Slide 1: Annual Results 2024
ANNUAL RESULTS 2024 14 MARCH 2025 ANNUAL RESULTS 2024 – 14/03/2025 Connecting Food Market Players
Slide 2: Contents
CONTENTS 1 PROGRESS UPDATE ON THE STRATEGIC ROADMAP 2 FINANCIAL PERFORMANCE 3 OPERATIONAL PERFORMANCE 4 EXTRA-FINANCIAL PERFORMANCE 5 OUTLOOK 6 APPENDICES 2 ANNUAL RESULTS 2024 – 14/03/2025 Connecting Food Market Players
Slide 3: Progress Update on the Strategic Roadmap
3 1 PROGRESS UPDATE ON THE STRATEGIC ROADMAP ANNUAL RESULTS 2024 – 14/03/2025 Connecting Food Market Players
Slide 4: Progress of the Strategic Plan
PROGRESS OF THE STRATEGIC PLAN 2022 2023 2024 2021 2026 target €3.5bn Turnover €5bn €4.2bn €4.4bn €4.8bn Constant progress on our 5 pillars 4 ANNUAL RESULTS 2024 – 14/03/2025 Connecting Food Market Players
Slide 5: Record Year for Acquisitions
RECORD YEAR FOR ACQUISITIONS Bakker Logistiek Long Lane Deliveries €100m invested in 2024* €150m turnover €31m turnover 1,400 employees 330 employees 6 sites and 2 distribution centres 2 sites 325 vehicles 140 vehicles TDL Fresh Logistics Montfrisa €50m turnover €31m turnover 400 employees 280 emplo
Slide 6: Strengthening a Unique System
STRENGTHENING A UNIQUE SYSTEM STEF warehouses and depots 305 284 Evolution 2024 274 (including external growth) 258 247 14 million m³ storage + 2.5 million m³ in 2024 633,000 m² of docks 2020 2021 2022 2023 2024 + 25,000 m² in 2024 +23.5% between 2020 and 2024 6 ANNUAL RESULTS 2024 – 14/03/2025 Conn
Slide 7: A Balanced Leadership in Western Europe
A BALANCED LEADERSHIP IN WESTERN EUROPE 24,785 305 employees sites The Netherlands United Kingdom €202m turnover €217m turnover 10 sites 10 sites Evolution of turnover breakdown Belgium €156m turnover International International France International 9 sites €2,398m turnover 36% 39% 43% 184 sites Swi
Slide 8: Financial Performance
8 2 FINANCIAL PERFORMANCE ANNUAL RESULTS 2024 – 14/03/2025 Connecting Food Market Players
Slide 9: Turnover Growth Driven by Acquisitions
TURNOVER GROWTH DRIVEN BY ACQUISITIONS €233m +8% €-6m €132m €4,801m €4,442m 2023 Organic Change Sales of goods 2024 in scope and others 9 ANNUAL RESULTS 2024 – 14/03/2025 Connecting Food Market Players
Slide 10: Operating Profit Under Pressure
OPERATING PROFIT UNDER PRESSURE €6m -10% €-31m €253m €228m Margin rate Margin rate 5.7% 4.8% 2023 Organic Change in scope 2024 10 ANNUAL RESULTS 2024 – 14/03/2025 Connecting Food Market Players
Slide 11: Non-Recurring Results
NON-RECURRING RESULTS 2023 2024 €m Gains on real estate asset sales 0.3 0.7 Gains on vehicle sales 1.6 4.9 Others 3.9 (1.4) Other operating income and expenses 5.8 4.2 11 ANNUAL RESULTS 2024 – 14/03/2025 Connecting Food Market Players
Slide 12: Consequences of Interest Rate Changes
CONSEQUENCES OF INTEREST RATE CHANGES 2023 2024 €m Financial income 2.4 1.9 Financial expenses (27.7) (41.7) Financial result (25.2) (39.8) 2023 2024 Euribor 3M average 3.43% 3.57% Net debt end of period (€m) 1,045.5 1,340.4 12 ANNUAL RESULTS 2024 – 14/03/2025 Connecting Food Market Players
Slide 13: Net Result
NET RESULT + 19,6 M€ - 17,1 M€ -15% €9m €15m €-25m €-2m €-15m €175m €149m €157m 2023 EBIT Financial Corporate Equity method 2024 Discontinued 2024 result tax and minority Net result interests Net result activities Group share of continued activities of continued activities net result (Group share) (
Slide 14: Financial Ratios
FINANCIAL RATIOS Change in gross investment Change in debt €245m €1,340m Sale of €447m La Méridionale €1,073m €1,046m Lease debt €118m €323m Lease debt Lease debt €295m €233m €222m CAPEX €348m Net debt CAPEX Net debt Net debt excl. IFRS 16 CAPEX €322m excl. IFRS 16 excl. IFRS 16 €1,017m €213m €840m
Slide 15: An Unchanged Distribution Policy at 33% of Net Profit
AN UNCHANGED DISTRIBUTION POLICY AT 33% OF NET PROFIT Proposed dividend of €4.15 per share to be voted on at the General Meeting €5.10* €5,10 * €4.00 €4,00 €4,15 €4.15 €3,00 €3.00 2022 2023 2024 2025 * Including the sale of La Méridionale 15 ANNUAL RESULTS 2024 – 14/03/2025 Connecting Food Market Pl
Slide 16: Operational Performance
16 3 OPERATIONAL PERFORMANCE ANNUAL RESULTS 2024 – 14/03/2025 Connecting Food Market Players
Slide 17: An Unstable Global Context
AN UNSTABLE GLOBAL CONTEXT • Inflation has stabilised, but prices do not allow a return to previous food consumption levels • Political uncertainties persist in France, and an unprecedented geopolitical climate is undermining consumer confidence • Consumption patterns have undergone lasting changes
Slide 18: France Activities
FRANCE • Food consumption remained low despite a ACTIVITIES slowdown in inflation, leading to a slight decrease in volumes TURNOVER • The transformation of the retail landscape is OPERATIONAL RESULT impacting the Frozen, Seafood and Retail +2% businesses +2.4% like-for-like -7.7% • Good momentum in
Slide 19: International Activities
INTERNATIONAL ACTIVITIES • Italy: Despite organic growth, profitability has been impacted by an operational incident in one of our warehouses, as well as integration TURNOVER OPERATIONAL RESULT challenges in Frozen activities +21.4% +5.1 % like-for-like -15% • Spain and Portugal: Good growth level i
Slide 20: Extra-Financial Performance
20 4 EXTRA-FINANCIAL PERFORMANCE ANNUAL RESULTS 2024 – 14/03/2025 Connecting Food Market Players
Slide 21: Our CSR Commitments for the Planet
OUR CSR COMMITMENTS FOR THE PLANET Our goals and results Reduce GHG emissions from vehicles by 30% by 2030 Achievements 2024: 26.5% 0% Target 2024: 23.6% 30% 100% low-carbon electricity in our buildings by 2025 Achievements 2024: 84% 0% Target 2024: 83% 100% 100% EURO VI engines with our subcontract
Slide 22: Our CSR Commitments for Our Teams
OUR CSR COMMITMENTS FOR OUR TEAMS Our results Extension of employee share ownership to Reduction of the accident rate (Group TF 1 rate) all Group countries 39.2 39,2 Deployed employee share ownership 31.6 31,6 31.1 31,1 Deployment in progress (target: end of 2025) 2022 2023 2024 Increase in the femi
Slide 23: Outlook
23 5 OUTLOOK ANNUAL RESULTS 2024 – 14/03/2025 Connecting Food Market Players
Slide 24: Outlook
OUTLOOK Continuation of the second phase of the strategic plan with confidence, despite a context that will remain challenging Acceleration of the operational and cultural integration of acquired companies for sustainable performance 24 ANNUAL RESULTS 2024 – 14/03/2025 Connecting Food Market Players
Slide 25: Financial Calendar
FINANCIAL CALENDAR 2025 Q1 TURNOVER 24 April 2025 after trading 2025 Q2 TURNOVER 17 July 2025 after trading HALF-YEAR RESULTS 4 September 2025 after trading Presentation 5 September 2025 2025 Q3 TURNOVER 16 October 2025 after trading 25 ANNUAL RESULTS 2024 – 14/03/2025 Connecting Food Market Players
Slide 26: Questions and Answers
QUESTIONS AND ANSWERS 26 ANNUAL RESULTS 2024 – 14/03/2025 Connecting Food Market Players
Slide 27: Appendices
27 6 APPENDICES ANNUAL RESULTS 2024 – 14/03/2025 Connecting Food Market Players
Slide 28: Simplified Income Statement
SIMPLIFIED INCOME STATEMENT Change 23/24 Change 23/24 2023 2024 €m in €m in % Turnover 4,442.1 4,800.8 +358.7 +8% Turnover excl. third party sales 3,850.6 4,213.0 +362,5 +9% Current EBIT 247.3 224.2 (23.0) (9%) Other operating income and expenses 5.8 4.2 (1.6) EBIT 253.0 228.4 (24.6) (10%) Financial
Slide 29: EBIT
EBIT Change 23/24 Change 23/24 2023 2024 €m in €m in % Turnover 4,442.1 4,800,8 358.7 +8% Purchases from third parties (2,772.2) (2,933.8) (161.7) +6% Taxes (56.4) (57.5) (1.0) +2% Payroll expenses (1,169.4) (1,339.3) (170.0) +15% Depreciations and amortisations (200.1) (241.3) (41.3) +21% Net rever
Slide 30: Cash Flow
CASH FLOW €m 2023 2024 Self-financing 350.9 399.0 Operating Working Capital Variation 2.9 (1.8) Discontinued operations (Maritime) 2.9 0.0 Net investment programme (245.0) (447.4) Free cash flow 111.6 (50.1) Capital increase (and share buyback) 0.5 0.5 Dividends (49.8) (63.9) Other cash flows (35.1)
Slide 31: Net Investment Programme
NET INVESTMENT PROGRAMME 2023 2024 €m Investments in tangible and intangible assets (335.8) (355.3) Net financial investments 82.2 (102.9) Sale of assets 6.5 7.3 Other 3.2 3.5 Discontinued operations (Maritime) (1.1) 0.0 Total (245.0) (447.4) 31 ANNUAL RESULTS 2024 – 14/03/2025 Connecting Food Marke
Slide 32: Balance Sheet
BALANCE SHEET €m 31/12/2023 31/12/2024 Goodwill 316.8 390.4 Property, plant and equipment 1,924.8 2,252.4 Other non-current assets and fixed assets 124.0 139.5 Total non-current and financial assets 2,365.6 2,782.3 Net Working Capital (28.4) (31.4) Total assets (net) 2,337.2 2,750.9 Equity 1,185.0 1
Slide 33: Evolution of Food Consumption in Europe
EVOLUTION OF FOOD CONSUMPTION IN EUROPE Food consumption(1) Food inflation(2) Euro zone +0.5% +2.0% France +1.1% +3.5% Italy +1.1% +1.3% Spain +1.2% +2.1% Portugal +4.9% +1.1% Belgium -0.7% +2.1% The Netherlands -3.9% +2.4% Switzerland +0.3% +2.4% United Kingdom -1.7% +2.9% (1) Sources : Eurostat, a