Greenyard : Presentation webcast HY 21-22

Key Financials H1 AY 21/22

Continued profitable growth in line with expectations

November 2021

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Glossary

All definitions are available in the Glossary of the Half Year Report

Key financials Group | 2% extra sales growth on top of last year's leap forward, profitability further increases, leverage decreases and net result strongly improved

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* Divestments: Logistics Portugal in June 2020, Prepared Netherlands and Bardsley Fruit Enterprises in July 2021

+1,5%

+2,1%

In €m
3	Capital increase, operational CF and non-core disposals
	have significantly reduced nominal debt and leverage
500,0	3,9
450,0	407,4	2,8
400,0
350,0		338,1

300,0

250,0

H1 20/21		H1 21/22
		NFD (in €m)		Leverage
Pre-IFRS 16 impact

2	Thanks to growth and profit improvement initiatives
across all segments, adjusted EBITDA increased by 7,5%,
	the group adjusted EBITDA margin improved by 24 bps
		82,6
	76,9
	3,5%	3,8%	Adjusted
	EBITDA
			margin

In €m

H1 20/21

H1 21/22

	4	Strong operational result and lower interest
		charges paved the way for increased net result
4,0		8,5

3,0

2,0		AY 19/20
1,0		1,1
-
In €m	H1 20/21	H1 21/22

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Key Financials Segments | Sales and profitability are improving in both segments

Fresh	LfL* sales increased by 1,4%, adjusted EBITDA by 8,6%
	1 785,5	2,8%	1 810,5	3,0%
		50,2		54,5

In €m	H1 20/21		H1 21/22
			LfL Sales		Adjusted EBITDA

• Fresh sales amount to € 1 810,5m, up € 24,9m from € 1 785,5m last year (+1,4%).
• The profitable growth is mainly attributable to an expansion in product/service offer within the integrated customer relationships which continues the growth path after the double-digit growth realised last year. These long-term relations already account for 74% of sales of the Fresh segment versus 71% last year.
• Besides, due to a continued focus on profit improvement initiatives in the area of sourcing, transport and efficiency, Fresh was able to further increase its Adjusted EBITDA margin to the level of 3% of sales.
• In H1 we have committed € 19,3m capex in Fresh. This includes the next step in the roll-out of ERP/Infor, automation of packing and sorting lines and additional ripening and assembly capacity. Main project go-live is a 'state-of-the-art' citrus sorting line at the new DC in Ridderkerk.

Fresh	LfL* sales increased by 4,0%, adjusted EBITDA by 3,5%
Long	328,0	7,1%	341,1	7,4%

27,1			28,1
H1 20/21		H1 21/22
In €m
		LfL Sales		Adjusted EBITDA

• Long Fresh sales amount to € 341,1m, up € 13,2m from € 328,0m (+4,0%).
• Sales are growing steadily due to a partial revival of food service (from 13% to 17% of Long Fresh sales), further growth with higher-end convenience and fruit categories and additional business unlocked by convenience investments.
• Nevertheless, sales also slowed down in UK due to important post-Covid disruptions in the economy and more specifically within supply chains.
• Adjusted EBITDA margin improved to 7,4% of sales, thanks to continued focus on operational efficiency, helped by better vegetable crop availability and leading to higher production volumes, despite some shortages in certain fruit categories.
• In Long Fresh we have committed € 17,1m capex in H1. Amongst others we invest in a packing line, mixing & light coating line, sorting line and freezing tunnel in our plants of Frozen and Prepared. Main project go-live is a packing automation in Poland and new engine room in France with 100% heat recovery.

4	* Divestments: Logistics Portugal in June 2020 and Bardsley Fruit Enterprises in July 2021 in Fresh; Prepared Netherlands in July 2021 in Long Fresh

Result evolution | Strong operational results and lower financing costs translate into a significant improvement of the net result

In m€	H1 20/21	H1 21/22	Growth
Sales	2 172,6	2 190,5	0,8%
Cost of sales	-2 028,7	-2 041,6	0,6%
Gross Profit	144,0	148,9	3,4%
% gross margin	6,6%	6,8%	2,6%
Overhead	- 116,9	- 116,9	0,0%
% overhead on sales	-5,4%	-5,3%	-0,8%
EBIT	27,1	32,0	18,2%
Net finance cost	- 23,5	- 17,8	-24,0%
Result before income tax	3,6	14,2	291,1%
Income tax expense	- 2,5	- 5,7	125,5%
Net result	1,1	8,5	671,0%
EBIT	27,1	32,0	18,2%
Depreciation and amortisation	49,0	49,8	1,6%
Impairment PP&E	0,0	0,2	-
Reorganisation costs	3,1	1,0	-67,9%
Costs related to legal claims	0,3	1,6	361,8%
Result on sale of subsidiaries/assets	- 3,8	- 2,7	-28,0%
Listeria related net result	0,5	0,0	-100,0%
Other adjustments	0,1	0,3	143,3%
Divestitures (not in IFRS 5 scope)	0,4	0,4	-6,9%
Adjusted EBITDA	76,9	82,6	7,5%
% Adjusted EBITDA margin	3,5%	3,8%	6,6%

Net finance cost: reduction mainly relates to decreased interest margins as a consequence of the refinancing at the end of last accounting year and because of decreasing debt levels.

Income tax expense: increase of taxes in line with increase of profit before tax, also carried forward tax losses depleted in some entities.

Depreciation & amortisation: slightly higher than last year due to increased overall investment level; this includes an IFRS 16 impact amounting to -€ 16,8m.

Reorganisation costs: costs related to management and organisational changes to further develop the organisation and competences.

Costs related to legal claims: costs related to the settlement or provisioning of some legal claims.

Result on sale of subsidiaries / assets: gain realised on the sale of the share in the Bardsley joint venture (+€ 3,0m), and small loss on the sale of GY Prepared NL (-€0,3m), net of deal costs.

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