Ebro Foods S A : 2021.07.28-2 Presentación Resultados 1er semestre 2021 ENGLISH

TO THE NATIONAL SECURITIES MARKET COMMISSION

Madrid, 28 July 2021

Ref.: presentation announced this morning, relating to the results of Ebro Foods Group for the first half of 2021.

In pursuance of section 227 of the Securities Market Act, Ebro Foods, S.A. hereby publishes as

OTHER RELEVANT INFORMATION

the presentation announced this morning relating to the results of the Ebro Foods Group for the first half of 2021.

It is recalled that there will not be face-to-face meeting with the analysts and the presentation will be published on the corporate web site www.ebrofoods.esfrom 13:00 horas (CET) today.

Yours faithfully,

Luis Peña Pazos

Secretary of the Board of Directors

RESULTS H1 2021

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CONTENTSH1 2021

1. INTRODUCTION
2. BUSINESS UNIT RESULTS H1 2021
3. 1. Rice
   2. Pasta
4. CONSOLIDATED GROUP RESULTS H1 2021
5. 1. P&L
   2. Debt Performance
6. CONCLUSION
7. CORPORATE CALENDAR 2021
8. CALCULATION OF ALTERNATIVE PERFORMANCE MEASURES
9. LEGAL DISCLAIMER

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INTRODUCTION

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1. Introduction

The arrival of COVID-19 ("COVID") in March 2020 radically changed everyone's lives. Our Group recorded significant spikes in demand as consumers began to fear food shortages, which has skewed year-on-year comparison data between 2020 and 2021. We would highlight how well the Group has performed against this backdrop.

2020 was a year of profound change at Ebro, as we took important strategic decisions during the turbulent times of the pandemic, which brought the world economy to an unprecedented standstill and shook the very foundations of our society. In spite of this situation, Ebro posted the best results in its history, as increased household demand and our limited exposure to the food service channel (Horeca) allowed us to overcome significant obstacles:

a EUR60 million increase in the cost of raw materials compared to 2019.

a EUR15 million increase in costs relating to COVID.

issues of absenteeism and employee health at some of our plants. the sales process of our dry pasta division in the US and Canada.

We successfully completed the sale of our dry pasta division in North America, as well as closing out a record year. These two events enabled us to pay out an extraordinary dividend of EUR300 million.

So far, 2021 has been marked by the following:

The ongoing pandemic, although household consumption is becoming less impulsive and food service (Horeca) continues to struggle.

Extremely high inflation in the cost of raw materials and packaging, which we envisage will cost an additional EUR45 million for rice and EUR15 million for pasta in 2021.

The upsurge in transport costs, especially from Asia to Europe and the US, which has made it more expensive for us to buy aromatic rice and to export pasta to the US (Garofalo).

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BUSINESS UNIT RESULTS H1 2021

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2.1.1 Rice H1 2021

After a spectacular 2020, we are now in a year where people are no longer buying impulsively and we have seen a return to the former days of intense competition among distributors, as well as the return of promotional activity. However, we are recording higher volumes than in 2019 and our brands have come out stronger than before.

We are currently dealing with significant cost inflation. The cost of transport from Asia has more than tripled, which has pushed up the cost of aromatic rices, essential products for Riviana and Tilda. While all operators in the market are equally impacted, it is proving demanding to reflect this increase in our prices.

The harvest is underway in the US and we believe the yield will be down by at least 15% on 2020, which will bring an element of strength to the market.

In Spain, the area of land for growing crops is down by 50% due to drought.

Fortunately, Ebro has significant hedges in place and alternative sources of supply that give us some protection. Although we sometimes regard these as a burden on our working capital, they are currently proving to be hugely beneficial to us.

One of our core strategic business lines, which is convenience products, is also posting double-digit growth, even compared to 2020, and in October La Rinconada macro-plant will come into operation.

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2.1.2 Rice H1 2021

Lookingto results for H1, our sales figure is down 9.6% to EUR866 million, now that people are no longer panic buying likethey were in H1 2020 at the start of the pandemic. However, in terms of CAGR 21/19, sales were up by a healthy 5.9%.

Advertisinginvestment fell 8.6% to EUR16.3 million, dropping by less than sales in proportional terms.

Ebitda-awas down 7% to EUR116.3 million. In terms of CAGR 21/19, excluding the impact of COVID in 2020, we were up8.6%. We managed to boost our margin by 30 b.p. despite a negative exchange rate impact of EUR4.5 million,high inflation on raw materials and increased transport costs.

EUR Thous.	H1 2019	H1 2020	H1 2021	21/20	CAGR 21/19
Sales	772,030	957,981	865,977	-9.6%	5.9%
Advertising	16,627	17,866	16,332	-8.6%	-0.9%
Ebitda-a	98,514	125,047	116,263	-7.0%	8.6%
Ebitda-a Margin	12.8%	13.1%	13.4%
Ebit-a	76,089	96,534	87,587	-9.3%	7.3%
Operating Profit	74,131	94,457	85,707	-9.3%	7.5%

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2.2.1 Pasta H1 2021

In the pasta division, we completed the sale of the Ronzoni brand and the remaining plants in North America on very satisfactory terms.

During H1, the pasta business was also faced with a different market, with the end of the impulse buying seen during the pandemic, combined with the challenge of recovering the distribution lost when we prioritised the production of our core products.

We have also had to deal with a higher cost of transport to the US, which is a major market for our sales of Bertagni and Garofalo.

The depreciation of the US dollar also had a negative impact on returns on these exports.

By contrast, our sauce sales posted double-digit growth, while fresh pasta sales were up by more than 8%. We should highlight that fresh products have kept up their usual growth patterns and have not been affected by COVID.

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