Aryzta AG

Business and Financial Review • May 16, 2025

	2025	2026
	EURm	EURm
Revenue mean	2,249.0	2,320.1
Revenue (Low‐High)	2,238 ‐ 2,264.2	2,290.8 ‐ 2,346.6
Organic Growth mean	2.6%	3.2%
Organic Growth (Low‐High)	2.2% ‐ 2.9%	2.2% ‐ 3.6%
EBITDA mean	332.2	346.6
EBITDA (Low‐High)	329.7 ‐ 335.4	340.5 ‐ 351.2
Margin mean	14.8%	14.9%
Margin (Low‐High)	14.7% ‐ 14.8%	14.8% ‐ 15%
Total Net debt mean	766.2	644.6
Total Net Debt (Low‐High)	753 ‐ 780	605.3 ‐ 760.8

Consensus published on May 19, 2025 is based on estimates submitted by the broker analysts from Baader Helvea, Kepler Cheuvreux, ODDO BHF, UBS, Vontobel and ZKB. Consensus for the calendar years 2025 and 2026 is based on six estimates. Consensus will be updated as new data is received.