Aryzta AG

Investor Presentation • Sep 13, 2023

ARYZTA AG – Investora Zürich

Urs Jordi CEO and Chairman, Martin Huber CFO

September 13, 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.

ARYZTA – our Business

Product Categories

Bread Rolls & Artisan loaves: 48% Sweet baked goods & morning goods: 33% Savory & Others: 19%

Market by Channel Retail: 53% Foodservice: 28% QSR: 19%

3

1.) FY22 EBITDA corresponds to the previously reported Underlying EBITDA

ARYZTA – our Ambition & Goals

Our ambition To become the best partner for bake-off solutions across all our channels and markets

Our value proposition

To deliver the gold standard for bake-off

4 value drivers to achieve our ambition and value proposition

Strategic Focus

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 projects 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 & accelerating Capital efficiency

1.) Leverage Ratio calculated based on previously reported Underlying EBITDA for TTM H1 FY21, TTM H1 FY22 and for first half of TTM H1 FY23

Mid-term targets FY23 – 25 reiterated

Organic growth (CAGR) 4.5%–5.5% (constant pricing FY221 )	EBITDA Margin ≥14.5%	ROIC ≥11.0%
Revenue (EUR) >2bn (constant currency and pricing FY22)	CAPEX as % of revenue 3.5%–4.0%	Total net debt leverage (incl. hybrids) c.3x (driven by operational results)

¹ Excludes compensation of inflation by pricing