Podravka D.d. · ZSE:PODR
Podravka D.d — Podravka Group — CEE Investment Opportunities, Ljubljana 2024
38 slides from Podravka D.d's conference presentation, Nov 26, 2024
Slide 1: Podravka Group
Podravka Group PodravkaY CEE Investment Opportunities, Ljubljana, November 26th 2024 GRUPA
Slide 2: The Company, Investment highlights, 2023 results, 9M 2024 results
Pod ravka? GRUPA The Company Investment highlights 2023 results 9M 2024 results
Slide 3: Podravka Group at a glance
Podravka Group at a glance 77 years of experience in Food 52 years of experience in segment Pharmaceutical segment Today, Podravka Group Sales revenues in 2023 Portfolio with more than : ; has its companies 713.8 1,800 different products in 1 7 countries EURm More than 6. 1 oo employees More than 4.
Slide 4: Long-standing tradition in the production of food and pharmaceutical products
Long-standing tradition in the production of food and pharmaceutical products Podravia? 1947 Wolf brothers workshop became publicly owned under Podravka name (e)BELUPO Condiments, dried and sterilized vegetables, etc. production I 1957 Famous Podravka soups production established Production of ‘meat
Slide 5: Market presence and distribution
Market presence and distribution o Theleading food company in the Adria region o Strong presence in Central and Eastern Europe Own distribution Export to more than networkin 16 60 countries countries around the Pausrais Al world Podravia?
Slide 6: Factories
Factories Vegeta and soups factory — Koprivnica, Croatia Pasta factory — Koprivnica, Croatia e@ Baby food and cream spreads factory — Koprivnica, Croatia Mill — Koprivnica, Croatia Snacks factory — Koprivnica, Croatia Danica production — Koprivnica, Croatia Kalnik factory — Varazdin, Croatia Mirna f
Slide 7: Institutional investors provide a stable ownership structure
Institutional investors provide a stable ownership structure Management Board a ) 4 q CULES, > Vw a ha ma Ljiljana Sapina Davor Doko Martina Dalié Milan Tadié Ivan Ostojié MB member MBmember MBpresident MBmember MBmember Ownership structure as at 30 September 2024 and Supervisory Board President "Da
Slide 8: 2023 revenues and EBITDA by segment
2023 revenues EURm 2023 EBITDA EURm Food 554 Food 52 Pharma 160 Pharma 39 Group 714 Group 92
Slide 9: Sales revenues by business units and categories
Sales revenues by business units and categories in EURm 7100 +4,1% 690,0 667,2 4.2 6700 = 667,2 650,0 Revenues BU Culinary 2022 Revenues Eon 105.47 Revenueshare 14.8% Podravia? +12,2% BU Soups 47.01 6.6% +9,2% 6765 BU Cereals, Snacks and Beverages 46.62 6.5% Food +3,8% +1,7% +4,9% +1,9% 43 07 13 23
Slide 10: The Company, Investment highlights, 2023 results, 9M 2024 results
Pod ravka? GRUPA The Company Investment highlights 2023 results 9M 2024 results
Slide 11: EBIT/Interest expense and Net debt/EBITDA 2014-9M 2024
(in EURm) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 9M 24 Value adjustments Severance payments Other Total net one-off items EBIT/Interest exp. Net debt/EBITDA 110 98,3 100 87,3 90 80 73,3 70 56,9 60 50 40 28,3 30 20,1 15,2 20 8,5 9,3 3,6 4,7 1,4 0,7 10 1,6 0,8 0,2 0,3 1,6 0 2,7 2,3 2,2 2,1
Slide 12: Good results ensure a stable dividend
Good results ensure a stable dividend Dividend and dividend yield" 3,50 32 100% mmm dividend per share in EUR 9.0% 3,00 x dividend yield 8,0% 2,50 7.0% 2,00 6,0% 5,0% 1,50 4,0% 1,00 3.0% 2,0% 0,50 1,0% 0,00 0,0% 2016 2017. «2018 = 2019-2020. 2021S 2022S 20238-2024 Dividend policy of Podravka In = Po
Slide 13: Investment cycle of the Podravka Group
Investment cycle of the Podravka Group inEURm 100,0 90,0 80,0 70,0 68,9 60,0 52,6 50,0 40,0 30,0 22,4 20,0 10,0 0,0 2021 2022 2023 90,5 2024P The investment cycle of the Podravka Group is in full swing and is being implemented in accordance with the Podravka Group's Business Strategy until 2025. By
Slide 14: The Company, Investment highlights, 2023 results, 9M 2024 results
Pod ravka? GRUPA The Company Investment highlights 2023 results 9M 2024 results
Slide 15: Sales revenues increase in both segments
Sales revenues increase in both segments in EURm 714 800 700 600 500 667 Group PodravkaGroupin 1 - 12 20231: * Ownbrands > 6.0% higher sales, * Othersales > 15.9% higher revenues, * TotalPodravka Group 7.0% higher sales revenues. Sales revenues by segment Food Food segmentin 1 - 12 2023": + Own bran
Slide 16: Sales revenues increase of almost all business units
Sales revenues increase of almost all business units in EURm +15,9% +12,7% +13,8% 10,4 7138 +3,8% +1,7% (2,0%) 7100 5 +1,9% 9 +9,2% +4,9% 2% i +4,1% 43 07 (0,5) 690,0 39 2,3 13 — 5.1 — — 667.2 42 a 6700 — 650,0 Revenues 2022 BUCulinary BUSoups BUCereals, © BUCreamy | BUBakery BU Basicfood BU Meat BU
Slide 17: Sales revenues growth of almost all regions
Sales revenues growth of almost all regions Region's performancein 1 - 12 20231: + Markets of Croatia and Slovenia (+6.0%) > Food segment revenues are 6.4% higher, primarily Markets of Croatia and 7 a q a Slovenia 49,4% due to sales increase of the business units Basic food and Cereals, Snack and Be
Slide 18: Food segment — higher revenues and normalized profitability
Food segment — higher revenues and normalized profitability Food segmer REPORTED NORMALIZED" (in EURm) 2022 2023 A % 2022 2023 A % Sales revenue 522.2 553.6 31.5 6.0% 522.2 553.6 31.5 6.0% Gross profit 164.6 168.7 4.2 2.5% 164.6 168.7 4.2 2.5% EBITDA 61.7 52.5 (9.3) (15.0%) 51.2 52.5 1.3 2.5% EBIT 3
Slide 19: Pharmaceutical segment - higher revenues and profitability
Pharmaceutical segment - higher revenues and profitability Pharma segm REPORTED NORMALIZED" (in EURm) 2022 2023 A % 2022 2023 A % Sales revenue 145.0 160.2 15.2 10.5% 145.0 160.2 15.2 10.5% Gross profit 72.2 80.0 78 10.8% 72.2 80.0 78 10.8% EBITDA 32.1 StL) 7.3 22.9% 32.1 39.5 7A 22.9% EBIT 22.7 30.
Slide 20: Podravka Group — higher revenues and normalized profitability from both segments
Podravka Group — higher revenues and normalized profitability from both segments Podravka Group REPORTED NORMALIZED' (in EURm) 2022 2023 A % 2022 2023 A % Sales revenue 667.2 713.8 46.7 7.0% 667.2 713.8 46.7 7.0% Gross profit 236.7 248.7 12.0 5.1% 236.7 248.7 12.0 5.1% EBITDA 93.9 91.9 (1.9) (2.0%)
Slide 21: Business expenses influenced by raw material, packaging and energy prices
Business expenses influenced by price movements of raw materials, packaging and energy, and investments in improving the material status of employees Bu: Cost of goods sold (COGS) 8.1% General and administrative expenses (G&A) 6.6% Sales and distribution costs (S&D) (0.4%) Marketing expenses (MEX) (
Slide 22: Continuous improvement of debt indicators
Continuous improvement of debt indicators in EURm)' 2022 2023 Currency structure of debt as at 31 December 2023 Financial debt? 84.0 57.4 Cash and cash equivalents 21.9 42.5 C2K0,5% Net debt 62.1 14.9 BAM 2,4% Interest expense 0.7 0.7 Other 1,5% Net debt / normalized EBITDA 0.75 0.16 Normalized EBIT
Slide 23: Expenses as % of sales revenues
• • • 17,0% 16,0% 15,0% 14,0% 13,0% 12,0% 11,0% 10,0% • 1-12 2022 1-12 2023
Slide 24: PODR vs CROBEX and CROBEX10 in 2023
PODR CROBEX CROBEX10 100% 93,7% 80% 60% 40% 33,9% 28,0% 20% 0% 31.12.22 31.01.23 28.02.23 31.03.23 30.04.23 31.05.23 30.06.23 31.07.23 31.08.23 30.09.23 31.10.23 30.11.23 31.12.23
Slide 25: The Company, Investment highlights, 2023 results, 9M 2024 results
Pod ravka? GRUPA The Company Investment highlights 2023 results 9M 2024 results
Slide 26: Podravka and Fotrenova Group signed a purchase agreement on the takeover of Belje
Podravka and Fotrenova Group signed a purchase agreement on the takeover of Belje, PIK Vinkovci and Vupik Opening of new Podravka pastry factory in Koprivnica and opening of new Tomato processing plant in Varaždin During the first nine months of 2024, investments in the amount of almost EUR 64m were
Slide 27: 9M 2024 sales revenues and normalized profit
569.3 72.9 57.5 EUR million EUR million EUR million +8.4% +47.7% +46.5% Sales revenues Normalized Operating Normalized Net profit profit after MI Pharma segment 22,9% Food segment Pharma segment 77,1% 41,7% Food segment 58,3% Pharma segment Food segment 41,7% 58,3%
Slide 28: Sales revenues increase in both segments
Sales revenues increase in both segments in EURm Sales revenues by segment m™1-92023 m1-92024 200 + 700 | 600 4 525 569 500 400 300 200 100 0 Group Food Pharma PodravkaGroupin 1-9 2024!: Food segmentin 1-9 20241: Pharmaceuticals segment in 1 - 9 20241: + Ownbrands > 8.1% higher sales, + Own brands >
Slide 29: Sales revenues increase of almost all business units
Sales revenues increase of almost all business units in EURm 569.3 5700 L 23% l[ +6,0% ] [ (8,9%) ] L+81% | [+1,.0% | 560,0 +11,5% (1.2) 2.9 (3.7) 26 02 550,0 7 —= = 540,0 . — 5300 | 525.1 || 5200 Revenues9M BUCulinary BUSoups BUCereals, BUCreamy BUBakery BUFruitsand BUBasicfood BU Meat BUFish Presc
Slide 30: Sales revenues growth of all regions
Sales revenues growth of all regions Region's performancein 1 - 9 20241: Markets of Croatia and Eastern Europe Slovenia 48,0% 5,9% Central Europe 10,6% Southeastern Europe Western Europe and Overseas 21,6% 13,8% 7m) 2023 =1-92024 % change Markets of Croatia and Slovenia 261.1 273.4 12.3 47% Southeas
Slide 31: Food segment — higher revenues and normalized profitability
Food segment — higher revenues and normalized profitability Food segmer REPORTED NORMALIZED" (in EURm) 1-9 2023 1-9 2024 A % 1-9 2023 1-9 2024 A % Sales revenue 406.9 438.9 32.0 7.9% 406.9 438.9 32.0 7.9% Gross profit 125.7 153.9 28.2 22.5% 125.7 153.9 28.3 22.5% EBITDA 42.6 61.1 18.5 43.3% 43.4 61.
Slide 32: Pharmaceutical segment - higher revenues and profitability
Pharmaceutical segment - higher revenues and profitability Pharma segm REPORTED NORMALIZED" (in EURm) 1-9 2023 1-9 2024 A % 1-9 2023 1-9 2024 A % Sales revenue 118.2 130.4 12.1 10.3% 118.2 130.4 12.1 10.3% Gross profit 57.7 67.3 9.6 16.7% 57.7 67.3 9.6 16.7% EBITDA 29.8 37.1 7.2 24.3% 29.8 37.1 7.3
Slide 33: Podravka Group — higher revenues and normalized profitability from both segments
Podravka Group — higher revenues and normalized profitability from both segments Podravka Group REPORTED NORMALIZED' (in EURm) 1-9 2023 1-9 2024 A % 1-9 2023 1-9 2024 A % Sales revenue 525.1 569.3 44.2 8.4% 525.1 569.3 44.2 8.4% Gross profit 183.4 221.3 37.9 20.6% 183.4 221.3 37.9 20.7% EBITDA 72.5
Slide 34: Business expenses influenced by investments in improving the material status of employees
Business expenses influenced by investments in improving the material status of employees 2024 vs. Business expenses ‘ 2023 EPORTED NORMALIZE! Key highlights of expenses in 1 - 9 2024: % change * Costof goods sold (COGS): Cost of goods sold (COGS) 1.8% t 1.8% t + increased by EUR 6.3m (+1.8%) relati
Slide 35: Continuous improvement of debt indicators
Continuous improvement of debt indicators inEURm)' 2023 Financial debt? 57.4 Cash and cash equivalents 42.5 Net debt 14.9 Interest expense 0.68 Net debt / normalized EBITDA 0.16 Normalized EBIT / Interest expense 87.3 Equity to total assets ratio 73.9% Key highlights: = Financial debtincrease > due
Slide 36: Net cash flow from operating activities as % of sales
• • • Net cash flow from operating activities as % of sales 15,0% 73.6 52.2 (29.1%) 14,0% (13.8) (40.2) (192.0%) 14,02% 13,0% (53.3) (33.3) 37.5% 12,0% 6.6 (21.4) (424.8%) 11,0% 10,0% • 9,17% 9,0% 1-9 2023 1-9 2024
Slide 37: PODR vs CROBEX and CROBEX10 in 2024
PODR CROBEX CROBEX10 25% 20% 17.8% 15% 16.0% 10% 5% 0% -5% (6.1%) -10% 31.12.23. 31.01.24. 29.02.24. 31.03.24. 30.04.24. 31.05.24. 30.06.24. 31.07.24. 31.08.24. 30.09.24.
Slide 38: Contact
Contact Podravka Inc. Ante Staréevica 32, 48 000 Koprivnica www.podravka.hr Investor Relations ir@podravka.hr 38
Podravka Group — CEE Investment Opportunities, Ljubljana 2024 on 6ix