Good morning, ladies and gentlemen, and welcome to AGRANA's conference call presenting our results for the full year '25/'26. You already got some insights in our figures when we published an ad hoc release mid of April.

Today, we will provide you with further details on all segments and also on the audited financial statements. As announced in our invitation, the presentation is available in reference to this call.

You can find this presentation in the IR section of our website. As you can see on slide number two, the presentation will be divided into three parts.

Our CEO Stephan Büttner will start with a general introduction focusing on the highlights of the '25/'26 financial year. He will then hand over to our COO Franz Ennser.

He will report on the topics of raw materials, investments, and ESG, and afterwards, our CEO will take over again and provide you with details on the financial performance, and he will conclude with an outlook for the ongoing financial year '26/'27. The presentation will take about 25 minutes, and afterwards, the lines will be opened, and we will be glad to answer your questions.

Now I may pass over to CEO Stephan, who will start with the presentation.

Good morning, ladies and gentlemen. Let's have a look at the financial year '25/'26.

It was still a very challenging year in a also challenging environment. Uncertainty, intense competition, still volatile commodity markets, also inflation are the most important topics here.

Now again, we are facing a heavy, let's say, crisis triggered by the war in the Middle East. Despite all these factors, our operating performance was quite solid with an operating profit of €81.2 million.

This is a moderate increase versus prior year where we had €76.5 million. Of course, yeah, very negative impact the one-timers, especially the write-off of assets in our sugar business amounting to €46 million.

Also, we had to book the personnel expenses in combination with the closure of our two sugar production sites Leopoldsdorf and Ruzovany with about €13 million, and also we had to book a provision for potential lawsuits also with nearly €10 million. When we look at the key numbers, a revenue of €3.2 billion, this is a decrease versus the €3.5 billion in '24/'25, mainly the reduction comes from the sugar business where we had a decrease of €250 million in revenues.

Our operating profit: €81.2 million, as already mentioned; exceptional items: -€74.1 million. This is more than twice that we had in '24/'25, mostly coming out of our sugar business and this leading to an EBIT of only €3.2 million for the business year '25/'26.

When we look at the free cash flow: €127 million. Let's say considering the negative operating result in sugar, a solid performance with around 4% in terms of our revenue.

A further reduction in our net debt position despite the fact that we had a payout of more than €50 million for the acquisition of the remaining shares of AUSTRIA JUICE. Our gearing with 39.2% also solid, and also a strong equity ratio with 44.1%.

We are also see ourselves on track in the execution of our corporate strategy Next Level. We terminated our sugar production in Leopoldsdorf, Austria, and Ruzovany, Czech Republic, a very important step towards the restructuring of our sugar business.

As already mentioned also, we were able to acquire the remaining shares in AUSTRIA JUICE from Raiffeisen-Ware Austria AG, also important for our potential growth strategy in our Food & Beverage Solutions segment. Also, we were able to close the transaction concerning the acquisition of the Slovenian food company Mercator-Emba, a very important supplier for the foodservice business, quick-service restaurants in Europe, bringing us access to additional sales channels.

Also we were able to reach an agreement with the Austrian sugar beet growers, also very important step to secure our production site in Austria, Tulln. This is a three years contract where we think that we found a very good agreement on one hand securing the raw material base for our factory and on the other hand let's say yeah, bringing us also in a position where we shall be competitive with our production cost in sugar midterm.

Also in connection with the savings program that we are executing currently. Also our savings program where we had the target of over €80 million, this is a number that we overachieved already.

We set a new target till the end of the business year '28/'29 where we want to reach in total a yearly savings amount of €130 million. Let me say something about the management board.

Franz Ennser, new colleague in the AGRANA Board, he joined us in November '25. He is already in AGRANA for quite a long time.

He was the CEO of the AUSTRIA JUICE business for the last 10 years, and we are very happy that he joined us in November and took over the COO position in the group. Now please let me hand over to Franz.

He will guide you through raw materials and so on.

Thank you, Stephan. Some insights about our raw materials and also our investments.

In the last business year, AGRANA has processed around 7.7 million tons of raw materials. The biggest share, 4.3 million is sugar beet, for sure.

Smaller volume we did in raw sugar. The grain amounted for 2.4 million tons, potato around 200,000 tons, and overall the fruit has been processing around 700,000 tons of various fruits.

Of course, we were decreasing our volumes on sugar beet especially, coming from the previous year of 6.5 million, while in the other areas we have been pretty stable. The grains, the potatoes, and also the fruits are on the pretty same level as in the previous year.

In terms of our investments, AGRANA Group has invested in the last business year around €103 million. The biggest share we invested into the Food & Beverage Solutions segment, especially enlarging our processing and packing capacities in the various countries.

On Starch and Sugar, we invested around €18.5 and €12.4 million respectively. Of course, also driven by the lower performance in these segments, we also have been, let's say, very cautious in terms of our investments.

The plan now for the current business year is that we will invest around €130 million, which is slightly below the threshold for our depreciation, which amounts for €117 million. Two-thirds of our investments will be directed into the Fruit & Beverage Solution segment, while around 18% will go into the Starch, and roughly 11% will be dedicated for investments into the sugar business.

In terms of ESG, sustainability, of course, ESG, sustainability is an integral part of all our business activities. We are committed to our targets on Scope 1, Scope 2, which means that we are aiming at reducing it down to 50% in 2030 and achieving the net-zero emissions by 2040, while for Scope 3, the target is that we achieve a 30% reduction by 2030 and the net-zero emissions by 2050.

We have put some special, let's say, efforts and highlights in the sustainability business for '26/'27 related to the sustainable sourcing of raw materials, which means, basically, certifications according to the SAI standards. We are dealing with responsible water use in all our activities, be it the processing, but also be it agricultural raw material advice to our growers and suppliers.

Of course, also we have to deal with the waste recycling. We want to optimize this across all our sites.

Furthermore, we will put the focus on, let's say, the non-financial targets, especially on gender equality, which means that we are targeting is achieving 30% of management positions being held by women by 2030. We have further focus on health and safety for all our employees by targeting in reducing the injury rate.

Finally, also we will enroll our code of conduct information campaign also for the blue-collar, not just for the white. This will be the key priorities.

One final comment on our energy costs. We have been able to benefit from the lower energy pricing in the last business year, reducing down our overall energy costs in the various segments down to around €204 million, but it's still substantially higher than compared to the time period before the COVID crisis or especially the Ukrainian war impacted our expenditures on energy.

The split you can see here on the chart. The biggest share, for sure, with €110 million has been spent in the Starch business, followed by Sugar, and also, finally, by the FBS segment with around €37 million.

That's it in a nutshell, and now I hand back to Stephan.

Thank you, Franz. Please let me put the attention to the new segment reporting again.

We already reported about that that since March '25, we have the new reporting structure. We have two, let's say, strategic business areas and therefore then three segments: Food & Beverage Solutions is one segment that we report, we have Agricultural Commodities and Specialties Starch segment, and we have Agricultural Commodities and Specialties Sugar segment, and we have the Holding and other.

This is the new reporting scheme. Let's jump to the next slide, revenue by segment.

As I already mentioned, we had a decrease of nearly 8%, mainly coming out of the Sugar segment. You see a decrease by 32% in revenue from €840 million down to €570.

Starch: slight decrease of 3%, and a slight increase in our Solutions segment by 1.1%. Main driver for the reduction in sugar, of course, prices.

We had quite stable volumes on the sales side, but a sharp drop in sugar sales prices, especially in the industrial markets. The EBIT by segment here, a very good development in our Solutions segment, an EBIT of €103.3 million, an EBIT margin of 6.3%.

This is totally acceptable, I would say. Starch: quite weak still, also here a further decrease of 26.3%, still a very challenging and difficult environment, a weak economy, low ethanol prices and margins.

These are all negatively impacting our EBIT in Starch. Then you can see the very, very poor performance in Sugar.

Again, we had the one-timers here. I already mentioned the write-offs of assets: €46 million; I already mentioned social plans, extraordinary personnel costs of nearly €13 million, and the provision of nearly €10 million.

All these negatively impacting our result in Sugar and therefore a negative EBIT of -€106.6 million. When you take this into consideration also with the number of '24/'25, you see the tremendous losses in this business segment, and this is why we have constantly to work on the turnaround.

This is a heavy burden for our group. Of course, everything very negatively impacted by the low sugar prices.

You see that the sharp decline in prices where we were in '23/'24. Now we see kind of a stabilization also caused by the conflict in Iran.

Let's see what the final impact will be on the energy prices. This will potentially also then in the coming campaign lead to higher production costs.

On the other hand, yeah, we have high stocks in Europe. We will enter the new production campaign in September '26 with a record level of 2.6 million tons of sugar on stocks in the European Union.

This is a very, very big number. On the other hand, we see a decrease in planted acreage, a further decrease versus '24/'25 where we also saw a reduction.

Now it will also depend on the weather conditions, on the yield of sugar beets in the European Union, and this will guide us the way through the sugar marketing year '26/'27. Let's come to the financials, consolidated income statement.

I already referred to the revenue: €3.237 billion. EBITDA: €195 million.

This is not a very good number, but when we take into consideration the poor situation in our commodities businesses, especially in sugar, it's, I would say, it's a solid performance also with the €81.2 million operating profit. Then we have the exceptional items with the -€74.1 million leading to the EBIT of €3.2 million, and the loss for the period amounting to -€35.2 million.

Exceptional items, I already explained it. Let me come to the dividend proposal.

The proposal is 35 cents dividend payout per share for the '25/'26 financial year. This is, let's say, half of the dividend that we paid out for '24/'25 of 70 cents per share.

This would be the 35 cents would be a dividend yield of 3%, based on the share price of €11.75 at the end of the fiscal year '25/'26. Dividend payment will be made on June on 13th of July 2026.

Already to the outlook for '26/'27. Of course, we expect a very significant improvement on EBIT level, but this is not very difficult as we had all these exceptional items in '25/'26.

The expected range of EBIT is between €70 and €90 million, and on group level, we expect a slight growth in revenue. Also, we will further work on our savings program and expect to have implemented measures with a future impact of yearly €110 million at the end of '26/'27.

For the segments, in Food & Beverage Solutions, we expect a moderate increase in revenue and a moderate reduction in EBIT. This is mainly due to the massive, let's say, frost that we saw in Hungary last autumn impacting our harvest of apples, yeah, leading to a very low utilization of our capacities in our fruit juice concentrate production in Hungary, and therefore this has also, of course, an impact on our results expected in '26/'27 in our FBS segment.

The rest should be on track and comparable at least with the business year '25/'26 performance-wise. In Starch, we expect a stable revenue and a significant increase in EBIT, and in Sugar, a further slight reduction in revenues, and, of course, a very significant improvement on EBIT level.

Finally, please let me draw your attention to the war in Middle East. This is something that, of course, brings more uncertainty for all our business segments.

We can already say that in the first quarter, we did not really see an impact of this war. Of course, the closure of the Strait of Hormuz is impacting the energy prices already.

The question is how long will this go on, and then, of course, we will see the impact in the value chain coming in the next months, but really it depends on how long the whole situation will last. That we see actually this will also potentially have an impact on inflation, prices will rise again.

This is clear. I think we are doing proper risk assessment on AGRANA Group level, and currently, we have the expectation that this is absolutely manageable and will not have an immediate impact on our guidance.

As I already said, there's a lot of uncertainty, and nobody knows how this whole thing in Iran will evolve. Finally, outlook for the first quarter '26/'27.

Of course, the EBIT in the first quarter '25/'26 was extremely low. There we had to book the restructuring costs for the closure of Leopoldsdorf and Ruzovany, especially the personnel expenses.

This is what we will not see in the actual first quarter, therefore the EBIT is expected to do very significantly better. This was my part.

Thank you very much for your attention. Let me hand over to Hannes Haider.

He will inform you about the financial calendar.

Thanks so far. Before we go on with the Q&A session, I just wanted to remind you that today in the morning, we also published our annual report for '25/'26, and we would like to invite you to also visit our digital report on report.agrana.com.

Having a look at the financial calendar, I just wanted to remind you that our annual general meeting will take place on the 3rd of July, and it will be a presence event. We will now go on with the Q&A session.

Yes. Good morning.

Thanks for taking my questions. I'll start with a quick clarification question on the next level of savings program.

If I understand correctly, you've achieved €52 million of savings for the current financial year, but you are targeting €80 million for the following year and then €100 million for the year after. Then the €110 million, that is just measures that you will implement in the next fiscal year, but they will flow through to the P&L in the years after that.

Is that sort of the way to think about that? We're going to get €80 million of savings that will hit the P&L next year and €110 million in terms of the measures you're taking and that they will sort of flow through later?

Hope that's clear.

It's clear, but it's not correct. Our target for '25/'26 were €52 million.

What we already achieved is in an amount of €89 million. Now maybe you will raise the question, where is the result?

The problem is that all the savings are eaten up by the lower gross margins, especially coming out of Sugar and Starch, and this is due to the actual pricing situation in Sugar, but on the other hand, also due to the overall economic situation in Starch. Our target for the next year '26/'27 is that we will already have implemented measures that bring us annual savings of around €100 million.

This is our ambition for the year '26/'27. This also will have a very positive effect once the markets will recover.

Then we will profit on one hand from the recovery of these markets, price- and volume-wise, and on the other hand, from the much better cost structure that we will have then.

That's helpful. Just to clarify, so that €100 million for next year, that will be fully kind of reflected in the P&L.

It's not sort of measures you're taking and they will only flow through later?

It's not fully reflected in the P&L, but I would say it's up to 80 to 90% reflected in the P&L,

because

this was already achieved last year, yeah.

Right. Understood.

We can imagine essentially some incremental savings hitting the P&L in the next fiscal year. If I were to come to a follow-up question on that, if you were to look at your guidance for the next fiscal year, if you strip out the one-offs, it would assume kind of taking the midpoint a flat year-on-year development.

I'm just wondering the incremental savings that you will essentially see coming through in the P&L next year will be offset by adverse market developments?

Yes, you are completely right. The problem is mainly in the sugar business, still we are facing a massive pressure from the market side, prices will further decrease in the actual business year on one hand.

On the other hand, yeah, let's see what happens also with the volumes. We are in the restructuring mode, yeah.

Yes, we need a recovery also in the market side, yeah.

That's very clear. I guess final question from my side is just coming to the sugar business.

You're guiding for a slight revenue decline, but an improving profitability. Now that's kind of obvious given the EBIT level and the one-offs.

What are the assumptions embedded in the guidance here also on the revenue side? What level of sugar prices are you assuming, and what are you seeing in the market currently?

Perhaps on that also, what is your current breakeven price? Is it sort of somewhere below €600 million, right?

This is difficult to talk about breakeven prices in sugar. It really depends on the energy prices that we will face during the sugar marketing campaign starting in September.

This is one very important factor. On the other hand, it also depends on the raw material prices at the end of the day.

Yeah. It's somewhere for sure, I would say in the industry it must be somewhere around 600 plus/minus.

This is what we think also with the current energy price levels. Yeah.

As I said, difficult to say also on revenue-wise, it really depends what's going to happen with the sugar prices onwards from September '26. As already mentioned, we have still very high volumes on stock, the estimation is around 2.6 million tons in Europe entering into the new sugar marketing year September '26, and normal level is around 1.6 million tons.

This means overstocks of around 1 million tons by statistics. Of course, this can be let's say compensated by the lower planted acreage in the European Union, but nobody knows what the weather will do, yeah.

Will this be a very good crop, then it will be more difficult let's say for prices to recover. If it will be a bad crop, we could also theoretically see an increase in prices.

Currently, very difficult to say,

yeah. Yeah.

That's helpful. I'm just getting sort of for your guidance, are you assuming that sugar prices deteriorate further or sort of hold this level?

I'm just trying to think what are the assumptions you've embedded in that given...? No,

for the fiscal year No, for the fiscal year, we expect, of course, a stable development now till the new sugar marketing campaign, and then we will see new prices. Our expectation in the budget, reflected in the budget, is a moderate decrease in prices, a further decrease.

Okay. Understood.

Very helpful. Thank you.

Yeah. In total, a further decrease also in revenue.

This is what I already mentioned, yeah.

As there are no further questions, thanks a lot for your participation. We wish you a nice remaining day, and goodbye.

Thank you.