Strauss Group — Investor Presentation 2025

Nov 26, 2025

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STRAUSS GROUP Q3 & 9M-2025

Earnings Presentation

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This presentation does not constitute an offering to purchase or sell securities of Strauss Group Ltd. (the "Company") or an offer for the receipt of such offerings. The presentation's sole purpose is to provide information. The Information provided in the presentation concerning the analysis of the Company's activity is only an extract, and in order to receive a complete picture of the Company's activity and the risks it faces, one should review the Company's reports to the Israel Securities Authority and the Tel Aviv Stock Exchange.

The presentation may contain forward-looking statements as defined in the Israeli Securities Law, 5728-1968. All forward-looking statements in this presentation are made based on the Company's current expectations, evaluations and forecasts, and actual results may differ materially from those anticipated, in whole or in part, as a result of different factors including, but not limited to, changes in market conditions and in the competitive and business environment, regulatory changes, currency fluctuations or the occurrence of one or more of the Company's risk factors. In addition, forward-looking forecasts and evaluations are based on information in the Company's possession while preparing the presentation. The Company does not undertake any obligation to update forward-looking forecasts and evaluations made herein to reflect events and/or circumstancesthat may occur after this presentation was prepared.

Financial data is rounded to NIS millions. Percentages changes were calculated on the basis of the exact figures in NIS thousands. Changes are on a YoY basis, unless indicated otherwise.

Disclaimer GAAP to Non-GAAP Reconciliations

In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), the Company provides Non-GAAP operating results which include the results of jointly controlled entities as if they were proportionately consolidated. Strauss Group has a number of jointly controlled companies: the Três Corações joint venture (3C) - Brazil (a company jointly held by Strauss Group (50%) and by the São Miguel Group (50%) in Brazil), Strauss Frito-Lay Ltd. (a 50%/50% JV with PepsiCo Frito-Lay in Israel). Until the completion of the sale in December 2024, Sabra Dipping Company (a 50%/50% JV with PepsiCo in the U.S. and Canada), and PepsiCo Strauss Fresh Dips & Spreads International (a 50%/50% JV with PepsiCo outside the U.S. and Canada). For more information on this sale, please refer to the Description of the Company's Business Report for 2024,section 11.1.

In addition, Non-GAAP figures exclude any share-based payments, mark to market of commodity hedging transactions as at end-of-period, certain other expenses or income and taxes referring to these adjustments.

Company Management believes that these measures provide investors with transparency by helping to illustrate the underlying financial and business trends relating to the Company's results of operations and financial position and comparability between current and prior periods. Management uses these measures to establish and monitor budgets and operational goals and to evaluate the performance of the Company. Please see the GAAP to non-GAAP reconciliation tables in the Company's MD&A Report for a full reconciliation of the Company's GAAP to non-GAAP results.

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Strauss Group | Q3& 9M-2025 Summary

Organic growth1 reached 16.3% in Q3-25 and 18.9% in 9M-25, mainly supported by pricing in Coffee International

Improvement in Q3-25 gross profit, EBIT & EBIT margin, supporting improvement in 9M-25 EBIT & EBIT margin Innovation leading the way with launch

Net income in Q3-25 up 43% and significant Free Cash Flow improvement Productivity journey is on track, supporting financial results

Continued focus on executing our strategy

of new category in Israel – Cow Free; new water bar for new market segments

Inauguration of plant-based facility and Michael's Campus

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Group Q3 & 9M-2025 Financial Highlights| NIS m; Non-GAAP

	Q3-2025	Q3-2024	%change	w/o%changeimpact4FX	9M-2025	9M-2024	%change	w/o%changeimpact4FX
NetSales1	3,277	2,991	9.6%	13.2%	9,340	8,334	12.1%	16.4%
profitGrossMarginGross	96029.3%	91130.5%	5.3%	8.0%	2,60927.9%	2,62631.5%	-0.7%	2.1%
EBITbeforeTKH2MarginEBIT	3179.7%	2317.7%	37.2%	40.6%	7618.1%	5967.2%	27.7%	29.8%
EBITMarginEBIT	3129.5%	2237.4%	40.1%	43.2%	7387.9%	5786.9%	27.6%	29.9%
Netincome3NetMargin	1464.4%	1023.4%	42.7%	47.0%	2993.2%	3444.1%	-13.2%	-11.4%
EBITDAMarginEBITDA	41512.6%	33211.1%	24.9%	27.5%	1,04611.2%	91210.9%	14.5%	16.5%
FCF	245	-98	N.M.	N.M.	-339	-495	31.5%	N.M.

1 Proforma sales growth (excluding divested activities included in 2024 results) reached16.3% and 18.9% in Q3 & 9M 2025, respectively

2 TKH – The Kitchen Hub

3 Net income attributable to shareholders of the Company

4 FX – foreign exchange

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Commodities Price Development: 2020-2025

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Strauss Israel Q3-2025 Highlights

Highlights:

• Continued market share growth and strengthening of competitive position in relevant categories (+1.0 pp) and in total Food & Beverage market (+0.5 pp) 1
• Q3 sales increased primarily due to higher pricing as well as higher volumes and despite divestments
• Price updates did not compensate for higher raw material prices but impacted volumes
• Health & Wellness segment was impacted by divestment of the Ultra Fresh business, increased marketing efforts and one-off expenses related to quality assurance and food safety

Next Steps:

• Diversify cocoa sourcing to increase supply chain resilience
• Supporting growth with continued innovation
• Further productivity implementation
• Consumer centricity with focus on snacking

	Q3 Performance by division(Non-GAAP, NIS m)
	Health &Wellness	Fun &Indulgence2	CoffeeIsrael
Salesvs2024	821827	365323	221221
EBITvs2024	101m120	15m9	30m29
%EBITvs2024	12.4%14.5%	4.0%2.8%	13.5%12.9%

1According to Storenext; pp – percentage points

Including loss on cocoa derivative of NIS 49m in the Q1-25, NIS 27m in Q2-24 & NIS 18 in Q3-24

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Innovation supporting growth

Consumer centricity

Cross brand collaborations

Tailoring taste to access new consumer segments

Nostalgia

Expanding presence in growing segments

Inauguration of Michael's Campus

New category with breakthrough technology

Premium & Added value

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Strauss Coffee International Q3-2025 Highlights

Highlights:

• Highest EBIT ever achieved in a quarter mainly due to pricing
• Return to volume growth in Q3 in all countries except Romania.
• Strengthening market position in most geographies, establishing #2 position in Poland, leading the beans segment.
• Continued growth of non-R&G1 and non-coffee products in 3C Brazil2

Next Steps:

• 3C Brazil2 Protect market share, R&G profitabilityand expand non-R&G categories (organic & non organic)
• CEE3-expand coffee offering with a focus onprofitability

23C: Três Corações Group of companies is a joint venture in Brazil: the 3C Group is jointly held by the Strauss coffee B.V. (50%) and by the São Miguel Group (50%) (3C)

1 R&G- Roast & Ground coffee

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Três Corações Alimentos S.A. | GAAP 50%; NIS m

	Q3-2025	Q3-2024	%change	9M-2025	9M-2024	%change
NetSales	1,138	897	26.9%	3,269	2,387	36.9%
GrossprofitMarginGross	26923.7%	17919.9%	50.0%	64319.7%	50621.2%	27.1%
EBITMarginEBIT	12911.3%	485.3%	171.2%	2477.5%	994.2%	149.7%

• Highest EBIT ever achieved in a quarterwhile maintaining leading market position
• Higher volumes (total R&G & non-R&G) in Q3-25, stable volumes in 9M-25
• Non-R&G categories continue to grow, further contributing to 3C profitability
• Operational efficiencies support EBIT improvement

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Strauss Water Q3-2025 Highlights

Highlights:

• Expansion of the portfolio with launch of "Shabat" water bar tailored to the needs of the religious segment (September 2025)
• Sales growth supported by an increase in the install base, higher Israel & UK sales and improved mix
• Lower EBIT mainly due to lowerHaier Strauss Water (HSW) equity gains
• Haier Strauss Water (HSW)
  • Double digit sales growth (in local currency) as the company continued to expand in the market
  • Highly competitive market

Next Steps:

• Expansion of the product portfolio
• Expand market presence in China & UK
• 2 nd manufacturing facility being built in China

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Productivity Journey

K E Y I N I T I A T I V E S

REVENUE GROWTH MANAGEMENT & MARKETING ROI

CAPABILITY BUILDING AND MINDSET

O N T R A C K T O A C H I E V I N G N I S 300 - 400M I N R U N R A T E S A V I N G S B Y 2026

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MICHAEL'S CAMPUS

Launch of dedicated plant-based facility alongside existing dairy facility

Initial production in August 2025; total investment of NIS 270m (2019-2025)

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New category based on animal free BLG protein, a protein identical in composition to one of the key proteins found in cow's milk, produced through precision fermentation technology

Pictures are solely for illustration purposes

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NEW FACILITY & PRODUCTION LINE AT YOTVATA

completion expected by the end of 2025

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Top-line Growth Playbook

5% CAGR 2024-2026

Expanding Margins

10%-12% EBIT margin in 2026

Enhancing Cost Structure Productivity

300-400m NIS by 2026

Investing In The Future

CAPEX to reach 5%-7% of sales 2024-2026

Focusing on the Core

85% of total sales in 2026

REMINDER OF LONG TERM TARGETS & 2026 OUTLOOK

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Financial Results

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Strauss Group & Segment Q3-2025 Sales | NIS m; Non-GAAP

Strauss Group Q3 Sales Bridge:

• Strauss Israel higher pricing and volumes while improving market share partially offset by divestment of Coffee-to-Go and Ultra Fresh businesses ( -NIS 34m) and negative sales mix
• Coffee International higher pricing and volumes while improving market share in most geographies
• Strauss Water higher install base & higher Israel and UK sales
• Other Mainly divestment of Sabra & Obela during Q4-2024
• FX Weakening of currencies against NIS, mainly BRL

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Strauss Group & Segment 9M-2025 Sales| NIS m; Non-GAAP

Strauss Group 9M Sales Bridge:

• Strauss Israel higher pricing, volumes and better sales mix while improving market share partially offset by divestment of Coffee-to-Go and Ultra Fresh businesses (-NIS 57m)
• Coffee International mainly higher pricing, while improving market share in most geographies despite lower volumes
• Strauss Water higher install base and higher Israel and UK sales
• Other Mainly divestment of Sabra & Obela during Q4-2024
• FX Weakening of currencies against NIS, mainly BRL

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Strauss Group Q3 & 9M-2025 EBIT1| NIS m; Non-GAAP

Including loss on cocoa derivative of NIS 49m in Q1-25, NIS 27m in Q2-24 and NIS 18m in Q3-24. Excluding these losses, Group EBIT for Q3-24 would have totaled NIS 241m (8.1% margin), for 9M-25 Group EBIT would have totaled NIS 787m (8.4% margin) and in 9M-24, NIS 623m (7.5% margin).

2 Other includes Sabra & Obela until divestment, The Kitchen Hub and HQ expenses

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Q3 & 9M-2025 EBIT and EBIT margins | NIS m; Non-GAAP

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Strauss Group Q3 & 9M-2025 Net Income1 | NIS m; Non-GAAP

• Net income impacted by:
  • Higher financial expenses:
    • o Impact of stronger Shekel on FX2 hedging and differences
    • o Higher interest expenses mainly related to financing working capital and higher interest rates
  • Higher tax is mainly attributable to lower taxes in Q3 & 9M-2024, as well as the profit mix in Israel and higher profits in Coffee International
  • Non-controlling equity gains increased in 9M-25 due to profit mix

1 Net Income attributed to the Company Shareholders

2FX – Foreign Exchange

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Strauss Group Q3 & 9M-2025 Cash Flow | NIS m; Non-GAAP

• Operating and free cash flow improvement in Q3-25 mainly due to:
  • Higher EBITDA
  • Lower inventory levels in Coffee International
  • Lower CAPEX

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Strauss Group Net Debt and Net Debt /EBITDA | NIS m; Non-GAAP (LTM)

• Lower Net Debt due to improvement in Free Cash Flow
• Dividend of NIS 200m in Q1-25 & of NIS 160m paid in Q2-25
• Proceeds of USD 244m from Sabra & Obela divestment in Q4- 2024
• GAAP Net Financial Debt as of 30.9.2025 NIS 2,349m; Net Debt/EBITDA ratio of 2.1

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Strauss Israel Q3-2025 Sales| NIS m; Non-GAAP

• Health & Wellness mainly divestment of the Ultra-Fresh business
• Fun & Indulgence Snacks & Confectionery pricing and slight volume growth
• Fun & Indulgence Coffee Israel divestment of Coffee-to-Go and lower volumes despite higher pricing

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Strauss Israel 9M-2025 Sales| NIS m; Non-GAAP

• Health & Wellness higher volumes and improved sales mix despite divestment of the Ultra-Fresh business
• Fun & Indulgence Snacks & Confectionery –pricing and volume growth
• Fun & Indulgence Coffee Israel –pricing and volume growth

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Strauss Israel & Segments EBIT & Margins Q3 & 9M-2025 | NIS m; Non-GAAP

Strauss Israel Q3 EBIT & Margins:

Strauss Israel 9M EBIT & Margins:

• Implementation of productivity initiatives throughout the business
• Health & Wellness improvement in profit margins in the 9M period despite increased cost of raw materials and in Q3-25 increased marketing expenses and one-off costs related to food safety and quality control activity
• Fun & Indulgence Snacks & Confectionery – higher pricing did not compensate for higher cocoa prices.1
• Fun & Indulgence Coffee Israel – higher pricing moderated the impact of green coffee inflation

<sup>1 Including loss on cocoa derivative of NIS 49m in Q1-25, NIS 27m in Q2-24 and NIS 18m in Q3-24. Excluding these losses, Strauss Israel EBIT for Q3-24 would have totaled NIS 176m (12.8% margin), for 9M-25 Strauss Israel EBIT would have totaled NIS 443m (10.8% margin) and in 9M-24, NIS 453m (11.6% margin). Excluding these losses, F&I EBIT for Q3-24 would have totaled NIS 49m (4.6% margin) and in 9M-24, NIS 84m (8.8% margin).

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Strauss Coffee International Financial Highlights | NIS m; Non-GAAP

	Q3-2025	Q3-2024	% change	% change w/oFX impact	9M-2025 9	9M-2024	% change	% change w/oFX impact
Net Sales	1,636	1,259	30.0%	39.0%	4,560	3,418	33.4%	45.4%
Gross profit Gross Margin	372 22.8%	260 20.7%	43.1%	N.M.	903 19.8%	752 22.0%	20.1%	N.M.
EBIT EBIT Margin	163 9.9%	68 5.4%	139.8%	N.M.	320 7.0%	167 4.9%	91.3%	N.M.
EBITDA EBITDA Margin	18411.2%	91 7.2%	102.5%	N.M.	3848.4%	236 6.9%	62.5%	N.M.

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Strauss Coffee International Q3-2025 Sales | NIS m; Non-GAAP

Strauss Coffee International Q3 Sales Bridge:

• 3C 1 – higher pricing following green coffee price inflation, overall higher volumes in Q3-25 and continued growth in non-R&G segments
• CEE2 – higher pricing following green coffee price inflation and volume growth in Poland, Russia & Ukraine. Establishing #2 position in Poland, leading the beans segment.

1 3C: Três Corações Group of companies is a joint venture in Brazil: the 3C Group is jointly held by the Strauss coffee B.V. (50%) and by the São Miguel Group (50%) (3C)

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Strauss Coffee International 9M-2025 Sales| NIS m; Non-GAAP

Strauss Coffee International 9M Sales Bridge:

• 3C 1 – higher pricing following green coffee price inflation, overall stable volumes in 9M-25, highly competitive market and continued growth in non-R&G segments
• CEE2 – higher pricing following green coffee price inflation and volume growth in Poland. Establishing #2 position in Poland, leading the beans segment.

1 3C: Três Corações Group of companies is a joint venture in Brazil: the 3C Group is jointly held by the Strauss coffee B.V. (50%) and by the São Miguel Group (50%) (3C)

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Três Corações Alimentos S.A. | GAAP 100%; BRL m

	Q3-2025	Q3-2024	%change	9M-2025	9M-2024	%change
NetSales	3,690	2,683	37.5%	10,508	6,804	54.4%
profitGrossMarginGross	87423.7%	53519.9%	63.4%	2,06819.7%	1,43921.2%	43.6%
EBITMarginEBIT	41611.3%	1425.3%	193.0%	7927.5%	2854.2%	178.2%

• Highest EBIT ever achieved in a quarterwhile maintaining leading market position
• Higher volumes (total R&G & non-R&G) in Q3-25, stable volumes in 9M-25
• Non-R&G categories continue to grow, further contributing to 3C profitability
• Operational efficiencies support EBIT improvement

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Strauss Water Financial Highlights | NIS m; Non-GAAP

	Q3-2025	Q3-2024	change%	9M-2025	9M-2024	change%
NetSales	234	224	4.1%	658	627	4.9%
GrossprofitMarginGross	11448.6%	10245.7%	10.6%	32148.8%	29747.3%	8.1%
EBIT1MarginEBIT	239.8%	2611.6%	-11.5%	7511.4%	7511.9%	0.1%
EBITDA1MarginEBITDA	4017.3%	4017.6%	2.4%	12519.0%	12419.7%	1.1%

• KEY IMPACTS: Sales higher install base, higher Israel & UK sales and improved sales mix
  • Gross profit supported by FX impact and implementation of productivity measures
  • Lower Haier Strauss Water (HSW) equity gains

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Haier Strauss Water1 Q3 & 9M-2025 | 100%; ¥m; Non-GAAP Snapshot

	Q3-2025	Q3-2024	%change	9M-2025	9M-2024	%change
NetSales	460	407	13.2%	1,394	1,276	9.3%
NetIncomeNetMargin	347.4%	5413.3%	-37.4%	1379.8%	15712.3%	-12.5%

• Sales increased following improved sales mix and increased marketing efforts
• Lower net income due to intense competition and efforts to preserve and expand market share through promotions, marketing and R&D to diversify the product portfolio

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Appendix

• GAAP to Non-GAAP reconciliation
• Currencies
• Raw Materials Market Prices

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GAAP to Non-GAAP Reconciliation Items

• Adjustments for IFRS 11 transition from the equity method in the financial accounting (GAAP) reports to the proportionate consolidation method (according to the segmental information based on the Group's internal management reports). Strauss Group has a number of jointly controlled companies: the Três Corações joint venture (3C) - Brazil (a company jointly held by Strauss Group (50%) and by the São Miguel Group (50%) in Brazil), Strauss Frito-Lay Ltd. (a 50%/50% JV with PepsiCo Frito-Lay in Israel) and until the completion of the sale in December 2024, Sabra Dipping Company (a 50%/50% JV with PepsiCo in the U.S. and Canada)("Sabra"), and PepsiCo Strauss Fresh Dips & Spreads International(1) (a 50%/50% JV with PepsiCo outside the U.S. and Canada) ("Obela"). For more information on this sale, please refer to the Description of the Company's Business Report for 2024, section 11.1.
• Mark-to-market at end-of-period of open positions in the Group in respect of financial derivatives used to hedge commodity prices and all adjustments necessary to delay recognition of most of the gains or losses arising from commodity derivatives until the date when the inventory is sold to outside parties and/or the financial derivative is exercised
• Additional adjustments for the management (non-GAAP) reports (share-based payment, valuation of hedging transactions, certain other expenses/income net and taxes referring to those adjustments)

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Q3 & 9M GAAP and Non-GAAP | NIS m

	GAAP				Non-GAAP		GAAP		Non-GAAP
	Q3-2025	Q3-2024	Change	Q3-2025	Q3-2024	Change	9M-2025	9M-2024	Change	9M-2025	9M-2024	Change
Sales	2,054	1,873	181	3,277	2,991	286	5,816	5,300	516	9,340	8,334	1,006
Gross Profit	647	653	-6	960	911	49	1,842	1,801	41	2,609	2,626	-17
GP Margin	31.5%	34.9%	-3.3ppt	29.3%	30.5%	-1.2ppt	31.7%	34.0%	-2.3ppt	27.9%	31.5%	-3.6ppt
Operating Profit	268	216	52	312	223	89	641	484	157	738	578	160
EBIT Margin	13.0%	11.6%	1.5ppt	9.5%	7.4%	2.1ppt	11.0%	9.1%	1.9ppt	7.9%	6.9%	1.0ppt
Net Profit to Shareholders	127	99	28	146	102	44	277	232	45	299	344	-45
NP Margin	6.2%	5.3%	0.9ppt	4.4%	3.4%	1.0ppt	4.8%	4.4%	0.4ppt	3.2%	4.1%	-0.9ppt
Change in WC	-42	-15	-27	25	-214	239	-487	-113	-374	-786	-677	-109
Operating Cash Flow	165	180	-15	367	59	308	92	339	-247	71	-41	112
CAPEX, net	-102	-132	30	-122	-158	36	-356	-373	17	-410	-454	44
FCF	63	48	15	245	-98	343	-264	-34	-230	-339	-495	156
Net Debt	2,349	2,551	-202	2,767	3,286	-519	2,349	2,551	-202	2,767	3,286	-519

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Currencies

Currencies vs. NIS

Currency vs.NIS	Q3 2025	Q3 2024	Changevs. LY	YTD-Sep2025	YTD-Sep2024	Changevs. LY
USD	3.36	3.71	-9.4%	3.52	3.70	-4.9%
EUR	3.93	4.08	-3.7%	3.93	4.02	-2.3%
GBP	4.53	4.83	-6.1%	4.62	4.73	-2.2%
PLN	0.92	0.95	-3.1%	0.93	0.93	-0.8%
RON	0.78	0.82	-5.4%	0.78	0.81	-3.3%
RUB	0.04	0.04	0.1%	0.04	0.04	1.4%
BRL	0.62	0.67	-7.8%	0.62	0.71	-12.2%
RSD	0.03	0.03	-3.8%	0.03	0.03	-2.3%
UAH	0.08	0.09	-10.3%	0.08	0.09	-9.2%
AUD	2.20	2.49	-11.6%	2.25	2.45	-8.0%
CNY	0.47	0.52	-9.3%	0.49	0.51	-5.4%

Currencies vs. USD

Currency vs.USD	Q3 2025	Q3 2024	Changevs. LY	YTD-Sep2025	YTD-Sep2024	Changevs. LY
NIS	0.30	0.27	10.4%	0.28	0.27	5.3%
EUR	1.17	1.10	6.3%	1.12	1.09	2.9%
GBP	1.35	1.30	3.7%	1.31	1.28	2.9%
PLN	0.27	0.26	7.0%	0.26	0.25	4.5%
RON	0.23	0.22	4.4%	0.22	0.22	1.8%
RUB	0.01	0.01	10.5%	0.01	0.01	6.8%
BRL	0.18	0.18	1.8%	0.18	0.19	-7.6%
RSD	0.01	0.01	6.2%	0.01	0.01	2.9%
UAH	0.02	0.02	-1.0%	0.02	0.03	-4.5%
AUD	0.65	0.67	-2.4%	0.64	0.66	-3.2%
CNY	0.14	0.14	0.1%	0.14	0.14	-0.5%