Mr. Don Hill reports

SUCRO PROVIDES FULL YEAR 2023 OPERATIONAL UPDATE

Sucro Ltd. has provided an operational update, including its preliminary selected unaudited financial results for the fourth quarter and year ended Dec. 31, 2023. All dollar amounts are in United States dollars unless otherwise noted.

Based on preliminary unaudited fourth quarter and full-year 2023 results:

• 2023 adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) expected to be at the upper end of the company's $30-million to $32-million guidance;
• 2023 sales volumes from Sucro-owned refineries are expected to be 160,000 million tonnes (MT), an increase of 92 per cent compared with 2022;
• Approximate $30 per MT expected year-over-year growth in 2023 adjusted gross profit per metric ton delivered on sugar sales from Sucro-owned refineries;
• Significant progress on refining capacity investment at the company's U.S.-based Lackawanna facility that has just completed its first full year of commissioning and production.

Jonathan Taylor, chief executive officer and founder of Sucro, commented: "These preliminary results evidence strong execution throughout our operations in the fourth quarter of 2023 to support financial performance at the upper end of our guidance range. During the quarter, we captured the benefits of increased self-refined volumes along with higher profitability on each metric tonne of sugar delivered to our customers from our cane sugar refineries. Looking more closely at our New York-based Lackawanna refinery, our capital investment program to improve our throughput capabilities is nearing completion and we remain on track to double our production capacity from Lackawanna in 2024."

Mr. Taylor added: "Sucro-owned refineries are at the core of our drive to build long term, sustainable value in the business. In addition to our Lackawanna expansion, we recently announced plans to build a new cane sugar refinery at our existing facility in University Park, Ill., a suburb of Chicago. When combined with our efforts to expand our Canadian refining capacity, Sucro's integrated production base will be well positioned as a cost-competitive supplier to our customers located throughout North America. Further updates are planned along with our audited year-end financials later in April."

About Sucro Ltd.

Sucro is a growth-oriented sugar company that operates throughout the Americas, with a primary focus on serving the North American sugar market. The company operates a highly integrated and interconnected sugar supply business, utilizing the entire sugar supply chain to service its customers. Sucro's integrated supply chain includes refined sugar from its own refineries in the United States and Canada, along with sourcing raw and refined sugar from countries throughout Latin America and delivering to customers in North America and the Caribbean.

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