the criteria defined in IFRS 15, the accounting policies applied in accordance with the internal accounting instructions in the consolidated financial statements of KWS SAAT SE & Co. KGaA for the recognition of revenue. Our response included an examination of whether control was transferred to the customers upon the sale of seed. We analyzed the process implemented by the executive directors of KWS SAAT SE & Co. KGaA for the recognition of seed sales, taking into account knowledge about actual returns. Based on analytical procedures defined group-wide, we examined whether the significant revenue items for fiscal

year 2024/2025 correlate with the corresponding trade receivables to identify any irregularities in the development of revenue. With a view to the recognition of revenue on an accrual basis, we also obtained balance confirmations from customers and performed data analyses to identify any irregularities in comparison with the prior year. We analyzed the recognition of revenue based on the contractual arrangements on a sample basis with regard to the requirements of IFRS 15. Using returns made after the reporting date of the fiscal year, we applied analytical procedures to examine the calculation of expected returns of seed and their deduction from revenue.

Reference to related disclosures

With regard to the recognition and measurement policies applied for the recognition of revenue from the sale of seed, refer to the disclosures in section 3 "Accounting Policies" and note 3.6 "Recognition of income and expenses" in the notes to the consolidated financial statements.

(2) Impairment testing of the goodwill of the Business Unit Vegetables

Reasons why the matter was determined to be a key audit matter

The goodwill of the Business Unit Vegetables presented in the consolidated financial statements of KWS SAAT SE & Co. KGaA results from the acquisition of subsidiaries and is a significant balance sheet item.

Goodwill is tested for impairment as of 30 June each year. The result of this test is highly dependent on the executive directors' estimate of future cash flows and the respective discount rates used.

In light of the definition of the cash-generating units, the complexity of the valuation and the judgment exercised during valuation, impairment tests for goodwill were a key audit matter.

Auditor's response

During our audit, among other things, we obtained an understanding of the methods used to carry out the impairment tests including an examination of the suitability of the procedure for performing an impairment test in accordance with IAS 36. In doing so, we analyzed the planning process and the controls implemented therein. We discussed the significant planning assumptions with the executive directors of KWS SAAT SE & Co. KGaA and compared these with the results and cash inflows realized in the past. Our assessment of the result of the impairment test as of 30 June was based among other things on a comparison with general and industry-specific market expectations underlying the expected cash inflows. Based on our understanding that even relatively small changes in the discount rates used can at times have significant effects on the amount of the business value calculated, we analyzed the inputs used to determine the discount rates and reperformed the calculation with regard to the relevant requirements of IAS 36. In addition, we analyzed the sensitivity analyses performed by the executive directors of KWS SAAT SE & Co. KGaA on the goodwill impairment test in order to estimate any potential impairment risk associated with a reasonably possible change in one of the significant assumptions used in the valuation.

We obtained evidence that the Business Unit Vegetables continues to represent the lowest level within the Group at which independent cash inflows are generated and goodwill is monitored for internal management purposes. Our auditor's response also included the disclosures in the notes to the consolidated financial statements of KWS SAAT SE & Co. KGaA in relation to the requirements of IAS 36.

Reference to related disclosures

With regard to the recognition and measurement policies applied for goodwill, refer to the disclosure under 3.7 "Intangible assets" in section 3 "Accounting Policies" in the notes to the consolidated financial statements. For the related disclosures on judgments by the executive directors and sources of estimation uncertainty as well as the disclosures on goodwill, refer to the disclosure under 7.1 "Intangible assets" in section 7 "Notes to the Consolidated Balance Sheet" in the notes to the consolidated financial statements.

Other information

The Supervisory Board is responsible for the Report of the Supervisory Board. The executive directors and the Supervisory Board are responsible for the declaration pursuant to Sec. 161 AktG ["Aktiengesetz": German Stock Corporation Act] on the German Corporate Governance Code, which is part of the declaration on corporate governance. In all other respects, the executive directors are responsible for the other information. The other information comprises the parts of the annual report listed in the appendix to the auditor's report. We obtained a version of this other information prior to issuing our auditor's report.

Our opinions on the consolidated financial statements and on the group management report do not cover the other information, and consequently we do not express an opinion or any other form of assurance conclusion thereon.

In connection with our audit, our responsibility is to read the other information and, in so doing, to consider whether the other information

• is materially inconsistent with the consolidated financial statements, with the group management report or our knowledge obtained in the audit, or
• otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the executive directors and the Supervisory Board for the consolidated financial statements and the group management report

The executive directors are responsible for the preparation of the consolidated financial statements that comply, in all material respects, with the IFRS Accounting Standards as adopted by the EU and the additional requirements of German commercial law pursuant to Sec. 315e (1) HGB, and that the consolidated financial statements, in compliance with these requirements, give a true and fair view of the assets, liabilities, financial position and financial performance of the Group. In addition, the executive directors are responsible for such internal control as they have determined necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud (i.e., fraudulent financial reporting and misappropriation of assets) or error.

In preparing the consolidated financial statements, the executive directors are responsible for assessing the Group's ability to continue as a going concern. They also have the responsibility for disclosing, as applicable, matters related to going concern. In addition, they are responsible for financial reporting based on the going concern basis of accounting unless there is an intention to liquidate the Group or to cease operations, or there is no realistic alternative but to do so.

Furthermore, the executive directors are responsible for the preparation of the group management report that, as a whole, provides an appropriate view of the Group's position and is, in all material respects, consistent with the consolidated financial statements, complies with German legal requirements, and appropriately presents the opportunities and risks of future development. In addition, the executive directors are responsible for such arrangements and measures (systems) as they have considered necessary to enable the preparation of a group management report that is in accordance with the applicable German legal requirements, and to be able to provide sufficient appropriate evidence for the assertions in the group management report.

The Supervisory Board is responsible for overseeing the Group's financial reporting process for the preparation of the consolidated financial statements and of the group management report.

Auditor's responsibilities for the audit of the consolidated financial statements and of the group management report

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and whether the group management report as a whole provides an appropriate view of the Group's position and, in all material respects, is consistent with the consolidated financial statements and the knowledge obtained in the audit, complies with the German legal requirements and appropriately presents the opportunities and risks of future development, as well as to issue an auditor's report that includes our opinions on the consolidated financial statements and on the group management report.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Sec. 317 HGB and the EU Audit Regulation and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer (IDW) will always detect a material misstatement. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and this group management report.

We exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements and of the group management report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinions. The risk of not detecting a material misstatement resulting from fraud is higher than the risk of not detecting a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit of the consolidated financial statements and of arrangements and measures relevant to the audit of the group management report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control or of such arrangements and measures.
• Evaluate the appropriateness of accounting policies used by the executive directors and the reasonableness of estimates made by the executive directors and related disclosures.
• Conclude on the appropriateness of the executive directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the auditor's report to the related disclosures in the consolidated financial statements and

in the group management report or, if such disclosures are inadequate, to modify our respective opinions. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to be able to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements present the underlying transactions and events in a manner that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and financial performance of the Group in compliance with the IFRS Accounting Standards as adopted by the EU and the additional requirements of German commercial law pursuant to Sec. 315e (1) HGB.
• Design and perform the audit of the consolidated financial statements to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as the basis for forming opinions on the consolidated financial statements and on the group management report. We are responsible for the direction, supervision and review of the work performed for the group audit. We remain solely responsible for our audit opinions.
• Evaluate the consistency of the group management report with the consolidated financial statements, its conformity with [German] law, and the view of the Group's position it provides.
• Perform audit procedures on the prospective information presented by the executive directors in the group management report. On the basis of sufficient appropriate audit evidence we evaluate, in particular, the significant assumptions used by the executive directors as a basis for the prospective information, and evaluate the proper derivation of the prospective information from these assumptions. We do not express a separate opinion on the prospective information and on the assumptions used as a basis. There is a substantial unavoidable risk that future events will differ materially from the prospective information.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with the relevant independence requirements, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and where applicable, the related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter.

Other legal and regulatory requirements

Report on the assurance on the electronic rendering of the consolidated financial statements and the group management report prepared for publication purposes in accordance with Sec. 317 (3a) HGB

Opinion

We have performed assurance work in accordance with Sec. 317 (3a) HGB to obtain reasonable assurance about whether the rendering of the consolidated financial statements and the group management report (hereinafter the "ESEF documents") contained in the file KWS_SAAT_SE_KA_LB_ESEF_30.06.2025.zip and prepared for publication purposes complies in all material respects with the requirements of Sec. 328 (1) HGB for the electronic reporting format ("ESEF format"). In accordance with German legal requirements, this assurance work extends only to the conversion of the information contained in the consolidated financial statements and the group management report into the ESEF format and therefore relates neither to the information contained within these renderings nor to any other information contained in the file identified above.

In our opinion, the rendering of the consolidated financial statements and the group management report contained in the file identified above and prepared for publication purposes complies in all material respects with the requirements of Sec. 328 (1) HGB for the electronic reporting format. Beyond this assurance opinion and our audit opinions on the accompanying consolidated financial statements and the accompanying group management report for the fiscal year from 1 July 2024 to 30 June 2025 contained in the "Report on the audit of the consolidated financial statements and of the group management report" above, we do not express any assurance opinion on the information contained within these renderings or on the other information contained in the file identified above.

Basis for the opinion

We conducted our assurance work on the rendering of the consolidated financial statements and the group management report contained in the file identified above in accordance with Sec. 317 (3a) HGB and the IDW Assurance Standard: Assurance on the Electronic Rendering of Financial Statements and Management Reports Prepared for Publication Purposes in Accordance with Sec. 317 (3a) HGB (IDW AsS 410 (06.2022)). Our responsibility in accordance therewith is further described in the "Group auditor's responsibilities for the assurance work on the ESEF documents" section. Our audit firm applies the quality management standard: Requirements for Quality Management in the Audit Firm (IDW QMS 1 (09.2022)).

Responsibilities of the executive directors and the Supervisory Board for the ESEF documents

The executive directors of the Company are responsible for the preparation of the ESEF documents including the electronic rendering of the consolidated financial statements and the group management report in accordance with Sec. 328 (1) Sentence 4 No. 1 HGB and for the tagging of the consolidated financial statements in accordance with Sec. 328 (1) Sentence 4 No. 2 HGB.

In addition, the executive directors of the Company are responsible for such internal control as they have determined necessary to enable the preparation of ESEF documents that are free from material intentional or unintentional non-compliance with the requirements of Sec. 328 (1) HGB for the electronic reporting format.

The Supervisory Board is responsible for overseeing the preparation of the ESEF documents as part of the financial reporting process.

Group auditor's responsibilities for the assurance work on the ESEF documents

Our objective is to obtain reasonable assurance about whether the ESEF documents are free from material intentional or unintentional non-compliance with the requirements of Sec. 328 (1) HGB. We exercise professional judgment and maintain professional skepticism throughout the assurance work. We also:

• Identify and assess the risks of material intentional or unintentional non-compliance with the requirements of Sec. 328 (1) HGB, design and perform assurance procedures responsive to those risks, and obtain assurance evidence that is sufficient and appropriate to provide a basis for our assurance opinion.
• Obtain an understanding of internal control relevant to the assurance on the ESEF documents in order to design assurance procedures that are appropriate in the circumstances, but not for the purpose of expressing an assurance opinion on the effectiveness of these controls.
• Evaluate the technical validity of the ESEF documents, i.e., whether the file containing the ESEF documents meets the requirements of Commission Delegated Regulation (EU) 2019/815, in the version in force at the date of the financial statements, on the technical specification for this file.
• Evaluate whether the ESEF documents enable an XHTML rendering with content equivalent to the audited consolidated financial statements and to the audited group management report.

Evaluate whether the tagging of the ESEF documents with Inline XBRL technology (iXBRL) in accordance with the requirements of Arts. 4 and 6 of Commission Delegated Regulation (EU) 2019/815, in the version in force at the date of the financial statements, enables an appropriate and complete machine-readable XBRL copy of the XHTML rendering.

Further information pursuant to Art. 10 of the EU Audit Regulation

We were elected as group auditor by the Annual Shareholders' Meeting on 5 December 2024. We were engaged by the Supervisory Board on 13 April 2025. We have been the group auditor of KWS SAAT SE & Co. KGaA without interruption since fiscal year 2016/2017.

We declare that the opinions expressed in this auditor's report are consistent with the additional report to the audit committee pursuant to Art. 11 of the EU Audit Regulation (long-form audit report).

Other matter – Use of the auditor's report

Our auditor's report must always be read together with the audited consolidated financial statements and the audited group management report as well as the assured ESEF documents. The consolidated financial statements and the group management report converted to the ESEF format – including the versions to be published in the Unternehmensregister [German Company Register] – are merely electronic renderings of the audited consolidated financial statements and the audited group management report and do not take their place. In particular, the ESEF report and our assurance opinion contained therein are to be used solely together with the assured ESEF documents made available in electronic form.

German Public Auditor responsible for the engagement The German Public Auditor responsible for the engagement is Martin von Michaelis.

Appendix to the auditor's report:

1. Parts of the group management report whose content is unaudited

We have not audited the content of the following parts of the group management report:

• The combined non-financial declaration for KWS SAAT SE & Co. KGaA and the KWS Group contained in section 2.4 "Sustainability Information (Combined Non-Financial Declaration)" of the group management report, including any information in other sections referred to in this declaration.
• The declaration on corporate governance and the declaration of compliance in accordance with Sec. 161 AktG which are published on the websites stated in sections 2.7.1 "Corporate Governance and Declaration on Corporate Governance" and 2.7.2 "Declaration of Compliance in Accordance with Section 161 AktG (German Stock Corporation Act)," which are part of the group management report.

Furthermore, we have not audited the content of the following disclosures extraneous to group management reports. Disclosures extraneous to group management reports are such disclosures that are not required pursuant to Secs. 315, 315a HGB or Secs. 315b to 315d HGB:

• Section 2.1.3 "Vision and Mission"
• Section 2.2 "Research and Development Report"
• Section 2.4.1 "General Information"
• Section 2.4.2 "Environmental Aspects"
• Section 2.4.3 "Social Aspects"
• Section 2.4.4 "Governance"
• Section 2.5.2 "Risk Management," paragraph "Control and monitoring systems"

2. Further other information

The other information comprises the following parts of the annual report, of which we obtained a version prior to issuing this auditor's report, in particular the sections:

• Foreword of the Executive Board
• Report of the Supervisory Board
• KWS on the Capital Market
• KWS in Figures

but not the consolidated financial statements, not the management report disclosures whose content is audited and not our auditor's report thereon.

1. Company information outside of the annual report referenced in the group management report

We have not audited the content of the following information that is cross-referenced in the group management report:

Section 2.7.3 "Remuneration Report pursuant to Section 162 of the German Stock Corporation Act (AktG)."

Berlin, 10 September 2025

EY GmbH & Co. KG Wirtschaftsprüfungsgesellschaft

von Michaelis Böhme Wirtschaftsprüfer Wirtschaftsprüfer

[German Public Auditor] [German Public Auditor]

To KWS SAAT SE & Co. KGaA, Einbeck

Assurance conclusion

We have conducted a limited assurance engagement on the Non-Financial Declaration, included in section "2.4 Sustainability Information (Combined Non-Financial Declaration)" of the combined management report of KWS SAAT SE & Co. KGaA, Einbeck (the "Company"), which is combined with the Non-Financial Declaration of the Group, and on section "2.1 Fundamentals of the KWS Group" of the combined management report ("non-financial reporting") to fulfill Secs. 289b to 289e HGB ["Handelsgesetzbuch": German Commercial Code] and Secs. 315b and 315c HGB, together with the disclosures to fulfill the requirements of Art. 8 of Regulation (EU) 2020/852 included in this Non-Financial Declaration for the fiscal year from 1 July 2024 to 30 June 2025.

Based on the procedures performed and the evidence obtained, nothing has come to our attention that cause us to believe that the accompanying non-financial reporting for the fiscal year from 1 July 2024 to 30 June 2025 is not prepared, in all material respects, in accordance with Secs. 289b to 289e and Secs. 315b and 315c HGB, the requirements of Art. 8 of Regulation (EU) 2020/852 and the supplementary criteria presented by the executive directors of the Company.

Basis for the assurance conclusion

We conducted our assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised): Assurance Engagements Other Than Audits or Reviews of Historical Financial Information issued by the International Auditing and Assurance Standards Board (IAASB).

The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.

Our responsibilities under ISAE 3000 (Revised) are further described in the section "German public auditor's responsibilities of the assurance engagement on the non-financial reporting."

We are independent of the Company in accordance with the requirements of European law and German commercial and professional law, and we have fulfilled our other German professional responsibilities in accordance with these requirements. Our audit firm has applied the requirements for a system of quality control as set forth in the IDW Quality Management Standard issued by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW): Requirements for Quality Management in the Audit Firm (IDW QMS 1 (09.2022)). We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our assurance conclusion.

Responsibilities of the executive directors and the Supervisory Board for the non-financial reporting

The executive directors are responsible for the preparation of the non-financial reporting in accordance with the applicable German legal and European requirements as well as with the supplementary criteria presented by the executive directors of the Company and for designing, implementing and maintaining such internal control that they have considered necessary to enable the preparation of non-financing reporting in accordance with these requirements that is free from material misstatement, whether due to fraud (i.e., fraudulent non-financial reporting) or error.

This responsibility of the executive directors include selecting and applying appropriate reporting policies for preparing the non-financial reporting, as well as making assumptions and estimates and ascertaining forwardlooking information for individual sustainability-related disclosures.

The Supervisory Board is responsible for overseeing the process for the preparation of the non-financial reporting.

Inherent limitations in preparing the non-financial reporting

The applicable German legal and European requirements contain wording and terms that are subject to considerable interpretation uncertainties and for which no authoritative, comprehensive interpretations have yet been published. As such wording and terms may be interpreted differently by regulators or courts, the legality of measurements or evaluations of sustainability matters based on these interpretations is uncertain.

These inherent limitations also affect the assurance engagement on the non-financial reporting.

German public auditor's responsibilities for the assurance engagement on the non-financial reporting

Our objective is to express a limited assurance conclusion, based on the assurance engagement we have conducted, on whether any matters have come to our attention that cause us to believe that the non-financial reporting has not been prepared, in all material respects, in accordance with the applicable German legal and European requirements and the supplementary criteria presented by the Company's executive directors, and to issue an assurance report that includes our assurance conclusion on the non-financial reporting.

As part of a limited assurance engagement in accordance with ISAE 3000 (Revised), we exercise professional judgment and maintain professional skepticism. We also:

• Obtain an understanding of the process used to prepare the non-financial reporting.
• Identify disclosures where a material misstatement due to fraud or error is likely to arise, design and perform procedures to address these disclosures and obtain limited assurance to support the assurance conclusion. The risk of not detecting a material misstatement resulting from fraud is higher than the risk of not detecting a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Consider the forward-looking information, including the appropriateness of the underlying assumptions. There is a substantial unavoidable risk that future events will differ materially from the forward-looking information.

Summary of the procedures performed by the German public auditor

A limited assurance engagement involves the performance of procedures to obtain evidence about the sustainability information. The nature, timing and extent of the selected procedures are subject to our professional judgment.

In performing our limited assurance engagement, we:

• Evaluated the suitability of the criteria as a whole presented by the executive directors in the non-financial reporting.
• Inquired of the executive directors and relevant employees involved in the preparation of the non-financial reporting about the preparation process, the disclosures and about the internal controls relating to this process.
• Evaluated the reporting policies used by the executive directors to prepare the non-financial reporting.
• Evaluated the reasonableness of the estimates and related information provided by the executive directors.
• Inquired of the executive directors and relevant employees regarding the selection of topics for the non-financial reporting, the risk assessment and the policies of the Company and the Group for the topics identified as material.
• Inquired of the employees of the Company and the Group responsible for data capture and consolidation about the data capture and compilation methods as well as internal controls to the extent relevant for the assurance of the disclosures in the non-financial reporting.
• Identified likely risks of material misstatement in the non-financial reporting.
• Performed analytical procedures and made inquiries in relation to selected information in the non-financial reporting.
• Conducted inquiries and inspected documents relating to the collection and reporting of selected qualitative disclosures and data.
• Reconciled selected disclosures with the corresponding data in the consolidated financial statements and combined management report.
• Considered the presentation of the information in the non-financial reporting.
• Considered the process for identifying taxonomy-eligible and taxonomy-aligned economic activities and the corresponding disclosures in the non-financial reporting.

Restriction of use

We draw attention to the fact that the assurance engagement was conducted for the Company's purposes and that the assurance report is intended solely to inform the Company about the result of the assurance engagement. As a result, it may not be suitable for another purpose than the aforementioned. Accordingly, the assurance report is not intended to be used by third parties for making (financial) decisions based on it. Our responsibility is to the Company alone. We do not accept any responsibility to third parties. Our assurance conclusion is not modified in this respect.

General Engagement Terms and Liability

The "General Engagement Terms for Wirtschaftsprüferinnen, Wirtschaftsprüfer and Wirtschaftsprüfungsgesellschaften [German Public Auditors and Public Audit Firms]" dated 1 January 2024, which are attached to this report, are applicable to this engagement and also govern our relations with third parties in the context of this engagement (ey-idw-aab-en-2024.pdf).

In addition, please refer to the liability provisions contained there in no. 9 and to the exclusion of liability towards third parties. We accept no responsibility, liability or other obligations towards third parties unless we have concluded a written agreement to the contrary with the respective third party or liability cannot effectively be precluded.

We make express reference to the fact that we will not update the assurance report to reflect events or circumstances arising after it was issued, unless required to do so by law. It is the sole responsibility of anyone taking note of the summarized result of our work contained in this report to decide whether and in what way this result is useful or suitable for their purposes and to supplement, verify or update it by means of their own review procedures.

Munich, 10 September 2025

EY GmbH & Co. KG Wirtschaftsprüfungsgesellschaft

Dr. zur Nieden Zhang-Pospieschalla Wirtschaftsprüfer Wirtschaftsprüferin

[German Public Auditor] [German Public Auditor]

Declaration by Legal Representatives

We declare to the best of our knowledge that the consolidated financial statements give a true and fair view of the assets, financial position and earnings of the Group in compliance with the generally accepted standards of consolidated accounting, and that an accurate picture of the course of business, including business results, and the Group's situation is conveyed by the Group Management Report, which is combined with the Management Report of KWS SAAT SE & Co. KGaA, and that it describes the main opportunities and risks of the Group's anticipated development.

Einbeck, 10 September 2025

KWS SE

Dr. Felix Büchting Dr. Jörn Andreas

Dr. Peter Hofmann Sebastian Talg

Nicolás Wielandt

Additional Information

Financial calendar

Date
November 12, 2025	Quarterly Report Q1 2025/2026
December 3, 2025	Annual Shareholders' Meeting
February 12, 2026	Semiannual Report 2025/2026
May 12, 2026	Quarterly Report 9M 2025/2026
September 23, 2026	Publication of 2025/2026 financial statements, annual press and analyst conference

KWS share

Key data of KWS SAAT SE & Co. KGaA
Securities identification number	707400
ISIN	DE0007074007
Stock exchange identifier	KWS
Transparency level	Prime Standard
Index	SDAX
Share class	Non-par
Number of shares	33,000,000

Dividend

Dividend payment and dividend ratios of the past ten years

About this report

The Annual Report can be downloaded on our Internet sites at www.kws.de and www.kws.com. The KWS Group's fiscal year begins on July 1 and ends on June 30. Unless otherwise specified, figures in parentheses relate to the same period or date in the previous year. There may be rounding differences for percentages and numbers.

Contact

Investor Relations and Financial Press Peter Vogt investor.relations@kws.com Phone: +49 30 816914-490

Press Gina Wied press@kws.com Phone: +49 5561 311-1427 Sustainability Wolf-Gebhard von der Wense Evrim Vurdu sustainability@kws.com Editor KWS SAAT SE & Co. KGaA Grimsehlstrasse 31 P.O. Box 1463 37555 Einbeck

Safe harbor statement

This Annual Report includes forward-looking statements based on the assumptions and estimates of KWS SAAT SE & Co. KGaA's management. These forward-looking statements may be identified by words such as "forecast," "assume," "believe, "assess," "expect," "intend," "can/may/might," "plan," "should" or similar expressions.

These statements are based on current assessments and forecasts of the Executive Board and the information currently available to it and are subject to certain elements of uncertainty, risks and other factors that may result in significant deviations between expectations and actual circumstances. These factors may be, for example, changes in the overall economic situation, the general statutory and regulatory framework, and the industry.

KWS SAAT SE & Co. KGaA provides no guarantee and accepts no liability for future developments and the actual results achieved in the future matching the assumptions and estimates expressed in this Annual Report. Forward-looking statements are therefore not to be understood as a guarantee or assurance of the expected developments or events mentioned therein. KWS SAAT SE & Co. KGaA neither warrants intends, nor does KWS SAAT SE & Co. KGaA assumes any obligation to update forward-looking statements, forward-looking statements to reflect events or developments after the date of this report.

Photo credits

Florian Spieker Frank Stefan Kimmel Karsten Koch Lennart Ritscher Media café, Danilo and Jefferson Roman Thomas

Date of publication: September 25, 2025

This translation of the original German version of the Annual Report has been prepared for the convenience of our English-speaking shareholders. The German version is legally binding.

KWS SAAT SE & Co. KGaA Grimsehlstrasse 31 P.O. Box 14 63 37555 Einbeck/Germany www.kws.com