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20 25
ANNUAL REPORT
Socfinasia S.A.
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Table of contents
Group profile 5
1. Overview of the Group 5
2. History 5
3. Group structure 6
4. Information on Socfinasia’s holdings 7
Pt Socfin Indonesia “Socfindo” 8
Socfin-kcd co 12
Coviphama co 13
Plantation Nord-Sumatra “PNS” ltd 14
Socfinde 15
Sogescol Fr 16
Socfinco Fr 17
International market for rubber and palm oil 18
1. Rubber 18
The international market in 2025 19
Outlook 2026 20
2. Palm oil 21
The international market in 2025 22
Outlook 2026 24
Environment and social responsibility 25
Key figures 26
1. Activity indicators 26
2. Key figures from the consolidated income statement and consolidated statement of cash flows 27
3. Key figures in the consolidated statement of financial position 27
Stock market data 28
Financial highlights of the year 28
Corporate governance statement 29
1. Introduction 29
2. Corporate governance chart 29
3. Board of directors 29
Composition of the board of directors 29
Appointments of directors 32
Role and powers of the board of directors 32
Activity report of the board of directors 32
4. Committees of the board of directors 33
4.1 Audit committee 33
4.2 Appointment and remuneration committee 33
5. Remuneration 33
6. Shareholding status 34
7. Financial calendar 34
8. External audit 34
9. Corporate, social and environmental responsibility 35
10. Other information 35
Statement of compliance 36
Consolidated management report 37
1. Consolidated financial statements 37
2. Financial instruments 38
3. Outlook 2026 38
4. Political and economic environment 38
5. Events after the closing date 39
6. Corporate governance 39
7. General internal control system adapted to the group’s specific activities 39
8. Environment and social responsibility 41
Table of contents
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Auditor’s report on the consolidated financial statements 42
Consolidated financial statements 47
1. Consolidated statement of financial position 47
2. Consolidated income statement 49
3. Consolidated statement of comprehensive income 50
4. Consolidated statement of cash flows 51
5. Consolidated statement of changes in equity 52
6. Notes to the consolidated financial statements 53
Note 1. Overview and material accounting policies 53
Note 2. Subsidiaries and associates 64
Note 3. Leases 66
Note 4. Intangible assets 68
Note 5. Property, plant and equipment 69
Note 6. Biological assets 70
Note 7. Depreciation and impairment 71
Note 8. Impairment of assets 71
Note 9. Non-wholly owned subsidiaries in which non-controlling interests are material 73
Note 10. Investments in associates 74
Note 11. Financial assets at fair value through other comprehensive income 77
Note 12. Deferred taxes 78
Note 13. Current tax assets and liabilities 79
Note 14. Income tax expense 79
Note 15. Inventories 81
Note 16. Trade receivables (current assets) 82
Note 17. Other receivables (current assets) 82
Note 18. Cash and cash equivalents 82
Note 19. Share capital 83
Note 20. Reserve 83
Note 21. Pension obligations 84
Note 22. Financial debts 86
Note 23. Trade and other payables 86
Note 24. Financial instruments 87
Note 25. Staff costs and average number of staff 89
Note 26. Other financial income 89
Note 27. Financial expenses 90
Note 28. Net earnings per share 90
Note 29. Dividends attributable to the owners of the Parent and directors’ fees 90
Note 30. Information on related party 91
Note 31. Off balance sheet commitments 93
Note 32. Segment information 93
Note 33. Risk management 98
Note 34. Adjusted EBITDA
G
101
Note 35. Contingent liabilities 101
Note 36. Events after the closing date 103
Note 37. Auditor’s fees 103
Company’s management report 104
Activities 104
The result of the year 104
Balance sheet 105
Portfolio 105
Investments 105
Allocation of profit 106
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Socfinasia S.A.
Own shares 107
Research and Development 107
Financial Instruments 107
Branch 107
Responsible Management Policy 108
Significant events after the end of the year 109
Main risks and uncertainties 109
Perspectives 109
Statutory appointments 109
Audit report on the company’s financial statements 110
Company financial statements 114
1. Balance sheet as at 31 December 2025 114
2. Profit and loss account for the year ended 31 December 2025 116
3. Notes to the financial statements for the year 2025 117
Note 1. Overview 117
Note 2. Accounting principles, rules and methods 117
Note 3. Financial fixed assets 120
Note 3. Financial fixed assets (continued) 121
Note 3. Financial fixed assets (continued) 122
Note 4. Amounts owed by affiliated undertakings 122
Note 5. Equity 123
Note 6. Other payables 124
Note 7. Income from participating interests 124
Note 8. Income from other investments and loans forming part of the fixed assets 124
Note 9. Interest payable and similar expenses derived from affiliated undertakings 124
Note 10. Taxation 124
Note 11. Remuneration of the board of directors 125
Note 12. Staff costs 125
Note 13. Audit fees 125
Note 14. Transactions with related parties 125
Note 15. Political and economic environment 125
Note 16. Off-balance sheet commitments 125
Note 17. Significant events after the year end 125
Glossary 126
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Group profile Group profile
1. Overview of the Group
Socfinasia S.A. is a Luxembourg-based holding
company with its registered address at 41, Boulevard
Prince Henri, L-1724 Luxembourg. It was incorporated
on 20 November 1972 and is listed on the Stock
Exchange of Luxembourg.
Socfinasia’s principal activity is to manage a portfolio
of shares focused on the operation of more than 52,000
hectares of tropical palm oil and rubber plantations in
South-East Asia. As of 31 December 2025, Socfinasia
employs 9,541 people and has achieved a consolidated
turnover of EUR 198 million over that same year.
2. History
• 20/11/1972 Incorporation of Socfinasia as a Luxembourg holding company through the contribution of shares
in PT Socfindo.
• 30/06/1973 Since its incorporation, Socfinasia has invested, amongst others, in Fininter (Belgium) and
Socfinal (Luxembourg).
• 23/01/1974 The shares of Socfinasia have been listed on the Stock Exchange of Luxembourg.
• 30/06/1975 The portfolio includes new investments: Socfin (Belgium), Plantations Nord Sumatra (Belgium)
and Selangor Plantations Cy (Malaysia).
• 30/06/1977 Socfinasia invests in Sennah Rubber Cy, New African Plantations Cy, la Banque d’Investissements
Privés and Socficom. It disposes of its stakes in Socfin (Belgium) and Socfinal.
• 04/12/1979 PT Socfindo increases its share capital through the capitalisation of reserves. Free allotment of
1,166 shares in PT Atmindo.
• 31/12/1980 Acquisition of shares in Selangor Holding, a Luxembourgish company listed on the Stock Exchange
of Luxembourg.
• 24/04/1989 PT Socfindo increases its share capital through the capitalisation of the revaluation reserve of
its fixed tangible assets.
• 31/03/1996 Acquisition of shares in Intercultures, a Luxembourgish company listed on the Stock Exchange of
Luxembourg.
• 31/03/1997 Initially, Socfinasia increases its stake in its Indonesian subsidiaries: PT Socfindo and PT Atmindo.
Thereafter, Socfinasia incorporates Plantations Nord Sumatra Limited, to which it transferred its
Indonesian subsidiaries.
• 31/03/1999 Increase in the subscribed capital of Intercultures.
• 05/02/2000 Takeover bid/public exchange offer by Selangor Holding for Sennah Rubber Cy which will be
liquidated in August 2000.
• 01/04/2000 Increase in subscribed capital to EUR 25,062,500 and the accounting par to 1,002,500 shares.
• 26/06/2000 Takeover bid by Socfinasia on the shares of Selangor Holding which will be liquidated in May 2001.
• 17/10/2000 Change in financial year end to 31 December.
• 31/12/2001 PNS Ltd has acquired 30% of PT Socfindo from the Indonesian state.
• 31/12/2006 Restructuring of the subsidiaries within the Socfinal Group, including the distribution of shares
of Intercultures by Socfinasia (spin-off) and repositioning of the operational companies within
the Group.
• 31/12/2007 Incorporation of Socfin-KCD (Cambodia).
• 17/03/2010 Disposal of Socfinaf Cy (Kenya).
• 10/01/2011 Extraordinary General Meeting which ratifies abandon of the holding 29 status.
• 01/07/2011 Share is split by 20.
• 13/08/2013 Socfinasia acquires, through its subsidiary PNS Ltd, 90% of Coviphama Co, a company incorporated
under the Cambodian Law, benefitting from a new grant of 5,300 hectares.
• 30/07/2015 Acquisition of shares in Socfin-KCD to increase the percentage holding to 100%.
Group profile
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Socfinasia S.A.
Group profile
3. Group Structure
Holding companies Holding companies
SOCFIN
Luxembourg
SOCFIN
Luxembourg
SOCFINDE
Luxembourg
SOCFINDE
Luxembourg
60%
SOCFINASIA
Luxembourg
SOCFINASIA
Luxembourg
PNS L TD
Luxembourg
PNS L TD
Luxembourg
100%100%
100%
100%
100%90%
80%
48%
35%
15%
50%
50%
50%
50%
50%
35%
19%
10%
50%
50%
30%
10%
Group profile
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4. Information on Socfinasia’s holdings
Portfolio Number of shares Direct %
Cambodia
Socfin-KCD Co 2,000 100.00%
Luxembourg
PNS Ltd 27,780,000 100.00%
Socfinde 200,000 80.00%
Management Associates 1,500 15.00%
Terrasia 4,781 47.81%
Induservices 3,500 35.00%
Belgium
Centrages 7,500 50.00%
Immobilière de la Pépinière 3,333 50.00%
Socfinco 8,750 50.00%
Switzerland
Sogescol FR 2,650 50.00%
Socfinco FR 650 50.00%
Sodimex FR 675 50.00%
Induservices FR 700 50.00%
The following pages contain a summary of the activity
and comments on the financial information for the
past two financial years in which Socfinasia holds a
direct or indirect participation.
Unless indicated otherwise, equity includes capital,
reserves and the results brought forward before
allocation of current year results.
Corporate data refers to consolidated data.
The balance sheet figures are presented in the
functional currency of the respective entities.
Group profile
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Socfinasia S.A.
PT SOCFIN INDONESIA “SOCFINDO”
PT Socfindo is an Indonesian company which manages oil palm and rubber plantations in North Sumatra, Indonesia.
Key data
Area (hectares) Planted area
As at 31 December 2025 Mature Immature Total
Rubber 5,096 1,229 6,325
Palm 34,991 4,472 39,463
TOTAL 40,087 5,701 45,788
Concessions
G
(terms having a
G
are explained part “Glossary” at the end of the annual report): 47,417 ha
Permanent staff as at 31 December 2025: 8,286
Production and turnover
As at 31 December 2025 2024
Production (tons)
Rubber 5,733 6,170
Palm oil 186,241 179,593
Seeds (thousands) 10,099 8,954
Turnover (EUR 000) 179,698 169,022
Result (EUR 000) 73,784 64,421
Average selling price (EUR / kg)
Rubber 1.75 1.58
Palm oil 0.88 0.86
Seeds (EUR / 1,000) 639 694
Average rate EUR / IDR 18,671 17,162
Closing rate EUR / IDR 19,753 16,851
Key figures (IDR million)
As at 31 December 2025 2024
Non-current assets 1,763,113 1,703,348
Current assets 792,178 682,837
Shareholder’s Equity (*) 1,348,413 1,132,254
Debt, provisions and third parties (*) 1,206,878 1,253,931
Profit / (loss) for the period 1,377,636 1,105,584
Dividend per share (USD) (**) (**)
Interim dividend per share (USD) 850 800
PNS Ltd’s stake (%) 89.98 89.98
(*) After interim dividend, before profit allocation.
(**) Not known to-date.
Group profile
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STATEMENT OF FINANCIAL POSITION
As at 31 December 2025 and 2024
(Expressed in IDR 000, unless otherwise stated)
Exchange rate: EUR 1 = IDR 19,753 16,851
Average rate: EUR 1 = IDR 18,671 17,162
ASSETS 31/12/2025 31/12/2024
CURRENT ASSETS
Cash and cash equivalents 216,831,290 159,471,601
Receivables
Trade receivables
Amount from related parties 8,209,176 14,257,465
Amount due from customers 3,563,761 3,927,886
Trade receivables - invoices to send 0 3,725,791
Tax debtors 23,773,438 19,463,945
Other receivables 22,332,879 15,192,369
Inventories 336,002,909 281,317,478
Advance payment on order 0 0
Deferred and accruals 181,908,647 185,480,518
TOTAL CURRENT ASSETS 792,622,100 682,837,053
NON-CURRENT ASSETS
Fixed assets 1,762,588,921 1,703,337,274
Rights-of-use of assets 68,800 0
Deferred tax assets 0 0
Other 11,100 11,100
TOTAL NON-CURRENT ASSETS 1,762,668,821 1,703,348,374
TOTAL ASSETS 2,555,290,921 2,386,185,427
Group profile
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Socfinasia S.A.
LIABILITIES AND EQUITY 31/12/2025 31/12/2024
LIABILITIES
CURRENT LIABILITIES
Amount payable to suppliers 37,606,220 51,141,498
Invoices to be received 52,382,376 37,617,048
Other payables
Amount due to third parties 14,417,730 12,445,680
Amount due to related parties 16,945,454 17,617,685
Accruals 435,613,727 364,664,450
Advances and payments on work in progress 26,522,448 51,744,096
Employee benefit obligations 32,485,280 54,157,156
Current tax liabilities 100,004,409 113,710,002
TOTAL CURRENT LIABILITIES 715,977,644 703,097,615
NON-CURRENT LIABILITIES
Employee benefit obligations 434,665,142 533,647,194
Deferred tax liabilities 56,235,474 17,186,357
TOTAL LIABILITIES 1,206,878,260 1,253,931,166
Equity
Share capital
Type A 2,385 2,385
Type B 265 265
Type C 7,947,350 7,947,350
Type D 34,300,000 34,300,000
Total equity 42,250,000 42,250,000
Share premium 3,670,500 3,670,500
Retained Earnings
Allocated to the general reserve 38,642,844 38,642,844
Retained Earnings not allocated 1,263,849,317 1,047,690,917
TOTAL EQUITY 1,348,412,661 1,132,254,261
TOTAL LIABILITIES AND EQUITY 2,555,290,921 2,386,185,427
Group profile
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2025 2024
Revenue 3,355,185,858 2,900,751,569
Cost of sales -1,133,176,359 -1,053,394,100
GROSS PROFIT 2,222,009,499 1,847,357,469
Selling expenses -53,266,481 -50,017,415
General and administrative overheads (*) -402,357,353 -484,536,654
Other income 25,057,595 42,102,937
Other expenses -32,259,931 -8,036,825
Gain / (loss) arising from change in fair value of biological assets 27,113,231 54,518,714
OPERATING PROFIT 1,786,296,560 1,401,388,226
Finance Income 15,848,476 16,030,984
PROFIT BEFORE TAX 1,802,145,036 1,417,419,210
Income tax expense -398,159,296 -311,370,258
Profit / (loss) for the period 1,403,985,740 1,106,048,952
Comprehensive income
Revaluation of post-employment benefits -26,349,682 -465,333
TOTAL COMPREHENSIVE INCOME 1,377,636,058 1,105,583,619
(*) These amounts include emoluments paid to the directors of PT Socfindo who are members of the Board of Directors of
Socfinasia (2025 = IDR 96,596,910,612 and 2024 = 65,468,818,607).
STATEMENT OF OPERATIONS AND OTHER COMPREHENSIVE INCOME
As at 31 December 2025 and 2024
(Expressed in IDR 000, unless otherwise stated)
Group profile
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SOCFIN-KCD Co
Share capital: KHR 160,000,000,000.
Socfin-KCD is a Cambodian company involved in the production of rubber.
Key data
Area (hectares) Planted area
As at 31 December 2025 Mature Immature Total
Rubber 3,688 0 3,688
Concessions
G
: 5,472 ha (including subsidiaries)
Permanent staff as at 31 December 2025: 793
Production and turnover
As at 31 December 2025 2024
Production (tons)
Rubber 11,382 10,283
Turnover (EUR 000) 17,283 16,193
Result (EUR 000) 3,172 3,027
Average selling price (EUR / kg)
Rubber 1.52 1.57
Average rate EUR / USD 1.13 1.08
Closing rate EUR / USD 1.17 1.04
Key figures (USD 000)
As at 31 December 2025 2024
Fixed assets 44,463 45,911
Current assets 5,492 4,285
Equity (*) 39,427 35,844
Borrowing, provisions and third-parties (*) 10,529 14,352
Profit / (loss) for the period 3,582 3,271
Socfinasia’s holding (%) 100.00 100.00
(*) Before profit allocation.
Group profile
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COVIPHAMA Co
Share capital: KHR 8,640,000,000.
Coviphama is a Cambodian company involved in the production of rubber.
Key data
Area (hectares) Planted area
As at 31 December 2025 Mature Immature Total
Rubber 3,219 9 3,228
Concessions
G
: 3,617 hectares
Permanent staff as at 31 December 2025: 462
2025 2024
Average rate EUR / USD 1.13 1.08
Closing rate EUR / USD 1.17 1.04
Key figures (USD 000)
As at 31 December 2025 2024
Fixed assets 21,510 22,324
Current assets 1,916 1,974
Equity 1,516 -284
Borrowing, provisions and third-parties 21,910 24,582
Profit / (loss) for the period 1,800 1,890
Socfinasia’s holding (%) 100.00 100.00
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Group profile
PLANTATION NORD-SUMATRA “PNS” Ltd
Share capital: USD 260,084,774.
PNS Ltd’s is a holding company whose principal assets are its controlling interest of 89.98% in PT Socfindo, a 100%
investment in Coviphama Co as well as a receivable from the latter.
2025 2024
Average rate EUR / USD 1.13 1.08
Closing rate EUR / USD 1.17 1.04
Key figures (USD 000)
As at 31 December 2025 2024
Fixed assets 303,471 306,471
Current assets 1,510 1,123
Equity (*) 304,950 307,563
Borrowing, provisions and third-parties (*) 32 31
Profit / (loss) for the period 56,281 58,048
Distribution 58,894 59,171
Socfinasia’s holding (%) 100.00 100.00
(*) Before profit allocation.
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Group profile
SOCFINDE
Share capital: EUR 1,250,000.
Socfinde is a Luxembourg-based holding company.
Profit for the year ended on 31 December 2025 is EUR 403,602. The Board of Directors will not propose any
dividend distribution at the Annual General Meeting.
Key figures (EUR 000)
As at 31 December 2025 2024
Fixed assets 3,042 3,042
Current assets 65,578 139,268
Equity 5,611 5,207
Borrowing, provisions and third-parties 63,009 137,103
Profit / (loss) for the period 404 539
Distribution 0 0
Dividend per share (EUR) 0 0
Socfinasia’s holding (%) 80.00 80.00
Group profile
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Socfinasia S.A.
SOGESCOL FR
Share capital: CHF 5,300,000.
Sogescol FR is a Swiss company that trades in rubber and palm oil.
The financial year ended on 31 December 2025 with a profit of USD 10,676,267. The Board of Directors will
propose to the General Meeting of Shareholders a profit distribution of USD 8,000,000.
2025 2024
Average rate EUR / USD 1.13 1.08
Closing rate EUR / USD 1.17 1.04
Key figures (USD 000)
As at 31 December 2025 2024
Fixed assets 5,955 3,780
Current assets 66,242 78,211
Equity (*) 21,129 20,453
Borrowing, provisions and third-parties (*) 51,068 61,538
Profit / (loss) for the period 10,676 10,492
Distribution 8,000 10,000
Dividend per share (USD) 1,887 1,887
Socfinasia’s holding (%) 50.00 50.00
(*) Before profit allocation.
Group profile
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SOCFINCO FR
Capital: CHF 1,300,000.
Socfinco FR is a Swiss company that provides services, studies and management of agro-industrial plantations.
Socfinco FR covers the agro-industrial sector of palm oil and rubber.
The financial year that ended on 31 December 2025 shows a profit of EUR 4,919,427. The Board of Directors will
propose to the General Meeting of Shareholders a dividend distribution of EUR 4,000,000.
Key Figures (EUR 000)
As at 31 December 2025 2024
Fixed assets 6,239 4,741
Current assets 18,462 18,035
Equity (*) 22,306 19,386
Borrowing, provisions and third parties (*) 2,395 3,390
Sales and services 33,305 26,198
Profit / (loss) for the period 4,919 4,465
Distribution 4,000 2,000
Dividend per share (EUR) 3,077 1,538
Socfinasia’s holding (%) 50.00 50.00
(*) Before profit allocation.
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International market for rubber and palm oil
1. Rubber
SGX – NATURAL RUBBER – 5 years +
SGX – NATURAL RUBBER – 1 year +
50
100
150
200
250
300
50
100
150
200
250
300
$ct/Kg
RSS3
TSR20
120
140
160
180
200
220
240
260
120
140
160
180
200
220
240
260
$ct/Kg
RSS3
TSR20
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International market for rubber and palm oil
The international market in 2025
The average natural rubber price (TSR20
G
1
st
position
on SGX
G
) for 2025 is USD 1,771/T FOB Singapore,
compared with USD 1,743/T in 2024, an increase
of 1.6%.
However, converted into euros, the average price in
2025 is EUR 1,568/T, compared with EUR 1,611/T in
2024, representing a decrease of 2.7%.
After a year of significant production shortfalls in
2024, natural rubber prices ranged between USD
1,850 and USD 2,050/T in the first quarter of 2025,
supported by supply tensions at the beginning of the
year and then by the onset of the rainy season in the
main production areas.
The beginning of April was marked by the introduction
of customs barriers imposed by the United States on
its trading partners, causing a sharp fall in global
stock markets and, in their wake, in the prices of most
commodities. Natural rubber prices did not escape
this downward trend, fuelled by fears of a global
recession. In the space of a week, they fell from USD
1,969/T to USD 1,579/T, a drop of 20%.
As the world’s largest consumer of natural rubber,
China has been hit particularly hard, with tariffs of up
to 145% on its exports following an escalation in the
trade war with the United States.
The temporary suspension of customs tariffs for a
period of 90 days, aimed at allowing for more in-depth
negotiations and offering respite to the markets,
enabled rubber prices to stabilise just below USD
1,700/T at the end of April.
Against a backdrop of heightened geopolitical tensions
in the Middle East, prices began a new downward trend
in early June, reaching a low of USD 1,575/T before
stabilising at around USD 1,600/T for the month as a
whole, despite the rise in oil prices.
Supported by agreements on customs tariffs between
the United States and its main trading partners, as
well as tensions on the border between Thailand
and Cambodia, natural rubber prices resumed their
upward trend and hovered around USD 1,700/T from
July to November.
Following floods affecting production areas in
southern Thailand and Indonesia, prices rose above
USD 1,800/T at the end of December.
According to the latest forecasts by the International
Rubber Study Group (IRSG
G
) published in December
2025, global natural rubber production is expected to
reach 15.2 million tons in 2025 (+3.5%), while global
demand is expected to reach 15.7 million tons (+2%),
resulting in an estimated deficit of 488,000 tons.
The entry into force of the EUDR European regulation,
which aims to ban certain raw materials derived from
deforestation, including natural rubber and palm oil,
from European soil, has once again been postponed
by one year. It is now expected to come into force on
30 December 2026, whereas it was initially scheduled
for the end of 2024.
As of 30 December 2025, the TSR20 1
st
position FOB
Singapore on SGX is quoted at USD 1,799/T.
International market for rubber and palm oil
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Outlook 2026
Natural rubber prices continued their upward trend
that began at the end of 2025 and have been trading
between USD 1,800 and USD 2,050 per ton since the
beginning of 2026, supported by heavy rains in south-
eastern Thailand and Malaysia, but also by the end of
tapping in the main producing countries at the start of
the rainy season, by rising oil prices and by significant
restocking by China in anticipation of the Chinese New
Year at the end of February.
In general, and in the absence of negative factors
affecting demand, the natural rubber market in 2026
could see a return to fundamentals, namely persistent
pressure on global supply resulting in a production
deficit for the fourth consecutive year. This deficit
would be due to several factors affecting the global
supply of natural rubber. In addition to the vagaries
of weather conditions affecting harvests, there is also
the ageing of global plantations – mainly due to a lack
of investment in rubber cultivation following ten years
of relatively low prices on the international market
– substitutions to other more profitable crops, and
rubber tree diseases in South-East Asia.
Price trends will depend in particular on oil prices,
which influence the cost of synthetic rubber, the
effectiveness of Chinese economic support measures
and the impact of trade tensions between the United
States and its partners.
From 1 May 2026, China will apply a zero per cent
tariff exemption on certain imports from African
countries, including natural rubber. This measure will
strengthen the competitiveness of African producers
on the Chinese market, with the potential to increase
export volumes and secure outlets.
Production in Côte d’Ivoire, the world’s third largest
producer behind Indonesia and Thailand, is expected
to grow further to around 2 million tons, a level very
close to that of Indonesia, whose production has been
in sharp decline since 2021.
According to the IRSG
G
, global natural rubber
production is expected to reach 15.65 million tons
in 2026 (+2.7%), while global demand is expected
to reach 16.05 million tons (+2.1%), resulting in an
estimated deficit of 402,000 tons.
The TSR20 1
st
position FOB Singapore on SGX was
quoted at USD 2,048/T on 27 February 2026.
Socfinasia S.A.
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International market for rubber and palm oil
2. Palm oil
CIF ROTTERDAM – PALM OILS – 5 years +
CIF ROTTERDAM – PALM OILS – 1 year +
600
800
1 000
1 200
1 400
1 600
1 800
2 000
2 200
2 400
2 600
2 800
600
800
1 000
1 200
1 400
1 600
1 800
2 000
2 200
2 400
2 600
2 800
$/Mton
CPO
CPKO
700
800
900
1 000
1 100
1 200
1 300
1 400
1 500
1 600
1 700
1 800
1 900
2 000
2 100
2 200
2 300
2 400
700
800
900
1 000
1 100
1 200
1 300
1 400
1 500
1 600
1 700
1 800
1 900
2 000
2 100
2 200
2 300
2 400
$/Mton
CPO
CPKO
International market for rubber and palm oil
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World palm oil production in million tons
(source: Oil World)
1995 2005 2015 2020 2021 2022 2023 2024 2025 2026(*)
Indonesia 4.2 14.1 33.4 42.8 44.7 46.7 48.4 45.6 49.4 49.0
Malaysia 7.8 15.0 20.0 19.1 18.1 18.5 18.6 19.4 20.2 19.6
Other 3.2 4.8 9.1 12.2 13.1 14.0 14.6 14.4 15.3 15.8
TOTAL 15.2 33.9 62.5 74.1 75.9 79.2 81.6 79.4 84.9 84.4
(*) Estimated (December 2025).
Production of the main oils in million tons
(source: Oil World)
1995 2005 2015 2020 2021 2022 2023 2024 2025 2026(*)
Palm 15.2 33.9 62.5 74.1 75.9 79.2 81.6 79.4 84.9 84.4
Soya 20.2 33.6 48.8 58.6 60.1 60.1 59.7 64.7 68.7 69.4
Rapeseed 10.8 16.2 26.3 25.3 26.9 25.7 30.6 31.6 32.1 32.5
Sunflower 8.7 9.7 15.1 21.3 18.9 19.7 22.3 23.3 21.0 21.9
Palm kernel 2.0 4.0 6.8 7.8 8.0 8.2 8.4 8.2 8.7 8.7
Cotton 3.9 5.0 4.7 4.6 4.5 4.4 4.4 4.5 4.4 4.4
Peanut 4.3 4.5 3.7 4.2 4.4 4.7 4.4 4.4 4.7 4.7
Copra 3.3 3.3 3.0 2.6 2.8 3.0 3.1 3.1 2.7 3.0
TOTAL 68.4 110.1 170.8 198.5 201.4 205.1 214.5 219.2 227.2 229.0
(*) Estimated (December 2025).
The international market in 2025
The average price of crude palm oil (CPO
G
) CIF
Rotterdam
G
in 2025 is expected to be USD 1,222/T,
compared to USD 1,084/T in 2024, representing an
increase of 13%.
Palm oil prices had already risen sharply in 2024,
from less than USD 950/T at the beginning of the year
to more than USD 1,250/T at the end of the year,
supported by robust demand from major importing
countries.
This upward trend continued in the first quarter of
2025, with CPO CIF Rotterdam repeatedly exceeding
the USD 1,300/T mark. From January to March, global
supply of vegetable oils remained limited, while
consumption remained strong, particularly in Muslim
countries during the Ramadan festivities. In addition,
the implementation of the B40 mandate in Indonesia,
which requires 40% palm oil-based biodiesel to be
incorporated into diesel, helped to support prices.
However, from April onwards, the market underwent
a sharp reversal, marked by a significant drop in
prices. CPO CIF Rotterdam lost nearly USD 200/T in
one month, falling from USD 1,295/T to USD 1,100/T,
a drop of 15%.
This correction is largely due to the prospects of
increased global production in 2025. According to
Oil World forecasts, global palm oil production is
expected to reach 84.9 million tons, an increase of
7% compared to 2024. Indonesia, the world’s leading
producer, is expected to see its production increase to
49.4 million tons, while Malaysia, the world’s second
largest producer, is expected to see a slight increase
to 20.2 million tons.
This overall increase would be mainly due to improved
agricultural yields, boosted by increased use of
fertilisers and more favorable weather conditions
in 2025.
International market for rubber and palm oil
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The palm oil market has also been hit by falling oil
prices. Brent crude lost nearly 20% of its value in
April, reaching GBP 60 per barrel, its lowest level
in more than four years. This decline reduced the
competitiveness of biodiesel, leading to a decrease in
demand for palm oil and putting additional pressure
on prices.
Macroeconomic factors, as well as the trade war
initiated by the Trump administration against China,
also weighed on prices, heightening uncertainty and
disrupting global demand. In response to US tariff
measures, China imposed customs duties on US
soybean imports, causing soybean prices to fall and
destabilising the entire vegetable oil market.
It should be noted, however, that after the sharp
correction in April, palm oil became more competitive
again compared to other vegetable oils, particularly
soybean oil. Sold at a discount since May, it has gradually
regained a competitive advantage, stimulating export
demand. This renewed attractiveness was reflected
in an increase in export volumes in June, particularly
to India and China, which were able to rebuild
their stocks.
The rebound in oil prices in June, fuelled by geopolitical
tensions in the Middle East, also strengthened
biodiesel producers’ interest in palm oil. This demand
momentum led to a sharp recovery in prices, with CPO
CIF Rotterdam rising above USD 1,200/T in mid-June.
The market continued its upward trajectory in the
third quarter, supported by announcements from the
Indonesian authorities regarding biodiesel and rising
export statistics. CPO CIF Rotterdam thus reached USD
1,350/T in September, without however crossing this
threshold on a lasting basis.
Towards the end of the year, the palm oil market
gradually lost momentum, due more to a lack of
upward catalysts than to a real excess of supply. Prices
began to correct in October, driven by more moderate
demand, particularly in India. The decline continued
in November, in a market with little direction, marked
by unfavourable arbitrage with other vegetable oils
and more abundant seasonal supply.
In December, prices stabilised in a calm and wait-and-
see market.
As at 31 December 2025, CPO CIF Rotterdam was
trading at around USD 1,270/T.
International market for rubber and palm oil
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Outlook 2026
According to Oil World forecasts, global palm oil
production is expected to decline slightly in 2026,
to 84.4 million tons. Indonesia, the world’s leading
producer, is expected to see its production decline
slightly to 49 million tons, as is Malaysia, the world’s
second largest producer, whose production is expected
to reach 19.6 million tons.
After three decades of rapid expansion – with
production increasing sixfold between 1990 and
2020 – growth is now showing signs of slowing down.
Indonesia and Malaysia, which together account for
around 85% of global supply, face several constraints:
scarcity of available land, ageing plantations,
palm diseases (particularly Ganoderma) and labour
shortages. In addition, seizures of plantations deemed
illegal or non-compliant with land regulations by the
Indonesian authorities are expected to slow domestic
production growth by creating operational uncertainty
and delaying certain investments, which could limit
exportable supply.
At the same time, demand remains strong. It is
driven by population growth, urbanisation and rising
purchasing power in emerging countries, as well as
the diverse use of palm oil in the food, cosmetics and
energy sectors. Demand for biofuels is a key factor
supporting prices. The possible launch of the B45
program in Indonesia in 2026, which aims to increase
the share of palm oil-based biodiesel in diesel to 45%,
could increase domestic consumption by 1 to 2 million
tons and reduce the volumes available for export by
the same amount.
However, the rise in prices could be limited by
competition from alternative vegetable oils,
particularly soybean oil. The attractiveness of palm
oil will depend on its relative competitiveness: when
the price gap narrows, major buyers such as India
quickly turn to this substitute.
In 2026, palm oil prices could therefore be influenced
by a combination of factors, including changes in global
supply and demand, weather conditions, government
policies, competition from other vegetable oils and
growing demand for biofuels.
As of 27 February 2026, CPO CIF Rotterdam was
trading at around USD 1,300/T.
Env ironment and social responsibility
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Environment and social responsibility
Along with its specific commitment to transparency,
the Group has built a responsible management policy
around its three pillars of commitment, namely: rural
development, workers and local communities, and
environment. These commitments form the basis of
key initiatives that are aimed at improving long-term
economic performance, social well-being, health,
safety and natural resource management.
An implementation plan for this policy was defined
and implemented since 2022.
A regularly updated dashboard, as well as a separate
annual report (“Sustainability Report”), details the
efforts and actions undertaken by the Socfin Group
in this area.
The responsible management policy, the dashboard
and the annual Sustainability Report are available on
the Group’s website.
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Socfinasia S.A.
Key figures
1. Activity indicators
Area (hectares) Rubber Palm
As at 31 December 2025
Immatures (by year of planting)
2025 135 1,152
2024 174 1,343
2023 246 1,978
2022 167 0
2021 120 0
2020 189 0
2019 136 0
2018 70 0
Total immatures 1,237 4,472
Young (from 6 to 11 years) 2,505 (from 3 to 7 years) 7,985
Prime (from 12 to 22 years) 8,879 (from 8 to 18 years) 11,868
Old (above 22 years) 619 (above 18 years) 15,139
Total in production 12,003 34,991
TOTAL 13,241 39,464
Area (hectares) 2025 2024 2023 2022 2021
Palm 39,464 39,474 39,499 39,279 39,089
Rubber 13,241 13,245 13,243 13,523 13,886
TOTAL 52,704 52,719 52,742 52,802 52,975
Production 2025 2024 2023 2022 2021
Palm Oil (tons)
Own production
G
186,241 179,593 188,527 179,516 180,584
Rubber (tons)
Own production
G
17,116 16,454 15,250 12,914 15,430
Seeds (thousands)
Own production
G
10,099 8,954 9,190 13,189 11,668
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Key figures
Turnover (EUR million) 2025 2024 2023 2022 2021
Palm 164 154 151 171 141
Rubber 27 26 21 22 21
Other agricultural products 7 6 7 7 5
Other 0 0 1 1 1
TOTAL 198 186 179 202 168
Staff 2025 2024 2023 2022 2021
Average workforce 9,541 9,731 9,686 9,595 10,168
2. Key figures from the consolidated income statement and consolidated
statement of cash flows
(EUR million) 2025 2024 2023 2022 2021
Turnover 198 186 179 202 168
Operating profit 87 76 62 56 73
Profit / (loss) for the period attributable to the
owners of the Parent
52 61 46 48 57
Net cash flows from operating activities 35 81 63 91 69
Free cash flows
G
22 121 122 152 60
3. Key figures in the consolidated statement of financial position
(EUR million) 2025 2024 2023 2022 2021
Bearer biological assets 87 100 92 90 115
Other non-current assets 82 84 126 183 256
Current assets 104 177 146 145 115
Total equity 184 242 256 280 296
Non-current liabilities 29 39 39 40 121
Current liabilities 60 80 69 99 70
Stock market data
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Stock market data
(EUR) 2025 2024 2023 2022 2021
Number of shares 19,594,260 19,594,260 19,594,260 19,594,260 19,594,260
Equity attributable to the owners of the Parent 176,966,847 235,591,827 247,910,360 273,585,223 289,258,777
Undiluted net profit per share 2.68 3.11 2.35 2.45 2.93
Dividend per share 3.50 5.00 4.00 3.50 1.40
Share price
Minimum 15.30 14.10 14.70 14.20 13.10
Maximum 26.80 17.20 17.20 18.80 17.80
Closing 25.00 15.60 15.40 16.50 14.30
Market capitalisation 489,856,500 305,670,456 301,751,604 323,305,290 280,197,918
Dividend paid / net profit attributable to the
owners of the Parent
130.68% 160.84% 170.00% 143.03% 47.78%
Dividends / market capitalisation 14.00% 32.05% 25.97% 21.21% 9.79%
Market price / undiluted net profit per share 9.33 5.02 6.55 6.74 4.88
Financial highlights of the year
No material events occurred during the financial period.
Socfinasia S.A.
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29
Corporate governance statement
1. Introduction
Socfinasia pays close attention to the evolution of
the ten principles of corporate governance of the
Luxembourg Stock Exchange. It commits to providing
the necessary explanations for a comprehensive
understanding on how the Company functions.
Corporate governance is a set of principles and
rules whose main objective is to contribute to long-
term value creation. It allows the Board to promote
the interests of the Company and its shareholders
while putting in place effective control systems,
management of risks and conflicts of interests.
2. Corporate governance chart
The Board of Directors adopted the corporate governance chart on 21 November 2018. It was updated on
31 March 2026 and is available on the Group’s website.
3. Board of Directors
Composition of the Board of Directors
Name Nationality
Year of
Birth
Position
First
nomination
Term of office
Mr. Hubert Fabri Belgian 1952 Chairman
(a)
AGO 1980 AGO 2027
Mr. Vincent Bolloré French 1952 Director
(a)
AGE 1990 AGO 2029
Mr. Cyrille Bolloré French 1985 Director
(a)
AGO 2019 AGO 2031
Administration and Finance Corporation
“AFICO” represented by Régis Helsmoortel
Belgian 1961 Director
(b)
AGO 1997 AGO 2028
Mr. François Fabri Belgian 1984 Director
(b)
AGO 2014 AGO 2026
Mr. Philippe Fabri Belgian 1988 Director
(b)
AGO 2018 AGO 2030
Mrs. Valérie Hortefeux French 1967 Director
(c)
AGO 2019 AGO 2031
(a) Non-Executive non-independent Director
(b) Executive non-independent Director
(c) Independent Director
The mandate of Mr François Fabri, outgoing director, is eligible for re-election. The Board will propose the
renewal of this term of office at the next general meeting. This renewal will hold for a period of six years, until
the General Meeting of 2032.
Corporate governance statement
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Corporate governance statement
Other mandates held by the directors in listed companies
Hubert Fabri
Chairman
Positions and offices held in Luxembourg-based companies
• Chairman and director of the Board of Directors of Socfinaf and Socfinasia.
Positions and offices held in foreign companies
• Chairman and Director of the Board of Directors of Palmeraies de Mopoli;
• Vice-Chairman of Société des Caoutchoucs du Grand Bereby “SOGB”;
• Vice-Chairman and member of the Supervisory Board of Compagnie du Cambodge;
• Director of Compagnie de l’Odet, Financière Moncey, Société Industrielle et Financière de l’Artois and La
Forestière Equatoriale.
Vincent Bolloré
Director
Positions and offices held in Luxembourg-based companies
• Director of Socfinaf and Socfinasia.
Positions and offices held in foreign companies
• Chairman and Chief Executive Officer of Compagnie de l’Odet;
• Vice-Chairman of Société des Caoutchoucs du Grand Bereby “SOGB”;
• Director of Compagnie de l’Odet;
• Permanent representative of Bolloré Participations SE on the Boards of Directors of S.A.F.A. Cameroon
“Safacam”, Société des Caoutchoucs du Grand Bereby “SOGB” and Société Camerounaise de Palmeraies
“Socapalm”.
Cyrille Bolloré
Director
Positions and offices held in Luxembourg-based companies
• Director of Socfinasia;
• Permanent representative of Bolloré Participations on the Board of Directors of Socfinaf.
Positions and offices held in foreign companies
• Chairman and Chief Executive Officer of the Board of Directors of Bolloré;
• Member of the Supervisory Board of Compagnie du Cambodge;
• Vice-Chairman of Compagnie de l’Odet;
• Director of Bolloré SE, Compagnie de l’Odet and Société Industrielle et Financière de l’Artois;
• Permanent representative of Compagnie du Cambodge on the Board of Financière Moncey.
Socfinasia S.A.
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Corporate governance statement
Administration and Finance Corporation “AFICO”
Director
Positions and offices held in Luxembourg-based companies
• Director of Socfinasia.
Positions and offices held in foreign companies
• Director of Société des Caoutchoucs du Grand Bereby “SOGB”, Société Industrielle et Financière de l’Artois
and Société Camerounaise de Palmeraies “Socapalm”.
François Fabri
Director
Positions and offices held in Luxembourg-based companies
• Director of Socfinasia;
• Managing Director of Socfinaf.
Positions and offices held in foreign companies
• Permanent Representative and Director of Administration and Finance Corporation “AFICO” on the Board of
Société des Caoutchoucs du Grand Bereby “SOGB” and Société Industrielle et Financière de l’Artois;
• Managing Director of Palmeraies de Mopoli;
• Director of S.A.F.A. Cameroon “Safacam” and Société Camerounaise de Palmeraies “Socapalm”;
• Director of Okomu.
Philippe Fabri
Director
Positions and offices held in Luxembourg-based companies
• Director of Socfinaf and Socfinasia.
Positions and offices held in foreign companies
• Member of the Supervisory Board of Palmeraies de Mopoli;
• Director of S.A.F.A. Cameroon “Safacam” and Director of SOCFINAF on the board of Société Camerounaise
de Palmeraies “Socapalm”;
• Director of Société des Caoutchoucs du Grand Bereby “ SOGB”;
• Director of Okomu.
Valérie Hortefeux
Director
Positions and offices held in Luxembourg-based companies
• Director of Socfinasia.
Positions and offices held in foreign companies
• Director of Mediobanca and Compagnie de l’Odet.
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Corporate governance statement
Appointments of Directors
The Board of Directors proposes the appointment of the Directors at the Annual General Meeting of shareholders.
In the event of a vacancy due to the passing of or following the resignation of one or more Directors, the
remaining Directors will proceed to temporary co-optations. These co-optations will be subject to the approval
of the Annual General Meeting of shareholders at its following meeting. The Director appointed to replace
another Director will complete the term of his predecessor.
Role and powers of the Board of Directors
The Board of Directors is the body responsible for the management of the Company and the control of day-to-
day management. It acts in the interest of the Company.
The Board of Directors ensures that all financial and human resources are available and that all the necessary
structures are in place to achieve its objectives and secure long-term value creation.
The Articles of Association empower the Board of Directors to perform all actions necessary to achieve the
corporate purpose.
Activity report of the Board of Directors
Number of meetings
There are at least two meetings for the year-end and
mid-year evaluations. During the 2025 financial year,
the Board of Directors met 4 times.
Topics generally discussed
Periodic accounting situations;
Portfolio movements;
Inventory and valuation of the portfolio;
Evolution of significant holdings;
Management report;
Investment projects;
Corporate, social and environmental responsibility.
Average attendance rate of Directors
- 2025: 96%
- 2024: 92%
- 2023: 96%
- 2022: 95%
- 2021: 98%
Socfinasia S.A.
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Corporate governance statement
4. Committees of the Board of Directors
4.1 Audit Committee
The Committee consists of three members, of which
two are independent and one is assigned as President
of the Audit Committee.
The Members of the Audit Committee are appointed
for one year and are eligible for re-election. This
Audit Committee is effective as of 1 January 2025 and
has been in charge of supervising the preparation of
the financial information for the year 2025.
The Board of Directors has proposed that its
constitution will be as follows:
• Mrs. Valérie Hortefeux (Independent Member) -
Chairperson
• Mr. Frédéric Lemaire (Independent Member)
• Mr. Philippe Fabri (Director)
The appointment of the non-executive members will
be confirmed at the General Meeting of Shareholders
on 10 June 2026.
The Audit Committee assists the Board of Directors
in its supervisory function and is responsible of the
monitoring of the financial reporting, the audit
process, the analysis and the control of financial risks.
The Audit Committee shall meet three times a year.
4.2 Appointment and Remuneration Committee
The principal shareholders set the remuneration of the operational management of Socfinasia. The Board of
Directors does not consider it necessary to set up a Remuneration Committee. Similarly, for practical reasons
and due to the size of the Company, the Board of Directors has chosen not to set up a Nomination Committee.
5. Remuneration
The remuneration allocated to the members of the Board of Directors of Socfinasia for the financial year 2025
amounts to EUR 16,551,847 compared to EUR 12,691,356 in 2024.
The Directors of Socfinasia did not receive any other payment in shares (stock options).
Corporate governance statement
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6. Shareholding status
Shareholder
Number of shares held =
Number of voting rights
Percentage holding
Date of
notification
Socfin
L-1724 Luxembourg
11,324,179 57.79 01/02/2017
Bolloré Participations
F-29500 Ergué Gaberic
200 0.001 22/10/2018
Bolloré
F-29500 Ergué Gaberic
3,358,100 17.138 22/10/2018
Compagnie du Cambodge
F-92800 Puteaux
1,002,500 5.116 22/10/2018
Total Bolloré Participations
(direct et indirect)
4,360,800 22.255
7. Financial calendar
10 June 2026 Annual General Meeting at 11 a.m.
End of September 2026 Half year stand-alone and consolidated results as at 30 June 2026
Mid-November 2026 Interim Management statement for 3
rd
quarter of 2026
End of March 2027 Annual stand-alone results as at 31 December 2026
Mid-April 2027 Consolidated annual results as at 31 December 2026
Mid-May 2027 Interim Management statement for the 1
st
quarter of 2027
26 May 2027 Annual General Meeting at 11 a.m.
The Company’s results are published on the Luxembourg Stock Exchange website www.bourse.lu and on the
Company’s website www.socfin.com.
8. External audit
Independent statutory auditor (Réviseur d’entreprises
agréé)
Ernst & Young “EY”
35E Avenue John F. Kennedy
L-1855 Luxembourg.
In 2025, the audit fees amounted to EUR 536,380 VAT
included.
The audit fees include all fees paid to the independent
statutory auditor of the Group, as well as those paid
to member firms within their network for the year.
This firm performed no material consulting work or
other non-audit services in 2025 nor in 2024.
Corporate governance statement
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9. Corporate, social and environmental responsibility
Along with its specific commitment to transparency, the
responsible management policy embodies the Group’s
three pillars of commitment: rural development,
workers and local communities, and environment.
These commitments form the basis of key initiatives
aimed at improving long-term economic performance,
social well-being, health, safety and natural resource
management.
An implementation plan for this policy has been
defined and implemented since 2022.
The efforts and actions undertaken by the Socfin
Group in this area are detailed in a regularly updated
dashboard as well as in a separate annual report
(“Sustainability Report”).
The responsible management policy, the dashboard
and the annual Sustainability Report are available on
the Group’s website.
10. Other information
Following the Regulation 2016/347 of the European Commission of 10 March 2016, which specifies the modalities
for updating insider lists, a list of insiders has been drawn up and is kept continuously up to date. The persons
concerned were informed of their inclusion on this list.
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Statement of compliance
Mr. Philippe Fabri, Director and Mr. Daniel Haas, Chief
Financial Officer, indicate that, to their knowledge:
(a) in accordance with the International Financial
Reporting Standards adopted by the European
Union, the consolidated financial statements
prepared for the year that ended on 31 December
2025, give a true and fair view of the assets and
liabilities, the financial position and the profit or
loss of Socfinasia and of all the entities included in
consolidation,
(b) in accordance with the local accounting standards,
the individual financial statements prepared for
the year ended on 31 December 2025, provide
a true and fair view of the assets and liabilities,
the financial position and the profits or losses
attributable to Socfinasia,
(c) the management report presents the following
information in a fairly manner: the evolution and
results of the Company, the financial position of
the Group and all the entities that are included in
the consolidation, as well as a description of the
main risks and uncertainties they face.
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Consolidated management report
Directors’ report on the consolidated financial statements
presented by the Board of Directors to the
Annual General Meeting of the Shareholders of 10 June 2026
Ladies and Gentlemen,
1. Consolidated financial statements
The consolidated financial statements as at
31 December 2025 include the financial statements
of Socfinasia, and of all subsidiaries and direct and
indirect associate companies. The details are given
in Note 2 of the Notes to the consolidated financial
statements.
As stated in Note 1 to the consolidated financial
statements, the consolidated financial statements
have been prepared in accordance with International
Financial Reporting Standards or IFRS as adopted
by the European Union. Socfinasia (the Group)
adopted IFRS standards for the first time in 2005,
and implemented all the standards applicable to the
Group as at 31 December 2025.
Consolidated results
For the 2025 financial year, the result attributable to
the Group amounted to EUR 52.5 million compared to
EUR 60.9 million in 2024. This resulted in earnings per
share attributable to the Group of EUR 2.68 compared
to EUR 3.11 in 2024.
The consolidated revenue amounted to
EUR 198.2 million in 2025 compared to EUR 186.4 million
in 2024, thus an increase of EUR 11.8 million. This
increase in revenue was mainly due to a rise in the
price (EUR 22.5 million), and in quantities sold during
the period (EUR 6.3 million), while the variation of the
Indonesian Rupiah versus the Euro led to a decrease in
revenue (EUR -16.7 million).
The operating profit increased to EUR 87.4 million
compared to EUR 76.3 million in 2024.
Other financial income decreased to EUR 12.7 million
compared to EUR 19.1 million in 2024 and consisted
mainly of EUR 8.1 million of exchange gains, compared
to EUR 11.5 million in 2024.
Financial expenses amounted to EUR 19.8 million
compared to EUR 8.1 million in 2024 and consisted
mainly of foreign exchange losses for EUR 19.0 million
(EUR 7.4 million in 2024).
Furthermore, the tax expense increased, with income
taxes amounting to EUR 25.3 million compared to
EUR 24.5 million in 2024, linked to stronger operating
result.
Profit for the year from associates attributable to
the Group increased to EUR 7.2 million compared to
EUR 4.6 million in 2024.
Consolidated statement of financial position
Socfinasia’s assets consist of:
- non-current assets of EUR 169.4 million compared
to EUR 184.1 million in 2024, a decrease of
EUR 14.7 million mainly due to a decrease in
non-current biological assets of EUR 12.8 million;
- current assets for EUR 104.0 million compared
to EUR 177.1 million in 2024, mainly linked to
the decrease in cash and cash equivalents of
EUR 84.3 million, and to the increase in other
receivables for EUR 12.2 million.
The shareholders’ equity attributable to the
Group amounted to EUR 177.0 million compared
to EUR 235.6 million in 2024. The decrease in
the shareholders’ equity of EUR -58.6 million is
mainly due to the allocation of the net result
(EUR -98.0 million, 2024 final dividend and 2025
interim dividend included), to the profit for the
period (EUR +52.5 million) and to movements in the
translation reserve for EUR -14.1 million.
Based on the consolidated shareholders’ equity, the
net value per share
G
(terms having a
G
are explained
part “Glossary” at the end of the annual report)
attributable to the Group, before the distribution of
the balance of the dividend, was EUR 9.03 compared
to EUR 12.02 a year earlier. As at 31 December 2025,
the share price stood at EUR 25.00.
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Current and non-current liabilities decreased to
EUR 89.4 million compared to EUR 118.8 million in
the previous year. The other payables decreased at
EUR 47.2 million compared to EUR 62.4 million in the
previous year.
Consolidated cash flow
As at 31 December 2025, cash and cash equivalents
amounted to EUR 64.7 million, a decrease of
EUR 84.3 million for the period compared to an
increase of EUR 34.5 million in the previous financial
year.
Net cash flows from operating activities showed a net
inflow of EUR 34.5 million in 2025 (EUR 81.1 million
in 2024) and operating cash flows before cost of
financial debt and income tax showed a net inflow of
EUR 95.3 million (compared to EUR 96.4 million during
the previous period).
Cash flows from investing activities show a net
outflow, amounting to EUR 12.0 million (compared
to a net inflow of EUR 39.4 million in 2024), due to
the acquisitions of property, plant and equipment
and biological assets. Cash flows from financing
activities showed a net outflow of EUR 105.0 million
(EUR 86.4 million in 2024) of which EUR 104.2 million
of dividends (EUR 85.6 million in 2024).
2. Financial instruments
The financial risk management policies are described in the Notes to the consolidated financial statements of
the Company (see Notes 22 and 33).
3. Outlook 2026
The results for the next financial year will largely
depend on factors which are external to the
management of the Group, such as the political
and economic conditions in the countries where the
subsidiaries are established, the changes in the price
of rubber and palm oil, and the evolution of the
Indonesian Rupiah and the US dollar against the Euro.
The Group, for its part, maintains its policy of keeping
cost prices as low as possible and of improving its
production capacity.
4. Political and economic environment
The Company holds interests in subsidiaries operating
in South-East Asia.
Given the economic and political instability of some
of these countries, these investments present a risk in
terms of exposure to political and economic changes.
Since 2022, various conflicts have had a significant
impact on the financial markets, with many investors
concerned about the risk of further escalation and the
ensuing impact on global trade and economic growth.
Since February 2026, the conflict between the United
States, Israel, and Iran has escalated into a broader
geopolitical crisis, disrupting Middle Eastern stability
and global trade flows. Economically, it is driving oil
prices up and causing supply chain disruptions as well
as fuelling inflation, financial market volatility, and
downside risks to global growth.
At Group level, the following elements help mitigate
these risks:
- A large portion of Group revenue originates from
palm oil which is sold locally on each market,
causing for the Group to be well diversified.
- The Group’s procurement is managed by Sodimex
FR; this helps the Group to fully comply with the
import and export bans (e.g. Russia, Iran, …), as
well as better manage price volatility of inputs.
- The revenues linked to the sale of rubber are
managed by Sogescol FR which trades with a wide
variety of customers on different continents,
Consolidated management report
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allowing the Group to mitigate the impacts of the
economic uncertainties. Sogescol FR also has an
depth experience of shipping suppliers and routes,
allowing to mitigate for potential hikes in prices.
Although geopolitical tensions have not significantly
impacted the company’s operations or performance
during 2025, the Board of Directors continues to
monitor the evolving situation and its impacts on the
Company’s financial position.
5. Events after the closing date
There are no material events after the closing date to mention.
6. Corporate governance
The Board of Directors implements the corporate
governance rules that are applicable in the Grand
Duchy of Luxembourg into the Group’s financial
structure and reports.
Further information on how these rules are
implemented is available in the corporate governance
statement of the annual report and in the management
report on the Company’s stand-alone financial
statements.
7. General internal control system adapted to the group’s specific activities
1 Risk Assessment
Potential risks relevant to the group’s activities
(including financial, operational, and compliance risks)
are identified. Once residual risks are assessed and
found to be exceeding the risk appetite, strategies are
also implemented to mitigate identified risks, such as
implementing security measures, creating redundancy
in operations, or adopting technological solutions to
reduce human error.
2 Control Activities
Key controls are in place to manage risks within
acceptable boundaries (in line with the risk appetite).
Most important key controls are:
Compliance with Laws and Regulations
Legal Framework: the internal control system assesses
compliance with relevant laws and regulations. This
comprises but it is not limited to labor laws, financial
regulations, and data protection laws.
Regulatory Updates: the Group stays abreast of the
impact that changes to laws and regulations could
induce in the internal control system.
Segregation of functions
The segregation of the operational, commercial and
financial functions implemented at each level of the
Group encourages an autonomous model of internal
control.
In each of their area of responsibility, these different
functions ensure the completeness and reliability
of information. They provide regular updates on
this aspect to local managers and to the Group’s
headquarters, on information related to agricultural
and industrial production, trade, human resources,
finance, etc.
Authorisation and Approval Processes: clear
procedures are set for approving transactions and
decisions, including authorisation limits, to prevent
unauthorised or inappropriate actions.
Physical Controls are implemented on an ongoing
basis to safeguard assets, such as secure storage for
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inventory, access controls for sensitive systems, and
regular inventory checks.
IT Controls: cybersecurity and IT security protocols
are established and continuously reinforced, such as
user access controls, and data backup and recovery
processes to protect data integrity and prevent
unauthorised access.
Preventive and Detective Controls: include both
preventive controls (e.g., user authentication) and
detective controls (e.g., periodic audits) to foresee
potential or emerging risks.
3 Cross-Functional Collaboration
Autonomy and accountability of subsidiaries
The operational entities have a large degree of
autonomy in their management due to geographical
distances. In particular, they are responsible for
the implementation of an internal control system,
which is adapted not only to the nature and extent
of their activity, but also to the optimisation of their
operations and financial performances, the protection
of their assets and the management of their risks.
This autonomy allows the entities to be more
accountable and to ensure consistency between
their practices and the legal framework of their host
country.
Despite this autonomy, policies and procedures
are transversal to operational entities (if and when
possible), aiming to streamline controls and leverage
synergies.
Centralised control
The top management of the entities within the
Group carry out/adhere to a Human Resources
Management policy, which is centralised at the
Group’s headquarters.
This policy contributes to the smooth running of the
internal control system and ensures its effectiveness
through different practices such as independent/
autonomous recruiting processes, the harmonisation of
all segregated functions, as well as annual evaluations
and training programs.
The operational, commercial and financial functions
centrally define a set of standard reports which ensure
that information originating from the subsidiaries is
presented homogenously.
4 Information and Communication (including
reporting system)
Treasury reporting process
The treasury department organises, supervises and
controls the reporting of the subsidiaries’ daily
information and weekly indicators. In particular, it
monitors the position of the cash flow, the evolution of
net debt and the expenses related to the investments.
Financial reporting process
The financial department organises, supervises
and controls the reporting of monthly accounting,
budgetary and financial information. It distributes
condensed reports for use by the Group’s operational
management.
Twice per year, it includes this information in the long-
term development plan of the subsidiaries. It also
ensures the implementation of the financial decisions
taken by the subsidiaries’ Board of Directors.
Preparation of consolidated accounts
The consolidated financial statements are prepared on
a half-yearly basis. On a yearly basis, they are audited
annually by the external auditors as part of a financial
audit of subsidiaries, which covers both the statutory
accounts of the entities in the scope of consolidation
and the consolidated financial statements.
Once approved by the Board of Directors, they are
published.
The consolidation department of the Group
guarantees homogeneity and treatment monitoring
for all companies within the scope of consolidation. It
strictly adheres to the accounting standards in force
relating to consolidation operations. It uses a standard
consolidation tool to ensure a number of procedures,
such as the secure processing of information
feedback from subsidiaries, the transparency and
relevance of automatic consolidation processes
and the consistency of the accounting aggregates’
presentation in the annual report. Lastly, due to the
complexity of the accounting standards in force and
the many specificities around their implementation,
Consolidated management report
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the consolidation service centralises the adjustments
specific to the valuation rules applicable to the
consolidated financial statements.
5 Monitoring
Ongoing Monitoring: controls performance is monitored
throughout automated systems or manual checks,
including compliance with policies and procedures or
evaluating financial reports.
Internal Audits: internal audits are conducted regularly
to assess the effectiveness of controls, identify areas
for further improvement, ensure compliance and
follow-up on corrective actions status.
8. Environment and social responsibility
Along with its specific commitment to transparency, the
responsible management policy embodies the Group’s
three pillars of commitment: rural development,
workers and local communities, and environment.
These commitments form the basis of key initiatives
aimed at improving long-term economic performance,
social well-being, health, safety and natural resource
management.
An implementation plan for this policy was defined
and implemented since 2022.
A regularly-updated dashboard as well as a separate
annual report (“Sustainability Report”) detail the
efforts and actions undertaken by the Socfin Group in
relation to this policy.
The responsible management policy, the dashboard
and the annual Sustainability Report are available on
the Group’s website.
The Board of Directors
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Auditor’s report on the consolidated financial statements
To the Shareholders
SOCFINASIA S.A.
41, Boulevard Prince Henri
L-1724 Luxembourg
REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS
Opinion
W e have audited the consolidated financial
statements of Socfinasia S.A. and its subsidiaries (the
“Group”), which comprise the consolidated statement
of financial position as at 31 December 2025, the
consolidated income statement and the consolidated
statement of comprehensive income, the consolidated
statement of changes in equity and the consolidated
statement of cash flows for the year then ended, and
the notes to the consolidated financial statements,
including material accounting policy information and
other explanatory information.
In our opinion, the accompanying consolidated
financial statements give a true and fair view of the
consolidated financial position of the Group as at
31 December 2025, and of its consolidated financial
performance and consolidated cash flows for the year
then ended in accordance with International Financial
Reporting Standards (“IFRS”) as adopted by the
European Union.
Basis for opinion
W e conducted our audit in accordance with EU
Regulation N° 537/2014, the Law of 23 July 2016 on
the audit profession (“Law of 23 July 2016”) and with
International Standards on Auditing (“ISAs”) as adopted
for Luxembourg by the “Commission de Surveillance
du Secteur Financier” (“CSSF”). Our responsibilities
under the EU Regulation Nº 537/2014, the Law of 23
July 2016 and ISAs as adopted for Luxembourg by the
CSSF are further described in the “Responsibilities
of the “réviseur d’entreprises agréé” for the audit
of the consolidated financial statements” section of
our report. We are also independent of the Group
in accordance with the International Code of Ethics
for Professional Accountants, including International
Independence Standards, issued by the International
Ethics Standards Board for Accountants (“IESBA Code”)
as adopted for Luxembourg by the CSSF together
with the ethical requirements that are relevant to
our audit of the consolidated financial statements,
and have fulfilled our other ethical responsibilities
under those ethical requirements. We believe that
the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our
professional judgment, were of most significance in
our audit of the consolidated financial statements of
the current period. These matters were addressed in
the context of the audit of the consolidated financial
statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on
these matters.
Valuation of biological assets
Risk identified
As at 31 December 2025, the value of the Group’s
biological assets amounted to EUR 87,5 million out of
total assets of EUR 273,4 million.
The Group owns biological assets in Asia. These
biological assets, which consist mainly of oil palm and
rubber plantations, are valued in accordance with
the principles defined in IAS 16 “Property, Plant and
Equipment”. These assets are recognised at cost less
accumulated depreciation and any impairment losses.
The Note 8 “Impairment of assets” of the consolidated
financial statements describes the methodology used
by Group management to assess whether there is any
indicator of impairment or any indicator of impairment
reversal at the balance sheet date. When an indicator
is identified, Group management determines the
recoverable amount of the biological assets and thus
determines the impairment loss or the reversal of
impairment to be recognised, if any.
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The indicators used by Group Management are:
• a decrease or an increase of the listed price of
natural rubber (TSR20 1st position on SGX) and the
listed price of crude palm oil (CIF Rotterdam) at
the balance sheet date higher than 15% compared
to a five-year average of the prices observed on
those markets
• a decrease or an increase of the six-month
average of the prices observed of those markets
higher than 15% compared to a five-year average
of the prices observed on those markets
• a decrease or an increase of the twelve-month
average of the prices observed of those markets
of more than 15% compared to a five-year average
of the prices observed on those markets.
For palm oil, which is mainly sold on local markets,
Group Management also analyses local sales prices,
considering that a decrease or an increase in these
prices at the balance sheet date higher than 15%
compared to a five-year average value of the local
prices constitutes an indicator of impairment or an
indicator of impairment reversal respectively.
In addition to these external factors, the Group
analyses the following internal performance
indicators:
- Specificities of the local market (evolution of
supply and demand, ...);
- Physical indications of impairment;
- Significant changes in the plantations that could
have a material impact on future cash flows.
The recoverable amount is determined as the higher
of the value in use and the fair value less costs of
disposal. The value in use is defined in terms of
discounted future net cash flows and involves
significant judgements and estimations by Group
Management, including financial forecasts and the
utilization of appropriate discount rates.
We considered the valuation of biological assets to be
a key audit issue because of:
- their significance in relation to the Group’s total
assets;
- the assessment of whether there is any indicator
of impairment or any indicator of impairment
reversal; and
- the determination of their recoverable amount
which involves significant judgements and
estimates.
Audit response
In order to assess the reasonableness of an indicator
of impairment or an indicator of impairment reversal
and, where appropriate, to determine the recoverable
amount of biological assets, we performed the
following audit procedures:
• Assess the compliance of Group’s management’s
methodology with the provisions of IAS 36
“Impairment of Assets”;
• Analyze the methodology used with a particular
focus on the indicators of impairment or on the
indicators of impairment reversal;
• Analyze the completeness of indicators of
impairment or indicators of impairment reversal:
- Evaluating the assessment performed by
Group management to identify the existence
of indicators of impairment or indicators
of impairment reversal by comparing the
underlying data of the analysis with the source
of the data used;
- Comparing the evolution of yields per hectare;
and
- Overseeing the audit work of the components
auditors of material subsidiaries to identify
any indicators of impairment or any indicators
of impairment reversal, including that site
visits of the plantations have been carried
out.
• In case of identification of an indicator of
impairment or an indicator of impairment
reversal, we:
- Assess the appropriateness of the methodology
applied by Group Management to determine
the recoverable value of the biological assets
and the accuracy of any impairment loss or
any impairment reversal recorded;
- Analyze the reasonableness of the cash flow
forecasts used by Group Management to
determine the value in use of the biological
assets;
- Assess the reasonableness of the assumptions
and inputs used by Group management; and
- Reconcile the key inputs used in the model
with information audited by the components
auditors of material subsidiaries.
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• Assess whether the disclosures required by IAS 36
“Impairment of Assets” for biological assets are
properly disclosed in the notes of the consolidated
financial statements.
Other information
The Board of Directors is responsible for the other
information. The other information comprises the
information included in the consolidated management
report and the corporate governance statement but
does not include the consolidated financial statements
and our report of “réviseur d’entreprises agréé”
thereon.
Our opinion on the consolidated financial statements
does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the consolidated
financial statements, our responsibility is to read the
other information and, in doing so, consider whether
the other information is materially inconsistent
with the consolidated financial statements or our
knowledge obtained in the audit or otherwise appears
to be materially misstated. If, based on the work we
have performed, we conclude that there is a material
misstatement of this other information, we are
required to report this fact. We have nothing to report
in this regard.
Responsibilities of the Board of Directors and
of those charged with governance for the
consolidated financial statements
The Board of Directors is responsible for the preparation
and fair presentation of the consolidated financial
statements in accordance with IFRS as adopted by the
European Union, and for such internal control as the
Board of Directors determines is necessary to enable
the preparation of consolidated financial statements
that are free from material misstatement, whether
due to fraud or error.
The Board of Directors is also responsible for presenting
and marking up the consolidated financial statements
in compliance with the requirements set out in the
Delegated Regulation 2019/815 on European Single
Electronic Format, as amended (“ESEF Regulation”).
In preparing the consolidated financial statements,
the Board of Directors is responsible for assessing
the Group’s ability to continue as a going concern,
disclosing, as applicable, matters related to going
concern and using the going concern basis of
accounting unless the Board of Directors either
intends to liquidate the Group or to cease operations,
or has no realistic alternative but to do so.
Those charged with governance are responsible for
overseeing the Group’s financial reporting process.
Responsibilities of the “réviseur d’entreprises
agréé” for the audit of the consolidated financial
statements
The objectives of our audit are to obtain reasonable
assurance about whether the consolidated financial
statements as a whole are free from material
misstatement, whether due to fraud or error, and to
issue a report of the “réviseur d’entreprises agréé”
that includes our opinion. Reasonable assurance is a
high level of assurance, but is not a guarantee that
an audit conducted in accordance with EU Regulation
N° 537/2014, the Law of 23 July 2016 and with the
ISAs as adopted for Luxembourg by the CSSF will
always detect a material misstatement when it
exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the
aggregate, they could reasonably be expected to
influence the economic decisions of users taken on
the basis of these consolidated financial statements.
As part of an audit in accordance with EU Regulation
N° 537/2014, the Law of 23 July 2016 and with ISAs
as adopted for Luxembourg by the CSSF, we exercise
professional judgment and maintain professional
skepticism throughout the audit. We also:
• Identify and assess the risks of material
misstatement of the consolidated financial
statements, whether due to fraud or error,
design and perform audit procedures responsive
to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher
than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal
control.
• Obtain an understanding of internal control
relevant to the audit in order to design
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audit procedures that are appropriate in the
circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the
Group’s internal control.
• Evaluate the appropriateness of accounting
policies used and the reasonableness of accounting
estimates and related disclosures made by the
Board of Directors.
• Conclude on the appropriateness of Board of
Directors’ use of the going concern basis of
accounting and, based on the audit evidence
obtained, whether a material uncertainty
exists related to events or conditions that may
cast significant doubt on the Group’s ability to
continue as a going concern. If we conclude that
a material uncertainty exists, we are required
to draw attention in our report of the “réviseur
d’entreprises agréé” to the related disclosures
in the consolidated financial statements or, if
such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit
evidence obtained up to the date of our report
of the “réviseur d’entreprises agréé”. However,
future events or conditions may cause the Group
to cease to continue as a going concern.
• Evaluate the overall presentation, structure and
content of the consolidated financial statements,
including the disclosures, and whether the
consolidated financial statements represent the
underlying transactions and events in a manner
that achieves fair presentation.
• Assess whether the consolidated financial
statements have been prepared, in all material
respects, in compliance with the requirements
laid down in the ESEF Regulation.
• Obtain sufficient appropriate audit evidence
regarding the financial information of the entities
and business activities within the Group to
express an opinion on the consolidated financial
statements. We are responsible for the direction,
supervision and performance of the Group audit.
We remain solely responsible for our audit
opinion.
We communicate with those charged with governance
regarding, among other matters, the planned scope
and timing of the audit and significant audit findings,
including any significant deficiencies in internal
control that we identify during our audit.
We also provide those charged with governance with
a statement that we have complied with relevant
ethical requirements regarding independence, and
communicate to them all relationships and other
matters that may reasonably be thought to bear on
our independence, and where applicable, actions
taken to eliminate threats or safeguards applied.
From the matters communicated with those charged
with governance, we determine those matters
that were of most significance in the audit of the
consolidated financial statements of the current period
and are therefore the key audit matters. We describe
these matters in our report unless law or regulation
precludes public disclosure about the matter.
Report on other legal and regulatory requirements
We have been appointed as “réviseur d’entreprises
agréé” by the General Meeting of the Shareholders on
26 May 2020 and the duration of our uninterrupted
engagement, including previous renewals and
reappointments, is 6 years.
The consolidated management report is consistent
with the consolidated financial statements and has
been prepared in accordance with applicable legal
requirements.
The corporate governance statement, included in the
consolidated management report, is the responsibility
of the Board of Directors. The information required
by article 68ter paragraph (1) letters c) and d) of
the law of 19 December 2002 on the commercial and
companies register and on the accounting records
and annual accounts of undertakings, as amended, is
consistent with the consolidated financial statements
and has been prepared in accordance with applicable
legal requirements.
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We have checked the compliance of the consolidated
financial statements of the Group as at 31 December
2025 with relevant statutory requirements set out
in the ESEF Regulation that are applicable to the
financial statements. For the Group, it relates to:
• Financial statements prepared in valid xHTML
format;
• The XBRL markup of the consolidated financial
statements using the core taxonomy and the
common rules on markups specified in the ESEF
Regulation.
In our opinion, the consolidated financial statements
of the Group as at 31 December 2025, identified
as Socfinasia 2025 Annual Report.zip, have been
prepared, in all material respects, in compliance with
the requirements laid down in the ESEF Regulation.
We confirm that the audit opinion is consistent with
the additional report to the audit committee or
equivalent.
We confirm that the prohibited non-audit services
referred to in EU Regulation No 537/2014 were not
provided and that we remained independent of the
Group in conducting the audit.
Ernst & Young
Société anonyme
Cabinet de révision agréé
Anthony Cannella
Luxembourg
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Consolidated financial statements
1. Consolidated statement of financial position

|  | 31/12/2025 | 31/12/2024
--- | --- | --- | ---
EUR | Note |  |
Non-Current Assets |  |  |
Right-of-use assets | 3 | 4,042,556 | 3,590,450
Intangible assets | 4 | 340,852 | 330,730
Property, plant and equipment | 5 | 36,595,214 | 41,785,557
Non-current biological assets | 6 | 87,472,341 | 100,304,209
Investments in associates | 10 | 27,932,810 | 27,231,426
Financial assets at fair value through other comprehensive income | 11 | 8,338,662 | 5,253,839
Long-term advances |  | 82,404 | 93,223
Deferred tax assets | 12 | 4,603,195 | 5,540,028
|  | 169,408,034 | 184,129,462
Current Assets |  |  |
Inventories | 15 | 20,781,893 | 21,778,649
Current biological assets |  | 1,472,748 | 1,587,423
Trade receivables | 16 | 906,074 | 1,451,775
Other receivables | 17 | 14,287,040 | 2,065,148
Current tax assets | 13 | 1,804,217 | 1,197,628
Cash and cash equivalents | 18 | 64,705,197 | 149,037,854
|  | 103,957,169 | 177,118,477
TOTAL ASSETS |  | 273,365,203 | 361,247,939

The accompanying notes form an integral part of these consolidated financial statements.
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Consolidated financial statements

|  | 31/12/2025 | 31/12/2024
--- | --- | --- | ---
EUR | Note |  |
Equity attributable to the owners of the Parent |  |  |
Share capital | 19 | 24,492,825 | 24,492,825
Legal reserve | 20 | 2,449,283 | 2,449,283
Consolidated reserves |  | 231,426,252 | 267,557,317
Translation reserves |  | -133,878,872 | -119,821,411
Profit / (loss) attributable to the owners of the Parent |  | 52,477,358 | 60,913,814
|  | 176,966,846 | 235,591,828
Non-controlling interests | 9 | 7,013,501 | 6,868,597
Total equity |  | 183,980,347 | 242,460,425
Non-current liabilities |  |  |
Deferred tax liabilities | 12 | 4,960,102 | 3,938,754
Employee benefits obligations | 21 | 23,649,303 | 34,881,809
Long-term lease liabilities | 3 | 842,352 | 350,199
|  | 29,451,757 | 39,170,762
Current liabilities |  |  |
Short-term debt and current portion of long-term debt |  | 313 | 0
Short-term lease liabilities | 3 | 80,047 | 29,130
Trade payables | 23 | 7,179,297 | 9,158,991
Current tax liabilities | 13 | 5,516,132 | 7,997,950
Other payables | 23 | 47,157,310 | 62,430,681
|  | 59,933,099 | 79,616,752
TOTAL EQUITY AND LIABILITIES |  | 273,365,203 | 361,247,939

The accompanying notes form an integral part of these consolidated financial statements.

Consolidated financial statements
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2. Consolidated income statement

|  | 2025 | 2024
--- | --- | --- | ---
EUR | Note |  |
Revenue | 32 | 198,187,690 | 186,432,826
Change in inventories of finished products and work in progress |  | 2,685,563 | 4,158,634
Other operational income |  | 653,172 | 808,194
Raw materials and consumables used G | 32 | -15,733,705 | -17,456,725
Other expenses | 32 | -18,392,772 | -18,970,705
Staff costs | 25 | -67,055,236 | -70,599,576
Depreciation and impairment expense | 7 | -11,261,286 | -7,692,881
Other operating expenses | 32 | -1,674,190 | -394,012
Operating profit / (loss) |  | 87,409,236 | 76,285,755
Other financial income | 26 | 12,684,278 | 19,089,273
Gain on disposals |  | 51,118 | 32,311
Loss on disposals |  | -419,958 | -168,090
Financial expenses | 27 | -19,786,338 | -8,061,924
Profit / (loss) before taxes |  | 79,938,336 | 87,177,325
Income tax expense | 14 | -25,305,029 | -24,488,401
Deferred tax (expense) / income | 14 | -1,835,951 | -87,435
Share of the Group in the result from associates | 10 | 7,161,372 | 4,596,877
Profit / (loss) for the period |  | 59,958,728 | 67,198,366
Profit / (loss) attributable to non-controlling interests |  | 7,481,370 | 6,284,552
Profit / (loss) attributable to the owners of the Parent |  | 52,477,358 | 60,913,814
Basic earnings per share undiluted | 28 | 2.68 | 3.11
Number of Socfinasia's shares |  | 19,594,260 | 19,594,260
Basic earnings per share |  | 2.68 | 3.11
Diluted earnings per share |  | 2.68 | 3.11

The accompanying notes form an integral part of these consolidated financial statements.

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3. Consolidated statement of comprehensive income

|  | 2025 | 2024
--- | --- | --- | ---
EUR | Note |  |
Profit / (loss) for the period |  | 59,958,728 | 67,198,366
Other comprehensive income |  |  |
Actuarial gains / (losses) | 21 | -1,809,287 | -34,762
Deferred tax on actuarial losses and gains |  | 398,043 | 7,648
Fair value changes of securities measured at fair value through other comprehensive income, before taxes G | 11 | 32,805 | -25,984
Deferred tax on fair value changes of securities measured at fair value through other comprehensive income |  | -26,395 | 7,846
Subtotal of items that cannot be reclassified to profit or loss |  | -1,404,834 | -45,252
Gains / (losses) on exchange differences on translation of subsidiaries |  | -15,029,400 | 5,307,651
Subtotal of items eligible for reclassification to profit or loss |  | -15,029,400 | 5,307,651
Total other comprehensive income |  | -16,434,234 | 5,262,399
Total comprehensive income |  | 43,524,494 | 72,460,765
Comprehensive income attributable to non-controlling interests |  | 6,365,592 | 6,382,186
Comprehensive income attributable to the owners of the Parent |  | 37,158,902 | 66,078,579

The accompanying notes form an integral part of these consolidated financial statements.

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4. Consolidated statement of cash flows

| 2025 | 2024
--- | --- | ---
EUR | Note |  |
Operating activities |  |  |
Profit / (loss) attributable to the owners of the Parent |  | 52,477,358 | 60,913,814
Profit / (loss) attributable to non-controlling shareholders |  | 7,481,370 | 6,284,552
Share of the Group in the result from associates | 10 | -7,161,372 | -4,596,877
Dividends received from associates | 10 | 5,627,939 | 3,494,328
Fair value of agricultural production |  | 954,549 | 526,341
Other adjustments having no impact on cash position |  | 5,385,379 | -2,310,364
Depreciation, impairment, provisions and allowances | 7 | 3,031,050 | 7,340,097
Net loss on disposals of assets |  | 368,840 | 135,779
Income tax expense and deferred tax | 14 | 27,140,980 | 24,575,836
Cash flows from operating activities |  | 95,306,093 | 96,363,506
Interest expense / (income) | 26, 27 | -3,745,732 | -6,740,541
Income tax paid | 14 | -26,180,370 | -20,734,160
Change in inventory |  | -3,354,560 | -5,109,303
Change in trade and other receivables |  | -17,424,338 | 13,450,580
Change in trade and other payables |  | -15,453,351 | 5,546,176
Change in accruals and prepayments |  | 5,376,186 | -1,640,295
Change in working capital requirement |  | -30,856,063 | 12,247,158
Net cash flows from operating activities |  | 34,523,928 | 81,135,963
Investing activities |  |  |
Acquisitions / disposals of intangible assets |  | -447,448 | -1,065,888
Acquisitions of property, plant and equipment and biological assets | 5, 6 | -13,889,950 | -15,245,874
Disposals of property, plant and equipment |  | 796,401 | 829,904
Acquisitions / disposals of financial assets and loans with shareholder | 11, 30 | -2,996,938 | 47,377,930
Interest received | 26 | 4,491,293 | 7,501,648
Net cash flows from investing activities |  | -12,046,642 | 39,397,720
Financing activities |  |  |
Acquisition of additional interests in subsidiaries |  | 0 | -5,601
Dividends paid to the owners of the Parent | 15 | -97,971,300 | -78,377,040
Dividends paid to non-controlling shareholders |  | -6,219,831 | -7,179,706
Repayment of borrowings |  | -509 | 0
Repayment of lease liabilities | 11 | -80,722 | -27,879
Interest paid | 27 | -745,561 | -761,107
Net cash flows from financing activities |  | -105,017,923 | -86,351,333
Effect of exchange rate fluctuations |  | -1,792,333 | 280,846
Net cash flows |  | -84,332,970 | 34,463,196
Cash and cash equivalents as at 1 January | 18 | 149,037,854 | 114,574,658
Cash and cash equivalents as at 31 December | 18 | 64,704,884 | 149,037,854
Net increase / (decrease) in cash and cash equivalents |  | -84,332,970 | 34,463,196

The accompanying notes form an integral part of these consolidated financial statements.

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5. Consolidated statement of changes in equity

EUR | Share capital | Legal reserve | Translation reserves | Consolidated reserves | Equity attributable to the owners of the Parent | Non-controlling interests | TOTAL EQUITY
--- | --- | --- | --- | --- | --- | --- | ---
Balance as at 1 January 2024 | 24,492,825 | 2,449,283- | 125,025,089 | 345,993,342 | 247,910,361 | 7,663,646 | 255,574,007
Profit / (loss) for the period |  |  |  | 60,913,814 | 60,913,814 | 6,284,552 | 67,198,366
Actuarial (losses) / gains |  |  |  | -24,403 | -24,403 | -2,711 | -27,114
Change in fair value of securities at fair valu through other comprehensive income | e |  |  | -14,510 | -14,510 | -3,628 | -18,138
Foreign currency translation adjustments |  |  | 5,203,678 |  | 5,203,678 | 103,973 | 5,307,651
Total comprehensive income |  |  | 5,203,678 | 60,874,901 | 66,078,579 | 6,382,186 | 72,460,765
Dividends (Note 29) |  |  |  | -39,188,520 | -39,188,520 | -3,478,179 | -42,666,699
Interim dividends (Note 29) |  |  |  | -39,188,520 | -39,188,520 | -3,696,747 | -42,885,267
Other movements |  |  |  | -20,072 | -20,072 | -2,309 | -22,381
Transactions with shareholders |  |  |  | -78,397,112 | -78,397,112 | -7,177,235 | -85,574,347
Balance as at 31 December 2024 | 24,492,825 | 2,449,283- | 119,821,411 | 328,471,131 | 235,591,828 | 6,868,597 | 242,460,425
Balance as at 1 January 2025 | 24,492,825 | 2,449,283- | 119,821,411 | 328,471,131 | 235,591,828 | 6,868,597 | 242,460,425
Profit / (loss) for the period |  |  |  | 52,477,358 | 52,477,358 | 7,481,370 | 59,958,728
Actuarial (losses) / gains |  |  |  | -1,270,120 | -1,270,120 | -141,124 | -1,411,244
Change in fair value of securities at fair value through other comprehensive income |  |  | 9,125 | 9,125 | -2,715 | 6,410
Foreign currency translation adjustments |  |  | -14,057,461 |  | -14,057,461 | -971,939 | -15,029,400
Total comprehensive income |  |  | -14,057,461 | 51,216,363 | 37,158,902 | 6,365,592 | 43,524,494
Dividends (Note 29) |  |  |  | -58,782,780 | -58,782,780 | -2,418,092 | -61,200,872
Interim dividends (Note 29) |  |  |  | -39,188,520 | -39,188,520 | -3,802,588 | -42,991,108
Cancellation dividends not distributed |  |  |  | 2,058,175 | 2,058,175 | 0 | 2,058,175
Other movements |  |  |  | 129,241 | 129,241 | -8 | 129,233
Transactions with shareholders |  |  |  | -95,783,884 | -95,783,884 | -6,220,688 | -102,004,572
Balance as at 31 December 2025 | 24,492,825 | 2,449,283- | 133,878,872 | 283,903,610 | 176,966,846 | 7,013,501 | 183,980,347

The accompanying notes form an integral part of these consolidated financial statements.

Consolidated financial statements
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6. Notes to the consolidated financial statements
Note 1. Overview and material accounting policies
1.1. Overview
Socfinasia S.A. (the “Company”) was incorporated on
20 November 1972. Its corporate purpose qualifies
it as a soparfi
G
(terms having a
G
are explained part
“Glossary” at the end of the annual report) since
the Annual General Meeting of 10 January 2011. The
registered office is established at
41, Boulevard Prince
Henri, L-1724 in Luxembourg
.
The main activity of the Company and its subsidiaries
(the “Group”) is the management of a portfolio of
interests that mainly focuses on the operation of
tropical oil palm and rubber plantations mainly in
South-East Asia.
Socfinasia is controlled by Société Financière des
Caoutchoucs, abbreviated as “Socfin” which is the
largest entity that consolidates. The registered office
of the latter company is also located in Luxembourg.
The Company is registered in the commercial
register under the number B10534 and is listed on
the Luxembourg Stock Exchange under ISIN code:
LU0092047413.
1.2. Statement of compliance
The consolidated financial statements have been
prepared on a going concern basis and in accordance
with International Financial Reporting Standards (IFRS)
as adopted by the European Union.
The consolidated
financial statements are presented in euros and
rounded to the nearest whole number, the euro
being the functional currency of the parent company
Socfinasia and of the Group’s presentation currency.
On 22 April 2026, the Board of Directors approved the
consolidated financial statements.
In conformity with the current legislation existing in the
Grand Duchy of Luxembourg, the financial statements
will be approved by the shareholders during the
Annual General Meeting. The official version of these
financial statements is the ESEF
G
version available
with the Officially Appointed Mechanism (OAM) tool.
New standards and amendments issued but not yet
effective on 1 January 2025:
The Group is currently assessing the impacts the
amendments described below will have on the
primary financial statements and notes to the
financial statements, nor does it anticipate the early
adoption of new accounting standards, amendments
and interpretations.
- On 9 April 2024, the IASB issued IFRS 18, which
replaces IAS 1 Presentation of Financial Statements.
IFRS 18 introduces:
- New requirements for presentation within the
statement of profit or loss, including specified totals
and subtotals.
- Entities are required to classify all income and
expenses within the statement of profit or loss
into one of five categories: operating, investing,
financing, income taxes and discontinued
operations, whereof the first three are new.
- Disclosure of newly defined management-defined
performance measures, subtotals of income
and expenses, and includes new requirements
for aggregation and disaggregation of financial
information based on the identified ‘roles’ of the
primary financial statements and the notes.
The standard will become effective for reporting
periods beginning on or after 1 January 2027, with
retrospective application and with early adoption
permitted.
The Group does not expect the adoption of the
standards and amendments described below to
have a material impact on its consolidated financial
statements, nor does it anticipate the early adoption
of new accounting standards, amendments and
interpretations.
- On 18 July 2024, the IASB issued the Annual
Improvements Volume 11 of the IFRS. These
amendments include clarifications, simplifications,
corrections and changes that improve the consistency
of several IFRS Accounting Standards. The main
amendments are:
- IFRS 1: clarification of a potential confusion between
paragraph B6 of IFRS 1 and hedge accounting
requirements in IFRS 9,
Consolidated financial statements
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- IFRS 7: clarification of an inconsistency on paragraph
28 of IFRS 7, regarding disclosure of deferred
difference between fair value and transaction
price,
- IFRS 9: potential lack of clarity regarding lessee
derecognition of lease liabilities addressed, linked
to the requirements of IFRS 9 (paragraph 2.1.(b)(ii)),
- IFRS 10: clarification of a potential confusion in
the determination of a “de facto agent”, between
paragraph B73 and B74 of IFRS 10,
- IAS 7: potential confusion addressed in the use of
the term “cost method”. Paragraph 37 of IAS 7 has
been amended.
The Annual Improvements Volume 11 of the IFRS will be
effective for annual reporting periods beginning on or
after 1 January 2026, with early adoption permitted.
- On 18 December 2024, the IASB issued Contracts
Referencing Nature-dependent Electricity -
Amendments to IFRS 9 and IFRS 7. The Amendments
provide guidance on:
- factors to consider when applying IFRS 9:2.4 to
contracts to buy and take delivery of renewable
electricity for which the source of production of
the electricity is nature-dependent,
- hedge accounting requirements, to permit an
entity using a contract for nature-dependent
renewable electricity with specified characteristics
as a hedging instrument, to designate a variable
volume of forecast electricity transactions as the
hedged item,
- the amendments introduce disclosure requirements
about contracts for nature-dependent electricity
with specified characteristics.
The amendments to IFRS 9 and IFRS 7 will be applicable
retrospectively and are effective for annual reporting
periods beginning on or after 1 January 2026. Early
application is permitted.
- On 30 May 2024, the IASB issued Amendments to
the Classification and Measurement of Financial
Instruments - Amendments to IFRS 9 and IFRS 7 (the
Amendments). The Amendments provide guidance on:
- the classification of financial assets, including
Environment, social and Governance (ESG)
features;
- the derecognition of liabilities settled through
electronic payment systems. It also clarifies the
treatment of non-recourse assets and contractually
linked instruments;
- the disclosures related to investments in
equity instruments at fair value through other
comprehensive income and to financial assets/
liabilities with contractual terms that reference
a contingent event including those that are
ESG-linked.
The amendments to IFRS 9 and IFRS 7 will be effective
for annual reporting periods beginning on or after
1 January 2026, with early application permitted.
New IFRS standards, amendments and
interpretations not yet endorsed by the European
Union:
The Group does not expect the adoption of the
standards and amendments described below to
have a material impact on its consolidated financial
statements, nor does it anticipate the early adoption
of new accounting standards, amendments and
interpretations.
- On 9 May 2024, the IASB issued IFRS 19 - Subsidiaries
without Public Accountability: Disclosures. This
standard permits eligible subsidiaries to elect to
apply reduced disclosure requirements as per IFRS
19 and comply with the recognition, measurement
and presentation requirements set out in other IFRS
Accounting Standards. The standard will become
effective for reporting periods beginning on or after
1 January 2027, with early adoption permitted. As the
Group’s equity instruments are publicly traded, it is
not eligible to elect to apply IFRS 19.
- On 23 November 2025, the IASB issued ’Translation
to a Hyperinflationary Presentation Currency’
Amendments to IAS 21. The amendments are:
- When an entity translates amounts from a
functional currency that is the currency of a
non-hyperinflationary economy to a presentation
currency that is the currency of a hyperinflationary
economy, the entity translates those amounts,
including comparative amounts, using the closing
rate of the current period,
- When the entity’s presentation currency ceases to
be hyperinflationary and its functional currency
continues to be non-hyperinflationary, the entity
applies IAS 21 principles prospectively,
- The entity should disclose the method applied,
including summarised financial information about
its foreign operations translated.
The amendments will be effective for annual periods
beginning on or after 1 January 2027 with earlier
application permitted.
Consolidated financial statements
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1.3. Presentation of the consolidated financial
statements
The consolidated financial statements are presented in
euros (EUR or €).
They are prepared based on historical cost with the
exception of biological assets (current) (IAS 2, IAS 41)
and securities measured at fair value through other
comprehensive income, which are recognised at fair value.
The accounting principles and rules are applied in a
consistent and permanent way within the Group. The
consolidated financial statements are prepared for
the accounting year ending on 31 December 2025,
and are presented before the Annual General Meeting
of shareholders that approves the allocation of the
parent company’s income.
As of 1 January 2025, the Group adopted the following
amendments without any material impact on the
Group’s consolidated financial statements:
- Amendments to IAS 21 “Lack of Exchangeability”
On 25 August 2023, the IASB issued amendments to
IAS 21, to clarify how an entity should assess whether
a currency is exchangeable, how it should determine
a spot exchange rate when exchangeability is lacking,
and specify information disclosures to enable users of
financial statements to understand the impact of a
currency not being exchangeable.
1.4. Consolidation principles
The consolidated financial statements include the
financial statements of the parent company Socfinasia
as well as those of the companies controlled by the
parent (“subsidiaries”) and those of the companies
in which Socfinasia exercises significant influence
(“associates”), all of which constitute the “Group”.
All companies included in the scope of consolidation
as of 31 December 2025 close their accounts on
31 December.
a) Subsidiaries
In accordance with IFRS 10, an investor has control
when it fulfills three conditions:
1) It holds power over the entity;
2) It is entitled to or is exposed to variable returns
from its involvement;
3) It has the ability to use its power over the entity to
affect returns.
Currently, the Group holds the majority of the voting
rights in the entities.
Income and expenses from subsidiaries acquired or
sold during the year are included in the consolidated
income statement, respectively, from the date of
acquisition to the date of disposal.
Profit or loss and components of other comprehensive
income are attributed to the equity holders of
the parent of the Group and to the non-controlling
interests, even if this results in the non-controlling
interests having a deficit balance.
Where appropriate, restatements are made to the
financial statements of the subsidiaries to align the
accounting principles used with those of the Group.
All intra-group balances and transactions are
eliminated upon consolidation.
If the Group loses control over a subsidiary, it
derecognises the related assets (including goodwill),
liabilities, non-controlling interest and other
components of equity. Any residual gain or loss is
recognised in profit or loss, while any investment
retained is recognised at fair value.
b) Investments in associates and joint ventures
An associate is a company over which the Group
exercises significant influence through its participation
in the financial and operational decisions of this
company, but over which it has no control. Significant
influence is presumed when the Group holds, directly
or indirectly through its subsidiaries, between 20%
and 50% of the voting rights. A joint venture is a joint
arrangement whereby the parties that have joint
control of the arrangement have rights to the net assets
of the arrangement. Joint control is the contractually
agreed sharing of control of an arrangement (i.e.
decisions require unanimous consent of the parties
sharing control).
Associates and joint ventures are accounted for using
the equity method. Under this method, the Group’s
interest in the associate and joint venture is initially
recognised at cost in the statement of financial
position and subsequently adjusted to recognise the
Group’s share of movements in profit and loss and
other comprehensive income.
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The profit or loss statement reflects the Group’s
share in the results of the associate or joint venture’s
operations. Any change in other comprehensive
income of those investees is presented as part of
the Group’s other comprehensive income. Unrealised
gains and losses resulting from transactions between
the Group and the associate or joint venture are
eliminated to the extent of the interest in the
associate or joint venture.
Investments in associates and joint ventures are
included in the consolidated financial statements
using the equity method from the date on which
significant influence begins until the date when this
influence ceases. The carrying amount of positive
goodwill that results from the acquisition of associates
and joint ventures is included in the carrying amount
of the investment and is not tested for impairment
separately. An impairment test is performed if an
objective indication of impairment is identified.
Impairment is recognised, if necessary, in the income
statement under the heading “Share of the Group in
the result from associates”.
The list of subsidiaries and associated companies
(including joint ventures) of the Group is presented
in Note 2.
1.5. Changes in accounting policies, errors and
changes in estimates
A change in accounting policy is applicable only
if it meets the requirements of a standard or an
interpretation or allows more reliable and relevant
information. Changes in accounting policies are
accounted for retrospectively, except in the case
of transitional provisions specific to the standard or
interpretation. A material error, when discovered, is
also adjusted retrospectively.
Uncertainties inherent to the activity require the use
of estimates when preparing financial statements.
The estimates are based on judgements intended to
give a reasonable assessment of the latest reliable
information available. An estimate is revised to reflect
changes in circumstances, new information available
and the effects of experience.
1.6. Business combinations
IFRS 3 “Business Combinations” provides the accounting
basis for recognising business combinations and changes
in interests in subsidiaries after obtaining control.
For each business combination, the Group elects
whether to measure the non-controlling interests in
the acquiree at fair value or at the proportionate
share of the acquiree’s identifiable net assets.
Changes in interest in a subsidiary that do not
result in loss of control are accounted for as equity
transactions.
1.7. Goodwill
Goodwill is the difference on the date of acquisition
between the fair value of the consideration given
in exchange for taking control, the value of non-
controlling interests, the fair value of previous
equity investments and the fair value of identifiable
assets and liabilities and contingent liabilities of the
acquiree.
When disposing of a subsidiary, the residual amount of
goodwill attributable to the subsidiary is included in
the calculation of the disposal’s result.
1.8. Foreign currency conversion
In the financial statements of Socfinasia and of
each subsidiary, transactions in foreign currency are
recorded, upon initial recognition, in the functional
currency of the company concerned. The exchange
rate in force is applied on the transaction date. At
closing, monetary assets and liabilities denominated in
foreign currencies are converted on the last day of the
year. Gains and losses arising from the realisation or
translation of monetary items denominated in foreign
currencies are recorded in the income statement for
the year.
On consolidation, the assets and liabilities of companies
whose accounts are held in a currency other than the
euro are translated into euros at the exchange rate
prevailing on the closing date. Income and expenses
are converted into euros at the average exchange rate
for the year. Any exchange differences are classified as
equity under “Translation differences”. In the event
of a disposal, the translation differences relating to
the company concerned are recognised in the income
statement for the year in which the sale occurred.
Goodwill and fair value adjustments arising on the
acquisition of a foreign entity are treated as assets
and liabilities of the foreign entity and translated at
the closing rate.
Consolidated financial statements
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The following exchange rates have been used for the conversion of the consolidated financial statements:

| Closing rate |  | Average Rate |
1 euro equals to: | 31/12/2025 | 31/12/2024 | 2025 | 2024
Euro | 1.000 | 1.000 | 1.000 | 1.000
Indonesian rupiah | 19,753 | 16,851 | 18,671 | 17,162
US dollar | 1.1750 | 1.0389 | 1.1293 | 1.0804

1.9. Intangible assets
Intangible assets are stated at their acquisition cost
less accumulated amortisation and any impairment
losses.
Amortisation is applied on a straight-line basis
based on an estimate of the useful life of the asset
in question. Intangible assets are not subject to
revaluation. When the recoverable value of an asset
is lower than its book value, the latter is reduced to
reflect this loss in value.
The estimated useful lives are as follows:

Patents | 3 to 5 years
Other intangible assets | 3 to 5 years
Software | 3 to 5 years
Concessions G | Lengt h of the concessions G

Amortisation starts from the date when the asset is
available to use.
Gains or losses arising from derecognition of assets
(i.e. the difference between the disposal proceeds
and the carrying amount of the asset) are included in
the income statement when assets are derecognised.
1.10. Property, plant and equipment
Tangible fixed assets are recorded at their acquisition
cost less accumulated depreciation and any
impairment losses.
Property, plant and equipment in progress is carried at
cost less any identified impairment.
Depreciation is applied on a straight-line basis,
according to an estimate of the useful life for each
significant component of the asset in question. When
the recoverable value of an asset is lower than its
book value, the latter is reduced to reflect this loss
in value.
The estimated useful lives are as follows:

Buildings | 20 to 50 years
Technical installations | 3 to 20 years
Furniture, vehicles and others | 3 to 20 years

Depreciation starts from the date that the assets are
available to use.
Land is not subject to depreciation.
Gains or losses arising from the derecognition of assets
(i.e. the difference between the disposal proceeds
and the carrying amount of the asset) are included in
the income statement when assets are derecognised.
1.11. Bearer biological assets
The Group has biological assets in South-East Asia.
These biological assets, mainly consisting of palm oil
and rubber plantations, are valued according to the
principles defined in IAS 16 “Tangible fixed assets”.
Biological assets at the time of harvest, in particular
for palm bunches, palm oil and rubber, are evaluated
according to the principles defined by IAS 41
“Agriculture”.
Bearer biological assets
Producer biological assets are recorded at acquisition
cost, less accumulated depreciation and any
impairment losses.
Depreciation is applied according to the straight-line
method based on an estimate of the useful life. When
the recoverable amount of an asset is less than its
carrying amount, the carrying amount is reduced to
reflect that impairment.
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The estimated useful lives are as follows:

Bearer plants – Palm | 20 to 25 years
Bearer plants - Rubber | 20 to 25 years

The depreciation starting date is the date of transfer
of biological assets in production (asset being mature).
This transfer takes place in the third year after palm
oil tree planting and in the seventh year after rubber
tree planting. For each entity, the operating period can
be adapted according to the particular circumstances.
Agricultural production
Agricultural production at harvest is valued at fair
value less the estimated costs necessary to complete
the sale.
There are no observable data for agricultural
production (palm harvest, latex). The World Bank
publishes price forecasts for dry rubber
G
(finished
product). These forecasts are based on the RSS3
G
grade
(smoked sheet
G
) that is not produced by the Group.
Lastly, and even more so, there are no observable
prospective data relating to the Group’s agricultural
production. The price of a standard product in a
global market is not sufficiently representative of the
economic reality in which the various entities of the
Group intervene. This price can hence not be used as
a reference for valuation.
As a result, each entity determines the fair value of
agricultural production based on actual market prices
obtained over the past year.
The Group considers produce that grows on mature
plantations (oil in the palm fruits and produce of
rubber) as biological assets, in accordance with IAS 41
principles. This produce is measured at fair value less
costs to sell until the point of harvest. Any resultant
gains or losses arising from changes in fair value are
recognised in the income statement. After harvest,
these produce are measured in accordance with IAS 2
Inventories and the fair value less costs to sell is the
cost of the inventories (see Note 1.14).
1.12. Leases
The Group assesses at contract inception whether
a contract is, or contains, a lease. That is, if the
contract conveys the right to control the use of an
identified asset for a period of time in exchange for
consideration.
The Group applies a single recognition and
measurement approach for all leases, except for short-
term leases and leases of low-value assets (mainly
IT equipment), for which payments associated are
recognised as an expense in the income statement.
The Group recognises lease liabilities to make lease
payments and right-of-use assets representing the
right to use the underlying assets.
The Group leases offices and agricultural land for
terms ranging from 1 to 99 years, as well as vehicles
and equipment for terms ranging from 1 month to
5 years.
The Group’s lease contracts are standard contracts
that do not include additional non-leasing components,
except for some vehicle lease contracts that include
a maintenance service. The Group has used the
practical expedient that allows the non-segregation of
the lease component from the non-lease component
for these contracts.
Assets and liabilities related to lease contracts are
initially measured at the present value of the fixed
payments, including in-substance fixed payments less
any lease incentives receivable. Lease payments to
be made under reasonably certain extension options
are also included in the measurement of the liability.
To this purpose, the management considers all facts
and circumstances that may create an incentive to
exercise a renewal option or not to exercise an early
termination option. The lease liability is remeasured
if there is a change in the lease term, in the lease
payment or in the assessment of an option to purchase
the underlying asset.
As the implicit interest rate is unknown for all the
Group’s contracts, the incremental borrowing rate was
used to discount the lease payments. The incremental
borrowing rate is the rate that the lessee would have
to pay to borrow, for a similar term and with a similar
guarantee, the funds necessary to acquire an asset
whose value is similar to the asset under the right-of-
use in a similar economic environment.
In determining the incremental borrowing rate, the
Group:
- where possible, uses the most recent financing
received by the lessee as a starting point, which
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was adjusted to reflect the change in financing
conditions since the financing was received;
- uses a build-up approach starting with a risk-free
rate which was adjusted for credit risk for leases for
entities with no recent external financing;
- makes lease specific adjustments (such as term,
country, currency and collateral).
The discount rates used by the Group range between
1.75% and 14.5%.
Lease payments are allocated between the repayment
of the principal amount of the lease liabilities and
interest expense. Interest expense is recognised in
the income statement for the period over the term
of the lease.
Right-of-use assets are depreciated on a
straight-line basis over the shorter of useful life and
lease term.
The Group applies IAS 36 to determine whether a
right-of-use asset is impaired and recognises any
impairment loss as described in Note 8: Impairment
of assets.
1.13. Impairment of assets
Goodwill is not amortised, but is tested for impairment
at least once a year, and whenever there is an
indication of impairment.
In addition, at each reporting date, the Group reviews
the carrying amounts of its intangible and tangible
assets, including its organic producing assets, in order
to assess whether there is any indication that its assets
may have lost value. If there is such an indication,
the recoverable amount of the asset is estimated to
determine, if applicable, the amount of the loss or
impairment. The recoverable amount is the higher of
the fair value less the costs to sell the asset and the
value in use.
The value in use of property, plant and equipment and
intangible assets is the present value of estimated
future cash flows expected from the use of an asset
or cash-generating unit. When it is not possible to
estimate the recoverable amount of an isolated asset,
the Group determines the recoverable amount of the
cash-generating unit to which the asset belongs.
If the recoverable amount of an asset (or a cash-
generating unit) is estimated to be less than its
carrying amount, the carrying amount of the asset
(cash-generating unit) is reduced to its recoverable
amount. Impairment losses are immediately
recognised as expenses in the income statement.
When an impairment loss which was recognised in a
prior period no longer exists or needs to be written
down, the carrying amount of the asset (cash-
generating unit) is increased to the extent of the
revised estimate of its recoverable amount. However,
this increased carrying amount may not exceed the
carrying amount that would have been determined if
no impairment loss had been recognised for the asset
(cash-generating unit) in prior years. The reversal
of an impairment loss is recognised immediately in
income in the income statement.
It is not possible to subsequently reverse an impairment
loss recorded on goodwill.
1.14. Inventories
Inventories are recorded at the lower of cost and net
realisable value. Cost includes direct material costs
and, if applicable, direct labour costs and directly
attributable overhead costs.
Where specific identification is not possible, the cost
is determined based on the weighted average cost
method. Net realisable value is the estimated selling
price in the ordinary course of business less estimated
costs of completion and the estimated costs necessary
to complete the sale (primarily selling expenses).
Impairment or loss on inventory to net realisable value
is recognised as an expense in the period in which the
impairment or loss occurred.
As explained in Note 1.11, agricultural production is
measured at fair value less estimated costs necessary
to make the sale.
1.15. Trade receivables
Trade receivables are valued at their nominal value and
do not bear interest. The Group applies a simplified
approach and records a provision for expected losses
over the life of the receivables. This provision for
losses is an amount that the Group considers a reliable
estimate of the inability of its customers to make the
required payments (refer to Note 33).
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1.16. Cash and cash equivalents
Cash and cash equivalents include cash, demand
deposits, short-term deposits of less than 3 months,
as well as investments that are subject to a negligible
risk of change in value and are easily convertible into
a known amount of cash, having a maturity of three
months or less.
For the purpose of the consolidated statement of cash
flows, cash and cash equivalents are presented net of
outstanding bank overdrafts, as they are considered
an integral part of the Group’s cash management.
1.17. Financial instruments
Financial assets and liabilities are recognised in the
consolidated statement of the financial position
when the Group becomes a party to the contractual
provisions of the instrument.
Financial assets and liabilities measured at
amortised costs
The Group’s business model for financial assets
management describes the way it manages its
financial assets in order to generate cash flows. The
business model determines whether cash flows will
result from the collection of contractual cash flows,
from the disposal of financial assets, or both. Financial
assets classified and measured at amortised cost are
held in a business model with the aim to hold financial
assets and collect contractual cash flows. Long-term
advances and other receivables are held for the sole
purpose of collecting principal and interest. As such,
they comply with the “Solely Payments of Principal
and Interest” (SPPI) model. They are accounted for
using the amortised cost method.
Financial assets are initially measured at fair value, net
of transaction costs. Financial income is added to the
carrying amount of the instrument to the extent that it
is not received in the period in which it occurs. Interest
is calculated using the effective interest rate method.
The Group applies the low credit risk simplification: at
every reporting date, the Group evaluates whether the
debt instrument is considered to have low credit risk
using all reasonable and supportable information that
is available without undue cost or effort. In making
that evaluation, the Group reassesses the internal
credit rating of the debt instrument. In addition,
the Group considers that there has been a significant
increase in credit risk when contractual payments are
more than 30 days past due.
Financial liabilities are initially measured at fair
value, net of transaction costs. Financial expenses are
recognised in income statement and are added to the
carrying amount of the instrument to the extent that
they are unpaid in the year in which they occur.
The carrying amount is a reasonable approximation of
fair value in the case of financial instruments such as
borrowings and debts with short-term maturity.
The fair value measurement of borrowings and debts
with financial institutions, other than in the short
term, depends both on the specifics of the loans and
on current market conditions. The fair value was
calculated by discounting the expected future cash
flows at the re-estimated interest rates prevailing at
the balance sheet date over the remaining term of
repayment of the loans (refer to Note 24).
The Group relied on the evolution of the interest
rate of the European Central Bank adjusted for the
specific risk inherent in each financial instrument, as
a reasonable benchmark for estimating the fair value
of such borrowings (see Note 24).
Financial assets designated at fair value through
OCI (equity instruments)
Upon initial recognition, the Group can elect to
classify irrevocably its equity investments as equity
instruments designated at fair value through OCI
if they meet the definition of equity under IAS 32
Financial Instruments: Presentation and are not held
for trading. The classification is determined on an
instrument-by-instrument basis.
Gains and losses on these financial assets are never
recycled into profit or loss. Dividends are recognised
as other income in the statement of profit or loss
when the right of payment has been established,
except when the Group benefits from such proceeds
as a recovery of part of the cost of the financial asset,
in which case, such gains are recorded in OCI. Equity
instruments designated at fair value through OCI are
not subject to impairment assessment.
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The Group elected to classify irrevocably its non-
listed equity investments under this category.
Other financial assets and liabilities
Other financial assets (trade receivables, other
receivables,...) and liabilities (trade payables, other
payables,...) are recorded at their transaction price.
The fair value of other financial assets and liabilities
is estimated to be close to the carrying amount due to
their short-term nature.
The receivables are valued at their transaction price
less any write-downs covering amounts considered
as non-recoverable if the Group deems it necessary.
Impairment of assets is recognised in the income
statement under “Other operating income/expenses”.
The Group has established a provision matrix, based
on its historical credit loss experience (average
losses on trade receivables over several years), which
was adjusted for prospective factors specific to the
debtors and the economic environment. The carrying
amount of the asset is reduced using a provision
account, and the amount of the loss is recognised
in the consolidated income statement. The Board of
Directors of each subsidiary evaluates the receivables
individually. Value adjustments are determined by
considering the local economic reality of each country.
They are reviewed at the reception of new events and
at least annually.
1.18. Provisions
Provisions are recognised when the Group has a
present obligation (legal or constructive) as a result
of a past event. This present obligation will probably
lead to an outflow of economic benefits, insofar as
they can be reasonably estimated.
Restructuring provisions are recognised when the
Group has come up with a formal and detailed plan
for the restructuring, which has been notified to the
affected parties.
1.19. Pension obligations
Defined contribution plans
The defined contribution plans designate the post-
employment benefit plans under which the Group pays
defined contributions to external insurance companies
for certain categories of employees. Payments made
under these pension plans are recognised in the
income statement in the year when they are due.
As these plans do not generate future commitments
for the Group, they do not give rise to provisions.
Defined benefit plans
The defined benefit plans refer to post-employment
benefit plans that provide additional income to certain
categories of employees for services rendered during
the year and prior years.
This guarantee of additional resources is a future
expenditure for the Group for which a commitment
is calculated by independent actuaries at the end of
each financial year.
The actuarial assumptions used to determine the
liabilities vary according to the prevailing economic
conditions in the country in which the plan is located.
The discount rates applicable to post-employment
benefit obligations should be determined by reference
to the market yields on high quality corporate bonds
that are appropriate/relevant to the estimated timing
of benefit payments at the balance sheet date.
The Group decided to calculate discount rates using
an economic approach for high-quality corporate
bonds whose duration corresponds to the terms of
employee benefits in the countries concerned. In the
countries where there is no active market for such
obligation, the Group refers to the market yields
(at the end of the reporting period) of government
bonds. The currency and duration of these corporate
or government bonds must correspond to the currency
and estimated duration of the post-employment
benefit obligations.
The cost of corresponding commitments is determined
by using the projected unit credit method, with a
discounted value calculation at the balance sheet date
in accordance with the principles of IAS 19 “Employee
Benefits”.
All changes in the amount of defined benefit pension
obligations are recognised as soon as they occur.
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Remeasurements of defined benefit pension
obligations, including actuarial gains and losses, should
be recognised immediately in “Other comprehensive
income”.
The costs of services rendered during the period, past
service costs (plan amendment) and net interest are
recognised as an expense immediately.
The amount recognised in the statement of financial
position consists of the present value of the defined
benefit plans’ pension obligations. This value has been
adjusted for actuarial gains and losses, less the fair
value of plan assets.
1.20. Revenue recognition
The Group’s revenues derive from the performance
obligation to transfer the control of products under
arrangements. According to these arrangements,
the transfer of control and the fulfilment of the
performance obligation occur at the same time.
The point of control of the asset by the customer
depends on the moment when the goods are made
available to the carrier or when the buyer takes
possession of the goods. This also depends on the
delivery conditions. With regards to the Group’s
activities, the recognition criteria are generally met:
(a) for export sales, where the time of the transfer of
deed is based on the incoterms;
(b) for local sales, depending on the delivery
conditions, either when the goods leave the
premises or when the customer takes possession
of the goods.
This is the moment when the Group has fulfilled its
performance obligations.
Revenues are valued at the transaction price of the
consideration received or receivable, to which the
company expects to be entitled.
The selling price is determined at the market price
and, in a few cases, is contractually determined on
a provisional basis using a reliable estimate. In the
latter case, price adjustments can then take place
depending on the movements between the reference
price and the final price, as recognised.
The Group considers itself to be the principal in its
revenue arrangements, because it controls the goods
sold before transferring them to the customers.
As at 31 December 2025, revenue from the
major customer within the Group accounted for
approximately EUR 92.8 million (2024: EUR 71.4
million) of total Group revenue.
1.21. Taxes
Current tax is the amount of tax payable or recoverable
on the profit or loss of a financial year.
Temporary differences between the book values of
assets and liabilities on the one hand, and their tax
bases on the other hand, lead to the recognition of a
deferred tax using the tax rates which are applicable
when the temporary differences disappear, as adopted
on the closing date.
A deferred tax is recognised for all taxable temporary
differences, unless the deferred tax is generated:
- by goodwill or;
- by the initial recognition of an asset or liability in a
transaction which is not acquired through a business
combination, does not affect neither the accounting
profit nor the taxable profit (tax loss), nor gives
rise to equal taxable and deductible temporary
differences at the time of the transaction.
A deferred tax liability is recognised for all taxable
temporary differences related to investments in
subsidiaries and associates, unless the date on which
the temporary difference will be reversed can be
controlled and it will most likely not be reversed in
the foreseeable future.
A deferred tax asset is recognised in order to carry
forward unused tax losses and tax credits, so that
future taxable profits, on which these unused tax
losses and tax credits can be charged, will likely be
available.
Deferred tax is recognised in the income statement,
unless it relates to items that have been directly
recognised, either in equity or in other comprehensive
income.
1.22. Segment information
IFRS 8 – Operating Segments requires operating
segments to be identified based on an internal
reporting. This internal reporting is analysed by the
entity’s chief operating decision-maker, in order to
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assess performance and make resource decisions for
the segments.
The identification of these operational sectors
originates from the information analysed by the
management. This information is based on the
geographic distribution of political and economic risks.
1.23. Use of estimates
For the preparation of consolidated financial
statements in accordance with IFRS, the Group’s
Management has made use of its best estimates to
make assumptions on the following aspects, and
to what extent they were affected: the carrying
amount of assets and liabilities, information on
assets and liabilities, contingent liabilities and the
carrying amount of income and expenses recorded
during the period. Depending on the evolution of
these assumptions or different economic conditions,
the amount that will appear in the Group’s future
consolidated financial statements may differ from
current estimates. Material accounting policies,
for which the Group has made estimates, mainly
concern the application of IAS 19 - Employee Benefits
(Note 21), IAS 41 - Agriculture and IAS 2 - Inventories
(Note 15), IAS 16 - Property, Plant and Equipment
(Note 5), IAS 36 - Impairment of Assets (Notes 6 and
8), IFRS 9 - Financial Instruments (Notes 24 and 33)
and IFRS 16 – Leases (Note 3).
In the absence of observable data within the scope
of IFRS 13 – Fair Value Measurement, the Group
makes use of a model developed with the aim to
assess the fair value of agricultural production, using
local production costs and conditions and local sales
(Refer to Note 1.11).
This method is inherently more volatile than
assessment at historical cost.
Since 2022, various conflicts have had a significant
impact on the financial markets, with many investors
concerned about the risk of further escalation and the
ensuing impact on global trade and economic growth.
Since February 2026, the conflict between the United
States, Israel, and Iran has escalated into a broader
geopolitical crisis, disrupting Middle Eastern stability
and global trade flows. Economically, it is driving oil
prices up and causing supply chain disruptions as well
as fuelling inflation, financial market volatility, and
downside risks to global growth.
At Group level, the following elements help mitigate
these risks:
- A large portion of Group revenue originates from
palm oil which is sold locally on each market, causing
for the Group to be well diversified.
- The Group’s procurement is managed by Sodimex FR;
this helps the Group to fully comply with the import
and export bans (e.g. Russia, Iran, …),as well as better
manage price volatility of inputs.
- The revenues linked to the sale of rubber are
managed by Sogescol FR which trades with a wide
variety of customers on different continents, allowing
the Group to mitigate the impacts of the economic
uncertainties. Sogescol FR also has in depth experience
of shipping suppliers and routes, allowing to mitigate
for potential hikes in prices.
Although geopolitical tensions have not significantly
impacted the company’s operations or performance
during 2025, the Board of Directors continues to
monitor the evolving situation and its impacts on the
Company’s financial position.
1.24. Climate effect
The Group considered the potential impact of climate
change, which may affect positively or negatively
the Group’s biological assets, and thus the financial
performance of the Group. Among climate factors,
the distribution of rainfall and sunshine are the most
important ones.
The Group considered climatic events such as severe
wind or fires in the valuation of the biological assets.
However, given current knowledge, distinguishing
the impact of natural climate changes from climate
impact caused by anthropic activity remains difficult.
The Management Board considered various
documentation in its assessment of the impact, such
as the last Intergovernmental Panel on Climate Change
(IPCC) reports but also the data coming from the
agronomic departments which reflect the potential
effect of climate change over the past years. Budgets
are adjusted to integrate the operational needs that
may result of the impact of those changes and the value
in use of the biological assets is aligned consequently
(Note 1.13 and Note 8). From a social stand point, the
effect of climate change are integrated through the
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regular updates of the data used for the calculation of
the employee benefit provision (Note 21).
The Management Board will continue to consider the
potential impact of climate change in its assessments,
and will integrate any new potential impact that could
lead to a material change in the Group’s financial
statements.
1.25. Environmental, Social and Governance
The Group has described its ambitions and objectives
in terms of environment, social responsibilities and
governance in a separate Sustainability Report that
can be accessed on Socfinasia website.
Management has performed a preliminary assessment
to measure the financial impacts of those objectives
on the consolidated financial statements. Based on
this assessment, Management was able to conclude
that most of the commitments described in the
Sustainability Report have already been incorporated
in the budgets of the subsidiaries of Group. Those
budgets are mainly used for the determination of
internal indicators of impairment but also as a basis for
the determination of the expected growth rates of the
companies. A further description for the assessment of
impairment indicators is provided in Notes 1.13 and 8.
Note 2. Subsidiaries and associates

| % Group Interest | % Group Control | Consolidation Method (*) | % Group Interest | % Group Control | Consolidation Method (*)
--- | --- | --- | --- | --- | --- | ---
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024
ASIA |  |  |  |  |  |
Rubber and palm |  |  |  |  |  |
PT SOCFIN INDONESIA “SOCFINDO” | 90.00 | 90.00 | FI | 90.00 | 90.00 | FI
Rubber |  |  |  |  |  |
SETHIKULA CO LTD | 100.00 | 100.00 | FI | 100.00 | 100.00 | FI
SOCFIN-KCD CO LTD | 100.00 | 100.00 | FI | 100.00 | 100.00 | FI
VARANASI CO LTD | 100.00 | 100.00 | FI | 100.00 | 100.00 | FI
COVIPHAMA CO LTD | 100.00 | 100.00 | FI | 100.00 | 100.00 | FI
EUROPE |  |  |  |  |  |
Other activities |  |  |  |  |  |
CENTRAGES S.A. | 50.00 | 50.00 | EM | 50.00 | 50.00 | EM
IMMOBILIERE DE LA PEPINIERE S.A. | 50.00 | 50.00 | EM | 50.00 | 50.00 | EM
INDUSERVICES S.A. | 35.00 | 35.00 | EM | 35.00 | 35.00 | EM
INDUSERVICES FR S.A. | 50.00 | 50.00 | EM | 50.00 | 50.00 | EM
PLANTATION NORD-SUMATRA LTD “PNS Ltd” S.A. | 100.00 | 100.00 | FI | 100.00 | 100.00 | FI
SOCFINCO S.A. | 50.00 | 50.00 | EM | 50.00 | 50.00 | EM
SOCFINCO FR S.A. | 50.00 | 50.00 | EM | 50.00 | 50.00 | EM
SOCFINDE S.A. | 80.00 | 80.00 | FI | 80.00 | 80.00 | FI
SODIMEX FR S.A. | 50.00 | 50.00 | EM | 50.00 | 50.00 | EM
SOGESCOL FR S.A. | 50.00 | 50.00 | EM | 50.00 | 50.00 | EM
TERRASIA S.A. | 47.81 | 47.81 | EM | 47.81 | 47.81 | EM

(*) Consolidation method: FI: Full Integration, EM: Equity Method, NC: Not Consolidated
Consolidated financial statements
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List of subsidiaries and associated companies
* CENTRAGES S.A. is a company under Belgian law
providing administrative and accounting services
and which owns three floors of office space in
Brussels.
* COVIPHAMA CO LTD is a company under Cambodian
law active in the production of rubber.
* IMMOBILIERE DE LA PEPINIERE “PEPINIERE” S.A. is a
company under Belgian law which owns three floors
of office space in Brussels.
* INDUSERVICES S.A. is a company under Luxembourg
law whose purpose is to provide all administrative
services to all companies and organisations,
including all services relating to documentation,
bookkeeping and register services, as well as all
representation, study, consultation activities and
assistance.
* INDUSERVICES FR S.A. is a company under Swiss
law whose purpose is to provide all administrative
services to all companies and organisations,
including all services relating to documentation,
bookkeeping and register services, as well as all
representation, study, consultation activities and
assistance. In addition, it provides all of the Group’s
companies with access to the general IT platform.
* PLANTATION NORD-SUMATRA LTD “PNS” S.A. is a
holding company under Luxembourg law which
holds stakes in PT Socfindo and Coviphama Co.
* PT SOCFIN INDONESIA “SOCFINDO” is a company
under Indonesian law active in the production of
palm oil and rubber.
* SETHIKULA CO LTD is a company under Cambodian
law holding concessions
G
of agricultural land.
* SOCFIN CONSULTANT SERVICES “SOCFINCO” S.A. is a
company established in Belgium providing technical
assistance, agronomic and financial services.
* SOCFIN-KCD CO LTD is a company under Cambodian
law active in the production of rubber products.
* SOCFINCO FR S.A. is a Swiss company providing
services, studies and management of agro-industrial
plantations.
* SOCFINDE S.A. is a finance holding company under
Luxembourg law.
* SODIMEX FR S.A. is a Swiss company active in the
purchase and sale of equipment for plantations.
* SOGESCOL FR S.A. is a Swiss company active in the
tropical products trade.
* TERRASIA S.A is a company under Luxembourg law
owning office space.
* VARANASI Co LTD is a company under Cambodian
law holding concession
G
of agricultural land.
Consolidated financial statements
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Note 3. Leases
The amounts recognised in the balance sheet, related to leases under IFRS 16 are as follows:
Right-of-use assets

|  | Land and |
EUR | Buildings | concession G of | TOTAL
|  | agricultural area |
Gross value as at 1 January 2024 | 307,783 | 3,287,373 | 3,595,156
Additions | 0 | 962,634 | 962,634
Disposals | 0 | -437,124 | -437,124
Foreign exchange differences | 19,583 | 78,730 | 98,313
Gross value as at 31 December 2024 | 327,366 | 3,891,613 | 4,218,979
Accumulated depreciation as at 1 January 2024 | -187,785 | -713,521 | -901,306
Depreciation | -27,570 | -114,253 | -141,823
Depreciation reversals | 0 | 437,124 | 437,124
Foreign exchange differences | -13,049 | -9,475 | -22,524
Accumulated depreciation as at 31 December 2024 | -228,404 | -400,125 | -628,529
Net book value as at 31 December 2024 | 98,962 | 3,491,488 | 3,590,450
Gross value as at 1 January 2025 | 327,366 | 3,891,613 | 4,218,979
Additions | 664,620 | 491,700 | 1,156,320
Disposals | 0 | -56,631 | -56,631
Foreign exchange differences | -74,324 | -585,850 | -660,174
Gross value as at 31 December 2025 | 917,662 | 3,740,832 | 4,658,494
Accumulated depreciation as at 1 January 2025 | -228,404 | -400,125 | -628,529
Depreciation | -96,273 | -35,082 | -131,355
Disposals | 0 | 56,631 | 56,631
Foreign exchange differences | 31,310 | 56,004 | 87,314
Accumulated depreciation as at 31 December 2025 | -293,367 | -322,572 | -615,939
Net book value as at 31 December 2025 | 624,295 | 3,418,260 | 4,042,555

Lease liabilities

| 31/12/2025 | 31/12/2024
--- | --- | ---
EUR |  |
Long-term lease liabilities | 842,352 | 350,199
Short-term lease liabilities | 80,047 | 29,130
TOTAL | 922,399 | 379,329

Consolidated financial statements
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67
Long-term lease liabilities are payable as follows

2024 |  |  |  |  |  |
EUR | 2026 | 2027 | 2028 | 2029 | 2030 and | TOTAL
|  |  |  |  | above |
Lease liabilities | 29,272 | 29,413 | 37 | 40 | 291,437 | 350,199

2025 |  |  |  |  |  |
EUR | 2027 | 2028 | 2029 | 2030 | 2031 and | TOTAL
|  |  |  |  | above |
Lease liabilities | 83,565 | 55,974 | 59,494 | 63,237 | 580,082 | 842,352

The amounts recognised in the income statement in relation with the lease contracts are detailed as follows:

| 2025 | 2024
--- | --- | ---
EUR |  |
Depreciation of right-of-use assets | 131,355 | 141,823
Expenses related to short-term leases and leases of low-value assets | 23,902 | 61,565
Interest expense (included in the financial expenses) | 85,968 | 40,929
TOTAL | 241,225 | 244,317

Agricultural land and concessions
G
The Group does not own all of the land on which its biological assets are planted. In general, these lands are
subject to very long-term concessions
G
from the local public authority. These concessions
G
are renewable.

Company | Date of initial lease or renewal extension | Duration of the initial lease | Area conceded
--- | --- | --- | ---
SETHIKULA | 2010 | 50 years | 3,328 ha (*)
VARANASI | 2009 | 50 years | 2,144 ha (*)
COVIPHAMA | 2008 | 50 years | 3,617 ha (*)
SOCFINDO | 1990 to 2025 | 25 to 35 years | 47,417 ha

(*) Following amendments to Cambodian leases, their duration and area have been updated accordingly.
Consolidated financial statements
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Note 4. Intangible assets

EUR | Concessions G and patents | Softwares | TOTAL
--- | --- | --- | ---
Cost as at 1 January 2024 | 45,264 | 1,760,465 | 1,805,729
Additions | 0 | 103,255 | 103,255
Disposals | 0 | -13 | -13
Foreign exchange differences | 2,885 | 32,012 | 34,897
Cost as at 31 December 2024 | 48,149 | 1,895,719 | 1,943,868
Accumulated depreciation as at 1 January 2024 | -45,264 | -1,458,542 | -1,503,806
Depreciation | 0 | -80,040 | -80,040
Depreciation reversals | 0 | 13 | 13
Foreign exchange differences | -2,885 | -26,420 | -29,305
Accumulated depreciation as at 31 December 2024 | -48,149 | -1,564,989 | -1,613,138
Net book value as at 31 December 2024 | 0 | 330,730 | 330,730
Cost as at 1 January 2025 | 48,149 | 1,895,719 | 1,943,868
Additions | 0 | 138,614 | 138,614
Disposals | 0 | -40,107 | -40,107
Foreign exchange differences | -5,573 | -283,894 | -289,467
Cost as at 31 December 2025 | 42,576 | 1,710,332 | 1,752,908
Accumulated depreciation as at 1 January 2025 | -48,149 | -1,564,989 | -1,613,138
Depreciation | 0 | -76,185 | -76,185
Depreciation reversals | 0 | 39,789 | 39,789
Foreign exchange differences | 5,573 | 231,905 | 237,478
Accumulated depreciation as at 31 December 2025 | -42,576 | -1,369,480 | -1,412,056
Net book value as at 31 December 2025 | 0 | 340,852 | 340,852

Consolidated financial statements
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Note 5. Property, plant and equipment

|  |  | Technical | Furniture, | Work in | Advances |
EUR | Land | Buildings | installations | vehicles and | progress | and pre- | TOTAL
|  |  |  | others |  | payments |
Cost as at | 3,478,946 | 70,714,793 | 54,144,421 | 16,784,952 | 118,858 | 72,218 | 145,314,188
1 January 2024 |  |  |  |  |  |  |
Additions (*) | 0 | 1,409,963 | 2,695,217 | 2,279,549 | 440,725 | 165,175 | 6,990,629
Disposals | 0 | -441,704 | -4,242,816 | -1,562,994 | 0 | 0 | -6,247,514
Transfer | 0 | 559,255 | 168,397 | 0 | -559,255 | -168,397 | 0
Foreign exchange | 219,888 | 1,968,697 | 1,159,986 | 346,937 | 2,828 | 4,466 | 3,702,802
differences |  |  |  |  |  |  |
Cost as at | 3,698,834 | 74,211,004 | 53,925,205 | 17,848,444 | 3,156 | 73,462 | 149,760,105
31 December 2024 |  |  |  |  |  |  |
Accumulated |  |  |  |  |  |  |
depreciation as at | 0 | -49,981,136 | -43,606,683 | -12,516,482 | 0 | 0 | -106,104,301
1 January 2024 |  |  |  |  |  |  |
Depreciation | 0 | -1,794,778 | -2,298,774 | -1,576,518 | 0 | 0 | -5,670,070
Depreciation reversals | 0 | 410,627 | 4,131,959 | 1,551,641 | 0 | 0 | 6,094,227
Foreign exchange | 0 | -1,175,899 | -865,195 | -253,313 | 0 | 0 | -2,294,407
differences |  |  |  |  |  |  |
Accumulated |  |  |  |  |  |  |
depreciation as at | 0 | -52,541,186 | -42,638,693 | -12,794,672 | 0 | 0 | -107,974,551
31 December 2024 |  |  |  |  |  |  |
Net book value as at | 3,698,834 | 21,669,818 | 11,286,512 | 5,053,772 | 3,156 | 73,462 | 41,785,554
31 December 2024 |  |  |  |  |  |  |
Cost as at | 3,698,834 | 74,211,004 | 53,925,205 | 17,848,444 | 3,156 | 73,462 | 149,760,105
1 January 2025 |  |  |  |  |  |  |
Additions (*) | 0 | 1,427,372 | 2,271,304 | 1,680,448 | 783,057 | 277,322 | 6,439,503
Disposals | 0 | -391,202 | -1,320,349 | -906,924 | 0 | 0 | -2,618,475
Transfer | 0 | 492,097 | 208,426 | 12,972 | -571,892 | -230,696 | -89,093
Foreign exchange | -429,427 | -10,445,199 | -7,786,284 | -2,630,327 | -8,580 | -10,323 | -21,310,140
differences |  |  |  |  |  |  |
Cost as at | 3,269,407 | 65,294,072 | 47,298,302 | 16,004,613 | 205,741 | 109,765 | 132,181,900
31 December 2025 |  |  |  |  |  |  |
Accumulated |  |  |  |  |  |  |
depreciation as at | 0 | -52,541,186 | -42,638,693 | -12,794,672 | 0 | 0 | -107,974,551
1 January 2025 |  |  |  |  |  |  |
Depreciation | 0 | -1,711,565 | -2,314,652 | -1,546,932 | 0 | 0 | -5,573,149
Depreciation reversals | 0 | 269,064 | 1,170,172 | 855,273 | 0 | 0 | 2,294,509
Foreign exchange | 0 | 7,565,473 | 6,211,687 | 1,889,342 | 0 | 0 | 15,666,502
differences |  |  |  |  |  |  |
Accumulated |  |  |  |  |  |  |
depreciation as at | 0 | -46,418,214 | -37,571,486 | -11,596,989 | 0 | 0 | -95,586,689
31 December 2025 |  |  |  |  |  |  |
Net book value as at | 3,269,407 | 18,875,858 | 9,726,816 | 4,407,624 | 205,741 | 109,765 | 36,595,211
31 December 2025 |  |  |  |  |  |  |

(*) Additions for the period include capitalised costs.
The accounting policies applicable to property, plant and equipment are detailed in Notes 1 and 8.
Consolidated financial statements
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Note 6. Biological assets

EUR | Palm | Rubber | Nurseries and Others | TOTAL
--- | --- | --- | --- | ---
Mature | Immature | Mature | Immature
Cost as at 1 January 2024 | 71,078,261 | 15,084,651 | 70,107,061 | 9,781,955 | 886,692 | 166,938,620
Additions (*) | 0 | 5,473,085 | 0 | 947,211 | 1,834,949 | 8,255,245
Disposals | -1,052,352 | 0 | -356,449 | 0 | -624,056 | -2,032,857
Transfer | 5,060,998 | -3,907,072 | 6,460,818 | -6,391,906 | -1,222,838 | 0
Foreign exchange differences | 1,289,529 | 286,856 | 3,876,146 | 210,851 | 15,158 | 5,678,540
Cost as at 31 December 2024 | 76,376,436 | 16,937,520 | 80,087,576 | 4,548,111 | 889,905 | 178,839,548
Accumulated depreciation as at 1 January 2024 | -31,830,496 | 0 | -17,336,488 | 0 | 0 | -49,166,984
Depreciation | -3,400,995 | 0 | -2,298,741 | 0 | 0 | -5,699,736
Depreciation reversals | 935,475 | 0 | 284,986 | 0 | 0 | 1,220,461
Foreign exchange differences | -589,837 | 0 | -775,036 | 0 | 0 | -1,364,873
Accumulated depreciation as at 31 December 2024 | -34,885,853 | 0 | -20,125,279 | 0 | 0 | -55,011,132
Accumulated impairment as at 1 January 2024 | 0 | 0 | -25,928,980 | 0 | 0 | -25,928,980
Impairment reversal | 0 | 0 | 3,898,786 | 0 | 0 | 3,898,786
Foreign exchange differences | 0 | 0 | -1,494,010 | 0 | 0 | -1,494,010
Accumulated impairment as at 31 December 2024 | 0 | 0 | -23,524,204 | 0 | 0 | -23,524,204
Net book value as at 31 December 2024 | 41,490,583 | 16,937,520 | 36,438,093 | 4,548,111 | 889,905 | 100,304,212
Cost as at 1 January 2025 | 76,376,436 | 16,937,520 | 80,087,576 | 4,548,111 | 889,905 | 178,839,548
Additions (*) | 0 | 5,044,798 | 0 | 742,725 | 1,662,924 | 7,450,447
Disposals | -1,086,002 | 0 | -418,433 | 0 | -529,112 | -2,033,547
Transfer | 6,521,225 | -5,485,063 | 501,929 | -441,729 | -1,096,363 | -1
Foreign exchange differences | -11,518,099 | -2,464,157 | -9,845,277 | -684,122 | -132,570 | -24,644,225
Cost as at 31 December 2025 | 70,293,560 | 14,033,098 | 70,325,795 | 4,164,985 | 794,784 | 159,612,222
Accumulated depreciation as at 1 January 2025 | -34,885,853 | 0 | -20,125,279 | 0 | 0 | -55,011,132
Depreciation | -3,370,503 | 0 | -2,110,094 | 0 | 0 | -5,480,597
Depreciation reversals | 923,031 | 0 | 269,240 | 0 | 0 | 1,192,271
Foreign exchange differences | 5,259,105 | 0 | 2,699,872 | 0 | 0 | 7,958,977
Accumulated depreciation as at 31 December 2025 | -32,074,220 | 0 | -19,266,261 | 0 | 0 | -51,340,481
Accumulated impairment as at 1 January 2025 (**) | 0 | 0 | -23,524,204 | 0 | 0 | -23,524,204
Foreign exchange differences | 0 | 0 | 2,724,804 | 0 | 0 | 2,724,804
Accumulated impairment as at 31 December 2025 | 0 | 0 | -20,799,400 | 0 | 0 | -20,799,400
Net book value as at 31 December 2025 | 38,219,340 | 14,033,098 | 30,260,134 | 4,164,985 | 794,784 | 87,472,341

(*) Additions for the period include capitalised costs.
(**) Impairment test on biological assets is disclosed in Note 8.
Accounting policy regarding non-current and current biological assets is disclosed in Note 1.11.
Consolidated financial statements
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Note 7. Depreciation and impairment

| 2025 | 2024
--- | --- | ---
EUR |  |
Depreciation |  |
Of right-of-use assets (Note 3) | 131,355 | 141,823
Of intangible assets (Note 4) | 76,185 | 80,040
Of property, plant and equipment excluding biological assets (Note 5) | 5,573,149 | 5,670,070
Of biological assets (Note 6) | 5,480,597 | 5,699,736
Impairment reversal |  |
Of biological assets (Note 6) | 0 | -3,898,786
TOTAL | 11,261,286 | 7,692,883

Note 8. Impairment of assets
Intangible and tangible assets and right-of-use
assets
At each reporting date, the Group reviews the carrying
amount of its intangible and tangible assets and right-
of-use assets in order to assess whether there is any
indication of impairment. If such indication arises,
the recoverable amount of the asset is estimated to
determine the amount of the impairment loss.
Bearer biological assets
At each reporting date, the Group assesses if there
is any indication that its biological assets may be
impaired or if an impairment reversal should be
considered.
For this purpose, the Group assesses several indicators:
The significant and sustained decreasing trend in the
prices of natural rubber (TSR20
G
1
st
position on SGX
G
)
and crude palm oil (CIF Rotterdam
G
) was considered
as an observable sign that the biological assets may
have been impaired. A decrease in these prices at
reporting date greater than 15% compared to an
average of 5-year value has been set by the Group as
an impairment indicator.
The Group also considers average prices, over the six
months before reporting date and over the last twelve
months, instead of only closing prices. This is done in
order to avoid seasonal fluctuations in the prices of
supply materials.
Moreover, the Group also reviews the prices of palm
oil observed on local market and considers a decrease
in these prices at the closing date of more than 15%
compared to an average of values over 5 years, as an
impairment indicator.
In addition to these external indicators, the Group
considers the following indicators:
- Internal performance indicators;
- Criteria relating to the local market;
- Physical indicators of impairment;
-
Significant changes in plantations that could have a
material impact on their future cash flows.
If an indication of impairment or impairment reversal
is identified, the recoverable amount of the producing
biological assets is determined.
Impairment tests must be performed on the smallest
identifiable group of assets which generates cash flows
independently of other assets or groups of assets and
for which the Group prepares financial information for
the Board of Directors.
Consolidated financial statements
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The identification of Cash Generating Units (CGUs)
depends, in particular, on:
- how the Group manages the activities of the entity;
- the way in which decisions are made with regards to
the pursuit or the disposal of its activities and;
- the existence of an active market for all or part of
the production.
The Group considers the political and country specific
risk factors while reviewing business evolution.
Therefore, companies are grouped within the CGU
country.
The recoverable amount of bearer biological assets
is determined through the calculation of value in use
by using the most recent information approved by the
local management. Those information comprise the
measures taken that will help to prevent the effects
of the climate change (maintenance program, land
and field preparation against the fire and / or flooding
resulting from heavy rainfalls). The impacts on future
cash-flows of the potential effects of climate changes
are therefore taken into consideration. Then the Group
uses the discounted value of expected net cash flows
which are discounted at a pre-tax rate. At reporting
date, the financial projection incorporates the full
exploitation of the younger bearer biological assets.
The operational life
G
ranges from 25 to 30 years for
both crops. This period can be adapted according to
the particular circumstances for each entity.
The value-in-use calculation has been very sensitive
to:
- changes in the margins achieved by the entity and
- changes related to discount rates.
This sensitivity analysis is performed whenever an
impairment test is performed after impairment
indicators are identified.
Changes in realised margins
Initially, the Group determines separately the
expected production of each category of biological
assets within the entity over their remaining life. This
expected production is estimated through the surface
areas planted on the reporting date, as well as through
the actual crop yield recorded during the financial
year. The latter depends on the maturity of the
bearer biological asset. Production is then valued on
an average basis of five-year of the margins achieved
by the entity in relation to agricultural activities. The
value-in-use of the biological asset is then obtained
by discounting these cash flows. Average margins are
considered constant over the duration of the financial
projection. No indexing factor is considered.
Conclusion - financial impacts
Intangible and tangible assets
As at 31 December 2025, no impairment was recognised
on tangible and intangible assets.
Bearer biological assets – indicators of impairment or
impairment reversal
As at 31 December 2025 the closing prices, average
prices over the last 6 months and average prices over
the last 12 months, did not altogether exceed 15% of
the average 5-year value, for the Rubber and Palm
segments.
The review of prices and of other indicators led to
the conclusion that there were no impairment nor
impairment reversal indicators during the period.
As at 31 December 2025, accumulated impairment
losses amounted to EUR 20.8 million for Cambodia
(Note 6).
Consolidated financial statements
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73
Note 9.
Non-wholly owned subsidiaries in which non-controlling interests are
material
Interests of non-controlling interests in the activities of the Group

Subsidiary | Main location | Percentage of equity shares of non-controlling interest | Percentage of voting rights of non-controlling interests
--- | --- | --- | ---
|  | 2025 | 2024 | 2025 | 2024
Production of palm oil and rubber |  |  |  |  |
SOCFINDO | Indonesia | 10% | 10% | 10% | 10%

| Net income attributed to |  |
Subsidiary | non-controlling interests in | Accumulated non-controlling
| the subsidiary during the | interests in the subsidiary
| financial period |  |
EUR | 2025 | 2024 | 2025 | 2024
SOCFINDO | 7,400,650 | 6,189,713 | 6,295,560 | 6,228,661
Subsidiaries that hold non-controlling interests that are not material individu ally | 717,941 | 639,936
Non-controlling interests |  | 7,013,501 | 6,868,597

Summary financial information concerning subsidiaries whose interests of non-controlling interests are
material for the Group excluding intragroup eliminations

EUR Subsidiary | Current assets | Non-current assets | Current liabilities | Non-Current liabilities
--- | --- | --- | --- | ---
SOCFINDO |  |  |  |
2024 | 40,521,326 | 101,081,121 | 38,509,814 | 35,901,721
2025 | 40,103,673 | 89,256,907 | 34,601,528 | 26,496,202

EUR |  |  |  |
| Revenue from | Profit / (loss) | Comprehensive | Dividends paid to
Subsidiary | ordinary | for the period | income for the | non-controlling
| activities |  | period | interests
SOCFINDO |  |  |  |
2024 | 169,022,443 | 64,420,699 | 64,199,860 | 6,773,247
2025 | 179,698,051 | 73,783,845 | 65,002,419 | 6,220,677

Consolidated financial statements
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EUR | Net cash inflows (outflows) |  |
Subsidiary | Operating | Investing | Financing | Net cash inflows
| activities | activities | activities | (outflows)
SOCFINDO |  |  |  |
2024 | 80,930,052 | -13,825,037 | -67,732,468 | -627,453
2025 | 77,389,427 | -12,110,571 | -62,206,769 | 3,072,087

The nature and evolution of the risks associated with the interests held by the Group in the subsidiaries remained
stable over the financial period compared to the previous year.
Note 10. Investments in associates

| 2025 | 2024
--- | --- | ---
EUR |  |
Value as at 1 January | 27,231,425 | 22,687,671
Share of the Group in the result from associates | 7,161,372 | 4,596,877
Dividends | -5,627,939 | -3,494,328
Increase in associates' Equity (*) | 0 | 2,936,903
Other movements | -832,048 | 504,302
Value as at 31 December | 27,932,810 | 27,231,425

(*) Induservices FR increase in share capital during 2024.

| Value of investment | Income from | Value of investment | Income from
| in associates | associates | in associates | associates
EUR | 31/12/2025 | 2025 | 31/12/2024 | 2024
Centrages | 3,309,845 | 63,140 | 3,246,705 | 1,883
Immobilière de la Pépinière | 1,684,909 | -48,717 | 1,733,626 | -60,181
Induservices | 215,829 | 6,671 | 209,158 | 39,014
Induservices FR | 0 | -556,217 | 556,217 | -2,380,685
Socfinco | 336,616 | 5,973 | 330,643 | 16,790
Socfinco FR | 10,882,103 | 2,502,529 | 9,418,614 | 2,312,487
Sodimex FR | 2,301,420 | 321,076 | 1,980,344 | 163,514
Sogescol FR | 8,869,304 | 4,855,977 | 9,434,276 | 4,490,177
Terrasia | 332,785 | 10,942 | 321,843 | 13,877
TOTAL | 27,932,811 | 7,161,374 | 27,231,426 | 4,596,876

Consolidated financial statements
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ANNUAL REPORT 2025
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75

| Total assets | Revenue | Total assets | Revenue
--- | --- | --- | --- | ---
EUR | 31/12/2025 | 2025 | 31/12/2024 | 2024
Centrages | 3,793,987 | 4,510,095 | 3,513,590 | 4,133,102
Immobilière de la Pépinière | 3,456,118 | 607,951 | 3,527,021 | 542,766
Induservices | 960,068 | 2,250,040 | 825,299 | 2,000,440
Induservices FR | 7,762,527 | 6,335,381 | 8,079,485 | 4,277,158
Socfinco | 1,574,230 | 0 | 1,561,286 | 0
Socfinco FR | 24,700,960 | 33,305,300 | 22,775,929 | 26,198,369
Sodimex FR | 11,450,202 | 24,208,734 | 10,696,365 | 19,727,530
Sogescol FR | 61,444,798 | 447,509,819 | 78,921,062 | 425,221,366
Terrasia | 703,278 | 77,208 | 684,141 | 75,367
TOTAL | 115,846,168 | 518,804,528 | 130,584,178 | 482,176,098

Main data of significant associates accounted for using the equity method

Associate company | Main location | Main activity | Dividend received | Dividend received
--- | --- | --- | --- | ---
EUR |  |  | 31/12/2025 | 31/12/2024
Socfinco FR | Switzerland | Rendering of services | 1,000,000 | 0
Sodimex FR | Switzerland | Purchase and sale of equipment | 0 | 300,000
Sogescol FR | Switzerland | Trade of tropical products | 4,409,560 | 3,086,989
TOTAL |  |  | 5,409,560 | 3,386,989

Summary financial information of interests held in associates - Statement of financial position

Associate company | Current assets | Non-current assets | Current liabilities | Non-current liabilities
--- | --- | --- | --- | ---
31/12/2024 | EUR | EUR | EUR | EUR
Centrages | 2,395,093 | 1,118,497 | 456,017 | 0
Socfinco FR | 18,035,233 | 4,740,696 | 3,389,631 | 0
Sodimex FR | 10,685,793 | 10,572 | 6,595,552 | 17,955
Sogescol FR | 75,282,614 | 3,638,448 | 59,233,967 | 0
TOTAL | 106,398,733 | 9,508,213 | 69,675,167 | 17,955

Associate company | Current assets | Non-current assets | Current liabilities | Non-current liabilities
--- | --- | --- | --- | ---
31/12/2025 | EUR | EUR | EUR | EUR
Centrages | 2,906,307 | 887,680 | 651,890 | 0
Socfinco FR | 18,462,306 | 6,238,654 | 2,395,235 | 0
Sodimex FR | 11,445,461 | 4,741 | 6,658,005 | 14,203
Sogescol FR | 56,376,298 | 5,068,501 | 42,848,092 | 614,416
TOTAL | 89,190,372 | 12,199,576 | 52,553,222 | 628,619

Consolidated financial statements
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Summary financial information of interests held in associates - Income statement

Associate company | Profit from operations | Profit / (loss) for the period | Total comprehensive income for the period
--- | --- | --- | ---
2024 | EUR |  | EUR
Centrages | -33,077 | -37,989 | -37,989
Socfinco FR | 5,136,985 | 4,465,222 | 4,465,222
Sodimex FR | 442,336 | 369,626 | 369,626
Sogescol FR | 13,841,623 | 9,711,688 | 9,711,688
TOTAL | 19,387,867 | 14,508,547 | 14,508,547

Associate company | Profit from operations | Profit / (loss) for the period | Total comprehensive income for the period
--- | --- | --- | ---
2025 | EUR |  | EUR
Centrages | 165,390 | 84,523 | 84,523
Socfinco FR | 7,052,971 | 4,919,427 | 4,919,427
Sodimex FR | 867,589 | 695,136 | 695,136
Sogescol FR | 12,888,729 | 9,453,934 | 9,453,934
TOTAL | 20,974,679 | 15,153,020 | 15,153,020

Reconciliation of the financial information summarised above to the carrying amount of the investments
in the consolidated financial statements

Associate company | Net assets of the | % stake held by | Other IFRS | Value of stake
| associate | the Group | adjustments | held by the Group
31/12/2024 | EUR | EUR | EUR | EUR
Centrages | 3,057,573 | 50% | 1,717,919 | 3,246,705
Socfinco FR | 19,386,298 | 50% | -274,535 | 9,418,614
Sodimex FR | 4,100,813 | 50% | -70,063 | 1,980,344
Sogescol FR | 19,687,095 | 50% | -409,272 | 9,434,276
TOTAL | 46,231,779 |  | 964,050 | 24,079,939

Associate company | Net assets of the associate | % stake held by the Group | Other IFRS adjustments | Value of stake held by the Group
--- | --- | --- | --- | ---
31/12/2025 | EUR | EUR | EUR | EUR
Centrages | 3,142,097 | 50% | 1,738,797 | 3,309,845
Socfinco FR | 22,305,725 | 50% | -270,760 | 10,882,103
Sodimex FR | 4,777,994 | 50% | -87,577 | 2,301,420
Sogescol FR | 17,982,291 | 50% | -121,842 | 8,869,304
TOTAL | 48,208,107 |  | 1,258,619 | 25,362,672

There is no goodwill attributed to the above associates.
Consolidated financial statements
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Aggregated information relating to associates that are not significant individually

EUR | 2025 | 2024
--- | --- | ---
Share of profit from continued operations attributable to the Group | -581,348 | -2,371,185
Share of other comprehensive income attributable to the Group | 0 | 0
Share of total comprehensive income attributable to the Group | -581,348 | -2,371,185
Total book value of investments in associates held by the Group | 2,570,138 | 3,151,487

The nature, extent and financial impact of the interests held in associates by the Group, including the nature
of relationships with other investors, remained stable over the financial period compared to the previous year.
Note 11. Financial assets at fair value through other comprehensive income

| 31/12/2025 | 31/12/2024
--- | --- | ---
EUR |  |
Fair value as at 1 January | 5,253,839 | 5,231,277
Change in fair value (*) | 94,850 | -25,984
Additions (**) | 3,000,000 | 47,667
Disposals | -3,062 | 0
Foreign exchange differences | -6,964 | 879
Fair value as at 31 December | 8,338,663 | 5,253,839

(*) The variation in the fair value of the financial assets is accounted under the Other Comprehensive Income.
(**) Movement in 2025 corresponds to Management Associates capital increase.

| Cost (historical) | Fair value
--- | --- | ---
EUR | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024
Financial assets at fair value through other comprehensive income | 8,422,787 | 5,320,133 | 8,338,662 | 5,253,839

The financial assets at fair value through other comprehensive income mainly correspond to Management
Associates shares.
Consolidated financial statements
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Note 12. Deferred taxes
* Components of deferred tax assets and liabilities

| 2025 | 2024
--- | --- | ---
EUR |  |
IAS 2 / IAS 41: Agricultural production | -1,899,921 | -1,948,794
IAS 16: Property, plant and equipment | -4,735,675 | -5,324,415
IAS 19: Pension obligations (*) | 5,202,847 | 7,673,998
IAS 12: Losses carried forward activated | 428,596 | 550,546
IAS 12: Deferred taxes | 0 | -813,302
IFRS 16: Leases | 5,048 | 8,885
IAS 37: Provisions for risks and charges | 684,257 | -119,887
IAS 12: Withholding Tax | -3,629,814 | -2,686,624
IFRS 9: Financial assets measured at fair value through other comprehensive income | -7,201 | 15,440
IAS 41: Biological assets | 3,594,957 | 4,245,426
Balance as at 31 December | -356,906 | 1,601,273
Of which Deferred Tax Assets | 4,603,195 | 5,540,028
Of which Deferred Tax Liabilities | -4,960,102 | -3,938,754

(*) Decrease in deferred tax asset compared to 2024 is linked to the decrease in retirement provision.
The above deferred taxes are presented per category
of deferred taxes resulting from consolidation
adjustments. They are calculated company per
company and the net position between deferred tax
liabilities and deferred tax assets is presented.
Since 2021 the OECD has published the framework,
commentaries and further guidelines regarding the
Pillar Two Model Rules (Minimum Taxation). Pillar Two
requires multinational enterprises with annual global
revenues exceeding EUR 750 million to pay at least
15% income tax per jurisdiction.
Luxembourg adopted the law nº8292 “Pillar Two law”
on 20 December 2023, transposing the EU Directive
2022/2523. The Pillar Two law is in force for financial
years beginning on or after 31 December 2023. The
Pillar Two law included an Income Inclusion Rule
(IIR), effective from 31 December 2023, a Qualified
Domestic Minimum Top-up Tax (QDMTT), effective
from 31 December 2023, and an Undertaxed Profits
Rule (UTPR), effective from 31 December 2024.
As Socfin Group (the Group the Company is part
of) exceeds this revenue threshold and operates
in jurisdictions which have enacted the Pillar Two
legislation, Socfin Group has performed an assessment
of its potential exposure to Pillar Two income taxes
based on the most recent information available
regarding the financial performance of the constituent
entities in the Group. Based on this assessment Socfin
Group does not have a material exposure to Pillar Two
top-up taxes. Consequently, the Company does not
report any provision relating to Pillar Two assessment
as at 31 December 2025.
* Contingent tax assets and liabilities
Some of the subsidiaries have accumulated tax losses
that are or are not limited over time or capital
allowances that are or are not limited over time.
PNS Ltd has unused tax losses for EUR 11.7 million (to
use before 2038). No deferred tax assets have been
booked related to these tax losses, as the Management
does not expect to use those losses against future
profit.
Consolidated financial statements
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Note 13. Current tax assets and liabilities
* Components of current tax assets

| 2025 | 2024
--- | --- | ---
EUR |  |
Current tax assets as at 1 January | 1,197,625 | 743,614
Tax income | 3,353,230 | 3,592,554
Taxes paid or recovered | -1,861,762 | -2,355,526
Transfer (*) | -813,331 | -744,865
Foreign exchange differences | -71,548 | -38,152
Current tax assets as at 31 December | 1,804,214 | 1,197,625

(*) Corresponds to offset of tax assets and tax liabilities.
* Components of current tax liabilities

| 2025 | 2024
--- | --- | ---
EUR |  |
Current tax liabilities as at 1 January | 7,997,948 | 2,197,334
Tax expense | 30,620,908 | 29,237,228
Other taxes | 389,335 | 328,239
Taxes paid or recovered (**) | -31,742,182 | -23,165,175
Transfer (*) | -757,337 | -735,430
Foreign exchange differences | -992,542 | 135,752
Current tax liabilities as at 31 December | 5,516,130 | 7,997,948

(*) Corresponds to offset of tax assets and tax liabilities.
(**) This includes income taxes and also other taxes.
Note 14. Income tax expense
* Components of the tax expense

| 2025 | 2024
--- | --- | ---
EUR |  |
Current income tax expense (*) | 25,305,029 | 24,488,401
Deferred tax expense / (income) | 1,835,951 | 87,435
Tax expense as at 31 December | 27,140,980 | 24,575,836

(*) Withholding tax on dividends is presented within income tax expense.
Consolidated financial statements
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* Components of the deferred tax expense / (income)

| 2025 | 2024
--- | --- | ---
EUR |  |
IAS 12: Income Tax (*) | 206,543 | 2,287,383
IAS 19: Pension obligations | 1,819,687 | 59,977
IAS 2 / IAS 41: Fair value of agricultural produce | 250,447 | 440,164
IAS 41: Biological assets (**) | 165,147 | -4,082,372
IAS 16: Tangible assets | 204,676 | 633,683
IFRS 16: Leases | 2,862 | -2,846
IAS 37: Provisions for risks and charges | -813,410 | 751,446
Deferred tax expense / (income) as at 31 December | 1,835,952 | 87,435

(*) Of which impact of losses carried forward activated for EUR -0.7 million (EUR 2.9 million in 2024), and withholding tax for
EUR 0.9 million (EUR -0.9 million in 2024).
(**) In 2024, deferred tax assets corresponded to the difference between value of biological assets in Cambodia, impaired at
Group level following IAS 36 principles, and their value at local level, where assets will be amortised over their useful life.
* Reconciliation between income statement and cash flow statement

| 2025 | 2024
--- | --- | ---
EUR |  |
Current income tax expense | -25,305,029 | -24,488,401
Income tax - balance sheet variation | -875,341 | 3,754,242
Income tax paid | -26,180,370 | -20,734,159

* Reconciliation of income tax expense

| 2025 | 2024
--- | --- | ---
EUR |  |
Profit before tax from continuing operations | 79,938,336 | 87,177,325
Nominal tax rate of the parent company | 23.87% | 24.94%
Nominal tax rate of subsidiaries | from 20% to 23.87% | from 20% to 24.94%
Tax calculated at domestic tax rate applicable to profits in Luxembourg | 19,081,281 | 21,742,025
Effect of tax rate in foreign jurisdictions | -2,044,280 | -2,829,375
Unfunded taxes | 102,550 | 0
Definitively taxed income / (expense) | 761,890 | 87,937
Specific tax regimes in foreign countries | 6,744,892 | 6,099,585
Non-taxable income | -243,017 | -668,831
Non-deductible expenses | 2,974,743 | 3,722,194
Use and recognition of tax latencies | -225,529 | -3,596,197
Unrecognised losses carried forward | 0 | 67
Impact of change in tax rate | 0 | -9,646
Other adjustments | -11,550 | 28,076
Tax expense as at 31 December | 27,140,980 | 24,575,835

Consolidated financial statements
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Note 15. Inventories
* Carrying value of inventories by category

| 31/12/2025 | 31/12/2024
--- | --- | ---
EUR |  |
Raw materials G | 1,740,101 | 1,431,173
Consumables | 3,627,005 | 5,025,337
Spare parts | 1,272,949 | 1,634,483
Production in progress G | 3,420,332 | 5,652,735
Finished products | 10,759,815 | 8,034,920
Gross amount (before impairment) as at 31 December | 20,820,202 | 21,778,648
Inventory write-downs | -38,310 | 0
Net amount as at 31 December | 20,781,892 | 21,778,648

* Reconciliation of inventories

| 2025 | 2024
--- | --- | ---
EUR |  |
Situation as at 1 January | 21,778,648 | 16,917,188
Change in inventory | 3,354,562 | 5,109,302
Fair value of agricultural products | -1,078,836 | -699,435
Foreign exchange differences | -3,234,172 | 451,593
Gross amount (before impairment) as at 31 December | 20,820,202 | 21,778,648
Inventory write-downs | -38,310 | 0
Net amount as at 31 December | 20,781,892 | 21,778,648

* Quantity of inventory by category

31/12/2024 | Raw Materials G | Production-in-progress G | Finished goods G
--- | --- | --- | ---
Palm products (tons) | 0 | 0 | 4,157
Rubber (tons) | 1,294 | 0 | 2,776
Others (units) | 0 | 25,183,692 | 597,974

31/12/2025 | Raw Materials G | Production-in-progress G | Finished goods G
--- | --- | --- | ---
Palm products (tons) | 0 | 0 | 7,229
Rubber (tons) | 1,638 | 0 | 3,600
Others (units) | 0 | 17,520,102 | 240,917

Consolidated financial statements
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Note 16. Trade receivables (current assets)

| 31/12/2025 | 31/12/2024
--- | --- | ---
EUR |  |
Trade receivables | 897,971 | 1,418,576
Advances and prepayments | 8,103 | 33,198
TOTAL | 906,074 | 1,451,774

Note 17. Other receivables (current assets)

| 31/12/2025 | 31/12/2024
--- | --- | ---
EUR |  |
Social security | 10,671 | 14,176
Other receivables (*) | 14,254,549 | 1,806,231
Accrued charges | 21,818 | 244,739
TOTAL | 14,287,038 | 2,065,146

(*) The “other receivables” consist mainly of cash
pooling receivables at Socfinde with related parties
outside the consolidation scope, for EUR 13.9 million
(EUR 1.4 million in 2024).
The accounting policy and risk management applicable
to receivables are detailed in Notes 1 and 33.
Note 18. Cash and cash equivalents
Reconciliation with the amounts in the statement of financial position

| 2025 | 2024
--- | --- | ---
EUR |  |
Current account | 64,705,197 | 149,037,854
TOTAL | 64,705,197 | 149,037,854

Reconciliation with the cash flow statement

| 2025 | 2024
--- | --- | ---
EUR |  |
Current account | 64,705,197 | 149,037,854
Bank overdrafts | -313 | 0
TOTAL | 64,704,884 | 149,037,854

Consolidated financial statements
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Note 19. Share capital
Issued and fully paid capital amounted to EUR 24.5 million as at 31 December 2025 (no change compared to
2024).
As at 31 December 2025, the share capital is represented by 19,594,260 shares without nominal value.

| Ordinary shares |
| 31/12/2025 | 31/12/2024
Number of shares | 19,594,260 | 19,594,260
Number of subscribed shares without nominal value | 19,594,260 | 19,594,260

Note 20. Reserve
Legal reserve
In accordance with Luxembourg commercial law, the
Company is required to allocate a minimum of 5% of
its net profit for each financial year to a legal reserve.
This requirement ceases to be necessary
once the balance on the legal reserve reaches 10% of
the subscribed share capital. The legal reserve is not
available for distribution to the shareholders.
Consolidated financial statements
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Note 21. Pension obligations
* Defined benefit pension plan and post-employment benefits
The Group provides a defined benefit pension plan
to its employees in its Indonesian subsidiary. The
latter pay benefits which are payable in the event of
retirement or voluntary resignation. The benefits paid
are calculated as a percentage of the salary and are
based on the number of years of service.
The plan finds its legitimacy in the employment
contract for the employees and on the collective
agreements for the labourers. No specific asset
against the provisions finance the benefits payable to
the employees.

| 2025 | 2024
EUR |  |
Assets and liabilities recognised in the statement of financial |  |
position |  |
Present value of obligations | 23,649,288 | 34,881,809
Net amount recognised in the statement of financial position for | 23,649,288 | 34,881,809
defined benefit plans |  |
Components of net charge |  |
Current service costs | 1,612,820 | 1,551,432
Financial costs | 1,625,159 | 2,044,687
Present Value of Benefit obligation following employee mutation | 366,698 | 9,096
Past service costs | -7,057,786 | -665,986
Defined benefit plan costs | -3,453,109 | 2,939,229
Movements in liabilities / net assets recognised in the statement of |  |
financial position |  |
As at 1 January | 34,881,809 | 34,533,436
Costs as per income statement | -3,453,109 | 2,939,229
Contributions | -4,818,202 | -3,211,853
Actuarial gains and losses of the year recognised in other comprehensive | 1,809,289 | 34,762
income |  |
Foreign exchange differences | -4,770,499 | 586,235
As at 31 December | 23,649,288 | 34,881,809

Provisions are based on actuarial valuation reports prepared in January 2026.
Consolidated financial statements
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* Actuarial gains and losses recognised in other comprehensive income

| 2025 | 2024
--- | --- | ---
EUR |  |
Adjustments of liabilities related to experience | -538,078 | -969,312
Changes in financial assumptions related to recognised liabilities | -1,271,210 | 934,550
Actuarial gains and losses recognised during the period in other comprehensive income | -1,809,288 | -34,762

* Actuarial valuation assumptions

| 2025 | 2024
--- | --- | ---
EUR |  |
ASIA |  |
Average discount rate | from 4.81% to 7.06% | from 6.88% to 7.14%
Expected long-term returns of plan assets | N/A | N/A
Future salary increases | 7.50% | 7.50%
Average remaining active life of employees (in years) | 13.82 | 14.17

* Sensitivity analysis of the present value of defined benefit obligations

| 2025 | 2024
--- | --- | ---
EUR |  |
Actuarial value of the obligation |  |
- Pension plan | 22,203,819 | 33,351,229
- Other Long-term benefits | 1,445,470 | 1,530,580
Total as at 31 December | 23,649,288 | 34,881,809
Actuarial rate (on pension plan) |  |
Increase of 0.5% | 22,935,200 | 33,732,505
Decrease of 0.5% | 24,402,881 | 36,099,494
Expected future salary increases (on pension plan) |  |
Increase of 0.5% | 24,425,441 | 36,001,791
Decrease of 0.5% | 22,907,254 | 33,814,893

The sensitivity analysis are based on the same actuarial method used to measure the obligations of the defined
benefit plans. The mortality rate which can be impacted by the effect of the climate change is included in this
sensitivity analysis.
* Impact of the defined benefit pension plan on future cash flows

| 2025 | 2024
EUR |  |
Estimated contributions for the next financial year (in euros) | 1,654,501 | 3,785,720

| 2025 | 2024
Weighted average duration of defined benefit plan obligations (in years) | 13.61 | 13.32

Consolidated financial statements
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Note 22. Financial debts
Reconciliation of net cash surplus / (net debt)
G

| Cash and cash equivalents | Bank overdraft | Sub-total | Long-term debt, net of current portion | Debt related to leases | Sub-total | TOTAL
--- | --- | --- | --- | --- | --- | --- | ---
As at 1 January 2024 | 114,574,658 | 0 | 114,574,658 | 0 | -383,895 | -383,895 | 114,190,763
Cash flows | 34,182,350 | 0 | 34,182,350 | 0 | 27,877 | 27,877 | 34,210,227
Foreign exchange differences | 280,846 | 0 | 280,846 | 0 | -23,309 | -23,309 | 257,537
As at 31 December 2024 | 149,037,854 | 0 | 149,037,854 | 0 | -379,327 | -379,327 | 148,658,527
Cash flows | -82,540,308 | -313 | -82,540,621 | 509 | 80,722 | 81,231 | -82,459,390
Foreign exchange differences | -1,792,349 | 0 | -1,792,349 | 0 | 77,792 | 77,792 | -1,714,557
Transfers | 0 | 0 | 0 | -509 | 270,270 | 269,761 | 269,761
Other movements with no impact on cash flows | 0 | 0 | 0 | 0 | -971,854 | -971,854 | -971,854
As at 31 December 2025 | 64,705,197 | -313 | 64,704,884 | 0 | -922,397 | -922,397 | 63,782,487

Note 23. Trade and other payables

| 31/12/2025 | 31/12/2024
--- | --- | ---
EUR |  |
Trade creditors: suppliers | 2,625,373 | 3,542,993
Advances received and invoices to be received | 4,553,923 | 5,615,997
Subtotal trade payables | 7,179,296 | 9,158,990
Staff cost liabilities | 22,797,523 | 22,645,555
Other payables (*) | 23,394,128 | 39,622,140
Accruals | 965,659 | 162,986
Subtotal current other payables | 47,157,310 | 62,430,681
TOTAL | 54,336,606 | 71,589,671
Non-current liabilities | 0 | 0
Current liabilities | 54,336,606 | 71,589,671

(*) Other payables consist mainly of debts of EUR 14.7 million (EUR 28.7 million in 2024) relating to the cash pooling at
Socfinde.
Consolidated financial statements
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Note 24. Financial instruments

|  | Financial assets | Other |  |  | Other
| Loans and | at fair value | financial |  | Loans and | financial
31/12/2024 | borrowings | through other | assets and | TOTAL | borrowings | assets and
|  | comprehensive | liabilities |  | (*) | liabilities
|  | income |  |  |  | (*)
| At |  |  |  | At fair | At fair
EUR | amortised | At fair value | At cost |  | value | value
| cost |  |  |  |  |
Assets |  |  |  |  |  |
Financial assets at fair value through | 0 | 5,253,839 | 0 | 5,253,839 | 0 | 0
other comprehensive income |  |  |  |  |  |
Long-term advances | 0 | 0 | 93,223 | 93,223 | 0 | 93,223
Trade receivables | 0 | 0 | 1,451,775 | 1,451,775 | 0 | 1,451,775
Other receivables | 0 | 0 | 2,065,146 | 2,065,146 | 0 | 2,065,146
Cash and cash equivalents (**) | 0 | 0 | 149,037,854 | 149,037,854 | 0 | 149,037,854
Total Assets | 0 | 5,253,839 | 152,647,998 | 157,901,837 | 0 | 152,647,998
Liabilities |  |  |  |  |  |
Trade payables (current) | 0 | 0 | 9,158,991 | 9,158,991 | 0 | 9,158,991
Other payables (current) | 0 | 0 | 62,430,681 | 62,430,681 | 0 | 62,430,681
Total Liabilities | 0 | 0 | 71,589,672 | 71,589,672 | 0 | 71,589,672

(*) For information purposes.
(**) See Note 22.

31/12/2024 |  | Fair Value |  |
EUR | Level 1 | Level 2 | Level 3 | TOTAL
Financial assets at fair value through other | 0 | 0 | 5,253,839 | 5,253,839
comprehensive income |  |  |  |

Consolidated financial statements
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|  | Financial |  |  |  | Other
|  | assets at | Other |  | Loans and | financial
31/12/2025 | Loans and | fair value | financial | TOTAL | borrowings | assets and
| borrowings | through other | assets and |  | (*) | liabilities
|  | comprehensive | liabilities |  |  | (*)
|  | income |  |  |  |
| At |  |  |  | At fair | At fair
EUR | amortised | At fair value | At cost |  | value | value
| cost |  |  |  |  |
Assets |  |  |  |  |  |
Financial assets at fair value through | 0 | 8,338,662 | 0 | 8,338,662 | 0 | 0
other comprehensive income |  |  |  |  |  |
Long-term advances | 0 | 0 | 82,404 | 82,404 | 0 | 82,404
Trade receivables | 0 | 0 | 906,074 | 906,074 | 0 | 906,074
Other receivables | 0 | 0 | 14,287,038 | 14,287,038 | 0 | 14,287,038
Cash and cash equivalents (**) | 0 | 0 | 64,705,197 | 64,705,197 | 0 | 64,705,197
Total Assets | 0 | 8,338,662 | 79,980,713 | 88,319,375 | 0 | 79,980,713
Liabilities |  |  |  |  |  |
Short-term debts | 0 | 0 | 313 | 313 | 0 | 313
Trade payables (current) | 0 | 0 | 7,179,297 | 7,179,297 | 0 | 7,179,297
Other payables (current) | 0 | 0 | 47,157,310 | 47,157,310 | 0 | 47,157,310
Total Liabilities | 0 | 0 | 54,336,920 | 54,336,920 | 0 | 54,336,920

(*) For information purposes.
(**) See Note 22.

31/12/2025 | Fair Value
--- | ---
EUR | Level 1 | Level 2 | Level 3 | TOTAL
Financial assets at fair value through other comprehensive income | 0 | 0 | 8,338,662 | 8,338,662

The Group did not identify material differences between the carrying amount of the loans and their fair value.
The fair value of financial assets and liabilities measured at amortised cost is considered to approximate their
carrying amount and, accordingly, no fair value hierarchy level has been disclosed for these instruments.
Consolidated financial statements
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Note 25. Staff costs and average number of staff

| 2025 | 2024
--- | --- | ---
Average number of employees |  |
Directors | 197 | 195
Employees | 2,722 | 2,760
Workers (including temporary workers) | 6,623 | 6,776
TOTAL | 9,541 | 9,731

| 2025 | 2024
Staff costs |  |
EUR |  |
Remuneration | 68,808,498 | 65,690,909
Social security and pension expenses (*) | -1,753,262 | 4,908,667
TOTAL | 67,055,236 | 70,599,576

(*) Decrease on Socfindo retirement provision during 2025, leading to a decrease in pension expenses.
Note 26. Other financial income

| 2025 | 2024
--- | --- | ---
EUR |  |
On non-current assets / liabilities |  |
Interest on other investments (*) | 0 | 1,394,167
On current assets / liabilities |  |
Interest from receivables and cash and cash equivalents | 4,491,293 | 6,107,481
Exchange gains | 8,146,651 | 11,535,801
Others | 46,334 | 51,824
TOTAL | 12,684,278 | 19,089,273

(*) During 2024, interests mainly related to the long-term advance towards Socfin (see Note 30).
Consolidated financial statements
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Note 27. Financial expenses

| 2025 | 2024
--- | --- | ---
EUR |  |
On non-current assets / liabilities |  |
Impairment on non-current assets | 0 | -90,697
Interest expense on lease liabilities | 85,968 | 40,929
On current assets / liabilities |  |
Interest and finance expense | 659,594 | 720,178
Impairment on current assets | 540 | 11,036
Exchange losses | 19,040,237 | 7,380,448
Others | 0 | 31
TOTAL | 19,786,339 | 8,061,925

Note 28. Net earnings per share
Undiluted net earnings per share (basic) is the profit
for the year attributable to ordinary shareholders
divided by the average number of ordinary shares
outstanding during the year. As there are no potential
dilutive ordinary shares, the diluted net earnings per
share is identical to the undiluted net earnings per
share.

| 2025 | 2024
--- | --- | ---
Net profit / (loss) for the period (in euros) | 52,477,358 | 60,913,814
Average number of shares | 19,594,260 | 19,594,260
Net earnings per share undiluted (in euros) | 2.68 | 3.11

Note 29. Dividends attributable to the owners of the Parent and directors’ fees
The Board will propose at the Annual General Meeting
of 10 June 2026 the payment of a total dividend of
EUR 3.50 per share, out of which an interim dividend
of EUR 2.00 per share was paid in November 2025.
If the proposed dividend is approved by the General
Meeting of shareholders, a balance of EUR 1.50 per
share for a total amount of EUR 29.4 million would
therefore remain payable.

| 2025 | 2024
--- | --- | ---
Dividends and interim dividends distributed during the period | 97,971,300 | 78,377,040
Number of shares | 19,594,260 | 19,594,260
Dividend per share distributed during the period | 5.00 | 4.00

In addition, in accordance with the statutory provisions, 1/9
th
of the gross dividend is allocated to the Board of
Directors.
Consolidated financial statements
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Note 30. Information on related party
* Directors’ remuneration

| 2025 | 2024
EUR |  |
Short-term benefits | 16,551,847 | 12,691,356

* Other related party transactions

31/12/2024 |  |  |  |
EUR | Parent | Associates | Other related | TOTAL
|  |  | parties |
Current assets |  |  |  |
Trade receivables | 0 | 915,214 | 32,451 | 947,665
Other receivables (Note 17) | 0 | 1,379,319 | 0 | 1,379,319
| 0 | 2,294,533 | 32,451 | 2,326,984
Current liabilities |  |  |  |
Trade payables | 0 | 318,407 | 0 | 318,407
Other payables (Note 23) | 9,787,917 | 8,915,095 | 10,892,562 | 29,595,574
| 9,787,917 | 9,233,502 | 10,892,562 | 29,913,981

2024 |  |  |  |
EUR | Parent | Associates | Other related | TOTAL
|  |  | parties |
Income statement |  |  |  |
Services and goods delivered | 0 | 8,857,633 | 47,092 | 8,904,725
Services and goods received | 0 | 5,035,412 | 544,697 | 5,580,109
Financial income | 1,395,047 | 187,011 | 805 | 1,582,863
Financial expenses | 129,043 | 269,600 | 313,179 | 711,822

Consolidated financial statements
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31/12/2025 |  |  |  |
EUR | Parent | Associates | Other related | TOTAL
|  |  | parties |
Current assets |  |  |  |
Trade receivables | 0 | 688,811 | 28,746 | 717,557
Other receivables (Note 17) | 0 | 12,022,738 | 1,867,505 | 13,890,243
| 0 | 12,711,549 | 1,896,251 | 14,607,800
Current liabilities |  |  |  |
Trade payables | 0 | 370,038 | 145,664 | 515,702
Other payables (Note 23) | 2,799,102 | 5,132,645 | 7,785,322 | 15,717,069
| 2,799,102 | 5,502,683 | 7,930,986 | 16,232,771

2025 |  |  |  |
EUR | Parent | Associates | Other related | TOTAL
|  |  | parties |
Income statement |  |  |  |
Services and goods delivered | 0 | 10,568,492 | 45,823 | 10,614,315
Services and goods received | 0 | 6,205,343 | 573,167 | 6,778,510
Financial income | 15 | 241,035 | 63,724 | 304,774
Financial expenses | 122,868 | 141,685 | 395,041 | 659,594

No significant transaction has been noted with the
parent company Socfin, apart from the payment
of dividends and interim dividends by Socfinasia,
amounting to EUR 45.7 million in 2024 and
EUR 57.6 million in 2025. In addition, Socfinde has a
payable of EUR 2.8 million with the parent company as
at 31 December 2025.
As at 31 December 2025, Socfinde has an amount
payable of EUR 7.7 million towards Socfinaf and its
subsidiaries (2024: EUR 8.5 million).
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Consolidated financial statements
Note 31. Off balance sheet commitments
The Group has no material off balance sheet commitments as at 2025 year end.
Note 32. Segment information
In accordance with IFRS 8, the analysis of information
by management is based on the geographical
distribution of political and economic risks. As a result,
the sectors are Indonesia, Cambodia and Europe.
The products of the operating sector from Indonesia
come from sales of palm oil and rubber. Those from
Cambodia come exclusively from the sale of rubber,
those from Europe from the provision of administrative
services, assistance in managing the areas under
plantation and the marketing of products outside of
the Group. The segment profit of the Group is the
profit from operations.
The stated figures originate from internal reporting.
Since they do not reflect any consolidation or IFRS
adjustments or adjustments, they are not directly
comparable to amounts reported in the consolidated
statement of the financial position and income
statement.
* Segmental breakdown of profit / (loss) as at 31 December 2024

EUR | Europe | Indonesia | Cambodia | TOTAL
--- | --- | --- | --- | ---
Revenue from ordinary business with external customers | 0 | 170,239,657 | 16,193,169 | 186,432,826
Revenue from ordinary business between segments | 0 | 0 | 0 | 0
Raw materials and consumables used | 0 | -16,232,650 | -1,224,075 | -17,456,725
Other expenses (*) | -2,800,980 | -13,935,305 | -2,234,420 | -18,970,705
Staff costs | -8,885,568 | -56,624,064 | -5,089,944 | -70,599,576
Depreciation and impairment expense | 0 | -8,985,617 | 1,292,736 | -7,692,881
Other operational income and expenses (**) | -46,583 | 3,930,338 | 689,062 | 4,572,817
Segmental profit / (loss) | -11,733,130 | 78,392,358 | 9,626,527 | 76,285,755
Financial income and gain on disposals |  |  |  | 19,121,584
Financial expenses and loss on disposals |  |  |  | -8,230,015
Group share of income from associates |  |  |  | 4,596,877
Income tax expense and deferred tax (expense) / income |  |  |  | -24,575,836
Net Profit / (loss) for the period |  |  |  | 67,198,366

(*) Other expenses correspond mainly to external services invoiced to plantations and related directly to the operational
activity (transport, interim and subcontractors, technical assistance, road maintenance, …).
(**) Other operational income and expenses are not related directly to the operational activity (other taxes, property taxes, …).
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Consolidated financial statements
* Segmental breakdown of profit/(loss) as at 31 December 2025

EUR | Europe | Indonesia | Cambodia | TOTAL
--- | --- | --- | --- | ---
Revenue from ordinary business with external customers | 0 | 180,905,091 | 17,282,599 | 198,187,690
Revenue from ordinary business between segments | 0 | 0 | 0 | 0
Raw materials and consumables used | 0 | -14,494,831 | -1,238,874 | -15,733,705
Other expenses (*) | -3,213,118 | -13,336,799 | -1,842,855 | -18,392,772
Staff costs | -11,060,047 | -50,626,975 | -5,368,214 | -67,055,236
Depreciation and impairment expense | 0 | -8,731,385 | -2,529,901 | -11,261,286
Other operational income and expenses (**) | -19,511 | 1,075,546 | 608,510 | 1,664,545
Segmental profit / (loss) | -14,292,676 | 94,790,647 | 6,911,266 | 87,409,236
Financial income and gain on disposals |  |  |  | 12,735,396
Financial expenses and loss on disposals |  |  |  | -20,206,296
Group share of income from associates |  |  |  | 7,161,372
Income tax expense and deferred tax (expense) / income |  |  |  | -27,140,981
Net Profit / (loss) for the period |  |  |  | 59,958,728

(*) Other expenses correspond mainly to external services invoiced to plantations and related directly to the operational
activity (transport, interim and subcontractors, technical assistance, road maintenance, …).
(**) Other operational income and expenses are not related directly to the operational activity (other taxes, property taxes, …).
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Consolidated financial statements
* Total segmental assets

| 31/12/2025 | 31/12/2024
--- | --- | ---
EUR |  |
Europe | 51,625,340 | 137,794,371
Cambodia | 58,718,611 | 67,435,108
Indonesia | 117,800,837 | 128,489,643
TOTAL | 228,144,787 | 333,719,123
IFRS 3 / IAS 16: Bearer plants | -16,500,972 | -19,799,075
IAS 2 / IAS 41: Agricultural production | 1,085,167 | 2,464,555
Other IFRS adjustments | -3,144,913 | -3,274,076
Consolidation adjustments (intra-group and others) | 2,690,248 | 3,165,670
Total consolidated segmental assets | 212,274,318 | 316,276,196
Consolidated assets not included in segmental assets |  |
Right-of-use assets | 4,042,556 | 3,590,450
Investments in associates | 27,932,810 | 27,231,426
Financial assets at fair value through other comprehensive income | 8,338,662 | 5,253,839
Long-term advances | 82,404 | 93,223
Deferred tax assets | 4,603,195 | 5,540,028
Consolidated non-current assets | 44,999,629 | 41,708,966
Other debtors | 14,287,038 | 2,065,147
Current tax assets | 1,804,217 | 1,197,628
Consolidated current assets | 16,091,256 | 3,262,775
Total of consolidated assets in the segmental assets | 61,090,885 | 44,971,741
Total assets | 273,365,203 | 361,247,937

Consolidated financial statements
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* Total segmental liabilities

| 31/12/2025 | 31/12/2024
--- | --- | ---
EUR |  |
Europe | 58,545,223 | 134,213,904
Cambodia | 2,437,000 | 1,984,891
Indonesia | 29,538,844 | 31,761,940
TOTAL | 90,521,067 | 167,960,736
Consolidation adjustments (intra-group and others) | -36,184,460 | -96,371,064
Total consolidated segmental liabilities | 54,336,607 | 71,589,671
Consolidated equity and liabilities not included in segmental liabilities |  |
Total equity | 183,980,348 | 242,460,423
Non-current liabilities | 29,451,757 | 39,170,762
Current financial debts | 313 | 0
Current lease liabilities | 80,047 | 29,130
Current tax liabilities | 5,516,132 | 7,997,950
Total consolidated equity and liabilities not included in segmental liabilities | 219,028,597 | 289,658,265
Total equity and liabilities | 273,365,204 | 361,247,937

* Costs incurred for acquisition of segmental assets during 2024

EUR | Intangible assets | Tangible assets | Biological assets | TOTAL
--- | --- | --- | --- | ---
Cambodia | 0 | 1,511,925 | 141,015 | 1,652,940
Indonesia | 1,065,888 | 5,478,705 | 8,114,229 | 14,658,822
TOTAL | 1,065,888 | 6,990,630 | 8,255,244 | 16,311,763

* Costs incurred for acquisition of segmental assets during 2025

EUR | Intangible assets | Tangible assets | Biological assets | TOTAL
--- | --- | --- | --- | ---
Cambodia | 0 | 1,517,535 | 38,607 | 1,556,142
Indonesia | 447,766 | 4,921,967 | 7,411,841 | 12,781,575
TOTAL | 447,766 | 6,439,502 | 7,450,448 | 14,337,716

Consolidated financial statements
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* Information by category of revenue

| 2025 | 2024
--- | --- | ---
EUR |  |
Palm | 164,102,915 | 153,906,557
Rubber | 27,315,735 | 25,960,604
Other agricultural activities | 6,450,486 | 6,212,326
Others | 318,632 | 353,339
TOTAL | 198,187,768 | 186,432,826

* Information by geographical region

EUR |  |  |  |  |  |  | 2024
| Geographical |  |  |  |  |  |
| location | Europe | Africa | Asia | America | Oceania | TOTAL
Origin |  |  |  |  |  |  |
Asia |  | 9,817,157 | 0 | 176,176,706 | 438,963 | 0 | 186,432,826
TOTAL |  | 9,817,157 | 0 | 176,176,706 | 438,963 | 0 | 186,432,826

EUR |  |  |  |  |  |  | 2025
| Geographical |  |  |  |  |  |
| location | Europe | Africa | Asia | America | Oceania | TOTAL
Origin |  |  |  |  |  |  |
Asia |  | 9,474,320 | 765,723 | 187,248,259 | 699,399 | 0 | 198,187,700
TOTAL |  | 9,474,320 | 765,723 | 187,248,259 | 699,399 | 0 | 198,187,700

* Information by business segment by revenue category

EUR |  |  |  |  | 2024
| Category |  |  | Other agricultural |
|  | Palm | Rubber | products | TOTAL
Business Segment |  |  |  |  |
Indonesia |  | 153,906,555 | 9,767,436 | 6,565,666 | 170,239,657
Cambodia |  | 0 | 16,193,169 | 0 | 16,193,169
TOTAL |  | 153,906,555 | 25,960,605 | 6,565,666 | 186,432,826

EUR |  |  |  |  | 2025
| Category |  |  | Other agricultural |
|  | Palm | Rubber | products | TOTAL
Business Segment |  |  |  |  |
Indonesia |  | 164,102,837 | 10,033,136 | 6,769,118 | 180,905,091
Cambodia |  | 0 | 17,282,599 | 0 | 17,282,599
TOTAL |  | 164,102,837 | 27,315,735 | 6,769,118 | 198,187,690

Consolidated financial statements
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Note 33. Risk management
Capital management
The Group manages its capital and adapts according
to changes in economic conditions and investment
opportunities. To maintain or adjust the capital
structure, the Group may issue new shares, repay part
of the capital or adjust the payment of dividends to
shareholders.
The Group also manages its capital by closely
monitoring the ratio of debt over equity.
Financial risk
The financial risk for the companies within the Group
originates mainly from changes in the selling price of
agricultural commodities, foreign exchange and, to a
lesser extent, interest rate movements.
Potential risk
None of the countries where the Group operates
has a hyperinflationary economy or suffers from an
immediate threat of price devaluation. Nevertheless,
in a minority of those countries, the political system
and economic stability remain fragile and could lead
to currency devaluation or hyperinflation.
Risk management and opportunities
The Group regularly reviews its sources of financing as
well as currency movements. Moreover, its decisions
are based on a variety of risks and opportunities,
which themselves depend on several factors, including
interest rates, currency and counterparties.
Market risk
* Price risk in commodities market
Potential risk
The Group markets its finished products at prices
that may be influenced by commodity prices in
international markets. It therefore faces the risk of
volatility in the prices of these commodities.
Risk management and opportunities
The main policy of the Group’s companies has always
been to control its production costs. It aims to
generate margins for the viability of structures in the
event of a significant drop in the selling prices of raw
materials
G
and, conversely, to generate profit margins
during the market downturns.
In parallel with this main policy, secondary policies
have also been implemented to improve or consolidate
profit margins, such as:
- the production of agricultural products of superior
quality and branded, in particular for rubber and;
- the use of the Group’s expertise in the commercial
sector.
The Group reduces its exposure to price risk by
investing into different geographical markets and
products.
* Foreign currency risk
Potential risk
The Group carries out transactions in local currencies,
the main ones being US dollar and Indonesian rupiah.
In addition, financial instruments hedging against
fluctuations in exchange rate may not be available for
certain currencies. This creates exposure to exchange
rate fluctuations, which may have an impact on the
financial result denominated in euro.
Risk management and opportunities
Apart from the current currency hedging instruments
for operational transactions, which is relatively
limited, the main policy of the Group to finance its
development projects in the local currencies of the
region. This practice is favourable for the significant
investments made in the plantations, as an attempt to
reduce borrowings wherever possible.
* Interest rate risk
Potential risk
The first risk linked to the interest rate denotes a
change in cash flows relating to short-term borrowings,
often on a variable rate, as well as a relatively
high level of base interest rates on cash and cash
equivalents. The second risk, is linked to developing
markets, when borrowing in a local currency.
Risk management and opportunities
The Group has limited exposure to these risks. The
first risk is maintained under control by an active
policy of monitoring the evolution of local financial
markets on the one hand and, when necessary, short-
term debt consolidation in the long term on the
other. Another systematic policy keeps an eye on the
second risk, by putting local and international banks
in competition with international lenders who can
Consolidated financial statements
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offer real investment and development opportunities
at attractive rates.
Credit risk
Potential risk
Credit risk is the risk that a counterparty will not
meet its obligations under a financial instrument or
customer contract, leading to a financial loss. The
Group is exposed to credit risk from its operating
activities (primarily trade receivables) and from its
financing activities, including deposits with banks and
financial institutions, foreign exchange transactions
and other financial instruments.
Risk management and opportunities
To manage credit risk, the Group ensures the
payment of local sales in cash or the guarantee of the
receivables by obtaining approved bills of exchange.
The export sales of the plantations are centralised
in the Group’s sales structure, which applies either
a cash payment policy or a commercial credit policy
whose limits are defined by its Board of Directors. The
Group chooses, whenever possible, to maintain/claim
financial liabilities and cash position (as mentioned
respectively in Notes 22 and 18) with low credit risk
institutions.
Details on impairment of financial assets and liabilities,
including measurement of expected credit losses, are
disclosed in Note 1.17.
Liquidity risk
Potential risk
Liquidity risk is defined as the risk that the Group
cannot meet its obligations in time or at a reasonable
price. This risk mainly affects plantations, which are
both the main source of cash and financing needs.
Risk management and opportunities
Given the specific economic and technological
environment of each plantation, the Group manages
the liquidity risk in a decentralised manner. However,
both the available cash and the implementation of the
financing are supervised by the Group Management.
Emerging market risks
Potential risk
Current or future political instability in certain
countries in which the Group operates may affect the
Group’s profitability and its ability to do business and
generate revenue.
The political system in some of the Group’s markets is
relatively fragile and can be potentially threatened by
cross-border conflicts or wars between rival groups.
Risk management and opportunities
Through its activities, the Group contributes to the
improvement of the quality of life in the countries
in which it operates. It also focuses on improving
the stability of its markets, which may lead to
an appreciation in the value of the Group’s local
companies.
By diversifying the countries, economies and
currencies in which the Group generates its revenues
and cash flows, it reduces its exposure to emerging
market risk.
The Group is aware of its environmental and social
responsibility towards the local population and is
continually implementing initiatives to this end.
Risk of expropriation
Potential risk
Certain countries in which the Group operates have
political regimes that may call into question foreign
commercial interests by limiting their activities and
may attempt to exert control over the Group’s assets.
This is known as the risk of expropriation.
Risk management and opportunities
The diversified geographical distribution of the
countries in which the Group generates its revenues
and its cash flows reduces its exposure to this risk.
Credibility risk
Potential risk
With the Group being linked to the state of the
financial markets, the Group may be exposed to a
credibility risk when said markets lose confidence.
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Consolidated financial statements
This depends on the Group’s ability to maintain sound
financial health considering:
- its environmental impact,
- its social responsibility and
- the economic and geopolitical risks that certain
Group entities may face.
Risk management and opportunities
The Group has published its responsible management
policy in 2017, which was updated in 2022. This
complements the Group’s sustainability commitments,
formalised in 2012.
The Group’s initiatives to monitor this risk are
detailed in the information provided in the annual
Sustainability Report available on request at Group
headquarters.
Risk sensitivity
* Exchange rate risk
The Group is exposed to changes in value arising from
fluctuations in exchange rates, which are generated
by its operating activities. However, as local turnover
was made in the local currency and export sales are
made in US dollar, the Group’s exposure is limited to
fluctuations in dollar against the euro. The impact on
the result of a 10% increase or decrease (EUR/USD)
in foreign currency financial instruments amounts to
EUR 3.8 million.
In the case where the currency of sale is not the
functional currency of the Company, and it is linked
to a strong currency, the conversion is ensured at the
time of the conclusion of the contract. The local sales
concluded in the local currency in 2025 amounted to
EUR 190.2 million.
Socfinasia’s companies have a cash position of
USD 50.8 million at 2025 year end.
* Interest rate risk
Due to the cash pooling centralised, the Group is
exposed to interest rate risk. To control this risk,
the management closely monitors the interest rate’s
evolution.
* Credit risk
On 31 December 2025, the trade receivables from
global customers amounted to EUR 0.7 million and
from local customers to EUR 0.2 million. Accounts
receivable from global customers are mainly
receivables related to the sale of rubber. Palm oil is
sold locally to local players (wide range of customers).
The marketing of rubber is entrusted to Sogescol FR
(equity accounted company). It trades either on the
physical markets or directly with end customers.
The outstanding trade receivables are not significant.

| 2025 | 2024
--- | --- | ---
EUR |  |
Trade receivables | 906,074 | 1,451,775
Other receivables | 14,287,038 | 2,065,146
Long-term advances | 82,404 | 93,223
Total net receivables | 15,275,516 | 3,610,144
Amount not yet due | 14,301,080 | 1,874,337
Amount due less than 6 months | 974,437 | 1,735,807
Total net receivables | 15,275,516 | 3,610,144

Consolidated financial statements
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Note 34. Adjusted EBITDA
G

| 2025 | 2024
--- | --- | ---
EUR |  |
Profit / (loss) attributable to the owners of the Parent | 52,477,358 | 60,913,814
Profit / (loss) attributable to non-controlling interests | 7,481,370 | 6,284,552
Share of the Group in the result from associates | -7,161,372 | -4,596,877
Dividends received from associates | 5,627,939 | 3,494,328
Fair value of biological assets | 954,549 | 526,341
Depreciation, amortisation and provisions | 3,031,050 | 7,340,097
Gains and losses on disposals of assets | 368,840 | 135,779
Income tax expense and deferred tax | 27,140,981 | 24,575,836
Other financial income | -12,684,278 | -19,089,273
Financial expenses | 19,786,338 | 8,061,924
Financial expenses included in amortisation and provisions | -540 | 79,661
Impact of lease restatement on adjusted EBITDA G | -121,396 | -72,160
Adjusted EBITDA G | 96,900,839 | 87,654,022

Note 35. Contingent liabilities
1 Litigation against the Belgian Federal Public
Service Finance (Corporate Tax)
The company SOCFICOM (“Socficom”), a public
limited company incorporated under Liechtenstein
law and a subsidiary of the Group, was the subject of
criminal proceedings initiated by the Belgian Public
Prosecutor’s Office.
The main accusation against Socficom was that the
Belgian Public Prosecutor’s Office considered that
Socficom was a “Belgian resident company”, subject
to Belgian corporate income tax.
Socficom was acquitted, following a ruling by the 11th
Chamber of the Brussels Court of Appeal, sitting in
correctional matters, dated from 23 October 2018. The
Court ruled that “it is clear from all these elements
that the real seat of the defendant Socficom is indeed
established in Liechtenstein and that nothing allows
it to be located in Brussels”. The Public Prosecutor’s
Office did not appeal against this judgement and this
decision is therefore final.
However, the Federal Public Service Finance, relied
exclusively on the investigation file submitted by the
Belgian Public Prosecutor’s Office in criminal matters.
The former therefore maintains that Socficom meets
the conditions to be liable to corporate income tax in
Belgium. The Federal Public Service Finance considers
that Socficom is effectively managed from Belgium
and that all its activities are carried out there.
Socficom was therefore automatically assessed with
corporate income tax on 4 January 2012, for the tax
years 2004 to 2009 for an amount of EUR 77,343,783,
excluding late payment interest at an annual rate of
7% reduced to 4% as from 1 January 2018.
On 5 April 2013, Socficom filed a tax claim against
the 6 ex officio tax assessments. These 6 claims were
declared admissible, but were rejected.
Socficom filed an action before the “Tribunal de
première instance francophone” of Brussels.
The “Tribunal de première instance francophone”
of Brussels, by judgement dated from 26 April 2019,
declared the claim admissible and partially founded
insofar as it ordered the partial relief of the disputed
taxes.
Socficom considers that this decision, although
partially favourable to the argument it defended
before the Court, is not satisfactory, given the
acquittal decision referred to above.
Consolidated financial statements
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The tax authorities want to tax Socficom exclusively
on the basis of the elements in the criminal file, as
the tax file does not contain any “new claims” in
relation to the criminal proceedings. The facts judged
in the tax proceedings have already been decided by
the Court of Appeal (correctional chamber) which
acquitted Socficom and the other defendants.
The Court could therefore not agree with the tax office
on the basis of documents, observations or findings,
without taking into consideration the judgement of
the Court of Appeal of 23 October 2018. The Brussels
Tax Court has “re-heard” the criminal case ignoring
the acquittal of the 11th Chamber of the Brussels
Court of Appeal.
Socficom has therefore decided to appeal against the
tax judgement in order to request that the Court grants
the request initially formulated by the company, i.e.
to order the complete cancellation of the relief of the
disputed taxes.
Tax judgements that are appealed against are not
enforceable until the Court has ruled on them.
The amounts initially claimed by the tax authorities
from Socficom amounted to EUR 77,343,783,
excluding interest (see above), from which it must be
deducted the relief granted by the Court amounting
to EUR 50,000,000.
The company’s counsel and Group management are
of the opinion that the Court of Appeal should fully
cancel these taxes, based on the acquittal decision
of the Court of Appeal, Correctional Chamber, dating
from 23 October 2018 which confirms: “that the real
seat of the defendant Socficom is indeed established
in Liechtenstein and that there is no reason to
locate it in Brussels”. Based on these elements,
the management is of the opinion that no provision
should be recorded as the probability of an outflow of
financial resources by the Group is low. The findings
of the Court of Appeal are not expected before 2026.
2 Litigation against the Belgian Federal Public
Service Finance (VAT)
As described above, the Federal Public Service
Finance maintains that Socficom is a Belgian resident
company. The tax authorities are claiming VAT of
EUR 3,054,160.15 for the years 2006, 2007, 2008 and
2009, adding to this tax fines and interest at a rate of
0.8% per month as from 20 January 2010.
The amounts claimed amount to EUR 10,310,844.61,
split as follows:
- EUR 3,054,160 for VAT
- EUR 1,148,364 in interest
- EUR 6,108,320 in fines
- plus interest for late payment to be calculated on
the VAT due from 21 December 2013.
Socficom contested this tax before the Brussels Court
of First Instance.
The Court declared the claim admissible and
partially founded insofar as it cancelled the fines
of EUR 6,108,320 and the interest charged on this
amount.
Socficom considers that this decision, although
partially favorable to the case it defended before
the Court, is not satisfactory since it was granted the
acquittal following the judgement rendered by the
11th Chamber of the Brussels Court of Appeal dating
from 23 October 2018.
In order to claim the disputed VAT from Socficom, the
tax authorities based themselves exclusively on the
criminal file. However, the Brussels Court could not
ignore the acquittal decision and condemn Socficom
without taking into account the final and res judicata
judgement of the Brussels Court of Appeal.
In the absence of new elements brought by the tax
authorities and having an impact on the outcome of
the trial, the decision of the Court of Appeal of 23
October 2018 could not be challenged and is binding
on the Court.
Socficom therefore decided to appeal the tax ruling in
order to request that the Court to grant the request
initially made by the company, i.e. to order a tax
relief for the disputed taxes.
The Company’s counsel and the Group’s management
are of the opinion that the Court of Appeal should fully
cancel these taxes, based on the acquittal decision
of the Court of Appeal, Correctional Chamber, dating
from 23 October 2018, which confirms: “that the real
seat of the defendant Socficom is indeed established
in Liechtenstein and that there is no reason to locate
it in Brussels”. Based on these elements, management
is of the opinion that no provision should be recorded
as the probability of an outflow of financial resources
by the Group is low. The findings of the Court of Appeal
are not expected before 2026.
Consolidated financial statements
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Note 36. Events after the closing date
There are no material events after the closing date to mention.
Note 37. Auditor’s fees

| 2025 | 2024
--- | --- | ---
EUR |  |
Audit and other assurance related services | 536,380 | 453,178

The audit fees include all fees paid to the independent
statutory auditor of the Group namely EY as well as
those paid to member firms within EY’s network for
the relevant years. No consulting work or other non-
audit services have been performed by this firm in
2025 nor in 2024.
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Company’s management report
Presented by the Board of Directors
at the Annual General Meeting of 10 June 2026
Ladies and gentlemen,
We are pleased to present our annual report and to submit for your approval the annual accounts of our Company
as at 31 December 2025.
Activities
Socfinasia S.A. holds financial interests in portfolio companies which operate directly or indirectly in South-East
Asia in the rubber and palm oil sectors.
The result of the year
The profit and loss account for the year, compared to that of the previous year, is as follows:

(EUR million) | 2025 | 2024
--- | --- | ---
INCOME |  |
Income from participating interests Derived from affiliated undertakings | 56.7 | 62.7
Other interest receivable and similar income | 2.5 | 4.0
Total income | 59.2 | 66.7
EXPENSES |  |
Other external expenses | 3.0 | 2.5
Interest payable and similar expenses | 4.2 | 0.0
Income tax | 0.1 | 1.2
Total expenses | 7.3 | 3.7
PROFIT FOR THE FINANCIAL YEAR | 51.9 | 63.0

As at 31 December 2025, the income from financial
fixed assets amounted to EUR 56.7 million compared
to EUR 62.7 million in 2024. The decrease is mainly
due to the depreciation of the USD against the EUR,
which has affected revenue from Indonesia.
The profit of the year, after structural charges
and costs, stood at EUR 51.9 million compared to
EUR 63 million as at 31 December 2024.
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Balance sheet
As at 31 December 2025, Socfinasia’s total assets
amounted to EUR 347.9 million compared to
EUR 404.6 million in 2024.
Socfinasia’s assets mainly consist of financial fixed
assets of EUR 303.4 million, receivables and cash at
Bank of EUR 44.5 million.
Shareholders’ equity, before allocation of the
remaining dividend, amounts to EUR 345.1 million.
Portfolio
Movements
During the year, the Company has participated in the
capital increase of Management Associates for an
amount of EUR 3 million.
Valuation
Unrealised capital gains on the portfolio of participating
interests are estimated at EUR 63.5 million as at
31 December 2025 compared with EUR 77.2 million at
the end of the previous year.
Investments
The main investments have evolved as follows during the period:
PT Socfindo (Indonesia)
90% subsidiary of PNS Limited which itself is 100% owned by Socfinasia.

Area (ha) as at 31/12/2025 | Planted area
--- | ---
| Mature | Immature | Total
Rubber | 5,096 | 1,229 | 6,325
Palm | 34,992 | 4,472 | 39,464
Total | 40,088 | 5,701 | 45,789

Key figures | Actual 2025 | Actual 2024 | Difference (%)
--- | --- | --- | ---
Production (tons) |  |  |
Rubber | 5,733 | 6,170 | -7.1%
Palm oil | 186,241 | 179,593 | 3.7%
Turnover (EUR 000) |  |  |
Rubber | 10,033 | 9,767 | 2.7%
Palm tree | 164,103 | 153,907 | 6.6%
Seeds | 5,562 | 5,348 | 4.0%
Total | 179,698 | 169,022 | 6.3%
Result (EUR 000) | 73,784 | 64,421 | 14.5%

Company’s management report
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Socfin-KCD Co Ltd (Cambodia) – 100% owned
subsidiary of Socfinasia and
Coviphama Co Ltd (Cambodia) - 100% owned
subsidiary of PNS Ltd, which itself is 100% owned by
Socfinasia.
The production of rubber processed by Socfin KCD
during the year 2025 is up by 11% due to higher
production and increase in purchases from Coviphama.
Revenue was also up (+12%) due to higher volume (+9%)
and selling prices (+2%). This had a positive impact
on net income while operating margin remains strong
compared to last year. This had a positive impact on
net income and also benefited from a more favourable
unit margin than last year.
At Coviphama, raw rubber production is up by 9%
compared to 2024. Sales were also up (+5%) mainly
due to an increase in sales volume (+9%).
Allocation of profit
The profit for the year of EUR 51,894,042 increased by the profit brought forward of EUR 142,505,537, give a
total earnings of EUR 194,399,579 which was proposed to allocate as follows:

Earning allocation | EUR
--- | ---
Profit brought forward | 118,199,679
From the balance: |
10% to the Board of Directors | 7,619,990
90% to 19,594,260 shares | 68,579,910
representing EUR 3.50 per share of which EUR 2.00 already paid at the end of 2025 | 194,399,579

As a reminder, the dividend relating to the previous year was EUR 5.00.
After this allocation of earnings, the reserves will be as follows:

Reserves | EUR
--- | ---
Legal reserve | 2,449,282
Statutory reserve | 125,993,370
Other reserves | 30,070,910
Other available reserves | 9,212,085
Net Wealth Tax reserve | 2,052,380
Profit brought forward | 118,199,679
| 287,977,706

If this distribution is approved, Coupon No. 90 of EUR 1.50 gross will be declared on 15 June 2026 and payable
as of 17 June 2026.
Company’s management report
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Own shares
During the year 2025, the Company did not buy back any of its shares.
Research and development
During the year 2025, Socfinasia did not incur any expenses relating to research and development.
Financial instruments
Socfinasia’s treasury holds USD 43.3 million in its position as at 31 December 2025. The purpose of holding this
currency is to cover dollar related investments and expenses.
Financial risk management policies are described in the notes to the Company’s consolidated financial statements.
Branch
The Company has a permanent establishment in Fribourg (CH).
Mentions required by Art. 11 (1) points a) to k) of the law of 19 May 2006
concerning Public Takeover Bids
a) b) and f) The subscribed capital of the Company is
set at EUR 24,492,825 represented by 19,594,260
shares without par value, fully paid up. Each share
entitles the holder to one vote without limitation
or restriction.
c) On 1 February 2017, Socfin declared that it holds
57.79% direct stake in Socfinasia.
On 22 October 2018, Bolloré Participations
declared that it holds a direct and indirect stake
of 22.255% in Socfinasia, of which 17.138% via
Bolloré and 5.116% via Compagnie du Cambodge.
h) Art. 13. of the statutes: “The Company is
administered by a Board composed of at least
three members, whether natural or legal persons.
The Directors are appointed for a period of six
years by the General Meeting of Shareholders.
They are eligible for re-election.
The Directors are renewed by lottery, so that at
least one Director will be leaving each year “.
Art. 22. of the statutes: “In the event of
vacancy of one or more director’s seat, it may
be provisionally replaced by complying with the
formalities provided for by law.”
Art. 31. of the statutes: “The present statutes can
be modified by decision of the General Meeting
specially convened for this purpose, in the
forms and conditions prescribed by articles 450-
1 and 450-8 of the law of 10 August 1915 on the
commercial companies, as amended.”
i) The powers of the members of the Board of
Directors are defined in Art. 17 and seq. of the
statutes of the Company. They provide in particular
that: “The Board of Directors is vested with the
broadest powers for the administration of the
Company. All matters not expressly reserved to
the General Meeting by the statutes or the law
fall within the competence of the Board”.
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In addition, the statutes provide in Art. 6: “In the
event of a capital increase, the Board of Directors
shall determine the conditions of issue of the
shares.
The new shares to be paid up in cash shall be
offered in preference to the current shareholders,
in accordance with the law.
In the event of the issue of shares by contribution
in cash or in the event of the issue of instruments
which fall within the scope of application of article
420-27 of the law on companies and which are
paid for in cash, including and in a non-exhaustive
manner, convertible bonds allowing their holder
to subscribe to shares or to be allocated shares,
shareholders have preferential subscription rights
in proportion to their participation with regard to
all these issues in accordance with the provisions
of company law.
The General Meeting called to deliberate, under
the conditions required for the amendment of
the Articles of Association, on the increase in the
share capital or on the authorisation to increase
the capital in accordance with Article 420-23
of the law of commercial companies, may limit
or cancel the preferential subscription right or
authorise the Board to do so in the manner and
under the conditions provided for by law.”
The other points of Art. 11 (1) are not applicable,
namely:
• the holding of shares giving special control rights;
• the existence of a staff shareholding system;
• shareholder agreements that may result in
restrictions on the transfer of securities or voting
rights;
• the agreements to which the Company is party,
and which take effect are modified or terminated
in the event of a change of control of the Company
following a takeover bid;
• the indemnities provided in the event of the
resignation or dismissal of members of the Board
of Directors or staff following a takeover bid.
Responsible management policy
The responsible management policy is based on the
Group’s three pillars of commitment, alongside
its specific commitment to transparency: rural
development, workers and local communities, and
environment. These commitments form the basis of
key initiatives aimed at improving long-term economic
performance, social well-being, health, safety and
natural resource management.
An implementation plan for this policy was defined
and implemented throughout 2024.
The efforts and actions undertaken by the Socfin
Group in this area are detailed in a regularly updated
dashboard as well as in a separate annual report
(“Sustainability Report”).
The responsible management policy, the dashboard
and the annual Sustainability Report are available on
the Group’s website.
Company’s management report
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Significant events after the end of the year
There are no significant post-closing events affecting the Company.
Main risks and uncertainties
It must be emphasised that the Group’s investments
in South-East Asia may be subject to political and
economic risks. On-site executives and managers
follow the day-to-day evolution of the situation.
In addition, the Company may be exposed to foreign
exchange risks on long-term advances to subsidiaries.
The assessment of this risk is described in the notes to
the Company’s statutory financial statements.
Perspectives
The result for the 2026 financial year will largely depend on the dividend distributions of the subsidiaries.
Statutory appointments
The terms served as director by Mr François Fabri
expire this year. It will be proposed at the next Annual
General Meeting to renew the mandate for six years
until the Annual General Meeting of 2032.
The terms served as Independent statutory auditor,
Ernst & Young, expire this year. It will be proposed
at the next Annual General Meeting to renew the
mandate for four years until the Annual General
Meeting of 2030.
The Board of Directors
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Audit report on the company’s financial statements
To the Shareholders
SOCFINASIA S.A.
41, Boulevard Prince Henri
L-1724 Luxembourg
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Opinion
We have audited the financial statements of Socfinasia
S.A. (the “Company”), which comprise the balance
sheet as at 31 December 2025, and the profit and
loss account for the year ended, and the notes to
the financial statements, including a summary of
significant accounting policies.
In our opinion, the accompanying financial statements
give a true and fair view of the financial position of the
Company as at 31 December 2025, and of the results
of its operations for the year then ended in accordance
with Luxembourg legal and regulatory requirements
relating to the preparation and presentation of the
financial statements.
Basis for opinion
We conducted our audit in accordance with EU
Regulation N° 537/2014, the Law of 23 July 2016
on the audit profession (“Law of 23 July 2016”) and
with International Standards on Auditing (“ISAs”)
as adopted for Luxembourg by the “Commission de
Surveillance du Secteur Financier” (“CSSF”). Our
responsibilities under the EU Regulation Nº 537/2014,
the Law of 23 July 2016 and ISAs as adopted for
Luxembourg by the CSSF are further described in the
“Responsibilities of the “réviseur d’entreprises agréé”
for the audit of the financial statements” section of
our report. We are also independent of the Company
in accordance with the International Code of Ethics
for Professional Accountants, including International
Independence Standards, issued by the International
Ethics Standards Board for Accountants (“IESBA Code”)
as adopted for Luxembourg by the CSSF together with
the ethical requirements that are relevant to our
audit of the financial statements, and have fulfilled
our other ethical responsibilities under those ethical
requirements. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide
a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our
professional judgment, were of most significance in
our audit of the financial statements of the current
period. These matters were addressed in the context
of the audit of the financial statements as a whole, and
in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
Valuation of shares in affiliated undertakings
Risk identified
As at 31 December 2025, the shares in affiliated
undertakings amounts to 300 million euros and
represents 86% of the total assets of the balance
sheet. Shares in affiliated undertakings are valued at
historical acquisition cost, respectively their nominal
value, which includes incidental expenses. In the case
of durable depreciation in value according to the
opinion of the Board of Directors, value adjustments
are made in respect of financial fixed assets, so that
they are valued at the lower figure to be attributed
to them at the balance sheet date. These value
adjustments are not continued if the reasons for
which the value adjustments were made have ceased
to apply. In the event of an impairment that, in the
opinion of the Board of Directors, is of a lasting nature,
these financial assets are subject to value adjustments
in order to give them the lower value that should
be attributed to them on the balance sheet date, as
determined by the Board of Directors.
The assessment of the durable depreciation in value
of these shares in affiliated undertakings requires the
exercise of the Board of Directors’ judgement in its
choice of the elements to be considered according
to the shares in affiliated undertakings, whether
market elements (shares price when applicable) and/
or historical elements (adjusted net equity) and/or
forecast elements (discounted future cash flows to
shareholders).
Audit report on the company’s financial statements
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Due to the size of the balance and judgement included,
we considered this area to be a key audit matter.
Our answer
Our audit procedures over the impairment of the
shares in affiliated undertakings and of the loans to
affiliated undertakings included amongst other:
• Assessing the accounting policies determined by
the Board of Directors, as described in the Note 2
of the financial statements, to determine the value
adjustments to be recorded on shares in the affiliated
undertakings;
• Ensuring that the accounting policies used by the
Board of Directors were properly applied:
o when the Board of Directors relied on market
data, we reconciled the share prices as at 31
December 2025 used for the valuation of shares
in affiliated undertakings to the official stock
markets quotations;
o when the Board of Directors relied on historical
data, we reconciled the adjusted net equity
used in the valuation of the shares in affiliated
undertakings as at 31 December 2025 to the
financial information of the related affiliated
undertakings and assessed the appropriateness of
evidence supporting the adjustments made to the
net equity, if any.
• Assessing the appropriateness of the disclosures
made in the Note 3 of the financial statements.
Other information
The Board of Directors is responsible for the other
information. The other information comprises the
information included in the management report and
the corporate governance statement but does not
include the financial statements and our report of
“réviseur d’entreprises agréé” thereon.
Our opinion on the financial statements does not cover
the other information and we do not express any form
of assurance conclusion thereon.
In connection with our audit of the financial statements,
our responsibility is to read the other information and,
in doing so, consider whether the other information is
materially inconsistent with the financial statements
or our knowledge obtained in the audit or otherwise
appears to be materially misstated. If, based on the
work we have performed, we conclude that there is a
material misstatement of this other information, we
are required to report this fact. We have nothing to
report in this regard.
Responsibilities of the Board of Directors and of
those charged with governance for the financial
statements
The Board of Directors is responsible for the
preparation and fair presentation of the financial
statements in accordance with Luxembourg legal and
regulatory requirements relating to the preparation
and presentation of the financial statements, and
for such internal control as the Board of Directors
determines is necessary to enable the preparation
of financial statements that are free from material
misstatement, whether due to fraud or error.
The Board of Directors is also responsible for presenting
and marking up the financial statements in conjunction
with the requirements set out in the Delegated
Regulation 2019/815 on European Single Electronic
Format, as amended (“ESEF Regulation”).
In preparing the financial statements, the Board of
Directors is responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using
the going concern basis of accounting unless the Board
of Directors either intends to liquidate the Company
or to cease operations, or has no realistic alternative
but to do so.
Responsibilities of the “réviseur d’entreprises
agréé” for the audit of the financial statements
The objectives of our audit are to obtain reasonable
assurance about whether the financial statements
as a whole are free from material misstatement,
whether due to fraud or error, and to issue a report
of the “réviseur d’entreprises agréé” that includes
our opinion. Reasonable assurance is a high level of
assurance but is not a guarantee that an audit conducted
in accordance with EU Regulation N° 537/2014, the
Law of 23 July 2016 and with the ISAs as adopted for
Luxembourg by the CSSF will always detect a material
misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably
Audit report on the company’s financial statements
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be expected to influence the economic decisions of
users taken on the basis of these financial statements.
As part of an audit in accordance with EU Regulation
N° 537/2014, the Law of 23 July 2016 and with ISAs
as adopted for Luxembourg by the CSSF, we exercise
professional judgment and maintain professional
skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement
of the financial statements, whether due to fraud
or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal
control.
• Obtain an understanding of internal control relevant
to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness
of the Company’s internal control.
• Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by the Board of
Directors.
• Conclude on the appropriateness of Board of Directors’
use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a
material uncertainty exists related to events or
conditions that may cast significant doubt on the
Company’s ability to continue as a going concern.
If we conclude that a material uncertainty exists,
we are required to draw attention in our report of
the “réviseur d’entreprises agréé” to the related
disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence
obtained up to the date of our report of the “réviseur
d’entreprises agréé”. However, future events or
conditions may cause the Company to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and
content of the financial statements, including the
disclosures, and whether the financial statements
represent the underlying transactions and events in
a manner that achieves fair presentation.
• Assess whether the financial statements have been
prepared, in all material respects, in compliance with
the requirements laid down in the ESEF Regulation.
We communicate with those charged with governance
regarding, among other matters, the planned scope
and timing of the audit and significant audit findings,
including any significant deficiencies in internal control
that we identify during our audit.
We also provide those charged with governance with
a statement that we have complied with relevant
ethical requirements regarding independence, and
communicate to them all relationships and other
matters that may reasonably be thought to bear on our
independence, and where applicable, actions taken to
eliminate threats or safeguards applied.
From the matters communicated with those charged
with governance, we determine those matters that
were of most significance in the audit of the financial
statements of the current period and are therefore
the key audit matters. We describe these matters in
our report unless law or regulation precludes public
disclosure about the matter.
Report on other legal and regulatory requirements
We have been appointed as “réviseur d’entreprises
agréé” by the General Meeting of the Shareholders
on 26 May 2020 and the duration of our uninterrupted
engagement, including previous renewals and
reappointments, is 6 years.
The management report is consistent with the financial
statements and has been prepared in accordance with
applicable legal requirements.
The accompanying corporate governance statement
on pages 29 to 35 is the responsibility of the Board
of Directors. The information required by article
68ter paragraph (1) letters c) and d) of the law of 19
December 2002 on the commercial and companies
register and on the accounting records and annual
accounts of undertakings, as amended, is consistent
with the financial statements and has been prepared in
accordance with applicable legal requirements.
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We have checked the compliance of the financial
statements of the company as at 31 December 2025
with relevant statutory requirements set out in the
ESEF Regulation that are applicable to the financial
statements. For the company, it relates to:
• Financial statements prepared in valid xHTML format;
In our opinion, the financial statements of the company
as at 31 December 2025, identified as Socfinasia 2025
Annual Report.zip have been prepared, in all material
respects, in compliance with the requirements laid
down in the ESEF Regulation.
We confirm that the audit opinion is consistent with
the additional report to the audit committee or
equivalent.
We confirm that the prohibited non-audit services
referred to in EU Regulation No 537/2014 were not
provided and that we remained independent of the
Company in conducting the audit.
Ernst & Young
Société anonyme
Cabinet de révision agréé
Anthony Cannella
Luxembourg,
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Company financial statements
1. Balance sheet as at 31 December 2025
2025 2024
ASSETS Note EUR EUR
FIXED ASSETS
Financial assets 3
Shares in affiliated undertakings 300,065,132 297,065,132
Loans to affiliated undertakings 3,316,394 7,648,340
303,381,526 304,713,472
CURRENT ASSETS
Debtors
Amounts owed by affiliated undertakings
becoming due and payable within one year
4 43,682,508 99,737,104
Other debtors
becoming due and payable within one year
649,640 0
44,332,148 99,737,104
Cash at bank and in hand 139,729 199,046
44,471,877 99,936,150
TOTAL ASSETS 347,853,403 404,649,622
The accompanying notes form an integral part of the financial statements.
Company financial statements
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2025 2024
CAPITAL, RESERVES AND LIABILITIES Note EUR EUR
CAPITAL AND RESERVES 5
Subscribed capital 24,492,825 24,492,825
Reserves
Legal reserve 2,449,283 2,449,283
Reserves provided for by the articles of association 125,993,370 125,993,370
Other reserves, including the fair value reserve
Other available reserves 41,335,374 37,224,819
169,778,027 165,667,472
Profit brought forward 142,505,537 190,371,197
Profit for the financial year 51,894,042 63,043,720
Interim dividends -43,542,800 -43,542,800
345,127,631 400,032,414
CREDITORS
Trade creditors
becoming due and payable within one year
391,032 200,900
Amounts owed to affiliated undertakings
becoming due and payable within one year
253,772 0
Other creditors
Tax authorities 666,008 944,024
Other creditors
becoming due and payable within one year
6 1,414,959 3,472,284
2,725,772 4,617,208
TOTAL CAPITAL, RESERVES AND LIABILITIES 347,853,403 404,649,622
The accompanying notes form an integral part of the financial statements.
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Company financial statements
2. Profit and loss account for the year ended 31 December 2025
2025 2024
Note EUR EUR
Raw materials and consumables and other external expenses
Other external expenses
-2,863,272 -2,256,442
Other operating expenses -139,063 -157,232
Income from participating interests
derived from affiliated undertakings
7 56,735,510 61,274,353
Income from other investments and loans
forming part of the fixed assets
derived from affiliated undertakings
8 0 1,394,167
Other interest receivable and other similar income
derived from affiliated undertakings 2,466,022 4,041,727
other interests and financial income 5,513 585
Value adjustments in respect of financial
assets and of investments held as current assets
0 0
Interest payable and similar expenses
derived from affiliated undertakings 9 -4,201,566 -25,894
other interest and similar charges -1,139 -1,431
Tax on profit -3,569 -575,458
Profit after taxation 51,998,436 63,694,375
Other taxes not shown above -104,394 -650,655
Profit for the financial year 51,894,042 63,043,720
The accompanying notes form an integral part of the financial statements.
Company financial statements
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Company financial statements
3. Notes to the financial statements for the year 2025
Note 1. Overview
SOCFINASIA, (the “Company’’) was incorporated on
20 November 1972 as a public limited company and
adopted the status of “Soparfi” on 10 January 2011.
The duration of the Company is unlimited, and its
registered office is established in Luxembourg. The
Company is registered in the Register of Commerce
and Companies under number B10534, and is listed
on the Luxembourg Stock Exchange under ISIN number
LU0092047413.
The object of the Company is (i) the acquisition,
holding and disposal, in any form whatsoever and by
any means, directly or indirectly, of participations,
rights and interests, as well as bonds of Luxembourg-
based or foreign companies, (ii) the acquisition by
contribution, purchase, subscription or otherwise,
as well as the disposal by sale, transfer, exchange or
otherwise, of shares, interests, bonds, debts, notes
and other securities or financial instruments of any kind
(in particular bonds or shares issued by Luxembourg
or foreign collective investment funds or any other
similar body), loans or any other credit line, as well
as contracts relating thereto and (iii) the holding,
administration, development and management of
a portfolio of assets (composed in particular of the
assets described in points (i) and (ii) above).
The Company may also acquire and develop any
patents and other rights relating to or supplementing
those patents.
The Company may borrow in any form whatsoever. It
may enter into any kind of loan agreement and may
issue debt securities, bonds, certificates, shares,
profit shares, warrants and all kinds of debt and equity
securities, including by virtue of one or several issue
programs. The Company may lend funds, including
those resulting from borrowings and/or securities
issues, to its subsidiaries, affiliates and any other
company.
Although the Company is included in the consolidated
financial statements of Société Financière des
Caoutchoucs, abbreviated as “Socfin”, which is the
largest entity in which the company is consolidated,
the Company also prepares consolidated financial
statements which are published in accordance with
the law and which are available at the company’s
registered office (41, Boulevard Prince Henri, L-1724
Luxembourg) or on the Internet site: www.socfin.com.
The financial year begins on 1 January and ends on 31
December.
Note 2. Accounting principles, rules and methods
General principles
The annual financial statements are prepared in
accordance with Luxembourg legal and regulatory
requirements in force in Luxembourg under the
historical cost convention.
The accounting policies and valuation principles
are, apart from the rules imposed by the law of 19
December 2002, determined and implemented by the
Board of Directors.
The preparation of the annual financial statements
involves the use of a number of critical accounting
estimates. It also requires the Board of Directors
to exercise its judgement in the application of
accounting principles. Any change in assumptions may
have a significant impact on the financial statements
for the period in which the assumptions are changed.
The Board of Directors believes that the underlying
assumptions are appropriate and that the financial
statements give a true and fair view of the financial
position and results of the Company.
Currency conversion
The Company keeps its accounts in euros (EUR); the
annual accounts are expressed in the same currency.
Transactions in a currency other than the balance
sheet currency are converted into the balance sheet
currency at the exchange rate prevailing on the date
of the transaction.
Company financial statements
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At the balance sheet date:
- the acquisition price of the financial assets,
expressed in a currency other than the currency of
the balance sheet, remain converted at the historical
exchange rate. The current portion of receivables is
one exception to this, as it is valued individually at
the lowest of their historical exchange rate value or
their value determined on the basis of the exchange
rate prevailing at the balance sheet date;
- bank accounts expressed in a currency other than
the currency of the balance sheet are valued on the
basis of the exchange rate prevailing on the balance
sheet date. Foreign exchange gains and losses are
recognised in the current period;
- all other assets, expressed in a currency other
than the currency of the balance sheet, are valued
individually at the lowest of their value at the
historical exchange rate or their value determined
on the basis of the exchange rate prevailing at the
balance sheet date;
- all liability items, expressed in a currency other
than the currency of the balance sheet, are valued
individually. For this, the highest amount is used
between their value at the historical exchange
rate and their value determined on the basis of the
exchange rate prevailing on the balance sheet.
Realised foreign exchange gains and losses and
unrealised losses are recognised in the profit and loss
account. Unrealised foreign exchange gains are not
recognised.
If there is an economic link between two transactions,
unrealised exchange differences are recognised at the
corresponding unrealised exchange loss.
Valuation of financial assets
Shares in affiliated undertakings are valued at
acquisition cost, which includes incidental expenses.
Receivables from affiliated companies are valued
at their nominal value, which includes incidental
expenses.
In the event of an impairment that, in the opinion of
the Board of Directors, is of a lasting nature, these
financial fixed assets are subject to value adjustments.
The aim of the latter is to give them the lowest value
that should be attributed to them on the balance
sheet date, as determined by the Board of Directors.
In order to determine the value adjustments that are
permanent at the balance sheet date, the Board of
Directors carries out the following analyses for each
investment on an individual basis:
1/ For investments listed on public markets, the
Board of Directors compares the net book value of
the investment with its shares in the market based on
the stock market price at the closing date. When the
market value is greater than or equal to the net book
value, the Board of Directors considers that no value
adjustment needs to be recorded at the closing date.
However, when the market value is lower than the net
book value, the Board of Directors tests the net book
value against the share in the revalued net assets of
the investment.
2/ If the net book value exceeds the market value or
the equity value for unlisted investments, the Board
of Directors compares the net book value with the
share held in the revalued net assets as well as in
the consolidated net assets (i.e. equity attributable
to owners of the parent company) if the subsidiary
prepares consolidated accounts.
If either the market or the equity values is greater
than or equal to the net book value of the investment,
no value adjustment is recognised.
3/ When both values are lower than the net book
value of the investment:
- for support companies (other than plantations
or industrial companies), the Board of Directors
records the value adjustment resulting from the
smallest difference between the net book value of
the investment and the share held in the revalued
net assets or in the consolidated net assets;
- for investments in plantations or industrial
companies, the Board of Directors makes a value
adjustment to adjust the carrying value to the
enterprise value which is calculated on the basis of
the discounted future cash flows available to the
shareholders. These discounted future cash flows
take into account the foreseeable development of
the business of the investments under test.
However, the Board of Directors may take other factors
into consideration and, in particular, in view of the
very long period of immaturity of young plantation, it
Company financial statements
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considers that the value adjustment is not permanent
for a plantation where more than half of the planted
area is not being used.
Loans to affiliated companies are subject to a value
adjustment in the event that the net book value test
by discounting future cash flows to shareholders does
not support the full repayment of the receivable.
These value adjustments are not maintained when the
reasons for which they were established have ceased
to exist.
Receivables
Receivables are recorded at their nominal value.
They are subject to value adjustments when their
recovery is compromised. These value adjustments
are not continued if the reason for which the value
adjustments were made are no longer applicable.
Securities
Securities are valued at the lower of cost, including
incidental costs or market value. A value adjustment
is recorded when the market price is lower than the
purchase price. Value adjustments are not maintained
if the reasons for their negotiations have ceased to
exist.
Liabilities
Debts are recorded at their reimbursement value.
When the amount to be repaid on the debts exceeds
the amount received, the difference is recorded to
the profit and loss account.
Geopolitical uncertainties
The Company holds interests in subsidiaries operating
in South-East Asia.
Given the economic and political instability of some
of these countries, these investments present a risk in
terms of exposure to political and economic changes.
Since 2022, various conflicts have had a significant
impact on the financial markets, with many investors
concerned about the risk of further escalation and the
ensuing impact on global trade and economic growth.
Since February 2026, the conflict between the United
States, Israel, and Iran has escalated into a broader
geopolitical crisis disrupting Middle Eastern stability
and global trade flows. Economically, it is driving oil
prices up and causing supply chain disruptions as well
as fuelling inflation, financial market volatility and
downside risks to global growth.
At Group level, the following elements help mitigate
these risks:
- A large portion of Group revenue originates from
palm oil which is sold locally on each market, causing
for the Group to be well diversified.
- The Group’s procurement is managed by Sodimex FR;
this helps the Group to fully comply with the import
and export bans (e.g. Russia, Iran, …), as well as
better manage price volatility of inputs.
- The revenues linked to the sale of rubber are
managed by Sogescol FR which trades with a wide
variety of customers on different continents,
allowing the Group to mitigate the impacts of the
economic uncertainties. Sogescol FR also has in
depth experience of shipping suppliers and routes,
allowing to mitigate for potential hikes in prices.
Although geopolitical tensions have not significantly
impacted the company’s operations or performance
during 2025, the Board of Directors continues to
monitor the evolving situation and its impacts on the
Company’s financial position.
Company financial statements
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Note 3. Financial fixed assets
Shares in
affiliated undertakings
Loans to
affiliated undertakings
Total
2025 2024 2025 2024 2025 2024
EUR EUR EUR EUR EUR EUR
Acquisition cost/nominal value
at the beginning of the year
298,310,984 295,368,480 7,648,340 63,581,948 305,959,324 358,950,428
Increases 3,000,000 2,942,504 0 0 3,000,000 2,942,504
Transfer to current asset 0 0 -3,397,605 -2,887,964 -3,397,605 -2,887,964
Decreases 0 0 -934,341 -53,045,644 -934,341 -53,045,644
Acquisition cost/nominal value
at the end of the year
301,310,984 298,310,984 3,316,394 7,648,340 304,627,378 305,959,324
Value adjustments
at the beginning of the year
-1,245,852 -1,245,852 0 0 -1,245,852 -1,245,852
Impairment 0 0 0 0 0 0
Reversal 0 0 0 0 0 0
Value adjustments
at the end of the year
-1,245,852 -1,245,852 0 0 -1,245,852 -1,245,852
Net book value
at the end of the year
300,065,132 297,065,132 3,316,394 7,648,340 303,381,526 304,713,472
Company financial statements
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Note 3. Financial fixed assets (continued)
Information on companies in which the Company holds at least 20% of the capital
Name Country % held
Net book value
EUR
Year end
Currencies
of the
annual
accounts
Net equity as at
31/12/2025 in
foreign currency
(including net
income)
Net result as
at 31/12/2025
in foreign
currencies
Induservices (**) Luxembourg 35 35,000 31.12.2025 EUR 705,198 107,604
Plantation Nord-Sumatra Ltd (**) Luxembourg 100 244,783,208 31.12.2025 USD 304,949,535 56,280,589
Socfinde (**) Luxembourg 80 1,077,992 31.12.2025 EUR 5,610,675 403,602
Terrasia (**) Luxembourg 47.81 118,518 31.12.2025 EUR 696,056 22,886
Induservices FR (**) Switzerland 50 3,579,105 31.12.2025 EUR 5,395,061 -640,623
Socfinco FR (**) Switzerland 50 486,891 31.12.2025 EUR 22,305,725 4,919,427
Sogescol FR (*) Switzerland 50 1,985,019 31.12.2025 USD 21,129,191 10,676,267
Sodimex FR (**) Switzerland 50 621,424 31.12.2025 EUR 4,777,994 695,136
Centrages (**) Belgium 50 4,074,315 31.12.2025 EUR 3,142,097 84,523
Immobilière de la Pépinière (**) Belgium 50 3,015,798 31.12.2025 EUR 3,314,363 -90,041
Socfinco (**) Belgium 50 750,365 31.12.2025 EUR 1,573,232 11,946
Socfin-KCD (*) Cambodia 100 31,685,450 31.12.2025 USD 39,426,533 3,582,476
292,213,085
(*) Based on audited financial statements as at 31 December 2025. Amounts represent 100% of Equity and net income before allocation of % of ownership.
(**) Based on unaudited financial statements as at 31 December 2025. Amounts represent 100% of Equity and net income before allocation of % of
ownership.
The difference between the table total of EUR 292,213,085 and the total value of the shares in affiliated undertakings of EUR 300,065,132 represents
thus the participations held at less than 20%.
Company financial statements
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Note 3. Financial fixed assets (continued)
Information on movements during the year
During the year, the Company has participated in the
capital increase of Management Associates for an
amount of EUR 3,000,000.
Valuation of shares in affiliated undertakings:
As at 31 December 2025, the Board of Directors is of
the opinion that there is no permanent value decrease
for the shares in affiliated undertakings.
Valuation of loans to affiliated undertakings:
As at 31 December 2025, loans to affiliated undertakings are as follows:
Related parties Currency Balance Balance
Unrealised exchange
gains / (losses) *
In currency in EUR EUR
Socfin-KCD Co USD 3,903,890 3,316,394 6,066
* In accordance with Luxembourg legal and regulatory provisions and generally accepted accounting practices, loans to
affiliated undertakings are translated at the historical exchange rate. The unrealised foreign exchange gain or loss is
not recognised in the profit and loss account, with the exception of the current portion of receivables, which is valued
individually at the lower of their historical exchange rate value or their value determined by the exchange rate prevailing
at the balance sheet date.
During the year, the Company has received the
expected short-term 2025 reimbursement of EUR
2,887,964 (USD 3,400,000) plus an additional
reimbursement of EUR 934,341 (USD 1,100,000) from
Socfin KCD. Moreover, an amount of EUR 3,397,605
(USD 4,000,000) related to the short-term portion of
the loan has been transferred to the current assets. It
corresponds to the foreseen reimbursement of Socfin
KCD in 2026.
As at 31 December 2025, the Board of Directors is of
the opinion that these receivables do not show any
permanent impairment losses and consequently no
impairment has been recorded.
Note 4. Amounts owed by affiliated undertakings
As at 31 December 2025, this item consists mainly of:
- receivables from the subsidiary Socfinde
corresponding to the cash pooling balance of EUR
40,284,903 (2024: EUR 96,849,140);
- the foreseen reimbursement of Socfin KCD in 2026
which amounts to EUR 3,397,605 (USD 4,000,000).
As at 31 December 2025, the Board of Directors is of
the opinion that the amounts are fully recoverable.
As such, no impairment loss has been accounted for.
Company financial statements
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Note 5. Equity
Subscribed
capital
Legal
reserves
Other
reserves
Profit brought
forward
Profit for
the year
Interim
dividend paid
EUR EUR EUR EUR EUR EUR
Balance as at 1 January 2024
24,492,825 2,449,283 163,218,190 229,326,834 48,129,963 -43,542,800
Allocation of the result for the 2023 financial
year following decision of the General Meeting
held on 29 May 2024
• Profit brought forward
-38,955,637 38,955,637
• Dividends
-39,188,520
• Directors’ fees
-4,354,280
• 2023 interim dividend
-43,542,800 43,542,800
Interim dividend as per decision of the Board of
Directors held on 23 October 2024
-43,542,800
Results for the financial year
63,043,720
Balance as at 31 December 2024
24,492,825 2,449,283 163,218,190 190,371,197 63,043,720 -43,542,800
Allocation of the result for the 2024 financial
year following decision of the General Meeting
held on 4 June 2025
• Profit brought forward
-47,865,660 47,865,660
• Dividends
-58,782,780
• Directors’ fees
-6,531,420
• 2024 interim dividend
-43,542,800 43,542,800
• Net Wealth Tax reserve - NWT 01.01.2025
-2,052,380
Cancellation of overdue dividend coupons
2,058,175
Interim dividend as per decision of the Board of
Directors held on 24 October 2025
-43,542,800
Results for the financial year
51,894,042
Balance as at 31 December 2025
24,492,825 2,449,283 165,276,365 142,505,537 51,894,042 -43,542,800
Subscribed capital
As at 31 December 2025 and 2024, the issued and fully paid share
capital is EUR 24,492,825 represented by 19,594,260 shares
without nominal value.
Legal reserve
The annual profit is subject to a levy of 5% to be allocated to a
legal reserve. This allocation ceases to be compulsory as soon as
the reserve reaches 10% of the share capital. The legal reserve
cannot be distributed.
Statutory reserves
The statutory reserve consists of an unavailable reserve of EUR
125,993,370 (2024: EUR 125,993,370), relating to the profit
earned at the time of the formation of Plantation Nord-Sumatra
Ltd. in 1997. Pursuant Article 33 of the Company’s coordinated
Articles of Association, this reserve is not available for distribution
to shareholders.
Company financial statements
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Other reserves
The other reserves have been increased this year by
an amount of EUR 2,058,175 which corresponds to the
cancellation of overdue dividend coupons and also
by an amount of EUR 2,052,380 for the net wealth
tax reserve 2024 which will become available on
January 1, 2030.
Note 6. Other payables
As at 31 December 2025, this item includes dividend payable for EUR 1,414,959 (2024: EUR 3,472,284).
Note 7. Income from participating interests
2025 2024
EUR EUR
Dividends received (*) 56,735,510 61,274,353
56,735,510 61,274,353
(*) This amount corresponds to the dividend received from the affiliated undertakings (Note 3).
Note 8. Income from other investments and loans forming part of the fixed
assets
2025 2024
EUR EUR
Interest on related companies’ receivables 0 1,394,167
Note 9. Interest payable and similar expenses derived from affiliated
undertakings
This item consists mainly in an exchange loss on the USD cash pooling with Socfinde for EUR 4,041,404.
Note 10. Taxation
The Company is subject to all taxes to which
Luxembourg commercial companies are subject.
The management of the Company recognises that the
company has no carried forward tax losses available
as at 31 December 2024 and estimates approximately
EUR 1,795,543 of tax losses for the current period (FY
2025).
Based on a deferred tax rate of 23.87%, these tax
losses would correspond to a deferred tax asset of
EUR 428,596 (deferred tax asset not recognised as at
2025 year end).
Company financial statements
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Note 11. Remuneration of the Board of Directors
During 2025, the members of the Board of Directors
received EUR 9,063 (2024: EUR 11,563) as attendance
fees and EUR 11,015,700 (2024: EUR 8,838,560) as
directors’ fees.
During 2025, no advances or loans were granted to the
Board members.
Note 12. Staff costs
There was no staff employed by the Company during the year.
Note 13. Audit fees
The disclosure of statutory auditor fees required by
Article 65(1), point 16 of the Luxembourg Companies
Act has been omitted, as this information is disclosed
in the Company’s consolidated financial statements
filed with the Luxembourg Trade and Companies
Register. No fees were incurred for other assurance or
non audit services.
Note 14. Transactions with related parties
Transactions with related parties are disclosed in
these notes and mainly include loans and amounts
receivable from or payable to related undertakings,
related financial interests, dividend distributions, and
remuneration of the Board of Directors. The nature
and amounts related to these items are presented
separately in the notes to the financial statements.
Note 15. Political and economic environment
The Company directly and indirectly holds interests in
companies operating in Indonesia and Cambodia.
Given the political instability that exists in these
countries and their economic fragility, the investments
held by the Company present a risk in terms of
exposure to political and economic fluctuations.
Note 16. Off-balance sheet commitments
As at 31 December 2025 and 2024, the Company had no significant off-balance sheet commitments.
Note 17. Significant events after the year end
There are no significant post-closing events affecting the Company.
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Glossary
ADJUSTED EBITDA - This abbreviation is defined as
earnings before financial result, tax, depreciation
and amortisation, excluding the impact of lease
restatement. This key figure is used to assess
operational profitability.
CIF ROTTERDAM - Cost Insurance & Freight Rotterdam,
corresponds to:
- The cost of the good/oil;
- The insurance cost for the whole consignment right
from port of loading until arrived and delivered;
- Freight: the carrying cost from port of loading all
the way up to Rotterdam.
In other words, the seller pays for the goods,
transportation to the port of destination, and marine
insurance.
CONCESSION - Contract, signed with local authorities,
giving specific rights to control an area of land and for
the conduct of specific activities in that area, during
a defined period.
CPO - Crude Palm Oil is edible oil which is extracted
from the pulp of fruit of oil palm trees.
CPKO - Crude Palm Kernel Oil is the light crude oil,
extracted from the Oil Palm kernels, containing
mainly lauric acid.
DAP – Delivered At Place is an international commercial
term (Incoterm) that refers to the idea that the seller
takes on all the risks and costs of delivering goods to
an agreed-upon location.
DRY RUBBER - This is the weight of natural rubber
produced, determined at the end of the milling and
drying process. After tapping, liquid latex drips from
the rubber trees in the field, mostly harvested after
in-field coagulation. However, the “wet rubber” still
contains water and many other natural components
apart from the rubber particles. Natural rubber is
marketed as “dry rubber” – after processing – to be
used in numerous industrial value chains among which
the manufacturing of tyres is the most important.
ESEF - European Single Electronic Format is the
electronic reporting format in which issuers whose
securities are admitted to trading on EU regulated
markets must prepare their annual financial reports to
facilitate accessibility, analysis and comparability of
annual financial reports.
EXW - Ex works is an Incoterm, in which a seller makes
a product directly available from the factory or place
of manufacture. The buyer of the product must cover
the transport costs.
FINISHED GOODS - Goods that have completed the
manufacturing process but have not yet been sold or
distributed to the end user (for example dry rubber
G
,
crude palm oil, seeds, palm kernel oil, palm kernel
cake).
FOB - Free On Board is an Incoterm, that means that
the seller is responsible for loading the purchased
goods onto the ship, and all costs associated. As soon
as the goods are safe aboard the vessel, the risk
transfers to the buyer, who assumes the responsibility
of the remainder of the transport.
FREE CASH FLOWS - Free cash flows correspond to
the sum of net cash flows from operating activities
(EUR 34.5 million during 2025) and net cash flows from
investing activities (EUR -12.0 million during 2025).
GPSNR - Global Platform for Sustainable Natural
Rubber. GPSNR is an international, multistakeholder,
voluntary membership organisation, whose mission
is to lead improvements in the socioeconomic and
environmental performance of the natural rubber
value chain.
IRSG - International Rubber Study Group. It is an
inter-governmental organisation composed of rubber
producing and consuming stakeholders. Located in
Singapore, IRSG was established in 1944.
NET CASH SURPLUS / (NET DEBT) - Corresponds to
cash and cash equivalents (EUR 64.7 million), less long-
term and short-term lease liabilities (EUR 0.9 million)
as at 31 December 2025. This indicator is used to
assess the level of indebtedness for the Group.
NET VALUE PER SHARE – Equity attributable to the
owners of the Parent at closing period, divided by
the number of shares. Allows readers of the financial
statements to compare easily the share price at
closing period with its value within the financial
statements. As an example, value as at 31 December
2025 is obtained by dividing EUR 176,966,846 (value
of Equity attributable to the owners of the Parent) by
19,594,260 (number of shares).
Glossary
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OPERATIONAL LIFE – Length of time during which a
tangible or intangible asset can be used economically
before breakdown. Operational life does not include
post-closure activities. As an example, rubber and
palm trees have an estimated operational life between
20 and 33 years.
OWN PRODUCTION - Quantities of raw materials
(Fresh Fruit Bunches, wet rubber, …) milled that have
been harvested on own plantations managed by the
Group.
PRODUCTION-IN-PROGRESS - Inventory that has begun
the manufacturing process and is no longer included in
raw materials inventory, but is not yet a completed
product. In the financial statements, production in
progress is classified within current assets, with other
items of inventory.
RAW MATERIALS - Raw materials are the input goods
or inventory that a company needs to manufacture
its products (for example Fresh Fruit Bunches, wet
rubber, …).
RSS3 - Ribbed Smoked Sheet
G
is rubber coagulated
from high quality natural rubber. Rubber is then
processed into sheet, dried, smoked, and visually
graded. RSS3 rubber sheets are used in the production
of tyres, tread carcass, footwear, …
SGX - Singapore Exchange is Singapore’s primary
asset exchange. The SGX lists stocks, bonds,
options contracts, foreign currency exchanges and
commodities.
SMOKED SHEET - It is a type of crude natural rubber
in the form of brown sheets obtained by coagulating
latex with an acid, rolling it into sheets, and drying
it over open wood fires. It is the main raw material
for natural rubber products. Also called: ribbed and
smoked sheet.
SOPARFI - SOciété de PARticipations FInancières.
SOPARFIs are fully taxable ordinary commercial
companies, whose corporate purpose consists in
the holding of participations and related financing
activities.
TAPPER - Agricultural worker trained and qualified to
“tap” a tree with a special knife. Trees are tapped at
regular interval (4-7 days), releasing the latex from
the latex vessels situated in the soft outer bark of the
tree.
THIRD PARTY PURCHASES - Business deal that involves
a person or entity other than a Group company.
Typically, third-party purchases are made with small
local growers.
TRADING ACTIVITIES – The activity of selling, buying
or exchanging goods and services in order to generate
profit. This commercial activity is mainly centralised
within Sogescol FR.
TSR20 - Technically Specified Rubber graded
corresponds to block rubber made by crashing, cleaning
and drying solid rubber. Major producing countries
have their own TSR standard (STR in Thailand, SIR in
Indonesia, …). TSR are graded according to a variety
of factors, including volatile matter, ash content,
color, viscosity, …