Agronomics Limited

("Agronomics" or the "Company")

Tropic's Non‑Browning Banana receives regulatory approval in Japan and Brazil

Agronomics (LSE: ANIC), the leading listed company focused on clean food, announces that its portfolio company, Tropic Biosciences UK Limited ("Tropic") has received regulatory approval in Japan and Brazil for its world-first non-browning banana variety.

The approvals clear the way for Tropic's non-browning banana to be imported, sold and consumed in both countries. In Brazil, the variety may also be grown-supporting expanded consumer access, new commercial opportunities and meaningful reductions in food waste across the value chain.

Japan is a key import market, renowned for requiring exceptionally high standards of quality, freshness and consistency. Tropic's non-browning banana aligns well with these requirements and supports improved sustainability and food security. Brazil is one of the world's largest banana-producing and banana-consuming countries, and regulatory clearance there affirms the value of the variety for both growers and consumers. Brazilian production accounts for around 10% of global banana output: Tropic's approval introduces a premium option that reduces waste, improves sustainability and expands the range of bananas available in the domestic market.

This news follows a series of positive developments at Tropic. In March, Tropic completed a US$105 million Series C fundraising, and in 2025 it launched the first new commercial banana varieties in more than 75 years, including its non-browning banana-named one of TIME Magazine's Best Inventions of 2025-and an extended shelf-life variety that lengthens green life by an additional 12 days, increasing field yields, enabling new export routes and reducing transportation waste by up to 50%.

Jim Mellon, Executive Chair of Agronomics, commented: "Japan is one of the world's most demanding regulatory environments, and Brazil is a leading producer of bananas. Securing clearance in both markets simultaneously is a powerful validation of Tropic's platform. With regulatory determinations now in eleven countries, Tropic is rapidly becoming the global benchmark for science-led agricultural innovation, and we look forward to the commercial momentum these approvals will unlock."

Agronomics first invested in Tropic in March 2020 and, to date, has invested a total of £2.3 million, which (subject to audit) is currently carried at approximately £2.22 million. This position represents around 1.6% of Agronomics' most recently reported net asset value of £139.9 million as at 31 December 2025.

The full announcement from Tropic is set out below, with no material changes:

Tropic's Non‑Browning Banana Approved in Japan and Brazil

Norwich, UK - [10 April 2026] - Tropic, the pioneering agricultural biotechnology company, has secured regulatory approval in Japan and Brazil for its world-first non-browning banana variety. The approvals unlock two of the most important fresh-produce markets globally and mark a significant milestone for more sustainable fruit production.

The approvals clear the way for Tropic's non-browning banana to be imported, sold and consumed in both countries and grown in Brazil-enabling expanded consumer access, new commercial opportunities and substantial reductions in global food waste.

Japan is a key import market, renowned for exceptionally high standards of quality, freshness and consistency. Tropic's non-browning banana aligns with these stringent requirements and supports sustainability and food security objectives.

In Brazil-one of the world's largest banana-producing and banana-consuming countries-regulatory clearance affirms the value of the variety for both growers and consumers. With Brazilian production accounting for around 10% of global banana output, Tropic's approval introduces a premium option that reduces waste, improves sustainability and expands the range of bananas available in the domestic market.

The approvals in Japan and Brazil add to Tropic's global footprint. The company now has regulatory determinations, notifications or exemptions for its banana products in eleven countries, including the USA, Canada and the Philippines. These regions represent more than 70% of the production market and more than 30% of the consumption market.

These approvals build on years of scientific development and an expanding international regulatory track record across the Americas and Asia, reinforcing Tropic's position as a global leader in gene-edited tropical crops.

Breakthrough in Banana Innovation

"These approvals represent a major step forward in bringing innovative, waste‑reducing produce to consumers worldwide," said Gilad Gershon, CEO of Tropic. "Japan and Brazil each play critical roles in the global fruit market, and these decisions reflect growing international confidence in new agricultural technologies designed for modern supply chains."

Tropic's non‑browning banana introduces a game‑changing attribute: it stays fresh, yellow, and appetising long after peeling and slicing, dramatically reducing spoilage across retail, food service, and supply chains.

Launched commercially in 2025, Tropic's non‑browning banana was the world's first new banana variety in more than 75 years, delivering the same taste and texture consumers expect while remaining fresh for longer after cutting. By reducing spoilage and extending usability, the variety supports new retail opportunities, more efficient distribution and lowers the environmental footprint of banana consumption.

Future Outlook

Tropic has also commercially launched an extended shelf-life banana variety that lengthens green life by an additional 12 days, increasing yields, enabling new export routes and reducing transportation waste by up to 50%. The UK-based company plans to launch a Panama Disease (TR4)-resistant variety in 2027. Panama Disease (TR4) is fast-spreading, has been identified in more than 20 countries globally, and represents an existential threat to the US$ 25 billion banana industry-threatening food security and farmers' livelihoods.

As the world's favourite fruit and fourth most important crop, bananas are central to global food security. Tropic's growing pipeline is designed to support both growers and consumers-ensuring bananas can be enjoyed for generations to come.

About Tropic

Tropic is a pioneering tropical seeds company dedicated to developing healthier, more robust, high-performing varieties of tropical crops. The company's current core crop portfolio focuses on banana and rice, which together provide livelihoods for billions of people worldwide. Tropic utilises its proprietary GEiGS® platform and other cutting-edge gene-editing technologies to develop improved crops with increased disease resistance, higher yields and more sustainable traits. By harnessing advanced genetic engineering, Tropic is committed to addressing global agricultural challenges and delivering innovative solutions that benefit farmers, consumers and the environment.

About Agronomics

Agronomics is a leading London-listed company focused on investment opportunities within the field of cellular agriculture. The Company has established a portfolio of over 20 companies developing technologies that produce food and materials, historically derived from animals, offering solutions for improved sustainability, human health, and food security.

A full list of Agronomics' portfolio companies is available at www.agronomics.im.

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