Slide 1: Analysts Presentation H1 2025
MUTANDIS ANALYSTS PRESENTATION H1 2025 September 8, 2025 Sept 2025
Slide 2: Agenda
Agenda 1 2 3 Highlights Financial 2025 Guidance Indicators 4 5 Calendar Questions/answers Sept 2025
Slide 3: Highlights
Highlights Sept 2025
Slide 4: H1 2025 Highlights
H1 2025 Highlights H1 2025: Net Income up +32%, despite the impact of unfavorable one-time events Closure of Ain Ifrane factory (Industrial breakdown) during the first 2025 three months; Unfavorable currency effect for dollar (-5% over H1); Production should improve in H2 2025 (water and start of hy
Slide 5: Financial indicators
Financial indicators Sept 2025
Slide 6: H1 2025 Consolidated Revenues: MAD 902 million at -7%
H1 2025 cONSOLIDATED REVENUES* : MAD 902 MILLION at -7% 142 Mdh Consolidated revenues* : MAD 902 HPC Global Seafood 176 Mdh MAD 373 million million MAD 438 million Drinks MAD 107 million *Consolidated figures eliminate intercompany sales HPC Global Seafood Drinks Sept 2025
Slide 7: Home & Personal Care (HPC)
HOME & PERSONAL CARE (HPC) Significant volumes growth over H1 2025 (+9%), but lower revenues growth (+2%), volumes increase is mainly pulled by liquids (liquid price by kilogram is lower than the powder’s). Our entry into the market of large format, thanks to the opening of our new detergents factor
Slide 8: Drinks
DRINKS Ain Ifrane factory ran only 3 months in H1 2025 (April to June) and recovered only 60-65% of its capacity before the breakdown, pending delivery of the new line. Overall fruit juices and fruit-based drinks market was down in H1 2025. Our brands Vitakids and Frut evolved in line with the marke
Slide 9: Global Seafood (1/2)
GLOBAL SEAFOOD (1/2) Season revenues were significantly up, compared to H1 2024 (+11% in $, and +5% in MAD). Sold volumes were up +7%. H1 includes 1 promotional month at Costco, vs none in H1 2024. Successful launch of Marine in Morocco, leading to higher volumes (+60%) and higher revenues (+51%). S
Slide 10: Global Seafood (2/2)
GLOBAL SEAFOOD (2/2) Anny deliveries (mainly Africa) were up +53% over H1. On the other hand, third party production was significantly down, due to the lack of end- products or frozen fish. Byproducts sales are also down compared to H1 2024, due to lower catches by our vessels. Sept 2025
Slide 11: H1 2025 Consolidated EBITDA: stable at MAD 163 million
H1 2025 CONSOLIDATED EBITDA : stable at MAD 163 MILLION ➢ Despite revenues were slightly down over H1, EBITDA was stable compared to H1 2024. PRODUITS DE LA ➢ Margins were up over H1. MER ➢ H1 showed good control of operating expenses, down compared to H1 2024. HYGIENE SEASON BOISSONS Sept 2025
Slide 12: H1 2025 Recurring Net Income: +32%
H1 2025 Recurring Net Income: +32% ➢ Amortization costs were slightly up mainly due to the distribution fleet strengthening; ➢ Our financial investments generated a positive financial result (negative in H1 2024) and allowed Net Income to be up +32% over H1; PRODUITS DE LA MER ➢ Total H1 2025 Net In
Slide 13: CAPEX and Net Debt
CAPEX and Net DEBT Bank Net Debt CAPEX In MAD million In MAD million 851 860 124 PRODUITS DE LA MER 58 36% 35% HYGIENE SEASON dec 2024 S1 2025 H1 2024 BOISSONS H1 2025 Sept 2025
Slide 14: Free cashflow: MAD 58 million
Free cashflow ∑ operational ∑ CAPEX Cashflows MAD 57 million MAD 58 million Sept 2025
Slide 15: Free Cashflow MAD -1 million, Bank Debt
Free cashflow Free Cashflow MAD -1 million Bank Debt : MAD 9 million Sept 2025
Slide 16: Vitaia Power of Nature
Vitaia POWER OF NATURE : -_ Sept 2025
Slide 17: Guidance
GUIDANCE Sept 2025
Slide 18: New Annual Guidance
NEW ANNUAL GUIDANCE Due to the negative impacts above mentioned, 2025 EBITDA is now expected to be close to 2024 EBITDA. Recurring Net Income should be higher, between +5% to +10%. 2026 should be a normative year for Ain Ifane and hydrolysates. Sept 2025
Slide 19: Calendar
CALENDAR Sept 2025
Slide 20: 2025 Calendar
2025 CALENDAR • Q3 2025 financials release Nov, 3 0 03 6 sep t. 0 Sept 2025 5
Slide 21: Questions/Answers
QUESTIONS/ ANSWERS Sept 2025