Interim Results Statement

5 March 2024: Origin Enterprises plc ('Origin' or 'the Group'), the international Agri-Services group, providing specialist agronomy advice, crop inputs and digital solutions to promote sustainable land use, today announces its interim results for the half year ended 31 January 2024 ('H1 2024').

Highlights

• Underlying business volumes, excluding crop marketing, reduced by 2.6% due to adverse weather conditions impacting autumn/winter planting activity in the northern hemisphere
• Expected correction in global feed and fertiliser raw materials pricing contributed to the decrease in H1 2024 Group revenues to €854.9 million and operating profit of €12.7 million, set in the context of a very strong H1 2023 performance driven by rising commodity markets and strong on-farm demand
• Diversification of profit drivers, geographic and sectoral, continues to reduce the impact of adverse weather events in our core UK and Ireland market on our overall profitability
• Acquisition of Groundtrax Systems Limited further enhances our product capability in the Amenity, Environmental and Ecology portfolio
• Cumulative acquisition spend of €54.2 million in last 12 months, including the completion of put/call option for the residual 35% interest in Fortgreen in Latin America, bringing it under 100% control
• In addition, there was a partial payment of suspended amounts owing in compliance with international sanctions of €34.3 million, contributing to an increase in net bank debt4 to €215.8 million
• Higher interest rates in the period increased finance costs to €8.8 million
• Adjusted diluted earnings per share of 3.75 cent (H1 2023: 8.70 cent)
• Interim dividend of 3.15 cent per share (H1 2023: 3.15 cent per share)
• €20.0 million FY24 share buyback programme approximately 27% complete
• Appointment of TJ Kelly as Divisional Managing Director of Amenity, Environment and Ecology from 1 August 2024 and a search process to recruit a new CFO is well advanced. TJ will continue as an Executive Director of the Board

1 Before amortisation of non-ERP intangible assets and exceptional items

2 Profit after interest and tax

3 Before amortisation of non-ERP intangible assets, net of related deferred tax (2024: €5.2 million, 2023: €4.7 million) and exceptional items, net of tax (2024: charge of €2.7 million, 2023: charge of €1.4 million)

4 Net bank debt excludes IFRS16 Lease liabilities

Commenting on the results, Origin Chief Executive Officer, Sean Coyle said:

"The Group delivered a solid operating profit in H1 2024 compared to a very strong H1 2023 performance. The H1 result was achieved despite challenging planting and weaker in-field conditions across our markets. This performance has been underpinned by the Group's continued focus on the strategic diversification of its earnings base.

A challenging planting profile and a downward-moving price environment resulted in reduced early season volumes across our portfolio, with Ireland and the UK, and Continental Europe experiencing more challenging conditions. Latin America and our Amenity, Environmental and Ecology businesses delivered solid results despite also being impacted by fertiliser price dynamics.

The integration of recent complementary acquisitions in the Amenity, Environmental, and Ecology division continues to progress, including our most recent acquisition, Groundtrax Systems Limited, which extends our product range and offering in the sustainable urban drainage systems sector. Our ambition is for this division to represent 30% of Group operating profit by the end of FY26 and on 1 August 2024 TJ Kelly will move from the CFO role to take up a role as Divisional MD reflecting this ambition.

Outlook

On-farm sentiment remains cautious, as growers shift towards spring planting and seek to optimise yields from a reduced autumn/winter planted area. Whilst progress in spring planting and the main application period in the months through to the end of May will be key to full year results, we now anticipate full year earnings in the range of 44c to 49c, reflecting the effects of adverse weather conditions. We continue to invest in broadening our product portfolio and diversifying our earnings. Further guidance will be provided with our Q3 Trading Update on 13 June 2024."

Conference Call and Webcast details:

The management team will host a live conference call and webcast, for analysts and institutional investors today, 5 March 2024, at 08:30 (Irish/UK time). Registration details for the Conference Call and Webcast can be accessed at: www.originenterprises.com

Alternatively, please contact FTI Consulting by email at originenterprises@fticonsulting.com

Participants are requested to dial in 5 to 10 minutes prior to the scheduled start time.

Euronext Growth (Dublin) ticker symbol: OIZ

AIM ticker symbol: OGN

INTERIM RESULTS STATEMENT

Financial Review - Summary

Origin delivered an adjusted diluted earnings per share3 in H1 2024 of 3.75 cent compared to 8.70 cent in H1 2023. On a like-for-like basis (excluding the impact of currency movements and acquisitions) the underlying decrease in adjusted diluted earnings per share3 was 6.08 cent.

Group revenue

Group revenue was €854.9 million in H1 2024 compared to €1,180.0 million in the corresponding period last year, a decrease of 27.6%. On a constant currency basis, revenues decreased by €336.3 million (28.5%).

The decrease in underlying business volumes, excluding crop marketing, was 2.6% in H1 2024 compared to H1 2023 (increase of 1.2% including crop marketing).

Operating profit1

Operating profit1 in H1 2024 was €12.7 million compared to €20.3 million in H1 2023. On an underlying basis, the decrease in operating profit year-on-year was €9.4 million.

Associates and joint venture2

Origin's share of profit after interest and taxation from associates and joint venture amounted to €1.4 million, a €0.2 million decrease on H1 2023.

Net bank debt and financing costs

Net bank debt5 at 31 January 2024 was €215.8 million compared to €130.9 million at 31 January 2023 and is 2.09 times EBITDA4 for the twelve months to 31 January 2024.

The increase in net bank debt, for the 12-month period ended 31 January 2024, reflects an acquisition spend of €54.2 million, including the settlement of the Fortgreen put/call option, payment of c.50% of outstanding suspended supplier amounts in compliance with sanctions regimes amounting to €34.3 million and cumulative shareholder returns of €29.5 million.

Net finance costs amounted to €8.8 million compared to €8.6 million in H1 2023. The increase in net finance costs in the period was primarily driven by higher interest rates across each of the markets in which the Group operates.

At period end, the Group's key banking covenants are as follows:

Working capital

Following the seasonal investment in working capital in the period, the net cash outflow from operating activities was €214.3 million (H1 2023: €131.5 million) and there was an increase in working capital at period end to €164.4 million (H1 2023: €138.3 million). The period end working capital position includes the residual net impact of trade payables which have been suspended in accordance with international sanctions imposed by authorities in response to the Russian invasion of Ukraine in 2022. We continue to closely monitor the situation with regard to sanctions and act accordingly.

Sustainability

We are delighted to announce our participation in a £3.3 million Nitrogen Use Efficiency project sponsored by the Department for Environment, Food and Rural Affairs in the UK to optimise UK grassland farming's mineral nitrogen fertiliser use. As the exclusive fertiliser company in this project, we will leverage our expertise in crop nutrition and digital solutions to enhance farm efficiency and environmental enhancement. Progress on the delivery of our environmental objectives was sustained in the period and we maintained our CDP rating at B.

Dividend

We are pleased to announce that an interim dividend of 3.15 cent per share (H1 2023: 3.15 cent per share) will be paid on 21 June 2024 to shareholders on the register on 31 May 2024.

Share Buyback Programme

On 21 November 2023 the Group commenced a share buyback programme to repurchase up to €20.0 million of ordinary shares. The programme is progressing to plan and is currently approximately 27% complete.

Corporate Development

Subsequent to the period end, we completed the acquisition of Groundtrax Systems Limited, a leading supplier of ground protection and sustainable urban drainage systems, which extends our product range and offering in the Amenity sector. During the period we completed the Fortgreen put/call option, bringing it under 100% control.

Appointment of Divisional Managing Director of Amenity, Environmental and Ecology Services

We are pleased to announce the appointment of TJ Kelly, Group CFO, to the newly established role of Divisional Managing Director of our Amenity, Environmental and Ecology Services division, effective 1 August, 2024. In line with our strategic objectives, and consistent with recent acquisitions, Origin is committed to accelerating its presence in amenity, environmental and ecology markets. Providing sustainable ecological and environmental solutions in the emerging nature economy, in areas such as forestry, landscaping and habitat conservation, represents a significant growth opportunity in existing and new geographies. Our ambition is for this division to represent 30% of Group operating profit by the end of FY26. TJ's appointment to this position reflects this ambition.

The recruitment of a new Group CFO is well advanced and a further update will be provided in due course. To ensure an orderly transition, TJ will continue as Group CFO until the appointment of his successor. In his new role, TJ will continue as an Executive Director of the Board.

1 Operating profit and Group operating profit are stated before amortisation of non-ERP intangible assets and exceptional items

2 Profit after interest and tax

3 Before amortisation of non-ERP intangible assets, net of related deferred tax (2024: €5.2 million, 2023: €4.7 million) and exceptional items, net of tax (2024: charge of €2.7 million, 2023: charge of €1.4 million)

4 Net debt/EBITDA ratio as per the requirements of the Group's syndicated bank loan agreement

5 Net bank debt excludes IFRS16 Lease liabilities

Review of Operations

Group Overview

Change on prior period

1 Before amortisation of non-ERP intangible assets and exceptional items

2 Profit after interest and tax

3 Before amortisation of non-ERP intangible assets, net of related deferred tax (2024: €5.2 million, 2023: €4.7 million) and exceptional items, net of tax (2024: charge of €2.7 million, 2023: charge of €1.4 million)

4 Excluding currency movements and the impact of acquisitions

5 Excluding currency movements

Origin delivered a solid operating profit performance in H1, set against an exceptional H1 FY23. Group revenue decreased by 27.6% to €854.9 million on a reported basis and by 28.5% on a constant currency basis. Operating profit and adjusted fully diluted earnings per share reduced to €12.7 million and 3.75 cent, respectively.

The reduction in underlying business volumes, excluding crop marketing, was 2.6% in H1 2024 compared to H1 2023 (increase of 1.2% including crop marketing).

Ireland and the United Kingdom

Change on prior period

1 Before amortisation of non-ERP intangible assets and exceptional items

2 Profit after interest and tax

3 Excluding currency movements and the impact of acquisitions

4 Excluding currency movements

Ireland and the United Kingdom recorded a decrease in revenues of €237.9 million in the period. Operating profit reduced from €2.9 million in H1 2023 to an operating loss of €3.1 million in H1 2024.

The decreased contribution is a result of a reduced winter planting profile impacting early season volumes across the crop protection and fertiliser portfolios, together with the impact of a further correction in global feed and fertiliser raw material pricing. These factors contributed to a reduction in underlying business volumes of 5.7% in the period.

Integrated On-Farm Agronomy Services

Integrated On-Farm Agronomy Services saw reduced revenues and contribution in the period. Persistent wet weather across the period resulted in delayed in-field activity, and combined with a downward moving price market, led to less purchasing on-farm.

The challenging weather conditions encountered across the UK to date has impacted the planting profile with a shift to spring planting expected. Total autumn and winter plantings for principal crops are estimated to be 20% behind last year at 2.1 million hectares, with the expected area of winter wheat back 24% to 1.4 million hectares, however on-going rainfall puts the viability of a portion of this crop at risk.

At this point in the year, combined autumn/winter and spring plantings for the 2024 crop production year are expected to be 4% behind 2023 at 4.1 million hectares.

Business-to-Business Agri-Inputs

Business-to-Business Agri-Inputs had a steady H1 2024 with reduced revenues, compared to H1 2023 driven by the continued correction in global feed and fertiliser raw material pricing. Volumes have also been impacted by the adverse weather experienced to date.

Fertiliser

Fertiliser delivered a satisfactory result in H1 2024, with reduced volumes set in the context of the continuing global correction in fertiliser raw material pricing. Despite these challenges, the Group continues to execute strongly across the business.

In addition to focusing on growing its speciality and bespoke nutrition product ranges, the Group continues to maintain a focus on sustainable land use and soil health and we will continue to invest in innovative products to meet evolving needs of our customers.

Feed Ingredients

Feed Ingredients delivered a satisfactory performance in H1 2024, in line with expectations.

The Group's animal feed manufacturing associate, John Thompson & Sons Limited, in which the Group has a 50% shareholding, also delivered a solid performance in the period.

Amenity, Environmental and Ecology

The Group's Amenity, Environmental and Ecology business delivered a good result in the period, recording increased revenues and operating profit compared to the prior year. The result reflected a positive operating profit from the Group's recent acquisitions in this sector, with integration progressing to plan.

Continental Europe1

Change on prior period

1 Excluding crop marketing. While crop marketing has a significant impact on revenue, its impact on operating profit is insignificant. An analysis of revenue and profit attributable to agronomy services and inputs more accurately reflects the underlying drivers of business performance

2 Before amortisation of non-ERP intangible assets and exceptional items

3 Excluding currency movements and the impact of acquisitions

4 Excluding currency movements

Continental Europe had a satisfactory start to the year in the seasonally quieter first half, delivering an operating profit of €1.5 million. Cautious farm sentiment and raw material price uncertainty has resulted in delayed on-farm purchasing decisions in the period compared to 2023 which had seen stronger early season demand in anticipation of on-farm price increases. Consequently, excluding crop marketing volumes, underlying business volumes decreased by 6.1% in H1 2024, compared to H1 2023.

Poland

Poland had a solid start to the year despite reduced volumes and contribution across the business, in the seasonally quiet H1. In 2024 we have experienced more cautious farm sentiment reflecting weather and output price concerns.

Autumn and winter plantings are forecasted to be marginally ahead of FY23 at 5.6 million hectares. Crop establishment to date is generally good across Poland, with the total cropping area for the 2024 growing season expected to be broadly equivalent to last year at 9.0 million hectares.

Romania

Romania had a slow start to the year, recording reduced volumes and earnings compared to the prior period, reflecting cautious farm sentiment from weather and output price concerns.

Dry conditions in autumn led to delayed planting and autumn and winter plantings are expected to be 5% behind of the prior year at 3.4 million hectares. Combined winter and spring plantings for the growing season are currently forecasted to be in line with last year at 8.4 million hectares.

Latin America

Change on prior period

1 Before amortisation of non-ERP intangible assets and exceptional items 2 Excluding currency movements and the impact of acquisitions 3 Excluding currency movements

Latin America delivered a solid performance in the period, recording an increase in underlying business volumes of 32.5%. The Group continues to invest in the sales organisation and operations infrastructure to meet future growth plans, including during the start-up phase of our F1rstAg biologicals business. Volume growth in our lower margin Controlled Release Fertiliser business was stronger than our Physiology and Nutrition business, contributing to a negative mix effect on margin. Market pricing also fell, reflecting the underlying downward movement in global fertiliser raw material prices.

As a result, operating profit decreased marginally to €13.9 million in H1 2024 from €14.2 million in H1 2023, with an underlying reduction of €0.4 million.

The total cropping area dedicated to soya, Brazil's principal crop, is expected to increase by 4% on the prior year to 45.4 million hectares. The expected soya harvest is currently estimated to be 150.1 million tonnes, down from the 154.6 million tonnes in the prior year.

Origin Enterprises plc

Condensed Interim Consolidated Income Statement

for the six months ended 31 January 2024

Other comprehensive (expense)/income

Items that are not reclassified subsequently to the Group income statement:

Group/Associate defined benefit pension obligations

Items that may be reclassified subsequently to the Group income statement:

Group foreign exchange translation details

Origin Enterprises plc

Condensed Interim Consolidated Statement of Financial Position (continued)

as at 31 January 2024

Origin Enterprises plc

Notes to the Condensed Interim Consolidated Financial Statements

for the six months ended 31 January 2024

1 Basis of preparation

The Group condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting (IAS 34), as endorsed by the EU. The condensed interim consolidated financial statements have been prepared as information for the shareholders and do not include all the information and disclosures required in the annual financial statements. They should be read in conjunction with the Group's annual financial statements in respect of the year ended 31 July 2023, which have been prepared in accordance with IFRSs. The financial statements for the year ended 31 July 2023 are available on the company's website www.originenterprises.com. Those financial statements contained an unqualified audit report.

The Group condensed interim consolidated financial statements for the six months ended 31 January 2024 and the comparative figures for the six months ended 31 January 2023 are unaudited and have not been reviewed by the Auditors. The summary financial statements for the year ended 31 July 2023 represent an abbreviated version of the Group's full accounts for that year.

A comprehensive review of the Group's performance for the six months ended 31 January 2024 is included in the financial highlights included on pages 4 to 10. The group's business is seasonal and is heavily weighted towards the second half of the financial year.

2 Going concern

The Group condensed interim financial statements have been prepared on the going concern basis of accounting. The Directors have considered the Group's business activities and how it generates value, together with the main trends and factors likely to affect future development, business performance and position of the Group. Having reassessed the principal risks facing the Group, the Directors believe that the Group is well placed to manage these risks successfully. There are no material uncertainties that cast a significant doubt on the Group's ability to continue as a going concern over a period of at least 12 months from the date of these financial statements.

The Directors report that they have satisfied themselves that the Group is a going concern, having adequate resources to continue in operational existence for the foreseeable future. In forming this view, the Directors have reviewed the Group's forecast for a period not less than 12 months and the long-term plans, and have taken into account the cash flow implications, including capital expenditure, and compared these with the Group's borrowing facilities.

3 Accounting policies

The Group condensed interim consolidated financial statements have been prepared on the basis of the accounting policies as set out on pages 127 to 134 of the Group's Annual Report for the year ended 31 July 2023.

There are a number of new standards which are also effective from 1 August 2023. The following amendments, issued by the International Accounting Standards Board ('IASB') and the International Financial Reporting Interpretations Committee ('IFRIC'), are effective for the Group for the first time in the current financial period and where relevant have been adopted by the Group:

• IFRS 17 Insurance Contracts
• Amendments to IAS 1 'Presentation of Financial Statements': Disclosure of Accounting Policies
• Amendments to IAS 12: 'Income Taxes': International Tax Reform-Pillar Two Model Rules

The amendments listed above have had no material impact on the Group condensed interim consolidated financial statements during the period. The Group has not applied early adoption of any standards for which the effective date is not yet required.

Origin Enterprises plc

Notes to the Condensed Interim Consolidated Financial Statements (continued)

for the six months ended 31 January 2024

4 Reporting currency

The Group condensed interim consolidated financial statements are presented in euro (denoted by the symbol '€') and rounded to the nearest thousand, which is the functional currency of the parent. Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the period end date are translated to functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the Consolidated Income Statement.

The principal exchange rates used for translation of results and balance sheets into euro were as follows:

5 Segment information

IFRS 8, 'Operating Segments', requires operating segments to be identified on the basis of internal reports that are regularly reviewed by the Chief Operating Decision Maker ('CODM') in order to allocate resources to the segments and to assess their performance. Three operating segments have been identified: (1) Ireland and the United Kingdom, (2) Continental Europe and (3) Latin America.

Ireland and the United Kingdom

This segment includes the Group's wholly owned Irish and UK based Business-to-Business Agri-Inputs operations, Integrated Agronomy and On-Farm Services operations and Amenity, Environmental and Ecology operations. In addition, this segment includes the Group's associates and joint venture undertakings.

Continental Europe

This segment includes the Group's Business-to-Business Agri-Inputs operations, Integrated Agronomy and On-Farm Services operations in Poland, Romania and Ukraine.

Latin America

The Group's presence in Latin America is through Fortgreen Commercial Agricola Ltda, a business which is focused on the development and marketing of value-added crop nutrition and speciality inputs and which is headquartered in Parana State in southern Brazil.

Origin Enterprises plc

Notes to the Condensed Interim Consolidated Financial Statements (continued)

for the six months ended 31 January 2024

5 Segment information (continued)

Origin Enterprises plc

Notes to the Condensed Interim Consolidated Financial Statements (continued)

for the six months ended 31 January 2024

5 Segment information (continued)

Reconciliation to total assets as reported in Condensed Interim Consolidated Statement of Financial Position

Reconciliation of total liabilities as reported in Condensed Interim Consolidated Statement of Financial Position

Origin Enterprises plc

Notes to the Condensed Interim Consolidated Financial Statements (continued)

for the six months ended 31 January 2024

6 Exceptional items

Acquisition related costs

These costs principally comprised of costs incurred in relation to the acquisition completed during the period. The tax impact of this exceptional item in the period was a tax credit of €6,000.

Ukraine related costs

Ukraine related costs comprise of rationalisation costs related to termination payments from cessation of operations in Ukraine along with costs associated with international sanctions imposed by authorities in response to the Russian invasion of Ukraine. The tax impact of this exceptional item in the period was a tax credit of €58,000.

7 Earnings per share

Basic earnings per share

Origin Enterprises plc

Notes to the Condensed Interim Consolidated Financial Statements (continued)

for the six months ended 31 January 2024

7 Earnings per share (continued)

The effects of potential ordinary shares are not reflected in the calculation of the diluted loss per share as the impact of these is anti-dilutive.

Adjusted basic earnings per share

The calculation of basic adjusted earnings per share is based on the weighted average number of shares in issue during the period of 111,666,049 (31 January 2023: 114,484,781). The weighted average number of shares used in the calculation of adjusted diluted earnings per share is 116,572,536 (31 January 2023: 118,707,841).

Origin Enterprises plc

Notes to the Condensed Interim Consolidated Financial Statements (continued)

for the six months ended 31 January 2024

8 Condensed Interim Consolidated Income Statements for the six months ended 31 January 2023 and year ended 31 July 2023

An analysis of the Condensed Interim Consolidated Income Statement (including exceptional items) for the six months ended 31 January 2023 and year ended 31 July 2023 is set out below.

Six months ended 31 January 2023

Origin Enterprises plc

Notes to the Condensed Interim Consolidated Financial Statements (continued)

for the six months ended 31 January 2024

9 Property, plant and equipment

Included in the total goodwill and intangible assets above is goodwill of €214,147,000 (July 2023: €214,354,000). There have been no indicators of impairment in the first half of the year therefore a full assessment of the carrying value of goodwill and intangibles will be carried out in the second half of the year.

Origin Enterprises plc

Notes to the Condensed Interim Consolidated Financial Statements (continued)

for the six months ended 31 January 2024

11 Investments in associates and joint venture

12 Provision for liabilities

The estimate of provisions is a key judgement in the preparation of the condensed interim consolidated condensed financial statements.

Provisions primarily relate to contingent acquisition consideration arising on a number of acquisitions completed during prior years.

Origin Enterprises plc

Notes to the Condensed Interim Consolidated Financial Statements (continued)

for the six months ended 31 January 2024

13 Acquisition of subsidiary undertakings

In August 2023, the Group acquired the business and operating assets of Suregreen Limited, a UK based landscape and gardening products supplier for trade professionals and DIY customers from its Administrators.

Details of the net assets acquired are as follows:

€'000

Assets

Non-current

Origin Enterprises plc

Notes to the Condensed Interim Consolidated Financial Statements (continued)

for the six months ended 31 January 2024

14 Analysis of net cash / (debt)

As at 31 January 2024, the Group had unsecured committed banking facilities of €400.0 million (July 2023: €400.0 million), which will expire in June 2026.

15 Share capital

• During the financial period, the Group commenced a share buyback programme. The total number of ordinary shares purchased by the Group was 1,308,272 for a total consideration before expenses of €4.6 million. The re-purchased shares are held as treasury shares.
• During the financial period, the Group re-issued 468,459 treasury shares to satisfy the exercise of share options granted under the Group's UK and ROI Savings Related Share Option Schemes.

Origin Enterprises plc

Notes to the Condensed Interim Consolidated Financial Statements (continued)

for the six months ended 31 January 2024

16 Dividends

On 9 February 2024 a dividend of 13.65 cent per ordinary share was paid in respect of the year ended 31 July 2023. The dividend was approved by shareholders at the Annual General Meeting on 16 November 2023.

An interim dividend of 3.15 cent per share will be paid on 21 June 2024 to shareholders on the register on 31 May 2024. These condensed interim consolidated financial statements do not reflect this dividend payable.

17 Taxation

The taxation charge for the interim period is an estimate based on the expected full year effective tax rate on full year profits.

18 Contingent liabilities

The Group is not aware of any major changes with regard to contingent liabilities in comparison with the situation as of 31 July 2023.

19 Related party transactions

Related party transactions occurring in the period were similar in nature to those described in the 2023 Annual Report.

20 Subsequent events

Subsequent to 31 January 2024, the Group announced the acquisition of Groundtrax Systems Limited, which is the UK's number one specialist supplier of ground protection and reinforcement systems.

There have been no other material events that would require adjustment to or disclosure in this report.

21 Release of half yearly condensed interim consolidated financial statements

The Group condensed interim consolidated financial information was approved for release by the Board on 4 March 2024.

22 Distribution of Interim Report

This interim report is available on the Group's website (www.originenterprises.com). A printed copy is available to the public at the Company's registered office.