Acomo continues to deliver strong results in turbulent times with +15% increase in sales and +9% increase in net profit to €31.2 million in H1 2022 (H1 2021: €28.6 million), further increasing EPS for the period by +8% to €1.05 (H1 2021: €0.97)

PRESS RELEASE: HALF-YEAR REPORT 2022

Interim dividend set at €0.45 per share

ACOMO CONTINUES TO DELIVER STRONG RESULTS IN TURBULENT TIMES WITH +15% INCREASE IN SALES AND +9% INCREASE IN NET PROFIT TO €31.2 MILLION IN H1 2022 (H1 2021: €28.6 MILLION),

FURTHER INCREASING EPS FOR THE PERIOD BY +8% TO €1.05 (H1 2021: €0.97)

ROTTERDAM (NL), 26 JULY 2022

Today, ACOMO N.V., the Euronext Amsterdam-listed natural food products and ingredients Group, reports an increased EBITDA by +5% to €56.1 million for the first six months of 2022 versus prior year. Earnings per share increased by +8% to €1.05. This strong result was achieved in turbulent market circumstances fueled by geopolitical events, continued COVID-19 lockdown impacts, and a major change in the USD/EUR exchange rate. The results are evidence of the robustness of Acomo's business model and the resourcefulness of employees and partners.

(in € millions)	H1 2022	H1 2021	Change vs H1 2021
Sales	711.9	620.2	+15%
EBITDA	56.1	53.4	+5%
Net profit	31.2	28.6	+9%
EPS in €	1.05	0.97	+8%

'We are pleased with the Group's overall performance in the first half of 2022. Despite numerous unforeseen challenges and unprecedented events, including Russia's invasion of Ukraine, unrest in Sri Lanka, another wave of COVID lockdowns in China, and inflationary pressures around the globe, the Acomo businesses continue to demonstrate resilience, agility, and relevance to customers,' said CEO Kathy Fortmann. 'In addition to delivering strong results, we are realizing our mission of enhancing access to plant-based and natural food products and ingredients through sustainable supply chains. We have taken significant strides with our ESG strategy and fostered more collaboration within the Group. Acomo's Board of Directors is very pleased with the Group's overall performance and progression.'

The first six months of 2022 saw continued good demand for Acomo's on-trendplant-based and natural products and ingredients. Following increased price levels over last year, the market price levels of a limited number of the company's major product groups saw some decline over the last few months. The first half of 2022 was also characterized by a number of uncertainties and unexpected global developments. Global supply chains were affected by new and ongoing bottlenecks and disruptions, and inflationary pressures are leading to higher food and energy prices.

Acomo's professional teams successfully navigated these challenges thanks to extensive sourcing networks and the diversified product portfolio. The teams were successful in securing uninterrupted access to products and transportation capacity. All

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PRESS RELEASE: HALF-YEAR REPORT 2022

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segments of the Group reported substantially higher sales versus the same period last year. Edible Seeds, Tea and Food Ingredients realized double-digit profit growth, while Organic Ingredients profit was slightly below previous year, and Spices and Nuts reported a lower profit versus last year's record performance.

The strengthening of the US dollar versus the euro in H1 2022 compared to H1 2021 resulted in a positive translation impact of +€32.8 million on sales and +€1.8 million on net profit. As most sourced products are quoted in US dollar, the strength of the US dollar also led to an increase in working capital, resulting in higher euro prices, and increasing inventory value and accounts receivable.

Key figures H1 2022

Consolidated figures (in € millions)	H1 2022	H1 2021
Sales	711.9	620.2
Gross profit	95.7	83.6
EBITDA	56.1	53.4
Operating income (EBIT)	46.4	42.2
Financial result	(3.9)	(3.5)
Corporate income tax	(11.3)	(10.1)
Net profit	31.2	28.6
Shareholders' equity	404.3	327.7
Total assets	948.5	755.8
Ratios
Solvency - shareholders' equity as % of total assets	42.6%	43.4%
Earnings and equity per share (in €)
Earnings per share	1.05	0.97
Equity per share as at 30 June	13.651	11.073

Over the first six months of 2022, Acomo's consolidated sales increased by +15% to €711.9 million (H1 2021: €620.2 million) due to higher volumes, increased prices, and a stronger US dollar/euro exchange rate. Gross profit increased by +15% to €95.7 million

(H1 2021: €83.6 million). Gross profit as a percentage of sales was stable at 13.4%. For the first half of 2022, net profit increased by

+9% to €31.2 million (H1 2021: €28.6 million). Total costs increased to €49.3 million (H1 2021: €41.4 million), due to cost inflation and the stronger US dollar resulting in a negative FX conversion impact.

The interest expenses increased by €0.4 million due to higher average borrowings and an increased interest rate for US dollar borrowings. The tax rate increased slightly from 26.2% in H1 2021 to 26.6% due to an increase in the statutory corporate income tax rate in the Netherlands and changes to the country mix.

The reported results include amortization charges of -€2.5 million (-€4.5 million in H1 2021) in relation to the Tradin Organic acquisition as well as unrealized FX/CX hedge results. These items impacted both gross profit and operating expenses.

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PRESS RELEASE: HALF-YEAR REPORT 2022

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(in € millions)		H1 2022			H1 2021
	Reported	Unrealized	Acquisition	Adjusted	Reported	Unrealized	Acquisition	Adjusted	% change
		FX/CX hedge	amort.			FX/CX hedge	amort.		adjusted
		results	charges			results	charges
Gross profit	95.7	1.9	-	93.8	83.6	2.5	(3.0)	84.1	+12%
Operating
expenses	(49.3)		(2.5)	(46.8)	(41.4)		(1.5)	(39.9)
EBIT	46.4	1.9	(2.5)	47.0	42.2	2.5	(4.5)	44.2	+6%
Net profit	31.2	1.4	(1.8)	31.6	28.6	1.9	(3.4)	30.1	+5%

Currency euro/US dollar

The average euro/US dollar exchange rate of 1.093 in H1 2022 was 9.3% stronger than in H1 2021 (1.205). For the Acomo companies that belonged to the Group in 2022, the FX rates contributed positively to reported sales (+€32.8 million) and net profit (+€1.8 million).

The euro/US dollar rate at 30 June 2022 of 1.048 reflected the stronger US dollar against the euro compared to the 2021 year-end rate of 1.137. The impact of the stronger US dollar on total assets was +€33.1 million.

Interim dividend H1 2022

The interim dividend per share is set at € 0.45 in cash. The dividend is payable on 9 August 2022 and the ex-dividend date is 29 July 2022.

Activity reviews per segment

Spices and Nuts

Acomo's Spices and Nuts segment, comprised of Catz International, Tovano, King Nuts & Raaphorst, and Delinuts, delivered a very solid performance despite challenges in the first half of the year.

Catz International realized strong results in the current environment. With the exception of nuts, turnover increased in all product groups, and Tovano also performed very well. First quarter results closely followed the trends of 2021, when prices were high and overall consumer sentiment was positive. In the second quarter, Catz benefited from existing contracts and positions in key products taken earlier. At the same time, the second quarter saw substantial change in the overall market situation for many products and consumer sentiment due to the war in Ukraine, ongoing COVID lockdowns in China, and high levels of inflation. These events, as well as increased availability of some products, resulted in price and margin pressure.

King Nuts & Raaphorst, active in nuts and rice crackers, performed very well with stable sales and profit in the first half in comparison to the previous year.

Delinuts, active in nuts and dried fruits, successfully integrated the Qualino assets and now provides customers with improved packaging solutions. Growth in sales and profit continued to be strong.

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Edible Seeds

Acomo's Edible Seeds business, comprised of Red River Commodities and Red River Global Ingredients in North America and Red River-Van Eck, Food Ingredients Service Center Europe (FISCe) and SIGCO Warenhandel in Europe, outperformed last year on sales, gross profit and earnings before tax, particularly in North America due to strong sales and increased margins in the first half of the year.

Red River Commodities (RRC), active in the processing, packaging, and distribution of edible sunflower seeds and sunflower-based products, performed well and experienced a mixed performance across its various activities. The Processing division, which processes sunflowers and select other specialty seeds, increased sales and margin, helped by increasing demand for USA sunflower products and continued growth of Suntein™, a high-protein,allergen-free,partially-defatted flour. The Wildlife division, which has processed and packaged wild bird food for more than 30 years, improved performance with strong margins as price increases were sufficient to offset rising commodity prices. The Sungold division, RRC's custom packaging service, increased sales and margin versus the prior year as demand in the convenience channel saw further recovery, although not back to the pre-COVID levels. Sunbutter®, a natural and allergy-friendly sunflower butter, realized double-digit sales growth driven by increases in branded retail sales. Trading company Red River Global Ingredients had a good first half of the year as the majority of increased freight and handling costs were accepted by customers.

Red River-Van Eck, performed at similar levels compared to the previous year. The new state-of-the-art pasteurization facility of FISCe served both internal and external customers, and has broadened its range of products that can be heat-treated, as well as the services offered to customers. SIGCO Warenhandel, was able to maintain its revenue and profit despite the impact of Russia's invasion of Ukraine on world seed markets.

Organic Ingredients

Acomo's Organic Ingredients business, Tradin Organic, realized double-digit revenue growth for the first half-year, benefitting from its fully-commissioned sunflower oil expansion in Bulgaria. Its strong strategic position in the organic supply chain enabled Tradin to secure supply of key organic ingredients for customers. In North America all segments continued to perform well, and in Europe key products like cocoa, with increased production at Crown of Holland, and oils achieved strong sales and margin results. The coffee business unit, Trabocca, showed an upward trend post COVID lockdowns in USA and Europe, and the strong USD/EUR contributed to the improved sales and results for Tradin Organic as a whole. Operational performance could not keep the same pace, resulting in margin pressures. Tradin Organic's operational costs were driven up severely by ongoing logistical challenges, increased freight costs, increased personnel costs, soaring energy cost, and the unstable international situation leading to volatile currency rates and commodity prices.

Tea

Acomo's Tea business, Royal Van Rees Group, increased profit before tax in the first half of 2022 compared to the same period the previous year. Van Rees continued to expand the business in different markets, further strengthening its global client base and product portfolio. The fruits and herbs speciality business recorded significant growth. The tea industry faced multiple challenges in the period: weakening economies, devaluation of key currencies, and political unrest in major tea producing and consuming countries created very volatile business conditions that affected sales. Tea production in countries like Argentina and Sri Lanka was adversely affected by natural disasters and political unrest, respectively. Prices in India increased sharply due to the disruptions in its troubled neighbouring island, Sri Lanka. Indonesia and Vietnam were the most impacted by the logistical challenges. Substantial increases in sea freight rates and unavailability of sea containers created many hurdles, resulting in a slowdown in shipments.

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PRESS RELEASE: HALF-YEAR REPORT 2022

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Food Ingredients

The Food Ingredients business, Snick EuroIngredients, performed well with higher revenues and gross margins under challenging circumstances. Turnover in the first half-year was +15% higher than the same period the previous year. In line with the company's strategy, there was a significant growth in all segments: wet blends, dry blends and trade. Snick's products and services are well- positioned to meet current trends such as transparency in the food chain, clean label, and strong increases in demand for plant- based products and alternative protein sources.

Consolidated balance sheet

Total assets amounted to €948.5 million as at 30 June 2022 (year-end 2021: €866.8 million, +9.4%).

The main financial developments in the first half of 2022 were:

• Shareholders' equity increased by €40.0 million to €404.3 million as at 30 June 2022 (year-end 2021: €364.3 million). The main
  movements were: the H1 2022 net profit of €31.2 million and a positive currency translation effect of €26.9 million, partly offset by dividend payments to shareholders of €17.8 million.
• Working capital increased by +€71.2 million compared to 31 December 2021, mainly due to higher inventories and higher trade receivables, partly offset by higher trade payables.
• Two quarterly instalments reduced the outstanding balance of the term loan to €113.1 million (€124.4 million as at 31 December 2021).
• Solvency as at 30 June 2022 was 42.6% (30 June 2021: 43.4%).

Outlook 2022

Given the nature of the Group's activities, it is difficult to predict market developments or likely Group results. The impact of the current geopolitical situation, inflation rates, currency rate developments, and COVID-19 lockdowns on the global economy and business for the remainder of the year cannot be predicted at this stage. The Board is confident in the knowledge, experience and capabilities of Acomo's management and teams to deal with these uncertainties in the best way possible, as they have done in the past.

Note

This H1 2022 report has not been subject to an audit.

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