Investor Presentation Full-Year 2025 Financial & Operational Results Including Shareholder and Market Data HKEx: 00142 ADR: FPAFY www.firstpacific.com Creating long-term value in Asia Copyright © First Pacific Company Limited 30 March 2026. All rights reserved. Table of Contents | Main Holdings | 3 | | --- | --- | | Gross Asset Value | 4 | | First Pacific Financial Results Full-Year 2025 | 5 | | Borrowings, Dividend Income, Ratings | 6 | | Profit and FX Rates Over Time | 7 | | Indofood | 8-11 | | Financials ...

Core Viewpoint - Strauss Group Ltd. reported its fourth-quarter and full-year 2025 results, highlighting operational momentum and international growth strategy [1] Financial Performance - For Q4 2025, adjusted earnings were NIS 1.30 per share, with revenue approximately NIS 3.17 billion (around $850–900 million) [3] - Full-year revenues reached NIS 12.5 billion, reflecting an 11–12% year-over-year growth, while EBIT exceeded NIS 1.0 billion, up roughly 36% year-over-year [3] Growth Drivers - The Coffee International segment, particularly the 3corações joint venture in Brazil, was a significant growth driver, achieving record results [4] - Continued operational resilience in Israel and investments in innovation and growth platforms were emphasized by management [5] Financial Position and Valuation - The company has a price-to-earnings (P/E) ratio of approximately 25.77, indicating a growth-oriented valuation [6] - Price-to-sales ratio stands at 2.86, and enterprise value to sales ratio is 3.17, reflecting a premium due to international exposure and brand strength [6] - The enterprise value to operating cash flow ratio is 77.05, suggesting elevated valuation compared to cash generation [7] - Debt-to-equity ratio is 0.83, indicating moderate leverage, while the current ratio is approximately 1.02, showing a balanced liquidity position [7] Outlook - Strauss Group enters 2026 with strong momentum, expecting continued strength in its international coffee business and strategic investments to drive performance [8]

Core Viewpoint - The European Union and Australia have reached a significant trade agreement aimed at enhancing economic ties amidst global geopolitical uncertainties, marking a shift in their trade relations after nearly eight years of negotiations [1][2]. Group 1: Trade Agreement Details - The agreement will eliminate approximately 98% of EU tariffs on Australian goods, including wine, dairy, wheat, barley, and seafood [2]. - In return, Australia will remove over 99% of tariffs on EU goods, particularly in the dairy, motor vehicles, and chemicals sectors [2]. - The negotiations, which began in 2018, faced delays in 2023 due to disagreements over export quotas and tariff reductions, but were revitalized following changes in U.S. tariff policies [4]. Group 2: Economic Impact - EU exports to Australia are projected to increase by up to 33% over the next decade, with annual export values expected to reach €17.7 billion (approximately $20.5 billion) [5]. - In 2024, the EU recorded a goods trade surplus of €28 billion with Australia, primarily importing minerals and vegetable products while exporting machinery, appliances, transport equipment, and chemicals [5]. Group 3: Political Context - The trade agreement is seen as a demonstration of solidarity and cooperation among U.S. allies during turbulent times, as emphasized by European Commission President Ursula von der Leyen [3]. - The partnership is expected to strengthen not only trade but also security and defense collaborations between the EU and Australia [3].

Core Insights - The food and drinks industry faces significant risks due to rising oil and gas prices, which are expected to remain volatile amid ongoing conflicts [1][5][7] - Fertilizer supply disruptions could lead to increased agricultural costs and higher prices for fresh goods, particularly as the Western world enters the spring season [2][9] - The Middle East, accounting for approximately 40% of global fertilizer supply, may experience less severe impacts on food exports compared to Ukraine, but alternative transport routes may be necessary [3][4] Industry Impact - Energy-intensive sectors, such as bakery and chilled goods, are particularly vulnerable to rising costs, which could lead to inflationary pressures across the supply chain [1][8][21] - The conflict has already caused spikes in prices for key agricultural inputs like wheat and sunflower oil, contributing to ongoing inflationary trends [4][14] - Companies are currently in a heightened state of awareness regarding their supply chains and are preparing for various scenarios related to the conflict's duration [19][20] Pricing Dynamics - Short-term price increases may be absorbed by companies to protect demand, but prolonged inflation could necessitate passing costs onto consumers [27][28] - Companies are likely to prioritize volume recovery over margin preservation, which may lead to lower stock prices and valuations [24][26] - The pricing strategies will depend heavily on the trajectory of inflation, particularly influenced by oil and gas prices [25][26] Long-term Considerations - If the conflict continues, the agricultural sector may face significant challenges, including higher costs for fertilizers and energy, which could lead to increased prices for food products [10][12][13] - The potential for sustained double-digit inflation could force companies to raise prices, impacting their competitiveness and brand reputation [26][27] - Manufacturers may explore alternative strategies, such as adjusting packaging or product sizes, to maintain competitiveness while managing costs [27][28]

ADECOAGRO 2 0 2 5 R E S U L T S E A R N I N G S W E B C A S T 1 DISCLAIMER This presentation contains forward-looking statements that are based on our current expectations, assumptions, estimates and projections about us and our industry. These forward-looking statements can be identified by words or phrases such as "anticipate," "forecast", "believe," "continue," "estimate," "expect," "intend," "is/are likely to," "may," "plan," "should," "would," or other similar expressions. The forward-looking statement ...

Core Viewpoint - Investors should not be deterred by market volatility caused by geopolitical tensions, particularly regarding Iran, as historical trends indicate that markets will eventually recover [2][4]. Group 1: Market Analysis - Current market conditions are influenced by fears surrounding oil prices potentially reaching $200 per barrel due to tensions in the Strait of Hormuz [2]. - Cramer emphasizes that betting against the market during downturns can be advantageous, as oversold conditions may present buying opportunities [2]. - Historical context suggests that wars eventually conclude, and investors who remain on the sidelines may miss significant recovery opportunities [3]. Group 2: Stock Evaluations - **Kraft Heinz Company (NASDAQ:KHC)**: Cramer advocates for consolidation within the food industry, suggesting that CEO Steve Cahillane could lead this effort effectively, drawing on his past successes with Kellogg [8][9]. The company produces a variety of food and beverage products [10]. - **Conagra Brands, Inc. (NYSE:CAG)**: Cramer notes that Conagra has struggled, with stock prices dropping from $26 to $16, despite maintaining a strong brand portfolio. The company projects flat sales growth, which raises concerns for potential investors [11][12].

Group 1 - The Kraft Heinz Company (NASDAQ:KHC) is facing challenges in terms of growth, with analysts expressing concerns about its lack of growth potential despite a good yield [1][3] - Jim Cramer highlighted the departure of Berkshire Hathaway from its 28% stake in KHC, indicating a lack of confidence from major investors [3] - The new CEO, Steve Cahillane, previously from Kellogg, is viewed positively, but analysts remain skeptical about the company's prospects in the food industry [1][3] Group 2 - There is a belief that certain AI stocks present greater upside potential and carry less downside risk compared to KHC, suggesting a shift in investment focus [4]

Core Thesis - Adecoagro S.A. (AGRO) presents a strong investment opportunity due to its diversified agribusiness model, which includes farming, sugar, ethanol, dairy, and renewable energy production across South America [2][6]. Company Overview - Adecoagro S.A. operates a diversified portfolio in agribusiness, integrating large-scale crop cultivation with value-added processing, such as sugar mills and ethanol facilities, to capture multiple revenue streams [2][3]. - The company is strategically positioned to benefit from global trends in food and energy demand, particularly through its sugar and ethanol production in Brazil, supported by biofuel mandates and energy transition policies [3][4]. Market Dynamics - Performance is influenced by macroeconomic factors, including weather patterns, commodity prices, and currency movements, with a weaker local currency enhancing export competitiveness [4]. - Firm global demand supports pricing for sugar and biofuels, while renewable energy initiatives and decarbonization policies provide structural tailwinds for ethanol and bioenergy [4]. Technical Analysis - AGRO's stock shows positive momentum, with recent price action indicating renewed buyer interest and increasing volume, suggesting a strengthening trend as demand surpasses supply [5]. Investment Case - Adecoagro represents a compelling investment case for exposure to a diversified agribusiness with resilient cash flows and structural support from global food and renewable energy demand, offering a balanced risk/reward profile [6][8].

Industry Overview - The Zacks Beverages – Soft Drinks industry is experiencing growth driven by health-focused innovation and digital transformation, with rising demand for natural, low-sugar, and functional beverages [1] - Companies are expanding into adjacent categories like ready-to-drink (RTD) alcoholic drinks, leveraging AI-driven insights, e-commerce, and smart supply chains to enhance consumer engagement and operational efficiency [1] Challenges - The industry faces pressures from elevated input costs and tariff uncertainties, which are squeezing margins and complicating production planning [2] - Volatility in sugar, packaging, and freight expenses is prompting companies to adjust pricing strategies and reconfigure supply chains [2][7] - Ongoing tariff volatility adds unpredictability around key ingredients and equipment, particularly affecting price-sensitive markets [2][7] Key Players - Industry leaders such as The Coca-Cola Company, PepsiCo Inc., Monster Beverage Corporation, Keurig Dr Pepper Inc., and Vita Coco are well-positioned to advance through innovation and digital capabilities despite cost pressures [3] Consumer Trends - There is a significant shift in consumer preferences towards health and wellness, with increasing demand for beverages made from natural ingredients and reduced sugar [5] - Functional beverages that support hydration, energy, and mood are gaining market share, while plant-based and botanical-infused drinks are also becoming popular [5] Digital Transformation - Digital growth and innovation are reshaping the industry, with brands utilizing technology for consumer engagement and operational streamlining [6] - Advanced data analytics and AI-driven insights are helping companies personalize marketing and optimize product development, while e-commerce continues to expand [6] Financial Performance - The Zacks Beverages – Soft Drinks industry has outperformed the Consumer Staples sector and the S&P 500 Index over the past year, with a collective gain of 15.3% compared to the sector's 8.3% and the S&P 500's 14.3% [12] - The industry is currently trading at a forward 12-month price-to-earnings (P/E) ratio of 20.1X, which is lower than the S&P 500's 22.48X and the sector's 18.06X [15] Stock Performance - Keurig Dr Pepper is expected to benefit from growth in the Refreshment Beverages segment, with a Zacks Consensus Estimate suggesting 5.3% sales growth and 6.7% earnings growth for 2026 [20] - Coca-Cola is positioned for long-term growth through strategic transformation and digital investments, with a projected 5% sales growth and 7.7% earnings growth for 2026 [24] - PepsiCo anticipates strong growth in its beverage business, with a Zacks Consensus Estimate indicating 4.5% sales growth and 5.4% earnings growth for 2026 [27] - Monster Beverage is experiencing strength in its energy drinks category, with a projected 9.5% sales growth and 15.2% earnings growth for 2026 [31] - Vita Coco is benefiting from its focus on expanding the coconut water category, with a projected 13.7% sales growth and 28.7% earnings growth for 2025 [33]

Core Viewpoint - Adecoagro S.A. is recognized as a leading agricultural company in South America, focusing on sustainable farming practices and efficient resource use [1] Group 1: Company Overview - Adecoagro operates primarily in Argentina, Brazil, and Uruguay, producing a diverse range of agricultural products including crops, dairy, and sugar [1] - The company competes with major agricultural firms in the region such as BrasilAgro and SLC Agricola [1] Group 2: Stock Performance and Ratings - On February 16, 2026, Citigroup initiated coverage on Adecoagro with a "Buy" rating, setting the stock price at $8.65 [2][5] - Zacks Investment Research also supports a positive outlook, assigning Adecoagro a Zacks Rank 1, indicating a "Strong Buy," and an "A" grade in the Value category [2][5] - The current stock price remains at $8.65, reflecting a slight decrease of 0.23% with a change of $0.02 [3] - Over the past year, the stock has fluctuated between a high of $11.79 and a low of $6.89, indicating potential for growth [3] Group 3: Market Capitalization and Trading Volume - Adecoagro's market capitalization is approximately $4.33 billion [3][5] - The trading volume on the NYSE is 359,257 shares, suggesting a moderate level of investor interest [4]