Kofola CescoSlovensko A.S.

Investor Presentation • Nov 22, 2023

kofola group Investor presentation 9M 2023

22 November 2023

The Kofola Group

One of the most significant producers of non-alcoholic beverages in CEE and SEE

Headquarters

THE KOFOLA GROUP SUSTAINABILITY GROUP RESULTS BUSINESS SEGMENTS CONSOLIDATED INDICATORS M&A GOALS MORE ABOUT KOFOLA APPENDIX

Production plants

Kofola Group's markets

our long-term strategy is to be market leader or runner-up

No. 2 player in the soft drinks market

No. 2 in water category

No. 1 player in the soft drinks market No. 1

in water category

No. 1 in water category

No. 4 player in the soft drinks market

No. 2 in water category

CZECHIA SLOVAKIA SLOVENIA CROATIA

Sales in countries where Kofola Group is number one or two in the soft drinks market account for 92% of our total revenue.

THE KOFOLA GROUP SUSTAINABILITY GROUP RESULTS BUSINESS SEGMENTS CONSOLIDATED INDICATORS M&A GOALS MORE ABOUT KOFOLA APPENDIX

Product segments

CATEGORY	REVENUE SHARE	MAIN OWN BRANDS	DISTRIBUTED AND LICENCED BRANDS
Carbonated Beverages	9M23 39% 9M22 37%
Waters	34% 35%
Non-carbonated Beverages	8% 9%
Syrups	6% 7%
Fresh & Salad Bars	5% 5%
Other	8% 7%

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Revenue* (CZKm)

Long-term development

EBITDA* (CZKm)

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

highlights

UGO continues on its merry-go-round. In Q3, its EBITDA margin exceeded 21% and the YTD net result was in black numbers! A new freshbar in Florenc (Prague) has been opened and, in cooperation with F.H.Prager, UGO Kombucha with probiotics has been introduced.

Kofola has decided to expand its scope to include other beverage ingredients. It will cultivate an apple orchard on nearly 60 hectares in the Úsovsko region, with the aim of growing a special variety of apples needed for cider production in the Czech Republic. In Colombia, Kofola is moving towards co-ownership of 230 hectares of coffee plantations.

highlights

Kofola's shareholders can process the dividend payment online, via Bank ID. Thanks to Česká spořitelna, the whole process can take less than one minute. Our CS CEO made it in only 39 seconds!

The second year of workshops on water protection measures called "Water connects us" took place in Rajecká dolina.

Kofola purchased a 34% share in Zahradní OLLA (the project developed in the Kofola Incubator) which boosts its growth. Interest in their products was again greater than could be satisfied.

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our sustainability efforts

THE KOFOLA GROUP SUSTAINABILITY KOFOLA GROUP RESULTS BUSINESS SEGMENTS CONSOLIDATED INDICATORS M&A GOALS MORE ABOUT KOFOLA APPENDIX

THE KOFOLA GROUP SUSTAINABILITY GROUP RESULTS BUSINESS SEGMENTS CONSOLIDATED INDICATORS M&A GOALS MORE ABOUT KOFOLA APPENDIX

We operate with respect to nature, society and individuals.

Whole sustainability presentation for download.

Kofola group results

THE KOFOLA GROUP SUSTAINABILITY KOFOLA GROUP RESULTS BUSINESS SEGMENTS CONSOLIDATED INDICATORS M&A GOALS MORE ABOUT KOFOLA APPENDIX

Kofola Group Key QTD* financial indicators**

11

Kofola Group Key YTD* financial indicators**

*Year-To-Date ** Adjusted forone-offs. *** Delta Cash & Cash equivalents.

9M 2023 INVESTOR PRESENTATION

12

Revenue by product Segment

Revenue QTD (CZKm)

Revenue by countries

Revenue QTD (CZKm)

Key messages*

QTD results YTD results

• Group revenue up by 220.0 CZKm (9.4%).
• Group EBITDA higher by 93.7 CZKm (20.3%).
• NET result increased by 54.9 CZKm.

• Volumes sold down by 9% in 3Q23.

• Group revenue up by 555.7 CZKm (9.2%).

• Group EBITDA higher by 256.8 CZKm (29.2%).
• NET result increased by 245.9 CZKm.
• Volumes down by 10% in 9M23.

innovations

• Targa Florio tonic.
• Prager's Kombucha.
• Oraketa vitamin powder.
• Radenska FunctionALL.
• UGO poke bowls.

costs and CAPEX development Macroeconomics

• Increased costs on sweeteners (by 370 CZKm), decreased costs on PET (by 25 CZKm) in 9M23**.
• Energy costs lower by 95 CZKm in 9M23.

• CAPEX 230 CZKm in 9M23 as compared to 304 CZKm in 9M22.

• No direct effect of Ukraine crisis on the Group.

• Price increases due to rising input costs.

M&A

• Upcoming acquisition of apple orchards.
• Upcoming co-ownership of coffee plantations.
• In May 23, 1/3 share in General Plastic acquired.
• In Sep 23, 34% share in Zahradní OLLA acquired.

business segments

THE KOFOLA GROUP SUSTAINABILITY KOFOLA GROUP RESULTS BUSINESS SEGMENTS CONSOLIDATED INDICATORS M&A GOALS MORE ABOUT KOFOLA APPENDIX

our business consists of three main segments

THE KOFOLA GROUP SUSTAINABILITY GROUP RESULTS BUSINESS SEGMENTS CONSOLIDATED INDICATORS M&A GOALS MORE ABOUT KOFOLA APPENDIX

Revenue QTD| Czechoslovakia

Revenue by packaging formats* (CZKm)

Sales in litres (´000)

CZECHIA	3Q23	3Q22	Change
On premise	 9,750	10,074	(3.2%)
On the go	 18,761	17,806	5.4%
At home	 93,553	108,096	(13.5%)
Total	122,064	135,976	(10.2%)

SLOVAKIA	3Q23	3Q22	Change
On premise	 10,113	10,366	(2.4%)
On the go	 7,144	7,076	1.0%
At home	 40,307	44,714	(9.9%)
Total	 57,564	62,156	(7.4%)

* 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 1l- packaging.

Revenue YTD| Czechoslovakia

Revenue by packaging formats* (CZKm)

Sales in litres (´000)

CZECHIA	9M23	9M22	Change
On premise	 23,920	24,479	(2.3%)
On the go	 48,802	47,992	1.7%
At home	245,041	293,079	(16.4%)
Total	 317,763	365,550	(13.1%)

SLOVAKIA	9M23	9M22	Change
On premise	 22,410	22,635	(1.0%)
On the go	 18,285	19,017	(3.8%)
At home	 112,498	120,550	(6.7%)
Total	 153,193	162,202	(5.6%)

* 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 1l- packaging.

Revenue and EBITDA | Czechoslovakia

Revenue QTD | ADRIATIC

Revenue by packaging formats* (CZKm)

Sales in litres (´000)

SLOVENIA	3Q23	3Q22	Change
On premise	 5,301	5,389	(1.6%)
On the go	 5,168	5,419	(4.6%)
At home	 21,826	20,080	8.7%
Total	 32,295	30,888	4.6%

CROATIA		3Q23	3Q22	Change
On premise		4,478	6,562	(31.8%)
On the go		2,161	2,347	(7.9%)
At home		11,270	14,086	(20.0%)
Total		17,909	22,995	(22.1%)

* 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 1l- packaging.

Revenue YTD | ADRIATIC

Revenue by packaging formats* (CZKm)

At home On the go On premise

Sales in litres (´000)

SLOVENIA	9M23	9M22	Change
On premise	 14,004	14,553	(3.8%)
On the go	 13,155	13,345	(1.4%)
At home	 52,675	52,721	(0.1%)
Total	 79,834	80,619	(1.0%)

CROATIA	9M23	9M22	Change
On premise	 8,531	10,748	(20.6%)
On the go	 4,877	5,168	(5.6%)
At home	 30,095	33,382	(9.8%)
Total	 43,503	49,298	(11.8%)

* 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 1l- packaging.

Revenue and EBITDA | ADRIATIC

CS Adriatic F&H

Fresh & Herbs: UGO

Fresh & Herbs: LEROS and Premium Rosa

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

CS Adriatic F&H

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.

Revenue and EBITDA | Fresh & Herbs

Consolidated Financial Performance Indicators

THE KOFOLA GROUP SUSTAINABILITY KOFOLA GROUP RESULTS BUSINESS SEGMENTS CONSOLIDATED INDICATORS M&A GOALS MORE ABOUT KOFOLA APPENDIX

Net debt / adjusted LTM EBITDA

3.5×

2.0×

Selected financial performance indicators

2,710 3,295 3,021 30-9-23 31-12-22 30-9-22 1.98× 2.97× 2.96× 30-9-23 31-12-22 30-9-22 Net debt / adjusted LTM EBITDA Cap Long-term goal

Net debt (CZKm) Gross and net debt calculation (CZKm)

	30-9-23	31-12-22	30-9-22
L/T bank loans	2,995.4	3,058.2	3,064.6
L/T lease liabilities	215.9	252.6	261.3
S/T bank loans	442.6	491.8	185.0
S/T lease liabilities	120.8	118.9	116.9
Gross debt	3,774.7	3,921.5	3,627.8
Cash	(1,064.8)	(626.4)	(607.3)
Net debt	2,709.9	3,295.1	3,020.5

THE KOFOLA GROUP SUSTAINABILITY KOFOLA GROUP RESULTS BUSINESS SEGMENTS CONSOLIDATED INDICATORS M&A GOALS MORE ABOUT KOFOLA APPENDIX

M&A Strategy | where we invest?

Goals

THE KOFOLA GROUP
SUSTAINABILITY
KOFOLA GROUP RESULTS
BUSINESS SEGMENTS
CONSOLIDATED INDICATORS
M&A
GOALS
MORE ABOUT KOFOLA
APPENDIX

Goals

	2023
EBITDA	c. 1,250 CZKm
Revenue growth	11%
Max CAPEX	35% of EBITDA
Dividend per share	13.5 CZK
Net debt / EBITDA	< 3.0

Revenue in main season and october

Period	Change
Jun 23 vs Jun 22 – Value	c. +10%
Jun 23 vs Jun 22 – Volume	c. (10%)
Jul 23 vs Jul 22 – Value	c. +8%
Jul 23 vs Jul 22 – Volume	c. (11%)
Aug 23 vs Aug 22 - Value	c. +3%
Aug 23 vs Aug 22 – Volume	c. (13%)
Sep 23 vs Sep 22 - Value	c. +14%
Sep 23 vs Sep 22 – Volume	c. +1%
Oct 23 vs Oct 22 - Value	c. +32%
Oct 23 vs Oct 22 – Volume	c. +11%

MORE About Kofola

THE KOFOLA GROUP SUSTAINABILITY KOFOLA GROUP RESULTS BUSINESS SEGMENTS CONSOLIDATED INDICATORS M&A GOALS MORE ABOUT KOFOLA APPENDIX

History of successful acquisitions and development

History of successful acquisitions and development

History of successful acquisitions and development

Kofola Incubator development Acquisition of 34% share in Zahradní OLLA

Getting closer to raw materials Upcoming acquisition of apple orchards in the Czech Republic Upcoming co-ownership of coffee plantations in Colombia

Kofola ownership structure as of 30 September 2023

Shares owned by key management persons

Development in years by type of transaction

Financial stability and further development

We stabilized our financial situation and reduced our debt from around a 4.1 level at the beginning of Covid pandemic to a current healthy level. We will keep focusing on keeping our debt below 3.

Now we want to develop further, mainly in these areas:

1. Sustainability of our business

We have already started a Cirkulka project (returnable glass packaging), finalized an acquisition of General Plastic (rPET producer). Other projects will follow.

2. Set up of start-up incubator

We have included existing investments in this incubator – F.H.Prager (craft ciders), e-sport team Brute (now in cooperation with Semtex Republic) and special mobile app for menus, ordering and payment in restaurants in Slovenia and Croatia (Enjoi). In 2023, we acquired 34% share in Zahradní OLLA (ceramic containers for economical and controlled irrigation of plants).

We are looking for new projects that have a potential to support our core and non-core business.

Kofola listed on PSE

Share performance** (CZK) About shares

Approximately CZK 300 million in each financial year. Subject on sufficient funds being available for distribution (distributable resources) without jeopardizing the Company's financial stability.

Market capitalization	5,974 CZKm
Dividend yield (latest dividend to share price as at 30-9-23)	5.0%
Average transaction volume	3,166 per day

Appendix

THE KOFOLA GROUP SUSTAINABILITY KOFOLA GROUP RESULTS BUSINESS SEGMENTS CONSOLIDATED INDICATORS M&A GOALS MORE ABOUT KOFOLA APPENDIX

Results of Kofola Group | 9M 2023

Reconciliation of reported and adjusted results (CZKm)	Reported	One-offs	Adjusted
Revenue	6,620.0	-	6,620.0
Cost of sales	(3,616.5)	-	(3,616.5)
Gross profit	3,003.5	-	3,003.5
Selling, marketing and distribution costs	(1,847.0)	-	(1,847.0)
Administrative costs	(446.5)	-	(446.5)
Other operating income/(costs), net	47.2	(22.6)	24.6
Operating profit/(loss)	757.2	(22.6)	734.6
Depreciation and amortisation	406.9	(4.5)	402.4
EBITDA	1,164.1	(27.1)	1,137.0
Finance income/(costs), net	(191.1)	-	(191.1)
Income tax	(142.3)	(0.3)	(142.6)
Profit/(loss) for the period	423.8	(22.9)	400.9
- attributable to shareholders of Kofola ČeskoSlovensko a.s.	423.5	(22.9)	400.6

One-offs

• Release of impairment of 25.5 CZKm in relation to plant Grodzisk Wielkopolski (F&H). Upward revaluation based on sale transaction*realized in Nov 2023.
• Net gain on sold items of Property, plant and equipment of 3.5 CZKm (all segments).
• Costs connected with the maintenance of closed Grodzisk Wielkopolski plant of 1.8 CZKm (F&H).
• Advisory costs of 4.6 CZKm (CS, ADRI).

Group Results Comparison 9M*

(CZKm)	9M23	9M22	Change	Change (%)
Revenue	6,620.0	6,064.3	555.7	9.2%
Cost of sales	(3,616.5)	(3,497.0)	(119.5)	3.4%
Gross profit	3,003.5	2,567.3	436.2	17.0%
Selling, marketing and distribution costs	(1,847.0)	(1,787.0)	(60.0)	3.4%
Administrative costs	(446.5)	(343.8)	(102.7)	29.9%
Other operating income/(costs), net	24.6	8.3	16.3	196.4%
Operating profit/(loss)	734.6	444.8	289.8	65.2%
Depreciation and amortisation	402.4	435.4	(33.0)	(7.6%)
EBITDA	1,137.0	880.2	256.8	29.2%
Finance income/(costs), net	(191.1)	(177.0)	(14.1)	8.0%
Income tax	(142.6)	(112.8)	(29.8)	26.4%
Profit/(loss) for the period	400.9	155.0	245.9	158.6%
- attributable to shareholders of Kofola ČeskoSlovensko a.s.	400.6	159.3	241.3	151.5%

Comment

• Revenue growth influenced by price increase, volume wise (in liters) the revenues went down by approximately 10%.
• Energy costs were down by 95 CZKm, lower depreciation and amortization (by 33 CZKm), lower PET prices (price effect of 25 CZKm).
• Savings in Logistics costs. Marketing costs increased due to brands' support, Selling costs also higher, mainly on personnel side.
• ADMIN costs up mainly due to higher costs on option scheme and employee bonuses.
• Group received compensation for energy prices of 16.8 CZKm in 9M23 (OOI).
• Interest expense (net of derivatives) 169 CZKm in 9M23 (153 CZKm in 9M22).
• FX loss of 12 CZKm in 9M23 (17 CZKm in 9M22).
• Higher income tax resulting from higher taxable profits.
• EBITDA margin at 17.2% vs 14.5% in 9M22.

Group Results Comparison 3Q *

(CZKm)	3Q23	3Q22	Change	Change (%)
Revenue	2,567.2	2,347.2	220.0	9.4%
Cost of sales	(1,346.0)	(1,323.4)	(22.6)	1.7%
Gross profit	1,221.2	1,023.8	197.4	19.3%
Selling, marketing and distribution costs	(669.9)	(624.2)	(45.7)	7.3%
Administrative costs	(133.2)	(82.8)	(50.4)	60.9%
Other operating income/(costs), net	3.2	2.6	0.6	23.1%
Operating profit/(loss)	421.3	319.4	101.9	31.9%
Depreciation and amortisation	134.6	142.8	(8.2)	(5.7%)
EBITDA	555.9	462.2	93.7	20.3%
Finance income/(costs), net	(100.8)	(59.4)	(41.4)	69.7%
Income tax	(76.2)	(70.6)	(5.6)	7.9%
Profit/(loss) for the period	244.3	189.4	54.9	29.0%
- attributable to shareholders of Kofola ČeskoSlovensko a.s.	243.6	190.6	53.0	27.8%

Comment

• The sold volume decreased by 9%, At home formats were impacted the most, On the go segment, on the other hand, grew by 2%.
• Energy costs were down by 48 CZKm, lower depreciation and amortization (by 8 CZKm), lower PET prices (price effect of 31 CZKm).
• 3Q23 has similar development as 9M23 in operating result.
• Interest expense (net of derivatives) 54 CZKm in 3Q23 (55 CZKm in 3Q22).
• FX loss of 42 CZKm in 3Q23 (1 CZKm in 3Q22).
• EBITDA margin at 21.7% vs 19.7% in 3Q22.

Consolidated Income Statement*

(CZKm)	9M23	9M22	2022**	2021**	2020**	2019**
Revenue	6,620.0	6,064.3	7,875.3	6,636.2	6,171.5	6,409.5
Cost of sales	(3,616.5)	(3,497.0)	(4,564.0)	(3,710.2)	(3,349.5)	(3,344.9)
Gross profit	3,003.5	2,567.3	3,311.3	2,926.0	2,822.0	3,064.6
Selling, marketing and distribution costs	(1,847.0)	(1,787.0)	(2,330.0)	(2,033.6)	(2,041.7)	(2,090.5)
Administrative costs	(446.5)	(343.8)	(466.5)	(466.4)	(425.7)	(453.8)
Other operating income/(costs), net	24.6	8.3	17.8	93.0	55.6	49.2
Operating profit/(loss)	734.6	444.8	532.6	519.0	410.2	569.5
EBITDA	1,137.0	880.2	1,110.4	1,128.1	1,030.3	1,119.4

Contact

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

Lenka Frostová

• investor@kofola.cz
• +420 735 749 576
• http://investor.kofola.cz/en

Kofola ČeskoSlovensko a.s. Nad Porubkou 2278/31A 708 00 Ostrava Czech Republic

Authorization

This presentation has been authorized by the Board of Directors of Kofola ČeskoSlovensko a.s. on 22 November 2023.

Disclaimer

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 guarantee 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.