Saga Furs (SAGCV) investor relations material

Executive summary

• Record-breaking auction demand drove a 126% increase in fur brokerage sales value to €227 million year-over-year, with strong price gains for both mink (+76%) and fox (+40%) pelts.

• Revenue rose 56% to €21.1 million, and operating profit improved to €1.4 million from a €3.4 million loss in the prior year.

• Net profit before tax reached €2.4 million, reversing a €1.9 million loss, and EPS improved to €0.54 from -€0.72.

• Over 500 buyers participated in the March auction, with 3.5 million pelts brokered in the half-year, up from 2.7 million.

Financial highlights

• Brokerage sales value: €227 million (up from €101 million year-over-year).

• Revenue: €21.1 million (up from €13.6 million year-over-year).

• Operating profit: €1.4 million (vs. €-3.4 million year-over-year).

• Net financial income: €1.0 million (down from €1.6 million year-over-year).

• Net profit before tax: €2.4 million (vs. €-1.9 million year-over-year).

• EPS: €0.54 (vs. €-0.72 year-over-year).

• Return on equity (ROE): 2.1% (vs. -2.9%).

• Return on invested capital (ROI): 2.9% (vs. -1.5%).

• Equity ratio: 74.1% (vs. 77.8%).

Outlook and guidance

• Two auctions planned for the second half of the fiscal year, with the first starting June 26, 2026.

• Full-year brokerage sales, revenue, and profit expected to increase significantly over the previous year.

• Market optimism persists, but auction results remain subject to multiple factors.