Whole Earth Brands : 1Q23 Supplemental Earnings Presentation

Supplemental Deck - Q1 2023

May 10, 2023

Disclaimer

A b o u t t h i s P r e s e n t a t i o n

This presentation (together with any accompanying oral or written communications, this "Presentation") is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase any securities of Whole Earth Brands, Inc. (The "Company" or "Whole Earth Brands"). The information contained herein should not be relied on and does not purport to be all-inclusive. The data contained herein is derived from various internal and external sources. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any projections, modeling or any other information contained herein. Any data on past performance, modeling contained herein is not an indication as to future performance. Whole Earth Brands assumes no obligation to update the information in this Presentation. Nothing herein shall be deemed to constitute investment, legal, tax, financial, accounting or other advice.

F o r w a r d - L o o k i n g S t a t e m e n t s

This presentation contains forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning Whole Earth Brands and other matters. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of management, as well as assumptions made by, and information currently available to, management.

Forward-looking statements may be accompanied by words such as "achieve," "aim," "anticipate," "believe," "can," "continue," "could," "drive," "estimate," "expect," "forecast," "future," "guidance," "grow," "improve," "increase," "intend," "may," "outlook," "plan," "possible," "potential," "predict," "project," "should," "target," "will," "would," or similar words, phrases or expressions. Examples of such forward-looking statements include those related to our supply chain reinvention, our ability to meet product launch goals, our ability to offset inflation, and our 2023 Outlook. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the ongoing conflict in Ukraine and related economic disruptions and new governmental regulations on our business, including but not limited to the potential impact on our sales, operations and supply chain; adverse changes in the global or regional general business, political and economic conditions, including the impact of continuing uncertainty and instability in certain countries, that could affect our global markets and the potential adverse economic impact and related uncertainty caused by these items; the extent of the continued impact of the COVID-19 pandemic, and any recurrence of the COVID-19 pandemic, local, regional, national, and international economic conditions that have deteriorated as a result of the COVID-19 pandemic, including the risks of a global recession or a recession in one or more of the Company's key markets, and the impact they may have on the Company and its customers and management's assessment of that impact; extensive and evolving government regulations that impact the way the Company operates; the impact of the COVID-19 pandemic on the Company's suppliers, including disruptions and inefficiencies in the supply chain; and the Company's ability to offset rising costs through pricing and productivity effectively.

These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company's control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These statements are subject to the risks and uncertainties indicated from time to time in the documents the Company files (or furnishes) with the U.S. Securities and Exchange Commission.

You are cautioned not to place undue reliance upon any forward-looking statements, which are based only on information currently available to the Company and speak only as of the date made. The Company undertakes no commitment to publicly update or revise the forward-looking statements, whether written or oral that may be made from time to time, whether as a result of new information, future events or otherwise, except as required by law.

I n d u s t r y a n d M a r k e t D a t a

In this presentation, Whole Earth Brands relies on and refers to information and statistics regarding the sectors in which it competes and other industry data. The Company obtained this information and statistics from third-party sources, including reports by market research firms. The Company has supplemented this information where necessary with information from its own internal estimates, taking into account publicly available information about other industry participants and its management's best view as to information that is not publicly available. The Company has not independently verified the accuracy or completeness of any such third-party information.

U s e o f N o n - G A A P F i n a n c i a l M e a s u r e s

This Presentation includes non-GAAP financial measures which do not conform to SEC Regulation S-X in that it includes financial information (including proforma and/or constant currency metrics, Adjusted EBITDA, Adjusted Gross Profit Margin, Free Cash Flow, Free Cash Flow Margin and CAPEX) not derived in accordance with GAAP. Whole Earth Brands believes that the presentation of non-GAAP measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. Other companies may calculate non-GAAP measures differently, and therefore Whole Earth Brands' respective non-GAAP measures may not be directly comparable to similarly titled measures of other companies. The Company cannot reconcile forward looking Adjusted EBITDA projections to net income without unreasonable effort because certain items that impact net income and other reconciling metrics are out of the Company's control and/or cannot be reasonably predicted at this time. These items include, but are not limited to, share-based compensation expense and acquisition- related charges. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period.

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Q1 2023 Financial Summary

• Consolidated product revenues of $132.4 million increased +2.8% versus prior year at constant currency

• o Strong performance at Flavors & Ingredients with volume and price gains driving results o Currency was a 1.4% headwind (USD strength vs. currency basket)

• Branded CPG constant currency revenues essentially flat vs. prior year (0.2%)

1. Results included +8.9% growth from pricing actions including carryover from 2022

• 1. Volumes declined 9.1% driven by a decline in ingredient sales due to limitations with the organic sugar quota; segment revenue growth excluding this impact was +4.3%
• Flavors & Ingredients constant currency revenues increased by +14.5%
• 1. Growth led by volume gains +8.3% and price +6.2%

• 1. $30.4 million delivery, highest since Whole Earth Brands went public and reflects 8 consecutive quarters of growth
• Adjusted EBITDA of $16.6 million, a decline of 4.4% on a constant currency basis
• 1. Cost inflation outpacing price increases, particularly in North America
• Adjusted Free Cash Flow generation was $7.4 million (excludes one-time Adjusted EBITDA cash adjustments), reflecting improvements in net working capital. Actual Free Cash Flow generation was $2.5 million.
• Net debt as of March 31, 2023, was $412.9 million net of cash
• 1. Net leverage ratio of 5.29x, consistent with year end 2022

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Q1 2023 Segment Revenue Performance reflects significant pricing. Branded CPG growth impacted by decline in Ingredients.

Branded CPG Segment

(0.2%)

$ in Millions

	8.9%	(4.6%)			(1.7%)
		(4.5%)
			(1.5%)
$103.8					$102.0
Q1 2022	Price	Volume	Ingredient	Foreign	Q1 2023
			volumes	Exchange

Flavors & Ingredients Segment

+14.5%

$ in Millions

			(1.2%)	13.3%
		8.3%
	6.2%
$26.8				$30.4
Q1 2022	Price	Volume	Foreign	Q1 2023
			Exchange

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North America 2023 revenue growth fueled by non-measured channels; Nielsen measured channels represents less than 1/5 of NA

FY Measured vs. Non-Measured Revenues

Change - Q1 2023 vs Q1 2022

Measured (Retail), 18%

Measured

Channels

Non-Measured

Channels

-12%

Includes: Club stores, Ecommerce, Food Service, Private Label and Ingredients

5%

Non-Measured channels, 82%

North America	1%
Total

Source: Q1 2023 Revenue results

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