Kri Kri Milk Industry S A : Announcement-15th Annual Greek Roadshow in London

Authentic products drive sustainable growth

INVESTOR PRESENTATION

HALF YEAR RESULTS - SEPTEMBER 2020

INVESTOR PRESENTATION | SEPTEMBER 2020	Kri Kri Legal
Legal disclaimer	02

This presentation was prepared by KRI KRI S.A. The information contained herein has been obtained from company and external sources believed to be reliable, but not guaranteed as to its accuracy or completeness. The information contained herein also includes forward-looking statements which are based on current expectations and assumptions about future events.

You should not place undue reliance on these forward looking statements. These forward-looking statements are subject to risks, uncertainties and assumptions about KRI KRI including, among other things, its future financial position and results, its financial outlook, budgets, projected levels of consumption and production, projected raw materials and other costs, future taxation, estimates of capital expenditure and plans and objectives of management for future operations.

As a result, KRI KRI's actual results could differ materially from those anticipated in the forward looking statements. No one undertakes to publicly update or revise any forward-looking statement unless required by law. Past performance is no guarantee of future results. This presentation is for informational purposes and is not to be construed as an offer to sell or a solicitation to buy shares of KRI KRI. Unless otherwise specified, all financial information presented herein is based on KRI KRI's IFRS financial statements.

INVESTOR PRESENTATION | SEPTEMBER 2020	Presentation Contents
Agenda	03

Company Overview	04
Strategic Review	08
COVID-19 Mitigation Actions	19
First Half 2020 Results	20
Outlook	28
Key Takeaways	29

INVESTOR PRESENTATION | SEPTEMBER 2020	Company Overview
At a glance 2019 highlights	04

Revenue 2015-2019

EBITDA 2015-2019

PBT 2015-2019

14% GAGR

30.3% GAGR + 780bps EBITDA Margin

42.2% GAGR + 920bps Net Profit Margin

+20% Y-O-Y

+22% Y-O-Y

+24% Y-O-Y

2019

€113m

2019

€21.1m

2019

€17.6m

2018

€94m

2018

€17.3m

2018

€14.2m

€79m

€12.4m

2017

2017

2017

€9.9m

€67m

€10.9m

€8.2m

2016

2016

2016

€67m

€7.3m

€4.3m

2015

2015

2015

Earnings Per Share

Operating Cash Flows

Dividend Yield

Payout Ratio

Return On Equity

Gearing

CAGR 42.2% €0.45

14.8% CAGR €13.7m

3.1%

39.6%

22.7%

16%

15.7%		+36%		€15.6m invested		Launched		400 million
Market share		International sales		In production capacity		New products		Portions produced
A leading yogurt producer in Greece.		Accounting for 41% of total revenue.		And technology upgrades.		In kids, infant and healthy line		Annual production volume
						product categories.		(yogurt & ice cream).

INVESTOR PRESENTATION | SEPTEMBER 2020	Company Overview
Our values A greek brand based on ethos	05

Originality

We believe in fresh, plain, yet original taste.

Authenticity

We create products that have superior taste, with the best ingredients from local

Greek suppliers - the real thing.

Ethics

We do business in an ethical way. From sourcing our raw materials to our approach to human capital, we have a sustainable approach to dealing with all our stakeholders.

INVESTOR PRESENTATION | SEPTEMBER 2020	Company Overview
Product range Key product segments	06
Innovative & authentic - Loved by our customers!

Yogurt Greece

BRANDED (65 SKU's)

• Premium strained products win on taste.
• Healthy product line - high protein and super foods
• Special formula for silver age
• Lactose free products
• New kids and infant product category

PRIVATE LABEL (75 SKU's)

• Strong market penetration
• First supplier for private label in Greece

Yogurt Exports

BRANDED (55 SKU's)

• Position our branded products at premium retailers
• Synergies with private label customers
• Win on taste and authenticity

PRIVATE LABEL (105 SKU's)

• Winning major accounts expanded our sales in export markets
• Successfully tapped into new markets and new accounts, developing products based on local demand patterns

Ice cream Greece

Ice cream Exports

BRANDED (150 SKU's)	BRANDED (175 SKU's)
• Win on taste and choice	•	Importers in 15 countries
•	Distribution provides availability	•	5,000 point of sales through kiosks,
•	Nationwide sales network		convenience stores and supermarkets

PRIVATE LABEL (15 SKU's)	PRIVATE LABEL (15 SKU's)
• Private label products for supermarkets	•	Our best selling frozen yogurt drives sales
	•	Private label products for ice Cream
		companies and supermarkets

INVESTOR PRESENTATION | SEPTEMBER 2020	Company Overview
Geographic footprint and history
07

Selling > 25

Countries

> 21,000

Ice cream points of sale

49

Supermarket chains

42

Private label customers

The business began in 1954 when George Tsinavos established a small pastry shop in Serres, producing a variety of ice creams. In 1987 the first high technology production plant was established, signifying a new era for the company.

In 2003 Kri Kri floated on the Athens Stock Exchange. In 2013 an unexpected fire destroyed the production plant causing

considerable damages.

The company quickly recovered and in 2014 built a new plant with a state of the art production line that doubled previous productivity levels.

In 2019 the company commenced a €27 million three-year investment plan to increase production capacity in yogurts

and ice creams.

INVESTOR PRESENTATION | SEPTEMBER 2020	Strategic Review
What sets us apart?	08

DISTINCTIVE BRAND

The brand evokes authenticity and originality and is recognised by 96% of consumers in Greece.

PREMIUM

PRODUCTS

Winning on authentic taste and originality on our core product range while we are seeing signifcant growth opportunities through our fresh and modern take in the yogurt and ice cream segments.

PRODUCT INNOVATION

We innovate based on a balanced range driven by market trends and consumer demand to ensure our product range is always the best on the market.

EXPERIENCED MANAGEMENT

Our highly motivated team of people, let by our experienced senior management team, are our greatest asset. We bring in and cultivate people with high levels of industry expertise and knowledge.

WELL POSITIONED

With a leading market share in Greece, we are now well positioned to expand into international markets and be the supplier of choice for our private label customers.

INVESTOR PRESENTATION | SEPTEMBER 2020	Strategic Review
Our business model How we use our assets to create value	09

We innovate

All our products are designed and developed with consumer wants and needs in mind.

We carefully follow market trends to ensure we are developing new healthy and delicious products with the best raw materials.

We make

We have invested in the technology and infrastructure to maintain quality control, and achieve faster and more efficient production to sustain profitable growth. We are working on the sustainability of our packaging to reduce wastage, and the cost of raw materials.

We sell & distribute

Our business model is fully integrated and we reach our customers through our distribution centres using our own fleet, as well as through local distributors to maximise product availability. We are accessing new markets and increasing our collaborations though branded and private label products.

We source

We seek out the best suppliers to supply the premium ingredients which ensure that our products set us apart from the competition. We carefully nurture these partnerships to ensure our suppliers benefit from working with us, and vice versa.

Everything we do is guided by three basic

values that we started with and will always retain.

Originality | Authenticity | Ethics

We re-invest

We re-invest our profits back into our business through a careful capex program, to ensure that we are able to continue growing and innovating. We also contribute to the societies and communities in which we operate through our sustainability and outreach programmes, ensuring we do what's right for people and the environment.

We deliver

Customer happiness

We win our customers on taste and authenticity of our products resulting in a leading market share position of 16.1%

Employee engagement

Stock option programme and employee benefit schemes

Supplier ethics

Supplier partnership programmes in training and production efficiency

Community and environmental support

97% of our waste is recycled/3.000 tonnes of waste converted into biogas. 9,400 hours of employee training and support. Invested €50m in local communities.

Shareholder value

EPS growth (2015-2019) CAGR 42.2 %

INVESTOR PRESENTATION | SEPTEMBER 2020	Strategic Review
Market review Branded yogurt Greece	10

Market size €185m

Trend: +3.8% vs prior year

Key Highlights

2nd largest producer in Greece

Market share 16.7%

(vol.)

15.2% 15.7%

14.2% 14.2%

13.0%

16.7%

96% brand awareness

High market penetration

Sold in 100% of Greek supermarkets Competitively priced versus competition

Strategy

Focus on high margin products

Focus on strained category

Improving quality

Investing in new technology New product development

2015

2016

2017

2018

2019

2020

Marketing campaigns

Source: IRI July 2020

INVESTOR PRESENTATION | SEPTEMBER 2020	Strategic Review
Market review Private label yogurt Greece	11

A leading supplier of private label yogurts in Greece

Market size €16.4m

Trend: +6.4% vs prior year

Key Highlights

A leading product supplier of private label yogurts in Greece

75 products produced in 2019

A high proftability segment

Strategy

New product development in collaboration with customers

Build strong customer relationships Economies of scale

Source: IRI July 2020

INVESTOR PRESENTATION | SEPTEMBER 2020	Strategic Review
Market review Yogurt exports	12

UK

1414.4%.4%

Authentic Greek & Greek style yogurt market £305m

Total market £1.5bn

Strategy

Increase our share of the Greek brand and Greek style yogurt (tap into larger markets)

Product development adjusting to the Greek brand characteristics 'Made in Greece' Heritage

New Greek style product Expanding PL product portfolio

Placing branded products to existing customers

Italy

10%

Authentic Greek & Greek style yogurt market €148m

Total market €1.5bn

Strategy

Further penetration to PL products Differentiation to branded products

Capture the local consumption trends and taste

• Yogurts consumed as desserts

Germany

11.7%

Authentic Greek & Greek style yogurt market €253m

Total market €2.1bn

Strategy

Expanding the Greek style category to tap into the market and gain share

Offer the right products that appeal to the Greek style yogurt market

Source: IRI (Apr 2020)

INVESTOR PRESENTATION | SEPTEMBER 2020	Strategic Review
Market review Ice cream Greece	13

Market size €223m

Trend: -1.5% vs prior year

Market share 14.5%

(vol.)

Key Highlights

96% brand awareness

20 % increase point of sales in last three years The market is consolidated

Strategy

Increase points of sale

Maintain high margin levels

Capture any PL opportunities

*Source: Nielsen 2019

INVESTOR PRESENTATION | SEPTEMBER 2020	Strategic Review
Market review Ice cream exports	14

$58bn

GLOBAL MARKET

$18bn

EUROPEAN MARKET

$10bn

EUROPEAN PRIVATE LABEL MARKET

Key Highlights

Ice cream is a large market

Demand for niche products 15 SKU's for ice cream companies and supermarkets

Countries: Cyprus, Albania, North Macedonia

5,000 Points of sale:

Kiosks, convenience stores and supermarkets

Strategy

Increase Private label sales with new niche SKU's

Increase exports with the Frozen Yogurt line proven to be a success

INVESTOR PRESENTATION | SEPTEMBER 2020	Strategic Review
Fast changing market trends	15

Shift towards healthy type of products Consumer loyalty towards quality brands Upward trend in home consumption

Growing global markets in Greek style yogurts and authentic taste

Ice cream market global trends are moving towards healthier choices like bio and organic vegan products

The global ice cream market is forecasted to grow with a CAGR of 4.9% (2020-2025)*

Product innovation is leading the ice cream market in

terms of ingredients added, texture, packaging and technology Supply chain challenges and product availability

* Mordor Intelligence research report

INVESTOR PRESENTATION | SEPTEMBER 2020	Strategic Review
Fast changing market trends	16

FocusInitiatives

Actions

Capture market trends

Increase yogurt & private label sales

Increase ice cream sales

Geographical expansion

Increasing operating efficiency

Product innovation

Adjust commercial tactics

Product innovation Adjust commercial tactics

Refne strategic expansion

Form key performance indicators

High protein - Super spoon Ageing population - Forever young

Healthy kids diet - Kids' and infants yogurts

Develop products based on local needs

Greek style yogurts. Tap Italian market with PL

Frozen yogurt, large inclusions

Penetration with PL covers retailers' special needs

Scandinavia, France, Spain, Russia. Alternative channels: food service in UK

Invest in infrastructure and capacity, technology and systems

INVESTOR PRESENTATION | SEPTEMBER 2020	Strategic Review
Investment plan Facilities & capital expenditure	17

Three year investment plan: €27m

Capex progress

€4m

€5.7m

€5m	€27m	€12m	€5.7m

€27m

€6m

€15.6m

Production capacity increase Biogas

Modernisation	Maintenance	2019	2020	Pending	Total
			(YTD)

Key Points

Modern production facilities in buildings

E=30,000m2

Capacity of further development in land

E=80,000m2

Government investment programme subsidises 35% of the total investment as a tax exception. (2019-2022) tax exemption is estimated at €9.8m

Tax exemption projection

2019 2020 2021 2022 Total €1.2m €3.1m €3.4m €2.1m €9.8m

Annual maintenance Capex: €1.5-2m

INVESTOR PRESENTATION | SEPTEMBER 2020	Strategic Review
Setting the framework for sustainable growth	18

Continuous pursuit for operational excellence / IT projects

Effective management team

High employee engagement / stock option program

Corporate governance

Social responsibility

INVESTOR PRESENTATION | SEPTEMBER 2020	COVID-19 MITIGATION ACTIONS
Reassessing recourses Building business resilience	19

Product innovation continues Marketing campaigns increase Brand investment and support

Focus on supply chain effciency

New ways of working

Cash management Credit facilities Gearing

Investment plan as scheduled

Strengthen sales

Brand availability and preference Resources maintained

People safety

Building financial resilience

INVESTOR PRESENTATION | SEPTEMBER 2020	First Half 2020 Results
H1 2020 Highlights	20

Interim results for 6 months ended June 2020

REVENUE	€65.9m	EBITDA	€13.8m	EBIT		€12.0m	PBT		€11.9
	€57.4m		€11.7m	€12.2m					€10.1m	€10.5m
			€10.3m	€10.6m
€50.9m
2018	2019	2020	2018	2019	2020	2018	2019	2020	2018	2019	2020
Revenue 2020		EBITDA 2020		EBIT 2020			PBT 2020
€65.9m	€13.8m	€12.0m	€11.9m
+14.8% Y-O-Y		+13.0% Y-O-Y		+13.6% Y-O-Y		+13.7% Y-O-Y
			Profit After Tax €9.1m +19.0%	Earnings Per Share €0.27 + 19.0%

INVESTOR PRESENTATION | SEPTEMBER 2020	First Half 2020 Results
H1 2020 Operational highlights	21

Interim results for 6 months ended June 2020

YOGURT		77
SEGMENT SALES		NEW PRODUCTS
+ 22.6%		LAUNCHED

Operational Highlights:

Strong sales growth in the Yogurt segment driven by Greece +16.3% and Exports +29.7%

Growth in Greece was driven by the launch of new products and the increase in point of sales. Another contributor was the positive trend in the yogurt market that increased by 5.2%

Growth in Exports was driven by further penetration in the Italian market with sales increasing more thant 60% and strong sales growth in the UK (+20%) and Central Europe (+6%).

Ice cream sales posted a decline mainly due to the COVID-19 pandemic

POINTS OF SALE		MAINTAINED HIGH
INCREASED		EBIT MARGIN
BY 850		AT 18.3%

Financial Highlights:

Gross margin affected by increased raw material prices, sales mix, and increased trade marketing activity

Reacted on cost base to protect proft

Increased operating cash flow

Net proft growth +19.0%

Investments of €5.7m

INVESTOR PRESENTATION | SEPTEMBER 2020	First Half 2020 Results
H1 2020 Sales bridge	22

Interim results for 6 months ended June 2020 €m

5.7

-0.6-0.5

3.6

65.3

57.2

SALES 6M19

YOGURT GREECE

YOGURT EXPORT

ICE CREAM GREECE

ICE CREAM EXPORT

SALES 6M20

Increase Decrease Total

INVESTOR PRESENTATION | SEPTEMBER 2020	First Half 2020 Results
H1 2020 Income statement	23

Interim results for 6 months ended June 2020

IFRS - €m	H1 2020	H1 2019	% Change
Sales	65.9	57.4	14.8%
Gross Profit	22.8	22.4	1.6%
Gross Profit Margin	34.5%	39.0%
EBITDA	13.8	12.2	12.9%
EBITDA Margin	20.9%	21.3%
EBIT	12.0	10.6	13.6%
EBIT Margin	18.3%	18.5%
PBT	11.9	10.5	13.7%

Net Profit

9.1

7.6

19.0%

INVESTOR PRESENTATION | SEPTEMBER 2020	First Half 2020 Results
EBIT Bridge	24

Interim results for 6 months ended June 2020 €m

SALES MIX
0.9
EXTRA TRADE MRKT 0.5
RAW MATERIALS
			0.3
PRICES
1.5		0.8
			COST CONTROL
			-1.5
0.4

12.1

10.6

EBIT 6M2019	GROSS PROFIT	LESS	LESS OPEX	EBIT 6M2020
		ADVERTISING

	INVESTOR PRESENTATION | SEPTEMBER 2020						First Half 2020 Results
	H1 2020 Financial results per segment				25
	Interim results for 6 months ended June 2020
	IFRS - €m
	Sales	% Change	Gross Profit	% Change	Gross Margin	EBIT	% Change	EBIT Margin
	Yogurt	50.2	22.6%	15.3	7.8%	30.5%	8.4	19.2%	16.8%
	Greece	25.4	16.3%	8.3	-0.1%	32.7%	3.8	11.4%	15.2%
	Export	24.8	29.7%	7.0	19%	28.3%	4.6	26.6%	18.5%
	Ice cream	15.1	-7.0%	7.4	-10.8%	48.9%	3.3	-2.3%	22.0%
	Greece	12.2	-5.0%	6.6	-7.7%	54.6%	2.9	0.9%	24.0%
	Export	2.9	-14.5%	0.7	-31.9%	25.0%	0.4	-21.1%	13.6%
	Rest	0.6		0.05			0.3
	TOTAL	65.9	14.8%	22.7	1.6%	34.5%	12.0	13.6%	18.3%

INVESTOR PRESENTATION | SEPTEMBER 2020	First Half 2020 Results
H1 2020 Cash flow Key financial figures	26

Interim results for 6 months ended June 2020

	H1 2020 €m		H1 2019 €m
Profit before tax for the period	11.9		10.5
Adjusted by:
Depreciation	1.9		1.8
Other interest expense	0.2		0.2
Other non-cash expenses	0.4		0.1
Operating cash flow before movements in working capital	14.5		12.7
Changes in working capital	(5.4)		(10.4)
Interest paid	(0.2)		(0.2)
Cash flow generated from operating activities	8.9		2.1
Cash flows used in investing activities	(6.0)		(6.5)
Free cash flow	2.9		(4.4)

Improvement in working capital was due to better payment terms from sales mix, supplier days payables extended due to COVID-19 and VAT returns.

	INVESTOR PRESENTATION | SEPTEMBER 2020						First Half 2020 Results
	H1 2020 Balance sheet Key financial figures	27
	Interim results for 6 months ended June 2020
		H1 2020 €m		31/12/2019 €m
	Non-current assets	62.4			58.5
	Current assets	57.2			48.8
	Total assets	119.6			107.3
	Non-current liabilities	15.2			20.7
	Current liabilities	29.2			20.5
	Total liabilities	44.5			41.2
	Net assets	75.2			66.1
	Leverage ratio	-			0.1x

INVESTOR PRESENTATION | SEPTEMBER 2020	Outlook
Mid-termobjectives Progress against strategy YTD	28

Sales Growth: double digit

EBITDA Margin: > 17.5%

Exports / Revenue: > 50%

Our revenue increased by 14.8% driven both by sales in Greece and Exports. We expect our growth to continue as we are delivering on our strategy on product development, market penetration and expansion.

Our EBITDA margin at 20.9% demonstrates our business resilience. We are working on cost control, operating efficiency and working capital optimisation.

Our Exports increased by 23.0% accounting for 42% of total revenue. Our Strategy is based on expanding into new markets and on further penetrating existing customers mainly in the international markets.

INVESTOR PRESENTATION | SEPTEMBER 2020

Key takeaways

Strong set of results both in sales and proftability

Despite the macroeconomic challenges we managed to increased our proftability

Continued to invest in new products according to market trends

Our capex plan continued as planned, investing in technology and infrastructure

We remain confdent that our strategy will support our leadership position and our expansion into new markets

We will continue to invest in our business, our people and the environment

Outlook

29