MARR S p A : Analysts' Presentation - First Half 2022 Results

1H 2022 Results

Conference call - August 4, 2022

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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1H 2022 - Financial highlights

€m

Total Revenues

	874.3
	+332.3€m
542.0
1H 2021	1H 2022

EBITDA

	35.0
23.2	+11.8€m
1H 2021	1H 2022

Net Income

	10.5
	+9.4€m
1.1
1H 2021	1H 2022

1H 2022 ends with positive financial results increasing compared to 2021:

• Total Revenues at 874.3€m increasing by 332.3€m on 2021
• EBITDA at 35.0€m increasing by 11.8€m on 2021
• Net Income at 10.5€m increasing by 9.4€m on 2021

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1H 2022 - Sales

		2Q						€m		1H
								779.7		860.2
											+325.3€m
450.4			+189.8€m	538.5				486.4	534.9	552.1
					Street Market
	348.7							311.0
296.6				359.6			National Account
	221.6					177.2		182.1
			106.5			Wholesale	107.7
93.9
	62.5							126.1
						116.2	116.2
59.9		64.7			72.5
2Q 2019 *	2Q 2021			2Q 2022				1H 2019 *	1H 2021		1H 2022

including ca 16.3€m of sales contribution from acquisitions: Verrini Group (consolidated from 1 April 2021) for 12.3€m and Frigor Carni (consolidated from 1 April 2022) for 3.9€m

• • 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, therefore 2019 sales data by client segments were restated for comparison with 2021 and 2022
• 2Q and 1H 2022 sales increased respectively by 189.8€m and 325.3€m compared to 2021
• Sales grew in all client segments and also compared to 2019
• Sales growth was affected by inflationary dynamics in the Foodservice sector continuing to hit most of the product categories sold by MARR

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1H 2022 - GM dynamics

€/kg - all client segments		Sales by product mix
			4.19	+17.2%		1H 2019			1H 2022
3.57					vs 1H 2019
							33.7%		36.8%
0.68				0.76	+11.0%
			vs 1H 2019
1H 2019	1H 2022
		Sales Price			GM				Seafood		Others

• The generalized food inflation is affecting the pass-through process to the Market: in all 3 client segments and with a greater impact on that of National Account
• The reduction of % GM compared to the pre-pandemic 2019 is also due to the change in product mix: essentially more seafood having lower % GM but a higher €/kg with consequent increase of GM in terms of €/kg

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