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Management R eport of the I nterim Unaudited Financial Statements REPORTED PERIOD 01.01.2026. - 30.06.2026. Baltic First North Webinar 30 September 2026
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AGENDA: 2 Jurijs Adamovičs Mihails Kezik s Founder & Chairman CFO & Member of the Management Board MANAGEMENT REPORT OF THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENT H1 2026 1. Key I ndicators 2. Highlights 3. Egg Industry Overview 4. Sales Performance 5. Key Financial Indicators 6. Targets for the H2 2026 Agrova Baltics | NASDAQ Riga Webinar | 30 September 2026
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3 Key Indicators Agrova Baltics | NASDAQ Riga Webinar | 30 September 2026
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4 MANAGEMENT REPORT OF THE INTERIM UNAUDITED FINANCIAL STATEMENT H1 2026 €15.2M Revenue € 7.3 M Gross Profit +52% +71% +34 % 79M Sold Eggs €6.6M Adjusted EBITDA +96% 44.3% R OE 3.7x P/E Ratio Agrova Baltics | NASDAQ Riga Webinar | 30 September 2026
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5 Agrova Baltics | NASDAQ Riga Webinar | 30 September 2026 Highlights
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Highlights 6 H1 2026 was a period of decisive strategic action - from a major production - capacity investment and a completed energy - managemen t audit to capital - markets strengthening and portfolio expansion. MANAGEMENT REPORT OF THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENT H1 2026 Agrova Baltics | NASDAQ Riga Webinar | 30 September 2026 Phase V Investment Programme In Alūksne , three new laying hen houses are being developed (7,380.3 m² built - up area) with capacity for 375,000 birds, expanding cage - free egg production and creating a more integrated production platform. 65 Years of Egg Production In the first half of 2026, SIA Alūksnes putnu ferma celebrated 65 years of egg production in Alūksne – six decades of production experience combined with modern technologies, expanding capacity and a broadening export market. ISO 50001 Energy Audit Completed SIA Alūksnes putnu ferma completed its annual ISO 50001 energy management audit in the first half of 2026, confirming the system implemented in 2023 continues to meet the standard's requirements. Pullet Rearing Facility in Preiļi A new pullet rearing facility (1,424.0 m² built - up area ) is being developed in Preiļi, with capacity for up to 500,000 pullets per year , strengthening AB Group's hen supply to Alūksne as part of the Phase V investment programme . EUR 30M Bond Programme Latvijas Banka approved the base prospectus for a bond issuance programme of up to EUR 30 million in May 2026, giving AB Group additional flexibility to use capital markets as a financing source for future investment phases. Fiteg² Expands Beyond Latvia In 1H 2026, Fiteg² broadened its distribution beyond Latvia, with a product lineup spanning egg white protein powders, egg membrane collagen and protein bars; the e - commerce channel achieved a 33% repeat - purchase rate.
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7 Egg Industry Overview Agrova Baltics | NASDAQ Riga Webinar | 30 September 2026
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Development of the E gg Category S egment in the Baltics* 8 PRODUCTS SALES VALUE ( €M ) SALES VALUE % YoY Change Total Chicken eggs 22,6 12,5 Organic eggs 1,0 15,6 Free range eggs 2,0 6,8 Barn eggs 5,3 10,7 Cage eggs 14,3 13,8 PRODUCTS SALES VALUE ( €M ) SALES VALUE % YoY Change Total Chicken eggs 29,1 7,9 Organic eggs 0,4 21,6 Free range eggs 1,5 38,2 Barn eggs 16,7 9,8 Cage eggs 10,5 1,3 PRODUCTS SALES VALUE ( €M ) SALES VALUE % YoY Change Total Chicken eggs 38,7 15,2 Organic eggs 1,5 26,1 Free range eggs 3,5 35,4 Barn eggs 29,3 39,9 Cage eggs 4,3 - 51,2 Organic eggs 4% Free range eggs 9% Barn eggs 24% Cage eggs 63% Organic eggs 1% Free range eggs 5% Barn eggs 57% Cage eggs 36% LV Organic eggs 4% Free range eggs 9% Barn eggs 76% Cage eggs 11% LT *Chicken eggs according to NielsenIQ data, sales value aggregated over 6 - month period from 1 January 2026 to 30 June 2026. Lithuania (Modern Trade)/ Latvia (Modern Trade)/ Estonia (Modern Trade) (Copyright © 2026 NIQ). H1 2026 MANAGEMENT REPORT OF THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENT H1 2026 Agrova Baltics | NASDAQ Riga Webinar | 30 September 2026 EE
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9 Sales Performance Agrova Baltics | NASDAQ Riga Webinar | 30 September 2026
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Egg Sales by Segments 10 Industry 11% Retail 89% In the first half of 2026, the retail segment continued to dominate AB Group’s egg sales structure, accounting for 84% of total volume, down from 89% in the first half of 2025 – a shift of 5 percentage points as the processing segment grew from 11% to 16%. This change reflects a more balanced distribution between the Group’s two main sales segments, with retail remaining by far the largest while sales to the processing industry increased. A more diversified sales channel mix enables AB Group to respond more flexibly to changes in demand and make more effective use of available sales channels. H1 2025 H1 2026 Industry 16% Retail 84% MANAGEMENT REPORT OF THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENT H1 2026 Agrova Baltics | NASDAQ Riga Webinar | 30 September 2026
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Egg Sales by Brands 11 In the first half of 2026, the share of private label (“PL”) products in AB Group’s egg sales mix continued to increase, rising to 45% of total volume from 34% a year earlier – an increase of 11 percentage points. AB Group’s own brands accounted for 55% of total egg sales, compared with 66% in the first half of 2025. The change reflects a more balanced portfolio between AB Group’s branded products and private label cooperation with retail partners, broadening opportunities with major retail chains. AB Group’s own brands continued to represent the majority of total egg sales, accounting for more than half of the volume sold. AGROVA Brands 66% Private label 34% AGROVA Brands 55% Private label 45% MANAGEMENT REPORT OF THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENT H1 2026 Agrova Baltics | NASDAQ Riga Webinar | 30 September 2026 H1 2025 H1 2026
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Egg Sales by Country 12 In the first half of 2026, AB Group’s egg sales mix became even more export - oriented. Latvia’s share decreased to 25% of total volume, down from 46% in the first half of 2025, while export markets – Lithuania, Estonia and other EU countries – increased to 75%. Compared with the corresponding period of the previous year, the share of exports increased by 21 percentage points, reflecting AB Group’s growing presence outside the Latvian market and a broader geographic sales mix. MANAGEMENT REPORT OF THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENT H1 2026 Agrova Baltics | H1 2026 Results H1 2025 Latvia 46% LT, EE, Other EU 54% H1 2026 LV 25% LT, EE, Other EU 75%
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13 Key Financial Indicators Agrova Baltics | NASDAQ Riga Webinar | 30 September 2026
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EBITDA H1 2026 VS H1 2025 - CHANGE ANALYSIS 14 (EUR ‘000) 3 359 4 674 502 ( 548) ( 541) ( 315) ( 484) ( 59) 6 589 Adj.EBITDA 1H 2025 Eggs sales Other revenues Feed costs Other production costs Distribution expenses Administrative expenses Other operating income and expenses Adj.EBITDA 1H 2026 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 10 000 Increase Decrease Total MANAGEMENT REPORT OF THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENT H1 2026 Agrova Baltics | NASDAQ Riga Webinar | 30 September 2026
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NET PROFIT H1 2026 VS H1 2025 - CHANGE ANALYSIS 15 3 230 ( 205) 3 ( 104) ( 728) 33 3 951 1 722 Net profit 1H 2025 Change in Adj.EBITDA Interests Income tax Depreciation Change in hen value Other Net profit 1H 2026 - 1 000 2 000 3 000 4 000 5 000 6 000 Increase Decrease Total (EUR ‘000) MANAGEMENT REPORT OF THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENT H1 2026 Agrova Baltics | NASDAQ Riga Webinar | 30 September 2026
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H1 2026 FINANCIAL INDICATORS 16 Eggs sold, million Revenue, million EUR Adj. EBITDA, million EUR MANAGEMENT REPORT OF THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENT H1 2026 Agrova Baltics | H1 2026 Results (EUR ‘000) H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 EBIT (316) 1 064 (120) 2 453 4 884 Net profit (558) 802 (477) 1 722 3 951 Adjusted EBITDA margin % 14,0% 26,9% 16,3% 33,5% 43,4% ROE % - 107,9% 53,4% - 11,1% 29,1% 44,3% P / E ratio , x NM 15,0 NM 8,2 3,7 EPS (0,7) 0,3 (0,2) 0,6 1,4 Net External Debt / Adjusted EBITDA, x 5,1 1,4 3,3 1,6 0,7 59 51 48 59 79 0 20 40 60 80 100 H1 22 H1 23 H1 24 H1 25 H1 26 5,0 7,0 5,9 10,0 15,2 0,0 5,0 10,0 15,0 20,0 H1 22 H1 23 H1 24 H1 25 H1 26 0,7 1,9 1,0 3,4 6,6 0,0 2,0 4,0 6,0 8,0 H1 22 H1 23 H1 24 H1 25 H1 26
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17 Strategic Outlook & Targets Agrova Baltics | NASDAQ Riga Webinar | 30 September 2026
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Targets for H2 2026 18 Continued Phase V Investment Programme New laying hen houses and a pullet rearing facility under construction in Alūksne and Preiļi will add capacity for 375,000 birds and 500,000 pullets a year, supporting cage - free growth into H2 2026. Continued Shift Toward Cage - Free Production Ongoing transition to cage - free and barn systems positions AB Group to capture further market share amid rising consumer and retailer demand for higher - welfare eggs. Continued Export Market Expansion Export markets already account for 75% of egg sales volume in H1 2026, up from 54% a year earlier, and AB Group expects to keep broadening its footprint across Europe. MANAGEMENT REPORT OF THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENT H1 2026 Agrova Baltics | NASDAQ Riga Webinar | 30 September 2026
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Thank You We appreciate the continued trust and support of our investors, partners and stakeholders. AGROVA Baltics remains committed to delivering sustainable, transparent and growing returns. Nasdaq Baltic First North Ticker: EGG Agrova Baltics | NASDAQ Riga Webinar | 30 September 2026