Norofert ends the first nine months with a 10% increase in revenue and a 24% increase in net profit.

Bucharest, November 27th, 2024 – Norofert, the leading producer of organic agricultural inputs and biotechnology provider for agriculture in Romania, listed on the AeRO market of the Bucharest Stock Exchange (BVB symbol: NRF), recorded a turnover of RON 35.5 million in the first nine months of 2024, marking a 10% increase compared to the same period last year. This growth was driven by the production and commercialization of agricultural inputs, including results from the U.S. operations. Despite a
challenging agricultural context in Romania, characterized by drought and low crop prices, the company
demonstrated resilience and achieved a net profit increase of over 24%, reaching RON 1.4 million in the
first nine months of 2024.
Vlad Popescu, President of the Board, Norofert:
„The results achieved in the first nine months of the year reflect the company’s ability to adapt to a
challenging context and confirm the viability of our business model. Additionally, in Q3 2024, we announced
the expansion of operations in Brazil through a strategic partnership and the construction of a new factory
in collaboration with the Brazilian group Engenutri. Furthermore, we are preparing to launch a corporate
bond issuance worth RON 15 million, which will support investments in expanding the irrigation
infrastructure at the Zimnicea farm and accelerating international market expansion. Our strategic priorities
remain focused on increasing our presence in the U.S. and Brazil, along with continuous innovation in
developing solutions for sustainable agriculture. We are confident that our long-term strategy will deliver
value to our shareholders, customers, and partners.”
Key consolidated figures for the first 9 months of 2024:
o The Group’s fixed assets reached RON 28.3 million, a 21% increase, primarily due to investments in the
irrigation system and the research laboratory. These assets are essential for the company’s
development strategy, enabling the production of a broader range of products and ensuring a stronger
competitive market position.
o Receivables remained at a similar level compared to last year, reflecting a cautious sales policy, as the
agricultural sector experienced a very challenging year. The collection rate remained high, at
approximately 93%, due to rigorous client selection and a prudent risk management policy.
o Total liabilities amounted to RON 57.3 million, representing an increase of nearly 4% compared to the
same period last year, driven by the increase in the factoring ceiling required to finance sales and
improve cash flow.
o Operating revenues amounted to RON 38 million, a decrease of only 1%, mainly influenced by the lack
of liquidity in the agribusiness market during the first half of 2024.
o Operating expenses remained similar to last year, at approximately RON 34 million.
o The operating profit was RON 4.2 million, almost 9% lower than the same period last year, due to higher
depreciation expenses.
Str. Justiției 63
Sector 5, București, România
www.norofert.ro | investitori@norofert.ro
o Under these conditions, the company’s net profit was RON 1.4 million, marking a 24% increase
compared to the result recorded in the first nine months of 2023.
Announced investments in the first 9 months of 2024
In Romania: The completion of the first stage of the research laboratory in Filipeștii de Pădure and the
contracting of a RON 4.1 million loan through the IMM INVEST Plus program for the acquisition of irrigation
systems and pivot irrigation equipment. The funds are being used to finalize the irrigation system for 340
hectares out of the 1,000 hectares operated organically at the Zimnicea Farm. The total value of the
investment project is approximately 4.9 million RON, of which the company’s own contribution will be 15%.
In the USA: Norofert inaugurated a production line in Watertown, South Dakota, in May 2024, with a
capacity of 8,000 liters per day. This facility allows the company to produce specialized inputs for soil health
and foliar nutrition, utilizing bacteria produced in the Filipeștii de Pădure laboratory. The investment of EUR
250,000 for assembling the input production line was carried out through Norofert AG, a company
established in partnership with Gary Lamb, an entrepreneur with over 30 years of experience in
agribusiness in the Midwest, USA. Additionally, the company signed a distribution contract with one of the
major distributors in Watertown, covering the regions of South Dakota, North Dakota, and Minnesota.
In Brazil: The establishment of Norofert Brasil LTDA, in partnership with Engenutri, for the construction of
a factory with a capacity of 15,000 liters per day. The project, valued at €500,000, is co-financed by both
partners. Norofert Brasil LTDA will begin the construction of the factory in November, and the work is
estimated to be completed in approximately two months. The space for the production line, covering 500
sqm, has already been contracted, and bacteria produced at the Filipeștii de Pădure laboratory in Romania
will be used. The product approval process for the Brazilian market is expected to be completed by June
2025.
Financial results for the first 9 months of 2024 are presented according to RAS (Romanian Accounting
Standards) and under IFRS (International Financial Reporting Standards). The group’s consolidated results
include the performance of the parent company, Norofert S.A., as well as that of the 100% owned
subsidiary Agroprod CEV S.R.L. Agroprod CEV cultivates 1,000 hectares of agricultural land under organic
management in Zimnicea, Teleorman County. The consolidation also includes 51% of the results from
NOROFER AG LLC.
The detailed report can be consulted here
About Norofert:

Norofert is the leader in regenerative agriculture research and one of the largest producers of inputs in Romania,
founded in 2000 by the Popescu family. While expanding the production facilities to support sustainable agricultural
practices internationally, Norofert demonstrates commitment to climate neutrality and the ability to innovate in an
area crucial to the future of agriculture and food security.
With a mix of business lines, Norofert has developed its production capacities in recent years in inputs and agricultural
farming, lines that will see development in the coming years. With 65 products in its portfolio, the company caters to
conventional and organic farmers, with a new niche of liquid conventional products in growing demand.
Str. Justiției 63
Sector 5, București, România
www.norofert.ro | investitori@norofert.ro
From 2020, the company is listed on the Bucharest Stock Exchange’s AeRO market, and from October 2021, Norofert
shares are included in the BETAeRO index. During the four years of activity in the capital market, Norofert raised RON
14 million through capital increases and RON 11.5 million through a private placement of corporate bonds. The
company’s corporate bonds are traded on the AeRO market of the Bucharest Stock Exchange under the symbol NRF25
starting June 5th, 2020.

For more information, we invite you to visit www.norofert.ro.