Sligro Food Group N.V.

Interim / Quarterly Report • Jul 17, 2025

Press release 2025 half-year figures

Strong second quarter leads half-year figures to profit

Over the first half of the year, revenue excluding tobacco products was up €12 million to €1,275 million. The fine spring weather gave revenue a positive boost in the second quarter and Belgium reached a turning point in revenue development. Although the combination of low growth in volume and a substantial cost inflation is having a dampening effect on the upward trend in our result, we are still taking steps forward. EBITDA was up €3 million to €58 million, with both our Dutch and Belgian operations showing an improvement in the result. Net profit came in at €2 million compared to a €1 million loss for the first half of 2024.

Revenue1)

for the first half-year

	Netherlands		Belgium		Group
x € million	2025	2024	2025	2024	2025	2024
Revenue	1,089	1,193	186	200	1,275	1,393
Of which:
Tobacco	0	130	0	0	0	130
Revenue without tobacco	1,089	1,063	186	200	1,275	1,263
Of which:
Organic revenue	1,088	1,063	186	200	1,274	1,263
Non-organic revenue	1	0	0	0	1	0

1) Not audited.

Koen Slippens, CEO: 'As market conditions in the Netherlands and Belgium are still slow to recover, there was barely any volume growth in the market over the first half of the year. As a result, market growth still mainly comes from inflation. Things improved in the second quarter, helped by the fine spring weather.

In the Netherlands, we saw our revenue excluding tobacco products rise and, based on the definitions used by FoodService Instituut Nederland (FSIN), we outperformed the market as a whole. After we announced our acquisition of GEPU, revenue held up and we have been consolidating their figures into ours from June. The trend improved over the course of the months and we expect to be able to continue the trend in the second half of the year. In Belgium, we saw a clear turning point in revenue development in the second quarter of this year. The second quarter showed only a minor drop in revenue compared to the same period last year and we expect to realise revenue growth in Belgium from the third quarter onwards.

Our focus was and will fully continue to be on customer acquisition and, where possible, product ranges expansion for existing customers. On top of that, we are focusing heavily on cost control to, on the one hand, absorb the impact of rising rates and wages for services, transport and staff procured and, on the other, improve our profitability.

Thanks to these efforts, we were able to absorb price increases over the first half of the year, leaving us with what is, a modest improvement in profitability. After a weak first quarter, the second quarter showed clear improvement in both revenue and profitability, and we expect to be able to build on that trend in the second half of the year.

Most of the investments planned for 2025 were made in the first half of the year and, contrary to last year, we did not sell any property and we acquired GEPU. This led to an increase in our net debt position as at the end of June. For the whole year, we expect a positive free cash flow and further strengthening of our financial position. We propose an interim dividend of €0.40 per share for 2025, which will be payable on Monday 6 October 2025.'

Key figures1)

for the first half-year
x € million	2025	2024
Organic revenue without tobacco 2024	1,274	1,263
Organic revenue without tobacco 2024 (%)	0.8	(2.7)
Key figures incl. tobacco
Total revenue	1,275	1,393
Revenue growth (decrease) (%)	(8.5)	(0.7)
Gross operating result (EBITDA)	58	55
Operating result before amortisation (EBITA)	23	21
Operating result (EBIT)	9	6
Net profit (loss)	2	(1)
Free cash flow2)	(43)	(20)
Earnings (loss) per share (x €1)	0.03	(0.02)
Interim dividend per share (x €1)	0.40	0.30

	30 June	31 December
x € million	2025	2024
Net invested capital Net interest-bearing debts	931 511	883 459

1) Not audited.

2) The free cash flow has been adjusted for the impact of lease liabilities paid under IFRS 16.

Results

In the Netherlands, organic growth excluding tobacco products came in at 2.4% (Q2: 5.7%), while revenue dropped organically by 7.3% in Belgium (Q2: decrease of 3.2%). Prices were up to 2.5 to 3% due to inflation in the first half of the year.

The gross profit percentage of revenue excluding tobacco products was up 0.5% to 29.4%. The biggest improvement was posted in Belgium, where gross profit increased by 1.4% to 26.1% of revenue on the back of further harmonisation of product ranges and centralisation of procurement. At 0.1%, the increase in the Netherlands was minor because we are still largely using our improvement in conditions to absorb rising prices in the market for our customers.

Operating costs as a percentage of revenue excluding tobacco products were up 0.3% to 24.9%. Wages, logistics costs and rates for procured services increased by an average of over 3% this year. Our continuing focus on cost control and efficiency improvement meant that we were already able to absorb a large part of this increase.

Like in the previous year, depreciation and amortisation charges came in at €49 million. Other operating income was down €1 million to zero, mainly because there were no property transactions this year.

Our interest expenses were down €1 million compared to last year, due to falling interest rates and a more favourable mix of financing instruments. In the first half of the year, our share in the result of associates fell by €1 million compared to last year due to lower profits at associate Spar.

The operating result (EBIT) increased by €3 million to €9 million, with our operation in the Netherlands accounting for €1 million of this increase and our Belgian operation for €2 million. In the Netherlands, we had expected a slightly higher EBIT following a more optimistic market growth projection for the first half of the year. In Belgium, the efforts we launched last year to boost our gross profit margin and cut costs are starting to pay off. Despite the drop in revenue in the first half of the year, which we had partly anticipated, we are already seeing an improvement of the result.

The free cash flow fell by €23 million compared to last year, coming in at a net outflow of €43 million, primarily due to a higher cash flow from investing activities. Compared to last year, we invested €11 million more in intangible assets and property, plant and equipment in the first half of the year, compared to the same period last year. Last year, we sold several properties for a total of €13 million, while we did not have any such sales this year. The final dividend over

2024 and our share repurchase to cover remuneration schemes added up to an outflow of €5 million and we acquired GEPU for €6 million. On balance, our net interestbearing debt (not including IFRS 16 Leases) increased to €218 million, putting our net interest-bearing debt/EBITDA ratio at 2.1, which is comparable to the level at mid-last year.

Staffing changes

This year, a joint evaluation by the Supervisory Board and the Executive Board of our current structure with three Executive Board members (CEO, CCO, CFO) led us to conclude that it falls short of what we need from a board structure. As of 1 October, we will therefore be returning to a two-member Executive Board, with the CEO taking direct charge of commercial management again. As a result of this structure change, Mr Bögels will be leaving Sligro Food Group. We greatly appreciate everything Dries has contributed to the company in various roles over the past 11 years and wish him all the best in the next steps of his career.

Outlook

Given all the geopolitical developments, we do not expect the market to change substantially over the coming period, with market growth continuing to come from inflation and little to no improvement in volumes. We do expect, however, to be able to outperform the market through customer acquisition and growth in sales to existing customers by expanding the product ranges. In the Netherlands, we expect to continue the trend from the second quarter and in Belgium we expect to start seeing significant growth from the third quarter onwards.

Besides revenue growth, we will be focusing on improving our profitability through targeted initiatives for optimisation of our gross profit margin and cost reduction through efficiency improvement. For the year as a whole, we expect these efforts to enable us to achieve an EBITDA of between 5.5% and 6.0% of revenue. Additionally, we expect to elevate our Belgian operation to a positive EBITDA on the back of revenue recovery over the second half of the year.

Our ambition to improve our profitability to an EBITDA of 7.5% remains firm, although we must note that the underlying assumptions for market growth over past years played out substantially differently from what we anticipated when we made the plan. As a result, it will take us longer to realise this ambition. At this point in time, we assume that current market conditions will not change radically over the coming years, with a cautious recovery of volumes and persistent relatively high cost inflation. In order to achieve the targeted profitability improvement, we will therefore need to achieve a significant reduction of our cost structure. We will formalise our plans to this effect this autumn as part of our new long-term plan.

In our trading update of 16 October 2025, we will go into revenue developments in the third quarter of 2025 in greater detail.

Veghel, 17 July 2025

On behalf of the Executive Board of Sligro Food Group N.V.

Koen Slippens Rob van der Sluijs

Tel: +31 413 34 35 00 www.sligrofoodgroup.nl

Appendices

Statement of directors' responsibilities	5
Consolidated statement of profit or loss for the first half-year	6
Consolidated statement of comprehensive income for the first half-year	7
Abridged consolidated statement of cash flows for the first half-year	8
Consolidated statement of financial position	9
Consolidated statement of changes in shareholders' equity	10
Notes to the consolidated 2025 half-year financial statements	11
Profile	13

Statement of directors' responsibilities

The Directors declare that, to the best of their knowledge:

• 1. the half-year financial statements, as shown on pages 6 to 12 of this report, give a true and fair view of the assets, liabilities, financial position, and profit or loss of Sligro Food Group N.V. and the companies included in consolidation; and
• 1. the half-year report, as shown on pages 1 to 3 of this report, gives a true and fair view of the most important events that occurred in the first half of the year and their effect on the half-year accounts, a description of the main risks and uncertainties for the subsequent periods of the year, as well as a description of the most important transactions with related parties.

Koen Slippens, CEO Rob van der Sluijs, CFO Dries Bögels, CCO

Consolidated statement of profit or loss1)

for the first half-year

x € million	2025	2024
Revenue	1,275	1,393
Cost of sales	(900)	(1,027)
Gross profit	375	366
Other operating income	0	1
Employee expenses	(199)	(195)
Premises expenses	(24)	(23)
Selling expenses	(8)	(8)
Distribution expenses	(61)	(59)
General and administrative expenses	(25)	(27)
Depreciation of property, plant and equipment and right-of-use assets	(35)	(34)
Amortisation of intangible assets	(14)	(15)
Impairment of property, plant and equipment	0	0
Impairment of goodwill and other intangible assets	0	0
Total operating costs	(366)	(361)
Operating result	9	6
Finance income	0	0
Finance costs	(8)	(9)
Share in the result of associates	1	2
Profit (loss) before tax	2	(1)
Income taxes	0	0
Net profit (loss)	2	(1)
Profit (loss) attributable to shareholders of the company	2	(1)

x €1	2025	2024
Details per share
Basic earnings (loss) per share	0.03	(0.02)
Diluted earnings (loss) per share	0.03	(0.02)
Proposed interim dividend per share	0.40	0.30

Consolidated statement of comprehensive income1) for the first half-year

x € million	2025	2024
Net profit (loss)	2	(1)
Items that have been or may be reclassified to profit or loss: Other comprehensive income that will be reclassified to profit or loss, after tax	0	0
Comprehensive income	2	(1)
Comprehensive income attributable to shareholders of the company	2	(1)

Abridged consolidated statement of cash flows1)

for the first half-year

x € million	2025	2024
Net cash flow from business operations	24	21
Interest paid Dividends received from participations	(4) 0	(5) 3
Income tax received (paid)	(5)	(5)
Net cash flow from operating activities	15	14
Acquisitions of subsidiaries	(6)	(9)
Proceeds from sale of subsidiaries	0	0
Purchase of property, plant and equipment	(32)	(23)
Receipts of government subsidies	0	0
Proceeds from disposal of property, plant and equipment	0	13
Purchase of intangible assets	(7)	(5)
Purchase of interests in and loans to associates	0	0
Other receipts from sale of interests in and repayment of loans by associates	0	0
Net cash flow from investing activities	(45)	(24)
Proceeds from long-term and short-term borrowings	0	8
Repayment of long-term and short-term borrowings	(3)	0
Change in treasury shares	(1)	(1)
Lease instalments paid	(19)	(17)
Dividend paid	(5)	0
Net cash flow from financing activities	(28)	(10)
Change in cash and cash equivalents	(58)	(20)
Opening balance	78	32
Mid-year balance	20	12

The cash and cash equivalents item is reconciled to the consolidated statement of financial position as follows:

Cash and cash equivalents

	30 June	30 June
x € million	2025	2024
Cash	20	12
Short-term borrowings for operating activities	0	11
Mid-year balance	20	23

Short-term borrowings

	30 June	30 June
x € million	2025	2024
Short-term borrowings for financing activities	122	100
Short-term borrowings for operating activities	0	11
Mid-year balance	122	111

Short-term borrowings are bank overdrafts which are due on call and are an integral part of the Group's cash management.

Consolidated statement of financial position1) for the first half-year

x € million	30 June 2025	31 December 2024	30 June 2024
Assets
Goodwill	133	130	130
Other intangible assets	122	127	133
Property, plant and equipment	315	303	304
Right-of-use assets	260	263	246
Investments in associates	57	56	54
Other non-current financial assets	13	13	12
Deferred tax assets	5	4	4
Total non-current assets	905	896	883
Inventories	276	267	275
Trade and other receivables	247	231	255
Other current assets	53	58	40
Income tax	1	1	4
Cash	20	78	23
	597	635	597
Assets held for sale	0	0	1
Total current assets	597	635	598
Total assets	1,502	1,531	1,481
Liabilities
Paid-up and called-up capital	3	3	3
Share premium	31	31	31
Other reserves	(5)	(4)	(4)
Retained earnings	438	441	429
Total equity	467	471	459
Deferred tax liabilities	7	7	9
Employee benefits provision	4	3	3
Other non-current provisions	0	0	0
Long-term borrowings2)	12	74	109
Non-current lease liabilities	263	267	251
Other liabilities	3	3	3
Total non-current liabilities	289	354	375
Provisions	0	0	0
Current portion of long-term borrowings	104	43	0
Short-term borrowings2)	122	124	111
Current lease liabilities	30	29	28
Trade and other payables	369	346	390
Income tax	1	4	2
Other taxes and social security contributions	20	26	30
Other liabilities, accruals and deferred income	100	134	86
Total current liabilities	746	706	647
Total liabilities	1,502	1,531	1,481

1) Not audited.

2) Comparative figures for the first half of 2024 were amended in compliance with IAS 1. See the notes to the consolidated half-year financial statements for more information.

Consolidated statement of changes in shareholders' equity1)

x € million	Paid-up and called-up capital	Share premium	Other reserves	Retained earnings	Total
Balance as at 31 December 2023	3	31	(2)	429	461
Share-based payments
Dividend paid	0	0	0	(13)	(13)
Treasury share transactions	0	0	(2)	1	(1)
Transactions with owners of the company	0	0	(2)	(12)	(14)
Profit (loss) for the financial year	0	0	0	24	24
Total realised and unrealised profit (loss)	0	0	0	24	24
Balance as at 31 December 2024	3	31	(4)	441	471
Share-based payments
Dividend paid	0	0	0	(5)	(5)
Treasury share transactions	0	0	(1)	0	(1)
Transactions with owners of the company	0	0	(1)	(5)	(6)
Profit (loss) for the first half-year	0	0	2	0	2
Total realised and unrealised profit (loss)	0	0	2	0	2
Balance as at 30 June 2025	3	31	(3)	436	467

Notes to the consolidated 2025 half-year financial statements

General

Sligro Food Group N.V. is based in Veghel, the Netherlands. The consolidated half-year financial statements cover the Company and its subsidiaries (also referred to as the Group).

Statement of compliance

This half-year report has been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union (EU-IFRS) and IAS 34 Interim Financial Reporting. It does not contain all the information required for full financial statements and should be read in conjunction with the consolidated financial statements for 2024.

Accounting policies applied in the preparation of the half-year financial statements

The accounting policies applied by the Group in this half-year report are the same as those applied to the consolidated financial statements for the 2024 financial year.

Seasonal effects

Revenue is subject to a seasonal pattern. Under normal circumstances, revenue in the second half of the year is higher than in the first half. This is mainly due to relatively high expenditure in the food service channel in the Christmas period, followed by relatively low expenditure at the start of the new year. Because this variation in revenue is also accompanied by a shift in the sales mix, profitability in the second half of the year is generally higher than in the first.

Segment reporting1)

for the first half-year

	Netherlands		Belgium		Group
x € million	2025	2024	2025	2024	2025	2024
Revenue	1,089	1,193	186	200	1,275	1,393
Organic revenue growth as %	(8.8)	0.5	(7.0)	(6.9)	(8.5)	(0.7)
Gross profit as % of revenue	29.9	26.5	26.1	24.7	29.4	26.3
Gross operating result (EBITDA)	60	59	(2)	(4)	58	55
Operating result before amortisation (EBITA)	32	31	(9)	(10)	23	21
Operating result (EBIT)	20	19	(11)	(13)	9	6
Net profit (loss)	18	10	(16)	(11)	2	(1)
Net investments	33	12	4	4	37	16
Free cash flow2)	(33)	2	(10)	(22)	(43)	(20)
EBITDA as % of revenue	5.5	5.0	(1.1)	(2.0)	4.5	4.0
EBIT as % of revenue	1.8	1.5	(5.9)	(6.3)	0.7	0.4
Average net invested capital	724	713	183	166	907	879
EBITDA as % of average net invested capital	12.2	20.0	(4.1)	(3.6)	15.5	15.6
EBIT as % of average net invested capital	9.8	2.6	(13.7)	(7.7)	5.1	0.7

1) Not audited.

2) The free cash flow has been adjusted for the impact of lease liabilities paid under IFRS 16.

IAS 1 accounting policy change

In the 2024 financial statements, the company implemented a change in accounting policy regarding the presentation of short-term borrowings. Some of the short-term borrowings are now presented as long-term, in accordance with the requirements of IAS 1. The change has been made to better reflect the company's financial position and to meet the requirements of IAS 1, which requires liabilities to be classified as long-term if the Group has the right to defer settlement of the liability for at least

12 months after the end of the reporting period. This change in accounting policy has been processed retrospectively, meaning that the comparative figures for the first half of 2024 have been restated to reflect the change. The short-term loan amounting to €61 million as at 30 June 2024 has been reclassified as long-term. The change does not affect the total liabilities, shareholders' equity or the result. It has the effect of presenting the maturity of liabilities more accurately.

Change in connection with amendment to IAS 1:

	30 June 2024	30 June 2024
	before IAS 1		after IAS 1
x € million	amendment	Correction	amendment
Long-term borrowings	48	61	109
Current portion of long-term borrowings	0	0	0
Short-term borrowings	172	(61)	111

Acquisition of the shares in GEPU Beheer B.V.

On 3 June 2025, all shares in GEPU Beheer B.V. and its subsidiary GEPU Zelfbedieningsgroothandel B.V. were acquired by the Group. GEPU is a cash-and-carry wholesaler with delivery service located in Utrecht that targets hospitality businesses and high-volume consumers in the city of Utrecht and its surrounding area. The figures for GEPU have been included in the Group's consolidated figures as of 1 June.

The table below provides an analysis of the debt-free purchase price, showing the assets and liabilities at their fair value at the time of identification.

x € million	GEPU
Goodwill	3
Intangible fixed assets	2
Property, plant and equipment	0
Non-current financial assets	0
Inventories	1
Trade and other receivables	1
Cash	1
Current liabilities	0
Employee benefits	0
Trade and other payables	(1)
Deferred tax liability	(1)
Total identifiable net assets	6
Less: net debt / (cash)	(1)
Debt-free purchase consideration	5

Goodwill amounts to €3 million. The other intangible assets (€2 million) relate to customer relationships. The property, plant and equipment are vehicles. Trade and other receivables include receivables from trade debtors and supplier bonuses. Trade and other payables consist of accounts payable, debts to staff and customer bonuses. No contingent liabilities have been identified.

Profile

Sligro Food Group consists of companies that specifically focus on the foodservice 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.

Netherlands

In the Netherlands, we are the market leader and operate a nationwide network of Sligro cash-and-carry and delivery service wholesale outlets serving large and small-scale companies in the hospitality industry, leisure facilities, caterers, large-volume users, company restaurants, petrol stations, small and medium-sized enterprises, small retail businesses, and the institutional market. Van Hoeckel focuses specifically on the institutional market, while Sligro serves all the other segments. We operate in the City Region of Amsterdam under the wholesale format 'De Kweker'. In a long-term strategic partnership with Heineken, Sligro is responsible for the exclusive distribution of Heineken keg beer in the Netherlands. Sligro/De Kweker and Van Hoeckel each have a dedicated commercial organisation focusing on their specific markets, while they make operational use of joint delivery and other shared networks and the back-office organisation.

Belgium

In Belgium, Sligro and Sligro-M focus on food professionals, the gastronomic catering market, bulk consumers and SMEs through a nationwide network of cash-and-carry wholesale outlets and delivery service centres. JAVA Foodservice focuses primarily on the institutional, corporate catering and hotel chain market segments. The brands in Belgium have their own commercial organisations and make increasing use of a common delivery structure and shared services.

Sligro Food Group

Sligro Food Group has its own production facilities for specialist convenience products (Culivers) and fresh fish (SmitVis). The company also sources meat, game and poultry, and bread and pastries through its participations in fresh partners, which serve both the Dutch and Belgian

market. In Bouter, Sligro Food Group has a specialist company for consultancy, design, supply, installation and maintenance of professional kitchen equipment, appliances and refrigeration and freezing equipment. Sligro Food Group is one of the largest players in the end-of-year gift market, with traditional Christmas hampers being offered through Sligro and online gift concepts through Tintelingen.

Our customers have access to more than 75,000 food and food-related non-food products, together with numerous services to support our customers' businesses and help them to advance. Most of the procurement for specific foodservice products is handled directly through the Sligro Food Group, although a portion is arranged through CIV Superunie BA.

Sligro Food Group companies actively seek to share knowledge and make good use of the extensive scope for synergy and economies of scale. Both countries are centrally managed based on a BeNe organisational model. Activities that are primarily customer-related are carried out in the separate countries and business units. By combining our central procurement with direct, meticulous category and margin management, we aim to continuously improve our gross margins and offer our customers a unique and innovative product range. Operating expenses are kept under control by having an integrated supply chain and through our constant focus on cost control. Centralised management of our IT landscape, centralised design and control of master data management, and centralised talent and management development all work to further enhance group synergy.

Sligro Food Group strives to be a high-quality business for all its stakeholders that constantly grows in a controlled manner. Sligro Food Group shares are listed on Euronext Amsterdam. The Group's head office is located in Veghel, Netherlands.