UIE : First Quarter Report 202428. May 2024

FIRST QUARTER REPORT

2024

DIRECTORS' REPORT

CONTENTS

Overview		Financial Section
About UIE		Consolidated Company Financial Statements
UIE in brief	3	Consolidated Financial Statements	25
UIE Financial Highlights	4	Notes to the Consolidated Financial Statements	30

Directors' Report		Other
Business Reporting Highlights - Q1 2024	5	Statement by the Board of Directors
		and the Management	34
Financial Review - Business Reporting	6	Abbreviations & Definitions	35
Portfolio Companies
UP	12
Schörling	17
Greenbridge	20
Outlook for UIE	21
Consolidated Key Figures	23

Statement by the Chairman

Outlook

FIRST QUARTER REPORT 2024  UIE PLC

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UIE IN BRIEF

UIE is a holding company investing in the agro-industry as well as industrial and technology sectors.

UIE exercises long-term and active ownership through direct board or Investment Committee representation as well as close collaboration with the respective management of our portfolio companies.

We are committed to investing in companies that value sustainability as one of their key guiding principles, thereby exerting a positive impact on society and the environment at large.

We invest in the agro-industrial sector and in other industries where we can use our experience and network to obtain synergies and long-term growth. By investing in a portfolio of entities with a long-term perspective, we believe the most value is created for our shareholders.

UIE was founded in 1982 and is listed on Nasdaq Copenhagen.

Our investment portfolio currently consists of:

• United Plantations Berhad ("UP") - a leading plantation company with agricultural investments in Malaysia and Indonesia where it is involved in the certified sustainable cultivation of oil palms and coconuts and processing of high quality palm oil into value-added palm fractions for the speciality fats and chocolate industry
• Schörling AB ("Schörling") - an active investment company working for long-term industrial development with ownership in six companies of which five are publicly listed
• Greenbridge Sàrl ("Greenbridge") - an active investment company focusing on technology businesses with ownership in four companies

DIRECTORS' REPORT

UIE

Ownership

UP

Schörling

Greenbridge

48.4% 1.8%9.7%

AGRO INDUSTRY

INDUSTRIAL / TECHNOLOGY SECTORS

FIRST QUARTER REPORT 2024  UIE PLC

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DIRECTORS' REPORT

UIE FINANCIAL HIGHLIGHTS

• BUSINESS REPORTING1

MARKET VALUE OF

UIE'S ASSETS

Q1 2024

NET PROFIT

Q1 2024

28.4

USD million

VS. PROFIT OF USD 32.4 MILLION

IN Q1 2023

KEY FIGURES

NET ASSET VALUE PER SHARE ON 31/3 20242

297.5

DKK

25% ON YEAR-END 2023

SHARE PRICE

ON 31/3 2024

218.0

DKK

16% ON YEAR-END 2023

(Q4 2023)

	UP - 73% (68%)		Greenbridge - 5% (4%)
	Schörling - 16% (20%)		Cash & Other
			Net Assets - 6% (8%)

PERFORMANCE HIGHLIGHTS

NET PROFIT/(LOSS)

Q1

USD million

40
20
0
-20
-40
2020	2021	2022	2023	2024

SHAREHOLDERS'

EQUITY

USD million

800
600
400
200
0	2021	2022	2023	Q1 2024
2020

MARKET VALUE OF

UIE'S ASSETS ON 31/3 2024

USD million
1,400	86	Holding
1,050	286	discount
27%
700	1,017
350	1,018
0	Market value of UIE's assets	UIE's market value

 UP  Schörling/Greenbridge  Net Cash & Other Net Assets

1. See page 30 for further explanation of Business Reporting and Accounting Policies.
2. Calculated as total market value of UIE's underlying net assets divided with number of outstanding shares at end of the period.

FIRST QUARTER REPORT 2024  UIE PLC

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DIRECTORS' REPORT

BUSINESS REPORTING HIGHLIGHTS - Q1 2024

UP

UP reported a net profit of MYR 133.5 million, reflecting an increase of 19% compared to the first quarter of 2023 due to higher sales prices and increased production of CPO. However, when measured in USD, the increase was only 12% due to a weaker MYR.

The share of UP's net profit was USD 13.6 million in the first three months of 2024, which was USD 1.5 million higher than the USD 12.1 million reported in the first quarter of 2023.

NET PROFIT - Q1 2024

133.5 19%

MYR million

VS. MYR 112.5 million in Q1 2023

SCHÖRLING

The fair value of UIE's investment in Schörling was SEK 2,400 million, representing an increase of 6% (or a gain of SEK 136 million) in the first quarter of 2024 compared to an increase of 9% (or a gain of SEK 172 million) in the first quarter of 2023.

When measured in USD, the fair value of UIE's investment in Schörling amounted to USD 225.6 million at the end of March 2024 - a marginal increase of USD 0.1 million since year-end 2023.

FAIR VALUE OF UIE'S INVESTMENT - 31/3 2024

225.6 0%

USD million

VS. USD 225.5 million at year-end 2023

GREENBRIDGE

The fair value of UIE's investment in Greenbridge amounted to USD 60.8 million at the end of March 2024. This corresponds to an increase of USD 12.3 million, or 25%, since year-end 2023.

The increase in fair value is due to UIE investing an additional USD 5.2 million as well as a fair value adjustment of USD 7.1 million, as the valuation parameters were affected positively by the general equity markets as well as a continued growth within the portfolio companies.

FAIR VALUE OF UIE'S INVESTMENT - 31/3 2024

60.8 25%

USD million

VS. USD 48.6 million at year-end 2023

Despite navigating in a global landscape marked by higher interest rates and amidst escalating geopolitical tensions, UIE achieved a satisfactory net result for the first three months of 2024. This result was primarily driven by an improved CPO production and higher average selling prices for CPO and PK, as well as lower production costs in UP.

In spite of the geopolitical tensions, the Board remains confident with the performance of its investments in UP, Schörling and Greenbridge. Indeed, our optimism is anchored in their agile mindset, strong focus on innovation and established positions as business leaders in their respective fields.

- Carl Bek-Nielsen, Chairman

FIRST QUARTER REPORT 2024  UIE PLC

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DIRECTORS' REPORT

FINANCIAL REVIEW

• BUSINESS REPORTING

UIE achieved a net result of USD 28.4 million in the first quarter of 2024, driven by a highly satisfactory operational performance from UP, as well as a fair value increase of the investment in Greenbridge.

Business Reporting Versus Consolidated Figures In the reporting on the following pages, we do not comment on the consolidated figures but on the figures in the Business Reporting.

Business Performance Review

As illustrated in the graph below, UIE's operating income amounted to USD 29.2 million in the first three months of 2024, a decrease of USD 2.9 million from the USD 32.1 million reported in the first quarter of 2023.

TOTAL OPERATING INCOME IN UIE

USD million

UP made another solid contribution of USD 13.6 million, which is 12% higher than the USD 12.1 million contributed in the corresponding period of 2023.

The contributions from the fair value measured investments in Schörling and Greenbridge, however, are inherently more volatile. In the first quarter of 2024, the fair value adjustment of UIE's investments in Schörling was USD 0.1 million compared to a gain of USD 17.6 million in the first quarter of 2023.

According to International Financial Reporting Standards as adopted by the EU ("IFRS"), UIE is deemed to have de facto control of UP even though UIE holds less than 50% of UP's voting rights. Hence, UP's result is fully consolidated in UIE's consolidated financial statements. However, as UIE is a non- operating holding company, the Board is of the view that the most appropriate measurement of the performance of the investment in UP is to equity account (measuring UIE's share of UP's net profit in a single line item in UIE's operating profit).

Wholly-owned subsidiaries are fully consolidated, whereas other investments (primarily Schörling and

																The fair value adjustment of Greenbridge was USD 7.1
	UP1				13.6
									million compared to USD 0.2 million in the first quarter of
				12.1
Schörling2		0.1											2023.
									17.6
															Additionally, Other income for the quarter included a gain of
	Green-				7.1
	bridge2		0.2											USD 8.3 million, of which USD 6.2 million was a one-off,
															non-cash flow item stemming from the reversal of a
	Other				8.3
													provision related to unclaimed proceeds for UIE shares that
-															were taken over by the company in 2021, as further detailed
5		0	5	10			15	20
																on page 9.
	Q1 2024		Q1 2023	1) Share of net profit
						2) Change in fair value

Greenbridge) are measured at fair value. Accordingly, this measurement is used in the Business Reporting as well as consolidated figures. The net profit reported under Business Reporting is basically identical to the net profit attributable to owners of the Company reported in the consolidated financial statements.

For further information on the difference between the Business Reporting in the Directors' Report and the consolidated financial statements, refer to note 1 on page 30.

FIRST QUARTER REPORT 2024  UIE PLC

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DIRECTORS' REPORT

In the first quarter of 2024, UIE achieved a net profit of USD

1. million, which is USD 4.0 million lower than the USD

1. million reported for the corresponding period in 2023.

INCOME STATEMENT - BUSINESS REPORTING
USD '000				Q1 2023	Q2 2023	Q3 2023	Q4 2023	FY 2023		Q1 2024
UP, share of net profit				12,140	16,954	24,350	20,856	74,300		13,630
Schörling, change in fair value	17,618	6,688	(42,031)	53,394	35,669		98
Dividend income, Schörling				-	-	821	-	821		-
Greenbridge, change in fair value	181	3,439	(219)	1,854	5,255		7,117
Other				2,121	1,083	(801)	3,033	5,436		8,340
Total operating income/(loss)	32,060	28,164	(17,880)	79,137	121,481		29,185
Administrative expenses				(721)	(594)	(555)	(1,005)	(2,875)		(714)
Net interest income/(expense)	557	506	877	331	2,271		480
Foreign exchange gain/(loss)	547	83	(852)	1,475	1,253		(490)
Profit/(loss) before tax				32,443	28,159	(18,410)	79,938	122,130		28,461
Income tax				(56)	(42)	(29)	(1,370)	(1,497)		(56)
Profit/(loss) after tax				32,387	28,117	(18,439)	78,568	120,633		28,405
NET PROFIT Q1 2024
USD million
30													8.3			28.4
						7.1
20
									(0.7)
13.6		0.1
10
0
Share of	Fair value change	Fair value change	Administrative	Other items (net)	Net profit
	net profit in UP	Schörling	Greenbridge	expenses

FIRST QUARTER REPORT 2024  UIE PLC

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DIRECTORS' REPORT

UP

Increased CPO production, higher average selling prices of CPO and PK and significantly lower production costs contributed to a satisfactory operating income from UP's plantation division of MYR 154.3 million, marking a 49% increase relative to the corresponding period of 2023.

The refinery division reported an operating profit of MYR

16.4 million, notably lower than the MYR 39.3 million in the first quarter of 2023. Besides lower refining margins in lauric products in the current quarter, the lower refinery contribu- tion was due to the timing of hedging losses realised in the current period as opposed to hedging gains achieved in the corresponding quarter in 2023. Over time, these hedging gains and losses even out as and when the underlying for- ward sales contracts, to which they relate, are concluded.

UP's net profit amounted to MYR 133.5 million, which was 19% higher than in the first quarter of 2023. Converted to USD, UIE's functional currency, UP's net profit amounted to USD 28.3 million, reflecting an increase of 12%, due to a weaker average exchange rate of the MYR against the USD in the first quarter of 2024 compared to the corresponding period in 2023.

UIE's share of UP's result (excluding minorities) amounted to USD 13.6 million in the first quarter of 2024, marking an increase of USD 1.5 million compared to USD 12.1 million reported in the first quarter of 2023.

UP's results are reported in the section "UP" on pages 12-16.

For further information about UP, download UP's First Quarter Report 2024 or visit www.unitedplantations.com.

    Download UP's First Quarter Report 2024

Schörling

UIE's investment in Schörling is accounted for at fair value, with movements being recognised in the Income Statement.

During the first quarter, equity markets experienced positive momentum, reflecting optimism about a soft economic landing despite diminished expectations that the Federal

Reserve would cut rates in 2024. The broader indexes ended the quarter with solid gains.

In the first quarter of 2024, the individual share price development of Schörling's listed portfolio companies all increased, ranging from a 5% increase (Hexagon) to a 13% increase (AAK). Hexagon is the largest single investment, accounting for 55% of the Schörling investment portfolio (at the end of March 2024).

At the end of March 2024, the value of UIE's investment in Schörling was SEK 2,400 million, representing an increase of 6% (or a gain of SEK 136 million) in the first quarter of 2024 compared to an increase of 9% (or a gain of SEK 172 million) in the first quarter of 2023.

Measured in USD, UIE's functional currency, the value of UIE's investment in Schörling was adversely affected by the SEK weakening by 6% against the USD in the first quarter of 2024, offsetting the share price increases. As a result, the value of the investment, measured in USD, showed only a marginal increase of USD 0.1 million. The graph below highlights the significant impact of currency fluctuations.

SCHÖRLING FAIR VALUE ADJUSTMENT

USD million

30
20	16.5	1.1	17.6
			13.5
10
0						0.1
				(13.4)
-10 Share Currency Fair	Share	Currency	Fair
	price		value	price		value
		Q1 2023	change		Q1 2024	change

For further information, refer to "Schörling" on pages 17-19 or visit Schörling's website www.schorlingab.se.

Greenbridge

UIE's investment in Greenbridge is accounted for at fair value, with movements being recognised in the Income Statement.

In the first quarter of 2024, the fair value adjustment of UIE's investment in Greenbridge increased by USD 7.1 million, compared to an increase of USD 0.2 million in the first quarter of 2023.

The fair value adjustment is due to valuation parameters affected positively by the general equity markets as well as continued growth within the portfolio companies.

In March 2024, UIE invested an additional SEK 53 million (USD 5.2 million) in Greenbridge through a rights issue. Greenbridge raised a total of SEK 500 million in the rights issue, which was oversubscribed by existing shareholders.

UIE's total investment in Greenbridge reached USD 44.3 million at the end of the first quarter of 2024.

On 31 March 2024, the fair value of UIE's interest in Greenbridge was USD 60.8 million.

Subsequent to the balance sheet date, Greenbridge invested in a new portfolio company, EpinovaTech, which specialises in developing advanced semiconductor technology, NovaGaN®. This technology is noted for offering the highest power density at the lowest weight and cost, significantly outperforming traditional silicon-based technologies.

The investment was made via direct investment in the company and via acquisition of shares from existing EpinovaTech shareholders, resulting in Greenbridge becoming the largest shareholder in EpinovaTech. The completion of the transaction is subject to regulatory approvals and is expected to be finalised during the second quarter of 2024.

For further information, refer to "Greenbridge" on page 20 or visit Greenbridge's website www.greenbridge.lu.

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VALUE OF UIE'S INVESTMENTS					Equity
				accounted		Fair value accounted
USD '000			UP		Schörling  Greenbridge		Total
Balance on 1 January 2024					335,621		225,516	48,567		609,704
Change in fair value					-		98	7,117		7,215
Investments during the period					-		-	5,155		5,155
UIE share of results					13,630		-	-		13,630
Dividends received					-		-	-		-
Foreign currency translation adjusted in equity					(10,406)		-	-		(10,406)
UIE share of other equity movements					(1,576)		-	-		(1,576)
Total balance on 31 March 2024					337,269		225,614	60,839		623,722

DEVELOPMENT IN CASH AND LIQUID ASSETS IN Q1 2024

USD million

125
		91.9
100									0.6		2.2					87.6
75						(1.5)			(5.2)									(0.4)
50
25
0
		Cash and	Net cash	Investment	Interest	Fair value	Other (net)	Cash and
			liquid assets		used	in Greenbridge	received	change of				liquid assets
		1 January 2024	in operations							liquid assets				31 March 2024
	Cash		Liquid assets

DIRECTORS' REPORT

Other income includes USD 6.2 million from reversing a provision established in January 2021. This reversal relates to UIE acquiring 23,132 of its shares as treasury shares, which corresponds to 231,320 shares post the share split in 2022.

The provision's reversal in the first quarter of 2024 followed the expiration of a three-year notice period in January 2024, during which no claims were made on the proceeds by the original certificate holders. This reversal, a non-recurring item, does not impact UIE's cash flow.

General and administrative expenses totalled USD 0.7 million, the same level as in the first quarter of 2023.

Interest Income

Interest from UIE's bank deposits amounted to a net income of USD 0.5 million in the first quarter of 2024, slightly lower than the USD 0.6 million in interest income in the first quarter of 2023.

Development in cash and liquid assets

Total net cash reserves and liquid assets in UIE decreased from USD 91.9 million (hereof liquid assets; USD 43.0 million) on 31 December 2023 to USD 87.6 million (hereof liquid assets; USD 45.3 million) on 31 March 2024, corresponding to a decrease of USD 4.3 million, mainly related to the investment in Greenbridge.

Financial Position

Shareholders' equity in the UIE segment increased by USD

Value of UIE's investments

The value of UIE's investments in UP, Schörling and Greenbridge is shown in the table above. The total value of the investments on 31 March 2024 amounted to USD 623.7 million, corresponding to an increase of USD 14.0 million since 31 December 2023. The positive result from UP and the fair value adjustment of Greenbridge was partly offset by valuation adjustments through equity of the investment in UP, mainly the foreign currency translation of UP.

Other Income and Administration Costs

At the end of March 2024, USD 45.3 million, representing roughly 52% of UIE's total liquid reserves, has been invested in a liquid and diversified portfolio of US treasury bonds, other fixed-income products and equities. The result of these investments, reported in other income, amounted to USD 2.2 million in the first quarter of 2024, compared to USD 2.1 million in the first quarter of 2023.

16.4 million, from USD 693.4 million on 31 December 2023 to USD 709.8 million on 31 March 2024. The increase was due to the net result of USD 28.4 million, partly offset by USD 12.0 million, which was the net effect of foreign currency translations of net investments in subsidiaries as well as adjustment of hedge accounting reserves related to UP.

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DIRECTORS' REPORT

Overall Strategy of UIE

UIE is a holding company focusing on long term value creation through active engagement with our portfolio companies and investments in evolving and leading businesses.

Our strategy is to invest in the agro-industrial sector as well as industrial and technology businesses that have the potential to uphold or gain leading positions in their respective markets.

We will continue to nurture our well-established investment in the agro-industrial sector through UP, whilst building new diversified platforms for creating value through investments with trusted partners.

We have a tradition of being active owners either through direct board or Investment Committee representation as

well as close collaboration with the respective management of our portfolio companies and firmly believe that cultivating sustainable business practices is an essential prerequisite for creating long-term value.

Many industries and sectors are undergoing profound transformation and we therefore prioritise and promote an agile mindset within our portfolio companies. Our ability to adapt to changing environments within attractive and growing business areas is a vital pillar towards the sustained and positive financial performance of UIE.

We are committed to maintaining a strong capital structure that enables us to pursue potential investments without undue dependence on debt financing. It is important to re-emphasise that UIE is a long-term investor with an unwavering commitment towards upholding the highest levels of integrity in our business dealings.

Financial Information

UIE publishes interim and annual reports, which are available on the Company's website and can be subscribed to via the website www.uie.dk/investor-relations/subscribe.

Financial Calendar 2024

14AUGUST	26SEPTEMBER
Half Year Report	Virtual information
2024	meeting 2024
19NOVEMBER

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2024

Shareholders' Meeting 2024

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In light of the tragic fire at Børsen on 16 April 2024, we regret to inform you that we are compelled to cancel the scheduled informal shareholders' meeting on Friday, 31 May 2024. Instead, UIE will provide all interested shareholders the opportunity to join a virtual information meeting on 26 September 2024.

FIRST QUARTER REPORT 2024  UIE PLC

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