Aryzta AG — Net Asset Value 2024

Aug 21, 2024

	2024	2025
	EURm	EURm
Revenue mean	2,235.1	2,317.9
Revenue (Low‐High)	2,217.0 ‐ 2,248.0	2,276.0 ‐ 2,366.0
Organic Growth mean	1.8%	3.6%
Organic Growth (Low‐High)	0.9% ‐ 2.5%	2.6% ‐ 5.3%
EBITDA mean	320.0	337.5
EBITDA (Low‐High)	316.6 ‐ 324.0	327.4 ‐ 346.0
Margin mean	14.3%	14.5%
Margin (Low‐High)	14.1% ‐ 14.4%	14.2% ‐ 14.7%
Total Net debt mean	883.6	759.5
Total Net Debt (Low‐High)	855.0 ‐ 906.0	728.0 ‐ 802.0

Consensus published on August 21, 2024 is based on estimates submitted by the broker analysts from Baader Helvea, Kepler Cheuvreux, UBS, Vontobel and ZKB. Consensus for the calendar years 2024 and 2025 is based on five estimates. Consensus will be updated as new data is received.