Orsero S p A : H1 2023 Results Presentation

H1 2023 RESULTS*

Milan, 13 September 2023

(*) Six months ended 30 June 2023.

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. Edoardo Dupanloup 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 presentation are due to rounding.

2

Key Financials

H1 2023*

(*) Six months ended 30 June 2023.

3

H1 2023 Results - Very strong momentum for the Group

• • On May 10, a dividend of 0,35 €/share has been paid to Orsero shareholders with a total outlay of abt. 6,0 M€
• FY 2023 Guidance revised upward (see details at page 10)
• Market context
• • Fresh F&V market is impacted by the slow-down and possible downturn of economy conditions, inflationary pressure and lower fresh produce availability caused by adverse climatic events. In the Group's EU countries of interest, overall household consumptions are down in tonnage, but selling prices keep rising. Although against such unfavourable backdrop, Orsero managed to improve both volumes sold and selling prices.
• Distribution BU
• • Significant LfL sales growth of +10% vs H1 2022 (which in turns was +9,2% vs H1 2021)

• • Adjusted EBITDA margin comes in at 5,4% vs 3,4% LY, in the light of:
  • • Profitable BU Distribution as product mix and sales channels increased organically, while also benefitting from the M&A effect
    • Products: (i) higher banana prices resulting from a more balanced supply/demand; (ii ) better returns on exotics fruits, mainly avocados, apples/pears and citrus
    • Operations: energy costs are 4,9 M€, decreasing by 1,3 M€ in H1 2023 vs LY
• Shipping BU
• • Slightly lower volumes which reflects a similar production trend, resulting in slightly lower revenues in a context of stable freight rates of CAM Line
  • Weaker EUR vs. USD (positive currency translation)
  • Adjusted EBITDA of 25,1 M€ vs 26,1 M€ in H1 2022, representing 36,3% of revenue (H1 2022: 37,6%)

4

Executive summary - consolidated figures