Orsero S p A : FY 2021 Results Presentation

FY 2021 RESULTS *

Milan, 15 March 2022

(*) Twelve months ended 31 December 2021.

Agenda

DISCLAIMER

This document (the Document) was prepared by ORSERO S.p.A. (Company) only for the purposes of presenting the Company. The information contained herein may not be complete and exhaustive and no guarantee can be given as to its accuracy.

This Document was drafted on the basis of data and information of the Company and/or in the public domain, and on parameters and assumptions determined in good faith by the Company. However, these parameters and assumptions are not the only ones that could have been selected for the purpose of preparing this Document, therefore the application of additional parameters and assumptions, or the existence of different market conditions, could lead, in good faith, to analyses and assessments that may differ, in whole or in part, from those contained herein.

The information and/or the assessments contained herein have not been subjected to verification by independent experts, and are subject to changes and/or updates. The Company undertakes no obligation to give prior or subsequent communication in the event that any such changes and additions may become necessary or appropriate.

No information contained in this Document can or shall be considered a guarantee or an indication of future operating, financial and equity results of the Company.

To the extent permitted by applicable law, the Company and its corporate officers, managers, employees, and consultants do not make any declaration or guarantee and do not assume any obligation, either express or implied, or responsibility as to the accuracy, sufficiency, completeness and update of any information contained in the Document nor in respect of any errors, omissions, inaccuracies or negligence herein.

This Document is provided merely for information and indicative purposes and does not constitute in any way a proposal to enter into any contract nor a public offering of financial products, nor advice or a recommendation to buy or sell any financial products.

You are the exclusive addressee of this Document which as such cannot be delivered nor disclosed to any third parties nor reproduced, in whole or in part, without the prior authorization of the Company.

The Manager in charge of preparing the corporate accounting documents of Orsero S.p.A., Mr. Giacomo Ricca certifies, pursuant to art. 154-bis, paragraph 2, of Legislative Decree 58/98 that the accounting information contained in this press release corresponds to the documentary results, books and accounting records.

Minor discrepancies in calculating percentage changes and totals in tables of this press presentation are due to rounding.

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KEY FINANCIALS FY 2021*

(*) Twelve months ended 31 December 2021.

All in all Actual 2021 results exceeded Guidance 2021

Worth noting the NFP as per Guidance 2021 was calculated without some non-recurring items such as 7,3 M€ to acquire 50% Agricola Azzurra, 9,9 M€ of IFRS 16 liabilities related to 5th reefer vessel charter contract and 1,6 M€ of treasury shares buy-back

(*) Guidance released on Feb.1 ,2021 and lastly revised on Sep. 13,2021. and prepared on a like-for-like basis on PY scope of consolidation (i.e. excluding possible M&A)

1. Excluding the increase in fixed assets due to the application of IFRS 16. Net Capex 2021 including circa 7 M€ of disposal 2021 (Milan and Oporto warehouses and a plot of land in Sicily), are equal to a net of 6,5 M€.
   (***) NFP FY 2021 includes 9,9 M€ related to a 2-year charter contract of the 5th reefer vessel, therefore the NFP excluding the aforementioned reefer charter contract amounts to 74,4 M€ and is in line with Guidance 2021

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FY 2021 RESULTS - ROBUST DELIVERY

• Economic and Financial Response
• • Supply chain is smoothly operational despite inflationary pressure and operational constraints due to international maritime transport issues (e.g. container shortage, surging freights)
  • Focus on working capital management, with particular regard to the enhancement of credit collection
  • Capex in line with planned investments
  • • minor recurring investments on distribution platforms in Europe

• • Adjusted EBITDA margin of 3,5%, slightly under LY as certain fruit campaigns normalized their returns after remarkable achievements in 2020 (e.g. citrus) and canary island bananas posted lower returns
• Shipping BU
• • CAM Line is keeping a high level of operational and economic performance, with historically high loading factor
  • Overperformance of revenues from dry containers carried on the way back from EU to Central-South America
  • Adjusted EBITDA margin of 23,5% vs 18,5% LY

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