DJ R.E.A. Holdings plc: Annual report in respect of 2025
R.E.A. Holdings plc (RE)
R.E.A. Holdings plc: Annual report in respect of 2025
22-Apr-2026 / 07:00 GMT/BST
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R.E.A. HOLDINGS PLC (the company)
ANNUAL FINANCIAL REPORT 2025
The company's annual report for the year ended 31 December 2025 (including notice of the AGM to be held on 10 June
2026) (the annual report) will shortly be available for downloading from www.rea.co.uk/investors/financial-reports.
A copy of the notice of AGM will also be available to download from www.rea.co.uk/investors/calendar.
Upon completion of bulk printing, copies of the annual report will be despatched to persons entitled thereto and will
be submitted to the National Storage Mechanism to be made available for inspection at https://data.fca.org.uk/#/nsm/
nationalstoragemechanism.
The sections below entitled Chairman's statement, Dividends, Principal risks and uncertainties, Longer-term viability
statement, Going concern and Directors' responsibilities have been extracted without material adjustment from the
annual report. The basis of presentation of the financial information set out below is detailed in note 1 to the
financial statements below.
HIGHLIGHTS
Overview
. Successful completion of initiatives improving the group's financial position, including CDM sale
. Increased profitability in the core agricultural operations
Financial
. Revenue increased 3.7 per cent to USD194.9 million (2024: USD187.9 million), with higher average selling prices
offsetting lower CPO sales volumes
. Average selling prices for CPO up 4.2 per cent at USD853 per tonne (2024: USD819 per tonne) and for CPKO up 48.9 per
cent at USD1,629 per tonne (2024: USD1,094 per tonne)
. EBITDA up 9.5 per cent to USD67.4 million (2024: USD61.6 million) reflecting higher selling prices
. Profit before tax of USD24.0 million, after net non-routine losses of USD3.8 million (2024: USD38.9 million, after net
non-routine gains of USD17.0 million)
. Net indebtedness reduced by USD7.0 million to USD152.3 million at 31 December 2025 (31 December 2024: USD159.3 million)
with an improved maturity profile
. Indonesian bank loans repackaged and increased, partially refinancing maturing indebtedness
. Redemption in August 2025 of the outstanding GBP21.4 million nominal of sterling notes at 104 per cent
. Redemption of not less than USD17.6 million nominal of the outstanding USD27.0 million dollar notes postponed from 30
June 2026 to 31 December 2028
Agricultural operations
. FFB harvested by the continuing group (ex CDM) 620,508 tonnes (2024: 636,826 tonnes) from mature hectarage again
reduced by replanting
. CPO extraction rate maintained above 22 per cent
. Oil losses consistently better than industry standards
Stone and sand operations
. ATP stone moving into production and confirming contracts for some 1 million tonnes in 2026-2027
. Sand washing plant upgraded to improve the purity and increase sales potential of the silica sand; evidence of good
demand
. Both ATP and MCU now under direct control of the group
Sustainability and climate
. 100 per cent of the group's own plantations now RSPO certified
. ZSL SPOTT score improved to 97.1 per cent (2024: 91.5 per cent), ranking REA second out of 100 companies assessed
. NDPE verification assessed the group's supply base as 'delivering' 100 per cent and fully compliant with NDPE
commitments
. Programmes to promote sustainable development and climate action for both the group and smallholders continuing to
expand
Outlook
. Steady increase in crops and extraction rates expected as immature areas coming into production substitute for
replanted mature areas
. Current CPO prices comfortably above 2025 average level with supply and demand balance for CPO maintaining prices at
rewarding levels; effects of the Middle East conflict likely to underpin prices
. Continuing replanting and extension planting programme improving the quality and lowering the average age of the
group's estates
. Outlook encouraging for increasing returns from the agricultural operations, augmented by contributions from stone
and silica sand
CHAIRMAN'S STATEMENT
Operating profit for 2025 was 15.2 per cent higher than in the previous year at USD40.3 million (2024: USD35.0 million).
Higher sales prices for both CPO and CPKO more than offset both the reduction in mature hectarage available for
harvesting and the delays in cropping and crop ripening resulting from unseasonal climate conditions in the second half
of the year.
Total revenue for the year, including sales of stone, was 3.7 per cent higher than in 2024 at USD194.9 million (2024:
USD187.9 million). EBITDA was up 9.5 per cent at USD67.4 million (2024: USD61.6 million).
FFB harvested during the year totalled 620,508 tonnes (excluding CDM), 16,318 tonnes lower than in 2024 reflecting the
reduction of mature plantings due to the ongoing replanting programme. Additionally, the sale in mid 2025 of the
subsidiary company CDM reduced harvested crop year on year by 34,520. High rainfall during the year also resulted in
lower than expected crop levels during the second half of 2025.
Mill operations continued to operate satisfactorily through the year, with oil losses again remaining better than
industry standards. Extraction rates were again at respectable levels, notwithstanding the impact on fruit quality
caused by adverse weather conditions. Production of CPO, CPKO and palm kernels totalled, respectively, 189,215 tonnes
(2024: 190,235 tonnes), 17,461 tonnes (2024: 18,086 tonnes) and 43,798 tonnes (2024: 44,286 tonnes).
Replanting during the year continued on schedule with approximately 1,400 hectares completed, whilst extension planting
at PU totalled approximately 800 hectares. Both programmes are planned to continue through 2026 and beyond, but new
plantings are expected to be undertaken at a slower pace with a target programme of 700 hectares against the 1,000
hectares originally planned.
The group remains committed to ensuring that sustainability remains at the centre of all areas of activity. Following
the sale of the subsidiary CDM, 100 per cent of the group's plantations are now RSPO certified and all three mills have
retained their certification. The group continues to encourage and assist smallholders in achieving RSPO certification
and EU regulatory compliance. A number of new programmes were launched during the year to support independent
smallholders in this endeavour, with the group providing training and facilitating the building of long-term
partnerships.
The group's status as a leading sustainable palm oil producer was reinforced by the achievement of a ZSL SPOTT score of
97.1 per cent (2024: 91.5 per cent), ranking the group second out of the 100 companies assessed.
The anticipated scaling up of the development and commercialisation of the group's stone operation was hampered by
adverse weather conditions in the first half of the year. Blasting commenced in September and the production capacity
has steadily increased. Crushed stone production totalled some 187,000 tonnes during the year, of which some 104,000
tonnes were sold to third parties, the balance being utilised by the group for road hardening. Demand for stone from
neighbouring coal companies remains strong but actual offtake to date has been slower than originally anticipated
largely due to regulatory factors.
The upgraded sand washing plant that was installed during 2025 is now being commissioned. The enhancements to the plant
are designed to improve the purity of the silica sand produced and increase its sales potential. Demand for silica sand
appears to be strong and, if translated into firm orders, the sand operation will be well placed to move rapidly to
large scale production.
CPO and CPKO prices, CIF Rotterdam remained consistently above USD1,000 per tonne and USD1,500 per tonne respectively,
largely as a consequence of generally slower growth in production and increased demand. The Indonesian government's B40
(40 per cent biofuel diesel blend) mandatory requirement, introduced in January 2025, added to this demand. The CIF
Rotterdam prices currently stand at USD1,555 per tonne for CPO and USD2,220 per tonne for CPKO. The average selling prices
for the group's CPO and CPKO during 2025, including premia for oil with certified sustainability credentials, net of
export duty and levy, adjusted to FOB Samarinda were, respectively, USD853 per tonne (2024: USD819 per tonne) and USD1,629
per tonne (2024: USD1,094 per tonne).
Profit before tax for 2025 amounted to USD24.0 million compared with USD38.9 million in 2024. Excluding the losses and
gains on the disposal of subsidiaries and similar charges, foreign exchange movements and other non-routine items,
profit before tax would have amounted to USD27.8 million comfortably ahead of the USD21.9 million equivalent in 2024. Cost
of sales for 2025 totalled USD136.5 million, unchanged from 2024, and administrative expenses were also broadly in line
with those of the previous year. Losses on the disposal of subsidiaries comprised a USD5.7 million loss on the sale of
CDM and a USD0.6 million loss on the dissolution of REAF. Other gains and losses during the year related to exchange
movements on borrowings. Finance costs for 2025 amounted to USD13.4 million (2024: USD16.4 million), the decrease being
principally a result of the lower average level of borrowings during the year.
The semi-annual dividends arising on the preference shares in June and December were paid on their due dates.
Several initiatives to improve the group's financial position were undertaken during the year. In addition to the sale
of CDM, a number of existing loan facilities provided by Bank Mandiri were repackaged and increased with extended final
maturities. New loan facilities were also arranged to fund a proportion of the costs of extension planting at PU and
the replanting programme at REA Kaltim.
In August 2025, the group redeemed the outstanding GBP21.4 million nominal of sterling loan notes. Later in the year,
arrangements were agreed to extend the redemption date from June 2026 to December 2028 of not less than USD17.6 million
nominal of dollar loan notes.
As a result, total group net indebtedness at 31 December 2025 was USD152.3 million, USD7.0 million lower than at 31
December 2024 and with a more extended maturity profile. It remains the group's intention to reduce net debt as
prudently and quickly as possible. Nevertheless, debt reduction needs to be balanced with the requirements of both
maintaining and enhancing operations.
As reported previously, the Indonesian government initiated a review during 2025 of regulatory compliance by the
Indonesian oil palm industry. The inspection of the group's operations, conducted as part of this review, did not
identify any areas of non-compliance within the group's own oil palm plantings. However, three small areas, owned by
local cooperatives and smallholders but managed by the group, were subject to further investigation. The group does not
believe that it should have any liability in relation to these areas. As far as is known, there will be no further
assessments of the group pursuant to the Indonesian government's review of regulatory compliance by oil palm companies.
Nevertheless, given this highlighted focus on regulatory compliance, the group intends to proceed earlier than
originally planned with the renewal of its land titles that are due to expire between 2028 and 2029. Concurrently, the
group is also reviewing or formalising other key titles.
Looking ahead, harvested crops should steadily increase as immature areas coming into production begin to more than
substitute for crops lost as a result of replanting. Oil extraction rates can also be expected to improve as those
younger areas mature.
The increasingly tight balance between supply and demand experienced in recent months coupled with the knock on effects
of rising petroleum oil prices following the conflict in the Middle East have caused CPO prices, adjusted to FOB
Samarinda, to rise to above USD900 per tonne and are likely to maintain CPO prices at rewarding levels for quite a while.
However, this conflict is also likely to cause a significant increase in the cost of fuel and fertiliser. As a
consequence, the group will adopt a prudent approach to incurring capital expenditure in 2026. As stated earlier, the
extension planting programme has been scaled back by some 30 per cent and purchases of capital equipment that are not
time critical will be deferred.
While the offtake of crushed stone was slower than expected during 2025, the group is confirming contracts for delivery
of in excess of 1 million tonnes during 2026 and 2027 which should make a significant contribution to group revenues.
This contribution should be progressively augmented by sales of silica sand for which demand appears to be strong.
With the prospect of CPO and CPKO prices remaining at current or better levels, notwithstanding probable higher fuel
and fertiliser costs, and with the addition of significant contributions from stone and silica sand sales, the outlook
is encouraging.
Following on from the changes to the board of directors in early 2026, three of the company's longest serving
non-executive directors, John Oakley, Michael St. Clair-George and Richard Robinow will retire at the conclusion of the
annual general meeting to be held in June 2026. On behalf of the board, I would like to express our sincere
appreciation and thanks to all of them.
John joined the company in 1983, was appointed managing director in 2002, and following his retirement from that
position in 2016, remained on the board as a non-executive director. Michael joined the board in 2016 as a
non-executive director and subsequently was appointed as the senior independent director and chairman of the audit
committee.
Richard was instrumental in shaping the current REA group at the end of the 1980s, laying the foundation for the
company's first oil palm operations in 1992. An astute investor with a flair for commercial opportunity, coupled with a
keen sense of responsibility, Richard has consistently driven REA's growth and developed the operations to create an
enduring legacy that will benefit generations to come. A truly outstanding accomplishment.
David J BLACKETT
Chairman
DIVIDENDS
The fixed semi-annual dividends that fell due on the preference shares in June 2025 and December 2025 were paid on
their due dates. 2024 payments included arrears of dividend which amounted in aggregate to 11.5p per preference share
as at 31 December 2023.
ANNUAL GENERAL MEETING
The sixty sixth annual general meeting (AGM) of R.E.A. Holdings plc to be held at the London office of Ashurst LLP at
London Fruit & Wool Exchange, 1 Duval Square, London E1 6PW on 10 June 2026 at 10.00 am.
Attendance
To help manage the number of people in attendance, it is requested that only shareholders or their duly nominated
proxies or corporate representatives attend the AGM in person. Anyone who is not a shareholder or a duly nominated
proxy or corporate representative of a shareholder should not attend the AGM unless arrangements have been made in
advance with the company secretary by emailing company.secretary@rea.co.uk.
Shareholders are strongly encouraged to submit a proxy vote on each of the resolutions in the notice in advance of the
meeting:
(i) by visiting Computershare's electronic proxy service www.investorcentre.co.uk/eproxy (and so that the appointment
is received by the service by no later than 10.00 a.m. on 8 June 2026);
(ii) via the CREST electronic proxy appointment service;
(iii) by completing, signing and returning a form of proxy to the company's registrar, Computershare Investor Services
PLC, The Pavilions, Bridgwater Road, Bristol BS99 6ZY as soon as possible and, in any event, so as to arrive by no
later than 10.00 a.m. on 8 June 2026; or
(iv) in the case of an institutional investor, by using the Proxymity platform (for more information see Notice).
The company will publish updates, if any, about the meeting at www.rea.co.uk/investors/regulatory-news and on the
website's home page. Shareholders are accordingly requested to visit the group's website for any such updates.
The directors and the chairman of the AGM, and any person so authorised by the directors, reserve the right, as set out
in article 67 in the company's articles of association, to take such action as they think fit for securing the safety
of people at the AGM and promoting the orderly conduct of business at the meeting.
PRINCIPAL RISKS AND UNCERTAINTIES
The group's business involves risks and uncertainties. Risks and uncertainties that the directors currently consider to
be material or prospectively material are described below, together with climate-related risks and the opportunities
that these may provide. There are or may be further risks and uncertainties faced by the group (such as future natural
disasters or acts of God) that the directors currently deem immaterial, or of which they are unaware, that may have a
material adverse impact on the group.
Identi?cation, assessment, management and mitigation of the risks associated with sustainability matters forms part of
the group's system of internal control for which the board has ultimate responsibility. The board discharges that
responsibility as described in Corporate governance in the annual report. Material risks, related policies and measures
taken by the group to address sustainability matters as respects the agricultural operations are described in more
detail in Climate-related risks and opportunities below. This does not include information as respects the stone and
sand operations due to the low level of these operations during 2025 and to date. The stone (ATP) and sand (MCU)
companies became group companies in, respectively, July 2024 and August 2025 as described in the Strategic report under
Stone and sand operations in the annual report. The group expects to report on these matters for both ATP and MCU from
2026 onwards.
Geopolitical uncertainty, such as may be caused by wars, can lead to pricing volatility and shortages of the necessary
inputs to the group's operations, such as fuel and fertiliser, inflating group costs and negatively impacting the
group's production volumes. The impact of input shortages, however, may be offset by a consequential benefit to prices
of the group's outputs.
Where risks are reasonably capable of mitigation, the group seeks to mitigate them. Beyond that, the directors
endeavour to manage the group's ?nances on a basis that leaves the group with some capacity to withstand adverse
impacts from both identi?ed and unidentified areas of risk, but such management cannot provide insurance against every
possible eventuality.
Risks assessed by the directors as currently being of particular signi?cance are those detailed below under:
. Agricultural operations - Produce prices
. Agricultural operations - Other operational factors
. Stone and sand operations - Sales
. General - Funding
The directors' assessment, as respects the above risks, re?ects both the key importance of those risks in relation to
the matters considered in the Longer-term viability statement below and more generally the extent of the negative
impact that could result from adverse incidence of such risks.
Risk Potential impact Mitigating or other relevant considerations
Agricultural operations
Cultivation risks
Failure to achieve optimal A reduction in harvested crop resulting The group has adopted standard operating
upkeep standards in loss of potential revenue practices designed to achieve required upkeep
standards
Pest and disease damage to oil A loss of crop or reduction in the The group adopts best agricultural practice to
palms and growing crops quality of harvest resulting in loss of limit pests and diseases
potential revenue
Other operational factors
The group maintains stocks of necessary inputs
Disruption of operations, including an to provide resilience and has established
Shortages of necessary inputs to inability to collect harvested crop, biogas plants to improve its self-reliance in
the operations, such as fuel and resulting in a loss of potential relation to fuel. Construction of a further
fertiliser revenue or increased input costs biogas plant in due course would increase
leading to reduced profit margins self-reliance and reduce costs as well as GHG
emissions
The group endeavours to employ a sufficient
FFB crops becoming rotten or over ripe complement of harvesters within its workforce
High levels of rainfall or other leading either to a loss of CPO to harvest expected crops, to provide its
factors restricting or production (and hence potential transport fleet with sufficient capacity to
preventing harvesting, revenue) or to the production of CPO collect expected crops under likely weather
collection or processing of FFB that has an above average free fatty conditions and to maintain resilience in its
crops acid content and is saleable only at a palm oil mills with each of the mills
discount to normal market prices operating separately and some ability within
each mill to switch from steam based to biogas
or diesel based electricity generation
Disruptions to river transport The requirement for CPO and CPKO The group's bulk storage facilities have
between the main area of storage exceeding available capacity sufficient capacity for expected production
operations and the Port of and forcing a temporary cessation in volumes and, together with the further storage
Samarinda or delays in FFB harvesting or processing with a facilities afforded by the group's fleet of
collection of CPO and CPKO from resultant loss of crop and barges, have hitherto always proved adequate
the transhipment terminal consequential loss of potential revenue to meet the group's requirements for CPO and
CPKO storage
Occurrence of an uninsured or
inadequately insured adverse The group maintains insurance at levels that
event; certain risks (such as it considers reasonable against those risks
crop loss through fire or other Material loss of potential revenues or that can be economically insured and mitigates
perils), for which insurance claims against the group uninsured risks to the extent reasonably
cover is either not available or feasible by management practices
is considered disproportionately
expensive, are not insured
Produce prices
Volatility of CPO and CPKO
prices which as primary Swings in CPO and CPKO prices should be
commodities may be affected by moderated by the fact that the annual oilseed
levels of world economic Reduced revenue from the sale of CPO crops account for the major proportion of
activity and factors affecting and CPKO and a consequent reduction in world vegetable oil production and producers
the world economy, including cash flow of such crops can reduce or increase their
geopolitical uncertainties, production within a relatively short time
levels of inflation and interest frame
rates
The Indonesian government applies sliding
scales of charges on exports of CPO and CPKO,
which are varied from time to time in response
Restriction on sale of the to prevailing prices, and has, on occasions,
group's CPO and CPKO at world placed temporary restrictions on the export of
market prices including Reduced revenue from the sale of CPO CPO and CPKO; several such measures were
restrictions on Indonesian and CPKO and a consequent reduction in introduced in 2022 in response to generally
exports of palm products and cash flow rising prices precipitated by the war in the
imposition of high export Ukraine but, whilst impacting prices in the
charges short term, were subsequently modified to
afford producers economic margins. The export
levy charge funds biodiesel subsidies and thus
supports the local price of CPO
Depression of selling prices for CPO The imposition of controls, tariffs or taxes
Disruption of world markets for and CPKO if arbitrage between markets on CPO or CPKO in one area can be expected to
CPO and CPKO by the imposition for competing vegetable oils proves result in greater consumption of alternative
of import controls, tariffs or insufficient to compensate for the vegetable oils within that area and the
taxes in consuming countries market disruption created substitution outside that area of CPO and CPKO
for other vegetable oils
Expansion
The group holds sufficient fully titled or
allocated land areas suitable for planting to
Failure to secure in full, or Inability to complete, or delays in enable it to complete its immediately planned
delays in securing, the land or completing, the planned extension extension planting. It works continuously to
funding required for the group's planting programme with a consequential maintain permits for the planting of these
planned extension planting reduction in the group's prospective areas and aims to manage its finances to
programme growth ensure, in so far as practicable, that it will
be able to fund any planned extension planting
programme
A shortfall in achieving the
group's planned extension A possible adverse effect on market The group maintains flexibility in its
planting programme negatively perceptions as to the value of the planting programme to be able to respond to
impacting the continued growth group's securities changes in circumstances
of the group
Sustainable practices
Failure by the agricultural The group has established standard practices
operations to meet the standards designed to ensure that it meets its
expected of them as a large Reputational and financial damage obligations, monitors performance against
employer of significant economic those practices and investigates thoroughly
importance to local communities and takes action to prevent recurrence in
respect of any failures identified
The group is committed to sustainable
development of oil palm and has obtained RSPO
Criticism of the group's certification for all of the group's current
environmental practices by operations and is supporting a growing
conservation organisations proportion of its third party FFB suppliers to
scrutinising land areas that also obtain RSPO certification. All group oil
fall within a region that in Reputational and financial damage palm plantings are on land areas from which
places includes substantial trees have previously been extracted by
areas of unspoilt primary logging companies and which have subsequently
rainforest inhabited by diverse been zoned by the Indonesian authorities as
flora and fauna appropriate for agricultural development. The
group maintains substantial conservation
reserves that safeguard landscape level
biodiversity
Community relations
The group seeks to foster mutually beneficial
economic and social interaction between the
Disruption of operations, including local villages and the agricultural
A material breakdown in blockages restricting access to oil operations. In particular, the group gives
relations between the group and palm plantings and mills, resulting in priority to applications for employment from
the host population in the area reduced and poorer quality CPO and CPKO members of the local population, encourages
of the agricultural operations production and consequential loss of local farmers and tradesmen to act as
potential revenue suppliers to the group, its employees and
their dependents and promotes smallholder
development of oil palm plantings
Disputes over compensation The group has established standard procedures
payable for land areas allocated to ensure fair and transparent compensation
to the group that were Disruption of operations, including negotiations and encourages the local
previously used by local blockages restricting access to the authorities, with whom the group has developed
communities for the cultivation area the subject of the disputed good relations and who are therefore generally
of crops or as respects which compensation supportive of the group, to assist in
local communities otherwise have mediating settlements
rights
Where claims from individuals in relation to
Individuals party to a Disruption of operations, including compensation agreements are found to have a
compensation agreement blockages restricting access to the valid basis, the group seeks to agree a new
subsequently denying or areas the subject of the compensation compensation arrangement; where such claims
disputing aspects of the disputed by the affected individuals are found to be falsely based the group
agreement encourages appropriate action by the local
authorities
Stone and sand operations
Production
Failure by external contractors The stone and sand companies endeavour to use
to achieve agreed production experienced contractors, to supervise them
volumes with optimal extraction Reduction in revenue closely and to take care to ensure that they
rates have equipment of capacity appropriate for the
planned production volumes
External factors, in particular Adverse external factors would not normally
weather, delaying or preventing Reduced production and consequent loss have a continuing impact for more than a
delivery of extracted stone and of potential revenue limited period
sand
Unforeseen extraction complications
Geological assessments, which causing cost overruns and production The stone and sand companies seek to ensure
are extrapolations based on delays or failure to achieve projected the accuracy of geological assessments of any
statistical sampling, proving production resulting in loss of extraction programme
inaccurate potential revenue and reduced operating
margins
Sales
The group aims to secure forward sales offtake
agreements for stone and sand and to set its
production targets to align with the expected
offtake. Reported reductions by the Indonesian
government in 2026 coal production quotas
Inadequate demand reducing sales Reduction in revenue and profits below the levels granted in 2025 could result
volumes in the group's stone customers postponing
planned 2026 purchases to 2027 (although
recent purchase orders suggest that this is
now unlikely). The group does not expect that
annual coal production quotas will be
permanently reduced
For the stone operations, the group has
established transport corridors to east and
Transport constraints delaying Failure to meet contractual sale west of the main stone deposit and intends
deliveries or reducing delivered obligations with loss of revenue and that regular maintenance will ensure that
volumes possible consequential costs these corridors remain fit for purpose; the
sand company is adjacent to the Mahakam River
and barges are readily available to effect
sand deliveries
There are no other stone quarries in the
vicinity of the group's stone operations
currently producing stone of quality or in
volumes similar to that of the group's stone
operation and the cost of transporting stone
should restrict competition from more distant
Local competition reducing stone Reduction in revenue and operating stone quarries. The sand deposits comprise
and sand prices margins silica sand that is suitable for premium uses
(for example glass, solar panels and
technological components) and, given the
relatively low cost of production and delivery
as the deposits lie close to the surface in an
area adjacent to a major river, the directors
do not consider product prices to represent a
material risk
Imposition of additional The Indonesian government has not to date
royalties or duties on the imposed measures that would seriously affect
extraction of stone or sand or Reduction in revenue the viability of Indonesian stone and sand
imposition of export quarrying operations
restrictions
Sustainable practices
The areas of the stone and sand companies are
relatively small and should not be difficult
Failure by the stone and sand to supervise. The companies are committed to
operations to meet the standards Reputational and financial damage international standards of best environmental
expected of them and social practice and, in particular, to
proper management of waste water and
reinstatement of quarried and mined areas on
completion of extraction operations
General
IT security
The group's IT controls and financial
reporting systems and procedures are
independently audited and tested annually and
IT related fraud including cyber recommendations for corrective actions to
attacks that are becoming Losses as a result of disruption of enhance controls are implemented. Several
increasingly prevalent and control systems and theft upgrades to firewalls and other anti-malware
sophisticated protections have been installed in recent
years and a disaster recovery plan has been
fully tested and implemented. Cyber security
reviews are conducted periodically
The group has in place a mandatory policy and
Unauthorised data exposure or losses, governance framework regarding AI use to
Use of AI including financial losses, resulting ensure transparency, appropriate usage
from inappropriate use or lack of (including internal protocols and monitoring)
monitoring of AI tools and alignment with regulatory expectations and
best practice
Currency
As respects costs and sterling denominated
shareholder capital, the group considers that
the risk of adverse exchange movements is
Strengthening of sterling or the Adverse exchange movements on those inherent in the group's business and structure
rupiah against the dollar components of group costs and funding and must simply be accepted. As respects any
that arise in rupiah or sterling rupiah borrowings, the group considers it
better to accept the resultant currency risk
than to hedge that risk with hedging
instruments
Cost inflation
Increased costs as a result of For each of the group's products, cost
worldwide economic factors or inflation is likely to have a broadly equal
shortages of required inputs impact on all producers of that product and
(such as shortages of fuel or Reduction in operating margins may be expected to restrict supply if
fertiliser arising from the production of the product becomes uneconomic.
wars) Cost inflation can only be mitigated by
improved operating efficiency
Funding
The group maintains good relations with its
Bank debt repayment instalments bankers and other holders of debt who have
and other debt maturities generally been receptive to reasonable
coincide with periods of adverse requests to moderate debt profiles or waive
trading and negotiations with covenants when circumstances require. Such was
bankers and investors are not Inability to meet liabilities as they the case, for example, when certain breaches
successful in rescheduling fall due of bank loan covenants by group companies at
instalments, extending 31 December 2020 and 2023 were waived.
maturities or otherwise Moreover, the directors believe that the
concluding satisfactory fundamentals of the group's business will
refinancing arrangements normally facilitate procurement of additional
equity capital should this prove necessary
Counterparty risk
The group maintains strict controls over its
financial exposures which include regular
Default by a supplier, customer Loss of any prepayment, unpaid sales reviews of the creditworthiness of
or financial institution proceeds or deposit counterparties and limits on exposures to
counterparties. In addition, 90 per cent of
sales revenue is receivable in advance of
product delivery
Regulatory exposure
New, and changes to, laws and The directors are not aware of any planned
regulations that affect the Restriction on the group's ability to changes that would affect the group to a
group (including, in particular, retain its current structure or to material extent. However, the group is
laws and regulations relating to continue operating as currently or to proceeding earlier than planned with renewals
land tenure, work permits for renew or obtain permits of certain titles given the heightened focus
expatriate staff and taxation) on regulatory compliance in the oil palm
sector
The group endeavours to ensure compliance with
the continuing conditions attaching to its
land rights, that its activities, and the
Breach of the various continuing activities of the stone and sand companies,
conditions attaching to the are conducted within the terms of the licences
group's land rights and the and permits that are held and that licences
stone and sand companies Civil sanctions and, in an extreme and permits are obtained and renewed as
(including conditions requiring case, loss of the affected rights necessary. A recently initiated government
utilisation of the rights) or review of regulatory compliance in the palm
failure to maintain or renew all oil industry did not identify any areas of
permits and licences required non-compliance within the group's own oil palm
for the group's operations plantings and queries arising from certain
findings in respect of local smallholder
plantings have not resulted in any liability
for the group
The group has traditionally had, and continues
Failure by the group to meet the to maintain, strong controls in this area
standards expected in relation Reputational damage and criminal because Indonesia, where all of the group's
to human rights, slavery, sanctions operations are located, has been classified as
anti-bribery and corruption relatively high risk by the International
Transparency Corruption Perceptions Index
Restrictions on foreign The group endeavours to maintain good
investment in Indonesian mining Constraints on the group's ability to relations with the local partners in the
companies, limiting the recover its investment group's mining operations so as to ensure that
effectiveness of co-investment returns appropriately reflect agreed
arrangements with local partners arrangements
Country exposure
Indonesia currently appears stable and the
Indonesian economy has continued to grow but,
in the late 1990s, Indonesia experienced
Deterioration in the political Difficulties in maintaining operational severe economic turbulence and there have been
or economic situation in standards particularly if there was a subsequent occasional instances of civil
Indonesia consequential deterioration in the unrest, often attributed to ethnic tensions,
security situation in certain parts of Indonesia. The group has
never, since the inception of its East
Kalimantan operations in 1989, been adversely
affected by regional security problems
Restriction on the transfer of fees, The directors are not aware of any
Introduction of exchange interest and dividends from Indonesia circumstances that would lead them to believe
controls or other restrictions to the UK with potential consequential that, under current political conditions, any
on foreign owned operations in negative implications for the servicing Indonesian government authority would impose
Indonesia of the group's UK obligations and restrictions on legitimate exchange transfers
payment of dividends; loss of effective or otherwise seek to restrict the group's
management control freedom to manage its operations
The group accepts there is a possibility that
foreign owners may be required over time to
divest partially ownership of Indonesian oil
Mandatory reduction of foreign Forced divestment of interests in palm operations and there are existing
ownership of Indonesian Indonesia at below market values with regulations that may result in a requirement
plantation or mining operations consequential loss of value to divest over an extended period part of the
group's substantial economic participations in
its stone and sand operations but the group
has no reason to believe that any divestment
would be at anything other than market value
Miscellaneous relationships
The group appreciates its material dependence
upon its staff and employees and endeavours to
Disputes with staff and Disruption of operations and consequent manage this dependence in accordance with
employees loss of revenues international employment standards as detailed
under Employees in the Sustainability and
climate report in the annual report
Reliance on the Indonesian courts for
enforcement of the agreements governing
its arrangements with local partners
with the uncertainties that any The group endeavours to maintain cordial
Breakdown in relationships with juridical process involves and with any relations with its local investors by seeking
local investors in the group's failure of enforcement likely to have, their support for decisions affecting their
Indonesian subsidiaries in particular, a material negative interests and responding constructively to any
impact on the value of the stone and concerns that they may have
sand operations because ownership of
those companies currently remains
registered in the name of the group's
local partners
Climate-related risks and opportunities
S Short term (1-3 years; acute)
M Medium term (3-5 years)
L Long term (5-15 years; chronic)
These time horizons are aligned with the group's targets, with 2023 as the baseline, 2030 the mid-term milestone, and 2050 the long-term target.
Risk Impact Mitigation Opportunity
Transition
risks
- Maintaining future access for
the group's CPO and CPKO to EU
markets
- Earning premia on sales of EUDR
- Preparing for EUDR compliance by compliant CPO and CPKO to the EU
engaging Control Union Malaysia for an from December 2026, additional to
- Increased investment and costs independent readiness assessment (and premia for RSPO certification
of compliance, including mapping developing a due diligence system to
land use, enhancing traceability mitigate deforestation risks
systems, and verifying supply
chains - Encouraging local smallholders
to sell FFB to the group to
Regulatory - Investing in a robust traceability obtain the benefit of
compliance system to track FFB to its origin and sustainability premia for their
(EUDR, RSPO, - Constraints on sourcing in infrastructure to enable physical FFB
ISCC) S external FFB as stricter segregation of (external) FFB supplies
regulations may and CPO and CPKO production from those
disproportionately affect supplies
independent smallholders - Facilitating increased group
purchases of sustainable FFB by
progressing the implementation of
- Increasing RSPO certification of the SHINES, supporting independent
group's own estates to 100 per cent smallholders in meeting RSPO
(2024: 84.4 per cent) standards and national
regulations
- Following recent RSPO enhanced
certification of COM, making
sales of RSPO identity preserved
CPO as market demand increases
- Adhering to an NDPE policy and
strictly applying this policy to all
suppliers through due diligence
onboarding and monitoring (an
Independent NDPE IRF verification
assessed the group as "delivering" 100
per cent across its supply base in
2025)
- Strengthening stakeholder
relationships through a proactive
engagement strategy
- Establishing grievance action
processes (GREAT) in support of
- Negative impact on revenue, transparency and accountability, and a
Reputational market access, and long-term structured approach to addressing - Improving brand reputation
risk from sustainability strategy due to stakeholder concerns through communication and sharing
deforestation increased regulatory compliance of success stories in social
concerns S-M costs and negative perception of media
group
- Redefining community and stakeholder
engagement strategy to improve
long-term community relationships - Partnering with RSPO on
communication initiatives
- Implementing internal communication
and social media strategy
- Enhancing disclosures through
regular website updates
- Adopting the international GHG
Protocol Corporate Standard for carbon
- Potential costs associated footprint assessment upon alignment
with carbon taxation and and publication of the RSPO PalmGHG v5
emission caps toolkit (expected during 2026) - Improving the group's standing
Carbon and enhancing the value of its
pricing and CPO and CPKO production by
emissions developing verified baseline,
regulation M - Possible adverse Impacts from - Improving carbon footprint short, medium and long-term
implementation of the EU Omnibus monitoring targets for emission reduction
Directive (which is designed to
simplify and streamline EU
regulations on carbon)
- Monitoring industry and market
trends on carbon related requirements
- Climate variability resulting - Improving livelihoods and
in declining economic returns - Expanding smallholder programmes, increasing sustainable FFB
from smallholder cultivation of including providing support, capacity sourced from independent
oil palms thereby causing for, and promoting, RSPO certification smallholders through SHINES and
disaffection in local for smallholders, providing polygon other smallholder partnership
communities mapping and offering legitimacy programmes (including Reforma
Community and through registration with the eSTDB Agraria Land Object (so called
smallholder platforms managed by the Indonesian TORA))
resilience government
M-L - Evolving regulatory
requirements reducing the volume
of external FFB available to the - Enhancing landscape-level
group if smallholders are unable - Scaling up structured engagement partnerships, best sustainable
to meet compliance standards and with cooperatives and villages through agricultural practices and
must be excluded from the partnership-based programmes economic development for
group's supply base communities through SPACE
- Achieving 100 per cent RSPO
certification for plantations and
mills
- Shifting demand towards - Increasing market share in
sustainable palm oil responsible supply chains through
- Continuing compliance with various brand differentiation
national and international
Market and sustainability standards embodied in
consumer - Shifting market demand away certification schemes (RSPO, ISPO,
preferences from RSPO mass balanced (MB) oil ISCC) - Realising premia for EUDR
S-M towards RSPO segregated (SG) compliant oil, additional to
oil, with physical segregation existing RSPO premia, starting in
increasingly viewed as a way to December 2026 (postponed by EU
ensure deforestation-free supply - Maintaining a robust traceability from 2025)
chains system
- Being EUDR ready
Physical
risks
- Conducting hydrology assessment of
estates
- Improving overall operational
Extreme - Intense rainfall leading to - Improving drainage systems resilience
weather seasonal flooding of low lying
events estate areas, thereby damaging
(flooding, palms, conservation areas and
droughts) S infrastructure, and disrupting Stoning roads to provide all-weather - Adapting to climate variability
supply chains access by innovation and adoption of
technology-assisted tools
- Training smallholders on sustainable
best agricultural practices
- Water scarcity and
inconsistent weather affecting - Developing facilities to capture
Changing FFB yields rainwater - Exploring the use of mill
rainfall organic by-products to enhance
patterns S-M soil moisture and nutrient
retention
- Reduced production impacting - Improving irrigation techniques
revenue
- Ensuring strict NDPE policy
enforcement
- Ecosystem imbalances reducing - Protecting forests and maintaining
Biodiversity resilience to natural conservation areas
loss and disturbances and possibly - Establishing stronger
habitat leading to degrading of land collaborations with conservation
degradation resources and political bodies for mutual benefits
M-L conflicts - Partnering with NGOs, educational
institutions and local governments on
research and actions
- Adhering to TNFD
LONGER-TERM VIABILITY STATEMENT
The group's business activities, together with the factors likely to affect its future development, performance and financial position are described in the Strategic report of the annual report which also provides (under the heading Finance) a description of the group's cash ?ow, liquidity and financing development and treasury policies. In addition, note 26 to the group ?nancial statements includes information as to the group's policy, objectives, and processes for managing capital, its ?nancial risk management objectives, details of ?nancial instruments and hedging policies and exposures to credit and liquidity risks.
Principal risks and uncertainties section above describes the material risks faced by the group and actions taken to mitigate those risks. In particular, there are risks associated with the group's local operating environment and the group is materially dependent upon selling prices for CPO and CPKO over which it has no control.
The group has material indebtedness in the form of bank loans and listed dollar notes. At 31 December 2025, over half of this indebtedness was due for repayment in the three year period to 31 December 2028 which is also the date of redemption of the 7.5 per cent dollar notes 2028. For this reason, the directors have chosen that period for their assessment of the longer-term viability of the group.
Total group indebtedness at 31 December 2025, as detailed in Capital structure in the Strategic report of the annual report, amounted to USD175.5 million, comprising Indonesian rupiah denominated term bank loans equivalent in total to USD144.9 million, drawings under Indonesian rupiah denominated working capital facilities equivalent to USD3.9 million and USD27.0 million nominal of 7.5 per cent dollar notes 2028. The total borrowings repayable in the period to 31 December 2028 (based on exchange rates ruling at 31 December 2025) amounted to the equivalent of USD96.9 million of which, assuming that the maximum possible amount of USD9.4 million falls due for payment in June 2026 in respect of the group's dollar notes, a total of USD33.2 million will fall due in 2026, USD21.7 million in 2027 and USD42.0 million in 2028.
In addition to the cash required for debt repayments, the group also faces substantial demands on cash to fund capital expenditure and dividends on the company's preference shares.
Whilst the group has some flexibility in determining its annual levels of capital expenditure, the directors will continue to balance the need for significant reductions in the group's net debt against capital expenditure on maintaining and enhancing the value of the group's assets. To this end, in 2026, the group aims to continue its extension and replanting programmes but with a slightly reduced extension planting programme of 700 hectares (scaled back from the 1,000 hectares originally planned) and a maintained replanting programme of some 1,400 hectares. Other reductions in previously planned capital expenditure to accommodate the additional expenditure that will be required to renew HGU titles over 16,332 hectares of existing land holdings (as discussed under Agricultural operations in the annual report) will be achieved by temporarily deferring purchases of capital equipment that are not time critical and where deferral is unlikely to have any material effect on the group's performance.
After the substantial investments already made in the stone and sand operations, capital expenditure within those operations should be limited going forward.
In January 2026, an additional replanting loan was agreed by REA Kaltim with Bank Mandiri. The total loan is the equivalent of USD20.6 million and is split into three tranches, each tranche providing financing for a certain number of hectares that are being replanted. The loan will be drawn down in instalments with USD7.2 million expected to be drawn down in 2026 (of which USD2.2 million has already been drawn), USD6.1 million in 2027 and the balance in subsequent years but by the end of 2032. Repayments of each tranche will occur over 8 years commencing 3.5 years after the last withdrawal within each tranche. The additional replanting loan carries interest at 8.25 per cent per annum and is secured similarly to the existing Bank Mandiri loans to REA Kaltim.
Additionally, in March 2026, Bank Mandiri provided a loan equivalent to USD5.9 million to a smallholder cooperative (plasma) scheme managed by the group. The loan has been guaranteed by REA Kaltim. The proceeds of the loan were applied in repaying monies previously borrowed by the scheme from REA Kaltim and resulted in a cash inflow to the group of USD5.9 million.
REA Kaltim is currently in discussions with Bank Mandiri in respect of a new term loan of USD20.0 million, to be drawn between 2026 and 2028. The initial drawing will principally be used to finance the dollar note repayments in 2026 of up to USD9.4 million, although the making of these repayments is not dependent on the approval of this term loan.
Due to current conflicts in the Middle East and Eastern Europe, global commodity markets are experiencing significant volatility and the group is particularly affected by price increases in fuel and fertiliser, which it is seeking to minimise by stockpiling in the case of fuel and agreeing forward contracts in the case of fertiliser. However, the group expects that CPO and CPKO prices will remain at remunerative levels for the immediate future and that improved operating efficiencies, facilitated by the substantial investments of recent years in roads, factories and equipment, will limit other cost increases. With financing costs continuing to reduce as net debt falls, the group's plantation operations should generate cash flows at good levels. Stone is not yet in full production but indications are that it will provide a significant addition to group cash flows in 2026. Positive cash flows from sand are also likely to make a useful contribution.
Taking account of the cash and deposits already held by the group at 31 December 2025 of USD23.2 million, the expected cash inflow from the new Bank Mandiri loans (USD40.6 million) and plasma refinancing (USD5.9 million) and projected cash flow from the group's operations, the group should be well placed to meet its obligations from 2026 to 2028.
Based on the foregoing, the directors have a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the period to 31 December 2028 and to remain viable during that period.
GOING CONCERN
Factors likely to affect the group's future development, performance and financial position are described in the Strategic report of the annual report. The directors have carefully considered those factors, together with the principal risks and uncertainties faced by the group which are set out in the Principal risks and uncertainties section above and have reviewed key sensitivities which could impact on the liquidity of the group.
As at 31 December 2025, the group had cash and deposits of USD23.2 million, and borrowings of USD175.5 million (in both cases as set out in note 26 to the group ?nancial statements). The total borrowings repayable by the group in the period to 30 April 2027 (based on exchange rates ruling at 31 December 2025) amounted to the equivalent of USD34.7 million.
In addition to the cash required for debt repayments, the group also requires cash in the period to 30 April 2027 to fund capital expenditure and preference dividends as referred to in the Longer-term viability statement above. That statement also notes the cash inflows from new bank loans and the group's expectations regarding positive cash flows from its various operations.
Having regard to the foregoing, based on the group's forecasts and projections (taking into account reasonable possible changes in trading performance and other uncertainties) and having regard to the group's cash position and available borrowings, the directors expect that the group should be able to operate within its available borrowings for at least 12 months from the date of approval of the ?nancial statements.
On that basis, the directors have concluded that it is appropriate to prepare the ?nancial statements on a going concern basis.
DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the annual report and the ?nancial statements in accordance with applicable law and regulations.
To the best of the knowledge of each of the directors, they con?rm that:
. the group financial statements, prepared in accordance with UK adopted IFRS, give a true and fair view of the assets, liabilities, financial position, and profit or loss of the company and the subsidiary undertakings included in the consolidation taken as a whole;
. the company financial statements, prepared in accordance with UK Accounting Standards, comprising FRS 101 Reduced Disclosure Framework, give a true and fair view of the company's assets, liabilities, and financial position of the company;
. the Strategic report and Directors' report of the annual report include a fair review of the development and performance of the business and the position of the company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face; and
. the annual report and ?nancial statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the group's and the company's position, performance, business model and strategy.
The current directors of the company and their respective functions are set out in the Board of directors section of the annual report.
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
2025 2024
USD'000 USD'000
Revenue 194,944 187,943
Net (loss) / gain arising from changes in fair value of biological assets (730) 9
Cost of sales (136,513) (136,495)
Gross profit 57,701 51,457
Distribution costs (1,185) (1,281)
Administrative expenses (16,229) (15,208)
Operating profit 40,287 34,968
Interest income 995 3,369
Reversal of provision - 6,622
(Losses) / gains on disposals of subsidiaries and similar charges (6,280) 3,051
Other gains and losses 2,460 7,317
Finance costs (13,430) (16,430)
Profit before tax 24,032 38,897
Tax (9,754) (8,434)
Profit for the year 14,278 30,463
Attributable to:
Equity shareholders 8,483 26,447
Non-controlling interests 5,795 4,016
14,278 30,463
(Loss) / profit per 25p ordinary share (US cents)
Basic (0.7) 41.6
Diluted (0.7) 41.6
All operations for both years are continuing.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
2025 2024
USD'000 USD'000
Profit for the year 14,278 30,463
Other comprehensive income / (losses)
Items that may be reclassified to profit or loss:
Foreign exchange on new subsidiary - (712)
Foreign exchange differences on translation of foreign operations 5 -
Foreign exchange differences on disposal of group companies 871 (1,204)
Loss arising on sale of non-controlling interests taken to equity - (580)
Loss arising on purchase of non-controlling interests taken to equity - (668)
876 (3,164)
Items that will not be reclassified to profit or loss:
Actuarial gain / (loss) 119 (113)
Deferred tax on actuarial gain / loss (26) 22
93 (91)
Total other comprehensive income / (losses) 969 (3,255)
Total comprehensive income for the year 15,247 27,208
Attributable to:
Equity shareholders 9,420 23,219
Non-controlling interests 5,827 3,989
15,247 27,208
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2025
2025 2024
USD'000 USD'000
Non-current assets
Goodwill 11,144 11,144
Intangible assets 2,147 2,684
Property, plant and equipment 395,114 386,997
Land 51,951 58,098
Financial assets 10,308 26,735
Non-financial assets 11,030 -
Deferred tax assets 13,878 21,278
Total non-current assets 495,572 506,936
Current assets
Inventories 19,212 18,393
Biological assets 2,608 3,338
Trade and other receivables 35,965 31,312
Current tax asset 2,215 228
Restricted cash at bank 4,267 5,832
Cash and cash equivalents 18,973 33,005
Total current assets 83,240 92,108
Total assets 578,812 599,044
Current liabilities
Trade and other payables (40,583) (44,715)
Bank loans (22,894) (20,012)
Sterling notes - (28,167)
Dollar notes (9,430) -
Other loans and payables (1,832) (2,707)
Total current liabilities (74,739) (95,601)
Non-current liabilities
Bank loans (125,952) (114,417)
Dollar notes (17,221) (26,746)
Deferred tax liabilities (49,821) (47,404)
Other loans and payables (9,816) (19,897)
Total non-current liabilities (202,810) (208,464)
Total liabilities (277,549) (304,065)
Net assets 301,263 294,979
Equity
Share capital 133,590 133,590
Share premium account 27,193 47,374
Translation reserve (40,909) (26,332)
Retained earnings 105,041 69,826
224,915 224,458
Non-controlling interests 76,348 70,521
Total equity 301,263 294,979
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
Share Share Translation Retained Subtotal Non- Total
capital premium reserve earnings controlling equity
interests
USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000
At 1 January 2024 133,590 47,374 (24,416) 63,267 219,815 14,304 234,119
Profit for the year - - - 26,447 26,447 4,016 30,463
Other comprehensive losses - - (1,916) (1,312) (3,228) (27) (3,255)
Total comprehensive (loss) / income - - (1,916) 25,135 23,219 3,989 27,208
for the year
Reorganisation of subsidiaries - - - - - (854) (854)
Capital from non-controlling interest - - - - - 53,082 53,082
Dividends to preference shareholders - - - (18,576) (18,576) - (18,576)
At 31 December 2024 133,590 47,374 (26,332) 69,826 224,458 70,521 294,979
Profit for the year - - - 8,483 8,483 5,795 14,278
Other comprehensive (losses) / income - - (14,577) 15,514 937 32 969
Total comprehensive (loss) / income - - (14,577) 23,997 9,420 5,827 15,247
for the year
Capital reduction - (20,181) - 20,000 (181) - (181)
Dividends to preference shareholders - - - (8,782) (8,782) - (8,782)
At 31 December 2025 133,590 27,193 (40,909) 105,041 224,915 76,348 301,263
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
2025 2024*
USD'000 USD'000
Net cash from operating activities 41,648 31,751
Investing activities
Interest received 995 1,069
Proceeds on disposal of PPE 1,056 4,179
Purchases of intangible assets and PPE (34,394) (34,621)
Expenditure on land (1,489) (4,530)
Net investment stone and coal interests - (3,610)
Investment sand interest (1,132) (4,413)
Net cash movement on acquisition of new subsidiary (1,956) 259
Net proceeds on disposal of group company 7,993 -
Cash reclassified from asset held for sale - 9
Cash received from non-current receivables - 1,258
Prepayments in respect of non-current assets (10,889) -
Net cash used in investing activities (39,816) (40,400)
Financing activities
Preference dividends paid (8,782) (18,576)
Repayment of bank borrowings (19,660) (36,862)
New bank borrowings drawn 53,651 64,342
Decrease in restricted cash at bank 1,565 277
Purchase of sterling notes for cancellation (381) (11,606)
Redemption of sterling notes (30,009) -
Repayment of borrowings from non-controlling shareholder (8,750) (12,234)
New equity from non-controlling interests - 53,580
Cost of non-controlling interest transaction - (1,078)
Cost of capital reduction (181) -
Purchase of non-controlling interest - (2,726)
Repayment of lease liabilities (3,075) (2,724)
Net cash (used in) / from financing activities (15,622) 32,393
Cash and cash equivalents
Net (decrease) / increase in cash and cash equivalents (13,790) 23,744
Cash and cash equivalents at beginning of year 33,005 8,086
Effect of exchange rate changes (242) 1,175
Cash and cash equivalents at end of year 18,973 33,005
* Restated for restricted cash at bank
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of preparation
The consolidated financial statements and notes 1 to 24 below (together the financial information) have been extracted without material adjustment from the consolidated financial statements of the group for the year ended 31 December 2025 (the 2025 financial statements). The auditor has reported on those accounts; the reports were unqualified and did not contain statements under sections 498(2) or (3) of the Companies Act 2006 (CA 2006). Copies of the 2025 financial statements will be filed in the near future with the Registrar of Companies. The accompanying financial information does not constitute statutory accounts of the company within the meaning of section 434 of the CA 2006.
Whilst the 2025 financial statements have been prepared in accordance with UK adopted IFRS and with the requirements of the CA 2006, as applicable to companies reporting under IFRS. As at the date of authorisation of those accounts the accompanying financial information does not itself contain sufficient information to comply with IFRS.
The 2025 financial statements and the accompanying financial information were approved by the board of directors on 21 April 2026.
2. Revenue and cost of sales
2025 2024
USD'000 USD'000
Revenue
Sales of palm product 192,196 185,919
Revenue from management services 806 941
Sales of stone 1,942 1,083
194,944 187,943
Cost of sales
Depreciation and amortisation (net of capitalisation) (27,126) (26,612)
Other costs (109,387) (109,883)
(136,513) (136,495)
3. Segment information
The group operates in two segments: the cultivation of oil palms and stone and sand operations (2024: oil palms and stone operation and sand interest). In 2025 the latter met the quantitative thresholds set out in IFRS 8: Operating segments and, accordingly, analyses are provided by business segment.
Segment revenue Segment profit
2025 2024 2025 2024
USD'm USD'm USD'm USD'm
Plantations 193.0 186.8 44.0 31.9
Stone and sand operations (2024: stone operation and sand interest) 1.9 1.1 (1.6) 0.4
Other - - (2.1) 2.7
194.9 187.9 40.3 35.0
Interest income 1.0 3.4
Reversal of provision - 6.6
(Losses) / gains on disposals of subsidiaries and similar charges (6.3) 3.0
Other gains 2.4 7.3
Finance costs (13.4) (16.4)
Profit before tax 24.0 38.9
4. Administrative expenses
2025 2024
USD'000 USD'000
Loss on disposal of PPE 416 310
Indonesian operations 16,217 16,030
Head office 3,966 3,204
20,599 19,544
Amount included as additions to PPE (4,370) (4,336)
16,229 15,208
5. Interest income and reversal of provision
2025 2024
USD'000 USD'000
Interest on bank deposits 532 281
Other interest income 463 3,088
Interest income 995 3,369
Reversal of provision in respect of interest on stone loan - 6,622
Other interest income in 2025 included USD0.4 million interest receivable in respect of the sand loan, representing interest receivable in the period prior to the borrowing company becoming a subsidiary (see note 19) (2024: USD2.3 million interest receivable in respect of stone, sand and coal loans. Interest from stone represented interest receivable in the period prior to the borrowing company becoming a subsidiary).
The provision of USD6.6 million reversed in 2024 was in respect of past interest due from the stone company which commenced commercial production and sales.
6. (Losses) / gains on disposals of subsidiaries and similar charges
2025 2024
USD'000 USD'000
Loss on divestment of CDM (5,723) -
Loss on dissolution of REAF (557) -
Release of impairment provision on sale of non-current assets - 3,051
(6,280) 3,051
During the period REA Kaltim sold its wholly owned subsidiary CDM, generating a loss on disposal of USD5.7 million (see note 20). As part of this disposal, USD338,000 was reclassified from the translation reserve to the profit and loss account.
Following the redemption and cancellation on 31 August 2025 of all of the outstanding sterling notes issued by the company's wholly owned subsidiary, REAF, REAF was put into liquidation. Its net assets were distributed to the company and on 23 December 2025 REAF was formally dissolved resulting in a loss of USD0.6 million.
In 2024 the USD3.1 million release of impairment provision on the sale of non-current assets was the amount receivable for the transfer of hectarage to plasma schemes by CDM, the carrying value of which had been fully impaired.
7. Other gains / (losses)
2025 2024
USD'000 USD'000
Change in value of other monetary assets and liabilities arising from exchange fluctuations 4,469 265
Change in value of sterling notes arising from exchange fluctuations (2,165) 6,350
(Loss) / gain on acquisition of sterling notes for cancellation (9) 702
Gain on extension of dollar notes 165 -
2,460 7,317
8. Finance costs
2025 2024
USD'000 USD'000
Interest on bank loans and overdrafts 12,696 9,240
Interest on dollar notes 2,028 2,028
Interest on sterling notes 1,711 3,231
Interest on other loans 306 1,086
Interest on lease liabilities 529 374
Other finance charges 940 3,136
18,210 19,095
Amount included as additions to PPE (4,780) (2,665)
13,430 16,430
Other finance charges comprise bank charges and fees and amortised bank loan and loan note issue expenses.
Amounts included as additions to PPE arose on borrowings applicable to the Indonesian operations and reflected a capitalisation rate of 29.0 per cent (2024: 17.1 per cent). There is no directly related tax relief.
9. Tax
2025 2024
USD'000 USD'000
Current tax:
UK corporation tax - -
Overseas withholding tax 418 696
Foreign tax 1,683 6,883
Foreign tax - prior year 295 (536)
Total current tax charge 2,396 7,043
Deferred tax:
Current year 3,044 3,079
Prior year 4,314 (1,688)
Total deferred tax charge 7,358 1,391
Total tax charge 9,754 8,434
Taxation is provided at the rates prevailing for the relevant jurisdiction. For Indonesia, the current and deferred taxation provision is based on a tax rate of 22 per cent (2024: 22 per cent) and for the UK, the taxation provision reflects a corporation tax rate of 25 per cent (2024: 25 per cent) and a deferred tax rate of 25 per cent (2024: 25 per cent).
10. Dividends
2025 2024
USD'000 USD'000
Amounts recognised as distributions to preference shareholders:
Dividends on 9 per cent cumulative preference shares 8,782 18,576
The fixed semi-annual dividends that fell due on the preference shares in June 2025 and December 2025 were paid on their due dates. 2024 payments included arrears of dividend which amounted in aggregate to 11.5p per preference share as at 31 December 2023.
11. (Loss) / profit per ordinary share
2025 2024
USD'000 USD'000
Profit attributable to equity shareholders 8,483 26,447
Preference dividends paid relating to current year (8,782) (8,172)
(Loss) / profit for the purpose of calculating (loss) / profit per share (299) 18,275
'000 '000
Weighted average number of ordinary shares for the purpose of:
Basic (loss) / profit per ordinary share 43,964 43,964
Diluted (loss) / profit per ordinary share 43,964 43,964
12. Property, plant and equipment
Plantings Mining Buildings Plant, Construction Total
assets and equipment in progress
structures and vehicles
USD'000 USD'000 USD'000 USD'000 USD'000 USD'000
Cost:
At 1 January 2024 157,911 - 229,282 141,534 2,887 531,614
Additions 7,315 1,059 15,090 2,066 7,801 33,331
Reclassifications and adjustments - 1,330 2,220 124 (3,674) -
Disposals (6,906) - (7,740) (3,545) - (18,191)
Acquired with new subsidiary - 66,841 - 1,602 153 68,596
Transferred from assets held for sale 18,092 - 35,435 1,099 88 54,714
At 31 December 2024 176,412 69,230 274,287 142,880 7,255 670,064
Additions 8,303 2,125 16,290 2,848 7,271 36,837
Reclassifications and adjustments - 3,722 4,027 2,833 (7,413) 3,169
Disposals (3,671) - (1,140) (2,578) - (7,389)
Acquired with new subsidiary (see - 13,437 - 14 - 13,451
note 19)
Disposal of subsidiary (see note 20) (14,111) - (29,333) (984) - (44,428)
At 31 December 2025 166,933 88,514 264,131 145,013 7,113 671,704
Accumulated depreciation:
At 1 January 2024 79,180 - 67,972 87,207 - 234,359
Charge for year 8,510 - 7,303 10,413 - 26,226
Disposals (5,248) - (5,012) (1,850) - (12,110)
Release of impairment (1,007) - (2,044) - - (3,051)
Acquired with new subsidiary - - - 164 - 164
Transferred from assets held for sale 13,946 - 22,728 805 - 37,479
At 31 December 2024 95,381 - 90,947 96,739 - 283,067
Charge for year 8,365 350 7,621 10,712 - 27,048
Disposals (3,401) - (429) (2,087) - (5,917)
Disposal of subsidiary (see note 20) (10,393) - (16,425) (790) - (27,608)
At 31 December 2025 89,952 350 81,714 104,574 - 276,590
Carrying amount:
At 31 December 2025 76,981 88,164 182,417 40,439 7,113 395,114
At 31 December 2024 81,031 69,230 183,340 46,141 7,255 386,997
The depreciation charge for the year includes USD637,000 (2024: USD376,000) which has been capitalised as part of additions to plantings and buildings and structures.
At the balance sheet date, the group had entered into USD3.6 million contractual commitments for the acquisition of PPE (2024: USD3.7 million).
At the balance sheet date, PPE of USD124.2 million (2024: USD131.8 million) had been charged as security for bank loans (see note 15).
Additions to PPE include USD1,985,000 of new right-of-use assets which are not included in purchases of PPE within the consolidated cash flow statement.
13. Land
2025 2024
USD'000 USD'000
Cost:
Beginning of year 60,915 48,832
Additions 1,489 4,530
Acquired with new subsidiary - 3,086
Transferred from assets held for sale - 4,467
Reclassifications (3,169) -
Disposal of subsidiary (4,467) -
End of year 54,768 60,915
Accumulated amortisation:
Beginning and end of year 2,817 2,817
Carrying amount:
End of year 51,951 58,098
Beginning of year 58,098 46,015
Balances classi?ed as land represent amounts invested in land utilised for the purpose of the plantation operations in Indonesia.
There are two types of plantation cost, one relating to the acquisition of HGUs and the other relating to the acquisition of Izin Lokasi.
At 31 December 2025, certi?cates of HGU had been obtained in respect of areas covering 53,833 hectares (2024: 63,617 hectares). An HGU is effectively a government certi?cation entitling the holder to utilise the land for agricultural and related purposes. Retention of an HGU is subject to payment of annual land taxes in accordance with prevailing tax regulations. HGUs are normally granted for periods of up to 35 years and are renewable on expiry of such term.
The other cost relates to the acquisition of Izin Lokasi, each of which is an allocation of Indonesian state land granted by the Indonesian local authority responsible for administering the land area to which the allocation relates. Such allocations are preliminary to the process of fully titling an area of land and obtaining an HGU in respect of it. Izin Lokasi are normally valid for periods of between one and three years but may be extended if steps have been taken towards obtaining full titles.
At the balance sheet date, land titles of USD38.2 million (2024: USD36.9 million) had been charged as security for bank loans (see note 15).
14. Financial and non-financial assets
2025 2024
USD'000 USD'000
Sand interest - 8,405
Coal interests 875 3,478
Provision against loan to coal interests - (2,550)
875 9,333
Plasma advances 7,490 15,406
Other non-current receivables 1,943 1,996
9,433 17,402
Total financial assets 10,308 26,735
Prepayments in respect of non-current assets 11,030 -
Total non-financial assets 11,030 -
Sand interest at 31 December 2024 comprised monies owed to group companies by MCU which holds a silica sand concession in East Kalimantan. It was agreed in 2022 that, once all licences required for mining had been secured, the group would subscribe for new shares in MCU so as to provide it with a 49 per cent participation in MCU. This agreement was amended on 27 March 2025 to provide for the group's economic interest in MCU to be increased by 46 per cent to 95 per cent for a consideration of USD2.0 million. The monies owed to group companies by MCU comprised loans to finance pre-production costs. On 1 August 2025, the group assumed management and control of MCU's operations and MCU has been consolidated as a group company with effect from that date with balances owed by MCU to group companies thereafter treated as intercompany balances and eliminated on consolidation.
Coal interests comprise monies owed to group companies by IPA and connected persons and at 31 December 2024 also monies owed to group companies by PSS. Both IPA and PSS hold coal concessions in East Kalimantan. Concurrently with the agreement to acquire the 95 per cent economic interest in ATP, the group relinquished its interest in PSS on terms that ATP would meet the repayment of the monies owed to group companies by PSS (which ATP had guaranteed). Accordingly, since 1 July 2024 USD9.7 million of the group loans to PSS have been reconstituted as intercompany balances owed by ATP.
Regulations governing foreign ownership of mining rights in Indonesia are complex. The group had planned to take legal ownership of its interests in ATP and MCU and for legal ownership of 95 per cent of IPA to be acquired by MCU (since the concessions held by MCU and IPA overlap). This plan is now under review following legal advice that it may not provide the optimal legal structure for the group's mining interests. Pending conclusion of such review, the group is confident that agreements already in place are effective in securing the group's financial interests in ATP, MCU and IPA.
Prepayments in respect of non-current assets comprise legal fees and direct renewal charges incurred during non-current asset license renewal processes. These costs are transferred to the relevant non-current asset category when the renewal process is complete.
Plasma advances are discussed under Credit risk in note 26 of the annual report.
Other non-current receivables is a participation advance to a third party formerly holding a five per cent non-controlling interest in a group subsidiary.
15. Bank loans
2025 2024
USD'000 USD'000
Bank loans 148,846 134,429
The bank loans are repayable as follows:
On demand or within one year 22,894 20,012
Between one and two years 21,444 19,348
Between two and five years 57,704 56,489
After five years 46,804 38,580
148,846 134,429
Amount due for settlement within 12 months 22,894 20,012
Amount due for settlement after 12 months 125,952 114,417
148,846 134,429
All bank loans are denominated in rupiah and are stated above net of unamortised issuance costs of USD2.2 million (2024: USD2.3 million). The bank loans repayable within one year include USD3.9 million drawings under working capital facilities (2024: USD2.8 million).
The bank loans at 31 December 2025 and 31 December 2024 carry interest rates of 8.25 or 8.5 per cent and the working capital facilities 8.25 per cent . The weighted average interest rate on all bank borrowings for 2025 was 8.3 per cent (2024: 8.3 per cent).
The gross bank loans of USD151.0 million (2024: USD136.8 million) are secured on certain land titles, PPE and cash assets held by REA Kaltim, SYB, KMS and PU having an aggregate book value of USD166.7 million (2024: assets held by REA Kaltim, SYB, KMS and CDM with a book value of USD177.5 million), and are the subject of an unsecured guarantee by the company. The banks are entitled to have recourse to their security on usual banking terms.
REA Kaltim, SYB and KMS have agreed certain financial covenants under the terms of the bank facilities relating to debt service coverage, debt equity ratio, EBITDA margin and the maintenance of positive net income and positive equity; such covenants are tested annually upon delivery to Bank Mandiri of the audited financial statements in respect of each year by reference to the consolidated results for that year, and consolidated closing financial position as at the year end, of REA Kaltim and its subsidiaries. The covenants have been complied with for 2025 and 2024. PU covenants are tested on a standalone basis, until 2028 the only covenant is the maintenance of positive equity which has been complied with for 2025.
Under the terms of their bank facilities, certain plantation subsidiaries are restricted to an extent in the payment of interest on borrowings from, and on the payment of dividends to, other group companies. The directors do not believe that the applicable covenants will affect the ability of the company to meet its cash obligations.
At the balance sheet date, the group had no undrawn rupiah denominated facilities (2024: nil).
16. Sterling notes
The sterling notes at 31 December 2024 comprised GBP21.7 million nominal of 8.75 per cent guaranteed 2025 sterling notes issued by the company's subsidiary, REAF. The repayment obligation in respect of the sterling notes was carried on the balance sheet at USD28.2 million which included the amortised premium to date. The sterling notes were guaranteed by the company and another wholly owned subsidiary of the company, REAS, and were secured principally on unsecured loans made by REAS to an Indonesian plantation operating subsidiary of the company.
In January 2025 GBP0.3 million nominal of notes were purchased for cancellation. With effect from 31 August 2025 all of the GBP21.4 million nominal outstanding sterling notes were redeemed at 104 per cent of their principal amount (that is, at a premium of GBP0.04 per GBP1 nominal of sterling notes) in accordance with the terms of the Trust Deed constituting the sterling notes. All of the sterling notes have now been cancelled.
17. Dollar notes
2025 2024
USD'000 USD'000
Dollar notes - repayable 2026 9,430 26,746
Dollar notes - repayable 2028 17,221 -
26,651 26,746
The dollar notes at 31 December 2025 and 2024 comprise USD27.0 million nominal of 7.5 per cent dollar notes and are stated net of the unamortised balance of the note issuance costs.
On 4 September 2025 the proposal to extend the repayment date for the dollar notes from 30 June 2026 to 31 December 2028 was approved at a meeting of the noteholders. The dollar notes are thus now due for repayment on 31 December 2028.
In conjunction with the proposal to extend the redemption date for the dollar notes, the company has put in place arrangements whereby any noteholder who wishes to realise their holding of dollar notes by the previous redemption date of 30 June 2026 is offered the opportunity to do so. The company has undertaken to procure that REAS purchases at par, on 30 June 2026, the dollar notes held by any noteholder who has indicated by no later than 29 May 2026 that they do not wish to retain their notes beyond 30 June 2026 and for which the company's brokers have been unable to arrange buyers on terms acceptable to such noteholder. REAS may seek to re-sell, over time, any dollar notes so acquired by it.
There are currently USD27.0 million nominal of dollar notes in issue. The group has received an irrevocable undertaking from an existing holder of USD17.6 million nominal of the notes that it will retain that holding.
The company will pay on 30 June 2026 to those noteholders who have not elected to take advantage of the sale facility a roll-over fee in an amount equal to:
(1% + 2A) × B
where A is the percentage amount (if any) by which the 180 day average Secured Overnight Financing Rate published by the Federal Reserve Bank of New York on 23 June 2026 exceeds 4.5 per cent (and nil if such rate does not exceed 4.5 per cent); and B is the nominal amount of dollar notes held by the qualifying noteholder at 6.00 pm on 3 September 2025.
18. Other loans and payables
2025 2024
USD'000 USD'000
Indonesian retirement benefit obligations 8,802 9,572
Lease liabilities 2,846 3,546
Loan from non-controlling shareholder - 8,750
Payable under settlement agreement - 736
11,648 22,604
Repayable as follows:
On demand or within one year (shown under current liabilities) 1,832 2,707
Between one and two years 534 1,898
Between two and five years 1,582 9,728
After five years 7,700 8,271
Amount due for settlement after one year 9,816 19,897
11,648 22,604
The loan from non-controlling shareholder at 31 December 2024 comprised an USD8.7 million interest bearing loan which was repaid in April 2025.
The directors estimate that the fair value of other loans and payables approximates their carrying value.
19. Acquisition of subsidiary
As previously discussed (see note 14), pending completion of the formalities of the ownership structure, the sand company, MCU, is being managed and controlled by the group and has therefore been consolidated from 1 August 2025. Consideration of USD2.0 million was paid in 2025 in respect of the agreement to increase the group's economic interest in MCU by 46 per cent to 95 per cent and there are no transaction costs.
The net assets of MCU at the date of assumption of control were as follows:
2025
USD'000
PPE (see note 12) 13,451
Financial assets 88
Deferred tax asset 51
Current assets 78
Cash 44
13,712
Current liabilities (642)
Deferred tax liability (1,533)
Loan from group (9,537)
Total net assets 2,000
The assets and liabilities were valued at fair value at the date of acquisition of control. This resulted in a fair value adjustment of USD7.0 million to the mining assets acquired (included within PPE) that management considers appropriate in view of future cash flows and the long-term value to the group. At acquisition the non-controlling interest of 5 per cent amounts to USDnil.
20. Disposal of subsidiary
In November 2023 the company reached an agreement with DSN for a further investment by the DSN group in REA Kaltim and, in conjunction with that agreement, granted the DSN group a priority right, for a limited period, to acquire CDM on an agreed basis. Accordingly, at 31 December 2023, the assets of CDM with were treated as assets held for sale. However, DSN concluded, and confirmed in June 2024, that it would not exercise its priority right. Following that decision, the company sought alternative offers for CDM but the one offer received was at a price that the directors considered too low. The decision was made to retain CDM and CDM was therefore reconsolidated and its assets and liabilities were reclassified from held for sale as at 31 December 2024.
Subsequently the group was able to reach agreement with TPA for the sale of CDM on terms that valued the business of CDM at close to the value that was reflected in the priority right granted to DSN.
On 13 June 2025 the group completed the sale of CDM to TPA, all conditions pursuant to the sale agreement dated 22 April 2025 having been satisfied. The disposal of CDM's assets and liabilities has generated a loss of USD5.7 million, calculated as follows.
June
2025
USD'000
PPE (see note 12) 16,820
Land 4,467
Deferred tax 952
Inventories 1,098
Plasma advances 4,785
Trade and other receivables 714
Cash and bank balances 372
29,208
Trade payables (280)
Other loans and payables (15,178)
Net assets 13,750
Translation reserve 338
14,088
Net consideration received 8,365
Loss on disposal (5,723)
Total cash movement on disposal of CDM was USD8.0 million being net consideration less cash divested.
21. Movement in net borrowings
2025 2024
USD'000 USD'000
Change in net borrowings resulting from cash flows:
(Decrease) / increase in cash and cash equivalents, after exchange rate effects (14,032) 24,919
Decrease in restricted cash at bank (1,565) (277)
Net increase in bank borrowings (33,991) (27,480)
Purchase of sterling notes for cancellation 381 11,606
Redemption of sterling notes 30,009 -
Decrease in borrowings from non-controlling shareholder 8,750 12,234
Borrowings divested with disposal of subsidiary 15,178 -
Transfer of borrowings from assets held for sale - (7,401)
4,730 13,601
Amortisation of sterling note issue expenses and premium (58) 566
Gain on dollar note extension 165 -
Amortisation of dollar note issue expenses (70) (174)
Amortisation of bank loan expenses (562) (1,884)
4,205 12,109
Currency translation differences 2,793 6,820
Net borrowings at beginning of year (159,255) (178,184)
Net borrowings at end of year (152,257) (159,255)
22. Related party transactions
Transactions between the company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the company and its subsidiaries are dealt with in the company's individual financial statements.
Remuneration of key management personnel
The remuneration of the directors, who are the key management personnel of the group, is set out below in aggregate for each of the categories specified in IAS 24: Related party disclosures. Further information about the remuneration of, and fees paid in respect of services provided by, individual directors is provided in the audited part of the Directors' remuneration report.
2025 2024
USD'000 USD'000
Short-term benefits 1,598 1,450
23. Rates of exchange
2025 2025 2024 2024
Closing Average Closing Average
Indonesian rupiah to US dollar 16,782 16,504 16,162 15,906
US dollar to pounds sterling 1.3451 1.3240 1.2529 1.2783
24. Events after the reporting period
There have been no material post balance sheet events that would require disclosure in, or adjustment to, these financial statements.
References to group operating companies in Indonesia are as listed under the map on page 5 of the annual report.
The terms FFB, CPO and CPKO mean, respectively, fresh fruit bunches, crude palm oil and crude palm kernel oil.
References to dollars and USD are to the lawful currency of the United States of America.
References to rupiah and Rp are to the lawful currency of Indonesia.
References to sterling, pounds sterling and GBP are to the lawful currency of the United Kingdom.
Other terms are listed in the glossary of the annual report.
Press enquiries to:
R.E.A. Holdings plc
Tel: 020 7436 7877
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April 22, 2026 02:00 ET (06:00 GMT)
