Ideal Holdings S.a. · ATHEX:INTEK

Ideal — Merger or Acquisition (January 2025)

16 slides from Ideal's merger presentation, January 2025

  1. Slide 1: IDEAL Holdings: Barba Stathis Investment

    IDEAL HOLDINGS BARBA STATHIS INVESTMENT JANUARY 2025

  2. Slide 2: A. The Transaction

    A. The Transaction

  3. Slide 3: I. Transaction at a glance

    I. Transaction at a glance Perimeter & Group structure post Transaction ▪ On the 23rd of January 2025, IDEAL Holdings S.A. (“IDEAL”) announced it has entered into an agreement with Vivartia, through its subsidiary Frozen Holdings SA (“Frozen”) regarding the 100% acquisition of 100% of Barba Stathis

  4. Slide 4: II. Transaction Summary

    II. Transaction Summary ▪ IDH to acquire 100% of Barba Stathis SA for a total Equity consideration of € 130m; Investment ▪ The transaction will be funded by IDH available consolidated cash which stands at c. €185m; in BBS ▪ IDH will review the option to finance c. 30% with Bank Debt; ▪ No rights iss

  5. Slide 5: B. BBS – The Company

    B. BBS – The Company

  6. Slide 6: III. Business Overview

    III. Business Overview Key Figures Production & Distribution Facilities • Barba Stathis is the leading producer of 1969 Year of establishment A frozen vegetables in Greece, with one of B the most established brand names in the 220 SKUs C retail domestic food sector. • Barba Stathis is also key playe

  7. Slide 7: IV. Operating Model

    IV. Operating Model PRIMARY SECTOR INDUSTRIAL LOGISTICS SALES (WAREHOUSE) • 1,000 Farmers • 3 Prod. Plants • 4 Logistics Centers • 95 Sales Force • 3,000 Ha • >60K tns Capacity • 32K Pallet Positions • 11K POS/TPS Investment Presentation 7

  8. Slide 8: V. BBS Products Portfolio Overview

    V. BBS Products Portfolio Overview Mono VEGS Mixed VEGS Organic VEGS Potatoes Fresh Salads (25 SKUs) (7 SKUs) (8 SKUs) (8 SKUs) (11 SKUs) Value Share YTD 48.9% 47.1% 98.1% 15% 14.1% Let’s Cook Rice with VEGS Pasta with VEGS Cereals with VEGS Plant-based meals Tomato (18 SKUs) (5 SKUs) (5 SKUs) (6 SK

  9. Slide 9: VI. BBS Market Presence

    VI. BBS Market Presence Frozen Vegetables¹ Market Share Fresh Salads Market Share New Categories Market Share Super Brand Equity Brand Equity New Market 15% A. Healthy Bowls: Cereals & Pulses with VEGS BBS Branded BBS Branded BBS Private 43% €111m BBS Private €56m Label Label 18% 2023 Total 52% 2023

  10. Slide 10: VII. Awards & Recognitions

    VII. Awards & Recognitions 17 Awards for 2023 • Kantar Study 2023 • 9th Strongest Brand among Food Brands • 66.5% Penetration with a frequency at 4.6x/ year • 6 million consumer reach points annually • Circana 2023 • 4th Strongest Brand among all FMCG brands Source: Management Information Investment

  11. Slide 11: VIII. Key Financials

    VIII. Key Financials Revenues Gross Profit & Margin 121.4 120.7 32.6 34.1 32.4 118.5 € mil € mil 28% 28% 27% 2022 2023 LTM Jun24 2022 2023 LTM Jun24 Adjusted EBITDA & Margin Revenue breakdown by product category (LTM Jun24) 14.4 14.5 14.0 Frozen Vegetables 28% 12% 12% 12% Fresh € mil LTM 47% Salads

  12. Slide 12: C. Investment rationale

    C. Investment rationale

  13. Slide 13: IX. Acquisition multiples

    IX. Acquisition multiples Past Transactions in the Greek Food Sector • Acquisition based on (i) LTM June 2024 Target Bidder Year EV (€m) EV/ EBITDA Financials, (ii) Expected 2024 Financials, (iii) 2025 Projections and (iv) Growth prospects. 2023 230 20x • Valuation based on (i) DCF, (ii) Comparable

  14. Slide 14: X. Financial rationale

    X. Financial rationale Capital Structure Rationalization Comparable Consolidated Financials FY24E ▪ Leverage Balance Sheet Revenues (€m) EBITDA (€m) 500 53 ▪ Improve IRR 379 121 * FY24 Comparable 39 14 Preliminary Indicative Consolidated Net Debt level Estimations 2.3x* Net Debt position Pre- BBS Po

  15. Slide 15: XI. Value Creation Plan

    XI. Value Creation Plan M&As Production Capacity Increase • Screening of new Product Suite Storage Facilities • Expand sourcing of raw potential targets, in Expansion Greece and the materials; • Upgrade of existing region; • Review and expand storage facilities & • Revival of Froza product suite bas

  16. Slide 16: Disclaimer

    Disclaimer Important Notice This presentation has been prepared by IDEAL Holdings S.A. solely for informational purposes for its public stockholders in connection with evaluating the business, operations and financial results of IDEAL Holdings S.A. and its subsidiaries (collectively, “IDEAL”). This

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