Slide 1: ARYZTA AG – FY 2025 Results
RESULTS PRESENTATION ARYZTA AG – FY 2025 RESULTS 2nd March 2026
Slide 2: Forward Looking Statement
RESULTS PRESENTATION FORWARD LOOKING STATEMENT This document contains forward looking statements which reflect the Board of Directors’ current views and estimates. The forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those c
Slide 3: Results Overview
RESULTS OVERVIEW ARWZTA
Slide 4: Key Highlights Full Year 2025
RESULTS OVERVIEW KEY HIGHLIGHTS FULL YEAR 2025 Q4 reset delivered guidance: • Revenue €2,223.3m • Organic growth 1.5%, supported by volume and price • EBITDA €306.9m • Free cash flow €120.0m • Repurchasing hybrid bond of CHF 144.3m end of April 2026 4
Slide 5: Repositioned to Deliver Mid-Term Plan
RESULTS OVERVIEW REPOSITIONED TO DELIVER MID-TERM PLAN • Key customer negotiations completed • Innovation share 19% of revenue • New capacity ramping up in Switzerland/Germany • Perth investment – operational Q1 2026 • Investment in Portugal confirmed • New investment planned in Poland • Business co
Slide 6: Strategic Updates
RESULTS OVERVIEW STRATEGIC UPDATES • Dual mandate Chairman and Interim CEO until AGM 2027 • New Chairman proposed at AGM 2027 • Urs Jordi becomes permanent CEO AGM 2027 • And proposed as regular Board member at AGM 2027 • Board refreshment AGM 2026 • Relocation of Head Office to Zug subject to AGM a
Slide 7: Guidance
RESULTS OVERVIEW GUIDANCE Reiterating delivery of mid-term plan with 2026 guidance: • Low to mid-single digit organic growth • Further EBITDA & EBIT1.) improvement • Sustain strong cash generation • Board to publish capital return policy during 2026 1.) Equivalent to Operating profit per the Group C
Slide 8: Mid-Term Targets FY 2025-28F
RESULTS OVERVIEW MID-TERM TARGETS FY 2025-28F Revenue growth Above market EBITDA margin EBIT margin Cash generation >15% >9% ROIC CAPEX as % of revenue 3.5–4.5% EPS Total net debt leverage ≥1.5-2x 8
Slide 9: Financial Review
FINANCIAL REVIEW
Slide 10: Resilient Results in a Changed Consumer Environment
FINANCIAL REVIEW RESILIENT RESULTS IN A CHANGED CONSUMER ENVIRONMENT Organic growth % EBITDA % / Free cash flow (€m) ROIC % in €m 1.5% 14.6% 137.8 13.4% 13.8% 120.0 12.1% WACC: 8% 320.9 306.9 (0.2%) 2024 2025 2024 2025 2024 2025 2024 2025 Revenue €2,194.5m €2,223.3m 10
Slide 11: Organic Growth 1.5%, Supported by Volume/Mix and Pricing
FINANCIAL REVIEW ORGANIC GROWTH 1.5%, SUPPORTED BY VOLUME/MIX AND PRICING In €m / % of revenue Organic growth 1.5% 2,223.3 Key Highlights: (0.2)% 1.0% • OG supported by new innovation lines • Positive volume/mix and price, despite: 0.5% 2,194.5 • Input volatility • Challenged consumer Revenue growth
Slide 12: Europe: Strong Pricing with Positive Volume
FINANCIAL REVIEW EUROPE: STRONG PRICING WITH POSITIVE VOLUME 2025 2024 Organic growth 1.3% (0.7)% EBITDA % 12.9% 14.0% Key highlights: • Organic growth was broad-based across most markets • Solid channel performance, with FS and QSR outperforming • Retail was resilient despite the cost volatility •
Slide 13: ROW: Strong Recovery Continues in QSR
FINANCIAL REVIEW ROW: STRONG RECOVERY CONTINUES IN QSR 2025 2024 Organic growth 2.9% 3.7% EBITDA % 20.9% 19.8% Key highlights: • Positive pricing and volume benefitting OG • Mid-single digit OG in QSR, recovery continuing • Perth commissioning underway • EBITDA supported by QSR recovery and improved
Slide 14: Operational Leverage Partially Offsetting Gross Margin Decline
FINANCIAL REVIEW OPERATIONAL LEVERAGE PARTIALLY OFFSETTING GROSS MARGIN DECLINE In €m / % of revenue 14.6% 13.8% -150bps +40bps +10bps +20bps Key Highlights: of which: • Input cost inflation: -290bps • Drivers of gross margin evolution: • FX & others: -50bps • Pricing: +100bps • Unrecovered cost inf
Slide 15: Mid-Term Plan Cost Targets Under the Excellence Program
FINANCIAL REVIEW MID-TERM PLAN COST TARGETS UNDER THE UMBRELLA OF THE EXCELLENCE PROGRAM ARYZTA CONTINUOUS EXCELLENCE Operations Commercial Manufacturing & Logistics Sales & Marketing Organisational Model Integrated Business Planning Above Market Procurement IT Digitalisation Roadmap Net Savings €20
Slide 16: Excellence Program - Accelerating Cost Optimisations in 2026
FINANCIAL REVIEW EXCELLENCE PROGRAM - ACCELERATING COST OPTIMISATIONS IN 2026 • Operations: • Pilot completed in Swiss bakery Dagmersellen → material annualised savings identified – execution started in H1/26 → Roll-out underway across all business • Organisational Model: • Organisational alignment
Slide 17: Resilient Free Cash Flow Generation
FINANCIAL REVIEW RESILIENT FREE CASH FLOW GENERATION Free cash flow evolution (in €m) 137.8 132.4 120.0 Key Highlights: • Continued W/C improvement • Disciplined CAPEX management • Significantly lower financing costs compensating reduction of EBITDA CY 20231.) 2024 2025 1.) Presented as pro forma Ca
Slide 18: Continued Improvement of Trade Working Capital Efficiency
FINANCIAL REVIEW CONTINUED IMPROVEMENT OF TRADE WORKING CAPITAL EFFICIENCY Trade working capital as % of TTM revenue1.) 3.0% 3.0 2.5% 2.5 2.3% 1.8% 2.0 1.7% 1.5 1.3% 1.1% 1.0 0.7% 0.7% 0.5 0.3% 0.2% 0.2% 0.0 Q1 23 2.) Q2 23 2.) Q3 232.) Q4 23 2.) Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 1.)
Slide 19: Further Improvement on Balance Sheet Strength
FINANCIAL REVIEW FURTHER IMPROVEMENT ON BALANCE SHEET STRENGTH Total net debt (incl. hybrid & leases) in €m 4.0 Leverage Ratio Key Highlights: 3.3x Total net debt 3.5 2025: 2.8x 3.0 2.6x 1,001 • Improved leverage ratio driven by: 2.5 894 802 • Solid free cash flow generation 2.0 • Lower hybrid fundi
Slide 20: Financing Costs Below Guided Range for the Year
FINANCIAL REVIEW FINANCING COSTS BELOW GUIDED RANGE FOR THE YEAR Financing costs incl. hybrid dividend & lease interest (in €m) 61.2 3.1 22.7 Key Highlights: 41.6 • Financing costs optimisation: • Hybrid dividend reduction of c. €23m • Partially offset by an increase in bank financing interest • Ba
Slide 21: Robust ROIC Performance Significantly Ahead of Cost of Capital
FINANCIAL REVIEW ROBUST ROIC PERFORMANCE SIGNIFICANTLY AHEAD OF COST OF CAPITAL ROIC % 13.4% 12.3% 12.1% Key Highlights: Main drivers of ROIC evolution: WACC: 8% • Lower profitability • Stable invested capital base CY 20231.) 2024 2025 1.) Presented as pro forma Calendar Year (CY) to December 2023 2
Slide 22: Mid-Single Digit EPS Growth Achieved
FINANCIAL REVIEW MID-SINGLE DIGIT EPS GROWTH ACHIEVED Diluted EPS (in €) 4.25 4.02 -0.07 0.95 -0.65 +5.7% 2024 Operating performance Financing costs (incl. Income tax 2025 hybrid dividend) 22
Slide 23: Q4 Strategic Decisions – Repositioned to Deliver Mid-Term Plan
FINANCIAL REVIEW Q4 STRATEGIC DECISIONS – REPOSITIONED TO DELIVER MID-TERM PLAN • Organic growth initiatives • Continued margin expansion • Cash generation • Repurchase of hybrid bond at next interest payment date • SBTi targets validated – ESG journey making progress 23
Slide 24: Thank You – Q&A
THANK YOU – Q&A
Slide 25: Appendix
APPENDIX
Slide 26: ESG Progress
APPENDIX ESG PROGRESS Environmental Efficiency Responsible Sourcing & Innovation People and Communities • GHG – 9% reduction of Scope 1 & 2 • 99.6% sustainable sourced Palm Oil • 36% reduction in total incidents rate2.) emissions • 91% cage-free egg sourcing • Ethical & Safe workplaces – average • 5
Slide 27: Summary Results – Year Ended December 2025
APPENDIX SUMMARY RESULTS – FOR THE YEAR ENDED DECEMBER 2025 in €m December 2025 December 2024 Revenue 2,223.3 2,194.5 Cost of sales (1,495.3) (1,443.9) Distribution expenses (280.0) (281.4) Gross profit 448.0 469.2 Selling expenses (97.7) (100.6) Administration expenses (176.8) (178.6) Operating pro
Slide 28: Segmental EBITDA – Year Ended December 2025
APPENDIX SEGMENTAL EBITDA – FOR THE YEAR ENDED DECEMBER 2025 EBITDA (in €m) 1 December 2025 December 2024 % Change ARYZTA Europe 255.4 271.5 (5.9%) ARYZTA Rest of World 51.5 49.4 4.3% Total Group 306.9 320.9 (4.4%) Change 1 EBITDA margin December 2025 December 2024 bps ARYZTA Europe 12.9% 14.0% (110
Slide 29: Free Cash Flow – Year Ended December 2025
APPENDIX FREE CASH FLOW – FOR THE YEAR ENDED DECEMBER 2025 in €m December 2025 December 2024 EBITDA 306.9 320.9 Working capital movement 28.8 31.1 Working capital movement from debtor securitisation (8.1) 3.0 Capital expenditure (98.0) (94.3) Net payments on lease contracts (41.9) (37.9) Proceeds fr
Slide 30: Total Net Debt and Hybrid Funding
APPENDIX TOTAL NET DEBT AND HYBRID FUNDING – FOR THE YEAR ENDED DECEMBER 2025 AND DECEMBER 2024 in €m December 2025 December 2024 Net debt (645.9) (739.3) Hybrid Instrument Funding (156.3) (154.9) Total net debt and hybrid funding (802.2) (894.2) 30
Slide 31: Return on Invested Capital – Year Ended December 2025
APPENDIX RETURN ON INVESTED CAPITAL – FOR THE YEAR ENDED DECEMBER 2025 AND DECEMBER 2024 December December in €m 2025 2024 Average invested capital 1,160.6 1,188.5 1 NOPAT 140.5 158.8 1 ROIC 12.1% 13.4% 1 See glossary on slide 35 for definitions of financial terms and references. 31
Slide 32: Revenue – Year Ended December 2025
APPENDIX REVENUE – FOR THE YEAR ENDED DECEMBER 2025 ARYZTA ARYZTA in €m Europe Rest of World Total Group Revenue 1,977.0 246.3 2,223.3 Organic growth 1.3% 2.9% 1.5% Currency movement 0.3% (4.2%) (0.2%) Total revenue movement 1.6% (1.3%) 1.3% 32
Slide 33: Quarterly Organic Growth – Year Ended December 2025
APPENDIX QUARTERLY ORGANIC GROWTH – FOR THE YEAR ENDED DECEMBER 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 ARYZTA Europe Volume % 1.6% 3.0% (0.1%) (2.0%) 0.6% Price % 0.7% 1.1% 1.0% 0.8% 0.9% Mix % (0.3%) (0.3%) (0.2%) 0.1% (0.2%) Organic growth % 2.0% 3.8% 0.7% (1.1%) 1.3% ARYZTA Rest of World Volum
Slide 34: Average and Closing FX Rates
APPENDIX AVERAGE AND CLOSING FX RATES – FOR THE YEAR ENDED DECEMBER 2025 Average Average Currency December 2025 December 2024 CHF 0.9369 0.9525 AUD 1.7517 1.6397 GBP 0.8567 0.8468 PLN 4.2401 4.3060 Closing Closing Currency December 2025 December 2024 CHF 0.9301 0.9398 AUD 1.7535 1.6756 GBP 0.8721 0.
Slide 35: Presentation Glossary
APPENDIX PRESENTATION GLOSSARY ‘Organic growth’ – represents the revenue growth during the year, after removing the impact of acquisitions and divestures and foreign exchange translation. This provides a “like-for-like” comparison with the previous year in constant scope and constant currency. ‘EBIT