Centrale del Latte d'Italia S p A : Approval of Q1 2023 financial resulsts

CENTRALE DEL LATTE D'ITALIA S.P.A. APPROVES

THE INTERIM REPORT AS AT 31 MARCH 2023

• Revenues: € 81.8 million (+14.7% vs. € 71.3 million at 31.03.2022)
• EBITDA: € 7.4 million (+16.5% vs. € 6.3 million at 31.03.2022)
• Net profit: € 1.6 million (+3.6% vs. € 1.5 million at 31.03.2022)
• Net financial debt (before IFRS 16) equal to € -56.1 million, compared to € -58.7 million at the end of 2022

Turin, 12 May 2023 - The Board of Directors of Centrale del Latte d'Italia S.p.A. ("CLI" or the "Company") - the third Italian operator in the fresh and long-life milk market, listed on the STAR segment of the Italian Stock Exchange - which met today, under the chairmanship of Angelo Mastrolia, approved the results as at 31 March 2023.

The Company recorded revenues of € 81.8 million in the first quarter of 2023, compared to € 71.3 million in the same period of 2022, with a growth of +14.7% year on year.

EBITDA as at 31 March 2023 amounted to € 7.4 million, with an increase of +16.5% compared to the figure recorded in the first quarter of last year, equal to € 6.3 million. The EBITDA margin of 9% increased compared to the EBITDA margin reported in the first quarter of 2022.

EBIT in the first quarter of 2023 is equal to €3.1 million, compared to € 2.5 million recorded in the same period of the previous year.

CLI recorded, as a pre-tax result, € 2.3 million, compared to € 2.1 million in the first quarter of last year.

Net profit was € 1.6 million, recording a growth of +3.6% compared to € 1.5 million in the first quarter of 2022.

The net financial position improved compared to 2022, going from € -58.7 million, as at 31 December 2022, to € -56.1 million, as at 31 March 2023, thanks to the Company's ability to generate cash from operating activities during the first quarter. The results obtained by the Company show, once again, how the difficulties recorded in previous years have been largely overcome especially thanks to the synergies created with the entry into the Newlat Group, which improved profitability and cash flows. The comparison with the business plan highlights a very positive trend, beyond expectations, which bodes well for the end of the year.