ARYZTA : 17-Month results to December 2023 Presentations

Forward Looking Statement

This document contains forward looking statements which reflect the Board of Directors' current views and estimates. The forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. Potential risks and uncertainties include such factors as general economic conditions, foreign exchange fluctuations, competitive product and pricing pressures, the effects of a pandemic or epidemic or a natural disaster, or war and regulatory developments.

You are cautioned not to place undue reliance on any forward-looking statements. These forward-looking statements are made as of the date of this document. The Company expressly disclaims any obligation or undertaking to publicly update or revise any forward-looking statements other than as required by applicable law.

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STRATEGIC OVERVIEW

Strategy delivering

• Strategy delivering goals and performance
• Bake-offbusiness attractive, creating sustainable value
• ARYZTA on track to deliver mid-term 2025 targets

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STRATEGIC OVERVIEW

Key highlights 17-month results to December 2023

• Revenue €3,046.0m
• Organic growth 17.3%1.)
• EBITDA €400.8m
• EBITDA margin 13.2%
• Free cash flow €139.6m
• Profit for the period €160.5m

1.) Represents the organic growth comparing the 17-month financial period ended December 2023 to the 17-month prior period ended December 2022

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STRATEGIC OVERVIEW

Key highlights 12-month results to December 2023

• Revenue €2,192.7m
• Organic growth 14.7%
• EBITDA €304.5m
• EBITDA margin 13.9%
• Free cash flow €132.4m
• Profit for the period €125.7m

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STRATEGIC OVERVIEW

Organic growth strategy working

• Core categories
• • Innovations impact on revenue almost doubles1.)
  • Market share gain
• Core Channels
• • QSR, Other Foodservice, Retail
  • Significant improvement in customer feedback rating
• Core regions
• • Both regions performed well
  • Several growth initiatives underway

1.) Refers to the pro forma 12-month period to December 2023 compared to the pro forma 12-month period to December 2022

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STRATEGIC OVERVIEW

Operational improvements on all levels despite challenging environment

• Significant labour inflation
• Supply chain disruptions
• Commodities largely remain stable but elevated
• Increasing regulatory complexity and costs
• Pricing effect flattish but not deflating

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STRATEGIC OVERVIEW

Governance update

• Board composition proposal to be listed in AGM invitation
• New permanent Group CEO - January 2025 onwards
• Smooth and orderly transition from dual role
• Strong oversight and support from Chairman and Board

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STRATEGIC OVERVIEW

Guidance 2024

Further improvements in all key metrics expected in 2024

• Organic growth to normalize in the low to mid-single digit range, driven mainly by volume/mix
• EBITDA margin expansion to normalize, supported by growth, efficiencies and cost discipline
• Further improvement in free cash flow and total net debt leverage
• Sequential improvement in ROIC

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