AEP Plantations (AEP) Trading Update summary

Operational and financial performance

• Own fresh fruit bunch (FFB) production rose 8% to 433,500 mt, while external FFB purchased increased 34% to 492,000 mt for the first five months of 2025.

• Crude palm oil (CPO) production grew 14% to 176,300 mt, with average ex-mill price up 17% to $878/mt.

• Average CPO ex-Rotterdam price reached $1,188/mt, a 17% increase from the prior year period.

• Full-year FFB production growth target remains at approximately 10% above last year, supported by new mature areas and improved yields.

Development

• New planting covered 48 hectares and replanting 517 hectares in the first five months, aligning with a five-year replanting goal of 10,000 hectares.

• Earthwork for the 8th mill at KAP Estate began in January 2025, with 38% completed by May; commissioning is scheduled for December 2026.

Outlook

• As of 3 June 2025, CPO ex-Rotterdam price was $1,095/mt, down 20% from the start of the year.

• Short-term demand outlook remains positive, aided by India's import duty reduction and Indonesia's B40 biodiesel mandate supporting domestic CPO use.

• Confidence in long-term CPO demand fundamentals and satisfactory financial performance expected for the rest of 2025.