Agricultural Products and Commodities Sector Outlook — September 2026

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CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › AGRICULTURAL PRODUCTS AND COMMODITIES

Agricultural Products: The Premium Sits with Durable Margin

How the market prices sixteen agricultural products and commodities companies, what buyers agreed to pay in the transaction record, and where value sits across row crops, diversified land platforms and the models that sell into the farm gate.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Agricultural Products and Commodities Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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   CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › AGRICULTURAL PRODUCTS AND COMMODITIES

   This is the cover page for NeuraCap's September 2026 Agricultural Products and Commodities sector outlook.

   We open with the sector's forward-looking valuation lens as of September 28, 2026, built primarily on EV/EBITDA for CY2027E. This sets up the three-way split we walk through across the rest of the deck, so clients can see immediately where the premium sits.

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   CONSUMER STAPLES › FOOD, BEVERAGE AND TOBACCO › AGRICULTURAL PRODUCTS AND COMMODITIES Agricultural Products: The Premium Sits with Durable Margin How the market prices sixteen agricultural products and commodities companies, what buyers agreed to pay in the transaction record, and where value sits across row crops, diversified land platforms and the models that sell into the farm gate. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Agricultural Products and Commodities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This page lists the report's five sections plus the appendix.

   We lay out the five sections ahead, from the bottom line to strategic implications, plus the appendix detail. Section one carries the whole finding on its own, so a client pressed for time can stop there and still leave with the story. The sections that follow build the evidence behind it, so reading on is a choice, not a requirement.

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   CONTENTS What This Report Covers 01 The Bottom Line Agricultural Products and Commodities Does Not Trade as One Market 02 The Landscape Most of These Names Farm; The Rest Own the Platform Around the Farm 03 Valuation & Situations The Forward Multiple Sorts This Set into Three Bands 04 Precedent Transactions What Buyers Agreed to Pay Across Nine Transactions 05 Strategic Implications Mix, Asset Base and Cycle Position Are the Levers in Reach 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Agricultural Products and Commodities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Agricultural Products and Commodities Splits Three Ways: Row Crops, Diversified Land Platforms, Adjacent Models

   This page states the report's core finding: the sector splits into row crops, diversified land platforms and adjacent models.

   We find that this space prices as three distinct businesses rather than one label, using EV/EBITDA on CY2027E consensus as the common basis. Six of the sixteen approved names carry an eligible forward multiple, and the group that sells into the farm gate carries the top read in this set. That split is the lens we use for every page that follows, so what looks like one sector is really three separate investment cases.

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   01 · THE BOTTOM LINE Agricultural Products and Commodities Splits Three Ways: Row Crops, Diversified Land Platforms, Adjacent Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 16 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Agricultural Products and Commodities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Top of the Range Travels with Margins Above the Sector Line Across the 6 names with a forward estimate, the middle of the range sits at 8.7x forward EV/EBITDA for CY2027E. The two names at the top of the range sit at 12.9x against 6.0x at the bottom, and the two at the top also sit above the sector's margin line. 2 The Set Is Mostly Farming Operations, and the Top Multiple Sits Alongside Them Row-crop and permanent-crop operations account for 69% of the 16 approved names. The adjacent group — crop inputs, agronomy and agricultural water — is 19% of the set, and its one name with a forward estimate, Corteva, Inc. (CTVA), sits at 12.0x for CY2027E. 3 A Faster Top Line Has Not Been What the Premium Followed Among the 6 names with a forward estimate, the three growing above 11% sit at 8.1x for CY2027E and the three growing slower sit at 9.4x. Growth on its own is not associated with a higher multiple here, and three names a side is a direction rather than a rule. 4 Buyers Kept Transacting Through the Cycle, and They Are Mostly Strategics The 9 transactions in this record run from 4.6x to 16.2x EBITDA, and the buyers are merchandisers, processors, family holdings and sponsor-backed fruit platforms. Our read is that pricing here tends to be set off mid-cycle earnings rather than the trailing crop year, so one strong harvest on its own is unlikely to shift what a buyer agreed to pay. 8.7x Sector median EV/EBITDA CY2027E consensus · 6 rated of 16 companies 12.9x Premium end EV/EBITDA vs 6.0x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 15 Transactions with disclosed terms 58 recorded in this tier · 3 told as case studies, the full list in the appendix

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   This divider introduces the market-map section covering how names group by business segment.

   We're moving into the market map: most of this universe farms, and the rest own the platform around the farm. Three segments here are priced on different economics — growth, margin and scale. Keep that distinction in mind as we walk the groupings next.

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   SECTION 02 02 THE LANDSCAPE Most of These Names Farm; The Rest Own the Platform Around the Farm Three segments, priced on different economics: growth, margin and scale. 02 of 06 Agricultural Products and Commodities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Most of These Names Farm; The Rest Own Land Platforms or Sell into the Farm Gate

   This page groups the sixteen approved companies by business segment and shows median EV/EBITDA (CY2027E) per group.

   We group the approved universe into segments and show where each one sits on a CY2027E median multiple. This confirms the split introduced earlier: farming operations dominate by count, while the adjacent group prices differently. That's the map we use to frame every valuation comparison in the sections ahead.

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   02 · MARKET MAP Most of These Names Farm; The Rest Own Land Platforms or Sell into the Farm Gate 16 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Agricultural Products and Commodities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 ROW-CROP AND PERMANENT-CROP FARMING OPERATIONS 11 cos median 8.1x Archer-Daniels-Mi (ADM) Bunge Global S.A. (BG) Adecoagro S.A. (AGRO) The Andersons (ANDE) Dole (DOLE) Cal-Maine Foods (CALM) BrasilAgro - (LND) Village Farms (VFF) Limoneira (LMNR) Alico (ALCO) CHS (CHSCP) The core of the set: acres, origination footprint and packing capacity, priced off the earnings a crop year produces. DIVERSIFIED AGRIBUSINESS PLATFORMS SPANNING ORIGINATION, PROCESSING AND LAND 2 cos no rated names Cresud S.A. (CRESY) Tejon Ranch (TRC) Land, water and entitled acreage sit under the operating business, so appraised asset value is part of how buyers underwrite them. ADJACENT MODELS 3 cos 12.0x · 1 rated Corteva (CTVA) Cadiz (CDZI) Above Food (ABVE) Genetics, crop inputs and agricultural water sell into the farm gate rather than across it, and carry the higher forward multiple in this set.

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   02 · LANDSCAPE

   Three Groups, Three Different Ways of Earning a Multiple

   This page explains what each segment does and why it earns its own multiple.

   We walk through what each of the three groups does and why the market prices each one on different terms. Row crops earn on the crop year, land platforms earn on the asset, and adjacent models earn on the contract. Understanding that difference is what keeps a client from comparing multiples across businesses that aren't really comparable.

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   02 · LANDSCAPE Three Groups, Three Different Ways of Earning a Multiple Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Agricultural Products and Commodities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Row-crop and permanent-crop farming operations 11 69% 8.1x Archer-Daniels-Midland Company (ADM) · Bunge Global S.A. (BG) · +9 more Where the acres are. 11 of the 16 approved names and 69% of the set, with 5 of them carrying a forward estimate. Earnings here move with yield, packout, basis and freight, so buyers argue over which crop years belong in the mid-cycle average before they argue over the multiple. Diversified agribusiness platforms spanning origination, processing and land 2 13% — Cresud S.A. Sponsored ADR (CRESY) · Tejon Ranch Co. (TRC) Land, origination and processing together. Cresud S.A. Sponsored ADR (CRESY) and Tejon Ranch Co. (TRC) make up 12% of the set and carry no forward estimate in this screen. Platforms of this shape are customarily valued sum-of-the-parts: appraised acreage and water entitlement on one side, a separate multiple on the operating business. Adjacent models 3 19% 12.0x n=1 Corteva, Inc. (CTVA) · Cadiz Inc. (CDZI) · +1 more Selling into the farm gate. 3 names and 19% of the set, covering genetics and crop inputs, agricultural water rights and branded ingredients. The one name here with a forward estimate, Corteva, Inc. (CTVA), sits at 12.0x for CY2027E — recurring demand and trait protection read differently to a harvest.

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   This divider introduces the public-market valuation section on forward multiples.

   Next we turn to the forward multiple itself; it sorts this set into three clear bands. We'll show who sits at the top, who sits at the bottom, and what characteristics travel with each. That banding is the foundation for the situation map that follows.

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   SECTION 03 03 VALUATION & SITUATIONS The Forward Multiple Sorts This Set into Three Bands Who sits at the top of the range, who sits at the bottom, and what travels with each. 03 of 06 Agricultural Products and Commodities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Top of the Valuation Range Carries Higher Margins and Faster Revenue Growth

   This page ranks the six rated companies by EV/EBITDA (CY2027E) against the sector median.

   We rank all six rated names on CY2027E EV/EBITDA against the sector median of 8.7x. The top of the range carries higher margins and faster revenue growth than the bottom, and the tiering here is cut at the rated set's own quartiles. That's the evidentiary base for the margin story we build on next.

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   03 · PUBLIC MARKET VALUATION The Top of the Valuation Range Carries Higher Margins and Faster Revenue Growth EV / EBITDA (CY2027E) · all 6 rated companies, sorted descending · sector median 8.7x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 16 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Agricultural Products and Commodities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 12.9x CORE · median 8.7x DISCOUNT · median 6.0x Sector median 8.7x WHAT SEPARATES THE TWO ENDS The top holds its margin. Adecoagro S.A. (AGRO) and Corteva, Inc. (CTVA) both report EBITDA margins above the 14% line for the names with a forward estimate, at 29% and 23%. Integrated land-and-processing economics and a protected genetics franchise are the two shapes sitting at the top of this range. The forward view already credits growth. A CY2027E multiple prices the forecast in, so a premium that survives the forward lens points to margin buyers expect to hold rather than one strong crop year. Adecoagro S.A. (AGRO) carries 55% forecast growth and still sits at the top of the range, which is the forward test doing its work. The bottom sells on thin spreads. Dole plc (DOLE) sits at the bottom of the range on a 4% EBITDA margin — fresh produce distribution, where packout, freight and shelf pricing set the spread. Village Farms International, Inc. (VFF) sits at the bottom too while reporting a higher margin, so the bottom of this range is not one story.

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   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 14% Margin Line Carry 12.0x Against 8.1x Below It

   This page splits the rated names into growth and margin cohorts and compares their median multiples.

   We split the rated names two ways, by revenue growth and by EBITDA margin, and compare the median multiple each cohort carries. Margin does the separating: names above the margin line carry 12.0x against 8.1x below it, while faster growth on its own doesn't show the same pattern. That's an association in this data, not a claim of cause, and it points clients toward margin durability as the more reliable multiple driver here.

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   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 14% Margin Line Carry 12.0x Against 8.1x Below It Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=3; slower n=3; higher-margin n=3; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Agricultural Products and Commodities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 11% · EBITDA-margin split at 14% The Faster Half Does Not Sit Above the Slower Half on the Multiple On the 6 names with a forward estimate, the three growing above 11% sit at 8.1x for CY2027E and the three growing slower sit at 9.4x. Three names a side is a small base, so read it as direction across this screen rather than as a sector rule. Permanent-Crop Margin Shows up Before a Forward Multiple Does Alico, Inc. (ALCO) reports a 60% EBITDA margin on a -42% revenue move — the shape of a bearing-acreage business where one harvest swings the top line. Asset-backed names like this are customarily underwritten on appraised land and water entitlement first, and on the harvest second. Merchandising Volume Travels with a Thin Spread per Unit Bunge Global S.A. (BG) pairs 32% revenue growth with a 4% EBITDA margin: elevation margin, basis and carry across an origination and crush footprint. Volume of that order moves working capital and the hedge book well before it moves the multiple. Water and Land Assets Sit Outside the Crop-Year Rhythm Cadiz Inc. (CDZI) shows a -49% revenue move and carries no forward multiple in this screen, which is how water rights and delivery infrastructure read on an income statement. Buyers of these assets underwrite entitlement and secured allocation rather than a run-rate harvest.

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    03 · SITUATION MAP

    Two of the Six Names with a Forward Estimate Sit Above the Middle on Both Growth and Margin

    This page maps the six rated names on growth versus margin relative to their medians.

    We plot the six names with a forward estimate against the sector median multiple and the covered margin median, splitting the set into quadrants. Two names sit above the middle on both growth and margin, the strongest combination in this set. This is an observation about where each name sits today, not a recommendation to act.

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    03 · SITUATION MAP Two of the Six Names with a Forward Estimate Sit Above the Middle on Both Growth and Margin Cut on EV / EBITDA vs the sector median (8.7x) (rows) and EBITDA margin vs the covered median (14%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Agricultural Products and Commodities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Paid for Margin That Holds Above-median multiple · above-median EBITDA margin 2 names Corteva, Inc. (CTVA) · Adecoagro S.A. (AGRO) Corteva, Inc. (CTVA) and Adecoagro S.A. (AGRO) sit above the 8.7x line and above the margin line, two of the 6 names with a forward estimate. Protected genetics in one case and integrated land-and-processing economics in the other are what buyers are pricing at this end. Priced Ahead of the Spread Above-median multiple · below-median EBITDA margin 1 names Archer-Daniels-Midland Company (ADM) Archer-Daniels-Midland Company (ADM) prices above the sector line on a 6% EBITDA margin. That is the merchandising shape: scale across origination, crush and processing sits alongside a thin spread per unit of volume. Margin the Multiple Has Not Followed Below-median multiple · above-median EBITDA margin 1 names Village Farms International, Inc. (VFF) Village Farms International, Inc. (VFF) reports a 22% EBITDA margin and still prices below the sector line, one of the 6 names with a forward estimate. A margin the multiple has not followed usually reads as a question about durability and mix rather than about the current crop year. Priced on Pass-Through Volume Below-median multiple · below-median EBITDA margin 2 names Bunge Global S.A. (BG) · Dole plc (DOLE) Bunge Global S.A. (BG) and Dole plc (DOLE) sit below the line on both axes. Both run volume models where commodity prices, freight and shelf pricing set the spread, and mix migration toward contracted or branded supply is what is associated with the higher multiples elsewhere in this set.

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    03 · THE AGENDA

    The Value Question Is Which Acres, Plants and Contracts Earn the Higher Multiple

    This page frames the questions an owner or acquirer should resolve on which assets earn the higher multiple.

    We frame the value question the way an owner or acquirer would: which acres, plants and contracts actually earn the higher multiple. The cohort evidence from the prior pages grounds this judgment, but it's a set of questions to resolve, not a call on any specific name. That framing carries into the transaction record next.

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    03 · THE AGENDA The Value Question Is Which Acres, Plants and Contracts Earn the Higher Multiple NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Agricultural Products and Commodities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Move Mix from Pass-Through Volume Toward Specified Supply Contracted, identity-preserved and branded volume dampens commodity pass-through and holds a spread that a spot crop year does not. In this set the names at the top of the range carry the higher margins, and the names priced on pass-through volume sit at the bottom. What changes the answer: Contracted and specified volume rising as a share of the book while the spread per unit holds through a full crop year. Underwrite the Asset Base Separately from the Crop Year Farmland, permanent-crop acreage, water entitlement and terminal siting are valued on appraisal and highest-and-best use, not on last year's harvest. Two names in this set carry no forward estimate and are read on assets, which changes which lever moves value. What changes the answer: A comparable land, water or terminal transaction that reprices the acreage against the operating earnings attached to it. Choose Between Building and Buying the Next Handling or Processing Asset The transaction record shows handling and origination assets changing hands at lower multiples than specialty processing and genetics, which frames the build-versus-buy arithmetic. Density in an origination footprint is the part competitors cannot replicate quickly. What changes the answer: Precedent transactions for handling capacity clearing the cost of a new build on the same throughput assumptions. Agree Internally Which Years Count as Mid-Cycle Buyers price off normalised earnings and argue explicitly over which crop years belong in the average and how to treat an exceptional harvest or price environment. The same discipline decides which year a board uses for capital allocation and hurdle rates. What changes the answer: A second consecutive year where harvest or price pulls reported earnings away from the mid-cycle average.

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    This divider introduces the precedent-transactions section covering nine transactions.

    We move now to the deal record: nine transactions with disclosed terms, and what buyers actually agreed to pay across them. These are worked as case studies, so clients can see the reasoning behind the price, not just the multiple. That reasoning carries into the strategic section that follows.

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    SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Agreed to Pay Across Nine Transactions Nine transactions in the record, and what buyers agreed to pay across them. 04 of 06 Agricultural Products and Commodities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Precedent Transactions Show What Buyers Agreed to Pay for Whole Companies

    This page profiles three precedent transactions with disclosed terms as case studies.

    We walk three of the transactions with disclosed terms as case studies, each priced on LTM financials at announcement. These multiples sit on a different basis than the CY2027E public multiples shown earlier, so we don't draw a spread between the two. What we draw out instead is why each deal happened, the strategic logic buyers were paying for.

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    04 · DEAL CASE STUDIES Precedent Transactions Show What Buyers Agreed to Pay for Whole Companies 3 of 15 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 89 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 43 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Agricultural Products and Commodities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Feb-2025 $7.3B Tether Investments S.A. de C.V. Tether Investments S.A. de C.V. acquires Adecoagro S.A. EV / LTM revenue 4.8x EV / LTM EBITDA 16.2x WHY THE DEAL HAPPENED Tether Investments S.A. de C.V. moved for Adecoagro S.A. in Feb-2025; the record shows it as announced. HOW THE TARGET WAS VALUED The filing records $7.3B of enterprise value, struck at 16.2x LTM EBITDA, the benchmark buyers in this segment start from. Oct-2014 $722M Grupo Cutrale / Safra Group Grupo Cutrale / Safra Group acquires Chiquita Brands International plc EV / LTM revenue n/a EV / LTM EBITDA 11.4x WHY THE DEAL HAPPENED Grupo Cutrale / Safra Group moved for Chiquita Brands International plc in Oct-2014; the record shows it as announced. HOW THE TARGET WAS VALUED The filing records $722M of enterprise value, struck at 11.4x LTM EBITDA, the benchmark buyers in this segment start from. Feb-2017 $2M Limoneira Chile SpA Limoneira Chile SpA acquires Frutícola Pan de Azúcar S.A. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Limoneira Chile SpA moved for Frutícola Pan de Azúcar S.A. in Feb-2017; the record shows it as completed. HOW THE TARGET WAS VALUED The filing records $2M of enterprise value, the benchmark buyers in this segment start from.

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    This divider introduces the strategic-implications section on mix, asset base and cycle position.

    We close the analysis with the levers actually in an operator's reach: mix, asset base and cycle position. Commodity prices sit outside any single operator's control, but contract structure and cost per unit do not. That distinction runs through the strategic implications ahead.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Mix, Asset Base and Cycle Position Are the Levers in Reach Commodity prices sit outside the operator; contract structure and cost per unit do not. 05 of 06 Agricultural Products and Commodities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Margin Durability and the Asset Base Are the Two Levers in Reach

    This page sets out the questions the data raises for owners, management teams and boards over the next twelve months.

    We translate the valuation and deal evidence into three practical questions, one each for owners, management teams and boards. Margin durability and the asset base are the two levers actually in reach here, separate from the commodity cycle. These are observations drawn from the analysis, not recommendations to act on any specific name.

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    05 · STRATEGIC IMPLICATIONS Margin Durability and the Asset Base Are the Two Levers in Reach NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Agricultural Products and Commodities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS The Premium in This Set Sits with Margin That Survives the Forward View A CY2027E multiple already credits the forecast, so the names holding a premium on that basis are being priced for margin buyers expect to last. The work is in mix, cost per unit delivered to the plant gate and contract structure — the parts of the spread an operator sets. FOR MANAGEMENT TEAMS Working Capital and the Hedge Book Decide How Volume Growth Converts Volume growth in a merchandising model moves inventory, margining and cash before it moves earnings, and diligence in this sector concentrates on the hedge book and position limits. Space turns, basis capture and readily marketable inventories are where growth becomes earnings rather than balance sheet. FOR BOARDS Capital Allocation Splits Between the Acreage and the Processing Line Acreage, water and terminals are underwritten as long-duration assets by a different pool of capital than the operating business attracts. Deciding which side of that line the next dollar goes to is the choice that shapes which multiple the company is read against.

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    This divider introduces the appendix covering the full comparables set, precedent list and methodology.

    We close with the full universe behind every figure in this report: the comparables set, the complete transaction list and the methodology. This is where a client can trace any figure back to its source. Use it to check our work or to pull detail we didn't have room to walk through live.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Agricultural Products and Commodities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This appendix lists all rated and unrated public comparables grouped by valuation tier.

    We show every rated name against the sector median, shaded by tier, alongside the names that carry no eligible multiple. This is the complete comparable set behind the charts we walked through earlier. Clients can trace any single multiple back to its underlying source from this page.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (8.7x); amber marks below · 6 rated companies; 10 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 6 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Agricultural Products and Commodities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥11.3x · median 12.9x · 2 companies Adecoagro S.A. AGRO Row-crop and permanent-crop farming operations $9.4B 13.8x 55% 29% 33 Corteva, Inc. CTVA Crop protection, crop nutrition and agronomy inputs $53.6B 12.0x 4% 23% 27 CORE — 6.6x–11.3x · median 8.7x · 2 companies Archer-Daniels-Midland Company ADM Row-crop and permanent-crop farming operations $48.8B 9.4x 9% 6% 11 Bunge Global S.A. BG Row-crop and permanent-crop farming operations $37.8B 8.1x 32% 4% 8 DISCOUNT — <6.6x · median 6.0x · 2 companies Dole plc DOLE Row-crop and permanent-crop farming operations $2.5B 6.2x 6% 4% 6 Village Farms International, Inc. VFF Row-crop and permanent-crop farming operations $358M 5.8x 12% 22% 41

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix lists all precedent transactions with disclosed terms, newest first.

    We list every transaction with disclosed terms in order, each carrying its multiple on LTM financials at announcement. This is the full record behind the case studies shown earlier in the deck. Deal values link back to the underlying filing for any client who wants to verify a specific transaction.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 15 transactions with disclosed terms in this tier (58 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 89 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 43 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Agricultural Products and Commodities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2026 Undisclosed buyer → Corteva Inc. $56.1B 3.1x 13.4x Undisclosed buyer paid $56.1B at 3.1x LTM revenue. Apr-2025 Deprez Family → Greenyard NV n/a 0.7x 4.6x Deprez Family paid n/a at 0.7x LTM revenue. Feb-2025 Tether Investments S.A. de C.V. → Adecoagro S.A. $7.3B 4.8x 16.2x Tether Investments S.A. de C.V. paid $7.3B at 4.8x LTM revenue. Dec-2022 The Natural Fruit Company (Fremman and GPF Capital) → Bollo International Fruits n/a n/a 10.0x The Natural Fruit Company (Fremman and GPF Capital) paid n/a. Jan-2022 Viterra Limited → Gavilon Agriculture Investment, Inc. n/a n/a 8.4x Viterra Limited paid n/a. Feb-2021 Total Produce plc → Dole Food Company, Inc. n/a n/a 7.7x Total Produce plc paid n/a. Jul-2020 Philips Healthcare N.V. → Jatobá Farm n/a 6.2x n/a Philips Healthcare N.V. paid n/a at 6.2x LTM revenue. Jul-2018 Archer-Daniels-Midland Company → Neovia Sàrl n/a n/a 14.1x Archer-Daniels-Midland Company paid n/a. Feb-2018 Total Produce plc → Dole Food Company (45% Stake) n/a 0.7x 8.8x Total Produce plc paid n/a at 0.7x LTM revenue.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix continues the full list of precedent transactions with disclosed terms.

    We continue the transaction list here, keeping the same ordering and basis as the prior page. Together these two pages carry the complete disclosed-terms record referenced throughout the deck. This is the detail a client needs before comparing any single deal to the current public multiples.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 15 transactions with disclosed terms in this tier (58 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 89 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 43 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Agricultural Products and Commodities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2017 Limoneira Chile SpA → Frutícola Pan de Azúcar S.A. $2M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Dec-2016 Sumitomo Corporation → Fyffes plc n/a n/a 10.8x Oct-2014 Grupo Cutrale / Safra Group → Chiquita Brands International plc $722M n/a 11.4x May-2013 Archer-Daniels-Midland Company → GrainCorp Limited (80%) n/a 0.7x 8.8x Value shown as recorded in the filing; deal value unit unresolved. May-2012 Marubeni Corp → Gavilon Agriculture Investment, Inc. n/a 0.7x 8.8x Jun-2008 Fresh Del Monte Produce Inc. → Desarollo Agroindustrial de Frutales, S.A., Frutas de Exportacion, S.A. and an affiliated sales and marketing company n/a 0.7x 8.8x Value shown as recorded in the filing; deal value unit unresolved.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This page explains the report's sources, valuation basis and what was excluded from the analysis.

    We close with the sources and assumptions behind every figure in this report, including what was excluded and why. Each figure links back to the record it came from, and where a link isn't available, the underlying source is named here instead. This is the reference page for a client who wants to verify how a specific number was derived before relying on it.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Agricultural Products and Commodities Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 16 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Agricultural Products and Commodities and it clears the coverage gate with 6 of 16 companies (38%). EV / Revenue, P / E are carried as a cross-check. The set earns: 6 of the 7 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 22 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 658 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (657) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In This Set, the Premium Sat with Durable Margin, and Volume Growth Sat on Its Own.

    This closing page states the report's finding on margin premium and points to where full detail is available.

    In this set, the premium sat with durable margin, and volume growth sat on its own; that's the finding we'd leave a client with. The companion tables carry the full universe, the exclusion ledger and the complete source index for anyone who wants to trace a specific figure. That combination of headline finding and full traceability is what this report is built to deliver.

    Everything on this page

    In This Set, the Premium Sat with Durable Margin, and Volume Growth Sat on Its Own. NeuraCap AI — Agricultural Products and Commodities Coverage September 2026 · Prepared by NeuraCap AI · Confidential Agricultural Products and Commodities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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