Sligro Food Group N.V.

Earnings Release • Oct 17, 2024

PRESS RELEASE

SLIGRO FOOD GROUP TRADING UPDATE FOR THE THIRD QUARTER OF 2024

	PRESS RELEASE
							SLIGRO FOOD GROUP TRADING UPDATE FOR THE THIRD QUARTER OF 2024
							Sligro Food Group N.V. generated €730 million in revenue over the third quarter of 2024, up €25 million or 3.5% on the
	revenue of €705 million posted in the third quarter of 2023.
	Netherlands			Belgium				Sligro Food Group
x € million	2024	2023		2024	2023		2024	2023
Q1	554	533	3.8%	98	101	-3.2%	652	634
Q2	639	654	-2.3%	102	115	-10.1%	741	769
Q3	636	602	5.8%	94	103	-10.0%	730	705
Total	1,829	1,789	2.3%	294	319	-7.9%	2,123	2,108
							Both in the Netherlands and in Belgium, we will continue
In the Netherlands, we saw revenue development
	recover in the third quarter. After a mediocre second						to target revenue retention over the coming quarters by
	quarter, conditions were more favourable in the third. Revenue development was also driven by the increase in						selling more to current customers and growing revenue through customer acquisition. We are not yet seeing any

In the Netherlands, we saw revenue development recover in the third quarter. After a mediocre second quarter, conditions were more favourable in the third. Revenue development was also driven by the increase in tobacco sales on the back of the shift from the retail to the petrol channel due to a change in tobacco legislation.

In Belgium, it looks as though the greatest impact of revenue losses due to all the changes we have implemented is now behind us. Over the past quarters, hard work has gone into setting up an IT platform and logistics infrastructure in Belgium to be able to offer our customers there, like in the Netherlands, the benefits of an integrated and nationwide delivery network. This was a major programme that involved some temporary inconvenience for our customers. We now have the foundation in place for professional and efficient operations, which will benefit both our customers and Sligro itself, making this a key milestone. As the third quarter progressed, the revenue drop compared to last year levelled out and we returned to attracting new customers. While we reached that point later than expected, we are pleased to see these first signs of recovery.

Both in the Netherlands and in Belgium, we will continue to target revenue retention over the coming quarters by selling more to current customers and growing revenue through customer acquisition. We are not yet seeing any indications of a broad recovery in today's market sentiment. Volumes are still under pressure and inflation is just above 2%, causing the market as a whole to generate little growth.

Excluding tobacco	Tobacco

	In Belgium, it looks as though the greatest impact of revenue losses due to all the changes we have				generate little growth.
	implemented is now behind us. Over the past quarters,				Based on this impression of the market, our expectations for this year's results remain unchanged compared to what we stated when we published our half-year figures. On 7 January 2025, we will publish our revenue figures for 2024 as a whole. On 27 March 2025, we will publish our annual figures for 2024.
	hard work has gone into setting up an IT platform and
	logistics infrastructure in Belgium to be able to offer our
	customers there, like in the Netherlands, the benefits of an integrated and nationwide delivery network. This was a major programme that involved some temporary inconvenience for our customers. We now have the
foundation in place for professional and efficient operations, which will benefit both our customers and			Veghel, 17 October 2024
Sligro itself, making this a key milestone. As the third quarter progressed, the revenue drop compared to last		On behalf of Sligro Food Group N.V.
year levelled out and we returned to attracting new customers. While we reached that point later than expected, we are pleased to see these first signs of			Koen Slippens, CEO Rob van der Sluijs, CFO
					Tel. +31 413 34 35 00 www.sligrofoodgroup.nl
	Excluding tobacco			Tobacco			Total
x € million	2024	2023		2024	2023		2024	2023
Q1	494	486	1.6%	60	47	27.3%	554	533	3.8%
Q2	568	597	-4.8%	71	57	23.5%	639	654	-2.3%
Q3	563	547	2.9%	73	55	35.4%	636	602	5.8%
Total	1,625	1,630	-0.3%	204	159	28.7%	1,829	1,789	2.3%
	Sligro Food Group consists of companies that specifically focus on the food service market in the Netherlands and Belgium by offering a comprehensive range of food and food-related non-food products and services in the wholesale market. Sligro Food Group strives to
	be a high-quality business for all its stakeholders that constantly grows in a controlled manner. Revenue for 2023 totalled €2,859 million

Sligro Food Group consists of companies that specifically focus on the food service market in the Netherlands and Belgium by offering a comprehensive range of food and food-related non-food products and services in the wholesale market. Sligro Food Group strives to be a high-quality business for all its stakeholders that constantly grows in a controlled manner. Revenue for 2023 totalled €2,859 million with a net profit of €6 million. At year-end 2023, the number of employees in full-time employment was 4,524. Sligro Food Group shares are traded on the Euronext Amsterdam stock exchange.