Slides
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2026 FIRST HALF RESULTS
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This investor presentation contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements are based on current expectations and assumptions relating to anticipated events and circumstances which may be beyond Hilton Foods control. Words such as ‘aim’, ‘anticipate’, ‘believe’, ‘consider’ ‘estimate’, ‘expect’, ‘goal’, ‘intend’, ‘may’, ‘plan’, ‘potential’, ‘should’, ‘target’ and other words and phrases of similar meaning including the negative of these terms are generally but not always used to infer forward-looking statements. Forward-looking statements are not a guarantee of future performance or outcomes. Neither Hilton Foods or any of its associates or directors provides any guarantee that any occurrence or event expressed in a forward-looking statement will actually occur. Undue reliance should not be placed on these statements. These forward-looking statements are made as of the date of this presentation and based on risk factors and uncertainties that we believe to be reasonable at the time of writing. After this date and except as required by law or regulation, Hilton Foods does not undertake to publicly update or review these forward-looking statements to reflect any change to expectations, new information, or otherwise on which the statement may have been based. Actual results and events could differ substantially from those implied in the forward-looking statements for a multitude of reasons including but not limited to domestic and global macroeconomic and political factors, changes to consumer purchasing strategies, industry trends, changes to customer relationships, supply chain disruption, volatility in raw material and commodities markets, cyber- security, the recruitment and retention of talented employees, significant incidents such as fire, flood, pandemic or interruption of supply of key utilities, the production of safe and high quality products, interest rates and currency movements and the impact of changes to tax and other legislation. The principal risks and uncertainties faced by the Group are summarised in the Hilton Food Group plc 2026 half year results announcement with further detail included in the 2025 Annual Report and Accounts. 2 Cautionary statement
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Adjusted PBT 1 of £32.8m, ahead of expectations Profit up in core meat and fresh prepared foods Initial benefits from Seachill improvement plans Ongoing challenges in Foppen 2026 full year adjusted PBT 1 expected to be in the increased range of £66m to £71m Extension of commercial partnership with Tesco in the UK Agreed sale of Dalco Investing to drive value-adding future growth Updating plans for capacity expansion in Poland Canada project on track for launch in early 2027 with bacon now added to the scope Saudi Arabia project set to commence operations in Q4 2026 3 H1 2026 summary 1. From continuing operations. Excludes Fairfax Meadow and Dalco.
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H1 2026 PERFORMANCE
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H1 2026 H1 2025 +/- +/- Constant fx 3 Volume (tonnes) 1, 2 258,729 253,521 2.1% 2.1% Revenue (£m) 2 2,289.1 1,986.1 15.3% 11.5% Adjusted operating profit (£m) 2 45.8 47.4 -3.4% -6.6% Adjusted operating profit margin 2 2.0% 2.4% -0.4ppt Adjusted PBT (£m) 2 32.8 34.6 -5.2% -8.9% Adjusted basic EPS (pence) 2 25.7p 28.3p -9.2% -12.7% Interim dividend per share (pence) 10.1p 10.1p - Capex (£m) 45.3 41.2 +4.1m Net debt (£m) 194.4 202.4 -8.0m 1. Volume includes 50% share of the Portuguese joint venture activities. 2. From continuing operations. Excludes Fairfax Meadow and Dalco. 3. Constant fx is calculated by applying H1 2026 26 week average exchange rates to local currency reported results for the current and prior periods.5 H1 2026 financial performance
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Further growth in East volumes Australia momentum continues Fresh Prepared Foods +26% in Central Europe Small increase in West volumes Good performance from Nordics Higher Seafood volumes Salmon and prawn volume growth at Seachill; inflation continues to weigh on white fish demand Foppen volumes up Higher raw material prices driving revenue growth in all markets3.2% 0.6% 6.0% 15.3% 9.0% 7.5% East West core West seafood Volume and revenue 1 by region Volume growth % Revenue growth % Volume growth 6 1. Constant currency revenue. From continuing operations. Excludes Fairfax Meadow and Dalco.
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Higher profit from the core Strong profit growth in East with volume growth in Australia and Central Europe West profit down reflecting competitive pressures in Ireland and mix impact in the UK Margin pressures in Foppen Profit improvement plans starting to deliver in Seachill Stronger AUD providing FX benefit 34.6 3.6 (2.7) (5.0) 1.0 31.4 1.4 32.8 Adjusted profit before tax 1 (£m) 7 1. From continuing operations. Excludes Fairfax Meadow and Dalco. Profit growth from core meat and fresh prepared food (0.1)
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H1 2026 £m H1 2025 £m +/- £m Foppen related costs 7.0 2.0 +5.0 Reorganisation/restructuring costs 3.2 1.3 +1.9 Transformation costs 4.6 - +4.6 Non-cash Dalco impairment 16.7 - +16.7 Total operating costs 31.5 3.3 +28.2 Foppen-related costs of £7.0m include: Higher costs of producing in the Netherlands compared to Greece £2.1m of airfreight costs in Q1; transportation now by sea only £1.2m relating to inventory loss following fire at third party warehouse £4.6m of transformation costs Projects to drive efficiency and strengthen operational capability 8 Adjusting/exceptional items
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H1 2026 £m H1 2025 £m +/- £m Adjusted EBITDA 66.3 70.7 -4.4 Working capital & other (16.5) (51.9) Tax & interest payments (24.0) (23.5) Operating cash flow 25.8 (4.7) +30.5 Core capex (15.4) (26.1) Adjusted free cash flow 10.4 (30.8) +41.2 Canada and Saudi Arabia capex (29.9) (15.1) Free cash flow 1 (19.5) (45.9) +26.4 EBITDA, tax and interest broadly in line with profit movements Typical seasonal working capital outflows Impact of 2025 inventory purchases now fully unwound as expected Reduced core capex reflects ongoing capital discipline 2026 the final year of material investment in new Canada facility Operations set to commence in January 2027 Bacon spend expected in 2027 Important platform for future growth and long-term returns 9 Improved free cash flow 1. Excluding adjusting items as set out in note 18 of the Interim Results announcement.
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H1 2026 £m H1 2025 £m +/- £m Free cash flow 1 (19.5) (45.9) +26.4 Divestments - - Exceptional cash flows (14.8) (3.3) -11.5 Dividends paid (22.4) (22.4) - Other (13.0) (1.4) -11.6 Movement in bank net debt (69.7) (73.0) +3.3 Opening bank net debt (126.7) (131.4) Movement in bank net debt (69.7) (73.0) FX movements 2.0 2.0 Closing bank net debt (194.4) (202.4) +8.0 Net bank debt/EBITDA (rolling 12 month) 1.4 1.3 Net bank debt of £194.4m with leverage of 1.4x Strong liquidity £450m multi-currency RCF providing increased flexible funding Runs to 2031 with extension options £141.7m undrawn as at 28 June Supply chain financing 10 Strong balance sheet and liquidity 1. Excluding adjusting items as set out in note 18 of the Interim Results announcement.
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Encouraging H1 performance Higher PBT 1 from core meat and fresh prepared food Seachill improvement plans starting to deliver Continuing challenges in Foppen Adjusted PBT 1 now expected to be in the range £66m-£71m vs previous range of £60m-£65m Removal of Dalco losses and favourable FX moves Usual considerations of external factors including inflation and the wider economic backdrop apply Net debt expected to remain comfortably within 1-2x targeted range 2026 capex expected to be around £100m Good platform for the future with first contributions from Canada and Saudia Arabia in 2027 11 Full year outlook 1. From continuing operations. Excludes Fairfax Meadow and Dalco.
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GOOD STRATEGIC PROGRESS THE GLOBAL PARTNER OF CHOICE, BUILT ON WORLD CLASS RED MEAT CAPABILITIES
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Reinforce leadership in retail meat Maintain structural advantages Drive efficiency and margin improvement Optimise the portfolio Expand into higher-growth categories Scale value-added meat and fresh prepared foods Replicate partnership model internationally Focus on under-served, higher- growth markets Scale with anchor retail partners Maximise the core Enhance the mix Expand geographically1 2 3 ✓ Stable cash flow ✓ Margin resilience ✓ Platform for growth ✓ Higher margins ✓ Faster growth ✓ Reduced reliance on volume ✓ Step-change growth ✓ Geographical diversification ✓ Platform scalability Simple strategy, multiple value drivers Three levers to drive growth 13
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Maximising the core through manufacturing excellence and innovation 14 Reinforce leadership in retail meat Maintain structural advantages Drive efficiency and margin improvement Maximise the core1 ✓ Stable cash flow ✓ Margin resilience ✓ Platform for growth ddDriving manufacturing excellence • Continued investment in automation and modernisation to improve efficiency • Utilising AI and machine learning to improve yield Innovation and category leadership • New targeted product ranges in response to evolving customer demand • UK sous-vide volumes up 6% Driving commercial performance • Extended partnership with Tesco • New Zealand South Island roll-out • Frozen burgers to Burger King Sweden
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Enhancing the mix through optimising the portfolio and driving fresh prepared foods growth 15 Optimise the portfolio Expand into higher-growth categories Scale value-added meat and fresh prepared foods Enhance the mix2 ✓ Higher margins ✓ Faster growth ✓ Reduced reliance on volumes dd Optimise the portfolio to improve returns • Agreed sale of Dalco • Delivering operational improvements and cost reduction in Seachill • Assessing all options for Foppen Drive fresh prepared foods growth • Fresh prepared food volumes up 26% in Central Europe • Full scoping for expansion project to be completed around end of 2026 • Capital-light plans to meet growing nearer-term demand
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Expanding geographically through partnership 16 Replicate partnership model internationally Focus on under-served, higher- growth markets Scale with anchor retail partners Expand geographically3 ✓ Step-change growth ✓ Geographical diversification ✓ Platform scalability dd New facility for Walmart in Canada • Fit out nearly complete and facility operational from January 2027 • Production to ramp up over H1 2027 • Bacon lines to be installed over 2027 Joint venture with NADEC in Saudi Arabia • Facility expected to be operational in Q4 Broad potential for further geographical expansion over the longer-term from our international footprint
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Well-positioned for the future Resilient, cash-generative core with structural advantages in retail meat and proven execution capability Clear strategy to drive growth Maximise the core: Defend structural advantages in retail meat, driving efficiency and margin resilience Enhance the mix: Improvement plans in seafood and meat alternatives to increase strategic optionality; scale higher-margin value-added and fresh food categories Expand geographically: Focused replication of the partnership model in attractive, under-served markets Disciplined capital allocation driving ROCE >20% Sustainable profit growth and cash generation with reduced volatility Compelling shareholder returns and progressive dividend ‘The global partner of choice, built on world class red meat capabilities’ 17
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Q&A
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APPENDIX
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Group performance is underpinned by progress against our Sustainable Protein Plan All senior leaders’ LTIPs include sustainability objectives across all three pillars Board level leadership of Sustainability Committee Reduction in food waste globally Product People Planet Score for Climate Change A 36% Reduction in scope 1 and 2 emissions 80% 33% Reduction in food waste 95% of our primary protein suppliers are now human rights risk assessed Renewable electricityOur global health and safety strategy 33% Reduction in scope 3 emissions Launch of 82% 54% Recycled content in all plastic packaging Of high-risk suppliers are now audited to ethical standards A fundamental priority to the business and our customers Refreshed simplified plan under two pillars moving forwards of people and planet Evolution of The Sustainable Protein Plan with stretching targets 20 Information as published in the 2025 Annual Report and Accounts.
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Full Year Financial Performance Summary 2,744 3,302 3,848 3,990 3,988 4,346 2020 2021 2022 2023 2024 2025 Revenue (£m) 460,000 493,000 514,000 517,000 522,457 523,413 2020 2021 2022 2023 2024 2025 Volume (tonnes) 61.1 67.2 55.5 66.0 76.1 73.2 2020 2021 2022 2023 2024 2025 Adjusted PBT (£m) 55.4 61.3 45.1 52.8 61.0 56.0 2020 2021 2022 2023 2024 2025 Adjusted basic earnings per share (p) 26.0 29.7 29.7 32.0 34.5 35.0 2020 2021 2022 2023 2024 2025 Full period dividend per share (p) 67.0 73.6 71.1 95.0 104.7 99.3 2020 2021 2022 2023 2024 2025 Adjusted operating Profit (£m) 21 Financial figures include discontinued operations.
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£m Revenue AOP Revenue AOP H1 2025 H1 2025 FY 2025 1 FY 2025 1 Europe (as reported) 544.9 17.1 1,154.7 43.0 UK and Ireland (as reported) 797.3 22.4 1,641.6 41.7 Less: Central Europe (84.1) (5.1) (173.0) (11.3) West Region 1,258.1 34.4 2,623.3 73.4 Less: discontinued operations (106.3) 0.8 (170.7) 0.5 West Region (continuing operations) 1,151.8 35.2 2,452.6 73.9 Restatement of old segments for 2025 22 APAC (as reported) 750.2 15.2 1,550.0 29.7 Add: Central Europe 84.1 5.1 173.0 11.3 East Region 834.3 20.3 1.723.0 41.0 West + East Regions 1,986.1 55.5 4,175.6 114.9 Central costs (as reported) - (8.1) - (15.1) Total (continuing operations) 1,986.1 47.4 4,175.6 99.8 1. FY2025 numbers subject to audit at the end of 2026.
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2026 capex: Disciplined core investment while investing for growth in Canada and Saudi Arabia £15.4m Protecting the core • Maintaining market leading standards expected by our customers New product ranges, increasing capacity and improving efficiency through automation • Includes initial spend on Poland capacity expansion Canada and Saudi Arabia • Compelling growth opportunities demonstrating international potential • Bacon added to scope in Canada • Returns consistent with our capital allocation framework Core Capex Maintenance Capex Business Development Geographical expansion £29.9m £9.7m £5.7m 23
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Technical Guidance 2026 2025 Core Capex / £m ~£50m-£55m £46.5m Effective tax rate 1 28% 30% Average interest rate on bank borrowings 1, 2 5.5% 5.9% FX rates 3 AUD 1.92 2.04 DKK 8.65 8.72 EUR 1.16 1.17 NZD 2.29 2.27 PLN 4.93 4.95 SEK 12.56 12.92 1. From continuing operations. Excluding exceptional and adjusting items. 2. 2026 blended average rate payable on bank borrowings assuming current market rates. 3. 2026 YTD average rates to 28 August 2026.24
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MARCH 2026 STRATEGIC UPDATE
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Structural strength within the core meat business Long-term leading retailer partnerships spanning decades Product Mix Meat Fish V&V Easier Meals 0 1 2 3 4 5 2019 2020 2021 2022 2023 2024 2025 Revenue (£bn) UK&ROI Europe APAC Scalable, automated facilities producing high quality, broad product ranges Proven international expansion model in meat and exposure to high growth fresh foods Everyday favourites Special premium Demand for red meat in developed markets is mature Seachill, Foppen and Dalco have limited synergy with core capabilities Further opportunity to leverage international scale Strong core with further growth potential, to be supported by portfolio optimisation and operating model transformation26
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Solid recent track record from the core 2022 2023 2024 2025 Adjusted operating profit (£m) 2022-2025 Core Fairfax Meadow Seafood, Foppen, Dalco 2022-25 Core CAGR +4% Adjusted operating profit (£m) 2025-2030 Mid-single digit growth 27 2025 Maintain the core Saudi Arabia / Canada Fresh foods and Multi-customer 2030 Incremental Investment
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A STRONG BALANCE SHEET 1-2x NET BANK DEBT/EBITDA THROUGH CYCLE Cash returns to shareholders underpinned by a progressive dividend policy GROW THE CORE INVEST FOR INCREMENTAL GROWTH IRR > WACC ROCE > 20% Strategic alignment £45m-55m capex p/a to maintain and enhance existing facilities Reallocate capital from underperforming assets Capital allocation framework 28
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Mid-single digit adjusted operating profit growth Volume growth and margin expansion through: • Core business improvement • Committed capex projects • Value add fresh food growth Cash flow conversion~100% ROCE >20% • Continued good working capital management • Cash flow focus • Improved returns from existing assets • Continued capital discipline Updated medium-term targets 29
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Hilton Foods 1 2 3 International footprint Disciplined capital allocation Sustainable Protein Plan Long-term customer partnerships with leading retailers Proven ability to execute international expansion Highly relevant product ranges Strong Foundations Key Differentiators Operating Model Transformation ‘One Hilton’ Integrated global and local sourcing expertise Next generation manufacturing excellence Strengthened digital and data backbone Streamlined organisational structure KPI’s & incentive alignment with value creation Strategic Value Creators ‘The global partner of choice, built on world class red meat capabilities’ People Planet Maximise the core Enhance the mix Expand geographically Optimise the portfolio with improvement plans to increase strategic options for Seachill, Foppen & Dalco Sustainable mid-single digit operating profit growth Consistent cash generation with cash conversion~100% Strong returns with ROCE>20% 30