TRANSFORMING FOOD PROCESSING

marel

Q1 2021 Results

Investor meeting

29 April 2020

TRANSFORMING FOOD PROCESSING

marel

Q1 2021 Results

Investor meeting

Arni Oddur Thordarson
CEO

Linda Jonsdottir
CFO

29 April 2020

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Q1 2021 – SCALING UP AHEAD OF THE GROWTH CURVE

Strong orders received and pipeline building up, margins impacted by logistics and mobility challenges as the pandemic escalated, and step up of sales and service coverage

Revenues totaled EUR 334m, with 39% in aftermarket revenues (1Q20: 41%)
Strong orders received in the quarter, and order book at healthy level
EBIT¹ margin of 11.4% in 1Q21 (1Q20: 8.4%)
Gross profit at 37.2% in the quarter (1Q20: 35.6%), below mid-term target of 40% YE23
Gross profit in the quarter impacted by higher cost of customer deliveries in a period of stringent lockdowns and logistical challenges
Proactively stepping up investments and operating expenses to support organic growth in line with growing pipeline
Net result was EUR 21.2m (1Q20: EUR 13.4m)

REVENUES
EUR m

ORDERS RECEIVED
EUR m

ORDER BOOK³
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, and beginning in Q4 2020 adjusted for acquisition related costs. ² Free cash flow defined as cash generated from operating activities less taxes paid and net investments in PP&E and intangible assets. ³ Including acquired order book of Curio and PMJ of EUR 4.2m in 1Q21.

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STRONG ORDERS RECEIVED

Orders received were EUR 369 million, up 5.0% year-on year and 15.5% quarter-on-quarter

The year started on a strong note with orders received of EUR 369 million, compared to the previous record orders of EUR 352 million in 1Q 2020
2021 started slow but really took off in March with a positive outlook, a reverse situation to 2020
Across all industries, orders received were strong for standard equipment and aftermarket in 1Q21
Marel Meat secured landmark orders in China and Brazil in the quarter, while conversion from the pipeline of large orders was soft for Marel Poultry and Marel Fish
The pipeline for large greenfields and modernization projects is building up in all industries

REVENUES AND ORDER EVOLUTION

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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, complemented by growing aftermarket revenues

POULTRY

EUR 159m revenues 1Q21
16.2% EBIT¹ margin 1Q21

Acquisition of PMJ enables Marel to expand its third pillar within poultry processing and become the industry's only full-line provider of duck processing solutions for this large and growing market, where 70% of demand comes from China
Orders received for Marel Poultry in 1Q21 were strong in standard equipment and aftermarket, while orders for larger projects were soft. Pipeline is building up in all processing steps, although timing of conversion into firm orders is uncertain.
Profitability in the quarter was positively impacted by product mix while lower volume of large projects had a negative impact

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 126m revenues 1Q21
7.8% EBIT¹ margin 1Q21

TREIF acquisition doubled standard equipment sales for Marel Meat and enhanced the full-line offering from post-farm to dispatch of consumer-ready products
Newly launched solutions, SensorX Magna and Accuro, are gaining traction
Orders received for Marel Meat in 1Q21 were strong in both large projects and standard equipment. Landmark deals secured in China and Latin America, as customers pursue greater automation and channel flexibility. Pipeline remains strong
Profitability in the quarter impacted by mix and lower than expected margins for large projects
Management continues to target medium and long-term EBIT¹ margin expansion for Marel Meat, and management has accelerated market coverage and operational improvement initiatives

Full-line offering with focus on strong product development, increased standardization, modularization and market penetration and further cross- and upselling

FISH

EUR 40m revenues 1Q21
5.3% EBIT¹ margin 1Q21

Curio consolidated into Marel financial results as of 4 Jan 2021. Salmon primary processing offering solidified through the 40% acquisition of Stranda Prolog launch of strategic partnership in innovation
Innovation roadmap accelerated to close certain application gaps to reach full-line offering
Orders received for Marel Fish in 1Q21 were soft for large projects. Pipeline for large projects is building up and conversion into orders is expected to pick up
Higher volume needed to deliver sufficient margin improvement
Management continues to target medium and long-term EBIT¹ margin expansion for Marel Fish

Full-line offering to the wild whitefish industry since 2020. Strong line offering with opportunities to improve breadth through innovation and / or M&A to reach full line offering across whitefish and salmon

Note: All financial numbers relate to the Condensed Consolidated Interim Financial Statements Q1 2021. Other segment accounts for around 2% of the revenues in Q1 2021. Operating income adjusted for PPA related costs, including depreciation and amortization, and beginning in Q4 2020 adjusted for acquisition related costs.

Financial performance

Linda Jonsdottir,
Chief Financial Officer

29 April 2020

inarei

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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 %
Source: https://www.industrydocuments.ucsf.edu/docs/nyj0228

REVENUES BY GEOGRAPHY %
Source: https://www.industrydocuments.ucsf.edu/docs/nyj0228

REVENUES BY BUSINESS MIX %
Source: https://www.industrydocuments.ucsf.edu/docs/nyj0228

Note: 1 Equipment revenues are comprised of revenues from greenfield and large projects, standard equipment and modernization equipment, and related installations.

2 Aftermarket revenues are comprised of revenues from maintenance, service, and spare parts.

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OPERATIONAL PERFORMANCE

Fluctuations in EBIT margins quarter on quarter can be expected, due to product mix and timing of large projects, rising investment level going forward to support organic growth in line with growing pipeline

Gross profit at 37.2% (1Q20: 35.6%), below the mid-term target of 40% by YE23
Gross profit positively impacted by mix, but volume and margin were negatively impacted by mobility and logistics challenges
Operating expenses increasing in line with important initiatives of stepping up market coverage and innovation investment in digital solutions, as well as preparing for the organic growth expected ahead
SG&A at 19.7% (1Q20: 21.3%), compared to mid-term YE23 target of 18.0%
R&D at 6.2% (1Q20: 5.8%), compared to mid-term YE23 target of 6.0%
Results not adjusted for non-recurring costs except for PPA and acquisition related costs

Note: ¹ Adjusted for PPA costs related to acquisitions from 2016 – 2020 and refocusing costs in 2014 and 2015 relating to "Simpler, Smarter, Faster" program. PPA refers to amortization of acquisition related (in)tangible assets. Beginning in Q4 2020 also adjusted for acquisition related costs. ² Adjusted EBIT in Q4 2015 is not adjusted for EUR 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 HEALTHY LEVEL

A healthy order book of EUR 455 million with landmark orders from China and Brazil

At quarter-end, the order book was 36% of trailing 12-months revenues
Order book includes acquired order book from Curio and PMJ totaling EUR 4.2m
Book-to-bill 1.11x in 1Q21, compared to an average of 1.00x in the past four quarters (1Q20-4Q20)
Order book consists of orders that have been signed and financially secured
Vast majority of the order book are greenfield projects while spare parts and standard equipment run faster through the system
Low customer concentration with no customer accounting for >5% of the total revenues on an annual basis

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 recognized 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 Including acquired order book of MAJA of EUR 2m. ⁴ Including acquired order book of TREIF of EUR 5m in 4Q20. ⁵ Including acquired order book of Curio and PMJ of EUR 4.2m.

EARNINGS PER SHARE

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Marel's management targets Earnings per Share to grow faster than revenues

Cash flow reinvested in innovation, infrastructure and global reach to sustain growth and value creation
2021 AGM approved a dividend of EUR 5.45 cents per share for the operational year 2020, corresponding to EUR 41m or 40% of net results (6% lower per share compared to prior year)
Dividend paid out in recent years within the targeted policy of 20-40% of net result (2021: 40%, 2020: 40%, 2019: 30%)
EPS was EUR 2.82 cents (4Q20: 3.87 cents, 1Q20: 1.76 cents)

Note: ¹ 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.

INCOME STATEMENT: Q1 2021

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Revenues in Q1 2021 were EUR 334 million, gross profit was EUR 124 million or 37.2% of revenues, and the adjusted EBIT was EUR 38.0 million or 11.4%

In EUR million	Q1 2021	Of revenues	Q1 2020	Of revenues	Δ
Revenues	334.0		301.6		+10.7%
Cost of sales	(209.6)		(194.3)		+7.9%
Gross profit	124.4	37.2%	107.3	35.6%	+15.9%
Selling and marketing expenses	(40.0)	12.0%	(40.5)	13.4%	-1.2%
General and administrative expenses	(25.7)	7.7%	(23.9)	7.9%	+7.5%
Research and development expenses	(20.7)	6.2%	(17.5)	5.8%	+18.3%
Adjusted result from operations¹	38.0	11.4%	25.4	8.4%	+49.6%
Non-IFRS adjustments	(7.9)		(2.6)		+203.8%
Result from operations	30.1	9.0%	22.8	7.6%	+32.0%
Net finance costs	(4.4)		(5.0)		-12.0%
Share of result of associates	(0.1)		0.0		-100.0%
Result before income tax	25.6		17.8		+43.8%
Income tax	(4.4)		(4.4)		+0.0%
Net result	21.2	6.3%	13.4	4.4%	+58.2%

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.
¹ Operating income adjusted for PPA related costs, including depreciation and amortization, and beginning in Q4 2020 adjusted for acquisition related costs.

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MID-TERM TARGETS

Marel is committed to the mid-term targets to achieve gross profit of 40%, SG&A of 18% and maintain the innovation investment at the 6% strategic level by year-end 2023

In EUR million	Q1 2021	Of revenues	Mid-term target
Revenues	334.0
Cost of sales	(209.6)
Gross profit	124.4	37.2%	→ Gross profit		~40%
Selling and marketing expenses	(40.0)	12.0%	19.7%	→ SG&A	~18%
General and administrative expenses	(25.7)	7.7%
Research and development expenses	(20.7)	6.2%	→ R&D		~6%
Adjusted result from operations¹	38.0	11.4%
Non-IFRS adjustments	(7.9)
Result from operations	30.1	9.0%
Net finance costs	(4.4)
Share of result of associates	(0.1)
Result before income tax	25.6
Income tax	(4.4)
Net result	21.2	6.3%

BALANCE SHEET: ASSETS

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Q1 2021 Condensed Consolidated Interim Financial Statements

Since the beginning of the pandemic Marel has systematically built up sufficient safety stock of spare parts to serve customer demand and ensure timely delivery
Cash position at high level, due to strong cash flow and dividend payment in the beginning of April

ASSETS

In EUR million	31/03 2021	31/12 2020	Δ
Property, plant and equipment	200.2	196.7	+1.8%
Right of use assets	45.5	42.7	+6.6%
Goodwill	690.7	678.8	+1.8%
Intangible assets	345.9	331.0	+4.5%
Investments in associates	11.7	17.6	-33.5%
Other receivables	0.9	2.1	-57.1%
Deferred income tax assets	14.7	13.3	+10.5%
Non-current assets	1,309.6	1,282.2	+2.1%
Inventories	206.3	199.9	+3.2%
Contract assets	43.3	46.1	-6.1%
Trade receivables	148.8	151.3	-1.7%
Assets held for sale	0.8	1.8	-55.6%
Derivative financial instruments	3.5	1.9	+84.2%
Other receivables and prepayments	58.4	53.1	+10.0%
Cash and cash equivalents	101.6	78.6	+29.3%
Current assets	562.7	532.7	+5.6%
TOTAL ASSETS	1,872.3	1,814.9	+3.2%

BALANCE SHEET: EQUITY AND LIABILITIES

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Q1 2021 Condensed Consolidated Interim Financial Statements

Leverage ratio at 0.8x, well below the targeted capital structure of 2-3x net debt / EBITDA
Financial strength to support strategic actions in the ongoing industry consolidation wave, in line with the company's growth strategy
Marel has committed liquidity of EUR 668.4m at the end of March, including fully committed all-senior funding in place until 2025
Favorable development in working capital, mainly due to improvement in accounts payables
Dividend payment of EUR 41m recorded as other payables at quarter-end

EQUITY AND LIABILITIES

In EUR million	31/03 2021	31/12 2020	Δ
Group Equity	940.7	958.7	-1.9%
Borrowings	240.3	240.2	+0.0%
Lease liabilities	36.6	33.6	+8.9%
Deferred income tax liabilities	87.0	84.9	+2.5%
Provisions	4.2	4.1	+2.4%
Other payables	14.4	1.1	+1,209.1%
Derivative financial instruments	3.3	3.7	-10.8%
Non-current liabilities	385.8	367.6	+5.0%
Contract liabilities	224.4	236.6	-5.2%
Trade and other payables	285.0	222.7	+28.0%
Current income tax liabilities	12.8	8.8	+45.5%
Borrowings	0.0	0.0	-
Lease liabilities	9.7	10.0	-3.0%
Provisions	13.9	10.5	+32.4%
Current liabilities	545.8	488.6	+11.7%
Total liabilities	931.6	856.2	+8.8%
Total equity and liabilities	1,872.3	1,814.9	+3.2%

ROBUST CASH FLOW

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Operational cash flow in the quarter was EUR 60 million and free cash flow amounted to EUR 46 million

Cash flow, both operational and free cash flow was strong in the quarter, allowing for operational and strategic flexibility
Marel continues to invest in its business and improving the ways of working
For acquisitions of Curio and PMJ, and 40% holding in Stranda Prolog, EUR 21.7m was paid out during the quarter
Strong cash conversion, backed by book-to-bill of 1.11, operating cash flow of EUR 60.2 compared to adjusted EBIT of 38.0m

Note: 1 Free cash flow defined as cash generated from operating activities less taxes paid and net investments in PP&E and intangible assets. 2 Currency effect, change in capitalized finance charges, and movement in lease liabilities.

KEY PERFORMANCE METRICS

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Proven track record of earnings results and value creation

EARNINGS PER SHARE¹
EUR per share

FREE CASH FLOW²
EUR m

NET DEBT / EBITDA
Leverage (x)

EPS expected to grow faster than revenues

In the period 2017-2026, Marel's management expects basic earnings per share to grow faster than revenues
Focus on margin expansion in Marel Meat and Marel Fish and overall operational improvement and value creation

Robust cash flow

Free cash flow was EUR 45.5m in the quarter (1Q20: EUR 38.6m)
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 0.8x at end of Q1 2021
Leverage well below the targeted capital structure of 2-3x net debt / EBITDA
Financial strength will facilitate future strategic moves in line with the company's growth strategy

Note: ¹ Basic earnings per share, trailing twelve months. ² Free cash flow defined as cash generated from operating activities less taxes paid and net investments in PP&E and intangible assets.

Business and outlook

Arni Oddur Thordarson, Chief Executive Officer

29 April 2020

INVESTING IN GROWTH

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Robust cash flow to support strategic investments in innovation, infrastructure and M&A opportunities, aim for 12% average annual revenue growth in 2017-2026

GLOBAL REACH AND INFRASTRUCTURE INVESTMENTS

Focus on investing in infrastructure to sustain current business and prepare for future growth
Reliable maintenance partner with customer support throughout the product lifecycle - large and growing installed base drives recurring revenues
We expect to accelerate and increase investments in the coming years in our digital platform infrastructure, enabling digital products, to best serve our customers' needs

M&A & STRATEGIC PARTNERSHIPS

Strategic objective is to be a full-line provider to the poultry, meat and fish industries, with a standard and modular offering and market leading digital solutions
Growth is not expected to be linear but based on opportunities and economic fluctuations

- Significant part of revenues invested in innovation to ensure continuous product development, maintain technological leadership within the industry, secure competitive advantage and support organic growth
- Focus on transferring technology between industries across product groups, processes and geographies

Note: Capital expenditures as shown on the cash flow statement under investing activities, including purchase of PP&E and investments in intangibles.

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STRATEGIC MOVES

Significant investments in global reach and digital solutions throughout the years make Marel an attractive partner in the ongoing consolidation wave within our industry

POULTRY	PMJ, a Dutch duck and goose processing solutions provider	MEAT	TREIF, a German food cutting technology provider	FISH	Stranda, a Norwegian salmon processing solutions provider
• Shared vision and passion for innovation
• To strengthen its position in the duck market as a third pillar within poultry processing alongside broilers and turkey
• PMJ’s complementary product portfolio of primary processing, including waxing and automated evisceration, will make Marel the industry’s only full-line provider of duck processing solutions
• Potential to leverage aftermarket with Marel’s extensive global reach and local services in all regions	• Shared vision and passion for innovation
• Highly complementary product offering
• Will strengthen full-line offering and increase standard equipment sales
• Provides access to adjacent industries and new retail customer channel with opportunity to cross-sell Marel products
• Potential to leverage aftermarket with Marel’s extensive global reach and local services in all regions	• Shared vision and passion for innovation
• A step closer becoming a full-line solutions provider for the salmon industry from farm to dispatch of products following 40% ownership and strategic partnership
• Highly complementary product offering for primary salmon processing and aquaculture solutions
• A strategic partnership to support further collaboration on sales and R&D
• Potential to leverage aftermarket with Marel’s extensive global reach and local services in all regions
Ravenues EUR 5m	40 employees	Ravenues EUR 80m	500 employees	Ravenues EUR 25m	100 employees

VIRTUAL PROGRESS POINT

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Customers can visit the virtual Copenhagen demo center Progress Point and tune into a Marel LIVE event to see and experience solutions and software in action in a live demonstration or extended reality (VR/XR)

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LAUNCH OF NEW DEMO CENTER IN CAMPINAS, BRAZIL

The new 4,700m² office and demo center facility in Campinas, Brazil is Marel's first in Latin America, will bring us closer to many of our customers and support growth in the region

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TRANSFORMATION TAKING PLACE IN CHINA

Location is key for production recovery outlook in China, Marel is expanding its operations in the region, doubling sales coverage and opening a new sales and service office in Shanghai in 2021

MAREL'S CHINA PLATFORM

100% LOCAL LEADERSHIP TEAM

Glocal structure in place, can easily provide our customers with solutions, services, and spare parts, all supported by both local and international expertise
Doubling sales coverage
New sales and service office and demo center opening in Shanghai in 2021
Current sales and service office in Beijing and manufacturing facility one of three global growth hubs for global supply chain

CUSTOMER STORY

ROBOTICS AND DIGITAL TECHNOLOGY

Muyuan Group is the world's second-largest pig breeder
Vertically integrated company covering the whole process from feed mills and farming to processing facilities
Building sophisticated processing facilities close to the pig farms to help control and eliminate African Swine Fever (ASF) and other animal diseases
Two projects completed in 2020 with Marel's most advanced primary processing equipment throughout and installed with remote support
Several lines replicated across multiple locations to ensure a harmonized way of working and seamless flow of high quality pork products.
Nine more projects to be delivered in 2021

ACQUISITION OF PMJ

OPPORTUNITIES IN CHINESE DUCK MARKET

China is by far the most important duck processing market
70% of the global production takes place in China, and consumption is even higher in percentage
Rising appetite for automation and advanced processing technology, low labor costs in China used to be an obstruction for automation, but changing quickly in line with rising wages, welfare, demographics and infrastructure dynamics

SUSTAINABILITY

WASTE WATER TREATMENT IN CHINA

Because every drop of water counts, we build on our over 50 years of experience to help processors minimize wastewater, enhance efficiency and increase sustainability
China has strict water environmental regulations, and Marel is working very closely with one of China's largest beef processing companies on installing state-of-the-art processing technologies and a complete water treatment system at their facility so that it can be discharged back into the natural water sources

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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

MID-TERM TARGETS BY YE23
Gross profit	40%
Innovation investment	6%
SG&A	18%
Adj.EBIT	16%
2017-2026 TARGETS
---	---
Revenue growth¹	12%
Innovation investment	~6% of revenues
Earnings per share	EPS to grow faster than revenues
Leverage	Net debt / EBITDA 2-3x
Dividend policy	20-40% of net result
	FY17
---	---
Organic	4.9%
Acquired	2.2%
Total	7.1%
CAGR 2017-1Q21
Innovation investment	5.6%
Earnings per share	EPS to grow faster than revenues
Leverage	Net debt / EBITDA 2-3x
Dividend policy	20-40% of net result

Note: 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.

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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

MID-TERM TARGETS BY YE23

Gross profit	40%
Innovation investment	6%
SG&A	18%
Adj.EBIT	16%

2017-2026 TARGETS

| Revenue growth^{1} | 12% | Market conditions have been challenging due to geopolitical uncertainty and the ongoing COVID-19 pandemic. Marel enjoys a balanced exposure to global economies and local markets through its global reach, innovative product portfolio and diversified business mix.
At the moment it is not known what the full economic impact of COVID-19 will have on Marel. Marel is committed to achieve its mid- and long term growth targets.
In the period 2017-2026, Marel is targeting 12% average annual revenue growth through market penetration and innovation, complemented by strategic partnerships and acquisitions.
Until 2026, management forecasts 4-6% average annual market growth. Marel aims to grow organically faster than the market, driven by innovation and growing market penetration.
Solid operational performance and strong cash flow is expected to support 5-7% revenue growth on average by acquisitions. |
| --- | --- | --- |
| Innovation investment | ~6% of revenues | To support new product development and ensure continued competitiveness of existing product offering. |
| Earnings per share | EPS to grow faster than revenues | Marel’s management targets Earnings per Share to grow faster than revenues. |
| Leverage | Net debt / EBITDA 2-3x | The leverage ratio is targeted to be in line with the targeted capital structure of the company. |
| Dividend policy | 20-40% of net result | Dividend or share buyback targeted at 20-40% of net result. Excess capital used to stimulate growth and value creation, as well as payment of dividends / funding share buybacks. |

TRANSFORMING FOOD PROCESSING

marel

Q&A

Arni Oddur Thordarson
Chief Executive Officer

Linda Jonsdottir
Chief Financial Officer

29 April 2020

QUESTIONS?

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.

TRANSFORMING FOOD PROCESSING

marel

Thank you

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Marel — Investor Presentation 2021

2191_rns_2021-04-29_26dfc9bc-d10d-4547-81e9-2bbce1a52b34.pdf

Q1 2021 Results

Q1 2021 Results

Investor meeting

Q1 2021 – SCALING UP AHEAD OF THE GROWTH CURVE

STRONG ORDERS RECEIVED

BALANCED REVENUE MIX

POULTRY

MEAT

FISH

Financial performance

GOOD QUALITY OF EARNINGS

OPERATIONAL PERFORMANCE

ORDER BOOK AT HEALTHY LEVEL

MID-TERM TARGETS

Q1 2021 Condensed Consolidated Interim Financial Statements

Q1 2021 Condensed Consolidated Interim Financial Statements

EQUITY AND LIABILITIES

EPS expected to grow faster than revenues

Robust cash flow

Capacity for further growth

Business and outlook

STRATEGIC MOVES

LAUNCH OF NEW DEMO CENTER IN CAMPINAS, BRAZIL

TRANSFORMATION TAKING PLACE IN CHINA

MAREL'S CHINA PLATFORM

100% LOCAL LEADERSHIP TEAM

CUSTOMER STORY

ROBOTICS AND DIGITAL TECHNOLOGY

ACQUISITION OF PMJ

OPPORTUNITIES IN CHINESE DUCK MARKET

SUSTAINABILITY

WASTE WATER TREATMENT IN CHINA

FINANCIAL TARGETS AND DIVIDEND POLICY

FINANCIAL TARGETS AND DIVIDEND POLICY

Q&A

QUESTIONS?

FORWARD-LOOKING STATEMENTS

MARKET SHARE DATA

More from Marel

Marel Investor Presentation 2021