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EARNINGS CALL FOURTH QUARTER 2025 February 17, 2026 We feed a better tomorrow
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DISCLAIMER This presentation may contain financial or business projections regarding recent acquisitions, their financial or business impact, management expectations and objectives regarding such acquisitions and current management expectations on the operating and financial performance of The Company, based on assumptions that, as of today, are considered valid. Financial and business projections are estimates and do not constitute any declaration of historical facts. Words such as “anticipates”, “could”, “may”, “can”, “plans”, “believes”, “estimates”, “expects”, “projects”, “pretends”, “probable”, “will”, “should”, and any other similar expression or word with a similar meaning pretend to identify such expressions as projections. It is uncertain if the anticipated events will happen and in case they happen, the impact they may have in Alicorp’s or The Consolidated Company’s operating and financial results. Alicorp does not assume any obligation to update any financial or business projections included in this presentation to reflect events or circumstances that may happen.
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TOPICS HIGHLIGHTS CONSOLIDATED OPERATING RESULTS OPERATING RESULTS BY BUSINESS UNIT LIQUIDITY AND BALANCE SHEET GUIDANCE 1 2 3 4 5
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HIGHLIGHTS
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HIGHLIGHTS Potential acquisition of Inka Crops WE SIGNED AN AGREEMENT FOR THE POTENTIAL ACQUISITION OF MAJORITY STAKE OF INKA CROPS S.A. AND PROCESADORA TROPICAL S.A. THE TRANSACTION ENABLES ENTRY INTO A HIGHLY ATTRACTIVE MARKET Transaction perimeter Inka Crops S.A.: - Leading Peruvian company in the production and commercialization of savory snacks - Production plant located in Lima Procesadora Tropical S.A.: - Peruvian company specializing in the semi- processing and supply of green plantain, cassava, and taro - Fully supplies Inka Chips’ green plantain needs - Processing plant in Ucayali and production fields in Huanuco Sales breakdown evolution PEN million New category with strong fundamentals High-potential growth market Consolidated raw material supply chain 71 76 111 51 78 136 2022 2023 2024 122 154 247 +26% +60% House brands Private label 5
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HIGHLIGHTS Potential acquisition of Home Care businesses in Colombia and Ecuador OUR SUBSIDIARIES IN COLOMBIA AND ECUADOR HAVE ENTERED INTO AGREEMENTS TO POTENTIALLY ACQUIRE 100% OF UNILEVER’S HOME CARE ASSETS IN BOTH COUNTRIES THESE TRANSACTIONS AIM TO STRENGTHEN OUR GEOGRAPHIC PRESENCE IN KEY CATEGORIES 6 Diversified portfolio, including power and liquid detergents, softeners and soaps, with relevant presence in both the traditional and modern channel Transactions include brands, and manufacturing assets and personnel Leading brands with proven track record and strong market traction Strategic geographies to consolidate our presence and scale our positioning Colombia 2025E revenue: USD ~130 MM Main brands Ecuador 2025E revenue: USD ~60 MM Main brandsManufacturing assets located in Palmira (Colombia) and Guayas (Ecuador)
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CONSOLIDATED OPERATING RESULTS
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CONSOLIDATED OPERATING RESULTS Gross profit – FY ‘25 and Q4 ‘25 PERFORMANCE SUMMARY – GROSS PROFIT1 PEN million FULL-YEAR GROSS PROFIT INCREASED MAINLY DRIVEN BY HIGHER SALES VOLUMES ACROSS MOST BUSINESS UNITS DESPITE A CHALLENGING ENVIRONMENT IN BOLIVIA (1) All figures are presented on a proforma basis, excluding adjustments, unless otherwise stated (2) No adjustments were recorded in Q4 2024 (3) No adjustments were recorded in Q4 2025 (4) Excluding the impact of the BOB devaluation, adjusted gross profit would have reached PEN 3,150 (+10% vs. 2024) 8 2,865 3,103 FY ’24 FY ’254 +8% 27.0% 26.4% 10 1 Q4 ’242 Consumer Goods Peru B2B International Business Aquafeed Q4 ’253 831 -22 -22 799 -4% 27.2% 26.1% 608 661+9% 2,115 2,522+19% Gross margin Volume (thousand MT)
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CONSOLIDATED OPERATING RESULTS Adjusted EBITDA – FY ‘25 and Q4 ‘25 PERFORMANCE SUMMARY – AJUSTED EBITDA1 PEN million FULL-YEAR ADJUSTED EBITDA INCREASED MAINLY DRIVEN BY HIGHER GROSS PROFIT PARTIALLY OFFSET BY HIGHER OPERATING EXPENSES RELATED TO LONG-TERM STRATEGIC INITIATIVES 9 608 661+9% 2,115 2,522+19% Adjusted EBITDA margin Volume (thousand MT) (1) All figures are presented on a proforma basis, excluding adjustments, unless otherwise stated (2) Q4 2024 adjustments → Impairment of assets PEN 99.8 MM, Restructuring expenses PEN 24.2 MM and M&A expenses PEN 3.4 MM (3) Q4 2025 adjustments→ Impairment of assets PEN 247.1 MM, Restructuring expenses PEN 28.1 MM and M&A expenses PEN 8.2 MM (4) Excluding the impact of the BOB devaluation, adjusted EBITDA would have reached PEN 1,793 MM (+11% vs. 2024) 1,616 1,777 FY ’24 FY ’254 +10% 15.3% 15.1% Q4 ’24 Adjusted2 Consumer Goods Peru B2B International Business Aquafeed Others Q4 ’25 Adjusted3 508 0 -25 -32 -12 -2 436 -14% 16.7% 14.3%
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OPERATING RESULTS BY BUSINESS UNIT
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11 399 398 409 1,505 1,518 36.6% Q4 ’24 38.6% Q3 ’25 37.9% Q4 ’25 38.9% FY ’24 37.8% FY ’254 +3% +1% OPERATING RESULTS BY BUSINESS UNIT1 Consumer Goods Peru and Alicorp Soluciones CONSUMER GOODS PERU2 PEN million B2B – ALICORP SOLUCIONES3 PEN million GROSS PROFIT & MARGIN ADJUSTED EBITDA & MARGIN (1) All figures are presented on a proforma basis, excluding adjustments, unless otherwise stated (2) Adjustments → Q4 2024: Impairment of assets PEN 14.2 MM, Restructuring expenses PEN 11.1 MM and M&A expenses PEN 0.6 MM. Q4 2025: Restructuring expenses PEN 18.5 MM and Impairment of assets PEN 2.9 MM (3) Adjustments → Q4 2024: Restructuring expenses PEN 9.5 MM, Impairment of assets PEN 3.4 MM and M&A expenses PEN 1.2 MM. Q4 2025: Restructuring expenses PEN 3.7 MM, Impairment of assets PEN 1.4 MM and M&A expenses PEN 0.1 MM (4) Excluding the impact of the BOB devaluation, adjusted gross profit and EBITDA would have reached PEN 1,509 MM (+0.3% vs. 2024) and PEN 799 MM (-7% vs. 2024), respectively (5) Excluding the impact of the BOB devaluation, adjusted gross profit and EBITDA would have reached PEN 694 MM (+16% vs. 2024) and PEN 427 MM (+13% vs. 2024), respectively 229 210 228 861 808 21.0% Q4 ’24 20.3% Q3 ’25 21.2% Q4 ’25 22.3% FY ’24 20.1% FY ’254 -0.2% -6% 125 124 100 378 428 14.5% Q4 ’24 14.5% Q3 ’25 12.1% Q4 ’25 14.1% FY ’24 13.2% FY ’255 -20% 13% 195 188 174 599 695 22.6% Q4 ’24 21.9% Q3 ’25 21.0% Q4 ’25 22.4% FY ’24 21.5% FY ’255 -11% 16%
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12 40 46 45 110 186 17.6% Q4 ’24 17.3% Q3 ’25 16.9% Q4 ’25 13.7% FY ’24 17.9% FY ’25 +12% +69% 31 36 30 71 144 13.4% Q4 ’24 13.6% Q3 ’25 11.4% Q4 ’25 8.8% FY ’24 13.8% FY ’25 -1% 2.0x International Business and Aquafeed INTERNATIONAL BUSINESS2 USD million AQUAFEED – VITAPRO3 USD million (1) All figures are presented on a proforma basis, excluding adjustments, unless otherwise stated (2) Adjustments → Q4 2024: Impairment of assets USD 4.0 MM and Restructuring expenses USD 0.1 MM. Q4 2025: Impairment of assets USD 56.7 MM and Restructuring expenses USD 1.8 MM (3) Adjustments → Q4 2024: Impairment of assets USD 17.8 MM. Q4 2025: Impairment of fixed assets USD 0.4 MM (4) Excluding the impact of the BOB devaluation, adjusted gross profit and EBITDA would have reached USD 78 MM (-16% vs. 2024) and USD 16 MM (-56% vs. 2024), respectively OPERATING RESULTS BY BUSINESS UNIT1 GROSS PROFIT & MARGIN ADJUSTED EBITDA & MARGIN 23 14 19 92 63 36.6% Q4 ’24 26.6% Q3 ’25 25.4% Q4 ’25 33.9% FY ’24 28.2% FY ’254 -17% -32% 8 4 37 10 13.0% Q4 ’24 7.0% Q3 ’25 -0.5% Q4 ’25 13.5% FY ’24 4.6% FY ’254 -0.4 -9 -72%
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LIQUIDITY AND BALANCE SHEET
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INDEBTEDNESS EVOLUTION1 14 Leverage LIQUIDITY AND BALANCE SHEET 3,090 3,339 3,482 3,695 3,360 Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’252 Q4 ’253 2.0 2.0 2.0 2.1 2.2 1.8 1.8 1.9 2.0 1.9 Net debt (PEN million) Net debt / EBITDA Net debt / adjusted EBITDA DESPITE M&A ACTIVITY AND SHARE BUYBACKS, LEVERAGE REMAINED HIGHLY STABLE, SUPPORTED BY SUSTAINED EBITDA GROWTH, CONSTANT CASH FLOW GENERATION AND EFFICIENT WORKING CAPITAL MANAGEMENT CASH 852 PEN million3 DEBT COVERAGE4,5 2.7x over next 12 months 1.2x over next 24 months ACCESS TO FUNDING PEN 404 million of available committed credit lines PEN 6.0 billion of available uncommitted credit lines CREDIT RATINGS S&P BBB- Stable Fitch BBB Stable Apoyo (Fitch) AAA (pe) Stable Moody’s PE AAA Stable Moody’s BOL AA Stable (1) Only debt principal less cash and cash equivalents (2) On a pro forma basis, including the LTM EBITDA of recent acquisitions, the leverage ratio remains unchanged (3) 4Q ‘25 includes devaluation from Bolivia’s estimated market exchange rate (4) Principal only (5) Includes committed credit lines. Excluding these lines, the ratios would be 1.9x over the next 12 months and 0.8x over the next 24 months
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OUR VIEW FOR 2026
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16 ADJUSTED EBITDA LOW-TO-MID SINGLE DIGIT GROWTH LEVERAGE BELOW 2.0x NET DEBT-TO- ADJUSTED EBITDA CONSOLIDATED REVENUE LOW-TO-MID SINGLE DIGIT GROWTH OUR EXPECTATIONS FOR 2026 Guidance CAPEX APPROXIMATELY USD 80 MILLION
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EARNINGS CALL FOURTH QUARTER 2025 February 17, 2026 We feed a better tomorrow
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18 APPENDIX Reported and adjusted EBITDA summary Q4 '24 Q4 '25 FY '24 FY '25 Reported Adjusted Reported Adjusted Reported Adjusted Reported Adjusted CGP 202.8 228.7 206.8 228.2 822.7 861.5 778.0 807.8PEN B2B 111.4 125.5 95.3 100.5 355.3 377.8 415.7 427.6PEN Int. Business 4.0 8.1 -58.9 -0.4 31.7 36.7 -48.2 10.3USD Aquafeed 12.8 30.7 29.8 30.2 49.2 70.8 141.6 143.5USD Total 381.1 508.5 152.8 436.2 1,460.4 1,616.4 1,469.4 1,776.7PEN