Integrated agro-food leader offering differentiated growth; initiating at Overweight

Research evidence excerpt

Integrated agro-food leader offering differentiated growth; initiating at Overweight

July 8, 2026

INVICTUS INVESTMENT COMPANY

Broadening across the agro-food value chain for

integration and better profitability

Invictus has broadened its agro-food Invictus has strategically expanded its focus beyond trading into the agro-input

product portfolio over the past five segment, including the production of agricultural products. This shift enables the

years and now offers a variety of company to directly support farmers while strengthening agro-food ecosystems

products (see product description at across regional markets, such as Africa, and within global supply chains. The

the end of this report). company is also pursuing a strategy of downstream integration with a focus on

gaining synergies with its existing trading operations. This is likely to see the

company capture better margins across the agro-food sector and manage any

volatility associated with trading, in our view. See below figure and a detailed

segment discussion at the end of this report.

Figure 5: Invictus offers trading of agro-food products, transportation and M&A of new assets

Source: Company data, Cantor Fitzgerald Research. Chart taken from the company’s corporate presentation February 2026, see presentation

Invictus’ Delta Africa business invests in locally grown crops and builds import/export

processing capabilities in the countries where it operates, i.e. Morocco, Mozambique

and Angola. The company primarily focuses on carbohydrate-based products rather

than protein products, focusing on companies with strong domestic market share

with integrated trading capabilities and downstream opportunities such as flour

production that can be further processed into pasta products. The company has also