Aryzta AG

Investor Presentation • May 7, 2025

Capital

Markets

Day

7 May 2025

FORWARD LOOKING STATEMENT

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, negative impacts from global tariff/ economic trade conflicts, foreign exchange fluctuations, competitive product and pricing pressures, the effects of a pandemic or epidemic or a natural disaster, or war 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.

Tariff uncertainty adds potential risk to the economic environment and forecasting visibility

Agenda

Urs Jordi – Chairman

• Introduction and progress to date

Michael Schai – Group CEO

• Market dynamics and strategic targets

Martin Huber – Group CFO

• Financials 2025f – 2028f

Chairman Urs Jordi Introduction and progress to date

OUR JOURNEY TO A SUCCESSFUL VALUE-CREATING COMPANY

Before	vs	After
Uncontrolled M&A		Focus on the Core
Inefficient organisation		Simplified strategy & organisation
Lack of industry knowhow		Knowledgeable Board & ExCo
Lack of innovation strategy		Return of organic growth driven by innovation
Losses and debt increases		Return to profitability and de-leveraging
-98% share price decline 2014-2020		+600% share price increase since 2020

5

CLEAR FOCUS

Strategy:

• Premiumisation through Innovation in the Core Categories Bread Rolls/Buns, Loaves & Laminated Products

A well-defined business model:

• 100% B2B
• Focus on outgrowing Bake-off segment
• Multi-local model
• Stable experienced management team

Geographies:

• Europe and Rest of World

Routes to Market:

• Retail, QSR, Foodservice

TURNAROUND DELIVERED ONE YEAR EARLY – POSITIONED FOR GROWTH

KPI	2022-25 Targets	2022-24 Achievements
Revenue growth @ const. pricing1.)	4.5-5.5%	✓ Avg. 4.2%
Revenue	>€2bn	✓ From €1.9bn to €2.2bn
EBITDA Margin	≥14.5%	✓ From 12.0% to 14.6%
CAPEX as % of revenue	3.5-4.0%	✓ Avg. 4.0%
ROIC	≥11.0%	✓ From 7.5% to 13.4%
Total net debt leverage (incl. hybrids)	<3x	✓ From 4.8x to 2.8x

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1.) @ constant pricing corresponds to volume/mix growth excl. FX

INNOVATING IN AN ATTRACTIVE GROWTH MARKET

Focus on Innovation and Premiumisation

• Premium products 40% of revenue in 2024
• Diversifies portfolio away from commodities

Investment in new technologies and capabilities

• Next generation lamination technology in Malaysia and Switzerland
• New artisanal line in Germany
• New Innovation Center in Germany
• Planning new laminated line in Poland

ARTIFICIAL INTELLIGENCE OPENS NEW EFFICIENCIES TARGETS

• New Board Technology Committee evaluating AI
• Testing new imaging technology
• Enhances real time measurement of all KPIs
• Enables immediate adjustments
• Ensures strong product consistency
• Allows operators to focus on running the line
• Limits capacity-driven CAPEX

IMPROVING FINANCIAL STRENGTH & SHAREHOLDER RETURNS

• Continue to maintain profitable revenue growth
• Consistent cash generation
• Accessing investment grade debt with appropriate leverage
• Repurchase the remaining hybrid bond
• Achieve appropriate core equity ratio
• Targeting to return capital to shareholders (dividend / share buyback)

OUR GOLD STANDARD FOR BAKE-OFF DELIVERING AFFORDABLE INDULGENCE

CEO Michael Schai Market dynamics and strategic targets

TOTAL BAKED GOODS MARKET – A LARGE, ATTRACTIVE & GROWING GLOBAL MARKET

Baked goods:

• A large global market
• Predominantly private label
• Different maturity & growth levels per geography

Source: Euromonitor; *Baked goods include bread, cakes, dessert mixes, frozen baked goods, pastries, dessert pies and tarts

Thousands

Source: Gira

BAKE-OFF IS EXPECTED TO CONTINUE INCREASING SHARE

Total bakery market shares by segment

• Bake-off continues to be the fastest growing segment of the total bakery market
• Expected to grow ~2.4% annually

14

TRENDS TO FURTHER ACCELERATE RELATIVE BAKE-OFF GROWTH

Consumer trends:

• Freshly baked, all day
• Superior freshness & quality
• Health & Wellbeing
• Convenience, 'on-the-go'
• Innovation
• Clean label

Customer needs:

• Freshly baked footfall driver
• Cost & lack of bakery staff
• Scratch bakery expensive alternative
• Food waste reduction

Industry trends:

• Cold consolidation benefitting bake-off
• Customers changes in own manufacturing capacity
• Quality & efficiency improvements
• Organised industrial bake-off winning market share

BUSINESS MODEL – WE OFFER THE GOLD STANDARD FOR BAKE-OFF

• Existing customer relationships / partnerships
• Developing new customer relationships / partnerships
• Investing in new product technologies Laminated and Artisanal lines
• Market share gains from industry consolidation and changes in manufacturing footprint
• Digital transformation / automation
• Geographic expansion by establishing new sales offices e.g. South Korea
• M&A / Bolt-ons

Malaysia:

Switzerland:

Germany:

Ireland:

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QSR:

INNOVATION SUPPORTING ORGANIC GROWTH

• c. €100m growth CAPEX 2022-24
  • ➢ c.40% of total CAPEX envelope
• Innovation is margin accretive added 30bps/yr to margin 2022-24
• State-of-the-art innovation center in Germany:
  • Available and accessible to all Group businesses
  • Covering ARYZTA's entire portfolio capabilities
  • Serving all customers and channels

MARKET DYNAMICS AND STRATEGIC TARGETS

MANUFACTURING AND COMMERCIAL FOOTPRINT

ARYZTA RELEVANT ACROSS ALL CHANNELS IN BAKE-OFF

Channel • Foodservice • Convenience • Grocery independent • Bakeries independent • Large Retail • QSR • Wholesale Customer/ Product Base • Large number of products and customers • Bought-in finished goods from external and ARYZTA bakeries • Global and regional QSR chains, bespoke products • Produced by our bakeries • Few large customers • Customised SKUs • Produced by our bakeries • Integrated production model • Servicing based on customer demands • Service and distribution model • Direct Store Delivery (DSD) • Production and logistics model • Central warehouse delivery Business model ARYZTA Bakery ARYZTA QSR ARYZTA Food Solutions

focus

ARYZTA ACHIEVES 10% MARKET SHARE

Source: Gira/ARYZTA Intelligence (FY24), market size shown only for markets with ARYZTA presence, ex factory prices

EXCELLENT GROWTH OPPORTUNITIES ACROSS ALL CATEGORIES

Consumer growth trends:

• New taste & look
• Artisanal appeal
• Health-conscious indulgence
• Convenience & 'on-the-go'
• Ethnic & fusion flavours

Source: Gira/ARYZTA Intelligence, market size shown only for markets with ARYZTA presence, ex factory prices

EXCELLENT GROWTH OPPORTUNITIES ACROSS ALL CHANNELS

Channel growth drivers:

• QSR: value-oriented pricing strategies, digitalisation
• Retail: expanded bake-off offerings, convenience
• Food Service: bake-off expansion, convenience, onthe-go

Source: Gira/ARYZTA Intelligence, market size shown only for markets with ARYZTA presence, ex factory prices

MARKET DYNAMICS AND STRATEGIC TARGETS

ACTIVE INDUSTRY CONSOLIDATION

• c.20 consolidation transactions in our sector since 2020
• c.50% Europe and c.50% US
• Average multiple for European transactions was c.10.5x EV/EBITDA
• Average multiple for US transactions was c.10.7x EV/EBITDA
• EV range was €200m €2bn

CURRENT COMPETITOR LANDSCAPE

• 1 ARYZTA revenue >€2bn

• 2 Europastry revenue >€1.5bn

• The next four include Lantmännen, Harry Brot, Vandemoortele and La Lorraine with revenue of c. €1.2-1.4bn
• The rest have revenue of c. €200-900m

Note: Revenue based on company disclosures or ARYZTA's own estimates

1.) Grupo Bimbo, Mexican listed company, mainly Ambient/Packaged Bakery and Buns

MARKET DYNAMICS AND STRATEGIC TARGETS

NEW MID-TERM TARGETS FY 2025F - FY 2028F

Tariff uncertainty adds potential risk to the economic environment and forecasting visibility

31

ARYZTA'S ESG PILLARS

• 3 Pillar Strategy
• SBTi targets in 2025
• 86% of 2023 carbon footprint is Scope 3: - 64% from purchased goods/raw materials
• Improved significantly our independent ESG ratings in 2024
• Good Governance with Board oversight & ExCo responsibility

SUSTAINABILITY PROGRESS

Progress on ARYZTA's ambitions under three pillars

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Note: For the footnotes, please refer to page 101 of the 2024 Annual Report

Environmental

MARKET DYNAMICS AND STRATEGIC TARGETS

KEY TAKE AWAYS

• ✓ The Global Bakery market is a very large and attractive market
• ✓ Bake-Off continues to be the fastest growing segment, driven by strong underlying consumer and customer demand
• ✓ Active industry consolidation is on-going, ARYZTA's primary focus in on organic growth
• ✓ ARYZTA's focused strategy on the bake-off segment in Europe and Rest of World (no direct US exposure) will continue to deliver sustainable, profitable growth over the mid-term plan
• ✓ ARYZTA is servicing all 3 main channels through a tailored manufacturing & service model, therefore addressing the full growth potential

CFO Martin Huber Financials 2025f – 2028f

GROWTH DRIVERS

1.) Relates to the 12-month period ended December

2.) Corresponds to volume/mix growth excl. pricing and FX

EBITDA/EBIT % of revenue

PREMIUMISATION & DISCIPLINED COST MANAGEMENT IMPROVING PROFITABILITY

BUILDING BLOCKS OF MARGIN EXPANSION

Increased digital maturity supported by AI

MARGIN EXPANSION IN OPERATIONS

• Continuous improvement programs based on maturity assessment
• Technology clusters optimise and standardise key production
• War on Waste addressing food-waste and net weight control
• Leveraging AI supported Operational Technology (OT) to improve costs, quality and consistency

Key Achievements 2022-2024:

• Continuous improvement program:
  • → Conversion costs as % of revenue reduced to Index 93
  • → War on Waste: waste as % of raw and packaging material reduced to Index 92
• Target costing pilot program run in 5 factories

Ambition 2025f-28f:

Targeted cost optimisation → €5-10m

MARGIN EXPANSION IN PROCUREMENT

• Full roll-out of above market procurement organisation
• One global procurement system with unified data model
• Integrated Source-to-Pay process leveraging ERP embedded AI capability
• SIMPLEX Phase 2

Key Achievements 2022-2024:

• → Procurement & SIMPLEX costs optimisation >€36m
• → Increased procurement coverage from 60% to >75%
• 0% → Direct procurement fully centralised

Ambition 2025f–28f:

Targeted cost optimisation → €20-30m

MARGIN EXPANSION BY ADDRESSING STRUCTURAL COSTS

• Scaling of Business Service Center (BSC) beyond Finance
• Leveraging Group competence centers
• Organisational alignment for all non-customer facing functions
• Standardisation of organisational model in all factories

Key Achievements 2022-2024:

• → Transactional F&C activities transferred to BSC for 60% of Group revenue
• → Roll out of first phase of above market procurement
• → Framework for organisational alignment established

Ambition 2025f–28f:

Targeted cost optimisation → €15-20m

DIGITAL MATURITY

• Accelerating Customer Experience and eCommerce
• ERP and Application standardisation
• Process and service level development
• Leveraging Power of Data
• IT and OT infrastructure standardisation

Key Achievements 2022-2024:

• → S/4 Go-Live in Switzerland 60% of revenue supported by SAP
• → One Analytical Data Lake, one IT Service Management platform
• → Continuous mitigation of IT/OT and Cyber Security risks toward Zero Trust Model

Ambition 2025f–28f:

• → Empower users & customers with Integrated AI and Analytics
• → Unified Data Model for AI and Machine Learning

Expected ramp-up costs: €20-30m

FREE CASH FLOW GENERATION

Free Cash flow, conversion rate and Trade W/C as % of revenue

Cash generation supported by…

• Growth driven EBITDA progression
• Continued W/C discipline
• Optimised financing costs

…allowing for…

• 3.5-4.5% CAPEX driving growth
• Higher cash taxes due to profit normalisation
• Optimisation of securitisation
• → Targeting FCF Conversion >40%3.) of EBITDA

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20

40

60

80

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120

140

1.) Relates to the 12-month period ended December

2.) Quarters correspond to financial periods aligned with calendar year to December 2022 and December 2023 (based on pro-forma information)

3.) FCF Conversion Rate >40% does not consider potential optimisation of securitisation

ADDRESSING THE CAPITAL STRUCTURE

Total Net Debt in €m & Leverage Ratio

• Consistent cash generation
• Repayment of hybrid bond linked to appropriate core-equity ratio
• Diversification of debt stack
  • optimising financing costs
• B/S flexibility to support growth

FINANCIALS 2025F – 2028F

ROIC

ROIC %

• Margin progression
• Disciplined CAPEX management
• Optimising capacity utilisation:
  • Intercompany sourcing & consistent make or buy
  • Above market coordination of manufacturing capacity

CAPITAL ALLOCATION FOCUSED ON GROWTH, BALANCE SHEET & SHAREHOLDER RETURN

IN SUMMARY

• Organic Growth driven business model in an attractive and growing market
• Continuous improvement of operating profit margin
• Consistent delivery of cash generation and capital efficiency
• Evolving toward investment grade and further optimised financing costs
• Recommence returning capital to shareholders