FERTILE GROUND FOR PARTNERSHIP

Chairman’s statement
CEO’s statement

Dear shareholders

In 2024, our Company celebrated its 23rd anniversary — a remarkable milestone marking both past achievements and future opportunities for new successes, breakthroughs, and records. These will be built on our experience, market expertise, refined business model, and, most importantly, the concerted efforts of our professional team.

Since its founding, PhosAgro Group has demonstrated consistent growth in production and financial performance while integrating principles of sustainability and social responsibility into daily operations. The year 2024 proved no exception: we continued our progressive growth, maintaining our priority focus on what matters most — our people.

Victor Cherepov

Chairman of the Board of Directors
of PJSC PhosAgro
2024 was a year of sustainable growth in PhosAgro Group’s operational and financial performance, laying a solid foundation for further expansion.

The Company once again demonstrated the effectiveness of its business model, the professionalism of its team, its deep market expertise, and the ability to deliver strong results while adapting to shifting market conditions.

This success stems from our unwavering commitment to sustainability and responsible business practices, deeply embedded in our goals and daily operations. While we update strategies and modernise production, one constant remains: PhosAgro Group ensures farmers in our core Russian market and globally have access to high-quality, eco-friendly fertilizersCertified for environmental compliance under the Vitality Leaf international standard..

Mikhail Rybnikov

Chief Executive Officer
of PJSC PhosAgro
Revenue
507.7 RUB bln
+15.3%
Adjusted

EBITDA

170.6 RUB bln
+1.3%
Dividend
payments
109.2 RUB mln
production
8874.2 kt
+5.8%
Phosphate-based fertilizers
2593.2 kt
-0.5%
Nitrogen-based fertilizers
Sales
11604.3 kt
+4.2%
Phosphate-based and nitrogen-based fertilizers
121.2 kg per tonne of finished
and semi-finished products
GHG emissions (Scope 1)
2028 target
109.1
3.25 m3 per tonne of products
and semi-finished products
Water

withdrawal

2025 target
2.6
0.00 per 1 mln of hours worked
Fatalities as a result of work-related injuries (own staff)
Target: 0 fatalities
0.712 kg per tonne of finished and
semi-finished products
Pollutant emissions
2025 target
0.800
40.32 %
Share of recycled and decontaminated hazard class 1–4 waste
2025 target
40.00
116.6 hour
Average annual training hours per employee
2025 target
123.0
1.83 m3 per tonne of products and
semi-finished products
Discharge of waste water into surface water

bodies

2025 target
1.70
0.54 per 1 mln hours worked

LTIFREmployees + staff of external contractors (including subsidiaries, affiliates and managed companies, Boundary A — for more information, see the Industrial Safety section).

Target: -10%/yr
76 p.p.
Employee satisfaction and loyalty
2025 target
65

Geographical footprint

PhosAgro Group runs the Samoilov Scientific Research Institute for Fertilizers and Insectofungicides (NIUIF). We also operate our Moscow-based Innovations Centre that develops advanced plant nutrition systems in cooperation with leading R&D centres.

74 regions of operation

22 regional offices

34 distribution centres

Map

GRI 2-6

PROCESS AND PRODUCT DEVELOPMENT
Wide product range
58
agrochemical brands, including all types of fertilizers and animal feed
RUB 2635.3 mln
investments in R&D activities
USD 5.4 mln
Investments in a soil protection project
Target 2.4

The value creation cycle at PhosAgro Group starts with a thorough analysis of consumer preferences and market trends. Drawing upon analytical insights and the latest research findings in green chemistry, our R&D centres in Cherepovets and Moscow develop highly effective and eco-friendly fertilizer brands that enjoy steady demand from consumers.

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GRI 2-6

MINERAL EXTRACTION
Unique resource base in terms of size and quality Ore mined
41 mtpa
Target 12.4

Our mining division in the Murmansk region extracts high-quality apatite-nepheline ore for further production of phosphate fertilizers.

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GRI 2-6

FERTILIZER PRODUCTION
Self-sufficiency in feedstock
100 %
in phosphate rock
74 %
in ammonia
37 %
in amonium sulphate
93 %
in sulphuric acid
Target 3.9 6.3 8.3 12.4 15.1

Our Cherepovets, Volkhov, and Balakovo facilities produce our entire range of phosphate and nitrogen-based fertilizers as well as complex ones. With a strong vertical integration, we ensure maximum economic efficiency of production while maintaining full control over product quality.

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GRI 2-6

TRANSPORTATION AND LOGISTICS
Supplies to
74 regions
in Russia
Port transhipment capacity
9 mtpa
Target 9.1

Thanks to our high-capacity railway infrastructure, extensive own fleet of railcars, and modern port terminals, our transportation and logistics services ensure reliable supplies of PhosAgro Group’s products to our customers in Russia and worldwide. Effective inventory management enables us to take into account seasonal demand for fertilizers, avoiding shortages during peak periods and optimising transport flows.

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GRI 2-6

MARKETING AND SALES
37 distribution centres
in Russian regions
The audience constantly using the Company’s digital platforms and services exceeded
157000 people
Farmers made more than
300000 calculations
(including partner integrations) using Agro Calculator
Target 2.4 12.4

PhosAgro Group’s sales network is the largest in the Russian agrochemical industry. We have a presence in all key agricultural regions across the country and globally and are committed to becoming even closer to our consumers. The digitisation of our sales platforms and customer services is rapidly advancing.

GRI 2-6

FERTILIZER APPLICATION AND SERVICE
Results of
> 500
agronomic trials published on the Company’s website
Обследовано
Ca. 200 thousand ha
of soils surveyed by agronomic experts in 31 regions of six federal districts
Target 13.113.217.1617.17

We use a service model where customers receive a combination of a fertilizer and our agronomic expertise, all available in a digital environment. Our industry-leading agronomic service provides training, agronomic advice, and support to our customers. Customer feedback serves as a valuable source of information for improving existing products and developing new ones.