Minutes and Power Point from the General Meeting of Agri Invest on Tuesday, May 26, 2026, at 10:30 AM at Agillix, Hobrovej 437, 9200 Aalborg SV.

 

1.  Election of Conductor of the Meeting

The Board proposed Jens Bigum.

Chairman Jørgen Stougaard welcomed the participants.
Jens Bigum was elected Conductor of the meeting.

It was decided to discuss the following items together:

• The Board of Directors’ report
• Presentation of the Annual Report
• Resolution regarding appropriation of profit for the year

2.  Report from the Board of Directors on the Company’s Activities During the Past Year
Presented by CEO Preben Hansen

At the shareholders’ meeting in December, we reviewed the entire operation, but we would still like to provide a brief update on parts of the business, as this forms the basis for the result we are delivering.

This year’s report has again been prepared to correspond with the PowerPoint presentation attached to the minutes, making it as readable as possible.

Main figures and key ratios – cf. slide 4
We achieved a larger harvest volume due to yields above budget in winter crops, though below budget in spring crops. Overall, this resulted in an increase of 5,000 tons.

In December 2025, we expected a result between DKK 18 and 22 million, and we have now achieved a result of DKK 19.8 million after tax. Inventory held as of December 31, 2025, has since been sold at higher prices, meaning approximately DKK 9 million will be carried into 2026.

Equity – cf. slide 5
With the operating result delivered and an increase in land values assessed by Darian (a major recognized valuation company), the increase was significantly impacted by a sharply declining exchange rate (approximately DKK 15 million in total). Intrinsic value last year was 195.7 and has increased this year to 203.1.

A proposal for dividend payment of DKK 1,500 per share has been included.

Share price development – cf. slide 6
January 1, 2025: 149.9
December 31, 2025: 146.54

Although the 2025 presidential election resulted in a pro-EU candidate, this did not improve the exchange rate. In May 2026, the rate again fell significantly to 142.37.

Crop plan 2025 + Budget 2026 – cf. slide 7
The cultivated area amounted to 13,779 hectares in 2025, and we continue working to expand the area by bringing more owned land into operation through increasingly improved mapping.

We have obtained several new lease agreements and acquired smaller land areas.

The increased area must also compensate for land we expect to lose in the future due to solar energy installations, as well as land already lost from previously leased areas.

A new agreement dated May 21, 2026, now shows approximately 400 more hectares in the crop plan than described in the management report. The total cultivated area is now 13,815 hectares.

Production volume budget/actual – cf. slide 8

Across all crops, 5,000 more tons were harvested than budgeted.

Sales prices – cf. slide 9

We could not achieve the budgeted crop prices before year-end, and as of December 31, 2025, inventory prices were below budget, with a very large inventory exceeding 40,000 tons. These were the prices known in December 2025 and used in the estimated result presented at the shareholders’ meeting in December.

4,500 tons of wheat were stored in silo bags.

However, the very large inventory held on December 31, 2025, has since been sold with a substantial profit, which will first appear in the 2026 accounts as the previously mentioned gain of approximately DKK 9 million.

Realized yields – cf. slide 10

Winter crops performed particularly well, and we managed to complete harvesting before conditions became very dry.

Summary of results – cf. slide 11

Production sites – cf. slide 12

Our production sites were presented.

There will be opportunities for irrigation in Diagra.

Agricultural land valuation – cf. slide 13
The value increase has been divided into three regions and shows an increase of approximately 3.3% per hectare. Land use has been incorporated into the calculations, so no reservations regarding pricing are necessary.

Cadaster and state-funded registration – cf. slide 14
Progress continues slowly in the right direction. Total registered ownership now amounts to 10,660 hectares.

Securing ownership of our land remains a high priority. When we initiated the accelerated land registration plan in 2018, less than 50% was officially registered. Today, 96% is registered in the cadaster.

Initially, we feared a loss of 10%, corresponding to 550 hectares, but losses registered to date amount to only 75 hectares. The accounts currently include a maximum loss estimate of 5.1% (corresponding to 204 hectares), though we do not expect losses to reach that level.

Not all landowners have undertaken registration themselves as we have. In recent years, a great deal of state-funded registration has been completed, involving mapping of all areas with fixed placement. This process involves some risk of losses, which has therefore been incorporated into the accounts.

The mapping process greatly assists in documenting ownership and thereby enables us to bring more owned land into operation or lease it out.

A legislative change introduced a few months ago now enables foreigners to quickly obtain ownership of land purchased near the Serbian border where Oravita borders the area.

This appears likely to resolve the challenges we have experienced.

Organization in Denmark – cf. slide 15
The administrative organizational chart remains unchanged.

Organization in Romania – cf. slides 16–17
We terminated our employed CFO in November 2025, as the collaboration was not functioning satisfactorily. Instead, we hired a new land manager in Videle.

Six out of eight guards in Amaru/Videle were dismissed. Camera surveillance was installed instead, and a contract with a security company has minimized costs and appears to work well. One guard per site has been retained as site caretaker.

In Oravita, we still employ four guards working in shifts, with two present on-site during daytime hours.

Focus areas – cf. slide 18

Irrigation in Diagra – cf. slide 19
The acquisition of the Diagra company is expected to be finally completed in 2026. Over the past four years, the company has established irrigation on 275 hectares through an existing irrigation association chaired by the seller.

The plan is to establish water pipelines to our nearby fields, enabling irrigation of 350–400 hectares.

This means the total irrigated area will amount to between 625 and 675 hectares, creating opportunities to grow maize and possibly soybeans.

Diagra map project – cf. slide 20
The white markings on the map represent areas included in the purchase of Diagra, while the red lines represent areas currently cultivated.

The transaction is expected to close finally in 2026; operations were taken over in May.

In 2027, subsidy opportunities for irrigation are expected to become available.

Storage and silo capacity / new construction in Videle – cf. slides 21–22

Rainfall – cf. slide 23
Seven rain gauges have been installed on our own land and can now be monitored online.

It is very positive that rainfall has finally increased after a prolonged dry period. Snowfall is not included in the measurements, so actual winter precipitation has been greater than shown.

Field photos
Based on the budget Christian will review later, we now look positively toward the future.

Oravita – cf. slide 24
Winter crops are performing well, and we expect a very early harvest beginning in mid-June. Spring crops were somewhat challenged by dry seedbeds but have now received rain.

Amaru, Videle, Vanatorie – cf. slides 25–26
Autumn 2025 was very wet, preventing us from sowing the desired winter crop acreage. Overall conditions remain good. Spring was late and wet, and sowing was only completed in mid-May, but crops have started reasonably well.

Water balance is currently much better everywhere than in previous years.

Sale of the business – cf. slide 27
In 2026, it has been eight years since we carried out a split in Oravita that enables Oravita and its associated land to be sold separately without triggering the very high tax rate.

In November 2025, we contacted a potential buyer who unfortunately informed us after their annual meeting at the end of April that they were currently unable to proceed.

We have since been contacted by a broker aware that we are nearing release from the eight-year rule. To ensure the broadest possible sale process, we initiated an update of our sales prospectus in week 21 together with a Romanian partner who will also assist further in the sales process.

Our employees have been informed. Since this is a corporate sale, there will be no operational changes for employees from day one, and we also recognize that the process may take considerable time while maintaining full operational focus.

We have progressed significantly with state-funded land registration and mapping necessary for a transaction, so concluding a sale should now be manageable.

As before, we will continue developing the company alongside a potential sales process for Oravita and strive to maintain operating results that support future dividend payments.

ESG – cf. slide 28
The ESG report prepared in 2024 is available on the website.

Regarding the year’s result – cf. slides 29–30

Budget forecast for 2026 – cf. slides 31–33
Presented by Christian Brasholt

The presented budget is a continuation of the draft budget presented at the shareholders’ meeting in December 2025.

Expected:

• Expected result: DKK 20 million
• Revenue: approximately DKK 108 million
• Crop production: approximately 54,000 tons

Uncertainties:

• Exchange rate adjustments
• Future crop prices
• Input costs (fertilizer, etc.)

3.  Presentation of the audited Annual Report and Management Review for approval
by Christian Brasholt, BDO

Annual Report – cf. PP pages 35–45

Annual results:

• Before tax: DKK 23.8 million
• After tax: DKK 19.8 million
• Equity: approx. DKK 650 million
• Balance sheet total: approx. DKK 790 million
• There are no qualifications in “The Independent Auditor’s Report” on pages 6–10 of the Annual Report.

Mikkel Dissing: What is the strategy regarding allocation of costs to crops? Do we purchase when prices for fertilizer, fuel, etc. are low?

Preben: We calculate and use it only internally, e.g. liters/hectare, etc.
We purchase continuously. Regarding fertilizer, we prepare lists of what we need and obtain quotations so we can buy collectively under contract. We have purchased remaining stock of DAB fertilizer and have what we need for the rest of the year. At slightly higher prices, but we expect prices to rise later in the year.
We have not yet purchased nitrogen fertilizer for 2027.
Regarding fuel, we are getting slightly larger tanks at the properties so we can buy full truckloads a bit cheaper. Fixed-price contracts are not possible.

Evald Borup: Sale of Oravita – what will the money be used for? I have been involved since 2005. At that time, the plan was to own it for 10–15 years and then sell it. According to Niels Busk (former board member), we were not really supposed to operate farming ourselves, but rather profit from the increase in value over time. Is the broker one who can deal with international customers?
Preben: Niels Busk, as a long-standing board member, was himself involved in establishing the operating model we adopted many years ago, and it is difficult to reverse that now.
We do not have major debt, so the proceeds from a sale must be decided upon jointly. We will call the shareholders together if an acceptable offer is received.
There may well be several qualified brokers involved – their goal is to complete a sale and earn their fee. The sales material we used previously received good feedback and is currently being updated so we are not dependent on a single broker.
Evald is welcome to review it. It can be sent to all shareholders once it is fully ready.

Ejnar Bech: Is it an international broker?
Preben: The party preparing the sales material will help us in dealing with a broker. We have a long list of potential buyers, including international brokers. Once the sales material is ready, we will broadly announce that we want to sell. We are willing to sell the entire company if there is a buyer.
A previously estimated price for the entire Agri Invest of between DKK 500 and 600 million was not considered attractive.

Ulrik Lund via Teams: FirstFarms is a shareholder in Agri Invest. Has the possibility of selling one or more sites to them been explored in order to create liquidity in the shares?
Preben: They are very welcome to buy. It will be put up for sale and can be purchased by anyone.

Bent Hjorth Knudsen: Excellent result – congratulations. Regarding a potential sale, there are two options – are you aware of them?

• Sell assets out of the company and distribute the proceeds, or
• Sell the shares in the holding company, which creates a different tax situation?

Christian Brasholt: We are now trying to get the process moving, and historically there has been contact with international brokers. Before a potential buyer emerges, we must thoroughly go through this exercise and determine how to handle it in the best possible way. We need an indication of the price before we can do the calculations.

Ejner Lyngby: What is the board’s assessment of an attractive sales price?
Preben: We need to get close to the intrinsic value per share before it becomes interesting to sell. We are currently testing this with Oravita and seeing what people believe it should cost.
The broker said there are more sellers than buyers, so we may need to offer a slight “discount.”

Poul Bech Sørensen: How is irrigation paid for – it is an important resource, and is there a quota?
Preben: No, there is no quota. The water comes from the mountains and is released into the canals. The electricity used is very cheap. We do not expect any restrictions here. By acquiring the company Diagra, we become part of the irrigation association.

Svend Jensen: What are the interest rates in Romania?
Preben: 8–9% on operating accounts and otherwise 5% on investment loans in euros.

Poul Bech Sørensen: Is it possible to connect batteries when the solar panels cost us nothing and are 100% subsidized?
Preben: Yes, there is an expectation of 100% support, and with batteries we get a stable power supply, which is often a challenge.

The Management Review and Annual Report were approved by the assembly.

4.  Resolution regarding allocation of profit or coverage of losses according to the approved Annual Report
The Board proposes a dividend payment of DKK 1,500.00 per share.

The proposal was adopted by the assembly.

5.  Authorization for the company to purchase its own shares
If shares are offered during the coming year at a very low price, the Board will assess in each individual case whether it makes sense for the overall shareholder group for the company to repurchase shares.

The Board recommends that it be authorized to purchase treasury shares within the following framework – see also PP page 47:

• Maximum purchase price corresponding to the intrinsic value according to the latest approved annual report
• Possibility to repurchase up to 10% of the nominal share capital
• Authorization valid until the next ordinary general meeting

The assembly unanimously concluded that they trust the Board’s assessments.

6.  Election to the Board of Directors
Up for election: Preben Hansen, Claus Nørgaard & Søren Bredvig.
All three were re-elected unopposed.

7.  Election of auditor
The Board proposed re-election of BDO.
BDO was re-elected unopposed.

8.  Any proposals from the Board or shareholders
Proposal from Asger Overgaard presented by the chairman and justified by Asger himself:

He was not aware of how far the Board had progressed with the sale of Oravita when he submitted the proposal. Fortunately, developments have occurred. It was probably not a good idea that we began operating farming activities ourselves, but that cannot be changed now. If a reasonable offer is received, he hopes it will be presented to the shareholders so they can discuss it. Perhaps a share buyback program should be considered instead of distributions? The shareholder group is getting somewhat gray-haired and no longer interested in long-term investments. He wishes for a more structured approach, and if a divestment occurs, the money should be distributed to shareholders rather than reinvested.

The global market may change somewhat, and it could be a golden opportunity to sell within the next two years. He believes many are interested in selling at lower prices because liquidity in the shares is currently difficult.

He did not wish the proposal to be put to a written vote, according to agreement with the chairman. Approved by show of hands.

According to Preben Hansen, these are also the same considerations the Board is proposing in the event of a divestment.

It is a good idea to offer shares for sale at a fixed price, as several shareholders have done during the past year.

Chairman:
By show of hands (48 in favor and 10 abstentions), the assembly granted the Board a mandate to continue working on the following points:

• Desire for serious efforts toward a sale
• Desire to improve liquidity and visibility regarding sale of shares
• A sale or partial sale may help make the shares somewhat more tradable.

9.  Any other business
Niels Quist: In light of the company’s situation 10 years ago, when we barely knew how much land we owned/cadaster status, I would like to express great recognition for the Board’s efforts. When looking at the remuneration for the Board and management, it is also low. You are very frugal, and deserve great praise for that.

Closing remarks
Preben thanked Niels Quist and Bent Hjorth Knudsen for their kind words.

He thanked all employees in Romania for their great efforts, especially Steen for keeping everything under control.

He thanked business partners both domestically and internationally, gave special thanks to the Board and executive committee, Christian for another tremendous performance, and Birthe for all the work in keeping track of and collecting updated information from shareholders for the upcoming distribution.

A big thank you was also extended to all shareholders for a constructive debate during the general meeting.

Preben also thanked the assembly for his re-election and expressed appreciation for the opportunity to serve another term on the Board.

Chairman Jørgen Stougaard thanked Preben for his great efforts and Jens Bigum for serving as chairman of the meeting.

Minutes recorded by:
Birthe Dencker Sørensen