Slide 1: Mutandis Analysts Presentation FY 2024
MUTANDIS ANALYSTS PRESENTATION FY 2024 FEBRUARY 20, 2025 Feb 2025
Slide 2: Agenda
Agenda Highlights Financial 2025 Guidance indicators Calendar Questions/answers Feb 2025
Slide 3: Highlights
Highlights Feb 2025
Slide 4: 2024 highlights
2024 highlights SHARPLY HIGHER PROFITABILITY IN 2024 : EBITDA +24% AT MAD 351 MILLION AND RECURRING NET INCOME +25% AT MAD 128 MILLION Almost stable revenues at MAD 2 116 million (-2% vs 2023): o HPC and Drinks growth offsetting a deliberate reduction in the number of promotional months at Costco (h
Slide 5: 2024 highlights
2024 highlights Recurring Net Income: +25% at MAD 128 million, despite sharply higher amortization costs in 2024 following the 3 new factories start of operations (liquid detergents, personal care and drinks). Strongly higher Total Net Income (including one-time events) at MAD 159 million, including
Slide 6: Financial indicators
Financial indicators Feb 2025
Slide 7: 2024 Consolidated revenues: -2% at MAD 2,116 million
2024 Consolidated revenues : -2% at MAD 2 116 million seafood 25% HPC 36% Drinks 16% Stable consolidated revenues at MAD 2 116 million (-2% vs 2023) Season USA 23% HPC Seafood Drinks Season USA Feb 2025
Slide 8: Home & Personal Care
Home & Personal Care Own brands revenues : +14% vs H1 2023, pulled by liquid detergents revenues. Overall revenues (including export and private label) are up +11% thanks to higher volumes (+14%). Vitaia : Mutandis entry into personal care business is in line with our expectations. Feb 2025
Slide 9: Seafood
SEAFOOD Excellent fishing Season but a low proportion of can factories useful categories ; Unsufficient supply to factories ; Satisfactory H2 partly offsetting the late start of the fishing season in H1 ; Marine : Launch in mum and pap convenience stores of Marine, is in good progress. Feb 2025
Slide 10: Drinks
DRINKS Drinks revenues are up +26% ; Growth is pulled by Frut and Ain Ifrane despite: o The closing of the Kenitra factory and the move to the new one at Berrechid; o The retooling and upgrading of the Ain Ifrane factory from November onwards. Feb 2025
Slide 11: Season USA
SEASON USA 2024 revenues are MAD 609 million, down -4% compared to 2023; Volumes decline (-16%), due to a deliberately lower number of promotional months, was almost completely compensated by higher prices ; Lowering promotional months contributed to strongly higher margins and profits ; Change effe
Slide 12: 2024 Consolidated EBITDA: +24% at MAD 351 million
2024 CONSOLIDATED EBITDA : +24% at MAD 351 million Sharply higher EBITDA at MAD 351 million (+24%) : supported by the positive contribution of almost all categories: o Strongly higher EBITDA for HPC and the Season brand, satisfactory PRODUITS DE LA increase for drinks; MER o But lower EBITDA for s
Slide 13: 2024 Consolidated Recurring Net Income: +25% at MAD 128 million
2024 CONSOLIDATED RECURRING NET INCOME: +25% at MAD 128 million 2024 Recurring Net Income: up +25% at MAD 128 million due to: +25% PRODUITS DE LA -39 5 -8 128 o EBITDA strong growth MER ; 68 102 o Reduced by higher amortization costs, following the new 3 factories HYGIENE SEASON start of operation
Slide 14: 2024 Consolidated Net Income: +71% at MAD 159 million
2024 CONSOLIDATED NET INCOME: +71% at MAD 159 million Strongly higher Total Net Income (including one-time events) at MAD 159 million, PRODUITS DE LA including the capital gain after beverage bottles business sale. MER HYGIENE SEASON BOISSONS Feb 2025
Slide 15: CAPEX and Net Debt
CAPEX and NET DEBT Bank Net Debt CAPEX In MAD million In MAD million 1 019 261 850 PRODUITS DE LA 221 42% MER HYGIENE SEASON 33% 35% dec 2023 dec 2024 BOISSONS dec 2023 dec 2024 Feb 2025
Slide 16: Free Cashflow
Free cashflow ∑ Operational ∑ CAPEX Divestment of PET Cashflow bottles business MAD MAD MAD 193 million 261 million 330 million Free Cashflow : MAD 262 million Feb 2025
Slide 17: Free Cashflow
Free cashflow Free Cashflow Dividend distribution to shareholders MAD 262 million MAD 97 million Net Debt reduction: MAD 168 million Feb 2025
Slide 18: 2025: Dividend proposal to the General Meeting
2025 : Dividend proposal to the General Meeting Proposal to keep the same dividend in 2025. Feb 2025
Slide 19: Guidance
GUIDANCE Feb 2025
Slide 20: 2025 Guidance
2025 GUIDANCE 2025 should show a satisfactory profitability growth again: o 2025 EBITDA : ~+10% ; o 2025 Recurring Net Income : +10% to +15% RN COURANT 2025 : +10% - +15% We are keeping our mid-term guidance unchanged (2027) at this stage, i.e. EBITDA MAD 390 million to MAD 430 million and Recurring
Slide 21: Calendar
CALENDAR Feb 2025
Slide 22: 2025 Corporate Calendar
2025 CORPORATE CALENDAR 20 • FY 2024 results release & analysts conference Feb. 08 Apr. • Shareholders General Meeting 05 May • Q1 2025 financials release . 09 Juil. • Dividend payment 04 Aug. • Q2 2025 financials release 08 • H1 2025 financial results release and analysts 03 Sept. conference sep 03
Slide 23: Questions & Answers
Questions & Answers Feb 2025 ig] MUTANDIS