Q3 Trading Update

Origin Enterprises plc

Q3 Trading Update

Strong year-to-date performance driven by volume growth in Agriculture and expansion in Living Landscapes

Full-year adjusted diluted EPS guidance of 50 to 52 cent

Dublin, London, 12 June 2025. Origin Enterprises plc ('Origin' or 'the Group'), the international group shaping the future of sustainable land use solutions, today announces its FY25 Trading Update for the three months ('Q3') and nine months ended 30 April 2025 ('YTD'), and full-year guidance for FY25.

Highlights and Outlook

· Group revenue YTD of €1.59 billion, up 4.1% year-on-year (3.3% constant currency), reflecting solid organic growth across both Agriculture and Living Landscapes. Q3 revenue up 12.8% (11.4% constant currency).

· Excluding crop marketing, Group revenue YTD increased by 6.7%, driven by a 7.4% increase in volumes as demand for agriculture-related products and services recovered, a 0.7% contribution from acquisitions and 0.7% from currency, partially offset by a 2.1% decline in pricing.

· In Agriculture, we saw reported revenue of €1.45 billion YTD up 2.6%; Volume growth in Ireland and the UK of 8.3%, Continental Europe 4.3% (excl crop marketing) and Latin America 9.6%. Reported revenue declined in Latin America due to FX headwinds (-14.7%) and lower pricing (-2.6%).

· Living Landscapes had reported revenue of €137.2 million YTD up 23.9%; Strong underlying growth of 12% and favourable trading conditions driving increased demand across the portfolio. 

· Full-year adjusted diluted EPS guidance of 50 to 52 cent (FY24: 48.06 cent).

· Preliminary Results for FY25 will be announced on 23 September 2025.

Origin's Chief Executive Officer, Sean Coyle, commented: "We delivered an encouraging performance in the first nine months. Improved momentum in Q3 was driven by favourable application conditions for crop inputs and an increased winter cropping area in the Northern Hemisphere, together with strong demand in Living Landscapes supported by recent acquisitions. Despite the impact of the depreciation of the Brazilian Real versus the Euro, we expect our increasingly diversified earnings base will result in operating profit growth in 2025 and guide full year adjusted diluted EPS of 50 to 52 cent. We remain on track to deliver the Group's stated financial and operational targets for the period FY2022 to FY2026 as outlined at the 2022 Capital Markets Day."

Agriculture:

Ireland and the UK recorded a 6.7% increase in revenue to €901.3 million YTD, with a strong Q3 performance delivering a 20.8% increase in reported revenue to €470.9 million. Underlying volumes increased 8.3% YTD (Q3: 19.7%) which was partially offset by a pricing headwind of 3.8%.

Sustainable Agronomy: Total autumn and winter wheat area in the UK is 1.67 million hectares, a 24% increase on the prior year. Combined spring and winter cropping is expected to be largely in line with prior year at 4 million hectares, as we see a return to more winter from spring planting. Increased demand for key plant protection inputs reflects the recovery in winter cropping, with dry spring conditions enabling early spring drilling and favourable windows for in-field activity.

Dry conditions have resulted in lower disease pressure and yield expectations, and combined with weaker output pricing, this may lead to more selective in-season input use as growers adapt to conditions. In May, Origin was recognised as the top performing agriculture company in Newsweek's 'Worlds Greenest Companies'.

Soil Nutrition: Strong revenue growth YTD was driven by higher volumes across Ireland and the UK. Performance was supported by an increased planted area, favourable in-field conditions, and a well-positioned order book, as customers moved to secure timely supply during a condensed and high-demand spring application window. Overall pricing remained relatively stable with a 2.1% YTD reduction versus the comparative period last year.

Animal Nutrition: Feed Ingredients delivered a strong YTD performance, supported by favourable output prices in the dairy, beef, poultry, pork and egg markets. The Group's animal feed manufacturing associate, John Thompson & Sons Limited, in which the Group has a 50% shareholding, also delivered a solid YTD performance.

Continental Europe reported revenue declined 2.6% to €443.8 million YTD, primarily due to lower revenue in the crop marketing division reflecting reduced grain prices. Excluding crop marketing, revenue grew 5.7% YTD, with underlying volumes increasing by 4.3%, driven by strong demand for key inputs.

In Poland, spring crops have progressed well, supported by favourable in-field conditions that enabled timely planting. Underlying input demand remains strong, reflecting confidence in crop performance and overall market stability. While dry conditions have accelerated crop development, they have also reduced soil moisture levels, with rainfall important to sustain yield potential over the coming weeks. The total cropping area is expected to be broadly in line with the prior year at approximately 9.0 million hectares.

In Romania, crops are also well established, supported by recent rainfall that has improved soil moisture. Farmers have adapted their cropping strategies, favouring barley and rapeseed for their resilience, while reducing maize cropping areas. This reflects a more cautious approach following previous drought-impacted seasons. Underlying demand for crop inputs remains steady, with higher volumes of plant protection and fertiliser YTD supported by the move from spring to winter plantings. Purchasing continues to trend towards more cost-efficient product choices. Combined winter and spring plantings are expected to be in line with last year at approximately 8.9 million hectares.

Latin America delivered revenues of €104.3 million YTD, a 7.0% increase on a constant currency basis (-7.7% reported decrease). Strong volume growth of 9.6% in underlying performance was offset by reduced pricing of 2.6%. Currency continues to be a significant headwind with a 14.7% negative impact on reported performance year-on-year.

Crop establishment across the region is progressing well, with favourable weather enabling expanded plantings. The soybean area has increased by 2% to 48.5 million hectares, marking an 18th consecutive year of growth, albeit at a slower pace due to margin pressures. A record soybean harvest of 168 million tonnes is forecast, up 13.5% year-on-year. Maize also remains robust, with the safrinha crop projected at 132 million tonnes, 3% above last year. The Group's product portfolio continues to benefit from strong underlying demand, supported by stable cropping conditions and a positive outlook for the 2025 season. Brazil's position as a reliable agricultural supplier is gaining significance as global trade dynamics evolve, presenting potential upside for demand amid ongoing shifts in international sourcing patterns.

Living Landscapes

Living Landscapes delivered strong YTD growth with revenues up 23.9% to €137.2 million and Q3 revenues rising 25.7% to €62.1 million. Acquisitions contributed 8.9% YTD and 6.3% in Q3. Underlying performance was driven by improved trading conditions, leading to good growth in both Sports and Landscapes, with continued momentum in the Environmental business.

During the period Clive Whinnett and Mark Andrews were appointed as Managing Directors of the Sports and Landscapes businesses respectively, and together with Mark Webb (Managing Director of Environmental), under the leadership of TJ Kelly (Managing Director of Living Landscapes), establish a leadership team focused on driving growth across Living Landscapes.

The Group further expanded its footprint with the acquisition of Scott Cawley, Ireland's market-leading specialist ecological consultancy. Elixir Garden Supplies, a UK-based industry leader in online gardening supplies, joined the Origin family post period end. These additions, together with previous acquisitions, align with our strategy to expand our capability and product offerings to customers across Sports, Landscapes and Environmental within the Living Landscapes platform and grow the business to exit 2026 at 30% of Group Operating profit.

ENDS

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