MARR S p A : Analysts' Presentation - First Half 2021 Results

1H 2021 Results

Conference call - August 3, 2021

Important information

This presentation is being shown to you solely for your information and may not be reproduced, distributed to any other person or published, in whole or in part, for any purpose.

The information in this presentation could include forward-looking statements which are based on current expectations and projections about future events. These forward-looking statements are subject to risks, uncertainties (including those on the duration and severity of the COVID-19 outbreak and from the restrictive measures taken to face it) and assumptions about the Company and its subsidiaries and investments; including, among other things, the development of its business, trends in its operating industry, and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur. No one undertakes to publicly update or revise any such forward-looking statements.

The Group's business is also correlated to tourism flows. Q1 and Q4 represent the low point of the business year, whereby Q2 and Q3 the peak of the seasonality. Therefore quarterly sales, operating results, trade net working capital and net financial indebtedness are impacted by the seasonality and may not be directly compared or extrapolated to obtain forecasts of year-end results.

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Highlights

• MARR closes 1H 2021 with significant growth compared with 1H 2020 thanks to the momentum of 2Q (with a positive Net Result), thus confirming its ability to outperform the Market even during the recovery phase
• The first two summer months (June and July) show revenues already comparable with the historical ones of the pre-pandemic period. The strong commitment of the entire organization allows us to express a justified optimism also for the near future
• Closing of a Senior Unsecured bond loan in the US for 100 million Euros
• The Board of Directors convenes the Shareholders' Meeting for September 6, 2021 to resolve on the distribution of a gross dividend of 0.35 Euros per share

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1H 2021 - Financial highlights

€m

+	+

+

1H 2020 1Q ch.	2Q ch.	1H 2021	1H 2020 1Q ch.	2Q ch.	1H 2021	1H 2020 1Q ch.	2Q ch.	non-	1H 2021
								recurring

• Growth of Revenues and profitability in 1H 2021 compared to same period of 2020 was driven by the strong recovery of 2Q: +168€m of Total Revenues, +26€m of EBITDA and +26€m of Result before tax excluding non-recurring items
• Trade NWC as at 30 June 2021 was of 188.9€m (278.0€m at the end of 1H 2020) and thanks to the reduction in the absorption of Trade NWC the Net debt as at 30 June 2021 amounted to 186.5€m decreasing compared to 262.6€m at the end of 1H 2020. Furthermore Net Debt before IFRS 16 effects as at 30 June 2021 was of 125.2€m in full compliance with all covenants for the period

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1H 2021 - Sales

€m		Sales by segments*			534.9			€/kg trend in Street Market and National
									441.1							Account segments
																3.5
								348.7			311.1	3.3				3.4			+1.2%	+7.8%
259.7					245.6	3.1	2.8					3.1
186.2		181.4	221.2
144.8		93.9	105.8
89.9		100.9
64.6			61.1
	44.8		29.4	101.5	118.0
		66.5
	50.4		51.5		51.2
	1Q 20 1Q 21		2Q 20 2Q 21	1H 20	1H 21					1Q					2Q
						€/kg 19		€/kg 20		€/kg 21
			Street Market		National Account		Wholesale

• Thanks to the robust performance in 2Q (including 16.0€m from Verrini), at the end of the first six months Sales grew in all segments compared to 1H 2020 and were driven by the Street Market segment
• With the recovery of Market conditions the €/kg of Street Market and National Account clients in the last part of the 1H reverted to pre-pandemic levels
• In particular the €/kg of June 2021 passed that of June 2020 with a pure Inflation component still small but expected to be higher in the coming months
• • Starting from 2021 some reclassifications were made between client segments, in particular some structured customers were reclassified from the Street Market to the National Account, consequently the 2020 data of sales by client segments were revised for comparison with 2021

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