ROS AGRO PLC trading update 3Q and 9M 2023

TRADING RESULTS 3Q AND 9M 2023

Rusagro's revenue structure* for 3Q 2023

million roubles

Sugar segment

In 3Q

2023

Rusagro's consolidated

Meat segment

sales

before

intersegment

13,315

+35%

+26% Y-o-Y.

12,914

eliminations

reached

78,176 million

+16% Y-o-Y

roubles. In comparison to 3Q 2022

78,176

17%

17%

sales

increased

by

35%

(+20,056

million roubles).

58,120

78,176

Rusagro's revenue increased despite

NMGK

16% Agriculture segment

the negative dynamics of global

19%

mln rub.

prices.

Significant

revenue

growth

14,971

12,230

was due to the consolidation of the

+103% Y-o-Y

NMGK group of companies (+14,971

million rubles) and, to a substantial

3Q 2022

3Q 2023

32%

Маслож. бизнес

extent, to

the increase

in

sales

volumes in the agricultural business

24,745 млн руб.

against the backdrop of the dollar's

-18%Y-o-Y

AGRICULTURE SEGMENT

appreciation

against

the

rouble.

Revenue growth was also influenced

by positive price dynamics in the

Sales volume of grain crops

sugar and pork markets.

thousand tonnes

Barley

Corn

Wheat

Sales volume of grain crops in 3Q 2023

reached 436 thousand tonnes, which

+256%

556

is 3.5 times (+313 thousand tonnes)

more than in Q3 2022. The main

436

27 5

436

contribution to the growth was

provided by a significant increase in

54 1

54

1

wheat sales by 290% (+284 thousand

tonnes).

180

524

198

This

growth

is

caused

by

the

123

381

125

123

381

postponement of sales from the

88

63

25

0.1

101

0.2

10 0.1

25

beginning of the year to Q3 due to

0.1

29 135

reasonable expectations of improved

98

79

115

98

59

3Q 2022

3Q 2023

1Q 2022

2Q 2022

3Q 2022

4Q 2022

1Q 2023

2Q 2023

3Q 2023

market conditions.

In Q3

2023, a

significant volume

of

corn

was sold

under annual contracts.

Sales volume of oil crops

thousand tonnes

Sunflower

Soy

+144%

117

127

110

16

40

16

70

70

3

3

29

67

102

20

29

86

94

67

1

1

5

5

28

15

28

4 1

3Q 2022

3Q 2023

1Q 2022

2Q 2022

3Q 2022

4Q 2022

1Q 2023

2Q 2023

3Q 2023

Sales of oil crops in 3Q 2023 in comparison to the same quarter of the previous year jumped by 144% (+41 thousand tonnes) - up to 70 thousand tonnes due to increase of soy sales by 140% (+39 thousand tonnes).

The increase in revenues in Q3 was mainly due to the shift of sales of 2022 crop to 2023 due to late harvesting and the expectation of a stronger USD/RUB exchange rate.

Sales volume of sugar beet

thousand tonnes

2 458

+51%

1 103

1 103

730

730

494

59

0

0

3Q 2022

3Q 2023

1Q 2022

2Q 2022

3Q 2022

4Q 2022

1Q 2023

2Q 2023

3Q 2023

In 3Q 2023 sales of sugar beet increased by 51% (+373 thousand tonnes) to 1,103 thousand tonnes compared to the same period of the previous year due to improved crop yields and early start-up of sugar mills. In Q3 2023, sugar beet delivery to sugar mills took place in accordance with the harvesting schedule in line with the crop yield growth.

* Sales before intersegment eliminations and account for other sales.

1

1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023

ROS AGRO PLC trading update 3Q and 9M 2023

MEAT SEGMENT

Production of pigs

thousand tonnes, in live weight for slaughtering

-7%

85

79

77

83

85

91

89

86

79

3Q 2022 3Q 20231Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023

Sales volume of pork products thousand tonnes

-5%

72

68

73

72

77

72

74

68

60

3Q 2022

3Q 2023

1Q 2022

2Q 2022

3Q 2022

4Q 2022

1Q 2023

2Q 2023

3Q 2023

In 3Q 2023 Rusagro produced

79

thousand tonnes of pork in live weight for slaughtering, which is 7% (- 6 thousand tonnes) less than in the same quarter of the previous year.

Volumes decreased as a result of ASF in Primorsky Krai, the effects of which have been eliminated.

In 3Q 2023 in comparison to the same quarter of the previous year sales volume of pork products decreased by 5% (-4thousand tonnes) - to 68 thousand tonnes.

The reasons for the decrease in sales were due to the effect of ASF in Primorsky Krai. At the same time there was a shift from sales of live weight pork and half carcasses to the more marginal categories, as large cuts and offal.

SUGAR SEGMENT

Production of sugar

thousand tonnes

492

+28%

174

224

174

56

49

69

35

3Q 2022

3Q 2023

Sales volume of sugar thousand tonnes

+5%

260

214

233

199

208

199

177

148

In 3Q 2023 Rusagro produced 224 thousand tonnes of sugar, which is 28% (+50 thousand tonnes) more than in the same quarter of the previous year.

This is attributed to higher sugar

224 production due to a larger amount of sugar beet in the 2023/2024 season, as well as the extension of the previous sugar beet processing season and the shift to July-August of sugar production from molasses.

In 3Q 2023 in comparison to the same quarter of the previous year Rusagro's sales volume of sugar increased by 5%

(+9 thousand tonnes) - to up to 208 thousand tonnes. Sugar sales volumes

208 were made in line with market conditions.

3Q 2022

3Q 2023

1Q 2022

2Q 2022

3Q 2022

4Q 2022

1Q 2023

2Q 2023

3Q 2023

2

ROS AGRO PLC trading update 3Q and 9M 2023

OIL & FAT SEGMENT and NMGK SEGMENT

Production of Crude vegetable oil

thousand tonnes

+37%

169

176

181

159

140

124

69

124

132

100

69

100

3Q 2022 3Q 2023

1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 3Q 2023

NMGK

Sales volume of industrial Oil & Fat and dairy products

thousand tonnes

NMGK: Industrial fats

Industrial fats

+11%

NMGK: Bulk oil

Bulk oil

NMGK: Meal

Meal

332

370

325

Dry mixes

17

324

332

303

305

4

60

4

4

4

266

72

79

62

72

4

3

65

84

3

75

228

84

4

92

108

84

76

4

85

102

85

84

54

142

50

50

17

171

149

149

171

60

131

133

124

89

89

65

3Q 2022 3Q 2023

1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 3Q 2023

NMGK

Sales volume of consumer Oil & Fat and dairy products

thousand tonnes

NMGK: Consumer Oil and Fat products

+70%

Consumer Dairy products

Consumer Oil & Fat products

130

55

98

77

76

69

77

4

68

78

75

4

5

3

4

4

5

55

4

3

94

72

70

72

65

72

65

73

70

55

3Q 2022 3Q 2023

1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 3Q 2023

NMGK

In 3Q 2023 Rusagro produced 169 thousand tonnes of crude vegetable oil, which is 37% (+45 thousand tonnes) more than in the same quarter of the previous year. The dynamics was driven by the consolidation of volumes of NMGK Group, which produced 69 thousand tonnes of crude vegetable oil.

The Oil & Fat Segment's processing volumes decreased due to the suspension of the Balakovo oil extraction plant for modernization, which enables us to boost processing capacity by 30%.

Sales of industrial Oil & Fat and dairy products in Q3 2023 amounted to 370 thousand tonnes, which is 11% (+38 thousand tonnes) more than in the same quarter of the previous year. Sales of industrial fats increased by 41% (+30 thousand tonnes), sales of bulk oil increased by 30% (+25 thousand tonnes), and sales of meal decreased by 10% (-16thousand tonnes). The decrease is due to the suspension of Balakovo oil extraction plant for modernization.

In 3Q 2023, NMGK produced 142 thousand tonnes of industrial Oil & Fat products in total.

In 3Q 2023 sales of all key consumer product categories of Rusagro's Oil & Fat segment (bottled oil, margarines, spreads, mayonnaise and ready-made sauces, ketchup, cheese, butter, cream) reached 130 thousand tonnes, which is 70% (+53 thousand tonnes) more than in the same quarter of the previous year.

The growth was due to the consolidation of NMGK, which produced 55 thousand tonnes of consumer Oil & Fat products.

3

ROS AGRO PLC trading update 3Q and 9M 2023

Trading results of 3Q and 9M 2023 thousand tonnes

Item

9M 2023

9M 2022

Change, %

3Q 2023

2Q 2022

Change, %

Total sales*, RUB million

187 757

188 963

-1%

78 176

58 120

35%

Oil & Fat Segment

Production volume of crude vegetable

372

482

(23%)

100

124

(19%)

oil

Sales volume of consumer products,

221

221

(0,3%)

75

77

(2%)

including:

oil & fat products

208

210

(1%)

70

72

(3%)

dairy products

12

11

8%

5

4

12%

Sales volume of industrial products,

799

980

(19%)

228

332

(31%)

including:

meal

347

470

(26%)

89

171

(48%)

bulk oil

207

284

(27%)

50

84

(41%)

industrial fats

236

213

11%

85

72

18%

dry whey mixes

10

13

(24%)

4

4

(13%)

NMGK

Production volume of crude vegetable

69

-

-

69

-

-

oil

Sales volume of consumer products,

55

-

-

55

-

-

including oil & fat products

Sales volume of industrial products,

142

-

-

142

-

-

including:

meal

65

-

-

65

-

-

bulk oil

60

-

-

60

-

-

industrial fats

17

-

-

17

-

-

Meat Segment

Production volume of pork in live

254

245

4%

79

85

(7%)

weight for slaughtering

Sales volume of pork products

214

205

4%

68

72

(5%)

Sugar Segment

Production volume of sugar

327

278

18%

224

174

28%

Sales volume of sugar

589

636

(7%)

208

199

5%

Agriculture Segment

Sales volume of grain crops, including:

721

428

69%

436

123

256%

wheat

575

292

97%

381

98

290%

corn

145

135

7%

54

25

118%

barley

1,0

0,3

184%

0,9

0,1

522%

Sales volume of oil crops, including:

306

166

85%

70

29

144%

sunflower

58

21

174%

2,5

0,6

348%

soybeans

248

145

71%

67

28

140%

Sales volume of sugar beet

1 597

788

103%

1 103

730

51%

* Sales before intersegment eliminations and account for other sales.

Comment: Since some indicators and percentages in the diagrams and texts of the press release were rounded to the nearest whole number, the sum of the

4

rounded values may not fully match the totals. Further, calculations of changes were derived from the pre-rounded indicators and may therefore not fully

match the changes calculated with the rounded values.

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Disclaimer

Rusagro plc published this content on 23 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 October 2023 07:22:35 UTC.