AGTHIA Group — Interim / Quarterly Report 2022

Aug 7, 2022

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H1’22 Results

02

A n a l y s t a n d I n v e s t o r C a l l

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Agenda

01 Strategy Update

02 Acquisitions Update

Business 03 Performance

Financial 04 Performance

Outlook 05

Appendix 06

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A n a l y s t a n d I n v e s t o r C a l l

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A forward-looking company

With a strategy to become a regional F&B leader by 2025

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Dynamic and Unique integrated Organic and Robust financial
expanding portfolio business model with acquisitive growth foundations to
of value-add brands strong cost discipline throughout MENA support growth
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A n a l y s t a n d I n v e s t o r C a l l

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Delivering exceptional growth

H1’22 highlights GROWTH EFFICIENCY CAPABILITY Expansion of the protein H1 Revenues of AED 2BN 73% contribution from business in KSA with the consolidation of focus categories (vs 65% in 5 acquisitions H1’21) 01 02 03 49% of revenues from EBITDA margins of BoD recommends 8.25fils International markets 13.8% in H1’22 vs H1’21 dividends per share for (vs 33% H1’21) margins of 12.7% H1’22 06 04 05

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Driving efficiency

H1’22 highlights

GROWTH EFFICIENCY CAPABILITY

Broad based pricing supported by Revenue growth management initiatives (mix / trade spend management) to address input costs and protect margins

Delivered H1 cost Synergies: New Simplification: savings and avoidance Protein BU Conducted of AED 23.6MN restructured the strategic asset leadership team in review and realized Egypt a gain of AED 6MN on disposal of fully depreciated and unused assets 01 02 03 04

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A n a l y s t a n d I n v e s t o r C a l l

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Expanding our capabilities

H1’22 highlights

GROWTH

Award winning products under a diversified portfolio: 7 of Agthia’s products won the 2022 Superior Taste Award

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EFFICIENCY

Recruited new Chief Digitalization Officer to focus on building our Digital and IS strategy

CAPABILITY

Centralized Procurement Strategic thinking to navigate supply chain volatility and secure supply

01

02

03

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Committed to sustainability

ESG Strategy development

• Commenced crafting a comprehensive ESG Strategy for the next 5 years, in line with the Corporate Strategy

• Final Sustainability Strategy to be communicated in Q4 2022

Improvement in ESG ranking

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2018 2020 Assessment
41%
in progress
31% 65%
2019 2021
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A n a l y s t a n d I n v e s t o r C a l l 08

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Collaborating to deliver sustainable results

Transitioning into a circular business

• Agthia is working closely with local authorities on the Circular Economy Policies for the UAE

• 22 Policies issued in June with more to follow

• 1st batch of policies for Cabinet approval to be agreed within 2 months

• RECAPP partnership : innovative digital service developed by Veolia to provide a free, door-to-door collection service for recyclables

  • 224 tons in 2022 YTD with 22,390 users

  • 2022 plan to leverage the partnership with out-of-store activation aiming to reach 500 tons

• Established Technical Development JV with external parties to work with UAE date farms to increase productivity through farming best practices

• rPET : committed to launching rPET products once GCC legislation allows

  • Agthia is one of two companies with contractual offtake commitments with Veolia for their planned PET recycling plant in UAE

• Recorded 9% reduction in water usage ratio and 2% reduction in GHG emissions vs last year

• PLA bottles : Strengthening sales and market presence with new key accounts (e.g. Hilton, Rosewood, Jumeirah, etc.)

  • 2022 volumes increased by almost 4 times vs 2021

• Targeting 2,000 tons per year reduction of packaging materials (plastic / paper) through various packaging optimization initiatives

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Acquisitions Update

A n a l y s t a n d I n v e s t o r C a l l 10

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Latest acquisition: Abu Auf

A specialised healthy snacks and coffee manufacturer and retailer in Egypt

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Establishment Expansion Implementation of Vision Funded Growth
Abu Auf Opening of Opening the Revenue Acquiring 100% Acquiring MICC to
produces the first Abu first seasonal growing by of the coffee toll expand
Crackers & Auf branch branch in the 185%+ manufacturing confectionery 64%
Pretzels North Coast despite EGP business (pretzels) FY19 – FY21
category devaluation production capacity Revenue CAGR
2009 2010 2011 2013 2014 2016 2017 2019 2020 2021 2022
Commenced Expands into Expanding to 40 TCV acquires Exporting to UAE, KSA • On 14th of July, Agthia’s BoD approved
retail Kitchen branches, shifting minority stake and Libya; expanding a strategic acquisition of 60% of Auf
distribution Essentials focus to coffee (27.7%) to retail footprint in UAE Group, which is expected to be
under Abu Auf brand category and healthy product offerings finance expansion plans (3 branded stores out consolidated in Q4’22
of 5 planned) •
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• The deal is priced in EGP based on 2022 EBITDA with adjustment mechanisms to ensure attractive valuation multiples (not exceeding 12x EV/EBITDA)

• Funding will be a mix of 75% debt and 25% internal cash, resulting in 2.4x Net Debt / EBITDA (relatively lower than peers)

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Abu Auf – Agthia synergies

Potential revenue and cost synergies

Product Portfolio

Mediterranean sweets, chocolate, healthy foods and ingredients categories

Revenue Synergies

• Sell crackers and pretzels through BMB and Kottouf

• Sell BMB snacks through Abu Auf stores & channels

Cost Synergies Manufacture new BMB products jointly in Egypt

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Product Portfolio

Dates, value added dates (stuffed and chocolate coated) and dates-based products

Revenue Synergies

• Sell Al Foah dates through Abu Auf stores and channels

Cost Synergies

• Consolidate dates sourcing with Al Foah

• • Package Abu Auf products jointly with Al Foah

International Expansion

Potential synergies with Atyab

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• Capturing market share in the UAE and KSA Coffee and Healthy Snacks categories

• Utilizing Atyab’s warehousing and logistics capabilities to consolidate G&A functions

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Proforma P&L[1] (LTM Jun’22)

Pro-forma revenue (AED MN)

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239 4,110
844
2,072 954
Agthia prior to M&As Protein Snacking excl Auf Auf Group Pro-forma revenue
Pro-forma EBITDA (AED MN)
658
56
167
279 156
Agthia prior to M&As Protein Snacking excl Auf Auf Group Pro-forma EBITDA
Pro-forma profit [2] (AED MN)
349
29
123
99 97
Agthia prior to M&As Protein Snacking excl Auf Auf Group Pro-forma profit
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1All figures exclude potential synergies, M&A associated charges and funding costs 2Net profit includes minority (at 100%)

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Proforma margins[1] (LTM Jun’22)

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Pro-forma EBITDAm (%) Pro-forma NPM [2] (%)
8.5%
16.0% 0.4%
0.4%
1.8%
1.1%
4.8% 1.4%
13.5% 1.0%
Agthia prior to Protein Snacking excl Auf Auf Group Pro-forma Agthia prior to Protein Snacking excl Auf Auf Group Pro-forma NPM
M&As EBITDAm M&As
1All figures exclude potential synergies, M&A associated charges and funding costs
2Net profit includes minority (at 100%)
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H1 Business Performance

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A n a l y s t a n d I n v e s t o r C a l l

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Diversification by geography

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H1 2020 H1 2021 H1 2022
6%
3% 1% 6%
13% 13% 26%
51%
14%
67%
83%
17%
Revenues AED 1.09BN AED 1.3BN AED 2BN (2x H1’20)
RoW UAE GCC excl UAE Other Arab Countries
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A n a l y s t a n d I n v e s t o r C a l l

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A shift towards higher margin categories

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H1 2020 H1 2021 H1 2022
Narrower legacy revenue base Transition to consumer value-add portfolio Towards larger & more diversified
revenue base
24%
27%
35% 36%
46%
54%
17% 12%
21% 28%
Revenues AED 1.09BN AED 1.3BN AED 2BN (2x H1’20)
EBITDAm 10.1% 12.7% 13.8% (+371bps vs. H1’20)
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AgriBusiness Water &Food Protein & Frozen Veg Snacking

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Water and Food

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Volume [1 ] by category 59 58
35 36
20
17
1 0 2 4 2 2
UAE incl HOD Int'l water Beverage Dairy Trading items Total Water & Food
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Water & Food (24% of H1’22 revenues)

UAE Water

• Category in retail channel growing at 7% with Agthia preserving market leadership at 28.2% in value

• Agthia channels ( retail, food service, municipality and HOD ): Volume +3% vs. Price flat y-o-y

• HOD : volumes up with favourable mix management

• BW : rebound in volumes across retail and food services channels

Net Sales by category (AED MN)

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Net Sales by category (AED MN)
479 475
270 278
111 103
77 81
9 1 13 13
UAE incl HOD Int'l water Beverage Dairy Trading items Total Water & Food
H1'21 H1'22
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1Volume in MN cases except for HOD in MN bottles, Dairy in ‘000 tons, Trade in MN units

International Water

• Higher sales on expanded footprint across Kuwait, Oman and Turkey countered by lower KSA sales on competition

• Aggressive Saudi business re-boot by improving the cost structure, HOD operations and RTM optimization to drive scale across channels

Beverage

• Down on discontinuing the loss-making business

Other Food items (Dairy / Trading)

• Higher sales on favourable mix management and strategic pricing

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Protein and Frozen Vegetables

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Volume by category (‘000 tons)
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44
32
19
14
12
5
Processed protein TP & FV Total Protein & FV
Net Sales by category (AED MN)
570
493
150
85 65 77
Processed protein TP & FV Total Protein & FV
H1'21 H1'22
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Net Sales by category (AED MN)

Protein and Frozen Vegetables (29% of H1’22 revenues)

Protein

• The consolidation of newly acquired protein businesses in Jordan and Egypt collectively added AED 493 million

• The same period last year reflected only AED 85 million of Nabil revenues, given that Atyab inclusion was only effective starting August 1[st] , 2021

Frozen Vegetables and Tomato Paste

• Higher y/y as we focus on gradual price increase, mix management and sourcing options to protect margins and mitigate input cost increase

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Protein: Pre- and post-acquisition performance

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AED MN
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Protein[1]

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496
23% 10% 9%
405
45
42
H1 2021 H1 2022 H1 2021 H1 2022
Revenues Net profit incl NCI NPM (%)
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Higher Revenues driven by higher volumes (+15% y-o-y) and selling prices (+14% y-o-y) despite the impact (-7% y-o-y) of currency devaluation on the Egyptian operations

Slightly lower profitability margin on higher raw material and freight costs which were countered by broad based pricing

• 1Protein includes Nabil Foods and Atyab revenues including intercompany sales

2NCI = non-controlling interest of 20% for Nabil Foods and 24.98% for Atyab

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Snacking

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Volume by category (‘000 tons)
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59
53
47
45
2 3 - 4
Dates Bakery UAE + Kuwait BMB snacks Total Snacking
Net Sales by category (AED MN) 417
220 226
187
149
39 48
-
Dates Bakery UAE + Kuwait BMB snacks Total Snacking
H1'21 H1'22
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Net Sales by category (AED MN)

Snacking

(21% of H1’22 revenues)

Dates

• Recording higher y-o-y top-line growth benefitting from our focus on improving product and channel mix contributing to higher sales during off-season periods

Bakery

• Kuwait: Higher y-o-y revenue growth on the opening of schools vs. online scheme last year

• UAE: Discontinuation of frozen and ambient Bakery business for recurring losses

BMB Snacks

• Contributing AED 149 million to topline after consolidation this year

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Snacking: Pre- and post-acquisition performance

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AED MN
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Snacking[1]

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421
392 7%
17%
14%
66
57
H1 2021 H1 2022 H1 2021 H1 2022
Revenues Net profit incl NCI NPM (%)
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Higher Revenues driven by:

• Higher dates volumes benefiting from positive pre-Ramadan sales and strong performances in Bulk and Retail channels

• Higher bakery volumes on opening of schools in Kuwait

• Higher sales in traditional trade for BMB snacks compensating lower sales to KSA

Lower profitability margin as improved margins across dates and bakery were offset by healthy snacks business that was impacted by custom duty in 2022, higher raw material / freight costs

• 1Snacking includes Al Foah Dates + Faysal Bakery + BMB snacks revenues including intercompany sales

2NCI = non-controlling interest of 20% for BMB where beneficial ownership is at 80% vs. legal ownership at 100%,

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AgriBusiness

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359
Volume by category (‘000 tons)
327
234
206
125 122
Flour Animal Feed Total Agri
534
Net Sales by category (AED MN) 464
296
258
238
205
Flour Animal Feed Total Agri
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AgriBusiness

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(27% of H1’22 revenues)
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Flour

• Volume -2% vs. Selling prices / mix +18% y-o-y

• Favourable mix with higher pricing significantly reducing the impact of increased raw material / freight costs

Animal Feed

• Volume -13% vs. Selling prices / mix +28% y-o-y

• Higher non-subsidized sales overcompensating for lower subsidized volume impacted by the increased selling prices in commercial farms channel

Profitability

• Despite inflation in grain prices and freight costs, profitability improved, driven by:

• operational efficiencies,

• pricing adjustments,

• an inflation-adjustment compensation in the subsidized flour segment

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H1'21 H1'22

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Financial Performance

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revenues Group P&L

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H1’22 vs H1’21 Revenues [1] Growth by Segment (y-o-y)
24% 279%
27%
35% Inner Ring 36%
H1’21 revenues of
AED 1.3BN
Outer Ring
H1’22 revenues of //
AED 2.0BN
(+51% y-o-y) 85%
51%
12%
17%
21%
28%
-1% 15%
Water & Food Protein & Frozen Veg Snacking AgriBusiness Water & Food Protein & Frozen Snacking AgriBusiness Group
Veg
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1Post consolidation of Al Foah, Al Faysal Bakery, Nabil, Atyab and BMB in H1’22 vs only Al Foah & Al Faysal Bakery in Q1’21 and Nabil in Q2’21

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Profitability metrics

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29.6% 28.8%
Gross Profit 390 575
(AED MN)
H1'21 H1'22
13.8%
12.7%
EBITDA [1] reported 167 275
(AED MN)
H1'21 H1'22
Net Profit [2] reported 5.9%
(AED MN) 5.2% 68 118
H1'21 H1'22
EPS [3] 0.149
0.095 +58%
(AED)
margin H1'21 H1'22
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Gross Profit

• Flat margins (-77bps y-o-y) as we counter the impact of significantly higher direct raw material costs

EBITDA

• EBITDA margin enhanced by 111bps y-o-y driven by:

• ✓ consolidation of 5 margin accretive entities

• ✓ lower SG&A expenses as % of sales (22% in H1’22 vs. 26% in H1’21) on cost optimization via integration & productivity enhancements

• × higher raw material / freight costs

Net Profit

• Net profit reached AED 118 million, growing 74% y-o-y at a higher rate versus top-line

• Net profit margins was up by 77bps on:

  • ✓ improved EBITDA margins

  • × higher finance cost on debt financing of acquisitions

• 1EBITDA excludes share of profit from JV / associates 2Net profit attrubited to shareholders

• × higher non-controlling interest contribution

• 3EPS = Net profit attrubited to shareholders divided by weighted average number of shares

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Top line reconciliation

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Group revenues (AED MN)
1,996
28 101
1,800 (4) 70
318
1,318 163 Improved water Higher sales
performance in Favourable Higher despite EGP
UAE dates and devaluation
mix
Discontinuation offset by + Kuwait bakery
of Beverage Higher sales
+ pricing
Lower KSA sales
H1'21 New Snacking New Protein H1'21 PROFORMA Water & Food AgriBusiness Snacking Protein & Frozen H1'22
acquisitions acquisitions
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1New snacking acquisitions for proforma purposes includes Al Faysal (1-27 Jan’21) + BMB (Q1’21) 2New protein acquisitions for proforma purposes includes Nabil (Q1’21) & Atyab (Q1’21)

A n a l y s t a n d I n v e s t o r C a l l 27

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Group net revenue bridge

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Group Net Revenues (AED MN)
(28) 1,996
177
1,800 46
1,318 482
H1'21 Inorganic Growth H1'21 PROFORMA Volume/Mix Net pricing Currency H1'22
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Bottom line reconciliation

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Net profit [1] (AED MN) (5) (1)
131
(7) 28
(27) 118
33
Drop in KSA operational Higher M&A
sales efficiencies Higher related costs [2]
68 30 + + profitability
associated pricing from dates
restructuring adjustments and bakery
costs vs. offset by
higher grain / lower
freight costs margins for
BMB snacks
H1'21 New Snacking New Protein H1'21 Water & Food AgriBusiness Snacking Protein & HO incl M&A H1'22
acquisitions acquisitions PROFORMA Frozen costs
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1Net profit attributable to shareholders

2M&A costs for H1’22 include AED 10.4MN amortization of intangibles + AED 13.1MN finance costs related to M&A debt

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Group net profit bridge

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Group Net Profit [1] (AED MN)
183
142 16 (198) (2) (12) 5 135
71 71 Market trends Economical &
External factors
H1'21 Inorganic Growth H1'21 PROFORMA Volume/Mix Net pricing Higher Input costs Currency Higher financing Others H1'22
costs
1Net profit for Agthia Group including non-controlling interest
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A G T H I A | A n a l y s t a n d I n v e s t o r C a l l

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Quarter performance

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942
Revenues 653 +44%
(AED MN)
Q2'21 Q2'22
Gross Profit
28.5% 28.3% 267
(AED MN) 186
Q2'21 Q2'22
EBITDA [1] reported 11.5% 12.4% 117
(AED MN) 75
Q2'21 Q2'22
Net Profit [2] reported 2.8% 3.8% 36
(AED MN) 18
Q2'21 Q2'22
margin
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Y-o-Y performance

(Q2’22 versus Q2’21)

• | Revenue growth led by improved performance across all verticals augmented by the inclusion of 2 acquisitions (Atyab and BMB) in this year’s financials

• | Flat gross profit margin (-14bps y-o-y) as we manage to materially reduce the impact of the significant upsurge in raw material costs

• | Higher EBITDA and Net profit margins y-o-y on strong cost controls with lower SG&A % of sales

1EBITDA excludes share of profit from JV / associates

2Net profit attrubited to shareholders

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Resilient cash flow generation

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Net Working 27% 23%
Capital [1] 828 1,002
(AED MN)
H1'21 H1'22
Operating Cash 18%
Flow 244 7%
134
(AED MN)
H1'21 H1'22
4% 4%
71
CAPEX 48
(AED MN)
H1'21 H1'22
Free Cash Flow [2] 18%
236 6%
(AED MN) 126
% sales H1'21 H1'22
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Operating Cash Flow

• | Focus on WC overhaul (WC% sales improved by 500bps y-o-y)

• | Better Cash flow conversion cycle by 21 days versus same period last year

• | H1’22 OCF of AED 134MN is higher vs normalized H1’21 of AED 102MN after excluding last year one-offs

CAPEX

• | Higher versus last year with the consolidation of the acquisitions which alone added AED 39MN

• | Mostly maintenance CAPEX

Free Cash Flow

• | H1’22 FCF of AED 126MN is higher vs normalized H1’21 of AED 97MN after excluding last year one-offs

• | Further lift from the inclusion of acquisitions

• 1Net Working Capital based on internal parameters

• 2Free Cash Flow to Firm = EBITDA + Change in Working Capital – CAPEX

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A n a l y s t a n d I n v e s t o r C a l l

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Robust balance sheet

Borrowings

AED 2.14 BN

Net Debt

AED 973 MN

Borrowings

• | Higher borrowings from raising new debt to fund Al Faysal, Nabil, Atyab and BMB acquisitions

• | Excluding additional debt to finance the recently announced Auf deal

Cash & Equivalents

AED 1.17 BN

Net Debt / EBITDA

• | Balance sheet remains robust with 1.7x net debt / TTM EBITDA (reported) even after funding the acquisitions of 5 new entities

Net Debt / TTM EBITDA

• | Net Debt / EBITDA in H1’22 decreased vs. 2.1x as of close of 2021 driven by higher EBITDA

1.7x

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A n a l y s t a n d I n v e s t o r C a l l

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Dividends

Dividends per Share (AED)

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32% 35% 44% 43% 66% 85% 58% 55%
0.165 0.165
0.15 0.15 0.15 0.15
0.125
0.0825
2015 2016 2017 2018 2019 2020 2021 H1 2022
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Semi-Annual Dividends Policy

• | Agthia adopted a semi-annual dividend policy, inline with our commitment to maximizing shareholders’ returns

• | Board recommends 8.25fils dividends per share for H1 2022, subject to shareholders and regulatory approvals.

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Dividend Yield %
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4.2%
3.9%
3.1% 3.0% 3.2% 3.1%
2.1%
1.6%
2015 2016 2017 2018 2019 2020 2021 H1 2022
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1Normalized EPS for 2020

• *H1 2022 DPS subject to shareholders and regulatory approvals

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Outlook

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A n a l y s t a n d I n v e s t o r C a l l

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2022 guidance[1]

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Sales growth
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+25-30%

• Full year consolidation of 5 acquired entities

• Growth to be led by price / product mix

• Considering high single digit inflation to continue throughout the year

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EPS growth
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+10-11%

• Sustainable growth despite high raw material and freight costs

• Driven by margin accretive acquired entities in 2021 + cost optimization

• Takes into consideration higher tax / interest rate / NCI + M&A integration costs

• Net of AED 20MN profit reinvestments in Digitalization and Innovation

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Free Cash
Flow to Equity
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c. AED400MN

• Robust FCFE generation despite higher borrowing cost and higher working capital requirements as we expect to continue navigating ongoing market volatility and unprecedented inflationary pressure throughout 2022

• Prudent CAPEX spending (focus on revenue generating by sweating the assets)

• Assuming no equity raise during the period

1Growth versus reported financials in 2021 (excluding Auf deal and assuming no acquisitions in 2022) Targets are based on current macroeconomic assumptions

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Q&A

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Appendix

38

A n a l y s t a n d I n v e s t o r C a l l

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Agthia at a glance

19 Brands

45 countries in Agthia’s network

9,300+ Employees

92% of waste generated is recycled

c.75% revenues from

consumer-based products

11 Factories

across the world

17% reduction in Direct Scope 1 emissions per ton of production in 2021

H1 2022 Financial Highlights

AED

AED

2.0 billion (+51% Y-o-Y) Net Revenue

118.1 million (+74% Y-o-Y) Net Profit

13.8% EBITDA Margin

8.25fils / share Semiannual Cash Dividend

39

A n a l y s t a n d I n v e s t o r C a l l

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2025 strategy: Our ambition

From… UAE centric Commoditized portfolio Stable financial performance Local organization mindset Growth

Becoming a regional F&B leader by 2025

Three strategic Growth pillars to deliver on the vision Pursue disciplined expansion plan focused on M&A

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To…
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Footprint MENAP & beyond Value-add F&B brands Superior shareholder returns Consumer-centric & performance-driven

Efficiency Protect the core business and get leaner

Capability Ensure our organization is set-up to deliver our strategy

40

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Current market dynamics

Input cost inflation

Broad-based inflation across various commodities, packaging materials and transportation costs

Margin Protection Plan

• | Revenue Growth Management initiatives across key categories

• | Optimizing our product and channel mix

• | Pricing across the portfolio

Supply chain disruptions

• | Container supply lagging demand

• | Russian / Ukraine war impacting grain availability

Procurement / supply optimization

• | Increasing cover of key raw materials and broadening supplier base and supply options

• | Accelerating in cost optimization initiatives

• | Extracting synergies from acquired entities

41

A n a l y s t a n d I n v e s t o r C a l l

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Acquisition summary: Snacking portfolio

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Announcement OCT 2020 DEC 2020 AUG 2021 JUL 2022
Beneficial ownership 100% 100% 80% 60%
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Consolidation Sub-segment Consideration Footprint Funding Rationale Revenues1 Profitability1 Dec 31, 2021 Chocolate, Mediterranean Sweets, HealthySnacks AED 646 MN KSA, UAE, USA 100% Debt Category Upscale, Brand, Footprint AED 270MN 9% Jan 1, 2021 Dates AED 450 MN Int’l (GCC & Asia) 100% Equity Scale, Category, Brand AED 484MN 25% Jan 27, 2021 Baked Goods AED 161 MN Kuwait 95% Debt + 5% Cash Brand, Market Scale 24% Q4, 2022e Coffee, Nuts, Dates, Healthy Snacks Up to EGP 2.92 BN2 Egypt, UAE 75% Debt + 25% Cash New Category, Brand AED 239MN 23% AED 102MN

1LTM ending June 2022 (1st July 2021 to 30th June 2022) ; Profitability = EBITDA margin

2 Final consideration is still subject to customary adjustments for debt, cash and working capital and an earn out based on 2022e EBITDA

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Acquisition summary: Protein portfolio

	Announcement Beneficial ownership JAN 2021 80% APR 2021 75%
	Consolidation Sub-segment Consideration Footprint Funding Rationale Revenues1 Profitability1 April 1, 2021 Frozen protein AED 520 MN Jordan, GCC, Iraq 75% Equity + 25% Cash New Category, Brand, Scale AED 442MN 14% Aug 1, 2021 Frozen protein AED 564 MN Egypt 100% Debt Scale, Brand AED 544MN 17%

1LTM ending June 2022 (1st July 2021 to 30th June 2022) ; Profitability = EBITDA margin

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Seamlessly integrating acquisitions

Integration framework and playbook

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Coordinated transition

Protein

Nabil Foods + Atyab:

• one Protein business unit

• mapped plan for long-term integration opportunities

• aligned critical functions and policies across the two units

• Focus on integrated brand architecture , R&D and innovations , and aligned expansion plans

Productivity

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Value creation

Snackin g

Al Foah

• unlocking sizable synergies

• actively utilizing Al Foah facility for other BUs

Al Faysal

• successfully consolidated management structure across the two businesses in Kuwait

• unlocking go-to-market opportunities for other business lines

BMB Group

• initiated a long-term value creation plan targeting low-hanging synergies

• integrating critical functions and co-creation opportunities

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Latest acquisition: Abu Auf key highlights

Financial Highlights

Distribution Reach

Production & Storage Capacity

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64% 34% FY19 – FY21 Gross Profit Margin Revenue CAGR FY21

21.8k Points of Sale in 26 Governorates

2021

5,000 Tons 7,000 Tons

Annual Coffee Production Capacity

AED 236mn

Gross Revenue AED 58mn in FY21 EBITDA FY21

vs.

1,900+ employees

68 Partnerships with Modern Retailers

87 Branches in 13 Governorates

2021

1,160 Tons 1,280 Tons

Annual Kitchen Essentials, Dates & Dried Fruits Production Capacity

AED 136mn

in FY20 +73% y-o-y

5 Main Product 1,600+ SKUs Categories

124 Branches in 13 Governorates

3,385sqm

of Storage Area across 3 Warehouse Hubs

2021 Revenue By Channel

2021 Revenue By Category

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Modern Trade 16%
Branches 36%
AED
Shop-in-
shop 18% 236mn
Distributors
30%
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Kitchen Pretzels
Essentials 4% Other 0%
10%
Dates & DF
13% AED Coffee 45%
236mn
Nuts 28%
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Agthia categories of focus

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Water & Food Agribusiness
Category
Assets
Key markets
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Protein &
Snacking
Frozen Veg.
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46 A G T H I A | A n a l y s t a n d I n v e s t o r C a l l

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Revenue diversification by vertical

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931
23%
1,059
27% 823 931
22% 121 25%
6%
931
47%
941
47%
1,018
28% 941
25% 941
24%
1,018
26%
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All new acquisitions + FY21 Abu Auf FY21 revenue: AED 3.94bn

Including new acquisitions (Al Foah, Al Faysal, Nabil Foods, Atyab and BMB) FY21 revenue: AED 3.71bn

Excludes all acquisitions FY21 revenue: AED 2.00bn

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AgriBusiness Water &Food Protein & Frozen Veg Snacking

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Sustainability

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Our approach

Maintaining Ethical, responsible and profitable business

Fostering Healthy and safe communities

Innovating & re-thinking Product quality and sustainability

Preserving & protecting the Environment

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Maintaining an ethical, responsible and profitable business

AED in revenue

3.07 billion

0 (Zero)

complaints received concerning breaches of customer privacy

AED 9.6 million in R&D expenditure

0 (Zero)

product recall from markets

0 (Zero)

bribery cases

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Fostering healthy and safe communities

60% of newly hired employees are under 30 years of age

11% turnover rate

8% full-time female employees

60 different nationalities work at Agthia

15% reduction in Lost Time Injury Frequency Rate (LTIFR)

AED

0.82 million in community investments

27,524 hours of health & safety training to employees

33% reduction in vehicle collision rate

96% of vehicles have GPS installed

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Innovating and re-thinking product quality and sustainability

90.7

GMP Score

96% lab proficiency

19 supplier site audits conducted

100%

of suppliers are screened on quality, social and environmental criteria

AED

1.51 billion in procured goods and services

<1 customer complaints per million products sold

5 awards won for sustainable packaging

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Preserving and protecting the environment

18% 17% decrease in diesel reduction in Direct consumption Scope 1 emissions

13% reduction in Direct Scope 1 emissions per tonne of production

36KG of CO2 per tonne of production

8%

landfilled waste from total waste

AED

1.07 cubic metre of water per tonne of production

tonnes 25,000+ 15,972 completed collections through of recycled waste RECAPP programme

113 tonnes of recyclable waste collected through RECAPP

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Disclaimer – Forward-looking Statements:

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Thank you

August 2022