30 April 2026

AEP Plantations Plc

("AEP", "Group" or "Company")

Audited results for the year ended 31 December 2025

AEP, which owns, operates and develops sustainable palm-oil production in Indonesia and Malaysia, today announces its audited results for the year ended 31 December 2025.

Key highlights

Financial & Corporate

·      Revenues rose by 25% to $465.2 million (2024:$372.3 million), as a result of higher production volumes and stronger Crude Palm Oil ("CPO") and Palm Kernel ("PK") prices during the year

·      Profit before tax increased by 35% to $119.3 million (2024: $88.1 million), driven by higher production volumes and stronger CPO and PK prices, as well as profit from third-party crop purchases 

·      Earnings per share increased by 35% to 231.42 cents (2024: 170.88 cents), reflecting the stronger operating performance for the year

·      Dividend for the year 81.0 cents per share (2024: 51.0 cents per share) with proposed final dividend per share of 43.7 cents

·      Cash and cash equivalents as at 31 December 2025 of $232.3 million (2024: $181.9 million)

·    In 2025, the Group repurchased 707,762 Shares at a total cost of £8.7 million at an average price of £12.20 per Share

·      Successful completion of rebranding to AEP Plantations Plc, which took effect on 24 November 2025

 Operational

·      Fresh Fruit Bunch ("FFB") production totalled 1.08 million mt, a 6% increase over 1.02 million mt recorded in 2024

·      FFB bought-in production increased by 18%, primarily due to new third-party crop intake at the recently commissioned PT. Hijau Pryan Perdana Mill (North Sumatra) and Bengkulu region

·      CPO production was 7.3% higher at 425.8 thousand mt, compared to 396.7 thousand mt in 2024

·    Replanting program - in 2025, 2.4k hectares were replanted, bringing the cumulative total since 2022 to 6.5k hectares of aged, low-yielding palms replaced

Post Balance Sheet Events

·      Proposed IPO of Indonesian subsidiary, PT AEP Nusantara Plantations Tbk - a natural progression in aligning the Group's capital structure with its operational footprint, while broadening its investor base and enhancing access to local capital markets

Commenting, Chairman Jonathan Law said:

"The Group delivered yet another strong performance in 2025, driven by solid operational execution and favourable palm oil prices. This resulted in high production volumes and strong cash generation.

As a result, the Group's financial position has strengthened, providing greater flexibility to invest in long-term sustainability initiatives such as replanting, pursue selective growth opportunities, and support shareholder returns."

Enquiries:

Chairman's Statement

We delivered a strong trading performance in 2025, supported by resilient operational execution and favourable CPO and PK prices. We achieved increased production volumes and strong cash generation, reflecting both the quality of our plantation assets and the effectiveness of our operational strategy.

Operationally, we delivered a 6% increase in FFB production, primarily driven by improved output from young and matured palms in the Bengkulu and Kalimantan regions in Indonesia.

FFB bought-in production increased by 18%, primarily due to new third-party crop intake at the recently commissioned PT Hijau Pryan Perdana ("HPP") Mill (North Sumatra) and Bengkulu region. As a result, total CPO production rose by 7%, while total PK production increased by 13%.

Revenues rose by 25% to $465.2 million (2024: $372.3 million), mainly attributable to higher production volumes and stronger CPO and PK prices during the year.

Profit before tax increased by 35% to $119.3 million (2024: $88.1 million), driven by higher production volumes and stronger CPO and PK prices during the year. Earnings per share increased by 35% to 231.42 cents (2024: 170.88 cents), reflecting the stronger operating performance for the year.

The strength of our financial performance has further reinforced our balance sheet and enhanced our strategic flexibility. It enables us to continue investing in the long-term sustainability of our estates through replanting programmes, pursue selective growth opportunities, support shareholder returns and maintain a resilient financial position.

Our achievements also reflect the significant effort and disciplined execution across our Group over the past year, as our board of directors ("Board") and management team focused on strengthening the operational and financial foundations of the business. Priority has been placed on rehabilitating older plantations, enhancing estate productivity, expanding our Group's land bank and maintaining a disciplined capital deployment. These initiatives are intended to reinforce the long-term sustainability and resilience of our Group's asset base.

Supported by the commitment and dedication of our teams across our Group, these efforts have contributed to a stronger operational platform and improved financial performance. Our Group now benefits from a robust balance sheet and strong cash generation, providing the flexibility to continue investing in the long-term development of our estates while also returning capital to shareholders through dividends and share buybacks.

Our Board continues to adopt a disciplined and balanced approach to capital allocation, ensuring that sufficient resources are retained to support organic expansion and selective acquisitions, while delivering sustainable returns to shareholders.

During the year, our Group marked an important milestone with the successful completion of its rebranding to AEP Plantations Plc, which took effect on 24 November 2025.

This development represents more than a change in name; it reflects the continuing transformation of our Group as we evolve to meet new opportunities in a dynamic industry landscape. As the organisation grows in scale, capability and ambition, the refreshed identity signals our readiness to move confidently into the next phase of our journey while remaining firmly rooted in the heritage and values that have guided us for over four (4) decades.

We continue to build on our strong legacy while strengthening our capabilities to create enduring value for our shareholders, partners, employees, and the communities in which we operate.

We were also pleased to have been promoted to the FTSE 250 Index, effective 17 September 2025. This advancement followed the substantial appreciation in the Company's share price and the corresponding growth in its market capitalisation. Our inclusion in the FTSE 250 reflects the culmination of many years of disciplined execution, operational resilience, and the unwavering commitment of our people across the Group. The progress we have achieved has been built steadily over time through a clear strategic focus, prudent management of our assets, and the collective efforts of the teams across our organisation.

GROWTH OPPORTUNITIES AND STRATEGIC EXPANSION

Looking ahead, our Group is entering an exciting new phase of growth, with Indonesia firmly at the centre of our long-term strategy.

A key pillar of this strategy is the proposed initial public offering of our Indonesian subsidiary, PT AEP Nusantara Plantations Tbk ("Proposed IPO"). The Proposed IPO represents a natural progression in aligning our capital structure with our operational footprint, while broadening our investor base and enhancing access to local capital markets. It is expected to support targeted capital expenditure, including infrastructure development and processing capacity and to accelerate our expansion in Kalimantan.

The Proposed IPO and the potential addition of PT JJU represent a balanced and complementary growth strategy, combining capital market initiatives, earnings-accretive acquisitions and operational expansion. These initiatives reflect a consistent strategic logic: disciplined expansion in markets where we have demonstrated operational capability, funded from a position of balance sheet strength. These developments remain subject to the requisite regulatory approvals, and we will provide further updates in due course as the process progresses.

Our Board remains committed to pursuing growth in a disciplined and selective manner, ensuring that all investments are aligned with our strategic priorities and are expected to be accretive to shareholder value.

SHAREHOLDER RETURNS

AEP delivered outstanding shareholder returns in 2025, with its share price rising 212% to £19.10, as at 8 April 2026, recording its strongest performance since the current management team's appointment on 1 October 2024.

This significant uplift reflects our Board and management team's focused and disciplined execution. Over the past year, we have prioritised rehabilitating mature plantations, improving estate productivity, expanding our land bank, and maintaining strict capital discipline. These actions have strengthened our operational platform, enhanced financial performance, and driven strong cash generation.

As a result, our Group now benefits from a robust balance sheet and the financial flexibility to both invest for long-term growth and return capital to shareholders.

In line with this, our Board has declared a final dividend of 43.7 cents per Share. With an interim dividend of 37.3 cents per Share already paid, the total dividend declared for the year ended 31 December 2025 will be 81.0 cents (2024: 51.0 cents per Share), representing approximately 35% of retained profits attributable to our Group for the year and higher than our dividend policy. Subject to shareholder approval at the forthcoming Annual General Meeting, the final dividend will be paid on 30 July 2026 to shareholders on the register on 19 June 2026.

In addition to dividend distributions, our Board continues to view share buybacks as an effective means of enhancing our shareholder value where AEP's ordinary shares ("Share(s)") are traded at a discount to their underlying intrinsic value. In 2025, our Group repurchased 707,762 Shares at a total cost of £8.7 million at an average price of £12.20 per Share. Building on this, a further share buyback programme of up to £8.0 million was announced in January 2026.

INVESTOR ENGAGEMENT AND MARKET OUTREACH

During the year, we undertook a step change in our approach to investor engagement and market outreach. This initiative was led by our Executive Director, Marcus Chan, who spearheaded a structured programme of meetings and investor roadshows with both existing and prospective shareholders.

These engagements were supported by a comprehensive investor presentation, which articulated AEP's strategy, operational footprint, asset quality, financial strength, sustainability agenda and long-term value proposition. The objective was to ensure that the market gained a deeper and more accurate understanding of the fundamentals of our business and the strategic direction set by our Board.

The feedback received from investors has been constructive and encouraging. This improved sentiment was further complemented by the initiation of independent research coverage by our corporate adviser, which recognised the strategic reset undertaken by our Board and management, the strengthening operational and financial performance of our Group, and the growing visibility of AEP's intrinsic value in the market.

I firmly believe that consistent, transparent and proactive communication with the investment community is critical to building long-term trust, improving market understanding and supporting sustainable shareholder value creation. Our Board views this inaugural investor engagement initiative as an important foundation for more regular and meaningful dialogue with shareholders in the years ahead.

REPLANTING TO IMPROVE LONG-TERM YIELD

To ensure the improvement of yields, our Company has intensified its replanting efforts in recent years. In 2025 alone, approximately 2.4 thousand ha of aged, low-yielding palms were replanted. Looking ahead, AEP aims to replant around 10 thousand ha as part of its 2026-2030 programme, with 2.8 thousand ha identified for replanting in 2026. This initiative, involving the use of higher-yielding and disease-resistant palm varieties, is expected to significantly boost productivity and deliver improved and sustainable returns.

Our Group's replanting programme continues to progress in line with plan. By 2028, AEP expects to have replaced substantially all older palms trees in Sumatra estates with younger planting material that is more disease-resistant, higher yielding and capable of delivering improved oil extraction rates compared to earlier generations.

OUR PEOPLE

Our performance is the result of the sustained efforts of our teams across our Group, who have continued to focus on improving productivity, maintaining operational discipline and optimising resource utilisation. Their commitment has enabled our Group to deliver consistent operational outcomes while navigating a dynamic market environment.

On behalf of our Board, I would like to convey our sincere thanks to our management and employees of our Group for their dedication, loyalty, resourcefulness, commitment, and contribution to our Group.

OUTLOOK

CPO remains competitively priced against other vegetable oils, with its discount to soybean oil continuing to support demand, particularly in cost-sensitive markets. In addition, Indonesia's mandatory B50 biodiesel programme, effective from July 2026, is expected to drive stronger CPO demand and serve as a key anchor for price stability.

Near-term volatility is expected to persist, driven by geopolitical tensions, especially in the Middle East, which impact crude oil prices, freight costs, and overall market sentiment. These factors are also contributing to rising input costs, with increases in diesel and fertiliser prices, particularly urea, weighing on plantation margins.

Notwithstanding the rising costs, given that CPO prices are expected to remain elevated, we expect sustainable performance for 2026.

JONATHAN LAW NGEE SONG

Chairman

30 April 2026

DIRECTORS' RESPONSIBILITY

Our Directors are responsible for preparing the annual report and the financial statements in accordance with UK adopted International Accounting Standards ("IAS") and applicable law and regulations.

Company law requires our Directors to prepare financial statements for each financial year. Under that law our Directors are required to prepare our Group financial statements in accordance with UK adopted IAS. Our Directors have elected to prepare our Company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice and other applicable United Kingdom accounting standards and laws. Under company law, our Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of our Group and Company and of the profit or loss of our Group for that period.

In preparing these financial statements, our Directors are required to:

•     Select suitable accounting policies and then apply them consistently;

•     Make judgements and accounting estimates that are reasonable and prudent;

•     State whether they have been prepared in accordance with UK adopted International Accounting Standards, including FRS 101 Reduced Disclosure Framework, subject to any material departures disclosed and explained in the financial statements;

•     Prepare the financial statements on the going concern basis unless it is inappropriate to presume that our Group and our Company will continue in business; and

•     Prepare a Directors' Report, Strategic Report and Directors' Remuneration Report which comply with the requirements of the Companies Act 2006.

Our Directors are responsible for keeping adequate accounting records that are sufficient to show and explain our Company's transactions and disclose with reasonable accuracy at any time the financial position of our Company and enable them to ensure that the financial statements comply with the Companies Act 2006.

They are also responsible for safeguarding the assets of our Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Our Directors are responsible for ensuring that the annual report and accounts, taken as a whole, are fair, balanced, and understandable and provide the information necessary for shareholders to assess our Group's performance, business model and strategy.

WEBSITE PUBLICATION

Our Directors are responsible for ensuring the annual report and the financial statements are made available on a website. Financial statements are published on our Group's website in accordance with the legislation in the UK governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of our Group's website is the responsibility of our Directors. Our Directors' responsibility also extends to the ongoing integrity of the financial statements contained therein.

DIRECTORS' RESPONSIBILITIES PURSUANT TO DISCLOSURE AND TRANSPARENCY RULES 4 ("DTR4")

Our Directors confirm to the best of their knowledge:

•     the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the issuer and the undertakings included in the consolidation taken as a whole; and

•     the management report includes a fair review of the development and performance of the business and the position of the issuer and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.

on behalf of the Board:

MARCUS CHAN JAU CHWEN

Executive Director of Corporate Affairs

30 April 2026

Earnings per share are shown in note 9.

The accompanying notes are an integral part of this consolidated income statement.