Aryzta AG — Net Asset Value 2025

Sep 4, 2025

	2025 EURm	2026 EURm
Revenue mean	2,251.7	2,319.1
Revenue (Low-High)	2,242.1 - 2,272	2,290.8 - 2,343
Organic Growth mean	2.8%	3.1%
Organic Growth (Low-High)	2.2% - 3.5%	2.2% - 3.6%
EBITDA mean	331.0	345.3
EBITDA (Low-High)	328.6 - 334	340.5 - 352
Margin mean	14.7%	14.9%
Margin (Low-High)	14.7% - 14.7%	14.8% - 15%
Total Net debt mean	778.9	663.0
Total Net Debt (Low-High)	753 - 792.7	611.7 - 792.1

Consensus published on September 4, 2025 is based on estimates submitted

by the broker analysts from Baader Helvea, Berenberg, Kepler Cheuvreux, ODDO BHF, UBS, Vontobel and ZKB. Consensus for the calendar years 2025 and 2026 is based on seven estimates, while net debt is based on six estimates Consensus will be updated as new data is received.