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Here are a couple of analogies for Forafric Global (AFRI):

• General Mills for staple foods in North Africa: AFRI is a major producer and distributor of essential agri-food products like flour, semolina, pasta, and couscous, similar to how General Mills focuses on various food staples and consumer brands, but with a primary market in North Africa.
• Bunge or ADM for grain milling and food production in North Africa: AFRI's core business involves large-scale grain milling and agricultural processing to produce food ingredients and finished products, akin to the operations of global agri-food giants like Bunge or ADM, but concentrated regionally.

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• Flour and Semolina: Production and distribution of various types of flour (e.g., wheat, maize) and semolina for culinary and industrial uses.
• Pasta and Couscous: Manufacturing and sale of a range of pasta products and traditional couscous.
• Animal Feed: Production of feed for livestock, utilizing by-products from their grain milling operations.

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Forafric Global (AFRI) primarily sells its agri-food products to other businesses (B2B) rather than directly to individual consumers. The company does not publicly disclose the specific names of its major customer companies due to competitive considerations. However, based on its business model and product distribution, its major customers fall into the following categories of companies:

• Modern Retail Chains: This customer group includes large supermarket and hypermarket operators across Morocco and other African markets. These retailers purchase Forafric's branded and private-label products to stock their shelves for direct sale to the end consumer.

• Wholesalers and Distributors: These companies serve as intermediaries, purchasing Forafric's products in bulk. They then manage the distribution to a diverse network of smaller traditional retail stores, convenience shops, and other local businesses, significantly expanding Forafric's market reach.

• Food Service Providers: This category consists of businesses in the hospitality and catering sector, such as hotels, restaurants, and institutional catering companies. These entities use Forafric's essential ingredients like flour, pasta, and couscous in their daily operations and culinary preparations.

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Khalid Assari, Chairman of the Board & Chief Executive Officer

Mr. Assari was appointed CEO of Forafric Global PLC in February 2025 and also serves as its Chairman of the Board since April 4, 2025. He previously held several senior positions within Caisse de Dépôts (CDG Group) and was the CEO of Forafric Morocco from 2016 to 2018. From 2020 to 2024, he was an investor in the real estate and agro business sectors in Morocco. Mr. Assari holds an MBA in finance from Old Dominion University.

Julien Benitah, Chief Financial Officer & Director

Julien Benitah joined Forafric in 2015 as M&A Director and became CFO of Forafric Group in 2020. He has over 10 years of professional experience in Corporate Finance, having previously worked at Société Générale and Rothschild, and also created an M&A Boutique in France.

Mustapha Ghazali, Chief Technology Officer

Mustapha Ghazali became CTO of the Forafric Group in 2018. He possesses over 25 years of professional experience in the industry sector with expertise in wheat crushing. Prior to Forafric, he gained significant experience at SANIA as a Unit Manager and CTO.

Oury Marciano, Vice President, Business Development

Oury Marciano joined the Forafric Group in 2016 as Head of Business Development. He brings over 12 years of professional experience in strategic consulting with CBM Group and investment banking with Societe Generale CIB.

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The key risks to Forafric Global (AFRI) primarily revolve around its financial stability, its reliance on raw material sourcing, and the inherent challenges of operating in its primary geographic markets.

1. Financial Health and High Debt Levels: Forafric Global faces significant financial risks, including a high net debt-to-equity ratio, which is considered substantial. The company's short-term assets do not adequately cover its short-term liabilities, indicating potential liquidity issues. Adding to these concerns, an auditor has raised "going concern" doubts about the company. The company has also reported weak gross profit margins.
2. Reliance on Raw Material Sourcing and Exposure to Commodity Price Volatility: As an agribusiness specializing in wheat processing, Forafric Global's business is highly dependent on its ability to obtain quality raw materials. The company is particularly vulnerable to raw material shortages and increases in costs, with geopolitical events like the war between Russia and Ukraine specifically cited as a potential cause for adverse effects. Furthermore, Forafric is dependent on a related party supplier for a substantial portion of its raw materials, which could pose a concentration risk.
3. Economic, Political, and Geographic Risks in Operating Regions: Forafric Global operates in Morocco and Sub-Saharan Africa, exposing it to various economic, political, and geographic risks inherent in these markets. These include global and regional economic downturns, currency exchange rate fluctuations, and the broader economic and political instability often found in emerging markets. The company's operations are also susceptible to adverse events affecting Morocco, such as natural disasters or economic depressions, as most of its facilities and customers are located there.

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• Intensifying climate change impacts in key sourcing regions, particularly persistent droughts and water scarcity in Morocco, significantly reducing local grain harvests. This forces Forafric Global to increasingly rely on more expensive and volatile international markets for raw materials, threatening its cost structure, supply stability, and profitability.
• Structural shifts and sustained volatility in global grain markets, driven by geopolitical instability, increased export restrictions by major producing countries, and climate-induced supply shocks. This creates unpredictable raw material costs and supply chain disruptions, making long-term planning and consistent pricing challenging for a company heavily reliant on grain imports and processing.

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Forafric Global (symbol: AFRI) operates primarily in the milling industry across Africa, with a strong presence in Morocco and Sub-Saharan Africa. The company's main products include wheat flours, semolina, pasta, and couscous.

Addressable Markets for Forafric Global's Main Products:

• Couscous:
  • The couscous market size in Morocco reached USD 506.1 Million in 2024 and is projected to grow to USD 791.2 Million by 2033, with a Compound Annual Growth Rate (CAGR) of 4.84% from 2025 to 2033.
  • Globally, the couscous market was valued at USD 1.64 billion in 2024 and is anticipated to reach USD 2.73 billion by 2032, at a CAGR of 6.57%. The Middle East and Africa region is experiencing a steady expansion in its couscous market.
• Wheat Flours (Soft Wheat and Durum Wheat):
  • The wheat flour market value in Africa was estimated at over US$ 19 Billion in 2021 and is expected to reach US$ 34 Billion by 2031, growing at a CAGR of 5.9%. Nigeria leads this market, followed by South Africa.
  • In Morocco, industrial semolina processing, which is derived from wheat, reached 910,000 tons in 2024.
• Pasta:
  • Africa's pasta production stood at approximately 1.2 million metric tons in 2024, with a CAGR of 4.5%, and is projected to exceed 1.5 million tons by 2035.
  • In Morocco, pasta exports are set to reach around $54 million by 2026, an increase from $45 million in 2021. Moroccan pasta imports are expected to grow to approximately $16 million by 2026 from $14 million in 2021.
  • The combined market for rice, pasta, and couscous in Morocco was valued at USD 368 million in 2018 and was estimated to reach USD 464 million in 2021.
• Semolina:
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Forafric Global (AFRI) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Increased Production Capacity: Forafric Global has demonstrated a clear strategy of expanding its operational capacity. For instance, the company announced a plan in May 2024 to lease a new operating facility, which is expected to increase its crushing capacity by 600 tons per day. This follows a previous acquisition in July 2023 of the SIMS mill in Marrakesh, which added over 300 tons per day to its crushing capacity. These expansions directly enable higher production volumes and, consequently, increased sales revenue.
2. Product Diversification and Innovation: The company has diversified its business activities beyond primary wheat processing to include a complete range of flour and semolina, as well as secondary processed products such as pasta and couscous, and animal feed. This diversification allows Forafric to cater to a broader market and innovate within its various product lines to meet evolving customer demands, thereby contributing to revenue growth.
3. Geographic Expansion and Market Penetration: Forafric is strategically positioned as a leading agribusiness player in Africa, with operations in Morocco and exports to more than 45 countries, particularly within Sub-Saharan Africa. The continent presents significant opportunities due to rapid economic growth, young populations, and increasing consumer demand, supported by initiatives like the African Continental Free Trade Area (AfCFTA). Expanding its reach and deepening its presence in these growing markets will be a crucial revenue driver.
4. Leveraging Growing Demand in the Agricultural Sector: Operating within the agricultural sector, Forafric Global is well-placed to benefit from the fundamental growth in demand for food products. The increasing consumer base and economic development across African markets naturally lead to higher consumption of food staples and related products, providing a consistent underlying driver for Forafric's revenue.

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Share Issuances

• Forafric Global PLC commenced trading on the Nasdaq Capital Market under the ticker symbol 'AFRI' on June 10, 2022, following a business combination with Globis Acquisition Corp..
• In conjunction with this business combination, Forafric raised $44.8 million in new capital, including $19.4 million from a SPAC trust account.

Outbound Investments

• Forafric acquired the SIMS mill in Marrakesh, Morocco, on July 31, 2023, increasing its crushing capacity to more than 300 tons per day.
• In May 2024, Forafric announced a plan to expand by leasing a new operating facility, expecting to increase crushing capacity by 600 tons per day (470 tons of soft wheat and 130 tons of durum per day) with a low capital investment.
• On February 11, 2025, Forafric Global PLC announced a strategic shift to focus on Morocco and soft wheat, which includes divesting non-core assets such as operations outside Morocco, durum wheat-focused businesses, and certain logistics activities in Morocco. This divestment program is estimated to generate gross proceeds of between $80 million and $100 million.

Capital Expenditures

• For the fiscal year ended December 31, 2024, capital expenditures were approximately $1.8 million.
• Capital expenditures were approximately $9.5 million in 2023 and $4.5 million in 2022.
• The company plans to expand its operational footprint and crushing capacity with low capital investment by leasing new facilities.