Thank you for your continued trust

and for being part of the DN AGRAR family!

It has been an incredible year,

and we are proud to have you with us.

We wish you a Merry Christmas and

an incredible New Year!

✅ As DN AGRAR closes out 2025, the company is proud to share a period of exceptional financial performance and operational expansion that solidifies its position as the largest dairy milk producer in Europe and one of the leading integrated agri-food company in Romania.

✅ 2025 has been a remarkable year for DN AGRAR. From robust milk deliveries to exceptional market outperformance,  the group is not merely expanding; it is redefining industry standards. Heading into 2026, the Group is prioritizing the diversification of its core segments. Key growth drivers include B2B dairy processing, vertical farming, and green energy projects, complemented by the expansion of dairy facilities.

➡️ Operational highlights: DN AGRAR's commitment to excellence has resulted in consistent growth across our core activity, recording a 12% increase in milk deliveries in the first 11 months of 2025, compared to the same period in 2024, growth supported by the successful commissioning of the Straja farm, in March 2025.

➡️ Integrating circular economy model, which now includes two operational compost factories, at the Apold and Lacto Agrar farms, the company is turning manure into valuable organic fertilizer. With a EUR 1.7 million investment, DN AGRAR doubled its organic fertilizer capacity to 14,000 tons annually across two facilities, transforming over 40,000 tons of manure into a sustainable resource.

➡️ Consistent financial growth: DN AGRAR's financial performance remains robust, characterized by a sustained positive growth trend. In the first 9 months of 2025, the company achieved record growth driven by core business consolidation and cost efficiency: turnover of 158 million lei (+25%), net profit doubled up to 43 million lei (+104%) and EBITDA reached 78 million lei (+55%).

✅ Compost production & sustainability: DN AGRAR is committed to a sustainable future through innovative waste management. With two operational compost factories of DN AGRAR will produce 14,000 tons annually, and by expansion of its compost production facilities, the company is targeting an output of 40,000 tons by 2030.

✅ Voluntary Carbon certificates: Starting in 2026, the company estimates on receiving 32,000 voluntary carbon certificates annually, through the international "Gold Standard" accreditation. Furthermore, DN AGRAR initiated the European-level organic certification process (Ecocert), which is anticipated to be completed by early 2026.

✅ Capital market performance: DN AGRAR’s shares continue to demonstrate robust strength on the Bucharest Stock Exchange. In the first 11 months of this year, DN AGRAR has achieved an 83% share price appreciation, consistently outperforming the BET and BETAeRO indices, being the second-best performer among the issuers included in the BETAeRO index.​

☑️ Moving toward vertical integration and value-added production, DN AGRAR is strategically diversifying its market presence. The launch of this new facility enables the Group to achieve market and client diversification. 

☑️ Furthermore, by transitioning from raw milk production to a broader portfolio of specialized dairy products, for the B2B sector, the new business line will enhance commercial leverage and will support reducing the transportation costs.

☑️ The investment of EUR 3.5 million will be financed using a credit facility from Exim Banca Românească, subject to the approval of the shareholders at the General Meeting of Shareholders scheduled for January 16th, 2026.

• Production capacity: 150,000 liters/day.
• Extra storage capacity of 300.000 liters.
• Production of cream, skimmed milk, MMC and Kosher milk​.
• Possibility to produce milk with specific vet request for food processors 0.5-4%​.
• ​Possibility to increase DMC from 9% to 36%, transportation efficiency from 4 trucks to 1 truck​.
• ​Possibility to sell full trucks of the specific products, as well to sell 1.000 liters packaging for smaller food producers​.

Timeline:

• January 2026: GMS Approval.
• April 2026: Equipment arrives in Romania.
• May – July 2026: Factory construction.
• August 2026: Testing and optimization phase.
• September 2026: First sales expected.
• 2027-2028: Full use of capacity of 150,000 liters.

🐄 The next chapter is about scale. To meet growing demand, DN AGRAR is developing the CUT 2 Farm, a project that integrates modern milking infrastructure with sustainable practices, like manure valorization.

🐄 This new dairy farm will match the 5,000-cows capacity of Straja farm, aiming for full operational launch and a production capacity of 150,000 liters/day by early 2029.

• Impact: Capacity for 5,000 dairy cows, contributing an additional 150,000 liters of daily milk production.
• Investment: EUR 10 million, financed by ING Bank and own sources.

Timeline:

• 2025: Land acquisition process completed.
• February 2026 onwards: Building permit process.
• February - March 2026: GMS Approval and construction material acquisition.
• Q3 2026: Construction begins (land equalization and foundation).
• March 2028: Expected to start the production.
• 2027-2029: Livestock procurement and gradual population.
• 2029: Full operational launch (3 milking sessions/day).

⚡ In partnership with BSOG Energy, DN AGRAR will transform the farm manure into energy, creating a circular economy that generates both power and significant new revenue streams.

⚡BSOG Energy received the license to produce biomethane, as the regulations for grid injection are moving toward final approval.

• Expected value: An estimated annual turnover of EUR 3–3.5 million for DN AGRAR.

Timeline:

• Land acquisition phase completed.
• Current status: obtaining building permits, expected in the upcoming months to be finalized.
• Q2 2026: Final Investment Decision (FID) scheduled.
• Early 2028:  Expected the start of the production.

🌱 The final segment of DN AGRAR's 2026 strategy focuses on Agri-tech. DN AGRAR will implement vertical farming solutions for fodder production, specifically wheatgrass, ensuring that the cows have high-quality, high-protein feed year-round, regardless of the weather.

🌱 In the first half of 2026, the construction of the facility will start, and it will produce between 30-35 tons of wheatgrass/day.

• Production output: 30–35 tons of feed per day, with constant protein levels.
• Investment: Approximately EUR 3 million for the first facility, located at CUT 1 farm storage facility.

Timeline:

• Currently in the final engineering phase.
• H1 2026: Expected construction of the 1st facility.
• Summer 2026:  Expected the production to begin.

🌱 DN AGRAR is advancing on the Food Clusters plans as well, in collaboration with Wageningen Metropolitan Food Clusters to design a future-proof "Food Cluster" infrastructure.

🌱 Simultaneously, DN AGRAR initiated site analysis and entered preliminary discussions with experienced industry partners, to explore strategic opportunities.

Timeline:

• Q1 2026: Next steps design of business plan.
• Q2 2026: Stress testing.

News for Investors

About DN AGRAR Group

DN AGRAR is the largest dairy milk producer in Europe and one of the leading integrated agrifood company in Romania, listed on the Bucharest Stock Exchange since 2022.

The Group operates an integrated business model focused on milk production, crop cultivation, organic composting and green energy, supporting a sustainable, circular agriculture.

With five large-scale farms and a livestock base of 17,000 heads, it delivers approximately 70 million liters of milk per year, with the goal to double the production to 150–200 million liters annually by 2030.

DN AGRAR Group manages more than 10,000 hectares of farmland and two compost facilities with a capacity of 14,000 tons of organic fertilizer per year, aiming to increase this to 40,000 tons by 2030.

The Group has tripled its business in just three years since going public and now targets a doubling of EBITDA by 2030, alongside the ambition to produce net-zero milk.

To support its growth as a regional leader in premium dairy and food production, DN AGRAR Group’s 2030 strategy combines the doubling of milk production capacity with expansion into complementary business segments.

These include vertical wheatgrass farms, expected to supply 25% of the current feed input, biomethane production in partnership, industrial greenhouses, and expanded composting infrastructure. Together, these initiatives are designed to enhance operational performance and efficiency, being also enables for the development of industrial clusters and projects for increasing milk value.

Founded as a family business in 2008 by Jan Gijsbertus de Boer, DN AGRAR Group operates in the heart of Transylvania, with activities spanning in tree counties - Alba, Sibiu, and Hunedoara. Listed on the AeRO market of the Bucharest Stock Exchange since February 2022, the company is included in the BETAeRO local index, as well as in the international indices MSCI Frontier IMI and MSCI Romania IMI (Small Cap category).

INVESTOR RELATIONS CONTACT

Peter de Boer, CEO & BoD Member

investors@dn-agrar.eu, +40 258 818114

DN AGRAR Group Romania, No. 1, Iuliu Maniu, Alba-Iulia, Alba 510094, Romania