Hilton Food Group Plc · LSE:HFG
Hilton Food — H1 2025 Earnings Presentation
34 slides from Hilton Food's earnings presentation, Sep 3, 2025
Slide 1: Interim Results 2025
HILTON FOODS HILTON FOODS INTERIM RESULTS 2025
Slide 2: Agenda
AGENDA Highlights Business Overview Financial Performance Summary Strategic Business Update | Outlook
Slide 3: Robust performance and growing strategic momentum
HILTON FOODS Robust performance and growing strategic = momentum amid challenging market conditions* Volume Operating Profit ROCE EPS % 1.9% 20.8% 5.0% +2.5% +1.9% O/ +*+3.0% 267,40St £46.6m +0.6ppt YoY 26.5p Revenue PBT Core free cash outflow’2 Interim Dividend 410.4% +3.0% -£30.8m +5.2% £2.09bn £3
Slide 4: Robust performance and continued strategic progress
HILTON FOODS Robust performance and continued strategic progress despite challenging market conditions » Red meat and convenience volumes up 3.1% ahead of market volume, driven by strong partnerships, operations, and product alignment > Softer white fish demand due to substantial raw material inflat
Slide 5: Leveraging our core strengths to navigate dynamic market shifts
HILTON FOODS Leveraging our core strengths to navigate dynamic fe market shifts International reach CONSUMER ‘CONFIDENCE INDEX Broad range and innovation XJ , eS i _ } Global sourcing es CORE STRENGTHS expertise
Slide 6: Financial Performance Summary
FIILTON FOODS FINANCIAL PERFORMANCE SUMMARY
Slide 7: Volume and revenue up across all regions
Volume and revenue up across all regions H1 2025 H1 2024 +/- +/- Constant fx Volume /t Revenue / £m Adjusted operating profit /£m Operating profit margin Enhanced conversion margin Adjusted profit before tax /Em Adjusted EPS /p Interim dividend per share /p Capex /£m Net debt /Em (Adjusted performan
Slide 8: Revenue growth driven by strong volume performance
HILTON FOODS Revenue growth driven by strong volume performance and significant raw material inflation % Revenue* growth > +10.4% constant currency revenue growth driven through 9.4% continued resilient volume performance 10.4% -0.9% > Revenue uplift from significant price inflation in meat m Revenu
Slide 9: Raw material price inflation impact across all regions
HILTON FOODS Raw material price inflation impact across all regions Volume / Revenue* Development by Region > UK & Ireland > Significant inflation in UK red meat and 4 : +12.5% white fish +11.9% > Retail meat volume demand remained resilient up 1.7% & Price inflation impact weighing on white fish de
Slide 10: Retail meat profit growth offset by weaker seafood profitability
Retail meat profit growth offset by weaker seafood profitability 13 33.5 (2.0) UK&lreland HY2024 Europe 10 (constant currency) 1.7 APAC £m 02 345 (0.2) 33.6 (0.9) Interest Fx Impacts Central HY 2025 HY2025 HILTON FOODS > UK &lreland > Profit growth in meat held back by reduced profitability in seafo
Slide 11: Enabling key operational and strategic priorities
1 Enabling key operational and strategic priorities Non-underlying costs Foppen Re-organisation costs Insurance claim - Belgium Total Foppen * Navigating operational disruptions impacting US market access + Production relocated from Greece to the Netherlands to ensure supply continuity + Actively en
Slide 12: Strong balance sheet has enabled tactical increase in inventory
Strong balance sheet has enabled tactical increase HILTON FOODS in inventory and supported international expansion 12 EBITDA Working capital & other Tax & interest payments Operating cash flow Core capex Core free cash flow Canada Capex Free cashflow Net Debt Net Debt : EBITDA HY 2025 £m 70.7 (51.9)
Slide 13: Enhancing our competitive advantage and enabling growth
HILTON FOODS Enhancing our competitive advantage and enabling attractive future growth opportunities Core Capex Maintenance Capital Protecting the core + Maintaining market leading standards expected by our customers £12.4m 2 : — £26.1 m Business Development New product ranges, increasing capacity a
Slide 14: Balance sheet strength enabling international expansion
Balance sheet strength enabling international HILTON FOODS expansion and tactical stock build Net debt Net debt : EBITDA £202.4m 1.3x +£71.0M vs FY24 0.9x FY24 Bank facility Syndicated facility £42m amortising term loans * £86m repaid since inception in Jan ‘22 £290m revolving credit facility Unsecu
Slide 15: Capital discipline enabling sustainable growth and value
Capital discipline enabling sustainable growth and long-term value creation 1S Maintenance Capex protecting the core - our business, facilities and people Business Development Capex supporting growth within our existing business New facilities in new geographies Supercharging Growth >20% ROCE over l
Slide 16: Strategic Business Update
HILTON FOODS STRATEGIC BUSINESS UPDATE
Slide 17: Delivering on our priorities
Delivering on our priorities @ @ EXPAND GROW OUR GLOBAL FOOTPRINT OUR MULE ATEGORN 7 © BUILD FURTHER EXPERTISE ASA SUPPLY CHAIN PARTNER HILTON FOODS © LEVERAGE TECHNOLOGY AS A DRIVER OF VALUE Apa» EF Foops CONNECTED:
Slide 18: External building progressing well in Canada
18 External building progressing well in Canada GROW OUR GLOBAL FOOTPRINT HILTON FOODS t Walmart >.<. Canada Groundbreaking ceremony supported by local agencies and Walmart Canada’s new CEO >80 product evaluations completed to align product range to consumer needs Return projections continue to exce
Slide 19: Looking forward to equipment installation by end of the year in Saudi Arabia
19 Looking forward to equipment installation by end of the year in Saudi Arabia GROW OUR GLOBAL FOOTPRINT HILTON FOODS Construction of NADEC principle facility and joint venture packing plant progressing to plan Late Q4 equipment installation, commissioning and testing commences NADEC branded meat o
Slide 20: Breadth of offering and new product launches
HILTON FOODS Breadth of offering and new product launches = driving volume in an inflationary retail meat market 20 OUR MULTI-CATEGORY re ior) DERHAMBURGER bso) @) EXPAND OFFER and meatballs across Europe and APAC Pw -\ Ne Launched marinated meat range, boosting APAC volume and successful launch of
Slide 21: We continue to premiumise our product ranges
21 We continue to premiumise our product ranges around the world EXPAND OUR MULTI-CATEGORY HILTON FOODS Expanded our premium products to include Wagyu tier in retail and foodservice in the UK and into burgers in APAC Extended ranges in the premium tier and developed greater convenience products thro
Slide 22: Progress made bringing meat supply chain initiatives to shelf
Progress made bringing meat supply chain HILTON FOODS initiatives to shelf in partnership with our customers @) BUILD FURTHER EXPERTISE ASA SUPPLY CHAIN PARTNER 22 Leveraged global red meat sourcing expertise to ensure consistent shelf availability and affordability for customers Extended Hilton own
Slide 23: Accelerating our supply chain initiatives to adapt to shifts in white fish demand
HILTON FOODS Accelerating our supply chain initiatives to adapt to fe shifts in white fish demands @) BUILD FURTHER EXPERTISE ASA SUPPLY CHAIN PARTNER av Russells | 23 Alternatively sourced cod introduced into premium private label fish cakes Accelerated market entry for new white fish products usin
Slide 24: Our end-to-end supply chain leadership in action
HILTON FOODS Our end-to-end supply chain leadership in action Tray ){ Shipping \f Dry Goods \{ Mince Production Crate \ Store Op | Manufacturing Trays Storage Logistics Benefits ¢.220 tonne less .25 less c.1,000+ less 2-3ppm increase ¢.440 less trucks* >15% Shelf i containers* pallets /minute into w
Slide 25: Tech fuels core business efficiency and Foods Connected
HILTON FOODS Tech fuels core business efficiency and Foods ee Connected positioned for accelerated growth Secured strategic investment from a new partner in Foods LEVERAGE TECHNOLOGY Connected, unlocking embedded value and accelerating AS A DRIVER OF VALUE growth Continued to deploy strategic automa
Slide 26: Advancing across people, planet and product
HILTON FOODS Advancing across people, planet and product enabling a sustainable business of the future International ‘estan A Nee -12.5% 03 completed by Rating for supplier : selected cohort engagement Total energy use reduction Roll out of our apprenticeship, . internship and /eC 4 = % graduate , (
Slide 27: Outlook
Outlook 27 HILTON FOODS » Expect our retail meat business to continue to perform well for the remainder of the year » Anticipate continued softer white fish demand and Foppen operational disruption and we will continue to manage both » The business remains resilient, underpinned by a secured medium-
Slide 28: Translating strategic progress into long-term sustainable value creation
Translating strategic progress into long-term sustainable value creation Leading food manufacturer with Expanding internationally with highly relevant product offer significant growth potential Revenue / £bn 2019 2020 2021 2022 2023 2024 Product Mix NWR Ww ° mUK&RO! TESCO ICA Sonae coop zabka walmar
Slide 29: Q&A
HILTON FOODS Q&A
Slide 30: Cautionary Statement
Cautionary Statement 30 HILTON FOODS This investor presentation contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements are based on current expectations and assumptions relating to anticipated events and circumstances which may be beyond Hil
Slide 31: Appendix
HILTON FOODS APPENDIX
Slide 32: We operate highly automated, state of the art facilities
HILTON FOODS We operate highly automated, state of the art facilities fll internationally that best serve our customers UK & Ireland Europe Asia-Pacific Saudi Arabia - H2 2026 Canada - Early 2027 32
Slide 33: Technical Guidance
Technical Guidance 33 Core Capex / £m £60 Effective tax rate? c. 27% ee Mia rate on bank ©. 6.0% orrowings: AUD 2.05 DKK 8.82 EUR 1.18 NZD 2.24 PLN 5.01 SEK 13.14 Impact on 2024 PBT / £m -£1.0m HILTON FOODS 1, 2025 Current blended average rate payable on bank borrowings 2. 2025 YTD average rates to
Slide 34: Movement in net debt
HILTON FOODS Movement in net debt 70.7 (51.9) (23.5) (12.4) (13.7) (15.1) (23.8) (1.3) (71.0) Working capital Maintenance capex Canada capex Other* EBITDA Tax & interest Expansionary capex Net dividends Net debt Increase 34 *Other includes FX Impact