ORSERO GROUP 9M 2023 RESULTS

Milan, 14 November 2023

We draw the world closer, every day.

The Orsero Group distributes and markets fruit and vegetables from all over the world.
We're known for delicious fruit and vegetable products, as well as for our authenticity and integrity.

We can rely on a complex supply chain to satisfy the needs of clients and consumers at every time of the year.

The relationships of trust developed and consolidated over the years with our suppliers and customers and the attention to the quality of our products from their origin are the key elements of our success.

Today Orsero S.p.A. is listed on Euronext STAR Milan managed by Borsa Italiana S.pA.

Key Financials 9M 2023*

9M 2023 Results ● Distribution BU drives great Group's results

Adjusted EBITDA of 33,0 M€ vs 38,0 M€ in 9M 2022, representing 33,5% of revenue (9M 2022: 35,8%)

C	• Economic and Financial response
O	- The Group is continuing to execute its strategy, while responding flexibly to the macroeconomic challenges and uncertainties and exploiting possible opportunities
R	thanks to its business model (multi-sourced and extensive products range diversified geographical scope vertically integrated banana and pineapple logistic)
	- Capex are in line with planned investments, aiming at maintaining and extending the group Distribution footprint, continuing to execute the ESG strategic plan
P	➢ Main ongoing topics are the upgrade of the Rungis warehouse (FR), the retooling of the Alverca site (PT) and the enlargement of the Verona warehouse (IT)
O	- The operating cash conversion is excellent due to high profitability combined with effective working capital management
R	- On Jan. 10 the 2 strategic acquisition of 80% of Blampin Groupe and 100% of Capexo have been finalized, for a total outlay of about 90 M€
A	- Interest rates situation: strong increase in Euribor, just partially affecting the Group's average cost of debt thanks to its debt structure and the hedging strategy performed swapping variable with fixed rates (gross debt: about 80% with more than 2,8 years duration; more than 60% resulting in fixed rates)
T	- On May 10, a dividend of 0,35 €/share has been paid to Orsero shareholders with a total outlay of abt. 6,0 M€
E	• FY 2023 Revised Guidance upgraded (see details at page 10)
	• Market context
B	- The aftermath of the pandemic and the international conflicts are causing a high level of uncertainty in terms of inflationary pressure and a slow down of economy conditions. In addition, energy and raw materials costs are still at high levels. The F&V market registers lower volumes and higher selling prices, other than a lower fresh produce availability following adverse climate events. Against such unfavorable backdrop, the Group is performing well and has improved both volumes and prices.
U	• Distribution BU
S	- Significant LfL sales growth of +9,7% vs 9M 2022 (which in turns was +10,4% vs 9M 2021)
I	‣ Sales grew thanks to the high value of the product mix, the price increase across all categories and the higher volumes on selected ones (i.e., platano canario, exotics and citrus)
N	- Adjusted EBITDA margin comes in at 5,7% vs 3,2% LY, in the light of:
E	‣ Profitable BU Distribution resulting from the combined effect of increased product mix and sales channels and the neo acquired French companies
S	‣ Products: (i) higher banana prices resulting from a more balanced supply/demand; (ii ) better returns on exotics fruits, apples/pears and citrus
S	‣ Operations: energy costs are 8,1 M€, decreasing by 3,4 M€ in 9M 2023 vs LY
	• Shipping BU
	- Physiological decline in terms of profitability due to the Q3 seasonality effect on reefer volumes and to the contraction of the "dry" market as to volumes /average rates

Lower bunker costs

Executive summary ● consolidated figures

M€	9M 2023	9M 2022	TOTAL CHANGE
			Amount	%
Net Sales	1.162,7	894,3	268,5	30,0%
Adjusted EBITDA*	89,4	58,4	30,9	53,0%
Adjusted EBITDA Margin	7,7%	6,5%	+115 Bps.	-
Adjusted EBIT	64,2	36,4	27,7	76,1%
Adjusted Net Profit **	49,9	31,4	18,5	58,9%
Net Profit	47,8	29,7	18,2	61,3%

M€	30.09.2023	31.12.2022
Net Invested Capital	371,9	268,9
Total Equity	244,5	201,5
Net Financial Position	127,3	67,4
NFP/ Total Equity	0,52	0,33
NFP/Adj. EBITDA	1,19	0,89

Net Financial Position excl. IFRS 16 *	76,8	25,8
NFP/ Total Equity excl. IFRS16	0,31	0,13
NFP/Adj. EBITDA excl. IFRS16	0,84	0,41

* Adjusted EBITDA excl. IFRS 16 is equal to 77,1 M€ in 9M 2023 and 48,1 M€ in 9M 2022, consisting chiefly of incremental Adjusted EBITDA of abt. 12,3 M€ in 9M 2023 and abt. 10,4 M€ in 9M 2022 and incremental NFP of 50,5 M€ at the end of 9M 2023 and 41,6 M€ at the end of 2022

** Adjusted for non-recurring items and Top Management incentives, net of their estimated tax effect

Net sales 9M 2023 are 1.162,7 M€, up +30,0% vs LY overall, with Like-for-Like perimeter up +7,6% vs LY
Distribution BU: Like-for-Like perimeter registered a significant growth of +9,7, supported by the M&A effect
Shipping BU: declining on lower "dry" revenues and weaker bunker price
Adjusted EBITDA comes in at 89,4 M€, up +30,9 M€ or +53,0% vs LY, with a margin of 7,7%, (up by +115 bps. vs LY)
Overall, an outstanding performance for both BUs
Distribution BU keeps registering a more than positive performance resulting from strong product mix and sales channels on the organic side and from the positive impact of the French acquisitions
Shipping BU stays highly profitable, despite the back-to-normal trend
Adjusted EBIT moves upward to 64,2 M€, up 27,7 M€ or +76,1% vs LY, as a direct consequence of better operating results
Adjusted Net profit spikes 58,9%, up 18,5 M€, to 49,9 M€ vs 31,4 M€ LY
Net profit (reported) stands at 47,8 M€
Total Equity is 244,5 M€, resulting from improved net profit
Net Financial Position Excl. IFRS 16(*) is 76,8 M€ (Net Debt) , including:
Cash and cash equivalents of 101,4 M€
Gross financial debt of 178,2 M€ including 24,8 M€ of deferred considerations of the acquisitions

Net Financial Position, stands at 127,3 M€
Including 50,5 M€ IFRS16 liabilities

Net Sales and Adj. EBITDA

NET SALES VARIANCE (M€)

ADJUSTED EBITDA VARIANCE (M€)

Net sales 9M 2023 post an overall progress of 268,5 M€ or +30,0% vs LY

LfL improvement is 67,6 M€ or +7,6% vs LY
Distribution is up by 280,1 M€, or +34,3%, of which 9,7% on a LfL basis:
Sales are up as a result of the combined effect of higher value of the product mix, price increase across the board and higher volume on selected items (i.e., platano canario, exotics and citrus)
Shipping decreases by 7,7 M€, or – 7,2%, as a balance of:
Physiological decline in terms of profitability due to the seasonality effect of the third quarter registering lower reefer volumes and to the contraction of the "dry" market as to volumes and average rates
Weaker bunker price reflecting on reefer revenues (BAF)
Service/Holding is down by 0,7 M€ and inter-segment eliminations is up to 3,3 M€

9M 2023 Adjusted EBITDA is up by 30,9 M€ or +53,0% vs LY, margin is 7,7% vs 6,5% LY:

LfL improvement is 14,8 M€ or +25,3% vs LY
Distribution improves on the back of:
Products: (i) higher banana prices due to a more balanced supply and demand; (ii) better returns on all categories, in particular of exotics fruits, apples/pears and citrus
Operations: energy costs are 8,1 M€, decreasing by 3,4 M€ in 9M 2023
Shipping decreases by 5,0 M€:
Returns on transportation services are still performing well on the wave of last year's outstanding results, although normalizing progressively
Holding & Service is down by 0,6 M€ due to higher personnel and travel costs

Adjusted EBITDA excl. IFRS16 is 77,1 € vs 48,1 M€, or 6,6% of sales vs 5,4% LY

Consolidated Net Profit

Adjusted Net Profit 9M 2023 improves to 49,9 M€, up 18,5 M€, excluding the adjustments and their tax effect:

on the back of higher operating margins, D&A/provisions registered an increase, mostly due to the new perimeter, total financial costs rose, with higher financial expenses and lower exchange rate loss, and tax increased - mainly related to the French acquisitions and the profitability increase
Total adjustments 9M 2023 equal to a loss of -2,0 M€, net of estimated tax, comprising:
- provision for employees' profit sharing in Mexico and France of 806 K€, accrual for Top Management incentives(*) of 418 K€ and Settlement Agreement with the Customs Agency for a net impact of 476 k€
Net Profit stands at 47,8 M€ versus 29,7 M€ LY

* Recognition, under the provision of IFRS2 and as per LTI Plan 2020-2022 of LTI matured in 2020, 2021 and 2022 to be paid in 2024 7

Consolidated Net Equity and NFP

NFP EXCL. IFRS 16 VARIANCE - ILLUSTRATIVE (M€)

NET EQUITY VARIANCE (M€)

Total Shareholders' Equity comes in at 244,5 M€ as a result of:

Net profit of the period of 47,8 M€
Dividend of 0,35 €/share paid to Orsero shareholders, total of abt. 6,0 M€
Buy-back program of 1,1 M€
Change in minority of 0,7 M€ related to minority shareholders of recent acquisitions
Impact of MTM change of hedging instruments of +1,5 M€ (oil, interest rates and USD)
Others of +0,1 M€

NFP excl. IFRS16 stands at 76,8 M€, or 127,3 M€ with IFRS16 liabilities:

M&A of 91,2 M€ related to the transformational acquisitions in France and a minor investment in an Italian berries producer start-up consisting of:
Total upfront outlay: 66,4 M€
Deferred consideration (net present value): 24,8 M€ (*)
Positive cash flow generation of abt. 69,1 M€
Commercial net working capital seasonal absorption of 11,2 M€ on a LfL basis

Operating Cash Capex (**) are 10,7 M€, for investments in core activities:
1,9 M€ renovation of the Rungis warehouse (FR)
1,3 M€ enlargement of Verona warehouse (IT)
1,2 M€ enlargement and retooling of the Alverca site (PT)
0,9 M€ ERP in Italy
0,4 M€ inverters and solar panels (EL and ES)
5,0 M€ minor recurring investments on distribution platforms

Cash and cash equivalents comes in at 101,4 M€

Liabilities related to IFRS 16 are equal to 50,5 M€

• The incremental IFRS 16 right-of-use of 9M 2023 are equal to 11,9 M€

* Put & call option of 13,3% of Blampin, Earn-out Blampin and Capexo. Including 0,8 M€ of discounting charges for 9M 2023. ** Excluding noncash capex related to incremental IFRS 16 right-of-use equal to 11,9 M€.

Historical trend and outlook 2023

Financial Guidance FY 2023

EMARKET SDIR
CERTIFIED

M€	ACTUAL 9M 2023	REVISED (NOV. 2023) GUIDANCE FY 2023	REVISED (SEP. 2023) GUIDANCE FY 2023	ORIGINAL (FEB. 2023) GUIDANCE FY 2023	ACTUAL FY 2022
Net Sales	1.162,7	1.500/1.550	1.470/1.520	1.440/1.510	1.196
% chg. vs LY	+30,0%	+27,5%	+25%	+23%
Adj. EBITDA	89,4	105/110	92/97	82/87	76,1
% chg. vs LY	53,0%	+41,3%	+24%	+11%
Adj.Net Profit	49,9	52/55	44/48	38/42	36,9
% chg. vs LY	+58,9%	+44,8%	+25%	+8%
NFP(*)	127,3	127/122(*)	138/132	148/140	67,4

CAPEX (**)	10,7	14/16	14/16	14/16	14

Adj. EBITDA excl. IFRS16	77,1	89/94	76/81	68/73	62,3
NFP excl. IFRS16	76,8	68/64	80/75	87/82	25,8

The Guidance FY 2023

issued on Feb.2, 2023 is revised on 13th September 2023 and further revised on 14th November 2023.

The Guidance FY 2023 envisages the full consolidation of Blampin and Capexo as from Jan.1, 2023

*Taking into account the renewal of the 5th vessel for a two-year period (2024/2025) resulting in circa M€ 10 of IFRS 16 liabilities **Excluding the increase in fixed assets due to the application of IFRS 16 but including ESG related investments

Net Sales & Adjusted EBITDA Trend

Steady Sales growth over the last years

Actual Cagr. 2022/2017 equal to +5%
2023/2022 Net Sales increases as a consequence of organic growth and M&A effects of Distribution BU

Robust Adj. EBITDA growth

Actual Cagr 2022/2017 equal to +19,4% (Excl. IFRS16 +14,7%)
2023/2022 Adj. EBITDA increases on the back of organic and M&A improvements of Distribution BU while Shipping BU keeps excellent performance level

* Estimate FY 2023 as per Guidance FY 2023 (Sep. 2023).% change and ratio calculate don median values ** Proforma results *** First year of adoption of IFRS 16 – Leases accounting principle

ESG guidance FY 2023

UNCHANGED

	GUIDANCE FY 2023	ACTUAL FY 2022
Energy consumption index per refrigerated cubic meter	80,39 Kwh/m3	83,67 Kwh/m3
% chg. vs LY	-3,9%
% of market stands involved in activities fighting food waste	60%	35%
chg. vs LY	+25 pp
% of employees involved in sustainability training	60%	44%
chg. vs LY	+16 pp
% of warehouses certified for food safety	59%	55%
chg. vs LY	+4 pp
Investments related to the multi-year sustainability plan(*)	2 M€

Please note the ESG Guidance FY 2023 does not include the recent acquisition of the French companies Blampin and Capexo.

* Already included in the Financial Guidance range

Appendix

Company structure

FRUTTITAL

GALANDI Italy

Italy 50%

Italy 51%

SIMBACOL Colombia

BELLA FRUTTA

EUROFRUTAS Portugal

ACAPULCO Mexico

COMM. DE FRUTA

SIMBA Italy

Greece

AGRICOLA AZZURRA *

I FRUTTI DI GIL*

Italy

COSIARMA Italy

ORSERO CR Costa Rica

Shipping Distribution Holding & Services

ORSERO SPA Italy

FRESCO SHIP'S AGENCY & FOWARDING Italy

ORSERO SERVIZI Italy

FRUPORT * Spain 49%

** 80% of fully diluted share capital + call option on 13,3%

*** at cost

CAPEXO France

AZ FRANCE France

BLAMPIN ** France

FRUTTICA France

H.NOS FERNANDEZ LOPEZ Spain

BONAORO * Spain 50%

CITRUMED*** Tunisia 50%

MOÑO AZUL * Argentina 19,2%

Governance & Shareholders' structure

Consolidated Income Statement

AMOUNTS IN €/000	FY 2019	%	FY 2020	%	FY 2021	%	FY 2022	%	9M 2023	%	9M 2022	%
Net sales	1.005.718 100,0%		1.041.535 100,0%		1.069.776 100,0%		1.196.284 100,0%		1.162.745 100,0%		894.291	100,0%
Cost of sales	(927.927)	-92,3%	(953.725)	-91,6%	(975.562)	-91,2%	(1.077.434)	-90,1%	(1.026.290)	-88,3%	(805.038)	-90,0%
Gross profit	77.792	7,7%	87.810	8,4%	94.214	8,8%	118.850	9,9%	136.455	11,7%	89.252	10,0%
General and administrative expense	(67.693)	-6,7%	(67.650)	-6,5%	(71.071)	-6,6%	(75.831)	-6,3%	(73.709)	-6,3%	(55.595)	-6,2%
Other operating income/expense	(1.720)	-0,2%	(1.397)	-0,1%	(19)	0,0%	(3.077)	-0,3%	(1.728)	-0,1%	652	0,1%
Operating Result (Ebit)	8.378	0,8%	18.763	1,8%	23.125	2,2%	39.942	3,3%	61.018	5,2%	34.310	3,8%
Financial income	264	0,0%	252	0,0%	352	0,0%	321	0,0%	908	0,1%	275	0,0%
Financial expense and exchange rate diff.	(4.888)	-0,5%	(3.943)	-0,4%	(3.665)	-0,3%	(5.690)	-0,5%	(8.768)	-0,8%	(4.325)	-0,5%
Other investment income/expense	959	0,1%	813	0,1%	4	0,0%	(483)	0,0%	10	0,0%	7	0,0%
Share of profit/loss of associates and joint ventures accounted for using equity method	751	0,1%	795	0,1%	1.019	0,1%	2.041	0,2%	1.782	0,2%	1.854	0,2%
Profit before tax	5.465	0,5%	16.679	1,6%	20.835	1,9%	36.131	3,0%	54.950	4,7%	32.122	3,6%
Income tax expense	(3.201)	-0,3%	(4.411)	-0,4%	(2.327)	-0,2%	(3.671)	-0,3%	(7.109)	-0,6%	(2.468)	-0,3%
NET PROFIT	2.264	0,2%	12.269	1,2%	18.508	1,7%	32.460	2,7%	47.841	4,1%	29.653	3,3%

ADJUSTED EBITDA – EBIT BRIDGE :

ADJUSTED EBITDA	38.706	3,8%	48.404	4,6%	52.929	4,9%	76.058	6,4%	89.351	7,7%	58.415	6,5%

D&A – excl. IFRS16	(14.969)	-1,5%	(16.996)	-1,6%	(18.011)	-1,7%	(15.554)	-1,3%	(12.587)	-1,1%	(11.618)	-1,3%
D&A – Right of Use IFRS16	(8.738)	-0,9%	(7.184)	-0,7%	(6.983)	-0,7%	(12.560)	-1,0%	(10.867)	-0,9%	(9.314)	-1,0%
Provisions	(2.046)	-0,2%	(1.809)	-0,2%	(2.408)	-0,2%	(2.245)	-0,2%	(1.719)	-0,1%	(1.036)	-0,1%
Top Management Incentives *	-	0,0%	(1.092)	-0,1%	(1.753)	-0,2%	(3.033)	-0,3%	(550)	0,0%	(831)	-0,1%
Non recurring Income	820	0,1%	35	0,0%	1.909	0,2%	-	0,0%	2.527	0,2%	-	0,0%
Non recurring Expenses	(5.395)	-0,5%	(2.595)	-0,2%	(2.557)	-0,2%	(2.725)	-0,2%	(5.138)	-0,4%	(1.307)	-0,1%
OPERATING RESULT (EBIT)	8.378	0,8%	18.763	1,8%	23.125	2,2%	39.942	3,3%	61.018	5,2%	34.310	3,8%

* Recognition of LTI matured in 2020 and 2021 and to be paid in 2023-2024 as per accounting principle IFRS 2 16

Segment Reporting – Sales and Adjusted EBITDA

NET SALES	FY 2019	FY 2020	FY 2021	FY 2022	2020				2021				2022				2023
M€					Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Distribution	950,9	982,8		1.000,5 1.091,7	223,2	264,7	254,7	240,2	225,0	256,7	258,1	260,5	242,5	283,8	290,8	274,7	323,1		393,3 380,7
Var. y.o.y.		3,4%	1,8%	9,1%	7,3%	3,9%	5,8%	-2,9%	0,8%	-3,0%	1,4%	8,5%	7,7%	10,5%	12,7%	5,4%	33,2%	38,6%	30,9%
Shipping	85,2	95,3	103,8	142,4	28,7	24,0	20,4	22,2	24,0	25,7	25,3	28,8	30,3	39,0	36,7	36,4	34,5	34,5	29,3
Var. y.o.y.		11,8%	9,0%	37,2%	34,7%	0,9%	-7,2%	22,2%	-16,3%	7,0%	24,2%	29,7%	26,2%	51,7%	45,1%	26,4%	13,9%	-11,5%	-20,1%
Holding & Service	12,7	10,5	10,6	11,6	3,3	2,4	2,6	2,3	2,5	2,5	2,6	3,1	2,8	2,9	3,0	2,9	2,8	2,6	2,6
Inter Segment	( 43,1)	( 47,1)	( 45,1)	( 49,4)	( 14,3)	( 11,3)	( 9,7)	( 11,9)	( 11,3)	( 12,1)	( 10,1)	( 11,6)	( 11,6)	( 13,5)	( 12,4)	( 12,0)	( 13,1)	( 14,3)	( 13,4)
Net Sales		1.005,7 1.041,5 1.069,8 1.196,3				240,9 279,8 268,0 252,8				240,3 272,8 275,9		280,8		264,0 312,2	318,1	302,0		347,3 416,1 399,3
Var. y.o.y.	5,6%	3,6%	2,7%	11,8%	7,9%	3,8%	4,9%	-1,8%	-0,3%	-2,5%	3,0%	11,1%	9,9%	14,4%	15,3%	7,6%	31,6%	33,3%	25,5%

ADJUSTED EBITDA	FY 2019	FY 2020	FY 2021	FY 2022		2020					2021		2022				2023
M€					Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Distribution	29,2	36,7	35,4	35,0	4,5	11,8	13,7	6,6	9,7	8,9	10,7	6,1	8,0	10,0	8,1	8,9	15,6	23,1	24,0
% to Net Sales	3,1%	3,7%	3,5%	3,2%	2,0%	4,5%	5,4%	2,8%	4,3%	3,5%	4,2%	2,3%	3,3%	3,5%	2,8%	3,2%	4,8%	5,9%	6,3%
Shipping	14,0	17,7	24,4	48,3	6,1	4,0	3,7	3,8	5,7	6,0	6,0	6,7	11,5	14,6	11,9	10,3	12,9	12,1	7,9
% to Net Sales	16,4%	18,5%	23,5%	33,9%	21,3%	16,8%	18,0%	17,3%	23,8%	23,3%	23,6%	23,3%	38,0%	37,3%	32,4%	28,4%	37,4%	35,2%	26,9%
Holding & Service	( 4,5)	( 5,9)	( 6,9)	( 7,3)	( 1,1)	( 1,8)	( 1,6)	( 1,3)	( 1,6)	( 2,1)	( 1,5)	( 1,7)	( 1,9)	( 2,0)	( 1,8)	( 1,6)	( 2,3)	( 2,2)	( 1,8)
ADJUSTED EBITDA	38,7	48,4	52,9	76,1	9,5	14,0	15,7	9,2	13,8	12,8	15,2	11,1	17,7	22,6	18,2	17,6	26,2	33,0	30,1
% to Net Sales	3,8%	4,6%	4,9%	6,4%	3,9%	5,0%	5,9%	3,6%	5,7%	4,7%	5,5%	4,0%	6,7%	7,2%	5,7%	5,8%	7,6%	7,9%	7,5%

ADJUSTED EBITDA EXCL. IFRS 16	28,9	40,4	45,3	62,3	7,3	12,1	13,8	7,2	11,9	10,9	13,3	9,2	14,5	18,6	15,0	14,2	22,1	28,9	26,0
% to Net Sales	2,9%	3,9%	4,2%	5,2%	3,0%	4,3%	5,2%	2,8%	4,9%	4,0%	4,8%	3,3%	5,5%	6,0%	4,7%	4,7%	6,4%	7,0%	6,5%

Consolidated Statement of Financial Position

AMOUNTS IN €/000	30/09/2023	31/12/2022
Goodwill	127.447	48.245
Intangible assets other than Goodwill	10.107	10.020
Property, plant and equipment	176.697	163.967
Investment accounted for using equity method	20.114	19.397
Non-current financial assets	7.039	5.626
Deferred tax assets	7.780	8.323
NON-CURRENT ASSETS	349.185	255.578

Inventories	53.105	47.357
Trade receivables	166.601	119.107
Current tax assets	14.294	16.929
Other receivables and other current assets	17.773	14.156
Cash and cash equivalents	101.397	68.830
CURRENT ASSETS	353.171	266.378

Non-current assets held for sale - -

TOTAL ASSETS 702.356 521.957

AMOUNTS IN €/000	30/09/2023	31/12/2022
Share Capital	69.163	69.163
Other Reserves and Retained Earnings	126.671	99.661
Profit/loss attributable to Owners of Parent	47.046	32.265
Equity attributable to Owners of Parent	242.880	201.090
Non-controlling interests	1.665	393
TOTAL SHAREHOLDERS' EQUITY	244.545	201.483
Financial liabilities	176.142	101.096
Other non-current liabilities	578	735
Deferred tax liabilities	4.897	4.593
Provisions	4.596	5.759
Employees benefits liabilities	7.969	8.297
NON-CURRENT LIABILITIES	194.183	120.479

Financial liabilities	55.326	36.789
Trade payables	169.538	134.807
Current tax liabilities	8.646	4.730
Other current liabilities	30.119	23.669
CURRENT LIABILITIES	263.629	199.995

Liabilities directly associated with non-current assets held for sale - -

TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 702.356 521.957

Dividend history

Since the listing, every year Orsero paid dividend to its shareholders
Dividends are increasing over time accordingly with net results and cash flow improvements
Pay-out remain within a sustainable and safe range (20%|30%)

DIVIDEND TREND

* Yield calculated on price close on the day before the coupon detachment ** Dividend in kind through the assignment of Orsero's own shares with a ratio 1:69 *** On profit attributable to shareholders of the parent company

Definitions & Symbols

Y.o.y. = year on year

Abt. = about

Adjusted EBITDA = Earning Before Interests Tax, Depreciation and Amortization excluding non-recurring items and costs related to LT incentives

AGM = Annual General Meeting

Approx. = Approximately

ASM = Annual Shareholder's Meeting

BAF = Bunker Adjustment Factor

BC = Business Combination

BoD = Board of Directors

Bps. = basis points

BU = Business Unit

CAM Line = Central-South America | South Europe Shipping Route

D&A = Depreciations and Amortizations

EBIT = Earnings Before Interests Tax

EBITDA = Earnings Before Interests Tax Depreciations and Amortizations

Excl.= excluding

F&V = Fruit & Vegetables

FTE = Full Time Equivalent

FY = Full Year | Fiscal Year (twelve months ended 31 December)

H1 = first half (six months ended 30 June)

H2= second half (six months from 1 July to 31 December)

HFL = Hermanos Fernández López S.A.

I/S = Inter Segment

I/co = Intercompany

LFL = Like for like LTI = Long-term Incentive LY= Last Year MBO = Management by Objectives/Short-term Incentive M&A = Merger and Acquisition MLT = Medium Long Term MTM = Mark to market NFP = Net Financial Position, if positive is meant debt NS = Not significant PBT = Profit Before tax Plt. = Pallet PY = previous year or prior year Q = Quarter/trimester SPAC = Special Purpose Acquisition Company TTM = Trailing 12 months YTD = Year to date FY = Nine months ended September 30. WW = Word Wide M = million K = thousands € = EURO 2022 Proforma data = including the 2 French acquisition

finalized in 2023

, (comma) = separator of decimal digits

. (full stop) = separator of thousands

DISCLAIMER

This Document is merely provided for information and indicative purposes and does not constitute in any way a proposal to enter into any contract nor a public offering of financial products, nor advice or a recommendation to buy or sell any financial products.

This Document contains forward-looking statements that relate to future events and future operating, economic and financial results of Orsero Group. By their nature, forward-looking statements involve risk and uncertainty because they depend on the occurrence of future events and circumstances. Actual results may differ materially from those reflected in forward-looking statements due to a variety of factors, most of which are outside of the Group's control.

You are the exclusive addressee of this Document which as such cannot be delivered nor disclosed to any third parties nor reproduced, in whole or in part, without the prior authorization of the Company.

The Manager in charge of preparing the corporate accounting documents of Orsero S.p.A., Mr. Edoardo Dupanloup certifies, pursuant to art. 154-bis, paragraph 2, of Legislative Decree 58/98, that the accounting information contained in this document corresponds to the documentary results, books and accounting records.

Minor discrepancies in calculating percentage changes and totals in tables of this presentation are due to rounding.

AI Terminal

Orsero

4276_ir_2023-11-14_0214778f-94c4-4468-b243-0aaa3ae7ed11.pdf