Turpaz Industries Ltd.

Investor Presentation • Nov 19, 2023

Investor Presentation

November 2023

Disclaimer

This presentation was prepared by Turpaz Industries Ltd. (the "Company") for the sole purpose of conveying information regarding the Company and its subsidiaries (together with the Company "Turpaz Group"). This presentation does not constitute, or form part of, an offer to sell, or a solicitation of an offer to purchase any securities of the Company and is intended to provide information only. This presentation is not intended to replace the need to review the Company's full reports to the Securities Authority and the Tel Aviv Stock Exchange Ltd. including, inter alia, the Company's periodic and immediate reports (hereinafter: "Company Reports") prior to making a decision regarding investment in the Company's securities.

In addition, this presentation cannot replace investment consulting by a lawfully licensed investment consultant.

This presentation includes statements data, forecasts, goals and Company plans that are "forward-looking statements", as defined in the Securities Law - 1968, whose occurrence is not certain, and which are not solely in the Company's control.

These forward-looking statements are included, inter alia, in discussions of strategy, objectives, goals, plans, events, future intentions or other information relating to future events or issues whose occurrence is not certain.

By their nature, forward-looking statements involve risk and uncertainty. Whether the forward-looking information occurs or not is affected, inter alia, by risk factors characteristic to the Company's operations and developments in the general environment and external factors which impact the Turpaz Group and its area of activities.

Subject to the requirements of applicable law, the Company does not intend to update any industry information or forward-looking statements appearing in this presentation and is not required to publish any additional presentations for its shareholders in future.

Turpaz - A Leading Global F&F Company

Q3 2023 Highlights (US \$)

Record Sales Result \$ 32.5M + 7.0% (6.5%) Organic	Gross Profit \$ 13.0M +8.6%	Adj. EBITDA / Margin \$ 7.6M / 23.3% +8.5%
Record Cash Flow from Operations \$ 6.4M	Positive Cash Balance \$ 19.3M	Net Profit \$ 4.0M

9M 2023 Highlights (US \$)

Record Sales Result \$ 94.0M + 6.8% Sales growth (4.0%) Organic	Gross Profit \$ 36.0M + 5.0% growth	Adj. EBITDA / Margin \$ 20.2M / 21.5% (0.5%)
Cash Flow from Operations \$ 6.6M	Net Profit \$ 9.5M	2 Acquisition YTD 2023 • Aromatique Food • Food Base

Growth – Q3 2023

Adj. EBITDA (M US \$)

(*) based on the company's internal reporting

(**)Adj. EBITDA - Adjusted to reflect EBITDA without non-recurring expenses or income.

Growth – 9M 2023

Adj. EBITDA (M US \$)

(*) based on the company's internal reporting

(**)Adj. EBITDA - Adjusted to reflect EBITDA without non-recurring expenses or income.

Q3 2023 Turpaz – Consolidated

In K US \$ / %	Q3 2022	Q3 2023
Sales	30,346	32,476
Gross Profit	11,950 39.4%	12,981 40.0%
Operating Profit	4,992 16.5%	5,211 16.0%
Adjusted EBITDA	6,971 23.0%	7,561 23.3%

Q3 2023 Fragrance

In K US \$ / %	Q3 2023 Q3 2022
Sales	+27.5% 6,687 8,528
Operating Profit	2,128 2.694 31.8% 31.6%
Organic	+0.9%
Highlights	The increase in sales stems from organic growth and the acquisition of Klabin in Q4 2022.

Q3 2023 Taste

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In K US \$ / %	Q3 2023 Q3 2022
Sales	+11.1% 15,114 16,796
Operating profit	2,612 2,164 14.3% 15.6%
Organic	(6.3%)
Acquisitions	Food Base
Highlights	Focusing on customers/products with higher margins in SDA, contributed to an increase in profitability, alongside a decline in organic sales.

Q3 2023 Specialty Fine Ingredients

9M 2023 Segments Performance

		Net Sales		Operating Profit
In K US \$ / %		9M 2022	9M 2023	9M 2022	9M 2023
	Fragrance	19,753	24,635	6,064 30.7%	6,387 25.9%
	Taste	44,534	48,603	6,564 14.7%	6,887 14.2%
	Specialty Fine Ingredients	23,769	20,902	6,523 27.4%	4,313 20.6%

P&L

K US \$	2022	Q3 2022	Q3 2023	9M 2022	9M 2023
Revenues	118,556	30,346	32,476	88,056	94,016
Gross Profit	47,659	11,950	12,981	34,314	36,015
Gross Profit %	40.2%	39.4%	40.0%	39.0%	38.3%
R&D Expenses	3,607	827	1,231	2,329	3,528
Sales & Marketing Expenses	10,016	2,496	2,591	7,010	7,690
Management & General Expenses	15,055	3,632	3,892	10,496	11,386
Other Expenses (Income)	(8,349)	3	56	(24)	360
Operating Profit	27,330	4,992	5,211	14,503	13,051
Operating Profit %	23.1%	16.5%	16.0%	16.5%	13.9%
Adj. Operating Profit (*)	19,153	4,992	5,211	14,503	13,051
Net Profit	21,331	3,591	4,005	11,790	9,524
EBITDA	35,039	6,691	7,458	19,783	19,801
Adjusted EBITDA (**)	26,862	6,971	7,561	20,279	20,181
Adjusted EBITDA %	22.7%	23.0%	23.3%	23.0%	21.5%
Cash Flow from Operation	31,938	(182)	6,370	926	6,588

(*) Adjusted to reflect operating profit, net of one-off profit from the fire event.

(**) Adj. EBITDA - Adjusted to reflect EBITDA without non-recurring expenses or income.

Balance Sheet

K US \$	31/12/2022	30/9/2022	30/9/2023
Assets
Current Assets	89,913	92,944	77,916
Non-Current Assets	123,493	93,124	139,837
Total Assets	213,406	186,068	217,753
Liabilities & Equity
Current Liabilities	46,674	35,140	41,205
Non-Current Liabilities	63,207	60,061	66,912
Equity	103,525	90,867	109,636
Total Liabilities and Equity	213,406	186,068	217,753
Ratio
Working Capital to Sales	26.1%	30.5%	31.1%
Cash and Cash Equivalent	35,675	29,166	19,317
Net Cash (Net Debts)(*)	19,107	13,258	3,413
Equity to Total Balance sheet	48.5%	48.8%	50.3%

Turpaz's strong equity structure, low leverage, cash flow from operations, funding availability and the strengthening of management and managerial infrastructures enable the implementation of the group's combined growth strategy.

(*) Debts = Short and long-term loans from banks and other.

Proven Acquisitions Track Record

Multinational Company

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