Shareholders' meeting called. Consolidated EBITDA +31%. Proposed dividend of 0.44 per share against the 0.04 distributed in 2023

The Board of Directors of BF, the Italian controlling holding company of Bonifiche Ferraresi, approved the Consolidated Financial Statements and the Draft Financial Statements as at 31 December 2023.

The consolidation area as of 31 December 2023 has not undergone changes compared to the consolidated financial report as of 31 December 2022 as regards the companies included in the area, while the periods of inclusion are different. In particular, for comparative purposes with respect to the 2022 economic results, it should be noted that in the 2023 financial year:

- the business branch of the Consorzio Agrario Nordest Società Cooperativa, transferred to CAI with effect from 1 September 2022, is present for 12 months; the subsidiary Zooassets SpA was consolidated for 12 months, consolidated in 2022 starting from 31 December 2022; the subsidiary BIA SpA was consolidated for 12 months, consolidated in 2022 starting from 1 October 2022; the subsidiary Pastifico Fabianelli Srl was consolidated for 12 months, consolidated in 2022 starting from 31 December 2022;

- the subsidiary IBF Servizi SpA and its direct subsidiary Agronica Srl are deconsolidated for 12 months, deconsolidated in 2022 starting from 31 December 2022.

The value of production amounts to Euro 1,387 million, up compared to Euro 1,120 million recorded in 2022 and substantially in line with the data estimated for 2023 (which envisaged a production value exceeding Euro 1,400 million). The growth recorded, attributable not only to the different period of inclusion in the consolidation area of the consolidated companies, but also to the effects of integration with investee companies, suffers from a general deflationary trend.

EBITDA amounts to Euro 75 million, an increase compared to Euro 57 million in 2022, mainly due to the different period of inclusion of the consolidated companies in the consolidation area, and higher than the figure estimated for 2023 (equal to approximately Euro 70 millions).

The agro-industrial sector , which includes the agricultural division and the industrial division, recorded a growth in the value of production compared to 2022 (+41%, equal to Euro 168.6 million in 2023 compared to Euro 119.4 million in 2022) , due to the consolidation for 12 months of the subsidiaries BIA SpA and Pastificio Fabianelli Srl, and a decrease in margins (EBITDA equal to Euro 19 million in 2023 compared to Euro 25 million in 2022) consequent to the deflationary trend which affected the prices of sale. The 2023 results were also influenced by operations to valorise at fair value the shareholdings held in Agri-Holding SpA and La Pioppa srl Società Agricola for a total of approximately Euro 17 million (in 2022 the EBITDA was influenced by the capital gain deriving from the sale of the subsidiary IBF Servizi SpA for approximately Euro 18 million).

The seed sector records an increase in the value of production (+102%, equal to Euro 103 million in 2023 compared to Euro 51 million in 2022) and an improvement in margins (EBITDA equal to Euro 7.8 million in 2023 compared to Euro 3 .1 million in 2022) as a result of the integration of the business unit contributed by Consorzi Agrari d'Italia SpA (“CAI”) with effect from 1 February 2023.

The CAI sector (which includes CAI and its subsidiaries), in a general deflationary context of agricultural prices, records an increase in the value of production (+22% equal to Euro 1,192 million in 2023 compared to Euro 976 million in 2022) and a growing margins (EBITDA equal to Euro 45.4 million in 2023 compared to Euro 31.6 million in 2022), as a result of the presence for 12 months in 2023 of the business unit conferred by Consorzio Agrario Nordest Società Cooperativa in CAI with effect from 1 September 2022.

EBIT stands at Euro 30 million, compared to Euro 20 million in 2022, after having recognized depreciation and amortization of Euro 41.8 million, against Euro 33.4 million in 2022, mainly due to the entry into operation of the new investments.

The result of financial management in 2023, negative for Euro 25.1 million (in 2022 it was negative for Euro 6.6 million) was affected by the general increase in interest rates and the presence for 12 months in 2023 of the business unit contributed by Consorzio Agrario Nordest Società Cooperativa in CAI, and determines a positive pre-tax result of Euro 4.8 million against a positive pre-tax result for 2022 of Euro 13.6 million and a positive net result of Euro 4.2 million against a net result of Euro 9.3 million in 2022.

Net financial debt stood at Euro 8 million as of 31 December 2023 and includes Euro 62.1 million relating to the accounting of lease contracts, mainly real estate, according to the accounting standard IFRS 16, compared to Euro 180 million recorded as of 31 December 2022 The change is mainly attributable to the effects of the share capital increase operation carried out by BF in 2023, the financial impact of which was equal to Euro 299 million, gross of costs associated with the same operation.