MARR S p A : Analysts' Presentation - First Quarter 2023 Results

1Q 2023 Results

Conference call - May 12, 2023

Important information

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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 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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1Q 2023 - Financial highlights

€m

Total Revenues

1Q 2019	1Q 2022	1Q 2023
333.4		426.6
325.8

EBITDA

1Q 2019

1Q 2022

1Q 2023

17.3	14.8
	5.1

EBIT

1Q 2019

1Q 2022

1Q 2023

10.7

6.2

-2.5

• 1Q 2023 Total Revenues increase compared to 1Q 2022 that was still affected in the first part of the quarter by the effects of the tail end of the pandemic. Revenues performance is also affected by inflationary dynamics impacting prices of food products particularly since 2Q 2022
• Operating profitability (EBITDA and EBIT) of 1Q 2023 improves compared to 1Q 2022 showing also a recovery on pre- pandemic 1Q 2019
• Net result of 1Q 2023 amounts to 1.5€m (-2.9€m in 1Q 2022) and is affected by the increase of financial charges resulting from the rise in the cost of debt since 2H 2022
• Trade Net Working Capital as at 31 March 2022 amounts to 233.5€m and its increase on 216.4€m of the end of 1Q 2022 is related to the increase in turnover

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1Q 2023 - Sales

€m	Total Revenues*

420.0

329.3321.7

					253.9
			192.2
			75.9	119.1
			53.6	47.0
		1Q 2019	1Q 2022	1Q 2023
		Street Market		National Account			Wholesale

Sales to Street Market and National Account in 1Q 2023 amount to 373.0€m (+39.1% on 1Q 2022) and include 2.4€m of sales contribution from the Frigor Carni acquisition consolidated from 1 April 2022

• 1Q 2023 Sales amount to 420.0€m compared to 321.7€m in 1Q 2022 and 329.3€m in pre-pandemic 1Q 2019
• Sales performance in 1Q 2023 in the Street Market and National Account segments overperform the reference Market, further strengthening MARR's leadership. According to Confcommercio data (April, 2023) consumption (in quantity and inflation component excluded) for "Hotels, meals and out-of-home food consumption" in 1Q 2023 increased by +9.7% on 2022
• Sales to Wholesale (mainly sales of caught and frozen seafood to Wholesalers) in the first months of 2023 are still affected by a temporary lower product availability witnessed since 3Q 2022

(*) 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 2022 and 2023. Some small reclassification have been also done on 2022 data for comparison with 2023

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1Q 2023 - GM dynamics
€/kg Gross Margin trend - basis 100% on 2019
	4Q			1Q		- In a foodservice environment affected by a
				Street Market	Total
Street Market	Total		general food inflation, more severe since 2Q
	114%	117%			123%	2022, the pass-through process of price increase,
		106%
				measured in terms of €/kg Gross Margin
				119%
		111%		90%	increased on pre-pandemic 2019 level and in 1Q
	105%
100%		100%	103%		2023 confirms its sequential improvement
			83%

2019	2021	2022		2019	2021	2022	2023	- This pass-through process continues to be more
effective in the Street Market client segment.
		Incidence of Street Market on Total Sales
				However the gap reduction in terms of €/kg Gross
				4Q 2022						1Q 2023			Margin on 2019 level between the contribution of
											Street Market segment and Total Sales in 1Q 2023
		37.1%							39.6%
										compared to 4Q 2022 (despite a lower incidence
														of Street Market sales) confirms the recovery also
														in the other client segments
		62.9%				60.4%
				Street Market						Street Market

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