KRI-KRI Milk Industry S.A.

Investor Presentation • Nov 26, 2025

Authentic products drive sustainable growth

Investors presentation

Legal disclaimer⁰²

This presentation was prepared by KRI KRI S.A. The information contained herein has been obtained from company and external sources believed to be reliable, but not guaranteed as to its accuracy or completeness. The information contained herein also includes forward-looking statements which are based on current expectations and assumptions about future events.

You should not place undue reliance on these forward-looking statements. These forward-looking statements are subject to risks, uncertainties and assumptions about KRI KRI including, among other things, its future financial position and results, its financial outlook, budgets, projected levels of consumption and production, projected raw materials and other costs, future taxation, estimates of capital expenditure and plans and objectives of management for future operations.

As a result, KRI KRI's actual results could differ materially from those anticipated in the forward-looking statements. No one undertakes to publicly update or revise any forward-looking statement unless required by law. Past performance is no guarantee of future results. This presentation is for informational purposes and is not to be construed as an offer to sell or a solicitation to buy shares of KRI KRI. Unless otherwise specified, all financial information presented herein is based on KRI KRI's IFRS financial statements.

History ⁰⁴

1987

A fully new and highly technological plant opened in a new area signifying a new era

2013

An unexpected fire broke out on the yogurt production plant in Serres, causing total damage.

2016

Marinopoulos SA, one of our biggest customers in Greece filed for bankruptcy.

2022

The energy crisis, with much of the countries facing shortages and increased prices in oil, gas and electricity markets.

START

1954

with a variety of ice-creams

2003

IPO in Athens Stock Exchange. €6m raised capital used to built a yogurt factory

2014

Construction of new yogurt plant which doubled the productivity, to meet the local and international demand.

2020 In March 2020, the World Health Organization (WHO) declared COVID-19 a pandemic.

2024 Kri Kri celebrates 70 years from its establishment.

At a glance

Amounts in €m

Yogurt

Ice cream

^* Company's guidance

Growth drivers ⁰⁶

Greek yogurt theme

• Supports healthy diet
• In line with the high protein trend
• Natural, clean label

Source: Future Market Insights Source: PLMA Source: Company's data

Private label

• Capture a large part of European consumers' wallet
• Value for money
• High demand during periods of

Exports orientation

• Taking advantage of the opportunity in markets abroad

Greek yogurt in established markets ⁰⁷

Greek-style +11.8%

Authentic Greek +48.5%

• Operating in highly growing segments
• Growth at high rates is likely to continue as retailers are keen on expanding the category

Greek, branded +11.0%

Greek, PL +29.0%

• Operating in highly growing segments
• Opportunity to increase customers' base
• Introduction of innovative products

Segment review Yogurt exports

Sales +42.7% EBIT +16.7% Margin -3.6pp

Key Highlights

• Strong growth in major markets: UK +63%, Italy +21%
• Yogurt exports now represents 69% of total yogurt sales

Segment review Yogurt Greece

Market structure

• Fragmented, highly competitive
• Stable in value
• Consumers shift to PL

9-month performance

Sales +5.8% EBIT -39.0% Margin -5.8pp

Key highlights

• KriKri is the leading supplier in private label
• Branded yogurts market share declined

Source: Circana (market size 2024, differences 9M 2025, market shares 9M 2025), company estimates

Segment review Ice cream Greece ¹⁰

Sales +8.3% EBIT -18.8% Margin -6.8pp

Key Highlights

• Expansion of our sales network
• New ice-creams launched

• Remaining of the season sales continue at a similar pace

Segment review Ice cream exports ¹¹

Key Highlights

• Strong growth in sales
• Exports development with "Greek Frozen Yogurt"
• Expansion of our PL contracts

USA

• Low level sales due to pilot season
• Cautious business development because of the uncertainty over import tariffs
• Stronger commercial plan for next season

Estimates for 2025

Sales Growth

Total sales are expected to exceed €300m in 2025.

Profit Margins

EBIT margin is expected to be around 14%.

CapEx

CAPEX is expected to be between €21m to €25m.

IFRS - €m	2025 rev.	2025 init.	2024	Δ%	2023	2022	2021
Sales	>300	300	256,4	17,0%	216,3	172	134,6
EBIT		42 - 45	37,2		40,3	4	16,7
EBIT %	~14%	14%-15%	14,5%		18,6%	2,3%	12,4%

Dividend ¹³

	2024	2023	2022	2021	2020
EBT (m)	37,6	40,3	4,0	16,7	18,6
EAT (m)	34,5	32,3	3,2	13,2	15,9
EPS	1,04	0,98	0,10	0,40	0,48
DPS	0,40	0,35	0,20	0,20	0,20
Payout ratio	38,3%	35,9%	208,3%	50,1%	41,7%
Dividend yield	2,7%	3,7%	3,2%	2,4%	3,1%

Share information

Market: Main market

Sector: Food & Beverage

Ticker symbols:

Athens Stock Exchange: ΚΡΙ

Reuters: KRIr.AT

Bloomberg: KRI GA

ISIN code: GRS469003024

No of shares: 33,065,136

Share information Shareholders' structure Contact information

Tsinavos Family : 69,8% Institutionals abroad : 13,9% Institutionals domestic : 10,3% Individuals : 6,0%

KRI KRI S.A. MILK INDUSTRY 3rd km Serres-Drama Serres PC 62125 Greece

+30 23210 68300

investors@krikri.gr

website: www.krikri.gr

Investment proposal summary ¹⁵

Investment

• ✓ One of the few listed companies globally with clear exposure to the Greek Yogurt investment theme.
• ✓ High returns and dividend payments to shareholders.

Management

✓ An experienced and loyal management team that has led KRI KRI from a local company to a major player in Greece and a reliable business partner in Europe and Emerging Markets.

Strategy

• ✓ Well positioned to take advantage of the enormous growth potential in Yogurt and Ice Cream markets.
• ✓ A brand new, highly effective and automated yogurt production line that has easy access to considerable supplies of raw milk

Performance

✓ Profitable growth, even during hard economic times, supported by a sound financial position.

Appendix: Financial Results ¹⁶

Amounts in €m

	Profit and Loss Statement		Margins
	9Μ.2025	9Μ.2024	Δ %	9M.2025	9M.2024
Sales	259,7	207,5	25,2%
Gross Profit	72,2	69,4	3,9%	27,8%	33,5%
Operating Expenses	33,9	29,7	14,2%	13,0%	14,3%
EBIT	38,3	39,8	(3,8%)	14,7%	19,2%
EBT	38,1	40,1	(4,8%)	14,7%	19,3%
Profit after tax	31,1	36,4	(14,4%)	12,0%	17,5%
EBITDA	42,9	43,7	(1,8%)	16,5%	21,1%