Marel — Investor Presentation 2020

Feb 6, 2020

Cmarel

Q4 2019

Investor meeting

6 February 2020

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ÁRNI ODDUR THÓRDARSON

Chief Executive Officer

LINDA JÓNSDÓTTIR

Chief Financial Officer

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36 years since foundation

Nasdaq
Listed since 1992

EURONEXT
Listed since June 2019

Poultry
54%
of revenues

Meat
33%
of revenues

Fish
12%
of revenues

~6%
OF REVENUES INVESTED IN INNOVATION

Marel has created excellent value for its shareholders

EUR 1.3bn
in revenues

Compounded average revenue growth of
~22%
a year since listing in 1992

Over 30 countries
6 CONTINENTS

~6,300
employees

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2019 FULL YEAR FINANCIAL HIGHLIGHTS

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Revenues at a good level in 2019, up 7.2% from the previous year

HIGHLIGHTS

• Revenues were EUR 1.3bn in 2019, around 37% derived from aftermarket
• Gross profit margin was 38%
• Order book was at the level of EUR 414m, or around 32% of trailing twelve month revenues
• Net profit was EUR 110m, compared to EUR 123m in 2018, partly affected by one-off finance cost related to refinancing and loss because of revised corporate tax rate in the Netherlands
• Strong operational cash flow and leverage at x0.4 net debt/EBITDA

REVENUES
EUR m

ORDERS RECEIVED
EUR m

ORDER BOOK
EUR m

EBIT¹ MARGIN
%

FREE CASH FLOW²
EUR m

LEVERAGE
Net debt/EBITDA

Note: ¹ Operating income adjusted for PPA related costs, including depreciation and amortization. ² Free cash flow defined as cash generated from operating activities less tax and net investments.

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Q4 2019 FINANCIAL HIGHLIGHTS

Orders received improved in the quarter, with 6.2% increase from the previous quarter and 2.2% year-on-year

HIGHLIGHTS

• Revenues totaled EUR 320m, compared to EUR 331m in 4Q18
• Continued growth momentum in aftermarket revenues, 40% of total revenues in the quarter
• EBIT¹ margin of 10.0% in 4Q19, temporary drop in operational performance
• Book-to-bill ratio was 0.95 and order book stands at 32% of 12 months trailing revenues
• Net profit was EUR 10m, compared to EUR 38m in 4Q18
• Free cash flow² strong at EUR 44m in the quarter, compared to 41m in 4Q18

REVENUES
EUR m

ORDERS RECEIVED
EUR m

ORDER BOOK
EUR m

EBIT¹ MARGIN
%

FREE CASH FLOW²
EUR m

LEVERAGE
Net debt/EBITDA

Note: ¹ Operating income adjusted for PPA related costs, including depreciation and amortization. ² Free cash flow defined as cash generated from operating activities less tax and net investments.

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BALANCED REVENUE MIX

Global reach and focus on full-line offering across the poultry, meat and fish industries counterbalance fluctuations in customer demand

POULTRY

EUR 167.1m revenues 4Q19
14.0% EBIT margin 4Q19
17.5% EBIT margin FY19

• Revenues in 2019 up 8.2% year-on-year
• Following a soft order book in Poultry in Q3 as announced, the short cycle and high gross margin standard equipment orders were low in the beginning of the quarter while trade constraints were at the highest escalation levels
• Increased orders from China partially compensated for soft markets in Europe and North America during the year. Pipeline and orders in standard equipment and projects started to build up towards the end of the quarter
• The first quarter started strong were we converted pipeline of projects into orders

Full-line offering with one of the largest installed bases world-wide, focus on roll-out of innovative products and market penetration through cross-selling of secondary and further processing solutions

MEAT

EUR 114.2m revenues 4Q19
6.1% EBIT¹ margin 4Q19
10.5% EBIT¹ margin FY19

• Revenues in 2019 up 9.4% year-on-year
• African Swine Fever has impacted pork customer investment decisions. Marel in partnership with its customers is well positioned to play a key role in the pork value chain with a focus on more automation, safety and traceability
• Standardization and modularization of the offering in primary meat and further cross and upselling of secondary and further processing solutions remains a top priority
• Management is targeting medium and long term EBIT¹ margin expansion for Marel Meat

Full-line offering since 2016, focus going forward on strong product development; increased standardization, modularization and market penetration and further cross-selling and up-selling

FISH

EUR 36.1m revenues 4Q19
-0.8% EBIT margin 4Q19
4.3% EBIT margin FY19

• Revenues in 2019 down 6.7% year-on-year
• Order intake at record level in Q4, leading to a moderate increase in 2019 compared to 2018. Marel Fish is starting the year with a stronger order book with Brim in Iceland for whitefish processing and Australis, a salmon processor in Chile
• With the acquisition of Curio that was completed in fourth quarter, Marel is a step closer to becoming a full-line provider to the global fish industry
• Management is targeting medium and long-term EBIT margin expansion for Marel Fish

Aim to fill certain primary processing applications with innovation and / or M&A to accelerate full-line offering of data-driven processing focused on salmon, wild whitefish and farmed whitefish

Note: All financial numbers relate to the 2019 Consolidated Financial Statements. Other segment account for around 1% of the revenues.

¹ Operating income adjusted for purchase price allocation (PPA) costs related to acquisitions.

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GLOBAL REACH

Marel enjoys a strong foothold in Europe, the US and Latin America and continues to build up the frontline in sales and service in Asia & Oceania, while streamlining the global backend

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FINANCIAL PERFORMANCE

LINDA JÓNSDÓTTIR
Chief Financial Officer

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GOOD QUALITY OF EARNINGS

Strong track record of a well diversified revenue structure across industries, geographies and business mix

REVENUES BY INDUSTRY %
%
REVENUES BY GEOGRAPHY %
%
REVENUES BY BUSINESS MIX %
% 2019
- Greenfield and large projects
- Modernization and standard equipment
- Maintenance
- Service and repairs

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SOLID REVENUES AND ORDERS RECEIVED

Orders received were up 3.2% in 2019 and revenues were up 7.2%, around 37% of annual revenues derived from recurring aftermarket service and maintenance

• Orders received in 4Q19 amounted to EUR 303m, up 2.2% YoY
• For the full year, orders received were EUR 1,222m, up 3.2% YoY
• Revenues in 4Q19 were EUR 320m, 3.2% lower YoY
• For the full year, revenues were EUR 1,284m, up 7.2% YoY
• Book-to-bill ratio was 0.95 in the quarter, compared to 0.89 in 4Q18
• For the full year, book-to-bill ratio was 0.95, compared to 0.99 in 2018
• At year-end, the order book was 32% of trailing twelve months revenues

REVENUE AND ORDER EVOLUTION

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EBIT MARGIN OF 13.5%, WITH TEMPORARY DROP IN Q4 2019

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Revenues and profitability expected to gradually increase through the course of 2020

• Gross profit margin at 38% for the full year, while 36% in Q4
• Temporary drop in operational performance due to high costs and negative industry and product mix
• Operational expenses
• S&M at 11.9% (FY18: 11.2%)
• R&D at 6.4% (FY18: 6.2%)
• G&A at 6.5% (FY18: 7.0%)
• EBIT¹ margin of 10.0% in 4Q19 and 13.5% for the full year
• Fluctuations in adjusted EBIT margins quarter on quarter can be expected, due to product mix and timing of large projects

Note: ¹ Operating income adjusted for purchase price allocation (PPA) costs related to acquisitions. ² Adjusted for PPA costs related to acquisitions, from 2016 – 2019 and refocusing costs in 2014 and 2015 relating to "Simpler, Smarter, Faster" programme. PPA refers to amortisation of acquisition-related. (in)tangible assets. ³ Adjusted EBIT in Q4 2015 is not adjusted for 3.3m cost related to the MPS acquisition, which was described in the Company's Q4 2015 report and recorded in general and administrative expenses.

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ORDER BOOK AT THE LEVEL OF EUR 414 MILLION

Orders received were EUR 303 million in Q4 2019, up 2.2% year-on-year, while revenues at the level of EUR 320 million

• Order book consists of orders that have been signed and financially secured with down payments and/or letters of credit for the outstanding amount
• Rise in orders outside of Marel's traditional markets, Europe and North America
• Vast majority of the order book are greenfield projects while spare parts and standard equipment run faster through the system
• Well diversified order book by size with widely spread delivery times

Note: ¹ The order book reflects Marel's estimates, as of the relevant order book date, of potential future revenues to be derived from contracts for equipment, software, service and spare parts which have been financially secured through down payments and/or letters of credit in line with the relevant contract terms. These estimates reflect the estimated total nominal values of amounts due under the relevant contracts less any amounts recognised as revenues in Marel's financial statements as of the relevant order book date.
² Orders received represents the total nominal amount, during the relevant period, of customer orders for equipment, software, service and spare parts registered by Marel. ³ One-time effect related to the adoption of IFRS 15. ⁴ Including acquired order book of Sulmaq of EUR 17m. ⁵ Including acquired order book of MAJA of EUR 2m.

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EARNINGS PER SHARE

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Earnings per share expected to increase faster than revenue growth

• Solid operational and free cash flow in 2019
• Cash flow reinvested in innovation, infrastructure and global reach to sustain growth and value creation
• An offering of 100 million shares issued and sold in connection with the dual listing in 2Q19, increasing the total share capital to 771 million shares
• Net profit partly affected by one-off finance cost and loss because of revised corporate tax rate in the Netherlands
• Proposal to AGM on dividend payout of EUR 5.79 cents per share, or approximately 40% of net profit
• Dividends paid out in recent years within the targeted dividend policy of 20-40% of net profit

EARNINGS PER SHARE (EPS)
Trailing twelve months, euro cents

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INCOME STATEMENT: Q4 2019

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Revenues in Q4 2019 were EUR 320 million with an adjusted EBIT of EUR 32 million or 10.0% EBIT margin. Gross profit was EUR 116 million or 36.2% of revenues.

In EUR million	Q4 2019	Of revenues	Q4 2018	Of revenues	Change
Revenues	320.1		330.8		-3.2%
Cost of sales	(204.1)		(200.5)		+1.8%
Gross profit	116.0	36.2%	130.3	39.4%	-11.0%
Research and development expenses	(21.5)	6.7%	(21.2)	6.4%	+1.4%
Selling and marketing expenses	(40.1)	12.5%	(35.6)	10.8%	+12.6%
General and administrative expenses	(22.4)	7.0%	(25.3)	7.6%	-11.5%
Adjusted result from operations¹	32.0	10.0%	48.2	14.6%	-33.6%
PPA related costs	(2.8)		(7.3)		+61.6%
Result from operations	29.2	9.1%	40.9	12.4%	-28.6%
Net finance costs	(12.4)		(2.9)		+327.6%
Share of results of associates	(0.1)		-		-
Result before income tax	16.7		38.0		-56.1%
Income tax	(6.5)		0.0		-100.0%
Net result	10.2	3.2%	38.0	11.5%	-73.2%

Note: The income statement as presented above provides an overview of the quarterly Adjusted result from operations, which management believes to be a relevant Non-IFRS measurement.
¹Operating income adjusted for purchase price allocation (PPA) costs related to acquisitions

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INCOME STATEMENT: FULL YEAR 2019

Revenues in 2019 were EUR 1.3 billion with an adjusted EBIT of EUR 173 million or 13.5% EBIT margin. Gross profit was EUR 491 million or 38.3% of revenues.

• After a challenging Q4, Marel is taking actions to improve its operational results, while ensuring continued customer focus as market conditions improve
• The focus will be on improving the product mix and continued growth as well as lowering the cost base across service, supply chain and support functions
• The focus is on streamlining the back-end while we continue to invest in the front-end in line with our effort to strengthen the teams in the regions, which are closer to the customer
• Marel's strategic mid-term targets are to achieve gross margin ~40%, SG&A of ~18% and R&D of ~6%

In EUR million	2019	Of revenues	2018	Of revenues	Change
Revenues	1,283.7		1,197.9		+7.2%
Cost of sales	(792.6)		(730.4)		+8.5%
Gross profit	491.1	38.3%	467.5	39.0%	+5.0%
Research and development expenses	(82.1)	6.4%	(73.7)	6.2%	+11.4%
Selling and marketing expenses	(152.6)	11.9%	(133.7)	11.2%	+14.1%
General and administrative expenses	(83.0)	6.5%	(84.9)	7.0%	-2.2%
Adjusted result from operations¹	173.4	13.5%	175.2	14.6%	-1.0%
PPA related costs	(10.8)		(14.3)		-24.5%
Result from operations	162.6	12.7%	160.9	13.4%	+1.1%
Net finance costs	(20.7)		(14.9)		+38.9%
Share of results of associates	(0.1)		-		-
Result before income tax	141.8		146.0		-2.9%
Income tax	(31.7)		(23.5)		+34.9%
Net result	110.1	8.6%	122.5	10.2%	-10.1%

Note: The income statement as presented above provides an overview of the Adjusted result from operations, which management believes to be a relevant Non-IFRS measurement.
¹Operating income adjusted for purchase price allocation (PPA) costs related to acquisitions

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BALANCE SHEET: ASSETS

2019 Consolidated Financial Statements

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Inventories rising partly because of increase in fast moving and critical parts
- Total operating working capital in 2019 increased due to higher inventory levels and trade receivables
- Trade receivables are high due to timing of invoicing for large projects and outstanding down payment invoices
- Cash balance high because of the equity issuance around the listing
- Marel continues to invest in its facilities, equipment and improving the working environment across the company

ASSETS

In EUR million	31/12 2019	31/12 2018	Change
Property, plant and equipment	181.4	175.6	+3.3%
Right of use assets	36.4	33.3	+9.3%
Goodwill	645.8	641.3	+0.7%
Intangible assets (excluding goodwill)	252.4	267.0	-5.5%
Investments in associates	15.6	-	-
Trade and other receivables	2.1	3.2	-34.4%
Derivative financial instruments	-	1.3	-
Deferred income tax assets	11.9	10.2	+16.7%
Non-current assets	1,145.6	1,131.9	+1.2%
Inventories	166.8	149.9	+11.3%
Contract assets	38.3	44.0	-13.0%
Trade receivables	160.0	138.8	+15.3%
Other receivables and prepayments	46.8	45.0	+4.0%
Cash and cash equivalents	303.7	56.3	+439.4%
Current assets	715.6	434.0	+64.9%
TOTAL ASSETS	1,861.2	1,565.9	+18.9%

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BALANCE SHEET: EQUITY AND LIABILITIES

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2019 Consolidated Financial Statements

• Leverage ratio at 0.4x following the share capital increase in connection with the dual listing
• Leverage well under the targeted capital structure of 2-3x net debt / EBITDA
• Financial strength to support strategic growth in line with the company's growth targets
• Contract liabilities are increasing between quarters as order intake was good and down payment invoices sent out before quarter end
• Trade and other payables decreasing mostly due to timing of payments

EQUITY AND LIABILITIES

In EUR million	31/12 2019	31/12 2018	Change
Group equity	955.8	560.9	+70.4%
Borrowings	333.5	429.3	-22.3%
Lease liability	28.4	27.1	+4.8%
Deferred income tax liabilities	55.5	57.3	-3.1%
Provisions	10.6	9.2	+15.2%
Other liabilities	5.1	3.0	+70.0%
Derivative financial instruments	3.0	1.4	+114.3%
Non-current liabilities	436.1	527.3	-17.3%
Contract liabilities	217.5	212.1	+2.5%
Trade and other payables	200.5	217.0	-7.6%
Current income tax liabilities	3.7	9.3	-60.2%
Borrowings	30.6	24.8	+23.4%
Lease liability	8.8	6.7	+31.3%
Provisions	8.2	7.8	+5.1%
Current liabilities	469.3	477.7	-1.8%
Total liabilities	905.4	1,005.0	-9.9%
TOTAL EQUITY AND LIABILITIES	1,861.2	1,565.9	+18.9%

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STRONG CASH FLOW

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Strong cash flow enabled both deleveraging and the undertaking of strategic acquisitions, free cash flow in 2019 amounted to EUR 115 million

• Cash flow, both operational and free cash flow was strong in the quarter and the full year
• All amounts in line with Marel's preliminary unaudited results, except for the free cash flow that was EUR 9m lower than previously announced
• Net debt decreased by EUR 334m in 2019 and part of the cash from the equity issue was used to repay revolving loan facilities
• Marel successfully completed three acquisitions and strategic investments in 2019
• Worximity Technology
• Cedar Creek Company
• Curio
• EUR 73m paid out in dividends and share buybacks

Note: ¹ Free cash flow defined as cash generated from operating activities less tax and net investments.

² Excluding transaction costs of EUR 17.8m. ³ Currency effect, change in capitalized finance charges and changes of lease liabilities.

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KEY PERFORMANCE METRICS

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Proven track record of financial performance and value creation

EARNINGS PER SHARE
EUR cents per share

FREE CASH FLOW¹ EUR m

NET DEBT / EBITDA
Leverage (x)

EPS expected to increase faster than revenue growth

• Earnings per share partly affected by one-off finance cost related to refinancing and loss because of revised corporate tax rate in the Netherlands
• Focus on margin expansion in Marel Meat and Marel Fish and overall operational improvement and value creation

Solid cash flow generation

• Solid operational and free cash flow
• Free cash flow was EUR 44.0m in the quarter (compared to EUR 40.5m in 4Q18) and EUR 115.3m for the full year
• Taxes paid were EUR 37.0m in 2019, compared to EUR 31.2m in 2018
• Marel continues to invest in the business to prepare for future growth with the objective to achieve its full potential

Capacity for further growth

• Net debt / EBITDA at 0.4x at the end of year following the 15% share capital increase in connection with the dual listing
• Financial strength will facilitate future strategic moves in line with the company's growth strategy

Note: ¹ Free cash flow defined as cash generated from operating activities less tax and net investments.

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SUCCESSFUL LISTING ON EURONEXT AMSTERDAM

All key objectives met, i.e. to expand the international investor base, increase brand awareness, realize a more liquid aftermarket and provide an acquisition currency to support long-term growth ambition

Access to international investor base

Improved liquidity and fair trading

Acquisition currency

Analyst coverage

Fungibility of shares

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NEW SUSTAINABILITY LINKED SENIOR CREDIT FACILITY

Marel has signed a new EUR 700 million sustainability linked syndicated senior credit facility with seven multinational banks

• Multi-currency facility of EUR 700m with a tenor of five years and two one-year uncommitted extension options
• Securing improved interest terms and additional operational and strategical flexibility
• Opening margin at EURIBOR/LIBOR +80bps, will vary in line with leverage ratio
• The new facility has a sustainability incentive structure with KPI's in line with Marel sustainability objectives
• Will replace the current syndicated facility at more favorable terms and conditions
• Additional EUR 8.9m capitalized finance cost processed through the P/L in Q4 2019, due to repayment of current syndicated loan and impact from finance charges included in the loan valuation

LEVERAGE RATIO
Net debt / EBITDA

MAREL
CURRENT
BORROWER
PROFILE

Net debt
EUR 98m

Equity ratio
51%

Interest cover
18x EBITDA

Leverage ratio
0.4x

Targeted capital
structure of
2-3x
net debt / EBITDA

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BUSINESS & OUTLOOK

ÁRNI ODDUR THÓRDARSON

Chief Executive Officer

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BELL & EVANS STATE-OF-THE ART PROCESSING PLANT

US poultry giant Bell & Evans and Marel to construct a state-of-the-art greenfield poultry processing plant in Fredericksburg, Pennsylvania, one of the largest transactions to date for Marel

"At Bell & Evans, we believe that if you're committed to do the right thing, you should commit 100%. We call it the 100% rule," says company owner Scott Sechler.

THE LATEST TECHNOLOGIES AND SOFTWARE INSTALLED

• Will be among the most technologically advanced plants in the world, equipped throughout with high-tech full-line solutions from Marel
• The two companies share similar values and commitment to sustainability, animal well-being and food safety, which tightens their partnership as they collaborate to transform the industry
• Focus on highly automated plant operations that raise animal wellbeing to the highest standard within the industry

Products are distributed and cut up in a Marel ACM-NT line, including a Q-Wing solution for wing part selection.

CAS SmoothFlow stunning system - A humane stunning process was a priority for Bell & Evans

INNOVA

The facility will entirely be controlled by Innova software

Automated in-line thigh and drumstick deboning systems - Unique to the US where Bell & Evans is leading the way

Air chilling - Bell & Evans won't accept any non-natural additives in the process and air chilling ensures that no part of the process utilizes chlorinated water.

ATLAS live bird handling system - Bell & Evans strives to handle their chickens with the upmost care, so they stay calm during transport

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HARIM GROUP AND MAREL IN TRUE PARTNERSHIP

In partnership with Marel, one of the leading poultry processors in South Korea has vertically integrated its value chain from primary and secondary processing into further processing

TRANSFORMING THE POULTRY INDUSTRY IN SOUTH KOREA SINCE 2011

• In true partnership with Marel, South Korean processor Harim has optimized their value creation and helped with vertical integration of their value chain, i.e. from primary and secondary processing into further processing. As well as being maintenance partner through the years
• In 2011, the companies enter into agreement of a large greenfield plant, representing the largest order to date for Marel at the time. The largest poultry processing facility in Asia at that time
• In 2017, Marel was chosen to equip another of Harim's poultry processing plant, focused on both primary and secondary processing, which became operational 18 months later
• Harim designed a five-story high building, attached to the existing plant, extending their existing 80,000 m² production area to 150,000 m²
• Two existing lines were overhauled and reused. Four new high-speed Marel Poultry lines were installed, which has turned this plant into one of the largest poultry processing facilities in the world
• In Q4 2019, Harim has commissioned Marel on a convenience line for further processing

MAREL WORKS CLOSELY WITH CUSTOMERS TO OPTIMIZE THEIR VERTICAL INTEGRATION IN THE VALUE CHAIN

AN ILLUSTRATION OF HOW MAREL'S VALUE CREATION GROWS WITH INCREASED VALUE CHAIN COVERAGE

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FOREFRONT OF THE ONGOING MARKET CONSOLIDATION

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With acquisitions, partnerships and investments in innovation, Marel continues to maintain technological industry leadership, secure competitive advantage and support organic growth

STRATEGIC ACQUISITIONS

HISTORY OF SUCCESSFUL COOPERATION

• Curio's complementary product portfolio brings Marel closer to becoming a full-line provider to the global fish industry
• The companies have a history of successful cooperation on projects to deliver full-line solutions to customers around the world
• The acquisition will help our customers further automate production in a seamless flow

SHARED AMBITION FOR DATA-DRIVEN PROCESSING

• Cedar Creek is a provider of specialized software solutions for meat, poultry and seafood processing
• Experienced team and long-standing customer relationships with some of the largest processors in Oceania

STRATEGIC PARTNERSHIPS

TOMRA

TWO LEADING COMPANIES JOINING FORCES

• Strategic partnership on sensor-based sorting and processing technologies to optimize value, reduce waste and increase food safety
• Collaboration on sales and R&D to optimize existing offerings and develop innovative new solutions for the market
• The partners will access each other's distribution and sales networks and develop commercial prospects throughout the supply chain

Worximity

INVESTING IN THE FUTURE OF DATA COLLECTION

• Worximity's scalable solutions can be used by a wide range of food processors
• Highly relevant partner for food processors looking to optimize their production using digital technologies
• Offers real-time cloud data collection and analytics solutions, compatible with Marel's proprietary software platform Innova

Source: Company information.

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FINANCIAL TARGETS AND DIVIDEND POLICY

Marel is targeting 12% average annual revenue growth from 2017-2026 through market penetration and innovation, complemented by strategic partnerships and acquisitions

	FY17	FY18	FY19	TARGET
Revenue growth1	Organic	5.0%	12.5%	5.4%	12% average annual revenue growth in 2017-20261
Acquired	2.1%	2.9%	1.8%
Total	7.1%	15.4%	7.2%
To support new product development and ensure continued competitiveness of existing product offering
Innovation investment	5.6%	6.2%	6.4%	~6% of revenues	Marel's management targets Earnings per Share to grow faster than revenues
Earnings per share (EUR cent)2	13.7	18.0	15.3	EPS to grow faster than revenues	Marel's management targets Earnings per Share to grow faster than revenues
Leverage	1.9x	2.0x	0.4x	Net debt / EBITDA 2-3x	The leverage ratio is targeted to be in line with the targeted capital structure of the company
Dividend policy	30%	30%	40%	20-40% of net profit	Dividend or share buyback targeted at 20-40% of net profits. Excess capital used to stimulate growth and value creation, as well as payment of dividends / funding share buybacks

Note: 1 Growth is not expected to be linear but based on opportunities and economic fluctuations. Operational results may vary from quarter to quarter due to general economic developments, fluctuations in orders received and timing of deliveries of larger systems. 2 Trailing twelve months, EUR cents for fiscal years 2017 and 2018, YTD earnings per share for 2019.

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In partnership with our customers we are
transforming the way food is processed

Marel's vision is of a world where quality food is
produced sustainably and affordably

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Q&A

ÁRNI ODDUR THÓRDARSON
CEO

LINDA JÓNSDÓTTIR
CFO

marel

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THANK YOU

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DISCLAIMER

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FORWARD-LOOKING STATEMENTS

Statements in this press release that are not based on historical facts are forward-looking statements. Although such statements are based on management's current estimates and expectations, forward-looking statements are inherently uncertain.

We therefore caution the reader that there are a variety of factors that could cause business conditions and results to differ materially from what is contained in our forward-looking statements, and that we do not undertake to update any forward-looking statements.

All forward-looking statements are qualified in their entirety by this cautionary statement.

MARKET SHARE DATA

Statements regarding market share, including those regarding Marel's competitive position, are based on outside sources such as research institutes, industry and dealer panels in combination with management estimates.

Where information is not yet available to Marel, those statements may also be based on estimates and projections prepared by outside sources or management. Rankings are based on sales unless otherwise stated.