Orsero S p A : H1 2021 Results Presentation

H1 2021 RESULTS *

Milan, 13 September 2021

(*) Six months ended 30 June 2021.

Agenda

• KEY FINANCIALS H1 2021	Pag. 3
•	OUTLOOK	Pag. 10
•	APPENDIX	Pag. 13

DISCLAIMER

This document (the Document) was prepared by ORSERO S.p.A. (Company) only for the purposes of presenting the Company. The information contained herein may not be complete and exhaustive and no guarantee can be given as to its accuracy.

This Document was drafted on the basis of data and information of the Company and/or in the public domain, and on parameters and assumptions determined in good faith by the Company. However, these parameters and assumptions are not the only ones that could have been selected for the purpose of preparing this Document, therefore the application of additional parameters and assumptions, or the existence of different market conditions, could lead, in good faith, to analyses and assessments that may differ, in whole or in part, from those contained herein.

The information and/or the assessments contained herein have not been subjected to verification by independent experts, and are subject to changes and/or updates. The Company undertakes no obligation to give prior or subsequent communication in the event that any such changes and additions may become necessary or appropriate.

No information contained in this Document can or shall be considered a guarantee or an indication of future operating, financial and equity results of the Company.

To the extent permitted by applicable law, the Company and its corporate officers, managers, employees, and consultants do not make any declaration or guarantee and do not assume any obligation, either express or implied, or responsibility as to the accuracy, sufficiency, completeness and update of any information contained in the Document nor in respect of any errors, omissions, inaccuracies or negligence herein.

This Document is provided merely for information and indicative purposes and does not constitute in any way a proposal to enter into any contract nor a public offering of financial products, nor advice or a recommendation to buy or sell any financial products.

You are the exclusive addressee of this Document which as such cannot be delivered nor disclosed to any third parties nor reproduced, in whole or in part, without the prior authorization of the Company.

The Manager in charge of preparing the corporate accounting documents of Orsero S.p.A., Mr. Giacomo Ricca certifies, pursuant to art. 154-bis, paragraph 2, of Legislative Decree 58/98 that the accounting information contained in this press release corresponds to the documentary results, books and accounting records.

Minor discrepancies in calculating percentage changes and totals in tables of this press presentation are due to rounding.

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KEY FINANCIALS H1 2021*

(*) Six months ended 30 June 2021.

MANAGEMENT'S COMMENT ON H1 2021

RAFFAELLA ORSERO

Deputy Chair and CEO

MATTEO COLOMBINI

CFO & Co-CEO

"Our satisfaction is strengthened for the more than positive results achieved in the first half of the year, with the achievement of a record level margin for the Group and above the market average, despite the persistence of a still uncertain historical moment. These results are the outcome of a precise strategic policy increasingly focused on products with greater added value, as well as the excellent performance achieved by the activity in France and Mexico. These positive economic objectives, during the half year, were accompanied by increasing attention to sustainability issues with the inclusion in the organization of the Group of an ESG team that will support Top Management in the preparation of a multi-year strategic ESG plan".

"The substantial stability of sales revenues and the strong improvement in margins in these first 6 months of 2021 are a very important indicators that distinguish even more what the Group has done, also recalling the exceptional nature of the consumption dynamics observed during the first pandemic wave of 2020. At capital level, the results were very good, with a constantly improving net financial position and excellent cash generation resulting from the increasing attention to the efficiency of working capital in order to maximize the financial resources of the Group and its cost. All these elements make us fully confident for the achievement of the Guidance at the end of 2021 and for the Group's ability to support future investments".

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H1 2021 RESULTS - GOOD FIGURES ON TRACK WITH EXPECTATIONS

• COVID-19:all safety measures are still in place, adapting to crisis evolution
• Economic and Financial Actions

CORPORATE

• Focus on working capital management, with particular regard to credit collection, to protect liquidity and financial flexibility
• Capex are in line with planned investments
• • minor recurring investments on distribution platforms in Europe
  • some expansion capex in particular in Spain (Sevilla: new market stands and enlargement of warehouse; Sicily: new ripening center)
• Supply chain is constantly monitored in order to avoid inflationary pressure or operational constraints due to international maritime transport issues (e.g. container shortage, surging freights)

	•	Market context
		- Fruit and vegetables consumptions are overall slack, with different effects among the various product families
		- Sales channel not yet normalized,
		➢ Last year, in March, April and May, the market coped with pandemic restrictions and sudden changes in buying (+ fruits with longer shelf life, -
		out-of- home and street market, + large retailers or proximity specialty shops)) and consumption behaviours (+ vitamin c related fruit - exotics)
		➢ Today, large-scale retailers recording flat sales thanks to a summer recovery after several months of lagging performance compared to
		booming sales achieved in H1 2020 ; traditional market lightly declining ; street and itinerant retailers partially recovering vs a hard hit in 2020;
		out-of-home consumption and foodservices above LY as containment measures ease, even if high volatility is expected
BUSINESS	•	Import & Distribution BU
		- Good sales in absolute value: slightly below (-1,3%) a strong H1 2020 but largely positive vs H1 2019 (+4,1%)
		➢ Excellent growth in France and Mexico, positive performance in Spain, lower sales in Italy, Portugal and Greece
		- Volumes are all in all declining while the price/mix effect is positive
		➢ Good sales of kiwi, avocado, stone fruits and table grape offset by declining basic products (banana, apple/pear, citrus). Fresh-cut strongly
		recovering
		- Adjusted EBITDA improving +14,2% vs LY
	•	Shipping BU
		- CAM Line robust performance based on improved carried volumes, ships are almost fully loaded
		- Good customer diversification, captive use at 44%
		- Adjusted EBITDA improving +15,3% vs LY

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