Ebro Foods S A : Year-end 2022

2022 RESULTS

1

CONTENTS

1. INTRODUCTION
2. BUSINESS UNIT RESULTS 2022
3. 1. Rice
   2. Pasta
4. CONSOLIDATED GROUP RESULTS 2022
5. 1. P&L
   2. Debt Performance
6. CONCLUSION
7. CORPORATE CALENDAR 2022
8. CALCULATION OF ALTERNATIVE PERFORMANCE MEASURES
9. LEGAL DISCLAIMER

2

1. Introduction

In 2022, in addition to the ongoing issue of spiralling inflation from 2021, we faced another barrage of challenges due to the aftermath of Russia's invasion of Ukraine: (i) fresh waves of cost inflation for raw and auxiliary materials, transport, energy and labour costs, and (ii) the transport strike in Spain, which came about in response to rising fuel costs.

This resulted in a cost increase of EUR234 million compared to 2021, a year in which we already had to cope with a year-on-year increase of EUR60 million.

In this difficult environment, the Group achieved some very satisfactory results.

During the year, we also made further progress towards achieving our strategic objectives:

We sold Roland Monterrat, the French sandwich company based in France, which had not performed as well as expected during the Group's ownership. The claim lodged against the sellers remains open.

We acquired the assets comprising InHarvest, Inc, a US company with a strong presence in the industrial (B2B), Food Service and Private Label businesses for premium specialities in rice, quinoa and grains in the United States.

3

2.1.1 Rice 2022

The Division maintained a strong financial position while managing rice cost inflation over the last three harvests, and ended the year with record results.

In addition to raw materials, logistics freight rates have been soaring for most of the year and only started to level off in Q3.

This environment has made it impossible to offset all cost increases through price hikes, and forced us to focus even more on productivity and structural cost adjustments.

Three key factors enabled us to succeed in this regard: (i) the resilience of our supply chain, which allowed us to mediate and take long positions on raw materials, giving us peace of mind during this period of ongoing inflation;

1. the strength of our brands; and (iii) the expertise of our sales team, who have helped to fend off much of the competition from private labels.

We are pleased that our flagship products (instant, microwave, ethnic and premium) continue to deliver double- digit growth.

Prices are expected to remain high in 2023 for three main reasons:

Poor harvests in Spain, Italy and California, which led to price inflation for Japanese rice.

Flooding in Pakistan, which has pushed up the price of the latest basmati rice harvest. Import duties in Europe rose from EUR30 to EUR65 per tonne.

4

2.1.2 Rice 2022

Sales increased by 25.3% y-o-y to EUR2,329.5 million, as we were able to pass on some of the cost of inflation and achieve higher sales volumes. On a standalone basis, sales grew 20.3% in the last quarter, driven by price increases. InHarvest contributed EUR38.9 million to sales from April onwards.

Advertising investment was up 23.1% to EUR53.9 million and remained at this increased level throughout the whole year.

Ebitda-A grew by 17.0% to EUR289.8 million, with a 22.5% increase in Q4. Currency exchange had a positive impact of EUR13.7 million on Ebitda-A. InHarvest contributed EUR3.8 million to Ebitda-A.

Operating profit grew 13.9% to EUR213.2 million.

EUR Thous.	2020	2021	2022	22/21	CAGR 22/20
Sales	1,893,924	1,858,919	2,329,486	25.3%	10.9%
Advertising	43,120	43,789	53,898	23.1%	11.8%
EBITDA-A	252,614	247,680	289,830	17.0%	7.1%
EBITDA-A Margin	13.3%	13.3%	12.4%
EBIT-A	195,210	189,087	222,664	17.8%	6.8%
Operating Profit	191,083	187,089	213,176	13.9%	5.6%

* In the last three periods, the Panzani rice business was reclassified from the Pasta Division to the Rice Division.

5