Orsero S p A : Q1 2021 Results Presentation

Q1 2021 RESULTS *

Milan, 12 May 2021

(*) Three months ended 31 March 2021.

Agenda

• KEY FINANCIALS Q1 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. Figures and numbers included in this document are rounded.

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 Q1 2021*

(*) Three months ended 31 March 2021.

MANAGEMENT'S COMMENT ON Q1 2021

RAFFAELLA ORSERO

Deputy Chair and CEO

MATTEO COLOMBINI CFO & Co-CEO

"We are very satisfied with the results of this first quarter 2021, the work

done in the last two years in terms of people, product mix and operational efficiency is paying off. The excellent results achieved in the first three months of the year, despite the climate of economic uncertainty due to the persistence of the pandemic, make us optimistic with respect to the Guidance for the year 2021".

"In these first three months of 2021, as expected, we have maintained a

turnover in line with 2020, a very positive note in consideration of the fact that last March was characterized by moments of panic buying. The industrial margins exceeded expectations thanks to the strategy of reviewing the product mix, increasingly focused on items with greater added value, and the definitive recovery of the activity in France. The performance of the main capital indicators is also significant, with a net financial position which, due to an important generation of operating

cash, is further improved compared to 31 December 2020".

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Q1 2021 RESULTS - A STRONG START

•	COVID-19
	- Pandemic containment procedures are active
	-	Sourcing, transportation and distribution activities are fully operational, keeping an adaptive approach
CORPORATE •	Economic and Financial Actions
	-	Focus on working capital management, with particular regard to credit collection, to protect liquidity and financial flexibility

• • Capex are rather low being limited to
  • • 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 warehouse)
  • Opex are almost flat, increasing personnel costs are offset by reducing travel and external professional expenses
• Market context
• • All in all, fruit and vegetables consumptions are steady with slightly declining volumes and slightly positive price effect
  • Sales channel mix not yet normalized:
  • • large scale retailers are keeping their position while comparing with an extremely lively demands of Q1 2020
    • street and itinerant retailers are still heavily impacted by social restrictions
    • Out-of-home/foodserviceare on the mend but with different stage of recovery depending on containment measures in place
• Import & Distribution BU - Product/Country mix

BUSINESS	- Good sales in absolute value, rather flattish (+0,8%) compared to a buoyant Q1 2020 (+7,3%)
➢ France is reaching to a full recovery rate vis-a-vis a Q1 2020 still subdued
	➢ Spain is further strengthening and diversifying its product portfolio (stable on bananas and improving in other fruit and vegetables)
	➢ Mexico is recovering thank to good export to US
	➢ Italy and Greece reported flat total sales despite a positive momentum of product other than bananas
	➢ Portugal is declining because of lower banana volumes
	- Volumes are all in all declining while the price/mix effect is positive
	➢ Kiwi, Avocados and table Grapes are overperforming LY
	➢ Apples/pears and citrus are normalizing against a booming market last year
	➢ Overall banana volumes are declining in line with market trend in a context of more balanced supply/demand

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