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An African General Mills, but focused on milling wheat and making everyday staples like flour, pasta, and couscous.

Imagine an Archer-Daniels-Midland (ADM) that directly sells pasta and couscous to African consumers.

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• Flour: Forafric Global produces and distributes various types of flour.
• Semolina: The company manufactures and distributes semolina, a coarsely ground durum wheat product.
• Pasta: Forafric Global is involved in the production and distribution of pasta products.
• Couscous: The company manufactures and distributes couscous, a traditional grain-based food.
• Animal Feed: Forafric Global also produces and distributes animal feed for livestock.

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Forafric Global (AFRI) is an agribusiness company primarily operating in Morocco, engaged in the production and distribution of a wide range of agri-food products, including flour, semolina, pasta, couscous, corn products, and animal feed.

The company primarily sells to other companies (B2B). Forafric Global explicitly states that no single customer accounts for 10% or more of its total revenue, indicating a diversified customer base without individually "major" customer companies that can be named. Instead, its customer base consists of the following categories of business customers:

• Retail Chains: This category includes hypermarkets and supermarkets primarily in Morocco, and to a lesser extent internationally. These large-scale retail outlets sell Forafric's finished products directly to end consumers.
• Wholesalers and Semi-Wholesalers: These businesses purchase Forafric's products in bulk for redistribution to smaller retail outlets, traditional stores, and various other commercial customers across Morocco and in international markets.
• Industrial Clients: This includes other food manufacturing companies or businesses that utilize Forafric's products, such as flour or semolina, as raw materials or ingredients in their own production processes. Examples could include bakeries, snack manufacturers, and producers of other processed food items or animal feed.

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Forafric Global's major suppliers include:

• Bunge (Symbol: BG)
• Archer Daniels Midland (Symbol: ADM)
• Cargill
• Louis Dreyfus Company
• Cofco International
• Glencore Agriculture (Viterra)

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Khalid Assari Chief Executive Officer and Chairman of the Board

Khalid Assari was appointed CEO and Chairman of the Board of Forafric Global, effective April 4, 2025, succeeding Saad Bendidi as Chairman. Mr. Assari brings extensive experience in the agricultural business, having held several senior positions within Caisse de Dépôts (CDG Group). He holds an MBA in finance.

Julien Benitah Chief Financial Officer

Julien Benitah was appointed Chief Financial Officer of Forafric Global PLC on June 15, 2022. He joined Forafric in 2015 as M&A Director and became CFO of Forafric Group in 2020. Prior to Forafric, Mr. Benitah worked at Société Générale and Rothschild, and also founded an M&A boutique in France.

Saad Bendidi Former Chairman

Saad Bendidi served as Chairman of Forafric Global PLC until April 4, 2025. He possesses over 30 years of professional experience in various leadership roles across industrial sectors including agro-industry, telecommunications, banking, and insurance. Mr. Bendidi is currently Chairman & Senior Partner at Mediterrania Capital Partners Ltd., which is an investment manager and private equity firm, indicating a pattern of involvement with private equity-backed companies. He previously held positions such as Chairman & Chief Executive Officer at Al Mada SA and Chief Executive Officer at Saham Group SA.

Mustapha Ghazali Chief Technology Officer

Mustapha Ghazali is the Chief Technology Officer. He joined Tria in 2013 as a unit Manager and became CTO of the Forafric Group in 2018. Before joining Forafric, Mr. Ghazali gained experience at SANIA as Unit Manager and CTO, developing recognized expertise in wheat crushing and brownfield projects.

Oury Marciano Vice President, Business Development

Oury Marciano serves as the Vice President, Business Development for Forafric Global. He joined the Forafric Group in 2016 as Head of Business Development. Mr. Marciano has over 12 years of professional experience in strategic consulting with CBM Group and in investment banking with Societe Generale CIB.

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Here are the key risks to Forafric Global (AFRI) in order from most significant to less significant:

1. Dependence on Quality Raw Materials and Supply Chain Vulnerabilities: As a vertically integrated agribusiness specializing in grain milling and agricultural commodities, Forafric Global's operations are inherently reliant on the consistent availability and quality of raw materials such as wheat and other grains. The company's ability to obtain these quality raw materials is a stated risk. Factors such as adverse weather conditions, climate change, geopolitical events, and market fluctuations can disrupt the supply chain, impact crop yields, and lead to increased commodity prices, thereby affecting the company's production costs and profitability. Concerns about global food supply, exacerbated by geopolitical conditions, highlight the vulnerability of such businesses.
2. Financial Oversight, Governance, and Compliance with Listing Rules: Forafric Global has experienced issues with financial oversight and governance, evidenced by its recent non-compliance with Nasdaq Listing Rule 5250(c)(2) due to the late filing of an interim balance sheet and income statement in January 2025. Although the company subsequently filed the required report and regained compliance, the initial lapse raises concerns about its financial management and adherence to regulatory requirements. Such events can damage the company's reputation, erode investor confidence, and potentially impact its ability to access capital on favorable terms.
3. Competitive Landscape and Pricing Pressures: Operating in the agribusiness sector across multiple countries, including Morocco and Sub-Saharan Africa, Forafric Global faces significant competition. Changes in the size and nature of this competition are identified as a risk. The company's core business segments, including grain milling, agricultural commodities trading, and packaged consumer goods, are subject to competitive pricing pressures that can impact profit margins. Intense competition could lead to reduced market share or force the company to lower prices, affecting its financial performance.

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Forafric Global (AFRI) expects its future revenue growth over the next 2-3 years to be driven by several key strategic initiatives. These drivers are largely focused on expanding its operational capabilities and market reach within the African agribusiness sector.

1. Increased Production Capacity and Efficiency: Forafric Global is actively expanding its milling and crushing capacity. In 2023, the company reported extending its crushing capacity in Morocco by 370 tons per day, with a goal to continue increasing capacity at a manageable pace. This expansion allows the company to process more raw materials and, consequently, increase its output of flour, semolina, pasta, and couscous.
2. Strategic Acquisitions: The company has demonstrated a strategy of growth through acquisitions. A notable example is the acquisition of 90% of Société Industrielle de Minoterie du Sud (SIMS) in July 2023, which added an additional 300 tons of capacity per day. Such acquisitions are expected to contribute to an expanded operational footprint and increased market share.
3. Geographic Expansion in Africa: Forafric Global has a stated intention to continue expanding its presence both in Morocco and across Sub-Saharan Africa. As a leading agribusiness player in the region, this expansion aims to capitalize on growing food security needs and tap into new markets and customer bases.
4. Expansion of Value-Added Product Portfolio: The company's integrated business model, which includes the production of flour, semolina, and secondary processing products like pasta and couscous under brands such as TRIA and MayMouna, suggests a focus on developing and expanding its range of value-added consumer goods. This approach, coupled with a focus on innovation, can lead to increased revenue through a diversified product offering that caters to evolving consumer demands.

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Share Repurchases

• In 2022, Forafric Global PLC bought back and cancelled 1,179,722 ordinary shares through "Buy Back Contracts" to satisfy Forward Purchase Agreements.

Share Issuance

• In June 2022, Forafric Global PLC raised $44.8 million in new capital, including $19.4 million from a SPAC trust account, when it commenced trading on Nasdaq following a business combination with Globis Acquisition Corp.

Inbound Investments

• The business combination with Globis Acquisition Corp in June 2022 generated $44.8 million in new capital for the company.
• As of March 2026, a proposed transaction is underway for Cap Holding SA to potentially gain a controlling interest in Forafric Maroc SA, an indirect subsidiary. This deal is subject to Moroccan antitrust commission and board approvals.

Outbound Investments

• Forafric acquired the SIMS mill in Marrakesh, increasing its crushing capacity to over 300 tons per day.

Capital Expenditures

• In May 2024, Forafric announced a plan to lease and operate an existing milling facility in the Meknes-Fes region of Morocco under a 10-year renewable contract, aiming to increase milling capacity by approximately 600 tons per day. This expansion was planned with low capital investment and operations were expected to transition by Q3 2024.
• The company's capital expenditures for the most recent quarter amounted to approximately -$0.160 million.