Associated British Foods (ABF) Trading Update summary

Vivergo bioethanol business update

• Commercial viability threatened by UK regulations and new US trade deal allowing tariff-free ethanol imports.

• Extensive discussions with the government have not yet produced a solution; deadline for support has passed.

• Government has now committed to formal negotiations, but outcome remains uncertain.

• Employee consultation for an orderly wind-down has begun; wheat purchases stopped as of 11 June.

• Without short-term funding and a long-term solution, manufacturing will cease before 13 September 2025.

Azucarera restructuring

• Operational review completed; restructuring process began in May.

• Beet manufacturing footprint reduced to one facility in northern Spain.

• Changes aim to simplify operations, reduce costs, and improve efficiency.

Sugar business outlook for 2025

• High rainfall delayed processing season in Africa, but production is now elevated to recover shortfall.

• African profit generation typically peaks in the last two months of the financial year.

• Overall financial guidance for the Sugar business remains unchanged for 2025.