Page 1

ARYZTA AG News Release 2021 1 ARYZTA AG Ad Hoc announcement pursuant to article 53 LR Q1 2022 : Strong organic growth Schlieren / Switzerland , 16 November 2021 ARYZTA achieved strong organic growth in the first quarter of FY2022 . Revenue in creased to € 424.9m , driven by strong volume growth . ARYZTA achieved 9.8 % organic growth in Q1 for continuing operations comprising of 8 % volume growth and a 1.8 % price / mix improvement . Europe achieved a broad based double - digit organic growth of 10.1 % comprising of 8.6 % volume growth and 1.5 % price / mix growth . Rest of World achieved 7.9 % organic growth comprising of 4.3 % volume growth and 3.6 % price / mix growth . Volume growth in Europe outper formed Rest of World due to a continued strong recovery while Rest of World was affected by COVID - related lock downs in New Zealand and Australia . The divestment of the Brazilian operation and the Swiss Sandwich business impacted total revenue growth of continuing operations by 1.2 % , while currency movement contributed 0.3 % . The Q1 performance reflects the benefits of the new simplified organization and the empowerment of local management to engage with customers . A re - invigorated innovation programme in all markets helped deepen customer engagement leading to an improved margin profile due to beneficial mix changes . Continuing high infla tion requires a combination of pricing and acceleration of operational efficiencies to protect the business performance . While pass through pricing mechanisms exist for some channels , the bulk of ARYZTA business relies on annual calendar year pricing agreements . Some new agreements have been finalized . However , pricing discus sions remain underway with other customers . Once these are finalized by year end , the new pricing arrangements will be effective for the second half of our financial year . ARYZTA reiterates the full year FY 2022 guidance for mid - single digit organic rev enue growth with positive volume and pricing contributions . ARYZTA AG Chair and Interim CEO , Urs Jordi , commented : " We achieved strong organic momentum in Q1 as recovery continued across all our markets . The combination of strong volume recovery , positive price / mix in the period reflects the benefits of our new lean multi local business model . Customer engagement has increased around innovation , product mix changes and service levels . We are continuously working on cost mitigation measures to further improve our lean and efficient structure . In conjunction with pricing we are improving our mix of higher margin product through innovation . We are confident in delivering our financial year guidance of mid - single digit organic revenue growth comprising of positive volume and price contributions and our Q4 run rate target of 12.5 % EBITDA margin pre - IFRS16 . " ARYZTA SERVING INSPIRATION