Treatt Plc · LSE:TET
Treatt — Non-Deal Roadshow (January 2026)
29 slides from Treatt's roadshow presentation, Jan 20, 2026
Slide 1: Presentation to Major Shareholders, 20 January 2026
Interim Group Managing Director & Interim CFO Group Finance Director 20 January 2026
Slide 2: Interim Group Managing Director and Interim CFO; Group Finance Director
Interim Group Managing Director and Interim CFO Strategic CFO and business leader with 15+ years’ experience leading cross-functional teams in PLC and private equity environments. These experiences also included capital raising, M&A and transformations. Group Finance Director Chartered Accountant wi
Slide 3: Purpose-driven ingredients supplier to food and beverage industries
We’re a purpose-driven ingredients supplier to the food and beverage industries, combining science, creativity, and partnership to create unforgettable flavours that spark joy and help our customers succeed. We have invested in capabilities where our customers are, enabling faster collaboration, dee
Slide 4: Prior year key figures
2024: £150.2M 2024: 29.3% 2024: £18.5M 2024: 8.41P TREATT PLC
Slide 5: Post-period progress
Post-period progress We have strengthened our We successfully launched includes the Commercial European presence with an new price-stable citrus Maintained company- & Innovation Centre in expanded sales team in products in response to wide financial discipline Shanghai and a new Germany and France,
Slide 6: Natara offer and change in share register
• Following a recommended cash offer from Natara in September 2025 that did not receive the required shareholder approval • Significant change in the share register • Döhler is a 28% shareholder TREATT PLC
Slide 7: Döhler: family-owned natural ingredients provider and 28% shareholder
Long-established, family-owned provider of natural ingredients and integrated solutions for food, beverage and nutrition Around 10,000 employees, over 50 production sites, and a presence in more than 160 countries Strong expertise across natural flavours, colours, plant-based and health ingredients,
Slide 8: Financial Review
FINANCIAL REVIEW
Slide 9: Revenue, gross profit and margin
• Revenue and PBTE in line Revenue with management Gross profit expectations set in July Gross profit margin • Revenue and profitability impacted by key headwinds, Administrative expenses(1) with gross profit margin Adjusted Operating profit(1) down 340 BPS Adjusted Operating profit margin(1) • Redu
Slide 10: Regional and market trends
2024 2025 2024 2025 2024 2025 • Change in buying patterns in • US consumer confidence • China sales impacted by high persistently high citrus markets impacting demand citrus prices • Pressure on strategic account • Health & wellness growth driven • Lower coffee volumes in RTD cold volumes by sugar r
Slide 11: Effective cost control measures in place
• Effective cost control measures in place to protect profits and partially offset declining sales • Decrease in finance costs despite increase in net debt due to lower average net debt position and lower interest rates • Ongoing cost control embedded in business, while still investing in the 2020 2
Slide 12: Cash flow, net debt and share buyback
• Normalised capex with a focus on visible returns • £5m share buyback completed in the year • Ongoing working capital discipline; flat working capital despite high stock prices • Operating cash conversion remains strong NET DEBT OPERATING WORKING CAPITAL DIVIDEND SHARE TAX & NET DEBT FY24 CASH CAPI
Slide 13: Strategy Update
STRATEGY UPDATE B TREATT PLC
Slide 14: Revenue Growth, Margin Growth, Innovation & Differentiation
Revenue Growth Margin Growth Innovation & Differentiation TREATT PLC
Slide 15: Cost-effective citrus solutions and innovation pipeline
Responded to market Advanced our innovation Invested in specialist pressure with cost- pipeline, including talent to strengthen effective citrus solutions, powdered citrus extracts capability and long-term protecting volumes and launching in H1 FY26 category leadership. relationships Senior Category
Slide 16: Customer engagement, clean-label and sugar-reduction
Improved customer Launched new clean-label Embedded efficiency and engagement through and sugar-reduction sustainability into brand refresh and digital technologies to support innovation, supporting product access premiumisation scalable growth new customers added of our portfolio is natural Directo
Slide 17: Commercial & Innovation centre in Shanghai and IMCD partnership
Opened new Commercial Appointed IMCD as our Entered the Sports & Innovation centre in distribution partner in APAC Nutrition market in the UK Shanghai, strengthening providing immediate with powdered citrus customer proximity in leverage in sales coverage range APAC over 6 countries General Manager
Slide 18: Leadership team
Strategic CFO and business leader Commercial leader with 25+ Senior operations leader Senior commercial with 15+ years’ experience leading years in food ingredients, with 25+ years’ leader with 20 cross-functional teams in PLC and experienced in growth, experience driving supply years’ experiences i
Slide 19: Prioritised core customers and categories
Prioritised core Strengthened strategic Improved planning, Maintained engagement Actions taken to align customers and relevance and alignment execution, and visibility and capability through costs with demand while categories to protect with key global consumer across operations to change, prioritis
Slide 20: TREATT PLC
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Slide 21: Current Trading & Outlook
CURRENT TRADING & OUTLOOK RETURN TO REVENUE GROWTH RETURN TO NET CASH TREATT PLC MAINTAIN GROSS MARGIN % Q1 TRADING IN LINE WITH EXPECTATIONS NORMALISED CAPEX
Slide 22: Outlook for FY26
• Key headwinds within the industry are expected to persist into remain in FY26 • Protect profitability & cash generation • Investing in capabilities for future growth • Focussed on delivering steady year of sustainable recovery • Q1 in line with expectations • Strong pipeline which requires convers
Slide 23: Thank You
Slide 24: Appendix
TREATT APPENDIX
Slide 25: Growth driven by sales increase, margin focus and efficiencies
Growth driven by sales increase, margin focus and operational efficiencies 12.4% 12.9% 11.3% 9.0% Medium term target: 12-15% 8.1% 11.6% 12.2% 13.3% Capital base fully invested, growth to 9.0% follow 7.5% Medium term range: 12-15% TREATT PLC
Slide 26: ESG highlights
of global employees identify as women of permanent group employees are shareholders programme that empowers and supports in global scope 1 & 2 emissions in the year (towards 2030 42% reduction target) 8% from on-site solar New US process cleaning of Executive Directors non-financial Bonus scheme is
Slide 27: Balance sheet movements
Increased by £7.6m partially driven by prices Fixed assets and to allow for future growth ahead of increasing pipeline Inventories Receivables Reduces by £1.8m driven by strong disciplines Payables Working capital Taxation Liabilities now secured through buy-in arrangement Net debt Pension asset Oth
Slide 28: Cash flow statement
Operating cash flow • Working capital remains (Increase)/Decrease in inventories stable despite the increase Decrease/(Increase) in receivables in inventories Increase/(Decrease) in payables • Capex returning to normal Cash generated from operations levels of investment with focus on fast-returning
Slide 29: Sales by customer type and region
Direct to Brand FY23 Flavour Houses Owners FY22 FY 25 43% 45% Average FY24 FY20-FY24 55% 57% United States Europe Rest of World FY 25 The Americas United Kingdom China The Americas (excluding the US) (17 countries) / Rest of the World (35 countries)