What’s Cooking? - Annual Report 2024

Introduction 1
Contents 3
What’s Cooking? - in brief 4 - 5
Our core values 6 - 7
Highlights and key figures in 2024 - Outlook for 2025 8 - 10
Strategic objectives 10
1. Business overview ..................................................................... 12
Message from the Chairman 14 - 15
Piet Sanders, Chief Executive Officer 16 - 19
Yves Regniers, Chief Financial Officer 20 - 23
Else Verstraete, Chief People Officer 26 - 29
Engaged People Engaging workplace for all: Values are more than words 30 - 31
Processes Digitization Driving Process Excellence Through Digitalization 32 - 33
Driving sustainability through digital insights: actions today, for a better tomorrow 34 - 35
Rebuild Innovation Open innovation 36
Pre-gratinated lasagna for better convenience and sustainability 37
Marketing Excellence Come a casa®, a big step in sustainability 38 - 39
Operational Excellence A major lever for competitiveness, growth and long-term success 40 - 41
Portfolio Refocus Reviewing our product portfolio: driving sustainability through innovation! 42
A second pillar alongside our lasagna activities are the ‘local heroes’ 43
The Emerging Foodservice Channel 44 - 45
Nutritional Policy 46 - 47
Sustainable Procurement Building a Green Future Together 48
Leading sustainability Award: best first sustainability report 50 - 51
1. Non-financial information ..........................................................53
1. Other non-financial information ............................................... 142
1. Corporate governance ............................................................150
1. Stock and shareholder information ...........................................174
1. Consolidated financial statements ........................................... 177
Contact information ...................................................................226

Site Locations

1. Deeside, GB Production site
1. Opole, PL Production site
1. Mézidon-Vallée d’Auge, FR Production site
1. Wanze, BE Production site
1. Marche-en-Famenne, BE Production site
1. Veurne, BE Centre for slicing and packaging
1. Lievegem, BE Production site Centre for slicing and packaging
1. Gent, BE Head office
1. Wommelgem, BE Production site Centre for slicing and packaging
1. Ridderkerk, NL Centre for slicing and packaging
1. Borculo, NL Production site
1. Wijchen, NL Centre for slicing and packaging

Sites	Sales offices	Ready Meals sites	Savoury Sites
		7	9
		12	8
		10	6
		5	11
		1	4
		3	2

* activities disposed as of January 10th 2025

What’s Cooking? - in brief

What’s Cooking? is an innovative European group in fresh and savoury food. The group had two business activities until the end of 2024: Savoury and Ready Meals. The Savoury segment was sold to Aurelius shortly after year-end as previously announced. What’s Cooking? puts the focus entirely on ready meals from 2025 where it announced investments in Poland and also plans to grow further through mergers or acquisitions. Until the end of 2024, What’s Cooking? had 12 production sites in Belgium, the Netherlands, France, Poland and the United Kingdom, seven commercial offices in Europe and a headquarters in Belgium. It employs about 2,500 people, about 60 of whom work at its headquarters. After the sale of the Savoury segment, about half the employees and 5 production sites remain in Belgium (x2), France, Poland and the United Kingdom. The group achieved a turnover from continuing operations (ready meals) of 404 million euros in 2024 and also managed to further improve profitability.

Strategic business unit Savoury - sold to Aurelius in early 2025 so ‘discontinued operation’

Is a producer and packager of fine meats, vegetarian and veggie spreads, slices & snacks (‘Savoury spreads, slices & snacks’) for the Benelux, UK, Germany and export markets.
Has production facilities in Belgium (Wommelgem and Lievegem) and the Netherlands (Borculo).
Has five meat cutting and packaging centers, three of which are in Belgium (Wommelgem, Lievegem and Veurne) and two in the Netherlands (Wijchen, Ridderkerk).
Is innovator in prepackaged Savoury products segment.
Sells under distribution brands and proprietary brand names such as Pluma®, Daniel Coopman® and Limco ®.
Counts some 1120 people (excl. interims – incl. HQ).

Strategic business unit Ready Meals (ready meals)

Makes freshly prepared dishes for the European market.
Is European leader in fresh lasagna.
Has specialized production sites in Belgium (Wanze and Marche-en-Famenne), France (Mézidon-Vallée d’Auge), Poland (Opole) and the United Kingdom (Deeside).
Sells under the brand names Come a casa®, Vamos® and Stefano Toselli® and numerous distribution brands.
Counts some 1430 people (excl. interims – incl. HQ).

Our core values

Stronger together thanks to our core values

Crafting with care, care by crafting
The care we put into our products is our contribution to the world. Quality is always on our hungry minds, as is the well-being and safety of our colleagues and consumers. We set new standards for taste and convenience, and we are mindful about sustainability.
Confident & courageous
We know we are pretty good at what we do, because we believe in our people and the skills they bring to the table. We encourage them to be just as ambitious as we are, never minding the honest mistakes they may make on the way.
Day by day, side by side
Big changes don’t happen overnight. That’s why we work towards our goals one day at a time, rolling up our sleeves together, as the team we are. We treat every-one equally while respecting their individuality, whether they’re our colleagues, customers, suppliers, or consumers.

Consolidated statement of financial position

	31 December 2024	31 December 2023	31 December 2022
Assets
Property, plant and equipment	288,441,100	306,363,648	305,490,683
Intangible assets	19,496,898	20,857,709	21,931,325
Right-of-use assets	47,327,585	49,675,897	53,053,185
Investments in associates	1,895,718	1,895,718	1,895,718
Deferred tax assets	6,315,045	5,602,845	4,576,835
Financial assets
Debt instruments	0	0	0
Equity instruments	10,000	10,000	10,000
Other non-current assets	60,000	60,000	60,000
Total non-current assets	363,546,346	384,465,817	387,017,746

Inventories	31,578,513	33,114,065	31,822,187
Trade and other receivables	55,480,633	58,127,822	52,353,151
Contract assets	4,109,388	4,397,135	3,298,518
Cash and cash equivalents	30,806,792	19,551,717	23,291,415
Other current assets	1,400,000	1,400,000	1,400,000
Total current assets	123,375,326	116,590,739	112,165,271
Assets held for sale and disposal groups	0	32,453,104	0
Total assets	486,921,672	533,509,660	387,017,746

Equity and liabilities
Equity
Issued capital	15,000,000	15,000,000	15,000,000
Capital reserve	1,140,000	1,140,000	1,140,000
Share premium	1,273,310	1,273,310	1,273,310
Retained earnings	87,384,113	86,211,856	79,834,460
Reserve of cash flow hedges	1,497,969	1,040,987	742,983
Reserve of remeasurements of defined benefit plans	2,204,645	1,853,760	1,602,141
Reserve for call / put option on minority interests	0	0	0
Reserve of exchange differences on translation	(1,457,890)	(1,116,289)	(1,474,165)
Equity attributable to owners of parent	105,042,147	104,303,624	98,118,730
Non-controlling interests	0	0	0
Total equity	105,042,147	104,303,624	98,118,730

Non-current liabilities
Borrowings	123,077,395	141,858,805	118,251,659
Lease liabilities	29,050,361	31,111,617	32,544,697
Deferred tax liabilities	2,387,365	1,979,105	1,938,586
Provisions	2,568,159	2,431,530	2,410,733
Other non-current liabilities	1,176,472	1,176,472	1,176,472
Total non-current liabilities	158,269,752	178,557,529	156,322,147

Current liabilities
Borrowings	4,257,738	6,273,910	11,718,209
Lease liabilities	6,299,050	6,487,434	6,668,114
Trade and other payables	77,253,751	83,377,079	64,110,131
Contract liabilities	3,437,311	3,572,693	2,599,931
Provisions	1,907,075	1,884,448	1,709,514
Current tax liabilities	1,081,519	1,002,544	1,157,700
Other current liabilities	2,511,506	2,579,420	2,520,203
Total current liabilities	96,747,950	105,107,528	90,483,802
Liabilities directly attributable to assets held for sale	0	13,572,981	0
Total liabilities	355,064,702	397,238,038	246,805,949
Total equity and liabilities	460,106,849	501,541,662	344,924,679

Consolidated statement of comprehensive income

	31 December 2024	31 December 2023	31 December 2022
Revenue	404,256,496	419,315,931	402,994,789
Cost of sales	(269,048,890)	(280,109,775)	(269,958,560)
Gross profit	135,207,606	139,206,156	133,036,229
Distribution costs	(36,850,826)	(38,015,324)	(36,648,678)
Administrative expenses	(20,398,221)	(20,588,521)	(19,354,647)
Other operating income	2,636,649	3,114,645	1,200,000
Other operating expenses	(6,934,796)	(7,741,450)	(5,626,502)
Operating profit	73,560,412	75,975,506	72,405,412
Finance income	4,830,093	4,277,273	2,897,065
Finance costs	(10,147,312)	(11,453,068)	(10,620,542)
Profit before tax	68,243,193	68,809,711	64,682,035
Income tax expense	(15,536,559)	(15,985,236)	(15,704,168)
Profit for the year	52,706,634	52,824,475	48,977,867

Other comprehensive income/(expense) items
Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit plans	374,459	274,413	280,363
Income tax relating to remeasurements of defined benefit plans	(77,980)	(56,612)	(57,748)
Items that will not be reclassified to profit or loss, net	296,479	217,801	222,615
Items that may be reclassified subsequently to profit or loss:
Cash flow hedging	457,000	300,000	(1,000,000)
Income tax relating to cash flow hedging	(95,000)	(62,000)	200,000
Exchange differences on translation of foreign operations	(341,601)	357,964	(1,500,000)
Income tax relating to translation of foreign operations	0	0	0
Items that may be reclassified subsequently to profit or loss, net	120,400	605,964	(2,300,000)
Other comprehensive income/(expense) items, net	416,879	823,765	(2,077,385)
Total comprehensive income for the year	53,123,513	53,648,240	46,900,482

Profit attributable to:
Owners of the parent	52,706,634	52,824,475	48,977,867
Non-controlling interests	0	0	0
Total comprehensive income attributable to:
Owners of the parent	53,123,513	53,648,240	46,900,482
Non-controlling interests	0	0	0

Consolidated statement of changes in equity

	Issued Capital	Capital Reserve	Share Premium	Retained Earnings	Reserve of Cash Flow Hedges	Reserve of Remeasurements of Defined Benefit Plans	Reserve for Call / Put Option on Minority Interests	Reserve of Exchange Differences on Translation	Total Equity Attributable to Owners of Parent	Non-Controlling Interests	Total Equity
As at 1 January 2022	15,000,000	1,140,000	1,273,310	73,366,047	(1,069,978)	1,486,600	0	316,165	91,156,144	0	91,156,144
Profit for the year				48,977,867					48,977,867		48,977,867
Other comprehensive income/(expense) items, net					(1,000,000)	280,363		(1,500,000)	(2,300,000)		(2,300,000)
As at 31 December 2022	15,000,000	1,140,000	1,273,310	79,834,460	742,983	1,602,141	0	(1,474,165)	98,118,730	0	98,118,730
Profit for the year				52,824,475					52,824,475		52,824,475
Other comprehensive income/(expense) items, net					300,000	274,413		357,964	605,964		605,964
As at 31 December 2023	15,000,000	1,140,000	1,273,310	86,211,856	1,040,987	1,853,760	0	(1,116,289)	104,303,624	0	104,303,624
Profit for the year				52,706,634					52,706,634		52,706,634
Other comprehensive income/(expense) items, net					457,000	374,459		(341,601)	120,400		120,400
As at 31 December 2024	15,000,000	1,140,000	1,273,310	87,384,113	1,497,969	2,204,645	0	(1,457,890)	105,042,147	0	105,042,147

Consolidated statement of cash flows

	31 December 2024	31 December 2023	31 December 2022
Cash flows from operating activities
Profit for the year	52,706,634	52,824,475	48,977,867
Adjustments for:
Depreciation and amortisation	23,188,701	23,027,179	21,738,908
Impairment losses recognised	0	0	0
Finance income	(4,830,093)	(4,277,273)	(2,897,065)
Finance costs	10,147,312	11,453,068	10,620,542
Income tax expense	15,536,559	15,985,236	15,704,168
Changes in working capital:
Increase in inventories	(1,464,448)	(1,291,878)	(1,191,581)
Increase in trade and other receivables	(2,652,711)	(5,774,511)	(2,955,305)
Increase in contract assets	(287,747)	(1,100,000)	(818,400)
Increase in trade and other payables	(6,123,328)	19,266,948	4,439,895
Increase in contract liabilities	(135,382)	972,762	579,355
Increase in provisions	23,227	174,934	188,615
Cash generated from operations	86,339,174	111,439,767	94,159,134
Interest paid	(10,147,312)	(11,453,068)	(10,620,542)
Income taxes paid	(15,400,000)	(15,400,000)	(15,400,000)
Net cash from operating activities	60,791,862	84,586,699	68,138,592

Cash flows from investing activities
Purchase of property, plant and equipment	(20,721,800)	(21,000,000)	(20,000,000)
Proceeds from sale of property, plant and equipment	5,700,000	5,000,000	4,000,000
Purchase of intangible assets	(1,000,000)	(1,000,000)	(1,000,000)
Net cash used in investing activities	(16,021,800)	(17,000,000)	(17,000,000)

Cash flows from financing activities
Proceeds from borrowings	0	32,800,000	20,000,000
Repayment of borrowings	(19,295,535)	(10,000,000)	(8,000,000)
Repayment of lease liabilities	(6,299,050)	(6,487,434)	(6,668,114)
Dividends paid	(52,706,634)	(52,824,475)	(48,977,867)
Net cash used in financing activities	(78,290,219)	(36,511,909)	(43,645,981)

Net increase/(decrease) in cash and cash equivalents	12,259,943	31,074,790	8,492,611
Cash and cash equivalents at the beginning of the year	19,551,717	23,291,415	14,798,804
Cash and cash equivalents at the end of the year	31,811,660	54,366,205	23,291,415

Cash and cash equivalents classified as assets held for sale	0	(34,814,488)	0
Cash and cash equivalents at end of period (reported)	31,811,660	19,551,717	23,291,415

Notes to the Consolidated Financial Statements

1. General information

The consolidated financial statements of What’s Cooking? have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

2. Summary of significant accounting policies

The significant accounting policies applied in the preparation of these consolidated financial statements are as follows:

a) Basis of preparation

The consolidated financial statements are prepared on the historical cost basis, except for certain financial instruments that are measured at fair value. The functional currency of the parent company is the Euro (€). The consolidated financial statements are presented in Euros.

b) Business combinations and goodwill

Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured at the consideration transferred, which is the fair value of the assets transferred, liabilities incurred and equity interests issued by the group. Acquisition-related costs are expensed as incurred.

Goodwill is initially recognised as an excess of the aggregate of the consideration transferred and the value of any non-controlling interest, over the net identifiable assets acquired and liabilities assumed. When the fair value of the net identifiable assets acquired and liabilities assumed exceeds the aggregate consideration transferred, the group re-assesses the classification and measurement of the identifiable assets and liabilities and considers whether the purchase consideration includes any additional benefits. If, after reassessment, the fair value of net identifiable assets exceeds the consideration transferred, the excess is recognised as a gain in profit or loss on the acquisition date.

Goodwill is not amortised but is tested for impairment at least annually, or more frequently if events or changes in circumstances indicate that its carrying amount may not be recoverable. Any impairment loss is recognised as an expense in profit or loss.

c) Revenue recognition

Revenue is recognised at an amount that reflects the consideration to which the group expects to be entitled in exchange for transferring goods or services to a customer. The group has applied IFRS 15 Revenue from Contracts with Customers.

d) Property, plant and equipment

Property, plant and equipment are carried at cost less accumulated depreciation and impairment losses. Depreciation is recognised so as to write down the cost of assets over their estimated useful lives on a straight-line basis.

The estimated useful lives of property, plant and equipment are as follows:
* Buildings: 20-50 years
* Machinery and equipment: 5-15 years
* Vehicles: 5-10 years
* Office equipment: 3-5 years

e) Intangible assets

Intangible assets include software and other acquired intangible assets. These are recognised at cost less accumulated amortisation and impairment losses. Amortisation is recognised so as to write down the cost of intangible assets over their estimated useful lives on a straight-line basis. The estimated useful lives of intangible assets are typically 3-10 years.

f) Impairment of non-financial assets

At each reporting date, the group assesses whether there is any indication that a non-financial asset may be impaired. If such an indication exists, the group estimates the recoverable amount of the asset. If the carrying amount of an asset exceeds its recoverable amount, the asset is impaired and an impairment loss is recognised in profit or loss. The recoverable amount is the higher of the asset’s fair value less costs to sell and its value in use.

For goodwill, impairment tests are carried out at least annually or whenever events or circumstances indicate that goodwill might be impaired.

g) Financial instruments

Financial instruments are classified and accounted for in accordance with IFRS 9 Financial Instruments.

Financial assets: Financial assets are recognised initially on the trade date, which is the date on which the group becomes a party to the contractual provisions of the instrument.

Financial liabilities: Financial liabilities are recognised initially on the settlement date, which is the date on which the group receives or pays an asset to transfer a financial liability.

h) Leases

The group leases various offices, warehouses, and production facilities. Lease agreements are recognised as a right-of-use asset and a corresponding lease liability at the date at which the asset is available for use.

Right-of-use assets: The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term.
Lease liabilities: The lease liability is measured at the present value of the lease payments that are not paid at the commencement date of the lease. Lease payments are discounted using the interest rate implicit in the lease or the group’s incremental borrowing rate.

i) Provisions

Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

j) Employee benefits

Defined contribution plans: The group operates defined contribution pension plans. Contributions are recognised as an expense in the statement of comprehensive income when incurred.

Defined benefit plans: The group operates defined benefit pension plans. The cost of defined benefit plans is determined using the projected unit credit method. Actuarial gains and losses are recognised in other comprehensive income.

k) Income tax

Income tax comprises current and deferred tax. Income tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity, in which case it is recognised in other comprehensive income or equity, respectively.

Current tax is the amount of income tax recoverable in respect of the current or prior periods.

Deferred tax is calculated using the balance sheet liability method. Deferred tax assets and liabilities are recognised for all temporary differences, arising between the carrying amounts of assets and liabilities in the financial statements and their respective tax bases. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilised.

l) Earnings per share

Earnings per share are calculated by dividing the profit attributable to equity holders of the parent by the weighted average number of ordinary shares outstanding during the year.

3. Critical accounting judgements and estimation uncertainties

The preparation of financial statements requires management to make judgements, estimates, and assumptions that affect the reported amounts of revenues, expenses, assets, and liabilities. The nature of estimation means that actual outcomes could differ from current estimates.

a) Impairment of goodwill

The group performs annual impairment tests of goodwill. The recoverable amount is determined based on value-in-use calculations, which require the use of estimates and assumptions regarding future cash flows, discount rates, and growth rates. Changes in these estimates could have a significant impact on the impairment test results.

b) Useful lives of property, plant and equipment and intangible assets

The useful lives of property, plant and equipment and intangible assets are estimated based on management’s experience with similar assets. These estimates may be affected by technological obsolescence, physical wear and tear, and other factors.

c) Provisions

Provisions are recognised based on management’s best estimates of the likely outcome of uncertain future events. This involves judgement and can be subject to change.

4. Discontinued operations

On January 10th, 2025, the Group completed the sale of its Savoury business unit to Aurelius. This business unit has been presented as a discontinued operation for the year ended December 31, 2024. The results of the discontinued operation are presented separately in the consolidated statement of comprehensive income.

The assets and liabilities directly associated with the Savoury business unit have been presented as assets and liabilities held for sale as of December 31, 2023.

a) Financial results of discontinued operations

	31 December 2024	31 December 2023	31 December 2022
Revenue	190,000,000	210,000,000	200,000,000
Cost of sales	(130,000,000)	(140,000,000)	(135,000,000)
Gross profit	60,000,000	70,000,000	65,000,000
Distribution costs	(15,000,000)	(16,000,000)	(15,500,000)
Administrative expenses	(8,000,000)	(8,500,000)	(8,000,000)
Other operating income	1,000,000	1,200,000	1,000,000
Other operating expenses	(3,000,000)	(3,200,000)	(3,000,000)
Operating profit	35,000,000	43,500,000	39,500,000
Finance income	1,500,000	1,600,000	1,500,000
Finance costs	(5,000,000)	(5,500,000)	(5,000,000)
Profit before tax	31,500,000	39,600,000	36,000,000
Income tax expense	(7,000,000)	(8,000,000)	(7,500,000)
Profit for the year from discontinued operations	24,500,000	31,600,000	28,500,000

b) Assets and liabilities held for sale

	31 December 2024	31 December 2023
Assets held for sale
Property, plant and equipment	0	20,000,000
Intangible assets	0	1,500,000
Inventories	0	2,500,000
Trade and other receivables	0	5,000,000
Cash and cash equivalents	0	3,453,104
Total assets held for sale	0	32,453,104

Liabilities directly attributable to assets held for sale
Trade and other payables	0	10,000,000
Provisions	0	3,572,981
Total liabilities held for sale	0	13,572,981

5. Segment reporting

The group’s reportable segments are Strategic business unit Savoury and Strategic business unit Ready Meals. These segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker.

a) Revenue by segment

	31 December 2024	31 December 2023	31 December 2022
Savoury	190,000,000	210,000,000	200,000,000
Ready Meals	214,256,496	209,315,931	202,994,789
Total Revenue	404,256,496	419,315,931	402,994,789

b) Profit before tax by segment

	31 December 2024	31 December 2023	31 December 2022
Savoury	31,500,000	39,600,000	36,000,000
Ready Meals	36,743,193	29,209,711	28,682,035
Profit before tax	68,243,193	68,809,711	64,682,035

c) Segment assets

	31 December 2024	31 December 2023	31 December 2022
Savoury	0	32,453,104	0
Ready Meals	486,921,672	501,056,556	387,017,746
Total Assets	486,921,672	533,509,660	387,017,746

Note: Segment assets for Savoury in 2023 represent assets held for sale.

6. Property, plant and equipment

	Buildings	Machinery & Equipment	Vehicles	Office Equipment	Right-of-Use Assets	Total
Cost
As at 1 January 2023	180,000,000	150,000,000	5,000,000	2,000,000	53,053,185	390,053,185
Additions	5,000,000	10,000,000	1,000,000	500,000	0	16,500,000
Disposals	(2,000,000)	(3,000,000)	(500,000)	(200,000)	0	(5,700,000)
As at 31 December 2023	183,000,000	157,000,000	5,500,000	2,300,000	49,675,897	397,475,897
Additions	8,000,000	15,000,000	1,500,000	700,000	0	25,200,000
Disposals	(3,000,000)	(5,000,000)	(1,000,000)	(300,000)	0	(9,300,000)
As at 31 December 2024	188,000,000	167,000,000	6,000,000	2,700,000	47,327,585	411,027,585

Accumulated depreciation
As at 1 January 2023	(36,000,000)	(75,000,000)	(2,500,000)	(1,000,000)	(27,000,000)	(141,500,000)
Depreciation charge	(4,000,000)	(10,000,000)	(500,000)	(400,000)	(5,625,000)	(20,525,000)
Disposals	1,000,000	2,000,000	250,000	100,000	0	3,350,000
As at 31 December 2023	(39,000,000)	(83,000,000)	(2,750,000)	(1,300,000)	(32,625,000)	(158,675,000)
Depreciation charge	(4,500,000)	(11,000,000)	(550,000)	(450,000)	(5,271,412)	(21,771,412)
Disposals	2,000,000	3,000,000	500,000	150,000	0	5,650,000
As at 31 December 2024	(41,500,000)	(91,000,000)	(2,800,000)	(1,600,000)	(37,896,412)	(174,796,412)

Net carrying amount
As at 31 December 2023	144,000,000	74,000,000	2,750,000	1,000,000	17,050,897	238,800,897
As at 31 December 2024	146,500,000	76,000,000	3,200,000	1,100,000	9,431,173	236,231,173

Note: The figures for 2023 and 2024 include property, plant and equipment related to the Ready Meals segment only, as the Savoury segment has been classified as assets held for sale in 2023 and sold in 2024.

7. Intangible assets

	Software	Other Intangible Assets	Total
Cost
As at 1 January 2023	15,000,000	10,000,000	25,000,000
Additions	2,000,000	0	2,000,000
Disposals	(500,000)	(500,000)	(1,000,000)
As at 31 December 2023	16,500,000	9,500,000	26,000,000
Additions	1,000,000	0	1,000,000
Disposals	(300,000)	(200,000)	(500,000)
As at 31 December 2024	17,200,000	9,300,000	26,500,000

Accumulated amortisation
As at 1 January 2023	(7,500,000)	(3,000,000)	(10,500,000)
Amortisation charge	(1,500,000)	(500,000)	(2,000,000)
Disposals	250,000	200,000	450,000
As at 31 December 2023	(8,750,000)	(3,300,000)	(12,050,000)
Amortisation charge	(1,600,000)	(550,000)	(2,150,000)
Disposals	150,000	100,000	250,000
As at 31 December 2024	(10,000,000)	(3,750,000)	(13,750,000)

Net carrying amount
As at 31 December 2023	7,750,000	6,200,000	13,950,000
As at 31 December 2024	7,200,000	5,550,000	12,750,000

8. Borrowings

	31 December 2024	31 December 2023	31 December 2022
Non-current borrowings
Bank loans	123,077,395	141,858,805	118,251,659
Total non-current borrowings	123,077,395	141,858,805	118,251,659

Current borrowings
Bank loans	4,257,738	6,273,910	11,718,209
Total current borrowings	4,257,738	6,273,910	11,718,209

Total borrowings	127,335,133	148,132,715	130,000,000

The borrowings are denominated in EUR and USD. The weighted average interest rate on borrowings as at December 31, 2024, was 4.5% (2023: 4.8%, 2022: 4.2%).

9. Trade and other payables

	31 December 2024	31 December 2023	31 December 2022
Trade payables	50,000,000	55,000,000	40,000,000
Accrued expenses	20,000,000	21,000,000	18,000,000
Other payables	7,253,751	7,377,079	6,110,131
Total trade and other payables	77,253,751	83,377,079	64,110,131

10. Equity attributable to owners of parent

	31 December 2024	31 December 2023	31 December 2022
Issued capital	15,000,000	15,000,000	15,000,000
Capital reserve	1,140,000	1,140,000	1,140,000
Share premium	1,273,310	1,273,310	1,273,310
Retained earnings	87,384,113	86,211,856	79,834,460
Reserve of cash flow hedges	1,497,969	1,040,987	742,983
Reserve of remeasurements of defined benefit plans	2,204,645	1,853,760	1,602,141
Reserve of exchange differences on translation	(1,457,890)	(1,116,289)	(1,474,165)
Total equity attributable to owners of parent	105,042,147	104,303,624	98,118,730

11. Earnings per share

	31 December 2024	31 December 2023	31 December 2022
Profit for the year (attributable to owners of parent)	52,706,634	52,824,475	48,977,867
Weighted average number of shares outstanding	10,000,000	10,000,000	10,000,000
Basic and diluted earnings per share	5.27	5.28	4.90

12. Related party transactions

The following are related parties to the group:

Key management personnel
Entities controlled by key management personnel

The group has entered into the following related party transactions:

	31 December 2024	31 December 2023	31 December 2022
Salaries and other short-term employee benefits	5,000,000	4,800,000	4,500,000
Loans to key management personnel	2,000,000	2,000,000	2,000,000

13. Commitments and contingencies

Operating lease commitments: The group has commitments under non-cancellable operating leases for office space and equipment. The future minimum lease payments are as follows:

	31 December 2024	31 December 2023
Within one year	3,000,000	3,200,000
One to five years	7,000,000	8,000,000
Over five years	10,000,000	12,000,000

Contingent liabilities: The group is involved in various legal proceedings. Management believes that the outcome of these proceedings will not have a material adverse effect on the financial position or results of operations of the group.

14. Events after the reporting period

On January 10th, 2025, the Group completed the sale of its Savoury business unit to Aurelius, as disclosed in Note 4. This transaction has been accounted for as a discontinued operation.

15. Approval of financial statements

These consolidated financial statements were approved by the Board of Directors on March 15, 2025.# What’s Cooking? Annual report 2024

Highlights and key figures in 2024 - Outlook for 2025

Highlights and key figures in 2024

Consolidated results in 2024

Sales growth of 9%. UEBITDA is growing again, mainly due to the 10% volume growth in ready meals and the achievement of further operational efficiencies. The investments of recent years are also bearing fruit. Further progress was also made in the terminated Savoury business. Despite higher financing costs, What’s Cooking? also managed to improve net income. Focus on longer-term sustainable and profitable growth.

	Net income	UEBITDA	euros gross per share (payable July 2025)	Special dividend euros gross per share (payable June 2025)	million euros	million euros	in turnover

	21	65	4.5	5.5	404

Highlights and key events

In 2024, a major focus was on the sale of our Savoury assets - where, as previously announced, we sold the segment to Aurelius (transaction completed in early 2025). We are confident that the business can continue to grow under the new owners. For our company, this sale is the start of a new chapter in which we will continue to work full steam ahead to grow our ready meals both organically and through acquisitions.

Despite difficult market conditions with continued inflation of certain raw materials, the group managed to increase ready meals sales by 9% to EUR 404 million. Our volumes increased by 10% thanks to a broadening of our customer and product portfolio. The Underlying EBITDA for the entire group including discontinued operations (Savoury) was 65 million or about 15 million more than in the previous fiscal year. Non-underlying EBITDA expenses (EUR 1 million in total in 2024) in the current fiscal year consist mainly of costs related to the sale of the Savoury segment to Aurelius. Net financial debt is further reduced from EUR 61 million to EUR 47 million primarily due to the implementation of a non-recourse factoring program in our ready meals segment. The sale of the Savoury segment will also regain the group additional financial strength to continue its growth story.

In million euros	2023	2024	Difference in %
Net sales	369	404	+9
UEBITDA (including discontinued operations)	50	65	+23
UEBITDA (continuing operations)	23	33	+42
EBITDA (continuing operations)	23	32	+40
Result for the year after taxes	8	21	+170

The 2023 figures have been adjusted to reflect the termination of SBU Savoury and to allow for comparability.

Savoury business unit

The sale of the Savoury business to Aurelius which became final in early 2025 allows the group to further focus on growth in ready meals. However, during 2024 the focus was still on improving the Savoury business - which again became profitable in 2024. The net result of this segment increased from a loss of €2 million to a profit of €5 million thanks to winning a number of contracts and, above all, continued operational efficiency and the benefits of investments made in recent years. We are confident that the business can continue to grow under its new owner and further strengthen its position. We are grateful to everyone in the business for their commitment and contribution to this nice improvement in 2024.

Strategic business unit Ready Meals

Turnover of the Ready Meals business unit increased by 9% from EUR 369 million to EUR 404 million, mainly due to further volume growth. A broadening of the customer portfolio and product portfolio helped achieve this fine result. We also note that we continue to make progress in operational efficiencies and that the investments of recent years are bearing fruit. The expansion of the product portfolio and the innovative packaging are clearly catching on. This gives us hope for the future. We will therefore continue to invest in further broadening our offering. All this resulted in a nice improvement in the underlying result of these continuing operations from 23 to 33 million euros.

Dividend Proposal

The Board of Directors will propose to the Shareholders’ Meeting to increase the ordinary dividend payable in early July 2025 to 4.5 euros gross per share from 4.28 euros gross per share the previous year. The Board of Directors will also propose to the General Meeting to exceptionally approve an additional dividend of 5.5 euro gross per share, payable in June 2025.

Events after balance sheet date

After the balance sheet date, the sale of the Savoury business to Aurelius became final (see also notes further in this report and in previous press releases). Also, What’s Cooking? announced its intention to acquire Sveltic, who specializes in making a diverse range of fresh and frozen ready meals. See also further in this report for more information as well as our press releases concerning this strategic expansion.

Following the disposal of the Savoury business unit, to which the Lievegem location also belongs, the Group also moved its headquarters to a new state-of-the-art rented building in Ghent. This move gives the Group the opportunity to bring the various teams and departments even closer together in a new environment to further develop the collaborative organization and drive growth plans. The new headquarters address is What’s Cooking? Kortrijksesteenweg 1091, Bus C B-9051 Sint-Denijs-Westrem (Ghent) BELGIUM

Outlook for 2025

The Board faces 2025 with confidence and, barring unforeseen circumstances, expects UEBITDA in 2025 to be between EUR 34 million and EUR 40 million (excluding Sveltic). The group expects to invest significantly in the development of the new plant in Opole (Poland), which will temporarily double the cash flow from investments compared to historical averages for ready meals activity - to drive significant organic growth from 2027 onwards. Consolidated profit after tax is expected to be positively impacted by EUR 13 million related to the sale of the Savoury business.

Strategic objectives

What’s Cooking? wants to create growth and added value for all stakeholders. That’s why we finally set some goals in our ‘2030 plan’.

Must-do’s

Safety and food safety
Sustainable and profitable growth

Objectives Strategic Beliefs

Engaged Employees
Rebuild Innovation
Portfolio Refocus
Grow Excellence
Digital Acceleration
Lead our industry in sustainability

restated figures only include continued operations in Ready Meals and no longer include Savoury operations sold

EBITDA
37,1	45,9	35,9	45	23
2020	2021	2022	2023	2023 Restated*	2024

restated figures only include continued operations in Ready Meals and no longer include Savoury operations sold

Turnover
717,4	696,9	781,4	832	369	404*
2020	2021	2022	2023	2023 Restated*	2024*

EAT (Earnings After Tax)
7,3	4,5	7,7	32	11	21
2020	2021	2022	2023	2024
-2,5

Forword by the Chairman

Thank you for your interest in the story of What’s Cooking? It is with a lot of pride that we present to you the activities and results of a busy 2024. A year in which inflation has almost stabilized allowing us to revert to a more impactful agenda. You’ll appreciate the progress and the courageous actions that have been taken to execute our strategic intent.

Over the last years, and with the help of our shareholders, board of directors, management and all employees, the company has redefined the concept of value creation. The interests and concerns of all stakeholders can seamlessly be aligned if “value” is extended hand in hand and - when relevant - even beyond profit. Whereby profit and growth become a “result” which gets delivered by doing the right things in the right way. Hence the rigor with which we are bringing the entire ESG agenda at the center of our activities. This agenda is no longer a burden but part of our way to drive our business forward. Compliance and reporting in these matters are taken as a useful baseline and our efforts do not go unnoticed.

At the core of these efforts are our dedicated employees, who enable the company to go where we want to go bringing our ambition alive. Hence also the disposal of our Savoury cold cuts business and relentless search for new Ready Meals products and solutions for which we closely collaborate with our customers and consumers – opening the path further towards profitable growth. Healthy, tasty and affordable Ready Meals allow us to make our purpose “Day by day, we make sustainable food consumption second nature” most tangible. This will provide for our “License to operate” – whatever the direction our VUCA world will take.

It’s a good tradition to use the Annual Report as a way to thank everyone for their individual and collective contribution. It’s a pleasure and honor to be part of this exciting story. A novel we are writing with courage, day by day.

Paul Van Oyen
Chairman of the Board of Directors

Value Creation at the center of our strategic intent

Chairman

Chief Executive Officer

Piet Sanders, CEO

Strategic Beliefs through Transformation

We start with the open question “How do you look back to 2024?” Well, even though the outside world was somewhat less hectic than the years before, we still had a year where we have been very busy, both in continuing to improve the performance of our What’s Cooking? company, as well as progressing strategically. We made the bold choice to divest our Savoury cold cuts, slices & snacks business, a process which is completed now, combined with our ambition to assume leadership in sustainability as part of our business.# What’s Cooking? Annual report 2024

Even along this material divestment process, we managed to deliver our all-time best profitability. So, I look back with pride, and a lot of satisfaction to what the What’s Cooking? chefs have achieved this year. Divesting the Savoury business, a material part of the company’s turnover & people, must be impactful? Sure. We did this to allow also our Savoury business to further install a solid leadership position, under new wings that can focus on the profitable growth of the Savoury business. Obviously, after the announcement that Aurelius bought the Strategic Business Unit Savoury, we proceeded in preparing a smooth carve-out towards the closing date, ensuring that the strengths of the business got secured for start-through and beyond. So, the Ready Meals business is now the core activity for What’s Cooking? Indeed, but one with many growth possibilities and where we have excellent foundations to build on. We have agreed on a Strategy with some well-defined growth areas, such as Central & Eastern Europe, where we have investment plans for the building we bought, neighboring with our current factory in Opole. For our product portfolio, we keep developing more variety with new vegetarian & plant-based meals, and also focus on other global hero products, besides lasagna, such as other pasta meals, both in private label and under our famous Come a casa® brand. We also launch more other dishes from the world kitchen, and also local hero meals, where we offer consumers delicious dishes, conveniently prepared for them and easy-to-consume.

You mentioned lasagna: is this still your focus as well? Of course, it is and remains our absolute hero product! “MaLaGA” is the codename of our strategic lasagna project with a wink to Make Lasagna Great Again, supported by several continuous improvement programs. This means an absolute focus on a more sustainable lasagna, with for example our new Top Seal packaging which has 85% less plastic, without any compromise on quality, shelf-life & taste. We are also continuously working with our customers to reformulate towards further improved recipes, for reducing the carbon footprint whilst keeping the delicious taste. And, last but not least, we have launched a pre-gratinated option, which allows consumers to prepare their favorite lasagna even faster and with far less energy in the microwave combined with a recyclable tray. So, through MaLaGA, we believe that we can further refuel lasagna to even higher growth.

The retail channel remains the most important one for What’s Cooking? Yes, however, we are also growing our Food Service approach and sales, underscoring this ambition with the launch of our new “What’s Cooking? for Professionals” brand and services. Both chilled and innovative frozen Ready Meal solutions are opening now more & more doors in that channel, in the U.K. as well as on the European Continent. We have also a growing success with the famous Vamos® brand, very popular for decades already in the proximity channel, targeting butchers & local food stores.

Sustainability, the word was mentioned already a few times. A ‘fil rouge’ for What’s Cooking? That’s a good choice of word, ‘fil rouge’. Indeed, we aim for leadership in our industry, so all our actions are inspired by or infused with a sustainability touch. Over 90% of our innovation projects, are driving us to become more sustainable. Our “Drive” efficiency program has in general a positive impact on our footprint. Our customers more & more see us as their partner of choice for helping them also on their way towards their ESG goals, be it in packaging, CO 2 footprint, or nutritional improvements. And last but not least, our teams got two great recognitions in 2024: the Belgian Institute of Registered Auditors Award (BAS) for Best First Sustainability report, as well as the EcoVadis Silver Medal with EcoVadis being THE reference in assessing a company’s sustainability approach bringing us to the top 7% companies worldwide - also driving real impact towards our SBTI certification.

One of your three sustainability pillars is about People, right? Absolutely. “Help people flourish” is a strong belief. We look towards the more hard elements, such as Safety at work, through impactful campaigns, ensuring everyone goes home safely to their loved ones after work. But also the softer things such as Mental Health have been subject of an internal campaign. These elements – next to many other HR-related initiatives – will improve the overall engagement of our people, and it is generally known that only engaged & motivated people grow the company’s performance. Doing so will allow us to make further steps in rolling out the strategic agenda, Day by Day, Side by Side. This is one of our core values, which we have started to bring more to life with our teams e.g. by putting into practice and translating our values into desired behaviors and attitudes, very tangible. We will have more of such workshops, surely also with the factory colleagues. Confident and courageous, we keep crafting with care and show care for our people and the planet through our craftmanship. Thank you, Piet, and it looks like 2024 brought the strategy to life with 2025 becoming another exciting year at What’s Cooking? Rest assured of that!

Piet Sanders
CEO
Chief Executive Officer

Chief Financial Officer

Yves Regniers, CFO-CSO

Transformation and Improved Performance combined! 2024 was a special year with the disposal of the Savoury business – a transformational deal for the group

Absolutely, 2024 was a very special year. We’re happy to have realized the disposal of the Savoury business as a win-win for all parties involved. We wish the Savoury team all the best under their new ownership and believe that we have divested the business at the right time, with solid relationships with customers and other stakeholders and operationally ready for next steps under new ownership.

What was equally important in 2024 was the operational performance of both segments. We’ve not reduced the energy levels to outperform on every aspect even when the project to divest already started at the beginning of 2024. Both Savoury and Ready Meals contributed to the solid results of 2024. We increased our like for like underlying EBITDA (including discontinued activities) from 50 mio EUR in 2023 to 65 mio EUR in 2024, even when there was a ‘distraction risk’ due to the big transformative project. It’s the merit of the entire team at What’s Cooking? who delivered these results. It also shows that the longer term investments paid off.

What were the real drivers under the improved performance? It’s not just one element, but the combination of so many initiatives. First of all, we’ve said that quality is key to growth over the longer term. We grew almost 10% in volume in Ready Meals thanks to this excellent quality track record alongside the widening of our portfolio and our continued focus on all channels where we are present: retail, foodservice and others. We are increasingly becoming an omni-channel player and our geographic reach positions us well for further growth. Also operational performance and price pass-thru improved compared to previous years. Our procurement teams continued to look for improvements in partnerships with our strategic partners. We also improved operationally thanks to our continued investments and the engaged teams at all the locations. 2024 was not an easy year as we still faced and continue to face geo-political challenges and inflation. Resilience and relentless focus helped us to DRIVE (the code-name for our continuous improvement projects) the business forward. Thanks to a continued focus on working capital we were also able to limit the impact of increased financing costs as much as possible which also helped to drive the net result, which increased from 8 mio EUR in 2023 to almost 21 mio EUR in 2024. On a consolidated level we will also still realize the profit on sale of the Savoury business early in 2025 as is disclosed in the notes to this report whilst most of the efforts by the teams were in 2024, so it truly was a very solid year.

You already announced a next potential growth opportunity ….how do you look at the future? We announced earlier that we are planning to invest significantly into the organic growth of the business. We purchased the neighboring building to our Opole factory in Poland and are converting this into a state of the art food manufacturing business. This will take time – but it’s planting a seed for the future organic growth in 2027 and beyond. Next to that we announced the intended acquisition of Sveltic, a producer of fresh and frozen meals in France with a product portfolio that is very complementary to our existing portfolio. We’re excited to work on this further expansion and keep our eyes open for further opportunities in the market. The sale of our Savoury business allowed us to repay our debt and gave us renewed oxygen to look at growth wherever it fits our strategic boxes. The new long term financing agreement we entered into in 2024 with our banking partners also allows us to move fast when opportunities arise.

Next to these growth plans, we of course also keep working on our existing business and have many exciting plans to grow and improve our products and offerings. We’re continuously focusing on the development of new products and also new packaging. We also developed the Come a casa® brand quite nicely in Eastern Europe where we grew by more than 40% in volume last year – also supported by a successful TV campaign.We moved to a new HQ building to bring teams closer to each other and also there we expect to see benefits in the collaboration between different teams – to bring our values to life every day – operating out of our new and more sustainable office not far away from the historical roots of the group. Sustainability….indeed something you keep focusing on? Absolutely. We continue to take the lead in sustainability! We truly believe that thanks to our focus and the fact we make sustainability ‘second nature’ and therefore embed it in all our activities and processes that we can make a difference and reduce the intensity of our footprint significantly. I’m really proud of what we achieved as a team so far, winning an EcoVadis Silver medal in 2024 and winning the Belgian Award for the Best First Sustainability report for large companies. We’re continuing our sustainability journey because we believe that ‘yes we care’ makes a difference. Our ‘yes we care’ attitude together with a smaller footprint after the Savoury – cold cuts business disposal gives us the appetite to go even further. We made great progress in the disposed business implementing CO2 and water intensity reductions and will now be able to fully focus on our Ready Meals business. All of this will give us the energy to keep on going, trying to improve bit by bit….every day! I am very grateful we have such a great team & the spirit to work on this throughout the company, Side by side & Day by day.

Yves Regniers
CFO-CSO

side by sideday by day,

What’s Cooking? Annual report 2024
24

The Power of Collaboration

What’s Cooking? Annual report 2024
25

Chief People Officer
Else Verstraete, CPO

As an organization, we take pride in our ability to create value— not just for our stakeholders but for our people, who stand at the heart of everything we do. This year, as we reflect on our journey, it becomes clear that our three core values have been instrumental in driving our progress and making a difference. These values— Day by Day - Side by Side, Confident & Courageous, and Crafting with Care - Care by Crafting—are more than just guiding principles; they are a shared commitment that shapes how we work, collaborate, and grow together.

Day by Day – Side by Side: The Power of Collaboration
This value reflects our belief in the strength of unity and collaboration. Day by day, we show up for each other, working side by side to achieve our goals. In practice, this means fostering a culture where every voice is heard, and every contribution is valued. It’s about creating an environment where teams can thrive together, leveraging diverse perspectives to solve challenges and innovate.

What’s Cooking? Annual report 2024
Creating value through our core values: Putting People at the Center

What’s Cooking? Annual report 2024
27

Chief People Officer

Creating value through our core values: Putting People at the Center

What’s Cooking? Annual report 2024

Chief People Officer

Over the past year, we’ve seen countless examples of this value in action. From cross-functional teams tackling complex projects to individuals stepping up to support colleagues in moments of need. Our people have shown that success is a collective endeavor. Together, we are stronger, more resilient, and better equipped to face the future.

Confident & Courageous: Leading with Purpose
Being confident and courageous means embracing challenges, taking calculated risks, and standing firm in our decisions. It’s about having the confidence to innovate and the courage to adapt when faced with uncertainty. This year, we’ve encouraged our teams to step outside their comfort zones, explore new possibilities, and challenge the status quo. Whether it’s adopting new technologies, rethinking traditional processes, or launching initiatives that drive positive change, our people have consistently shown that courage and confidence are catalysts for progress. These efforts not only create value for our organization but also empower individuals to grow personally and professionally.
Crafting with Care – Care by Crafting: Building on Our Foundations
At the heart of this value lies our unwavering commitment to our foundations: the care we have for our people, their safety, and their well-being. It also reflects our dedication to delivering products of the highest quality and striving for excellence in the broadest sense. Crafting with care means going the extra mile to ensure that every detail matters, from the well-being of our teams to the precision in our work. Care by crafting highlights our commitment to delivering meaningful outcomes that reflect our values. This is evident in how our teams approach their work—thoughtfully and with a focus on excellence. By prioritizing the safety and well-being of our people, ensuring the quality of our products, and pursuing excellence in all that we do, we uphold a standard that creates value for all. Crafting with Care - Care by Crafting: Excellence in Every Detail.

Putting People at the Center
While each of these values plays a unique role, they share a common thread: a focus on people. We recognize that our greatest asset is our people, and we are dedicated to creating an environment where they can thrive. From investing in professional development to promoting well-being and fostering inclusion. We ensure that our values are reflected in how we treat and support our teams. By putting people at the center, we not only build a stronger, more resilient organization but also create lasting value for our stakeholders. As we look to the future, our commitment to these values will continue to guide us, ensuring that we grow together, confidently, courageously, and with care. In the end, value creation isn’t just about outcomes; it’s about the journey. And it’s a journey we are proud to take—Day by Day, Side by Side.

Else Verstraete
CPO

What’s Cooking? Annual report 2024
29

Chief People Officer
29

Team Work	Safety	stabilność	Passion	Self belief	Brave	Independent	New Ideas	Not Judgemental	Communication
Nebojácny	Energy	Unique	Comfortable	Positivity	Joy	Knowledge	Strength	Happy	Learn
Original	Bold	Trust	Respect	Assured	Dôvera	puternic	ucsciwy	Unafraid	Help others
Cryf	Outgoing	Adaptable	Kreatywność	Assertive	Smart	Calm	Ability	Optimistic	Honest
Pride	Willing	Spontaneous	Resilience	Professional	Leadership	Confidence	Pewny Siebie	Challenging	Nie boj się
Silny	Creative	Innovation	Fiicurajos	Strong	Committed	Fearless	Take Responsibililty	Odważny	determinacja

What’s Cooking? Annual report 2024
30

Strategic Beliefs

Engaging workplace for all: Values are more than words

Engaged People
Connecting our people with our Company values has been a focus in our What’s Cooking? Deeside UK plant. For us, our values need to be at the heart of what we do. They should shape our behaviour and guide the decisions we make. To create that connection, we have looked at ways in which we can bring meaning to the words.

Power of recognition
Every day we see behaviours and actions that underpin our values. It is crucial that we recognise and celebrate these and provide opportunities to encourage more of them. We do this in several ways.

Crafting with Care, Care by Crafting
Our work with our nominated charities truly represents our ‘Crafting with Care, Care by Crafting’ value. Colleagues vote on what local charity we support. We encourage and support everyone on site to raise funds and awareness. Providing a personal connection and demonstrating the positive impact that we can have beyond our work environment.

Team Work	Safety	stabilność	Passion	Self belief	Brave	Independent	New Ideas	Not Judgemental	Communication
Nebojácny	Energy	Unique	Comfortable	Positivity	Joy	Knowledge	Strength	Happy	Learn
Original	Bold	Trust	Respect	Assured	Dôvera	puternic	ucsciwy	Unafraid	Help others
Cryf	Outgoing	Adaptable	Kreatywność	Assertive	Smart	Calm	Ability	Optimistic	Honest
Pride	Willing	Spontaneous	Resilience	Professional	Leadership	Confidence	Pewny Siebie	Challenging	Nie boj się
Silny	Creative	Innovation	Fiicurajos	Strong	Committed	Fearless	Take Responsibililty	Odważny	determinacja

What’s Cooking? Annual report 2024
Strategic Beliefs

Creating a personal connection
In Deeside we have introduced the Big Appetite, a townhall that goes beyond a business update by spending time on our values. In our ‘Confident and Courageous’ session we brought the value to life by highlighting real examples on site. We also asked colleagues to tell us what it meant to them. Working together, colleagues wrote down words, familiar to them, that described being confident and courageous.

Embracing our diversity
We have colleagues of many nationalities in our business, who speak multiple languages, so it’s important our values translate and carry meaning. In our Big Appetite session, we captured over 200 different words and phrases, in over 8 different languages that meant being ‘Confident & Courageous’. We used these words to develop our own unique artwork. This is now displayed in our busiest walkway, so everyone can find a word, meaningful to them, that gives them confidence and courage.

Values are more than words at our Company!

Jenny Gee
Head of People & Culture
What’s Cooking? Deeside UK Ltd
31

Confident & Courageous
Our employee suggestion scheme is an excellent example of being ‘confident & courageous’. Colleagues are encouraged to share their improvement ideas, helping to make us a better place to work. Every great idea put into action receives recognition and an award.

Day by day, Side by side
Our employee of the month scheme recognises, rewards and motivates people to reach high. Nominated by colleagues, they are a real example of someone that works ‘day by day, side by side’ with others.# What’s Cooking? Annual report 2024

Strategic Beliefs Driving Process Excellence Through Digitalization

Digital Acceleration in Action

Processes

Digitization

Strategic Beliefs Putting process thinking first

Driving process excellence through digitalization is a cornerstone of our strategic ambitions. By prioritizing processes in all our improvement initiatives, we aim to achieve harmonized and optimized workflows that enhance efficiency, ensure quality, and foster employee engagement. To support this vision, we have established a dedicated process management organization. Collaboratively this team documents existing processes and their variations, designs ideal end-to-end workflows, and identifies opportunities for improvement. Their role extends to facilitating process improvements through comprehensive training, rigorous testing, and hands-on user support, ensuring smooth and effective adoption across the organization.

Pursuing ultimate digital value

To address the identified process improvement opportunities, we employ a dual-pronged approach: the Efficiency Factory, which focuses on smaller, tactical sub-process enhancements, and major IT projects designed to drive end-to-end process transformations. Both strategies are rooted in a continuous improvement methodology, ensuring an optimal digital user experience and maximizing the value delivered.

Executing our digital roadmap

All our planned digital initiatives are integrated into a comprehensive digital roadmap, which prioritizes and schedules them based on strategic importance. This roadmap is now being executed, with several major initiatives advancing in parallel. Among the top priorities are: One Plan—focused on implementing a new planning and forecasting system; Synergy—aiming to harmonize our ERP (Enterprise Resource Planning) platform; and Unicorn—dedicated to developing a new PLM (Product Lifecycle Management) solution. Beyond these flagship initiatives, digitalization is making strides across numerous other areas of our company, with an increasing emphasis on incorporating artificial intelligence. Below, we highlight two examples as illustrations.

What’s Cooking? Annual report 2024

Advancing sustainability through digital Insights

At What’s Cooking? we are committed to leveraging digital innovation to drive sustainability. We made significant strides by utilizing our ERP system to calculate the CO 2 footprint of all our finished products.
This initiative empowers us to identify opportunities for reducing emissions and optimizing our production processes. The data-driven approach not only supports our sustainability goals but also enhances transparency, enabling us to share meaningful environmental information with stakeholders.
Through this achievement, we are reinforcing our position as a forward-thinking company that aligns digitalization with sustainable practices. We remain dedicated to continuously improving, ensuring our actions today build a better tomorrow for all.

Efficient utilities management for sustainable production

Utilities, like people and machines, are indispensable resources in our production processes. To maximize their efficiency, we have implemented advanced measures to monitor and manage their consumption more effectively.
A unified digital tracking system enables detailed analysis and automation, facilitating faster responses and data-driven decision-making. This approach not only reduces energy costs but also optimizes resource utilization.
These initiatives align with our sustainability goals and drive the continuous improvement of resource management, ensuring both environmental and operational excellence.

Peter Bal
CIO

Lans Andries
Management Trainee

What’s Cooking? Annual report 2024

Strategic Beliefs Driving sustainability through sigital insights: actions today, for a better tomorrow.

Processes

Digitization

At What’s Cooking?, we are committed to leveraging digital innovation to drive sustainability. We made significant strides by utilizing our ERP system to calculate the CO 2 footprint of all our finished products. This initiative empowers us to identify opportunities for reducing emissions and optimizing our production processes. The data-driven approach not only supports our sustainability goals but also enhances transparency, enabling us to share meaningful environmental information with stakeholders. Through this achievement, we are reinforcing our position as a forward-thinking company that aligns digitization with sustainable practices. We remain dedicated to continuously improving, ensuring our actions today, build a better tomorrow.

Maarten Thys
Group Controller

What’s Cooking? Annual report 2024

Strategic Beliefs

Open innovation

Rebuild Innovation

What’s Cooking? we ask our customers and consumers, but we also ask our suppliers of technology, packaging and ingredients. Majority of our environmental impact comes from purchased goods and services. Our suppliers are therefore crucial partners in making our operations more sustainable. We actively engage in dialogue, explain our challenges and ambitions and look together at how we can achieve sustainability. New solutions and certainly sustainable ones are not always cost-effective or at scale. As What’s Cooking? we look with our suppliers at how we can still develop solutions together. A concrete example is a pilot project in which we explored with players upstream in our value chain how to substantially reduce the footprint of meat. In this pilot project, which ran over 9 months, a few hundred pigs were fed a more sustainable diet, slaughtered and processed in our lasagna. All steps were validated, the footprint, financial impact and also all areas of concern and open questions were identified. Our ambition is to scale up these kinds of collaborations.

What’s Cooking? we also ask knowledge institutions and universities. We actively look for partners working on our strategic themes. By actively participating in their projects, we provide support, direction and a better chance of the innovations actually being adopted. We participate in collaborative research projects in Flanders, Wallonia, the Netherlands and other countries to work with various universities and other industrial players. The knowledge institutions bring new ideas, think less in terms of limitations and often have more expertise and the appropriate research infrastructure. We also start bilateral collaborations with universities where we deposit specific challenges. As an example, we started a collaboration with ICOFF in Bolzano Italy. At the International Centre for Food Fermentation, we investigate how we can up-cycle certain byproducts of our own factories using fermentation. In this up-cycling, we simultaneously investigate how we can increase the nutritional value of our products in addition to their sustainability, for instance by improved digestibility, higher fibre content or protein enrichment. This is investigated in systems that mimic the human digestive system.

Brecht Vanlerberghe
CR&IO

What’s Cooking? Annual report 2024

Pre-gratinated lasagna for better convenience and sustainability

In response to the growing demand for easy and tasty meals, What’s Cooking? developed a pre-gratinated lasagna. This product offers customers a tasty product with a crispy cheese crust as an easy preparation in the microwave without compromising on taste and quality. After a scientific literature review, contacts with various technology suppliers, internal consultation and recipe improvement, a number of technologies were selected that could pre-gratinate lasagna. These technologies, some still in pre-industrial stage, were extensively tested in technology centers inside and outside Europe. Based on the quality, taste, and visual look of the final product, evaluated by our product development and Sales & Marketing departments, these technology choices were embraced for the future. Besides innovation, sustainability is also one of the pillars of our strategy. By doing the gratinating internally in our production units in a more energy-efficient way, the CO 2 emissions per kg of pre-gratinated lasagna are also lower than at home. This choice, combined with a packaging development that reduces the weight of packaging material per product, makes this lasagna a hit in terms of both taste and sustainability.

Henk Gurdebeke
Group Process R&D Lead

Strategic Beliefs

What’s Cooking? Annual report 2024

Strategic Beliefs

Come a casa® continues to be a key strategic growth pillar for What’s Cooking? with a clear ambition to become the largest ready meals brand in Europe. As the main brand within the What’s Cooking? portfolio, it is therefore essential not only to keep existing consumers at the centre of our marketing strategy but also to take steps towards geographical expansion by conquering new markets.

Come a casa® plant-based lasagna

Come a casa® took a big step towards sustainability in 2024. In April 2024, Come a casa® launched a 100% plant-based lasagna bolognese in the Belgian market. With this brand new lasagna, Come a casa® aims to appeal not only to vegans but also to a much wider audience. Indeed, research shows that as many as 64% of Belgian consumers (Metrixlab, March 2023) are trying to reduce their meat consumption. Come a casa® thus provides a solution to a clear consumer need and responds to more sustainable consumption behavior.

100% vegetable and 85% less plastic

Come a casa®’s plant-based lasagna is not only as delicious but also as affordable (!) as its classic lasagna bolognese. By offering the lasagna at launch at a similar price to the classic and beloved lasagna bolognese, we aim to make sustainable consumption a natural choice. Moreover, our innovative vegetable lasagna is packaged with as much as 85% less plastic.# What’s Cooking? Annual report 2024

Come a casa®, a big step in sustainability

This was made possible by a technological upgrade at our Marche-en-Famenne plant that also deployed a new “top seal” standard for the future of Come a casa® packaging. Come a casa®, a big step in sustainability But even outside Belgium, our Come a casa® lasagna continues to offer consumers moments of pure enjoyment. 2024 is the first year in which we invested in marketing activities in the Polish market, including two national TV campaigns to give our brand a platform for growth. And not without success: Come a casa® records a remarkable volume growth of more than 40% compared to last year. So Poland undeniably likes our Come a casa® lasagna! Besides the growth in Poland, we also see great developments in the rest of Central and Eastern Europe such as the Czech Republic, Hungary and Romania. 2024 was a great year for Come a casa® and we remain keen to deliver on our ambition to become the biggest brand of ready meals in Europe. The most beautiful brand we already are.

Emmanuelle Gailly
R&D Manager

Ruben Damman
Brand Manager

Marketing Excellence

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How do you easily prepare a dish without meat and without compromising on taste?

The NPD team developed a rich bolognese sauce based on pea proteins and a creamy béchamel sauce based on lentils and cauliflower.
The plant-based lasagna is not only more sustainable through the choice of ingredients but also thanks to a pioneering step in packaging. A journey which started four years ago and after testing and big technical adjustments in the factory, we made a big step in terms of sustainability with … “top seal”.

Strategic Beliefs

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Operational Excellence

A major lever for competitiveness, growth and long-term success

Picture this: a company at the zenith of its performance in terms of efficiency, productivity, safety and quality. A company definitively turned towards a more sustainable way of production and whose product’s environmental impact would condition future strategic choices. In short, a responsible company cultivating excellence. This is the ambition of What’s Cooking? starting today for a better tomorrow.

In this quest for operational excellence, continuous improvement stands as a cornerstone of What’s Cooking?. A discipline consisting on highlighting inefficiencies, reducing waste, rationalizing and standardizing processes while maintaining focus on customer’s satisfaction. Implement an effective and sustainable culture of improvement, requires solid foundations:

We make a culture of improvement part of our DNA. Internal “Yellow Belt” training is provided across factories and progressively we built a network of employees able to deploy basic Lean tools in problem-solving context.
Performance enhancement through “Data driven” approach. In order to embed teams in actions with added value, a daily performance review gets structured with relevant key indicators at each decision-making level. Objective is to boost reactivity against reported problems and provide solutions within shorter time-frame.
Foster every change, even minimal, through Kaizen initiatives. Team meetings are an opportunity to capture improvements ideas suggested by employees. Belts then take over the lead and manage simple improvement projects and make performance level growing.
Seek ways to remove non added-value activities by tracking “waste”. Last year and this year again, waste tracking remains one of the main objectives for What’s Cooking?. “War on waste” meeting led by a committee of internal experts is helping local teams defining priorities and provides a framework for sharing best practices between factories.

“Excellence is not a destination, it’s a continuous journey that never ends”
B. Tracy

Audrey Klepper
Continuous Improvement Expert – Quality Assurance

Conserving water by optimizing its use in the workplace is a key objective for What’s Cooking?. All our employees are sensitive to this environmental AND social issue, and our responsibility is to give them the means to act locally. Through the installation of detailed measurement systems at each workstation, coupled with an IT support system enabling live analysis of its use, we enable employees to obtain a visual overview of each individual action. Alarms linked to this software quickly indicate leaks, sources of leaks and high consumption. Good understanding and optimizing the parameters of our cooking and cooling installations also leads to substantial savings. The review of cleaning processes with a focus on reducing water consumption, is an additional area in which we are taking action to preserve this natural resource. Moreover, regular communication on objectives and results fosters an eco-responsible culture within our company and encourages personal initiatives that lead to sustained action to improve processes today and for the future.

Raphaël Mirgaux
Plant Manager, What’s Cooking? Marche-en-Famenne

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Strategic Beliefs

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Portfolio Refocus

At What’s Cooking? sustainability is key. Within R&I, reducing our Scope 3 emissions is one of our key objectives. The Scope 3 emissions of What’s Cooking? mainly come from the meat, dairy and other ingredients we purchase. Reformulating our products is therefore necessary to meet our target. We develop not only plant-based products but also “blended” products. These products are made from a combination of animal and vegetable ingredients. In this way, we combine the advantages of both worlds and create sustainable and healthy products.

From meat and dairy to plant-based

Animal ingredients have the biggest impact on the carbon footprint of our products. In a lasagna, for example, more than 50% of emissions come from meat and more than 80% from all animal ingredients combined. To reduce our Scope 3 emissions, we focus on reducing the impact of meat as much as possible. We do this by using less meat in our products while keeping a great taste fitting in a varied balanced diet, or by fully or partially replacing meat with plant-based alternatives. Finding a good plant-based alternative is a challenge. To find the right balance between taste, sustainability, nutritional value and affordability, we need to come up with innovative and creative solutions. To do so, we enter into partnerships with startups and knowledge institutions. Dairy, such as cheese, is the second largest source of our carbon footprint. That is why we are developing alternatives such as cheese, based on vegetable proteins, e.g. with faba bean. Together with partners, we aim for a “gold standard” in which taste and quality of our products are preserved.

Reusing residual flows

Food waste causes 10% of global greenhouse gas emissions. At What’s Cooking? we have therefore also set ambitious targets: to reduce our food waste. There are ongoing initiatives where we up-cycle byproduct streams to incorporate them into our products. These streams are often rich in protein and fibre, and often have a lower CO 2 footprint than some plant-based proteins. Our challenge is to ensure that they are suitable for use in food. Such initiatives fit seamlessly with the principles of the circular economy and the Green Deal.

Together towards a more sustainable future

To meet our 2030 CO 2 target, we work together - within our company and with partners outside the organisation. Together, we are redesigning our portfolio, turning challenges into opportunities, and building a better future for people and planet.

Elke De Witte
Group Product R&I Lead

Strategic Beliefs

A second pillar alongside our lasagna activities are the ‘local heroes’

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It is a long-term plan with 2 major objectives:

Becoming the number 1 Hachis Parmentier with the best taste
Develop a full range of products in new packaging that is more attractive and artisanal.

Besides the lasagna segment, Hachis Parmentier and potato-based meals account for nearly 20% of the market in France. Our expansion is promising. That is why we invested 1 million EUR in a new line. At the end of the project, we should be able to produce high-quality Hachis Parmentier and potato products at our What’s Cooking? Marche-en-Famenne factory with a gratin flavor after reheating in the microwave. All of this, with superior visual quality and at a competitive price, in family portions and single servings.

Fanny Nguyen,
Head of Innovation Projects

Frédéric Janssen,
Product Technologist

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Strategic Beliefs

Portfolio Refocus

The Emerging Foodservice Channel

What’s Cooking? may be recognised as a leader in European retail supplying ready meals into supermarkets across the continent but is still relatively unknown in the ‘out of home’ dining sector - apart from in the UK where the company’s foodservice heritage goes back nearly 40 years. As people continue to seek greater convenience and increased leisure time in their lives, the foodservice sector across Europe is predicted to continue its’ growth in future years. This diverse sector is made up of many segments and operators across commercial & social catering including restaurant, hotel, fast food & travel operators. What’s Cooking? is well positioned to use its’ experience in a number of these areas to become the new kid on the block of the European ‘out of home’ scene. Labour challenges continue: Post-Covid the recruitment and retention of staff in the hospitality sector across the continent continues to be a major obstacle for employers of all sizes as seek growth in their businesses.# What's Cooking? Annual Report 2024

Our Policies

Nutritional Policy

Day by day, we make sustainable food consumption second nature by increasing the appetite for delicious, convenient food with care for both people and planet. What’s Cooking? is committed to producing affordable, high-quality savoury cold cuts, snacking and ready meals that not only delight our customers with their taste and convenience but also fit in a varied and balanced diet. We believe that more of the good things, less of bad things is essential, and we are dedicated to providing high-quality products that continuously improve their nutritional relevance, and do meet or exceed our nutritional standards. This Nutritional Policy outlines our commitment to nutritional targets that are operational objectives for product renovation and innovation and are applicable to the whole What’s Cooking? portfolio across geographies and populations. They are based on nutrition science, take into account technical feasibility, and the customer and consumer acceptance journey while also adhering to regulatory guidelines.

Nutritional Targets

Specific criteria determine the What’s Cooking? Nutritional Targets:

The type of product: Our What’s Cooking? Nutritional Targets take into account the product type (savoury cold cuts, snacking, ready meals, plant-based options) by its place in food-based dietary guidelines such as food pyramids, eat-well plate and by its intended role in the diet;
The intended customer and consumer: Our What’s Cooking? Nutritional Targets are customized according to the mainstream needs and expectations of the consumer;
Prevailing Public Health Factors: In line with public health focusses, the following nutrients are generally included in our What’s Cooking? Nutritional Targets with maximum limits on energy (calories), sodium or salt, added sugars, total fat and/or saturated fatty acids.
An uncompromising principle: All criteria are equally important meaning that an excessive amount of nutrients to limit, cannot be compensated by the inclusion of higher amounts of nutrients to encourage.

Nutritional Target Guidelines

Balanced Nutrition: We are committed to creating products that provide varied and balanced nutrition, including appropriate portions of macronutrients (carbohydrates, proteins, and fats), fibers, vitamins and minerals (depending on category).
Sodium Control: We actively work to reduce the sodium in our products without compromising on taste and food safety. Excessive sodium intake is associated with health risks, and we aim to produce products that allows meeting nutritional recommendation for sodium/salt.
Saturated Fat Control: We actively work to reduce saturated fats in our products. High saturated fat intake is associated with health risks, and we aim to produce products that allows meeting nutritional recommendation for saturated fats.
Protein Content: We strive to include an appropriate amount of protein in our products, as it is an essential macronutrient for over-all health and well-being as part of a varied and balanced diet while taking into account total consumption of proteins per day of the average consumer. We are also committed to developing products with more sustainable and/or plant-based protein.
Dietary Fiber: We aim to include an adequate amount of dietary fiber in relevant product portfolios (e.g. ready meals) , as it is crucial for digestive health and overall well-being as part of a varied and balanced diet.
Allergen Awareness: We clearly label in full transparency the allergens present in our products in line with allergen labelling guidelines, helping those with food allergies to make informed choices.
Ingredient Transparency: We are committed to providing complete transparency about the ingredients used in our products, including non-confidential information about sourcing as well as quality, ethical and sustainability standards.
Portion Control: We provide clear information about recommended portion sizes on our packaging, helping consumers to make informed choices about their calorie and nutrient intake.
Reduced or Zero added/free Sugars: We actively work to avoid or at least reduce added sugars in our products, in line with dietary guidelines.
More Plant-Based options: We do develop and promote plant-based options for our traditional savoury cold cuts, snacking and ready meals bringing more plant-based on the plate of the consumer.

Quality Assurance

Ingredient Sourcing: We source high-quality ingredients, prioritizing sustainable and local options where possible in compliance with our Code of Business Conduct for Suppliers.
Food Safety: We adhere to strict food safety and hygiene standards, ensuring our products are safe for consumption.
Research and Development: We invest in research and development to create improved and new recipes that are both delicious and nutritionally balanced.
Nutritional Testing: Regular nutritional testing will be conducted on our products to verify their compliance with our nutritional guidelines.

Application to our Product portfolio

This policy applies to all products within the What’s Cooking? branded portfolio. For private label products produced in partnership with us, we encourage and advocate adherence to our What’s Cooking? Nutritional Policy. We believe that promoting and maintaining these Nutritional Targets do contribute to a varied and balanced life-style of our consumers.

Continuous Improvement

We understand that nutritional science is constantly evolving, and we commit to complement our knowledge about our products with the latest research and recommendations. What’s Cooking? Nutritional Targets will be regularly reviewed in the light of scientific innovation, as well as if the company’s product portfolio evolves.

Compliance with Regulations

We fully comply with all relevant regulations and guidelines governing the production and labeling of food products.

FSQR Policy

At What’s Cooking? we believe that food safety is never to be compromised.

We are crafting with care and delight our customers and consumers by putting quality top of mind.
Confident and courageous, our people are key to our success by responsibly ensuring the production of food safe, high-quality products following applicable laws as well as our own standards and procedures. We speak up when we notice a non-compliance.
Day by day, side by side, our customers and consumers are central to all that we do. We apply transparent communication on product safety, quality and regulatory matters both internally and externally.
What’s Cooking? management does provide the resources and support to adhere to this policy and to continuously improve our standards and procedures, in combination with independent integrity audits and GSFI recognised certification programs.

HSE Policy

At What’s Cooking? we believe that all incidents are preventable. Each of our employees should return home safely to their loved ones.

We provide a work environment that promotes and safeguards the health, safety and wellbeing of our employees and contractors.
Our people are key to our success.
Day by day, we identify and manage risks. We continuously improve our safety standards, tools and methods.
We are crafting with care, and are visibly ensuring safety side by side with our people, in all that we do.
We comply with applicable laws and regulations.
Confident and courageous, we are committed to minimize the environmental impact of our operation and do believe that acting responsibly for the environment is an integral part of doing good business.

... only then we are successful.

Selected Reference Documents:

REGULATION (EU) No 1169/2011 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 25 October 2011 on the provision of food information to consumers
REGULATION (EU) No 1924/2006 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 20 December 2006 on nutrition and health claims made on foods
World Health Organization.

This is where the support of manufacturing partners such as What’s Cooking? can help them to reduce complexity within their own operations by finding the right meal solutions to suit.

Diverse Product Range:

The company offers a variety of products tailored to different levels of culinary expertise. For clients with lower skill levels, ready meal-style options that only need reheating are available. For more skilled kitchens, component products that require finishing by chefs are offered. This flexibility meets a wide array of operational needs.

International Cuisines:

Italian food continues to be one of the most popular cuisines across the globe in retail and in foodservice which is great news for What’s Cooking? with its many years of product development in this area. However, we see that there are many other opportunities within this innovative sector to develop new and exciting concepts from across the globe as people continue to broaden their horizons through travel. Additionally, there is a rising demand for more healthy & sustainable ‘out of home choices.

Creating a new identity:

To differentiate its foodservice channel from its existing retail business, What’s Cooking? has introduced the sub-brand “What’s Cooking? for Professionals”. This clear identity will help us to communicate our focus on developing specific solutions for professional foodservice clients, aiming to carve out a space in this competitive sector. What’s Cooking? is strategically poised to leverage its extensive experience in the retail sector to successfully expand into the foodservice market by offering innovative, convenient, and diverse culinary solutions to meet the evolving needs of professional clients in several countries from the UK to the European continent.

Samir Edwards
Channel Director Industry & Foodservice

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Strategic Beliefs

Building a Green Future Together

Sustainable Procurement

Stakeholder engagement

Sustainability is a joint responsibility. Through intensive collaboration with our suppliers, customers and internal teams, we are working on broader support and implementation of sustainability within What’s Cooking?. This joint approach strengthens our ability to achieve concrete ESG impact together with our partners.

Continuous improvement and integration of sustainability into processes

Our commitment to sustainability requires continuous improvement and flexibility. By incorporating feedback from partners and using industry best practices, we optimize our processes and strengthen our sustainability performance. ESG criteria are now an integral part of our tenders and contract renewals so that sustainability is not just a goal, but has become a standard in our decision-making process. We continue to raise the bar even higher with the aim of continuously having a positive impact on the environment.

Jan De Leersnyder
Group Procurement Director

At the Procurement department of What’s Cooking? we have taken significant steps over the past year to further embed sustainability and corporate social responsibility in our procurement strategy. Among other things, our efforts focus on reducing the environmental impact of our purchases, improving the sustainability performance of our suppliers and increasing transparency in our supply chain with the ultimate goal of further reducing our Scope 3 emissions.

Understanding footprint and reduction strategies

By launching a comprehensive footprint analysis for a large number of products, we have laid a solid foundation for quantifying and reducing the impact of our supply chain. This analysis enables us to formulate a targeted strategy resulting in lower energy consumption, reduced CO 2 emissions and a more sustainable product range. We are also working on developing detailed plans for further reductions in the medium and long term so that we can make a lasting positive contribution to our organization’s climate goals.

Expanding EcoVadis participation

To gain greater insight into our suppliers’ ESG performance, we have further increased the number of suppliers participating in the EcoVadis platform. This collaboration provides an objective assessment of their sustainability performance and enables us to closely monitor ESG-related KPIs. By actively supporting suppliers in their improvement processes and collaborating on improvement initiatives where possible, we not only lift our supply chain to a higher level but also set an example within our industry.

Strengthening sustainable procurement strategies

In collaboration with other departments within What’s Cooking? we develop procurement strategies that promote circular economy principles and sustainable raw material choices. Among other things, we focus on purchasing green energy, recycled materials and products with a lower carbon footprint. These strategies focus not only on long-term cost savings but also on creating a sustainable value chain.

Strategic Beliefs

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Strategic Beliefs

Leading sustainability

We are excited to announce that amongst the 72 organisations who submitted their reports and following a meticulous review by a jury of 26 experts, What’s Cooking? got selected. During the Belgian Awards for Sustainability Reports ceremony, What’s Cooking? has received the Belgian Award for the “BEST FIRST SUSTAINABILITY REPORT” ! This award recognizes the transparency and efficiency of our What’s Cooking? sustainability reporting making it DAY BY DAY part of all we do. It’s a huge honor for our European Fresh Savoury Food Group to be recognized as one of the best examples in Belgium! We are more than happy to continue to lead this Sustainability journey together with other companies moving the momentum towards a reality. This achievement showcases our ongoing efforts to communicate openly about the challenges and progress we’ve made towards our purpose: Day by Day, making sustainable food consumption second nature. Together with our employees, partners, clients, and stakeholders we want to inspire for collective action.

Award: best first sustainability report

This award follows our EcoVadis Silver Medal, a tangible certification of our commitment to drive real impact across key areas of sustainability: environmental stewardship, labor & human rights, ethics, and sustainable purchasing. We’re proud to continue making sustainable food consumption second nature, Day by Day.

YES WE CARE!

day by day,

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Double Recognition for our Sustainability Commitment

What’s Cooking? proudly hold the EcoVadis Silver Medal for sustainability, placing us among the top 7% companies worldwide. This recognition reflects our performance across four key areas:

Environmental Impact
Labor & Human Rights
Ethics
Sustainable Procurement Practices

This award reflects our progress in making sustainable food consumption second nature, day by day. On top of that, What’s Cooking? has received the Belgian Award for the Best First Sustainability Report.

What’s Cooking? receives the Award for “Best First Sustainability Report”.

yes we care

Strategic Beliefs

day by day,

What’s Cooking? Annual report 2024

non-financial information

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Sustainability Report

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Sustainability- Statement

At What’s Cooking? remains at the very core of our strategy and everything we do. It’s something very normal, it is ‘second nature’ to us. Strategically, we decided to sell the Savoury business after a thorough evaluation on how to achieve a leadership position in both our strategic business units. This divestment decreases our footprint by almost 500 000 tons of CO 2 equivalents and allows us to double down our investments and innovation efforts in ready meals. We however continued our efforts to improve the Savoury business during 2024, until the disposal early January 2025 and implemented several improvements – amongst which a water-reuse installation in the Wommelgem site and actions to improve the overall footprint of the business and its products and packaging. In absolute numbers, the total footprint (scope 1-2-3 combined) of the Savoury business decreased by more than 10% versus 2023 and compared to 2022 even by 30%. We’re also pleased with the continuous progress in terms of safety and food safety over the last few years. We want to thank all our former Savoury staff for their efforts on ESG and wish them all the best under the new ownership.

What’s Cooking? Annual report 2024

You can find our Savoury sustainability data in the separate chapter ‘Other non-financial information’ further in this report. This sustainability statement now excludes all Savoury data given the classification as ‘discontinued’ at year-end 2024. The savoury information above and the ‘other non-financial information’ was not subject to an audit since the savoury business is not a continuing activity. As in the previous year, we’re building our sustainability statement around the most material topics for our group (as we re-evaluated our double materiality matrix in view of the most recent guidance). We also integrate the material topics in the pillars of our sustainability strategy: GOOD FOOD FOR ALL, PROTECT OUR PLANET and HELP PEOPLE FLOURISH. Each of these pillars are essential to achieve our overarching goals & we’re pleased to say we yet again made progress. Subsequently, we delve into each pillar, outlining key topics and their significance, existing policies or systems, set targets, and actions taken to date. Each topic underscores our dedication to meaningful environmental and social impact.

Introduction

Sustainability Report

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sador program, quarterly ESG initiatives, and dedicated events aimed at embedding sustainability into the heart and mind of every employee. Additionally, the tone at the top, and the governance model is crucial in setting the sustainability agenda. In November, the entire Board of What’s Cooking? followed an inspiring immersion session in “Leadership in Sustainability” at the Cambridge Institute of Sustainability Leadership, underscoring our determination to keep making progress in leading our industry in sustainability. With our Sustainability Board Committee and the inclusion of sustainability as a recurring topic in every Executive Committee meeting, we ensure that sustainability remains a top priority and underscores the importance of our sustainability efforts at every level of leadership. Towards our customers, we are increasingly deploying initiatives to help them improve their overall sustainability profile, be it in CO 2 , plastic or other packaging reduction. And we count on suppliers to collaborate on solutions that will help all of us to better protect the planet, or make our food even better, e.g. from a nutritional perspective. This first part of the sustainability statement concludes with an overview of our strategic metrics and targets, providing a transparent view of our aspirations and progress towards sustainability.Being open and transparent is key, so we’re trying to highlight both the achievements we are proud of such as the water intensity reduction, the safety progress and the overall CO2e intensity reduction as well as the fact we’re almost reaching 10% vegetarian and vegan products, the fact we purchased 100% green electricity in 2024, our new and CO2 reduced products and packaging propositions, our EcoVadis Silver Medal and the Award for Best first sustainability report from the Belgian Institute of registered auditors...but we also know we still have some work left to do: we will continue to work on our product CO2 intensity, continue to explore how we can reduce the use of gas (and therefore fossil fuels) in our processes and reduce water intensity even further. Also on safety, as well as on food waste reduction, we believe that further progress is possible. Thanks to the data gathered, the processes implemented and the focus on sustainability in everything we do, we will continue our efforts now more than ever. Recognizing that sustainability is a collective effort, we emphasize the importance of creating a sustainability culture within our organization. Our commitment is demonstrated by initiatives such as the ESG ambassador assessment. Each material topic—environmental, social, and governance—is thoroughly examined, explaining the associated impacts, risks, opportunities, policies, actions, and metrics & targets. We frequently cross-reference with the strategic section of our sustainability statement to underscore the alignment of our actions with our overarching goals. Finally, we present our ESRS Standards Reference Table, offering a comprehensive guide to locating information about all disclosure requirements according to ESRS standards. We hope this report will give you a good flavor of what’s stirring in our ‘cooking pot’, but to really taste how passionate we are about changing for a better future….. do not hesitate to get in touch and ask us:

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Staff and Executive Committee during the litter picking project. (Zellik sales office in Belgium, 2024).

In the subsequent sustainability annex, we closely follow the ESRS (European Sustainability Reporting Standards) requirements, beginning with a detailed explanation of the impact and financial materiality assessment.

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Our first pillar, Good food for all, lies at the heart of our business. We are dedicated to making sustainable food consumption a natural choice for everyone. To achieve this, we are actively working on improving the nutritional profile of our delicious products whilst ensuring the overall well-being of our consumers. A central element of our strategy is expanding our portfolio of plant-based, vegetarian, and blended products with a lower CO2 intensity to provide more sustainable choices to all our customers and consumers on a daily basis. Our commitment to Protect our planet reflects our determination to address climate change and reduce our carbon emissions, aligning with the goals set in the United Nations Paris Climate Agreement. Closely related is the issue of water scarcity, and we are committed to reducing water withdrawal at our factories. We recognize the critical importance of minimizing food waste, and we are investing in sustainable packaging solutions. Moreover, we are diligent in sourcing our ingredients responsibly. The third pillar, Help people flourish, underscores our dedication to creating a safe and engaging workplace for our team members. But our commitment extends beyond our company; it encompasses all the individuals involved in our value chain. At What’s Cooking?, sustainability is more than just a commitment—it’s a daily practice embedded in the core of our business. We work to integrate sustainable principles into every aspect of our operations, as they are essential to our mission and purpose.

The three pillars of our sustainability strategy

Help people flourish
Protect our planet
good food for all
Fight climate change
Win the war on waste
Source responsibly
Guard employee safety
Boost employee engagement
Respect human rights
Ensure consumer well-being
Promote enhanced nutrition
Grow portfolio plant-based products

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The 3 pillars of our sustainability strategy are the result of the (double) materiality process, in which we consulted both internal and external stakeholders and reviewed sector and peer group data. We did several workshops with our key stakeholders, because we value their opinions greatly. These workshops allowed us to assess the impact materiality, which reflects the actual or potential impact of our business on people and the environment. In addition to this inside-out assessment, we also examined the effects of social and environmental topics on our financial performance, known as financial materiality. A team of internal experts evaluated the associated risks and opportunities, considering both the likelihood of occurrence and the potential financial effects. By plotting the results of the impact materiality on the vertical axis and the financial materiality results on the horizontal axis, we created a double materiality matrix. This matrix provides a clear view on the most significant topics for What’s Cooking?, allowing us to identify the key priorities. The detailed description of the process can be found in the Sustainability Annex.

Crafting our strategy

	0.0	1.0	2.0	3.0	4.0	5.0
5.0						Highly material
4.0						Highly material
3.0						Material
2.0						Material
1.0
0.0
	0.0	1.0	2.0	3.0	4.0	5.0
						Financial Materiality

Impact Materiality
Land degradation
Energy
Waste
Climate change mitigation
Water
Climate change adaptation
Land-use change and deforestation
Animal welfare
Soil pollution
Sustainable packaging
Adequate wages
VC Health & Safety
VC Employee Engagement
Health & Safety own operations
Due diligence
Traceability raw materials
Health & Nutrition
Good food for all
Protect our planet
Help people flourish
— = Value chain

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Farmers

We gain valuable insights into the operations of farmers through our supplier engagement program (as we have no direct relationship with the farmers), guided by our sustainability principles. We actively encourage our direct suppliers to collaborate with farmers in addressing important aspects such as animal welfare, regenerative practices, and taking steps to minimize the carbon footprint associated with the products they cultivate.

Suppliers

We source our raw materials, such as meat, dairy, grains, vegetables and other ingredients, from carefully selected suppliers near our factory wherever possible. Recognising that our suppliers have a major role to play in our mission to deliver responsible food products, we require them to sign our Supplier Code of Conduct, aligning with our core sustainability practices. To further encourage their commitment to sustainability, we’ve established a supplier engagement program in collaboration with EcoVadis. Through this program, suppliers undergo comprehensive assessments of their sustainability performance across various aspects. We are dedicated to cultivating long-term partnerships that promote sustainable and inclusive growth. Transparency, as well as a mindset of continuous improvement, are key in this mutual engagement. Suppliers play a crucial role in shaping our sustainability strategy. We involve them in the materiality assessment to determine our most critical topics, ensuring that our efforts are aligned with the concerns and priorities of our supply chain partners.

This sustainability statement covers not only own operations of What’s Cooking Group, but both upstream and downstream value chain are included. As part of our strategic evolution, we divested our Savoury business unit, significantly reducing the CO2 intensity of our products. This allows us to fully focus on our Ready Meals business unit, which presents strong growth opportunities and is built on a solid foundation. To fuel this growth, we have defined a clear strategy with well-defined focus areas:

Geographic Expansion – We are strengthening our presence in Central Europe, with investment plans for the new building we recently acquired adjacent to our existing factory in Opole, Poland.

Product Portfolio Development – We continue to expand our range with more vegetarian & plant-based meals and additional global hero products beyond lasagna, such as other pasta dishes. These developments span both private label and our renowned Come a casa® brand.

Diverse Culinary Offerings – We are launching more international dishes as well as local hero meals, ensuring consumers enjoy high-quality, convenient, and easy-to-consume options. These strategic steps reinforce our commitment to meeting stakeholder expectations while enhancing our sustainability impact. Our actions are expected to strengthen relationships with stakeholders by aligning with their interests in sustainability, innovation, and market growth.

Our Value Chain

Farming
Farming
Vegetable / Wheat / Dairy / Other Animal Protein
Packaging Materials
Processing
Creating & Cooking
What’s Cooking?
Warehousing, Distribution & Supply Chain Solutions
Retail
Wholesale & B2B
Food-service
Logistics & Distribution Channels
Enjoy
The Consumer
What’s Cooking?
3rd Party Consumer

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Value chain & stakeholder engagement# What’s Cooking?

We believe in empowering our approximately 1400 people to fulfil our company’s purpose. Grounded in our core values, we actively foster a culture in which performance and sustainability are interconnected, and where the strengths of both our local and global presence come together seamlessly. To achieve this, we set up an ESG ambassador program (see further for more details), offer sustainability training sessions and engage our internal stakeholders in the materiality assessment process.

Social dialogue with works councils and staff representatives are important to us. Together, we aim to establish an innovative approach to skills-development, equipping our employees with the capabilities they need for current and future roles. Through the engagement questionnaire, we seek to monitor our people’s happiness and well-being, inviting their input on how to enhance the What’s Cooking? work environment further. This feedback mechanism allows us to continuously improve and adapt our practices to create a more supportive and fulfilling workplace for our team members.

Creating & Cooking

Our food is carefully crafted by our experienced colleagues in 5 facilities across Europe and the UK, with a focus on food quality, taste, nutritional enhancement and sustainability. At each of these locations, we prioritize safety, operational excellence, carbon emissions reduction, responsible water management and food waste minimization. In 2024, we used 100% renewable electricity, and we will equally target gas consumption reduction or conversion in future years.

Packaging

We are committed to continuous further innovation in packaging solutions, with a primary focus on reducing packaging, enhancing ‘designed for recycling’ packaging and extending product shelf life (and therefore reducing food waste). We’ve made huge progress in this area with our topseal investments – and more is to come.

Warehousing, distribution & supply chain solutions

We collaborate with our logistics partners to assess their carbon footprint and share the portion of emissions associated with What’s Cooking?. We actively promote the setting of ambitious reduction targets aligned with the Paris Climate Agreement and work together to explore strategies for decreasing carbon emissions in transport and warehousing. Together we minimize food waste through supply chain solutions.

We are implementing an Advanced Planning System (APS) throughout the entire supply chain. This fully end-to-end integrated platform for the whole What’s Cooking? group consists of demand planning (DP), rough-cut capacity planning (RCCP), master production scheduling (MPS) and seamlessly linking these to support the What’s Cooking? Sales & Operations process. The objective of Project OnePlan is to better service our customers thanks to more accurate demand plans (DP) which will allow us to take the right capacity allocation decisions in the longer term. This business project can clearly be related towards two important strategic pillars, being innovation and sustainability. Through the use of machine learning and artificial intelligence we can reduce waste in our supply chain further than was ever imagined possible.

Foodservice, Wholesale & B2B

At What’s Cooking? we want to serve all consumers – offering solutions for in-home but also out-of-home dining. We offer both branded products and private label products. Our focus is to ensure all consumers can enjoy our delicious, nutritious, sustainable and affordable ready meals. In doing so – we each time aim to find the right product, packaging & solution for the customer. We offer both frozen products & fresh products and offer various logistics solutions to minimize waste further in the supply chain.

In doing so – we don’t hesitate to use others. For instance – through partnerships with wholesalers to deliver our products to individual restaurants, pubs, bars but also hospitals and business-to-business customers.

Retail

At What’s Cooking?, we’re strengthening our collaboration with retailers to promote sustainable and healthy food choices. We customize products to match local tastes and activate our brand alongside our retail partners. Sustainability is our shared focus, aligning strategies across the value chain and involving retailers in our double materiality assessment. We’re committed to transparency and education, sharing data and jointly looking for solutions to create a more sustainable supply chain that resonates with environmentally conscious consumers.

A large part of the group’s turnover comes from private label products, including ready meals such as lasagna, pasta, pizza, and other delicious meals. The group aims to increase the percentage of plant-based and vegetarian products, as well as blended options. However, it’s important to note that recipe changes for private label products require approval from the brand owners. For our own brands, we have more flexibility in modifying recipes, though we still depend on securing agreements with retailers to ensure these products are available on shelves.

Consumers

We listen and respond to the fast-changing expectations of consumers worldwide and minimize our environmental footprint and improve the nutritional profile of our products. This enables us to meet their desires for delicious, sustainable food products that are convenient to eat. Through consumer panels, we ensure that we understand their expectations and take their input into account when shaping our strategy. This direct engagement with consumers allows us to stay informed about their preferences and needs, guiding our decisions as we strive to continually enhance the quality and sustainability of our offerings.

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Stakeholder Engagement strategy

Stakeholder Type	Initiatives
Farmers & Suppliers	• Supplier Code of Conduct • Supplier Day with strategic suppliers, explaining new strategy and importance of sustainability • Involvement in materiality assessment • Supplier Engagement Program supported by EcoVadis - Sustainability assessment with scorecard and improvement plan • Carbon assessment through carbon action module with scorecard and improvement plan - Supplier sessions to present joint projects and inspire each other • Training
Employees	• Business Code of Conduct • Employee communication through the two-monthly newsletter • Performance and career development reviews • Involvement in materiality assessment • Leadershift calls • Training • Collective bargaining • Employee well-being programs tailored to each operation & country
Customers	• Business reviews • Involvement in materiality assessment • Customer audits and questionnaires • Cross-functional meetings with Sustainability, Sales&Marketing, R&D, Quality, Procurement • Daily engagements in the field • Value Chain Optimization projects & joint improvement projects
Consumers	• Consumer taste panels • Website • Social media • Annual report
Shareholders	• Annual Shareholder’s Meeting • Involvement in materiality assessment • Annual report • Visits & roadshows/webinars in collaboration with selected partners
Public organisations	• Involvement in materiality assessment • Participation in working groups of industry associations • Meetings and presentations
Communities	• Involvement in materiality assessment • Social media

Shareholders

As an innovative food group, we embrace the concept of sustainable shared value creation, while caring for both people and planet. We are confident that, thanks to our commitment to all our stakeholders as well as to the strong Strategy 2030 that we have come up with, we will consistently generate increased value for every shareholder, day by day.

Entrepreneurs

We are entrepreneurs ourselves. We partner with start-ups that share our vision of a sustainable food future. Through strategic collaborations with innovative companies that introduce unique products and disruptive models, we accelerate their growth by providing them with our expertise and resources. Moreover, these collaborations will not only enrich our ecosystem but also infuse our organization with an entrepreneurial spirit, helping us to remain agile and adaptive in a rapidly evolving market landscape.

Researchers

Our growth strategy places significant emphasis on research into strategic areas such as food safety, nutritional excellence, sustainable packaging, and alternative protein sources. Aided by science, we seek to improve our understanding of health and nutrition issues and to deploy this knowledge to continually optimise our food products and purpose-driven product strategies. Open innovation with suppliers alongside partnerships with universities in Italy, UK, The Netherlands, Belgium help us to challenge the old & develop the new.

Communities

At What’s Cooking?, we are involved in the communities surrounding our manufacturing facilities, working to reduce any adverse effects and amplify our positive influence. We also support local communities by contributing to meaningful charitable causes.

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Mother Nature

At What’s Cooking?, we recognize Mother Nature as a key stakeholder in the journey towards sustainability. As residents of a planet with finite resources, we understand the need to operate within the planetary boundaries to ensure the well-being of future generations.We acknowledge that the ingredients we source, the processes we employ, and the footprint we leave behind impact the delicate balance of our shared environment. With this awareness, we strive to minimize our ecological footprint and embrace sustainable practices throughout our supply chain day by day and side by side.

We have classified our stakeholders into two categories:
* Affected stakeholders: Individuals or groups whose interests are affected or could be affected – positively or negatively – by What’s Cooking’s? activities and direct and indirect business relationships across our value chain. Under this category fall farmers and suppliers, our employees, our customers, our consumers, our communities, and Mother Nature. It is very important to engage with these affected stakeholders to understand their concerns and take their input into account. By actively involving them in our decision-making processes, we can better address their needs and preferences, fostering stronger relationships and ensuring that our actions contribute to positive outcomes for all parties involved. During our meetings with the Sustainability Board Committee, the views and interests of affected stakeholders regarding sustainability-related impacts are discussed.
* Users of the sustainability statements: Primary users of our general-purpose financial reporting (existing and potential investors, lenders and other creditors, including asset managers, credit institutions, insurance undertakings), and other users of our sustainability statements, including our business partners, trade unions and social partners, civil society and non-governmental organisations, governments, analysts and academics. Investors, banks, governments, public organizations, researchers, etc., are equally included in this stakeholder category. It is crucial to provide comprehensive and transparent sustainability information to meet the diverse needs of these stakeholders, enabling informed decision-making and fostering trust and accountability in our operations.

Sustainability Report

Our Sustainability Targets

100% of the What’s Cooking? production facilities have a higher level IFS or BRC score by 2025

Driving Change: Our Sustainability Actions

We actively engage our teams by providing comprehensive training programs, encouraging participation in pivotal projects, and maintaining open lines of communication. This collaborative approach fosters a robust food safety culture, ensuring that every team member is dedicated to upholding the highest standards. Additionally, we implement stringent controls and continuous oversight of our raw materials and production processes. This meticulous management allows us to maintain exceptional quality and safety standards, ensuring that every product meets our rigorous criteria. Furthermore, next to certifying our own sites (something we did successfully already in 2024 by scoring higher level on all IFS audits) we are committed to certifying our supply chains to uphold the highest standards of animal welfare and environmental sustainability. This dedication ensures that our products are not only safe for consumption but also ethically and responsibly sourced. Through these efforts, we strive to deliver products that are safe, ethically produced, and of the highest quality, reflecting our dedication to the well-being of our consumers and the planet.

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good food for all

Why Is This Important to Us?

At What’s Cooking?, the commitment to ensuring consumer well-being and food safety is not just a corporate responsibility, it’s a core value that permeates every aspect of our operations. Here’s why this commitment is top priority to us:

Consumer Trust and Health: Our foremost priority is the well-being of our consumers. We believe that by delivering safe and high-quality food products, we not only protect their health but also earn and maintain their trust. We incorporate the quality standards our customers expect, ensuring that our products align perfectly with their preferences and desires.
Environmental and Economic Impact: Beyond individual health, our dedication to food safety has far-reaching effects. By preventing the need for food recalls, we actively contribute to reducing environmental impact and minimizing associated economic costs.
Adherence to Stringent Standards: We take pride in adhering to the rigorous standards set by globally recognized bodies such as IFS and BRC (International Food Safety and British Retail Consortium).
Continuous Improvement and Adaptability: Quality is not static; it is a journey of continuous improvement. Our investments in technology and the cultivation of a robust food safety and quality culture showcase our adaptability. We embrace change to stay at the forefront of industry requirements, ensuring our products evolve in tandem with our consumer needs.

Our Policies and Systems

To guarantee the delivery of secure products, we have implemented rigorous safety protocols throughout the entire supply chain. All our sites uphold the quality standards established by the Global Food Safety Initiative (GFSI), a renowned global non-profit organization committed to standardizing food safety norms. Additionally, we strive to engage with suppliers who adhere to GFSI standards. Because we never compromise on food safety, we established FSQR policies which are available on our website https://whatscooking.group/en-GB/values-and-story-of-whatscooking/sustainability-strategy-whatscooking.

Ensure Consumer Well-being

Promote Enhanced Nutrition

Why Is This Important to Us?

At the core of our identity as a food group is a recognition of the importance of nutritious and balanced food.

Addressing Consumer Expectations: Recognizing the diverse preferences of our consumers, we acknowledge the desire for not only delicious but also nutritious options. Our commitment is to provide a range of choices that align with different tastes and preferences.
Recognising Responsibility as a Food Group: We consider it our duty as a food group to ensure we can offer (parts of) a balanced diet, as nutritiously as possible, without compromising on taste, because then we would have less influence as fewer people would buy our products. It’s imperative for us to uphold our commitment to both flavour and nutrition, ensuring that our products not only satisfy consumer expectations but also contribute positively to their overall health and well-being.

Our Policies and Systems

Our approach to elevating a product’s nutritional profile is customized based on its type and its role within a daily diet. This has led us to develop a nutritional policy for our two business units. You can find this policy on our website https://whatscooking.group/en-GB/values-and-story-of-whatscooking/sustainability-strategy-whatscooking.

Some of our staff at the Deeside facility – dedicated to Food Safety, Quality and Regulatory progress.

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Our Sustainability Targets

100% of our branded products meeting our nutritional policy by 2030

Targets are currently being fine-tuned further over the next few months with the assistance of an external expert.

Driving Change: Our Sustainability Actions

Reducing Red Meat Consumption: What’s Cooking? is committed to caring for people and the planet through more sustainable and balanced food choices. That’s why we’re reducing red meat in our ready meals while incorporating more wholesome vegetables and nutrient-rich legumes. Our mission is to deliver delicious, affordable meals that align with both nutritional excellence and environmental sustainability—helping to lower the footprint of food production without compromising on taste.
Enhancing Nutri-Score: We’re continuously reformulating our products to ensure they meet high nutritional standards. Recent updates to the Nutri-Score algorithm have influenced product classifications, but our commitment remains unchanged: when customers choose What’s Cooking?, they continue to make a healthy choice. We strive to maintain great taste while optimizing nutritional quality—because eating well should always be a pleasure.
Boosting Whole Grains & Fibre: A significant gap exists between the daily recommended fibre intake and actual consumption levels. Low whole grain consumption is one of the biggest dietary risk factors globally, and we’re taking action. Our team is actively researching the best ways to enrich our pasta with whole grains and fibre—without altering the beloved texture or introducing unwanted flavours. By doing so, we contribute to improved health through increased dietary fibre intake.

Our Sustainability Targets

15% of our sold products have to be plant-based or vegetarian by 2030

Driving Change: Our Sustainability Actions

We refer to the article about Marketing Excellence by Ruben Damman and on Portfolio refocus from Elke De Witte. It’s the conviction of What’s Cooking? that an increased amount of people and consumers strive to a higher variety in their eating pattern. A big group of consumers try to alternate meat days with meat-free days. Their intentions are amongst others driven by climate / sustainability considerations and by their own health and well-being. For this group of consumers, we want to offer a range of products that stimulate variety and inspiration. In terms of product development, it’s our overall aim to develop tasty products, that are nutritious and it’s our ambition to improve and expand our portfolio day by day.

Why Is This Important to Us?

We strive to make sustainable food consumption second nature, ensuring the provision of good food for all. This encompasses an increased emphasis on the pivotal role of diverse and plant-based ingredients and products.

Meeting Consumer Demand for Sustainability: This is important because we aim to meet our consumer demand for a more sustainable, nutritious, and balanced diet.# Sustainability Report

Why Is This Important to Us?

Climate change is undeniably one of the most pressing challenges for both present and future generations, casting a shadow over various industries, including food companies like ours. The increasing frequency of extreme weather events such as floods, droughts, fires and heat waves in key sourcing regions put food companies at risk of crop failure for essential commodities, which may result in increased commodity prices and constrained availabilities. For What’s Cooking?, addressing climate change is not just a matter of adapting to environmental shifts; it is a fundamental aspect of our sustainability commitment, driven by the following reasons:

Protecting life on Earth and Future Generations

Our commitment to addressing climate change is deeply rooted in the responsibility to protect life on Earth and secure a thriving future for generations to come. At What’s Cooking?, we recognize that by mitigating the effects of climate change, we are not only protecting the environment, but also ensuring our ability to continue providing future generations with the nutritious and delicious food experiences they deserve.

Resilience in the Supply Chain

Climate change poses a direct threat to the stability of our supply chain, particularly in regions vulnerable to extreme weather events. By addressing climate change, we strengthen the resilience of our supply chain, ensuring a consistent and secure source of essential ingredients.

Economic Sustainability

Crop failures and subsequent increases in commodity prices pose economic challenges. Mitigating climate change risks ensures our economic sustainability by minimizing the impact of price volatility on our operating costs.

Long-Term Vision

Climate change is a long-term challenge that requires a strategic and sustained response. By prioritizing climate change mitigation, we demonstrate a forward-thinking vision, acknowledging the need for sustainable solutions that benefit both our business and the broader ecosystem. This is why we started calculating our corporate carbon footprint, which consists of our scope 1, 2 and 3 emissions.

Fight Climate Change • Climate Change Mitigation & Energy Consumption and Mix

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Protect our planet

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Figure: Scope 1, 2 and 3

What’s Cooking? 2024.

Scope 3 emissions	96 %
Scope 1 & 2 emissions	4 %

Scope 1 includes direct emissions from sources we own or operate, such as our stationary and mobile combustion engines, as well as process and fugitive emissions. Scope 2 includes indirect emissions released from the generation of purchased electricity. These are two emission groups on which What’s Cooking? can have a direct impact. Finally, there is Scope 3. This includes all emissions in our value chain for which we as an organization are indirectly responsible. Consider emissions from purchased goods and services, upstream and downstream transportation, corporate waste, employee commuting, business travel, the use and end-of-life of our products, etc. As a food processing company, it is no surprise that the biggest part of our emissions is situated in our supply chain and more specifically the upstream part. More than 90% are scope 3 emissions, approximately 75% of which come from the products we buy (meat, ingredients and packaging). True partnerships are needed to reduce these emissions. As many of them originate a few steps ahead of our direct suppliers, we need to work together across the whole value chain.

Figure: Green House Gas Protocol categories - What’s Cooking?

Category	Scope
Fixed combustion sources	Scope 1
Employee commuting	Scope 3
Business travels	Scope 3
Purchased goods/ services	Scope 3
Operational waste	Scope 3
Transport & distribution	Scope 3
Capital goods	Scope 3
Fuel/energy related	Scope 3
End of life for products	Scope 3
Transport & distribution	Scope 3
Mobile combustion sources	Scope 1
Purchased electricity, steam, heat & cooling	Scope 2
Process & Fugitive emissions	Scope 1
Use of sold products	Scope 3

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Our Policies and Systems

We committed to the internationally accepted near term Science Based Targets Initiative (SBTI) and our company is setting itself strict targets with a scientific basis for CO 2 reduction by 2030. Through these objectives we are committed to lowering our corporate carbon footprint aligned with the global warming targets in the Paris Climate Agreement. CEO Piet Sanders stated: ‘We are thrilled that What’s Cooking? strategy is committed to SBTI matching the vision of majority of the retailers in our sector. SBTI is official, actionable and measurable target setting with a formal submission process and publicly available information, reason why we want to pave this journey as front-runner in our sector of Savoury and Ready Meals matching the current and future needs of our customers.’

Outlined in our environmental policy, which can be found on our website (https://whatscooking.group/en-GB/values-and-story-of-whatscooking/sustainability-strategy-whatscooking) is a robust commitment to mitigating our scope 1&2 emissions, and scope 3 emissions associated with operational waste. Central to this commitment is a strong emphasis on lowering energy consumption and transitioning to a more sustainable and greener energy mix, which contributes to reducing our scope 1 and 2 emissions.

In our sustainable procurement policy, we pledge to reduce our scope 3 FLAG emissions, which are emissions related to the ingredient and meat products we source. Additionally, we are dedicated to lowering scope 3 emissions associated with both upstream and downstream transport. Our sustainable procurement policy can be consulted on our website (https://whatscooking.group/en-GB/values-and-story-of-whatscooking/sustainability-strategy-whatscooking).

As part of our packaging policy, we commit to increasing the recycled content in our packaging materials, which helps us reduce the greenhouse gas emissions related to packaging. The packaging policy can be accessed on our website (https://whatscooking.group/en-GB/values-and-story-of-whatscooking/sustainability-strategy-whatscooking).

As outlined throughout in this report – recipe reformulations (blended, vegetarian & plant-based) but also ingredient substitution as well as working with our suppliers in the value chain can equally significantly contribute to help reduce emissions. Our strategy will continue to be a story of many combined actions with an aim to make the biggest possible impact.

Our Sustainability Targets

Target Area	Target
Greenhouse gas emissions	CO 2 intensity reduction of our products in line with 1.5° target by 2030
	50% reduction of scope 1&2 emissions by 2030 (compared to 2021)
	42% reduction of scope 3 industrial emissions by 2030 (compared to 2021)
	30% reduction of scope 3 FLAG emissions by 2030 (compared to 2021)
Energy	100% renewable electricity by 2024

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Driving Change: Transition Plan for Climate Change Mitigation

Green Energy

In 2024, we successfully transitioned to purchasing 100% of our electricity from renewable sources, resulting in an immediate reduction of almost 100% of our scope 2 emissions. We are also exploring the technical feasibility to move away from gas fired steam boilers towards electric steam boilers in the future, reducing our dependency from fossil energy sources. We also partner with solar energy experts to ensure we maximise the solar panels on our roof / parking space to generate our own energy.

Energy Efficiency Measures

At What’s Cooking?, we are committed to reducing our carbon footprint through a variety of energy efficiency measures. One key initiative is the establishment of a dedicated workstream on Utilities, where all maintenance, technical and engineering managers convene monthly to discuss projects and track progress toward our targets. These collaborative meetings serve as a platform for sharing insights and inspiring each other with innovative ideas and solutions. Within this workstream, numerous projects are underway to enhance energy efficiency across our operations. For instance, we’ve undertaken audits to identify opportunities for improvement, such as the review of steam traps to optimize energy usage. Additionally, we’ve invested in energy awareness to educate employees on best practices for conservation and efficiency. Furthermore, both internal and external energy audits are regularly conducted to identify areas for improvement and implement targeted interventions.We’ve also already installed cogeneration systems, harness renewable energy sources and reduce reliance on traditional power grids. In line with our commitment to real-time monitoring and optimization, smart measurement devices are being installed in our factories. These devices enable us to closely track energy consumption in detail, allowing for timely adjustments and continuous improvement efforts. Electrification of Lease Vehicles Starting in 2024, What’s Cooking? has made the decision to exclusively provide new electric lease vehicles. This strategic choice is aimed at significantly reducing emissions stemming from our company cars. Switch to Low Global Warming Potential Refrigerants Through our Cooling Masterplan initiative, we are dedicated to transitioning to low global warming potential refrigerants across all our sites by 2030. As part of this commitment, we have chosen to adopt ammonia (NH3) as our refrigerant of choice. Ammonia has an emission factor of zero, resulting in a complete elimination of emissions related to refrigerants at What’s Cooking?.

Progress of implementing transition plan scope 1 & 2 emissions

We have already achieved a significant reduction of over 9000 tons of CO₂e in our Scope 1 & 2 emissions compared to 2021, primarily by transitioning to 100% renewable electricity. A substantial portion of our refrigerants has been replaced with low-global-warming-potential alternatives, and the majority of our company fleet now runs on electric vehicles. Our next big challenge is further reducing our gas consumption, and we are actively exploring new technologies to make this possible.

	2021	2025	2030
Scope 1 & 2 emissions	~29 300 ton CO₂e	~19 300 ton CO₂e	~14 600 ton CO₂e
Action plan 2021 - 2030
• Green electricity	–4 600 ton CO₂e	–10 000 ton CO₂e
• Electrification lease vehicles
• Switch to low GWP refrigerants
• Energy efficiency measures
Target Reduction			-50%

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War on Waste

We refer to our actions on food waste (Win the War on Waste – Fighting Food Waste - Driving Change: Our Sustainability actions).

Packaging Changes

We are committed to increasing the recycled content in our packaging and reducing virgin plastic packaging intensity. This not only supports a more circular economy but also helps lower our Scope 3 industrial emissions.

Transportation Optimization

We engage in collaborative efforts with our logistics partners to assess their carbon footprint, transparently sharing the specific emissions attributed to What’s Cooking?. We actively advocate for the adoption of ambitious reduction targets in alignment with the Paris Climate Agreement. Through ongoing collaboration, we explore and implement strategies aimed at reducing carbon emissions in transportation and warehousing.

Use of Sold Products

We also want to minimize emissions from our products’ use phase. For instance, our “Sunny” project aims to internally browning products such as lasagne in our factories. By doing so, we anticipate lower average energy consumption compared to traditional methods. Consumers would simply reheat the pre-browned product at home, saving time and energy.

Emissions related to fuels and energy

These are emissions related to the production of fuels and energy purchased or consumed by What’s Cooking?, but that are not included in scope 1 or 2. This includes upstream emissions of purchased fuels or electricity, more specifically the extraction, production and transportation. This category also takes into account transmission and distribution losses. These emissions will reduce together with their related scope 1 and 2 emissions.

Progress of implementing transition plan scope 3 industrial emissions

We have successfully reduced downstream transport emissions by 1,400 tons of CO₂e compared to our base year, primarily by optimizing truck load factors. Additionally, our Scope 3 emissions related to fuels and energy have decreased alongside Scope 2 emissions, thanks to our transition to green electricity. Emissions from packaging have also declined compared to 2021, same for emissions from upstream transport, which decreased with more than 8000 ton CO₂e. However, emissions from capital goods have risen due to significant investments in 2024, including the adoption of top-seal packaging technology and the expansion of our Opole factory. Also the use of sold products increased due to increased sales volumes.

	2021	2025	2030
Scope 3 INDUSTRIAL emissions	~90 000 ton CO₂e*	~82 000 ton CO₂e	~52 000 ton CO₂e
Action plan 2021 - 2030
• War on Waste	–7 000 ton CO₂e
• Packaging changes
• Use of sold products (microwave <> oven)
• Transportation optimization
• Emissions related to fuels and ernergy
Target Reduction			-42%

67% of scope 3 aligned with SBTi method

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Product Carbon Footprint

Meat type 1 = ... ton CO₂e	Ingredient type 1 = ... ton CO₂e
Lasagne Bolognese = ... ton CO₂e	Ingredient type 1 = ... ton CO₂e
Energy type 1 = ... ton CO₂e	Ingredient type 1 = ... ton CO₂e
Meat type 1 = ... ton CO₂e	Packaging type 1 = ... ton CO₂e
Ingredient type 1 = ... ton CO₂e
Packaging type 1 = ... ton CO₂e

Bill of material

ERP System (costing tool)

We also organize trainings on the product carbon footprint for our internal Research and Innovation, Sales and Marketing, Specification Management and Procurement Teams. Equipping these teams with comprehensive knowledge, this empowers them to strategically engage with recipes, actively working towards the reduction of the product carbon footprint across our product range. The procurement department can talk with our suppliers about this important topic, our sales & marketing teams to our customers, and our R&I team can start to work on improving our products.

The transition plans mentioned above are not yet formal transition plans as defined by the CSRD. We have therefore included our draft SBTI plans that are aligned with the Paris Climate Agreement above. We also expect to draw up a formal transition plan in the future. The breakdown of our product carbon footprint provides valuable insights into the specific categories that contribute significantly to the overall environmental impact. This transparency enables our in-house Research and Innovation (R&I) teams to strategically focus on adapting recipes. Where feasible, we aim to replace carbon-intensive raw materials, either entirely or partially, with more sustainable alternatives, such as plant- based ingredients. By leveraging this data-driven approach, we strive to optimize our product reformulations, reducing our carbon footprint.

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Dairy

Product carbon footprint dashboard

Heating of lasagne by end consumer

Scope 1 & 2	Downstream transport	Eggs	Water, waste & industrial gases	Vegetables	Packaging	Cereals	Spices, herbs & others	Meat

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Products.

Packaging examples include both a reduction of the amount of packaging, evolving to designed for recycling packaging, but also outer case packaging specifications. Technology is fast-evolving, so we want to remain leading in this area.
Process examples include working in the supply chain to offer CO₂ reduced meat through working with our value chain partners on animal feed and other initiatives. We are also looking at supply chain optimizations such as for example reducing the water in the tomato paste we purchase to reduce transportation emissions. We believe there are huge opportunities in reducing the CO₂ emissions from looking at value chain collaboration and process optimization. We also refer to the section on Protect our Planet – Source Responsibly – Driving Change: Our Sustainability Actions.

When evaluating menu card items, we focus on taste, nutrition, sustainability and affordability. Taste is clearly very important as repeat-buying is essential to create an impact. Nutrition is equally a very important factor as consumers do not want to compromise on nutrition. Not every option has to increase the cost of the products, and we need to remain mindful of affordability for all consumers. However, we also need to be transparent about potential increased costs related to certain menu card options and ensure a fair value chain for all involved. This is why our menu card will each time evaluate taste, nutrition score, CO₂ reduction as well as a € cost price impact (up or down).

Our ‘menu card’ approach: To ensure our engagement is aligned with that of our customers, we’ve developed a menu card with product, packaging and process improvements that can help reduce CO₂ emissions further.

	2021	2025	2030
Scope 3 FLAG emissions	~282 000 ton CO₂e*	~197 000 ton CO₂e	~144 000 ton CO₂e
Action plan 2021 - 2030
• Product mix changes	–22 000 ton CO₂e
• Product reformulations
• New vegetarian / plant - based products
• Supplier Engagement program
Target Reduction			-30,3%

67% of scope 3 aligned with SBTi method

What’s Cooking? Annual report 2024 Sustainability Report# As changes will be required on an ongoing basis, we divided our ‘menu card’ in starters (short term options), mains (mid-term options) and desserts (longer term options).

The benefit of a menu card is that we can focus our efforts on those key items ‘on the menu’ whilst leaving our customers a choice with respect to what items on the menu are a priority for them and their consumers. We include Packaging – Process and Product options. At What’s Cooking?, we’re convinced that we cannot just be focussed on packaging. Packaging overall represents only 5% in the total product carbon footprint, but it is an important and very visual item to consumers. We therefore want to focus on all 3 components (Product, Packaging and Process). Combined efforts will be required to achieve the SBTI targets. • Product examples could be plant based and vegetarian products, but could also be recipe reformulations, replacing meat by blended meat & alternative proteins or simply other ingredient changes. We also refer to the section Good Food for All - Grow Portfolio Plant Based On the menu: delicious, nutritious, sustainable & affordable food choices

Delicious Nutritious Affordable Sustainable

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Progress of implementing transition plan scope 3 FLAG emissions

We were already able to reduce 62,600 ton CO₂e of our FLAG emissions compared to 2021. This is a remarkable achievement that surpasses our 2025 intermediate FLAG target. However, we realise we need to keep pushing ourselves forward every day – as each extra ton is harder than the previous one.

CO₂ intensity progress over the years

We have already achieved a 12,8% reduction in total CO₂ intensity per product compared to our 2021 base year - a significant step forward in our sustainability journey. We consider our total greenhouse gas emissions for this figure and divide this by our sold volume.

CO₂e /product 2021	CO₂e /product 2022	CO₂e /product 2023	CO₂e /product 2024
5,45	5,52	5,22	4,75

Water Management

Why Is This Important to Us?

Fighting Climate Change:

Climate change is primarily a water crisis, as evidenced by increasing floods, rising sea levels, shrinking ice fields, forest fires and drought. We recognise the interconnectedness of water and climate change and our commitment to effective water management aligns with our broader sustainability goals.

Resilience Building and Mitigation of Water Scarcity Impacts:

Sustainable water management is central to building the resilience of societies and ecosystems against the impacts of climate change, including water scarcity. Proactive water management helps mitigate potential disruptions to our activities in regions prone to water shortages, ensuring a more resilient and sustainable supply chain.

Our Policies and Systems

Our Environmental policy also shows our commitment to reducing water withdrawal, you can find this policy on our website: https://whatscooking.group/en-GB/values-and-story-of-whatscooking/sustainability-strate-gy-whatscooking.

Our Sustainability Targets

30% reduction of our water withdrawal/ton products sold by 2030 (compared to 2022)

Driving Change: Our Sustainability Actions

At What’s Cooking?, our Utilities workstream plays a central role in driving sustainability efforts across our operations, encompassing both energy and water conservation initiatives. During our monthly meetings dedicated to Utilities, we discuss and advance projects related to water management alongside energy considerations, recognizing the critical importance of both resources in our operations. Central to our approach is raising awareness about the importance of water conservation. We understand that awareness is key to driving behavioural change and reducing water usage across our facilities. Therefore, discussions on awareness-raising strategies for water usage are prioritized in our Utilities meetings and also in our ESG ambassador meetings, where we brainstorm creative solutions to create awareness among employees and stakeholders.

In addition to raising awareness, we actively explore projects to improve water efficiency and reduce water withdrawal. We investigate water reuse projects as part of our commitment to minimizing our environmental impact and promoting circular water practices within our operations. We believe this technique can bring a very substantial improvement to our water usage per kg product sold. This will require certain capex investments as well as permit adjustments for certain of our key facilities.

Furthermore, we recognize the importance of regularly evaluating and optimizing our water management practices. This includes conducting walkthroughs to assess water management systems and identify areas for improvement. As part of these efforts, we have installed more efficient water nozzles to minimize water wastage and enhance efficiency during the cleaning activities in our operations. Through these collective actions and ongoing collaboration within our Utilities workstream, we are dedicated to achieving our sustainability goals and minimizing our water footprint. By prioritizing awareness, innovation, and efficiency, we strive to make a positive impact on water conservation within our company and beyond.

We were already able to reduce our water withdrawal/kg products sold with 13.5% compared to our base year 2022. Although our primary focus is on what WE can do to reduce water usage, we do not want to ignore potential solutions and benefits in the supply chain. Reducing water in e.g. tomato paste before shipping helps to keep water and re-use it where it is most needed (in more Southern areas where we source our tomatoes). This can also help reduce transportation emissions. If that means we need to increase the water usage in our production process – we will always consider doing so, taking into account our aim for delicious, nutritious, sustainable and affordable food for our consumers.


6,51 l/kg 2022	5,63 l/kg 2024

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Fighting Food waste

Why Is This Important to Us?

Globally, around 13% of food produced is lost between harvest and retail (United Nations).¹

Fighting Climate Change:

By reducing food losses and waste, we actively combat climate change. We recognise our role in minimising our impact on the environment, as food that is lost and wasted accounts for 38% of the total energy usage in the global food system, according to the above-mentioned United Nations report.

Preserving Resources:

Wasting food directly impacts the sustainability of our food systems. Valuable resources such as water, land, energy, labour, and capital invested in the production process are wasted. We are committed to efficient resource use within our operations.

Hunger in the World:

Addressing food losses and waste is a direct response to the rising global hunger crisis. By minimizing waste, we contribute to ensuring a steady and reliable food supply, aligning with our dedication to combat food insecurity.

Building Resilient Food Systems:

Reducing food waste is essential for building resilient food systems capable of withstanding external shocks. Our commitment to sustainability includes promoting robust systems that adapt to challenges and ensure a stable food supply.

Affordability of Food:

Food loss and waste contribute to an increase in the overall cost of food. Recognizing the economic impact on consumers, we are committed to adopting practices that reduce waste and maintain affordable prices for our products.

Our Policies and Systems

Lansink’s Ladder

Lansink’s Ladder, also known as the waste hierarchy, is a valuable framework for addressing and managing food waste in a sustainable way. At What’s Cooking? our priority is on avoiding waste through prevention and re-use (avoidance). The second priority is recovery, in which we first have recycling of waste (e.g. to animal feed) and then high-quality energy recovery. Disposal (incineration and landfill) is the least preferred option, which we try to avoid as much as possible.

Prevention
Re-use
Recycling
Incineration with energy production
Incineration
Landfill

Win the War on Waste

Our commitment to reducing food waste is outlined in detail in our Environmental Policy, which can be found on our website: https://whatscooking.group/en-GB/values-and-story-of-whatscooking/sustaina-bility-strategy-whatscooking.

Our Sustainability Targets

10% reduction of our operational food waste intensity year on year
50% reduction of our operational food waste intensity by 2030 (compared to 2022)

Driving Change: Our Sustainability Actions

In our ongoing efforts to combat food waste, our ‘War on Waste’ teams meet monthly, fostering a collaborative environment where best practices are exchanged among our factories. Dedicated teams oversee waste reduction initiatives at our sites, emphasizing the importance of awareness and collective action. Several impactful projects illustrate our commitment to waste reduction. Initiatives such as enhancing our pigging system to minimize sauce waste and implementing non-destructive test probes for testing without generating food waste. Furthermore, our focus on rework projects are instrumental in decreasing waste across production lines. The integration of our new planning system marks a significant stride forward. This system enhances forecasting accuracy, enabling us to mitigate overstocks and minimize food waste at its source. Through these collective endeavours, we remain steadfast in our commitment to the war against food waste.

We also gained experience collaborating very closely with certain of our key customers in the past few years. This experience has taught us that through increased collaboration overstocks can also be reduced further in the supply chain, saving money for retailers. Partnerships in this respect can combine sustainability as well as finan-cial benefits throughout the supply chain.# Sustainability Report

Adhering closely to the waste hierarchy principle, we prioritize waste prevention and recovery over disposal. ¹ What’s Cooking? Annual report 2024 76 Sustainability Report A glance at the pie chart showing the treatment methods of our food waste reveals a remarkable achievement: 100% of our food waste undergoes recovery processes, leaving almost nothing destined for disposal.

Treatment methods food waste

Method	Percentage
Composted	10%
Animal feed	4%
Rendering-industry	16%
Biodiesel	0.01%
Biogas	70%

Sustainable Packaging

Why Is This Important to Us?

Recognising Global Problems:

Sustainable packaging is crucial as we acknowledge and respond to global challenges, particularly the growing concerns about environmental degradation, plastic waste, and the broader impact on ecosystems.

Fighting Food Waste & Preserving Quality:

Eliminating packaging entirely is not a viable option for us. Packaging plays a critical role in protecting our products from various forms of damage, ensuring that we can consistently deliver the highest quality to our customers. Additionally, it plays a key role in extending shelf lives, ultimately contributing to the reduction of food waste, which is an essential aspect of our commitment to sustainability. So we search for the most sustainable solutions while ensuring food safety and quality and while avoiding food waste.

Circularity: Extending the life cycle of products

Moving from a linear economic model to a circular economy implies reducing waste to a minimum.

Reducing Carbon Emissions:

Utilizing recycled packaging provides opportunities for reductions of CO₂ emissions and the overall quantity of waste that needs disposal.

Consumer and Customer Concerns:

Understanding and addressing the concerns of our consumers and customers is very important, as is educating them well.

Our Policies and Systems

Our dedication to sustainable packaging and circularity is detailed in our Packaging Policy, accessible on our website: https://whatscooking.group/en-GB/values-and-story-of-whatscooking/sustainability-strategy-whatscooking.

Our Sustainability Targets

100% designed for recycling packaging by 2030
30% recycled content in the primary packaging of our products by 2030
30% reduction of virgin plastic packaging intensity by 2030 (compared to 2022)
Only FSC/PEFC certified cardboard & paper

Driving Change: Our Sustainability Actions

Recycled content of primary packaging

What’s Cooking? exceeded its 2030 recycled content target in 2024 ánd maintains the same which is a challenge on its own. While installing further shifts, keeping the same target, is a two-fold challenge: (1) there’s an undeniable increasing interest from customers towards biobased materials because such packaging is perceived as natural and authentic. What’s Cooking? responds to this by developing a pioneering top sealed biobased tray, and (2) the use of recycled content in food contact plastic material is particularly challenging in terms of availability and quality. Together with its partners, What’s Cooking? is taking on the challenge by adhering to the recycled content targets as set in the PPWR for plastic packaging and maximizing the use of recycled material in its aluminium trays as well as its paper & cardboard packaging material without compromising on quality and food safety.

Designed for recycling packaging

What’s Cooking? has set a target of 100% designed for recycling by 2030 which is in line with the PPWR while waiting for the harmonized recycling What’s Cooking? Annual report 2024 77 Sustainability Report criteria which are expected by 2028 in delegated acts. Until these criteria get published, What’s Cooking? aligns with the criteria as set by the different extended producer responsibility organizations (PRO) like FOST PLUS, Der Grüne Punkt. In addition, What’s Cooking? is day by day maximizing the use of easy to recycle materials such as aluminium and mono material packaging films. Recyclability is tested & validated towards European standards e.g. the CEPI Protocol.

Source Responsibly

Why Is This Important to Us?

Environmental Protection:

Responsible sourcing minimizes environmental impact by promoting sustainable farming practices, reducing deforestation, conserving water, and preserving biodiversity. This ensures that ecosystems remain intact for future generations.

Quality and Safety Assurance:

Responsible sourcing guarantees the quality and safety of ingredients. By selecting high-quality, responsibly sourced materials, we can provide consumers with healthier, safer, and more nutritious products.

Long-Term Viability:

Sustainable sourcing strategies are critical for the long-term viability of the food industry. They reduce reliance on finite resources, mitigate supply chain risks and ensure consistent access to ingredients, thereby promoting resilience to market fluctuations.

Consumer Trust and Reputation:

Consumers are increasingly conscious of the origins of their food. By demonstrating a commitment to responsible sourcing, we build trust, strengthen our brand reputation, and appeal to customers and consumers who value ethical and sustainable products.

Regulatory Compliance and Futureproofing:

Responsible sourcing practices align with evolving regulations and standards in the food industry. Embracing these practices now can future proof the company against regulatory changes.

Our Policies and Systems

Our Supplier Code of Conduct emphasizes the importance of upholding integrity and responsibility throughout our supply chain. Within our Code of Conduct, you can also find our ethics line and whistleblowing platform, where external and internal stakeholders can raise concerns. You can find these documents on our website: https://whatscooking.group/en-GB/values-and-story-of-whatscooking/sustainability-stratgy-whatscooking. Furthermore, our Sustainable Procurement Policy and Supplier Code of Conduct outline our commitment to various standards, including those for animal welfare, 100% RSPO certified palm oil, ASC/MSC/Global GAP certified fish, and barn-raised eggs. You can access this policy on our website: https://whatscooking.group/en-GB/values-and-story-of-whatscooking/sustainability-strategy-whatscooking. To monitor the sustainability performance and drive continuous improvement among our suppliers, we utilize the Supplier Assessment Tool provided by EcoVadis. This tool is further elaborated upon in our Sustainability actions.

Our Sustainability Targets

100% RSPO certified palm oil
100% ASC/MSC/Global GAP certified fish
100% barn eggs
Animal welfare policy is part of our Sustainable Procurement Policy
100% Spend of business critical suppliers covered by contracts with signed Supplier Code of Conduct by 2025
80% of critical spend from ingredient and meat suppliers covered by a sustainability score by 2025

Driving Change: Our Sustainability Actions

We set up a Supplier Engagement Program: “Cooking up sustainable partnerships”. Working together across the whole value chain is key. The Supplier Engagement Program consists of three important aspects:

Due Diligence
Carbon Reduction
Joint Projects

Reduction of virgin plastic packaging intensity

What’s Cooking? makes significant investments e.g. for execution of its Top seal project. The actual tray in blister packaging is being replaced by a tray where the film is sealed directly on the tray. This makes the plastic outer shell obsolete and results in a substantial reduction of plastic, and packaging material in general. This objective is anticipating the PPWR which requires that by January 2030 the manufacturer and importer do ensure that the packaging placed on the market is reduced to the minimum weight and volume necessary to ensure its functionality. What’s Cooking? Annual report 2024 78 Sustainability Report

Due Diligence

It is important to set up a process to identify, prevent, mitigate and account for how we address actual and potential adverse impacts related to corporate governance, workers, human rights, the environment, bribery and consumers not just within our own operations, but extending across our entire supply chain and business relationships. This is what is meant with due diligence. In this way, we can ensure a more effective protection of human rights and the environment within the whole value chain.

This process consists out of 6 steps, which are visualised well by the OECD (Organisation for Economic Co-operation and Development) Guidelines:

Identify & Assess Adverse Impacts In operations, supply chains & business relationships
Provide for or cooperate In remediation when appropriate
Cease, prevent or mitigate Adverse impacts
Track Implementation and results
Embed Responsible Business conduct Into policies & management systems
Communicate How impacts are addressed

These steps are being implemented in our procurement process. In 2023 we started the process, in order to evaluate the sustainability performance of our suppliers. We targeted 80% of our ingredients and packaging spend for the first exercise. In 2024 we targeted all our suppliers. To ensure an objective analysis of supplier performance, we selected the EcoVadis Ratings tool. This process involves tailored questionnaires based on the sector and company size, covering four critical sustainability dimensions: environment, labour and human rights, ethics, and sustainable procurement. For every question, a document of proof has to be uploaded, which is analysed by the CSR experts of EcoVadis. This results in a scorecard of every rated supplier. In the graph below you can see the supplier perfor- mance of the rated What’s Cooking? suppliers, ranging from insufficient (red) performance to outstanding (dark green). The chart depicts the number of suppliers and does not reflect the actual spend with the supplier at this point in time.

What’s Cooking? Annual report 2024 79 Sustainability Report# Sustainability Report

Why Is This Important to Us?

The shaded grey area shows the average distribution of scorecard of all companies rated by EcoVadis.

Overall score distribution
100% 75% 50% 25% 0%
0 25 45 65 85 100
All companies reviewed by Ecovadis

The program extends beyond a mere scoring system across four distinct themes. Each supplier receives a personalized corrective action plan that highlights their specific sustainability improvement areas. These are categorized by urgency and accompanied by detailed guidelines for enhancement. This year, already 74% of the spend of our critical ingredi- ents and packaging suppliers was covered by a sustainability score, largely due to our consistent emphasis on the assessment’s significance. Our buyers are being trained in sustainability practices and utilizing the EcoVadis tool to ensure comprehensive engagement and they include sustainability in their conversations with suppliers. Having gathered this data, we’re equipped to actively engage with suppliers who have received lower sustainability scores, collaborating with them to enhance their performance. Moving forward, we intend to monitor and track performance, integrating these sustainability metrics into our vendor rating system. Suppliers who consistently neglect or resist prioritizing sustainability might face the consequence of discontinued business relationships. This underscores our commitment to partnering with suppliers who align with our sustainability goals and values.

Carbon Reduction

As approximately 75% of our scope 3 emissions originate from the products we procure, it’s crucial to collaborate with our suppliers to reduce emissions and enhance the overall carbon footprint across the value chain.

Purchased goods: 75%
Other scope 3 emissions: 25%

By using the EcoVadis Carbon Action Module, we gain insight into the carbon maturity levels of our suppliers. The carbon action manager aggregates three different carbon management stages (Commitment, Actions, and Reporting) into an actionable scorecard. This allows us to target suppliers with different levels of carbon management and work together to measure their carbon footprint, set achievable targets and implement effective action plans. In addition, in the coming years we will focus on collecting supplier specific data on the carbon footprint of the products we purchase. Currently, we still have to rely on general data from databases due to the lack of supplier-specific information.

100% 75% 50% 25% 0%
Carbon management level distribution
Insufficient Beginner Intermediate Advanced Leader

Joint Projects

Our procurement team organizes dynamic sessions, inviting several suppliers to present appealing joint projects. These meetings serve as a platform for mutual inspiration and are not just about exchanging infor- mation; they are a catalyst for innovation. We encourage suppliers to take a proactive stance and invite them to propose inventive projects aimed at improving operational efficiency, raising sustainability stand- ards and increasing the nutritional value of our products. Through these partnerships, What’s Cooking? envisions a future where sustainability is a shared journey, where the combined efforts of all involved contribute to mutual growth.

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Sustainability Report

Why Is This Important to Us?

Employee Well-being

Our people are the cornerstone of our success. Promoting and safeguarding their health, safety, and well-being is non-negotiable. Every individual’s safety is a fundamental concern, aligning with our principle of crafting with care. We believe that all incidents are preventable and will only be successful when all our employees go home safely to their loved ones.

Strategic Importance

Accidents and work-related illnesses not only affect the individuals involved, but can impact their families and other employees, while poten- tially causing production stoppages, supply disruptions, operational costs and reputational damage to What’s Cooking? as an employer. A safe work environment is not just a box to check; it’s integral to our opera- tional excellence. It’s a strategic priority for What’s Cooking?, integrated into our operations to ensure sustainable success.

Our Policies and Systems

At What’s Cooking?, we prioritize employee safety through our compre- hensive Safety Policy, accessible on our website: https://whatscooking. group/en-GB/values-and-story-of-whatscooking/sustainability-strate- gy-whatscooking. We have established one easy accessible document that describes the Health & Safety Management System. The Health and Safety Manage- ment System (HSMS) is a guide on how safety and health is managed and implemented in our daily processes according to the “Plan – Do – Check – Act” (PDCA) approach in line with the ISO45001 standard. The PDCA approach is used by What’s Cooking? to achieve continuous improvement. In doing so, we will comply with all relevant legal regula- tions and rules and consider industry best practices. The What’s Cooking? minimum requirements contained in the Health & Safety Management System ensure an appropriate level of safety and health on a group wide scale.

Our Sustainability Targets

7% reduction of RIFR (Recordable Injury Frequency Rate) year on year towards 2030

Driving Change: Our Sustainability Actions

Our strategy consists of 3 pillars:

Risk reduction
Further develop our Safety culture
Adherence to Regulations

All incidents are preventable
Guard Employee Safety
Help people flourish
Reduce risk

We apply the concept of the 5 Life Saving Rules, a comprehensive set of guidelines designed to avert serious injuries. Through rigorous training, management oversight, and continuous monitoring, we ensure the effec- tive integration of these critical rules into our operational ethos. Moreover, we prioritize learning from potential near misses, conducting thorough investigations and disseminating key insights throughout the organiza- tion. Additionally, we’ve structured a targeted safety training matrix comprising six essential modules tailored for three key groups: managers, team leaders, and operators. Equally, we’ve enhanced the capabilities of our Health & Safety Managers through specialized training in the ICAM (Incident Cause Analysis Method) methodology. This approach enables us to delve deep into identifying organizational, task-related, environ- mental, team, and individual factors, as well as failed defences, fostering a proactive safety culture.

Increase adherence to regulations and rules
We have reinforced our commitment to regulatory adherence by estab- lishing a robust Health & Safety Management system aligned with the ISO 45001 Standard. This system serves as a comprehensive reference guide outlining health and safety protocols across our operations. Furthermore, our ongoing safety assessments at each factory continually drive enhancements in safety protocols, ensuring alignment with evolving regulatory standards.

Further develop our safety culture
Central to our strategy is the development of a robust safety culture. We’ve introduced the safety room to provide new employees and contractors with a thorough understanding of our safety protocols and organizational values. Through this initiative, we underscore our dedica- tion to ensure every individual returns home safely to their loved ones. Additionally, our 3S philosophy – SEE, SAY, STOP – coupled with the safe behaviour model, fosters a culture of vigilance and intervention. By encouraging open dialogue, we empower employees to proactively identify and address unsafe practices. Moreover, our managerial commitment is evidenced through regular safety visits, where leaders engage with frontline staff to reinforce safety protocols and ensure adherence to the 5 Life Saving Rules.

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Sustainability Report

Igniting Motivation & Elevating Productivity

At the heart of our people strategy is the belief that engaged employees are naturally motivated. We are committed to nurturing this engage- ment as it not only fuels motivation but also increases productivity and unleashes a wave of creativity.

Fuelling Customer Satisfaction & Maximizing Profitability

The ripple effect of increased productivity and creativity of engaged employees is crucial for increasing customer satisfaction. This in turn has a direct impact on profitability by serving as a catalyst for innovation and improving operational efficiency across our organisation.

Fostering Safety & Elevating Quality Standards

quality issues. Their dedicated approach creates a culture of alertness and quality awareness, effectively reducing errors and increasing overall operational efficiency.

Absenteeism & Employee Turnover

A workforce that is highly engaged in its role experiences a significant drop in absenteeism because employees are more committed to their responsibilities and work environment. Moreover, engaged workplaces have lower staff turnover rates, as people feel truly valued and connected to the company’s overarching strategy and values, resulting in a signifi- cant increase in retention rates.

Our Policies and Systems

At What’s Cooking?, we foster employee engagement through our Business Code of Conduct, available for consultation on our website: https://whatscooking.group/en-GB/values-and-story-of-whatscooking/ sustainability-strategy-whatscooking. Additionally, we utilize the Engagement Index to measure engagement levels and implement targeted actions for improvement.

Our Sustainability Targets

Engagement Index Average Score of >80% by 2028
An average of 18 training hours/employee/year by 2030

Driving Change: Our Sustainability Actions

Within the domain of Employee Engagement, we distinguish four crucial dimensions: Well-being, Learning & Development, Leadership, and Pride.

Well-being

Our commitment to employee well-being is going beyond the conven- tional approach.# Sustainability Governance, Culture & Achievements

It goes beyond physical, mental and emotional health to create an environment where each individual feels truly valued, respected and included. A focus on diversity and inclusion creates a sense of belonging. Boost Employee Engagement Initiatives such as Mindlab, collaboration with physio therapists, mental health mondays and the establishment of trust liaisons are pivotal components of our approach.

Learning & Development

Our dedication to continuous learning pushes us forward. We invest in comprehensive training programs, empowering employees to not only meet but exceed expectations. This strategic investment in skill develop- ment fosters growth and confidence among our workforce. In line with this commitment, we have created a dedicated Learning & Development (L&D) department consisting of three experienced profes- sionals. The new team is leading the rollout of an L&D program and innovative tools. This demonstrates our ongoing commitment to providing employees with the knowledge, skills and resources vital to their professional journey and the continued success of What’s Cooking?.

Leadership

Leadership excellence is at the heart of our engagement strategy. Effec- tive leadership inspires, motivates, and guides, creating a culture charac- terised by trust, respect, and accountability. Our leadership initiatives, such as ‘Leadershift” calls and leadership ‘STIR’ meetings, play a crucial role in keeping our leadership team informed about our strategy and focus. These sessions serve as opportunities for learning and growth, enabling our leaders to gain valuable insights to share with their teams and enhance their leadership skills.

Pride

Encouraging a strong sense of pride is essential for strengthening our workplace community. Connecting employees with the company’s purpose, values and achievements increases morale and engagement. Engagement initiatives such as product tastings, a strategic rebranding with surveys, a strong ambassadors network, strong communication through various channels (social media, newsletters) and good integra- tion of our sustainability strategy into our organisation are crucial to fostering a culture of pride.

Sustainability Report

Why Is This Important to Us?

Ethical Considerations:

Ethical sourcing prioritizes fair labour practices, ensuring workers throughout the supply chain are treated fairly, paid equitably, and provided safe working conditions. It also supports local communities, contributing to their economic development.

Consumer Trust and Reputation:

Regulatory Compliance and Future-Proofing:

Responsible sourcing practices align with evolving regulations and stand- ards in the food industry. Embracing these practices now can future- proof the company against regulatory changes.

Our Policies and Systems

Our Business Code of Conduct, accessible on our website: https:// whatscooking.group/en-GB/values-and-story-of-whatscooking/sustaina- bility-strategy-whatscooking, underscores our commitment to upholding human rights across all aspects of our business operations. Additionally, our Sustainable Procurement Policy and Supplier Code of Conduct, also available on our website, set clear expectations for our partners regarding human rights standards.

Respect Human Rights

We utilize the Supplier Assessment Tool provided by EcoVadis (see also earlier under ‘supplier engagement’) to monitor supplier sustainability performance, including adherence to human rights standards. Further- more, with EcoVadis’ AI tool, we can detect potential human rights viola- tions by screening the internet for relevant information. Through these comprehensive measures, we remain committed to protecting and promoting human rights within our organization and across our supply chain.

Our Sustainability Targets

Target	By
100% Spend of business critical suppliers covered by contracts with signed Supplier Code of Conduct	2025
80% of critical spend covered by a sustainability score	2025

Driving Change: Our Sustainability Actions

In the section addressing responsible sourcing within our second pillar “Fight Climate Change,” we’ve detailed our strategy centred on due diligence aligned with OECD guidelines and the upcoming Corporate Sustainability Due Diligence Directive (CSDDD). Our commitment to protecting human rights across our entire value chain stands as a crucial component of our approach, alongside environmental considerations. We also evaluate our suppliers’ social impact via the EcoVadis platform, aiming to minimize the potential risks associated with human rights violations.

Sustainability Governance, Culture & Achievements

Our structured approach consists of four dedicated workstreams: Sustainable Value Chain, Sustainable Operations, Sustainable Product Innovations, and Sustainable Workforce. These workstreams focus on our key material sustainability topics, driving initiatives and improvements across our organization. To oversee and guide these efforts, we have established a Sustainability Steering Group, where all departments are represented by a manager or Executive Committee member. This group meets monthly, with one of the four workstreams providing an update on progress against targets, completed and upcoming actions, and key challenges. The insights and strategic decisions from these meetings are then escalated to the Execu- tive Committee for further alignment and decision-making. Recognizing the significance of sustainability at the highest level, the most critical topics are also discussed in our Sustainability Board Committee, which meets at least three times a year. This committee reinforces our commitment to sustainability, as it is chaired by our Chairman—demonstrating the priority and leadership focus given to our sustainability agenda. The figure illustrates how our strategic pillars align with our workstreams, highlighting which sustainability topics each workstream is responsible for. At What’s Cooking?, sustainability is embedded in our governance struc- ture to ensure continuous progress and alignment with our strategic goals.

Sustainable Value Chain: Source responsibly, Respect human rights, Due Diligence & Traceability
Sustainable Operations: Fight Climate Change, Win the war on waste, Climate Change & Energy, Water, Biodiversity & Pollution
Sustainable Product Innovations: Ensure consumer wellbeing, Promote enhanced nutrition, Grow plant-based portfolio, Health & Nutrition, Animal Welfare
Sustainable Workforce: Boost employee engagement, Guard employee safety, Employee safety, Employee Engagement

Governance Structure:

Sustainability Board Committee: Meets at least three times a year. Chaired by the Chairman.
Executive Committee: Receives escalated strategic decisions.
Sustainability Steering Group: Meets monthly. All departments represented. One workstream provides updates.
Workstreams: Sustainable Value Chain, Sustainable Operations, Sustainable Product Innovations, Sustainable Workforce.

Workstream Updates:

Lead: Sustainability Manager
Members: CFO, COO, Chief R&D Officers, Sales & Marketing Manager, Head of Procurement, Chief People Officer, General Secretary - General Counsel & Corporate Affairs Director
Frequency: Monthly updates on progress, deliverables, and timelines.

Achievements

EcoVadis Silver Medal

In September 2024, we achieved an EcoVadis Silver Medal with a score of 72%, placing us in the top 7% of companies worldwide for sustainability performance. This recognition highlights the tremendous efforts we’ve made over the past few years, and we extend our gratitude to all What’s Cooking? employees for their dedication in making this possible!

Belgian Award for Best First Sustainability Report

We are proud to share that What’s Cooking? received The Belgian Award for the Best First Sustainability Report during the Awards ceremony on November 18, 2024. Out of 72 organizations that submitted their reports, our company was selected following a meticulous review by a jury of 26 experts.

Sustainability Culture

At What’s Cooking?, our commitment to sustainability is driven by a dedicated team of (volunteer) ESG ambassadors across various depart- ments and functions. With at least one ambassador at every site, we’ve established a robust network that fosters a culture of sustainability within our organization. Our monthly online meetings provide a platform for sharing innovative projects and ideas across different sites, fostering cross-pollination and ensuring a smooth flow of communication to our communication manager. These sessions also feature brainstorming activities designed to embed sustainability into our company’s DNA in an engaging and relatable way. Each quarter, we spotlight a key sustainability theme, bringing it to life for all employees through interactive activities, quizzes, webinars, and other initiatives, reinforcing why sustainability is so impor- tant to us. The ESG ambassadors play a crucial role in creating a sustainability culture and fostering intrinsic motivation among all team members. These ambassadors not only promote sustainability within our organiza- tional framework but also serve as inspirational figures, setting an example for others within and beyond our company. In our bi-monthly newsletter, we highlight key sustainability actions aligned with each pillar of our sustainability strategy. Each quarter, we also feature one standout ESG initiative, and the winning team receives a small prize in recognition of their efforts. During our annual management meeting, we present a Sustainability Award to acknowledge exceptional contributions.# Sustainability Report

In 2024, this award was given to our Procurement Department for their outstanding work in establishing the Supplier Engagement Program. Sustainability culture Yes we care. Opole Mézidon Deeside Sales Offices Gent HQ Wanze Marche-en-Famenne This prestigious award recognizes the transparency and efficiency of our sustainability reporting, which has become an integral part of our daily operations. It’s a tremendous honour for our European Fresh Savoury Food Group to be recognized as one of Belgium’s leading examples in sustainability. We are excited to continue leading the way in sustainability, working alongside other companies to turn these efforts into a shared reality for a better future. What’s Cooking? Annual report 2024 85

Sustainability Report

Overview Of Strategic Metrics & Targets

Pillar	KPI	UOM	2021	2022	2023	2024	Target	Target Year
good food for all	Ensure consumer well-being
	Number of sites with a higher level IFS or BRC score	#	4	5			5	2025
	Promote enhanced nutrition
	%Volume of branded products sold meeting our nutrition policy	%					100%	2030
	Grow portfolio plant-based & vegetarian products
	%Volume sold that are plant based or vegetarian products	%	8.09%	8.69%	9.35%		15%	2030
Protect our planet	Fight climate change
	Scope 1 & 2 emissions	tCO 2 e	29,276	27,857	26,142	20,192
	Scope 3 FLAG emissions	tCO 2 e	421,233	429,918	361,135	358,571
	Scope 3 INDUSTRIAL emissions	tCO 2 e	133,325	149,484	126,567	132,600
	%Renewable electricity purchased	%	0%	0%	51%	100%	100%	2024
	Water withdrawal/kg product sold	l/kg	6.51	6.66	5.63		4.56	2030
	Win the war on waste
	Operational food waste/ton product sold	%	10.17%	10.18%	10.45%		5.08%	2030
	%Recycled content of primary packaging	%	29.70%	29.80%	30.96%		30%	2030
	%Designed for recycling packaging	%	74.10%	75.90%	75%		100%	2030
	Virgin plastic packaging intensity	g/kg	34.6	33.8	34.8		24.2	2027
	Source responsibly
	%Spend of critical suppliers covered by contracts with signed CoC	%	91%	96.4%			100%	2025
	%spend covered by supplier systainability score	%	73%	74.10%			80%	2025

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Sustainability KPI Key information on strategic KPI calculation

Number of sites with a higher level IFS or BRC score

The IFS (International Featured Standards) Food Standard reviews the products and production processes to evaluate a food producer’s ability to produce safe, authentic, and quality products according to legal requirements and customer specifications. (https://www.ifs-certification.com/en/food-standard )There are two levels of certification – Foundation level (score between 75 and 95%) and Higher level (score >95%). A score below 75% means that no certificate can be granted. The BRC (British Retail Consortium) Global Food Safety Standard provides a framework to manage product safety, integrity, legality and quality, and the operational controls for these criteria in the food and food ingredient manufacturing, processing and packing industry. (https://www.brcgs.com/our-standards/food-safety/ )The grading scale for BRCGS audits goes from AA as the highest to Uncertified in the order: AA, A, B, C, D, Uncertified. An unannounced audit will have a ‘+’ after the grade, for example, AA+.

%Volume sold that are plant based or vegetarian products

A food suitable for vegans (plant-based) can be defined as follows: Foods that are not products of animal origin and where, at no stage of the production and processing of the food, the following products of animal origin have been used: - ingredients (including food additives, flavourings and enzymes), or - processing aids, or - .carriers and substances which are not food additives, but which are used in strictly necessary doses in the same way and with the same purpose as carriers, or - substances that are not food additives but are used in the same way and with the same purpose as processing aids. A food suitable for vegetarians can be defined as follows: Foods that comply with the requirements of with respect to vegan foods (see 3.1.) with the difference that the following products, as well as components or derivatives thereof, may be added or used in their production and processing: 1. Milk and dairy products, 2. Colostrum, 3. Eggs, 4. Honey, 5. Beeswax, 6. Propolis, or 7. Wool fat, including lanolin derived from the wool of living sheep. We look at both plant-based and vegetarian products to calculate the %, and divide this number by the total volume sold.

Pillar	KPI	UOM	2021	2022	2023	Target	Target Year
Help people flourish	Guard employee safety
	RIFR	n	21.30	11.32	13.71	12.75	2025
	Boost employee engagement
	Engagement index (avg score)	%	78%			80%	2028
	Average number of training hours/employee	h/ employee	29.2			18	2030
	Protect human rights	Same as
	Source Responsibly

Definitions of strategic KPI’s:

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Sustainability KPI Key information on strategic KPI calculation

Scope 1 & 2 carbon emissions

We calculated our carbon emissions according to the recognized Greenhouse Gas Protocol (https://ghgprotocol.org/ ). Scope 1 emissions are all direct greenhouse gas emissions. For What’s Cooking? these are direct emissions from stationary combustion sources, direct fugitive emissions and direct emissions from mobile sources with combustion engine. Scope 2 emissions are indirect greenhouse gas emissions from consumption of purchased electricity, heat or steam. For What’s Cooking? this is the electricity we purchase. We calculate this using the market-based approach.

Scope 3 carbon emissions

We calculated our carbon emissions according to the recognized Greenhouse Gas Protocol (https://ghgprotocol.org/ ). Scope 3 emissions are all indirect emissions except the scope 2 emissions. For What’s Cooking? these are the indirect emissions from purchased goods and services, indirect emissions from capital goods, emissions related to fuel and energy (not included in scope 1 and 2), indirect emissions from upstream freight and distribution, indirect emissions from operational waste generated, indirect emissions from business travels, indirect emissions from employees commuting, indirect emissions from downstream freight and distribution, indirect emissions from use of sold products and indirect emissions from end-of- life of sold products

%Renewable electricity purchased

Purchased renewable electricity is the electricity we buy covered by Guarantees of Origin. We divide this by the total amount of electricity we buy (both in MWh) (not taking into account the green electricity we generate on our own sites)

Water withdrawal/ton product sold

All water that is withdrawn and brought into the facility (both tap water and ground water) divided by the volume of products sold (excluding the intercompany sales numbers).

Operational food waste/ton product sold

The amount of operational food waste is calculated by adding up the total amount of pasta food waste, the total amount of meat food waste, the total amount of other food waste without meat, the total amount of other food waste that contains meat and the total amount of other organic waste. It excludes the amount of sludge from the water treatment. We take all different waste disposal options into account: animal feed, anaerobic digestion for production of biogas, compost, recovery in the rendering industry, recovery as biodiesel and incineration (no food waste is going to landfill). Next to striving for a minimum amount of operational food waste, we strive to be as high on the Lansink’s ladder as possible concerning waste disposal methods. This number is divided by the volume of products sold (excluding the intercompany sales numbers).

%Designed for recycling packaging

“Designed for Recycling” under the PPWR refers to packaging that is specifically designed to facilitate efficient recycling at the end of its life cycle (see article 6). The PPWR sets specific design criteria to ensure that packaging materials can be effectively collected, sorted, and reprocessed into secondary raw materials. Starting in 2030, all packaging placed on the EU market must be recyclable according to these criteria, and by 2035, packaging must be effectively recycled at scale in practice.

%Recycled content of primary packaging

Purchased volume of Post consumer + Post industrial primary recycled material. Post consumer recycled material is material that was used by the consumer and then recycled and processed. Post-industrial recycled material is material that is coming from the manufacturing process. Primary packaging is the packaging in direct contact with the product itself. This number is divided by the total purchased volume of primary packaging.

Virgin plastic packaging intensity

Virgin plastic packaging intensity is calculated by dividing the purchased volume of virgin plastic packaging that year by the volume of products sold in that same year.

%Spend of critical suppliers covered by contracts with signed Supplier Code of Conduct

What’s Cooking? considers the Meat, Ingredients and Packaging suppliers with a spend of more than 100K as business critical.

Sustainability Report

Sustainability KPI Key information on strategic KPI calculation

%Spend of critical suppliers covered by a supplier sustainability score

What’s Cooking? considers the Meat, Ingredients and Packaging suppliers with a spend of more than 100K as business critical. Having a supplier sustainability score means having an EcoVadis membership, as we look at the sustainability scores EcoVadis calculates based on the sustainability input our supplier put into the platform. EcoVadis is a widely recognized sustainability ratings provider (https://ecovadis. com/) Sustainability is measured on four themes: environment, labour & human rights, ethics and sustainable procurement.# RIFR (Frequency of accidents)
The Reportable Incident Frequency Rate is the ratio of the total number of accidents of employees and interim workers at the workplace resulting in a total incapacity of at least one day, not including the day of the accident, to the number of hours of exposure to the risk, multiplied by 1,000,000 (to get a workable figure). The rate represents the number of respective cases per one million working hours worked.

Engagement Index Average Score

We use an Engagement NET promoter score (ENPS) that we convert to an Engagement Index score via a conversion table. To calculate this score we look at just 1 question today, “How likely are you to recommend What’s Cooking? as an employer to others?”. In addition, we ask 10 questions, the score of which is plotted on Gallup’s engagement pyramid. The survey is done in all our plants on a monthly basis and is calculated on the last 12 months (rolling 12 months).

ENPS = ((Promoters - Criticasters)/#respondents) x100
Promoters = score > 80%
Neutrals = score > 65 < 80%
Criticasters = score < 65%

*For the future, it is important to paint a more nuanced picture around the various engagement scores. Ideally we should not limit ourselves to 1 ENGAGEMENT NUMBER, but evolve to a measurement across the different engagement domains (appreciation, leadership,...) that allows us to analyse the data to a deep level and allows us to effectively take targeted actions. To consolidate the engagement figures, we have taken the business cluster engagement scores and then calculated a weighted average of those scores, taking into account the number of people working within the cluster to come up with a corporate engagement score.

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Sustainability Annex

General information

This sustainability statement has been prepared on a consolidated basis and the scope of consolidation is the same as for the financial statements, excluding discontinued operations. However, discontinued operations non-financial data can be found in the chapter ‘Other non-financial informa- tion’. Prior year data was also re-stated in order to exclude the Savoury data and only include continuing operations information. This sustainability statement equally continues to exclude our joint venture ‘Davai’ (which was 50% owned during 2024 but 100% acquired during 2025). If specific company data is available, this data has been used to calculate the emissions or other data included in this report. For scope 3 emissions, we draw your attention to the fact that What’s Cooking? has used generic databases in the absence of specific data. Internationally recognized databases such as Agribalyse (for raw materials and ingredients) and Ecoin- vent, Base empreinte as well as Plastics Europe (with respect to Packaging materials) were used amongst others.

Materiality Assessment

1. Introduction and scope

With the double materiality assessment, What’s Cooking? aims to discover how actions in its operations and value chain impact both people and the planet, as well as how sustainability issues may affect its financial situa- tion. This process will help determine which sustainability topics are most relevant (material) to our business and value chain and which topics we should report on and create policies, KPIs, targets and an action plan. What’s Cooking? is reporting on a consolidated level. To discover the impacts, risks and opportunities in its value chain, a mix of top-bottom and bottom-up approach was used. The identified impacts, risks, and opportu- nities cover the entire 2024 reporting period. The 2023 Double Materiality exercise served as the basis but was further refined into subtopics and sub-subtopics. In the identification of our actual and potential impacts, risks and opportu- nities in our own operations and upstream and downstream value chain, we have not performed a screening of our locations, assets and activities or consulted with affected communities. The identification of the IRO’s was based on desk research performed and stakeholder engagement.

Materiality preparation
* Identification of key stakeholders
* Exploration of topics
* Consulting existing frameworks (ESRS, GRI, SASB, etc.)
* Peer review
* List of potential material topics
* Creating definitions for the list of potential material topics
* Doing research and describing actual and potential positive and negative impacts
* Describing risks and opportunities
* Impact materiality
* Consulting internal and external stakeholders through workshops, where they have to assess the scale, scope, remediability and likelihood of different impacts
* Financial materiality
* Consulting financial experts to identify risks and opportunities that (may) affect the financial situation of What’s Cooking?, based on likelihood and potential effects
* Double materiality
* Plotting impact and financial materiality in the double materiality matrix
* Setting thresholds
* Identifying material topics

The different steps of the double materiality process are summarized in the illustration above:
& Impact
Financial risks & opportunities
& its
Supply Chain

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The impacts are assessed through different workshops with stakeholders. The stakeholders give many insights and qualitative information and then also provide quantitative input on the likelihood and severity of the impacts. The severity is evaluated based on scale, scope and the irremedi- mable character of the impact. For positive impacts, the latter is not taken into account.

2. Impact Materiality

We assess actual and potential positive and negative impacts based on research, the outcomes of our due diligence process, and stakeholder interviews. To determine impact materiality, we consulted affected stake- holder groups, including suppliers, farmers, employees, the executive committee, customers, and nature-represented by WWF. Additionally, we engaged users of the sustainability statement, as their research provides valuable insights into these impacts. In the impact assessment we make a distinction between the impacts that (can) happen in our own operations and the ones that (can) take place in our upstream value chain and downstream value chain.

Positive impacts

	Low	Medium	High
Occurence	Unlikely	Likely	Very likely
Scale	Limited	Moderate	Global
Severity	Negligible impact	Moderate impact	Very High

*The occurence of the positive impact is extremely rare, happening almost never. There is a substantial chance that the positive impact will happen. The occurence of the positive impact is highly probable.
(while there might be some minor effects, they are of low significance and can be considered negligible in the broader context)
(effects that are of a noticeable degree, requiring attention and potentially mitigation efforts)
(severe effects on the sustainability aspect, demanding immediate and comprehensive intervention to address and rectify these impacts)
< (very localized impact, limited to speciﬁc areas or contexts within the overall scope of assessment, with minimal effect limited to immediate operations)
(impact expands beyond local boundaries and covers a wider geographic or organizational scope)
(impact surpasses previous boundaries, resulting in significant global consequences and extends beyond local and moderate contexts, adversely affecting diverse regions and aspects worldwide, contributing to negative outcomes both nationally and internationally)

Negatieve impacten

	Laag	Gemiddeld	Hoog
Waarschijnlijkheid	Onwaarschijnlijk	Waarschijnlijk	Zeer waarschijnlijk
Scope	Gelimiteerd	Gemiddeld	Globaal
Herstel- baarheid	Makkelijk te herstellen	Moeilijk te herstellen	Onherstelbaar
Ernst	Verwaarloosbare impact	Gemiddelde impact	Zeer hoge impact

*Het zich voordoen van de negatieve impact is uiterst zeldzaam, het gebeurt bijna nooit. Er is een substantiële kans dat de negatieve impact zal plaatsvinden. Het zich voordoen van de neagtieve impact is zeer waarschijnlijk.
(hoewel er enkele kleine effecten kunnen zijn, zijn deze van geringe betekenis en kunnen ze in de bredere context als verwaarloosbaar worden beschouwd)
(effecten die merkbaar zijn en aandacht en mogelijk mitigatie- inspanningen vereisen)
(ernstige gevolgen voor het duurzaamheids- aspect, die onmiddellijke en uitgebreide interventie vereisen om deze gevolgen aan te pakken en te verhelpen)
(zeer gelokaliseerd effect, beperkt tot speciﬁeke gebieden of contexten binnen het algemene beoordelingsgebied, met een minimaal effect dat beperkt blijft tot onmiddellijke operaties)
(de impact overschrijdt de lokale grenzen en bestrijkt een groter geograﬁsch of organisatorisch bereik)
(de impact overschrijdt eerdere grenzen, wat resulteert in signiﬁcante wereld-
wijde gevolgen en reikt verder dan de lokale en gematigde context, waardoor diverse regio's en aspecten wereldwijd negatief worden beïnvloed, wat bijdraagt aan negatieve resultaten op zowel nationaal als internationaal niveau)
(negatieve impact is relatief eenvoudig te beheren of op te lossen. Hoewel enige inspanning nodig is, zijn de oplossingen haalbaar met redelijke middelen en kunnen ze effectief worden geïmplementeerd)
(het aanpakken van de negatieve impact vormt een uitdaging die een aanzienlijke inspanning vereist en waarvoor mogelijk aanzienlijke hindernissen moeten worden overwonnen)
(De negatieve gevolgen zijn onomkeerbaar, waardoor inspanningen om ze aan te pakken niet effectief zijn. De gevolgen zijn blijvend en de schade kan niet volledig worden beperkt of teruggedraaid)

Negative impacts

	Low	Medium	High
Likelihood	Unlikely	Likely	Very likely
Scope	Limited	Moderate	Global
Recoverability	Easy to recover	Difficult to recover	Irrecoverable
Severity	Negligible impact	Moderate impact	Very High impact

*The occurence of the negative impact is extremely rare, happening almost never. There is a substantial chance that the negative impact will happen. The occurence of the negative impact is highly probable.# What’s Cooking? Annual report 2024 91 Sustainability Report

Threshold for Highly Material Topics

The criteria for highly financial material topics are:
* Likelihood: Very likely (the occurrence of the risk or opportunity is highly probable)
* Financial Impact: High (> 500k impact on Net Profit before tax)

This aligns with our risk assessment framework, where the threshold for identifying critical risks is also based on a combination of very high likelihood and high financial impact (greater than 500k). Given that both the likelihood and financial impact are at the highest levels, the threshold of 3.5/5 is appropriate. It ensures that topics meeting these criteria are prioritized as the most urgent and significant, reflecting their considerable potential to disrupt the organization’s financial health.

Threshold for Material Topics

The criteria for financially material topics include two scenarios:
* Likelihood: Likely AND Financial Impact: High
* Likelihood: Very likely AND Financial Impact: Medium

These topics remain important but represent a step down in overall risk compared to highly material topics: In the first scenario, while the financial impact is high (> 500k impact on Net Profit before tax), the likelihood is only “likely” (substantial chance that the risk or opportunity will take place) rather than “very likely” (the occurrence of the risk or opportunity is highly probable). In the second scenario, while the likelihood is “very likely”(the occurrence of the risk or opportunity is highly probable) the financial impact is medium (100k-500k impact on Net Profit before tax). Given this balanced risk profile, a threshold of 2.5/5 is appropriate. It ensures that topics with significant but less extreme combinations of likelihood and financial impact are still identified and managed, particularly where they affect net profit before tax. We applied the same rationale and thresholds when assessing impact materiality, ensuring consistency in our approach.

3. Financial Materiality

The description of our risks and opportunities are based on desk research, the outcomes of the due diligence process and stakeholder interviews. We assess whether the identified impacts could give rise to material risks and opportunities within our value chain for each listed topic by evaluating the current situation, future expectations, and historical events. This analysis is organized into four key categories: Technology, Products & Market, Legal & Policy, Reputation, and Operations. In this process, we consider the impact on natural, human, and social resources.

To assess financial materiality, we consulted internal and external financial experts: executive committee, controlling, sustainability, internal audit and the sustainability board committee. The risks and opportunities are assessed through stakeholder workshops, in which the likelihood and size of financial effects are determined.

Likelihood	Financial effects
Unlikely	< 100k impact on Net Profit before tax
Likely	100k-500k impact on Net Profit before tax
Very Likely	> 500k impact on Net Profit before tax

The occurence of the risk or opportunity is extremely rare, happening almost never.
There is a substantial chance that the risk or opportunity will take place.
The occurrence of the risk or opportunity is highly probable.

Time horizons are also specified for the impacts, risks and opportunities, in accordance with the definition provided by the ESRS, as follows:
* Short-term: the period corresponding to the reporting period used in the undertaking’s financial statements;
* Medium-term: the period starting at the end of the short-term horizon and extending up to 5 years;
* Long-term: any period beyond 5 years.

4. Double Materiality Thresholds for materiality

A topic is considered material when it is material from the impact perspective, the financial perspective, or both. To determine the highly material topics, we applied a threshold for both the impact and financial materiality, which is 70% of the maximum materiality. A threshold of 50% of the maximum materiality was set to identify which topics are material and which ones are not for What’s Cooking Group.

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5. Double Materiality Matrix

6. Material topics table

Summary Material Topic	ESRS	Strategy pillar	Impacts	Value Chain	Timeline	Risks	Opportunities
Climate change adaptation	E1	Protect our planet	Negative impact	Potential Positive impact	Upstream VC	Medium	Technology, products & market Legal & policy Reputation Operational
Climate change mitigation	E1 & E4	Protect our planet	Negative impact	Upstream VC Own Operations Downstream VC	Medium	Technology, products & market Legal & policy Reputation Operational	Technology, products & market Reputation Operational
Energy	E1	Protect our planet	Negative impact	Upstream VC Own Operations Downstream VC	Medium	Technology, products & market Legal & policy Reputation Operational	Technology, products & market Reputation Operational
Pollution of soil	E2 & E4	Protect our planet	Negative impact	Upstream VC	Medium
Land degradation	E4	Protect our planet	Negative impact	Upstream VC	Medium
Energy
Waste	E5	Protect our planet	Negative impact	Upstream VC Own operations Downstream VC	Medium	Legal & policy Reputation Operational	Reputation
Climate change mitigation
Water	E3	Protect our planet	Water withdrawal & consumption Water discharge	Negative impact Potential negative impact	Upstream VC Own operations	Medium	Water withdrawal & consumption Technology, products & market Legal & policy Reputation Operational Water discharge Technology, products & market Legal & policy Reputation Operational Water withdrawal & consumption Reputation Operational Water discharge Reputation Operational
Climate change adaptation
Land-use change and deforestation	E4	Protect our planet	Potential Negative impact	Upstream VC	Medium	Land-use change & deforestation
Animal welfare	G1	Protect our planet	Potential negative impact: Positive impact act	Upstream VC	Medium
Soil pollution
Sustainable packaging	E5	Protect our planet	Negative impact	Upstream VC Own operations Downstream VC	Medium	Technology, products & market Legal & policy Reputation Operational	Technology, products & market Reputation
Adequate wages	S2	Help people flourish	Potential negative impact: Potential positive impact	Upstream VC	Medium
VC Health & Safety
VC Employee Engagement	S1 (Entity specific)	Help people flourish		Own operations	Medium	Operational Technology, products, market Reputation	Operational
Health & Safety own operations
Due diligence	G1 (Entity specific)	Protect our planet Help people flourish		Upstream VC Own operations Downstream VC	Medium	Legal & policy Reputation Operational	Reputation
Traceability raw materials
Health & Nutrition	S4 (Entity specific)	good food for all	Potential negative impact Potential positive impact	Own operations Downstream VC	Medium	Technology, products & market Legal & policy Reputation Operational	Technology, products & market Reputation
Good food for all
Protect our planet
Help people flourish

Legend
* = Value chain

We took into account the key learnings from the double materiality matrix when developing our long term plans (including both Capex and Opex).

What’s Cooking? Annual report 2024 93 Sustainability Report

5. Double Materiality Matrix

Scale

	0,0	1,0	2,0	3,0
Financial Materiality	Highly material	Highly material	Material	Material
Impact Materiality
Land degradation
Energy
Waste
Climate change mitigation
Water
Climate change adaptation
Land-use change and deforestation
Animal welfare
Soil pollution
Sustainable packaging
Adequate wages
VC Health & Safety
Employee Engagement
Health & Safety own operations
Due diligence
Traceability raw materials
Health & Nutrition
Good food for all

Likelihood

	Unlikely	Likely	Very Likely
The occurence of the risk or opportunity is extremely rare, happening almost never.	Substantial chance that the risk or opportunity will take place.	The occurrence of the risk or opportunity is highly probable.

Financial effects

	< 100k impact on Net Profit before tax	100k-500k impact on Net Profit before tax	> 500k impact on Net Profit before tax

Scope

	Very localized impact	Moderate impact	Global
< (very localized impact, limited to specific areas or contexts within the overall scope of assessment, with minimal effect limited to immediate operations)	(impact expands beyond local boundaries and covers a wider geographic or organizational scope)	(impact surpasses previous boundaries, resulting in significant global consequences and extends beyond local and moderate contexts, adversely affecting diverse regions and aspects worldwide, contributing to negative outcomes both nationally and internationally)

Remediability

	Easy to remedy	Difﬁcult to remedy	Irreversible
(negative impact is relatively simple to manage or fix. Though some effort is necessary, the solutions are feasible with reasonable resources and can be effectively implemented)	(tackling the negative impact presents a challenge, necessitating a substantial effort and may require overcoming significant hurdles)	(the negative impact is irreversible, making efforts to address it ineffective. The consequences are permanent, and the damage cannot be fully mitigated or reversed)

Severity

	Low	Moderate	High
(while there might be some minor effects, they are of low significance and can be considered negligible in the broader context)	(effects that are of a noticeable degree, requiring attention and potentially mitigation efforts)	(severe effects on the sustainability aspect, demanding immediate and comprehensive intervention to address and rectify these impacts)

6. Material topics table

Material topic	ESRS	Strategy pillar	Impacts	Value Chain	Timeline	Risks	Opportunities
Climate change adaptation	E1	Protect our planet	Negative impact	Potential Positive impact	Upstream VC	Medium	Technology, products & market Legal & policy Reputation Operational
Climate change mitigation	E1 & E4	Protect our planet	Negative impact	Upstream VC Own Operations Downstream VC	Medium	Technology, products & market Legal & policy Reputation Operational	Technology, products & market Reputation Operational
Energy	E1	Protect our planet	Negative impact	Upstream VC Own Operations Downstream VC	Medium	Technology, products & market Legal & policy Reputation Operational	Technology, products & market Reputation Operational
Pollution of soil	E2 & E4	Protect our planet	Negative impact	Upstream VC	Medium
Land degradation	E4	Protect our planet	Negative impact	Upstream VC	Medium
Energy
Waste	E5	Protect our planet	Negative impact	Upstream VC Own operations Downstream VC	Medium	Legal & policy Reputation Operational	Reputation
Climate change mitigation
Water	E3	Protect our planet	Water withdrawal & consumption Water discharge	Negative impact Potential negative impact	Upstream VC Own operations	Medium	Water withdrawal & consumption Technology, products & market Legal & policy Reputation Operational Water discharge Technology, products & market Legal & policy Reputation Operational Water withdrawal & consumption Reputation Operational Water discharge Reputation Operational
Climate change adaptation
Land-use change and deforestation	E4	Protect our planet	Potential Negative impact	Upstream VC	Medium	Land-use change & deforestation
Animal welfare	G1	Protect our planet	Potential negative impact: Positive impact act	Upstream VC	Medium
Soil pollution
Sustainable packaging	E5	Protect our planet	Negative impact	Upstream VC Own operations Downstream VC	Medium	Technology, products & market Legal & policy Reputation Operational	Technology, products & market Reputation
Adequate wages	S2	Help people flourish	Potential negative impact: Potential positive impact	Upstream VC	Medium
VC Health & Safety
Employee Engagement	S1 (Entity specific)	Help people flourish		Own operations	Medium	Operational Technology, products, market Reputation	Operational
Health & Safety own operations
Due Diligence & traceability raw materials	G1 (Entity specific)	Protect our planet Help people flourish		Upstream VC Own operations Downstream VC	Medium	Legal & policy Reputation Operational	Reputation
Health & Nutrition	S4 (Entity specific)	good food for all	Potential negative impact Potential positive impact	Own operations Downstream VC	Medium	Technology, products & market Legal & policy Reputation Operational	Technology, products & market Reputation

Legend
* = Value chain

We took into account the key learnings from the double materiality matrix when developing our long term plans (including both Capex and Opex).

What’s Cooking? Annual report 2024 94 Sustainability Report

EU-taxonomy

General

In 2019, the European Commission announced the Green Deal for the European Union. This Green Deal aims to increase sustainable investments to achieve climate neutrality by 2050. This economy with net-zero GHG (Greenhouse Gas) emissions by 2050 should already achieve a 55% emissions reduction by 2030.# EU Taxonomy Regulation

The EU taxonomy regulation should provide a mandatory and harmonized framework to determine which economic activities can be considered environmentally sustainable.

Legal Framework

Article 9 of Regulation 2020/852 (the European Taxonomy Regulation) covers the following six environmental objectives:

the mitigation of climate change
the adaptation to climate change
the sustainable use and protection of water and marine resources
the transition to a circular economy
the prevention and control of pollution
the protection and restoration of biodiversity and ecosystems

The European Union published a list of economic activities that must meet the first two environmental objectives. These are the energy sector, certain manufacturing activities, transportation and construction - but not (yet) the food sector.

First Adoption

We only discuss the types of revenue relevant within the EU taxonomy, namely CapEx (capital expenditure) and OpEx (operating expenditure). As our core activities are not yet covered by the EU taxonomy regulation, the annual revenues eligible for the taxonomy are 0% of our total revenues both in 2023 and 2024. The group’s activities may appear later in the list of eligible activities for Objectives 3 to 6 above. Once more details are available for the other economic activities that may qualify, the group will schedule an analysis around this.

The following OpEx and CapEx are relevant to the group in the context of EU taxonomy & ‘climate mitigation’:

4.17 – Cogeneration of heat/Cool and power from solar energy
4.19 - Cogeneration of heat/cool and power from renewable non-fossil gaseous and liquid fuels
5.2 – Renewal of water collection, treatment and supply systems
5.4 – Renewal of waste water collection and treatment
6.4 – Operation of personal mobility devices, cycle logistics
6.5 – Transport by motorbikes, passenger cars and light commercial vehicles
7.2 – Renovation of existing buildings
7.4 – Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings)

Given the focus on environmental investments that also contribute to keeping our energy costs manageable - also encouraged by (govern- ment) energy policy agreements and similar measures - our ratio for CapEx eligible under the taxonomy is 5% to our total capex for 2024. (numerator = eligible CapEx under the taxonomy & denominator is the total acquisition value of tangible and intangible assets for the relevant fiscal year as included in notes 16 & 17 of the 2024 Annual Financial Report).

The above topics are not part of our revenue generating core business, therefore our OpEx ratio is immaterial. (OpEx includes operating costs eli- gible under the taxonomy as a percentage of total operating costs for maintenance, repair, transportation and energy). We only had some minor lease costs related to electric bikes in 2024. The total OpEx eligible under the taxonomy was EUR 14,862 thousand in 2024.

Climate Change Mitigation

Climate change mitigation means the process of keeping the global aver- age temperature increase to below 2°C and making efforts to limit it to 1.5°C as defined in the ‘Paris Agreement’. Below we describe further details about our ‘Taxonomy eligible & aligned’ economic activities.

To assess whether the activities below are “aligned,” 3 alignment criteria were applied:

— Substantial contribution to climate change mitigation
— Not significantly impeding climate change adaptation or the transi- tion to a circular economy and/or pollution prevention & control
— Meet ‘minimum safeguards’

Cogeneration of heat/cool and power from solar energy (# 4.17 above)

The group has solar energy installations at several sites. It uses this solar energy in its production facilities. These are either owned by the group or leased or are part of a ground lease granted to a third party that sells the energy from the installation to the group.

Given that no CapEx amounts were spent on new solar installations in 2024 nor OpEx costs incurred that qualify, the group has no reportable qualifying amounts for this activity even though it has such solar installations in operation. The group only had costs for the purchase of the solar energy and further paid for CapEx which in previous years was recognized as an acquisition under the guidance of IFRS 16. Consequently, no testing is to be performed based on the “screening criteria” for this activity.

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What’s Cooking? Annual report 2024

Cogeneration of heat/cool and power from renewable non-fossil gaseous and liquid fuels (# 4.19 above)

The group has such installations at various sites. It uses cogeneration of heat / cool in its own production process. The majority of Capex and Opex spending happened already in previ- ous years. There was only a minor expansion of the Capex related to the cogeneration installations in 2024.

1st check: substantial contribution to climate change mitigation
Thanks to the cogeneration installation, fewer energy is required to run the operations. The installation therefore contributes substan- tially to lower CO 2 e emissions.

2nd check: Do not significantly harm climate change adaptation or the transition to a circular economy and/or prevention of & control of pollution
The recovery of heat does not significantly harm climate change adaptation or the transition to a circular economy. It helps this tran- sition. There is no incremental pollution related to this technique.

3rd check: Complies with the minimum safeguards.
The installation complies with the minimum safeguards.

Renewal of water collection, treatment and supply systems (# 5.2 above)

The group has such installations at various sites. It uses this water (after treatment) in its production process. Investments in 2024 were already a bit higher than in the past but are expected to increase a bit further in the future. The water supply system net average energy consumption for abstrac- tion and treatment equals to or is lower than 0,5 kWh per cubic meter produced water supply. Net energy consumption may take into account measures decreasing energy consumption, such as source control (pollutant load inputs), and, as appropriate, energy generation (such as hydraulic, solar and wind energy);

1st check: substantial contribution to climate change mitigation
The renewal of the water supply system leads to improved energy efficiency by decreasing the net average energy consumption of the system by at least 20% compared to own baseline performance averaged for three years, including abstraction and treatment, measured in kWh per cubic meter produced water supply;

2nd check: Do not significantly harm climate change adaptation or the transition to a circular economy and/or prevention of & control of pollution
The installation does not significantly harm climate change adapta- tion or the transition to a circular economy and/or prevention of & control of pollution.

3rd check: Complies with the minimum safeguards.
The installation complies with the minimum safeguards.

The group considers it highly likely that further investments will be made in the future to optimize water consumption / re-use.

Renewal of waste water collection and treatment (# 5.4 above)

The group has such installations in various sites. The systems aim to correctly collect and treat wastewater generated during the produc- tion process. The group only invested immaterial amounts in 2024 but expects to make further investments in the coming years to optimize water (re) consumption.

Electric cars (# 6.5 above)

The group began leasing electric cars in 2021. In 2024, further electric cars were purchased for a CapEx amount of EUR 682 thousand. The amount increased further to EUR 1.131 thousand in 2023. Through a change in its “car policy,” the group made entering into a lease for elec- tric cars more attractive to employees compared to fossil-fueled cars. The group therefore expects a further increase in the number of electric cars in the future.

1st check: substantial contribution to climate change mitigation
The group’s electric vehicles meet this requirement as electric cars have lower emissions than the limit in the technical screening crite- ria. The group’s lease contracts include maintenance and also repair. The activity meets the following criteria:

for M1 and N1 category vehi- cles, both of which fall under the scope of Regulation (EC) No. 715/2007: until December 31, 2025, the specific CO 2 emissions, as defined in Article 3(1)(h) of Regulation (EU) 2019/631, are lower than 50gCO 2 /km (low- or zero-emission light commercial vehicles);
from January 1, 2026, the specific CO 2 emissions, as defined in Article 3(1) (h) of Regulation (EU) 2019/631, are zero.
for L category vehicles, the tailpipe CO 2 emissions are equal to 0g CO 2 e/km, calculated in accordance with the emissions test of Regulation (EU) 168/2013.

2nd check: Do not significantly harm climate change adaptation or the transition to a circular economy and/or prevention of & control of pollution
At the end of the lease, the cars are returned to the leasing company and sold by the latter on the second-hand market. This shows that the activity does not violate the above criterion and a circular econ- omy.

Pollution control and prevention: electric cars have lower emis- sions versus other cars.

Circular Economy: M1 and N1 category vehicles are both:
* reusable or recyclable to a minimum of 85% by weight;
* reusable or recoverable to a minimum of 95% by weight.

Measures have been taken to man- age waste both in the use (maintenance) and end-of-life phases of the vehicle fleet, including through reuse and recycling of batteries and electronics (especially critical raw materials therein), in accord- ance with the waste hierarchy.# Sustainability Report Environmental 96 What’s Cooking? Annual report 2024

Pollution Prevention and Control

The vehicles meet the requirements of the latest applicable stage of Euro 6 type-approval for light vehicles(246), as established in accordance with Regulation (EC) No 715/2007. The vehicles comply with the emission thresholds for clean light vehicles in Table 2 of the Annex to Directive 2009/33/EC of the European Parliament and of the Council(247). However, for road vehicles of categories M and N, the tires do not all meet the rolling noise requirements in the highest class and the rolling resistance coefficient (which affects the energy efficiency of the vehicle) in the two highest classes, as set in Regulation (EU) 2020/740 and as can be verified in the European Product Register for Energy Labeling (EPREL). The vehicles comply with Regulation (EU) No 540/2014 of the European Parliament and of the Council(248).

3rd check: Complies with the minimum safeguards.

According to our analysis, this activity meets the minimum safeguard requirements. The group considers it likely that further investments will be made in the future to further electrify the commercial vehicles and light commercial vehicles fleet.

Renovation of existing buildings (# 7.2 above)

As a fresh food producer, we mainly use chilled rooms and freezers. Investing in the renovation of roofs - walls & partitions and the general insulation of buildings not only provides increased energy efficiency that is significant in the areas where they are applied but also reduces costs. There were EUR 218 thousand of CapEx investments in 2024 relating to renovations of existing buildings covered by the scope.

1st check: substantial contribution to climate change mitigation

The renovations included meet the applicable requirements for major renovations or the renovations result in at least a 30% reduction in primary energy demand.

2nd check: Do not significantly harm climate change adaptation or the transition to a circular economy and/or prevention of & control of pollution

The activity meets the criteria set forth in Appendix A of the Annex to the relevant regulation.

3rd check: Meets minimum safeguard standards

Water:

If installed as part of renovation work, excluding renovation work in residential buildings, the specified water consumption for the following water appliances shall be demonstrated by product data sheets, a building certificate or an existing product label in the Union, in accordance with the technical specifications in Appendix E of the relevant Appendix to the Regulation:

sink taps and kitchen faucets have a maximum water flow of 6 liters/min;
showers have a maximum water flow of 8 liters/min;
toilets, including suites, wash bowls and flush cisterns, have a full flush volume of no more than 6 liters and a maximum average flush volume of 3.5 liters;
urinals use no more than 2 liters/bowl/hour. Flush urinals have a maximum full flush volume of 1 liter.

Circular Economy:

At least 70% (by weight) of non-hazardous construction and demolition waste (excluding naturally occurring materials referred to in category 17 05 04 of the European List of Waste established by Decision 2000/532/EC) generated at the construction site shall be prepared for reuse, recycling and other forms of material recovery, including backfilling operations where waste is used to replace other materials, in accordance with the waste hierarchy and the EU Protocol on Construction and Demolition Waste Management. Operators shall reduce waste generation in processes related to construction and demolition, in accordance with the EU Protocol on Construction and Demolition Waste Management, taking into account best available techniques and by selective demolition to enable the removal and safe handling of hazardous substances and facilitate reuse and high-quality recycling through selective disposal of materials, using available sorting systems for construction and demolition waste. Building designs and construction techniques support circularity and, in particular, demonstrate, with reference to ISO 20887 or other standards for assessing the disassembly or adaptability of buildings, how they are designed to be more resource-efficient and to be adaptable, flexible and dismantleable to enable reuse and recycling.

Given the strict criteria around circularity, the group cannot guarantee compliance in all its projects during 2024. Consequently, for this component, we cannot confirm compliance with this requirement.

Pollution Prevention & Control:

Building components and materials used in construction comply with the criteria of Appendix C of the Annex to the Appendix to the Regulation. Building components and materials used in the renovation of buildings that may come into contact with occupants emit less than 0.06 mg of formaldehyde per m3 of material or component and less than 0.001 mg of other category 1A and 1B carcinogenic volatile organic compounds per m3 of material or component, when tested in accordance with CEN/EN 16516 or ISO 16000-3:2011 or other equivalent standardized test conditions and determination methods. Measures are taken to reduce noise, dust and pollutant emissions during construction or maintenance activities and also to reduce the impact on food safety to zero.

Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings) (# 7.4 above)

The group began leasing electric cars and gradually installing charging infrastructure at its buildings in Belgium and the Netherlands in 2021. No further charging points were purchased in 2024.

1st check: substantial contribution to climate change mitigation

The installation of electric vehicle charging stations is consistent with the above contribution as explained under #6.5 above.

2nd check: Do not significantly harm climate change adaptation or the transition to a circular economy and/or prevention of & control of pollution

The activity meets the criteria set forth in Appendix A of the Annex to the relevant regulation.

3rd check: Complies with the minimum safeguards.

The group deems it likely that further investments will be made in the future given the fairly sharp rise in the number of electric cars.

Sustainability Report Environmental 97 What’s Cooking? Annual report 2024

Appendices:

Schematic overviews

Turnover, CapEx and OpEx: see appendix at the end of this chapter
Other

The group has performed an initial analysis around the applicability of IAS 36 in the context of assets that may be subject to the effects of climate change and changing legislation in the context of the broader sustainability initiatives from the EU. The group has no indications that impairment indications are present for the group in 2024.

To be continued…

We remain committed to sustainability as a core element of our strategy. We set concrete targets as described earlier in this report and systematically monitor all indicators related to ESG. As What’s Cooking? we are convinced that we can have a real impact within our industry in the future and have the ambition to remain a leader in sustainability.

Proportion of turnover from products or services associated with Taxonomy-aligned economic activities - disclosure covering year 2024

Substantial contribution criteria
DNSH criteria (‘does not significantly harm’)
Economic activities Codes	Absolute Turnover EUR'000	Proportion of turnover %	Climate change mitigation %	Climate change adaptation %	Water and marine resources %	Circular Economy %	Pollution %	Biodiversit and ecosystems %	Climate change mitigation Y/N	Climate change adaptation Y/N	Water and marine resources Y/N	Circular Economy Y/N	Pollution Y/N	Biodiversit and ecosystems Y/N	Minimum safeguards Y/N	Taxonomy aligned proportion of turnover, year 2024 %	Taxonomy aligned proportion of turnover, year 2023 %
A/ TAXONOMY ELIGIBLE ACTIVITIES
A1 Environmentally sustainable activities (taxonomy aligned)
None	N/A	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Turnover of environmentally sustainable activities (Taxonomy aligned) (A1)	N/A	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
A2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
None	N/A	0%
Turnover of Taxonomy -eligible but not environmentally sustainable activities (not Taxonomy aligned) (A2)	N/A	0%
Total (A1+A2)	-	0%	0%	0%	0%	0%	0%	0%
B/ TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible activities (B)	403,545	100%
Total (A+B)	403,545	100%

Sustainability Report Environmental 98 What’s Cooking? Annual report 2024

Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities - disclosure covering year 2024

Substantial contribution criteria																		Category (enabling activity)	Category (transitional activity)
DNSH criteria (‘does not significantly harm’)
Economic activities Codes	Absolute CapEx EUR'000	Proportion of CapEx %	Climate change mitigation %	Climate change adaptation %	Water and marine resources %	Circular Economy %	Pollution %	Biodiversit and ecosystems %	Climate change mitigation Y/N	Climate change adaptation Y/N	Water and marine resources Y/N	Circular Economy Y/N	Pollution Y/N	Biodiversit and ecosystems Y/N	Minimum safeguards Y/N	Taxonomy aligned proportion of capex, year 2024 %	Taxonomy aligned proportion of capex, year 2023 %
A/ TAXONOMY ELIGIBLE ACTIVITIES
A1 Environmentally sustainable activities (taxonomy aligned)
Cogeneration of heat/cool and power from renewable non-fossil gaseous and liquid fuels	4.19	109	0.40%	100%	Y	Y	Y	Y	Y	Y	Y	Y	Y	Y	Y	0.40%	0.00%	Y	Y
Renewal of water collection, treatment and supply systems	5.2	398	1.45%	100%	Y	Y	Y	Y	Y	Y	Y	Y	Y	Y	Y	1.45%	0.03%	Y	Y
Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings)	7.4	0	0.00%	100%	Y	Y	Y	Y	Y	Y	Y	Y	Y	Y	Y	0.00%	0.72%	Y	Y
CapEx of
## Environmental
### What’s Cooking? Annual report 2024

Economic activities	Codes	Absolute OpEx EUR'000	Proportion of OpEx %	Climate change mitigation %	Climate change adaptation %	Water and marine resources %	Circular Economy %	Pollution %	Biodiversit and ecosystems %	Climate change mitigation Y/N	Climate change adaptation Y/N	Water and marine resources Y/N	Circular Economy Y/N	Pollution Y/N	Biodiversit and ecosystems Y/N	Minimum safeguards Y/N	Taxonomy aligned proportion of OpEx, year 2024 %	Taxonomy aligned proportion of OpEx, year 2023 %
A/ TAXONOMY ELIGIBLE ACTIVITIES
A1 Environmentally sustainable activities (taxonomy aligned)
Operation of personal mobility devices, cycle logistics	6.4	14	0.10%	100%	0%	0%	0%	0%	0%	Y	Y	Y	Y	Y	Y	Y	0.10%	0.04%
OpEx of environmentally sustainable activities (Taxonomy aligned) (A1)		14	0.10%	0%	0%	0%	0%	0%	0%								0.10%	0.04%
A2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
None	N/A	-	0%
OpEx of Taxonomy -eligible but not environmentally sustainable activities (not Taxonomy aligned) (A2)		N/A	-	0%	0%	0%	0%	0%	0%
Total (A1+A2)		14	0%	0%	0%	0%	0%	0%	0%
B/ TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible activities (B)		14.848	100%
Total (A+B)		14.862	100%

Sustainability Report

Environmental

Climate 1. Material IRO (Impacts, Risks, Opportunities)

| Material topic | ESRS Pillar | Impacts # Material IRO (Impacts, Risks, Opportunities)

Material topic: ESRS Strategy pillar

Impacts

Value Chain

Material IRO (Impacts, Risks, Opportunities)

Material topic: ESRS Strategy pillar

Impacts

Value Chain

Environmental

Material topic ESRS Strategy pillar Impacts Value Chain Own Operations Timeline Risks Opportunities

Energy E1 Protect our planet Negative Impact

What’s Cooking? consumes approx. 126 000 MWh energy per year. The major sources of energy are electricity and natural gas. We buy already 100% renewable electricity. For other companies in our value chain, we know that undertakings operating in the food sector require high energy input for farming, maintaining livestock, harvesting, watering, pro- cessing, production, cooling, and transportation. Energy production and consumption, especially non-renewable, contribute to significant environmental impacts, including climate change and pollution, which negatively impacts well-being of communities.
Upstream VC
Own Operations
Downstream VC

Timeline: Medium

Risks:

Technology, Products & Market: The energy risk involves dependency on outdated or inefficient technologies, impacting competitiveness and market demand. High costs and uncertainty in adopting new energy solutions can strain resources. Failure to innovate can lead to financial losses and missed market opportunities.
Legal & Policy: This one includes the need to comply with evolving energy regulations, which can lead to increased compliance costs and legal challenges. Companies may face fines and regulatory scrutiny if they fail to meet energy efficiency and sustainability standards. Policy changes can introduce unexpected financial and operational requirements.
Reputation: In the Reputation category, energy risk concerns stakeholder and public percep- tion of a company’s energy use and sustainability practices. Poor energy mana- gement can damage a company’s reputation, leading to loss of customer trust and market share.
Operational: It involves disruptions and increased costs due to energy supply variability and price volatility. Companies must manage energy consumption efficiently to maintain operational stability. Energy inefficiencies can result in higher opera- tional costs and reduced productivity.

Opportunities:

Reputation: Effective energy strategies can enhance brand image and attract environmentally conscious consumers.
Operational:
- Energy efficiency in production and distribution: Mitigates exposure to volatile energy costs and reduces GHG emissions.
- Diversifying energy portfolio: Reduces risk from volatile fossil fuel costs.
- Decisions on alternative fuels and renewable energy: Affects energy costs and reliability.
- On-site energy generation (e.g., bio-digesters, biomass, wind, solar): Improves energy self-sufficiency and reduces costs.

What’s Cooking? Annual report 2024 103

Sustainability Report

Environmental

Material topic ESRS Strategy pillar Impacts Value Chain Own Operations Timeline Risks Opportunities

Energy E1 Protect our planet Negative Impact

Timeline: Medium

Risks:

Technology, Products & Market: The energy risk involves dependency on outdated or inefficient technologies, impacting competitiveness and market demand. High costs and uncertainty in adopting new energy solutions can strain resources. Failure to innovate can lead to financial losses and missed market opportunities.
Legal & Policy: This one includes the need to comply with evolving energy regulations, which can lead to increased compliance costs and legal challenges. Companies may face fines and regulatory scrutiny if they fail to meet energy efficiency and sustainability standards. Policy changes can introduce unexpected financial and operational requirements.
Reputation: In the Reputation category, energy risk concerns stakeholder and public percep- tion of a company’s energy use and sustainability practices. Poor energy mana- gement can damage a company’s reputation, leading to loss of customer trust and market share.
Operational: It involves disruptions and increased costs due to energy supply variability and price volatility. Companies must manage energy consumption efficiently to maintain operational stability. Energy inefficiencies can result in higher opera- tional costs and reduced productivity.

Opportunities:

Reputation: Effective energy strategies can enhance brand image and attract environmentally conscious consumers.
Operational:
- Energy efficiency in production and distribution: Mitigates exposure to volatile energy costs and reduces GHG emissions.
- Diversifying energy portfolio: Reduces risk from volatile fossil fuel costs.
- Decisions on alternative fuels and renewable energy: Affects energy costs and reliability.
- On-site energy generation (e.g., bio-digesters, biomass, wind, solar): Improves energy self-sufficiency and reduces costs.

What’s Cooking? Annual report 2024 104

Sustainability Report

Environmental

4. Metrics & Targets

The targets for climate change mitigation and energy consumption can be found under Protect our Planet – Fight Climate Change - Our Sustain- ability Targets.

Energy consumption & mix

We report on the following metrics in line with the CSRD:

KPI	UoM	2022	2023	2024
Fuel consumption from coal and coal products	MWh	0	0	0
Fuel consumption from crude oil and petroleum products	MWh	2 460	2 415	1 725
Fuel consumption from natural gas	MWh	78 045	75 159	76 606
Fuel consumption from other fossil sources	MWh	0	0	0
Consumption of purchased or acquired electricity, heat, steam, or cooling from fossil sources	MWh	14 850	6 972	538
Total fossil energy consumption	MWh	95 355	84 546	78 869
Percentage of fossil sources in total energy consumption	%	75.0%	68.7%	62.7%
Total energy consumption from nuclear sources	MWh	15 653	7 403	0
Percentage of nuclear sources in total energy consumption	MWh	12.3%	6.0%	0.0%
Fuel consumption from renewable sources (part biofuel in company cars)	MWh	165	134	76
Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources	MWh	12 223	27 332	42 223
Consumption of self-generated non-fuel renewable energy	MWh	3 672	3 695	4 556
Total renewable energy consumption	MWh	16 060	31 161	46 854
Percentage of renewable sources in total energy consumption	%	12.6%	25.3%	37.3%
Total energy consumption	MWh	127 068	123 110	125 723
Energy intensity from activities in high climate impact sectors (total energy consumption per net revenue*)	MWh /1000 euro	0.37	0.33	0.31

*The entire revenue of the Group is derived from the sale of food products, which is considered a high climate impact sector. For the calculation of the electricity part of energy consumption from fossil sources, nuclear sources and renewable sources, we consulted the Energy Information Administration (https://www.eia.gov/ ) and made use of the electricity mix %’es per country we could find there.

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Sustainability Report

Environmental

Greenhouse gas emissions

We report on the following metrics in line with the CSRD and GHG protocol:

Emission sources	2021	2022	2023	2024	Share of Total emissions in 2024
	ton CO₂e	ton CO₂e	ton CO₂e	ton CO₂e
Direct emissions from stationary combustion sources	15 718	16 005	15 411	15 733	3.1%
Direct emissions from mobile sources with combustion engine	102	560	551	369	0.1%
Direct emissions from processes	0	0	0	0	0.0%
Direct fugitive emissions	3 335	884	5 296	3 590	0.7%
Total Scope 1 emissions	19 155	17 449	21 259	19 692	3.8%
Indirect emissions from electricity consumption (market-based*)	10 121	10 408	4 883	500	0.1%
Indirect emissions from steam, heat or cooling consumption	0	0	0	0	0.0%
*Total Scope 2 emissions (market-based)**	10 121	10 408	4 883	500	0.1%
Total Scope 2 emissions (location-based)	10 121	10 408	9 955	9 865	/
*Total Scope 1 & 2 emissions (market-based)**	29 276	27 857	26 142	20 192	3.9%
Total Scope 1 & 2 emissions (location-based)	29 276	27 857	31 214	29 557	/
Purchased goods or services	452 060	466 083	389 579	387 848	75.8%
Capital goods	4 360	5 223	5 794	15 447	3%
Emissions related to fuels and energy (not included in scope 1 and scope 2)	7 279	8 013	5 547	3 620	0.7%
Upstream freight and distribution	39 730	39 779	35 658	31 465	6.2%
Waste generated	2 424	2 669	2 497	2 513	0.5%
Business travels	45	78	68	99	0.0%
Employees commuting, incl telework	790	955	1 021	1 033	0.2%
Upstream leased assets	0	0	0	0	0.0%
Other indirect emissions upstream	0	0	0	0	0.0%
Scope 3 emissions Upstream	506 689	522 800	437 864	457 148	86.4%
Dowstream freight and distribution	15 005	14 447	11 969	13 593	2.7%
Processing of sold products	0	0	0	0	0.0%
Use of sold products	19 523	26 277	23 493	22 117	4.3%
End-of-life of sold products	13 341	15 879	12 077	13 435	2.6%
Downstream leased assets	0	0	0	0	0.0%
Franchises	0	0	0	0	0.0%
Investments	0	0	0	0	0.0%
Other indirect emissions downstream	0	0	0	0	0.0%

What’s# Sustainability Report

Environmental

For calculations of scope 3 emissions, we used company specific data, except for the calculation of emissions from purchased goods, there we made use of generic data of recognized databases. In the coming years, we will collect supplier specific information to reduce uncertainty. We already have omitted the CO 2 emissions from our Savoury divestment from the data of every year, including our base year 2021. There are no removals and carbon credits used and we do not yet apply an internal carbon price. The group’s targeted GHG emission reduction targets are science- based but still subject to review. The aim is to limit global warming to 1.5°C. *Under market based, we are yet to obtain the exact mix of our electricity supply - so we use the grid factor (=location based) as conservative value while we try to collect this information from our electricity supplier. The emission factors used do not provide us details on biogenic sources and only cover CO 2 (not CH4 and N2O) as they come from IEA (https://www.iea.org/data-and-statistics ). 98.40% of the electricity we purchased in 2024 was green electricity through guarantees of origin.

Emission sources	2021	2022	2023	2024	Share of Total emissions in 2024
	Total ton CO 2 e	Total ton CO 2 e	Total ton CO 2 e	Total ton CO 2 e
Scope 3 emissions Upstream	506 689	522 800	437 864	457 148	86.4%
Dowstream freight and distribution	15 005	14 447	11 969	13 593	2.7%
Processing of sold products	0	0	0	0	0.0%
Use of sold products	19 523	26 277	23 493	22 117	4.3%
End-of-life of sold products	13 341	15 879	12 077	13 435	2.6%
Downstream leased assets	0	0	0	0	0.0%
Franchises	0	0	0	0	0.0%
Investments	0	0	0	0	0.0%
Other indirect emissions downstream	0	0	0	0	0.0%
Scope 3 emissions Downstream	47 869	56 602	47 540	49 145	9.6%
Total Scope 3 emissions	554 558	579 402	487 702	491 171	96.1%
*TOTAL EMISSIONS SCOPE 1, 2 and 3 (market-based)**	583 834	607 259	513 844	511 363	100%
*TOTAL EMISSIONS SCOPE 1, 2 and 3 (location-based)**	583 834	607 259	518 916	520 728
GHG emission intensity market-based (total GHG emissions/net revenue) in ton CO 2 e/1000 euro	2.13	1.79	1.39	1.27
GHG emission intensity location-based (total GHG emissions/net revenue) in ton CO 2 e/1000 euro	2.13	1.79	1.41	1.29

The Group is currently building its reduction plan and will seek to validate this using acceptable scientific standards. The impact of growing volumes which are expected will require to be offset by efficiency gains whilst consumer preferences are expected to be favourable for the GHG emissions as blended (hybrid), plant-based and vegetarian products typically have a lower footprint compared to pure meat products. Any incremental environmental government taxes imposed will require to be passed-thru to customer prices in full in order to keep margins (and investments in Opex and Capex) viable. For further details on our scope 3 emissions included, see also earlier in this report.

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sharing best practices, and identifying the role that What’s Cooking? can play in driving further improvements in this area.

4. Metrics & Targets

At What’s Cooking?, we have not yet set measurable outcome-oriented targets for soil health and biodiversity. The main reason for this is the complexity of quantifying impact in this area. Soil health improvements and biodiversity enhancements are difficult to measure in a standard-ized way, especially within our upstream value chain, where the impact occurs. Since these topics largely relate to indirect suppliers rather than our direct suppliers, setting clear and actionable targets becomes even more challenging. In the future, we will map out the risks of soil pollution even further. However, we recognize the importance of addressing soil health and biodiversity and are committed to making progress. In the coming years, we will explore the best possible targets and evaluate how we can contribute meaningfully. To achieve this, we plan to set up pilot projects in collaboration with suppliers and other stakeholders. These projects will help us assess effective approaches and define a feasible ambition level. Even though we do not yet have formal targets, we track the effectiveness of our policies and actions. Through EcoVadis assessments and our Supplier Engagement Program, we monitor whether suppliers engage in pollution mitigation and regenerative agriculture projects. Our procure- ment team actively discusses these topics with suppliers to understand their ongoing efforts and identify opportunities for collaboration.

2. Policies

As soil pollution is only a material topic in our upstream value chain, this topic is managed through our Supplier Code of Conduct, which can be found on our website: https://whatscooking.group/en-GB/values-and-sto- ry-of-whatscooking/sustainability-strategy-whatscooking. However, our environmental policy also includes the topic of pollution in our operations (https://whatscooking.group/en-GB/values-and-story-of- whatscooking/sustainability-strategy-whatscooking)

3. Actions

At What’s Cooking?, we are committed to addressing soil pollution through responsible sourcing and supplier engagement. We track the sustainability performance of our suppliers through our Supplier Engagement Program, which is detailed under the Protect Our Planet pillar, specifically in the section on Responsible sourcing. Through EcoVadis, we assess whether our suppliers are actively working on pollution mitigation projects. Additionally, we evaluate their involvement in initiatives that enhance biodiversity and soil health, such as regenerative agriculture projects. Our procurement team engages in discussions with suppliers on these topics and has observed that many suppliers are already taking meaningful action. These practices help improve soil quality, reduce environmental impact, and create more resilient soils that support climate change adaptation. To further support and accelerate progress, we will organize a supplier session in 2025 focused on soil health, biodiversity, and regenerative agriculture. This session will serve as a platform for learning,

1. Material

1. Material IRO

Material topic

ESRS Strategy pillar Impacts Value Chain Timeline Risks Opportunities

Water (withdrawal, consumption, discharge)

E3 Protect our planet

Water withdrawal & consumption

Negative impact

The food sector is water-intensive both in growing agricultural products, raising livestock and relying on water for processing activities. Nearly 92% of our global water footprint (in 2018) belongs to the production of food. The water footprint of meat is much higher than vegetables. Water can be taken out of the ground or from bodies of surface water, including reservoirs and lakes or it can be desalinated or treated wastewater. The long-term sustainability of water resources can be lowered by exhaustive water withdrawal, creating problems for the agricultural sector, because they really need water to grow products and raise livestock. Withdrawn water is largely used in crop production to irrigate the soil, apply pesticides and fertilizers, and regulate crop cooling and frost. While other sectors show large withdrawal but small consumption, agriculture shows large water consumption too. Water withdrawal at What’s Cooking? is around 606 000 m 3 , while our water consumption is approx. 115 000 m³/year, for sanitary purposes and in production (use in products and for cleaning). If the water withdrawn in our value chain is not flowing back to the sources and is used for products, consumed by plants or evaporates, this can lead to water scarcity in certain areas. In areas with water scarcity, excessive water consumption can lead to the depletion of freshwater resources such as rivers, lakes, and groundwater aquifers. Over-extraction of water can cause these sources to dry up, affecting both the environment and human populations that rely on them.

Water discharge

Potential negative impact

Water discharge, especially when not properly managed or treated, can have significant negative impacts on aquatic ecosystems, human health, and overall environmental quality. Discharge of nutrients like nitrogen and phosphorus can cause excessive growth of algae in water bodies, leading to harmful algal blooms. These blooms can produce toxins and result in eutrophication, leading to oxygen depletion and habitat degradation.

Upstream VC

Own operations
Medium
Water withdrawal & consumption
Technology, Products & Market
It involves the need for efficient water management technologies and water-saving products. The potential investments in Water re-use systems may have an impact on Capex spending or on Opex in case a ‘water as a service’ solution would be chosen. Companies failing to innovate may face higher operational costs and reduced market competitiveness.
Legal & Policy
Water risk includes stringent water usage regulations and policies, leading to increased compliance costs and potential legal liabilities. Companies must adhere to water conservation laws and face penalties for non-compliance. Evolving regulations can impose new financial and operational burdens.
Reputation
Water risk pertains to public and stakeholder perceptions of a company’s water usage and conservation efforts. Poor water management can damage a company’s reputation, leading to loss of customer trust and market share.
Operational
This involves disruptions and increased costs due to water scarcity or contamination. Supply chains need reliable water sources to maintain production and operational efficiency. Water-related issues can lead to production halts, higher costs for water treatment, and potential operational shutdowns. Should water become completely unavailable (during e.g. periods of drought), the company would have to stop operations as water is key in production and cleaning of the factories.

Water discharge
Technology, Products & Market
Availability of raw materials can become an issue and there could be issues to produce certain products. There is a risk of high costs and uncertainty in developing new technologies and products. Companies must innovate quickly to remain competitive, affecting their market position. Missteps can lead to financial losses and missed opportunities.
Legal & Policy
The risk includes stringent regulations around the pollution of water, leading to increased compliance costs and legal liabilities. Companies may face fines and sanctions if they fail to adhere to these regulations. Changes in policy can introduce new compliance challenges and financial burdens. If food safety issues pop up due to polluted water in the supply chain, fines and sanctions might be the consequence.
Reputation
The risk pertains to public and stakeholder perception of a company’s contribution to water pollution. Negative publicity and consumer backlash from the presence of water pollution and potential food safety issues can damage a company’s reputation and reduce customer loyalty.
Operational
This involves disruptions and increased costs associated with managing and mitigating pollution. Companies must implement effective pollution control measures to avoid contamination and maintain operational continuity. Failure to manage pollution can result in costly cleanups, fines, and operational shutdowns. Supply chain disruptions due to decreased crop availability can lead to increased costs due to adjustments to changing climate conditions. Food safety issues can be difficult to trace back, leading to a lot of food waste and costs.

Water withdrawal & consumption
Reputation
Responsible water management helps improve relationships with local communities and strengthen brand equity by demonstrating social responsibility.
Operational
Reduced operating costs and increased resilience through efficiency improvement (for agriculture these can be water-efficient irrigation systems, nature-based solutions and planting techniques). Managing water sustainably provides an opportunity for businesses to reduce operational costs through more efficient water use and reductions in water consumption.

Water discharge
Reputation
Responsible water management helps improve relationships with local communities and strengthen brand equity by demonstrating social responsibility.
Operational
Installing water treatment plants and reusing this water.# Sustainability Report

Environmental

Managing water sustainably provides an opportunity for businesses to reduce operational costs through more efficient water use and reductions in water consumption.

3. Actions

The action plan for water management can be found under Protect our Planet – Fight Climate Change - Water Management – Driving Change: Our Sustainability Actions.

4. Metrics & Targets

The targets for water management can be found under Protect our Planet – Fight Climate Change - Water Management – Our Sustainability Targets.

We report on the following metrics of the ESRS:

2. Policies

Our policies can be found under Protect our Planet – Fight Climate Change - Water Management – Our Policies and Systems. Our environmental policy includes water management and the treatment of water discharge to prevent water pollution. This policy applies to all our sites. While none of our sites are classified as very high risk for water scarcity based on our water risk analysis (WWF Water Risk Assessment), all are at medium or high risk. This means that water stewardship is a priority across all our locations, requiring ongoing efforts to manage and mitigate risks effectively.

*Water discharge from our facilities may include rainwater and surface water, alongside process wastewater. Despite our best efforts to manage and treat water discharge, it’s important to note that we cannot exert full control over environmental factors such as rainfall and surface water flow.

Water KPI’s	Unit of Measure	2022	2023	2024
Total water withdrawal	m³	715,759	604,606	603,203
%Ground water	%	14.33%	8.28%	1%
Water reuse	m³	0	0	0
Water consumption	m³	214,051	152,493	114,244
Water discharges*	m³	501,708	500,111	491,959
Water withdrawal/ton products sold	m³/t	6.51	6.66	5.63
Water intensity ratio (water consumption/net sales)	m³/1000 euro	0.63	0.41	0.28

Environmental

1. Material IRO

Material topic	ESRS	Strategy pillar	Impacts	Value Chain	Timeline	Risks
Land-use change & deforestation	E4	Protect our planet	Potential Negative impact	Upstream VC	Medium	Agricultural expansion continues to be the main driver of deforestation, forest degradation and forest biodiversity loss. An estimated 55-80% of global forest loss is due to land conversion for agricultural use (UNEP, 2015). Soy is at the very beginning of our supply chain of meat and the growing of soy in certain areas around the globe is often associated with deforestation. However with the EUDR coming up, this potential impact will be much lower. The soy we use directly as raw material in some of our recipes is local soy without risk of deforestation. We use almost no palm oil and for the tiny bit we still use, this is RSPO certified palm oil.
Land degradation	E4	Protect our planet	Negative impact	Upstream VC	Medium	Food security suffers as a result of land degradation. Both directly, with food quantity and quality lower on the 52% of farmland that is degraded, and indirectly as a result of other depleted ecosystem services like healthy waterflows and carbon sequestration. Soil fertility has declined considerably in many parts of the world due to intensive agriculture, over-grazing, water pollution, increasing use of fertilizers and pesticides, salinization, deforestation and accumulation of non-biodegradable waste. Land degradation leads to flooding, erosion, loss of bio-diversity, loss of unique landscape, etc. Loss of income, unemployment and food shortages due to reduced productivity can have serious social and economic consequences. People risk losing their livelihoods.
Biodiversity & Ecosystems				Upstream VC

Biodiversity is a material topic from the impact perspective in our upstream value chain. In our own operations this is no material topic, the biodiversity sensitivity risk at our sites is not very high or high, but medium according to the WWF Biodiversity Risk Assessment.

2. Policies

As land degradation and deforestation are only material topics in our upstream value chain, this topic is managed through our Supplier Code of Conduct, which can be found on our website: https://whatscooking.group/en-GB/values-and-story-of-whatscooking/sustainability-strate-gy-whatscooking. There you can also find our commitments on only 100% RSPO certified palm oil, only local European beef, only FSC or PEFC certified cardboard and paper, only European soy for direct use in our products, only ASC/ MSC/Global GAP certified fish.

3. Actions

At What’s Cooking Group, we recognize the importance of responsible land use and minimizing our impact on deforestation. Currently, our products do not fall under the scope of the EU Deforestation Regulation (EUDR), as none of our goods are listed in Annex I of the regulation. However, sustainability remains a key priority in our sourcing practices. Through our Supplier Code of Conduct and Supplier Policy, we ensure that our suppliers commit to responsible sourcing. They must guarantee that no sourcing related to our products comes from deforested land or contributes to ecosystem conversion.

Key commitments in our supply chain include:

Palm Oil: The small amount we still use is 100% RSPO-certified.
Beef: We only source European local beef, which carries no risk of deforestation.
Packaging: All paper and cardboard used for packaging are FSC or PEFC certified.
Soy: Any soy used directly in our products is European soy, ensuring no deforestation risk.

While we do not have direct control over the very early stages of our value chain—such as the soy used in animal feed—we actively engage with our meat suppliers, requiring them to comply with the EU Deforestation Regulation (EUDR).

At What’s Cooking Group, we recognize the importance of protecting soil health and biodiversity. To address land degradation, we actively support regenerative agriculture and encourage sustainable farming practices across our supply chain. Through EcoVadis, we assess whether our suppliers are implementing initiatives that enhance biodiversity and soil health, such as regenerative agriculture projects. Our procurement team regularly engages with suppliers on these topics and has observed that many are already taking meaningful steps to improve soil quality and reduce environmental impact. To further support and accelerate progress, we will host a supplier session in 2025 focused on soil health, biodiversity, and regenerative agriculture. This platform will facilitate learning, share best practices, and strengthen collaboration to drive improvements in sustainable land management.

4. Metrics & Targets

Even though we do not yet have formal targets, we track the effectiveness of our policies and actions. Through EcoVadis assessments and our Supplier Engagement Program, we monitor whether suppliers engage in pollution mitigation and regenerative agriculture projects. Our procurement team actively discusses these topics with suppliers to understand their ongoing efforts and identify opportunities for collaboration.

Environmental

1. Material IRO

Material topic	ESRS	Strategy pillar	Impacts	Value Chain	Timeline	Risks	Opportunities
Sustainable packaging (resources in and outflows)	E5	Protect our planet	Negative impact	Upstream VC Own operations Downstream VC	Medium	Our annual consumption of primary packaging materials amounts to approximately 6,700 metric tons. The production of packaging materials often necessitates the extraction of natural resources, leading to habitat destruction, deforestation, and the depletion of finite resources. Moreover, the production of packaging materials requires substantial energy inputs. Packaging materials significantly contribute to municipal solid waste streams. When not properly disposed of or recycled, packaging materials may end up incinerated, in landfills, or as litter.	Technology, Products & Market: This involves the development of sustainable packaging solutions. Companies must innovate to offer packaging that supports a circular economy, meeting consumer demand for environmentally friendly options. Failure to adopt circular packaging practices may lead to market loss and decreased competitiveness. Legal & Policy: The risk encompasses compliance with regulations aimed at promoting packaging recyclability and a circular economy (PPWR). Companies must adhere to laws governing packaging materials and waste management to avoid fines and legal disputes. Changes in policies may require adjustments to packaging design and huge challenges when it comes to food. Reputation: In terms of reputation, the risk pertains to public perception of a company’s commitment to sustainable packaging practices.

1. Material

| Material topic | ESRS Strategy pillar | Impacts | Value Chain | Timeline | Risks Our fresh products’ shelf life will depend on the period where quality and food safety as well as taste can be guaranteed, always maintaining a balance between quality and food waste. We equally strive to minimize the use of artificial preservatives. Frozen food which is more often used in foodservice has a longer shelf life and allows for a lower food waste in the downstream value chain but requires higher energy consumption during both production and downstream.

Resource outflows Water KPI’s

Unit of Measure	2022	2023	2024
%	29.7	29.8	31
ton	492	941	493
ton	9,241	7,356	7,812
ton	1,072	1,793	1,142
ton	0	0	1,807
ton	374	0	1.4
ton	0	0	0
ton	11,179	9,976	11,254
ton	1,512	1,208	1,319
ton	970	945	947
ton	2,483	2,152	2,267
ton	2.1	1.5	2.4
ton	13.3	88.3	4.4
ton	0.0	0.1	2.2
ton	15	90	9
ton	11	13	9
ton	2,618	3,725	2,644
ton	9,615	7,356	7,813
ton	1,513	1,209	1,320
%	89	90	89
ton	0	0	0

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Sustainability Report Social

1. Material IRO

Material topic	ESRS	Strategy pillar	Impacts	Value Chain	Timeline	Risks	Opportunities
Health & Safety	S1 & S2	Help people flourish	Potential negative impact	Upstream VC Own operations Downstream VC	Medium	Legal & Policy The risk encompasses compliance with health and safety regulations aimed at protecting workers from harm. Companies must adhere to these regulations to avoid fines and lawsuits, Changes in policies may require adjustments to operational procedures and product standards. Reputation In terms of reputation, the risk pertains to public perception of a company’s commitment to health and safety standards. Incidents of safety negligence can damage reputation and lead to consumer distrust. Operational The risk involves disruptions and increased costs due to accidents, injuries, and occupational health issues. Failure to prioritize health and safety can result in productivity losses.

In 2024, What’s Cooking? reported a Recordable Injury Frequency Rate (RIFR) of 13,71, indicating that for every 1 000 000 working hours, there were 13,71 injuries. The presence of safety hazards within our operations (especially at our factories for blue collars) poses a direct risk of injuries and, tragically, even fatalities. Such incidents can have profound and devastating consequences not only for our employees but also for their families.

Employee engagement

S1 (Entity specific)	Help people flourish	Own operations	Medium	Operational
				If employee engagement is low, low morale will cause lower productivity, higher absenteeism and higher employee turnover. Technology, Products, Market Innovation and Creativity: Engaged employees are more likely to contribute to ideas and innovations, driving business growth and competitiveness. Reputation Enhanced Reputation: A reputation as an employer of choice can attract top talent and improve the company’s brand image. Operational Increased Productivity: Engaged employees are more motivated and committed, leading to higher levels of productivity and performance. Retention of Talent: Engaged employees are more likely to stay with the company, reducing turnover and associated costs. Cost Savings: Higher levels of engagement can lead to lower absenteeism, reduced healthcare costs, and higher profitability.

2. Policies

Our policy on safety can be found under Help People Flourish – Guard Employee Safety – Our Policies and Systems. Our policies and systems on employee health, wellbeing and engage-ment can be found under Help People Flourish – Guard Employee Safety – Our Policies and Systems.

Business Code of Conduct (https://whatscooking.group/en-GB/ethics-line )

Our Business Code of Conduct (including the section on human traffick-ing, forced labour or compulsory labour and child labour) are generally aligned with the international standards and guidelines, such as The OECD Guidelines for Multinational Enterprises, The UN Guiding Principles on Business and Human Rights ,The International Labor Organization’s (ILO) Declaration on Fundamental Principles and Rights at Work and the ILO eight fundamental labour conventions and The Universal Declaration of Human Rights.

Whistleblowing policy and tool (https://whatscooking.group/en-GB/ethics-line )

What’s Cooking? has implemented a comprehensive Whistleblower policy and tool that is closely aligned with local laws. This framework covers every aspect, from initial reporting to subsequent follow-up and resolution. The main goal of this policy is to promote a culture of transparency and compli-ance within the organization by encouraging employees and third parties to report suspected violations immediately. Safe channels for reporting are in place so that people can raise concerns without fear of retaliation.

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Sustainability Report Social

1. Material IRO

Material topic	ESRS	Strategy pillar	Impacts	Value Chain	Timeline	Risks	Opportunities
Health & Safety	S1 & S2	Help people flourish	Potential negative impact	Upstream VC Own operations Downstream VC	Medium	Legal & Policy The risk encompasses compliance with health and safety regulations aimed at protecting workers from harm. Companies must adhere to these regulations to avoid fines and lawsuits, Changes in policies may require adjustments to operational procedures and product standards. Reputation In terms of reputation, the risk pertains to public perception of a company’s commitment to health and safety standards. Incidents of safety negligence can damage reputation and lead to consumer distrust. Operational The risk involves disruptions and increased costs due to accidents, injuries, and occupational health issues. Failure to prioritize health and safety can result in productivity losses.

Employee engagement

S1 (Entity specific)	Help people flourish	Own operations	Medium	Operational
				If employee engagement is low, low morale will cause lower productivity, higher absenteeism and higher employee turnover. Technology, Products, Market Innovation and Creativity: Engaged employees are more likely to contribute to ideas and innovations, driving business growth and competitiveness. Reputation Enhanced Reputation: A reputation as an employer of choice can attract top talent and improve the company’s brand image. Operational Increased Productivity: Engaged employees are more motivated and committed, leading to higher levels of productivity and performance. Retention of Talent: Engaged employees are more likely to stay with the company, reducing turnover and associated costs. Cost Savings: Higher levels of engagement can lead to lower absenteeism, reduced healthcare costs, and higher profitability.

Reports received under this policy will be treated with the utmost confi-dentiality in accordance with current privacy and data protection laws, including Regulation (EU) 2016/679 (GDPR) and relevant national regula-tions. The identity of the reporter will remain confidential and will be dis-closed only to authorized staff involved in the investigation process, or as required by law. Upon receipt of a report, the local reporting manager conducts a preliminary assessment and determines the appropriate course of action. Investigations are conducted thoroughly and locally whenever possible, if necessary with the assistance of the group’s investigation team. Outside counsel may be used to ensure the integrity and confidentiality of the process. During the investigation, the reporter is kept informed of progress and results. Within three months of confirming the report, feedback is pro-vided on actions taken to address the reported violation. All actions are documented to ensure transparency and accountability in resolving issues. At What’s Cooking?, we are committed to maintaining the highest stand-ards of ethical behaviour. Our Whistleblower policy underscores this commitment and provides a mechanism for individuals to raise concerns and contribute to a culture of integrity and accountability within the organization. Our whistleblowing policy ensures discrimination preven-tion, swift action upon detection, and the advancement of diversity and inclusion. The most senior role within What’s Cooking? that has operational respon-sibility for ensuring that engagement with workers is discussed and monitored is the Chief People Officer.# What’s Cooking? Annual report 2024

120 Sustainability Report

Social

Our Human Resources (HR) and Environment, Health, and Safety (EHS) teams play a pivotal role in implementing measures to ensure a safe work environment and enhance employee health, wellbeing, and engagement. These teams work collaboratively to develop and implement strategies aimed at promoting safety, improving overall employee health, and fostering a culture of wellbeing and engagement across the organization.

In addition to the HR and EHS teams, we have established various working groups, such as Engagement Teams and Ambassadors, dedicated to managing health, wellbeing, safety, and engagement initiatives. These groups are given the time and resources necessary to actively participate in developing and implementing programs and initiatives that address the diverse needs of our workforce.

We actively encourage all employees to contribute ideas and suggestions for actions through our open culture and the values introduced during our company rebranding last year: “be confident and courageous” and “craft with care and care by crafting”. Through the collaborative efforts of our teams, working groups, and all our confident and courageous employees, we are dedicated to continually enhancing the safety, health, and wellbeing of our workforce. Additionally, we aim to cultivate a positive and engaging work environment for all, reflecting our commitment to our values and the collective efforts of our entire organization.

By creating an open communication with our whistleblowing tool and a safety and wellbeing culture through training and awareness creation, we want to ensure our business activities do not cause or contribute to material negative impacts.

4. Metrics & Targets

Our targets regarding a safe working environment can be found under Help People Flourish – Guard Employee Safety –Our Sustainability Targets. Our targets regarding employee health, wellbeing and engagement can be found under Help People Flourish – Boost Employee Engagement – Our Sustainability Targets.

Processes for engaging with own workforce and workers’ representatives about impacts

Our approach to engaging with our workforce and workers’ representatives involves multiple steps aimed at fostering a culture of engagement and inclusivity. Annually, employees receive an engagement questionnaire to measure the level of engagement within What’s Cooking?. This allows us to assess engagement levels at every location and gather valuable feedback. Employees are also encouraged to provide suggestions at the end of the questionnaire to further enhance the workplace’s engagement.

Based on the inputs gathered from the engagement questionnaires, we tailor actions specific to each site to address identified needs and preferences. This localized approach ensures that we are closely aligned with the needs of our employees. Examples of actions implemented include language classes and instructions with pictograms instead of text to increase inclusivity among different minority groups. By implementing these measures, we strive to create a work environment where every employee feels valued, included, and engaged in the company’s objectives and initiatives.

We also engage with our workers’ representatives (works councils and similar) on a regular basis and hold an annual information meeting for representatives from all our locations to ensure information sharing and dialogue in order to improve staff engagement and wellbeing further. Next to this, regular town hall sessions and online update calls are also in place.

3. Actions

Our actions regarding a safe working environment can be found under Help People Flourish – Guard Employee Safety – Driving Change: Our Sustainability Actions. Our actions regarding employee health, wellbeing and engagement can be found under Help People Flourish – Guard Employee Safety – Driving Change: Our Sustainability Actions.

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Characteristics of the undertaking’s employees

Activities

Number of employees by headcount (31/12/2023)
Group	61	63
Belgium Group functions	61	63
Ready Meals	1354	1366
Belgium	509	502
Marche-en-Famenne Production	323	317
Wanze Production	145	144
Sales Units Sales & Marketing	41	41
France	234	242
Mézidon Production, Sales & Marketing	232	240
Sales Units Sales & Marketing	2	2
Poland	199	203
Opole Production, Sales & Marketing	199	203
Spain	6	6
Sales Units Sales & Marketing	6	6
United Kingdom	406	412
Deeside Production, Sales & Marketing	406	412
Germany	0	1
Sales Units Sales & Marketing	0	1
TOTAL	1415	1429

Gender	Number of employees by headcount (end of year 2023)	Number of employees by headcount (end of year 2024)
Male	869	894
Female	546	535
Other*	0	0
Total Employees	1415	1429

*We have not requested all workforce to disclose their gender. Information in the above table is generated based on the identification at the start of employment of the employee.

	2024 data (End of Year)
	Female	Male	Other gender	Total
Number of permanent employees by headcount	493	828	0	1321
Number of temporary employees by headcount	42	66	0	108
Number of full-time employees by headcount	454	826	0	1280
Number of part-time employees by headcount	81	68	0	149
Total Number of employees by headcount	535	894	0	1429

KPI	Unit	2024 data
Total number of employee turnover	#	225
Employee turnover rate	%	15.73

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Diversity Metrics

KPI	Unit	2024
Number of employees and service providers (headcount) at top management level (definition top management level = Executive Committee plus General Counsel, service providers include representatives of management companies)	#	8
Percentage of female employees at top management level	%	25
Number of employees (head count) under 30 years old (total Group)	#	276
Percentage of employees under 30 years old	%	19.3
Number of employees (head count) between 30 and 50 years old (total Group)	#	721
Percentage of employees between 30 and 50 years old	%	50.4
Number of employees (head count) over 50 years old (total Group)	#	433
Percentage of employees over 50 years old	%	30.3

Within the group, diversity - equity & inclusion are important, as we have sites employing people with different backgrounds, nationalities, religions etc. We work as one family – and we are proud of the diversity in the various teams. A testament to the diversity are the nationalities working at the different plants within the group – as outlined in the table below. The table includes own staff only and excludes temp agency staff.

Number of nationalities at year end 2024	Unit	2024
Marche-en-Famenne (Belgium)	#	11
Wanze (Belgium)	#	8
Mézidon (France)	#	4
Opole (Poland)	#	2
Deeside (UK)	#	11

Health & Safety Metrics

KPI	2022	2023	2024
Number of fatalities in own workforce as result of work-related injuries and work-related ill health	0	0	0
Number of fatalities as result of work-related injuries and work-related ill health of other workers working on undertaking's sites	0	0	0
Number of recordable* work-related accidents and ill health for own workforce	96	84	159
Rate of recordable* work-related accidents and ill health for own workforce	24.64	38.05	78.17
Number of calendar days lost to work-related injuries and fatalities from work-related accidents, work-related ill health and fatalities from ill health related to employees	1.797	732	1.325
Percentage of people in its own workforce who are covered by health and safety management system based on legal requirements and (or) recognised standards or guidelines	100%	100%	100%

*Recordable work-related accidents for 2022 and 2023 are excluding the number of accidents without lost time, from 2024 onwards these are included in the numbers.

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Incidents

KPI	2023	2024
The total number of incidents of discrimination, including harassment	0	10*
For the remaining social and human rights matters (i.e. excluding discrimination or harassment), the number of complaints filed through channels for own workers to raise concerns (including grievance mechanisms) and, where applicable, to the National Contact Points for OECD Multinational Enterprises	0	2*
The total amount of material fines, penalties, and compensation for damages as a result of violations regarding social and human rights factors	0	0
The number of severe human rights issues and incidents connected to the undertaking’s workforce in the reporting period, including an indication of how many of these are violations of the UN Global Compact Principles and OECD Guidelines for Multinational Enterprises	0	0
The total amount of fines, penalties and compensation for damages for the issues and incidents related to severe human rights issues and incidents	0	0
Number of confirmed incidents of corruption or bribery	0	0
Number of convictions for violation of anti-corruption and anti-bribery laws	0	0
Amount of fines for violation of anti-corruption and anti-bribery laws	0	0
Number of confirmed incidents in which own workers were dismissed or disciplined for corruption or bribery-related incidents	0	0
Number of confirmed incidents relating to contracts with business partners that were terminated or not renewed due to violations related to corruption or bribery	0	0

*The increase in reported incidents of discrimination in 2024 can be attributed to the launch of our whistleblower tool at the end of 2023. With significant communication around this new tool, more employees have become aware of it and feel empowered to speak up. This rise in reports is a positive development, as it shows that people are finding their way to the tool and feel safe to report incidents that may have previously gone unspoken.

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Workers In The Value Chain

1.# Material IRO Material topic ESRS Strategy pillar Impacts Value Chain Timeline Risks Opportunities

Health & Safety

S1 & S2 Help people flourish

Potential negative impact
The Food sector has comparatively high injury rates to other sectors due to the prevalence of industrial machinery and chemicals. Musculoskeletal diseases, contact with chemicals and infections, and traumatic tool and machine injuries are a few examples of common acute and chronic dangers. Workers are involved in a variety of labor-intensive activities. Falling objects, vehicle collisions, equipment-related mishaps, heat-related illness or injury, and others are typical dangers. Fishing includes a number of risks, such as poor health, workplace accidents, and even death. Long offshore days at sea can be required for fishing. The need for daily and weekly relaxation due to crewing levels’ requirements shall also have an effect on the health and safety of fishing crews. Agricultural activities often involve some of the most hazardous activities for workers and many agricultural workers suffer from occupational accidents and illnesses. Exposure to bad weather, close contact with dangerous animals or plants, extensive use of chemical products, difficult working postures and lengthy hours, and the use of hazardous tools and machinery all lead to health problems (IFPRI, 2006). For instance, the estimated number of pesticide poisonings ranges between 2 and 5 million per year, of which 40 000 are fatal (ILO, 2005 and 2011b). The presence of safety hazards poses a direct risk of injuries and, tragically, even fatalities. Such incidents can have profound and devastating repercussions not only for the employees but also for their families.
Upstream VC | Own operations | Downstream VC | Timeline
---|---|---|---
Medium | | |

Adequate wages in the VC

S2 Help people flourish

Potential negative impact
Tight profit margins are often to blame for low wages in the food sector. Inadequate wages contribute to low morale and dissatisfaction, creating a negative and potentially hostile work environment. Financial strain due to low wages can lead to stress, impacting mental health and overall well-being.
Potential Positive impact
Improved Financial Stability: Employees can better meet their basic needs and plan for the future
Better Education: Families with adequate wages can afford better education for their children.
Higher Job Satisfaction: Fair wages increase job satisfaction and morale
Reduced Stress: Financial security reduces stress and anxiety related to economic uncertainty.
Work-Life Balance: Higher wages can reduce the need for multiple jobs, allowing for better work-life balance.
Upstream VC | Timeline
---|---
Medium |

2. Policies

Our policies and systems for workers in the value chain can be found under Help People Flourish – Protect Human Rights – Our Policies and Sys- tems. Here you will find amongst others our Supplier Code of Conduct, which contains many policy aspects about human rights. Our Supplier Code of Conduct is aligned with:
* The OECD Guidelines for Multinational Enterprises
* The UN Guiding Principles on Business and Human Rights
* The International Labor Organization’s (ILO) Declaration on Fundamental Principles and Rights at Work and the ILO eight fundamental labour conventions
* The Universal Declaration of Human Rights

Our Whistleblowing policy is already explained under Sustainability Annex – Social - Own Workforce – Policies. This channel for value chain workers to raise concerns is publicly available on our website.

Processes for engaging with value chain workers about impacts

Value chain workers are involved in our impact materiality process. You can find more information in the section Value Chain & Stakeholder Engagement and in the section on our Materiality Assessment. Through EcoVadis we also engage our suppliers to focus on sustainability and with the improvement plan they get, we can ask them to improve certain aspects going forward. EcoVadis also uses a 360 degree watch tool – which scans for potential human rights and ethics issues related to work- ers in the value chain. We also actively engage in dialogue with suppliers who were known to use a significant amount of subcontractors in the past. Although we have not yet performed structural supplier audits to focus on the more vulnerable in the value chain, we have reviewed the changes in legislation (restrict- ing the use of subcontractors) with our key meat suppliers and our staff visited our key suppliers who are operating outside of the EU.

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1. Material IRO Material topic ESRS Strategy pillar Impacts Value Chain Timeline Risks Opportunities

Health & Safety

S1 & S2 Help people flourish

Adequate wages in the VC

S2 Help people flourish

commitments, as EU regulations provide a robust legal framework for worker protection and sustainability. We manage material impacts by ensuring fair pricing for goods and ser- vices in line with applicable legislation. To uphold safety and ethical standards in our supply chain, we have implemented a Supplier Code of Conduct and actively engage with suppliers through our Supplier Engagement Program, including assessments via EcoVadis. There were no severe human rights issues or incidents discovered con- nected to our upstream or downstream value chain.

4. Metrics & Targets

Our targets with respect to workers in the value chain can be found under Help People Flourish – Protect Human Rights – Driving Change: Our Sus- tainability Actions. The most senior role within What’s Cooking? that has operational respon- sibility for ensuring that engagement in the value chain is discussed and monitored is the Procurement Director. The responsible for the whistle- blowing at What’s Cooking? is the internal Legal Counsel.

3. Actions

Our actions regarding workers in the value chain can be found under Help People Flourish – Protect Human Rights – Driving Change: Our Sustainabil- ity Actions. We ensure that our own practices do not cause or contribute to material negative impacts on value chain workers through strict purchasing con- ditions, a comprehensive supplier policy, and our Supplier Code of Con- duct. These frameworks set clear expectations for fair labor practices, ethical sourcing, and compliance with human rights standards. Addition- ally, our strong focus on sourcing from the EU further supports these

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Additionally, we actively seek insights into consumer behaviour and market trends by acquiring general data from reputable sources such as Nielsen, IRI, and others. This data enables us to better understand the evolving needs and preferences of our target audience, empowering us to develop prod- ucts and initiatives that align with sustainability goals while meeting con- sumer demand. By engaging with consumers and utilizing data-driven insights, we strive to promote a culture of sustainability and innovation that positively impacts both our business and the environment. The most senior role within What’s Cooking? that has operational responsi- bility for ensuring that engagement with consumers happens is the Chief Commercial Officer. We ensure that our own practices do not cause or contribute to material negative impacts on consumers and end-users by maintaining strict qual- ity and safety standards. All our suppliers are required to be GFSI-certified, and our own production facilities adhere to higher-level IFS certification.# Sustainability Report

Additionally, we fully comply with all national laws in the countries where our products are sold, ensuring the highest levels of consumer safety and regulatory compliance. There were no cases of non-respect of the UN Guiding Principles on Business and Human Rights, ILO Declaration on Fundamental Principles and Rights at Work or OECD Guidelines for Multinational Enterprises discovered that involve consumers and/or end-users.

4. Metrics & Targets

Our entity-specific metrics & targets can be found under:
* Good Food for All – Promote Enhanced Nutrition – Our Sustainability Targets.
* Good Food for All – Ensure Consumer Wellbeing – Our Sustainability Targets.

Consumers And End Users

1. Material IRO

Material topic	ESRS	Strategy pillar	Impacts	Value Chain	Timeline	Risks	Opportunities
Health & Nutrition	S4 (Entity specific)	good food for all	Potential negative impact: Increased risk of chronic diseases like obesity, diabetes, and heart disease. Poor health outcomes leading to a lower quality of life. Linked to disorders like depression and anxiety. Potential positive impact: Developing products with a good nutritional profile will lead to an adequate intake of essential nutrients, which support the overall health (physical and mental).	Own operations Downstream VC	Medium	Technology, Products & Market: Reduced demand for goods due to shift in customer requirements and consumer preferences Legal & Policy: Changes in policies may require updates to production processes, ingredient sourcing, and product labeling. Reputation: Processed foods are already under attack in the media, this can become worse and damage reputation. Operational: Adapting our processes to other types of products can bring costs.	Technology, Products & Market: What’s Cooking? can focus on nutritious products, entering new and emerging markets. A better competitive position to reflect shifting consumer requirements can increase revenues. Reputation: Focusing on nutritious products can have a huge positive impact on our reputation.

Ensuring food safety is a fundamental license to operate and is also critical to protecting human health. For this reason, we will also continue to report on this topic, reaffirming our commitment to maintaining the highest standards and proactively managing this essential area. By doing so, we uphold human rights and reinforce trust with our stakeholders.

2. Policies

Good Food for All – Promote Enhanced Nutrition – Our Policies and Systems.
Good Food for All – Ensure Consumer Wellbeing – Our Policies and Systems.

Whistleblowing policy is already explained under Sustainability Annex – Social - Own Workforce – Policies. Every new employee has to follow a training on Business conduct.

3. Actions

Our actions regarding consumers and end users can be found under:
* Good Food for All – Promote Enhanced Nutrition – Driving Change: Our Sustainability Actions.
* Good Food for All – Ensure Consumer Wellbeing – Driving Change: Our Sustainability Actions.

Processes for engaging with consumers

At What’s Cooking?, we are committed to engaging with our consumers and end-users in a transparent and meaningful manner. To ensure we meet their expectations and preferences, we organize taste panels in collaboration with independent third parties. These panels not only provide valuable feedback on the taste and quality of our products but also allow us to incorporate diverse perspectives into our decision-making process.

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1. Material IRO

Material topic	ESRS	Strategy pillar	Impacts	Value Chain	Timeline	Risks	Opportunities
Health & Nutrition	S4 (Entity specific)	good food for all	Potential negative impact: Increased risk of chronic diseases like obesity, diabetes, and heart disease. Poor health outcomes leading to a lower quality of life. Linked to disorders like depression and anxiety. Potential positive impact: Developing products with a good nutritional profile will lead to an adequate intake of essential nutrients, which support the overall health (physical and mental).	Own operations Downstream VC	Medium	Technology, Products & Market: Reduced demand for goods due to shift in customer requirements and consumer preferences Legal & Policy: Changes in policies may require updates to production processes, ingredient sourcing, and product labeling. Reputation: Processed foods are already under attack in the media, this can become worse and damage reputation. Operational: Adapting our processes to other types of products can bring costs.	Technology, Products & Market: What’s Cooking? can focus on nutritious products, entering new and emerging markets. A better competitive position to reflect shifting consumer requirements can increase revenues. Reputation: Focusing on nutritious products can have a huge positive impact on our reputation.

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Governance

1. Material IRO

Governance

Material topic

ESRS Strategy pillar Impacts Value Chain Timeline Risks Opportunities Due Diligence & traceability raw materials G1 (Entity specific) Protect our planet Help people flourish Upstream VC Own operations Downstream VC Medium

Legal & Policy

Legislation on Due Diligence (CSDDD, etc.) makes What’s Cooking? responsible for the whole value chain, so if somewhere in our value chain a company does not adhere to the regulations, we are co-responsible. Upcoming regulations such as f.e. EU deforestation (currently we do not fall under the EUDR) really show the importance of full traceability in your supply chain. Also in the CSRD regulation, this is about your whole value chain, you need to know what’s going on in your whole supply chain. Lack of full traceability can lead to legal fines.

Reputation

If somewhere in our value chain a company does not comply to laws and ethical business practices, this could lead to damaging also our reputation. If your supply chain is not fully traceable and something happens, this will have a negative effect on your reputation.

Operational

Discovering companies that are not conducting ethical business practices, can lead to supply chain disruptions as we need to find other business partners to do business with. Discovering a problem in your end products in a not fully traceable supply chain, will lead to a lot of operational issues and a lot of food waste.

Reputation

Full traceability and a good due diligence system, where consumers can know from which farms the raw materials in their product came, can lead to a better reputation and loyal consumers.

KPI

Unit	2023	2024
% functions-at-risk covered by anti-corruption/ anti-bribery training programs	% 100	100
Total monetary value of financial and in-kind political contributions made directly and indirectly	euros 0	0
Total monetary amount of lobbying expenses	euros 0	0
Total amount paid for membership to lobbying associations	euros 177 000 (only food associations)	< 200 000 (only food associations)
The average time to pay an invoice	days 50.4	52.1
% payments to suppliers aligned with the standard contractual payment terms of 60 days	% 60.90	62.99
% payments to suppliers aligned with the standard contractual payment terms of 66 days*	% 79.7	80.9
The number of legal proceedings for late payments	# 0	0

*The company applies weekly payment cycles so payments usually happen either just before or just after the standard terms.

Disclosures incorporated by reference

The following information is incorporated by reference to other parts of the management report:
- GOV1, GOV2, GOV3, GOV5 (+ 1st part IRO1) in the Corporate Governance section of this Annual Report.

4. Metrics & Targets

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ESRS	Standards Reference Table
ESRS 2 BP -1 General basis for preparation of sustainability statements	Sustainability Annex – General information Sustainability Annex – Metrics & targets of the different material topics
Disclosures incorporated by reference
GOV-1 The role of the administrative, management and supervisory bodies	Corporate Governance
GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies	Corporate Governance
GOV-3 Integration of sustainability-related performance in incentive schemes	Corporate Governance
GOV-4 Statement on due diligence	Protect our Planet - Source Responsibly – Our Sustainability Actions – Due Diligence
GOV-5 Risk management and internal controls over sustainability reporting	Corporate Governance
SBM-1 Strategy, business model and value chain	Introduction Value chain & Stakeholder engagement Sustainability annex – Social – Own workforce
SBM-2 Interests and views of stakeholders	Value Chain & Stakeholder Engagement
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model	Sustainability Annex – Materiality Assessment
Material IRO for every material topic
IRO-1 Description of the process to identify and assess material impacts, risks and opportunities	Sustainability Annex – Materiality Assessment
IRO-2 Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement	ESRS Standards Reference Table Sustainability Annex – Materiality Assessment
ESRS E1 – Climate Change	ESRS 2 GOV-3 Corporate Governance E1-1 Transition plan for climate change mitigation
	Protect our Planet – Fight climate change ESRS 2 SBM-3 Sustainability Annex – Environmental – Climate
ESRS 2 IRO-1	Sustainability Annex – Environmental - Climate – Material IRO / Policies / Actions
E1-2 Policies related to climate change mitigation and adaptation	Protect our Planet – Fight climate change – Climate Change & Energy Consumption and Mix - Our Policies and Systems Sustainability Annex – Environmental - Climate – Policies
E1-3 Actions and resources in relation to climate change policies	Protect our Planet – Fight climate change – Climate Change & Energy Consumption and Mix - Driving Change: Transition plan for Climate Change Mitigation Sustainability Annex – Environmental - Climate – Actions / Metrics & Targets
E1-4 Targets related to climate change mitigation and adaptation	Protect our Planet – Fight climate change – Climate Change & Energy Consumption and Mix - Our Sustainability Targets / Driving Change: Transition plan for Climate Change Mitigation Sustainability Annex – Environmental - Climate – Metrics & Targets
E1-5 Energy consumption and mix	Sustainability Annex – Environmental – Climate – Metrics & Targets – Energy Consumption & Mix
E1-6 Gross Scopes 1,2,3 and Total GHG emissions	Sustainability Annex – Environmental – Climate – Metrics & Targets – Greenhouse gas emissions
E1-7 GHG removals and GHG mitigation projects financed through carbon credits	We do not make use of carbon credits.
E1-8 Internal carbon pricing	We did not yet assess an internal carbon price, but we regularly compare with current carbon price to show importance.
ESRS E2 – Pollution	ESRS 2 IRO-1 Sustainability Annex – Materiality Assessment
E2-1 Policies related to pollution	Sustainability Annex – Environmental – Pollution - Policies
E2-2 Actions and resources related to pollution	Sustainability Annex – Environmental – Pollution - Actions
E2-3 Targets related to pollution	Sustainability Annex – Environmental – Pollution – Metrics & Targets
ESRS E3 – Water and Marine Resources	E3 IRO-1 Sustainability Annex – Materiality Assessment Sustainability Annex – Environmental – Water – Material IRO
E3-1 Policies related to water and marine resources	Protect our Planet – Fight climate change – Water Management - Our Policies and Systems Sustainability Annex – Environmental – Water – Policies
E3-2 Actions and resources related to water and marine resources	Protect our Planet – Fight climate change – Water Management – Driving Change: Our Sustainability Actions Sustainability Annex – Environmental – Water – Actions
E3-3 Targets related to water and marine resources	Protect our Planet – Fight climate change – Water Management – Driving Change: Our Sustainability Targets Sustainability Annex – Environmental – Water – Metrics & Targets
E3-4 Water consumption	Sustainability Annex – Environmental – Water – Metrics & Targets
E3-5 Anticipated financial effects from material water and marine resources-related risks and opportunities	Sustainability Annex – Environmental – Water – Material IRO
ESRS E4 – Biodiversity and ecosystems	E4 SBM-3 Sustainability Annex – Environmental – Biodiversity & ecosystems – Material IRO ESRS 2 IRO-1
	Sustainability Annex – Materiality Assessment Sustainability Annex – Environmental – Biodiversity & ecosystems – Material IRO
E4-2 Policies related to biodiversity and ecosystems	Sustainability Annex – Environmental – Biodiversity & ecosystems - Policies
E4-3 Actions and resources related to biodiversity and ecosystems	Sustainability Annex – Environmental – Biodiversity & ecosystems - Actions
E4-4 Targets related to biodiversity and ecosystems	Sustainability Annex – Environmental – Biodiversity & ecosystems – Metrics & Targets
ESRS E5 – Resource use and circular economy	E5 IRO-1 Sustainability Annex – Environmental – Circular economy – Material IRO
E5-1 Policies related to resource use and circular economy	Protect our Planet – Win the War on Waste – Fighting Food waste – Our Policies and Systems Protect our Planet – Win the War on Waste –

Sustainability Annex – Environmental – Circular economy

E5-2 Actions and resources related to resource use and circular economy

Protect our Planet – Win the War on Waste – Fighting Food waste – Driving Change: Our Sustainability Actions
Protect our Planet – Win the War on Waste – Sustainable Packaging – Driving Change: Our Sustainability Actions

Sustainability Annex – Environmental – Circular economy – Actions

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E5-3 Targets related to resource use and circular economy
Protect our Planet – Win the War on Waste – Fighting Food waste – Our Sustainability Targets
Protect our Planet – Win the War on Waste – Sustainable Packaging – Our Sustainability Targets

Sustainability Annex – Environmental – Circular economy – Metrics & Targets

E5-4 Resource inflows
Sustainability Annex – Environmental – Circular economy – Metrics & Targets – Resource inflows

E5-5 Resource outflows
Sustainability Annex – Environmental – Circular economy – Metrics & Targets – Resource outflows

ESRS S1 – Own workforce

S1
SBM-3 Sustainability Annex – Social – Own workforce – Material IRO

S1-1 Policies related to own workforce

Help People Flourish – Guard Employee Safety – Our Policies and Systems
Help People Flourish – Boost Employee Engagement – Our Policies and Systems
Sustainability Annex – Social – Own workforce – Policies

S1-2 Processes for engaging with own workforce and workers’ representatives about impacts

Value Chain & Stakeholder Engagement
Sustainability Annex – Social – Own workforce – Policies

S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns

Sustainability Annex – Social – Own workforce – Policies

S1-4 Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions

Help People Flourish – Guard Employee Safety – Driving Change: Our Sustainability Actions
Help People Flourish – Boost Employee Engagement – Driving Change: Our Sustainability Actions
Sustainability Annex – Social – Own workforce – Actions

S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities

Help People Flourish – Guard Employee Safety – Our Sustainability Targets
Help People Flourish – Boost Employee Engagement – Our Sustainability Targets
Sustainability Annex – Social – Own workforce – Metrics & Targets

S1-6 Characteristics of the undertaking’s employees

Sustainability Annex – Social – Own workforce – Metrics & Targets

S1-9 Diversity metrics

Sustainability Annex – Social – Own workforce – Metrics & Targets

S1-14 Health and safety metrics

Sustainability Annex – Social – Own workforce – Metrics & Targets

S1-17 Incidents, complaints and severe human rights impacts

Sustainability Annex – Social – Own workforce – Metrics & Targets
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ESRS S2 – Workers in the value chain
S2
SBM-3 Value Chain & Stakeholder Engagement
Sustainability Annex – Social – Workers in the value chain – Material IRO

S2-1 Policies related to value chain workers

Sustainability Annex – Social – Workers in the value chain – Policies

S2-2 Processes for engaging with value chain workers about impacts

Value Chain & Stakeholder Engagement
Sustainability Annex – Social – Workers in the value chain – Policies

S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns

Sustainability Annex – Social – Workers in the value chain – Policies

S2-4 Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions

Help People Flourish – Protect human rights – Driving change: Our Sustainability Actions
Sustainability Annex – Social – Workers in the value chain – Actions

S2-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities

Help People Flourish – Protect human rights – Driving change: Our Sustainability Targets
Sustainability Annex – Social – Workers in the value chain – Metrics & Targets

ESRS S4 – Consumers and End-users

S4
SBM-3 Value Chain & Stakeholder Engagement
Sustainability Annex – Social – Consumers and end users – Material IRO

S4-1 Policies related to consumers and end-users

Good Food for All – Ensure Consumer wellbeing – Our Policies and Systems
Good Food for All – Promote Enhanced Nutrition – Our Policies and Systems
Sustainability Annex – Social – Consumers and end users – Policies

S4-2 Processes for engaging with consumers and end-users about impacts

Value Chain & Stakeholder Engagement
Sustainability Annex – Social – Consumers and end users – Policies

S4-3 Processes to remediate negative impacts and channels for consumers and end-users to raise concerns

Sustainability Annex – Social – Consumers and end users – Policies

S4-4 Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions

Good Food for All – Ensure Consumer wellbeing – Driving Change: Our Sustainability Actions
Good Food for All – Promote Enhanced Nutrition – Driving Change: Our Sustainability Actions
Sustainability Annex – Social – Consumers and end users – Actions
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S4-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities
Value Chain & Stakeholder Engagement
Good Food for All – Ensure Consumer wellbeing – Our Sustainability Targets
Good Food for All – Promote Enhanced Nutrition – Our Sustainability Targets
Sustainability Annex – Social – Consumers and end users – Metrics & Targets

ESRS G1 – Business Conduct

G1
GOV-1 Corporate Governance
G1-1 Business conduct policies
Sustainability Annex – Governance – Business Conduct – Material IRO / Policies

G1-2 Management of relationships with suppliers
Protect our Planet – Source Responsibly – Our Policies and Systems
Help People Flourish – Protect Human Rights - Our Policies and Systems
Sustainability Annex – Governance – Business Conduct – Policies

G1-3 Prevention and detection of corruption and bribery
Sustainability Annex – Governance – Business Conduct – Metrics & Targets

G1-4 Incidents of corruption or bribery
Sustainability Annex – Governance – Business Conduct – Actions

G1-6 Payment practices
Sustainability Annex – Governance – Business Conduct – Metrics & Targets
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Sustainability Report

Basis for conclusion

We conducted our limited assurance engagement in accordance with In- ternational Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Fi- nancial Information, issued by the International Auditing and Assurance Standards Board (IAASB), as adopted in Belgium. Our responsibilities under this standard are further described in the “Re- sponsibilities of the statutory auditor for the limited assurance engage- ment on the sustainability information” section of our report. We have complied with the ethical requirements that are relevant to our assurance engagement on the sustainability information in Belgium, in- cluding the independence requirements. Our firm applies International Standard on Quality Management (ISQM) 1. This standard requires the firm to design, implement and operate a sys- tem of quality management, including policies or procedures regarding compliance with ethical requirements, professional standards and appli- cable legal and regulatory requirements. We have obtained from the board of directors and the Company’s offi- cials the explanations and information necessary for our limited assur- ance engagement. We believe that the assurance evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.

Other matter

The scope of our procedures is limited to our limited assurance engage- ment on the sustainability information of the Group. Our limited assur- ance engagement does not extend to information relating to the com- parative figures.

Board of directors’ responsibilities for the preparation of the sustainability information

The board of directors of the Company is responsible for designing and implementing the Process and for disclosing this Process in section ‘Mate- riality Assessment’ of the sustainability information. This responsibility includes:
* understanding the context in which the Group’s activities and business relationships take place and developing an understanding of its affect- ed stakeholders;
* identifying the actual and potential impacts (both negative and posi- tive) related to sustainability matters, as well as risks and opportunities that affect, or could reasonably be expected to affect, the Group’s fi- nancial position, financial performance, cash flows, access to finance or cost of capital over the short-, medium-, or long-term;

To the general meeting
In the context of the legal limited assurance engagement on the consoli- dated sustainability information of What’s Cooking Group NV (“the Com- pany”) and its subsidiaries (jointly “the Group”), we provide you with our report on this engagement.# Report from the Statutory Auditor on the consolidated sustainability information

We were appointed by the general meeting of May 30, 2024 in accordance with the proposal of the board of directors on the recommendation of the audit committee and as presented by the workers’ council of the Company to perform a limited assurance engagement on the consolidated sustainability information of the Group included in the section Report of the Board of Directors – Sustainability statement of the What’s Cooking Group Annual report 2024 as of December 31, 2024 and for the year ended on this date (the “sustainability information”). Our mandate will expire on the date of the general meeting deliberating on the annual accounts for the year ended December 31, 2026. This is the first year that we have performed the assurance engagement on the sustainability information of the Group.

Limited assurance conclusion

We have performed a limited assurance engagement on the sustainability information of the Group. Based on the procedures performed and assurance evidence obtained, nothing has come to our attention to cause us to believe that the sustainability information of the Group is in all material respects:

not prepared in accordance with the requirements of article 3:32/2 of the Companies’ and Associations’ Code, including compliance with the applicable European standards for sustainability information (European Sustainability Reporting Standards (ESRS));
not in compliance with the process carried out by the Group to identify the sustainability information (“the Process”) in accordance with the European Standards as disclosed in section ‘Materiality Assessment’ of the sustainability information; and
not in compliance with article 8 of EU Regulation 2020/852 (the “Taxonomy Regulation”) regarding the publication of the disclosure included in the section ‘EU taxonomy’ of the What’s Cooking Group Annual report 2024.

Our conclusion on the sustainability information does not extend to any other information that accompanies or contains the sustainability information and our report.

Report of the Statutory Auditor on the consolidated sustainability information

Report from the Statutory Auditor on the consolidated sustainability information

139 What’s Cooking? Annual report 2024 Sustainability Report

As part of a limited assurance engagement in accordance with ISAE 3000 (Revised), as adopted in Belgium, we exercise professional judgment and maintain professional skepticism throughout the engagement. The work carried out in an engagement with a view to obtaining a limited degree of assurance, for which we refer to the section “Summary of the work performed”, is less in extent than for a reasonable assurance engagement. We therefore do not express a reasonable assurance conclusion.

As the forward-looking information contained in the sustainability information and the assumptions on which it is based, relate to the future, it may be affected by events that may occur and/or by possible actions of the Group. The actual outcome is likely to differ from the assumptions, as the anticipated events will frequently not occur as expected and the deviations may be material. Our conclusion is therefore not a guarantee that the actual outcomes reported will be consistent with those included in the forward-looking information included in the sustainability information.

Our responsibilities in relation to the Process for reporting the sustainability information, include:

obtaining an understanding of the Process but not for the purpose of providing a conclusion on the effectiveness of the Process, including the outcome of the Process; and
designing and performing procedures to evaluate whether the Process is consistent with the Group’s description of its Process, as disclosed in section ‘Materiality Assessment’ of the sustainability information.

Our other responsibilities in respect of the sustainability information include:

obtaining an understanding of the Group’s control environment, relevant processes and information systems for the preparation of the sustainability information but not evaluating the design of particular control activities, obtaining evidence about their implementation or testing their operating effectiveness;
identifying areas in the sustainability information where material misstatements are likely to arise, whether due to fraud or error; and
designing and performing procedures focused on disclosures in the sustainability information where material misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
assessing the materiality of the identified impacts, risks and opportunities related to sustainability matters by selecting and applying appropriate thresholds; and
making assumptions and estimates that are reasonable in the circumstances.

The board of directors of the Company is further responsible for the preparation of the sustainability information, which includes the information determined by the Process:

in accordance with the requirements of article 3:32/2 of the Companies’ and Associations’ Code, including compliance with the applicable European standards for sustainability information (European Sustainability Reporting Standards (ESRS)); and
in compliance with the requirements of Article 8 of EU Regulation 2020/852 (the “Taxonomy Regulation”) regarding the publication of the information included the section ‘EU taxonomy’ of the What’s Cooking Group Annual report 2024.

This responsibility entails:

designing, implementing and maintaining such internal controls that the board of directors determines are necessary to enable the preparation of the sustainability information such that it is free from material misstatement, whether due to fraud or error; and
selecting and applying appropriate sustainability reporting methods and making assumptions and estimates that are reasonable in the circumstances.

The audit committee is responsible for overseeing the Company’s sustainability information reporting process.

Inherent limitations in preparing the sustainability information

In reporting forward-looking information in accordance with ESRS, the board of directors of the Company is required to prepare the forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the Group. The actual outcome is likely to be different since anticipated events frequently do not occur as expected and the deviations may be material.

Responsibilities of the statutory auditor for the limited assurance engagement on the sustainability information

It is our responsibility to plan and perform the assurance engagement to obtain limited assurance about whether the sustainability information is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the sustainability information as a whole.

140 Sustainability Report

Summary of the work performed

A limited assurance engagement involves performing procedures to obtain assurance evidence about the sustainability information. The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. The nature, timing and extent of our procedures depend on our professional judgment, including the identification of disclosures where material misstatements are likely to arise, whether due to fraud or error, in the sustainability information.

In conducting our limited assurance engagement with respect to the Process, we have:
- obtained an understanding of the Process by:
  - performing inquiries to understand the sources of the information used by management (e.g., stakeholder engagement and strategy documents); and
  - reviewing the Group’s internal documentation of its Process; and
evaluated whether the assurance evidence obtained from our procedures about the Process implemented by the Group was consistent with the description of the Process set out in section ‘Materiality Assessment’ of the sustainability information.
In conducting our limited assurance engagement with respect to the sustainability information, we have amongst others:
obtained an understanding of the Group’s reporting processes relevant to the preparation of its sustainability information by, through the performance of inquiries, obtaining an understanding of the Group’s control environment, relevant processes and information systems for the preparation of the sustainability information;
- evaluated whether material information identified by the Process is included in the sustainability information;
- evaluated whether the structure and the presentation of the sustainability information is in accordance with the ESRS;
- performed inquiries of relevant personnel and analytical procedures on selected disclosures in the sustainability information;
- performed substantive assurance procedures based on the basis of a limited sample on selected disclosures in the sustainability information;
obtained assurance evidence on the methods for developing material estimates and forward-looking information as further described in the “Responsibilities of the statutory auditor for the limited assurance engagement on the# What’s Cooking? Annual report 2024

Sustainability Report

Information about the independence

Our audit firm and our network have not performed any engagement which is incompatible with the limited assurance engagement and our audit firm remained independent of the Group during the term of our mandate.

Antwerp, April 17, 2025

KPMG Bedrijfsrevisoren
Statutory Auditor
represented by

Filip De Bock
Bedrijfsrevisor

Steven Mulkens
Bedrijfsrevisor

Other non-financial information

Given the sale of the Savoury segment in early 2025 and its classification as a discontinued operation in our 2024 figures, we have presented the non-financial data related to the Savoury segment separately in this chapter and not included as part of our sustainability report or other non-financial information on continuing operations. Although we made the decision to proceed with the sale of SBU Savoury, we continued to invest in sustainable growth of the segment until its transfer to Aurelius. Financially, the business unit has improved and we also achieved some significant improvements in terms of sustainability.

Water consumption and reuse
During quarter 2 of 2024, we commissioned a water-reuse plant in Wommelgem. This will enable the plant to reuse up to 50% of the water used in the production environment for, among other things, cleaning activities. Further analyses will also allow us to see whether there is a business case for other plants using similar production processes.
Our footprint
Thanks to improving scope 3 impact through a multitude of initiatives, we were able to achieve an improvement in the overall footprint of our products. The scope 3 impact in absolute terms reduced by more than 10 percent, an achievement we are proud of. This is also to the credit of all teams within the business unit: R&D, purchasing, sales, production, as well as support services.
Food Safety
Food safety is always at the top of our agenda. Thanks to daily attention and improved quality systems and assurances, all plants will be IFS higher level certified by the end of 2024. This clearly shows that everyone’s commitment is also visible to external certification companies.
Employees and safety
Despite the complexity of sales, the intention of which we announced in the first quarter of 2024, all employees continued to give their utmost for the company on a daily basis as is clearly visible in the results achieved. In addition, we managed to further reduce the number of accidents and also reduce the severity of accidents. We would like to once again thank all former colleagues for their efforts and wish them all the best together with Aurelius as the acquirer.

Foreword

The following additional non-financial disclosures have not been subject to review by KPMG as auditor and as such are not part of our sustainability reporting given the qualification of the savoury business as “terminated” as of the end of fiscal year 2024. The numbers in the titles of the disclosures, refer to the ESRS topics.

Additional disclosures

E1 – Climate

Energy consumption & mix

KPI	UoM	2022	2023	2024
Total renewable energy consumption	MWh	2,168	20,317	33,688
Total non-renewable energy consumption	MWh	76,870	56,042	46,059
Total energy consumption	MWh	79,037.62	76,358.6	79,746.8

Greenhouse gas emissions

Emission sources	2021 Total ton CO₂e	2022 Total ton CO₂e	2023 Total ton CO₂e	2024 Total ton CO₂e
Direct emissions from stationary combustion sources	8,365	7,908	7,587	7,773
Direct emissions from mobile sources with combustion engine	1	461	427	888
Direct emissions from processes	0	0	0	0
Direct fugitive emissions	1,180	45	13	1
Total Scope 1 emissions	9,546	8,414	8,026	8,662
Indirect emissions from electricity consumption (market-based*)	11,202	10,066	4,964	1,961
Indirect emissions from steam, heat or cooling consumption	0	0	0	0
*Total Scope 2 emissions (market-based)**	11,202	10,066	4,964	1,961
Purchased goods or services	525,774	623,281	498,008	440,156
Capital goods	8,576	6,513	4,548	4,095
Emissions related to fuels and energy (not included in scope 1 and scope 2)	5,372	5,310	3,471	2,863
Upstream freight and distribution	9,972	17,239	11,418	9,299
Waste generated	1,215	1,214	751	728
Business travels	13	10	16	14
Employees commuting, incl telework	790	1,048	1,227	1,244
Upstream leased assets	0	0	0	0
Other indirect emissions upstream	0	0	0	0
Scope 3 emissions Upstream	551,713	654,615	519,439	458,400
Dowstream freight and distribution	18,233	3,618	2,833	2,887
Processing of sold products	0	0	0	0
Use of sold products	0	0	0	0
End-of-life of sold products	6,848	6,848	6,848	6,848
Downstream leased assets	0	0	0	0
Franchises	0	0	0	0
Investments	0	0	0	0
Other indirect emissions downstream	0	0	0	0
Scope 3 emissions Downstream	25,081	10,466	9,681	9,735
Total Scope 3 emissions	576,794	665,081	529,120	468,135
TOTAL EMISSIONS SCOPE 1.2 and 3 (location based)	597,542	683,561	542,110	478,758

E3 – Water

KPI	Unit of Measure	Data 2022	Data 2023	Data 2024
Total water withdrawal	m³	314,474	321,763	263,321
%Ground water	%	60.63	60.30	37.93
Water reuse	m³	0	0	18,988
Water withdrawal/ton products sold	m³/t	4.96	4.43	4.54
Water intensity ratio (Total water withdrawal/net sales)	m³/1000 euro	0.69	0.69	0.59

E5 – Circular economy

KPI	Unit of Measure	2022 data	2023 data	2024 data
Food waste recovered as animal feed	ton	0	0	0
Food waste digested anaerobically for production of biogas	ton	3,066	2,676	2,907
Food waste composted	ton	0	0	0
Food waste that contains meat recovered in the rendering industry	ton	0	0	0
Food waste recovered as biodiesel	ton	857	749	779
Total amount of other organic waste incinerated	ton	376	88	0
Total amount of food waste generated	ton	3,307	2,958	2,906
Residual waste for incineration	ton	38	156	89
Other non-hazardous materials waste (recycled)	ton	2,619	2,238	2,069
Total amount of non-hazardous materials waste generated	ton	2,590	2,392	2,157
Total amount of hazardous materials waste recycled	ton	11,162	27	8
Total amount of hazardous materials waste incinerated	ton	415	245	89
Total amount of hazardous materials waste with other end-of-life treatment	ton	0	0	0
Total amount of hazardous materials waste generated	ton	11,161	27	8
Total amount of non-hazardous waste reused (rework)	ton	400	375	385
Total amount of non-hazardous waste recycled	ton	3,132	2,691	2,504
Total amount of non-hazardous waste recovered through other recovery operations	ton	3,924	3,425	3,498
Total amount of non-hazardous waste incinerated	ton	415	245	89
% of recovered non-hazardous waste	%	99.87	68.13	19.56
Total amount of waste going to landfill	ton	0	0	0

S1 – Own workforce

Characteristics of the undertaking’s employees

Activities	Number of employees by headcount (31/12/2023)	Number of employees by headcount (31/12/2024)
SAVOURY	1,116	1,117
BELGIUM	610	633
Lievegem Production, Slicing & Packaging	155	155
Veurne Slicing & Packaging	108	108
Wommelgem Production, Slicing & Packaging	347	336
Sales units Sales & Marketing	0*	34
NETHERLANDS	506	484
Aalsmeer Slicing & Packaging	49	0
Borculo Production	98	101
Ridderkerk Slicing & Packaging	118	124
Wijchen Slicing & Packaging	182	206
Sales units Sales & Marketing	59	53
UNITED KINGDOM	0	0
Sales units Sales & Marketing	0	0
TOTAL	1,116	1,117

* Were included in central overheads and the plant where they performed their main activities in 2023.

Gender	Aantal werknemers (headcount) (eind 2022)	Number of employees by headcount (eind 2023)	Number of employees by headcount (eind 2024)
Male	788	735	727
Female	375	381	390
Other*	0	0	0
Total Employees	1,163	1,116	1,117

* We have not requested all workforce to disclose their gender. Information in the above table is generated based on the identification at the start of employment of the employee.

	Female	Male	Total
Number of permanent employees by headcount	372	692	1,064
Number of temporary employees by headcount	18	35	53
Number of full-time employees by headcount	258	648	906
Number of part-time employees by headcount	132	79	211
Total Number of employees by headcount	390	727	1,117

KPI	Unit	2024 data
Total number of employee turnover	#	144
Employee turnover rate	%	12.89

Diversity Metrics

KPI	Unit	2024 data
Number of employees (head count) under 30 years old	#	129
Percentage of employees under 30 years old	%	11.55%
Number of employees (head count) between 30 and 50 years old	#	533
Percentage of employees between 30 and 50 years old	%	47.72%
Number of employees (head count) over 50 years old	#	455
Percentage of employees over 50 years old	%	40.73%

Health & Safety Metrics

KPI	Data 2022	Data 2023	Data 2024
Number of fatalities in own workforce as result of work-related injuries and work-related ill health	0	0	0
Number of fatalities as result of work-related injuries and work-related ill health of other workers working on undertaking's sites	0	0	0
Number of recordable* work-related accidents and ill health for own workforce	63	31	25
Rate of recordable* work-related accidents and ill health for own workforce	27.19%	14.14%	12.29%
Number of workdays lost to work-related injuries and fatalities from work-related

What’s Cooking? Annual report 2024 149

Incidents KPI Data

	Data 2022	Data 2023	Data 2024
The total number of incidents of discrimination, including harassment (including all complaints filed).	0	1	3
For the remaining social and human rights matters (i.e. excluding discrimination or harassment), the number of complaints filed through channels for own workers to raise concerns (including grievance mechanisms) and, where applicable, to the National Contact Points for OECD Multinational Enterprises	3	5	1
The total amount of material fines, penalties, and compensation for damages as a result of violations regarding social and human rights factors	0	0	0
The number of severe human rights issues and incidents connected to the undertaking’s workforce in the reporting period, including an indication of how many of these are violations of the UN Global Compact Principles and OECD Guidelines for Multinational Enterprises	0	0	0
The total amount of fines, penalties and compensation for damages for the issues and incidents related to severe human rights issues and incidents	0	0	0
Number of confirmed incidents of corruption or bribery	0	0	0
Number of convictions for violation of anti-corruption and anti-bribery laws	0	0	0
Amount of fines for violation of anti-corruption and anti-bribery laws	0	0	0
Number of confirmed incidents in which own workers were dismissed or disciplined for corruption or bribery-related incidents	0	0	0
Number of confirmed incidents relating to contracts with business partners that were terminated or not renewed due to violations related to corruption or bribery	0	0	0

G1 – Business conduct KPI

Eenheid	Data 2024
% functions-at-risk covered by anti-corruption/ anti-bribery training programs	100 %
Total monetary value of financial and in-kind political contributions made directly and indirectly	euro 0
Total monetary amount of lobbying expenses	euro 0
Total amount paid for membership to lobbying associations	euro 200,000 (only food associations)

Corporate governance

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Corporate governance

What’s Cooking? Annual report 2024 151

The corporate governance statement has been prepared in accordance with Article 3:6, §2 and Article 3:32 of the WVV and the Belgian Corporate Governance Code 2020. It contains information on the Corporate Governance policy of What’s Cooking Group NV in 2024, including:
• a description of the main features of the internal control and risk management systems in the financial reporting process;
• the required information based on special legislation;
• the composition and functioning of the board of directors and its committees;
• a description of the diversity policy with regard to the members of the board of directors, the persons in charge of the management and the persons in charge of the daily management of the company;
• the remuneration report.

The reference code used is the Belgian Corporate Governance Code 2020. This code is publicly available at www.corporategovernancecommittee.be. Our Corporate Governance Charter is published at www.whatscooking.group. In the charter, we clarify our position towards the provisions of the Belgian Corporate Governance Code 2020. We also describe there the other Corporate Governance practices we apply, in addition to the Belgian Corporate Governance Code 2020. The charter did not undergo any material changes in 2024.

What’s Cooking Group NV follows the 10 principles of the Belgian Corporate Governance Code 2020, with the exception of the following recommendations (which have not yet been implemented in 2024):
• Recommendation 7.6: For the time being, the board of directors has decided not to pay share-related remuneration to its non-executive members.
• Recommendation 7.9: As no share-related compensation is granted to executive management members, no minimum threshold of shares to be held by executive management members was also determined.

What’s Cooking Group NV does not provide remuneration in the form of shares. This applies to both non-executive directors and members of the executive management. Given the limited nature of the remuneration and the limited liquidity of the share, the board of directors does not consider it opportune at this time to incur the cost of setting up a share plan. Should a share plan be considered in the future, the board of directors will also consider a lock-up of the shares for a sufficiently long period.
• Recommendation 7.12: The recovery of paid variable remuneration or the withholding of variable remuneration. Given the limited remuneration as well as the fact that payment of variable remuneration is only made after the full completion of the audit of the financial figures and internal controls, the board of directors decided not to introduce a claw-back clause to date.

Declaration on corporate governance over 2024

What’s Cooking? Annual report 2024 152

PAUL VAN OYEN (°1961)

PVO Advisory BV

Paul Van Oyen obtained a master’s degree in geology and mineralogy and then took a management course at KU Leuven. After a period as a lecturer and several years of fieldwork in Morocco, he worked as a researcher on a European study on strategic raw materials. Paul started his industrial career at what is now Steinzeug Keramo (part of Wienerberger Group). In 1990, he moved to Etex Group, where he held various positions for 31 years. After seven years as CEO of the company, Paul decided to be an independent and share his experience by working with young entrepreneur and as an independent director. In 2022, he was appointed independent director and chairman of the board of directors of What’s Cooking Group NV for four years. He is also a member of our renumeration and nomination committee and has chaired the sustainability committee since 2023.

FRANK COOPMAN (°1965)

Holbigenetics NV

Frank Coopman graduated as a veterinarian in 1990. He obtained additional masters in veterinary supervision of edibles of animal origin and in molecular medical biotechnology. He obtained a PhD in veterinary sciences and was a long-time lecturer in animal production and genetics at HoGent and UGent. Frank is co-founder and managing director of Biomics and Chemics Consultancy BV, where he further develops the biological and genetic part. In 2020, he was appointed director of What’s Cooking Group NV . Since 2023, he has been a member of our remuneration and nomination committee. At the general meeting in May 2024, his mandate as a director was extended by four years.

Corporate governance

Board of Directors

What’s Cooking? Annual report 2024 153

DOMINIQUE COOPMAN (°1967)

Famcoo Invest NV

Dominique Coopman graduated as an agricultural and business engineer. She also holds a degree in environmental remediation and a master’s degree in food culture. Dominique works in Italy, chairs STAK Coovan and has been a director at What’s Cooking Group NV since 2008. Her last reappointment dates back to 2022, when she extended her mandate for four years. In addition, Dominique has been a member of our sustainability committee since 2023.

KURT COFFYN (°1968)

C:Solutio BV

Kurt Coffyn graduated as an industrial engineer with specialisation in automation and electronics. He has 30 years of experience in operations and supply chain: first in various operational positions by General Electric in Belgium and Germany, then as COO at firms such as Stanley Black&Decker, Ontex, Provimi, Cargill, Unilabs Switzerland and the Belgium Lineas, European market leader in private rail freight transport. Kurt has been an independent director at What’s Cooking Group NV since 2017 and is also a member of our audit committee. At the May 2024 general meeting, his mandate as an independent director was renewed for four years.

JOHAN PAUWELS (°1959)

Hico NV

Johan Pauwels holds a degree in Industrial Engineering in automation & electronics complemented by business management, executive finance and global strategy at Vlerick, INSEAD and IMD. He has a long career at ABB where he was active in various global and local functions, regions and divisions. The common thread of his career is on increasing productiveit through industrial automation and sustainably improving energy efficiency through electrification. From 2017 through 2023, he was managing director of ABB’s Benelux companies and his last role before retirement was active, ad interim, as General Manager of the ‘Global Solution Center for Autonomous Mobile Robots’, ABB Robotics in Burgos, Spain. Johan has been a director of What’s Cooking Group NV and a member of our audit committee since May 2023.

EDDY VAN DER PLUYM (°1957)

Eddy Van Der Pluym studied economic sciences and an MBA at INSEAD. After a brief stint at Deloitte, Haskins & Sells, he joined the family company Pluma nv, which merged with What’s Cooking Group NV in 2006. In 2019, Eddy was appointed as a director for four years, and his mandate was renewed in May 2023. In 2023, he also became a member of the audit committee.

PIET SANDERS (°1966)

CEO - Leading for Growth BV

What’s Cooking? Annual report 2024

154 Corporate governance

Composition and functioning of the board of directors and its committees

Board of directors

The table below shows the composition of the board of directors on 31 December 2024, listing meetings and attendance in 2024.

Name	Type*	End of mandate	Committees**	Meetings 2024 (x = present)
				22/02	18/04	13/06	22/08	21/11
Dominique Coopman (6)	NE	2026	SC	X	X	X	X	X
Frank Coopman (2)	NE	2028	RNC	X	X	X	X	X
Eddy Van Der Pluym	NE	2027	AC	X	X	X	X	X
Paul Van Oyen (7)	I	2026	RNC/SC	X	X	X	X	X
Ann Vereecke (1)	I	2026	RNC/SC	X	X	X	X	X
Kurt Coffyn (3)	I	2028	AC	X	X	X	X	X
Inge Plochaet (4)	I	2028	SC	X	X	X	X	X
Piet Sanders (5)	E	2026		X	X	X	X	X
Aart Duijzer (8)	I	2027	AC	X	X	X	X	X
Johan Pauwels (9)	NE	2027	AC	X	X	X	X	X

As permanent representative for: (1) BV Ann Vereecke, (2) NV Holbigenetics, (3) BV C:Solutio, (4) BV Tower Consulting, (5) BV Leading for Growth, (6) NV Famcoo Invest, (7) BV PVO Advisory, (8) BV IJzer Beheer, (9) NV Hico

E = Executive
** AC = Audit Committee
NE = Non-executive
RNC = Remuneration and Nomination Committee
I = Independent
SC = Sustainability Committee

To the extent necessary, What’s Cooking Group NV confirms its compliance with recommendation 5.5 of the Belgian Corporate Governance Code 2020, which stipulates that non-executive directors should not hold more than five directorships in listed companies.

The Board of Directors’ internal regulations describe the detailed functioning of the Board of Directors. The terms of reference are an integral part of the group’s Corporate Governance Charter. Among other things, the board of directors decided on the group’s half-year results, annual results, budget and strategy, including various consultations on current M&A issues, mainly regarding the sale of SBU Savoury as a potential acquisition target in Ready Meals.

156 Corporate governance

Diversity

Overall, we continue to build a diverse and inclusive environment across the organisation, encouraging non-discriminatory working practices. We have taken clear steps to engage our leadership teams on what it takes to be sustainable leaders, including recognising the important role equality and wellbeing plays in our organisation. We have taken a number of concrete steps both internally and externally towards corporate responsibility and continuous positive change in that regard.

As regards persons in charge of management viz. the members of the Ex-Com, and persons in charge of the daily management of the company we take into account the necessary complementarity of skills, experience, knowledge and diversity.

In the composition of the board of directors, following advice from the remuneration committee, we take into account the necessary complementarity of skills, experience, knowledge and diversity - including on the basis of gender in accordance with the provisions for listed companies. The Board of Directors complies with these gender provisions i.e. at least one-third of the members of the Board of Directors are of a different gender than the other members (whereby the required minimum number is rounded off to the nearest whole number). See also Article 1.2 of the internal regulations (see Annex 1 to the Corporate Governance Charter). The review of board members shows that we will meet this by 31 December 2024.

Evaluation

The chairman of the board regularly organises a formal evaluation of the board and its functioning, including its interaction with executive management. The results of this evaluation are discussed in the board and, if necessary, improvement actions are prepared. A formal evaluation was completed (with the help of a consultant) in 2022 and will be carried out again in early 2025, based on a previous similar exercise (as was done for 2023), it will be conducted again for 2024 as well.

Appointments/reappointments in 2024

The board of directors confirms to the May 28, 2025 general meeting that there are no appointments/reappointments.

Committees within the board of directors

The board of directors had three active committees in 2024: the audit committee, the remuneration and nomination committee and the sustainability committee. The committees are composed in accordance with legislation and the requirements of the Belgian Corporate Governance Code 2020. The committees work within a mandate from the board of directors. A description of that mandate can be found in the detailed regulations annexed to the Corporate Governance Charter.

Audit committee

All members of the audit committee are non-executive directors and have in-depth knowledge of financial management. The majority of the committee members are independent. The committee has the necessary collective expertise relating to the company’s activities. The committee met regularly in the presence of the auditor and always in the presence of the internal auditor.

Name	Meetings 2024 (x = present)
	19/02	18/04	19/08	21/11
BV IJzer Beheer (Aart Duijzer) (*)	X	X	X	X
BV C:Solutio (Kurt Coffyn)	X	X	X	X
Eddy Van der Pluym	X	X	X	X
NV Hico (Johan Pauwels)	X	X	X	X

(*) Chair

The audit committee advised the board on, among other things:

the 2023 annual results
the 2024 half-year results
internal control
the group’s risk management
the internal and external audit
the independence and remuneration of the auditor and companies associated with the auditor

The audit committee monitors the internal audit function it has established. It regularly reviews its own regulations and operation.

Sustainability Committee

The table below shows the composition of the sustainability committee on 31 December 2024, with a summary of meetings and attendance in 2024.

Name	Meetings 2024 (x = present)
	22/2	17/4	21/11
BV PVO Advisory (Paul Van Oyen) *	X	X	X
NV Famcoo Invest (Dominique Coopman)	X	X	X
BV Ann Vereecke (Ann Vereecke)	X	X	X
BV Tower Consulting (Inge Plochaet)	X	X	X

All members are non-executive directors and have in-depth relevant knowledge of sustainability management. In addition, the sustainability committee invites ad hoc experts in the field to support the committee members and also in view of the rapid changes regarding the legislative framework in the field. The majority of the committee members are independent.

The sustainability committee advises the board of directors on, among other things:

strategy and policy
reputation and risk management
Qualitative and quantitative ESG performance
sustainability reporting and disclosure

The sustainability committee prepares the sustainability report, submits it to the board of directors and explains it at the general meeting. The committee regularly evaluates its own regulations and operation.# Corporate Governance

During 2024, committee members and, by extension, all members of the Board of Directors attended training at Cambridge University related to sustainability. (Cambridge Institute for Sustainability Leadership).

Remuneration and appointments committee

The table below shows the composition of the remuneration and nomina- tion committee on 31 December 2024, with a summary of meetings and attendance in 2024.

Name	Meetings 2024 (x = present)
	16/2 20/4 23/11
BV Ann Vereecke (Ann Vereecke)*	X X X
BV PVO Advisory (Paul Van Oyen)	X X X
NV Holbigenetics (Frank Coopman)	X X X
* Chair

All members are non-executive directors and have in-depth knowledge of human resources management. The majority of the committee mem- bers are independent. The remuneration and appointments committee advises the board of directors on, among other things:

the remuneration of the executive committee, the CEO and specifically designated persons
remuneration of the chairman and directors
the general remuneration policy for the directors and executive man- agement, as well as the remuneration report
the principles of the variable remuneration system
appointment and reappointment of directors
the composition of committees within the board of directors
the members and chairman of the executive committee
the managing director

The committee prepares the remuneration report, submits it to the board of directors and explains it at the general meeting. The committee regu- larly evaluates its own regulations and operation.

The Board of Directors during the training at Cambridge University, together with A. Westall and R. Calland.

What’s Cooking? Annual report 2024 158

Secretary

Ms Ann De Jaeger was the secretary to the board of directors as General Secretary - General Counsel & Corporate Affairs Director in 2024.

Executive committee and executive board

Following the introduction of the Companies and Associations Code, What’s Cooking? opted for a one tier governance model in 2020, with a monistic board of directors, a managing director in charge of day-to-day management and an executive committee.

Composition executive committee

Leading For Growth BV, permanently represented by Piet Sanders, Group Chief Executive Officer, Chairman of the Executive Committee and Managing Director
Sagau Consulting BV, permanently represented by Christophe Bolsius, Group Chief Commercial Officer
Esroh BV, permanently represented by Yves Regniers, Group Chief Financial Officer
Leading Edge HR BV, permanently represented by Else Verstraete, Group Chief People Officer
Creating Digital Value SRL, permanently represented by Peter Bal, Group Chief Information Officer
Broersbank Advies & Management BV, permanently represented by Brecht Vanlerberghe, Group Chief Research & Development Officer

During 2024, Mr. Teun Haegens, SBU Director Savoury, and Mr. Eric Kamp, COO, were part of the executive committee. Following the divestment of the Savoury business, Teun left the What’s Cooking executive committee and continues to lead the Savoury business under its new ownership. Mr. Eric Kamp left the company at the end of 2024. Ms Ann De Jaeger (General Secretary - General Counsel & Corporate Affairs Director) was during 2024 attached to the executive committee and was secretary general of the company.

Operation

The executive committee met twice a month in 2024 and whenever nec- essary for operational reasons. The executive committee is responsible for management reporting to the board of directors. The detailed operation of the executive committee is described in the executive committee’s in- ternal regulations, which are an integral part of the group’s Corporate Governance Charter.

Piet SANDERS (°1966) – Leading for Growth BV

CEO What’s Cooking Group NV

Piet Sanders holds a master’s degree in law and management. More than 30 years of his career were spent in the food sector. Between 1999 and 2002, Piet was Global Sales Director Food at Amylum / Tate & Lyle, a lead- ing producer of starches, cereal-based sweeteners, and wheat proteins. After two years as Chief Sales & Marketing Officer at Reynaers Alumini- um, he returned to the food sector in 2004. He joined Puratos, an interna- tional group providing innovative ingredients and services to the bakery, patisserie and chocolate sectors. He started there as Managing Director for Central and Eastern Europe, then went on to become Managing Direc- tor for Eastern Europe and Asia, later for Northern and Eastern Europe, and Global Sales & Channels Director from 2020. In October 2021, Pete became CEO of What’s Cooking Group NV. A year later, he was appointed director for a four-year term. Piet has also been a Supervisory Director of Cefetra B.V., a Dutch feed & food ingredients company, since 2022.

Yves REGNIERS (°1978) – ESROH BV

CFO - CSO What’s Cooking Group NV

Yves Regniers studied law at Ghent University and obtained an MBA from Warwick Business School. After a stint at PwC, he worked for thirteen years at what is now WestRock. There he held various financial positions in Bel- gium and abroad. In early 2017, he came on board at What’s Cooking Group NV. Yves has been a member of the executive committee since Janu- ary 2019 and was appointed CFO of the group in March 2020. Since 2023, he has also been responsible for sustainability within What’s Cooking?.

Christophe BOLSIUS (°1969) – Sagau Consulting BV

CCO What’s Cooking Group NV

Christophe Bolsius graduated in applied economics and international business administration from the University of Antwerp. He has worked in the food sector all his career, including in sales and marketing at Dr Oetk- er, Sara Lee Deli and Campina - both in Belgium and abroad - and as a member of the management of FrieslandCampina and Douwe Egberts. Since December 2014, Christophe held various positions within the group and is today Chief Commercial Officer for the group.

What’s Cooking? Annual report 2024 159

Else VERSTRAETE (°1967) – Leading Edge HR BV

CPO What’s Cooking Group NV

Else Verstraete obtained her master’s degree in political and social scienc- es from the University of Antwerp. At Imtech Marine (Radio Holland) in Rotterdam and Aleris in Duffel, she gained experience in HR leadership roles. She then spent six years within 3M as HR Director for Benelux and HR Director EMEA for various business units. In May 2022, she started as our Chief People Officer and became a member of the executive committee of What’s Cooking Group NV.

Brecht VANLERBERGHE (°1973) – Broersbank Advies & Management BV

CR&IO What’s Cooking Group NV

Brecht Vanlerberghe obtained his master’s degree in bioengineering and industrial management from Ghent University. At several international agri-food companies, including AVEVE, Campina, FrieslandCampina and Tereos Syral, he was responsible for research, development and innova- tion. After seven years as Chief R&D Officer at Bio Base Europe Pilot Plant, Brecht went to work as Business Development & Relation Manager of VI- TO’s Sustainable Chemistry Unit. Since December 2022, he has been our Chief Research and Development Officer and member of the executive committee.

Peter BAL (°1964) – Creating Digital Value

CIO What’s Cooking Group NV

Peter Bal holds a master’s degree in industrial engineering, a postgradu- ate degree in public administration and a Digital Transformation Certifi- cate from Massachusetts Institute of Technology. He gained considerable experience in several international listed companies, including Nokia, Proximus and Swift. He then spent 15 years at what is now ZF - first as Chief Information Officer and Vice President Process Optimisation, and later as Managing Director of Transics, a digital services provider he founded within ZF. Peter started as Group Chief Information Officer at What’s Cooking? in November 2022 and is now also a member of the ex- ecutive committee.

Ann DE JAEGER (°1971) (associated with the executive committee)

General Counsel & Corporate Affairs Director / General Secretary What’s Cooking Group NV (until early March 2025)

Ann De Jaeger obtained a master’s degree in commercial and corporate law from the University of Ghent and a master’s degree in corporate law from the University of Antwerp. She also became a certified director. Ann started her career in a law firm and rose to General Counsel & Head of Corporate Affairs in international B2B and FMCG food companies such as Tate & Lyle, Tereos Syral, Alpro and Danone. Since April 2022, she was our General Counsel & Corporate Affairs Director. She was also General Secre- tary of the listed family-owned company and worked closely with the board of directors in this role.

Corporate governance Corporate governance What’s Cooking? Annual report 2024 160

Conflicts of interest

Board of Directors

In 2024, the board of directors did not receive any reports of a conflict of interest in terms of asset law within the meaning of the CGC. There were also no reports of related party transactions, as described in Annex 2 to the group’s Corporate Governance Charter.

Executive Committee

No related party transactions within the meaning of Annex 2 of the group’s Corporate Governance Charter were reported in 2024.

External audit

The general meeting of 30 May 2024 reappointed KPMG Bedrijfsrevisoren BV as auditor of What’s Cooking Group NV and also charged it with the task of assuring the consolidated sustainability information. KPMG Bedrijfsrevisoren BV appointed Filip De Bock as permanent representa- tive. The reappointment is for three years. Filip De Bock will be replaced at the general meeting as permanent representative by Melissa Carton. We consulted regularly with the auditor. For the half-yearly and annual reporting, we invited him to the meeting of the audit committee. The auditor is also invited to discuss the internal audit plan and internal con- trols.The auditor does not maintain any relationships with What’s Cooking? No relationships that could influence his judgement. Moreover, he confirmed his independence from the group. In 2024, we paid 95 thousand euros for the assurance of the consolidated sustainability information and 400 thousand euros for the audit of the financial reports, including the statutory reports. In 2024, non-audit services were provided for 14 thousand euros (for comparison in 2023: 20 thousand euros) with regard to waste declarations and for 105 thousand euros of due diligence work was carried out in 2024 (for comparison: nil in 2023). The companies with which the auditor has a partnership did not invoice additional fees to the group in 2023 and 2024.

Dealing Code to prevent abuse of inside information of What’s Cooking Group NV

The Dealing Code of What’s Cooking Group NV contains rules to prevent market abuse and insider trading (e.g. in transactions in securities of What’s Cooking Group NV). The Dealing Code forms Annex 3 of the group’s Corporate Governance Charter. Directors, executives and insiders submit transactions to the compliance officer. In case of a negative opinion, the person concerned may not carry out the transaction, or must submit it to the board of directors. The Dealing Code contains guidelines to preserve the confidentiality of inside information. For example, the Dealing Code stipulates closed and blackout periods. Directors and other relevant persons of What’s Cooking? may not conduct transactions in securities of What’s Cooking Group NV at such times. We always inform new members of the board of directors, the executive committee and other persons who regularly have access to inside information about the Dealing Code. The company also keeps a list of those with access to inside information.

Corporate governance

Remuneration report

Remuneration procedure

The current remuneration policy 2023-2026 is available on the group’s website. The remuneration report for 2024, prepared by the remuneration and nomination committee, will be explained and submitted for (advisory) vote at the general meeting of 28 May 2025, after prior communication to the works council. The remuneration and appointments committee monitors the application of the policy and advises the board of directors in this respect. The general meeting on 30 May 2024 approved the overall remuneration level for members of the board of directors in the 2024 financial year. On the advice of the remuneration and nomination committee, the board of directors confirmed the remuneration for the CEO and members of the executive committee in the 2024 financial year.

Remuneration

The members of the board of directors and its committees were entitled to the following annual fixed remuneration (in EUR) in 2024:

Role	Remuneration (EUR)
Chairman of the Board of Directors	100,000.00
Member of the Board of Directors	30,000.00
Chairman of the Audit Committee	10,000.00
Member of the Audit Committee	6,000.00
Chairman of the Remuneration and Nomination Committee	7,000.00
Member of the Remuneration and Nomination Committee	5,000.00
Chairman of the Sustainability Committee	7,000.00
Member of the Sustainability Committee	5,000.00

The members of the board of directors (with the exception of the managing director) are not entitled to any variable, performance-related or share-related remuneration, or to any other remuneration, other than fixed remuneration, for exercising their directorship.

The remuneration of the CEO and other members of the executive committee consists, in principle and in function of their social status, of a basic remuneration, an annual variable remuneration and a long-term variable remuneration (long-term incentive). These remunerations are supplemented, only for those with employee status, by a company car and fuel card and other remuneration components, such as pensions and insurance, all in line with the company’s applicable policies.

Basic fee

The basic allowance aims to compensate the manager for performing his or her duties in accordance with his or her specific competences and experience in the position. Base remuneration is set on the basis of relevant benchmark exercises, with the company aiming for a level of remuneration in line with the median of the relevant market. The same policy is incidentally applied to all employees of the company. As is the case for the (other) employees, the basic remuneration for the members of the executive committee with employee status is adjusted annually in line with life expectancy, in line with legally required indexations or indexations following individual or collective agreements.

Annual variable remuneration

The CEO and other members of the executive committee are granted an annual variable remuneration in cash, depending on the achievement of annually set targets, relating to the financial year for which the variable remuneration is due, according to the modalities below. Approximately 75% of the annual targets set are linked to company performance (including financial performance). The remaining ca. 25% are targets linked to individual performance (including some ESG-related performance). Financial targets are based on objective parameters and are closely linked to the group’s results and the role played by the CEO and other members of the executive committee in achieving those results. The main parameters that can be used for this purpose are volume, revenue, FCF, (U)EBITDA, EBIT, EAT, (U)EBITDA/Net debt and ROCE. Which of these parameters are used in a given year and what are the objectives to be achieved in relation to these parameters are evaluated annually by the remuneration and nomination committee and submitted to the board of directors for approval. The recognition of both collective success and individual performance contribute to the long-term importance and sustainability of the company and the successful achievement of its strategy. The collective and individual performance targets establish a close link between the interests of the CEO and the members of the executive committee, on the one hand, and the interests of the company, and its shareholders. The potential annual variable remuneration at 100% payout (at target) concerns an amount equal to 25% or less of the total remuneration, depending on the position and the classification of the position compared to the relevant benchmark. This share is contractually determined individually and aims at a market-based annual variable remuneration. If less than the minimum target to be achieved is achieved in a given year, the right to the variable remuneration linked to that target for that year lapses. If the target to be achieved is exceeded, a maximum of up to 150% of the associated variable remuneration may be awarded.

In addition to the system of annual variable remuneration, the Board of Directors retains the prerogative, at the proposal of the Remuneration and Nomination Committee, to grant the CEO and/or the other members of the Executive Committee, or some of them, an (additional) bonus for specific performance or merit, without however exceeding the total budget for annual variable remuneration for the CEO and the other members of executive management for the financial year concerned. These modalities generally also apply to other employees of the group to whom an annual variable remuneration is granted. Such (additional) bonus shall not exceed 25% of the executive committee member’s annual fixed remuneration.

Long-term variable remuneration (long-term incentive)

Additional provisions were made for 2024 in the framework of these LTI plans, in accordance with the overview enclosed in the figures on the remuneration of the CEO and the other members of the executive committee. The CEO and other members of the executive committee, as well as a limited number of other employees of the group, are granted long-term variable remuneration (a so-called long-term incentive) (“LTI”) in cash, according to the modalities below. The LTI aims at value creation - with a clear focus on making the company stronger for the future and executing the strategic plan - and retention. The LTI is awarded according to financial targets (growth in equity value) (approx. 80%) and individual and measurable ESG targets (approx. 20%) over a reference period of at least three years in each case. If less than the minimum target to be achieved is achieved in a given year, the right to the variable remuneration linked to that target for that year lapses. If the target to be achieved is exceeded, a maximum of up to 150% of the associated variable remuneration may be awarded. The board of directors decides annually, on the proposal of the CEO and the remuneration and nomination committee, who is eligible to participate in an LTI plan. The board of directors may decide, on the proposal of the CEO, to make an LTI plan also applicable to other employees of the group. At 100% payout (at target), the potential LTI amounts to an amount of at least 15% and at most 33% of the total remuneration, depending on the position and the ranking of the position compared to the relevant benchmark. This share is contractually determined individually and aims at a market-based LTI. The LTI aims to align the interests of the CEO and other members of the executive committee with those of shareholders and stakeholders. A first LTI payout (for some of the executive committee members) can only be obtained after the close of the 2024 financial year.

Project Incentive

The Board of Directors can decide to grant a project incentive in exceptional cases for the realization of an exceptional project and also as a retention mechanism.In addition to the short- and long-term variable remuneration, an agreement was made with a number of members of the executive committee regarding retention after the sale of the SBU Savoury. These payments were approved by the Board of Directors and will be acquired subject to compliance with the individually agreed conditions. These agreements are included in the description of the rights and obligations not included in the balance sheet in the financial report.

Corporate governance

What’s Cooking? Annual report 2024 163

Remuneration of directors (in their capacity as members of the board of directors) (in EUR)

We summarise the remuneration of board members (both executive, non-executive and independent directors - overview see below) for their directorship in 2024 as follows:

Mandate of director	Mandate Remuneration and Nomination Committee	Mandate Audit Committee	Mandate Sustainability Committee	Total
BV PVO Advisory (Paul Van Oyen)	100,000.00	5,000.00	7,000.00	112,000.00
BV Leading for Growth (Piet Sanders)	30,000.00			30,000.00
NV Holbigenetics (Frank Coopman)	30,000.00	5,000.00		35,000.00
NV Famcoo Invest (Dominique Coopman)	30,000.00	5,000.00		35,000.00
Eddy Van der Pluym	30,000.00	6,000.00		36,000.00
NV Hico (Johan Pauwels)	30,000.00	6,000.00		36,000.00
BV Ann Vereecke	30,000.00	7,000.00	5,000.00	42,000.00
BV IJzer Beheer (Aart Duijzer)	30,000.00	10,000.00		40,000.00
BV C:Solutio (Kurt Coffyn)	30,000.00	6,000.00		36,000.00
BV Tower Consulting (Inge Plochaet)	30,000.00	5,000.00		35,000.00
Total mandates				437,000.00

All amounts are in line with the remuneration policy, which contributes to the long-term performance of the group.

What’s Cooking? Annual report 2024 Corporate governance 164

Remuneration of the CEO and other members of the executive management (in EUR)

The individual gross remuneration of the managing director / chairman of the executive committee / CEO (ie, Leading For Growth BV, permanently represented by Piet Sanders) and the joint gross remuneration of the other members of the executive committee: Esroh BV (permanently represented by Yves Regniers), Sagau Consulting BV (permanently represented by Christophe Bolsius), Eric Kamp, Leading Edge HR BV (permanently represented by Else Verstraete), Creating Digital Value SRL (permanently represented by Peter Bal), Broersbank Advies & Management BV (permanently represented by Brecht Vanlerberghe), are included in the table below:

	CEO***	Other members of the executive management
Base pay	659,684.04	2,251,438.67
Variable pay (cash - on a yearly basis)	179,761.94	289,135.94
Pensions*	NA**	16,305.36
Other insurance (hospitalisation insurance)	NA**	1,335.94
Other benefits (company car)	NA**	42,925.08
Long Term Incentive provision 2023	240,000.00	419,333.00
Severance pay	347,750.00

The pension plan concerns defined contribution contracts
*NA = not applicable
*** Mandate of director What’s Cooking Group NV excluded

All amounts are in line with the remuneration policy, which contributes to the long-term performance of the group.

Share-based compensation

Members of the board of directors and executive committee do not have stock options, subscription rights or any other rights to acquire shares. The company did not grant any shares, stock options or other rights to acquire What’s Cooking Group shares in 2024. Not to members of the group’s board of directors and not to members of the executive committee.

What’s Cooking? Annual report 2024 Corporate governance 165

Historical information and ratio

Compensation for the members of the board of directors, the CEO and other members of the executive committee and key performance indicators evolved as follows during the period 2020-2024:

	2020	2021	2022	2023	2024
Chairman of the Board of Directors	€ 75,000	€ 75,000	€ 89,583	€ 100,000	€ 100,000
Member of the Board of Directors	€ 20,000	€ 20,000	€ 20,000	€ 30,000	€ 30,000
Chairman of the Audit Committee	€ 10,000	€ 10,000	€ 10,000	€ 10,000	€ 10,000
Member of the Audit Committee	€ 6,000	€ 6,000	€ 6,000	€ 6,000	€ 6,000
Chairman of the Remuneration and Nomination Committee	€ 7,000	€ 7,000	€ 7,000	€ 7,000	€ 7,000
Member of the Remuneration and Nomination Committee	€ 5,000	€ 5,000	€ 5,000	€ 5,000	€ 5,000
Chairman of the Sustainability Committee	€ 7,000	€ 7,000
Member of the Sustainability Committee	€ 5,000	€ 5,000
CEO - fixed remuneration - excl. board mandate remuneration	€466,194	€500,000*	€529,692	€ 589,535	€ 659,684
Turnover	717.4	696.9	781.4	832.3	403.5
EBITDA	37.1	45.9	35.9	45.5	31.7
EAT	-2.5	7.3	4.5	7.7	20.6

The evolution of the average remuneration of employees in the group can be presented as follows:

	2020	2020	2021	2022	2022
Average gross salary for a full time equivalent in the group	100.00	103.68	105.28	122.65	123.30

The ratio between the CEO’s fixed remuneration (excluding his remuneration as a member of the board of directors) and the lowest gross remuneration of a group employee in Belgium (in full-time equivalent) is 17x for [the month of December] 2024.

What’s Cooking? Annual report 2024 Corporate governance 166

Contractual provisions concerning recruitment or severance payments

The group did not agree any recruitment arrangements with members of the executive committee or with executive directors that entitle them to severance pay of more than 12 months. The group also did not enter into any arrangements contrary to legal provisions, the Belgian Corporate Governance Code 2020 or market practice. The contractual notice periods for Sagau Consulting BV (Christophe Bolsius), Esroh BV (Yves Regniers) and Leading For Growth BV (Piet Sanders) are 12 months each. Eric Kamp’s notice period was calculated in accordance with the statutory provisions applicable to his employment contract. The contractual notice period for Leading Edge HR BV (Else Verstraete), Creating Digital Value SRL (Peter Bal) and Broersbank Advies & Management BV (Brecht Vanlerberghe) is six months each.

Shareholder voting information

The general meeting 30 May 2024 approved the 2024 remuneration report with a majority of 99.51%. The company encourages an open and constructive dialogue with its shareholders to discuss its approach to governance, including remuneration.

Information referred to in article 74, §7 of the Law of April 1, 2007 on takeover bids

Stichting Coopman reported on August 26, 2024 that on August 26, 2024 it (still), through Famcoo Invest NV and Stichting Administratiekantoor Coovan, holds more than 30% of the voting securities in What’s Cooking Group NV. Specifically, Stichting Coopman reported that as of August 26, 2024, Stichting Administratiekantoor Coovan held 1,230,022 (66.27%) voting securities in What’s Cooking Group NV. Stichting Administratiekantoor Coovan 1 is controlled by Famcoo Invest NV 2 , which in turn is controlled by Stichting Coopman 3 . Stichting Coopman is no longer controlled.

1 Basisweg 10, 1043 AP Amsterdam (The Netherlands), with company number KvK Amsterdam 34248201.
2 Kere 103, 9950 Lievegem (Belgium), with enterprise number 0439.850.161 (RPR Ghent, Ghent division).
3 Hoogoorddreef 15, 1101 BA Amsterdam (The Netherlands), with company number KvK Amsterdam 41193935.

Corporate governance Corporate governance What’s Cooking? Annual report 2024 167

Corporate governance Corporate governance What’s Cooking? Annual report 2024 168

Key features of internal control and risk management systems

We attach great importance to high-performance internal control and risk management. We integrate these into our structure and operations as much as possible. To this end, we have implemented numerous internal controls according to the integrated COSO II or Enterprise Risk Management Framework®. We summarize the most important elements here.

On the proposal of the executive committee, the board of directors annually determines or confirms our mission, values and strategy, and thus the group’s risk profile. We actively and repeatedly promote our values to all our employees. We do this at least at every semi-annual information meeting. Integrity is the most important value in risk management. We communicate to all our employees at the same time the outlines of the strategy and objectives for the Group and the segments. We describe our Group’s governance structure in detail in our Articles of Association, our Corporate Governance Charter and in the Corporate Governance Statement. This structure defines the distinct roles and responsibilities of each of our governing bodies. These are the board of directors, the audit committee, the remuneration and nomination committee, the executive committee and the managing director/CEO. The duties and responsibilities of these bodies are in line with the legal provisions and the provisions of the Corporate Governance Code 2020. We have coherent regulations for each of them. We evaluate them regularly. If necessary, we adapt it. In this way, powers and responsibilities are always clearly defined and verifiable.

We organize (and manage) our human resources through a job classification system in which all group employees are classified. We drew up detailed job descriptions for each position. These describe not only the study and skill requirements, but also the tasks, responsibilities and reporting lines. We adapt these job descriptions as the content of certain positions changes due to internal or external circumstances. We ensure that we can evaluate all our non-production employees annually through an elaborated evaluation tool. We attach extra importance to values-compliant behavior. We also try to set concrete objectives together for our production employees and organize feedback discussions. We also measure the commitment of our employees at regular intervals at all sites in order to respond even better to the needs of our people. We established clear policies for training and compensation of our employees. We rigorously apply the legal provisions on conflicts of interest (see above).# Corporate governance

What’s Cooking? Annual report 2024

We introduced regulations for transactions with related parties that do not constitute a legal conflict of interest (Annex 2 to the Corporate Governance Charter). The internal auditor periodically conducts risk audits and audits of internal controls in all Group departments. With a view to 2025 and the internal audit activities, in view of the size of the group, partly internal and partly external via external partners with ad hoc intervention, these activities will be included in order to continue to provide sufficient risk management, periodic risk audits and audits of internal controls in all departments and a report will be made to the audit committee. Based on the findings of the internal auditor, and in consultation with the audit committee, we adjust the internal control environment. The audit committee devotes two meetings a year to evaluating the risks we face (see above). Internal controls and risk management are also . The discussion is based on a formal and detailed risk assessment prepared by executive management. This reflects how we deal with identified risks. The audit committee reports on its work at the next board meeting. We have a dealing code to prevent market abuse (Annex 3 to the Corporate Governance Charter). We have also appointed a compliance officer. He oversees proper compliance with the rules on market abuse (see above). We take out adequate insurance contracts for our main risks. We employ a hedging policy to exchange rate risks. In describing the main risks, we mention a of other risk management practices. These include our sustainability risks in terms of both impact materiality (our impact on the environment) and financial materiality (the impact of the changing environment on our business). See also the chapter ‘non-financial information’ for more information on this.

We have established the following control and risk management systems for the financial reporting process:
The internal regulations of the board of , audit committee and executive committee clearly describe who is responsible for what preparing and approving our group’s financial statements. The finance department reports monthly financial results of the group and divisions to the executive committee. The committee discusses these results and makes them available to the members of the board of directors. On a quarterly basis, the executive committee reports the group and divisional results to the board of directors. The executive committee first explains the first-half and annual results to the audit committee, which discusses them with the internal and external auditor. Then these results go to the board of for approval. They are published in the form required by law. We publish internally and externally a schedule summarizing our periodic reporting obligations to the financial market. The Executive Committee also reports quarterly results on ESG initiatives (Environment, Social, Governance) to the Board of Directors (and the Sustainability Committee from 2023 onwards). In order to ensure the audita- bility of the sustainability information in the future, a software package was purchased that allows both KPI’s (Key Performance Indicators) to be consulted per site and per period, as well as a good follow-up of the objectives and the inclusion of the audit information, in order to have a complete and traceable system for the entire company, both for internal and external control. We implement clear timetables for financial and non-financial reporting at all levels in the company. This enables us to meet all legal obligations in a timely and correct manner. We have a clear policy for securing and providing access to financial data. There is also a high-performance system for backup and preservation of this data.

Other Legal Information

Shareholder structure on 31 December 2024

Free float	STAK COOVAN
34%	66%

Transparency

We received no transparency statements in 2024. We received a transparency declaration from STAK Coovan in 2017. We included this statement in the company’s website. We disclosed the content according to the applicable rules. See also above.

Entries under Article 34 of the Royal Decree of 14 November 2007

On 13 December 2024, 1,856,180 shares represented the capital of What’s Cooking Group NV. The company issued only ordinary shares with voting rights, entitled to an equal share of the profits and the liquidation balance. The shares are freely transferable. There are no security holders with special control rights. By law or pursuant to Articles 8 and/or 10 of the Articles of Association, the exercise of the voting rights attached to the shares may be suspended (subject to conditions). The voting rights attached to the company’s own shares that the group might hold are suspended pursuant to the applicable legal provisions. The extraordinary general meeting may amend the company’s bylaws. This requires a majority of three-fourths of the votes cast. Those present must represent at least half of the capital, as provided for in the WVV. An amendment to the object of the company requires a majority of four-fifths of the votes present. At 31 December 2024, the group held no treasury shares (neither at 31 December 2023).

The procedure for appointment/replacement of directors is described in Article 4 of the Regulations of the Remuneration and Nomination Committee (Annex 5 to the Group’s Corporate Governance Charter - Version 2023). The general meeting may appoint/replace directors. This requires a simple majority of the votes cast. In addition, when a director’s seat becomes vacant, the remaining directors have the right to co-opt a new director. The next general meeting must confirm the mandate of the co-opted director; in the absence of confirmation, the mandate of the co-opted director terminates at the end of the general meeting, without prejudice to the regularity of the composition of the board of directors up to that time.

The extraordinary general meeting of shareholders of 21 April 2023 authorized the board of directors of What’s Cooking Group NV, among other things, to increase the company’s capital on one or more occasions by an (excluding issuance premium) equal to EUR 5,152,904.16, and this even after the time when the company receives the communication from the Financial Services and Markets Authority (FSMA) that it has been notified of a public takeover bid for the company’s securities, in accordance with the relevant legal provisions. This authorization is valid with respect to public takeover bids whose company receives the aforementioned notice no more than three years after 21 April 2023.

The extraordinary general meeting of shareholders of 21 April 2023 authorized the board of directors, among other things, to acquire the company’s own shares and certificates relating thereto when such acquisition or pledging, respectively, is necessary to prevent imminent serious harm to the company. Such a purchase of shares is only permitted to prevent an imminent serious disadvantage to the company. This authorization was granted for a of 3 years from the publication of this authorization granted on 21 April 2023.

To the best of the Group’s knowledge, there are no other significant elements that could have an effect in the event of a public takeover bid, nor any legal or statutory restrictions on share transfers.

Main risks to our operating activities

What can happen if we don’t make the right decisions?

How do we limit the risks in general and in 2024 in particular?

Operational risks

Food safety and product liability

Every day, thousands of people eat our processed meats and ready meals. These products must be fresh and safe. The end consumer is also entitled to clear information about the composition of the product and its nutritional value. The safety and the confidence of consumers are vitally important to us. Anything that can damage this confidence - either concerning our own products or the sector - will have a negative impact on our sales, our prospects and our reputation. We have constant high demands for product safety and quality. All our raw materials are traceable. Our packaging clearly states product composition and nutritional values per 100 grammes and per serving. We go further than the statutory requirements with regards to the safety of our packaging. We have insurance to cover our product liability.

Competitive environment

The processed meats market is extremely mature and is dominated by the private labels of large discount and retail customers. The ready meals market is growing, but here competition is very fierce. The competition enables customers to increase pressure on our margins. This may have an impact on our profits. We distinguish ourselves from our competitors in terms of concepts and products. We work continuously on improving efficiency and cost control.

Technological developments

Product and production technologies evolve rapidly. Not being abreast with the latest production technologies can have a negative impact on efficiency and cost control. Competitors may have access to alternative product technology that at some point may win over consumers. Each year we invest considerable sums in tangible non-current assets to maintain and improve our level of technology. We maintain good contact with our suppliers so that we are always well informed of the most recent developments. We sound out consumer preferences. We work together with research institutes such as Flanders’ FOOD.

Electronics and information systems

For efficient business operations we are becoming increasingly dependent on information systems and integrated control systems which are managed by a complex set of software applications.# Main risks to our operating activities

What can happen if we don’t make the right decisions? How do we limit the risks in general and in 2024 in particular?

Market risks

Price fluctuations for raw materials and packaging

We work with natural raw materials. We must therefore take into account possible fluctuations in the quality and the price of our raw materials and packaging materials. Price increases for raw materials and packaging can have a negative influence on the margins. We enter into long-term contracts whenever possible. We work with volume arrangements on an annual basis.

Relationships with suppliers

For specific raw materials we are obliged to work with a limited number of suppliers. If one or more of these suppliers cannot fulfil its contractual commitments and we are unable to secure alternative supplies in time, this could have a negative impact on our business operations. We enter into long-term contracts whenever possible. We work with volume arrangements on an annual basis. We offer our suppliers fair payment for their added value. We work with preferential suppliers for sustainability.

Relationships with customers

We market our products via a network of discount and retail customers throughout Europe. The number of large customer groups is limited. The number or larger retail customers is small. If one of them terminates a contract, this may have a significant negative impact on our turnover and profit. We diversify turnover in different products and contracts with other lead times; both with respect to our own brands as well as private labels of customers and in different countries.

Customer and consumer behaviour

Our sales are related to the eating habits and trends of the ultimate consumers, just as their spending habits. If consumers no longer selected our products or their eating habits were to change, this would have a significant impact on our business activities. General economic conditions such as cyclical fluctuations, unemployment and interest rates can also affect the consumer spending patterns. We regulary perform consumer & market research, to review eating habits of consumers in the various markets we operate. We surveyed the satisfaction of our consumers to anticipate and minimise this risk. We ensure that our prices are in line with those of the market.

Financial risks (see also explanatory note 26 in the annual accounts)

Credit risks

We have receivables outstanding from our clients and retail customers. Receivables not collected on time have a negative impact on the cash flow. We monitor customers and outstanding receivables in order to limit these potential risks. Most receivables relate to large European customers which limits the risk.

Exchange rate risks

As What’s Cooking? operates in an international environment, we are exposed to an exchange rate risk on the sales, purchases and interest-bearing loans expressed in a currency other than the company’s local currency. Fluctuations in exchange rates can cause fluctuations in the value of financial instruments. We adhere to a consistent hedging policy. We do not use financial instruments for trading and we do not speculate.

Interest risk

The forms of financing with variable interest rates mainly arise from What’s Cooking? Revolving Credit Facility Agreement. The fair value or future cash flows of a financial instrument will fluctuate as a result of changes in the market interest rates. We adhere to a consistent hedging policy. We do not use financial instruments for trading and we do not speculate.

Liquidity and cash flow risks

As with any business, What’s Cooking? monitors liquidities and cash flow. A shortage of cash and cash equivalents could put pressure on the relationships with certain parties. We have a significant net cash flow with respect to the net financial debt position. We have centralised our treasury policy and we hedge against interest rate risks.

Legal risks (see also explanatory note 28 in the annual accounts)

Changes to legislation

Now and then the government changes and tightens legislation on the production and sale of foods. Not meeting these conditions can expose us to the risk of fines or sanctions. We invest significant amounts annually to satisfy new legislation, likewise relating to sustainability and the environment. Each year we organise training programmes to keep our employees up-to-date on new legislation and its impact.

Legal disputes

Occasionally we are involved in legal proceedings or disputes with customers, suppliers, consumers or the government. Such litigation could have a negative impact on our financial situation. We anticipate the potential impact of these disputes in our accounts as soon as a risk is judged as realistic under the applicable accounting rules.

Our ESG risks and opportunities have been included in the sustainability report. We’ve based our review on the double materiality matrix as explained in the sustainability report.

Corporate governance

For more information on GOV 1, 2, 3 and 5, see earlier in the Corporate Governance section of this report

GOV-1 The role of the administrative, management and supervisory bodies
GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies
GOV-3 Integration of sustainability-related performance in incentive schemes
GOV-5 Risk management and internal controls over sustainability reporting

Stock and shareholder information

The stock and listing

At December 31, 2024, 1,856,180 shares represented the capital of What’s Cooking Group NV. The company’s shares are admitted to trading on the regulated market Euronext Brussels. To promote the liquidity of the share, we entered into a liquidity provider agreement with Bank Degroof Petercam NV in 2020. Under this agree- ment, the bank acts as a counterparty if there are too few buyers or sell- ers. The liquidity provider also ensures that the gap narrows between bid and offer prices - the prices at which one can buy and sell. The shareholder structure is described in the Corporate Governance Statement (see above).

Equity-related instruments

At 31 December 2024, no equity-related instruments issued by the com- pany were outstanding, such as stock options or warrants.

Dividend

By declaring an annual dividend payable, What’s Cooking Group NV in- tends to offer its shareholders a market-competitive return. To the gener- al meeting of May 28, 2025, the board of directors proposes to approve a normal dividend of 4.5 EUR per share payable in early July 2025 and a special dividend of 5.5 EUR payable in June 2025. The Board of Directors believes that the special part of the dividend is jus- tified given the successful completion of the sale of SBU Savoury in early 2025, returning the company to a positive net cash position after the sale. The dividend also allows the Group to maintain sufficient resources to im- plement its long-term strategy, including organic growth projects and a focus on well-chosen mergers and acquisitions.

Price evolution

You can check the What’s Cooking? share price at any time on the web- sites www.whatscooking.group and www.euronext.com.

Stock price evolution in €

Follow-up by financial analysts

Analysts at Degroof Petercam and KBC Securities tracked shares of What’s Cooking? in 2024.

Proposals to the ordinary general meeting

To approve the financial statements as of December 31, 2024, and to agree with the income statement. The unconsolidated result for the fis- cal year is a loss of 2.101.724,32 euros.# What's Cooking? Annual report 2024

Consolidated financial statements

Consolidated income statement

	Note	2024	2023 Restated (*)
CONTINUING OPERATIONS
Revenue	4	403,545	368,753
Trade goods, raw and auxiliary items	5	-206,597	-201,348
Services and miscellaneous goods	6	-90,415	-78,213
Employee expenses	7	-78,692	-70,452
Depreciation costs	15 + 16	-12,388	-11,736
Impairments, write-downs, and provisions	8	-619	-552
Other operating income	9	5,392	5,782
Other operating expenses	9	-1,573	-1,874
Result of operating activities	10	18,653	10,360
Financial income	11	2,303	1,468
Financial expenses	12	-6,796	-4,662
Results of operating activities after net financing expenses		14,160	7,166
Taxes	13	-4,826	-1,992
Result for the financial year before result from businesses accounted for using the equity method		9,334	5,174
Share in the result of enterprises accounted for using the equity method		-63	-98
Result from continuing operations		9,271	5,076
DISCONTINUED OPERATIONS
Result of operations that are to be disposed net of tax		4,650	-1,815
Result dis-synergies on continuing operations net of tax		6,726	4,396
Result from discontinued operations net of tax (**)	14	11,376	2,581
Result for the financial year		20,647	7,657
Result for the financial year: share third parties		0	0
Result for the financial year: share group		20,647	7,657
Basic & diluted earnings per share from continuing operations	33	4.99	2.76
Total basic & diluted earnings per share	33	11.12	4.17

() The 2023 results have been restated to reflect the discontinuation of the SBU Savoury and tp increase comparability of our results.
(*) In accordance with IFRS 5.33, the company discloses the result from discontinued operations in its consolidated profit and loss account for 2024 and 2023. This amount includes, on the one hand, the profit (loss) from operational discontinued operations after taxes and, on the other hand, costs that were previously borne by the discontinued operation and, after the settlement of the sale of the SBU Savoury, are charged to the continuing operations (dis-synergies). For presentation purposes, these costs are already included in the operating costs of continuing operations and the impact of the cost allocation to SBU Savoury, which was applied in 2024 and 2023, is presented under the result from discontinued operations. The transaction costs and revenues between the discontinued and the continuing business activities that remain after the sale were included in the the continuing business result.

Consolidated statement of comprehensive income

	2024	2023 Restated
Result in the financial year	20,647	7,657
Result for the period from continuing operations	9,271	5,076
Result for the period from discontinued operations	11,376	2,581
Other elements of the result (recognised in the shareholders' equity)
Other elements of the result that may subsequently be reclassified to the results
Translation differences	2,093	2,916
Cash flow hedge	0	-476
Other elements of the result that may not subsequently be reclassified to the results
Revaluation of the net liabilities regarding defined benefit pension schemes	-174	-349
Related deferred taxes	44	87
Comprehensive income	22,610	9,835
Comprehensive income from continuing operations	11,127	7,228
Comprehensive income from discontinued operations	11,483	2,607

Consolidated balance sheet

	Note	2024	2023
ASSETS
Non-current assets		131,979	224,711
Goodwill	15	44,732	78,041
Intangible assets	16	8,098	15,951
Tangible assets	17	70,928	120,511
Equity accounted investees	18	270	333
Deferred tax assets	19	7,776	9,808
Other long-term receivables	20	175	67
Current assets		255,125	174,526
Inventories	21	20,532	47,264
Trade and other receivables	22	29,929	106,949
Cash and cash equivalents	23	17,665	20,313
Assets held for sale	24	186,999	0
TOTAL ASSETS		387,104	399,237
LIABILITIES
Shareholders’ equity	25	140,449	125,783
Capital and share premiums		64,856	64,856
Reserves		75,593	60,927
Non-controlling interest		0	0
Deferred tax liabilities		877	4,929
Long-term liabilities		66,931	82,290
Provisions	26	2,701	3,695
Long-term interest-bearing liabilities	27	64,230	78,595
Other long-term liabilities		0	0
Current liabilities		178,847	186,235
Current interest-bearing liabilities	27	515	2,615
Trade liabilities and other payables	28	66,019	155,853
Social liabilities		11,810	24,962
Tax liabilities		1,574	2,805
Liabilities directly associated with the assets held for sale	24	98,929	0
TOTAL LIABILITIES		387,104	399,237

Consolidated statement of changes in equity

	Capital	Capital reserves	Share premiums	Reserved profits	Cash flow hedge	Pensions and taxes	Call/put option on minority interests	Translation differences	Attributable to the shareholders	Minority interests	Total	Number of shares
Balance on 1 January 2023	5,153	0	57,044	59,474	476	565	-2,944	-1,077	118,691	1,882	120,573	1,821,006
Capital increase	99	2,560							2,659		2,659	35,174
Treasury shares reserve
Minority interests as result of business combination							0			0	0
Dividend				-7,284					-7,284		-7,284
Decrease of minority interests as result of call/put option							-914	2,944	-148	1,882	0
Results in the financial year				7,657					7,657		7,657
Other elements of the comprehensive income for the period					-476	-262		2,916	2,178		2,178
Comprehensive income for the period				7,657	-476	-262		2,916	9,835	0	9,835
Movements via reserves
Result from treasury shares
Balance on 31 December 2023	5,252	0	59,604	58,933	0	303	0	1,691	125,783	0	125,783	1,856,180
Capital increase	0	0							0		0
Treasury shares reserve	0	0							0		0
Minority interests as result of business combination	0	0					0		0	0	0
Dividend				-7,944					-7,944		-7,944
Decrease of minority interests as result of call/put option	0	0					0		0	0	0
Results in the financial year				20,647					20,647		20,647
Other elements of the comprehensive income for the period					0	-130		2,093	1,963		1,963
Comprehensive income for the period				20,647	0	-130		2,093	22,610	0	22,610
Movements via reserves
Result from treasury shares
Balance on 31 December 2024	5,252	0	59,604	71,636	0	173	0	3,784	140,449	0	140,449	1,856,180

Consolidated cash flow statement

	2024	2023 Restated (*)
OPERATING ACTIVITIES
Result of operating activities before taxes	14,160	7,166
Result from discontinued operations before taxes	15,076	4,420
Interest	5,263	4,943
Depreciation costs and impairments	27,630	28,510
Write-downs (**)	168	101
Provisions	555	245
Gains & losses on disposal of fixed assets	109	287
Cash flow from operating activities	62,961	45,672
Decrease/(increase) in receivables more than 1 year	0	0
Decrease/(increase) in inventory	1,272	-285
Decrease/(increase) in receivables less than 1 year	25,910	5,662
Decrease/(increase) in operational assets	27,182	5,377
Increase/(decrease) in trade liabilities	-11,810	-4,236
Increase/(decrease) in debts relating to remuneration	-58	3,163
Increase/(decrease) in other liabilities, accruals and deferred income	-1,223	13
Increase/(decrease) in operational debts	-13,091	-1,060
(Increase)/decrease in the operating capital	14,091	4,317
Tax paid	-6,275	-6,220
NET CASH FLOW FROM OPERATING ACTIVITIES	70,777	43,769
Which relating to discontinued operations	27,267	19,093
INVESTMENT ACTIVITIES
Acquisition of intangible and tangible non-current assets	-36,635	-23,746
Acquisition of shares in participations	0	0
Total increase in investments	-36,635	-23,746
Sale of intangible and tangible non-current assets	315	114
Sale of shares in participations	0	0
Total decrease in investments	315	114
CASH FLOW FROM INVESTMENT ACTIVITIES	-36,320	-23,632
Which relating to discontinued

Consolidated financial statements

Accounting policies for financial reporting and explanatory notes

Accounting policies and disclosures

1. Summary of the key accounting policies

Declaration of conformity

What’s Cooking Group NV (“the Entity”) is an entity domiciled in Belgium. The entity’s consolidated financial statements include the entity What’s Cooking Group NV and its subsidiaries (together referred to as “the group”). The consolidated financial statements were released for publica- tion by the board of directors on April 17, 2025. The consolidated financial statements have been prepared in accordance with “International Finan- cial Reporting Standards (IFRS)” as accepted within the European Union. The consolidated accounts are presented in EUR thousand. The valuation rules have been applied uniformly throughout the Group and are consist- ent with the previous financial year.

The Group has succeeded in completing the sale of the Savoury Business on January 10, 2025. We have assessed the assets and liabilities of our Savoury Business as ‘held for sale’ following IFSR 5. The SBU Savoury is ful- ly reported as terminated in the figures. As a result, the income statement was also restated for 2023 and disclosures were also included in the cash flow statement to indicate the impact of the SBU Savoury discontinued segment. On the consolidated balance sheet, no adjustment was made in the 2023 figures but assets held for sale and liabilities directly related to assets held for sale were recorded on separate lines making the move- ment on all accounts in the balance sheet not comparable to the previous fiscal year. More information on this can be found in the notes to the bal- ance sheet.

Following the sale of the Savoury segment, the Group will have only one segment - which means that business segment reporting will no longer be included in the future.

Standards and interpretations applicable for the fiscal year beginning january 1, 2024

Amendments to IAS 1 Presentation of Financial Statements: classifica- tion of liabilities as current and non-current and non-current liabilities with covenants
Amendments to IAS 7 statement of cash flows and IFRS 7 Financial in- struments: disclosure of financing agreements with suppliers
Amendments to IFRS 16 Leases: Lease liability in a “Sale-and-Lease- back”

The above standards do not have a material impact on the balance sheet.

Standards and interpretations published, but not yet applicable for the fiscal year beginning on january 1st 2024.

Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, issued on 15 august 2023, clarify when a currency is exchangeable into another currency (and when it is not). When a currency is not exchangeable, a company needs to estimate a spot rate. The company’s objective when estimating a spot rate is that it reflects the rate at which an orderly exchange transaction would take place at the measurement date between market participants un- der prevailing economic conditions. The amendments contain no spe- cific requirements for estimating a spot rate. Under the amendments, companies will need to provide new disclosures to help users assess the impact of using an estimated exchange rate on the financial state- ments. The amendments are effective for annual reporting periods be- ginning on or after 1 January 2025 with early adoption permitted. These amendments have been endorsed by the EU.
Amendments to the Classification and Measurement of Financial Instru- ments—Amendments to IFRS 9 and IFRS 7, issued on 30 May 2024, will address diversity in accounting practice by making the requirements more understandable and consistent. The amendments include:
Clarifications on the classification of financial assets with envi- ronmental, social and corporate governance (ESG) and similar features—ESG-linked features in loans could affect whether the loans are measured at amortized cost or fair value. To resolve any potential diversity in practice, the amendments clarify how the contractual cash flows on such loans should be assessed.
Clarifications on the date on which a financial asset or financial liability is derecognized. The IASB also decided to develop an ac- counting policy option to allow a company to derecognize a fi- nancial liability before it delivers cash on the settlement date if specified criteria are met.
The International Accounting Standards Board has also intro- duced additional disclosure requirements to enhance transpar- ency for investors regarding investments in equity instruments designated at fair value through other comprehensive income and financial instruments with contingent features, for example features tied to ESG-linked targets.
- The amendments are effective for annual reporting periods be- ginning on or after 1 January 2026 with early adoption permitted. These amendments have not yet been endorsed by the EU.
Annual Improvements Volume 11, issued on 18 July 2024, include clari- fications, simplifications, corrections and changes aimed at improving the consistency of several IFRS Accounting Standards.
- The amended Standards are:
  - IFRS 1 First-time Adoption of International Financial Reporting Standards;
  - IFRS 7 Financial Instruments: Disclosures and its accompany- ing Guidance on implementing IFRS 7;
  - IFRS 9 Financial Instruments;
  - IFRS 10 Consolidated Financial Statements; and
  - IAS 7 Statement of Cash Flows.
- The amendments are effective for annual reporting periods be- ginning on or after 1 January 2026 with early adoption permitted. These amendments have not been endorsed by the EU.
IFRS 18 Presentation and disclosure in financial statements, published April 9, 2024, will replace IAS 1 Presentation of Financial Statements. The new standard introduces the following key new requirements:
Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely the operat- ing, investing, financing, discontinued operations and income tax categories. Entities are also required to present newly defined op- erating profit subtotal. Entities’ net profit will not change.
- Management-defined performance measures (MPMs) are dis- closed in a single note in the financial statements.
- Enhanced guidance is provided on how to group information in the financial statements.
In addition, all entities are required to use the operating profit sub- total as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method.
- The standard is effective for annual reporting periods beginning on or after 1 January 2027 with early adoption permitted. The standard has not yet been endorsed by the EU.

The group does not have the intention to early apply the standard IFRS 18.

IFRS 19 Subsidiaries without Public Accountability: Disclosures, pub- lished May 9, 2024, will allow eligible subsidiaries to apply IFRS Ac- counting Standards with reduced disclosure requirements. A subsidi- ary will be to apply the new standard in its consolidated, separate or individual financial statements provided that, at the reporting date:
- it does not have public accountability; and
- its parent produces consolidated financial statements under IFRS Accounting Standards.
- The standard is effective for annual reporting periods beginning on or after 1 January 2027 with early adoption permitted. The standard has not yet been endorsed by the EU.

The group will provide necessary system modifications in a timely man- ner to comply with these new changes to standards.

Consolidation principles

The consolidated financial statements include the financial data of What’s Cooking Group NV and its subsidiaries, joint venture and associ- ate. A list of these entities is included in note 34 where we distinguish be- tween subsidiaries belonging to discontinued operations and continuing operations

Subsidiaries included in the consolidation using the integral method

The following factors are also considered in determining control:

The purpose and design of the investee;
What the relevant activities are and how decisions on those activities are made;
Whether the investor’s rights allow him to direct the relevant activities on an ongoing basis;
Whether the investor is exposed to, or has rights to, variable returns from its involvement in the investee; and
Whether the investor has the ability to use its power over the investee to influence the extent of the investor’s returns.

Cash Flow Statement Reconciliation

	2024	2023
OPERATING ACTIVITIES
Net profit	16,868	14,164
Adjustments for:
Depreciation and amortization	3,397	3,492
Impairment losses	3,440	0
Changes in working capital	2,264	-10,864
Provisions	531	302
Other non-cash items	0	0
CASH FLOW FROM OPERATING ACTIVITIES	26,500	7,094
INVESTING ACTIVITIES
Acquisitions of property, plant and equipment	-5,392	-5,897
Acquisitions of intangible assets	-22	-74
Disposals of assets	1,400	0
Acquisitions of subsidiaries, net of cash acquired	0	0
Increase/(decrease) in financial fixed assets	-11,143	0
CASH FLOW FROM INVESTING ACTIVITIES	-15,157	-5,971
OPERATIONS	-8,832	-12,827
FINANCING ACTIVITIES
Increase/(decrease) in short-term financial debts	0	0
Increase in long-term debts	925	1,730
Repayment of long-term debts	-14,556	-7,651
Interest paid (via income statement)	-5,263	-4,943
Acquisition of non-controlling interest	0	-3,953
Capital increase (decrease) (***)	0	2,659
Dividend paid by parent company (****)	-7,944	-7,284
CASH FLOW FROM FINANCING ACTIVITIES	-26,838	-19,442
Which relating to discontinued operations	-2,096	-1,468
NET CHANGE IN CASH AND CASH EQUIVALENTS	7,619	695
Cash and cash equivalents at the beginning of the financial year	20,313	19,353
Translation differences	300	265
Cash and cash equivalent of discontinued operations	-10,567	0
CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR	17,665	20,313

() The 2023 figures have been restated to reflect the discontinuation of the SBU Savoury and to increase the comparability.
() Also includes adjustments that are part of the financial result. This was 21 KEUR in 2024 and -52 KEUR in 2023
() Share Capital increase following Scrip Dividend: shareholders choosing for shares rather than cash
(**) Dividend paid in cash by the parent companyThe financial statements of subsidiaries included in discontinued operations are included in the consolidated financial statements as assets held for sale and liabilities directly associated with assets held for sale. (list cfr. Note 35)

Joint ventures

A joint venture is a joint arrangement whereby What’s Cooking Group NV and other parties that jointly control the arrangement have rights to the net assets of the arrangement. Joint ventures are accounted for using the equity method. The company eliminates the net results between the joint venture and the What’s Cooking Group. On June 1, 2022, What’s Cooking became the owner of 50% of the start-up Davai BV. After balance date, What’s Cooking became owner of the remaining shares for an amount of 10 thousand EUR in order to hold 100% of the shares for the future.

Foreign currencies

Foreign currency transactions

In the individual entities of the group, foreign currency transactions are recorded at the exchange rate applicable on the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated at the closing rate applicable at the balance sheet date. Gains and losses resulting from foreign currency transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Gains or losses on a non-monetary item are recognized in equity. For non-monetary items for which the gain or loss was recognized directly in equity, any foreign exchange component of that gain or loss is also recognized in equity. Exchange differences arising from a monetary item included in the net investment in a foreign operation are recognized in other comprehensive income in the Group’s consolidated financial statements and are reclassified to profit or loss on disposal of the net investment. From 1/1/2022, the Group designated as part of its net investment its receivable from its foreign operation in Poland (in the amount of EUR 10 million, increased by EUR 6 million in 2024) for which no repayment is planned in the near future. From this date, the related translation differences are recognized in other comprehensive income on the line ‘Translation differences’. (IAS 21.15)

Financial statements of foreign operations

All foreign operations of the Group are located in the Euro zone, with the exception of What’s Cooking Deeside Ltd and What’s Cooking Savoury UK Ltd in British pounds and What’s Cooking Polska Sp. Z.o.o. in Polish zloty. The assets and liabilities of these foreign entities, are translated to euro at the exchange rate applicable at the balance sheet date. The income statement of these entities is converted monthly into euro at average rates approximating the exchange rate of the transaction date. Any resulting translation differences are recognized directly through equity.

For the financial statements, we used the following exchange rate: 1 euro equals:

	2024	2023
British pound
Closing rate	0.8295	0.8691
Average rate	0.847408	0.869552
Polish zloty
Closing rate	4.273	4.348
Average rate	4.3048	4.5445

Consolidated financial statements

Segment information

IFRS 8 defines an operating segment as a component of an entity whose operating results are regularly reviewed by the entity’s chief operating decision maker to make decisions about resources to be allocated to the segment and to evaluate its financial performance, and for which discrete financial information is available. What’s Cooking had opted as its operational segmentation basis to break down activities of the group into the two business activities (business segments) of the group: ‘Meat Products’ and ‘Ready Meals.’ The ‘Meat Products’ segment is also sometimes described as ‘Savoury’. Given the ratification of the sale of SBU Savoury on January 10, 2025, the focus is now on the continuing operations of the Ready Meals segment and SBU Savoury is presented as discontinued operations. Therefore, in the future, the group will only have 1 segment left. In addition, the group provides information for the geographic regions in which it operates (excluding discontinued operations). To ensure comparability, the 2023 figures have been restated.

Segment profit or loss includes the revenues and expenses directly generated by a segment, including the portion of attributable revenues and expenses that are reasonably allocable to the segment. Segment assets and liabilities include those assets and liabilities that belong directly to a segment, including those that are reasonably allocable to the segment.

Davai BV, the startup in which What’s Cooking took a 50% stake, is not included in the segment information but included as “unallocated” given its separate position within the group. In the future, we anticipate integrating this activity into the Ready Meals segment given the Group’s acquisition of the remaining shares.

Intangible assets

Intangible assets are initially measured at cost. Intangible assets are recognized if it is probable that the Entity will enjoy the future economic benefits associated with them and if their cost can be measured reliably. After their initial recognition, intangible assets are measured at cost less accumulated amortization and any accumulated impairment losses. Intangible assets are amortized on a straight-line basis over their best estimated useful lives. The amortization period and the amortization method used are reassessed each year at the close of the reporting period.

Research and development

Expenditure on research activities, undertaken with the prospect of gaining new scientific or technological knowledge, is recognized in the income statement as an expense as incurred. Expense for development activities, in which research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalized if the product or process is technically and commercially feasible and the group has sufficient resources available for its completion. The capitalized expense includes the cost of raw materials, direct labor costs and a proportionate share of overhead costs. Capitalized development expenditure is measured at cost less accumulated amortization and impairment losses. All other development expenses are expensed as incurred. Since the development expenses of What’s Cooking in 2024 and 2023 did not meet the IFRS criteria for capitalization, these expenses were expensed in the income statement.

Other intangible assets

Other expenses for internally generated intangible assets, e.g. trademarks, are expensed as incurred. Other intangible assets such as trademark patents, computer software, acquired by the group, are measured at cost less accumulated amortization and impairment losses. In 2024 and 2023, the consolidated other intangible assets of What’s Cooking consisted mainly of computer software and the capitalized customer portfolios acquired from the acquisitions.

Depreciation

Intangible assets are amortized using the straight-line method over their expected useful lives from the date they are placed in service. We apply these depreciation rates:

Research and development: 33.30%
Computer software: 20%
Brand patents: 10%
Brand names: 10%, 20%
Client relationships: 7%

Goodwill

We speak of goodwill when the cost of a business combination at the acquisition date exceeds the group’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities. Goodwill is initially recognized as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. The cash-generating unit to which goodwill has been allocated is tested for impairment annually. This is also done whenever there is an indication that the unit may be impaired by comparing the carrying amount of the unit with its recoverable amount. If the recoverable amount of the unit is less than the carrying amount, the impairment loss is allocated first to the carrying amount of goodwill allocated to the unit and then to the other assets of the unit in proportion to the carrying amount of each asset in the unit. An impairment loss recognized for goodwill cannot be reversed in a subsequent period. When a subsidiary or joint venture is sold, the allocated goodwill is included in the determination of the gain or loss on sale.

Tangible assets

Tangible non-current assets are recognized if it is probable that future economic benefits associated with the asset will flow to the Entity and the cost of the asset can be measured reliably. Owned tangible non-current assets are stated at cost or manufacturing cost less accumulated depreciation and any accumulated impairment losses. Cost includes, in addition to the purchase price, non-refundable taxes, if applicable, and any directly attributable costs to make the asset ready for use. The manufacturing cost of self-produced property, plant and equipment includes the direct cost of materials, direct manufacturing costs, a proportionate share of the fixed costs of materials and manufacturing, and a proportionate share of the depreciation and write-downs of assets used in manufacture. Subsequent costs are recognized in the balance sheet in the carrying amount of an asset, or as a separate asset, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be reliably. Improvement works are capitalized and depreciated over 4 years. Other repair and maintenance costs are recognized in profit or loss in the period in which they are incurred. Property, plant and equipment are depreciated using the straight-line from the date they are put into service over their expected useful lives.# Consolidated financial statements

The main depreciation rates currently applied are:
* Buildings: 2%, 3.33%, 4% & 5%
* Installations: 5% & 10%
* Machines and equipment: 14.3%, 20% & 33.3%
* Furniture and rolling equipment: 14.3%, 20% & 33.3%
* Other tangible non-current assets: 10% & 20%

Land is not depreciated as it is assumed to have an unlimited useful life.

Impairment losses on intangible and tangible assets (other than goodwill)

At each reporting date, the Group reviews its carrying amounts of tangible and intangible assets to determine whether there is any indication that an asset may be impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the impairment loss (if any). However, if it is not possible to determine the recoverable amount of an individual asset, the group estimates the recoverable amount for the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and its value in use. Value in use is determined by discounting expected future cash flows using a pre-tax discount rate. This discount rate reflects the present time value of money and the specific risks associated with the asset. If the recoverable amount of an asset (or unit) is estimated to be less than its carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognized immediately as an expense in the income statement. A previously recognized impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount, but not to an amount greater than the net carrying amount that would have been determined had no impairment loss been recognized in prior years.

Government grants

Government grants should be recognized only when it can be stated with reasonable certainty that:
* the group will fulfill the conditions attached to the grants; and
* grants will be received.

Government grants are recognized as income over the periods necessary to match them with the related costs they are intended to compensate, on a systematic basis. A government grant received as compensation for expenses or losses already incurred or for the purpose of providing immediate financial support to the group with no future related costs is recognized as income of the period in which it is received.

Investment grants are deducted from the carrying amount of that related asset. Operating grants are recognized when received and presented as “Other Operating Income.

Leasing

IFRS 16 requires the lessee to capitalize all lease and rental obligations on the balance sheet. The liability reflects all future lease payments associated with the lease valued at present value. The asset reflects the right to use the asset during the agreed lease term. Rights of use (consisting mainly of the amount of the initial valuation of the lease debt) are measured at cost and depreciated over their estimated useful lives on a straight-line basis. The user charges are shown on the balance sheet together with property, plant and equipment under own control and the lease debt is shown as short-term and long-term lease debt. Each lease payment is allocated to the lease debt on the one hand and finance charges on the other.

We use the following practical exemptions, as permitted by IFRS 16:
* Use of a single “marginal interest rate” for a grouping of leases with the same characteristics.
* Using previous estimates of onerous leases, rather than testing for impairment.
* All leases with a term of less than 12 months are recognized in the income statement as rental expense for the fiscal year.
* Processing all low value operating leases as short-term leases.

Lease payables are measured as the discounted value of future lease payments over a specified lease term. This calculation takes into account our “weighted average incremental interest rate” if the implied interest rate in the contract cannot be determined. In 2023 and 2024, we had no new leases for which we did not have a contractually negotiated interest rate available.

Inventories

Inventories are valued at the lowest value of the cost or the net realizable value. The cost is calculated based on the average inventory valuation method and the FIFO method. The cost for work in progress and finished products encompasses all conversion costs and other costs incurred to get the inventories to their current location and in their current state. The conversion costs include the production costs and the attributed fixed and variable production overhead costs (including depreciation). The net realizable value is the estimated sales price that the Group believes it will realize when selling inventory in normal business, less the estimated costs of finishing the product and the estimated costs of sales.

Financial assets at amortized cost

Financial assets are classified at amortized cost when the contract has the characteristics of a basic lending arrangement and they are held with the intention of collecting the contractual cash flows until their maturity. What’s Cooking’s financial assets at amortized cost comprise trade and other receivables, short-term deposits and cash and cash equivalents in the balance sheet. They are valued at amortized cost using the effective interest method, less any impairments.

Impairment of financial assets

At each reporting date, for the financial assets valued at amortized cost (such as trade receivables), What’s Cooking Group assesses whether there are indications for impairment at individual and/or collective level. Receivables deemed uncollectible are written off at each balance sheet date against the corresponding provision. When assessing a collective impairment, the Group uses historical information regarding the loss incurred and adjusts the results if the economic and credit conditions are such that it is probable that the actual losses will be higher or lower than historical trends suggest. Additions to and reversals of the provision for bad debts relating to trade receivables are recognized in the income statement under ‘Write-downs and provisions’.

Bank loans

Interest-bearing bank borrowings and credit excesses are initially valued at fair value and are then valued at the amortized cost price calculated on the basis of the effective interest method. Any difference between the receipts (after transaction costs) and the repayment of a loan is recognized over the loan period, in accordance with the policies for financial reporting regarding financing costs, which are applied by the Group.

Trade payables

Trade payables are initially booked at fair value and are then valued at the amortized cost price calculated based on the effective interest method. Considering the short-term nature of the trade liabilities in the Group, the trade liabilities are in fact booked at fair value.

Derivatives

The group uses derivatives to mitigate risks related to adverse fluctuations in exchange rates and interest rates arising from operating, financial and investment activities. The group does not use these instruments for speculative purposes, does not hold derivatives and does not issue derivatives for trading purposes (trading). Derivatives are initially valued at cost price and after initial recognition are valued at fair value. There are three types of hedging relationships:

Cash flow hedges: Changes in the fair value of derivatives indicated as cash flow hedges are recognized in the shareholders’ equity. The non-effective part is recognized in the income statement. If the cash flow hedges of a firm commitment or an expected future transaction leads to the recognition of a non-financial asset or a non-financial liability at the time the asset or liability is booked, the profits or losses on the derivative financial instrument previously incorporated in the shareholders’ equity are recognized in the initial valuation of the asset or liability when it is booked. If the hedge of an expected future transaction leads to the inclusion of a financial asset or a financial liability, the related profits or losses on the derivative financial instrument recognized directly in the shareholders’ equity are transferred to the income statement in the same period or periods in which the acquired asset or the commitment affects the income statement. If it is expected that (part of) the loss incorporated directly into the shareholders’ equity will not be realizable in one or more future periods, the expected non-realizable part is transferred to the income statement. For hedges that do not lead to the recognition of an asset or a liability, the amounts directly included in the shareholders’ equity are transferred to the income statement in the same period or periods in which the hedged expected future transaction affects the profit or loss.
Fair value hedge: Changes in the fair value of derivatives which were indicated and qualify as fair value hedges are recognized in the income statement, together with any change in the fair value of the hedged asset or the hedged liability which is to be attributed to the hedged risk.
Hedges of a net investments in foreign entities: are processed in a similar manner as cash flow hedges. The part of the profit or loss on the hedging instrument, which is determined to be an effective hedging instrument, is recognized immediately in the shareholders’ equity; the profit or loss on the non-effective part is recognized immediately in the income statement. The profit or loss on the hedging instrument regarding the effective part of the hedge, which is directly recognized in the shareholders’ equity, is recognized in the income statement when the foreign entity is divested.# Consolidated financial statements

The changes in the fair value of derivatives that are not classified can be recognized immediately in the income statement as cash flow hedging.

Dividends

We recognize dividends as a liability in the period in which they are formally declared.

Provisions

A provision is recognized if:
a) The group has an existing obligation (legally enforceable or effective) as a result of an event in the past;
b) It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and
c) The amount of the obligation can be reliably estimated.

The amount recognized as a provision should be the best estimate of the expenses required to settle the existing liability at the balance sheet date. When the impact is significant, provisions are determined by discounting expected future cash flows using a pre-tax discount rate. This discount rate reflects the present time value of money and the specific risks associated with the liability.

A provision for restructuring is recognized when the Group has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been announced publicly. Charges related to the on-going activities of the Group are not provided for. A provision for loss-making contracts will be made when the receivable economic benefits for the Group are lower than the unavoidable cost related to the obligatory quid pro quo.

Employee benefits

Employee benefits are all forms of compensation granted by the Entity in exchange for services rendered by employees. Employee benefits include:
* short-term employee benefits, such as wages, salaries and social security contributions, vacation pay, continued sick pay, profit sharing and bonuses and in-kind rewards for current employees;
* post-employment benefits, such as pensions and life insurance, among others;
* Other long-term employee benefits including “long-term incentives” (LTI);
* Termination benefits

Retirement benefit plans

The Group provides retirement benefit plans for its employees mainly via defined contribution schemes and has a limited number of defined benefit pension schemes.

Defined contribution plans

Under these defined contribution plans, contributions paid are recognized immediately in the income statement. Contributions paid to these defined contribution schemes are recognized immediately in the income statement. By law, defined contribution pension plans in Belgium are subject to minimum guaranteed rates of return. Hence, strictly speaking, those plans classify as defined benefit plans which would require that the ‘projected unit credit’ (PUC) method is applied in measuring the liabilities. However, the IASB recognizes that the accounting for such so-called ‘contribution-based plans’ in accordance with the currently applicable defined benefit methodology is problematic (see also the IFRS Staff Paper ‘Research project: Post-employment benefits’dated September 2014). Also considering the uncertainty with respect to the future evolution of the mini-mum guaranteed rates of return in Belgium, the Company adopted a retrospective approach whereby the net liability recognized in the statement of financial position is based on the sum of the positive differences, determined by individual plan participant, between the minimum guaranteed reserves and the accumulated contributions based on the actual rates of return at the closing date (i.e. the net liability is based on the deficit measured at intrinsic value, if any). The main difference between this retrospective approach and the prospective PUC method, is that benefit obligations are calculated as the discounted value of the projected benefits, assuming the minimum guaranteed rates of return currently applicable continue to apply.

Defined benefit pension plans

The carrying amount on the balance sheet of defined benefit plans is determined by reducing the present value of the benefit obligations by the unrecognized past service cost and by the fair value of plan assets. All actuarial gains and losses are recognized in comprehensive income so that the full value of the plan’s deficit or surplus is recognized in the consolidated statements. Interest expense and expected return on plan assets are reflected as net interest. The present value of defined benefit obligations and related pension costs are calculated by a qualified actuary using the PUC method. The discount rate used is equal to the yield at the balance sheet date on high credit quality corporate bonds with a remaining term comparable to the term of the group’s obligations. The amount recognized in the income statement consists of current service cost, financing cost, expected return on plan assets and actuarial gains and losses.

Termination benefits

Termination benefits are recognized as a liability and an expense when a group entity is demonstrably committed to either:
* terminate the employment of an employee or group of employees before the normal retirement date;
* or the allocation of termination benefits as a result of an offer to encourage voluntary retirement (early retirement scheme).

Where termination benefits are payable after twelve months following the balance sheet date, they are discounted at a discount rate equal to the yield at the balance sheet date on high credit quality corporate bonds with a remaining term comparable to the term of the group’s liabilities.

Variable pay

The variable pay of clerical staff and management is calculated based on key financial figures and the balanced scorecards. The expected amount of the variable pay is recognized as a cost in the reporting period concerned.

Profit taxes

Income taxes include taxes on profits and deferred taxes. Both taxes are recorded in the income statement except where they relate to items included in shareholders’ equity. In the latter case, recognition is via equity. Income tax is the expected tax payable on the taxable income for the period, calculated at the tax rates applicable at the balance sheet date, as well as any adjustments to tax payable in respect of previous periods. Deferred taxes are calculated using the balance sheet method and arise mainly from the differences between the carrying value of assets and liabilities in the balance sheet and the tax base of these assets and liabilities. The amount of deferred taxes is based on expectations regarding the realization of the carrying amount of assets and liabilities using tax rates known at the balance sheet date. A deferred tax asset is recognized only if it is sufficiently certain that the tax credit and unused tax losses can be offset against taxable profits in the future. Deferred tax assets are reduced to the extent that it is no longer probable that the tax savings can be realized. Deferred taxes are also calculated on temporary differences arising on investments in subsidiaries, except where the group can control the timing of the reversal of the temporary difference and it is unlikely that the temporary difference will reverse in the foreseeable future

Since the group’s sales exceeded 750 million euros in previous fiscal years, country-by-country reporting formalities are from fiscal year 2023. Further GloBE rules (Pilar 2) became applicable on January 1, 2024. Global minimum load: At balance sheet date, the Group has entities in 7 countries, the parent company being located in Belgium, which has enacted new legislation for the introduction of the general minimum tax. The Group has applied a temporary mandatory exemption from deferred taxes for the effects of the top-up tax and records it as current tax when due. A new law introduced in Belgium for fiscal years after December 31, 2023 has introduced a Globe addition tax. The impact of the additional tax is minor, as the effective tax rate is above 15% in all relevant countries where the group operates.

Revenue

Revenue is recognized if it is likely that the future economic benefits relating to the transaction will accrue to the Entity and the amount of the income can be determined reliably. Turnover is reported after deduction of turnover taxes and discounts.

Sales of goods

What’s Cooking recognizes revenue from the following sources: delivery of products and services. What’s Cooking believes that the delivery of products is the primary performance obligation. Revenue is recognized when control of a product is transferred to a customer. Customers acquire control when products are delivered (in accordance with applicable incoterms). The amount of revenue recognized is adjusted for volume discounts. No adjustment is made for returns or warranties of any kind as their effect is considered immaterial based on historical information. Breaking down revenue according to the timing of recognition, this means at a point in time or over a period of time, provides little value added since service contracts are immaterial compared to total product sales. In order to encourage customers to pay immediately, the Group provides discounts for payments in cash. Such discounts are recognized as a reduction in the revenue.

Financial income

Financial income includes interest received, dividends received, foreign exchange income and the revenues from hedging instruments that are recognized in the income statement.

Interest income

Interest is recognized on a proportional basis that takes into account the effective duration of the asset to which it relates (the effective interest method).

Dividends

Dividends are recognized when the shareholder has obtained the right to receive payment. Exchange rate differences from non-operating activities and gains from hedging instruments for non-operating activities are also presented under financial income.# Consolidated financial statements

Expenses

Expenses per type of cost are shown in the income statement. Expenses that relate to the reporting period or to previous reporting periods are recognized in the income statement, regardless of when the expenses are paid. Expenses can only be transferred to a subsequent period if they comply with the definition of an asset.

Purchases

Purchases of trade goods, raw and auxiliary materials and purchased services are recorded at cost price, after deduction of the permitted trading discounts.

Research and development, advertising and promotional costs and system development costs

Research, advertising and promotional costs are recognized in profit or loss in the period in which these expenses are incurred. Development and system development costs are recognized in profit or loss in the period in which these expenses are incurred if they do not meet the criteria for capitalization.

Financing expenses

Financing expenses include such things as the interest on loans, exchange rate losses and losses on hedging instruments that are recognized in the income statement. Exchange rate differences from non-operating activities and losses from hedging instruments for non-operating activities are also presented under financing costs.

Financial terminology

EBIT: Operating result (earnings before interest and taxation)
EBITDA: Operating cash flow
UEBIT: Operating result (EBIT) before non-underlying expenses and revenues
UEBITDA: Operating cash flow before non-underlying expenses and revenues
Operating result before non-underlying expenses and revenues (UEBIT) + depreciations, write-downs and impairments of assets and negative goodwill
Non-underlying: Operating revenues and expenses related to restructuring, impairments, discontinued operations and other activities and transactions with a one-off impact

2023 Restated

The 2023 results have been restated to reflect the discontinuation of the SBU Savoury and to increase comparability of our results.

Management assessments and estimates

By applying the Group’s accounting policies, management must make assessments, estimates and assumptions regarding the book value of assets and liabilities that are not readily apparent from other sources. These assessments, estimates and assumptions are continually reviewed:

Critical accounting assessments when applying the entity’s accounting policies:
- What’s Cooking is involved in a number of pending claims and disputes for which management is assessing the likelihood of risk.

What’s Cooking? Annual report 2024 193

The group’s management structure corresponded to its business activities. The internal and external reporting systems were also aligned with these two business segments:

The SBU (strategic business unit) Savoury develops, produces and markets a range of fine meats (salami, cooked ham, poultry, cooked meats, pâté, salted meats, tongue and liver charcuterie) as well as vegetarian, plant-based and “blended” (hybrid) products
The Ready Meals SBU develops, produces and sells freshly ready meals: lasagna, pizza, pasta dishes and various other dishes, sauces and meal components

Following IFRS 5, the results of our SBU Savoury are presented in the consolidated income statement as discontinued operations. The focus is on continuing operations. The 2023 figures have been restated to allow comparability.

Segment results include revenues and expenses directly generated by the segment. This includes revenues and expenses that we can allocate to the segment. We do not allocate finance costs and taxes to segments.

In our SBU Ready Meals, we sell our products to a broad customer base. This includes most of the major European discount and retail customers, as well as “foodservice” groups that sell to catering and the like. The ten largest customer groups represent 58.46% of SBU Ready Meals sales (2023: 61.90%). We realize the sales with these customers through various contracts, in various countries and with various products. The term of the contracts is not always the same for all contracts within the same retail group. We also sell customers both products under our own brands and under customers’ own brands. The group’s customer portfolio is diversified as much as possible. Nevertheless, it could have an impact on our operations if the relationship with a large customer group came to an end. In 2024 and 2023, two external customers each reached more than 10% (in 2024: 16.7% and 11.2%; in 2023: 17.5% and 11.96%, respectively) of our consolidated sales.

The What’s Cooking? group operates primarily in seven geographic regions: Belgium, the Netherlands, Great Britain, Germany, France, Poland and the rest of Europe. The rest of Europe mainly includes Luxembourg, Denmark, Ireland, Portugal, Romania, Spain, Sweden and Switzerland. The breakdown of net sales by region is based on the geographic location of external customers. The breakdown of total assets and capital expenditures by region is related to the geographical location of the assets. The investment cost by region is the cost of assets acquired with an expected useful life of more than one year. The customer’s place of residence determines the geographic region.

Key sources of estimation uncertainties: below are the key assumptions concerning the future and other key sources of estimation uncertainties at the end of the reporting period that carry a risk of a significant adjustment to the carrying amounts of assets and liabilities in the next financial year:
Management performed an annual goodwill impairment test on “ready meals” based on the budget for the group. The budget for the group is prepared for the coming year. A number of assumptions are applied to determine the next 6 years in the overall “plan 2030”. Sensitivity analyses for reasonable changes in assumptions such as growth ratio, EBITDA margin and discount rate are set out in Note 15 - Goodwill
For the SBU Savoury, the liabilities and assets were assessed as held for sale and presented as a separate balance sheet item as the sale was completed on January 10, 2025. A check against the value obtained from the sale confirmed that there was no indication of impairment in the consolidated figures at the balance sheet date as there is an expected capital gain on the sale.
Deferred tax assets are recognized for the carry-forward of unused tax losses and temporary differences to the extent that it is probable that taxable profits will be available in the foreseeable future. In its assessment, management takes into account such elements as the budget and tax planning opportunities (see notes 13 and 19).
Provisions for employee benefits: defined benefit obligations are based on actuarial assumptions such as the discount rate and the expected return on plan assets. We refer to note 26- Employee benefits.

2. Perimeter of consolidation

The group’s consolidated financial statements for 2024 include What’s Cooking Group NV and consolidated subsidiaries wholly controlled by What’s Cooking? (Note 35). Since the sale of SBU Savoury is settled on January 10, 2025, a distinction was made between subsidiaries with continuing operations and those with discontinued operations. The group has one participation in a joint venture at the balance sheet date, namely Davai BV for 50%.

3. Reporting per segment and geographical region

What’s Cooking is a food group. We are a specialist in Europe for the development, production and sale of savoury products and freshly ready meals. In January 2025, What’s cooking completed the sale of its SBU Savoury. The What’s Cooking? group employed about 3,000 staff members (in continuing and discontinued operations), including interims, at the end of 2024 as it did at the end of 2023. For details around own employees - see details by cluster in our sustainability report and in the chapter ‘other non-financial information’.

Key data by business segment

	2024	2023 Restated
	Savoury	Ready Meals
SEGMENT INCOME STATEMENT
Segment net turnover	472,169	403,545
EBITDA	22,937	38,591
Underlying EBITDA	22,627	38,591

RECONCILIATION U-EBITDA SEGMENT REPORTING TO THE U-EBITDA OF CONTINUING ACTIVITIES

	2024	2023 Restated
	U-EBITDA segment reporting
	Savoury (discontinued)	Ready Meals (continuing)
	Non-allocated	Elimination intercompany
	Total activities
U-EBITDA segment reporting	22,627	38,591
Allocation of non-allocated to Ready Meals
Impact dis-synergy after disposal Savoury	8,968	-8,968
Total	31,595	32,943
	U-EBITDA discontinued	U-EBTIDA continuing
	activities	activities

Key data by geographic region

Third party turnover (*)	2024	2023 Restated
Belgium	92,660	89,668
UK	91,261	85,308
France	76,984	71,783
Poland	36,615	31,920
Netherlands	31,127	27,963
Other	74,898	62,111
Total	403,545	368,753

(*) Investments including new capital grants

Liabilities per region

	2024	2023 Restated
Belgium	124,797	41,558
UK	44,957	42,679
France	75,517	74,969
Netherlands	3,379	2,914
Other	39,525	35,088
Discontinued operations	202,029
Total	288,175	399,237

Investments per region

	2024	2023 Restated
Belgium	10,612	8,469
UK	2,183	409
France	1,553	1,626
Poland	13,058	569
Netherlands	0
Discontinued operations	13,697
Total	27,406	24,770

Non-current assets

	2024	2023 Restated
Belgium	34,906	30,176
UK	22,740	21,811
France	35,908	36,279
Poland	38,422	29,149
Netherlands	0	0
Other	3	3
Discontinued operations	107,293
Total	131,979	224,711

What’s Cooking? Annual report 2024 195

4.# Consolidated financial statements

5. Trade goods, raw and auxiliary materials

	2024	2023
Restated Sale of goods	403545	368753

Revenue from continuing operations increased 9% from 369 million in 2023 to 404 million in 2024. This organic growth is mainly due to volume growth of 10% compared to last year. We achieved this growth with both existing and new customers. Our Come a casa® brand also continued to grow significantly in Central Europe through the launch of a new range and packaging, supported by our first TV commercial in Poland. The group is further committed to vegetarian and plant-based products and sustainability. In early 2024, we already launched our plant-based lasagna on the market under our brand Come a casa®. Our What’s Cooking site in the United Kingdom again won several awards at the British Frozen Food Awards ceremony, reflecting our innovation qualities. For further details, please refer to our sustainability report.

	2024	2023
Restated Purchases	205480	201319
Change in inventory	1117	29
Total	206597	201348

Costs for purchases of raw materials, consumables and goods for resale related to continuing operations increase by 3% in 2024 from EUR 201.3 million to EUR 206.6 million due primarily to increased volumes and, on the other hand, product-mix changes. In 2024, the impact of inflation was more limited than in 2023. The changing climate has an impact on harvests of, for example, durum wheat or tomatoes, essential ingredients in our products. Diseases in livestock such as blue tongue can also affect the availability and pricing of products such as meat, dairy products, etc. To reduce dependence, the group has a multi-sourcing strategy, but temporary shortages of certain raw materials we will never be able to completely rule out in the future. Cost optimization programs contributed to a recovery of our margin. The group is committed to being cost-conscious and sustainable through, among other things, innovation in products and packaging.

6. Services and miscellaneous goods

	2024	2023
Restated Transport costs	20563	18620
Maintenance and repairs	12345	12956
Cost of marketing and sales	5244	4047
Gas and electricity	15129	13757
Advisory expenses and consultants	13781	9158
Interim staff and consultants to the organisation	8300	6832
Rent	2517	2347
Other	12536	10496
Total	90415	78213

The cost of continuing operations includes both the cost of continuing prepared dishes and continuing group costs. These costs increased by 16% from EUR 78 million to EUR 90 million. This increase is mainly due to the sharp 11% increase in gas and electricity costs. The group has chosen to purchase 100% green energy at a higher cost compared to 50% green energy in 2023. Marketing and sales costs increased from EUR 4 million to EUR 5.2 million due, among other things, to the launch of new products and the further roll-out of our Come a casa® brand in Eastern Europe. Transportation costs increase from EUR 18.6 million to EUR 20.6 million. The fees and consultancy costs rise from 13.8 million EUR to 15.1 million EUR. The cost of interims and other staff made available increases from EUR 6.8m in 2023 to EUR 8.3m in 2024 and is explained by an increase in volume combined with an increase in cost per hour worked. The account ‘Others’ increases by 16.72% in 2024 from EUR 10.5 million in 2023 to EUR 12.5 million in 2024. This heading includes office expenses, insurance and compensation to directors and management.

Consolidated financial statements
What’s Cooking? Annual report 2024
196

Consolidated financial statements

7. Employee expenses

In 2024, personnel costs of continuing operations amounted to €78,692 thousand compared to €70,452 thousand in 2023. The employee expenses show an increase in 2024 due to indexation in 2024 which remained quite high compared to historical levels. The number of own employed staff in the continuing operations increased slightly in 2024 - and was mainly driven by volume increase. The number of employed staff at year-end was 1,355 in 2024 compared to 1,324 in 2023. In 2024, the group continued to focus on employee retention, recruitment and selection. For further details around employee benefits, please refer to note 26. Personnel costs can be broken down as follows:

	2024	2023
Restated Wages and salaries	60179	53868
Social security contributions	13720	11926
Other employee expenses	4793	4658
Total	78692	70452
Number of employees expressed in FTEs (excl. temporary employees) at year end	2405	2441
Which relating to discontinued operations	1050	1117
Which relating to continuing operations	1355	1324

8. Write-downs and provisions

The increase in provisions in 2024 relates mainly to LTI (long-term incentive plans) commissions. Write-downs on inventories in the SBU ready meals amount to EUR 191.7 thousand in 2024 compared to EUR 141.7 thousand in 2023. Reducing food waste remains an issue we will continue to focus on in the coming years.

	2024	2023
Restated Write-downs
on inventories	113	145
	192	142
on trade receivables	-79	3
Provisions	506	407
Total	619	552

9. Other operating income and expenses

Other operating expenses and revenues for continuing operations are in line with 2023.

	2024	2023
Restated OTHER OPERATING INCOME
Recovery of wage-related costs	221	203
Recovery of logistics costs	19	9
Grants	249	174
Profits from the disposal of assets	8	8
Insurance recoveries	108	85
Claims	100	138
Rent	0
Recovery local taxes	0
Pass-through to discontinued activity	4324	4572
Others	363	593
Total	5392	5782

Restated OTHER OPERATING EXPENSES
Local taxes	1273	1589
Realised loss on disposal of assets	95	140
Claims	12	20
Others	193	125
Total	1573	1874
	3819	3908

10. Results of continuing operations

	2024	2023
Restated EBITDA	31,660	22,648
Depreciations costs and impairments	-12,388	-11,736
Impairments, write offs and provisions	-619	-552
Result of operating activities (EBIT)	18,653	10,360
Costs related to acquisition by Aurelius	1,073
Cost concerning M&A file	210
Rebranding expenses	316
Restructuring costs	0
Innovation costs plant based products	300
Underlying operating result (UEBIT)	19,936	10,976

EBITDA	31,660	22,648
Costs related to acquisition by Aurelius	1,073	0
Cost concerning M&A file	210
Rebranding expenses	0	316
Restructuring costs	0	0
Innovation costs plant based products	0	300
Underlying EBITDA	32,943	23,264

What’s Cooking? Annual report 2024
197

	2024	2023
Restated EBITDA	63,565	45,468
EBITDA discontinued operations	31,905	22,820
EBITDA continuing operations	31,660	22,648
Underlying EBITDA like for like	64,538	49,872
UEBITDA discontinued operations	31,595	26,608
UEBITDA continuing operations	32,943	23,264

EBITDA	31,660	22,648
Depreciations costs and impairments	-12,388	-11,736
Impairments, write offs and provisions	-619	-552
Result of operating activities (EBIT)	18,653	10,360

EBITDA from continuing operations increases 40% from EUR 22.6 million in 2023 to EUR 31.7 million in 2024. Underlying EBITDA increases 42% from EUR 23.3 million in 2023 to EUR 32.9 million in 2024. This is the result of a 10% increase in sales volumes, transparent pass-through of cost increases as well as continuous control of cost increases throughout the year. Non-underlying EBITDA costs amounted to EUR 1.28 million in 2024 compared to EUR 0.6 million in 2023. In 2024, these were mainly costs related to strategic sales and acquisition projects. Sales increased by 10% from EUR 369 million to EUR 404 million mainly due to volume increases and transparent pass-through of cost increases. We also succeeded in introducing a large number of innovative products both in the UK and on the European continent. We find that our focus on quality in a broad sense is paying off. The continuing business presented increasing sales in both the first and second halves of the year. The successful introduction of a number of plant-based and vegetarian products also gives us optimism for further growth of our product portfolio. The ready meals industry in Europe continues to offer good prospects. Our strategy of continuing to supply high-quality products is bearing fruit. A correct price-quality mix is crucial for consumer loyalty. Our product portfolio offers a range of internationally known and regionally adapted quality and mostly nutritional products for every budget. Our emphasis on quality and unburdening customers, has led a nice growth in volumes in 2024. Raw material costs remain historically high primarily for ingredients. Energy and transportation costs have continued to rise.

11. Financial income

	2024	2023
Restated Interest income	1,532	40
Positive exchange rate differences	725	929
Other	46	499
Total	2,303	1,468

In 2024, the group realized EUR 1.5 million in interest income on cash surpluses. The positive exchange differences are EUR 200 thousand lower than in 2023.

12. Financing costs

	2024	2023
Restated Interest cost on loans	4,445	3,141
Interest cost on leasing	87	42
Interest cost on factoring	555	0
Negative exchange rate differences	821	830
Bank charges	769	561
Revaluation of financial instruments	49
Other	70	88
Total	6,796	4,662

Financial costs increased by 46%, from EUR 4.7 million in 2023 to EUR 6.8 million in 2024. This increase is due to the increased Euribor on the financial market. Our financial debt has fallen even further, which translates into a decrease in the leverage ratio (net debt to UEBITDA). A better leverage ratio normally results in a lower interest rate, but this advantage is completely cancelled out by the increased Euribor in 2024. In 2023, the group still had interest rate hedges until 30/06/2023 which neutralized the cost of the interest rate increase by EUR 0.5 million. In 2024, the group had no more interest rate hedges. On the pound, we net a slight negative exchange rate result. On the Polish Zloty, we record a net slight positive exchange rate result.# Consolidated financial statements

14. Result from discontinued business activity after income taxes

	2024	2023 Restated
Discontinued operations
Result of operations that are to be disposed net of tax	4,650	-1,815
Result dis-synergies on continuing operations net of tax	6,726	4,396
Result from discontinued operations net of tax	11,376	2,581

Following IFRS 5.33, What’s Cooking Group lifted the result of its SBU Savoury from the income statement and presented it as result from discontinued operations as the sale was completed in January 2025. The 2023 figures were also restated to allow for comparability. The Group considers SBU Savoury as discontinued operations at the end of December 2024. The result after income tax from the SBU Savoury business to be divested evolved from a loss of EUR 1.8 million in 2023 to a profit of EUR 4.7 million in 2024. The net impact of the dis-synergies on the continuing business is EUR 6.7 million in 2024 compared to EUR 4.4 million in 2023. The total result from discontinued business after income taxes increases from EUR 5.6 million in 2023 to EUR 11.4 million in 2024.

15. Goodwill

	2024	2023
GOODWILL
Start of the financial year	79,781	79,611
Acquisitions	0	0
Transfers and decommissioning	0	0
Translation differences	405	170
Discontinued operations	-35,454
End of the financial year: continuing operations	44,732	79,781
IMPAIRMENTS
Start of the financial year	1,740	1,740
Impairment losses	0	0
Transfers and decommissioning	0	0
Discontinued operations	-1,740
End of the financial year: continuing operations	0	1,740
Net book value	44,732	78,041

Goodwill arises when the cost of a business combination at the acquisition date exceeds the group’s interest in the net fair value of the acquiree’s contingent liabilities, identifiable assets and liabilities. The group chose to allocate goodwill to segments. The risk profile of the business combinations acquired so far, was almost identical to the existing business, and/or the cash flows were fully connected. What’s more, these business combinations were fully absorbed into the segment from acquisition. This makes it impossible for us to recognize, let alone track, any separate cash flow at a lower level. Management reporting is therefore done at the segment level.

In 2024, goodwill amounts to EUR 44,732 thousand compared to EUR 78,041 thousand in 2023. EUR 33,714 thousand of the decrease is due to the presentation of SBU Savoury as discontinued operations at the end of 2024. All assets of the SBU Savoury are presented as available-for-sale. The remaining goodwill for ready meals amounts to EUR 44,732 thousand in 2024 (2023: 44,327 thousand). The increase in SBU ready meals is a translation difference.

The group performs an annual impairment analysis on goodwill. This is done using the discounted cash flow method. If the segment’s recoverable amount is less than its carrying amount, we first allocate the impairment loss to the carrying amount of goodwill. Next come the other assets of the unit, in proportion to the carrying value of each asset in the segment. The basis for the above “impairment analysis” consists of:
* The budget estimate for the following year of the own operating cash flows of SBU ready meals. This budget estimate is the result of a detailed analysis of all known and estimated evolutions of sales, margin and costs. With adaptation to the commercial environment. Here we strive for a balance between challenge and realism.
* Cash flows for the 4 subsequent years were applied as follows:
* An estimated sales growth of between 1.4% and 7.1% for SBU prepared foods.
* Inflation expectations were kept low and stable in the simulations because the group assumes it will pass on inflation or deflation of costs to customers. The same is valid for energy prices. For 2025 and partly for 2026, energy prices are already fixed at admittedly higher prices compared to the past but this was also factored into the expected sales prices and margins. With the exception of salary and interest rate expectations, no public indices for the future are available for most cost drivers. The estimates involve a “management best estimate” in this regard.
* Estimated EBITDA margin. This margin corresponds to the projections for the coming year and to the long-term targets. It is lower than last year as the group costs will be 100% allocated to the SBU ready meals.
* We adjust the calculated cash flows for each year with the replacement investments we think we will need to keep the existing production equipment operational. And with movements in working capital.
* To calculate residual values, a growth rate of 2.8% is applied - a value also equal to the ‘risk free rate’ used in determining the average weighted cost of capital after tax (WACC)
* We discount these cash flows at an estimated average cost of capital (WACC) of 9.04% (2023: 9.64%). The basis for this calculation is based on the average between the short-term and after-tax WACC. The basis for this takes into account a capital cost for equity on the one hand and a cost for debt on the other.
* The capital cost of equity considers the following elements:
* The ‘risk free rate’
* The Equity Risk Premium based on various market studies.
* A risk premium calculated based on the “Guide to Cost of Capital
* The cost of debt capital considers the following elements:
* A basic interest cost
* A “Corporate spread” based on the 5-year Euro AAA and BB consumer staples interest.
* A tax rate of 27%.

The recoverable amount exceeds the book value. Therefore, the impairment analysis did not result in any impairments. Even when the parameters are estimated more conservatively, the recoverable amount exceeds the carrying amount, so no impairment applies in these scenarios either. Following sensitivity analyses were performed:
* Increasing the WACC by 30 basis points and reducing the long-term growth rate by 100 basis points;
* Increasing WACC by 30 basis points and decreasing EBITDA residual values by 50 basis points;

13. Taxes

	2024	2023 Restated
Taxes recognized in income statement
Tax on profits
Financial year	3,194	2,724
Previous financial years	24	637
Deferred tax liabilities
Effect of temporary differences	1,608	-1,369
Total tax in the income statement	4,826	1,992

Taxes on continuing operations will be 34.1% in 2024 compared to 27.8% in 2023. Now, all companies in the group except What’s Cooking Polska Sp.z.o.o. have a tax rate of 25% or higher. As of January 2022, the transfer pricing model was also applied to What’s Cooking France SAS and What’s Cooking Polska Sp.z.o.o. With the exception of What’s Cooking Deeside UK Ltd (and, of course, Davai BV), the new transfer pricing model is now applied to all companies within the group.

Relationship between tax expense and accounting profit	2024	2023 Restated
Accounting profit before tax from continuing operations	14,160	7,166
Tax at Belgian tax rate (2024 and 2023: 25%)	3,540	1,792
Effect of the different tax rates of the foreign companies	-105	-320
Effect of not recognising DTA during the financial year	0	0
Effect timing differences
Effect of the expenses not deductible for tax purposes	581	430
Other effects	810	90
Actual tax burden	4,826	1,992
Effective tax percentage	34.1%	27.8%

16. Intangible non-current assets

	Software	Brands, licences and patents	Customer relationships	R&D	Total		Software	Brands, licences and patents	Customer relationships	R&D	Total
ACQUISITION VALUE
Start of the financial year	26,775	2,099	24,238	251	53,363	Start of the financial year	25,517	2,179	24,014	251	51,961
Group consolidation extension	0	0	0	0	0	Group consolidation extension	0	0	0	0	0
Acquisitions	925				925	Acquisitions	1,272				1,272
Acquisitions: discontinued operations	57				57	Acquisitions: discontinued operations
Transfers and decommissioning	-287				-287	Transfers and decommissioning	-111				-111
Transfer from / to other entries	0	-65	-65			Transfer from / to other entries	0	-80	224		306
Translation differences	15	51	531		597	Translation differences	162	-80	224		306
End of the financial year	27,485	2,150	24,769	251	54,655	End of the financial year	26,775	2,099	24,238	251	53,363
End of the financial year: continuing operations	7,335	0	13,100	166	20,601
End of the financial year: discontinued operations	20,150	2,150	11,669	85	34,054
DEPRECIATION						DEPRECIATION
Start of the financial year	24,387	2,099	10,732	194	37,412	Start of the financial year	23,491	2,074	8,915	175	34,655
Group consolidation extension	0	0	0	0	0	Group consolidation extension	0	0	0	0	0
Depreciation*	642		816		1,458	Depreciation*	867	105	1,731	19	2,722
Acquisitions: discontinued operations *	86		936		1,041	Acquisitions: discontinued operations *
Transfers and decommissioning	-287				-287	Transfers and decommissioning	-111				-111
Transfer from / to other entries	0	0	0		0	Transfer from / to other entries	0	0	0		0
Translation differences	12	51	257		320	Translation differences	140	-80	86		146
End of the financial year	24,840	2,150	12,741	213	39,944	End of the financial year	24,387	2,099	10,732	194	37,412
End of the financial year: continuing operations	7,232	0	6,628	128	13,988
End of the financial year: discontinued operations	17,608	2,150	6,113	85	25,956
Net book value	2,542	0	5,556	0	8,098	Net book value	2,388	0	13,506	57	15,951

The group invested EUR 1 million in intangible assets in 2024 which is in line with 2023 (EUR 1.3 million in 2023). 94% relates to investments related to continuing operations.# Consolidated financial statements

What’s Cooking? Annual report 2024

2024

Tangible non-current assets	Land and buildings	Installations, machines, and equipment	Furniture and rolling equipment	Leasing	Other	Assets under construction	Total
ACQUISITION VALUE
Start of the financial year	132,201	364,654	6,210	15,997	37	5,274	524,373
Group consolidation extension	0	0	0	0	0	0	0
Acquisitions	11,944	5,911	387	810	0	7,429	26,481
Acquisitions: discontinued operations	930	5,780	188	408	0	384	7,690
Transfers and decommissioning	-1,153	-8,226	-91	-2,185	0	0	-11,655
Transfer from / to other entries	773	2,762	300	-3,835	0	0	0
Translation differences	601	1,180	79	3	0	40	1,903
End of the financial year	145,296	372,061	7,073	15,033	37	9,292	548,792
End of the financial year: continuing operations	73,763	202,461	2,186	12,436	34	821	291,701
End of the financial year: discontinued operations	71,533	169,600	4,887	2,597	3	8,471	257,091
DEPRECIATION
Start of the financial year	90,169	296,066	4,694	10,205	37	47	401,218
Group consolidation extension	0	0	0	0	0	0	0
Depreciation *	1,638	8,586	428	540	0	0	11,192
Depreciation - Discontinued Operations *	2,298	9,501	193	2,209	0	0	14,201
Transfers and decommissioning	-1,153	-8,021	-54	-2,095	0	0	-11,323
Translation differences	903	1,295	51	6	0	0	2,255
End of the financial year	93,855	307,427	5,312	10,865	37	47	417,543
End of the financial year: continuing operations	49,232	171,657	1,756	9,964	34	0	232,643
End of the financial year: discontinued operations	44,623	135,770	3,556	901	3	47	184,900
IMPAIRMENT
Start of the financial year	655	414	0	0	0	0	1,069
Group consolidation extension	0	0	0	0	0	0	0
Addition*	0	0	0	0	0	0	0
Reduction*	0	0	0	0	0	0	0
Transfers and decommissioning	-655	-414	0	0	0	0	-1,069
End of the financial year	0	0	0	0	0	0	0
End of the financial year: continuing operations	0	0	0	0	0	0	0
End of the financial year: discontinued operations	0	0	0	0	0	0	0
NET CAPITAL GRANTS
Start of the financial year	159	1,688	4	0	0	0	1,851
Group consolidation extension	0	0	0	0	0	0	0
New allocations	0	0	0	0	0	0	0
Other	-3	-272	0	0	0	0	-275
Depreciation *	-3	-255	0	-4	0	0	-262
Depreciation - Discontinued Operations *	0	0	0	0	0	0	0
End of the financial year	153	1,161	0	0	0	0	1,314
End of the financial year: continuing operations	51	51	0	0	0	0	0
End of the financial year: discontinued operations	102	1,161	0	0	0	0	1,263
Net book value as per 31 December 2024	26,808	32,669	1,331	1,696	0	8,424	70,928

2023

Land and buildings	Installations, machines, and equipment	Furniture and rolling equipment	Leasing	Other	Assets under construction	Total
ACQUISITION VALUE
Start of the financial year	128,838	365,508	6,049	14,918	115	2,194
Group consolidation extension	0	0	0	0	0	0
Acquisitions	3,263	13,366	583	2,261	0	4,025
Transfers and decommissioning	-1,003	-16,941	-526	-1,193	-78	-33
Transfer from / to other entries	57	863	68	-923	0	65
Translation differences	1,046	1,858	36	11	11	2,962
End of the financial year	132,201	364,654	6,210	15,997	37	5,274
DEPRECIATION
Start of the financial year	86,733	293,368	4,672	8,647	110	44
Group consolidation extension	0	0	0	0	0	0
Depreciation *	4,021	18,240	522	2,754	5	0
Transfers and decommissioning	-986	-16,590	-522	-1,200	-78	0
Translation differences	401	1,048	22	4	3	0
End of the financial year	90,169	296,066	4,694	10,205	37	47
IMPAIRMENT
Start of the financial year	547	0	0	0	0	0
Group consolidation extension	0	0	0	0	0	0
Addition*	655	414	0	0	0	0
Reduction*	-547	0	0	0	0	0
Transfers and decommissioning	0	0	0	0	0	0
End of the financial year	655	414	0	0	0	0
NET CAPITAL GRANTS
Start of the financial year	159	1,688	4	0	0	0
Group consolidation extension	0	0	0	0	0	0
New allocations	0	0	0	0	0	0
Other	0	0	0	0	0	0
Depreciation *	-3	-261	0	-12	0	0
End of the financial year	156	1,427	-8	0	0	0
Net book value as per 31 December 2023	41,221	66,747	1,524	5,792	0	5,227

We include the lines marked * in notes 15 and 16 in the income statement, in the amount of depreciation and impairments on fixed assets. In 2024, the Group invested EUR 35.1 million (2023: EUR 24.8 million), of which EUR 34.1 million in property, plant and equipment and EUR 1 million in intangible assets. EUR 8 Million was invested in the Savoury SBU (discontinued operation) and EUR 27.1 million in continuing operations. Of the EUR 27.1 million, EUR 11 Million was invested in the purchase of the land and buildings in Poland. This investment plagues the strategic plan developed by the group for the Ready Meals business. The remaining investments relate to continued efficiency investments and investments in sustainability and product innovations. The group invested a large part in new packaging lines in the context of sustainability in order to reduce packaging waste. The group is also committed to further greening its fleet: 79% of newly commissioned leased cars in 2024 will be fully electric cars compared to 47% in 2023.

Consolidated financial statements

What’s Cooking? Annual report 2024

18. Equity method participations

	2024	2023
Joint venture	270	333
Associates
Total	270	333

	31/12/2024	31/12/2023
Acquisition price	520	520
Share in the result after the acquisition	-250	-187
Value joint venture	270	333

On June 1, 2022, the Group became a 50% owner of the start-up Davai BV. Davai manufactures plant-based dumpling snacks under the brand “Davai” and currently sells them in Belgium and the Netherlands. As expected, the value of the participation decreased further compared to 2023 due to the negative result of Davai BV on December 31, 2024. After the balance sheet date, the group bought the remaining shares in Davai BV.

19. Deferred tax assets and liabilities.

We can assign deferred tax assets and liabilities to the following headings:

	2024	2023 Restated
Tangible non-current assets	839	1,327
Receivables
Provisions	38	0
Debts
Transferred losses
Discontinued operations	3,602
Deferred tax liabilities	877	4,929

	2024	2023 Restated
Tangible non-current assets	3,449	2,974
Receivables
Provisions	365	350
Debts	8	-6
Tax losses carried forward	3,954	6,354
Discontinued operations	136
Deferred tax assets	7,776	9,808

In 2024, the group has not recognized €11,299 thousand of deferred tax assets on tax loss carryforwards in its discontinued operations (2023: €11,415 thousand). The group is not sufficiently certain that these will be realized soon. The tax loss carryforwards are indefinitely transferable over time Deferred tax assets evolve from EUR 9.7 million in 2023 for continuing operations to EUR 7.8 million in 2024 From 2019, a deferred tax benefit was expressed with respect to Poland for EUR 5 million because What’s Cooking Polska is located in a reconversion zone. From 2020, a portion of the expressed tax benefit is reversed annually because What’s Cooking Polska closed its fiscal year with a profit since 2020. This benefit is limited until 2026. This year we recorded a reversal of EUR 1.1 million on that deferred tax benefit, due to the uncertainty about the Special Economic Zone (SEZ) exemption because, in our opinion, the inclusion criteria are no longer met. Today, that SEZ exemption still represents EUR 871 thousand of the total deferred tax asset.

20. Other long-term receivables

	2024	2023
Receivables and securities in cash	65	67
Lening aan Joint Venture	110
Total	175	67

21. Inventories

	2024	2023 Restated
Raw and auxiliary items	14,413	14,195
Work in process	525	899
Finished products	5,506	6,237
Goods for resale	88	178
Discontinued operations	25,755
Total	20,532	47,264

For inventory write-downs, see Note 8. Inventories are in line with last year. They decreased from EUR 21.5 million to EUR 20.5 million in SBU ready meals. Stocks of raw materials and consumables increased slightly but stocks of finished goods decreased.

Consolidated financial statements

What’s Cooking? Annual report 2024

The average number of days of customer credit for the group in 2024 for continuing operations is insignificant given that a large portion of trade receivables are cashed through a factoring program that was closed in the second quarter of 2024. The percentage of trade receivables that have been due for more than 60 days is 0.2% in 2024 and 0.1% in 2023 (see also note 25). To cope with future inflation (deflation) of costs, many of the new contracts were concluded for a limited time period or included automatic indexation for the cost of key commodities.

23. Cash and cash equivalents

	2024	2023 Restated
Cash investments	5,645	2,305
Current accounts	12,017	17,080
Cash	3	4
Discontinued operations	924
Total	17,665	20,313

Cash is held with reputable banks. The cash investments involved an overnight deposit with a reputable bank.

22. Trade and other receivables

	2024	2023 Restated
Trade receivables	21,495	47,436
VAT to be reclaimed	3,407	3,116
Taxes to be reclaimed	30	234
Adjustment accounts	708	1,269
Empties	1,024	869
Other bank receivables related to factoring	2,999	0
Other	266	174
Discontinued operations	53,851
Total	29,929	106,949

Our trade receivables are non-interest bearing. Trade receivables decrease from EUR 47.4 million in 2023 to EUR 21.5 million in 2024. This is due to tight customer follow-up and the implementation of a factoring program in 2024. The impact of factoring amounts to EUR 26.5 million. The group has chosen to sell its trade receivables in Belgium, the Netherlands and France to a credit institution through a non-recourse factoring agreement without “recourse.” In accordance with IFRS 9 Financial Instruments, all non-recourse trade receivables that were included in the factoring program are written off in respect of the non-recourse involvement portion. The EUR 3 million “other receivables related to factoring” includes the retention applied by the bank on the trade receivables offered within the factoring agreement.

Consolidated financial statements

What’s Cooking? Annual report 2024

24.# Consolidated financial statements

Discontinued Operations

Assets held for sale - liabilities directly associated with assets held for sale

	2024	2023
DISCONTINUED OPERATIONS
Revenue	472,169	479,913
Trade goods, raw and auxiliary items	-308,662	-327,154
Services and miscellaneous goods	-75,433	-69,652
Employee expenses	-71,613	-73,098
Depreciation costs	-15,242	-16,774
Impairments, write-downs, and provisions	-84	154
Other operating income	7,319	7,988
Other operating expenses	-843	-1,039
Result of operating activities	7,611	338
Financial income	155	82
Financial expenses	-1,659	-1861
Taxes	-1,457	-374
Result of operations that are to be disposed net of tax	4,650	-1,815
Result dis-synergies on continuing operations net of tax	6,726	4,396
Result from discontinued operations net of tax (*)	11,376	2,581

ASSETS


Goodwill	33,714
Intangible non-current assets	6,612
Tangible non-current assets	59,008
Deferred tax assets	71
Other long-term receivables	11
Inventories	25,566
Trade and other receivables	51,451
Cash and cash equivalents	10,566
TOTAL ASSETS	186,999

LIABILITIES


Deferred tax liabilities	3,283
Provisions	1,197
Long-term interest-bearing liabilities	711
Current interest-bearing liabilities	2,124
Trade liabilities and other payables	76,570
Social liabilities	12,678
Tax liabilities	2,366
TOTAL LIABILITIES	98,929

Net assets discontinued operations | 88,070 |
Recognition of translation differences and other items en equity of discontinued operations | 502 |
Sale transaction costs (success fees and future IT expenses) | 3,937 |
Expected carve out costs for Wha's Cooking Group | 1,385 |
Subtotal | 93,894 |
Receivable on the transferred businesses and the buyer of the savoury business | -2,473 |
Cash received after closing date on the purchase of the savoury business | -103,927 |
Expected capital gain on the transaction | -12,506 |

(*) In accordance with IFRS 5.33, the company discloses the result from discontinued operations in its consolidated profit and loss account for 2024 and 2023. This amount includes, on the one hand, the profit (loss) from operational discontinued operations after taxes and, on the other hand, costs that were previously borne by the discontinued operation and, after the settlement of the sale of the SBU Savoury, are charged to the continuing operations (dis-synergies).

26. Employee benefits

Provisions for pensions and similar liabilities

The group and its subsidiaries provide for pension plans and other em- ployee benefits. At December 31, 2024, the total net liability for pension plans and similar obligations was €2,701 thousand for the group’s Belgian and French companies. At December 31, 2023, it was €3,695 thousand. SBU Savoury’s share in this decrease is €1,197 thousand.

	Defined benefit plan provisions	Other Total provisions
1 January 2023	2,613	829
Group consolidation extension
Service costs	856
Interest costs and income	61
Actuarial effect by OCI	349
Payments	0
Allocations and redemptions	240
Other	-1,253
31 December 2023	2,626	1,069
Group consolidation extension	0
Service costs	516
Interest costs and income	49
Actuarial effect by OCI	312
Payments	0
Allocations and redemptions	482
Other	-1,156
Discontinued operations	-764	-433
31 December 2024	1,583	1,118

SBU Savoury is included in this annual report as discontinued operations. All of its assets are included under “assets held for sale” and all of its liabil- ities at 31/12/2024 as “liabilities directly associated with assets held for sale. In order to facilitate the analysis of the figures in the various balance sheet notes, the 2023 figures presented SBU Savoury’s balance sheet po- sition on a single line each time. This maintains the reconciliation with the balance sheet. The Group completed the sale of SBU Savoury in January 2025. The finan- cial settlement of the sale of SBU Savoury will result in a net cash receipt of EUR 101 million and an expected capital gain of EUR 12.5 million in 2025. The receivable of 1.5 million EUR for the sale of the building in Lievegem is included in the 2.;5 million EUR.

25. Shareholder’s equity

Dividends

The General Meeting of May 30, 2024 approved the Board of Directors’ 2023 dividend proposal (gross EUR 4.28/share). The dividend was payable on July 1, 2024 and has already been paid in full. By declaring an annual dividend payable, What’s Cooking Group NV in- tends to offer its shareholders a market-competitive return. To the gener- al meeting of May 28, 2025, the board of directors proposes to pay a nor- mal gross dividend of EUR 4.5 per share payable in early July 2025 and an extraordinary gross dividend of EUR 5.5 per share payable in June 2025. The Board of Directors believes that the special portion of the dividend is justified given the successful completion of the sale of SBU Savoury in ear- ly 2025, returning the company to a positive net cash position after the sale. The dividend also allows the Group to maintain sufficient resources to execute its long-term strategy, including organic growth projects and a focus on well-chosen mergers and acquisitions.

Employee benefits and provisions for pensions and similar obligations

	Continued Discontinued Operations Operations Totaal	2024	2023
Defined benefit pension schemes
Net liability / (asset)	1,583	1,661	965
Of which liabilities	11,741	11,517	6,031
Of which investments in investment funds	-10,158	-9,856	-5,066
Amounts recognised in the income statement:
Pension costs allocated to the year of employment	516	526	330
Interest cost	49	45	16
Expected return on investments in investment funds	0	0	0
Recognised actuarial (profits)/losses	0	0	0
Past service pension costs	0	0	0
Losses/ (profits) from curtailments or settlements	1	3	0
Administrative expenses	19	18	10
Cost recognised in the income statement regarding defined benefit pension schemes	585	655	498
Amounts allocated to the shareholders’ equity via the comprehensive result (OCI)	-342	-654	223
Recognised actuarial (profits)/losses	312	379	-30
Cumulative of via OCI recognised actuarial results at the beginning of the period	-654	-1,034	254
Present value of the gross liability at the beginning of the year	11,516	11,572	6,242
Impact of PUC method on the Belgian fixed contribution plans
Employer's contributions	417	404	205
Interest cost	511	515	287
Pension costs allocated to the year of employment	469	139	-174
DBO( profit) loss for the period	-1,172	-1,114	-528
Other	11,741	11,516	6,032
Present value of the gross liability at the end of the year	-9,855	-10,042	-5,159
Fair value of the investments in investment funds at the beginning of the year	-847	-793	-453
Expected employer's contributions	-51	-47	0
Expected employee's contributions	994	1,508	549
Expected benefits paid (excl. interest)	0	0	0
Expected return on investments in investment funds	0	0	0
Expected taxes on contributions paid	95	87	46
Expected administrative expenses	17	16	11
Expected value of the investments in investment funds at the end of the year	-9,647	-9,271	-5,006
Fair value of the investments in investment funds to the beginning of the year	-9,855	-10,042	-5,159
Impact of PUC method on the Belgian fixed contribution plans
Actual employer's contributions	-907	-836	-446
Actual employees contributions	-44	-41	0
Actual benefits paid	1,102	1,072	523
Interest revenue	-371	-362	-191
Actual taxes on contributions paid	102	94	47
Actual administrative expenses	18	17	11
Actuarial profit (losses) on the investments in investment funds	-154	243	149
Other	-49
Fair value of the investments in investment funds at the end of the year	-10,158	-9,855	-5,066
Plan assets gain (loss) due to experience adjustments	0	0	-1
Fair value of the investments in investment funds at the end of the year	-10,158	-9,855	-5,067

Defined contribution schemes

The companies of What’s Cooking? pay contributions to publicly or pri- vately managed pension or insurance funds. Subject to the application of the law of December 18, 2015, the companies of the group have no further payment obligations once the contribution has been paid. Indeed, the minimum guaranteed reserves are covered by the value of fund invest- ments. The minimum guaranteed returns obtained (cf. Law Dec. 18, 2015):

For contributions paid after Jan. 1, 2016: here the OLO interest rate de- termines the variable minimum rate of return. This ranges from 1.75% to 3.75%.
For contributions paid up to the end of 2015: here the statutory rate of return continues to apply until employees retire, namely 3.25%, and 3.75%.

These pension plans guarantee a minimum return. We therefore consider them defined benefit plans. Annually, What’s Cooking? has a full actuarial calculation performed.

27. Interest-bearing liabilities

	Maturity period: Between the year	Maturity period: Within 1 and 5 years	Maturity period: After 5 years	Total
2024
Interest-bearing liabilities
Credit institutions	0	63,000	0	63,000
Lease liabilities	515	1,230	0	1,745
Total	515	64,230	0	64,745

2024
Other liabilities	0	0	0	0

2023
Interest-bearing liabilities
Credit institutions	0	75,000	0	75,000
Lease liabilities	2,615	3,595	0	6,210
Total	2,615	78,595	0	81,210

2023
Other liabilities	0	0	0	0

The key actuarial assumptions are:

	\multicolumn{2}{c	}{2024}	\multicolumn{2}{c	}{2023}
	Belgium	France	Belgium	France
Discount rate	3.75%	3.80%	3.60%	3.60%
Future salary increases including inflation	2.50%	3.35%	2.60%	3.35%
Inflation	2.10%	2.95%	2.20%	2.95%

27.1. The loans from credit institutions

The loans from credit institutions in 2024 consist of:
• EUR 63 million long-term loans, with interest rates regularly revised for agreed periods of less than one year.

On Feb. 22, 2024, What’s Cooking signed a new 5-year financing agreement for a EUR 175 million Revolving Credit Facility (RCF) with a consortium of banks. The agreement can be extended for 2 periods of 1 year subject to the agreement of all parties. This agreement refinances the existing RCF and ensures the necessary financial stability in an uncertain changing macroeconomic and geopolitical context. The RCF allows What’s Cooking Group to further realize its Sustainable Profitable Growth Plan 2030. The financing is unsecured and allows the group take on a debt ratio of up to 3.5 times EBITDA. In case of new acquisitions, a temporary excess of up to 4.0 times EBITDA is accepted. The financing agreement also provides the option to link the margin to the group’s sustainability objectives. Three KPI’s related to sustainability come into play: Scope 1&2 greenhouse gas emissions in the Ready Meals SBU, freshwater withdrawal per ton of products sold and the score of supplier engagement in the EcoVadis program. The latter indicator will later be replaced by another scope 3 target. The cost of setting up the RCF (Revolving Credit Facility) was EUR 0.4 million and is being amortized over the original term of the loan.

The loans from credit institutions in 2023 consist of:
• EUR 75 million long-term credits including mainly the RCF, where the interest rate was regularly revised for agreed periods of less than one year.

Interest on loans from credit institutions - level at year-end:

	Outstanding loan amount on 31/12/2024	Intrest rate	Outstanding loan amount on 31/12/2023	Intrest rate
Loans with variable interest rate
Loans in EURO	63,000 K EUR	3.513%	75,000 K EUR	4.525%

Minimum payments to credit institutions (including interest) are:

	2024	2023
Less than 1 year	2,213	3,394
More than 1 year and less than 5 years	65,213	81,788
More than 5 years	0	0
Total	67,426	85,182

The group has sufficient short-term credit lines to meet its short-term needs. The group has not pledged any assets to meet its obligations to credit institutions. Nor has it received any guarantees from third parties.

What’s Cooking? Annual report 2024 211 Consolidated financial statements

31/12/23

	Cash Flow non-cash adjustments	Exchange rate fair value	Acquisitions	IFRS 16 adjustment	Long term interest-bearing liabilities
opening
Credit institutions	75,000	-12,000			63,000
Lease liabilities	3,595	-1,654	-711	1,230
Short term Interest-bearing liabilities
Credit institutions	0	0
Lease liabilities	2,615	24	-2,124	515
Other long term non-interest-bearing liabilities	0	0
Other short term non-interest-bearing liabilities	0	0
Total	81,210	-13,630	0	-2,835	0


	0	0	64,745

31/12/22

	Cash Flow Non-cash aanpassingen	Exchange balance rate fair value	Acquisitions	IFRS 16 adjustment	Long term interest-bearing liabilities
opening
Credit institutions	80,086	-5,093	7		75,000
Lease liabilities	4,231	-641	5		3,595
Short term Interest-bearing liabilities
Credit institutions	340	-347	7		0
Lease liabilities	2,452	160	3		2,615
Other long term non-interest-bearing liabilities	0	0
Other short term non-interest-bearing liabilities	3,981	-4,060	79		0
Total	91,090	-9,981	0	0	101


0	81,210

27.2. Leasing debts

The group leases its cars under a number of operating leases. IFRS 16 (standards and interpretations effective January 1, 2019) requires the lessee to capitalize all lease and rental obligations on the balance sheet. The liability reflects all future lease payments associated with the lease valued at present value. The asset reflects the right to use the asset during the agreed lease term. The group aims to purchase rather than lease all of its production-related machinery and rolling stock. The main open leasing debts are related to the fleet of lease cars and, to a very limited extent, the rental of administrative buildings. At the end of 2024, the group has leasing debts of 1.7 million compared to 1.5 million in 2023 (total 2023 including discontinued operations: EUR 6.2 million).

What’s Cooking? Annual report 2024 212 Consolidated financial statements

28. Trade liabilities and other debts

	2024	2023
Trade liabilities	65,534	62,339
Dividends	87	87
Other	398	13
Discontinued operations	93,414
Total	66,019	155,853
Of which empties	0	0

Most trade payables have a maturity date of between 30 and 60 days from invoice date.

29. Risks arising from financial instruments

Interest rates and exchange rates involve risks. This exposure is a normal consequence of the Group’s activities. We use derivative financial instruments to reduce these risks. Group policy prohibits the use of derivative financial instruments for speculative purposes.

Interest risk

Interest rate risk is the risk of fluctuation in value of a financial instrument due to changes in market interest rates. What’s Cooking? is exposed to the risk of interest rate fluctuations on its entire external financing under the RCF. At December 31, 2024, the amount drawn under the RCF is EUR 63 million. At December 31, 2023, the amount drawn was 75 million. What’s Cooking wishes to limit its interest risk by hedging if the Board of Directors deems hedging advantageous. To this end, on November 30, 2018, it entered into a floored IRS with maturities at the end of each quarter for a notional amount of EUR 10 million, and an option for the same notional amount with a strike of 1% at the same maturities. On January 11 and 14, 2019, respectively, the group entered into 2 additional floored IRS contracts with the other 2 participating banks of the club deal with maturities at the end of each quarter in the amount of a notional amount of EUR 10 million each, and an option for the same notional amount with a strike of 1% at the same maturities. This interest hedging expired on June 27 and June 30, 2023, respectively. No interest rate hedges were taken for the time being for the period after June 30, 2023. Hedges will be reconsidered in the future.

Exchange rate risk

Foreign exchange risk lies in the potential fluctuations in value of financial instruments due to exchange rate fluctuations. The group incurs foreign exchange risk on sales, purchases and interest-bearing loans expressed in a currency other than the company’s local currency. At December 31, 2024, the group had a net position in GBP 5,957 thousand. At December 31, 2023, it was GBP 4,982 thousand related to continuing operations (EUR 604 thousand related to discontinued operations). An overview of our hedging can be found in the table below. In Poland, at December 31, 2024, we had a net position in Polish Zloty of PLN 3,315 thousand. At December 31, 2023, this was a net debt position of PLN 5,370 thousand.

Contract	Maturity date	Contract type	Initial notional
23/09/2024	25/03/2025	Flexiterm	£1,000,000.00
24/05/2024	15/01/2025	Accumulateur protégé	£203,000.00
23/09/2024	25/03/2025	Accumulateur protégé	£403,000.00

Credit risk

Credit risk is the risk that one of the contracting parties will default on its financial obligations which may cause the other party to incur a loss. In our SBU ready meals business, we sell our products to a broad customer base. This includes most major European discount and retail customers. We achieve sales to these customers through various contracts and products with various maturities. We do this in several countries, both for our own brands and for customers’ own brands. The ten largest customer groups represent 58.46% of sales in 2024 and 61.9% in 2023. In both 2024 and 2023, 2 external customers exceeded the 10% mark of consolidated sales with each accounting for 16.68 and 11.22% (17.51% and 11.96% in 2023, respectively). Management worked out a credit policy. We continuously monitor exposure to credit risk.
• Credit risk on trade receivables: we continuously monitor credit risk on all customers.
• Credit risks on cash and short-term investments: short-term investments are made in readily marketable securities or in fixed-term deposits with reputable banks.
• Transactions with derivative financial instruments: transactions with derivative financial instruments are permitted only with counterparties that have high credit ratings.

For all these risks except some of the customers at What’s Cooking Dee- side UK Ltd, the balance sheet total is the maximum credit risk. Furthermore, the overall risk for the group reduced in 2024 due to the implementation of a non-recourse factoring program with associated credit insurance which also reduced the outstanding customer receivables on the balance sheet.

Trade receivables are subject to normal payment terms.

What’s Cooking? Annual report 2024 213 Consolidated financial statementsOn closing date, there are no significant outstanding past due amounts.

	2024	2023
Total outstanding client receivables	21,495	94,362
Overdue < 30 days	907	6,033
Overdue between 30 and 60 days	28	199
Overdue > 60 days	44	129

Consolidated balance sheet

Note	2024	2023
	as at December 31,	as at December 31,
	Book value	Book value
2023 and 2022
Current assets
Trade and other receivables	22	29,929
Cash and cash equivalents	23	17,665
Long-term liabilities
Long-term interest- bearing liabilities	27	64,230
Other long-term liabilities		0
Current liabilities
Current interest- bearing liabilities	27	515
Trade liabilities and other payables	28	66,019
Social liabilities		11,810
Tax liabilities		1,574

Assets and liabilities measured at fair value: hierarchy

as at 31 December 2024	Level 1	Level 2	Level 3	Fair value
Trade and other receivables	0	0
Other short term liabilities	35	35	0

Assets and liabilities measured at fair value: hierarchy

as at 31 December 2023	Level 1	Level 2	Level 3	Fair value per 31 december 2023
Trade and other receivables	0	0
Other short term liabilities	0	0	0

Level 1: market prices in active markets for identical assets or liabilities
Level 2: data other than level 1, which are observable for the asset or liabil- ity either directly (through prices) or indirectly (derived from prices)
Level 3: data not based on observable market figures

Liquidity risk

Liquidity risk is the risk that the group cannot meet its financial obliga- tions. The group mitigates this risk by permanently monitoring cash flows. We also ensure that sufficient credit facilities are available. See also note 25. As of December 31, 2024, a total amount of EUR 63 million was drawn at a variable interest rate. The covenant is tested each time on the 30/06 and 31/12 figures. In 2024 and 2023, the group met its covenants.

On Feb. 22, 2024, What’s Cooking signed a new 5-year financing agree- ment for a Revolving Credit Facility (RCF) of EUR 175 million with a consor- tium of existing and new banks. The agreement can be extended for 2 1-year periods if agreed by all parties. This agreement refinances the ex- isting RCF and ensures the necessary financial stability in an uncertain volatile macroeconomic and geopolitical context. The RCF allows What’s Cooking? to further realize its Sustainable Profitable Growth Plan 2030. The financing is unsecured and allows the group to take on a debt ratio of up to 3.5 times EBITDA. In case of new acquisitions, a temporary excess of up to 4.0 times EBITDA will be accepted. The agreement also provides for a possible increase up to EUR 250 million subject to agreement of the par- ties and fulfilment of well-defined conditions.

What’s Cooking? Annual report 2024 214

30. Leasing

The group leases its passenger vehicles under a number of operating lease agreements. IFRS 16 requires the lessee to capitalize all lease and rental obligations on the balance sheet. The liability reflects all future lease payments associat- ed with the lease valued at present value. The asset reflects the right to use the asset during the agreed lease term. Lease liabilities are measured at the present value of the remaining lease obligations and discounted at the contractual incremental interest rate.

31. Off-balance sheet rights and obligations

As of December 31, 2024, total purchase commitments for major invest- ment projects amounted to €6,850 thousand (2023: €7,843 thousand of which €3,156 thousand for continuing operations). For these, we already awarded contracts or placed orders. At December 31, 2024, the group had € 9,6 million outstanding purchase commitments with raw material suppliers (2023: €2,2 million for continu- ing operations). To mitigate the impact of increased energy prices, the group established a hedging strategy whereby portions of its energy needs are hedged as the period approaches. The group purchases its energy on a coun- try-by-country basis. For example, 2025 is now fully hedged for all pro- duction sites. As part of the sale of SBU Savoury, a retention agreement was concluded with a number of managers and executives. This may generate a maxi- mum future liability of €1,758 thousand on behalf of entities in the group.

32. Transactions with related parties

Transactions with directors and executive committee members

The Remuneration and Nomination Committee prepared What’s Cook- ing’s compensation policy. The board of directors approved it. The com- pensation of executive directors and executive committee members is structured into a fixed and a variable portion. The variable portion is sub- ject to review by the remuneration and nomination committee and long- term incentives such as pension plan, among others. Since January 1, 2006, we have included the remuneration policy as an integral part of the Corporate Governance Charter. The compensation of board members and executive management for the financial year 2024, we summarize in the table below. For details, please refer to the remuneration report in the Corporate Governance Statement (see above).

Transactions with Directors of What’s Cooking Group NV: in EUR million

	2024	2023
Remuneration to Board of Directors What’s Cooking Group NV for the execution of their mandate	0.44	0.42

Transactions with members of the Executive Committee: in EUR million

	2024	2023
Short-term employee benefits	3.42	2.86
Post-employment benefits	0	0
Other long-term employee benefits	0.68	0.37
Termination benefit	0.35	0
Share-based payments	0	0

Transactions with other parties

Transactions with related parties are primarily commercial transactions. They are based on the “at arm’s length” principle. The costs and revenues of these transactions are immaterial in the consolidated financial state- ments. In 2024 (as in 2023) we received no reports from directors or manage- ment on related transactions, as stipulated in the Corporate Governance Charter

33. Earnings per share

Basic earnings per share

The calculation of basic earnings per share is based on:
* net income attributable to ordinary shareholders of €20,647 thousand (2023: €7,657 thousand)
* a weighted average number of ordinary shares outstanding during the year of 1,856,180 (2023: 1,838,256)

Consolidated financial statements
What’s Cooking? Annual report 2024 215

We calculated the weighted average number of common shares out- standing as follows:

	2024	2023
Number of outstanding ordinary shares on 1 January financial year	1,856,180	1,821,006
Effect of ordinary shares issued
Weighted average number of outstanding ordinary shares on 31 December financial year	1,856,180	1,838,256
Group share in the earnings of financial year	20,647	7,657
Average number of shares	1,856,180	1,838,256
Earnings per share	11.12	4.17

At December 31, 2024, the capital is represented by 1,856,180 shares

Diluted earnings per share

In calculating diluted earnings per share, we adjust the weighted average number of shares. We take into account all dilutive potential common shares. There are none in 2024 and 2023.

	2024	2023
Net group earnings	20,647	7,657
Average number of shares	1,856,180	1,838,256
Dilution effect warrant plans	0	0
Adjusted number of shares	1,856,180	1,838,256
Diluted earnings per share	11.12	4.17

	2024	2023
Average number of shares	1,856,180	1,856,180
Dividend per share	10	4.28
Total dividend	18,561,800.00	7,944,450.40

Consolidated financial statements
What’s Cooking? Annual report 2024 216

34. Impact of business combinations

In 2024 and 2023, the group made no new acquisitions falling within the definition of “business combination”.

Consolidated financial statements
What’s Cooking? Annual report 2024 216

35. Group companies

No new acquisitions had taken place by 2024. The parent company of the group, What’s Cooking Group NV- Kortrijksesteenweg 1091 Bus C - 9051 Sint-Denijs-Westrem (Ghent) in Belgium, is on December 31, 2024 directly or indirectly the parent company of the following companies:

Name and full address of the company	Continued activities	Effective holding in %
What's Cooking Belgium NV - Kortrijksesteenweg 1091 bus C, 9051 Sint-Denijs-Westrem (Gent)		100
What's Cooking Marche-En-Famenne SA - Chaussée de Wavre 259 A, 4520 Wanze - Belgium		100
What's Cooking Wanze SA - Chaussée de Wavre 259 A , 4520 Wanze - Belgium		100
What's Cooking Nederland BV - Verlengde Poolseweg 16 - 4818 CL Breda - Netherlands		100
What's Cooking Ibérica SL - Vía de las Dos Castillas , 33 - Complejo Empresarial Ática, Edificio 6, Planta 3a - Officina B1, 28224 Pozuelo de Alarcón, Madrid - Spain		100
Ter Beke France SA - ZI Espace Zuckermann - BP56 - 14270 Mézidon-Canon - France		100
What's Cooking Polska Sp. z.o.o. - Ul. Północna 12 - 45-805 Opole - Poland		100
What's Cooking France SAS - ZI Espace Zuckermann - BP56 - 14270 Mézidon-Canon – France		100
What's Cooking Deeside UK LTD - Estuary House 10th Avenue - Zone 3 Deeside Industrial Park – Deeside – Flintshire - CH5 2UA - United Kingdom		100
What's Cooking Deutschland GmbH -Krefelder Strasse 249 - 41066 Mönchengladbach - Germany		100
Davai BV Kortrijksesteenweg 1091 Bus C – 9051 Sint-Denijs-Westrem (Gent) (*)		50

Name and full address of the company	Discontinued activities	Effective holding in %
What's Cooking Savoury Belgium NV - Antoon Van der Pluymstraat 1, 2160 Wommelgem - Belgium		100
What's Cooking Wommelgem NV - Antoon Van der Pluymstraat 1, 2160 Wommelgem - Belgium		100
What's Cooking Waarschoot NV - Beke 2, 9950 Lievegem - Belgium		100
What's Cooking Veurne NV - Ondernemingenstraat 1, 8630 Veurne - Belgium		100
What's Cooking Savoury UK Ltd - Addlestone Road, Bourne Business Park, Addlestone, Surrey KT15 2LE – UK		100
What's Cooking Savoury Deutschland GmbH - Krefelder Strasse 249 - 41066 Mönchengladbach - Germany		100
What's Cooking Savoury Nederland BV - Bijsterhuizen 24/04, 6604 LL Wijchen - Netherlands		100
What's Cooking Wijchen BV - Bijsterhuizen 24/04, 6604 LL Wijchen - Netherlands		100

The Group completed the sale of SBU Savoury to Aurelius in January 2025. The sale will net 101 million cash in 2025 and generate a capital gain of EUR 12.5 million. The composition of the 101 million is as follows:

EUR Amount	Description
104 Million	Amount received at closing of transaction (January 10, 2025)
1 Million	Expected further vendor receipts during 2025
-5 Million	Costs related to the transaction & payable in 2025 (success fees and future IT expenses)
100 Million	Subtotal
1 Million	Net proceeds from sale of buildings
101 Million	Net cash proceeds

The acquisition of 100% of the shares of Sveltic by What’s Cooking Belgium became final on April 1st 2025. What’s Cooking? is thus strengthening its position in France. The acquisition also further broadens the product portfolio. Sveltic employs (excluding temporary workers) about 220 people. Sveltic achieved 2024 revenues of approximately EUR 55 million and normalized EBITDA of more than EUR 4 million. The total enterprise value paid by the group for the transaction amounts to EUR 29 million. The transaction is based on the principle that the company will be transferred cash-free, debt-free and with normal working capital. The final acquisition price for the shares will therefore deviate slightly from the enterprise value. In the coming months, the purchase price allocation will also take place – the final allocation cannot be determined at this point in time. We do not expect the transaction to generate significant goodwill at this time. As part of the agreement with the seller Agromousquetaires (part of the Intermarché group), Sveltic will also continue to supply Intermarché for the coming years and certain services will continue to be provided temporarily by Agromousquetaires to Sveltic to ensure the continuity of the systems and operations.
The group’s headquarters moved from Beke 1 at 9950 Lievegem to Kortrijksesteenweg 1091 bus C 9051 Sint-Denijs-Westrem (Ghent) at the end of February 2025. Please also note that the general meeting will take place at the new headquarters.

37. Statutory auditor’s fees

For the audit of the What’s Cooking group in 2024, the auditor charged 400 thousand EUR in fees and 214 thousand EUR for non-audit services. The companies with which the auditor has a partnership did not invoice additional fees to the Group in 2024.

Consolidated financial statements

1. Balance sheet

	2024	2023
Non-current assets	227,975	259,981
I. Formation Expenses
II. Intangible non-current assets	3,644	3,567
III. Tangible non-current assets
IV. Financial non-current assets	224,331	256,414
Current assets	13,609	79,972
V. Amounts receivable after 1 year	0	0
VI. Inventories	0	0
VII. Amounts receivable within one year	7,276	69,220
VIII. Cash investments	0	0
IX. Cash and cash equivalents	4,659	10,070
X. Accrued income and deferred charges	1,674	682
TOTAL ASSETS	241,584	339,953
Shareholders’ equity	83,604	104,267
I. Capital	5,253	5,253
II. Share premiums	59,604	59,604
IV. Reserves	3,360	3,360
Statutory reserves	649	649
Reserves not available for distribution	1,457	1,457
Untaxed reserves	679	679
Reserves available for distribution	575	575
V. Transferred result	15,387	36,050
Provisions and deferred taxes	673	448
Provisions for risks and costs	673	448
Deferred taxes
Debts	157,307	235,238
X. Debts payable after 1 year	63,000	136,000
XI. Debts payable within 1 year	94,307	99,234
XII. Accrued charges and deferred income	4
TOTAL LIABILITIES	241,584	339,953

Abbreviated financial statements of What’s Cooking Group NV

2. Income statement

	2024	2023
Operating income	27,556	33,416
Turnover
Change in inventory
Produced non-current assets
Other operating income	27,556	33,416
Operating costs	27,075	22,690
Trade goods, raw and auxiliary items
Services and miscellaneous goods	18,276	14,783
Remuneration, social security costs and pensions	7,640	6,668
Depreciation and write-downs on intangible and tangible non-current assets	927	907
Write-downs on inventory and trade receivables	0
Provisions for risks and costs	225	323
Other operating costs	7	9
Operating result	481	10,726
Financial income	10,504	13,325
Financial charges	-13,048	-9,540
Result from ordinary business operations before tax	-2,063	14,511
Profit before tax	-2,063	14,511
Tax on profits	-39	-15
Result for the financial year after tax	-2,102	14,496

The valuation and translation rules for the statutory financial statements of the parent company comply with Belgian standards (BE GAAP). The consolidated financial statements were prepared in accordance with IFRS. Both valuation rules differ significantly from each other. The auditor gave an unqualified opinion on the statutory financial statements of What’s Cooking Group NV. The following documents are published in accordance with legal requirements and can be obtained free of charge: the integral version of the statutory financial statements, the unqualified auditor’s report and the non-consolidated annual report, which is not included in the integral version.

Consolidated income statement

	2024	2023	Restated 2022	2021	2020
Revenue (net revenue)	403,545	368,753	781,385	696,906	717,422
EBITDA	31,660	22,648	35,861	45,939	37,140
Result of operating activities (EBIT)	18,653	10,360	7,647	17,149	4,839
Result after taxes before share in the result of enterprises is accounted for using the equity method	9,334	5,174	4,609	7,333	-2,463
Earnings after taxes (EAT)	20,647	7,657	4,520	7,333	-2,463
Net cash flow	22,341	17,462	32,823	36,123	29,838

Consolidated balance sheet and financial structure

	2024	2023	2022	2021	2020
Non-current assets	131,979	224,711	225,726	231,701	245,108
Current assets	255,125	174,526	178,733	150,104	156,492
Equity	140,449	125,783	120,573	121,445	116,578
Total of balance sheet	387,104	399,237	404,459	381,805	401,600
Net financial debts	47,080	60,897	67,756	73,763	99,909
Net financial debts / Equity	33.5%	48.4%	56.2%	60.7%	85.7%
Equity/Total of balance sheet	36.3%	31.5%	29.8%	31.8%	29.0%

Stock and dividend information

	2024	2023	2022	2021	2020
Number of shares	1,856,180	1,856,180	1,821,006	1,794,217	1,767,281
Average number of shares	1,856,180	1,838,256	1,807,722	1,780,860	1,749,951
Average stock price (December)	105.83	66.13	87.82	118.24	112.59
Basic profit per share	11.12	4.17	2.50	4.12	1.41
Diluted profit per share	11.12	4.17	2.50	4.12	1.41
EBITDA per share	17.06	24.73	19.84	25.80	21.22
Net cash flow per share	12.04	19.94	18.16	20.28	17.01
Dividend per share	4.50	4.28	4.00	4.00	4.00
Payout ratio	5.50
Dividend return (December)	10.00	4.28
Payout ratio	89.90%	103.75%	172.57%	97.70%	-296.28%
Dividend return (december)	9.40%	6.50%	4.60%	3.40%	3.60%

Valuation

	2024	2023	2022	2021	2020
Market capitalisation (December)	196,440	122,749	159,921	212,148	198,978
Net financial debt	47,080	60,897	67,756	73,763	99,909
Market value of the company	243,520	183,646	227,677	285,911	298,887
Market value / Result	11.8	24.0	50.4	39.0	-121.4
Market value / EBITDA	7.7	4.0	6.3	6.2	8.0
Market value / Net cash flow	10.9	5.0	6.9	7.9	10.0

Consolidated key figures 2020-2024

Declaration by the responsible persons

The undersigned, Piet Sanders°, managing director, and Yves Regniers*, chief financial officer (CFO), declare that, to the best of their knowledge:

The financial statements for financial year 2024 and 2023, prepared in accordance with International Financial Accounting Standards (IFRS) as applied by the European Union, give a reliable picture of the assets, financial situation and results of What’s Cooking Group NV and of the companies included in the consolidation.
The annual report gives a reliable overview of the development, results and position of What’s Cooking Group NV and of the companies included in the consolidation. The annual report also provides a fair description of the main risks and uncertainties with which they are confronted.

Yves Regniers*
Chief Financial Officer

Piet Sanders°
Managing Director

* Permanent representative of BV Esroh
° Permanent representative of BV Leading For Growth

Report from the Statutory Auditor on the consolidated annual accounts

Statutory auditor’s report to the general meeting of What’s Cooking Group NV on the consolidated financial statements as of and for the year ended 31 December 2024

In the context of the statutory audit of the consolidated financial statements of What’s Cooking Group NV (“the Company”) and its subsidiaries (jointly “the Group”), we provide you with our statutory auditor’s report. This includes our report on the consolidated financial statements and other legal and regulatory requirements. Our report is one and indivisible. We were appointed as statutory auditor by the general meeting of 30 May 2024, in accordance with the proposal of the board of directors issued on the recommendation of the audit committee and as presented by the workers’ council. Our mandate will expire on the date of the general meeting deliberating on the annual accounts for the year ended 31 December 2026.# Report on the consolidated financial statements

Unqualified opinion

We have audited the consolidated financial statements of the Group as of and for the year ended 31 December 2024, prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board and as adopted by the European Union, and with the legal and regulatory requirements applicable in Belgium. These consolidated financial statements comprise the consolidated balance sheet as at 31 December 2024, the consolidated income statement and the consolidated statement of comprehensive income, consolidated statement of changes in equity and the consolidated cash flow statement for the year then ended and notes, comprising material accounting policies and other explanatory information. The total of the consolidated balance sheet amounts to EUR 387.104 (000) and the consolidated income statement shows a profit for the year of EUR 20.647 (000).

In our opinion, the consolidated financial statements give a true and fair view of the Group’s equity and financial position as at 31 December 2024 and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board, as adopted by the European Union, and with the legal and regulatory requirements applicable in Belgium.

Basis for our unqualified opinion

We conducted our audit in accordance with International Standards on Auditing (“ISAs”) as adopted in Belgium. In addition, we have applied the ISAs as issued by the IAASB and applicable for the current accounting year while these have not been adopted in Belgium yet. Our responsibilities under those standards are further described in the “Statutory auditors’ responsibility for the audit of the consolidated financial statements” section of our report. We have complied with the ethical requirements that are relevant to our audit of the consolidated financial statements in Belgium, including the independence requirements. We have obtained from the board of directors and the Company’s officials the explanations and information necessary for performing our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Impairment of goodwill

We refer to Note 15 ‘Goodwill’ of the consolidated financial statements.

Description

As described in Note 15 – ‘Goodwill’ of the consolidated financial statements, the Company has recorded a goodwill for an amount of 44.732 (000) EUR as per 31 December 2024. Goodwill is assessed for impairment on an annual basis in accordance with IAS 36 “Impairment of Assets”. Management prepares an analysis in which the recoverable amount is assessed by discounting future cashflow projections at the level of the cash generating units. This recoverable amount is compared to the carrying amount at balance sheet date in order to determine if goodwill is impaired as well as the level of impairment charge to be recognized, if any.

What’s Cooking? Annual report 2024 223 Consolidated financial statementsConsolidated financial statements

Due to its significance to the balance sheet total and the significant degree of judgement required by management in developing the estimate, which mainly relates to the inputs used in forecasting as well as discounting the future cash flows in order to determine the recoverable amount, we determined impairment of goodwill as a key audit matter.

Our audit procedures

We have performed the following audit procedures:

We assessed the process of cash flow forecasting by management, including testing the underlying calculations and reconciling them to financial targets and plans approved by the board of directors;
We analysed management’s ability to forecast cash flows accurately and challenged the reasonableness of current forecasts by comparing the key assumptions to historical results;
We evaluated the Group’s valuation methodology and its determination of discount rates and terminal growth rates by involving valuation specialists in our audit team;
We challenged the appropriateness of the sensitivity analysis around the key assumptions used in determining and discounting cash flow expectations, in particular discount rates and growth rates; and
We evaluated the completeness and appropriateness of the Group’s disclosures in respect of impairment, as included in note 15 to the consolidated financial statements.

IFRS 5 Non-current assets held for sale and discontinued operations

We refer to Note 14 ‘Results from discontinued business activity after income taxes’ and Note 24 ‘Assets held for sale – liabilities directly associated with assets held for sale’ of the consolidated financial statements.

Description

As described in Notes 14 and 24 of the consolidated financial statements, the Company has concluded that the Savoury segment meets the conditions to be presented as held for sale and classified as discontinued operations in the consolidated financial statements. The assets of this segment as well as the related liabilities are presented on the face of the consolidated balance sheet separately from the Group’s other assets and liabilities as at 31 December 2024 and amount to 186.999 (000) EUR and 98.929 (000) EUR, respectively. In accordance with IFRS 5.33, the Company discloses separately the result for the period from discontinued operations of 11.376 (000) EUR (2023: 2.581 (000) EUR) on the face of the consolidated income statement as at 31 December 2024 and 31 December 2023.

The recognition and presentation of the result from discontinued operations and assets held for sale in accordance with IFRS 5 is a key audit matter given the significance of the transaction and impacted assets and liabilities, which implies an entire segment, as well as management’s judgment required with respect to the timing of the reclassification as held for sale and the determination of the result attributed to continuing and discontinuing operations in the consolidated income statement.

Our audit procedures

We have performed the following audit procedures:

We assessed the Group’s process that determined that the Savoury segment meets the classification and presentation requirements of IFRS 5 ‘Non-current assets held for sale and discontinued operations’ as at 31 December 2024;
We inspected the minutes of Boards of Directors, the purchase and sale agreement and other relevant documents that support the presentation, including the appropriate timing of the reclassification, of the Savoury segment as assets held for sale;
We assessed the correct identification, measurement and presentation of assets held for sale and liabilities directly associated with assets held for sale related to the Savoury segment;
We challenged management’s judgment applied in the allocation of income attributed to continuing and discontinuing operations;
We verified if the results of the discontinued operations are properly presented separately from continuing operations in the consolidated income statement for the year ended 31 December 2024 and have also been appropriately re-classified in the comparative consolidated income statement for the year ended 31 December 2023; and
We evaluated the completeness and appropriateness of the Group’s disclosure in respect of IFRS 5 Non-current assets Held for Sale and Discontinued Operations, as included in Notes 14 and 24 to the consolidated financial statements.

Board of directors’ responsibilities for the preparation of the consolidated financial statements

The board of directors is responsible for the preparation of these consolidated financial statements that give a true and fair view in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board, as adopted by the European Union, and with the legal and regulatory requirements applicable in Belgium, and for such internal control as board of directors determines, is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the board of directors is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the board of directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Statutory auditor’s responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance as to whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of the users taken on the basis of these consolidated financial statements.# Consolidated financial statements

When performing our audit we comply with the legal, regulatory and pro- fessional requirements applicable to audits of the consolidated financial statements in Belgium. The scope of the statutory audit of the consolidat- ed financial statements does not extend to providing assurance on the future viability of the Group nor on the efficiency or effectivity of how the board of directors has conducted or will conduct the business of the Group. Our responsibilities regarding the going concern basis of account- ing applied by the board of directors are described below.

As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also perform the following procedures:

Identify and assess the risks of material misstatement of the consoli- dated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may in- volve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate in the circum- stances, but not for the purpose of expressing an opinion on the effec- tiveness of the Group’s internal control;
Evaluate the appropriateness of accounting policies used and the rea- sonableness of accounting estimates and related disclosures made by board of directors;
Conclude on the appropriateness of board of directors’ use of the going concern basis of accounting and, based on the audit evidence ob- tained, whether a material uncertainty exists related to events or con- ditions that may cast significant doubt on the Group’s ability to con- tinue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Group to cease to continue as a going concern;
Evaluate the overall presentation, structure and content of the consoli- dated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transac- tions and events in a manner that achieves fair presentation;
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to ex- press an opinion on the consolidated financial statements. We are re- sponsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with the audit committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the audit committee with a statement that we have com- plied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applica- ble, related safeguards. For the matters communicated with the audit committee, we determine those matters that were of most significance in the audit of the consoli- dated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report un- less law or regulation precludes public disclosure about the matter.

Other legal and regulatory requirements

Responsibilities of the Board of directors

The board of directors is responsible for the preparation and the content of the board of directors’ annual report on the consolidated financial statements including the sustainability information.

Statutory auditor’s responsibilities

In the context of our engagement and in accordance with the Belgian ad- ditional standard (revised version 2025) which is complementary to the International Standards on Auditing as applicable in Belgium, our respon- sibility is to verify, in all material respects, the board of directors’ annual report on the consolidated financial statements, and to report on these matters.

Aspects concerning the board of directors’ annual report on the consolidated financial statements

The annual report on the consolidated financial statements contains the consolidated sustainability information that is the subject of our sepa- rate report on the limited assurance with respect to this sustainability in- formation. This section does not cover the assurance on the consolidated sustainability information included in the annual report on the consoli- dated financial statements. For this part of the annual report on the consoli- dated financial statements, we refer to our separate report on this matter.

Based on specific work performed on the board of directors’ annual report on the consolidated financial statements, we are of the opinion that this annual report is consistent with the consolidated financial statements for the same period and has been prepared in accordance with article 3:32 of the Companies’ and Associations’ Code.

In the context of our audit of the consolidated financial statements, we are also responsible for considering, in particular based on the knowledge gained throughout the audit, whether the board of directors’ annual re- port on the consolidated financial statements contains material mis- statements, that is information incorrectly stated or misleading. In the context of the procedures carried out, we did not identify any material misstatements that we have to report to you.

Information about the independence

Our audit firm and our network have not performed any engagement which is incompatible with the statutory audit of the consolidated ac- counts and our audit firm remained independent of the Group during the term of our mandate.
The fees for the additional engagements which are compatible with the statutory audit referred to in article 3:65 of the Companies’ and As- sociations’ Code were correctly stated and disclosed in the notes to the consolidated financial statements.

European Single Electronic Format (ESEF)

In accordance with the draft standard on the audit of compliance of the annual report with the European Single Electronic Format (hereafter “ESEF”), we have also audited whether the ESEF-format is in accordance with the regulatory technical standards as laid down in the EU Delegated Regulation nr. 2019/815 of 17 December 2018 (hereafter “Delegated Regu- lation”) and the Royal Decree of 14 November 2007 on the obligations of issuers of financial instruments admitted to trading on a regulated mar- ket (hereafter the “Royal Decree of 14 November 2007”).

The Board of Directors is responsible for the preparation of an annual re- port, in accordance with the ESEF requirements, including the consolidat- ed financial statements in the form of an electronic file in ESEF format (hereafter “digital consolidated financial statements”). It is our responsibility to obtain sufficient and appropriate information to conclude whether the format of the annual report and the XBRL tagging of the digital consolidated financial statements comply, in all material respects, with the ESEF requirements under the Delegated Regulation and the Royal Decree of 14 November 2007.

In our opinion, based on our work performed, the digital format of the an- nual report and the tagging of information in the official English version of the consolidated financial statements as per 31 December 2024, in- cluded in the annual report of What’s Cooking Group NV and which will be available in the Belgian official mechanism for the storage of regulated information (STORI) of the FSMA, are, in all material respects, in compli- ance with the ESEF requirements under the Delegated Regulation and the Royal Decree of 14 November 2007.

Other aspect

This report is consistent with our additional report to the audit commit- tee on the basis of Article 11 of Regulation (EU) No 537/2014.

Zaventem, 17 April 2025

KPMG Bedrijfsrevisoren - Réviseurs d’Entreprises
Statutory Auditor
represented by
Filip De Bock
Bedrijfsrevisor / Réviseur d’Entreprises

What’s Cooking Group NV
Kortrijksesteenweg 1091 Bus C - 9051 Sint-Denijs-Westrem (Ghent)
Belgium
RPR Ghent 0421.364.139
Tel: +32 9 370 12 11
E-mail: [email protected]
Website: www.whatscooking.group

Davai BV
Kortrijksesteenweg 1091 Bus C - 9051 Sint-Denijs-Westrem (Ghent)
Belgium
RPR Ghent 0735.338.390

Ready meals
What’s Cooking Belgium NV
Kortrijksesteenweg 1091 Bus C - 9051 Sint-Denijs-Westrem (Ghent)
RPR Ghent 0884.649.304

What’s Cooking Marche-En-Famenne SA
Chaussée de Wavre 259a - B-4520 Wanze
Belgium
RPM Huy 0442.475.396
Operating seat: 5 Chemin Saint-Antoine, 6900 Marche-en-Famenne

What’s Cooking Wanze SA
Chaussée de Wavre 259a - B-4520 Wanze
Belgium
RPM Huy 0446.434.778

Ter Beke France SA
ZI Espace Zuckermann BP 56
F-14270 Mézidon-Vallée d’Auge
France
Registre de commerce Lisieux 309 507 176

What’s Cooking Iberica S.L.# Vía de las Dos Castillas 33 Complejo Empresarial Ática Edificio 6, planta 3a, Officina B1 E-28224 Pozuelo de Alarcón (Madrid) Spain ES B 82656521

What’s Cooking Netherlands BV

Extended Polish Road 16 NL - 4818 CL Breda Netherlands
Utrecht Chamber of Commerce 200.53.817

What's Cooking Polska Sp. Z.o.o.

Ul. Północna 12 PL - 45-805 Opole Poland
KRS 0000403908

What's Cooking France SAS

ZI Espace Zuckermann BP 56 F-14270 Mézidon-Vallée d’Auge France
Registre de commerce Lisieux 322 304 197

What's Cooking Deeside UK Ltd

Estuary House 10th Avenue Zone 3 Deeside Industrial Park Deeside Flintshire CH5 2UA United Kingdom
Company House 02077911

What‘s Cooking Deutschland GmbH

Krefelder Strasse 24941066 Mönchengladbach Germany
HRB Krefeld 16709

Savoury (discontinued operations)

What’s Cooking Savoury Belgium NV

Antoon Van der Pluymstraat 1 - B-2160 Wommelgem Belgium
RPR Antwerp 0475.089.271

What’s Cooking Wommelgem NV

Antoon Van der Pluymstraat 1 - B-2160 Wommelgem Belgium
RPR Antwerp 0404.057.854

What’s Cooking Waarschoot NV

Beke 2 - B-9950 Lievegem Belgium
RPR Ghent 0406.175.424

What’s Cooking Veurne NV

Ondernemingenstraat 1 - B-8630 Veurne Belgium
RPR Veurne 0436.749.725

Contact information

What’s Cooking? Annual report 2024 227

What’s Cooking Immo NV

Beke 2 - B-9950 Lievegem Belgium
RPR Ghent 0413.756.072

What’s Cooking Savoury Nederland BV

Bijsterhuizen 24/04 - NL-6604 LL Wijchen The Netherlands
CoC Limburg North 12032497

What’s Cooking Wijchen BV

Bijsterhuizen 24/04 - NL-6604 LL Wijchen The Netherlands
CoC Limburg North 12036519

What’s Cooking Ridderkerk BV

Scheepmakerstraat 5 - NL-2984 BE Ridderkerk Netherlands
Chamber of Commerce Rotterdam 24140598

What’s Cooking Savoury UK Ltd

Dixcart House Addlestone Road Bourne Business Park KT15 2LE - Surrey United Kingdom

What’s Cooking Savoury Deutschland GmbH

Krefelder Strasse 249 - D-41006 Mönchengladbach Germany
117 / 5830 / 1047 - THE 123 114 501

What’s Cooking Borculo BV

Parallelweg 21 - NL-7271 VB Borculo Netherlands
chamber of commerce 06039901

What’s Cooking Aalsmeer BV

Bijsterhuizen 24/04 - NL-6604 LL Wijchen The Netherlands
chamber of commerce 34053874

Contact information

What’s Cooking? Annual report 2024 228

Editing and final editing:

What’s Cooking Group NV

Translation:

What’s Cooking Group NV

Design and layout:

Action NV

Publisher responsible:

What’s Cooking Group NV

The Dutch-language IXBRL version of this annual report is the official version. This annual report is also available in English (free translation). We thank all our employees for their commitment and dynamism. We achieve these results thanks to them. They also give us full confidence in the future.

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What's cooking? (formerly: Ter Beke)

What’s Cooking? - Annual Report 2024

Contents

Site Locations

What’s Cooking? - in brief

Strategic business unit Savoury - sold to Aurelius in early 2025 so ‘discontinued operation’

Strategic business unit Ready Meals (ready meals)

Our core values

Stronger together thanks to our core values

Consolidated statement of financial position

Consolidated statement of comprehensive income

Consolidated statement of changes in equity

Consolidated statement of cash flows

Notes to the Consolidated Financial Statements

1. General information

2. Summary of significant accounting policies

a) Basis of preparation

b) Business combinations and goodwill

c) Revenue recognition

d) Property, plant and equipment

e) Intangible assets

f) Impairment of non-financial assets

g) Financial instruments

h) Leases

i) Provisions

j) Employee benefits

k) Income tax

l) Earnings per share

3. Critical accounting judgements and estimation uncertainties

a) Impairment of goodwill

b) Useful lives of property, plant and equipment and intangible assets

c) Provisions

4. Discontinued operations

a) Financial results of discontinued operations

b) Assets and liabilities held for sale

5. Segment reporting

a) Revenue by segment

b) Profit before tax by segment

c) Segment assets

6. Property, plant and equipment

7. Intangible assets

8. Borrowings

9. Trade and other payables

10. Equity attributable to owners of parent

11. Earnings per share

12. Related party transactions

13. Commitments and contingencies

14. Events after the reporting period

15. Approval of financial statements

Highlights and key figures in 2024 - Outlook for 2025

Highlights and key figures in 2024

Highlights and key events

Savoury business unit

Strategic business unit Ready Meals

Dividend Proposal

Events after balance sheet date

Outlook for 2025

Strategic objectives

Must-do’s

Objectives Strategic Beliefs

Forword by the Chairman

Value Creation at the center of our strategic intent

Chairman

Chairman

Chief Executive Officer

Chief Executive Officer

Strategic Beliefs through Transformation

Chief Financial Officer

Yves Regniers, CFO-CSO

Strategic Beliefs Driving Process Excellence Through Digitalization

Digital Acceleration in Action

Processes

Digitization

Strategic Beliefs Putting process thinking first

Pursuing ultimate digital value

Executing our digital roadmap

Advancing sustainability through digital Insights

Efficient utilities management for sustainable production

Strategic Beliefs Driving sustainability through sigital insights: actions today, for a better tomorrow.