SIPEF

Interim Report • Aug 14, 2025

Regulated information within the meaning of the Royal Decree of 14 November 2007

Press release Schoten, 14 August, 2025

Table of contents

1.Half-yearly financial report

• 1.1.Group production

• 1.2.Markets

• 1.3.Financial Statements

• 1.4.Prospects
• 1.5.Sustainability

2. Condensed half-yearly financial statements

2.1.Condensed half-yearly financial statements of the SIPEF group

• 2.1.1. Condensed consolidated balance sheet
• 2.1.2. Condensed consolidated income statement
• 2.1.3. Condensed consolidated statement of comprehensive income
• 2.1.4. Condensed consolidated cash flow statement
• 2.1.5. Condensed statement of changes in consolidated equity

2.2.Notes

• 2.2.1. General information
• 2.2.2. Basis of preparation and accounting policies
• 2.2.3. Use of accounting estimates and judgements
• 2.2.4. Consolidation scope
• 2.2.5. Income taxes
• 2.2.6. Segment information
• 2.2.7. Turnover
• 2.2.8. Equity consolidation share of profit and loss of associated companies and joint ventures
• 2.2.9. Shareholders' equity
• 2.2.10.Net financial assets/(liabilities)
• 2.2.11. Financial instruments
• 2.2.12. Business combinations, acquisitions, and divestitures
• 2.2.13. Related party transactions
• 2.2.14. Important events
• 2.2.15. Events after balance sheet date
• 2.2.16. Risks

3. Certification of responsible persons

4. Report of the statutory auditor

Half-yearly financial report of the SIPEF group as per 30 June 2025 (6m/25)

SIPEF on track for a record year

• SIPEF recorded a total Crude Palm Oil (CPO) production of 208 060 tonnes for the first half of 2025, reflecting a 19.1% increase compared to the same period in 2024. This growth was supported by an increase in Fresh Fruit Bunches (FFB) and improved oil extraction rates across both geographies.
• In Indonesia, CPO volumes are up 21.1%, and in Papua New Guinea 13.9% from last year, supported by favourable weather and the recovery after the volcanic eruption in November 2023.
• Banana production increased with 3.4% contributed by the maturing area of the recently developed areas.
• Palm oil markets remain favourable from a historical perspective and prices hovered around USD 960 per tonne on the Malaysian MDEX.
• In the first half of 2025, SIPEF achieved an average CPO price of USD 965 per tonne ex-mill gate, up 15.3% from last year. Prices were strongest in Papua New Guinea at USD 1 129 per tonne, while Indonesia averaged USD 864 per tonne. Palm Kernel (PK) prices also recovered sharply to USD 754 per tonne, a 63.4% increase from the first half of 2024.
• The operating result almost doubled, reaching KUSD 84 641 by end June 2025, compared to KUSD 44 001 in the first half of 2024. This reflects strong underlying performance in the Group's core activities.
• The result for the period, share of the Group, rose to KUSD 57 718, a significant increase from KUSD 25 029 in the same period last year.
• The Group maintained a strong financial position, with total equity increasing to KUSD 973 679 and a net cash position of KUSD 19 933.
• The Group remains on track to achieve its forecasted CPO production of 430 000 tonnes, provided that growing conditions continue to be supportive.
• In South Sumatra, 24 557 hectares of the 30 418 hectares planted are now classified as mature and contributing to production, reflecting the steady development of the plantation base.
• To date, 73% (last year 64%) of the budgeted palm oil production has been sold at an average price of USD 963 per tonne ex-mill gate (last year USD 857 per tonne ex-mill gate). Together with the prospect of continued favourable market prices for palm oil, the Group's recurring annual results will be significantly higher than last year and is on track to deliver a new record year.
• The Group is expected to head for a positive net financial position at year end 2025.
• Continued progress on the PT Melania divestment, with amended terms signed to reaffirm the transaction.
• The Group continues to execute its capex programme in a disciplined and strategic manner, progressing with the implementation of washing plants and biogas/Bio-CNG initiatives in Indonesia, while maintaining a positive cash flow.
• Hargy Oil Palms Ltd welcomes RSPO CEO for On-the-Ground Engagement in Papua New Guinea.
• SIPEF supported the RSPO certification of over 300 independent smallholders in Indonesia, now eligible to be integrated into SIPEF's fully certified and traceable supply chain.
• Plantations J. Eglin hosts Fairtrade leadership and pioneers Human Rights training to advance responsible business practices in West Africa.

1. Half-yearly financial report

Group production
2025 (in tonnes)	Own	Third parties	Q2/25	YoY%	Own	Third parties	YTD Q2/25	YoY%
Palm oil	93 562	20 475	114 037	20.0%	170 110	37 950	208 060	19.1%
Bananas	11 482	0	11 482	2.1%	25 977	0	25 977	3.4%
2024 (in tonnes)	Own	Third parties	Q2/24		Own	Third parties	YTD Q2/24
Palm oil	78 258	16 758	95 016		143 716	31 031	174 747
Bananas	11 241	0	11 241		25 122	0	25 122

1.1. Group production

In Indonesia, Fresh Fruit Bunch (FFB) production continued its upward trend in the second quarter of 2025, increasing by 12.8% compared to the same period in 2024. This followed a strong first quarter, which saw a 16.4% increase compared to last year. As a result, total FFB production in Indonesia rose by 14.4% in the first half of 2025 compared to the first half of 2024, with all production sites in Sumatra contributing to the growth.

In the Bengkulu region (Agro Muko), favourable rainfall during the first quarter and part of the second quarter supported fruit development, leading to strong harvesting results. Own production volumes in this region increased by 14.7% in Q2 and by 15.3% over the first half, compared to last year. Musi Rawas also benefited from the expansion of its own mature plantation area, which reached 13 551 hectares by the end of June 2025. Including the mature areas of Dendymarker Indah Lestari, a total of 20 854 hectares are now contributing to production in South Sumatra. This contributed to a 28.2% increase in own FFB production in Q2 and a 29.9% increase over the first six months compared to the same period in 2024. In North Sumatra, the mineral soil estates recorded a 7.9% increase in FFB production in the second quarter and a 4.4% increase for the half year compared to last year. However, on the organic soil estates, despite a 10.5% rise in Q1, lower rainfall in 2024 negatively affected yields, resulting in a 7.0% decrease in the second quarter and a slight decline of 0.2% for the first half compared to 2024.

In Indonesia, Crude Palm Oil (CPO) production rose to 134 862 tonnes in the first half of 2025, up 22.1% compared to the same period in 2024. The second quarter alone saw CPO production of 75 035 tonnes, marking a 22.5% increase versus Q2 last year. This growth was supported by both maturing hectares and improvements in oil extraction efficiency. The average Oil Extraction Rate (OER) in Indonesia improved to 23.1% year-to-date, compared to 22.3% in the first half of 2024, with enhanced processing performance and bigger bunches. Particularly in South Sumatra, the recorded year to date OER increased with 3.4%.

The total FFB production in Papua New Guinea showed solid progress in the first half of 2025 and is 7.8% higher than the same period in 2024. In Q2 the own FFB output showed an increase of 10.4% whereby the smallholders continue to outperform with an increase of 16.2% against last year. The overall FFB production for the quarter was 12.8% higher than the same period in 2024. This was helped by the recovery in Navo estate after the volcanic eruption in 2023 and a strong start of the year at Bakada which showed an increase of 6.0% against last year production.

Although rainfall levels in 2025 remained below the 5-year average, the distribution pattern was well balanced and timely. This ensured good fruit bunch ripening, while also supporting accessibility and crop evacuation across the plantation. These conditions helped mitigate some of the early-season shortfall whereby Q1 own production showed a slight decline (-1.5%).

CPO production in Papua New Guinea rose by 13.9% compared to last year, with a stronger increase of 15.4% recorded in the second quarter. This was primarily driven by higher FFB throughput during Q2 and a notable improvement in OER, which averaged 24.7%, up 5.6% from the previous year. All three mills contributed to this performance uplift, benefiting from targeted upgrades and operational enhancements. In particular, the Navo mill upgrade was completed and supporting more efficient processing and contributing to the group-wide improvement in extraction efficiency.

Banana production in Côte d'Ivoire totalled 25 977 tonnes in the first half of 2025, marking a 3.4% increase compared to 25 122 tonnes during the same period in 2024. This growth was primarily supported by strong volumes in the first quarter, while the second quarter was negatively impacted by adverse weather conditions. Production at Azaguié increased by 15.2% compared to last yearreflecting improved yields from existing planted areas. At Akoudié, volumes reached 4 825 tonnes, a 67.7% rise compared to last year, driven by the maturing of newly developed area. Lumen's output declined by 9.7% to 8 639 tonnes yet remained in line with business plan expectations as the older plots were planted more than four years ago, which still maintain good yields. At Agboville, volumes fell by 12.1% to 3 538 tonnes due to climatic pressures and normal field rotation. Production at Motobé declined by 13.2% to 3 040 tonnes due to the combined impact of earlier flooding and underlying agronomic constraints. As part of the recovery plan, several blocks have been taken out of rotation and placed under fallow to address soil-related issues. Replanting activities are expected to resume once the conditions have stabilised and ongoing infrastructure improvements, such as the irrigation system upgrade, are completed.

Average market prices
In USD/tonne		YTD Q2/25	YTD Q2/24	YTD Q4/24
Palm oil (CPO)	MDEX*	960	838	906
Palm oil (CPKO)	CIF Rotterdam**	1 835	1 127	1 381
Bananas	CFR Europe***	900	834	807
** Oil World Price Data *** CIRAD Price Data (in EUR)	* Bursa Malaysia Derivative Exchange price data

1.2. Markets

The first half of 2025 presented a complex landscape for the global palm oil market, marked by diverging dynamics between the first and second quarters. Despite fluctuations, prices remained relatively firm, supported by persistent structural constraints on the supply side and selective resilience in demand.

In the first quarter, market conditions were shaped by a sharp contrast between constrained supply and softer international demand. While palm oil prices remained high, trading around USD 1 000 per tonne, import volumes into key destinations were muted. India, the largest buyer of palm oil globally, responded to high CPO premiums and more competitive pricing in other oils by shifting a substantial share of purchases to soybean oil. This substitution effect weighed on overall demand in Asia.

At the same time, production in Southeast Asia was hampered by adverse weather. Flooding in Malaysia during Q1 led to lower-than-expected output. Indonesia, while less affected by weather disruptions, also saw limited growth in production, as a portion of domestic supply was diverted into the ongoing B40 biodiesel blending program, further reducing export availability.

Despite lower exports and a general hesitancy in physical buying, global stock levels held relatively stable, surprising market participants who had anticipated a sharper build-up. As a result, the market experienced a series of short-covering rallies in the early part of the quarter, helping to support prices. Concurrently, destination markets saw stock drawdowns, reflecting a lag between forward purchases and actual replenishment. Palm regained slight price competitiveness and by late April, CPO was about USD 50 per tonne cheaper than soybean oil which was driving India to resume imports. By June, some refiners replenished stocks as margins turned favourable.

In the second quarter, some of the earlier tightness began to ease. Seasonal improvements in palm oil production, particularly in Indonesia, contributed to a more balanced outlook. At the same time, market sentiment cooled somewhat, as buyers remained cautious in the face of continued global uncertainties waiting for tariffs confirmation and US biofuel commitments. Export flows improved modestly, but physical demand remained measured, particularly in Europe.

Mid-June, the US EPA (Environmental Protection Agency) proposed new volume requirements for 2026 and 2027, including specific mandates for biomass-based diesel. The proposed mandates aim to increase the use of renewable fuels, reduce reliance on foreign oil, and support domestic biofuel production. This proposal was significantly higher than expected and would strongly reduce the amount of soybean oil available to the market. In combination with the announced B50 mandate in Indonesia, it was the biodiesel volumes that excited the market and kickstarted a rally.

By the end of the second quarter, average CPO prices had moderated slightly from Q1 highs but still held above long-term averages, contributing to a first-half average of USD 960 per tonne on the Malaysian MDEX.

The palm kernel oil market remained particularly tight throughout Q1. Prices ranged between USD 1 900 and USD 1 950 per tonne in Rotterdam, supported by constrained lauric oil supply. While Crude Palm Kernel Oil (CPKO) had held a premium over coconut oil at the end of 2024, this reversed as declining coconut oil production - due to dry weather in early 2024 - led to a sharp rally in coconut oil, which by Q1 commanded a USD 400 to 800 per tonne premium over palm kernel oil. CPKO prices, while down slightly from their Q1 peak, remained strong at an average of USD 1 900 per tonne, underscoring continued lauric oil tightness and industrial demand.

The banana market prices in Europe remained firm throughout the first half of 2025, supported by continued tight supply conditions from key producing origins. The price strengthening that began in Q1 was sustained into the second quarter, driven by limited availability of dollar bananas and ongoing logistical disruptions: port congestion and equipment shortage. In June, CIRAD reference prices reflecting a market that stayed well above historical seasonal norms. Despite some pressure on consumption in certain European regions due to summer months and school holidays to start, overall demand remained resilient and import prices continued to trend higher than the average of the past two years.

1.3. Financial statements

The net result, share of the Group, rose to KUSD 57 718, a significant increase from KUSD 25 029 in the same period last year. The net result stems from the increased productions, both in Indonesia and in Papua New Guinea, in combination with historically favourable palm oil prices.

Free cash flow for the first six months was positive and amounted to KUSD 38 490. The cash is to be used for the extensive investment program in the second half of 2025 and the payment of the dividend, which was paid on 2 July 2025.

The financial position of the Group remains healthy with a total equity of KUSD 973 679 and an improved net financial position of KUSD 19 933 against KUSD -18 087 per December 2024.

In chapter 2 – 'condensed half-yearly financial statements' additional information can be found on the financial statements.

1.4. Prospects

1.4.1. Production

SIPEF enters the second half of 2025 on the back of a strong first semester, with production volumes from most regions surpassing initial expectations. This performance provides a solid base for the remainder of the year. While production is expected to continue at a more stable pace in the second half, evolving weather conditions particularly a developing dry spell in parts of Sumatra are being closely monitored.

In North Sumatra, field conditions remain supportive, but the recent onset of a drier weather pattern since late June may gradually influence bunch development and harvesting activity as the third quarter progresses. Although no significant disruptions are expected at this stage, the situation may temper further yield acceleration.

Bengkulu also contributed significantly to the Group's year-to-date performance. However, there are early signs that production in the region may begin to ease in the coming months. Although no major disruptions are currently observed, estate teams are monitoring rainfall distribution and bunch development closely, as sustained dry periods could begin to influence bunch weights.

In South Sumatra, young mature hectares are increasingly contributing to Group volumes and have helped support steady output through mid-year. Drier conditions have also emerged in parts of the region, and while operations remain stable, estate teams are observing how the production will respond during this phase.

In Papua New Guinea, production is following its traditional seasonal curve, with a slight slowdown anticipated in the second half, particularly in the Navo estates. While operational performance remains robust, the estate maturity profiles may weigh modestly on incremental volumes through year-end.

Based on performance to date and field observations across regions, SIPEF continues to expect that its fullyear production guidance of approximately 430 000 tonnes of Crude Palm Oil (CPO) remains within reach. The group remains focused on disciplined harvesting and close field monitoring to mitigate the potential impact of extended dry conditions.

Export banana production for the second half of 2025 is projected to be approximately 7% higher than during the same period last year, supported by current production cycles, planted areas, and bunch count trends. This anticipated improvement is largely driven by stronger performance at Akoudié and, to a lesser extent, Azaguié, while Lumen is expected to remain stable. At the same time, Agboville and Motobé are expected to deliver below initial production forecasts. In Motobé, this has been proactively managed through a reduction in cultivated area, while Agboville continues to be affected by climatic variability. That said, a gradual recovery is expected on the established blocks. The newly developed plantations are progressing as planned. Their expected contribution in the second half should further support the Group's year-end volume targets for bananas.

1.4.2. Markets

The current market environment is influenced by several key factors. The US biodiesel proposal is expected to favour domestic vegetable oils, but uncertainty remains regarding whether Canadian rapeseed oil will be classified as domestic, especially in light of import tariffs. Clarification on this issue could impact trade flows and prices. Globally, biodiesel demand is set to increase significantly by 2026, with mandates like the US biodiesel proposal, the B50 in Indonesia and rising volumes in Brazil. This strong demand has attracted considerable interest from funds, which now hold record long positions in vegetable oils.

Meanwhile, the US has experienced very favourable growing conditions, leading to expectations of record crops for soybeans, corn, and wheat. Prices for soybean meal, corn, and wheat remain under downward pressure, amongst others due to significant short positions taken by funds.

The food sector has been under covered, with many traders initially expecting prices to decline, but recent upticks have caught markets off guard, prompting buyers to enter at higher levels. Palm oil remains relatively discounted compared to other oils, with little expectation of significant price drops, making it an attractive option for buyers seeking value.

Overall, the market is shaped by policy uncertainties, strong fundamentals, and notable fund activity, resulting in a complex yet potentially bullish outlook for vegetable oils while palm oil prices stay stable.

During the summer months, the banana market continued to show strong momentum, supported by limited import volumes and steady consumer demand. Selling prices remained resilient even through the traditionally quieter school holiday period. With the return to school on the horizon and seasonal demand expected to pick up, market conditions point to a positive outlook. This should support favourable pricing dynamics into the second half of the year, particularly if supply constraints persist and consumer trends remain supportive.

1.4.3. Results

Despite a globally uncertain macroeconomic environment, palm oil markets have maintained historically high pricing levels throughout the first half of 2025. In this environment, SIPEF has managed to secure sales for approximately 73% of its budgeted palm oil volumes, achieving an average ex-mill gate price of USD 963 per tonne, including premiums for certified sustainability and traceable origin. This compares with a lower average of USD 857 per tonne over the same period last year, when 64% of volumes had already been contracted.

SIPEF has already secured sales for 95% of its expected production in Papua New Guinea for 2025, at an average ex-factory price of USD 1 107 per tonne. For Indonesia, 61% of the projected volumes were contracted at an average ex-factory price of USD 859 per tonne. Local sales prices in Indonesia remain influenced by the monthly government-determined export tax and levy, currently set at USD 165 per tonne. Due to the unpredictability in the reference pricing mechanism that underpins these levies, palm oil sales in Indonesia are typically concluded on a monthly basis.

Key input costs affecting the unit cost of palm oil - namely fertilisers, fuel and transport - have remained stable throughout the first half of the year. The continued devaluation of local currencies against the USD largely offset inflation-driven increases in staff remuneration across the Group. As a result, the overall cost structure remains under control. Nevertheless, with increasing production volumes and mature hectares, total costs have risen. However, the combination of higher productions, particularly in South Sumatra and Papua New Guinea, led to a 5.2% year-on-year reduction in unit production cost, which is expected to last throughout the year with the perspective of continued better productions compared to previous year.

Thanks to the Group's ongoing strategy of securing annual fixed-price contracts with longstanding European customers, Plantations J. Eglin has again delivered consistent returns, unaffected by fluctuations in international banana markets.

With palm oil prices continuing at elevated levels and supported by rising production across the Group's plantations, SIPEF anticipates a significantly higher full-year result for 2025 compared to the previous year. This places SIPEF on track for a new record year.

Apart from the possible price effects of the palm oil markets mentioned earlier, the final recurring result will also remain sensitive to a range of factors, including the realisation of forecasted production growth in Indonesia and Papua New Guinea, the stability of the Indonesian export policy framework, and the trajectory of production cost development in the second half of the year.

1.4.4. Cash flow and expansion

In 2025, the Group's investment priorities remain centered on the further development of its South Sumatra operations, where 1 454 hectares of new oil palm are being developed. These developments include the accompanying infrastructure required to bring the planted areas to full maturity. At the same time, infrastructure upgrades are ongoing at Dendymarker, where the extensive replanting program covering more than 10 000 hectares - has reached completion. In Musi Rawas, the total planted area had reached 20 185 hectares by end-June 2025, in full compliance with the RSPO New Planting Procedures. Of these, 17 914 hectares are managed directly by the Group, with a further 2 271 hectares allocated to plasma smallholders. Combined with Dendymarker, the South Sumatra unit now encompasses 30 418 hectares, of which 24 557 hectares (or 80.7%) are classified as young mature. As a result of this growth, South Sumatra now accounts for 29.2% of SIPEF's Indonesian palm oil output.

Elsewhere, replanting continues on schedule in North Sumatra and Bengkulu, where an additional 2 437 hectares are being converted from legacy rubber to palm oil cultivation. Regular replanting in all estates will continue, with the UMW group continuing its first replanting cycle, and regular replanting efforts also taking place in Papua New Guinea, and in North Sumatra and Agro Muko outside of the rubber conversion. These efforts form part of the Group's broader strategy to maintain productive capacity and secure future yields across its maturing plantations.

Capital expenditures also include further execution of the ongoing mill enhancement programme. Key works this year include the rollout of methane capture systems at the Dendymarker Indah Lestari mill, Agro Muara Rupit mill and preparatory works for the Navo mill, as well as modernisation efforts at the Hargy Oil Palms Ltd facilities in Papua New Guinea. Additional investments in new washing facilities are planned for the North Sumatra and Bengkulu mills, supporting SIPEF's continued emphasis on product quality standards.

The total value of these investment initiatives is expected to surpass USD 100 million in 2025. The Group anticipates that these will be entirely funded from its operational cash flow. Despite the scale of the investment programme, projected free cash flow provides ample room to sustain dividend distributions. As a result, SIPEF expects its net financial position to stay in positive territory by year-end, underlining both the strength of the balance sheet and the Group's continued financial discipline.

1.5. Sustainability

1.5.1. Hargy Oil Palms Ltd welcomes RSPO CEO for On-the-Ground Engagement in Papua New Guinea

Hargy Oil Palms Ltd (HOPL) recently welcomed RSPO CEO Joseph D'Cruz for an on-the-ground visit to Papua New Guinea, underscoring the country's continued commitment to sustainable palm oil production. During his visit, Mr. D'Cruz engaged in high-level policy discussions with national stakeholders, including the Minister for Oil Palm, the Secretary of the Department of Agriculture and Livestock, a Member of Parliament, and the General-Secretary of OPIC. He also visited HOPL's operations, forest restoration areas, and surrounding smallholder communities to observe the practical implementation of RSPO standards. The visit highlighted the strong collaboration between government, industry, and smallholders, and reaffirmed Papua New Guinea's growing role in advancing responsible palm oil practices globally.

1.5.2. SIPEF supported the RSPO certification of over 300 independent smallholders in Indonesia

In July 2025, SIPEF marked a key milestone in its smallholder inclusion efforts by supporting the RSPO certification of two independent cooperatives in Indonesia, representing 314 smallholders and 1 270 hectares. These producers are now eligible to be integrated into SIPEF's certified supply chain in North Sumatra. This achievement reflects SIPEF's continued commitment to building an inclusive, traceable, and sustainable palm oil value chain in the region.

1.5.3. Plantations J.Eglin hosts Fairtrade leadership and pioneers human rights training to advance responsible business practices in West Africa.

In May 2025, Plantations J. Eglin welcomed the CEO of Fairtrade International and Executive Director of Fairtrade Africa for a strategic visit, deepening their partnership through direct field engagement. The visit was followed in June by Fairtrade-led training on Human Rights and Environmental Due Diligence (HREDD) for the plantation's HR and Sustainability teams. These efforts reflect SIPEF's proactive approach to embedding international due diligence standards and reinforcing its role as a responsible banana producer in Côte d'Ivoire.

2. Condensed half-yearly financial statements

2.1. Condensed half-yearly financial statements of the SIPEF group

2.1.1. Condensed consolidated balance sheet

In KUSD (condensed)	30/06/2025	31/12/2024
Non-current assets	954 033	945 975
Intangible assets	94	119
Goodwill	104 782	104 782
Biological assets - bearer plants	323 012	320 851
Other property, plant & equipment	464 287	457 720
Investments in associated companies and joint ventures	0	331
Financial assets	124	112
Other financial assets	124	112
Receivables > 1 year	46 041	45 581
Other receivables	46 041	45 581
Deferred tax assets	15 692	16 478
Current assets	224 510	176 397
Inventories	59 027	46 135
Biological assets	16 226	13 547
Trade and other receivables	82 322	80 212
Trade receivables	50 061	47 353
Other receivables	32 261	32 859
Current tax receivables	8 713	7 547
Investments	4 450	1
Other investments and deposits	4 450	1
Derivatives	1 206	0
Cash and cash equivalents	43 486	19 880
Other current assets	1 953	1 950
Assets held for sale	7 126	7 126
Total assets	1 178 543	1 122 372
Total equity	973 679	935 782
Shareholders' equity	933 264	898 427
Issued capital	44 734	44 734
Share premium	107 970	107 970
Treasury shares (-)	-10 631	-10 633
Reserves	801 664	767 753
Translation differences	-10 473	-11 396
Non-controlling interests	40 415	37 355
Non-current liabilities	81 693	78 368
Provisions > 1 year	1 042	427
Provisions	1 042	427
Deferred tax liabilities	53 967	52 690
Leasing liabilities > 1 year	1 352	1 448
Pension liabilities	25 332	23 803
Current liabilities	123 170	108 222
Trade and other liabilities < 1 year	85 558	59 424
Trade payables	19 661	28 512
Advances received	7 395	3 934
Other payables	38 713	20 373
Income taxes	19 790	6 605
Financial liabilities < 1 year	26 651	36 519
Financial liabilities	26 071	35 894
Leasing liabilities < 1 year	580	626
Derivatives	0	1 053
Other current liabilities	10 961	11 226
Total equity and liabilities	1 178 543	1 122 372

The increase in 'biological assets – bearer plants' by KUSD 2 160 and increase in 'other property plant & equipment' by KUSD 6 567 during the first six months of 2025, resulted mainly from investments (KUSD 35 011) that exceeded depreciations (KUSD 26 143).

'Investments in associated companies and joint ventures' amountsto KUSD 0 per June 2025, as the carrying values of the (sub)consolidated assets became negative. Hence, the Group recognised a provision (KUSD 652) for the unrecognised losses in accordance with IAS 28 and reflects the Group's constructive and contractual obligations to Verdant Bioscience Pte Ltd.

The 'receivables over one year' are related to the loan (KUSD 12 668) for financing the working capital needs of the joint venture Verdant Bioscience Pte Ltd and loans related to smallholders ('plasma') in South Sumatra (KUSD 33 374) to finance their new plantings.

'Assets held for sale' of KUSD 7 126 represents the estimated net sales value of the part of PT Melania that is still held by the Group until all conditions for a final sale are fulfilled. We refer to Note 2.2.12 Business combinations, acquisitions, and divestitures of this report.

'Net current assets' can be broken down as follows:

In KUSD	30/06/2025	31/12/2024
Inventories	59 027	46 135
Biological assets	16 226	13 547
Trade receivables	50 061	47 353
Other receivables	32 261	32 859
Current tax receivables	8 713	7 547
Derivatives	1 206	0
Other current assets	1 953	1 950
Trade payables	-19 661	-28 512
Advances received	-7 395	-3 934
Other payables	-38 713	-20 373
Income taxes	-19 790	-6 605
Derivatives	0	-1 053
Other current liabilities	-10 961	-11 226
NET CURRENT ASSETS, NET OF CASH	72 929	77 688

'Net current assets' decreased by KUSD 4 759 in total, without any impact on the overall structure of the balance sheet. The most items and movements are discussed below:

• 'Inventories' increased by KUSD 12 893, as a result of increased productions, resulting in higher stock volumes. The number of tonnes of CPO stock at June was significantly higher than at December 2024. The CPO stock was also valued at a higher cost as a consequence of the slightly higher world market prices. This has resulted in a total USD 11.6 million increase in stock value of finished goods compared to December 2024.
• 'Biological assets' increased with KUSD 2 678 compared to December 2024 mainly related to palm productions. The anticipated FFB productions in July 2025, which is used as the basis for the calculation of the biological assets, was higher than in January 2025. This resulted in a greater estimated quantity of FFBs in the oil palms as of the end of June 2025 and therefore a higher valuation of the biological assets. Additionally, world market prices for palm oil were higher per June 2025 (USD 960 per tonne) compared to December 2024 (USD 906 per tonne).
• 'Trade payables' have decreased by KUSD 8 851, primarily reflecting timing differences in the settlement of supplier invoices.
• By far the most important movement was the recording of the dividend of EUR 2.0 per share relating to 2024 in 'other payables' (KEUR 20 839) after approval of the general assembly of 11 June 2025. This dividend was paid on 2 July 2025.
• Finally, the net tax payable increased by USD 12.0 million, primarily driven by the higher taxable result in 2025. This increase also reflects lower tax prepayments, which were based on the lower results of 2024 and 2023, as well as the reimbursement of approximately USD 5 million in overpaid taxes in Indonesia.

The methodology used to measure inventory and biological assets did not change compared to 31 December 2024 and reference is made to the year-end financial statements as per 31 December 2024 for more details on the methodology used in Note 12. Inventories and Note 13. Biological assets.

The net financial position improved by USD 38.0 million thanks to the positive free cash flow. Reference is made to 2.2.10 Net financial assets/(liabilities) for additional information on the net financial position.

Net deferred tax liability increased by KUSD 1 277, mainly due to the temporary differences in Indonesia.

2.1.2. Condensed consolidated income statement

In KUSD (condensed)	30/06/2025	30/06/2024
Revenue*	250 425	203 055
Cost of sales*	-139 847	-137 636
Changes in the fair value of the biological assets	2 678	2 966
Gross profit*	113 255	68 385
General and administrative expenses	-26 928	-23 742
Other operating income/(expenses)*	-1 687	- 643
Operating result	84 641	44 001
Financial income	610	641
Financial costs	-1 017	-1 075
Exchange differences	4 587	-3 757
Financial result	4 180	-4 190
Result before tax	88 821	39 810
Tax expense	-27 063	-12 503
Result after tax	61 757	27 307
Share of profit and loss of associated companies and joint ventures	- 983	- 639
Result for the period	60 774	26 668
Attributable to:
- Non-controlling interests	3 056	1 640
- Equity holders of the parent	57 718	25 029
Earnings per share (in USD)
From continuing operations
Basic earnings per share	5.54	2.41

Diluted earnings per share 5.53 2.40

*Comparative figures have been adjusted to reflect the reclassification of the tea result, with an impact of KUSD 1 489 on turnover and KUSD -1 402 on cost of sales. The remaining net impact of KUSD 85 has been reclassified to other operating income/expenses, following the decision to no longer treat tea as a core segment within the Group.

The Group's total 'revenue' amounted to KUSD 250 425 as per 30 June 2025 and increased by KUSD 47 369 or 23.3%, against the first semester of 2024.

The palm segment's revenue in particular increased (KUSD 39 238), mainly as a result of the sharp rise in CPO productions in the first semester of 2025, both in Indonesia (+22.1%) and in Papua New Guinea (+13.9%) in combination with a higher world market price for palm oil, palm kernel oil and palm kernels.

The banana segment revenue expressed in euro, the functional currency, rose by 5.1%. The increase is a combination of a rise in production volumes (3.4%) and further supported by an increase of the average unit selling price by 7.9%.

The total 'cost of sales' increased by KUSD 2 211 in the first half of 2025 compared to the first half of 2024. The main reasons for this increase were:

• Palm operating costs for the own plantations and mills increased by KUSD 8 809 or 8.9%. This was mainly due to:
  • o Harvesting costs rose compared to the same period last year, primarily driven by higher FFB production volumes recorded in the first half of 2025;
  • o Estate operating expenses continued to increase, reflecting the growing maturity of the expansion areas in South Sumatra, where related costs are no longer capitalized;
  • o Estate operating charges in Papua New Guinea increased as well, with higher costs incurred in the first half of 2025 compared to the same period in 2024, largely due to the reduced production volumes in 2024 following the volcanic eruption in November 2023.
  • o Higher processing costs as more FFBs were processed, mainly in South Sumatra and in Papua New Guinea;
  • o Offset by lower fertiliser costs within the Group as a result of timing differences in fertilizer application in the first semester of the year;
  • o And the devaluation of the IDR/PGK against the USD which is beneficial for the estate operating costs as well as the processing costs.
• An increase in third-party purchases of FFB within the Group of KUSD 8 809 especially from Hargy Oil Palms Ltd whereby third party FFB purchases increased by KUSD 5 639 or 41.2%, mainly due to higher production volumes from outgrowers, combined with higher world palm oil prices resulting in higher FFB prices for the smallholders.
• Finally, there was a positive impact on the total 'cost of sales' 2025 related to the stock movement of KUSD 12 893 mainly due to an increase of KUSD 13 343 in CPO stock volume.

The 'changes in the fair value' concerned the effects of valuing the hanging fruits at their fair value (IAS 41R).

'Gross profit' increased from KUSD 68 385 at the end of June 2024 to KUSD 113 255 on 30 June 2025, a climb of 65.6%.

Palm segment's gross profit (96.0% of the total gross margin) increased by KUSD 39 238 to KUSD 108 689, mainly due to higher CPO volumes and increase in net selling price.

The gross profit of the banana activities rose from KUSD 3 058 to KUSD 4 050, as a consequence of a rise in volumes produced (+3.4%) resulting from the maturing of expansion areas.

The average ex works own unit cost price for oil palm plantations decreased by 5.2% in the first six months of 2025, compared with the first semester of 2024. This is related to the higher palm production volumes, leading to a lower average ex works unit cost price compared to the same period last year, especially in the further maturing estates of South Sumatra. The average ex works unit cost price for bananas for the same period increased with 0.9%, compared with the first semester of 2024.

'General and administrative expenses' rose in the first half of 2025 against the first six months of 2024. The increase is mainly due to general cost inflation, weakening of the USD against EUR and an increase in the provision for variable remuneration for staff and management.

The 'operating income and expenses' includes tank rental income, warehouse sales to plasma farmers in Papua New Guinea, the tea result (KUSD 115) and the disposal of the remaining net book value of the replanted areas in Indonesia (KUSD -1 232). Last year's other operating income and expenses also included a KUSD 1 580 cost relating to the fair value adjustment on the sale of PT Melania

The 'operating result' as per 30 June 2025 amounted to KUSD 84 641 against KUSD 44 001 per 30 June last year.

'Financial income' mainly included interests on receivables on plasma farmers in South Sumatra and on deposit investments from temporary cash surpluses during the first semester of 2025.

'Financial costs' mainly related to short-term financing.

The positive 'exchange differences' (KUSD 4 587) mainly concerned the hedging of the expected euro dividend, the revaluation of the net outstanding receivables in EUR against the USD and the devaluation of outstanding positions in IDR/PGK against the USD.

The 'result before tax' for the first half of 2025 amounted to KUSD 88 821, compared with KUSD 39 810 at the end of June 2024.

The 'tax expense' includes the usual disallowed expenses/income of about USD 0.4 million as well as a reversal of previous impaired deferred tax asset of fiscal losses of about USD 1.0 million in our Indonesian subsidiaries, following higher than expected results. Furthermore, there was a 15% withholding tax on the dividend by Hargy Oil Palms Ltd to the Belgian parent company during the first half of the year amounting to USD 6 million. The total tax rate decreased to 30.5% compared to the same period of prior year (31.4%).

The 'share of profit and loss of associated companies and joint ventures' (KUSD -983) included the limited negative contribution of the research activities centralised at PT Timbang Deli and Verdant Bioscience Pte Ltd.

The half-year profit at 30 June 2025 was KUSD 60 774, a significant increase of 127.9% compared to the profit of KUSD 26 668 at the end of June last year.

Net profit, share of the Group, amounted to KUSD 57 718 against KUSD 25 029 on 30 June 2024.

2.1.3. Condensed consolidated statement of comprehensive income

In KUSD (condensed)	30/06/2025	30/06/2024
Result for the period	60 774	26 668
Other comprehensive income:
Items that may be reclassified to profit and loss
in subsequent periods
- Exchange differences on translating foreign operations	924	- 211
- Cash flow hedges - fair value result for the period	0	- 352
- Income tax effect	0	88
Total other comprehensive income:	924	- 475
Other comprehensive income for the year attributable to:
- Non-controlling interests	0	0
- Equity holders of the parent	924	- 475
Total comprehensive income for the year	61 698	26 193
Total comprehensive income attributable to:
- Non-controlling interests	3 056	1 640
- Equity holders of the parent	58 642	24 554

2.1.4. Condensed consolidated cash flow statement

In KUSD (condensed)	30/06/2025	30/06/2024
Operating activities
Profit before tax	88 821	39 810
Result from discontinued operations before tax
Adjusted for:
Depreciation	26 143	29 677
Movement in provisions	1 493	869
Stock options	109	101
Unrealized exchange result	- 129	2 264
Changes in fair value of biological assets	-6 862	-2 974
Other non-cash results	- 77	- 134
Hedge reserves and financial derivatives	-2 259	1 103
Financial income and expenses	407	433
(Gain)/loss on disposal of property, plant and equipment	1 281	561
Change in fair value of assets held for sale	0	1 580
Cash flow from operating activities before change in net working capital	108 928	73 290
Change in net working capital	-21 252	-4 692
Cash flow from operating activities after change in net working capital a	87 676	68 599
Income taxes paid b	-12 867	-10 124
Cash flow from operating activities c= a+b	74 810	58 474
Investing activities
Acquisition intangible assets	0	0
Acquisition biological assets	-12 655	-9 590
Acquisition property, plant & equipment	-22 356	-26 550
Financing plasma advances	24	-1 808
Proceeds from sale of property, plant & equipment	162	291
Proceeds from sale of financial assets	-1 494	-3 662
Cash flow from investing activities d	-36 319	-41 320
Free cash flow e= c+d	38 491	17 155
Financing activities
Proceeds of treasury shares	-910	0
Repayment of treasury shares	912	233
Repayment long-term financial borrowings	- 96	-9 062
Proceeds long-term financial borrowings	0	0
Repayment short-term financial borrowings	-9 869	-3 261
Proceeds short-term financial borrowings	0	0
Dividends paid by subsidiaries to minorities	0	0
Interest received – paid	- 473	- 500
Cash flow from financing activities f	-10 435	-12 589
Net increase in investments, cash and cash equivalents g= e+f	28 056	4 565
Investments and cash and cash equivalents (opening balance)	19 880	11 550
Investments and cash and cash equivalents (closing balance)	47 936	16 115

In line with the increase of the operating profit, 'cash flow from operating activities before change in net working capital' increased from KUSD 73 290 as at 30 June 2024, to KUSD 108 928 as at 30 June this year.

The variation of the 'working capital' of KUSD -21 252 was primarily due to a temporary increase of the CPO stock by about 22 000 tonnes compared to December 2024.

In accordance with local legislation, the Group made tax prepayments in Indonesia and Papua New Guinea. In Papua New Guinea, these prepayments are based on the current year's estimated results, while in Indonesia they are calculated using the prior year's earnings, which were lower than those of 2025. As a result, the tax prepayments made during the year were below the actual tax expense. In addition, a withholding tax of USD 6.0 million was paid on the dividend distributed by HOPL, and refunds of approximately USD 5.0 million were received for overpaid Indonesian taxes relating to the 2022 and 2023 financial years. The total tax expense for the Group amounted to KUSD 24 888, significantly exceeding the taxes effectively paid during the year (KUSD 12 867).

The 'acquisitions of intangible and tangible assets' (KUSD -35 011) related to the usual replacement investments in the existing operations and investments in the new developments in South Sumatra for KUSD 10 372. A total of KUSD 13 626 was invested in planting, which included replanting in both Indonesia and Papua New Guinea, as well as rubber-to-palm conversions in Indonesia. Mill-related capital expenditure amounted to KUSD 4 620 and included boiler upgrades, biogas civil works, and completion of the Navo ramp. Vehicle replacements represented KUSD 5 757, primarily to support field operations in the estates.

'Free cash flow' for the first half of 2025 amounted to KUSD 38 491, compared with KUSD 17 155 for the same period last year.

The 'cash flow from financing activities' (KUSD -10 435) mainly include repayments of short-term financing (KUSD 9 869) and interests paid (KUSD 473).

2.1.5. Condensed statement of changes in consolidated equity

In KUSD (condensed)	Issued capital	Share premium	Treasury shares	Remeasurement gain/(loss) on defined benefit plans	Reserves	Translation differences	Shareholders' equity	Non controlling interests	Total equity
1 January 2025	44 734	107 970	-10 633	-4 718	772 471	-11 396	898 427	37 355	935 782
Result for the period	0	0	0	0	57 718	0	57 718	3 056	60 774
Other comprehensive income	0	0	0	0	0	924	924	0	924
Total comprehensive income	0	0	0	0	57 718	924	58 642	3 056	61 698
Last year's dividend accrued	0	0	0	0	-23 867	0	-23 867	0	-23 867
Other	0	0	3	0	59	0	62	4	66
30 June 2025	44 734	107 970	-10 631	-4 718	806 382	-10 472	933 264	40 415	973 679
1 January 2024	44 734	107 970	-11 681	-5 510	729 243	-10 978	853 777	35 042	888 819
Result for the period	0	0	0	0	25 029	0	25 029	1 640	26 668
Other comprehensive income	0	0	0	0	- 264	- 211	- 475	0	- 475
Total comprehensive income	0	0	0	0	24 765	- 211	24 554	1 640	26 194
Last year's dividend accrued	0	0	0	0	-22 434	0	-22 434	0	-22 434
Other	0	0	233	0	154	0	387	0	387
30 June 2024	44 734	107 970	-11 448	-5 510	731 728	-11 189	856 285	36 682	892 967

2.2. Notes

2.2.1. General information

SIPEF, a limited liability company ('naamloze vennootschap' / 'société anonyme'), incorporated in Belgium and registered at 2900 Schoten, Calesbergdreef 5, is a Belgian agro-industrial company listed on Euronext Brussels. It operates mainly agro-industrial activities in the production of sustainable oil palm products, including 'Fresh Fruit Bunches' (FFB), 'Crude Palm Oil' (CPO), 'Palm Kernels' (PK), and 'Crude Palm Kernel Oil' (CPKO), and sustainable bananas. The condensed financial statements of the Group for the first six months ended 30 June 2025 were established by the board of directors on 12 August 2025.

2.2.2. Basis of preparation and accounting policies

These condensed financial statements are prepared in accordance with 'International Accounting Standard' IAS 34, 'Interim Financial Reporting' as adopted by the EU. This report should be read in conjunction with SIPEF group's annual financial statements as at 31 December 2024, because the condensed financial statements herein do not include all the information and disclosures required in the annual financial statements.

The amounts in this document are presented in KUSD, unless noted otherwise.

A summary of the accounting standards can be found in the audited consolidated financial statements for the year ended 31 December 2024 (https://www.sipef.com/hq/investors/annual-reports). The accounting policies of the SIPEF group which are used as of 1 January 2025 are consistent with the accounting standards used for the audited consolidated financial statements of 31 December 2024, with the exception that the Group has applied the new accounting standard applicable for annual periods beginning on or after 1 January 2025. The new standard has a minimal impact.

2.2.3. Use of accounting estimates and judgements

The preparation of the consolidated financial statements in conformity with IFRS requires the Group to use accounting estimates and judgements and make assumptions that may affect the reported amounts of assets and liabilities at the date of the balance sheets and reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates. We refer to Note 4 of the annual report of 2024.

Below we present an overview of the most important estimates and judgement applicable in the half-year report:

The main areas in which estimates are used for the first 6 months of 2025 are:

• Deferred tax assets;
• Determination of the estimated costs relating to the sale of PT Melania.

The main areas in which significant judgements are used for the first 6 months of 2025 are:

• The determination that the sale proceeds relating to PT Melania's tea operations, net of estimated transaction costs, provide sufficient support for the recoverability of the value of the asset held for sale, thus no impairment is recognized.

The key estimates used in the calculation of deferred tax assets rely on making an estimate on commodity prices over a longer period. By nature, the commodity prices used in such estimates are volatile and will therefore in reality be different from the estimated amounts.

The Group has made an estimation of the costs that will occur in order to fulfil the requirements included in the sale and purchase agreement for the sale of PT Melania. Any difference between the estimated costs and actually incurred costs will result in an increase or decrease of the changes in fair value of the assets held for sale upon finalisation of the SPA, no later than June 2026. We refer to 2.2.12. Business combinations, acquisitions, and divestitures.

2.2.4. Consolidation scope

There have not been any changes to the consolidation scope of the SIPEF group during this year.

2.2.5. Income taxes

As shown in the table below, the effective tax rate depends to a substantial extent on other matters than the local results and the applicable local tax rates. The reconciliation can be presented as follows:

In KUSD	30/06/2025	30/06/2024
Result before tax	88 821	39 810
Theoretical tax charge	-22 472	-10 314
Impairment on deferred taxes for fiscal losses (-) / Reversal of previous impaired (non-recoverable) tax losses (+)	1 006	-1 470
Other non-deductible	403	- 372
Withholding tax on dividends	-6 000	0
Non-deductible loss PT Melania	0	- 348
Tax charge	-27 063	-12 503
Effective tax rate	-30.47%	-31.41%

Applying the principles of IAS 12, a previously recorded impairment of KUSD 1 006 on deferred taxes assets for tax losses carried forward has been reversed per 30 June 2025. Based on the Group's latest estimations, the Group expects to recover these fiscal losses before they expire.

The withholding tax on dividends relates to a 15% withholding tax due on a dividend that has been paid out by Hargy Oil Palms Ltd from Papua New Guinea to the Belgian parent company in 2025.

The total tax charge of KUSD 27 063 (2024: KUSD 12 503) can be split into a current tax component of KUSD 24 888 (2024: KUSD 7 821) and a deferred tax component of KUSD 2 176 (2024: KUSD 4 682).

2.2.6. Segment information

SIPEF's activities can be classified into segments based on the type of product. SIPEF has the following segments:

• Palm: Includes all palm products, including palm oil, palm kernels and palm kernel oil, both in Indonesia and Papua New Guinea.
• Rubber: includes the remaining rubber productions in Indonesia in 2024, however the rubber segment is no longer relevant after the conversion to palm oil in 2025. The segment will only be retained for comparative purposes and will be removed next year.
• Tea: includes the cut, tear, curl (CTC) tea produced by PT Melania in Indonesia and which the SIPEF group buys and sells. This segment has been removed for 2025 considering the tea activities have been stopped and the remaining amounts of buy and sell are immaterial to the group. The amount of last year (KUSD 85) has been reclassified to the other operating income/(expenses).
• Bananas: Include all sales of bananas originating from Côte d'Ivoire.
• Corporate: Mainly includes management fees received from non-group companies, commissions charged on sea freight and other commissions which are not covered by the sales contract.

Seasonality is applicable to the Group's operating segments. However, opposite trends exist across the different operating segments and production sites. The banana segment experiences a production peak, with an associated stock build-up, in the period January to April, aligned with demand. On the other hand, the palm oil segment within the Group roughly has a 45%/55% production ratio, with 45% percent of production realized during the first half of the year and 55% percent during the second half.

Because of seasonality, production volumes may affect the Group's results during the peak season and might lead to higher stocks. The above seasonality has an impact on the Group's working capital and net financial position. Both are actively managed and closely monitored.

The overview of segments below is based on the SIPEF group's internal management reporting. The executive committee is the chief operating decision maker. The most important differences with IFRS consolidation are:

• Instead of revenue, the gross margin per segment is used as the starting point.
• The fair value adjustment on the assets held for sale (PT Melania) is included in a separate line.

In KUSD (condensed)	30/06/2025	30/06/2024
Gross margin per product
Palm	108 689	69 451
Rubber	0	-5 015
Bananas	4 050	3 059
Corporate	517	891
Total gross margin per product*	113 255	68 385
General and administrative expenses	-26 928	-23 742
Other operating income/(expenses)*	-1 687	937
Financial income/(expenses)	- 407	- 433
Exchange differences	4 587	-3 757
Result before tax	88 821	41 391
Tax expense	-27 063	-12 503
Effective tax rate	-30.47%	-30.21%
Result after tax	61 757	28 887
Share of profit and loss of associated companies	- 983	- 639
Result for the period (recurring)	60 774	28 249
- Non-controlling interest (recurring)	3 056	1 719
- Equity holders of the parent (recurring)	57 718	26 530
Result for the period (recurring)	60 774	28 249
Fair value adjustment on sale PT Melania	0	-1 580
Result for the period (non-recurring)	60 774	26 668

* Prior year figures have been restated to reflect the reclassification of the tea result, totaling KUSD 85, to other operating income/expenses, as tea is no longer considered a core segment within the Group.

Below the segment information is presented per product and per geographical region in accordance with the IFRS profit and loss accounts.

The segment result is revenue minus expense that is directly attributable to the segment and the relevant portion of income and expense that can be allocated on a reasonable basis to the segment.

Gross profit by product

	Revenue	Cost of sales	Changes in the fair value	Gross profit	% of total
2025 – KUSD
Palm	227 420	-120 717	1 986	108 689	96.0
Rubber	0	0	0	0	0.0
Bananas	22 488	-19 130	692	4 050	3.6
Corporate	517	0	0	517	0.5
Total	250 425	-139 847	2 678	113 255	100.0
2024 – KUSD
Palm	180 658	-114 181	2 974	69 451	101.6
Rubber	120	-5 135	0	-5 015	-7.3
Bananas	21 387	-18 320	- 8	3 059	4.5
Corporate	891	0	0	891	1.3
Total	203 055	-137 636	2 966	68 385	100.0

The segment 'corporate' comprises the management fees received from non-group entities, additional commissions on sea freights and any other commissions that are not included in the sales contracts.

Gross profit by geographical segment

	Revenue	Cost of sales	Other Income	Changes in the fair value	Gross profit	% of total
2025 – KUSD
Indonesia	126 418	-65 213	395	1 736	63 336	55.9
Papua New Guinea	101 397	-55 899	0	250	45 747	40.4
Côte d'Ivoire	22 488	-19 130	0	692	4 050	3.6
Europe	122	0	0	0	122	0.1
Total	250 424	-140 242	395	2 678	113 255	100.0
2024 – KUSD
Indonesia	97 770	-67 199	270	2 911	33 752	49.4
Papua New Guinea	83 007	-52 117	0	63	30 953	45.3
Côte d'Ivoire	21 387	-18 320	0	-8	3 059	4.5
Europe	621	0	0	0	621	0.9
Total	202 785	-137 636	270	2 966	68 385	100.0

Additional information on the gross margin can be found in 2.1.2. Condensed consolidated income statement.

Segment information – geographical

			30/06/2025
In KUSD	Indonesia	PNG	Côte d'Ivoire	Europe	Others	Total
Intangible assets	0	0	0	94	0	94
Goodwill	104 782	0	0	0	0	104 782
Biological assets	246 183	76 299	530	0	0	323 012
Other property, plant & equipment	321 992	128 060	13 381	542	312	464 287
Investments in associates and joint ventures	0	0	0	0	0	0
Other financial assets	46	0	63	15	0	124
Receivables > 1 year	33 374	0	0	12 668	0	46 041
Deferred tax assets	13 206	0	969	1 518	0	15 692
Total non-current assets	719 582	204 359	14 942	14 837	312	954 033
% of total	75.4%	21.4%	1.6%	1.6%	0.0%	100.0%

			31/12/2024
In KUSD	Indonesia	PNG	Côte d'Ivoire	Europe	Others	Total
Intangible assets	0	0	0	119	0	119
Goodwill	104 782	0	0	0	0	104 782
Biological assets	244 606	75 769	476	0	0	320 851
Other property, plant & equipment	318 810	125 609	12 274	557	471	457 720
Investments in associates and joint ventures	-2 173	0	0	0	2 504	331
Other financial assets	46	0	51	15	0	112
Receivables > 1 year	33 893	0	0	11 688	0	45 581
Deferred tax assets	14 068	0	891	1 518	0	16 478
Total non-current assets	714 034	201 377	13 692	13 897	2 975	945 975
% of total	75.5%	21.3%	1.5%	1.5%	0.3%	100.0%

The assets of Indonesia and Papua New Guinea relate for 100% to the palm segment. The assets of Côte d'Ivoire relate 100% to the bananas segment. The assets of Europe and others do not relate specifically to one product segment.

2.2.7. Revenue

The timing of the revenue recognition always takes place at a point in time. Additional information on the turnover and financial results can be found in 2.1.2 condensed consolidated income statement and in 2.2.6. segments.

2.2.8. Equity consolidation – Share of profit and loss of associated companies and joint ventures

The share of profit and loss of 'associated companies and joint ventures' containsthe research activities which are centralised in PT Timbang Deli and Verdant Bioscience PTE Ltd.

2.2.9. Shareholders' equity

On 11 June 2025, SIPEF shareholders approved the distribution of a EUR 2.00 gross dividend (coupon 17) for the financial year 2024, payable as from 2 July 2025. The total dividend amounts to EUR 20 838 656. Converted at the USD exchange rate of the day of the general assembly, this amounts to USD 23 867 843.

There were no changes in issued capital compared to 31 December 2024.

2.2.10.Net financial assets/(liabilities)

In KUSD	30/06/2025	31/12/2024
Short-term obligations – credit institutions	-26 071	-35 894
Short-term leasing obligations	- 580	- 626
Long-term leasing obligations	-1 352	-1 448
Investments and deposits	4 450	1
Cash and cash equivalents	43 486	19 880
Net financial assets/(liabilities)	19 933	-18 087

The 'short-term obligations – credit institutions' have a term of less than twelve months and comprise of:

• a 'commercial paper' debt of KUSD 5 871. This financial obligation has been completely hedged at an average rate of EUR 1 = USD 1.0688.
• the short-term financial obligations related to straight loans of KUSD 20 200.

The short-term and long-term leasing obligations are a result of the IFRS 16 – leasing standard.

The 'Investments and deposits' reflect surplus cash that was held in bank and deposit accounts as at 30 June 2025.

The high cash reserves were used to pay for the 2024 dividend (see also '2.2.15 Events after the reporting period') on the 2nd of July.

The current maximum credit lines available amount to KUSD 125 485 (2024: KUSD 122 655). Compared to the current total debt (excluding leasing) of KUSD 26 071, this leaves a freely available headroom of KUSD 99 414.

2.2.11.Financial instruments

The financial instruments were categorised according to principles that are consistent with those applied for the preparation of Note 26 of the 2024 financial statements. No transfer between levels occurred during the first six months of 2025.

All derivatives outstanding per 30 June 2025 measured at fair value relate to forward exchange contracts. The fair value of the forward exchange contracts is calculated as the discounted value of the difference between the contract rate and the current forward rate and is classified as level 2 (fair value determination based on observable inputs). As per 30 June 2025, the fair value amounts to KUSD 1 206 versus KUSD -1 053 per 31 December 2024.

In KUSD	30/06/2025	31/12/2024
Forward exchange transactions	1 206	-1 053
Fair value (+ = asset; - = liability)	1 206	-1 053

The fair value of the forward exchange contracts calculated at the closing value on the 30 June 2025 were also incorporated in level 2. The notional amount from the forward exchange contracts amounts to KUSD 22 283.

The forward exchange contracts are not documented in a hedging relationship and accordingly, all changes in fair value are recorded in the financial result.

The carrying amount of the other financial assets and liabilities approximates the fair value.

2.2.12.Business combinations, acquisitions, and divestitures

In 2021, SIPEF (via its subsidiary PT Tolan Tiga) signed a conditional sale and purchase agreement ("CSPA") on the sale of 100% of the share capital of its Indonesian subsidiary, PT Melania. Before the transaction, SIPEF controlled 95% of PT Melania through its Indonesian 95% subsidiary, PT Tolan Tiga. The remaining 5% is owned by an Indonesian pension fund.

As a reminder, PT Melania owned half of the Group's Indonesian rubber operations in Sumatra back in 2021 and the entire tea operations in Java. Initially, 40% of the shares was sold for a payment of USD 19 million. After this first stage the purchaser took over the management of the rubber activities. The second tranche of 60% of the shares (of which 55% are held by SIPEF) will be transferred after the renewal of the permanent land rights ("HGU") for the whole of the rubber and tea business. The gross transaction price for 100% of the shares is USD 36 million.

The HGU for the tea operations in Java have been successfully concluded. For the rubber estates in Sumatra, the HGU renewal process is still ongoing, which has delayed the final transfer of the remaining shares under the share purchase agreement.

On 22 January 2025, the purchasersent a termination letter regarding the sale and purchase agreement. SIPEF group contested the legal validity of this termination letter. Continued dialogue led to a constructive resolution, taking into account the exceptional circumstances related to the HGU renewal process.

On 3 July 2025, the parties signed an amendment to the original CSPA, reaffirming their mutual commitment to the transaction and outlining several adjusted terms to accommodate ongoing permitting timelines. Key elements of the revised agreement include:

• A new long-stop date of twelve months for securing the remaining ministerial land title renewals for the rubber estates, with potential for extension by mutual agreement. After the renewal of the land titles, or after the long stop date (whichever comes first), the shares of PT Melania will be transferred to the purchaser, considering the below.
• The tea estate will be separated from PT Melania and sold separately. Net proceeds of the sale of the tea estate will be used to recover the value of the asset held for sale relating to PT Melania. Any shortfall of the net proceeds to cover the value of the asset held for sale will be borne by PT Tolan Tiga. If the tea estate sale is not completed within the agreed timeframe, PT Tolan Tiga will proceed with the carve-out at its own expense. In such case, the remaining amount to be received from the purchaser would be waived in return for full ownership of the tea operations to PT Tolan Tiga.
• An escrow arrangement of USD 1 million to secure potential residual costs relating to the HGU renewal process in case the long stop date is surpassed and the HGU's have not yet been renewed. The escrow will be released subject to substantiated expenses or refunded to PT Tolan Tiga if unused.

SIPEF remains committed to completing the sale of PT Melania and continues to closely monitor and manage the process of the land title renewal. At this stage, no material adjustment to the asset's fair value is deemed necessary.

2.2.13.Related party transactions

There are no material changes to the related party transactions compared to the annual report of December 2024. We refer to Note 29 of the annual report of 2024.

2.2.14.Important events

There are no important events outside of the normal course of business that occurred in the SIPEF group, during the first 6 months of 2025, which could have a significant impact on the financial statements of the SIPEF group.

2.2.15.Events after the reporting period

There are no events after the reporting period that have a significant impact on the results and/or the shareholders' equity of the Group. SIPEF paid a total dividend of EUR 20 838 656 on 2 July 2025.

2.2.16.Risks

In accordance with Article 13 of the Royal Decree of 14 November 2007, SIPEF group states that the fundamental risks confronting the company are unchanged from those described in the 2024 annual report, and that no other risks nor uncertainties are expected for the remaining months of the financial year.

On a regular basis, the board of directors and company management evaluate the business risks that confront the SIPEF group.

3. Certification of responsible persons

Baron Bertrand, chairman of the board of directors, and Petra Meekers, managing director, confirm that to the best of their knowledge:

• these interim condensed consolidated financial statements for the six-month period ending 30 June 2025 are prepared in accordance with IFRS (International Financial Reporting Standards) and give, in all material respects, a true and fair view of the consolidated financial position and consolidated results of the SIPEF group and of its subsidiaries included in the consolidation;
• the interim financial report gives, in all material respects, a true and fair view of all important events and significant transactions with related parties that have occurred in the first six months of the fiscal year 2025 and their effects on the interim financial statements, as well as an overview of the most significant risks and uncertainties the SIPEF group is confronted with.

4. Report of the statutory auditor

See annex 1.

Translation: this press release is available in Dutch and English. The Dutch version is the original; the English version is a free translation. We have made every reasonable effort to avoid any discrepancies between the different language versions. However, should such discrepancies exist, the Dutch version will take precedence.

Schoten, 14 August 2025

For more information, please contact:

• * P. Meekers, managing director (Mobile +32 471 11 27 62)
• * B. Cambré, chief financial officer

Tel.: +32 3 641 97 00

investors@sipef.com www.sipef.com (section 'investors')

SIPEF is a Belgian agro-industry group listed on Euronext Brussels and specialised in the – as sustainable certified - production of tropical agricultural commodities, primarily crude palm oil and palm products. These labour-intensive activities are consolidated in Indonesia, Papua New Guinea and Côte d'Ivoire and are characterised by broad stakeholder involvement, which sustainably supports the long-term investments.

Report of the statutory auditor

ANNEX 1