Aryzta AG

Investor Presentation • Nov 1, 2023

ARYZTA AG – ZKB Swiss Equity Conference

November 2023

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, 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.

History

ARYZTA's Journey: a look at our Key Milestones

Turn-around – our most recent milestone

Almost 200% share price appreciation since EGM

ARYZTA – our business

ARYZTA's Global Footprint

ARYZTA – our business

Core focus: bake-off in the premium segment

Focus on 4 key drivers to achieve the gold standard in bake-off

Sustainable performance pillars

Environmental efficiency – Our people and communities – Inspiring innovation

"ARYZTA aims to become the preferred B2B partner for our customers for gold standard bake-off solutions"

Strategic focus

1

Deliver Organic growth through:

• Fully capturing market momentum
• Accelerate Innovation Platforms

Improve Profit Margin through:

• Operational efficiency
• Simplex
• Procurement leverage
• E2E Optimization

Deleveraging Balance Sheet & driving capital efficiency:

• Accelerate Cash Flow
• Prudent CAPEX deployment
• Disciplined Working Capital management

Targeting 4.5-5.5% organic growth in a €18b market

Growth / Innovation

• Growth opportunities in all channels and product categories
• Innovation driven by consumer trends:
  • New taste & look: mainly savory and pastry
  • Artisan: mainly bread/rolls
  • Health: mainly bread/rolls
  • Ethical, vegetarian & vegan: mainly savory

Pricing Recovery & Market Evolution

Unprecedent inflation since 2021

• + 40% on raw materials
• Cost of living salary increases
• Inflation in purchased services
• Triggering necessary pricing to recover inflation trends
• ARYZTA winning market share

Customer Strategy

• Positive customer survey feedback
• Good net promoter score and preferred partner score, driven by:
  • Day-to-day service reliability
  • Supply chain security
  • Dedicated sales and customer support teams
  • Product innovation
  • Product customization

Margin Expansion – discipline costs measures on track

Operational Efficiency

• Performance Control System All 26 factories covered
• Waste reduction Index 84 vs. FY22
• Conversion costs optimization Index 92 vs. FY22

SIMPLEX / Procurement Leverage

• SIMPLEX Over 10 project successfully executed
• Procurement coverage increase increased to >60%

E2E Optimization

• ERP standardization Two ERP updates in progress
• Above market structure Business Service Centre Pilot

Deleveraging Balance Sheet

EUR Hybrid buyback

• Bilateral auction July 22:
  • €50m buyback
• Cancellation in March 23:
  • €200m buyback
• Annual Interest Savings:
  • €17m (gross amount)

CHF Hybrid buyback

• Bilateral auction Oct 23:

  • CHF 120.3m buyback

• Annual Interest Savings:

  • CHF 8.9m (gross amount)

Total Net Debt (incl. Hybrid & Leases) FY21 vs. FY23:

• Leverage ratio: from 6.9x to 3.7x
• Amount: from €1.2bn to €1.0bn

Driving capital efficiency

Key Highlights:

• Consolidating value creation through:
  • Margin expansion and business progress
  • Solid improvement of working capital despite strong revenue growth

1.) NOPAT definition has been amended to profit after a normalized tax rate of 25%, before gains/losses on disposal of businesses, excluding taxation directly attributable to disposal of businesses

Ambition and Goals

ARYZTA is well under way to achieve its communicated mid-term targets FY 2023 – FY 2025

1.) Excludes compensation of inflation by pricing