Q2 2026 Olam Group Ltd Earnings Call

August 14, 2026

Speaker #1: Good morning, ladies and gentlemen. We're glad to have you here with us for our briefing on the half-year results ended June 2026 for Olam Group. To those who have joined our live webcast, a warm welcome.

Hung Hoeng Chow: Good morning, ladies and gentlemen. We are glad to have you here with us for our briefing on the H1 results ended June 2026 for Olam Group. To those who have dialed into our live webcast, a warm welcome. I am Hung Hoeng from Olam Group Investor Relations. Today, I am very pleased to be speaking here alongside Olam's new C-suite. To my right, A. Shekhar, a familiar face and a veteran. He is CEO of ofi or Olam Food Ingredients, a food and ingredients solutions company born out of Olam Group following our reorganization in 2020. Prior to that, he was the Executive Director of Olam International, as we were known, from the time we were public listed in 2005 and became Group COO until 2022. He was recently reappointed as Executive Director of Olam Group in April this year. To his right is K.

Speaker #1: I'm Hang Hong from Olam Group Investor Relations. Today, I'm very pleased to be speaking here alongside Olam's new C-suite. To my right is A. Shekhar, a familiar face and a veteran. He is the CEO of OFI, or Olam Food Ingredients, a food and ingredients solutions company born out of Olam Group following our reorganization in 2020.

Speaker #1: And prior to that, he was the Executive Director of Olam International, as we were known, from the time we were publicly listed in 2005, and became Group COO until 2022.

Speaker #1: And he was recently reappointed as Executive Director of Olam Group in April this year. To his right is K. Venkat, who was appointed in April this year as the Group CFO to oversee the overall financial strategy and management functions, including accounting, treasury, tax, compliance, and investor relations for the Group.

Hung Hoeng Chow: Venkat, who was appointed in April this year as the Group CFO to oversee the overall financial strategy and management functions, including accounting, treasury, tax, compliance, and investor relations for the group. Venkat has been with Olam Group since 2006 as part of the strategic investments team and became its global head in 2017. He has played a catalytic role in the group's transformation in both our inorganic growth and divestments, including notably the divestment of Mindsprint to Wipro in March this year. Last but not the least is Gautam Wadhwa, who joined Olam Group in April this year as CEO of OGH, Olam Global Holdco. Gautam is a senior transformation and value creation leader with over two decades of experience in leading complex change mandates, working across multiple ownership models and geographies to stabilize, transform, and reposition the businesses for long-term growth and exit.

Speaker #1: And Venkat has been with Olam Group since 2006 as part of the strategic investments team and became its global head in 2017. He has played a catalytic role in the group's transformation, in both our organic and inorganic growth and divestments, including notably the divestment of Mindsprint to Wipro in March this year.

Speaker #1: Last but not least is Gautam Watwa, who joined Olam Group in April this year as CEO of OGH, Olam Global Whole Co. Gautam is a senior transformation and value creation leader with over two decades of experience in leading complex change mandates, working across multiple ownership models and geographies to stabilize, transform, and reposition the businesses for long-term growth and exit.

Speaker #1: Let me call your attention to this cautionary note on forward-looking statements here on this slide, and you can read this on your own mobile device if you scan the QR code.

Hung Hoeng Chow: Let me call your attention to this cautionary note on forward-looking statements here on this slide. You can read this on your own on your mobile device if you scan the QR code that is given to you, or when you download the presentation on the webcast. We will deliver the results briefing slightly differently from before. Shekhar, as Executive Director of the group, will lead with the key highlights for the H1 and then move on to the results of ofi. As CEO of ofi, he will be providing more color about ofi, as well as the context for reading the results. Thereafter, Gautam will present OGH and its H1 results. Venkat, as Group CFO, will then discuss the consolidated results of the whole group before Shekhar comes back with the key takeaways for this briefing.

Speaker #1: That is given to you, or when you download the presentation on the webcast. So, we will deliver the results briefing slightly differently from before.

Speaker #1: Shekhar, as Executive Director of the Group, will lead with the key highlights for the first half, and then move on to the results of OFI.

Speaker #1: As CEO of OFI, he will be providing more color about OFI, as well as the context for reading the results. Thereafter, Gautam will present OGH and its half-year results.

Speaker #1: Venkat, as Group CFO, will then discuss the consolidated results of the whole group before Shekhar comes back with the key takeaways for this briefing.

Speaker #1: Thank you for your attention. I will now hand over to Shekhar.

Hung Hoeng Chow: I appreciate your attention, and I will now hand over to Shekhar.

Speaker #2: Thank you, Hang Hong, and good morning to all of you. Great to be back—back in Singapore, in the National Day week—as well as back with all of you.

Shekhar Anantharaman: Thank you, Hung Hoeng, and good morning to all of you. Great to be back in Singapore in the National Day week, as well as back with all of you. It is a half-year results briefing, but it is quite an important milestone for the company on multiple fronts. One is the obvious changes that Hung Hoeng alluded to. We are missing Sunny and Muthu, who have been long-term partners to both Hung Hoeng and me on this table. We wish them luck. They have built a great legacy and a future that they are leaving behind for the group. They have a new job to do, and they are well on their way, and send their regards. Even more important, to welcome both KV and Gautam who will be helping us along with the teams in ofi and OGH to shape the future, which is again, quite different, but very interesting and exciting.

Speaker #2: This is quite an—it's a half-year results briefing—but it's quite an important milestone for the company on multiple fronts. One is the obvious changes that Hang Hong alluded to.

Speaker #2: So, we are missing Sunny and Muthu, who have been long-term partners to both Hang Hong and me at this table. But we wish them luck.

Speaker #2: They've built a great legacy and a future that they're leaving behind for the group. But they have a new job to do, and they're on their way—well on their way.

Speaker #2: And send their regards. But even more important, to welcome both K.V. and Gautam, who will be helping us along with the teams in OFI and OGH to shape the future, which is again quite different but very interesting and exciting.

Speaker #2: And so, therefore, we are pleased that this half-year, in a way, signals the transition of the new Olam Group, if I can call it that.

Shekhar Anantharaman: Therefore, we are pleased that this H1, in a way, signals the transition of the new Olam Group, if I can call it that. Although there is a lot of the transition still underway and needs to be completed. The important milestones that we will be discussing, which all of you have probably heard about, and it has been disclosed. There are two important transactions that got completed in this half yearly period, was one, the tranche 1 of the Olam Agri sale, and the complete divestment of Mindsprint, which was our IT and business services center, to Wipro. Both these are important parts of the reorganization plan and have significantly strengthened the group balance sheet, provided us significant financial flexibility, which is even more critical in these times and certainly for the continuing businesses.

Shekhar Anantharaman: Therefore, we are pleased that this H1, in a way, signals the transition of the new Olam Group, if I can call it that. Although there is a lot of the transition still underway and needs to be completed. The important milestones that we will be discussing, which all of you have probably heard about, and it has been disclosed. There are two important transactions that got completed in this half yearly period, was one, the Tranche 1 of the Olam Agri sale, and the complete divestment of Mindsprint, which was our IT and business services center, to Wipro. Both these are important parts of the reorganization plan and have significantly strengthened the group balance sheet, provided us significant financial flexibility, which is even more critical in these times and certainly for the continuing businesses.

Speaker #2: Although there is still a lot of the transition underway and needing to be completed, the important milestones that we will be discussing—which all of you have probably heard about and which have been disclosed—are as follows. There are two important transactions that got completed in this half-yearly period: one, the tranche one of the Olam Agri sale; and two, the complete divestment of Mindsprint, which was our IT and business services center, to Wipro.

Speaker #2: So, both these plans have significantly strengthened our financial flexibility, which is even more critical in these times and certainly for the continuing businesses.

Speaker #2: And then also clearly demonstrate our ability to unlock value for our shareholders and, indeed, our stakeholders. So, I think these two transactions are two transactions that we had planned for, but have taken more time than we anticipated.

Shekhar Anantharaman: Also clearly demonstrate our ability to unlock value for our shareholders and indeed all our stakeholders. I think these two transactions are two transactions that we had planned for, taken more time than we anticipated, but signal a very important set of balance sheet strengthening, financial flexibility, and providing the capacity to unlock value that we still need to do and more to come. The second part that is important for this half yearly period to highlight is that we will now have what we are calling as continuing businesses, but these are the businesses which will drive Olam Group forward. Obviously, you heard me talk about ofi, and I will be talking about ofi. But the actions that have been taken will enable ofi to pursue its full independent future and invest for that future.

Speaker #2: But signal a very important set of balance sheet strengthening, financial flexibility, and providing the capacity to unlock value that we still need to do—and more to come.

Speaker #2: The second part that is important for this half-yearly period to highlight is that we will now have what we are calling 'continuing businesses.' These are the businesses which will drive Olam Group forward.

Speaker #2: So obviously, you heard me talk about OFI, and I will be talking about OFI. But the actions that have been taken will enable OFI to pursue its full independent future and invest for that future.

Speaker #2: Therefore, when we talk you through the half-yearly results, you'll see the trajectory over the last three to four years—which has had a lot of noise, as we know, and which we have discussed before.

Shekhar Anantharaman: Therefore, when we talk you through the half yearly results, you will see the trajectory over the last three, four years, which has had a lot of noise, as we know, and which we have discussed before. But it has also got a lot of things going, and the trajectory of travel also demonstrated partially in H1 will show that direction of travel which provides a view of the future of the continuing business, which is ofi, which is a fairly significant part of that future. Similarly, we have now completed either the exits or winding down of three of the assets in OGH. Therefore, there is strong demonstrated proof of unlocking value and/or taking exit options, which we have demonstrated again. There is again, more to do.

Speaker #2: But it's also got a lot of things going, and the trajectory of travel also demonstrated partially in H1 will show that direction of travel, which provides the view of the future of the continuing businesses, which is OFI, which is a fairly significant part of that future.

Speaker #2: Similarly, we have now completed either the exits or winding down of three of the assets in OGH. Therefore, there is strong demonstrated proof of unlocking value and/or taking exit options, which we have demonstrated again.

Speaker #2: And there's again more to do. And when Gautam talks through the plan, we believe that we are well on our way to ensuring responsible divestment of those assets.

Shekhar Anantharaman: When Gautam talks through the plan, we believe that we are well on our way to ensure responsible divestment of those assets, but being able to do so with a significantly deleveraged balance sheet and more financial flexibility than before. That is an important thing, because otherwise, that was a big drag on the group's earnings. Therefore, these two transactions not only enable the continuing businesses, both ofi as well as OGH, to carve out the next phase of our evolution. The last, in my mind, probably the most important message I want to leave. The group is now simpler, less complex, far more focused, and significantly stronger financially.

Speaker #2: But being able to do so with a significantly deleveraged balance sheet and more financial flexibility than before, and that's an important thing. Because otherwise, that was a big drag on the group's earnings.

Speaker #2: And therefore, these two transactions not only enable the continuing businesses, both OFI as well as OGH, to carve out the next phase of our evolution.

Speaker #2: And the last, in my mind probably the most important message I want to leave, is that the Group is now simpler, less complex, far more focused, and significantly stronger financially.

Speaker #2: And I think that is what is the message I hope partially you'll see in the H1 results, but more to come in the full-year results as we restructure the continuing businesses into their and then more likely in 2027 and 2028 when you'll see the full impact of all these changes, which will happen through the rest of the year.

Shekhar Anantharaman: I think that is what is the message I hope partially you will see in the H1 results, but more to come in the full year results as we restructure the continuing businesses. Then more likely in 2027, you will see the full impact of all these changes which will happen through the rest of the year. It will not all happen within the year, but the impact will be visible in rest of 2026 as well as in 2027. That is the preamble because there is a new reset. I thought it would be useful to kind of set that preamble. What does all this mean? It means, in terms of highlights, three things.

Speaker #2: So it won't all happen within the year, but the impact will be visible in the rest of 2026 as well as in 2027. So that's the preamble. Because there's a new reset, I thought it would be useful to kind of set that preamble.

Speaker #2: So what does all this mean? It means, in terms of highlights, three things. First, the two transactions that we talked about have created, in this half-year, a $1.75 billion gain.

Shekhar Anantharaman: First, the two transactions that we talked about have created in this half year a SGD 1.75 billion gain, SGD 1.35 billion round numbers from the Olam Agri tranche one transaction, and the Mindsprint transaction, which is roughly SGD 400 million. That is a fairly significant one-off gain. It is one-off, so therefore I want to reiterate that. But it is very important in what it does to strengthen the group balance sheet and positions the continuing businesses for the way forward. In the continuing businesses, there is modest profit for the half year, and we will be stripping out both the continuing and the discontinuing impact in this half year because that will be both put together.

Shekhar Anantharaman: First, the two transactions that we talked about have created in this half year a SGD 1.75 billion gain, SGD 1.35 billion round numbers from the Olam Agri Tranche 1 transaction, and the Mindsprint transaction, which is roughly SGD 400 million. That is a fairly significant one-off gain. It is one-off, so therefore I want to reiterate that. But it is very important in what it does to strengthen the group balance sheet and positions the continuing businesses for the way forward. In the continuing businesses, there is modest profit for the half year, and we will be stripping out both the continuing and the discontinuing impact in this half year because that will be both put together.

Speaker #2: $1.35 billion, round numbers, from the Olam Agri Tranche 1 transaction. And the Mindsprint transaction, which is roughly $400 million. So that's a fairly significant one-off gain.

Speaker #2: It is one-off. So, therefore, I want to re-trade that. But it's very important in what it does to strengthen the group balance sheet and position the continuing businesses for the way forward.

Speaker #2: And in the continuing businesses, there is modest profit for the half-year, and we will be stripping out both the continuing and the discontinuing impact in this half-year, because that will be both put together.

Speaker #2: But there again, when you see the results of OFI and OGH separately, you'll know that there is a trajectory there, which we are quite happy with and pleased with.

Shekhar Anantharaman: But there again, when you see the results of ofi and OGH separately, you will know that there is a trajectory there which we are quite happy with and pleased with, and which signals the direction for the future. Important thing, especially for the bankers in the room who have supported us through some very, very tough commodity price environment in the last couple of years. You will see that the impact of this one-off gain reduces our gearing fairly significantly, more than halves our gearing to below one time, probably for the first time in many years. Therefore, it is an extremely important sign of strength, which positions the group for the way forward.

Speaker #2: And it signals the direction for the future. An important thing, especially for the bankers in the room who have supported us through some very, very tough commodity price environments in the last couple of years.

Speaker #2: And you'll see that the impact of this one-off gain reduces our gearing fairly significantly—more than halves our gearing to below one time, probably for the first time in many years.

Speaker #2: So, therefore, it's an extremely important sign of strength, which positions the group for the way forward. And the last part, the board is pleased and has had a lot of deliberations on how we prudently manage the balance sheet, giving the financial flexibility for the continuing businesses that still need work to do, deleveraging the balance sheet, and also sharing the value with the shareholders.

Shekhar Anantharaman: The last part, the board is pleased, has had a lot of deliberations on how we prudently manage the balance sheet, giving the financial flexibility for the continuing businesses that still need work to do, deleveraging the balance sheet, and also sharing the value with the shareholders. So a mix of the above. We are pleased to announce an interim dividend of 1 cent and a special dividend of 6 cents. Again, with the commitment that the group has made, as we progressively divest the other assets, we will be releasing these after keeping in mind the financial requirements and the financial flexibility for the continuing businesses. So that is the financial impact of what has happened in a very high-level summary. I would like to now move on to the operating group results, and I will be presenting the ofi results.

Speaker #2: So, a mix of the above: we are pleased to announce an interim dividend of 1 cent and a special dividend of 6 cents.

Speaker #2: And again, with the commitment that the group has made, as we progressively divest the other assets, we will be releasing things after keeping in mind the financial requirements and the financial flexibility for the continuing businesses.

Speaker #2: So that is the financial impact of what's happened, in a very high-level summary. But I'd like to now move on to the operating group results.

Speaker #2: And I will be presenting the OFI results. And again, while I've shared some parts of this before in previous briefings ever since OFI was created, I thought this would be a useful time, since a significant part of the future is going to be on OFI—and no pressure to myself or the OFI team.

Shekhar Anantharaman: Again, here, while I have said some parts of this before in previous briefings ever since ofi was created. Just thought this would be a useful time since a significant part of the future is going to be on ofi, and no pressure to myself or the ofi team. It is important for us to understand where we are coming from and where we are going. So I think that is a reason, therefore when you, before coming to the half yearly results, which will show some part of this trajectory, you will know where it sits within the trajectory of what we have been doing over the last years. A familiar slide. When we set it up, we had five global businesses strongly integrated with a strong global sourcing network and building on in terms of value-added things, both single ingredients as well as solutions.

Speaker #2: But it is important for us to understand where we are coming from and where we are going. So I think that is a reason, and therefore, before coming to the half-yearly results—which will show some part of this trajectory—you'll know where it sits within the trajectory of what we have been doing over the last years.

Speaker #2: A familiar slide. When we set it up, we had five global businesses, strongly integrated with a strong global sourcing network. And building on, in terms of value added things, both single ingredients as well as solutions. Sustainability at our core still remains at our core—a significant pillar.

Shekhar Anantharaman: Sustainability at our core, still remains at our core, significant pillar, with strong purpose of making, being the change for good food and a healthy future. So that journey, which started five years ago, continues. If anything, the synergistic benefits of integrating these businesses are even more apparent to us, and we want to drive that even more at scale going forward. After having set up, you know what has happened to the world. From the Ukraine war in 2022, the energy crisis that followed, the inflationary environment across the world, high interest rates which particularly impacts the business of our balance sheet structure. Then the last two years of absolutely unprecedented prices in cocoa and coffee simultaneously, which are two of our largest businesses. All of that was a backdrop in which we were implementing the strategy post our incorporation.

Speaker #2: The strong purpose of making, being the change for good food and a healthy future—so that journey, which started five years ago, continues. And if anything, the synergistic benefits of integrating these businesses are even more apparent to us.

Speaker #2: And we want to drive that even more at scale going forward. But after having set up, you know what's happened to the world—from the Ukraine war in 2022, the energy crisis that followed, the inflationary environment across the world, high interest rates, which particularly impact the business of our balance sheet structure, and then the last two years of absolutely unprecedented prices in cocoa and coffee simultaneously, which are two of our largest businesses—all of that was a backdrop in which we were implementing the strategy post our incorporation.

Speaker #2: So, while all this is not to be defensive, I want to probably say now we are clear that the world is not going to get better.

Shekhar Anantharaman: While all these is not to be defensive, I want to probably say now we are clear that the world is not going to get better. Which is not to say that it is gloom and doom, but it is to say that this is the new normal. This impact of geopolitics, trade barriers off and on, enhanced volatility, interest rate environment being uncertain, high inflation, climate change, all that is real, is facing us every day. These all play to our strengths. It plays to our business model. We have had obviously both positive and negative impact in the last three, four years as we have contended with all of this together. But we have learned. We have learned and built playbooks that we feel quite confident and are helping us out. In 2022 and 2023, we were probably a bit reactive.

Speaker #2: Which is not to say that it's gloom and doom. But it is to say that this is the new normal. This impact of geopolitics—trade barriers off and on, increased volatility, interest rate and environment being uncertain, high inflation, climate change—all of that is real and is facing us every day.

Speaker #2: And these all play to our strengths. It plays to our business model. We have had, obviously, both positive and negative impacts in the last three to four years as we have contended with all of this together.

Speaker #2: But we have learned. We have learned and built playbooks that we feel quite confident in and that are helping us out. So, in 2022 and 2023, we were probably a bit reactive.

Speaker #2: There were a lot of things we had done, a lot of investments we had made, and we had to react to all these changes on the fly.

Shekhar Anantharaman: There were a lot of things we had done, a lot of investments we had made, and we had to react to all these changes on the fly. In 2024 and 2025, when we were hit with even more unprecedented times in commodity, we have handled that well. It has impacted our invested capital. Returns have always moved at a lag. We have also learnt from that, and you will see now when prices are readjusting, we are maintaining our earnings as we are reducing our capital deployed and therefore enhancing returns, improving cash flows, et cetera. We are showing through the cycles, if anything.

Speaker #2: But in 2024 and 2025, when we were hit with even more unprecedented times in commodities, we handled that well. It has impacted our invested capital; returns have always moved at a lag.

Speaker #2: But we have also learned from that. And you'll see now, when prices are readjusting, we are maintaining our earnings as we are reducing our capital deployed.

Speaker #2: And therefore, enhancing returns, improving cash flows, et cetera. So, we are showing through the cycles, if anything. So, for me, this graph was more to tell you that you have to look at this business not in half-yearly terms or yearly terms or in one year. Over these five years, despite the up and down cycles, what we feel quite pleased about is that this business—this is the delivery of the business.

Shekhar Anantharaman: For me, this graph was more to tell you that you have to look at this business not in H1 terms or yearly terms or in one. Over this five years, despite the up and down cycles, what we feel quite pleased about is that this business, this is the delivery of the business. It has had its ups and downs. Clearly, EBIT in 2020, we grew EBIT by 12.5%. Capital grew at slightly below. But in between, returns were dramatically impacted because EBIT was not growing fast enough to cope with the invested capital increase. Those prices increase were immediate, interest rate increases were immediate. We are sold forward to our customers, so there is always a lag.

Speaker #2: So it has had its ups and downs. Clearly, EBIT in 20 we we grew EBIT by 12 and a half percent. Capital grew at slightly below.

Speaker #2: But in between, returns were dramatically impacted because EBIT was not growing fast enough to cope with the invested capital increase. Price increases were immediate; interest rate increases were immediate.

Speaker #2: And we are sold forward to our customers, so there is always a lag. But we have started showing that in 2025, and you'll see that even more pronounced in the first half of 2026—that as the reverse happens, we have equally been able to maintain the lag in our favor.

Shekhar Anantharaman: We have started showing that in 2025, and you will see that even more pronounced in H1 2026, that as the reverse happens, we have equally been able to maintain the lag in our favor in terms of holding on to our earnings with a dramatic reduction in both invested capital and therefore obviously interest and net returns. I think it is important to see this business in the light of what we have in terms of capabilities, network, customer access, pricing power, and the ability and the resilience and the agility to manage through these cycles. That is an important message I want to leave you with, not to kind of really look at it in history.

Speaker #2: In terms of holding on to our earnings, with a dramatic reduction in both invested capital and therefore, obviously, interest and net returns. So, I think it's important to see this business in the light of what we have in terms of capabilities, networks, customer access, and pricing power.

Speaker #2: And the ability, and the resilience, and the agility to manage through these cycles. And that's an important message I want to leave you with—not to just really look at it in history.

Speaker #2: What is more important is that this is going to be significantly important for our future, because that's what the world needs—and the world needs even more, considering the kind of outlook that I think most of us recognize is real for the world going forward.

Shekhar Anantharaman: What is more important is that this is going to be significantly important for our future because that is what the world needs, and the world needs even more considering the kind of outlook that, I think most of us recognize is real for the world going forward. What do we do has not dramatically changed, but we have started doing that bigger, better. We are not doing new things, but what we are doing, we are doing better. We are doing it with more technology, with better processes, with far more expertise on the ground. The global sourcing still remains the core for all our portfolio.

Speaker #2: So what we do has not dramatically changed. But we have started doing it bigger and better. So we are not doing new things, but what we are doing, we are doing better—doing it with more technology, with better processes, and with far more expertise on the ground.

Speaker #2: So the global sourcing still remains the core for all our portfolio. But on top of that global sourcing, now we have a very significant single ingredient portfolio and a product mix, whether it's in cocoa—cocoa powder, butter, liquor—or in soluble coffee and ingredients, or in nuts and nut ingredients, spice and spice ingredients, dairy and dairy ingredients.

Shekhar Anantharaman: But on top of that global sourcing, now we have very significant single ingredient portfolio and a product mix, whether it is in cocoa powder, butter, liquor, or in soluble coffee and ingredients, or in nuts and nuts ingredients, spice and spice ingredients, dairy and dairy ingredients. We have been investing steadily, both organic and inorganic, to really build a very strong over 120 manufacturing facilities. I call this because when we present our results, it has always been and will remain as global sourcing and ingredient solutions. But we have the global sourcing business which provides the base for the single ingredients as well as the solutions which are now significantly bigger in the last 4 or 5 years as we built the private label business which is now very far. We have invested a lot.

Speaker #2: We have been investing steadily, both organically and inorganically, to really build a very strong network of over 120 manufacturing facilities. I call this out because when we present our results, it has always been, and will remain, about global sourcing and ingredient solutions.

Speaker #2: But we have the global sourcing business, which provides the base for the single ingredients, as well as a solutions which are now significantly bigger during the in the last four, five years, as we have built the private label business, which is now a very far we have invested a lot so initially we were building those businesses and we took the impact of the investment.

Shekhar Anantharaman: Initially we were building those businesses and we took the impact of the investment, but the businesses were building. But now we are in the phase where that is going to also. It is already delivering and will deliver even more. The solutions part of the business is still small. The channel solutions, which is the private label specifically and the QSR, is beginning to grow and becoming far more substantive. And so therefore, when you look at our business in the ingredient solution segment, it is both the single ingredients as well as the solutions, and that combination is growing, and those are obviously higher return businesses. And as we build the product mix and deeper access, that will grow and that will show in our and is showing, but will show even more going forward.

Speaker #2: But the businesses were building. But now we are in the phase where that is also already delivering and will deliver even more.

Speaker #2: So, the solutions part of the business is still small. The channel solutions, which is the private label specifically, and the QSR, are beginning to grow and becoming far more substantive.

Speaker #2: And so, therefore, when you look at our business in the Ingredient Solutions segment, it is both the single ingredients as well as the solutions.

Speaker #2: And that combination is growing, and those are obviously higher return businesses. And as we build the product mix and deepen access, that will grow.

Speaker #2: And that will show in our, and it is showing, but it will show even more going forward. So this combination of the business is, again, just to reiterate, what we started over five years ago.

Shekhar Anantharaman: This combination of the business is again, just to reiterate what we started ofi with. So we stayed true to the course. Net of everything that has happened, we have stayed true to that strategy, and that strategy is working, and that strategy is deepening, and we are integrating this across all our product portfolio. And now we really look at our business as source, process, deliver, the raw material where that is required in a sustainable, traceable way. The single ingredient when that is required with the right innovation and application development and the category solution as it is required in whatever parts of the business. So that is kind of the business portfolio. Obviously, we do it across in terms of, we are now also far closer to the consumption, different from the ofi or Olam of the past.

Speaker #2: So we have stayed true to the course. Net of everything that's happened, we have stayed true to that strategy. And that strategy is working.

Speaker #2: And that strategy is deepening, and we are integrating this across all our product portfolio. And now, we really look at our business as source, process, deliver the raw material, where that's required in a sustainable, traceable way.

Speaker #2: The single ingredient, when that is required with the right innovation and application development, and the category solution as it's required in whatever parts of the businesses.

Speaker #2: So that's kind of the business portfolio obviously we do it across in terms of we are now also far closer to the consumption. Different from the over five or Olam of the past, we are far so we are now really very strong players not in cocoa, coffee, nuts, spices, dairy, but in bakery, beverages, chocolate, confectionery, dairy, does and and therefore it's the end use consumption that we are focused on.

Shekhar Anantharaman: We are far. So we are now really very strong players, not in cocoa, coffee, nuts, spices, dairy, but in bakery, beverages, chocolate, confectionery, dairy. And therefore it is the end-use consumption that we are focused on for customers and what we can offer in terms of choices for the customers. That is really the focus. And it is across a deep and diversified customer base, which has again changed quite, I would say, 5 years ago or more, we would have had 95%, 98%, maybe even 99% with the large CPGs. Now, the large CPGs are still important and growing, but we have a strong base with the private label retailers, strong base with the QSRs and growing base with the QSRs, and a lot of the small medium customers in markets who are very valuable in terms of margin and product mix.

Speaker #2: The customers and what we can offer in terms of choices for the customers—that's really the focus. And it's across a deep and diversified customer base, which has again changed quite a bit, I would say, five years ago or more.

Speaker #2: We would have had 95, 98, maybe even 99 percent with the large CPGs. Now, the large CPGs are still important and growing, but we have a strong base with the private label retailers, a strong base with the QSRs, and a growing base with the QSRs.

Speaker #2: And a lot of the small and medium customers in markets, who are very valuable in terms of margin and product mix—so that customer base, which was very strong, is changing.

Shekhar Anantharaman: So that customer base, which was very strong, is changing, and it is changing towards the new mix that ofi is building. That is again a very important part of understanding. Getting closer to the customers, getting closer to the consumption categories and providing some real scene as a supplier of choices, sustainable choices across this scope of customers. Obviously, we do that around the world and we kind of say this is cheekily, we are around the world but also around the corner. That is an important thing. There is global diversification, which is becoming even more important with the kind of supply disruptions we are having. Having alternatives around the world is very critical. But also being present around the corner, whether it is for our suppliers or farmers or for our customers, is also equally important.

Speaker #2: And it's changing towards the new mix that over five is building. And that's again a very important part of understanding, getting closer to the customers, getting closer to the consumption categories, and providing some real seen as a supplier of choices sustainable choices in across this scope of customers.

Speaker #2: Obviously, we do that around the world. And we kind of say this cheekily—we are around the world, but also around the corner.

Speaker #2: And that's an important thing. So there is global diversification, which is becoming even more important with the kind of supply disruptions we are having. Having alternatives around the world is very critical.

Speaker #2: But also, being present around the corner—whether it's for our suppliers, our farmers, or our customers—is equally important. And being able to deliver that integrated capacity to the farmer, in the way of price discovery and what we can offer them, and to the customer by way of integrating backwards.

Shekhar Anantharaman: Being able to deliver that integrated capacity to the farmer in way of price discovery and what we can offer them, and to the customer by way of integration backwards. That combination is very critical, and we have built on this. It was there physically, we are now building on this digitally, so therefore we are trying to do this at scale with better use of people, process, and technology. That is again, very important. Now these things take time, but we are doing this very deliberately. We are not trying to do new things, but doing things differently in areas that matter. That has been the focus for ofi, will remain the focus for ofi. Yeah, that is kind of the message I want to leave you with. It has been volatile, and it is not going to change. The consumer's behavior is changing.

Speaker #2: That combination is very critical. And we have built on this; when it was there physically, we are now building on this digitally. So therefore, we are trying to do this at scale with better use of people, process, and technology.

Speaker #2: And that's, again, very important. These things take time, but we are doing this very deliberately. We're not trying to do new things, but doing things differently in areas that matter.

Speaker #2: And that's been the focus for over five. Will remain the focus for over five. So, yeah, that's kind of the message I want to leave you with.

Speaker #2: It's been volatile, and it's not going to change. The consumer's behavior is changing. There were a lot of health and wellness trends, sustainability trends, and convenience trends.

Shekhar Anantharaman: There was a lot of health and wellness trends, sustainability trends, convenience trends, they remain. But there is also consumer being, seeking value. With what is happening across the world, price and value, and more than price, value is being sought. Therefore, one part of our private label trust is also that we can cover the range of values for the range of consumers that are there. Climate sustainability is even more important. Sustainability is always important. With the climate change and everything else, we need to deliver our impact in our parts of the value chain and offer choices for change for the customers. We have to use technology and AI. I am not a great believer, and let me be very clear, AI is for real, but we are not chasing the AI dream.

Speaker #2: They remain. But there's also consumer being seeking value. With what's happening across the world, price and value and more than price, value is being sought.

Speaker #2: Therefore, one part of our private label trust is also that we can cover the range of values for the range of consumers that are there.

Speaker #2: Climate sustainability is even more important. Sustainability has always been important, with climate change and everything else. We need to deliver our impact in our parts of the value chain and offer choices for change for the customers.

Speaker #2: And we have to use technology and AI. I am not a great believer, and let me be very clear: AI is for real. But we are not changing the AI tree.

Speaker #2: We are trying to use—get the right retool, reskill our people, put the right process in place, and then use appropriate technology, whether it's AI or digital, or whatever you want to call it. It doesn't really matter.

Shekhar Anantharaman: We are trying to get the right retool, reskill our people, put the right process in place, and then use appropriate technology, whether it is AI or digital or whatever you want to call it does not really matter. But it is the appropriate use of people, process, and putting the right technology on top. It is not a technology game. It is business value driving that imperative. So that has been ofi's approach. We have simplified the business, simplified our structure, focused on cost leadership, and then hoping that what we have done in the last 4 years will reflect not only in the H1 results, but also in the foundation, where we want to really show accelerated growth, going forward. So it segues into the H1 results. Just to snapshot without repeating anything, H1 has been no different than the last 4 years.

Speaker #2: But it's the appropriate use of people, process, and putting the right technology on top. It is not a technology game. It is business value being driven by that imperative.

Speaker #2: So that's been our approach over the past five years. We have simplified the business, simplified our structure, and focused on cost leadership. We are hoping that what we have done in the last four years will reflect not only in the half-yearly results, but also lay a foundation for accelerated growth going forward.

Speaker #2: So it segues into the H1 results. And just a snapshot without repeating anything—H1 has been no different than the last four years. So, we have a new war which nobody anticipated, starting on February 28th.

Shekhar Anantharaman: We have a new war, which nobody anticipated, starting on 28 February. I say this with a smile, but obviously a tragic situation for the world. Which means that at the start of the year, we are looking at interest rates going south, but again, now likely to remain higher for longer, who knows. Energy inflation repriced again across the globe. Everything that it takes from fertilizer to logistics to everything else. Cocoa, coffee prices corrected, but again, with a strong El Niño looking now probably the strongest El Niño on record coming up. Again, prices are up and likely to stay volatile. Then there is all changes in regulations in EUDR, which impact some of our businesses, which is again. What I mentioned, nothing has changed.

Speaker #2: I say this with a smile, but obviously, it's a tragic situation for the world. Which means that at the start of the year, we are looking at interest rates going south.

Speaker #2: But again, now likely to remain higher for longer. Who knows? Energy inflation repriced again. Across the globe, everything that it hits, from fertilizer to logistics to everything else.

Speaker #2: Cocoa and coffee prices corrected, but again, with a strong El Niño—now probably the strongest El Niño on record—coming up, prices are up again.

Speaker #2: And likely to stay volatile. And then there are all the changes in regulations in EUDR which impact some of our businesses, which is again, so what I mentioned, nothing has changed.

Speaker #2: There are different dynamics, but through this, we have stayed focused on ensuring that we can retain our earnings, improve our capital productivity, and improve capital allocation.

Shekhar Anantharaman: There are different dynamics, but through this, we have stayed focused on ensuring that we can retain our earnings, we can improve our capital productivity, improve capital allocation, and that is what I hope we will be able to do. Also an important element of managing risk and recovering cost of not only capital deployed, but risk-adjusted earnings, because these are elevated risk levels, not just elevated capital levels we need to recover. That is what we feel that we are able to do with our customer access through these cycles. What does it mean? In terms of our half yearly results, just focusing on that, three or maybe four points I want to highlight on this slide.

Speaker #2: And that's what I hope you will be able to, and also, an important element of managing risk and recovering cost—not only capital deployed, but risk-adjusted earnings.

Speaker #2: Because these are elevated risk levels, not just elevated capital levels. So we need to recover, and that's what we feel that we are able to do with our customer access through these cycles. And so, what does it mean?

Speaker #2: So, in terms of our half-yearly results—just focusing on that—three, or maybe four, points I want to highlight on the slide. One, earnings at the EBIT level, in Singapore dollar terms, are down 5%.

Shekhar Anantharaman: One, earnings at the EBIT level in Singapore dollar terms are down 5%, but I would treat that as down with commodity prices falling significantly lower, invested capital falling significantly lower. This is to be seen as retaining our earnings while dropping our capital deployed. While headline is -5%, the second aspect of that is we are a USD company and always have been. When you look at this is also because of the Singapore dollar-USD change. On a USD basis, this is roughly about a 2% drop in earnings compared to the 5% that you are seeing at the top level. We are quite pleased with this.

Speaker #2: But I would treat that as down, with commodity prices falling significantly lower and invested capital falling significantly lower. So this is to be seen as retaining our earnings while dropping our capital deployed.

Speaker #2: So, while the headline is minus 5%, the second aspect of that is we are a US dollar company and always have been. When you look at this, this is also because of the Singapore dollar–US dollar change, so on a US dollar basis, this is roughly about a 2% drop in earnings compared to the 5% that you're seeing at the top level.

Speaker #2: So, we are quite pleased with this. With the kind of reduction in prices and the reduction in capital deployed, the direction of travel should have—could have—but we are pleased to retain earnings at these levels, retain the EBIT per ton also within the two segments, and also ensure that the mix towards ingredient solution continues to be retained.

Shekhar Anantharaman: With the kind of reduction in prices and the reduction in capital deployed, direction of travel could have. But we are pleased to retain earnings at these levels, retain the EBIT per ton, also within the two segments. Also ensuring that the mix towards ingredient solution continues to be retained. During this process, we have not changed that. The focus on the product mix and margin mix remains the same. We feel quite pleased with that part of the equation. On the other side, strong, of course, aided by prices. When the prices were going up, obviously this was going the other way. But with the price reduction, but also very strong capital allocation, allocating capital to margins that matter, customers that matter, has been a very part of the playbook now.

Speaker #2: So during this process, we have not kind of changed at all; the focus on the product mix and margin mix remains the same. So we feel quite pleased with that part of the equation.

Speaker #2: On the other side, strength was of course aided by prices. So, when prices were going up, obviously this was going the other way.

Speaker #2: But with the price reduction, and also very strong capital allocation—allocating capital to margins that matter, customers that matter—this has been a very big part of the playbook now.

Shekhar Anantharaman: That has meant that while we had a 5% reduction in EBIT, it is compared to a 19% reduction in invested capital. Automatically, you will see that impact in cash flow generation, in returns. While this is H1, so we will be looking at annualized returns at the end of the year. But it will be fairly obvious that the returns will be improving and net earnings will be improving with interest rates remaining at this point of time stable. But on a lower capital deployed, that direction of travel in terms of EBIT to PBT conversion also should be quite clear. Those are the messages that you should take from this, not just the absolute numbers, which are what they are, but the direction of travel in terms of maintaining EBIT with a strong reduction in invested capital, signaling improved earnings, improved net earnings, returns, and cash flow.

Speaker #2: And that's meant that, while we had a 5% reduction in EBIT, it's compared to a 19% reduction in invested capital.

Speaker #2: So, automatically, you'll see that impact in cash flow generation. In returns, while these are this half-yearly, we'll be looking at the annualized returns at the end of the year.

Speaker #2: But it will be fairly obvious that the returns would be improving and net earnings would be improving, with interest rates remaining, at this point of time, stable.

Speaker #2: But on a lower capital deployed, that direction of travel in terms of EBIT to PBT conversion should also be quite clear. So those are the messages that you should take from this—not just the absolute numbers, which are what they are, but the direction of travel in terms of maintaining EBIT with a strong reduction in invested capital, signaling improved earnings, improved net earnings returns, and cash flow.

Speaker #2: So, just a quick look at the Global Sourcing segment. This has remained resilient, and this is a point that I've made many times in the past.

Shekhar Anantharaman: Just a quick look at the Global Sourcing segment. This has remained resilient, and this is the point that I have made many times in the past. This is the bedrock. This is the foundation on top of which we are building an ingredient solutions business. Over these cycles, we saw this when the markets were going up, we saw this when the markets are coming down. The green coffee business or the cocoa bean origination or the cashew origination or the pepper origination or the dairy origination, these are parts of the businesses that have had to contend, even in this half, fairly significant both ups and downs in the market. Any of you tracking the cocoa or coffee or dairy markets know that they have gone both up and down fairly significantly, not by ordinary ranges.

Speaker #2: This is the bedrock. This is the foundation on top of which we're building an ingredient solutions business. And, over these cycles, we saw this when the markets were going up.

Speaker #2: We saw this when the markets were coming down. The green coffee business, or the cocoa bean origination, or the cashew origination, or the pepper origination, or the dairy origination—these are parts of the business that have had to contend, even in this half-year, with fairly significant ups and downs in the market.

Speaker #2: Any of you tracking the cocoa, coffee, or dairy markets know that they've gone both up and down fairly significantly—not by ordinary ranges.

Speaker #2: But the global sourcing business has navigated that. So there is risk management trading, and ensuring that with the customer access we have, we have been able to grow EBIT while we have reduced capital by almost $1.7 billion.

Shekhar Anantharaman: But the global sourcing business has navigated that, so there is risk management trading and ensuring that the customer access, that we have been able to grow EBIT while we have dropped capital by almost USD 1.7 billion because the biggest working capital is invested in this part of the business. Again, quite a positive story from our side, reiterating the business model going forward. A lot of the business and the standout performers this year have been green coffee as well as the cocoa continuing to do that. Quite pleased with the results of this segment.

Speaker #2: Because the biggest working capital is invested in this part of the business. So again, quite a positive story from our side, re-trading the business model.

Speaker #2: Going forward, a lot of the business and the standout performers this year have been green coffee, as well as cocoa continuing to do that.

Speaker #2: So, quite pleased with the results of this segment. And on the ingredient solution side, which, like I said, is a lot of the single ingredients in coffee, dairy, nuts, spices, et cetera.

Shekhar Anantharaman: On the ingredient solution side, which is like I said, is a lot of the single ingredients in coffee, dairy, nuts, spices, et cetera, but also the private label business, which is especially in North America and Europe where the investments were made in the last few years has really grown, and that is something which is very pleasing. Overall, again here there is a bit more sharper fall in EBIT, but again lower than the fall in invested capital. Again, we feel quite comfortable that based on the timing differences and the product mix differences for the H1, overall, we feel quite confident that this business or this segment or the businesses in this segment are all headed in the right direction. There are some turnaround areas that we had signaled in the past.

Speaker #2: But also, the private label business, which is especially strong in North America and Europe—where the investments were made in the last few years—has really grown.

Speaker #2: And that's something which is very pleasing. So, overall, again, here there is a bit more sharper fall in EBIT, but again, lower than the fall in invested capital.

Speaker #2: And again, we feel quite comfortable that, based on the timing differences and the product mix differences for the first half, overall, we feel quite confident that this business, or this segment, or the businesses in this segment, are all headed in the right direction.

Speaker #2: There are some turnaround areas that we had signaled in the past—so North America Spices, for instance, or the dairy in New Zealand, which is in the process of commissioning our second line right now.

Shekhar Anantharaman: North America spices for instance or the dairy in New Zealand, which is in the process of commissioning our second line right now. Those are still gestating, so the full value of those investments. The investments are here, but the full value of those investments are not there. This is a segment where a lot of the investments have happened in the last 3, 4 years, probably not so much in the global sourcing which has been mostly working capital led. The full value of these investments in this segment are yet to fully play out, but that will be again a part of the growth of this segment going forward. Overall, that's the story. Sorry for the long spiel and I'll be handing over to Gautam and come back again. But this is the message I want to leave you with for 2005.

Speaker #2: Those are still gestating. So the full value of those investments—the investments are here. But the full value of those investments is not there.

Speaker #2: So, this is a segment where a lot of the investments have happened in the last three or four years. Probably not so much in the global sourcing, which has been mostly working capital-led.

Speaker #2: So, the full value of these investments in this segment has yet to fully play out. But that will again be a part of the growth of this segment going forward.

Speaker #2: So overall, that's the story. Sorry for the long spiel. I'll be handing over to Gautam and will come back again, but this is the message I want to leave you with for '05.

Speaker #2: We are showing tremendous resilience. On the back of the last four years, even in this half, we are managing the volatility—growing our earnings or maintaining our earnings—while improving our returns and reducing our capital deployed.

Shekhar Anantharaman: We are showing tremendous resilience on the back of the last 4 years, even in this H1, managing the volatility, growing our earnings or maintaining our earnings while improving our returns and reducing our capital deployed. That's I think a very important message. We'll remain committed to doing what we are doing strategically with the capital discipline, that's risk discipline, trading discipline that we have built into our model and that will remain. I should have mentioned in the global sourcing, as you know, we have some farming assets and materially in almonds but also in coffee, cocoa, and spices. We are reviewing those and as part of the. Because the kind of volatility in the farming assets especially under the climate change et cetera is very high and the variability on yield as well as price causes variability in the business.

Speaker #2: And that's, I think, a very important message. We will remain committed to doing what we are doing—strategically, with the capital discipline, risk discipline, and trading discipline that we have built into our model.

Speaker #2: And that will remain. We are I should have mentioned in the global sourcing, as you know, we have some farming assets and materially in almonds, but also in coffee, cocoa, and spices.

Speaker #2: We are reviewing those. And as part of that, because the kind of volatility in the farming assets, especially under climate change, et cetera, is very high.

Speaker #2: And the variability in yield, as well as price, causes variability in the business. Therefore, that's something we are reviewing. That's again part of the capital discipline and capital allocation process.

Shekhar Anantharaman: Therefore that's something that we are reviewing. That's again part of the capital discipline and capital allocation process. Net of all this, we feel quite comfortable maintaining our midterm guidance of the focus is not on volume, so we are looking at low single digit to mid single digit volume growth but a high medium to high single digit EBIT growth signaling the direction of travel. But also want to signal that the direction of travel on the returns which were impacted because the working capital and price increases over the last couple of years, that is also something which is a focus and we hope to improve that quite substantively in this year and thereafter. With that I'll hand over to Gautam and be back at the end to take questions.

Speaker #2: And net of all this, we feel quite comfortable maintaining a midterm guidance of the focus is not on volume. So we are looking at low single digit to mid single digit volume growth, but a high medium to high single digit EBIT growth, signaling the direction of travel.

Speaker #2: But I also want to signal that the direction of travel on the returns, which were impacted because of working capital and price increases over the last couple of years, is also something which is a focus, and we hope to improve that quite substantively in this year and thereafter.

Speaker #2: So with that, I'll hand over to Gautam and be back at the end to take questions.

Speaker #1: Thank you, Shekhar. And good morning to all of you. Before I jump into the H1 results, I thought it would be good for all of us to, you know, align on what OGH really is.

Gautam Wadhwa: Thank you, Shekhar, and good morning to all of you. Before I jump into the H1 results, I thought it'd be good for all of us to align on what is OGH, really. OGH or Olam Global Holdco is the holding company for all the non-core businesses of the Olam Group, with the sole objective of responsibly divesting them over time. That's really the mandate with which I've taken over, as the CEO of OGH. Within OGH, we have four key assets, which are continuing with us. The first one is OPG or Olam Palm Gabon. This is a palm plantation in Gabon with about 63,000 hectares, of which 50,000 hectares are operational. Then we have Olam Rubber Gabon, which again is a rubber plantation in Gabon, with about 11,000 hectares operational. Both of these assets are a 60/40 with the government of Gabon.

Speaker #1: So OGH, or Olam Global Whole Co, is the holding company for all the non-core businesses of the Olam Group, with the sole objective of responsibly divesting them over time.

Speaker #1: So that's really the mandate with which I have taken over as CEO of OGH. Now, within OGH, we have four key assets which are continuing with us.

Speaker #1: The first one is OPG, or Olam Palm Gabon. This is a palm plantation in Gabon with about 63,000 hectares, of which 50,000 hectares are operational.

Speaker #1: Then we have Olam Rubber Gabon, which again is a rubber plantation in Gabon, with about 11,000 hectares operational. Both of these assets are a 60/40 joint venture with the Government of Gabon.

Speaker #1: The third big asset we have is Rasmalco. This is a dairy business in Russia, and we own 100% of this. Then we have Caraway, which is an FMCG business primarily in Nigeria and Ghana.

Gautam Wadhwa: The third big asset we have is Rusmolco. This is a dairy business in Russia, and we own 100% of this. We have Caraway, which is an FMCG business primarily in Nigeria and Ghana. We own 75% of this. 25% is with Sanyo, which as you know, is a Japanese conglomerate. Apart from this, we do have certain smaller assets. We have a ports and logistics business, which is ARISE P&L that you will see on the right, which has two ports in Gabon, one in Ivory Coast. We have Mantra, which is a logistics business, again in Ivory Coast, and a couple of other smaller businesses. The focus is going to be on these four large assets, going forward. As Shekhar mentioned, some exits have already happened from this portfolio, Mindsprint being the latest one and the big one.

Speaker #1: We own 75% of this; 25% is with Sanyo, which, as you know, is a Japanese conglomerate. Apart from this, we do have certain smaller assets.

Speaker #1: So we have a ports and logistics business, which is Arise P&L, that you will see on the right. It has two ports in Gabon and one in Ivory Coast.

Speaker #1: We have Mantra, which is a logistics business, again in Ivory Coast, and a couple of other smaller businesses. The focus is going to be on these four large assets.

Speaker #1: Going forward, as Shekhar mentioned, some exits have already happened from this portfolio—Mindswind being the latest one, and the big one. Apart from that, we've also exited Jiva and Terrascope.

Gautam Wadhwa: Apart from that, we have also exited Jiva and Telescope. Jiva was a shutdown whereas Telescope was a million-dollar exit. ARISE P&L, this is something that has been spoken about before as well. This is a transaction which has been signed but not closed yet. That is really what the OGH portfolio looks like and what we will be focusing on. Moving on to the H1 results. If I start with the left side, it looks like a massive drop from 156 million to -55. However, I just want to call out that in the 156 million that you see for H1 2025, there is 187 million of FX gains. If I strip that out, in H1 2025, we would be at -31. The drop this year in H1 has been from -31 to -55, which is about $24 million. This is largely on account of OPG, Olam Rubber Gabon, and Rusmolco.

Speaker #1: Jiva was a shutdown, whereas Terrascope was a million-dollar exit. Arise P&L—this is something that's been spoken about before as well. This is a transaction which has been signed but not closed yet.

Speaker #1: So that's really what the OGH portfolio looks like and what we'll be focusing on. Moving on to the H1 results—if I start with the left side, it looks like a massive drop from $156 million to minus $55 million.

Speaker #1: However, I just want to call out that in the $156 million that you see for H1 2025, there's $187 million of FX gains. So, if I strip that out, in H1 2025 we would be at minus $31 million.

Speaker #1: The drop this year in H1 has been from minus 31 to minus 55, which is about $24 million. This is largely on account of OPG, ORG, and Rasmalco.

Speaker #1: In ORG's case, it is just a mark-to-market loss, which will reverse during the course of the year, so nothing to worry about. In OPG, our export sales have been lower than expected.

Gautam Wadhwa: In Olam Rubber Gabon's case, it is just mark-to-market losses, which will reverse during the course of the year. So nothing to worry. In OPG, our export sales have been lower than expected. In Rusmolco, while the operations are good, the volumes are growing, it is primarily because of the milk price. The milk price this year has been far lower than what it was last year. From the mid-40s, right now we are trending at about mid-30s. That is really the reason why we see that drop of 24 million, on the EBIT side. If I come to invested capital, once again, looks like a jump of about 272 million. But a large part of this is on account of the fair valuation of the put and call option for the remaining 18% stake of Olam Agri. So it is not really linked to the OGH businesses that I spoke about.

Gautam Wadhwa: In ORG's case, it is just mark-to-market losses, which will reverse during the course of the year. So nothing to worry. In OPG, our export sales have been lower than expected. In Rusmolco, while the operations are good, the volumes are growing, it is primarily because of the milk price. The milk price this year has been far lower than what it was last year. From the mid-40s, right now we are trending at about mid-30s. That is really the reason why we see that drop of 24 million, on the EBIT side. If I come to invested capital, once again, looks like a jump of about 272 million. But a large part of this is on account of the fair valuation of the put and call option for the remaining 18% stake of Olam Agri. So it is not really linked to the OGH businesses that I spoke about.

Speaker #1: And in Rasmalco, while the operations are good and volumes are growing, it's primarily because of the milk price. The milk price this year has been far lower than what it was last year.

Speaker #1: So, from the mid-40s, we are—right now—we are trending at about the mid-30s. So that's really the reason why we see that drop of $24 million.

Speaker #1: On the EBIT side, if I come to invested capital, it looks, once again, like a jump of about $272 million. But a large part of this is on account of the fair valuation of the put and call option for the remaining 18% stake of Olam Agri.

Speaker #1: So, it is not really linked to the OGH businesses that I spoke about. If I exclude that, the actual increase is only about $35 million, which is roughly a percent, or a little over a percent.

Gautam Wadhwa: If I exclude that, the actual increase is only about 35 million, which is roughly a percent or a little over a percent. This also, if I just take this 35 and split it, a large part of it comes from the Mindsprint. Mindsprint used to have a negative working capital, which has now been reversed. So we do not get that benefit. A small part of it is because of an inventory buildup in OPG. Because as I mentioned, the export sales were lower than expected, so there has been some inventory buildup. Really, on invested capital, if I exclude the Olam Agri piece, it is largely where it is. Going forward, unlike Shekhar, I do not have a detailed strategy, I think because my plan is very clear. My mandate is to responsibly divest all of these assets over time and unlock value for the shareholders.

Speaker #1: Also, if I strip out this 30—if I just take this 35 and split it—a large part of it comes from the Mindswind.

Speaker #1: So Mindswind used to have a negative working capital, which has now been reversed, so we don't get that benefit. A small part of it is because of an inventory buildup in OPG, because, as I mentioned, the export sales were lower than expected.

Speaker #1: So, there's been some inventory buildup. So really, on the invested capital—if I exclude the Olam Agri piece—it's largely where it is. Going forward, unlike Shekhar, I don't have a detailed strategy.

Speaker #1: I think because my plan is very clear. My mandate is to responsibly divest all of these assets over time and unlock value for the shareholders.

Speaker #1: While we do that, we will continue working on the value creation plans for these assets, focusing on the four key ones that I described earlier.

Gautam Wadhwa: While we do that, we will continue working on the value creation plans for these assets, focusing on the four key ones that I described earlier. That is really from me. I will hand over now to K. Venkat to take you through the group results.

Speaker #1: So that's really all from me. I'll hand over now to Venkat to take you through the group results.

Speaker #2: Thank you, Gautam. Good morning, all of you. I'm pleased to be amongst you today to discuss the Olam Group's first half 2026 performance highlights.

K. Venkat: Thank you, Gautam. Good morning, all of you. I am pleased to be amongst you today to discuss the Olam Group's H1 2026 performance highlights. I will, in the next few slides, take you through first the performance of the continuing businesses, in line with the theme that we have, the recent theme that we have set for the results briefing, where the focus internally is going to be clearly on ofi and OGH, which are essentially the continuing businesses. Going forward, when we discuss the group performance, once again, we are going to align with that internal focus and start talking more and more about the continuing businesses and the progress that we are making in those businesses. I will start with a summary of how the H1 panned versus the last year's H1. Volumes at 2 million were down about 10% from last year.

Venkat Krishnan: Thank you, Gautam. Good morning, all of you. I am pleased to be amongst you today to discuss the Olam Group's H1 2026 performance highlights. I will, in the next few slides, take you through first the performance of the continuing businesses, in line with the theme that we have, the recent theme that we have set for the results briefing, where the focus internally is going to be clearly on ofi and OGH, which are essentially the continuing businesses. Going forward, when we discuss the group performance, once again, we are going to align with that internal focus and start talking more and more about the continuing businesses and the progress that we are making in those businesses. I will start with a summary of how the H1 panned versus the last year's H1. Volumes at 2 million were down about 10% from last year.

Speaker #2: I will, in the next few slides, take you through first the performance of the continuing businesses, in line with the theme that we have—the right theme that we have set for the results briefing—where the focus internally is going to be clearly on OFI and OGH, which are essentially the continuing businesses.

Speaker #2: So, going forward, when we discuss the group performance, once again, we're going to align with that internal focus and start talking more and more about the continuing businesses and the progress that we're making in those businesses.

Speaker #2: And I will start with a summary of how the first half panned versus last year's first half. Volumes at 2 million were down about 10% from last year.

Speaker #2: So, last year was 2.2 million, and we're only talking about OFI and OGH here. Volumes being down 10% are primarily attributable to OGH, and we will look through the details in the next few slides.

K. Venkat: Last year was 2.2 million, and we are only talking about ofi and OGH here. Volumes being down 10% primarily attributable to OGH, and we will look through the details, in the next few slides. When you look at revenues, clearly revenues are down by far more from SGD 15.3 billion in the H1 of 2025 to SGD 12.5 billion. This clearly reflects the softening trend that we have seen in cocoa and coffee prices, which Shekhar described to you when he took you through the ofi performance. While we have seen the cocoa and coffee prices come off their lows, they are still meaningfully below or well below the highs that we had seen in late 2024, early 2025. That clearly, therefore, reflects in all of the other parameters which we discussed, primarily in terms of the balance sheet as well as the returns.

Venkat Krishnan: Last year was 2.2 million, and we are only talking about ofi and OGH here. Volumes being down 10% primarily attributable to OGH, and we will look through the details, in the next few slides. When you look at revenues, clearly revenues are down by far more from SGD 15.3 billion in the H1 of 2025 to SGD 12.5 billion. This clearly reflects the softening trend that we have seen in cocoa and coffee prices, which Shekhar described to you when he took you through the ofi performance. While we have seen the cocoa and coffee prices come off their lows, they are still meaningfully below or well below the highs that we had seen in late 2024, early 2025. That clearly, therefore, reflects in all of the other parameters which we discussed, primarily in terms of the balance sheet as well as the returns.

Speaker #2: When you look at revenues, clearly revenues are down by far more—from $15.3 billion Singapore dollars in the first half of 2025 to $12.5 billion Singapore dollars.

Speaker #2: This clearly reflects the softening trend that we've seen in cocoa and coffee prices, which Shekhar had described to you when he took you through the OFI performance.

Speaker #2: While we have seen that cocoa and coffee prices have come off their lows, they're still meaningfully below, or well below, the highs that we had seen in late 2024, early 2025.

Speaker #2: So that clearly therefore reflects in all of the other parameters which we discussed, primarily in terms of the balance sheet, as well as the returns.

Speaker #2: When we look then at the PATMI numbers, reported PATMI, which is at S$55.6 million, and operational PATMI, which is at S$64.4 million, you would see numbers which are negative 66.1 from a comparison standpoint and negative 61.5% from a comparison standpoint.

K. Venkat: When we look then at the PATMI numbers, reported PATMI, which is SGD 55.6 million, and operational PATMI, which is at SGD 64.4 million. You would see numbers which are -66.1% from a comparison standpoint and -61.5% from a comparison standpoint. But I would like to just mention that they are markedly better when we adjust for the Forex gains, one-off Forex gains that we had in the H1 of 2025. We will go through the numbers when I take you through the PATMI and operational PATMI numbers in detail in the next few slides. EBIT is a very similar picture. While you see the reported EBIT being 34.2% lower, once we adjust for the one-off FX gains that we had in H1 of 2025, the EBIT numbers will be lower by 10% versus the 34.2% that you see here.

Venkat Krishnan: When we look then at the PATMI numbers, reported PATMI, which is SGD 55.6 million, and operational PATMI, which is at SGD 64.4 million. You would see numbers which are -66.1% from a comparison standpoint and -61.5% from a comparison standpoint. But I would like to just mention that they are markedly better when we adjust for the Forex gains, one-off Forex gains that we had in the H1 of 2025. We will go through the numbers when I take you through the PATMI and operational PATMI numbers in detail in the next few slides. EBIT is a very similar picture. While you see the reported EBIT being 34.2% lower, once we adjust for the one-off FX gains that we had in H1 of 2025, the EBIT numbers will be lower by 10% versus the 34.2% that you see here.

Speaker #2: But I would like to just mention that they are markedly better when we adjust for the forex gains—one-off forex gains that we had in the first half of 2025.

Speaker #2: We will go through the numbers when I take you through the PATMI and operational PATMI numbers in detail in the next few slides. EBIT shows a very similar picture.

Speaker #2: While you see the reported EBIT being 34.2% lower, once we adjust for the one-off FX gains that we had in the first half of 2025, the EBIT numbers will be lower by 10%, versus the 34.2% that you see here.

Speaker #2: So essentially, when we look at either operational performance, which is EBIT, or if you look at the bottom line, which is PATMI—be it reported PATMI or operational PATMI—when we look at recurring items, clearly, first half of 2026 for the continuing BUs is better than the first half of 2025.

K. Venkat: So essentially, when we look at either operational performance, which is EBIT, or if you look at the bottom line, which is PATMI, be it reported PATMI or operational PATMI, when we look at recurring items, clearly H1 2026, for the continuing BUs is better than H1 2025. In terms of free cash flow to equity and gearing, clearly, as Shekhar mentioned in the highlights, they are significantly better, and they have a common set of factors which drive them. One related to the reorganization, which is the sale of Olam Agri and Mindsprint, and what they bring to the table is cash. They bring gains, and along with that, the base equity they were carrying. When you combine that, there is a double benefit that we have.

Venkat Krishnan: So essentially, when we look at either operational performance, which is EBIT, or if you look at the bottom line, which is PATMI, be it reported PATMI or operational PATMI, when we look at recurring items, clearly H1 2026, for the continuing BUs is better than H1 2025. In terms of free cash flow to equity and gearing, clearly, as Shekhar mentioned in the highlights, they are significantly better, and they have a common set of factors which drive them. One related to the reorganization, which is the sale of Olam Agri and Mindsprint, and what they bring to the table is cash. They bring gains, and along with that, the base equity they were carrying. When you combine that, there is a double benefit that we have.

Speaker #2: In terms of free cash flow to equity and gearing, clearly, as Shekhar mentioned in the highlights, they are significantly better, and they have a common set of factors which drive them.

Speaker #2: One related to the reorganization, which is the sale of Olam Agri and Mindswind. What they bring to the table is cash. They bring gains.

Speaker #2: And along with that, the base equity they were carrying. And when you combine that, there is a double benefit that we have. The debt reduces—the numerator goes down—and the equity is also bolstered, which is what you see in the strengthened balance sheet and a lower debt profile.

K. Venkat: The debt reduces, the numerator goes down, the equity is also bolstered, which is what you see in a strengthened balance sheet and a lower debt profile. Clearly, if it was only the reorg update, we still would have been happy, but we are happier now given what's happened on the operational front, which is really looking forward and saying, ofi particularly. We have seen a very significant reduction in working capital, and that has further contributed to the better FCFE and gearing that we see in H1 2026 versus H1 2025. These parameters we will look at in more detail in the next few slides. We start with the sales volumes. As I mentioned, they are down 10% to 2 million tons, from 2.2 million tons in H1 last year.

Venkat Krishnan: The debt reduces, the numerator goes down, the equity is also bolstered, which is what you see in a strengthened balance sheet and a lower debt profile. Clearly, if it was only the reorg update, we still would have been happy, but we are happier now given what's happened on the operational front, which is really looking forward and saying, ofi particularly. We have seen a very significant reduction in working capital, and that has further contributed to the better FCFE and gearing that we see in H1 2026 versus H1 2025. These parameters we will look at in more detail in the next few slides. We start with the sales volumes. As I mentioned, they are down 10% to 2,000,000tonnes, from 2,200,000tonnes in H1 last year.

Speaker #2: Clearly, if it was only the reorg update, we still would have been happy, but we are happier now, given what's happened on the operational front, which is really looking forward and saying, OFI in particular, we have seen a very significant reduction in working capital, and that has further contributed.

Speaker #2: This is due to the better FCFE and gearing that we see in the first half of 2026 versus the first half of 2025. We will look at these parameters in more detail in the next few slides.

Speaker #2: We'll start with the sales volumes. As I mentioned, they're down 10% to 2 million tons, from 2.2 million tons in the first half of last year.

Speaker #2: As you can see, OFI is a marginal drop. While a bulk of this is being driven by OGH, and primarily within OGH, it is Jiva which is driving the drop in volumes.

K. Venkat: As you can see, ofi is a marginal drop, while a bulk of this is being driven by OGH. Primarily within OGH, it is Jiva which is driving the drop in volumes. Jiva was part of Nupo Ventures, as most of you would recollect, most of you are familiar with our journey, would recollect that it was part of Nupo Ventures. We closed Jiva in H2 2025, therefore it still appears in the H1 2025 numbers, and it is not part of the H1 2026 numbers. That is clearly a business, a digital farmer services net platform where we used to procure from farmers, and therefore there is a lot of bulk volumes that it used to accrete to OGH, which is no longer available to OGH. That is the reason why the drop in OGH is about 178,000 tons.

Venkat Krishnan: As you can see, ofi is a marginal drop, while a bulk of this is being driven by OGH. Primarily within OGH, it is Jiva which is driving the drop in volumes. Jiva was part of Nupo Ventures, as most of you would recollect, most of you are familiar with our journey, would recollect that it was part of Nupo Ventures. We closed Jiva in H2 2025, therefore it still appears in the H1 2025 numbers, and it is not part of the H1 2026 numbers. That is clearly a business, a digital farmer services net platform where we used to procure from farmers, and therefore there is a lot of bulk volumes that it used to accrete to OGH, which is no longer available to OGH. That is the reason why the drop in OGH is about 178,000tonnes.

Speaker #2: And Jiva was part of Nupur Ventures, as most of you would recollect. Most of you are familiar with our journey and would recollect that it was part of Nupur Ventures. We closed Jiva in the second half of 2025.

Speaker #2: Therefore, it still appears in the first half 2025 numbers, and it is not part of the first half 2026 numbers. And that's clearly a business—a digital pharma services net platform—where we used to procure from farmers, and therefore, there is a lot of bulk volumes that it used to accrete to OGH, which is no longer available to OGH.

Speaker #2: And that's the reason why the drop in OGH is about 178,000 tons. Moving on, when we look at the operating profit, or EBIT, the reported numbers are lower by 34.2% from the comparable period last year, but clearly, the one that we would focus on is the recurring items, which is OFI—which is down by $26 million—and OGH, which is down by $24 million.

K. Venkat: Moving on, when we look at the core operating profit or EBIT, the reported numbers are lower by 34.2% from the comparable period last year. Clearly the one that we would focus on are the recurring items, which is ofi, which is down by SGD 26 million, and OGH, which is down by SGD 24 million. The drop in ofi, as again, Shekhar mentioned, I would like to highlight, we believe that the drop in ofi, a drop of SGD 26 million, has to be looked in conjunction with the significant reduction in invested capital that we have seen in ofi, which essentially means that the margins are better, the returns are better in ofi. So we do expect as prices come off that significantly and invested capital goes down that significantly, there will be some drop in operating profit.

Venkat Krishnan: Moving on, when we look at the core operating profit or EBIT, the reported numbers are lower by 34.2% from the comparable period last year. Clearly the one that we would focus on are the recurring items, which is ofi, which is down by SGD 26 million, and OGH, which is down by SGD 24 million. The drop in ofi, as again, Shekhar mentioned, I would like to highlight, we believe that the drop in ofi, a drop of SGD 26 million, has to be looked in conjunction with the significant reduction in invested capital that we have seen in ofi, which essentially means that the margins are better, the returns are better in ofi. So we do expect as prices come off that significantly and invested capital goes down that significantly, there will be some drop in operating profit.

Speaker #2: And the drop in OFI, as Shekhar mentioned, I would like to highlight—we believe that the drop in OFI, drop of $26 million, has to be looked at in conjunction with the significant reduction in invested capital that we have seen in OFI, which essentially means that the margins are better, the returns are better in OFI.

Speaker #2: So we do expect, as prices come off that significantly and invested capital goes down that significantly, there will be some drop in operating profit. But as long as we ensure that the returns and margins are better, and we have expanded margins and expanded returns, that is the right direction for us.

K. Venkat: But as long as we ensure that the returns and margins are better, and we have expanded margins and expanded returns, that is the right direction for us, and that's really what we are focusing on in ofi. In the case of OGH, there's a marginal SGD 24 million drop, and Gautam has taken you through that. The OGH non-recurring item essentially is the one-off Forex gains that we had in H1 2025. So essentially, if we strip out the one-off non-recurring gain that we had in H1 2025, it would be a SGD 50 million drop that we see and roughly about 10% versus the 34.2% drop that we see in the reported EBIT.

Venkat Krishnan: But as long as we ensure that the returns and margins are better, and we have expanded margins and expanded returns, that is the right direction for us, and that's really what we are focusing on in ofi. In the case of OGH, there's a marginal SGD 24 million drop, and Gautam has taken you through that. The OGH non-recurring item essentially is the one-off Forex gains that we had in H1 2025. So essentially, if we strip out the one-off non-recurring gain that we had in H1 2025, it would be a SGD 50 million drop that we see and roughly about 10% versus the 34.2% drop that we see in the reported EBIT.

Speaker #2: And that's really what we are focusing on in OFI. In the case of OGH, there's a margin drop of $24 million, as Gautam has taken you through.

Speaker #2: The OGH non-recurring item essentially is the one-off forex gains that we had in the first half of 2025. So essentially, if we strip out the one-off non-recurring gain that we had in the first half of 2025, it would be a $50 million drop that we see.

Speaker #2: And it's roughly about a 10% drop versus the 34.2% drop that we see in the reported EBIT. I think the focus for us, again, and I would like to repeat, is on continuing BUs, and within continuing BUs, the recurring businesses—right—which is OFI, and within OGH, the recurring parts of OGH.

K. Venkat: I think the focus for us, again, I would like to repeat, is on continuing VUs and within continuing VUs, the recurring businesses, which is ofi and within OGH, the recurring parts of OGH. Moving on from the operational profit level to the bottom line, operational PATMI is +SGD 64.4 million. Last year, the reported operational PATMI was SGD 167 million. Essentially, the elements which are contributing to this decrease, the primary driver for this is the non-recurring element from OGH, which is the SGD 187 million Forex gain. But if we start focusing on the EBIT recurring, which is down by 50, then we focus on what's happened to net finance costs, for example, which is the representative of the drop in invested capital in this whole waterfall and in this bridge.

Venkat Krishnan: I think the focus for us, again, I would like to repeat, is on continuing VUs and within continuing VUs, the recurring businesses, which is ofi and within OGH, the recurring parts of OGH. Moving on from the operational profit level to the bottom line, operational PATMI is +SGD 64.4 million. Last year, the reported operational PATMI was SGD 167 million. Essentially, the elements which are contributing to this decrease, the primary driver for this is the non-recurring element from OGH, which is the SGD 187 million Forex gain. But if we start focusing on the EBIT recurring, which is down by 50, then we focus on what's happened to net finance costs, for example, which is the representative of the drop in invested capital in this whole waterfall and in this bridge.

Speaker #2: Moving on from the operational profit level to the bottom line, operational PATMI is positive at $64.4 million. Last year, the reported operational PATMI was $167 million.

Speaker #2: And essentially, the elements which are contributing to this decrease—the primary driver for this—is the non-recurring element from OGH, which is the $187 million forex gain.

Speaker #2: But if we start focusing on the recurring EBIT, which is down by 50, and then we focus on what's happened to net finance costs, for example, which is representative of the drop in invested capital.

Speaker #2: In this whole waterfall, in this bridge, there is a drop in EBIT, but that is more than offset by the reduction in finance costs. Therefore, there's a kind of bump up you have when you convert the operating profit to your bottom line.

K. Venkat: There is a drop in EBIT, but that is more than offset by the reduction in finance costs, and therefore, the kind of bump up you have when you convert the operating profit to your bottom line. That's again, another parameter that more and more focus will be given to within the Olam Group. We want better operational profit. We want growth in operational profit. At the same time, we want to be clearly focused on bringing that operational profit down to the bottom line and have a better conversion ratio. This is the H1 that we are seeing that being delivered. Obviously, cocoa coffee prices being down has helped in that. The proof of the pudding is in the numbers that we are seeing here of a -50 and a +136.

Venkat Krishnan: There is a drop in EBIT, but that is more than offset by the reduction in finance costs, and therefore, the kind of bump up you have when you convert the operating profit to your bottom line. That's again, another parameter that more and more focus will be given to within the Olam Group. We want better operational profit. We want growth in operational profit. At the same time, we want to be clearly focused on bringing that operational profit down to the bottom line and have a better conversion ratio. This is the H1 that we are seeing that being delivered. Obviously, cocoa coffee prices being down has helped in that. The proof of the pudding is in the numbers that we are seeing here of a -50 and a +136.

Speaker #2: And that's, again, another parameter that more and more focus will be given to within the Olam Group. We want better operational profit. We want growth in operational profit.

Speaker #2: At the same time, we want to be clearly focused on bringing that operational profit down to the bottom line and having a better conversion ratio.

Speaker #2: And this is the first half that we are seeing that being delivered. Obviously, cocoa and coffee prices being down has helped in that. And the proof of the pudding is in the numbers that we are seeing here of a minus 50 and a plus 136.

Speaker #2: The PATMI from continuing operations reported $164 million last year in the first half, versus $56 million this year. It is a similar comparison. The comparison, if we strip off the $187 million of non-recurring, will be a positive or an increase of $79 million Singapore dollars.

K. Venkat: The PATMI from continuing operations reported 164 last year in H1 versus 56 this year. It is a similar comparison. The comparison, if we strip off the SGD 187 million of non-recurring, will be a positive or an increase of SGD 79 million. Again, the focus is continuing VUs and recurring results. We now move on to bringing it all together. When I say that, I mean we focused on the continuing businesses. We have understood the performance. We have brought it together from a group perspective. Now, what we'll also do is clearly, the reorganization is also an important part of what will affect our financial statements in the future, and it has been a big part of what the financial results for H1 2026 reflect. Therefore, we will start with a quick summary of what's happened in H1 2026.

Venkat Krishnan: The PATMI from continuing operations reported 164 last year in H1 versus 56 this year. It is a similar comparison. The comparison, if we strip off the SGD 187 million of non-recurring, will be a positive or an increase of SGD 79 million. Again, the focus is continuing VUs and recurring results. We now move on to bringing it all together. When I say that, I mean we focused on the continuing businesses. We have understood the performance. We have brought it together from a group perspective. Now, what we'll also do is clearly, the reorganization is also an important part of what will affect our financial statements in the future, and it has been a big part of what the financial results for H1 2026 reflect. Therefore, we will start with a quick summary of what's happened in H1 2026.

Speaker #2: So again, the focus is continuing BUs and recurring results. We'll now move on to bringing it all together. When I say that, I mean we focused on the continuing businesses.

Speaker #2: We've understood the performance; we have brought it together from a group perspective. Now, what we'll also do is—clearly, the reorganization is also an important part of what will affect our financial statements in the future.

Speaker #2: And it has been a big part of what the financial results for the first half of 2026 reflect. Therefore, we will start with a quick summary of what happened in the first half of 2026.

Speaker #2: These will be more in the context of how it affects or impacts the presentation of the financial statements. Olam Agri, as we know, we have completed the sale of 44.58%, but we still hold 18.2%.

K. Venkat: These are highlights which Shekhar had taken you through as well, but this will be more in the context of how it affects or impacts the presentation of our financial statements. Olam Agri, as we know, we have completed the sale of 44.58%, but we still hold 18.2%. So what it means is in terms of financial results, we have a gain, and that gain moves into discontinued. We also have a retained stake of 18.2%, which is now classified as held for sale. So that is Olam Agri in a nutshell in terms of how it appears in our financial results. The other thing I have to mention about Olam Agri is also the first 4 months of 2026 has been consolidated into our P&L because the sale of Olam Agri happened towards the end of April 2026. So 3 elements.

Venkat Krishnan: These are highlights which Shekhar had taken you through as well, but this will be more in the context of how it affects or impacts the presentation of our financial statements. Olam Agri, as we know, we have completed the sale of 44.58%, but we still hold 18.2%. So what it means is in terms of financial results, we have a gain, and that gain moves into discontinued. We also have a retained stake of 18.2%, which is now classified as held for sale. So that is Olam Agri in a nutshell in terms of how it appears in our financial results. The other thing I have to mention about Olam Agri is also the first 4 months of 2026 has been consolidated into our P&L because the sale of Olam Agri happened towards the end of April 2026. So 3 elements.

Speaker #2: So, what it means is, in terms of financial results, we have a gain, and that gain moves into discontinued. And we also have a retained stake of 18.2%, which is now classified as held for sale.

Speaker #2: So that is Olam Agri in a nutshell, in terms of how it appears in our financial results. Mindsprint— sorry, the other thing I have to mention about Olam Agri is also that the first four months of 2026 have been consolidated into our P&L, because the sale of Olam Agri happened towards the end of April 2026.

Speaker #2: So, three elements: consolidation of four months of P&L, there is a significant gain that's come through from the transaction, and lastly, there is an 18.2% stake that we hold, which effectively is classified as held for sale.

K. Venkat: A consolidation of 4 months of P&L. There is a significant gain that has come through from the transaction. Lastly, there is an 18.2% stake that we hold, which effectively is classified as held for sale. So these are the 3 elements that Olam Agri will bring into our financial results. Mindsprint, we have sold 100% interest to Wipro. So Mindsprint was sold in mid-May. Clearly for Mindsprint as well, there is a P&L effect that we have for this year H1 and for the full year, which is roughly the 4 months that we have held Mindsprint in 2026. Mindsprint was also done at a very significant gain to our book value. So that again flows through into our P&L.

Venkat Krishnan: A consolidation of 4 months of P&L. There is a significant gain that has come through from the transaction. Lastly, there is an 18.2% stake that we hold, which effectively is classified as held for sale. So these are the 3 elements that Olam Agri will bring into our financial results. Mindsprint, we have sold 100% interest to Wipro. So Mindsprint was sold in mid-May. Clearly for Mindsprint as well, there is a P&L effect that we have for this year H1 and for the full year, which is roughly the 4 months that we have held Mindsprint in 2026. Mindsprint was also done at a very significant gain to our book value. So that again flows through into our P&L.

Speaker #2: So these are the three elements that Olam Agri will bring into our financial results. Mindsprint—we have sold 100% interest to Wipro. So, Mindsprint was sold in mid-May.

Speaker #2: So clearly for Mindsprint as well, there is a P&L effect that we have for this year—first half and for the full year—which is roughly the four months that we have held Mindsprint in 2026.

Speaker #2: And Mindsprint was also done at a very significant gain to our book value, so that again flows through into our P&L. Periscope is a small transaction, but I think in the context of—not numbers—but if we look at our portfolio and we start focusing on how we have simplified our portfolio, made it less complex, if I start looking at Mindsprint moving out, which is again something that we feel is non-core IT services, should be delivered by the best-in-class service providers to us, we focus on what we do best.

K. Venkat: Telescope, it is a small transaction, but I think in the context of not numbers, but if we look at our portfolio and we start focusing on how we have simplified our portfolio, made it less complex. If I start looking at Mindsprint moving out, which is again something that we feel is non-core IT services should be delivered by the best-in-class service providers to us. We focus on what we do best. That is what we have done with Mindsprint, sold it to Wipro. What we have done with Nupo Ventures is Jiva and Telescope, which are the 2 main vehicles that we had under Nupo. They have now been either closed or sold, which means the Nupo business that we had and Mindsprint, both of them are no longer part of the portfolio, and that makes it far more leaner and more focused.

Venkat Krishnan: Telescope, it is a small transaction, but I think in the context of not numbers, but if we look at our portfolio and we start focusing on how we have simplified our portfolio, made it less complex. If I start looking at Mindsprint moving out, which is again something that we feel is non-core IT services should be delivered by the best-in-class service providers to us. We focus on what we do best. That is what we have done with Mindsprint, sold it to Wipro. What we have done with Nupo Ventures is Jiva and Telescope, which are the 2 main vehicles that we had under Nupo. They have now been either closed or sold, which means the Nupo business that we had and Mindsprint, both of them are no longer part of the portfolio, and that makes it far more leaner and more focused.

Speaker #2: That is what we have done with Mindsprint—sold it to Wipro. What we have done with Nuco Ventures is Jiva and Periscope, which are the two main vehicles that we had under Nuco.

Speaker #2: They have now been either closed or sold, which means the Nuco business that we had and Mindsprint—both of them are no longer part of the portfolio.

Speaker #2: And that makes it far leaner and more focused. And in terms of comparability, clearly I've explained, for each of them, how the financial results are impacted.

K. Venkat: In terms of compatibility, clearly, I have explained for each of them how the financial results are impacted. So if we look at now the consolidated group results, including the Olam Agri, Mindsprint, and Terascope numbers. I will just focus on discontinued operations and, from a P&L standpoint, they start affecting the financial results from a PAT level. Till that point, all the numbers that you see, be it revenues or EBITDA or EBIT, are all continuing businesses related. PATMI is where you will start seeing the impact of the Olam Agri, Mindsprint, and Terascope businesses. We discussed the continuing operations PATMI of SGD 55.6 million, operational PATMI of SGD 64.4 that we have discussed previously. In terms of the discontinued operations, there is a SGD 1.85 billion that you will see as an accretion to this P&L.

Venkat Krishnan: In terms of compatibility, clearly, I have explained for each of them how the financial results are impacted. So if we look at now the consolidated group results, including the Olam Agri, Mindsprint, and Terascope numbers. I will just focus on discontinued operations and, from a P&L standpoint, they start affecting the financial results from a PAT level. Till that point, all the numbers that you see, be it revenues or EBITDA or EBIT, are all continuing businesses related. PATMI is where you will start seeing the impact of the Olam Agri, Mindsprint, and Terascope businesses. We discussed the continuing operations PATMI of SGD 55.6 million, operational PATMI of SGD 64.4 that we have discussed previously. In terms of the discontinued operations, there is a SGD 1.85 billion that you will see as an accretion to this P&L.

Speaker #2: So, if we look now at the consolidated group results—including the Olam Agri, Mindsprint, and Periscope numbers—I will just focus on discontinued operations.

Speaker #2: And from a P&L standpoint, they start affecting the financial results from a PAT level. Till that point, all the numbers that you see—be it revenues, EBITDA, or EBIT—are all continuing BU businesses related.

Speaker #2: PATMI is where you'll start seeing the impact of the Olam Agri, Mindsprint, and Periscope businesses. We discussed the continuing operations PATMI of $55.6 million, and operational PATMI of $64.4 million that we've discussed previously.

Speaker #2: In terms of the discontinued operations, there is $1.85 billion that you will see as an accretion to this P&L. And a large part of this, which is the last row here, is the gain that we have from the Olam Agri and Mindsprint sale.

K. Venkat: A large part of this, which is the last row here, is the gain that we have from Olam Agri and Mindsprint sale. So that is SGD 1.75 million, and the rest of it is essentially the four months numbers that we have for Olam Agri and Mindsprint. The focus is clearly the continuing operations. We also realize that for this H1 this year, you are going to see a significant number in the discontinued operations line. We want to help everyone understand better how we are performing on a continuing basis and what kind of an impact we are able to make and how we are able to add value, including the three objectives we set for ourselves in the reorg plan, which is delever OGH, recapitalize ofi, and through divestments in OGH distribute special dividends to shareholders.

Venkat Krishnan: A large part of this, which is the last row here, is the gain that we have from Olam Agri and Mindsprint sale. So that is SGD 1.75 million, and the rest of it is essentially the four months numbers that we have for Olam Agri and Mindsprint. The focus is clearly the continuing operations. We also realize that for this H1 this year, you are going to see a significant number in the discontinued operations line. We want to help everyone understand better how we are performing on a continuing basis and what kind of an impact we are able to make and how we are able to add value, including the three objectives we set for ourselves in the reorg plan, which is delever OGH, recapitalize ofi, and through divestments in OGH distribute special dividends to shareholders.

Speaker #2: So that's $1.75 million. And the rest of it is essentially the four months' numbers that we have for Olam Agri and Mindsprint. So the focus is clearly the continuing operations, but we also realize that for this first half this year, you're going to see a significant number in the discontinued operations line.

Speaker #2: And we want to help everyone better understand how we are performing on a continuing basis, what kind of impact we are able to make, and how we are able to add value, including the three objectives we set for ourselves in the reorg plan, which are: deliver OGH, recapitalize OFI, and, through divestments in OGH, distribute special dividends to shareholders.

Speaker #2: So we want to look at the discontinued operations from that perspective, and show the kind of impact we've been able to deliver in this first half as well, and going forward.

K. Venkat: We want to look at the discontinued operations from that perspective and show the kind of impact we have been able to deliver in this H1 as well and going forward. So that will be the focus when we talk about discontinued operations going forward. Now coming to net gearing. The reason why we discuss the gearing and the cash flow numbers on a group consolidated basis is because it no longer. They are all fungible. At this level, continuing and discontinued are all part of the same pool. Ultimately, this all comes into Olam Group's balance sheet, and they become one. While the P&L is an isolated period event, the impact of what we have done through the reorganization, the sale of Olam Agri and Mindsprint, has a lasting impact on the Olam Group.

Venkat Krishnan: We want to look at the discontinued operations from that perspective and show the kind of impact we have been able to deliver in this H1 as well and going forward. So that will be the focus when we talk about discontinued operations going forward. Now coming to net gearing. The reason why we discuss the gearing and the cash flow numbers on a group consolidated basis is because it no longer. They are all fungible. At this level, continuing and discontinued are all part of the same pool. Ultimately, this all comes into Olam Group's balance sheet, and they become one. While the P&L is an isolated period event, the impact of what we have done through the reorganization, the sale of Olam Agri and Mindsprint, has a lasting impact on the Olam Group.

Speaker #2: So that will be the focus when we talk about discontinued operations going forward. Now, coming to net gearing, the reason why we discuss the gearing and the cash flow numbers on a group consolidated basis is because now they're all fungible.

Speaker #2: At this level, continuing and discontinued are all part of the same pool. Ultimately, this all comes into Olam Group's balance sheet, and they become one.

Speaker #2: So, while the P&L is an isolated period event, the impact of what we have done through the reorganization, the sale of Olam Agri, and Mindsprint has a lasting impact on the Olam Group.

Speaker #2: And that is why you see a far more strengthened balance sheet, which we’ll carry forward. A lower gearing, which we will carry forward. And that is why the presentation of this consolidated-level net gearing and FCFE are after we look at continuing as well as discontinued.

K. Venkat: That is why you see a far more strengthened balance sheet, which we will carry forward, a lower gearing, which we will carry forward. This is why the presentation of this consolidated level net gearing and FCFE are after we look at continuing as well as discontinued, because the impact of discontinued is really reflected in what we see here, along with the working capital impacts we see in ofi. So it is a combination of the operational effect, the beneficial operational effect we have seen in the H1 in terms of reduction of invested capital, and the beneficial impact we have seen from the reorganization milestones that we have achieved. So it is a combined effect that we have. As Shekhar discussed previously, the net gearing is below one at 0.93 times.

Venkat Krishnan: That is why you see a far more strengthened balance sheet, which we will carry forward, a lower gearing, which we will carry forward. This is why the presentation of this consolidated level net gearing and FCFE are after we look at continuing as well as discontinued, because the impact of discontinued is really reflected in what we see here, along with the working capital impacts we see in ofi. So it is a combination of the operational effect, the beneficial operational effect we have seen in the H1 in terms of reduction of invested capital, and the beneficial impact we have seen from the reorganization milestones that we have achieved. So it is a combined effect that we have. As Shekhar discussed previously, the net gearing is below one at 0.93 times.

Speaker #2: Because the impact of discontinued is really reflected in what we see here, along with the working capital impacts we see in OFI. So it's a combination of the operational effect—the beneficial operational effect—we have seen in the first half in terms of reduction of invested capital, and the beneficial impact we have seen from the reorganization milestones that we have achieved.

Speaker #2: So, it's a combined effect that we have. And as Shekhar has discussed previously, the net gearing is below one at 0.93 times. I can tell you that I went back as far as 2021, and clearly, this is the lowest for the last few years.

K. Venkat: I can tell you that I went back as far as 2021, and clearly this is the lowest for the last few years. So post-COVID, this is the lowest gearing that we have for the Olam Group. In terms of free cash flow, it is pretty strong and positive at SGD 1.7 billion. Again, it has a lot of elements in there, but the big one which stands out, of course, changes in working capital. That is clearly a big driver, and that is an operational element. We will continue to focus on capital efficiency and try to deliver that capital efficiency and to bring that into the free cash flow that we deliver to shareholders. In terms of the net operating cash flow and FCFF, they all reflect a similar picture, which is positive.

Venkat Krishnan: I can tell you that I went back as far as 2021, and clearly this is the lowest for the last few years. So post-COVID, this is the lowest gearing that we have for the Olam Group. In terms of free cash flow, it is pretty strong and positive at SGD 1.7 billion. Again, it has a lot of elements in there, but the big one which stands out, of course, changes in working capital. That is clearly a big driver, and that is an operational element. We will continue to focus on capital efficiency and try to deliver that capital efficiency and to bring that into the free cash flow that we deliver to shareholders. In terms of the net operating cash flow and FCFF, they all reflect a similar picture, which is positive.

Speaker #2: So, post-COVID, this is the lowest gearing that we have for the Olam Group. In terms of free cash flow, it's pretty strong and positive at $1.7 billion.

Speaker #2: Again, it has a lot of elements in there, but the big one which stands out is, of course, changes in working capital. That's clearly a big driver.

Speaker #2: And that is an operational element. And we will continue to focus on capital efficiency and try to deliver that capital efficiency and to bring in bring that into the free cash flow that we deliver to shareholders.

Speaker #2: In terms of the net operating cash flow and FCFF, they all reflect a similar picture, which is positive. Clearly, from the first half of '25 to the first half of '26, there has been a significant turnaround or change in terms of the cash flow numbers that you see.

K. Venkat: Clearly, from the H1 2025 to H1 2026 has been a significant turnaround or change in terms of the cash flow numbers that you see. From negative cash flows to significantly positive cash flows. That is the combined impact, I would like to emphasize, of both the continuing businesses and the reorganization milestones that we have achieved. I think both of them have contributed to this, and we will continue to focus on changes in working capital, for example, as I said, as a continuing element. So those capital efficiency initiatives will help us focus more and more on delivering positive free cash flows going forward as well. Finally, a big thanks to, of course, all our banking partners. We do have access to diversified pools of capital. We are fortunate to have that with our long-term partners.

Venkat Krishnan: Clearly, from the H1 2025 to H1 2026 has been a significant turnaround or change in terms of the cash flow numbers that you see. From negative cash flows to significantly positive cash flows. That is the combined impact, I would like to emphasize, of both the continuing businesses and the reorganization milestones that we have achieved. I think both of them have contributed to this, and we will continue to focus on changes in working capital, for example, as I said, as a continuing element. So those capital efficiency initiatives will help us focus more and more on delivering positive free cash flows going forward as well. Finally, a big thanks to, of course, all our banking partners. We do have access to diversified pools of capital. We are fortunate to have that with our long-term partners.

Speaker #2: From negative cash flows to significantly positive cash flows—that's the combined impact I would like to emphasize of both the continuing businesses and the reorganization milestones that we have achieved.

Speaker #2: I think both of them have contributed to this, and we will continue to focus on changes in working capital. For example, as I said, as a continuing element.

Speaker #2: So those capital efficiency executed initiatives will help us focus more and more on delivering positive free cash flows going forward as well. And finally, a big thanks to, of course, all our banking partners.

Speaker #2: We do have access to diversified pools of capital. We are fortunate to have that with our long-term partners. The numbers that you see here are slightly different from what you would have seen previously.

K. Venkat: The numbers that you see here are slightly different from what you would have seen previously. These are numbers which are, again, continuing businesses only. They are ofi plus OGH only. Olam Agri's banking lines and debt facilities, et cetera, are not part of this equation. This is a continuing business number, and clearly this is the group that is going to continue and go forward, which is why these numbers are quite relevant for all of you here. In terms of liquidity, cash, that is SGD 2.3 billion. We have RMIs and secured receivables as always, which help us if there is any emergency.

Venkat Krishnan: The numbers that you see here are slightly different from what you would have seen previously. These are numbers which are, again, continuing businesses only. They are ofi plus OGH only. Olam Agri's banking lines and debt facilities, et cetera, are not part of this equation. This is a continuing business number, and clearly this is the group that is going to continue and go forward, which is why these numbers are quite relevant for all of you here. In terms of liquidity, cash, that is SGD 2.3 billion. We have RMIs and secured receivables as always, which help us if there is any emergency.

Speaker #2: These are numbers which are, again, for continuing businesses only. They are OFI plus OGH only. Olam Agri's banking lines and debt facilities, et cetera, are not part of this equation.

Speaker #2: This is a continuing business number. And clearly, this is the group that's going to continue and go forward, which is why these numbers are quite relevant for all of you here.

Speaker #2: In terms of liquidity, cash is $2.3 billion. We have RMIs and secured receivables, as always, which help us if there is any emergency. But, effectively, the unutilized bank lines that we have, with the support of our partners here, are about $6.7 billion Singapore dollars.

K. Venkat: But effectively, the unutilized bank lines that we have with the support of our partners here of about SGD 6.7 billion, really provides a significant cushion and buffer for us to meet any emergency needs in terms of spike in cocoa, coffee prices, et cetera, that we experienced previously. So we are in a very comfortable position when it comes to access to pools of capital and the current liquidity that we have access to as ofi and OGH. I will then hand over to Shekhar to take you through the key takeaways.

Venkat Krishnan: But effectively, the unutilized bank lines that we have with the support of our partners here of about SGD 6.7 billion, really provides a significant cushion and buffer for us to meet any emergency needs in terms of spike in cocoa, coffee prices, et cetera, that we experienced previously. So we are in a very comfortable position when it comes to access to pools of capital and the current liquidity that we have access to as ofi and OGH. I will then hand over to Shekhar to take you through the key takeaways.

Speaker #2: It really provides a significant cushion and buffer for us to meet any emergency needs in terms of spikes in cocoa and coffee prices, et cetera, that we experienced previously.

Speaker #2: So, we are in a very, very comfortable position when it comes to access to pools of capital and the current liquidity that we have access to as OFI and OGH.

Speaker #2: And I'll then hand over to Shekhar to take you through the key takeaways.

Speaker #1: Okay, so let's bring it back together. The messages are clear, so I won't repeat them. It is about the continuing businesses going forward; it is about building OFI, accelerating growth, and investing for the future.

Shekhar Anantharaman: Okay. So let us bring it back together. The messages are clear, so I will not repeat it. It is about the continuing businesses going forward. It is about building ofi, accelerating the growth, investing for the future. It is about still a job to be done in responsible divestment of the remaining assets in OGH. The main message that I reiterated at the start, it is now the start of a simpler, less complex, and financially stronger Olam Group. We are looking forward to the journey. Thank you, and we will take questions.

Speaker #1: There is still a job to be done in responsible divestment of the remaining assets in OGH. And the main message that I reiterated at the start: It is now the start of a simpler, less complex, and financially stronger Olam Group.

Speaker #1: And we are looking forward to the journey. Thank you, and I'll take questions.

Speaker #2: Thank you, Shekhar. Gautam and KV, it's question time. I would request you to pick up the microphone from one of our colleagues behind. And please state your name and the firm you represent.

Hung Hoeng Chow: Thank you, Shekhar, Gautam, and K.V. Questions time, I would request you to pick up the microphone from one of our colleagues behind and, please state your name and the firm you represent. Yes, Alfred, Bloomberg.

Speaker #2: Yes, Alfred Bloomberg.

Speaker #3: Hey, good morning. Nice to see you for the first time. In the company statement, I noticed that it's also highlighted in the slides that the company is evaluating the strategic role of certain upstream assets.

[Company Representative] (Bloomberg): Hey, good morning. Nice to see you first time. The company said in the statement, I noticed that there is also highlighted in the slides that the company is evaluating the strategic role of certain upstream assets. What does it mean? Are you considering more sales of your assets? Olam assets is also highlighted. Is that what you are looking at? I understand that most of such orchards is in Australia, if I am not wrong. Is that the ones you are evaluating?

Alfred Bloomberg: Hey, good morning. Nice to see you first time. The company said in the statement, I noticed that there is also highlighted in the slides that the company is evaluating the strategic role of certain upstream assets. What does it mean? Are you considering more sales of your assets? Olam assets is also highlighted. Is that what you are looking at? I understand that most of such orchards is in Australia, if I am not wrong. Is that the ones you are evaluating?

Speaker #3: What does it mean? Are you considering more sales of your assets? And Element assets is also highlighted—is that what you are looking at?

Speaker #3: I mean, I understand that most of that is in Australia, if I'm not wrong. Is that what you are evaluating?

Speaker #1: Yeah. So we have assets in Australia, like you said. In almonds, we have assets in the US also, as well as in cocoa, coffee, and spices.

Shekhar Anantharaman: Yeah. We have assets in Australia, like you said, in almonds. We have assets in US also, as well as in cocoa, coffee, and spices. We have plantations in Asia and Africa. There is a mix of farming assets. Just to re-clarify what I said, as the business of ofi has grown, we feel that the need for owning the farming is probably not as relevant. That doesn't mean we don't want to own farming, but the need for that is less relevant. We are taking a relook at all these assets. We are not necessarily going to exit all the assets together or overnight. We will see which part of these assets, how we can What could be the strategic alternatives so that we can reduce the capital intensity, reduce the variability because of yield and prices, which is very stark in farming.

Speaker #1: We have plantations in Asia and Africa, so there is a mix of farming assets. And just to reclarify what I said, as the business of OFI has grown, we feel that the need for owning the farming is probably not as relevant.

Speaker #1: That doesn't mean we don't want to own farming, but the need for that is less relevant. So, we are taking a relook at all these assets.

Speaker #1: We're not necessarily going to exit all the assets together or overnight. We will see which part of these assets, how we can—what could be the strategic alternatives.

Speaker #1: So that we can reduce the capital intensity, reduce the variability because of yield and prices, which is very stark in farming. And then see how we can look at focusing that capital and energy back on the core business.

Shekhar Anantharaman: Then see how we can look at focusing that capital and energy back on the core business. It is something that we are evaluating. If there are any changes, obviously we will announce it at that point in time.

Speaker #1: So it's something that we are evaluating. If there are any changes, obviously we'll announce them at that point in time.

Speaker #2: Thank you. Hussaini, Maybank.

Hung Hoeng Chow: Thank you. Husseini, Maybank?

Hung Hoeng Chow: Thank you. Hussaini, Maybank?

Speaker #4: Thank you. Hussain Saifi from Maybank. Three questions, and one for you—each one for you, gentlemen. So, first one: the OFI. If I see the sourcing business, where the EBIT has been positive, but at the same time for the Ingredients and Solutions, it was the other way around.

Hussaini Saifee: Thank you. Hussaini Saifee from Maybank. Three questions, each one for you, gentlemen. First on the ofi, if I see the sourcing business where the EBIT has been positive, but at the same time for the ingredients and solution, it was the other way around. Just trying to understand why the divergence, and is there a room that the positive impact on the EBIT side will flow through on the ingredient side with a lag? That's question number one. Second question for you, Gautam, is that those assets on the left-hand side are all up for sale, up for divestment. If you can take us through what are the key challenges and opportunities near and midterm in terms of to divest to see the progress on the divestment side?

Speaker #4: So, just trying to understand why the divergence, and is there room for the positive impact on the EBIT side to flow through to the Ingredients side with a lag?

Speaker #4: Discussion number one. Second question for you as Gautam: Does that mean those assets on the left-hand side are all up for sale?

Speaker #4: Up for divestment. So, if you can take us through, what are the key challenges and opportunities in the near and midterm, in terms of divestment, to see the progress on the divestment side?

Hussaini Saifee: Finally for you, K.V., is that I understand that the proceeds from the sale of Mindsprint and ARISE, a part of it is put aside for special dividends. You did pay 6 cents. I just wanted to understand that is there room for more because the overall proceeds from that is significantly higher than 6 cents. Any progress on by when we expect this ARISE P&L to close? Thank you.

Speaker #4: And finally, for you, KV. Does that mean I understand that the proceeds from the sale of MindSprint and ARISE are put aside, or a part of it is put aside, for special dividends?

Speaker #4: And you did pay 6 cents. But I just wanted to understand, is there room for more? Because the overall proceeds from that are significantly higher than 6 cents.

Speaker #4: And any progress on by when we expect this ARISE P&L to close? Thank you.

Speaker #1: Okay, so maybe I will take the first question and part of the second question, third question, and then hand over to Gautam. And if KV wants to add on anything.

Shekhar Anantharaman: Okay. Maybe I will take the first question and part of the second question, third question, and then hand over to Gautam, and if KV wants to add on anything. On ofi, I think your question is valid, but I don't think there are two conclusions you're drawing that, don't draw any conclusions from just one half yearly period. That's the first point I would make. Because there are timing differences, shipment differences, seasonal differences, and obviously market moves and everything else that's happened. When you look at it from an overall year, we would see that GS, what is driving that in terms of volumes that we are doing is not growing, but capital is coming down. We are able to maintain margins in that period. The direction of travel for the H1 shows an increase in EBIT and a sharp reduction in capital.

Shekhar Anantharaman: Okay. Maybe I will take the first question and part of the second question, third question, and then hand over to Gautam, and if K.V. wants to add on anything. On ofi, I think your question is valid, but I don't think there are two conclusions you're drawing that, don't draw any conclusions from just one half yearly period. That's the first point I would make. Because there are timing differences, shipment differences, seasonal differences, and obviously market moves and everything else that's happened. When you look at it from an overall year, we would see that GS, what is driving that in terms of volumes that we are doing is not growing, but capital is coming down. We are able to maintain margins in that period. The direction of travel for the H1 shows an increase in EBIT and a sharp reduction in capital.

Speaker #1: So on OFI, I think your question is valid. But I don't think there are two conclusions you're drawing. That is, don't draw any conclusions from just one half-yearly period.

Speaker #1: That's the first point I would make. Because there are timing differences, shipment differences, seasonal differences, and, obviously, market moves and everything else that's happened.

Speaker #1: When you look at it from an overall year, we would see that GS—what is driving that in terms of volumes that we are doing—is not growing.

Speaker #1: But capital is coming down. We are able to maintain margins in that period, and the direction of travel for the first half of the year shows an increase in EBIT and a sharp reduction in capital.

Speaker #1: We think that that will be a direction of travel that you should really look at for that business, as we will be able to maintain EBIT and reduce capital.

Shekhar Anantharaman: We think that will be a direction of travel that you should really look at for that business, is that we will be able to maintain EBIT and reduce capital. That's kind of where that business will be because we're not going to be pumping in more volumes. But there are some seasonal impacts of what will happen between H1 and H2 that will have some impact always, therefore. But when you look at the full year trend over the last four years and including this year, you will see that kind of a trend there. We feel quite confident that we can maintain the margins here at EBIT while reducing capital and thereby improving returns.

Speaker #1: That's kind of where that business is, because you're not—it's not—you're not going to be pumping in more volumes. But there are some seasonal impacts of what will happen between H1 and H2 that will have some impact, always.

Speaker #1: But when you look at the full-year trend over the last four years, and including this year, you will see that kind of a trend there.

Speaker #1: So we feel quite confident that we can maintain the margins—margins here as EBIT—while reducing capital, and therefore, thereby improving returns. On the ingredient solution, there are a few things.

Shekhar Anantharaman: On the ingredient solution, there are a few things, which is not so straight line because it's a mix of a lot of single ingredients where we are in different stages of investment and gestation and where full value of changes to product mix and margin improvements are still not. That is a little bit more complex without kind of making it very muddled. That business has a large private label business, which I think is in a good shape and growing. They are both not much new investments. There we would hopefully see EBIT growth. There are a lot of single ingredients, some of which are gestating, which will probably where EBIT growth will happen, but investments might not be required.

Speaker #1: Which is not so straight a line, because it's a mix of a lot of single ingredients where we are in different stages of investment and gestation, and where the full value of changes to product mix and margin improvements are still not—

Speaker #1: So, that is a little bit more complex without making it very muddled. That business has a large private label segment, which I think is in good shape and growing.

Speaker #1: So, they are both not much new investments. There, we would hopefully see EBIT growth. And there are a lot of single ingredients, some of which are gestating, which will probably be where EBIT growth will happen.

Speaker #1: But investments might not be required. And then there are areas where we are investing more in that business, where we will be seeing an increase in capital as well as an increase in EBIT.

Shekhar Anantharaman: There is areas where we are investing more in that business where we will be seeing increase in capital as well as increase in EBIT. That's in a little bit of flux, but that's the direction of travel. That's a more important direction of travel for the company, where you'll see clearly that the EBIT per ton in that segment is higher. As EBIT grows and capital stabilizes or we get full value from the capital deployed, you will see that. But that might take a bit more time and a few more half years. But if you put it in the context of the last five years, and that's why you should see it in that context.

Speaker #1: So, that's in a little bit of flux, but that's the direction of travel. That's a more important direction of travel for the company, where you will see clearly that the EBIT per ton in that segment is higher.

Speaker #1: So, as EBIT grows and capital stabilizes or we get full value from the capital deployed, you will see that. But that might take a bit more time, maybe a few more half-years.

Speaker #1: But if you take it—if you put it in the context of the last five years, and that's why you should see it in that context—the change in the portfolio shape between GS and IS, with IS growing, GS maintaining, but maintaining returns being a very important part of the growth that IS is doing—that's the way you should look at it.

Shekhar Anantharaman: The change in the portfolio shape between GS and IS, with IS growing, GS maintaining, but maintaining returns being a very important part of the growth that IS is doing. That's the way you should look at it. I would urge that don't look at just a half yearly. It's a good half year from our perspective, but this half year is not the full story. That's I think the part on the ofi question. On the dividend, there are two questions that you, or two aspects that I'd like to highlight. First, when the board is evaluating this, we are taking a little bit of a prudent look at the overall requirements of the group and not thinking about this on an asset-by-asset basis, right? Because that's the way we have to look at ensuring that there is an overall aspect, like KV was saying.

Speaker #1: So I would urge that you don't look at just a half-yearly. It's a good half-year from our perspective, but this half-year is not the full story.

Speaker #1: So that's, I think, the part on the OFI question. On the dividend, there are two questions or two aspects that I'd like to highlight.

Speaker #1: First, when the Board is evaluating this, we are taking a bit of a prudent look at the overall requirements of the Group.

Speaker #1: And not thinking about this on an asset-by-asset basis, right? Because that's the way we have to look at ensuring that there is an overall aspect, like KV was saying.

Speaker #1: For the rest of the group, we have to look at leverage. We have to look at financial requirements and financial flexibility in the conditions that we are under.

Shekhar Anantharaman: For the rest of the group, we have to look at leverage, we have to look at financial requirements, financial flexibility in the conditions that we are underway, then see how we can progressively give the dividends. Obviously, all the divestments eventually when done, it will go back to the shareholders. There is no question about that. But the timing of that has to be done with prudence, has to be done with some judgment. So the board is exercising that prudence in saying that while we have completed Mindsprint, and you are right, that the net proceeds from that is higher than what we are giving as special dividends. But we are taking that in the overall context. And the part that is alluded to ARISE has been announced but not completed. So there the cash flow has also not accrued.

Speaker #1: And then see how we can progressively give the dividends. Obviously, all the divestments eventually, when done, will go back to the shareholders. There's no question about that.

Speaker #1: But the timing of that has to be done with prudence, has to be done with some judgment. So the board is exercising that prudence in saying that while we have completed MindSprint—and you're right that the net proceeds from that is higher than what we are giving as special dividends—

Speaker #1: But we are taking that in the overall context, and the part that is alluded to—Arise—has been announced but not completed. So there, the cash flow has also not accrued.

Speaker #1: But again, we would strongly urge— and we have said this before— that we will progressively give back net divestment proceeds after taking care of any financial requirements of the company.

Shekhar Anantharaman: But again, we would strongly urge you, and we have said this before, that we will progressively give back net divestment proceeds after taking care of any financial requirements of the company. And that will be quite transparent and we will. But we should not look at it asset by asset.

Speaker #1: And that would be quite transparent, and we will, but we should not look at it asset by asset.

K. Venkat: I mean, that is really the emphasis I also wanted to bring in with Shekhar. It is not an asset-by-asset outlook for special dividends here. It is a holistic view and sorry. Anything that is surplus that remains in OGH will be finally be in the hands of shareholders. It is a matter of time.

Venkat Krishnan: I mean, that is really the emphasis I also wanted to bring in with Shekhar. It is not an asset-by-asset outlook for special dividends here. It is a holistic view and sorry. Anything that is surplus that remains in OGH will be finally be in the hands of shareholders. It is a matter of time.

Speaker #2: I think that's really the emphasis I also want to bring in, which is that it's not an asset-by-asset outlook for special dividends here. It's a holistic view.

Speaker #2: And sorry.

Speaker #1: Anything that's surplus and remains in OGH will ultimately be in the hands of shareholders—it's just a matter of timing.

Speaker #2: Yeah, thanks for the question, Shani. So, since you mentioned the four assets that we've listed as key assets, you want to know the short- and medium-term plan.

Shekhar Anantharaman: Yeah. Thanks for the question, Sweeney. So, since you mentioned for the four assets that we have listed as key assets, you want to know the short and medium-term plan.

Gautam Wadhwa: Yeah. Thanks for the question, Hussaini. So, since you mentioned for the four assets that we have listed as key assets, you want to know the short and medium-term plan.

Speaker #2: As I'd mentioned during my presentation, there are two parts to it. So, while we are looking at responsibly divesting these assets and exploring options, in the short term, while we hold these assets, we are also looking at creating value there.

Gautam Wadhwa: As I mentioned during my presentation, there are two parts to it. While we are looking at responsibly divesting these assets and we are exploring options, in the short term, while we hold these assets, we are also looking at creating value there. Because we want these assets to be absolutely divestment ready. Not to say they are not today, but we continue to create value and we have plans for each of those. I guess your interest is more on the divestment side, so I will start from there. If I talk about asset by asset, let us start with Caraway. Caraway is a FMCG business in Nigeria and Ghana. In Ghana, we operate in two categories, which is culinary and biscuits, and we are market leaders in both.

Speaker #2: Because we want these assets to be absolutely divestment ready. Not to say they're not today, but you know there's we continue to create value or and we have plans for each of those.

Speaker #2: But I guess your interest is more on the divestment side, so I'll start from there. If I talk about asset by asset, let's start with Caraway.

Speaker #2: Now, Caraway is an FMCG business in Nigeria and Ghana. In Ghana, we operate in two categories: culinary and biscuits. We are market leaders in both.

Speaker #2: In Nigeria, we are operating in six categories, and we are between number two and number four across all six categories. So these are very attractive assets.

Gautam Wadhwa: In Nigeria, we are operating in six categories, and we are between number 2 and number 4 across all the six categories. These are very attractive assets. Second, these are clearly EBITDA positive in both the countries. From an asset attractiveness standpoint, for someone who wants exposure to an FMCG business in Nigeria and Ghana, I think this is an attractive asset. In terms of opportunities, for now, we are not launching any formal process because like I said, we want to work on these assets before we launch a formal process. But we keep getting incoming interest on this asset. Really, this is not an asset that I worry too much about. We will divest it at the right time to the right buyer. Because like we have said, for none of the assets, we are in a fire sale kind of a situation.

Speaker #2: Second, these are clearly EBITDA positive in both the countries. So, from an asset attractiveness standpoint, for someone who wants exposure to an FMCG business in Nigeria and Ghana, I think this is an attractive asset.

Speaker #2: In terms of opportunities, for now we are not launching any formal process because, like I said, we want to work on these assets.

Speaker #2: Before we launch a formal process. But we do keep—we keep getting incoming interest on this asset. So, really, this is not an asset that I worry too much about.

Speaker #2: We will divest it at the right time to the right buyer. Because like we've said, we are in none—for none of the assets are we in a fire sale kind of a situation.

Speaker #2: We can hold on. We will wait for the right buyer at the right price and responsibly divest this asset. But to be honest, I don't really worry too much about this.

Gautam Wadhwa: We can hold on. We will wait for the right buyer at the right price and responsibly divest this asset. To be honest, I do not really worry too much about this. Coming to Rusmolco, I think this is a fantastic dairy business in Russia. It is doing really well for us. In fact, to the extent we are opening a new dairy farm there. We are investing more behind this business. It does very good margins. It is run very efficiently. We are very happy with the operational performance of the business. But for this asset, as you can appreciate, there is a geopolitical risk. There is a war going on. Despite the war, we are looking at some divestment options. If we get the right price despite the war, we will be open to divestment.

Speaker #2: Coming to Rasmalco, I think this is a fantastic dairy business in Russia. It's doing really well for us. In fact, to the extent that we are opening a new dairy farm there.

Speaker #2: So, we are investing more behind this business. It delivers very good margins and is run very, very efficiently. So, we are very happy with the operational performance of the business.

Speaker #2: But for this asset, as you can appreciate, there is a geopolitical risk. I mean, there's a war going on. Despite the war, we are looking at some divestment options.

Speaker #2: So, if we get the right price despite the war, we will be open to divestment. However, if we're getting discounted very heavily because of the situation there, we may decide to hold on for a bit.

Gautam Wadhwa: However, if we are getting discounted very heavily because of the situation there, we may decide to hold on for a bit. Because like I said, this is a great asset. I would not want to sell it at a huge discount because that will not be an optimal outcome for the shareholders. We want to be very prudent here. We will see how the situation plays out and then take a call. But operationally, I think it is a fantastic asset. The third big asset is your, let us take OPG, Olam Agri together because it is a similar risk. OPG, Olam Agri, I think they are doing well as businesses. While this year I mentioned OPG export sales are down, but that is very temporary. But overall, the businesses are doing all right from an operational standpoint.

Speaker #2: Because, like I said, this is a great asset. I would not want to sell it at a huge discount, because that would not be an optimal outcome for the shareholders.

Speaker #2: So, we want to be very prudent here. We'll see how the situation plays out and then take a call. But operationally, I think it's a fantastic asset.

Speaker #2: The third big asset is your—let's take OPG and ORG together, because it's a similar risk. Now, OPG and ORG, I think they're doing well as businesses.

Speaker #2: While this year I mentioned OPG export sales are down, that’s very temporary. But overall, the businesses are doing all right from an operational standpoint.

Speaker #2: However, for these two assets, one, the buyer universe is usually limited, because these are plantation assets. Compared to, you know, an FMCG or a dairy business, here the buyer universe, by the very nature of the business, is limited.

Gautam Wadhwa: However, for these two assets, one, the buyer universe is usually limited because these are plantation assets compared to an FMCG or a dairy business. Here, the buyer universe, the very nature of the business is limited. The second and more important factor is the country risk we have here. Gabon, as you know, went through a coup a couple of years back. Since then, the investor appetite went down a bit. In this asset, we will have to be a little more creative. We will look at what we can do in terms of exit. It is not a very straightforward exit, I would say. However, there are buyers that we have in mind that we can speak to and see what we can do with this. From an opportunity standpoint, Caraway, I think is a pretty straightforward asset. Great asset. Wimm-Bill-Dann, great asset.

Speaker #2: The second and more important factor is the country risk we have here. Gabon, as you know, went through a coup a couple of years back.

Speaker #2: So, since then, the investor appetite went down—a bit. So, in this asset, we'll have to be a little more creative. We will look at what we can do.

Speaker #2: On the exit front, it's not a very straightforward exit, I would say. However, there are buyers that we have in mind, whom we can speak to and see what we can do with this.

Speaker #2: So, from an opportunity standpoint, Caraway, I think, is a pretty straightforward asset—great asset. Rasmalco, great asset as well; it's more a geopolitical risk situation. Gabon—there's a limited buyer universe.

Gautam Wadhwa: It is more a geopolitical risk situation. Gabon, a limited buyer universe, and country risk. However, we do have a plan in mind, and we will see how best we can progress on this. Does that answer your question?

Speaker #2: And country risk. However, we do have a plan in mind, and we'll see how best we can progress on this. Does that answer your question?

Speaker #1: Yes.

Speaker #3: Thank you.

[Company Representative] (The Business Times): Thank you.

Hung Hoeng Chow: Thank you.

Speaker #2: And Arise, of course, as already mentioned, is in play. So it's already a signed deal; we're just waiting for the closing.

Gautam Wadhwa: ARISE, of course, I had already mentioned, it is in place. It is already a signed deal. We are just waiting for the closing.

Speaker #3: Is this times?

Hung Hoeng Chow: Business Times.

Hung Hoeng Chow: The Business Times.

Speaker #1: Thank you so much for your sharing. I'm Benisha from The Business Times. So, I have three questions. Firstly, I think in the balance sheet, I noticed that the derivative financial instruments grew from around $955 million to $2 billion, despite the lower cocoa and coffee prices.

[Company Representative] (The Business Times): Thank you so much for sharing. I am Vanisha from The Business Times. I have three questions. Firstly, I think in the balance sheet, I noticed that the derivative financial instruments grew from around SGD 955 million to SGD 2 billion despite the lower cocoa and coffee prices. Do you mind elaborating a bit more on the reason for this increase? Secondly, given that investors are now able to focus more on ofi's performance, what are some of the key challenges and opportunities that you see in the market for ofi specifically? Lastly, for the OGH businesses, like the remaining ones, are they currently able to sustain their own cash flows or is the group still needing to inject capital into them? Thank you.

Benicia Tan: Thank you so much for sharing. I am Benicia from The Business Times. I have three questions. Firstly, I think in the balance sheet, I noticed that the derivative financial instruments grew from around SGD 955 million to SGD 2 billion despite the lower cocoa and coffee prices. Do you mind elaborating a bit more on the reason for this increase? Secondly, given that investors are now able to focus more on ofi's performance, what are some of the key challenges and opportunities that you see in the market for ofi specifically? Lastly, for the OGH businesses, like the remaining ones, are they currently able to sustain their own cash flows or is the group still needing to inject capital into them? Thank you.

Speaker #1: So, do you mind elaborating a bit more on the reason for this increase? Then, secondly, given that investors are now able to focus more on OFI's performance, what are some of the key challenges and opportunities that you see in the market for OFI specifically?

Speaker #1: Yeah. And lastly, for the OGH businesses, like the remaining ones, are they currently able to sustain their own cash flows, or is the group still needing to inject capital into them?

Speaker #1: Yeah. Thank you.

Speaker #2: Okay. Can you just repeat the second question? I got the first and third. The challenges to the OFI—there was something.

Gautam Wadhwa: Okay. Can you just repeat the second question? I got the first and third. The challenges to the ofi, there was something.

Speaker #1: Yes, yeah. Basically, the challenges and opportunities that you see for OFI. Thank you.

[Company Representative] (The Business Times): Yes. Basically, the challenges and opportunities that you see for ofi. Thank you.

Benicia Tan: Yes. Basically, the challenges and opportunities that you see for ofi. Thank you.

Speaker #2: Okay. So, I think the derivatives cannot be looked at just separately and are also not linked to prices. So, the derivatives are a hedge in our books.

Gautam Wadhwa: Okay. The derivatives cannot be looked at just separately and are also not linked to prices. The derivatives are a hedge in our books.

Speaker #2: So, depending on how much physicals we are carrying, the derivatives will be an offset to that. Therefore, you have to look at that not in isolation—going up or going down is not significant in itself.

Shekhar Anantharaman: to our physical. Depending on how much physical we are carrying, the derivatives will be an offset to that. Therefore, we have to look at that, not in isolation. Going up or going down is not, in itself, very meaningful or material in terms of direction. The second part, which is probably a larger question, opportunities and challenges. I talked about that. I think if you just look at it from the market, there is the volatility, in various aspects of it, climate change and so on, regulatory barriers, and so on and so forth, are all looking like challenges. But the way I look at it is, if managed well, they are core to our business, and if managed well, they can be opportunities, because there are not very many people who offer the spread and network which can manage that.

Speaker #2: Very meaningful or material in terms of direction. The second part, which is probably a larger question, is opportunities and challenges. I talked about that. I think if you just look at it from the market, there is the volatility in various aspects of it, climate change and so on, regulatory barriers, and so on and so forth.

Speaker #2: They all look like challenges, but the way I look at it is, if managed well, they are core to our business. And if managed well, they can be opportunities.

Speaker #2: Because there are not very many people who offer the spread and network which can manage that. So, overall, I would be conscious and very cautious about risks and exposures in this market.

Shekhar Anantharaman: Overall, I would be conscious and very cautious about risks and exposures in this market. But I would be quite optimistic about our ability to grow and play an increasing role or add increasing value to our customers. Therefore, it is two sides of the same coin. We can look at this and get paralyzed and say we will stop doing our business, but I look at it and saying, "Yes, this business needs to be managed very carefully and diligently, and more discipline is required, actually." But then we can offer something which is quite unique. So that is the way I look at the mix of that. The third question I will probably

Speaker #2: But I would be quite optimistic about our ability to play an increasing role or add increasing value to our customers. So, therefore, it's the two sides of the same coin.

Speaker #2: We can look at this and get paralyzed and say we'll stop doing our business. But I look at it and say, yes, this business needs to be managed very carefully and diligently, and more discipline is actually required.

Speaker #2: But then we can offer something which is quite unique. So that's the way I look at the mix of that. The third question, I'll probably...

K. Venkat: Repeat the third question.

Venkat Krishnan: Repeat the third question.

Speaker #2: So, the cash flow requirements for the OGH—are the businesses cash flow positive? I think that's a very straightforward answer. Yes, they are all self-sustaining.

Shekhar Anantharaman: The cash flow requirements for the OGH. Are the businesses cash flow positive?

Gautam Wadhwa: I think that is a very straightforward answer. Yes, they are all self-sustaining. Actually, we do not have to pump money from the center.

Speaker #2: Actually, we don't have to pump money from the center.

Speaker #1: Thank you.

Hung Hoeng Chow: Thank you.

Speaker #2: And that's a big impact of the discontinued operations—that, with that, OGH has not only been able to deleverage, but also become more self-sustaining.

Shekhar Anantharaman: That is a big impact of the discontinuing operations. With that, OGH has not only been able to deleverage but also becomes more self-sustaining. Although, of course, we just finished the tranche one. By the end of tranche two, that is an important part of ensuring that they make operating profit and that gets converted into earnings because of the cost of the burden of interest is not there.

Shekhar Anantharaman: That is a big impact of the discontinuing operations. With that, OGH has not only been able to deleverage but also becomes more self-sustaining. Although, of course, we just finished the Tranche 1. By the end of Tranche 2, that is an important part of ensuring that they make operating profit and that gets converted into earnings because of the cost of the burden of interest is not there.

Speaker #2: Although, of course, we just finished tranche one. So by the end of tranche two, that's an important part of ensuring that they make operating profit and that it gets converted into earnings.

Speaker #2: Because the cost or the burden of interest is not there.

Speaker #3: And clearly, over the last two or three years, we've focused on making them self-sufficient in terms of cash requirements. And what that does is give you the flexibility.

K. Venkat: And clearly, over the last two, three years, we focused on making them self-sufficient in terms of cash requirements. What that does is gives you the flexibility. As Gautam was alluding to, we are not in a fire sale mode. We have time. We want to get the best value and find the best buyer. So ensuring that they are self-sufficient and running them from that perspective as a very fundamental criteria allows us to do all of that.

Venkat Krishnan: And clearly, over the last two, three years, we focused on making them self-sufficient in terms of cash requirements. What that does is gives you the flexibility. As Gautam was alluding to, we are not in a fire sale mode. We have time. We want to get the best value and find the best buyer. So ensuring that they are self-sufficient and running them from that perspective as a very fundamental criteria allows us to do all of that.

Speaker #3: As Gautam was alluding to, we're not in fire-sale mode. We have time. We want to get the best value and find the best buyer.

Speaker #3: So, ensuring that they're self-sufficient and running them from that perspective, as a very fundamental criterion, allows us to do all of that.

Speaker #1: Thank you. If there are no questions from the floor, I will take some questions from the webcast. The questions are regarding the progress in the reorganization plan.

Hung Hoeng Chow: Thank you. If there are no questions from the floor, I will take some questions from the webcast. The questions are around the progress in the reorganization plan. Two aspects on. The first is on ofi value unlock. Is there any plan for approaching the public market for an IPO or a private sale?

Speaker #1: Two aspects. One, the first is on OFI value unlock. Is there any plan for approaching the public market for an IPO, or a private sale?

Speaker #2: Yeah, so this is a question that comes up every half year, and I give the same answer. So we will keep all our strategic options.

Shekhar Anantharaman: Well, this is a question that comes up every half year, and I give the same answer. We will keep all our strategic options. ofi is very valuable, long-term business. We have invested in that. We are going to continue to invest in that. We will keep all our strategic options. We are in no hurry. The shareholders are in no hurry to exit or unlock value from that business. We want to maximize and optimize value from the business. So if we find the right partners, we might, at an appropriate time, we might consider. But at this point in time, the business is in strong hands with all the things that we have done with the reorganization plan. The business and the group is even in a, and the current shareholders are even in a better position to support that business.

Speaker #2: OFI is a very valuable long-term business. We have invested in that, and we are going to continue to invest in that. We'll keep all our strategic options open.

Speaker #2: We are in no hurry. The shareholders are in no hurry to exit or unlock value from that business. We want to maximize and optimize value from the business.

Speaker #2: So, if you find the right partners, you might, at an appropriate time—there could be, we might consider. But, at this point in time, the business is in strong hands with all the things that we have done with the reorganization plan.

Speaker #2: The business and the group are even in a, and the current shareholders are even in a better position to support that business. So there is no crying need for us to go anywhere to raise capital.

Shekhar Anantharaman: There is no crying need for us to go anywhere to raise capital. We would like to extract full value from this business. So at an appropriate time, we will think about capital raise.

Speaker #2: And we'd like to extract full value from this business, so at an appropriate time we'll think about a capital raise.

Speaker #3: Can I just add something? Sorry, if I can add something. The point I would like to add is in terms of access to the value that OFI will accrete over time, right?

K. Venkat: Can I just add something? Sorry. If I can add something. The point I would like to add is in terms of access to the value that ofi will accrete to OGH, right? And being with the same set of shareholders as well. We are listed on Singapore Exchange, and that clearly is an instrument that shareholders can access. As ofi delivers on the plans that she said, or planned, the value should be. That is what our expectation is. Should be reflected in the share price. And that provides a venue for shareholders to monetize as well if they decide to do so.

Venkat Krishnan: Can I just add something? Sorry. If I can add something. The point I would like to add is in terms of access to the value that ofi will accrete to OGH, right? And being with the same set of shareholders as well. We are listed on Singapore Exchange, and that clearly is an instrument that shareholders can access. As ofi delivers on the plans that she said, or planned, the value should be. That is what our expectation is. Should be reflected in the share price. And that provides a venue for shareholders to monetize as well if they decide to do so.

Speaker #3: And being with the same set of shareholders as well. We are listed on the Singapore Stock Exchange, and that clearly is an instrument that shareholders can access.

Speaker #3: As OFI delivers on the plans that Shekhar outlined, the value—that's what our expectation is—should be reflected in the share price.

Speaker #3: And that provides an avenue for shareholders to monetize as well, if they decide to do so.

Speaker #1: Another related question on creating shareholder value: Is there a potential share buyback? Olam Group has bought back shares in the past. What would be the plan going forward?

Hung Hoeng Chow: Another related question on creating shareholder value is the potential share buyback, which Olam Group has bought back shares in the past. What would be the plan going forward between yourself?

Speaker #1: Between yourselves and.

Speaker #2: Again, I mean, share buyback is an option that the Board will always consider, and if we have—if that's the best use of cash, we will do that.

Shekhar Anantharaman: Again, on share buyback is an option that the boards will always consider, and if we have, that is the best use of cash, we will do that. At this point in time, I think with all. So that remains, and that will remain an option. But there is no imminent, it is not a strategy in itself. And that will be determined at appropriate points of time.

Speaker #2: At this point in time, I think with all, so that remains. And that will remain an option. But there's no imminent—it's not a strategy in itself.

Speaker #2: And that will be determined at the appropriate points of time.

Speaker #1: Okay, the next question is on the operations of OFI. With the recapitalization of OFI last year, and also with the current gearing ratio that the group is now at, what is the target gearing overall for OFI as an operating group, and also for the group as a whole?

Hung Hoeng Chow: Okay. The next question is on the operations of ofi. With the recapitalization of ofi last year and also with the current gearing ratio that the group is now at, what is the target gearing overall for ofi as an operating group and also for the group as a whole?

Speaker #2: Yeah, I think this is something that we will be debating at the board level. There's a lot that is happening, and the resultant impact is that we are at a group level at below 1 time.

Shekhar Anantharaman: Yeah, I think this is something that we will be debating at the board level. There is a lot which is happening, and the resultant impact is that we are at the group level at below one time. How we look at the overall gearing structure going forward is still something that will have to be determined. I do not want to give a premature answer. But in the past, what we have said, ofi's gearing always has to be looked at both the gross as well as the RMI-adjusted gearing. We have always looked at a 1.5 times gearing at the ofi level, but adjusted for RMI below 0.5. So that would be a direction of travel. I think we will be somewhere in that ballpark.

Speaker #2: How we look at the overall gearing structure going forward is still something that will have to be determined. So I don't want to give a premature answer.

Speaker #2: But in the past, what we have said is OFI’s gearing has always had to be looked at both the gross as well as the RMI-adjusted gearing.

Speaker #2: So, we have always looked at a 1.5-times gearing at the OFI level, but adjusted for RMI below 0.5. So that would be the direction of travel—I think we'll be somewhere in that ballpark.

Speaker #2: And at the group level, after the entire aspects of the rest of the deleveraging finishes, tranche two finishes, there's a bulk of things to happen.

Shekhar Anantharaman: At the group level, after the entire aspects of the rest of the deleveraging finishes, tranche 2 finishes, there is a bulk of things to happen. That might change the structure of leverage at the group level, which is still something that will have to pan out over the coming years. I do not think we should stick to any fixed guidance on gearing, and that would not be appropriate in this stage of evolution.

Shekhar Anantharaman: At the group level, after the entire aspects of the rest of the deleveraging finishes, Tranche 2 finishes, there is a bulk of things to happen. That might change the structure of leverage at the group level, which is still something that will have to pan out over the coming years. I do not think we should stick to any fixed guidance on gearing, and that would not be appropriate in this stage of evolution.

Speaker #2: That might change the structure of leverage at the group level, which is still something that will have to pan out over the coming years.

Speaker #2: So, I don't think we should stick to any fixed guidance on gearing, and that would not be appropriate at this stage, in this stage of evolution.

Speaker #1: Thank you. I have two questions from Citi. On Super El Niño, what are the challenges and opportunities you see specifically for OFI? And the second question is, what are the major KPIs for this new management team in the coming 6 to 12 months?

Hung Hoeng Chow: Thank you. I have two questions from Citi. On Super El Niño, what are the challenges and opportunities do you see specifically for ofi? The second question is, what are the major KPIs of this new management team in the coming 6 to 12 months?

Speaker #2: Right. Okay. So, Super El Niño is looking more likely, as is now being discussed quite a bit. It has different impacts on different parts of the businesses and geographies.

Shekhar Anantharaman: Right. Okay. Super El Niño is looking more likely as obviously what is now talked about quite. It has different impacts on different parts of the businesses and geographies. Therefore, it is reflected in the current uncertainty and volatility in the markets in terms of pricing. For instance, in coffee, it has probably greater impact in the robusta with risks in Vietnam, in Asia. In cocoa, it has probably greater impact in West Africa. So it is not a single-size-fits-all impact of El Niño in different geographies. It is different. The way I look at it is that it is not something any one of us can do. That is going to happen. It is going to pan out. There is some uncertainty on what impact it will have, and that will emerge in the next two quarters, I would say.

Speaker #2: So therefore, it is reflected in the current uncertainty and volatility in the markets in terms of pricing. So, for instance, in coffee, it has probably a greater impact than the robusta, with risk on in Vietnam in Asia.

Speaker #2: In cocoa, it has probably a greater impact in West Africa. So it's not a one-size-fits-all impact of El Niño in different geographies.

Speaker #2: It's different. The way I look at it is that it is not something any one of us can do. That is going to happen.

Speaker #2: It's going to pan out. There is some uncertainty on what impact it will have, and that will emerge in the next two quarters, I would say.

Speaker #2: What we have to do is ensure that we are well positioned across our geographies to capitalize the best we can in areas that are impacted by it.

Shekhar Anantharaman: What we have to do is we ensure that we are well-positioned across our geographies to capitalize the best we can in areas that are impacted with it, but also service with areas that are not impacted with it in a different form and manner. I see the opportunity of having a diversified global footprint and the ability to at least be as quick as anybody else for what is going to impact everybody. I do not think we can change the impact that it will have, but we can react faster and offer better solutions because of our spread. In a sense, I see that as a risk to closely watch, react fast, but also an opportunity that we can capitalize on.

Speaker #2: But also service areas that are not impacted by it, in a different form and manner. So I see the opportunity of having a diversified global footprint and the ability to at least be as quick as anybody else for what's going to impact everybody.

Speaker #2: So, I don't think we can change the impact that it will have, but we can react faster and offer better solutions because of our spread.

Speaker #2: So, in a sense, I see that as a risk to closely watch, react fast, but also an opportunity that we can capitalize on. Yeah.

Hung Hoeng Chow: The second question on KPIs.

Shekhar Anantharaman: Yeah, KPIs. I do not think the KPIs change. The business is what it is. This business, our whole reorganization plan has been underway for a while, and we have been focused on that. What we have been doing in ofi does not change. It will get accelerated in a form and manner, so I do not see my KPI changing in any form. KV has been playing the role already during this transition period because we knew that Olam Agri will be moving out. Of course, there are additional aspects of the role that he has taken over, including this particular meeting. There is an aspect of now putting together both the continuing and the discontinuing operations in a different form from how it was done in the past. That will mean additional responsibility for KV, but also additional interfaces between this new continuing group that is getting established.

Shekhar Anantharaman: Yeah, KPIs. I do not think the KPIs change. The business is what it is. This business, our whole reorganization plan has been underway for a while, and we have been focused on that. What we have been doing in ofi does not change. It will get accelerated in a form and manner, so I do not see my KPI changing in any form. K.V. has been playing the role already during this transition period because we knew that Olam Agri will be moving out. Of course, there are additional aspects of the role that he has taken over, including this particular meeting. There is an aspect of now putting together both the continuing and the discontinuing operations in a different form from how it was done in the past. That will mean additional responsibility for K.V., but also additional interfaces between this new continuing group that is getting established.

Speaker #2: KPIs, yeah. So, I don't think the KPIs change. We—the business is what it is. This business, our whole reorganization plan, has been underway for a while.

Speaker #2: And we have been focused on that. So, what we have been doing in OFI doesn't change. You'll get accelerated in a form and manner.

Speaker #2: So I don't see my KPI changing in any form. KV has already been playing the role during this transition period because we knew that Agri would be moving out.

Speaker #2: And of course, there are additional aspects of the role that he has taken over, including this particular meeting. But there's an aspect of now putting together both the continuing and the discontinuing operations in a different form from how it was done in the past.

Speaker #2: So that will mean additional responsibility for KV, but also additional interfaces between this new continuing group that is getting established. And Gautam is new, but he's already a veteran, with experience coming from.

Shekhar Anantharaman: Gautam is new, but he is already a veteran with the experience coming from. His KPIs, he was absolutely clear. His KPI is to ensure that these businesses are run well and divested responsibly. None of that is new. They are not new KPIs, they are just KPIs that we have been preparing for and therefore are able to move into as we get into this next stage of evolution.

Speaker #2: And his KPIs, he was absolutely clear. His KPI is to ensure that these businesses are run well and divested responsibly. So I think, but none of that is new.

Speaker #2: They are not new KPIs. They are just KPIs that we have been preparing for, and therefore are able to move into as we get into this next stage of evolution.

Speaker #1: That was a good question, and thank you for all your questions. And last, KV and Gautam, you have to.

Hung Hoeng Chow: That was a good question, and thank you for all your questions. Unless, KV and Gautam, you have to-

Hung Hoeng Chow: That was a good question, and thank you for all your questions. Unless, K.V. and Gautam, you have to—

Speaker #3: I was just going to say, on a light note, Gautam is already delivering on some of the KPIs. He's traveled to Nigeria, Ghana, Gabon, which is essentially what everyone at Olam typically has done over the last 35, 37 years now as a journey.

K. Venkat: I was just going to say on a lighter note, Gautam is already delivering on some of the KPIs. He has traveled to Nigeria, Ghana, Gabon, which is essentially what a typical Olamite typically has done over the last 35, or 37 years now as a journey. So he has already started on that journey. A large part of the KPI on that front he has already met.

Venkat Krishnan: I was just going to say on a lighter note, Gautam is already delivering on some of the KPIs. He has traveled to Nigeria, Ghana, Gabon, which is essentially what a typical Olamite typically has done over the last 35, or 37 years now as a journey. So he has already started on that journey. A large part of the KPI on that front he has already met.

Speaker #3: So he's already started on that journey, and a large part of the KPI on that front here has already been met.

Speaker #1: All right. Thank you so much, and thank you to the speakers, presenters, and everyone for making it here. We'll see you in six months, at least.

Hung Hoeng Chow: All right. Thank you so much, and thank you to speakers, presenters, and your time for making here. We will see you in six months at least. Thank you very much.

Speaker #1: Thank you very much.

K. Venkat: Thank you all.

Gautam Wadhwa: Thank you all.

Shekhar Anantharaman: Thank you all.

K. Venkat: Thanks. I appreciate your time.

Gautam Wadhwa: Thanks. I appreciate your time.

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Q2 2026 Olam Group Ltd Earnings Call

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