Slide 1: Results | 52 Weeks Ended 29 March 2025
R E S U LTS | 52 W EEKS ENDED 29 M ARCH 2025
Slide 2: Agenda
AGENDA I N T R ODU C T I ON AN D FY 2 5 H I G H L I G H TS Ad am Co uc h, CEO FI N AN C I AL R EV I EW Mark Botto mley, CFO COM M ER C I AL U P DAT E Jim B ris by , CCO OPERAT I N G AN D ST RAT EG I C R EV I EW Ad am Co uc h, CEO Q&A 52 weeks ended 29 March 2025 1
Slide 3: Disclaimer
DISCLAIMER 2 0 2 4 was a 5 3 -week acco u nti ng p e ri o d. Un l es s st ated oth er w i s e, al l 2 0 2 4 co mpa rati ves exc l u d e th e i m pac t of the 5 3 rd we e k . Where year -o n -year m ovem ent s have be e n p res e nte d , these are p res ented o n a 5 2 -wee k ve rs u s 5 2 - we e k b
Slide 4: FY25 Highlights
FY25 HIGHLIGHTS ADAM COUCH CHIEF EXECUTIVE OFFICER 52 weeks ended 29 March 2025 3
Slide 5: A History of Successful Compounding
A H I STO RY O F S U CC E S S F U L CO M P O U N D I N G ADJUSTED PROFIT BEFORE TAX 1 (£M) DIVIDEND PER SHARE (PENCE) £2,723m 197.9 101.0 £2,599m 176.6 90.0 Revenue 35 years of unbroken dividend growth 75.6 £2,009m 136.9 £1,667m 60.4 53.7 102.3 90.2 £1,005m 37.5 64.4 32.0 £740m 28.5 52.2 25.0 43.8 4
Slide 6: Commercial and Strategic Highlights
C O M M E R C I A L A N D S T R AT E G I C H I G H L I G H T S 10 YEAR CAGR Strong revenue growth of 6.8% with like-for-like 1 revenue 6.4% ahead Compound annual growth rates to 29 March 2025 Volume growth of 7.7% driven by premium product range and record Christmas trading period REVENUE 48bps incr
Slide 7: Financial Highlights
FINANCIAL HIGHLIGHTS REVENUE ADJUSTED OPERATING PROFIT2 ADJUSTED OPERATING MARGIN2 ADJUSTED EPS GROWTH2 +6.8% +1 4 .0% 7.6% +15 .6% Like-for-like1: +6.4% Target: Mid single digit FY25: £206.9m Target: ~7.5% Target: Mid single digit FREE CASH CONVERSION3 ROCE4 LEVERAGE5 DIVIDEND PER SHARE (DPS) GROWT
Slide 8: Financial Review
FINANCIAL REVIEW MARK BOTTOMLEY CHIEF FINANCIAL OFFICER 52 weeks ended 29 March 2025 7
Slide 9: Financial Highlights
FINANCIAL HIGHLIGHTS REVENUE (£M) +6.8% ADJUSTED PROFIT BEFORE TAX (£M)1 +14.3% 2025 2,723.3 2025 197.9 2024 2,549.6 2024 173.2 2023 2,323.0 2023 140.1 ADJUSTED EARNINGS PER SHARE (P)1 +15.6% DIVIDEND PER SHARE (P) +12.2% 2025 273.4 2025 101.0 2024 236.5 2024 90.0 2023 210.0 2023 79.4 FREE CASH FL
Slide 10: FY25 Summary
FY25 SUMMARY FY25 FY24 CHANGE FY24 CHANGE £M 52 weeks 53 weeks 52 weeks Revenue 2,723.3 2,599.3 +4.8% 2,549.6 +6.8% Like-for-like revenue growth1 - - +4.4% - +6.4% Adjusted gross margin2 15.4% 14.4% +100bps 14.4% +100bps Adjusted operating profit3 206.9 185.1 +11.8% 181.5 +14.0% Adjusted operating m
Slide 11: Strong Revenue Growth
STRONG REVENUE GROW TH REVENUE BRIDGE (£M) Revenue growth is driven by: 11.9 • 7.7% volume growth reflecting premium product range and record Christmas trading • Poultry revenue up by 20.3% driven by new 90.0 Cooked and Prepared Poultry retail listings • Fresh Pork export revenue 10.2% ahead followi
Slide 12: Investment Driven Margin Progression
INVE STMENT DRIVEN MARGIN PROGRE SSION ADJUSTED GROSS MARGIN1 ADJUSTED EBITDA MARGIN1,2 ADJUSTED OPERATING MARGIN1,2 15.4% 14.4% 10.8% 10.3% 7.6% 13.0% 7.1% 9.3% 6.3% FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 Strong contribution from growing agricultural operations Effective deployment of capital
Slide 13: Strong Free Cash Flow with Record Investment
STRONG FREE CASH FLOW WITH RECORD INVE STMENT POST IFRS 16 NET DEBT (£M) 293.2 (44.3) £160.6m (41.5) (135.6) - (99.4) (172.4) (25.0) (49.5) (25.3) (22.2) (22.8) March Adjusted Working capital Taxation Net Acquisitions Dividends EBT share Leases Other2 March 2024 EBITDA1 and biological Capex purchase
Slide 14: Sustainable Long-Term Cash Generation
SUSTAINABLE LONG-TERM CASH GENERATION FREE CASH CASH INFLOW / £M FLOW NET CAPEX ACQUISITION1 DIVIDEND PAID (OUTFLOW)2 B A N K I N G FAC I L I T Y FY25 213.6 135.6 25.0 49.5 3.5 FY24 223.4 90.6 39.2 43.9 49.7 £250m revolving credit facility in FY23 149.2 83.9 (0.1) 36.3 29.1 place with five major ban
Slide 15: Record Investment
RECORD INVE STMENT SUPPLY CHAIN FY25:£19m LEAN PROCESSING FY25:£119m ONGOING PROJECTS ONGOING PROJECTS £9m Incubatory expansion at Crown (£2m in year) £62m Fresh Pork Hull expansion (£20m in year) £5m Broiler site expansion (£4m in year) £29m Capacity increase across added-value poultry (£20m in yea
Slide 16: Delivering on Value Creation
DELIVERING ON VALUE CREATION GU IDING PRINCIPLES QUALITY VALUE Strong business focus on long-term Delight the customer Vertical integration value creation Lead on premium Utilisation Capital Attractive Technical excellence Efficiency Employed ROCE INNOVATION PUTTING PEOPLE Well defined strategy deli
Slide 17: A Sustainable Capital Allocation Framework
A SUSTAINABLE CAPITAL ALLOCATION FRAMEWORK • £ 1 3 8 M S P E NT W I T H ST RO NG INV E STIN G IN THE BUSIN E S S CAP E X OF ~ 5 0 % FO RWA R D P I P E LI NE TO SU PPORT OU R E B I T DA TO ADD CAPACI T Y, • I NV E ST M E NT W E I G H T E D TOWA R DS GROW TH STRATEGY CAPAB I L I T Y AN D AU TOMATI O N
Slide 18: Driving Strong Compound Growth
DRIVING STRONG COMPOUND GROW TH COMPOUNDING CONSISTENT COMPOUNDING CONSISTENT QUALITY SUSTAINABLE STRONG ORGANIC INVESTMENTS STRONG CASH HIGH ROCE RESILIENCE OUTCOMES MARGINS GROW TH AND M& A CONVERSION Like-for-like Adjusted Free cash Record investment ROCE 5 FY25 revenue1 operating conversion 3 +6
Slide 19: FY26 Guidance
FY26 GUIDANCE REVENUE ADJUSTED GROWTH OPERATING MARGIN1 c.7% c.7.5% FINANCE EFFECTIVE COSTS TAX RATE c.£12m c.26.3% CAPITAL EXPENDITURE c. 50% EBITDA FY26 guidance includes acquisition of Blakemans which completed 16 May 2025. 1. Excludes IAS 41 movements on biological assets, acquisition related am
Slide 20: Commercial Update
COMMERCIAL UPDATE JIM BRISBY CHIEF COMMERCIAL OFFICER 52 weeks ended 29 March 2025 19
Slide 21: Strong Growth Across Key Retailers
STRONG GROW TH ACROSS KEY RETAILERS F R E S H & C H I L L E D S A L E S B Y R E TA I L E R ( £ M ) STRONG SALES IN RETAIL ENVIRONMENT 14,000 52w/e March 24 52w/e March 25 12,000 • M&S fastest growing retailer as range 10,000 and value perceptions drive footfall 8,000 £m 6,000 • Sainsbury’s and Tesco
Slide 22: Strong Commercial Progress
STRONG COMMERCIAL PROGRE SS COMMERCIAL RESILIENT DEMAND MARKET SHARE GAINS PERFORMANCE Consumers eating meat as Inflation management New retail business part of healthy diet Supply chain alignment Growing ahead of market Growth in all categories High service levels Additional capacity Continued grow
Slide 23: Volume Led Category Growth
VOLUME LED CATEGORY GROW TH CATEG O RY SA LE S F Y2 5 CRAN SWICK REVEN UE BY CHAN N EL5 FY25 CHANGE UK Retail 79% CATEGORY VALUE VOLUME +7% Fresh Pork1 +4.0% +9.4% Convenience2 +0.5% -2.1% Manufacturing Gourmet Products3 +8.8% +12.1% -5% 12% Poultry4 +20.3% +8.1% Food Service 5% 4% Pet Products +47.
Slide 24: Commercial Outlook
COMMERCIAL OUTLOOK A LL CAT EGO RI E S SET UP FOR GROW TH E X PA N D I N G C H I C K E N S ECU R I N G P I G M E AT S U PP LY NEW MARKETS & C O N T I N E N TA L New ready-to-eat chicken Expansion of Pets at Home Sainsbury’s 10-year deal contract for a premium retailer partnership model M&S Fortress
Slide 25: Operating and Strategic Review
OPERATING AND STRATEGIC REVIEW ADAM COUCH CHIEF EXECUTIVE OFFICER 52 weeks ended 29 March 2025 24
Slide 26: A Strategy Which Delivers Strong & Sustainable Compound Growth
A STRATEGY WHICH DELIVERS STRONG & SUSTAINABLE COMPOUND GROWTH GROWING, CASH GENERATIVE CORE DRIVEN BY GROWTH IN AFFORDABLE, HEALTHY PROTEINS C O N S O L I DAT E VALUE-ADDED PRODUCT WHICH RESONATES WITH CUSTOMERS EXPANDING VERTICAL INTEGRATION AND INCREASED REINVESTMENT TO DRIVE GROWTH AND EFFICIENC
Slide 27: Summary and Outlook
SUMMARY AND OUTLOOK R ECO R D P E R FO R M A N C E O N G O I N G I N V E STM E NT PO S ITIV E O UTLOO K £97m investment in Hull Fresh Pork site to create world class facility Strong volume led revenue growth Growth strategy on track £49m investment across fresh and Robust margins with significant Po
Slide 28: Our Strategy
APPENDIX 1 O UR STRAT EGY OUR Creating great tasting PURPOSE Where great food comes from nutritious food; authentically made and sustainably produced GUIDING PRINCIPLES STRATEGIC ENABLERS OUR DIFFERENTIATORS QUALITY VALUE AGRICULTURAL ENTREPRENEURIAL SUPPLY CHAIN LEAN PROCESSING ROOTS SPIRIT INNOVAT
Slide 29: Our Growth History
APPENDIX 2 O UR GROW T H HISTORY Animal feed Livestock Grain Fresh Pork Cooked Gourmet Mediterranean Gourmet production trading trading production Meats Sausage Foods Bacon 1978 1979 1985 1995 2004 1975 INCORPORATED 1991 1992 2001 Preston Abattoir Sutton Fields Continental Fine Foods £1bn Added-valu
Slide 30: Our Locations / Our Sites
APPENDIX 3 OUR LOCATIONS OUR SITE S 9 We have sites across 1 Hull 11 Lincoln Fresh Pork, Preston Pet Products the UK and our primary Fresh Pork, Riverside processing facilities are Gourmet Sausage 12 Newcastle-under -Lyme well placed within key Cooked Poultry Blakemans Cooked Meats farming areas. Go
Slide 31: Our Product Portfolio
APPENDIX 4 O UR P RO DUCT P ORTFOLIO FRESH PORK G O U R M ET SAU SAG E G O U R M ET BACO N S LOW CO O K CO O K E D M E AT S FRESH CHICKEN R E A DY-TO - E AT COATE D C H I C K E N G O U R M ET PA STRY CHICKEN P ET P RO D U C T S C H A RC UTE R I E O LI V E S & A NTI PA STI A M B I E NT FO O D S HOUMO
Slide 32: ESG Ratings Movements
APPENDIX 5 E SG RATINGS MOVEMENTS RATINGS AGENCY CURRENT RATING LAST ASSESSMENT PREVIOUS ASSESSMENT MOVEMENT MSCI AAA Apr 25 AA S&P 47/100 Mar 25 41/100 Sustainalytics - ESG rating Medium risk Mar 25 Medium risk = 51.04/100 performance score 39/100 performance score ISS ESG C+ Score (Prime) Feb 25 C
Slide 33: Adjusted & Reported Earnings, Tax & Earnings per Share
APPENDIX 6 ADJUSTED & REP O RTED EA RNI NGS , TAX & EARN IN GS PER SH ARE ADJUSTED & REPORTED EARNINGS (£M) FY25 FY24 TAX (%) FY25 FY24 Adjusted operating profit 206.9 185.1 Headline tax rate 25.0 25.0 Net IAS 41 movement (11.1) 2.2 Disallowed expenses 1.3 1.2 Impairment of intangible assets (1.6) (
Slide 34: Balance Sheet and Cash Flow
APPENDIX 7 BA LA NCE SHEET A ND CASH FLOW BALANCE SHEET (£M) FY25 FY24 STATUTORY CASH FLOW (£M) FY25 FY24 Investments 0.1 0.9 Cash generated from operations 257.8 269.8 PPE 605.4 518.9 Tax paid (41.5) (41.4) Intangible assets 210.9 213.5 Net cash from operating activities 216.3 228.4 ROU assets 123.
Slide 35: Free Cash Flow
APPENDIX 8 FREE CASH FLOW FREE CASH FLOW (£M) FY25 FY24 Net cash from operating activities 216.3 228.4 Net interest paid (2.7) (5.0) Free cash flow 213.6 223.4 FREE CASH CONVERSION (£M) FY25 FY24 Free cash flow 213.6 223.4 Non-growth capital expenditure (31.4) (22.1) Net IAS 41 valuation movement (1
Slide 36: Cranswick
CRANSWICK Great British Taste CRANSWICK.PLC.UK in]