Aryzta AG

Investor Presentation • Sep 20, 2023

ARYZTA AG

September 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.

About Aryzta

• ― History
• ― Core business
• ― Strategy and value drivers
• ― Ambition and Goals
• Transformation / Turn around
  • ― Basics (People, Balance sheet, P&L, Costs)
  • ― Essentials (Relevance, Innovation, Positioning)
  • ― Outcome

History

ARYZTA's Journey: a look at our Key Milestones

ARYZTA's Global Footprint History

• ― 19 bakeries
• ― Leading market positions in the frozen convenience bakery markets

ARYZTA REST OF WORLD

• ― 7 bakeries
• ― Extensive distribution network
• ― Capability to provide relevant bakery products and services for local markets

Core business

Core focus: bake-off in the premium segment

Strategy and Value Drivers

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"

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

Transformation / Turn around - Basics

Basics elements for any turnaround (1/2)

• 1. People: hire "storm proven war horses"
  • ― All layers (starting with executives)
  • ― Vast experience and expertise
  • ― All departments
• 2. Balance sheet improvements: gaining time and confidence
  • ― Ensure stakeholders are on board
  • ― Disposal of ARYZTA North America and Brazil
  • ― €250m hybrid repaid and refinanced
  • ― Net debt reduced to 4.3x
  • ― Continuous improvement of balance sheet

1.) Leverage Ratio calculated based on previously reported Underlying EBITDA for TTM H1 FY2021, TTM H1 FY2022 and for first half of TTM H1 FY 2023

Transformation / Turn around - Basics

Basics elements for any turnaround (2/2)

3. Costs and Profit & Loss

• ― Delayer ARYZTA
• ― Enable businesses through multi-local approach
• ― Streamlining of processes
• ― Improve governance
• ― Implement efficiency programs
• ― Reduce complexity
• ― Bundle group functions (finance, procurement, HR, IT)

Transformation / Turn around - Essentials

Essential elements for any turnaround

4. Market performance excellence

4.1 Relevance

• ― New strategic process (bottom-up alignment)
• ― Based on country business expertise
• ― Focus on organic growth and revenue initiatives (vs leveraged acquisitions)

4.2 Innovation

― Significant increase in innovation rate

4.3 Positioning

• ― Focus on core (bakery, bake-off, Europe and APAC)
• ― (Over-)Invest in core, divest non-core businesses and assets

Transformation / Turn around - Outcome

Outcome

Leading to:

• Return to consistent positive organic revenue growth
• EBITDA margin expansion
• ROIC exceeding WACC
• Free cash flow improved on higher EBITDA
• Prudent CAPEX approach

Value for Shareholders