Marr Spa · MIL:MARR
Marr Spa — Euronext – STAR Conference 2026
37 slides from Marr Spa's conference presentation, March 2026
Slide 1: FY 2025 Results
FY 2025 Results Euronext – STAR Conference Milan - March 25-26, 2026
Slide 2: Important information
Important information This presentation is being shown to you solely for your information and may not be reproduced, distributed to any other person or published, in whole or in part, for any purpose. The information in this presentation could include forward-looking statements which are based on cu
Slide 3: Table of contents
Table of contents Euronext – STAR Conference 2026 MARR Group Reference market Business overview Financials – FY 2025 Appendix 3
Slide 4: MARR at a glance
MARR at a glance Euronext – STAR Conference 2026 Distribution centres (2nd logistic layer) • leader in Food supply to Foodservice in Italy Cash&Carry Distribution centres dedicated to Bars Central platforms (1st logistic layer) • market consolidator with 50+ years of track record Jolanda de Colò (pr
Slide 5: MARR history
MARR history Euronext – STAR Conference 2026 1972 1980s 2005 2022 Founding of First geographical 50 years of MARR IPO MARR SpA expansion 1979 1990s 2013 2025 Entry of the Development of 1st and 2nd logistic Logistic network Cremonini Group nationwide coverage layer concept redesign and optimization
Slide 6: Steady growth
Steady growth Euronext – STAR Conference 2026 Frigor Carni acquisition €m - Consolidated Total Revenues (2022) – better coverage of Calabria DE.AL. acquisition and Ionian coast (2016) – completion of Diversification in coverage of Mid Verrini acquisition 2,086 2,098 2,127 bar segment with Scapa acqu
Slide 7: Table of contents
Table of contents Euronext – STAR Conference 2026 MARR Group Reference market Business overview Financials – FY 2025 Appendix 7
Slide 8: Italian foodservice (OOH)
Italian foodservice (OOH) Euronext – STAR Conference 2026 Food consumption in Italy (2024 data) • The value of the Italian foodservice (beverage included) in 2025 (TradeLab – preliminary data) amounted to 103€bn (101€bn in 2024) At Home Out of Home (OOH) 197€bn 101€bn • The share of Out-of-Home (OOH
Slide 9: MARR vs OOH in Italy
MARR vs OOH in Italy Euronext – STAR Conference 2026 €bn Out of Home food consumption in Italy CAGR 2004-2025: +2.8% 2025 vs 2019 +20.5% mkt in value, including ca +19% inflation in the foodservice sector 103.0 85.5 69.1 75.0 58.0 CAGR 2019-2025 +3.2% 2004 2009 2014 2019 2025 Source: TradeLab, Compa
Slide 10: Food supply to Italian foodservice
Food supply to Italian foodservice Euronext – STAR Conference 2026 Food Supply to foodservice (sell in) Wholesalers’ segment Producers (2024 data) 13% Other Wholesalers Wholesalers MARR ~ 70% 58% ~ 17% ~ €12.7bn C&C ~ €22bn 17% Top 3 followers ~ 13% Retail 12% Market Share in no. of clients • Market
Slide 11: Wholesalers’ consolidation trend
Wholesalers’ consolidation trend Euronext – STAR Conference 2026 Wholesalers -914 , , -493 , Wholesalers , (food supply to Italian foodservice) , 4,696 4,499 3,814 3,393 2,900 ca 2,900 active in 2025 • Only 4% of the wholesalers with revenues > 20€m, representing 2012 2015 2018 2022 2025 about 45% i
Slide 12: Chains&Groups share
Chains&Groups share Euronext – STAR Conference 2026 Chains&Groups Independent Operators 41% 51% 60% 65% 88% 88% 59% 49% 40% 35% 12% 12% USA UK FRANCE GERMANY SPAIN ITALY Source: Company elaboration on TradeLab data (November 2025) - Canteens excluded 12
Slide 13: Chains&Groups growth trend
Chains&Groups growth trend Euronext – STAR Conference 2026 C&G growth by geography CAGR 2014-2019 CAGR 2019-2023 8.6% 9.0% 8.1% 7.6% 6.3% 5.1% 4.3% 3.1% 2.9% 1.9% 1.8% 2.0% APAC NORTH AMERICA EUROPE ROW TOTAL ITALY Source: Company elaboration on data by Deloitte included in “Foodservice market monit
Slide 14: Table of contents
Table of contents Euronext – STAR Conference 2026 MARR Group Reference market Business overview Financials – FY 2025 Appendix 14
Slide 15: Sales breakdown
Sales breakdown Euronext – STAR Conference 2026 Wholesale 9.4% Direct sales to Foodservice Consolidated Sales breakdown clients FY 2025 Client Chains& Wholesaler clients segments Groups National 12.3% Account 24.5% Street Market Canteens 66.1% 12.2% Seafood 29.6% [23.0%] Accessories Room Frozen 0.4%
Slide 16: Sales by geography
Sales by geography Euronext – STAR Conference 2026 2% 1% 2% EU 12% 6% 2% Italy 6% 97% Extra EU 3% 16% 1% 7% 4% 1% 3% 12% 1% Northern Italy 3% 6% 48% 5% 1% Label +10% 4% Southern 4-10% Central Italy 1-3% Italy 25% 1% 27% 5% breakdown as at December 31, 2025 16
Slide 17: Diversification
Diversification Euronext – STAR Conference 2026 Clients Client segment No. clients Top clients on consolidated Total Revenues Street Market over 53,000 16.4% 15.6% 15.8% Chains and Groups ca 600 13.3% 12.8% 13.0% Canteens ca 200 7.6% 7.3% 7.5% Wholesalers ca 600 Total over 55,000 2023 2024 2025 top
Slide 18: Business Model
Business Model Euronext – STAR Conference 2026 Analysis of the Integrated After Sales Commercial proposal market and wide logistics to the customer customer needs network • 4 Central Platforms and 40+ • 975+ Sales Technicians • Credit Management Distribution centers • 1,000+ employees • Feedback • 1
Slide 19: Segmented approach
Segmented approach Euronext – STAR Conference 2026 «We want to be the reference partner able to provide targeted solutions to professional foodservice operators» Consultancy Distribution Street Market (Independent catering) 1,000+ Sales technicians 40+ Distribution centers (DCs) Chains&Groups 4 Sale
Slide 20: Supply chain
Supply chain Euronext – STAR Conference 2026 Supply chain and double logistic layers approach for Street market and Transit point* National Account clients outbound to NA clients (ca44%) Central Platforms National Account Inbound Control 1st logistic layer ca 800 clients Fresh Fruit& outbound to Veg
Slide 21: Quality system
Quality system Euronext – STAR Conference 2026 The priorities of the MARR Quality System are: • Quality • Sustainability • Products and Services meeting Clients’ Requirements MARR has obtained certification standards of supply chain, product and hygiene and health, the main of which are: System cert
Slide 22: Table of contents
Table of contents Euronext – STAR Conference 2026 MARR Group Reference market Business overview Financials – FY 2025 Appendix 22
Slide 23: Financial highlights
Financial highlights Euronext – STAR Conference 2026 €m Total Revenues EBITDA EBIT Net Income 2,098.0 2,127.4 120.2 108.8 80.7 63.3 42.7 31.0 FY 24 FY 25 FY 24 FY 25 FY 24 FY 25 FY 24 FY 25 - Total Consolidated Revenues in FY 2025 amounted to 2,127.4€m (2,098.0€m in FY 2024) - Operating profitabilit
Slide 24: Total Sales
Total Sales Euronext – STAR Conference 2026 4Q Total Sales by client segment 2,054.0 FY 2,095.3 €m 1,352.0 1,385.0 473.1 475.6 Street Market 288.2 297.8 National Account 494.7 513.2 118.4 122.0 Wholesale 66.5 55.8 207.3 197.1 4Q 2024 4Q 2025 FY 2024 FY 2025 In relation to Total consolidated Revenues
Slide 25: Income statement
Income statement Euronext – STAR Conference 2026 €m FY 2024 % FY 2025 % - Gross margin in percentage remains substantially in line and with a recovery in the last part of 2025 Total revenues 2,098.0 100.0% 2,127.4 100.0% - Services cost were also affected by operational-logistics Cost of goods sold
Slide 26: Trade NWC
Trade NWC Euronext – STAR Conference 2026 Trade NWC Cash conversion cycle - days €m 31.12.23 31.12.24 31.12.25 92 Accounts Receivable 348.7 338.0 342.3 84 87 Days 61 59 59 59 61 59 Inventory 203.4 223.8 272.9 Days 45 49 59 59 45 49 Accounts Payable (381.4) (392.6) (422.7) Days 84 87 92 22 22 26 Trad
Slide 27: Net Debt
Net Debt Euronext – STAR Conference 2026 €m Net Debt and IFRS 16 effect Net Debt (net of IFRS 16) - bridge 292.6 237.9 48.2 203.8 223.4 88.8 170.4 67.4 25.5 81.6 2.5 -42.3 -0.4 203.8 141.8 170.4 31 Dec 23 31 Dec 24 31 Dec 25 31 Dec 24 Cash Cash flow flow Others NWC NWC CapEx Dividends 31 Dec 25 Divi
Slide 28: Dividend proposal
Dividend proposal Euronext – STAR Conference 2026 0.72 € 0.66 0.60 0.60 0.53 0.47 0.49 0.47 0.40 0.38 94.4% 95.9% 89.1% 90.2% 82.9% 2021 2022 2023 2024 2025 EPS DPS DPS/EPS (pay out) - The Board of Directors proposes for the approval of the Shareholders’ Meeting of next 28th April a gross Dividend p
Slide 29: Current trading
Current trading Euronext – STAR Conference 2026 - The beginning of 2026 shows a sales and gross margin trend consistent with the year's growth targets. In particular, sales growth is driven by Street Market and Chains & Groups client segments, with sales to Wholesale segment also positive - The cont
Slide 30: Table of contents
Table of contents Euronext – STAR Conference 2026 MARR Group Reference market Business overview Financials – FY 2025 Appendix 30
Slide 31: Appendix
Appendix Euronext – STAR Conference 2026 • Share price – Shareholding structure • Income statement * • Balance sheet * • Cash flow statement * • Seasonality * * as at December 31, 2025 31
Slide 32: Share price and shareholding structure
Share price and shareholding structure Euronext – STAR Conference 2026 20.03.25 - 20.03.26 Shareholding structure 130 120 Cremonini S.p.A. Free Float 38.55% 50.42% 110 100 90 80 70 60 Own shares Fidelity LLC 5.10% 5.93% MARR FTSE STAR FTSE ALLSHARES major holdings according to the shareholders' regi
Slide 33: Income statement as at December 2025
Income statement as at 31 December 2025 Euronext – STAR Conference 2026 MARR Consolidated 3 1 .1 2 .2 5 % 31.12.24 % 31.12.23 % 31.12.22 % 31.12.21 % 31.12.20 % 31.12.19 % (€thousand) IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 Revenues from sales and services 2,072,247 97.4% 2,032,618 9
Slide 34: Balance sheet as at December 2025
Balance sheet as at 31 December 2025 Euronext – STAR Conference 2026 MARR Consolidated 3 1 .1 2 .2 5 31.12.24 31.12.23 31.12.22 31.12.21 31.12.20 31.12.19 (€thousand) IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 Net intangible assets 169,701 169,486 170,392 170,377 163,391 153,488 152,307
Slide 35: Cash flow as at December 2025
Cash flow as at 31 December 2025 Euronext – STAR Conference 2026 MARR Consolidated 3 1 .1 2 .2 5 31.12.24 31.12.23 31.12.22 31.12.21 31.12.20 31.12.19 (€thousand) IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 Net profit before minority interests 30,970 42,723 47,134 26,550 35,071 (2,413) 6
Slide 36: Seasonality as at December 2025
Seasonality as at 31 December 2025 Euronext – STAR Conference 2026 649.9 620.7 623.2 622.7 576.7 585.6 569.6 548.5 487.5 482.7 459.0 435.5 409.2 379.4 426.6 418.1 325.8 309.0 296.0 292.6 270.6 260.7 250.1 253.0 228.7 217.6 240.8 237.9 216.4 223.5 187.7 201.9 201.7 233.5 234.1 224.4 211.5 198.6 140.2
Slide 37: Investor Relations contacts
Investor Relations contacts Antonio Tiso atiso@marr.it tel. +39 0541 746803 mob. +39 331 6873686 Léon Van Lancker lvanlancker@marr.it mob. +39 335 1872014 For further details visit IR’s sections at MARR website MARR S.p.A. Headquarters – Via Pasquale Tosi, 1300 – 47822 Santarcangelo di Romagna (Rimi