2024

Results Briefing
February 28, 2025
Notice

This presentation should be read in conjunction

with Olam Group Limited’s Financial Statements
and Management Discussion and Analysis for
the Six Months (“H2 2024”) and Full Year ended
December 31, 2024 (“2024”) lodged on SGXNET
on February 28, 2025.

Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
2
 Cautionary note on forward-looking statements

This presentation and announcement entitled “2024 Results Briefing” may contain statements regarding the business of Olam Group Limited and its subsidiaries (“the Group”) that are of a forward-looking
nature and are therefore based on management’s assumptions about future developments.
Such forward looking statements are intended to be identified by words such as ‘believe’, ‘estimate’, ‘intend’, ‘may’, ‘will’, ‘expect’, and ‘project’, and similar expressions as they relate to the Group.
Forward-looking statements involve certain risks and uncertainties because they relate to future events. Actual results may vary materially from those targeted, expected or projected due to several
factors.
Potential risks and uncertainties includes such factors as general economic conditions, foreign exchange fluctuations, interest rate changes, commodity price fluctuations and regulatory developments.
Such factors that may affect Olam Group’s future financial results are detailed in our circulars, information memorandums, information contained in this presentation, or discussed in today’s news release
and in the Management Discussion and Analysis section of the Company’s and the Group’s Six Months and Full Year ended December 31, 2024 results report and filings on SGXNET. The reader and/or
listener is cautioned to not unduly rely on these forward-looking statements. We do not undertake any duty to publish any update or revision of any forward-looking statements.
Shareholders are advised to exercise caution in trading their Shares as there is no certainty or assurance as at the date of this presentation that the proposed IPO of Olam Agri and ofi and concurrent
respective demergers will proceed, as they are subject to, inter alia, approval from Olam Group shareholders at an extraordinary general meeting and future market conditions. Shareholders are advised to
read this presentation and any further announcements by the Company carefully. Shareholders should consult their stockbrokers, solicitors or other professional advisors if they have any doubts about the
action they should take.
All statements other than statements of historical facts included in this presentation are or may be forward-looking statements. Forward-looking statements include but are not limited to those using words
such as "seek", "expect", "anticipate", "estimate", "believe", "intend", "project", "plan", "strategy", "forecast" and similar expressions or future or conditional verbs such as "will", "would", "should",
"could", "may" and "might". These statements reflect the Company's current expectations, beliefs, hopes, intentions or strategies regarding the future and assumptions in light of currently available
information. Such forward-looking statements are not guarantees of future performance or events and involve known and unknown risks and uncertainties. Accordingly, actual results may differ materially
from those described in such forward-looking statements. Shareholders and investors of the Company should not place undue reliance on such forward-looking statements, and the Company does not
undertake any obligation to update publicly or revise any forward-looking statements.

Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
3
Presenters

Sunny Verghese N. Muthukumar A. Shekhar

Co-Founder and Group CEO Group CFO CEO
Olam Group Limited Olam Group Limited ofi

Olam
Olam Group
Group Limited
Limited Results
Results for the
for the YearYear ended
ended December
December 31, 2024
31, 2024 | February
| February 28, 2025
28, 2025
Agenda

1 2 3 4 5
Group 2024 Segmental Re-organisation Business prospects Key takeaways
financial performance by update and outlook
highlights operating group

Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
1
Group
2024
financial
highlights

Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
Group 2024 results: At a glance

49.6 M MT S$56.2 B Operational S$216.3 M

Volume &
PATMI¹
Revenue +12.5% +16.3% -52.8%

S$1.9 B From 9.1% to Free Cash -S$5.9 B

EBIT¹ & EBIT¹/IC² Flow to
+9.2% 8.4% Equity -S$5.0 B

S$86.4 M From 1.73x to

PATMI Gearing
-69.0% 2.79x
Note: All results are compared against 2023.
¹EBIT and Operational PATMI exclude exceptional items
²EBIT/IC is EBIT on average invested capital

Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
7
Group 2024 results: Resilient EBIT growth of 9.2% at S$1.9
billion, supported by growth in ofi, Olam Agri
S$ million 2024 2023 % Change
Volume ('000 MT) 49,596.6 44,097.4 12.5
EBITDA^ 2,691.4 2,492.8 8.0
EBIT^ 1,935.8 1,771.9 9.2
Adjusted EBIT^^ 1,989.0 1,825.5 9.0
PAT 128.3 351.0 (63.4)
PATMI 86.4 278.7 (69.0)
Operational PATMI^ 216.3 458.1 (52.8)
^ Excluding exceptional items
^^ Excluding exceptional items and acquired intangibles asset amortisation

• ofi delivered double-digit 29.1% growth in EBIT to S$1,070.7 million led by strong growth in Ingredients & Solutions segment;
Adjusted EBIT growth of 27.5% at S$1,115.0 million
• Olam Agri achieved EBIT of S$1,023.8 million, 5.8% higher than 2023, driven by 32.2% growth in Fibre, Agri-industrials & Ag
Services segment
• PATMI declined to S$86.4 million as higher net finance costs offset EBIT growth
• Board of Directors recommends second and final dividend of 3.0 cents per share, taking total dividends to 6.0 cents per share
for 2024 (2023: 7.0 cents) 8
Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
Consolidated results by operating group
2024 at a glance

ofi Olam Agri Remaining Olam Group

Invested Capital
Volume ('000 MT) Revenue (S$ million) EBIT (S$ million)
(S$ million)

2.3% 2.0% -8.2%

6.8% 9.3%
38.9% 25.3%
55.3%

49,596.6 56,157.1 1,935.8 26,553.1

+12.5% +16.3% +9.2% +34.4%

90.9% 59.1% 52.9%

65.4%

Note: All results are compared against 2023

Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
9
Sales volume up 12.5%, 5.5 million MT higher at 49.6 million MT
Volume growth by operating group ('000 MT)
+12.5%
5,542 49,597
-112

44,097 70

2023 ofi Olam Agri Remaining 2024

Olam Group

Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
10
Improved core operating profits with EBIT²growing 9.2%
Adjusted EBIT up 9.0%
EBIT²by operating group (S$ million)
+9.2%
56

241

1,936
-134

1,772

2023 ofi Olam Agri Remaining 2024

Olam Group
Adjusted EBIT² 1,826 +163 1,989
(S$ M)

² EBIT and Adjusted EBIT exclude exceptional items.

Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
11
Operational PATMI at S$216.3 million
PATMI declined 69.0% to S$86.4 million as EBIT growth was offset by significantly higher interest costs

PATMI (S$ million)

-69.0%
164

279

30 86
49
10
-446
2023 EBIT^ Net Finance Taxation^ Exceptional Non-controlling 2024
Costs^ Items Interests
Operational
458 -242 216
PATMI
^ Excludes (S$ items
exceptional M)

Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
12
Higher working capital deployment led to increased invested
capital³ and gearing
Invested Capital4 (IC, S$ million) Gearing (times)
Net gearing
+34.4%
Adjusted net gearing
26,553 2.79

Working Capital 19,750

Fixed Capital 16,354 1.73
9,749

0.65 0.68
10,001 10,199

Dec-23 Dec-24 Dec-23 Dec-24

• Growth in invested capital mainly from significant investments in • While the headline net gearing increased from 1.73 times
working capital due to unprecedented sharp rises in commodity to 2.79 times, most of the increase was due to the to the
prices, namely cocoa and coffee prices, as well as from higher surge in working capital driven by very high input prices,
Rice inventory and edible oil prices as at year-end. which in turn caused net debt levels to rise.
• High working capital also arose from higher margin deposits on • Almost all of this increase was covered by RMI and
physical inventory hedges that are essential to mitigate price risk secured receivables, resulting in stable adjusted net
and protect margins. gearing of 0.68 times.
4 Invested Capital excludes Gabon Fertiliser Project (31-Dec-24: S$$237.4 million; 31-Dec-23: S$244.8 million)
Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
13
Free cash flow
Increase in working capital requirements and interest payments further impacted FCFE

Free Cash Flow to Equity (FCFE) (S$ million)

-5,022
273
-915

9
-4,848 -39
-417 -5,937
2023 Operating Changes in Tax Paid Capex / Net Interest 2024
Cash Flow Working Investments Paid
(before Capital
Interest & Tax)
Net Operating 1,031 -4,576 -3,545
Cash Flow (S$ M)
FCFF
215 -4,605 -4,390
(S$ M)
Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
14
Sufficient liquidity with diversified pools of capital
Total borrowings and available liquidity (S$ million) as at December 31, 2024
6,871 25,138
Short-Term Long-Term 23,095 +2,043

2,789
9,975
12,148

13,120
3,330

Cash and RMI Secured Unutilised Available Total

Short-term Receivables Bank Lines Liquidity Borrowings
Fixed Deposits

Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
15
2
Segmental
performance
by operating
group

Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
2024 results
ofi
ofi 2024 results: Market backdrop

Cocoa Coffee
6,000 400
14,000 Robusta - EU (USD/MT)
London (GBP/MT)
350
12,000 5,000 Arabica - US (c/lb)
New York (USD/MT)
300
10,000 4,000
250
8,000
3,000 200
6,000
150
2,000
4,000 100
2,000 1,000
50

0 0 0
Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25
Source: Bloomberg
• In 2024, ofi navigated an operating environment characterised by • Despite these challenges, ofi's extensive scale, diverse portfolio, and
increased volatility, record price peaks, and supply challenges across vertically integrated operations enabled the company to effectively
several key products. manage through the turbulence, support its supplier network, deliver
• Prices for cocoa beans, coffee, pepper, and cashews saw significant for customers, and continue executing its strategy. 18
increases that persisted at elevated levels across most of the year
Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
 ofi 2024 results
S$ Million S$ Million
EBIT Invested Capital
+11.5% +29.1% +47.7%
1,071 Global Sourcing +18.0% 17,361
Ingredients & Solutions
821 829 29% 36%
747 11,546 11,754
692 10,762
36%
50% 45% 8,943 39% 36%
45% 43%
71% 57% 64%
64% 61% 64%
55% 50% 55% 57%
43%

2020 2021 2022 2023 2024 2020 2021 2022 2023 2024

EBIT/MT (S$) 212 223 208 253 319 EBIT/Avg IC 7.9% 8.3% 6.7% 7.1% 7.4%

Adjusted EBIT (S$) 704 849 789 874 1,115

• Invested capital was up by S$5.6 billion to S$17.4 billion mainly due to higher
• ofi’s focus on prioritising selective growth opportunities, combined with continued
working capital from the sharp and persistent increases in several key input
strategic progress towards becoming a more customer-centric, solutions-focused
raw materials (cocoa, coffee, pepper, and cashews). Almost all of this is
business, led to 29.1% year-on-year growth, reaching S$1,070.7 million.
reflected in higher readily marketable inventories
• While both reporting segments contributed to EBIT growth, Ingredients & Solutions
• Proactive and tight capital management helped limit the capital deployed
was the key driver, building on top of the strong and resilient Global Sourcing
vis-à-vis the extent of the underlying input price increase
foundation
• Despite higher invested capital, EBIT/Avg IC increased to 7.4% on higher EBIT
• Adjusted EBIT grew by 27.5% to S$1,115.0 million.
19
Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
ofi 2024 results: Invested capital mix
S$ Million
Invested Capital
S$M 2024 2023 Y-o-Y

Fixed Capital
17,361 Fixed Capital 5,869 5,771 98
Other Working Capital
Working Capital 11,492 5,983 5,509
RMI

11,754 RMI Total Invested Capital 17,361 11,754 5,606

RMI
• Working capital represented the significant majority
of invested capital growth, due to sharp and
OWC OWC persistent increases in prices of several key input raw
materials, including cocoa, coffee, pepper, and
Fixed Fixed cashew nuts.
Capital Capital
• However, it is important to note that almost all of this
is reflected in higher readily marketable inventories.
2023 2024

20

Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
ofi: Global Sourcing
S$ Million S$ Million
EBIT Invested Capital
-3.9% +18.6%
Working Capital
+6.1% Fixed Capital +49.2%
339
295 313
6,295

4,476 4,219
4,550
2,694 2,467

1,782 1,752 1,745

2022 2023 2024
EBIT/MT (S$) 114 109 115 Dec-22 Dec-23 Dec-24

-3.8% EBIT/Avg IC 7.4% 6.8% 6.0%

+5.9%
Adjusted EBIT 345 301 319
(S$)
• Deliberate strategy to prioritize capital towards captive volumes for ingredient • Invested capital increased by S$2.1 billion to S$6.3 billion, primarily due
processing over external sales opportunities in this segment. to higher price-led working capital. The business maintained tight
capital management controls to keep the working capital increase
• EBIT grew 6.1% to S$313.1 million, driven by stronger cashew sales and margins, a
below the extent of the price rise
normalisation of peanut operations, and cocoa. Partially offset by softer
performance in coffee due to selective capital allocation and increased • Fixed capital remained largely unchanged.
hedging costs. • Higher invested capital and prioritization of selective growth
• Adjusted EBIT grew by 5.9% to S$319.0 million. opportunities led to EBIT/Avg IC of 6.0% versus 6.8% in 2023 21
Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
ofi: Ingredients & Solutions
S$ Million Invested Capital
EBIT Working Capital
+36.4%
Fixed Capital +25.1%
+41.8%
+46.8%
758
11,066
534
408
7,070 7,536
6,942
3,137 3,517

2022 2023 2024 3,933 4,019 4,124

EBIT/MT (S$) 321 431 587
+34.0% Dec-22 Dec-23 Dec-24
+38.9%
Adjusted EBIT 444 573 796 EBIT/Avg IC 6.2% 7.3% 8.1%
(S$)
• EBIT grew by 41.8% year-on-year to S$757.6 million, reflecting both continued • Invested capital increased by S$3.5 billion to S$11.1 billion driven by the
strategic progression and increased margins to compensate for elevated levels of price-led working capital increases previously outlined, while fixed
capital and risk. capital remained stable.
• Growth was led by cocoa, dairy, and spices, supported by continued • This was more than offset by the strength of EBIT growth, driving EBIT/Avg
contribution from Olde Thompson and the New Zealand and Malaysia dairy IC higher at 8.1% versus 7.3% in 2023.
processing facilities. However, soluble coffee margins were pressured by higher
input costs, and the US industrial spices market faced softer demand.
• Adjusted EBIT grew by 38.9% to S$796.0 million 22
Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
Transforming food,
feed & fibre
2024 results
Olam Agri 2024 results
Food & Feed - Origination & Merchandising Food & Feed - Processing & Value-added Fibre, Agri-industrials & Ag Services
S$ Million S$ Million
EBIT Invested Capital +14.5%
+9.3%
+23.1%
+5.8%
6,720
968 1,024
858 5,124 5,458 29%
23% 21%
27% 25%
29%
37%
59% 45% 40%
49% 61%
28% 35% 34%
21% 16% 20%
Dec-22 Dec-23 Dec-24
2022 2023 2024
EBIT/MT (S$) 22 24 23 EBIT/IC (%) 16.5% 18.3% 16.8%

Olam Agri achieved a 5.8% improvement in EBIT, Invested capital grew by 23.1% with additions across
reflecting uninterrupted growth from Food & Feed – all segments and the bulk of the increase being
Processing & Value-added segment since 2020 and working capital investment.
32.2% year-on-year growth from Fibre, Agri-industrials
& Ag Services growing.
Even with volumes growing at 14.0%, EBIT per MT
pulled back only slightly from S$24 in 2023 to S$23 in
2024.
Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 24
Olam Agri: Food & Feed - Origination & Merchandising
S$ Million S$ Million
EBIT Invested Capital
-6.2% +17.8%
Working Capital
-1.2% +42.8%
252 Fixed Capital
224 222 1,926
1,387 1,349
1,767
1,191 1,199

196 150 159

Dec-22 Dec-23 Dec-24
2022 Restated 2023 2024
Restated
EBIT/MT (S$) 8 7 6 EBIT/IC (%) 23.2% 16.4% 13.5%

EBIT flattish at S$221.7 million in 2024 with EBIT per MT tracking within Invested capital grew 42.8%, largely from working capital
historical range of S$5-8 between 2020 and 2023. increase due to higher volumes across the segment and
Strong performance from Edible Oils on buoyant market conditions and elevated prices in Edible Oils and Rice.
firm prices; Freight business which was adversely impacted by the
industry downturn during H1 2024 saw improved performance in H2
2024 as freight rates recovered and freight trading operations
restructured to reduce exposure to Capesize vessels.
Rice trading business shipped higher volumes but on normalised
margins compared with exceptional performance in 2023.
Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 25
Olam Agri: Food & Feed – Processing & Value-added
S$ Million S$ Million
EBIT Invested Capital +4.3%
+19.2% Working Capital
+14.3%
Fixed Capital
+1.7%
2,510
601 2,307 2,195
591
423 1,062 1,166
972

1,245 1,223 1,344

2022 2023 2024 Dec-22 Dec-23 Dec-24

EBIT/MT (S$) 105 143 115 EBIT/IC (%) 19.3% 26.3% 25.5%

Segment posted higher EBIT despite sharp currency devaluations and high Invested capital rose by 14.3% - while there was some increase in
inflation in key consumption markets as compared an exceptional 2023. fixed capital arising from our investments in Senegal, soy crushing
The flour and pasta business led the growth with normalised margins, in Nigeria and edible oil processing in Mozambique, the bulk of
reflecting successful control and pass-through of input costs; Integrated Feed the growth in invested capital was due to working capital from
& Protein business reported stronger earnings despite facing higher costs, higher Rice inventory and our acquisition in Mozambique.
bolstered by acquisition in Senegal; Edible Oils processing business did well
due to its enhanced performance in South Africa and its acquisition in
Mozambique; Rice, Specialty Grains & Seeds came in lower as demand in
Africa was affected by inflationary pressures and higher prices, particularly in
Ghana due to currency devaluation and intense competition.
Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025 26
Olam Agri: Fibre, Agri-industrials & Ag Services
S$ Million S$ Million
EBIT Invested Capital +26.4%
+4.9%
Working Capital
+32.2% +19.4%
Fixed Capital
201 2,285
183 1,914
152
1,430
1,728
1,441
1,009

421 473 557

2022 Restated 2023 2024 Dec-22 Dec-23 Dec-24

Restated
EBIT/MT (S$) 78 71 81 EBIT/IC (%) 9.6% 9.1% 9.6%

The segment achieved higher EBIT, growing 32.2% over 2023. Primary Invested capital increased by 19.4% primarily on higher
drivers behind the growth were Rubber, Commodity Financial Services and working capital due to change in the product mix in favour of
Sugar businesses. Rubber and Wood which we have shifted towards higher
Wood Products held up well as it shifted focus from primary to value-added value-added production. There were also larger Cotton
secondary products and benefitted from enhanced value-added capacity in receivables as a result of a temporary shortage of foreign
Congo during the year. exchange in consumption markets in South Asia.
The Cotton business remained sluggish throughout 2024 as key markets in Fixed capital had a moderate increase from our expansion into
South Asia, China and Turkey continued to experience weak demand and sugar milling and bioenergy production in India and enhanced
slowdown in consumer spending with textile mills operating at sub-par Rubber and Wood processing capacities in Cote d’Ivoire and
levels; margins continued to be under pressure from macroeconomic factors Congo respectively.
affecting the industry. 27
Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
Remaining
Olam Group
2024 Results

28
Remaining Olam Group
De-prioritised/Exiting Assets Continuing/Gestating Businesses Incubating Businesses

EBIT Invested Capital

S$ Million 5 S$ Million -2.6%
14 2,663 2,538 2,472
52 53 551 523 420
-11 -13
-62
-67
-96
-25 2,098 1,991 2,008

-50
-159 14 24 44
2022 2023 2024 Dec-22 Dec-23 Dec-24

• Remaining Olam Group reported a wider EBIT loss of S$158.7 million, • Invested capital was down 2.6% on reduced fixed capital mainly
mainly due to non-cash foreign exchange revaluation losses on Euro because of the transfer of edible oil processing asset out of the
denominated parent loans to OPG, which was partially offset by the Remaining Olam Group.
growth in EBIT from Rusmolco, Packaged Foods and Mindsprint.
• Incubating Businesses saw reduced losses in the same period.

29
Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
3
Re-organisation
update

Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
Re-organisation update (1/2)
Olam Group to sell 44.58% in Olam Agri to SALIC for approximately US$1.78 billion (“Tranche 1”),
at an implied 100% equity valuation for Olam Agri of US$4.0 billion
Olam Group to sell its remaining 19.99% stake in Olam Agri to SALIC (“Tranche 2”) at the end of
three years from completion of the sale of Tranche 1 at the Closing Valuation plus 6% IRR.
Sale of Tranche 1 and 2 would raise estimated total gross proceeds of US$2.58 billion (S$3.41
billion)
The Board will take into consideration various factors, including the level of the Group’s future
1 earnings, cash flows, capital requirements for maintenance and growth, other financial and general
business conditions before making any decision on the use of the proceeds, which may include
debt repayment, right-sizing the capital structure of OGL and ofi, as well as the provision of a
possible one-time special dividend distribution.
Transformative deal represents a significant value realisation for shareholders: Divestment of a
100% interest in Olam Agri at the end of Tranche 2, including the initial sale of 35.43% stake in
2022, would raise total gross proceeds of US$3.87 billion (S$5.11 billion), accreting a total gain of
US$2.72 billion (S$3.59 billion).

Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
31
Re-organisation update (2/2)

Completion of the sale of Tranche 1 is conditional upon, inter alia, approval by OGL’s
shareholders and other customary closing conditions, including regulatory approvals.
2 Subject to these conditions being fulfilled, the sale of Tranche 1 is expected to complete
in Q4 2025.

The Group will focus on seeking strategic options to unlock value for the Remaining Olam
3 Group businesses and ofi, including the pursuit of an ofi IPO.

Note: Any listing and demerger, including the timing, venues and other terms thereof, are subject to inter alia prevailing market conditions, all requisite approvals and clearances from regulatory authorities, and relevant approvals of shareholders. It
is also subject to final decision by Olam Group board. Shareholders should note that there is no certainty or assurance that the listing and demerger of ofi will take place.

Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
32
4
Business
outlook and
prospects

Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
Business outlook and prospects
1 2 3 4
ofi expects continued near-term Olam Agri continues to profitably The Remaining Olam Group
The Group expects 2025 to
volatility for some of its input raw grow its three segments - businesses will focus on
experience continued
materials like cocoa and coffee. Origination & Merchandising, narrowing its losses while the
uncertainty due to various
The company will stay focused on Processing & Value-added and Group reviews strategic options
geopolitical and
supporting its customers and Fibre, Agri-industrials & Ag for these businesses to unlock
macroeconomic factors, such
suppliers, while balancing and Services. and realise value for
as impacts from US trade
optimising between risk, return, shareholders.
policies, potentially more
and cash flow to navigate through SALIC as a strategic and future
tense US-China trade
the current market volatility, while majority shareholder is expected
relations, sluggish economic
aiming to protect risk-adjusted to support and catalyse its
growth in China, political
margins and returns. growth.
uncertainties around the
Ukraine-Russia war and the
Middle East conflicts. Inflation ofi will continue to execute its
outlook also remains strategy and invest for the future
uncertain. and maintain its existing guidance
for low- to mid-single digit total
volume growth and high single-
digit adjusted EBIT growth over
the medium-term.

Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
34
5
Key takeaways

Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
 Key takeaways

1 2 3 4
Resilient EBIT growth of 9.2% Board of Directors Sale of Olam Agri to SALIC a The Group will focus on
at S$1.9 billion, supported by recommends second and key and important step seeking strategic options to
growth in ofi and Olam Agri, final dividend of 3.0 cents forward in the Group’s Re- unlock value for the
despite various challenges per share, ie total dividend organisation Plan, achieving Remaining Olam Group
from geopolitical of 6.0 cents for 2024 (2023: another milestone to unlock businesses and ofi, including
uncertainties, heightened 7.0 cents). value for OGL shareholders. the pursuit of an ofi IPO.
volatility, record prices and
supply challenges across
several key products.

Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
36
Appendix –
Operating groups

Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
ofi in numbers

Cocoa Coffee Nuts Spices Dairy

21.8
Billion revenue (S$)
1,499
Million EBITDA (S$)
1,071
Million EBIT (S$)

120+
manufacturing
~50
countries
~18,000
employees
~11,000
customers

facilities
Note: All financial figures are for 2024.

38
Olam Group Limited Results for Year ended December 31, 2024 | February 28, 2025
 ofi: Growth framework
Organic Growth – Growing & extending the core

Extract full value from current investments

Increase share of value with targeted strategic customers Contribution to medium-term

Volume growth:
Focus on cost competitiveness Low to Mid-single digit

Expand innovation & sustainability solutions

Contribution to medium-term
EBIT¹ growth:
Accelerated M&A opportunities in higher value products, categories, and
channels…
High-single digit
• Channel expansion: private label, foodservice, e-commerce
• Product extensions: Eg: nut ingredients, spice blends, etc
• Category solutions: beverages, bakery & confectionery, snacks, culinary

Inorganic Growth – Disciplined Buying

1 Adjusted for one-off non-recurring items and amortisation of acquired intangibles 39

Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
 Recap – our strategy & business model
Confectionery

Diversified and
complementary portfolio
Beverages redients & Solution Culinary
ng s
Integrated platforms

I
Spices Cocoa combining a strong
al Sourcin Global Sourcing network
Bakery lob Snacking
G and delivering value-

g
added Ingredients &
Categories Solutions to customers
Channels Be the change for
Nuts good food and a Coffee
healthy future Sharing common
CPG1 E-Commerce/ Customers, Categories,
SMB3
Channels & Capabilities
Dairy
Joined by a common
Purpose with Sustainability
Food service/ QSR2 Private label at the core of our business
1. CPG = Consumer Packaged Goods
2. QSR = Quick Service Restaurants
3. SMB = Small & Medium Business
40
Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
Olam Agri in numbers
3 Segments

1
Food & Feed -
Origination &
Merchandising
30+ 10,000+ S$33.2b
countries employees revenue

45m 60+ 16.8%

2 Food & Feed -
Processing &
Value-added tonnes in volume
handled
Manufacturing &
processing facilities
EBIT/IC

3 Fibre, Agri-
Industrials &
Ag Services

Note: All numbers are for 2024, except employees.

S$1,217m
EBITDA 2021-2024 CAGR: 9.4%
S$1,024m
EBIT 2021-2024 CAGR: 10.8%

41
Olam Group Limited Results for the Year Ended December 31, 2024 | February 28, 2025
Olam Agri key takeaways
1 2 3 4 5
Strategically positioned Participation in key parts More asset intensive in Helmed by a highly Market leading
as a food security play in of the global agri market the processing and value- experienced, capable and sustainability track
the growing and and targeted sub-markets added segment with engaged management record aligned to its key
attractive food & agri as a relatively asset-light, strong operating team objectives of being
sector supported by independent trader capabilities and climate positive, nature
strong secular significant further positive and livelihood
fundamentals investments planned positive across its
businesses
A clear focus on high- Selective further
growth emerging expansion of
consumption markets geographical footprint in
Middle East and Asia

Olam Agri’s strategic partnership with SALIC to catalyse future growth.

Olam Agri’s differentiated model and focus on high-growth emerging markets has led to
industry leading growth, capital efficiency and return profile.
42
Olam Group Limited Results for the Year Ended December 31, 2024 | February 28, 2025
Remaining Olam Group in numbers

Olam Global Holdco

Volume 1,160,100 MT Revenue S$1.2 B

Invested S$2.5 B
EBIT -S$158.7 M Capital

Customers 2,300+ Employees 11,000+

Note: All numbers are as of December 31, 2024, except employees. 43
Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
 Remaining Olam Group
Remaining Olam Group

Olam Global Holdco (OGH) Nupo Ventures Mindsprint

• Houses de-prioritised assets: 60% stake in Olam • Acts as a foundry to build new sustainability and • Provides IT, digital and shared services to the
Rubber Gabon; and Gabon Fertiliser Project digital platforms for growth operating groups, including ofi and Olam Agri
• Nurtures gestating assets and continues to operate • Strategic partnerships being explored to through long-term service agreements
dairy farming in Russia (Rusmolco) take it to full potential • Develops IT and digital services for third-parties
• Seeks strategic partnership options for gestating • Explores strategic partnerships to take this business
assets to partially or fully monetise Olam Palm to full potential
Gabon, Packaged Foods and ARISE P&L

Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
44
Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
Appendix –
Financials

Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
P&L statement

S$ million 2024 2023 % Change H2 2024 H2 2023 % Change

Volume (’000 MT) 49,596.6 44,097.4 12.5 25,324.6 22,779.7 11.2

Revenue 56,157.1 48,272.0 16.3 29,236.8 23,586.9 24.0

EBITDA^ 2,691.4 2,492.8 8.0 1,433.3 1,316.5 8.9

EBIT^ 1,935.8 1,771.9 9.2 1,047.8 952.3 10.0

Adjusted EBIT^^ 1,989.0 1,825.5 9.0 1,073.3 979.3 9.6

PAT 128.3 351.0 (63.4) 61.1 234.3 (73.9)

PATMI 86.4 278.7 (69.0) 38.3 230.8 (83.4)

Operational PATMI^
^ Excluding exceptional items
216.3 458.1 (52.8) 142.8 274.1 (47.9)
^ Exclude exceptional items
^^ Excludes exceptional items and acquired intangibles amortisation 46

Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
Exceptional items

S$ million 2024 2023 H2 2024 H2 2023

Re-organisation cost (21.6) (62.9) (11.4) (38.1)

US Spices one-off charges (30.8) - (30.8) -

US almonds one-off charges (61.0) - (61.0) -

Funds Management Business Closure (16.5) - (1.3) -

Australia almonds lower crop yield - (116.5) - (5.2)

Exceptional Items (129.9) (179.4) (104.5) (43.3)

47

Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
Balance sheet
S$ million Dec-2024 Dec-2023 Change
Fixed Capital 9,531.7 9,454.8 76.9
Right-of-use assets 905.0 791.0 114.0
Uses of
Working Capital 17,866.8 9,580.5 8,286.3
Capital
Cash 3,329.7 3,581.6 (251.9)
Others (1,219.6) 554.5 (1,774.1)
Total 30,413.6 23,962.4 6,451.2

Equity & Reserves 7,072.8 7,366.0 (293.2)

Non-controlling interests 308.9 341.1 (32.2)
Short-term debt 9,811.9 6,419.4 3,392.5
Sources Long-term debt 12,168.2 8,893.3 3,274.9
of Capital Short-term lease liabilities 162.7 131.0 31.7
Long-term lease liabilities 952.0 850.1 101.9
Fair value reserve (62.9) (38.5) (24.4)
Total 30,413.6 23,962.4 6,451.2

48
Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
Cash flow statement
S$ million 2024 2023 Change H2 2024 H2 2023 Change
Operating Cash flow
2,528.6 2,255.7 272.9 1,285.5 1,192.4 93.1
(before Interest & Tax)
Changes in Working Capital (6,073.4) (1,224.8) (4,848.6) (561.1) (561.6) 0.5

Net Operating Cash Flow (3,544.8) 1,030.9 (4,575.7) 724.4 630.8 93.6

Net interest paid (1,547.3) (1,130.2) (417.1) (833.4) (622.1) (211.3)

Tax paid (226.1) (235.3) 9.2 (100.1) (109.2) 9.1

Cash from divestments 98.2 117.0 (18.8) 66.4 26.0 40.4

Free cash flow before
(5,220.0) (217.6) (5,002.4) (142.7) (74.5) (68.2)
Capex/investments
Capex/Investments (717.0) (697.2) (19.8) (417.6) (356.6) (61.0)

Free cash flow to equity (FCFE) (5,937.0) (914.8) (5,022.2) (560.3) (431.1) (129.2)

49
Olam Group Limited Results for the Year ended December 31, 2024 | February 28, 2025
2024 Results Briefing
olamgroup.com/investors.html
[email protected]