Company announcement no 16/2024 - Interim Report Q2 2024

Interim Report Q2 2024

EBITDA fixed herd prices (FHP) for Q2 2024 increased to 10.410 mEUR (Q2 2023: 10.236 kEUR), corresponding to an EBITDA margin FHP of 29.7% (Q2 2023: 28.1%). The quarterly EBITDA in Q2 2024 increased by 174 kEUR (compared to Q2 2023).  Mainly driven by improved feed prices saving of EUR 2,1m and higher sales volume in EU, whereas sales prices Q1 2024 were 1.48 EUR/kg live weight, down from 1.62 EUR/kg Q1 2023, hence negative impact of EUR 3,2m.

Feed prices in Q2 2024 were 255 EUR/T (compared to 288 EUR/T Q2 2023), which equals a saving on feed of EUR 2,1m.

The herd valuation in Q2 decreased by 480 kEUR (compared to 31.03.2024). The increase is driven by decreasing price in RU, whereas EU increased.

Net interest-bearing debt (NIBD) decreased to EUR 28.3m end Q2 2024, being EUR 10.0m lower than Q4 2023. Idavang has 17 months left of the EUR 75m bond duration, hence having very stable financing. NIBD split is -8,2 mEUR in Russia (only bank deposit and no debt) and 36,5 mEUR in Denmark/Lithuania.  Idavang did in Q2 repay excess cash which adjusted for own bond was 497 kEUR. Outstanding bonds net equals 34,8 mEUR end 2H 2024.

During H1 2024 Russia has paid EUR 1,0m dividend (EUR 0,4m in Q2) and additional dividend is planned in H2 2024.

In December 2023 Company Announcement no 19/2023 was published, where a potential buyer was rejected by the Russian authorities.  The Board of Directors and Executive Board of Idavang are taking the reasons for rejecting the previous buyer into account in the ongoing strategic review of Idavang's Russia business. We continue evaluating the different strategic options for the future of Idavang's Russian business, including a potential sale of the business.

No conclusion of the process has been reached, at the date of signing submitting this interim report.

Attachment

• Company announcement no 16 2023 Q2 2024 Idavang