Dear shareholders,

In July, I shared updates from my tour of our properties in Romania and provided some preliminary harvest results, and I now have the final results.

The harvest was slightly delayed due to some rainy days, especially on the properties in the east.

As usual, there are large variations in yields, but the three winter crops all delivered above budget, as can be seen in the table below:

We have only sold a little barley and wheat where we lack storage, as the price of these crops was somewhat below budget.

We have sold 100% of the rapeseed, as we received prices well above the 347 DKK/100kg budgeted, and since we are not finished delivering, we do not yet have the final settlement price.

The company Diagra (where we have irrigation systems) near our property in Amaru was taken over on 1/7-26, just before harvest of wheat and rapeseed.
Since the beginning of July, it has been dry and warm, so we have started the irrigation system on the 70 hectares of corn on that property. We also have corn in the area that cannot be irrigated, so it will be interesting to see the results from both places.

We are now working on expanding the irrigation options and sowing a lot more hectares of corn where irrigation is possible.

The fertilizer situation has been very turbulent, so some time ago we decided to buy and have delivered everything needed for the fall, where it is important to have DAP fertilizer included at sowing. We expect to start harvesting sunflowers within 14 days. Irrigation in the Diagra newsletter is also posted on the website under “Shareholder Login,” and remember to keep up with the updates under “News” as well as on LinkedIn, where we continuously post news. Wishing you all a continued great summer 😎

Best regards,
Preben Hansen, CEO