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ORSERO GROUP H1 2025 RESULTS* Milan, 10 September 2025 * Six months ended 30 June 2025
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2 Agenda Key financials H1 2025 page 3 Appendix page 10 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.
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Key Financials H1 2025* * Six months ended 30 June 2025
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4 H1 2025 Results● Distribution BU driving Group’s improvement • Economic and Financial response - In H1 2025, capex are in line with expectations, following the Group’s distribution footprint and counting improvements to buildings and equipment across the warehouses in Italy, France and Spain and the dry docking and upgrades of the vessel Cala Palma (Cala Pedra’s dry docking activity will be performed in Q3). The mentioned investments are also carried out in alignment with the Group's ESG strategic plan. - Interest rates situation: the hedging strategies put in place by the Group allow for substantial stability in the cost of debt - On May 14, a dividend of 0,50 €/share has been paid to Orsero shareholders with a total outlay of abt. 8,4 M€ • Guidance FY 2025 revised upwards • Market context - In the first half of 2025, food inflation stands at higher levels in comparison to general inflation*, however, with no significant impact on consumer spending. In fact, the Group registers both higher volumes and prices, the latter as a consequence mainly of product mix and inflation as well. Despite ongoing geopolitical uncertainty, the Group’s operations have substantially remained unaffected on the US tariffs front, particularly as Mexican avocados continues to benefit from T- MEC protections, while the main European business does not export to the States. The Group has once again demonstrated an above market average growth. • Distribution BU - Sales growth of +13,7% vs H1 2024 ‣ Sales grew thanks to the increase in both volumes and prices, driven by the contribution of the high value-added categories and in particular of kiwifruit, exotic fruit, table grapes, citrus, bananas (despite some supply scarcity) and fresh-cut. - Adjusted EBITDA margin comes in at 4,7% vs 4,5% in H1 2024, in the light of: ‣ Valuable output of the following F&V campaigns: kiwifruit, exotic fruit, platano Canario, pineapples, table grapes, citrus and fresh-cut. • Shipping BU - Satisfying overall result, with record loading factor over 95% - Adjusted EBITDA of 15,1 M€, representing 25,2% of net sales (H1 2024: 22,2%) C O R P O R A T E B U S I N E S S *https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Inflation_in_the_euro_area
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M€ H1 2025 H1 2024 TOTAL CHANGE Amount % Net Sales 845,2 744,1 101,0 13,6% Adjusted EBITDA* 48,4 40,9 7,5 18,4% Adjusted EBITDA Margin 5,7% 5,5% +23 bps Adjusted EBIT 30,5 24,2 6,2 25,7% Adjusted Net Profit ** 20,9 16,0 4,9 30,9% Net Profit 19,7 15,1 4,6 30,8% M€ 30.06.2025 31.12.2024 Net Invested Capital 370,2 367,6 Total Equity 258,9 256,4 Net Financial Position 111,3 111,2 NFP/ Total Equity 0,43 0,43 NFP/Adj. EBITDA 1,22 1,33 Net Financial Position excl. IFRS 16*** 58,0 54,8 NFP/ Total Equity excl. IFRS16 0,22 0,21 NFP/Adj. EBITDA excl. IFRS16 0,80 0,83 5 • Net sales H1 2025 are 845,2 M€, up +13,6% vs H1 2024 - Distribution BU: registered a significant increase of +13,7% - Shipping BU: good performance with more than satisfying loading factor overall, especially in the dry cargo segment • Adjusted EBITDA comes in at 48,4 M€, up 7,5 M€ or +18,4% vs H1 2024, with a margin of 5,7%, (up by 23 bps vs H1 2024) - Overall, the result is driven by the distribution BU and the output of the high value-added products • Adjusted EBIT moves upwards to 30,5 M€, up 6,2 M€ or +25,7% vs H1 2024, as a direct consequence of higher operating results • Adjusted Net profit is up 4,9 M€, to 20,9 M€ - Net profit (reported) stands at 19,7 M€ • Total Equity rises to 258,9 M€, on the back of period net profit • Net Financial Position Excl. IFRS 16(***) is 58,0 M€ (Net Debt), including (52 M€ excluding derivatives MTM): - Cash and cash equivalents of 82,3 M€ - Gross financial debt of 118,1 M€ - Derivatives MTM net debt of 6,0 M€ - Deferred considerations of the French acquisitions of 16,3 M€ • Reported Net Financial Position, stands at 111,3 M€ - Including 53,3 M€ IFRS 16 liabilities * Adjusted EBITDA excl. IFRS 16 is equal to 38,8 M€ in H1 2025 and 32,1 M€ in H1 2024 ** Adjusted for non-recurring items and Top Management incentives, net of their estimated tax effect *** IFRS 16 effect consisting in NFP of 53,3 M€ at the end of H1 2025 and 56,4 M€ at the end of 2024 Executive summary ● Consolidated figures
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2,097,2 -0,02 1,8 707,1 804,3 57,9 60,05,3 5,3 -26,2 -24,4 Net Sales H1 2024 Distribution Shipping Holding & Services I/S Eliminations Net Sales H1 2025 5,5 2,2 -0,2 31,9 37,4 12,9 15,1 -3,9 -4,1 Adj EBITDA H1 2024 Distribution Shipping Holding & Services Adj EBITDA H1 2025 ADJUSTED EBITDA VARIANCE (M€) 40,9 NET SALES VARIANCE (M€) Net sales H1 2025 post an overall progress of 101,0 M€ or +13,6% vs H1 2024 • Distribution is up by 97,2 M€, or +13,7%: - Increasing sales in H1 2025, thanks to the sustained selling prices, driven by the product mix and the inflationary effect, mixed with higher volumes on some categories • Shipping increases by 2,0 M€, or +3,5%, driven by a strong dry cargo and a record loading factor on both segments • Holding & Services is unchanged and inter-segment eliminations is down by 1,8 M€ 744,1 845,2 +13,7% +3,5% ns 48,4 ns Adj. EBITDA Margin % ns Net Sales and Adj. EBITDA Distribution Shipping Holding & Services I/S Eliminations TOTAL CHANGE +7,5€ | +18,4% 6 5,7%5,5% 25,2%4,7% * IFRS 16 effect is equal to Adjusted EBITDA of abt. 9,6 M€ in H1 2025 and abt. 8,8 M€ in H1 2024. TOTAL CHANGE +101,0€ | +13,6% H1 2025 Adjusted EBITDA is up by 7,5 M€ or +18,4% vs H1 2024, margin is 5,7% vs 5,5% in H1 2024: • Distribution improves+17,3% versus H1 2024 thanks to: - Improvements in terms of product mix, with high value-added categories (in particular, kiwifruit, exotic fruit products, pineapples, table grapes and fresh-cut) performing well Shipping increases by 2,2 M€: - Stable reefer segment situation, with higher costs compared to H1 2024 due to the occurring of the dry-docking activity of one ship (last year, both vessels underwent dry-docking in H2) on the back of an improvement of the dry cargo segment • Holding & Services is unchanged Adjusted EBITDA excl. IFRS 16(*) is 38,8 M€ vs 32,1 M€ in H1 2024, or 4,6% of net sales vs 4,3% LY
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Adjusted Net Profit H1 2025 increases to 20,9 M€, excluding the adjustments and their tax effect: - Resulting from higher margins, slightly higher D&A/provisions, almost unchanged financial (lower financial expenses balanced by high exchange rate losses mainly referred to Mexican Peso Vs USD) and increased taxes (with a decreased tax rate, tax rate H1 2025 is equal to 20,5% vs 21,1% in H1 2024) • Total adjustments in H1 2025 equal to a loss of -1,2 M€, net of estimated tax, comprising: - provision for employees' profit sharing in Mexico and France of 406 K€, Top Management MBO of 436 K€ (which was not included in the adjustments in H1 2024), and other minor adjustments • Net Profit comes in at 19,7 M€. ADJUSTED NET PROFIT VARIANCE (M€) -0,1 -0,9 7,5 -1,3 -1,1 -1,2 15,1 16,0 20,9 19,7 Net Profit H1 2024 Adjustments H1 2024 Adj. Net Profit H1 2024 Adj. EBITDA D&A / Provisions Financials / Share of Profit Tax Adj. Net Profit H1 2025 Adjustments H1 2025 Net Profit H1 2025 TOTAL CHANGE +4,9 M€ Consolidated Net Profit 7
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26,2 -1,3 -10,6 -8,4 -9,1 53,3 54,8 58,0 111,3 FY 2024 Excl. IFRS16 Cash Flow CNWC change Operating Capex Dividend to Orsero shareholders MTM and Other eff. H1 2025 Excl. IFRS16 IFRS16 liabilities H1 2025 incl IFRS16 37,0 37,9 Dec. 2021 Mar. 2022 Jun. 2022 Sep. 2022 Dec. 2022 Mar. 2023 Jun. 2023 Sep. 2023 Dec. 2023 Mar. 2024 Jun. 2024 Sep. 2024 Dec. 2024 Mar. 2025 Jun. 2025 Total Shareholders’ Equity comes in at 258,9 M€ as a result of: • Net profit of the period of 19,7 M€ • Dividend paid to Orsero’s shareholders for a total of -8,4 M€ • Third parties' dividends equal to -1,7 M€, related to dividend paid to minorities • Negative MTM of hedging derivatives at -6,5 M€ (bunker fuel, EUA ETS, interest rates and USD) • Others negative of 0,6 M€ NFP excl. IFRS16 comes in at 58,0 M€, or 111,3 M€ with IFRS16 liabilities: • Positive cash flow generation of abt. 26,2M€ • Commercial NWC absorption of -1,3 M€ (*) • Operating Cash Capex(**) are 10,6 M€, for investments in core activities: - 3,2 M€ warehouse improvements across Italy, France and Spain - 0,3 M€ ERP in Italy, Spain and France - 3,9 M€ vessels dry docking and upgrades - 3,2 M€ related to several minor recurring investments on distribution platforms • Others totalling -9,1 M€ of negative effect, including: positive cash items of 0,6 M€ dividend received and 0,5 M€ fixed assets divestment, balancing -1,7 M€ cash dividend paid to minorities and -8,5 M€ variance in MTM versus 31.12.2024 Cash and cash equivalents come in at 82,3 M€ Liabilities related to IFRS 16 are equal to 53,3 M€ • The incremental IFRS 16 right-of-use of H1 2025 are equal to 6,0 M€ * Change net of bad debt accruals ** Excluding non-cash capex related to incremental IFRS 16 right-of-use equal to 6,0 M€. *** Amounts gross of bad debt accruals, including Cosiarma SpA advances to suppliers Consolidated Net Equity and NFP NET EQUITY VARIANCE (M€) NFP EXCL. IFRS 16 VARIANCE - ILLUSTRATIVE (M€) COMMERCIAL NWC - SEASONAL PATH (M€)*** 8 TOTAL CHANGE 3,2 M€ 19,7 -8,4 -1,7 -6,5 -0,6 256,4 258,9 Net Equity FY 2024 Net Profit H1 2025 Dividend to Orsero shareholders Third parties dividends Hedging reserves Others Net Equity H1 2025
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Guidance check and balance M€ ACTUAL H1 2025 REVISED GUIDANCE FY 2025 (September 10°)* GUIDANCE FY 2025 (February 3°)* ACTUAL FY 2024 Net Sales 845,2 1.650/1.690 1.580/1.640 1.571,3 % chg. vs LY 13,6% +6,3% +2,5% +2,0% Adj. EBITDA 48,4 82/86 77/82 83,7 % chg. vs LY 18,4% +0,4% -5,0% -21,9% Adj. Net Profit 20,9 30/32 26/30 31,5 % chg. vs LY 30,9% -1,6% -11,1% -41,6% NFP (*) 111,3 110/105 110/105 111,2 CAPEX (**) 10,6 19/21 15/17 26,7 NFP excl. IFRS 16 58,0 50/45 50/45 54,8 * Percentages calculated on the mid point of the FY 2025 Guidance. 9
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Appendix 10
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Company structure 1111 COSIARMA Italy ORSERO CR Costa Rica FRUTTITAL Italy GALANDI Italy AGRICOLA AZZURRA * Italy 50% I FRUTTI DI GIL Italy 51% SIMBA Italy SIMBACOL Colombia BELLA FRUTTA Greece EUROFRUTAS Portugal COMM. DE FRUTA ACAPULCO Mexico AZ FRANCE France BLAMPIN ** France CAPEXO France FRUTTICA France H.NOS FERNANDEZ LOPEZ Spain BONAORO * Spain 50% CITRUMED*** Tunisia 50% MOÑO AZUL * Argentina 19,2% ORSERO SPA Italy FRESCO SHIP’S AGENCY & FOWARDING Italy ORSERO SERVIZI Italy FRUPORT * Spain 49% Shipping Distribution Holding & Services * Equity Method ** 80% of fully diluted share capital + call option on 13,3% *** at cost
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Governance & Shareholders’ structure FIF HOLDING SPA 33,36% Grupo Fernandez S.A. 6,67% Praude Asset Management Ltd. 8,32% Treasury Shares 4,72% Free Float 46,93% Shareholders* * Last update June 4, 2025. Total shares 17.682.500. Treasury shares 833.857 % ON SHARE CAPITAL Paolo Prudenziati Chairman Raffaella Orsero Deputy Chair & CEO Matteo Colombini Co-CEO & CFO Board of Directors 4 Committees of independent or non-executive directors 10 members, including: Remuneration and Nomination ● Control and Risk ● Related parties ● Sustainability Analyst coverage BANCA AKROS – Andrea Bonfà CFO SIM – Gianluca Mozzali INTESA SANPAOLO-IMI CIB, Gabriele Berti Advisors Specialist: INTESA SANPAOLO-IMI Auditing company: KPMG 12 FIF Holding SPA and Grupo Fernández S.A. are bound by a shareholder agreement 60% – Independent members 40% – Underrepresented gender 20% – Minority list
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Consolidated Income Statement AMOUNTS IN €/000 FY 2020 % FY 2021 % FY 2022 % FY 2023 % FY 2024 % H1 2024 % H1 2025 % Net sales 1.041.535 100,0% 1.069.776 100,0% 1.196.284 100,0% 1.540.813 100,0% 1.571.270 100,0% 744.123 100,0% 845.173 100,0% Cost of sales (953.725) -91,6% (975.562) -91,2% (1.077.434) -90,1% (1.369.334) -88,9% (1.424.362) -90,7% ( 672.191) -90,3% (764.222) -90,4% Gross profit 87.810 8,4% 94.214 8,8% 118.850 9,9% 171.478 11,1% 146.908 9,3% 71.932 9,7% 80.952 9,6% General and administrative expense (67.650) -6,5% (71.071) -6,6% (75.831) -6,3% (100.254) -6,5% (99.139) -6,3% ( 48.816) -6,6% (51.407) -6,1% Other operating income/expense (1.397) -0,1% (19) 0,0% (3.077) -0,3% (6.293) -0,4% (3.751) -0,2% ( 37) 0,0% (644) -0,1% Operating Result (Ebit) 18.763 1,8% 23.125 2,2% 39.942 3,3% 64.931 4,2% 44.018 2,8% 23.080 3,1% 28.901 3,4% Financial income 252 0,0% 352 0,0% 321 0,0% 1.512 0,1% 2.072 0,1% 1.033 0,1% 464 0,1% Financial expense and exchange rate diff. (3.943) -0,4% (3.665) -0,3% (5.690) -0,5% (12.457) -0,8% (11.111) -0,7% ( 5.974) -0,8% (5.771) -0,7% Other income/expenses from investments 813 0,1% 4 0,0% (483) 0,0% 524 0,0% 60 0,0% 10 0,0% 16 0,0% Share of profit/loss of associates and joint ventures accounted for using equity method 795 0,1% 1.019 0,1% 2.041 0,2% 1.614 0,1% 2.047 0,1% 942 0,1% 1.162 0,1% Profit before tax 16.679 1,6% 20.835 1,9% 36.131 3,0% 56.124 3,6% 37.086 2,4% 19.092 2,6% 24.772 2,9% Income tax expense (4.411) -0,4% (2.327) -0,2% (3.671) -0,3% (7.995) -0,5% (9.406) -0,6% ( 4.030) -0,5% (5.069) -0,6% NET PROFIT 12.269 1,2% 18.508 1,7% 32.460 2,7% 48.129 3,1% 27.680 1,8% 15.062 2,0% 19.703 2,3% ADJUSTED EBITDA – EBIT BRIDGE : ADJUSTED EBITDA 48.404 4,6% 52.929 4,9% 76.058 6,4% 107.114 7,0% 83.690 5,3% 40.901 5,5% 48.407 5,7% D&A – excl. IFRS16 (16.996) -1,6% (18.011) -1,7% (15.554) -1,3% (16.845) -1,1% (17.615) -1,1% (8.339) -1,1% (8.986) -1,1% D&A – Right of Use IFRS16 (7.184) -0,7% (6.983) -0,7% (12.560) -1,0% (14.647) -1,0% (15.423) -1,0% (7.680) -1,0% (8.008) -0,9% Provisions (1.809) -0,2% (2.408) -0,2% (2.245) -0,2% (2.841) -0,2% (1.953) -0,1% (646) -0,1% (957) -0,1% Top Management Incentives (1.092) -0,1% (1.753) -0,2% (3.033) -0,3% (3.185) -0,2% (2.241) -0,1% - 0,0% (574) -0,1% Non recurring Income 35 0,0% 1.909 0,2% - 0,0% 2.533 0,2% 1.042 0,1% 980 0,1% 93 0,0% Non recurring Expenses (2.595) -0,2% (2.557) -0,2% (2.725) -0,2% (7.198) -0,5% (3.481) -0,2% (2.136) -0,3% (1.075) -0,1% OPERATING RESULT (EBIT) 18.763 1,8% 23.125 2,2% 39.942 3,3% 64.931 4,2% 44.018 2,8% 23.080 3,1% 28.901 3,4% 13
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Segment Reporting – Sales and Adjusted EBITDA NET SALES FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 2023 2024 2025 M€ Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Distribution 982,8 1.000,5 1.091,7 1.453,0 1.496,1 323,1 393,3 380,7 355,9 320,3 386,8 393,8 395,2 360,5 443,8 Var. y.o.y. 3,4% 1,8% 9,1% 33,1% 3,0% 33,2% 38,6% 30,9% 29,6% -0,9% -1,7% 3,4% 11,0% 12,6% 14,7% Shipping 95,3 103,8 142,4 132,7 116,0 34,5 34,5 29,3 34,4 28,1 29,9 25,8 32,3 28,6 31,4 Var. y.o.y. 11,8% 9,0% 37,2% -6,8% -12,6% 13,9% -11,5% -20,1% -5,5% -18,6% -13,5% -11,9% -6,1% 1,9% 5,0% Holding & Service 10,5 10,6 11,6 11,0 10,8 2,8 2,6 2,6 3,0 2,6 2,7 2,6 2,8 2,6 2,7 Inter Segment ( 47,1) ( 45,1) ( 49,4) ( 55,9) (51,6) ( 13,1) ( 14,3) ( 13,4) ( 15,2) (13,1) ( 13,2) ( 11,3) (14,1) ( 12,1) ( 12,3) Net Sales 1.041,5 1.069,8 1.196,3 1.540,8 1.571,3 347,3 416,1 399,3 378,1 337,9 406,2 411,0 416,2 379,6 465,6 Var. y.o.y. 3,6% 2,7% 11,8% 28,8% 2,0% 31,6% 33,3% 25,5% 25,2% -2,72% -2,4% 2,9% 10,1% 12,3% 14,6% ADJUSTED EBITDA FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 2023 2024 2025 M€ Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Distribution 36,7 35,4 35,0 73,7 69,1 15,6 23,1 24,0 11,0 11,7 20,2 24,9 12,3 15,7 21,8 % to Net Sales 3,7% 3,5% 3,2% 5,1% 4,6% 4,8% 5,9% 6,3% 3,1% 3,7% 5,2% 6,3% 3,1% 4,4% 4,9% Shipping 17,7 24,4 48,3 41,6 22,2 12,9 12,1 7,9 8,6 7,2 5,7 3,1 6,2 7,9 7,2 % to Net Sales 18,5% 23,5% 33,9% 31,3% 19,1% 37,4% 35,2% 26,9% 25,0% 25,6% 19,1% 12,1% 19,1% 27,5% 23,1% Holding & Service ( 5,9) ( 6,9) ( 7,3) ( 8,2) (7,6) ( 2,3) ( 2,2) ( 1,8) ( 1,9) (2,1) ( 1,8) ( 2,0) (1,7) ( 2,0) ( 2,1) ADJUSTED EBITDA 48,4 52,9 76,1 107,1 83,7 26,2 33,0 30,1 17,8 16,8 24,1 26,0 16,8 21,5 26,9 % to Net Sales 4,6% 4,9% 6,4% 7,0% 5,3% 7,6% 7,9% 7,5% 4,7% 5,0% 5,9% 6,3% 4,0% 5,7% 5,8% 14
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Consolidated Statement of Financial Position AMOUNTS IN €/000 30/06/2025 31/12/2024 Goodwill 127.447 127.447 Intangible assets other than Goodwill 9.828 10.374 Property, plant and equipment 187.130 188.318 Investment accounted for using equity method 22.410 22.378 Non-current financial assets 5.567 5.664 Deferred tax assets 8.127 6.981 NON-CURRENT ASSETS 360.508 361.162 Inventories 63.239 54.533 Trade receivables 173.608 154.354 Current tax assets 13.498 14.217 Other receivables and other current assets 22.224 16.697 Cash and cash equivalents 82.303 85.360 CURRENT ASSETS 354.873 325.160 Non-current assets held for sale - - TOTAL ASSETS 715.381 686.322 AMOUNTS IN €/000 30/06/2025 31/12/2024 Share Capital 69.163 69.163 Other Reserves and Retained Earnings 168.974 158.740 Profit/loss attributable to Owners of Parent 19.163 26.805 Equity attributable to Owners of Parent 257.301 254.708 Non-controlling interests 1.595 1.692 TOTAL SHAREHOLDERS' EQUITY 258.896 256.400 Financial liabilities 125.700 141.419 Other non-current liabilities 623 725 Deferred tax liabilities 3.828 4.603 Provisions 5.315 5.144 Employees benefits liabilities 9.434 9.510 NON-CURRENT LIABILITIES 144.900 161.401 Financial liabilities 68.275 58.411 Trade payables 205.993 174.132 Current tax liabilities 7.737 7.957 Other current liabilities 29.579 28.021 CURRENT LIABILITIES 311.584 268.521 Liabilities directly associated with non-current assets held for sale - - TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 715.381 686.322 15
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16 Definitions & Symbols Y.o.y. = year on year Abt. = about Adjusted EBITDA = Earning Before Interests Tax, Depreciation and Amortization excluding non-recurring items and costs related to LT incentives AGM = Annual General Meeting Approx. = Approximately ASM = Annual Shareholder’s Meeting BAF = Bunker Adjustment Factor BC = Business Combination BoD = Board of Directors Bps. = basis points BU = Business Unit CAM Line = Central-South America | South Europe Shipping Route D&A = Depreciations and Amortizations EBIT = Earnings Before Interests Tax EBITDA = Earnings Before Interests Tax Depreciations and Amortizations Excl.= excluding F&V = Fruit & Vegetables FTE = Full Time Equivalent FY = Full Year | Fiscal Year (twelve months ended 31 December) H1 = first half (six months ended 30 June) H2= second half (six months from 1 July to 31 December) HFL = Hermanos Fernández López S.A. I/S = Inter Segment I/co = Intercompany LFL = Like for like LTI = Long-Term Incentive/long term bonus LY= Last Year MBO = Management by Objectives/Short term bonus M&A = Merger and Acquisition MLT = Medium Long-Term MTM = Mark to market NFP = Net Financial Position, if positive is meant debt NS = Not significant PBT = Profit Before tax Plt. = Pallet PY = previous year or prior year Q = Quarter/trimester SPAC = Special Purpose Acquisition Company T-MEC = Mexico-United States-Canada Treaty TTM = Trailing 12 months YTD = Year to date FY = Twelve months ended December 31. WW = Word Wide M = million K = thousands € = EURO , (comma) = separator of decimal digits . (full stop) = separator of thousands
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