JDE Peet N : Consensus Pre HY

		8 July
		Consensus H1 22				Consensus FY 22				Consensus FY 23				Consensus FY 24
		Median		High	Low	# of est.	Median		High	Low	# of est.	Median		High	Low	# of est.	Median		High	Low	# of est.
Total JDE Peet's
Volume/mix	-0.5%	1.4%			-3.0%	10		-1.2%	1.5%			-3.5%	10		3.0%	6.0%			-3.5%	10		3.5%	5.0%			2.1%	10
Price	12.7%	18.5%			10.0%	10		13.4%	19.2%			10.5%	10		2.0%	7.6%			-3.0%	10		0.1%	1.3%			-0.5%	10
Organic growth (%)	12.3%	16.8%			10.0%	10		12.0%	18.0%			10.0%	10		4.0%	6.6%			3.0%	10		4.0%	5.0%			2.7%	10
CPG Europe	7.0%	15.3%			2.0%	9		8.8%	16.4%			2.0%	10		3.3%	5.0%			1.0%	10		2.3%	3.5%			0.5%	10
CPG LARMEA	23.0%	40.0%			18.0%	9		16.4%	37.0%			11.5%	10		5.5%	12.0%			0.2%	10		5.3%	8.0%			4.5%	10
CPG APAC	7.0%	15.0%			-4.2%	9		11.3%	20.3%			3.4%	10		6.5%	11.0%			4.0%	10		5.5%	7.0%			3.5%	10
Peet's	15.5%	19.4%			11.0%	9		12.5%	18.4%			7.0%	10		7.3%	11.5%			-3.5%	10		6.5%	8.0%			3.0%	10
OOH	30.0%	45.6%			19.5%	9		21.0%	35.3%			12.0%	10		6.3%	15.0%			0.0%	10		3.0%	6.0%			0.0%	10
M&A	0.0%	0.8%			-2.6%	10		0.0%	0.4%			-4.3%	10		0.0%	0.3%			-3.0%	10		0.0%	0.3%			0.0%	10
FX	2.7%	4.0%			0.0%	10		2.9%	4.8%			0.0%	10		0.0%	2.7%			-0.5%	10		0.0%	0.0%			-0.5%	10
Reported sales growth (%)	14.9%	20.0%			10.7%	10		14.1%	21.4%			7.2%	10		4.1%	7.2%			1.1%	10		4.1%	5.0%			2.7%	10
Sales (EUR m)	3,739	3,903			3,602	10		7,989	8,496			7,509	10		8,325	9,087			7,817	10		8,590	9,457			8,158	10
COGS	(2,294)	(2,362)			(2,232)	5		(4,894)	(5,187)			(4,801)	6		(5,021)	(5,470)			(4,765)	6		(5,149)	(5,635)			(4,919)	6
Gross Profit	1,443	1,503			1,307	5		3,007	3,029			2,708	6		3,210	3,311			2,897	6		3,376	3,562			3,100	6
Total SG&A	(959)	(1,000)			(927)	4		(1,956)	(1,967)			(1,879)	5		(2,062)	(2,076)			(2,036)	5		(2,131)	(2,188)			(2,113)	5
Adjusted EBIT (in EUR m)	583	605			545	10		1,234	1,310			1,115	10		1,307	1,413			1,160	10		1,383	1,526			1,203	10
Organic adjusted EBIT growth (%)	-10.4%	-4.9%			-14.3%	8		-7.5%	-3.6%			-11.3%	8		7.1%	12.2%			-7.3%	8		5.9%	9.2%			3.7%	8
Adjusted EBITDA (in EUR m)	731	762			716	7		1,558	1,638			1,409	10		1,658	1,770			1,482	10		1,742	1,906			1,535	10
Operating Profit / EBIT (in EUR m)	490	519			453	9		1,042	1,161			935	10		1,137	1,253			1,034	10		1,209	1,376			1,130	10
Net financial income / (expense)	(44)	(65)			(34)	9		(86)	(115)			(67)	10		(77)	(110)			(54)	10		(64)	(105)			(28)	10
Share of net profit of associates	0	(1)			0	8		(1)	(1)			0	9		(1)	(1)			0	9		(1)	(1)			0	9
Income tax expenses	(108)	(142)			(98)	9		(239)	(294)			(210)	10		(268)	(309)			(234)	10		(286)	(337)			(260)	10
Underlying tax rate	25.0%	25.0%			23.0%	8		25.0%	25.2%			23.0%	9		25.0%	25.2%			23.0%	9		25.0%	25.2%			23.0%	9
Non-controlling interest	(1)	(4)			2	8		(1)	(8)			3	10		(1)	(10)			3	10		(1)	(11)			3	10
Profit attr. to the owners	325	355			285	8		711	814			628	10		781	872			710	10		843	969			794	10
Underlying profit attr. to the owners	404	425			371	9		859	909			761	10		918	992			821	10		995	1,082			860	10
Free cash flow	478	500			396	3		1,139	1,254			711	8		1,025	1,267			787	8		1,098	1,366			984	8
Basic earnings per share (in EUR)	0.66	0.85			0.57	9		1.42	1.79			1.26	10		1.61	1.73			1.42	10		1.72	1.94			1.59	10
Underlying earnings per share (in EUR)	0.81	0.84			0.74	9		1.72	1.86			1.51	10		1.89	1.97			1.66	10		2.03	2.18			1.78	10
Dividend per share (in EUR)	N/A		N/A	N/A	0		0.72	0.85			0.70	10		0.75	0.92			0.70	10		0.81	1.03			0.70	10
Weighted avg nr of shares (in m)	496.96	500.00			496.96	13		490.51	492.61			489.20	13		484.17	507.70			483.26	13		484.17	507.70			483.26	13

Disclaimer: This analyst consensus overview, including any kind of underlying projections or forecasts, are the analysts' own opinions and is published for information purposes only. They do not represent the opinions, forecasts, estimates, projections or predictions of JDE Peet's or its management. By providing these estimates, JDE Peet's does not imply, and expressively disclaims, any endorsement of, or concurrence with, any of these estimates provided by the analysts. JDE Peet's assumes no liability for the accuracy of such estimates and undertakes no obligation to update or revise such estimates.