La Doria S p A : Board of Directors approves 2021 Annual Report

PRESS RELEASE

LA DORIA - BOARD OF DIRECTORS APPROVES 2021 CONSOLIDATED FINANCIAL STATEMENTS AND SEPARATE FINANCIAL STATEMENTS

Stronger results in 2021, with revenues and operating margins up even further on the excellent 2020 performance, supported by the continued COVID-19 pandemic during the first half of 2021.

Highlights:

• Consolidated revenues of Euro 866 thousand, +2.1% y/y.
• EBITDA of Euro 89.6 million, +7.8% y/y. EBITDA margin improves from 9.8% to 10.3%.
• EBIT of Euro 66.5 million, +2.7% y/y. EBIT margin at 7.7%, substantially stable.
• Net Profit of Euro 46.7 million, -17.6% y/y, impacted by currency losses.
• Net debt reduces to Euro 114.3 million (Euro 140.2 million at 31.12.2020).
• Debt/EBITDA from 1.69x to 1.28x, gearing from 0.48x to 0.35x.

****

Angri (SA), March 15, 2022 - The Board of Directors of La Doria S.p.A, leader in the production of tomato-based products, ready-made sauces, pulses and fruit juices and beverages for supermarket private labels, met today at Angri (SA) and approved the 2021 Annual Accounts.

2021 Financial Highlights

The domestic and international environment continued to be impacted in 2021 by the pandemic emergency and the restrictions to prevent the spread of the virus, although by the second quarter an improvement was seen in the health crisis thanks to the vaccination campaign and an easing of the containment measures.

Ensuring market supply and employee safety were again the La Doria Group's priorities in the period and, in this latter regard, in accordance with the provisions issued by the competent authorities, specific measures to reduce the risk of infection were applied.

Against this still extraordinary backdrop, the 2021 operating-financial results have improved on 2020 - with consolidated revenues up 2% and EBITDA up 7.8% - despite the partial normalisation of domestic food product demand following the pandemic peak of 2020 and higher costs in Q4, with raw material, packaging and energy costs rising.

With regards to the Group's business macro-areas (industrial and trading), the manufacturing activity of the parent company La Doria S.p.A. and the subsidiary Eugea Mediterranea S.p.A. performed in line with forecasts, with a slight revenue decline of 2.4% due to the reduction in sales volumes, returning to a "normalised" level compared to the significant increase in demand seen by the Company in the previous year as a result of the initial phase of the pandemic.

1

The improved operating margin is essentially due to strong sales price dynamics for all product categories, and particularly the "Red line" due to the clearance of sector stock levels in the period following the summer processing campaign in 2020 and 2021. Improved industrial efficiency also contributed to the improved earnings levels.

Trading activities, by the subsidiary LDH (La Doria) Ltd on the UK market, also saw a slight contraction in revenues (-1.3%), due to the decline in sales volumes - only in part offset by the price increases - which concerned all product categories, with the exception of "ready-made sauces", which continued to see strong percentage gains.

The EBITDA of the UK company appears stable compared to 2020, despite the reduction in sales volumes and higher logistical costs. Increased inventory costs in fact impacted the year, with the building up of significant stock levels in Q4 2020 - affecting Q1 of the current year - in order to deal with the Brexit risk, in addition to the considerable increase in freight and transport costs.

The new LDH logistics platform entered fully into service in 2021, following the significant investment beginning in 2018 under the Group plan, for the stocking and movement of goods to be distributed on the UK market. This highly-automated platform has boosted logistics efficiencies overall and shall allow over the medium-term the optimising of company costs, making it more competitive on an extremely competitive market due to the high level of Major Distributor concentration and the growth of the Discounts.

Consolidated Results

Consolidated revenues totalled Euro 866 million, up 2.1% on Euro 848 million in 2020.

The best performance was seen in the sauces line, up 10.7%. The "Pulses and vegetables line" and the "other lines" (+1% respectively) grew slightly, while the "Tomato-based product line" and "Fruit line" revenues were substantially stable.

Group revenues were generated by "Pulses and vegetables" for 26.8%, "Tomato-based products" for 20.9%, "Sauces" for 14.6%, "Fruit" for 8.5% and "Other lines" (trading) for 29.5%.

Exports accounted for 83.5% of sales, increasing 2.2%, with the domestic market accounting for 16.5% and an 1.3% increase in revenues.

The principal profit margins at consolidated level were:

• EBITDA of Euro 89.6 million was up 7.8% on Euro 83.1 million in 2020. EBITDA margin up to 10.3% from 9.8% in 2020;
• EBIT of Euro 66.5 million was up 2.7% on Euro 64.8 million in 2020. EBIT margin up from 7.6% in 2020 to 7.7%;

2

• pre-taxprofit, which totalled Euro 61.9 million (decreasing on Euro 68.2 million in 2020), was impacted by exchange losses of Euro 3.7 million (in 2020 exchange gains were however reported of Euro 4.95 million);
• net profit of Euro 46.7 million decreased on Euro 56.7 million in the previous year.

The key consolidated balance sheet highlights were:

• Net financial payables of Euro 114.3 million decreased on Euro 140.2 million at December 31, 2020, thanks to the resources generated from core operations. These include for Euro 32.3 million the payable for the potential acquisition of the minority share in the subsidiary LDH and, therefore, operating financial payables totalled Euro 82.0 million (Euro 105.7 million at 31.12.2020);
• net equity of Euro 327.1 million, increasing on Euro 291.5 million at December 31, 2020;
• Debt/EBITDA ratio decreasing from 1.69x to 1.28x, with gearing decreasing to 0.35x from 0.48x.

Results of the Parent Company La Doria S.p.A.

Revenues of the Parent Company La Doria S.p.A. in 2021 amounted to Euro 491.4 million, a decrease of 2.4% on Euro 503.4 million in 2020.

EBITDA was Euro 70.9 million, increasing 7% on Euro 66.3 million in 2020, while EBIT was Euro 53 million, up 5.9% on Euro 50 million in the previous year.

The net profit totalled Euro 45.3 million, slightly increasing on Euro 44.8 million in 2020.

Financial payables decreased to Euro 45.4 million, from Euro 68.8 million at December 31 in the previous year, thanks to cash flow generated from core operations.

Net equity of Euro 273.9 million rose on Euro 243.1 million at December 31, 2020.

Proposal for the allocation of the result

With regards to the net profit for the year of Euro 45,276,094, the Board of Directors approved the proposal to the Shareholders' Meeting to allocate it in full to the Retained Earnings Reserve as the Legal Reserve has reached one-fifth of the share capital.

Outlook

As widely reported, a conflict between Russia and Ukraine erupted in February 2022. Considering the war, the heavy economic sanctions imposed on Moscow by the international community and its unforeseeable development, 2022 is shaping up to be a year of uncertainty for the world's economy and businesses.

The Russian invasion of Ukraine poses a new threat to commodity supplies and prices and will further impact the supply chain in view of the significant role Russia and Ukraine play for the global economy. Inflationary pressures - initially stemming from the pandemic - will be

3

heightened by the ongoing conflict and impact the Company's cost base. The new wave of inflation, with further increases in the prices of raw materials and packaging, and energy and transport costs, will inevitably be reflected in the Group's operating margins.

The situation surrounding the Russia-Ukraine conflict will continue to be closely monitored, alongside its potential impacts on the financial statements for 2022.

The Chief Executive Officer, Antonio Ferraioli, commenting on the 2021 results, stated: "After the excellent La Doria Group performance in 2020, the 2021 results are also satisfying. 2022 however - which even before the outbreak of the Russia-Ukraineconflict was looking like a challenging year - impacted by significant inflationary pressures related to the pandemic, shall to an even greater degree feature rising costs which will squeeze Group margins, given the extreme difficulty in fully passing on all price rises to customers. Against this backdrop of general uncertainty, we will continue to work on our key objective of strengthening our international private label market leadership, both organically and through M&A's, leveraging a business model which over the years has proven to be a winning and resilient formula".

Significant events after the end of the year

On January 31, 2022, Amalfi Holding S.p.A., a company whose 65% of the share capital is held by investment companies of the fund Investindustrial VII L.P and by certain members of the Ferraioli family for the remaining 35% of the share capital, as part of a purchase transaction disclosed to the market in accordance with law, acquired a 63.13% stake in the Parent Company La Doria S.p.A.'s share capital and pursuant to Article 106 of Legislative Decree No 58 of February 24, 1998, on February 21, 2022 made a full public tender offer for the remaining La Doria shares in order to delist the Company from Euronext Star Milan. For further details, please refer to the announcements.

For further details, reference should be made to the disclosure provided in accordance with law and available on the Company website www.gruppoladoria.it, Investor Relations and Corporate Governance sections.

OTHER BOARD OF DIRECTORS' MOTIONS

Consolidated non-financial disclosure - Sustainability Report

The Board of Directors in addition approved the Consolidated non-financial disclosure produced as a separate report from the Financial Statements (2021 Sustainability Report), in accordance with Legislative Decree 254/2016.

The 2021 Sustainability Report, drawn up in accordance with the Guidelines of the Global Reporting Initiative (GRI Standard), second option "in accordance - Core", outlines the strategies, results and commitments undertaken in the various sustainability, economic, social and environmental areas, presenting the Group's position on growth and development which takes into account the interests of the various stakeholders.

Corporate Governance Report

The Board of Directors approved the Corporate Governance and Ownership Structure Report for 2021, prepared in accordance with Article 123-bis of the CFA.

4

Calling of the Shareholders' Meeting

The Board of Directors has decided to delay the calling of the Shareholders' Meeting for the approval of the financial statements at December 31, 2021, utilising the extended deadline of 180 days, as per Article 2364, paragraph 2 of the Civil Code, as permitted by the By-Laws.

La Doria, a company listed on the STAR segment of Borsa Italiana, is the leading European producer of processed pulses and peeled and chopped tomatoes on the retail channel and among the leading Italian producers of fruit juices and beverages. La Doria is also the leading producer in Europe of private label ready-made sauces.

2021 revenues totalled Euro 866 million, of which 97% generated by the private labels segment (distribution chain brands) with the major domestic and international retailers.

The executive officer for financial reporting, Dr. Alberto Festa, declares in accordance with Article 154 bis, paragraph 2, of the Consolidated Finance Act, that the accounting information contained in the present press release corresponds to the underlying accounting documents, records and accounting entries.

Attached to the present press release are the reclassified condensed balance sheet and income statement of the La Doria Group and of La Doria S.p.A. at 31.12.2021, as well as the Consolidated Cash Flow Statement (currently unaudited).

Contact:	Patrizia Lepere
	Investor & Media Relations Manager -Corporate Affairs
	0039-081-5166260 mobile [phone]
	[e-mail]
	Website:www.gruppoladoria.it

5