Kofola CescoSlovensko A.S.

Earnings Release • Nov 21, 2024

21 NOVEMBER 2024

KOFOLA GROUP INVESTOR PRESENTATION

KOFOLA GROUP

Is today one of the most important beverage producers in Central and Eastern Europe.

CZK 8.63 bn (EUR 342.83 m) Revenue 9M 2024

GZK 1.60 bn (EUR 63.73 m) EBITDA 9M 2024

14 Production plants D

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2,700+ Employees

OUR ROOTS ARE IN CZECHOSLOVAKIA

Production plants

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OUR BEVERAGE PORTFOLIO COVERS ALL CATEGORIES

LONG-TERM DEVELOPMENT

Revenue* (CZKm)

EBITDA* (CZKm)

Grey chart represents an acquisition effect between two subsequent periods. * Adjusted for one-offs.

We have partnered with the Horní Dolní association to launch the project #zlasky, the aim of which is to provide quick and effective help to those who need it the most in the localities affected by floods. Kofola has donated CZK 10 million to this fundraiser to help people who have lost their homes and everything they built their lives on as soon as possible.

What will Christmas smell like this year? Honey and spice and a little bit of beautiful local collaboration. This time, we have joined forces with local company Marlenka and the result is two new products: Kofola Marlenka and "Medové kofo kuličky Marlenka".

Radenska has started with preparation for this year's big reforestation campaign called "Good things fall from the sky". The aim of this initiative is to reforest as much land as possible, while engaging the public and spreading awareness of the importance of forests.

OUR SUSTAINABILITY EFFORTS

HOW WE THINK ABOUT OUR ACTIVITIES

Our non-financial report is available at our website.

INE STRIVE TO PRESERVE WATER RESOURCES FOR FUTURE GENERATIONS

In Rajecká Lesná and around Ondrášov, together with local authorities and farmers, we are creating BIO certified sites. We take care of nature wherever we are at home.

In Slovakia, we established an organisation to support landscape revitalisation and water conservation measures.

WE LOOK FOR DIRECT SOURCES OF QUALITY INGREDIENTS, WHICH WE LEARN TO GROW OURSELVES

We grow our own herbs and use them in our drinks. We prefer local ingredients from proven sources.

We're breaking into apple growing. We planted a special variety for F. H. Prager ciders.

In 2023, we acquired a share in the coffee plantations in Colombia, gaining experience in coffee cultivation.

BEVERAGES ARE PRODUCEDUS ING MODERN TECHNOLOGIES THAT ENSURE QUALITY AND HEALTHINESS

The filling of beverages on the aseptic line takes place in a sterile environment. As a result, no preservatives are needed for production.

Also, the hot filling technology at temperatures of approximately 90 °C enables the production of preservative-free children's drinks and syrups.

Thanks to High Pressure Pascalization, UGO juices do not lose their colour, taste or vitamins and last fresh for up to six weeks.

WASTE IS NOT THE END FOR US, BUT OFTEN THE BEGINNING

The best waste is the waste that does not happen. We use reusable transport packaging as well as pallets made from recycled mixed plastic.

Together with Biopekárna Zemanka, we can bake healthy biscuits from the residue after production of fruit and vegetable juices.

We give new life to old parasols. We can make practical bags out of them..

KOFOLA GROUP KEY 30 2024 FINANCIAL INDICATORS*

153

128

CzechoSlovakia

119

33

28

* Adjusted for one-offs.

3Q24

3Q23

** Segment Other reported in 1Q 2024 included MIXA VENDING, FILIP REAL a.s. (currently in CzechoSlovakia segment), PRAGEROVY SADY LIBINA s.r.o. (currently in Fresh & Herbs segment), PIVOVARY TRIANGL s.r.o., Fivorary CZ Group a.s. and FONTANA PCZG s.r.o. (currently, he

KOFOLA GROUP KEY 9M 2024 FINANCIAL INDICATORS®

Profit/(loss) for the period (czKm)

401

9M23

* Adjusted for one-offs.

9M24

9M23

** Segment Other reported in 10 2024 included MIXA VENDING, FILIP REAL a.s. (currently in CzechoSlovakia segment), PRAGEROVY SADY LIBINA s.r.o. (currently in Fresh & Herbs segment), PVOVARY TRIANGL s.r.o., Pivovary CZ Group a.s.and FONT'ANA POZG s.r.o. (currently in Beers & Ciders segment).

REVENUE BY PRODUCT INC

Revenue QTD by product lines (czKm)

Revenue YTD by product lines (CZKm)

REVENUE BY COUNTRIES

Revenue QTD by countries (czKm)

KEY MESS THES

OLD RESULTS

• · Group's revenue increased by 846 CZKm (33%).
• · Group's EBITDA higher by 181.5 CZKm (33%).
• · Favorable results connected also with acquisition of breweries.
• · Volumes higher by 9.7% (CS and Adriatic seqment) in 3Q24.

ADDRESSOFIS

• · Group's revenue increased by 2.01 CZKbn (30.4%), out of which organic business growth 675.6 CZKm (10.2%).
• · Group's EBITDA higher by 467.7 CZKm (41.1%), out of which organic business growth 201.5 CZKm (17.7%).
• Volumes higher by 7.3% (CS and Adriatic segment).

INNOVATIONS

· UGO supershots/Leros & Premium Rosa Immunity shots.

COSTS DEVELOPMENT

• · Decreased costs of sweeteners (price effect of 197.9 CZKm), savings in PET (price effect of 77.4 CZKm).
• · Energy costs increased by 30.3 CZKm (mainly due to Pivovary CZ Group).

MACROFCONOMICS

• · No direct effect of Ukraine crisis on the Group.
• Stabilization of energy prices and material inputs.

M&A

• · In Jan 24, acquisition of Libina apple orchards.
• In Jan 24, 49% share in MIXA VENDING acquired.
• · In Mar 24, Acquisition of Pivovary CZ Group and FONTANA PCZG.

BUSINESS SEGMENTS

OUR BUSINESS IS HEALTHY DIVERSIFIED

OUR BUSINESS CONSISTS OF FOUR MAIN SEGMENTS

16%

29%

REVENUE QTD | CZECHOSLOVAKIA

Revenue by packaging formats* (czKm)

Sales in litres ('000)

CZECHIA				3Q24 3Q23 Change
On premise	文	9,999 -	9,750	2.6 %
On the go	ア	19.071	18,761	1.7 %
At home			7 101,942 93,553	9.0%
l'otal			7 131,012 122,064	7.3%

SILOMAKIA				3Q24 3Q23 Change
On premise		7 10,813 -	10.113	6.9%
On the go	r	8.079	7,144	13.1%
At home		7 47,835 40,307		18.7%
l'otal		7 66,727 57,564		15.9%

* Excludes revenue from sales of services and material.

At home – Syrups and drinks in 1.5l+ packaging. On premise – Drinks in KEGs and glass bottles. On the go – Drinks in cans and 11- packaging.

25%

REVENUE YTD | CZECHOSLOVAKIA

Sales in litres ('000)

CZECHIA		9M24 9M23 Change
On premise	→ 23,871 23,920	(0.2%)
On the go	7 50,658 48,802	3.8%
At home	7 267,063 245,041	9.0%
l'otal	7 341,592 317,763	7.5%

SI KOMAKITA				9M24 9M23 Change
On premise	大		23,207 22,410	3.6%
On the go	大		20,881 18,285	14.2%
At home	大	123.163 112.498		9.5%
l'otal	大		167,251 153,193	9.2%

* Excludes revenue from sales of services and material.

At home – Syrups and drinks in 1.5l+ packaging. On premise – Drinks in KEGs and glass bottles. On the go – Drinks in cans and 11- packaging.

REVENUE AND EBITDA | CZECHOSLOVAKIA

REVENUE QTD | ADRIATIC

Revenue by packaging formats* (czKm)

24% 26%

Sales in litres ('000)

SILOMENTA				3Q24 3Q23 Change
On premise		7 5,823 -	5.301	9.8%
On the qo	文	6,255 -	5,168	21.0%
At home		→ 21,648 21,826		(0.8%)
l'otal		7 33 726 32,295		4.4%

CRO ATTA			3Q24 3Q23 Change
On premise	ど 5,056	4,478	12.9%
On the go	ﺮ 2,746	2.161	27.1%
At home	7 12,810	11,270	13.7%
Total	7 20,612	17,909	15.1%

* Excludes revenue from sales of services and material.

At home – Syrups and drinks in 1.5l+ packaging. On premise – Drinks in KEGs and glass bottles. On the go – Drinks in cans and 1- packaging.

Revenue by packaging formats* (czKm)

REVENUE YTD | ADRIATIC

Sales in litres ('000)

SLOVENIA			9M24 9M23 Change
On premise	7 14.896	14.004	6.4%
On the qo	7 14.572	13,155	10.8%
At home	7 53,635 52,675		1.8%
l'otal	7 83,103 79,834		4.1%

CROATIA			9M24 9M23 Change
On premise	7 8,763	8,531	2.7%
On the qo	7 5,800	4,877	18.9%
At home		7 31,416 30,095	4.4%
Total		7 45,979 43,503	5.7%

* Excludes revenue from sales of services and material.

At home – Syrups and drinks in 1.5l+ packaging. On premise – Drinks in KEGs and glass bottles. On the go – Drinks in cans and 1- packaging.

REVENUE AND EBITDAT ADRIATIC

Stores split

■ Franchise = ■ Own

50% Current 50%

Target

33%

FRESH & HERBS* | UGO

FRESH & HERBS* | LEROS AND PREMIUM ROSA

Producer of premium natural products such as syrups, juices and jams.

Certified producer of medical-grade herbal teas with history dating back to 1954. Owner of the Trepallini and Café Reserva brands. Distributor of Dilmah teas.

* Fresh & Herbs segment further includes PRAGEROVY SADY LIBINA (not disclosed separately in the presentation due to immateriality).

REVENUE AND EBITDA | FRESH & HERBS

Sales in litres ('000)

PERFORMANCE YTD* | BEERS & CIDERS

Revenue by packaging formats (czKm)

* Data presented from 1 January 2024 to 9 September 2024 (clect on accusition date - 8 March 2024) due to comparability of total volumes with the vior year.

CONSOLIDATED FINAN HALL PERFORMANCE INDICATORS

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SELECTED FINANCIAL PERFORMANCE INDICATORS

3,705			● Net debt / LTM adjusted EBITDA Cap 0 0 0 0 0 0 •••••• Long-term goal
	2,860	2,710	000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000
			2.28×● 2.15× ● 02.0× 1.98×
		30-09-24	30-09-24

Net debt (CZKm)

Net debt / LTM adjusted EBITDA Gross and net debt calculation (CZKm)

	30-09-24	31-12-23	30-09-23
L/T bank loans	4.102.0	3,153.9	2,995.4
L/T lease liabilities	269.2	215.9	215.9
S/T bank loans	771.0	447.3	442.6
S/T lease liabilities	116.5	113.7	120.8
Gross debt	5,258.7	3.930.8	3.774.7
Cash	(1,553.9)	(1.071.1)	(1.064.8)
Net debt	3,704,8	2,859,7	2.709.9

Change of Net debt / adjusted LTM EBITDA

Decrease of Net debt / adjusted LTM EBITDA ratio is attributable mainly to increasing EBITDA of the Kofola group.

M&A STRATEGY | WHERE WE INVEST?

HUALS
		2024
EBITDA (current Kofola Group*)		CZK 1.5 bn
EBITDA (incl. new acquisitions **)		CZK 1.8 bn
Revenue growth (current Kofola Group*)		7%
Revenue growth (incl. new acquisitions**)		25%
Max CAPEX		40% of EBITDA
Dividend per share		> 13.5 CZK***
Net debt / EBITDA

0

* * Kofola Group entities as of 31-12-23, respectively.

** Balance includes estimated post-acquisition results of MIXA VENDING (acquired in Jan 24) and Pivovary CZ Group (acquired in Mar 24). Full consolidation is expected despite the owned 50% due to management control over both companies. Other share or post-aquisition results will affect contralling interest in the Consider of profit or loss. Revenue growth (incl. new aquisitions) is calculated as expected revenue in 2024 (inc. acquisitions) vs. revenue of current Kofola Group in 2023.

*** Advance dividend payment of CZK 7.50 per share before tax already paid in October.

REVENUE DEVELOPMENT

Period	Change
October 2024 vs October 2023 - Value	c. +13%
October 2024 vs October 2023 - Volume	c. +3%

Frooms

• The Czech Republic was hit by severe floods in September 2024.
• Production plant in Krnov was the one hit the most by the floods together with new brewery locations Hanušovice and Litovel. Currently, all the operations at all locations are fully running.
• ™ There is an ongoing process of precising the calculation of claims and its documentation supported by the communication with the insurance company. The amount of total damage at all locations is currently estimated at roughly CZK 250-300 million. The overall impact of these damages to the group profit for the year 2024 is now estimated at roughly CZK 25-35 million as the most of the damages is covered by the insurance.

OUR WORK IS ALSO APPRECIATED BY OUR SURROUNDINGS

Forbes

TOP CEO 2024

Daniel Buryš was selected as a TOP CEO 2024 by Forbes magazine.

PIVEX Golden Cup competition

The Zubr and Litovel breweries confirmed their exceptional quality at the 32nd edition of the PIVEX Golden Cup competition. The four-times-hopped ZUBR Grand became the absolute winner of the competition, also winning in the lager category. The breweries won several additional medals.

Kofola is the most trusted brand among carbonated soft drinks

Once again Kofola was named the most trusted brand in the carbonated soft drinks category. Czech consumers rated nearly 900 brands in an independent survey. Brands are nominated on the basis of sales. This ensures that the awarded brands are truly strong and trustworthy.

Zlatý klínec competition

In the Zlatý klínec competition, which evaluates the best marketing achievements, we won three awards:

• · 1st place for the Integrated Campaign Podme sa viac dotykať
• · 2nd place for the implementation of festival weddings in the Promo & Activation category

· 3rd place for Loving Tattoos in the New Media category.

WE MAINTAIN A FAMILY SPIRITI EVEN THOUGH WE HAVE ACTIVITIES IN 6 COUNTRIES ON 2 CONTINENTS

Czechia ( 1993

Slovakia (0) 1998

Poland 9 2008

Slovenia (9 2015

Croatia @ 2016

Colombia ( 2023

(2) kofola®

WE ARE NOT AFRAID TO ENTER NEW SEGMENTS AND LEARN NEW THINGS

1990	2000	> 2010	> 2020
Soft drinks 1993
	2003 HoReCa
		Fresh bars 2012
		Salad bars 2014
		2018	Tea and herbs
			Coffee 2019
			2020 Ciders
			Herbal cosmetics 2022
			2023 Marketplace Supplo
			2024 Vending machines
			Beer 2024

WE SEEK AND UTILIZE OPPORTUNITIES AROUND US

Overview of key acquisitions

WHAT WE HAVE ACHIEVED IN THE LAST THREE YEARS

We introduced the Cirkulka returnable bottle system.

After herbs, we also learn to grow apples and coffee.

We started developing startup projects in our business incubator.

We have launched Kombucha – a healthy drink full of probiotic cultures.

Through acquisitions, we entered two new segments – brewing and beverage vending machines.

STABLE OWNERSHIP STRUCTURE ALLOWS US TO FOCUS ON THE DEVELOPMENT OF THE GROUP

Currently 6.1 million shares at Prague Stock Exchange.

Radenska

RADENSKA is considering the sale of its whole shares (1,025,239 shares as of 30 September 2024). A decision of exact timing of such sale has not been taken yet, however, might occur shortly, subject to market conditions. Proceeds from the sale will be used to finance Group's growth opportunities.

Free float 0.9% (key management persons - excl. Lykos alfa owners)

Currently 0.2 million shares at Prague Stock Exchange.

57 - Lykos alfa a.s. *

Majority share Jannis Samaras with his family

Minority shares

René Musila COO

Tomáš Jendřejek

Member of the Supervisory Board

René Sommer Chairman of the Supervisory Board

* Percenses A. F. A. Angels: 2024, A.T.C. and intelled stress to reserver the ornership studies of the Coup, which includes Kotal Cessos overseas as . Fortuis upose, o one an Lykos all a severed. Requiring Kobal Castruming doss not expresent a change as the majority of total cham may and emain under the comer of the comer shareholders of AETOS a.s. This means that there will be ovnership or control of Kodal Costologies that could affect Kotal Cessos that could affect Kotal Cessos on s

SHORES OWNED BY KEY MONAGEMENT DERSONS

Development in years by type of transaction

Increase | Decrease

* Entitlement from Option scheme

RESULTS OF KOFOLA GROUP | 9M 2024

Reconciliation of reported and adjusted results (CZKm)	Reported	One-offs	Adjusted
Revenue	8,632.4		8,632.4
Cost of sales	(4,593.9)		(4,593.9)
Gross profit	4,038.5		4,038.5
Selling, marketing and distribution costs	(2,389.8)	-	(2,389.8)
Administrative costs	(543.3)		(543.3)
Other operating income/(costs), net	6.9	18.9	25.8
Operating profit/(loss)	1,112.3	18.9	1,131.2
Depreciation and amortisation	473.5		473.5
EBITDA	1,585.8	18.9	1,604.7
Finance income/(costs), net	(243.7)		(243.7)
Income tax	(220.1)	(3.9)	(224.0)
Profit/(loss) for the period	648.5	15.0	663.5
- attributable to shareholders of Kofola CeskoSlovensko a.s.	583.4	15.0	598.4

One-offs

• Advisory costs of CZK 17.0 million (CzechoSlovakia and Beers & Ciders segments) related mainly to acquisition of Pivovary CZ Group.
• Net gain on sold items of Property, plant and equipment of CZK 25.5 million recognized in all business segments.
• · Restructuring costs of CZK 3 millions (Fresh & Herbs and Beers & Ciders segments).
• · Software licence fee costs of CZK 2.2 million (Beers & Ciders segment).
• · Litigation costs of CZK 6.7 million and costs of CZK 1 million caused by damages due to storm and floods (Adriatic segment).
• Gain on barqain purchase of PRAGEROVY SADY LIBINA s.r.o. of CZK 4.2 million (CzechoSlovakia segment).
• · Gain on one off leasing of CZK 1 million (Adriatic segment).
• Costs in the amount of CZK 19.7 million caused by floods (CzechoSlovakia, Fresh & Herbs and Beers & Ciders segments).

GROUP RESULTS COMPARISON 9%,

(CZKm)	9M24	9M23	Change	Change (%)
Revenue	8,632.4	6,620.0	2,012.4	30.4%
Cost of sales	(4,593.9)	(3,616.5)	(977.4)	27.0%
Gross profit	4,038.5	3,003.5	1,035.0	34.5%
Selling, marketing and distribution costs	(2,389.8)	(1,847.0)	(542.8)	29.4%
Administrative costs	(543.3)	(446.5)	(96.8)	21.7%
Other operating income/(costs), net	25.8	24.6	1.2	4.9%
Operating profit/(loss)	1,131.2	734.6	396.6	54.0%
Depreciation and amortisation	473.5	402.4	71.1	17.7%
EBITDA	1,604.7	1,137.0	467.7	41.1%
Finance income/(costs), net	(243.7)	(191.1)	(52.6)	27.5%
İncome tax	(224.0)	(142.6)	(81.4)	57.1%
Profit/(loss) for the period	663.5	400.9	262.6	65.5%
- attributable to shareholders of Kofola CeskoSlovensko a.s.	598.5	400.6	197.9	49.4%

Comments

• Organic business growth is driven mainly by volume increase (in liters). Impact of newly acquired companies on revenue is 1,337 CZKm.
• Costs on sweeteners were lower (price effect of 197.9 CZKm). Energy costs increased by 30.0 CZKm, savings in PET (price effect of 77.4 CZKm).
• · Gross margin increased from 45.4% to 46.8% as a result of decreasing input prices and increasing volumes.
• Higher Selling, marketing and distribution costs related to newly acquired companies, higher transportation and marketing costs.
• · Administrative costs increase as a result of newly acquired companies (particularly in the Beers & Ciders segment).
• · EBITDA margin at 18.6% vs 17.2% in 9M23.
• · Finance costs increase resulting from higher balance of loans and from revaluation of the bank credits and loans.
• Higher Income tax is a result of higher taxable profits in Group companies.

GROUP RESULTS COMPARISON 30*

(CZKm)	3Q24	3Q23	Change	Change (%)
Revenue	3,413.2	2,567.2	846.0	33.0%
Cost of sales	(1,757.3)	(1,346.0)	(411.3)	30.6%
Gross profit	1,655.9	1,221.2	434.7	35.6%
Selling, marketing and distribution costs	(899.6)	(୧୧୨:୨)	(229.7)	34.3%
Administrative costs	(189.4)	(133.2)	(56.2)	42.2%
Other operating income/(costs), net	3.0	3.2	(0.2)	(6.3%)
Operating profit/(loss)	569.9	421.3	148.6	35.3%
Depreciation and amortisation	167.5	132.9	34.6	26.0%
EBITDA	737.4	554.2	183.2	33.1%
Finance income/(costs), net	(83.2)	(100.8)	17.6	(17.5%)
Income tax	(107.1)	(76.2)	(30.9)	40.6%
Profit/(loss) for the period	379.6	244.3	135.3	55.4%
- attributable to shareholders of Kofola CeskoSlovensko a.S.	348.2	243.6	104.6	42.9%

Comments

• New business segment Beers & Ciders revenue in 3Q24 478.8 CZKm.
• · Sold volume increase in all formats.
• · Favourable weather conditions (CzechoSlovakia business segment).
• · Selling, marketing and distribution costs, Administrative costs and Income tax described in 9M period comparison.

CONSOLIDATED INCOME STATEMENT*

(CZKm)	9M24	9M23	2023**	2022**	2021**	2020**
Revenue	8,632.4	6,620.0	8,690.1	7,875.3	6,636.2	6,171.5
Cost of sales	(4,593.9)	(3,616.5)	(4,802.7)	(4,564.0)	(3,710.2)	(3,349.5)
Gross profit	4,038.5	3,003.5	3,887.4	3,311.3	2,926.0	2,822.0
Selling, marketing and distribution costs	(2,389.8)	(1,847.0)	(2,487.8)	(2,330.0)	(2,033.6)	(2,041.7)
Administrative costs	(543.3)	(446.5)	(707.1)	(466.5)	(466.4)	(425.7)
Other operating income/(costs), net	25.8	24.6	26.5	17.8	93.0	55.6
Operating profit/(loss)	1,131.2	734.6	719.0	532.6	519.0	410.2
EBITDA	1,604.7	1,137.0	1,253.4	1,110.4	1,128.1	1,030.3

CONTACT

Should you have any question related to Kofola Group do not hesitate to contact our investor relations office:

Jiří Rypar

investor@kofola.cz

• 420 737 118 957

http://investor.kofola.cz/en

Kofola ČeskoSlovensko a.s.

Nad Porubkou 2278/31a 708 00 Ostrava - Poruba Czech Republic

This presentation has been authorized by the Board of Directors of Kofola CeskoSlovensko a.s. on 21 November 2024.

This presentation ("the Presentation") has been prepared by Kofola ČeskoSlovensko a.s. ("the Company").

The Company has prepared the Presentation with due care, however certain inconsistencies or omissions might have appeared in it. Information related to quarterly results is subject to limited procedures, balances as of 31 March and 30 September are provided for Net debt only. Therefore it is recommended that any person who intends to undertake any investment decision regarding any security issued by the Company or its subsidiaries shall only rely on information released as an official communication by the Company in accordance with the legal and regulatory provisions that are binding for the Company.

It should be also noted that forward-looking statements, including statements relating to expectations regarding the future financial results give no quarantee or assurance that such results will be achieved. The Board of Directors' expectations are based on present knowledge, awareness and/or views of the Company's Board of Directors' members and are dependent on a number of factors, which may cause that the actual results that will be achieved by the Company may differ materially from those discussed in the document. Many such factors are beyond the present knowledge, awareness and/or control of the Company, or cannot be predicted by it.

No warranties or representations can be made as to the comprehensiveness or

reliability of the information contained in this Presentation. Neither the Company nor its directors, managers, advisers or representatives of such persons shall bear any liability that might arise in connection with any use of this Presentation. Furthermore, no information contained herein constitutes an obligation or representation of the Company, its managers or directors, its shareholders, subsidiary undertakings, advisers or representatives of such persons.

This Presentation was prepared for information purposes only and is neither a purchase or sale offer, nor a solicitation of an offer to purchase or sell any securities or financial instruments or an invitation to participate in any commercial venture. This Presentation is neither an offer nor an invitation to purchase or subscribe for any securities in any jurisdiction and no statements contained herein may serve as a basis for any agreement, commitment or investment decision, or may be relied upon in connection with any agreement, commitment or investment decision.