23 September 2025

Carr's Group plc

("Carr's Group", the "Group" or the "Company")

Trading update and Name change

Continued progress, with FY performance in line with expectations

New company identity announced to reflect strategic focus

Carr's Group plc (LSE: CARR), a global leader in sustainable livestock supplements, is pleased to provide an update on its trading for the year ended 31 August 2025 ("FY25") and the planned renaming of the Group.

Trading update

The Group delivered strong progress in FY25 and expects to report FY25 revenue of £78m and adjusted operating profit in line with current market expectations¹. Revenue grew by c3.5% (c5.6% on a constant currency basis) with expansion of both gross and operating margins as well as continued progress in central costs reduction, reflecting progress in each of our two strategic pillars for existing markets - profitable commercial growth and operating margin improvement.

As expected, given the Group's northern hemisphere exposure, performance was weighted towards the first half of the year. Progress towards delivery of our third strategic pillar - entry into new and profitable southern hemisphere markets, is encouraging with attractive options under active review.

Our UK business continued to benefit from the streamlining of commercial and operational activities, supporting margin improvement and increased commercial effectiveness, combined with increased sales into the New Zealand market and, in June 2025, the strategic closure of the Animax manufacturing site with supply successfully transferred to a third party.

Performance in the US was primarily driven by strong volumes in northern states served by our South Dakota plant, reflecting resilient demand and high market penetration. Steps to increase market share in the southern states are beginning to achieve traction with plans in place to continue this process.

The Group closed the year with net cash of £3.4m (of which £0.8m disclosed within 'assets held for sale'). The process to dispose of the Group's remaining engineering business is continuing.

Name change new Group corporate identity

Following the completion of the disposal of the vast majority of the Group's Engineering division in April 2025, the Group has undertaken a process to identify a new corporate name that reflects its repositioned mission and strategic focus as a pure-play specialist agriculture business.

It is our intention to change the name of the Group to Fevara plc (LSE:FVA) in October 2025. The name Fevara is derived from the old English word 'feoh', meaning 'wealth through cattle', and reflects the Group's commitment to the principles of sustainable livestock farming and supporting farmers to meet global food security needs.

Further announcements will be made in due course.

Outlook

As we move into our peak seasonal trading period, all markets are trading in line with management expectations. We continue to actively investigate opportunities for selective entry into the expanding southern hemisphere markets and remain encouraged by the opportunities available.

Joshua Hoopes, Chief Executive Officer of Carr's Group plc commented: "I am delighted to report strong progress during a year of significant change and successfully redefining our strategy. We are now a focused, pure-play agriculture business with a clear strategy to deliver sustainable and profitable growth, creating measurable value for customers, shareholders and wider society.

Our planned change of name better reflects our strategy and mission to support farmers globally to meet the world's growing food needs. With a strengthened platform and clear priorities, we are well positioned to capture the significant global growth opportunities ahead."