DAVY VIEW

Q1-25 presented a challenging start for Origin as Agriculture revenues declined by 14.2%, impacted by unfavourable planting conditions. However, this was partially offset by a solid performance in Living Landscapes, which saw growth of c.25%, driven by strong organic expansion (c.13%) and recent acquisitions. Encouragingly, recent adverse weather patterns have begun to reverse, and Agriculture volumes are expected to recover in Q2-25, with the total planted area for winter cropping forecast to return to normalised levels. On-farm inventory levels remain low, creating opportunities for increased demand as the season progresses. At first look, we envisage limited changes to our current forecasts.