ROS Agro : Presentation for retail investors June 2024

RUSAGRO

LEADING AGROHOLDING

PRESENTATION FOR RETAIL INVESTORS

DISCLAIMER
	2

This document is confidential and has been prepared by Rusagro Group (the "Company") solely for use at the presentation of the Company and may not be reproduced, retransmitted or further distributed to any other person or published, in whole or in part, for any other purpose.

This document does not constitute or form part of any advertisement of securities, any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for, any shares in the Company or Global Depositary Receipts (GDRs), nor shall it or any part of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with, any contract or investment decision.

No reliance may be placed for any purpose whatsoever on the information contained in this document or on assumptions made as to its completeness. No representation or warranty, express or implied, is given by the Company, its subsidiaries or any of their respective advisers, officers, employees or agents, as to the accuracy of the information or opinions or for any loss howsoever arising, directly or indirectly, from any use of this presentation or its contents.

The distribution of this document in other jurisdictions may be restricted by law and any person into whose possession this document comes should inform themselves about, and observe, any such restrictions.

This document may include forward-looking statements. These forward-looking statements include matters that are not historical facts or statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the Company's results of operations, financial condition, liquidity, prospects, growth, strategies, and the industry in which the Company operates. By their nature, forward- looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The Company cautions

you that forward-looking statements are not guarantees of future performance and that the Company's actual results of operations, financial condition and liquidity and the development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements contained in this document. In addition, even if the Company's results of operations, financial condition and liquidity and the development of the industry in which the Company operates are consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in future periods. The Company does not undertake any obligation to review or confirm analysts' expectations or estimates or to update any forward-looking statements to reflect events that occur or circumstances that arise after the date of this presentation.

By attending this presentation you agree to be bound by the foregoing terms.

KEY FACTS ABOUT

RUSAGRO

Rusagro - one of the largest vertically integrated agricultural holdings in Russia

Rank among Russian companies

Oil & fats business

№1 Consumer margarine and mayonnaise producer

№1 Sunflower oil producer	№2 Industrial fats producer
Sugar business	Meat business
№2 Sugar producer	№3 Pork producer
Agriculture business
№4 Agricultural land holder

3

Results in 2023

277

RUB bn Revenue

57

RUB bn	EBITDA
20%	EBITDA margin
1.18х	Net debt /
EBITDA

Ticker on

#AGRO theExchangeMoscow

WHY IS IT WORTH INVESTING
	4
IN RUSAGRO

1	2
Vertically integrated business	Steady growth of operating and
	financial results, reduction of
	leverage

3	4
Product and geographic	Leadership in the domestic market
diversification	and high export potential

VERTICALLY INTEGRATED
	5
BUSINESS

Meal

	Grain
Meat	crops	Agriculture
business		business

Pork by live weight

Cultivation and sowing

Feed production

Dressing and fertilizing

Slaughtering and deboning

Slaughterhouse waste disposal

Harvest and storage

Oilseed
crops	Oil & fats	Sugar	Sugar
	business		business

Beet

Oil extraction	Production of
	sugar from beet
Production of industrial fats and
whey powder	Production of sugar
	from the extract
Production of consumer
oils and fats and dairy products	Production of cereals

STEADY GROWTH OF OPERATING
AND FINANCIAL RESULTS,		6
REDUCTION OF LEVERAGE

Revenue, RUB bn

CAPEX, RUB bn

138	159

223	240	277	х2	17			18
	relative to 2019	14	14	12

2019

2020

2021

2022

2023

2019

2020

2021

2022

2023

EBITDA and margin, RUB bn

14%	20%	22%	19%	20%
		48	45	57 х3
	32	relative to 2019
19
2019	2020	2021	2022	2023

Leverage, Net debt / EBITDA

			Debt burden is lower than
3.19			long-term average
	2.15	1.53	2.22
				1.18
2019	2020	2021	2022	2023

		PRODUCT AND GEOGRAPHIC
				7
		DIVERSIFICATION
Regions of	Sugar beet	Wheat	Corn
15 presence	Barley	Soybean	Sunflower
Ths ha	Meal	Crude oil	Industrial fats
689 landholding	Bottled oil	Mayonnaise and sauces	Consumer margarine
6 Oil extraction plants
Sugar	Pulp	Betaine
6 Oil and Fats plants	Commercial pork products	Retail pork products

9 Sugar plants

26

3

Pig farms

Slaughterhouse and meat processing plants

LEADERSHIP IN THE DOMESTIC
MARKET AND HIGH EXPORT		8
POTENTIAL

Share and position (#) in the Russian market by segment (2023)

12% Sunflower oil (#1)

30% Industrial fats (#2)

65% Consumermargarine (#1)

38% Mayonnaise (#1)

15% Sugar (#2)

6% Pork (#3)

4% Landholding (#4)

Exports share in sales volume (2023)

Oil & Fats		38%
business

Sugar		26%
business

Meat	9%	Potential growth of
business	pork exports to China

Agriculture		2%
business

Source: open data, internal company data

EXPORT SALES IN MORE
	9
THAN 20 COUNTRIES

23	Countries
In 2023 Rusagro products were exported mainly to the
countries of South-West Asia and the CIS			Russia
Oil & fats business
Sugar business
Meat business
Agriculture business
	Belarus	South Ossetia	Iraq	Azerbaijan	Tajikistan	China
	Serbia	Georgia	Afghanistan	Armenia	Kyrgyzstan	Hong Kong
	Moldova	Turkey	Iran	Turkmenistan	Kazakhstan	Vietnam
	Abkhazia	Israel	UAE	Uzbekistan	Mongolia

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