ORIOR : Analyst and media presentation full year 2023

2023ORIOR Group

F U L L Y E A R R E S U L T S

Disclaimer

This presentation is not a prospectus within the meaning of Article 652A of the Swiss Code of Obligations, nor is it a listing prospectus as defined in the listing rules of the Six Swiss Exchange AG or a prospectus under any other applicable laws.

These materials do not constitute or form part of any offer to sell or issue, or any solicitation or invitation of any offer to purchase or subscribe for, any securities, nor shall part, or all, of these materials or their distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities.

The materials might contain forward-looking statements based on the currently held beliefs and assumptions of the management of ORIOR AG. Management believes the expectations expressed in such statements are based on reasonable assumptions. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of ORIOR AG, or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements.

Performance measures

ORIOR uses alternative performance measures in this presentation which are not defined by Swiss GAAP FER. These alternative performance measures provide useful and relevant information regarding the Group's operative and financial performance. The document "Alternative Performance Measures Full Year 2023", which is available on https://orior.ch/en/financial-reports, defines these alternative performance measures.

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Agenda

Full Year 2023

− CEO statement

CEO Daniel Lutz

• Group initiatives

− ORIOR segments

CFO Andreas Lindner

• Consolidated income statement and balance sheet
• Further key figures for the ORIOR Group

Outlook

−	CEO statement	CEO Daniel Lutz
−	ORIOR Group
−	Q&A

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CEO statement

Organic growth of 2.1%; challenging environment weighs on profitability

Net sales > Net sales increased by 1.0% to CHF 643.1 million; organic growth: +2.1%, currency effect −1.1%

Profitability > EBITDA fell to CHF 59.2 million (previous year: CHF 64.1 million); EBITDA margin of 9.2% (previous year: 10.1%)

Main positive drivers:

• Culinor had an exceptionally good financial year thanks to innovations, customer/channel development, and cost pass-throughs
• Casualfood benefited from higher passenger frequencies and opening of new outlets with new concepts
• Rapelli and Biotta posted solid performances
• Cost pass-throughs,cost-cutting measures, efficiency improvements

Negative factors - accumulation of adverse factors, especially in H2:

• Inflationary environment > rising input costs > higher selling prices > change in product mix demand
• Rapid increase in pork prices in H2 in combination with time-limited bulk contracts orders at fixed prices
• Higher input costs not passed through in full
• Plant-basedsales, particularly in the UK, far below expectations
• Food service sector, particularly in Q4, below expectations, and modest Christmas sales
• Declines in profitability despite measures implemented, also due to lower volumes

Major Group initiatives

• Site development > increase and stabilise profitability and efficiency
• ORIOR Responsibility/ESG > continuous improvement of sustainability KPIs > target achievement on track

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Organic growth of 2.1%

Net sales

Group

CHF 614.1 million

2021

International Organic: +6.8% FX effect: +1.1​%

Convenience

Organic: +10.6%

Refinement Organic: −7.5​%

Organic

growth FX effect

+6.0% −2.3%

+3.7%

Volume growth

>

Price growth

Net sales

Group

CHF 636.7 million

2022

International Organic: +22.2​% FX effect: −8.6​%

Convenience Organic: −1.2​% adjusted: +2.5​%1, 2

Refinement Organic: +0.9% adjusted: 0.0​%1,3

Organic

growth FX effect

+2.1% −1.1%

+1.0%

Volume growth

<

Price growth

Net sales

Group

CHF 643.1 million

2023

International Organic: +8.5% FX effect: −3.7​%

Convenience Organic: −0.2​% adjusted: +0.6%1

Refinement Organic: −1.4​% adjusted: -1.9​%1,3

1 Site development: volume transfer of the Convenience segment to the Refinement segment

1. Turnover reclassification (net booking of intermediary sales) in the Convenience segment of CHF 4.1 million
2. Discontinuation of sales to Russia

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ORIOR Convenience segment

Excluding one-off effects from volume transfer at previous year's level

Net sales

Reduction of -0.2% to CHF 219.8 million (PY: -1.2%)

• Adjusted for one-off effects: +0.6%

Competence centres:

The Convenience segment generated 33.8% of Group sales.

• Fredag further expanded its core poultry business; its food service channel and the export of plant-based products did not perform in line with expectations.
• Le Patron with modest growth: good retail sales, food service and Christmas sales below expectations.
• Pastinella also up on the previous year thanks to pleasing growth with innovative products in the gastronomy sector.
• Biotta performed very well in its domestic Swiss market; exports suffered due to the strong Swiss franc.

Main positive drivers:

• Overall, the Swiss domestic market performed well compared with the previous year, thanks in particular to solid growth in the retail channel.
• Core poultry range strengthened further.
• Pass-throughof higher input costs.
• Realisation of efficiency optimisations.

Challenges and negative influences:

• Inflation-drivenweakening of sales markets (exports of plant-based products, Biotta exports, product mix shifts, food service sector).
• Christmas sales and major events, especially at Le Patron.
• Transfer of sales to the Refinement segment (CHF 1.7 million).

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ORIOR Refinement segment

Accumulation of adverse factors and rapidly increasing pork prices in the second half of the year

Net sales

Reduction of -1.4% to CHF 245.7 million (PY: +0.9 %)

• Adjusted for one-off effects: -1.9%

The Refinement segment generated 35.5% of Group sales.

Competence centres:

• Rapelli delivered a solid performance with growth in the retail and food service sectors.
• Albert Spiess significantly below expectations.
• Möfag grew its sales once again.

Main positive drivers:

• Rapelli's core and brand range recorded pleasing growth.
• Partial pass-through of higher input costs.
• Realisation of efficiency optimisations.
• Sales transfer from the Convenience segment (CHF 1.4 million).

Challenges and negative influences:

• Inflation-drivenweakening of sales markets
• • Product mix shifts, weakening food service, strong Swiss franc > lack of intercompany sales with Spiess Europe.
• Price increase for pork combined with agreed (time- limited) fixed prices.
• Loss of a major order and modest Christmas sales in food service sector at Albert Spiess.

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ORIOR International segment

Very good performance thanks to customer and channel expansions, innovations and cost pass-throughs

Net sales

Increase of +4.8% to CHF 198.8 million

• Organic: +8.5% (PY: +22.2%)
• FX effect: -3.7% (PY: -8.6%)

The International segment generated 30.7% of Group sales.

Competence centres:

• Culinor Food Group performed exceptionally good, thanks to cost pass-throughs, innovations and channel expansions.
• Casualfood performed very well, also thanks higher passenger frequencies.
• Gesa posted another very pleasing result; highly specialised niche proved itself once more.
• Spiess Europe significantly below expectations, in particular due to inflation-related effects in France.

Main positive drivers:

• Pass-throughof higher input costs
• Innovations and new listings, including in the entry-level price segments
• Customer and channel development
• Realisation of efficiency optimisations
• Traveller volume high/rising

Challenges and negative influences:

• Weakened sales markets due to inflation
• • Cost pass-through pressure
  • Shifts in product mix
  • Slump in sales in France (high-end premium)
• Shortage of skilled labour
• • Higher costs for well-qualified employees
• Labour costs higher in general

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Consolidated income statement

CHF million20232022 ∆ in %

Net sales	643.1	636.7	+1.0%
Cost of materials/change in inventory	−334.2	−344.2
Gross profit	308.9	292.5	+5.6%
as % of net sales	48.0%	45.9%	+210 bps
EBITDA	59.2	64.1	−7.7%
as % of net sales	9.2%	10.1%	−86 bps
Depreciation and amortisation	−27.1	−26.2
EBIT	32.1	37.9	−15.3%
as % of net sales	5.0%	6.0%	−96 bps

• Gross margin increased by 210 bps to 48.0%
• EBITDA -7.7% below previous year's level
  Main drivers: challenging environment with high input costs (energy, raw materials, staffing), declining volumes and product mix shifts towards lower-margin ranges
• EBIT lost -15.3% and stands at CHF 32.1 million
  Main factors: lower EBITDA and higher depreciation and amortisation

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Consolidated income statement | EBIT - Net profit for the period

CHF million20232022 ∆ in %

EBIT	32.1	37.9	-15.3%
as % of net sales	5.0%	6.0%	-96 bps
Net financial result	−2.6	−2.5
Profit before taxes	29.5	35.4	-16.7%
as % of net sales	4.6%	5.6%
Income taxes expense	−4.7	−5.0
Non-controlling interest	0.0	0.2
Net profit attributable to ORIOR shareholders	24.8	30.2	-17.8%
as % of net sales	3.9%	4.7%

• The financial result includes interest expenses, foreign currency effects, profit from the Smartseller joint venture, and results from interest rate and currency hedging instruments.
• Bond (CHF 110 million) was repaid as contractually agreed end of September 2023 and refinanced with a SARON-based syndicated loan (total volume CHF 150 million).
• Weighted average income tax rate of 16.8% (previous year: 16.6%) and is within the expected medium- term range of 15.0 to 19.0%.

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