Sligro Food Group N.v. · EURONEXT:SLIGR
Sligro Food — H1 2025 Earnings Presentation
30 slides from Sligro Food's earnings presentation, Jul 17, 2025
Slide 1: 2025 half-year figures
2025 half-year figures 17 July 2025
Slide 2: Agenda
Agenda • Welcome Koen Slippens • 2025 half-year figures Rob van der Sluijs • 2025 developments Koen Slippens • Outlook Koen Slippens 2
Slide 3: Abridged statement of profit or loss
Abridged statement of profit or loss 1 x € million H1-2025 H1-2024 x € million Netherlands Belgium Group Revenue 1.275 100,0% 1.393 100,0% Revenue in H1-2025 1.089 186 1.275 Cost of sales (900) -70,6% (1.027) -73,7% Revenue in H1-2024 1.193 200 1.393 Gross profit 375 29,4% 366 26,3% Total increase (
Slide 4: Gross profit
Gross profit 1 x € million Netherlands Belgium Group ▪ Gross profit margin increased due to the complete Revenue H1-2024 discontinuation of tobacco sales in 2025. The gross profit Revenue 1.089 186 1.275 margin without tobacco came in at 29.4% (up 0.5%). Cost of sales (763) (137) (900) Gross profit
Slide 5: Operating costs
Operating costs 1 x € million H1-2025 H1-2024 ▪ Cost inflation averaged 3.1%. Operating costs Employee expenses 199 195 ▪ The ratio of operating costs to revenue increased due to the Premises expenses 24 23 complete discontinuation of tobacco sales in 2025. Selling expenses 8 8 Distribution expenses
Slide 6: Depreciation, amortisation and impairment
Depreciation, amortisation and impairment 1 x € million H1-2025 H1-2024 ▪ Depreciation and amortisation charges down €1 million. Depreciation and impairment of property, plant and ▪ Higher depreciation on right-of-use assets as a result of equipment and right-of-use assets Land and buildings 8 8 ren
Slide 7: Financial income and expenses and income tax
Financial income and expenses and income tax 1 x € million H1-2025 H1-2024 ▪ On balance, financial income and expenses remained the Financial income and expenses same: Finance costs on leases (4) (4) Finance costs on other financial liabilities (4) (5) - Lower interest rates on other financial liabi
Slide 8: Abridged statement of cash flows
Abridged statement of cash flows 1 x € million H1-2025 H1-2024 x € million H1-2025 H1-2024 Net cash flow from business operations 24 21 Purchase of intangible assets (7) (5) Interest paid (4) (5) Purchase of property, plant and equipment (32) (23) Dividends received from participations 0 3 Sale of p
Slide 9: Financing
Financing 1 ▪ Net interest-bearing debts (not including IFRS16) / EBITDA = 2,1. - As at the end of June, we were comfortably within our lending covenants. ▪ In April 2025, the term of a €50-million loan was extended by 1 year. ▪ Final repayment of €40 million on USPP loan due in September 2025. 1 No
Slide 10: Net profit (loss) and earnings (loss) per share
Net profit (loss) and earnings (loss) per share 1 x € million H1-2025 H1-2024 ▪ Interim dividend of €0.40 per share to be paid in October. Net profit (loss) 2 (1) ▪ Interim dividend based on: Earnings (loss) per share (x €) 0,03 (0,02) - forecast for 2025; Proposed interim dividend per share (x €) 0
Slide 11: Developments at Sligro Food Group
Developments at Sligro Food Group
Slide 12: General economic developments
General economic developments Consumer confidence Source for NL: Statistics Netherlands Source for BE: NBB Netherlands Belgium 10 ▪ Consumer trust remains low and price elasticity is increasing 0 despite a rise in purchasing power. -10 ▪ General price inflation was approximately 2.5% to 3%. -20 ▪ Do
Slide 13: Organic growth
Organic growth Developments in the first half of the year ▪ A very weak first quarter was followed by a strong second quarter. ▪ Market conditions are slowly starting to recover. ▪ Limited volume growth in the hospitality industry (approx. 1%) partly driven by fine spring weather. ▪ Food professiona
Slide 14: Organic growth
Organic growth Developments in the first half of the year ▪ Successful sales focus on the region partly in combination with partner Heineken (NL); substantially positive win/loss acquisition ratio in both the Netherlands and Belgium. ▪ Growth in the number of new SME customers in the cash-and-carry
Slide 15: Organic growth: outlook for second half
Organic growth Outlook for the second half of the year ▪ In delivery service, maximum attention for revenue growth with new and existing customers through additional focus on acquisition and cross-selling, but also on customer loyalty through improved customer communications, supply chain optimisati
Slide 16: Organic growth in Belgium
Organic growth in Belgium Revenue developments in Belgium After drastic interventions in 2023 and 2024, which saw us set up the BeNe organisational structure and adopt the complete supply chain, IT and commercial structure that we have been successfully using in the Netherlands for years in Belgium
Slide 17: Gross margin
Gross margin Developments in the first half of the year ▪ Margin improvement through procurement synergies across BeNe and promo and margin management. ▪ Improving collaboration conditions for suppliers and monetising data. ▪ Price increases on goods partly passed on to the market. ▪ On balance, the
Slide 18: Logistics in Belgium
Logistics in Belgium Developments in the first half of the year ▪ Network optimisation has been completed and customers are receiving deliveries through the optimum logistics channel. ▪ Support for the delivery service in Belgium from the wholesale delivery service outlet in Maastricht has been stop
Slide 19: Central operation and cost reductions
Central operation and cost reductions Developments in the first half of the year ▪ Harmonisation of product range management processes in Belgium completed. ▪ Valorisation of the network optimisation achieved in the supply chain in Belgium, both in terms of costs and revenue/customer appreciation. ▪
Slide 20: General developments
T Sligro DOORS DOR SSR Ue 22 \Sb-_-40288 [DSS SSR eee eee Pip all al all alfalau mene: bende lie lle ie 2h ———s General developments
Slide 21: Acquisition of GEPU
Acquisition of GEPU Acquisition and integration of GEPU ▪ GEPU acquired on 3 June 2025. GEPU is a delivery service and wholesale cash-and- carry outlet with an annual revenue of approx. €15 million. ▪ Located in Utrecht, GEPU caters to hospitality businesses and high-volume consumers in and around t
Slide 22: ESG
ESG Developments in the first half of the year ▪ 2024 sustainability statement presented in line with the CSRD. ▪ Further professionalisation and integration of ESG policy, goals and KPIs. ▪ Greenhouse gas emission reduction through action to make buildings and installations more sustainable. ▪ Incr
Slide 23: Outlook
Outlook
Slide 24: 2025 outlook
2025 outlook Market: ▪ Consumer confidence, high inflation during the past years and (geo)political uncertainties have led to restraint in spending and also exert downward pressure on volumes in the ‘out of home’ channel. ▪ For 2025, we are counting on limited volume growth, which, in combination wi
Slide 25: Medium to long-term outlook
Medium to long-term outlook Market: ▪ No change in current market situation for the coming years; cautious recovery of volumes and a persistent, relatively high cost inflation rate. ▪ Demographic developments remain favourable for the ‘out of home’ market in the medium term. At Sligro Food Group: ▪
Slide 26: Slide 26
Slide 27: Balance sheet
Balance sheet 1 x € million Jun-2025 Dec-2024 x € million Jun-2025 Dec-2024 Assets Liabilities Goodwill 133 130 Paid-up and called-up capital 3 3 Other intangible assets 122 127 Share premium 31 31 Property, plant and equipment 315 303 Other reserves (5) (4) Right-of-use assets 260 # 263 Retained ea
Slide 28: Segment figures
Segment figures 1 Netherlands Belgium 2 Group x € million H1-2025 H1-2024 H1-2025 H1-2024 H1-2025 H1-2024 Revenue 1.089 1.193 186 200 1.275 1.393 Organic revenue growth as % (8,8) 0,5 (7,0) (6,9) (8,5) (0,7) Gross profit as % of revenue 29,9 26,5 26,1 24,7 29,4 26,3 Gross operating result (EBITDA) 6
Slide 29: Segment cash flows
Segment cash flows 1 Netherlands Belgium Group x € million H1-2025 H1-2024 H1-2025 H1-2024 H1-2025 H1-2024 Net cash flow from business operations 25 34 (1) (13) 24 21 Interest received and paid (4) (5) 0 0 (4) (5) Dividends received from participations 0 3 0 0 0 3 Income tax paid (3) (5) (2) 0 (5) (
Slide 30: Abridged statement of profit or loss normalised for tobacco products and other operating income
Abridged statement of profit or loss normalised for tobacco products and other operating income x € million H1-2025 H1-2024 Reported Adjustments Adjusted Reported Adjustments Adjusted Revenue 1.275 1.275 100,0% 1.393 (130) 1.263 100,0% Cost of sales (900) (900) -70,6% (1.027) 129 (898) -71,1% Gross