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RESULTS PRESENTATION ARYZTA AG - H1 2026 RESULTS 10th August 2026 ARY ZTA SERVING INSPIRATION
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FORWARD LOOKING STATEMENT RESULTS PRESENTATION 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, war or a natural disaster,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. 2
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RESULTS OVERVIEW
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KEY HIGHLIGHTS HALF YEAR RESULTS TO JUNE 2026 RESULTS OVERVIEW • Revenue €1,063.9m • Organic growth -2.7% • EBITDA €139.9m • Free cash flow €23.6m • EPS €1.82 • Repurchased hybrid bond end of April 2026 • French bolt-on expansion 4
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PERFORMING IN A DEMANDING ENVIRONMENT RESULTS OVERVIEW 5 H1 organic growth impacted by: • Heightened macro and geopolitical uncertainty • Subdued consumer sentiment • Strong prior year comps • Germany most challenged market • Germany underperformance offsets growth in other key markets • Driving Project Excellence at pace to harvest attractive savings & strengthen margin resilience • Considering all options for Germany to maximise shareholder value
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MANAGING THE BUSINESS TO PROTECT PROFITABILITY RESULTS OVERVIEW • Cost measures accelerating and delivering attractive savings benefit • Excellence programme rolling out faster in more bakeries & markets • Streamlining the organisational model • Further optimisation investment planned in H2 • Good visibility on key inputs • Innovation of 19% supporting profitability via premiumisation 6
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GUIDANCE RESULTS OVERVIEW 2026: • Targeting to achieve organic growth at the lower end of guidance range • Reiterate expectation to deliver further EBITDA and EBIT1.) improvement • Expect to deliver solid cash generation & improvement in Net debt to EBITDA 2027/28: • Board to propose capital return allocation to shareholders at the 2027 AGM • Options are dividends, share buyback or combination of both • Targeting to evolve progressively towards Swiss listed SMEs payout ratios • 7 1.) Equivalent to Operating profit per the Group Consolidated Income Statement
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FINANCIAL REVIEW
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RESILIENT PROFITABILITY DESPITE REVENUE WEAKNESS FINANCIAL REVIEW 9 EBITDA % / in €m Free cash flow (€m) ROIC % 150.5 H1 FY25 139.9 H1 FY26 13.9% 13.2% 29.4 23.6 H1 FY25 H1 FY26 H1 FY25 H1 FY26 WACC: 8% 12.9% 11.1% Organic growth % H1 FY25 H1 FY26 2.8% (2.7)% €1,063.9m€1,086.4mRevenue
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SOFT GERMAN BUSINESS AND SUBDUED CONSUMER SENTIMENT AFFECTING GROWTH FINANCIAL REVIEW 10 In €m / % of revenue Key Highlights: • Weakness across all German channels • Solid growth in some European businesses and ROW • Limited negative pricing – expected to be stable to improving for FY26 • Overall subdued consumer sentiment H1 FY25 -2.1% Volume/mix -0.6% Price 0.6% FX H1 FY26 1,086.4 1,063.9 Organic Growth -2.7% Revenue Growth -2.1%
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EUROPE: GERMANY MOST CHALLENGED – INITIATIVES TO PROTECT PERFORMANCE FINANCIAL REVIEW 11 H1 FY26 H1 FY25 Organic growth (3.4)% 2.9% EBITDA % 12.4% 13.2% Key highlights: • Germany most challenged market, especially in Retail • 3 of 7 Retail businesses growing ahead of market, 2 catching up • Margin accretive innovation at c.19% of revenue • Bolt-on expansion in France • EBITDA impacted by one-time costs of Excellence initiative • Savings ramp-up supports outlook
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ROW: QSR DRIVING GROWTH FINANCIAL REVIEW 12 H1 FY26 H1 FY25 Organic growth 2.7% 2.1% EBITDA % 19.2% 19.6% Key highlights: • Positive pricing and volume benefitting OG • Mid-single digit growth in QSR • EBITDA margin impacted by phased ramp-up of Perth facility • Perth supporting growth in second half
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GROSS MARGIN FLAT – ONE-TIME COSTS IMPACT SG&A FINANCIAL REVIEW 13 Key highlights: • Flat gross margin • Procurement, other savings and margin accretive innovation offsetting negative leverage & pricing • Excellence Initiative • Already contributing c. 30bps margin uplift in H1 • One-time costs impacting EBITDA margin by c. 50bps 150.5 EBITDA H1 FY25 0bps Gross margin -20bps Distribution -60bps SG&A +10bps Depreciation & Amortisation 139.9 EBITDA H1 FY26 13.9% 13.2% In €m / % of revenue +90bps Procurement & other savings +20bps Margin accretive innovation -70bps Negative operational leverage -40bps Net of Commodity deflation, labour & energy inflation and pricing
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FINANCIAL REVIEW 14 EXCELLENCE PROGRAMME ON TRACK TO DELIVER €20-30M NET SAVINGS BY 2028 • Operations: • c.45% of production volume addressed • Annualised gross savings confirmed – €8-10m • All factories covered by end of 2027 • Organisational model: • Organisational alignment across the Group • c.€10m gross annualised savings expected – execution underway • Leveraging BSC in Poland to streamline processes and costs • IT Digitalisation Roadmap: • Progress on IT standardisation on track
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RESILIENT FREE CASH FLOW GENERATION FINANCIAL REVIEW 15 Key Highlights: • Stable W/C • Disciplined CAPEX management • Lower financing costs and tax charges offsetting EBITDA reduction → Full year cash generation expectation on track H1 FY25 H1 FY26 29.4 23.6 Free cash flow evolution (in €m)
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STABLE TRADE WORKING CAPITAL EFFICIENCY FINANCIAL REVIEW 16 Trade working capital as % of TTM revenue1.) 1.) 5Q average trade working capital as percentage of trailing twelve-month revenue. Trade working capital comprises inventory, trade receivables and trade payables 2.) Quarters correspond to financial periods aligned with calendar year (based on pro-forma information) 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 0.2% Q2 25 0.3% Q3 25 0.2% 2.3% 0.5% Q1 26 0.4% Q2 26Q3 232.) 1.8% Q4 23 2.) 1.7% Q1 24 1.3% Q2 24 1.1% Q3 24 0.7% Q4 24 0.7% Q1 25 Q4 25
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FURTHER IMPROVEMENT ON BALANCE SHEET STRENGTH FINANCIAL REVIEW 17 Key Highlights: • Total net debt declines by almost €100m • Leverage improved to 2.7x • Solid free cash flow generation • Conclusion of hybrid repurchasing program • Core equity1.) increased to 23.3% vs. 18.0% 1.) Core equity represents Group equity less Hybrid instrument principal at current foreign exchange rates, divided by Total assets Total net debt (incl. hybrid & leases) in €m 886 -0.35 -0.30 -0.25 -0.20 -0.15 -0.10 -0.05 2.70 2.75 2.80 2.85 2.8x H1 FY25 2.7x H1 FY26 789 Leverage Ratio Total net debt
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OPTIMISED FINANCING STRUCTURE SUPPORTING LOWER FINANCING COSTS FINANCIAL REVIEW 18 Financing costs incl. hybrid dividend & lease interest (in €m) H1 2025 Bank-/Lease Interest Hybrid dividend H1 2026 22.3 16.8 4.1 1.4 Key Highlights: • Lower financing costs driven by: ▪ Further improvement of cash management ▪ Hybrid repayment • Bank debt interest exposure c. 29% hedged • New 2026 financing costs guidance: targeting lower end of €37-40m range (prev. €40-43m)
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ROBUST ROIC PERFORMANCE AHEAD OF COST OF CAPITAL FINANCIAL REVIEW 19 ROIC % Key Highlights: • Solid value creation • Drivers of ROIC • Stable to slightly declining invested capital • Lower profitability H1 FY25 H1 FY26 WACC: 8% 12.9% 11.1%
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EPS LARGELY STABLE SUPPORTED BY LOWER FINANCING COSTS & TAX CHARGES FINANCIAL REVIEW 20 Diluted EPS (in €) H1 FY25 -0.42 Operating performance Financing costs (incl. hybrid dividend) 0.18 Income tax H1 FY26 1.84 0.22 1.82 -1.1%
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ACTIONS UNDERWAY SUPPORTING PERFORMANCE FINANCIAL REVIEW 21 • Continuing Excellence initiative to drive margin progression • Targeting full year OG at the lower end of guidance • Reviewing all options for Germany to support shareholder value maximisation • Resilient business model supporting solid cash generation • Resumption of capital returns to shareholders 2027 onwards
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THANK YOU – Q&A
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APPENDIX
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SUMMARY RESULTS – FOR THE 6-MONTH PERIOD ENDED 30 JUNE 2026 APPENDIX 24 in €m June 2026 June 2025 Revenue 1,063.9 1,086.4 Cost of sales (711.4) (727.2) Distribution expenses (139.8) (139.8) Gross profit 212.7 219.4 Selling expenses (49.7) (48.4) Administration expenses (91.1) (88.6) Operating profit 71.9 82.4 Financing costs, net (14.7) (18.8) Profit before income tax 57.2 63.6 Income tax expense (10.0) (14.5) Profit for the period 47.2 49.1 Hybrid dividend (2.1) (3.5) Profit used to determine EPS 45.1 45.6
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REVENUE – FOR THE 6-MONTH PERIOD ENDED 30 JUNE 2026 APPENDIX 25 in €m ARYZTA Europe ARYZTA Rest of World Total Group Revenue 942.7 121.2 1,063.9 Organic growth (3.4%) 2.7% (2.7%) Currency movement 0.7% 0.2% 0.6% Total revenue movement (2.7%) 2.9% (2.1%)
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ORGANIC GROWTH – FOR THE 6-MONTH PERIOD ENDED 30 JUNE 2026 APPENDIX 26 H1 2025 H2 2025 FY 2025 H1 2026 ARYZTA Europe Volume/mix % 2.0% (1.1%) 0.4% (2.5%) Price % 0.9% 0.9% 0.9% (0.9%) Organic growth % 2.9% (0.2%) 1.3% (3.4%) ARYZTA Rest of World Volume/mix % 0.6% 2.6% 1.6% 1.1% Price % 1.5% 1.1% 1.3% 1.6% Organic growth % 2.1% 3.7% 2.9% 2.7% ARYZTA Group Volume/mix % 1.8% (0.7%) 0.5% (2.1%) Price % 1.0% 0.9% 1.0% (0.6%) Organic growth % 2.8% 0.2% 1.5% (2.7%)
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SEGMENTAL EBITDA – FOR THE 6-MONTH PERIOD ENDED 30 JUNE 2026 APPENDIX 27 EBITDA (in €m) June 2026 June 2025 % Change ARYZTA Europe 116.6 127.4 (8.5%) ARYZTA Rest of World 23.3 23.1 0.9% Total Group 139.9 150.5 (7.0%) EBITDA margin June 2026 June 2025 Change bps ARYZTA Europe 12.4% 13.2% (80) bps ARYZTA Rest of World 19.2% 19.6% (40) bps Total Group 13.2% 13.9% (70) bps
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FREE CASH FLOW – FOR THE 6-MONTH PERIOD ENDED 30 JUNE 2026 APPENDIX 28 in €m June 2026 June 2025 EBITDA 139.9 150.5 Working capital movement (32.4) (31.3) Working capital movement from debtor securitisation 7.3 7.8 Capital expenditure (40.1) (40.7) Net payments on lease contracts (22.7) (20.5) Proceeds from sale of fixed assets 0.2 0.6 Restructuring-related payments in excess of current year costs (0.3) (0.5) Dividends paid on hybrid instruments (3.3) (3.7) Interest and income tax paid, net (25.6) (35.1) Other 0.6 2.3 Free cash flow 23.6 29.4
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TOTAL NET DEBT AND HYBRID FUNDING – FOR THE 6-MONTH PERIOD ENDED 30 JUNE 2026 AND 30 JUNE 2025 APPENDIX 29 in €m June 2026 June 2025 Net debt (789.4) (731.0) Hybrid Instrument Funding - (155.3) Total net debt and hybrid funding (789.4) (886.3)
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RETURN ON INVESTED CAPITAL – FOR THE 6-MONTH PERIOD ENDED 30 JUNE 2026 AND 30 JUNE 2025 APPENDIX 30 in €m June 2026 June 2025 Average invested capital 1,181.9 1,187.5 NOPAT 131.3 153.6 ROIC 11.1% 12.9%
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AVERAGE AND CLOSING FX RATES – FOR THE 6-MONTH PERIOD ENDED 30 JUNE 2026 APPENDIX 31 Currency Average June 2026 Average June 2025 CHF 0.9180 0.9412 AUD 1.6621 1.7232 GBP 0.8674 0.8422 PLN 4.2425 4.2327 Currency Closing June 2026 Closing December 2025 CHF 0.9224 0.9301 AUD 1.6601 1.7535 GBP 0.8616 0.8721 PLN 4.2890 4.2263
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PRESENTATION GLOSSARY APPENDIX 32 ‘Organic growth’ – represents the revenue growth during the year, after removing the impact of acquisitions and divestures and foreign exchange translation. This provides a “like-for-like” comparison with the previous year in constant scope and constant currency. ‘EBITDA’– presented as earnings before interest, taxation, depreciation and amortisation. ’Free cash flow' – represents the company’s ability to generate free funds from its operating activities after its investments in fixed assets and repayments of lease liabilities. It is calculated as net cash flows from operating activities per the IFRS cash flow statement, adjusted for cash flows related to the purchase of property, plant and equipment and intangible assets, proceeds from sale of property plant and equipment, lease principal payments and dividends paid on hybrid instruments. ‘Net debt’ – is defined as the Group’s interest bearing loans and bonds and lease liabilities, after deduction of cash and cash equivalents. ‘Hybrid instrument’ – presented as Perpetual Callable Subordinated Instruments, which have no contractual maturity date and for which the Group controls the timing of settlement; therefore, these instruments are accounted for as equity instruments in accordance with IAS 32 ‘Financial Instruments’. ‘Net working capital’ – comprises inventory,trade and other receivables and trade and other payables. ‘Invested capital’ – Excludes financial assets at fair value, bank debt, cash and cash equivalents and tax balances. Invested capital is a measure of the operational net assets used to generate the results of the business, excluding financing, tax and cash-management activities. ‘NOPAT’ – Net operating profit after tax. This is operating profit after a normalised tax rate of 25%, before gains/losses on disposal of businesses excluding taxation directly attributable to disposal of businesses. ‘ROIC’ – Return On Invested Capital is a measure of performance which integrates both measures of profitability and measures of capital efficiency. This is calculated as trailing twelve month NOPATdivided by average Invested capital, as at the beginning and the end of the financial year. Please refer to Alternative Performance Measures on pages 28 – 30 of the Interim Report 2026 for reconciliation with related IFRS measures.