What Cooking / : Rapport financier semestriel 2023

TABLE OF CONTENTS

1. KEY FIGURES AND HEADLINES	2
2. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS WHAT'S COOKING GROUP
ON JUNI 30TH 2023	6
3. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	11
4. DECLARATION BY RESPONSIBLE PERSONS	20
5. REPORT FROM THE STATUTORY AUDITOR ON THE HALF-YEAR	21
6. CONTACTS	22
7. FINANCIAL CALENDER	22
8. WHAT'S COOKING? IN BRIEF	23

What's Cooking? - Half-year Financial Report 30/06/2023.
Regulated information What's Cooking Group NV 25/08/2023.	1

1.KEY FIGURES AND HEADLINES

What's Cooking?

The first half of the year was still characterized by a significant inflation of raw material, ingredient prices, energy costs, and labor expenses. The cost increases are passed on to customers in a responsible and transparent manner, albeit with a delay. The delayed price adjustments result in a recovery of the group's EBITDA, surpassing the EBITDA of 30/06/2022.

The net debt increases from 67.7 million EUR on 31/12/2022 to 74.8 million EUR on 30/06/2023, and the leverage (net debt / underlying EBITDA in the last 12 months) stabilizes around 1.8 times.

This resulted in the following core results:

1. An increase in revenue from 373 million EUR to 413 million EUR

1. An increase in underlying EBITDA from 18 million EUR to 21 million EUR o An increase in EBIT from 3 million EUR to 6 million EUR
   o An effective tax rate of 41% in 2023 compared to 26.4% in 2022 o An increase in net profit from 1.5 million EUR to 2.4 million EUR

1. The net debt remains stable compared to 30/06/2022 but increases to 74.8 million EUR compared to 67.7 million EUR on 31/12/2022

1. The result is a combination of the following factors:

The result is a combination of the following factors:

1. A 10.7% increase in revenue translates into a 105.7% increase in operating profit. The cost inflation remains high, with raw material and ingredient costs rising by 11%. Pork prices have increased by

more than 20% since 31/12/2022, and when compared to the beginning of 2022, there is a 74% increase in pork prices. Personnel costs have risen by 5.8%.

1. In the first half of the year, there was a decline in sales volume for prepared dishes, as expected. For

the second half of the year, a volume growth is anticipated due to the recovery of certain contracts. The Savoury SBU also experienced a decline in volume.

1. There was a high cost inflation for energy and raw materials, which was passed on to customers

transparently but with a delay.

1. There was a decrease in non-underlying costs. Last year, the non-underlying costs were mainly related to the acquisition dossier of Imperial-Stegeman. The cost impact of the deal falling through with Imperial-Stegeman was limited this year. The largest portion of the non-underlying costs this year is related to re-branding expenses.

What's Cooking? - Half-year Financial Report 30/06/2023.
Regulated information What's Cooking Group NV 25/08/2023.	2

1. The EBITDA is recovering and increases by 18.6% from 16.9 million to 20 million EUR. When we isolate the impact of non-underlying costs, the Underlying EBITDA rises by 18.8% from 17.8 million EUR to 21.1 million EUR.

Implementing a scrip dividend will result in a limited cash outflow in the second half of the year as a total of 52.15% of the shareholders opted for participation in the capital increase.

Combining all of this:

1. Underlying EBITDA amounts to 21.1 million EUR compared to 17.8 million EUR in 2022; o EBITDA amounts to 20 million EUR compared to 16.9 million EUR in 2022;
   o Underlying EBIT amounts to 7.1 million EUR compared to 3.8 million EUR in 2022; o EBIT amounts to 6 million EUR compared to 3 million EUR in 2022;
   o Net result after taxes amounts to 2.4 million EUR compared to 1.5 million EUR in 2022

In the first half of 2023, salary costs also increased significantly due to collective increases in various countries where we operate. Where possible, we have adjusted our plant capacities to adapt to the changing volumes. However, this has always been done with an eye on the future, anticipating further volume growth.

Last year, What's Cooking? extended its Revolving Credit Facility with a consortium of three banks until mid-2025. The increase in the financial result from 916 thousand to 1,849 thousand EUR is a consequence of rising interest rates in the financial markets and was partially limited by the positive impact of the last interest hedges that expired before 30/06/2023.

What's Cooking? - Half-year Financial Report 30/06/2023.
Regulated information What's Cooking Group NV 25/08/2023.	3

Strategic Business Unit (SBU) Savoury:

The revenue of the SBU (Strategic Business Unit) increased by 18.9 million EUR (+8.8%) compared to 2022. This growth is a result of the delayed pass-through of the cost increases of raw materials, ingredients, and wage indexation. However, the volume has decreased, leading to a decline in the SBU Savoury's result from 2,999 thousand EUR to 635 thousand EUR.

In the processed meats market, there is a decrease in consumer demand, and the inflation in energy and raw material prices is transparently passed on to customers, though with some delay. The processed meats industry, both for products and slicing activities, is characterized by intense price competition and high available capacity, which ultimately benefits the consumer.

In the Netherlands, a significant market share of meat and processed meats carries the "Beter Leven Keurmerk" (Better Life Label). To encourage pig and poultry farmers to adopt the animal welfare criteria of the "Beter Leven" concept, they receive a deserved premium. Through so-called "automatic price adjustments," this premium is also applied further in the supply chain, translating raw material price increases into the prices of end products.

In the Benelux, UK, and Germany, where What's Cooking? is primarily active with its savoury products, there is a growing interest among consumers for healthier recipes (e.g., lower salt content), better traceability, and sustainable production. Sustainability is especially emphasized through stronger chain collaboration and recyclable packaging. What's Cooking? will continue to respond to these trends, aligning with the ESG (Environmental-Social- Governance) objectives and launching new products accordingly.

Furthermore, What's Cooking? observes an increasing significance of labeling systems like Nutri-Score and similar alternatives. The company takes an active role in working with its customers to optimize and adapt product quality according to changing consumer requirements.

Operationally, they have made several strides forward, while in product development, the focus remains on innovative products with and without animal proteins.

What's Cooking? - Half-year Financial Report 30/06/2023.
Regulated information What's Cooking Group NV 25/08/2023.	4