Aryzta Ag · SIX:ARYN
Aryzta — H1 2026 Earnings Presentation
32 slides from Aryzta's earnings presentation, Aug 10, 2026
Slide 1: Aryzta AG – H1 2026 Results
RESULTS PRESENTATION ARYZTA AG – H1 2026 RESULTS 10th August 2026
Slide 2: Forward Looking Statement
RESULTS PRESENTATION FORWARD LOOKING STATEMENT This document contains forward looking statements which reflect the Board of Directors’ current views and estimates. The forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those c
Slide 3: Results Overview
RESULTS OVERVIEW SERVING INSPIRATION
Slide 4: Key Highlights Half Year Results to June 2026
RESULTS OVERVIEW KEY HIGHLIGHTS HALF YEAR RESULTS TO JUNE 2026 • Revenue €1,063.9m • Organic growth -2.7% • EBITDA €139.9m • Free cash flow €23.6m • EPS €1.82 • Repurchased hybrid bond end of April 2026 • French bolt-on expansion 4
Slide 5: Performing in a Demanding Environment
RESULTS OVERVIEW PERFORMING IN A DEMANDING ENVIRONMENT H1 organic growth impacted by: • Heightened macro and geopolitical uncertainty • Subdued consumer sentiment • Strong prior year comps • Germany most challenged market • Germany underperformance offsets growth in other key markets • Driving Proje
Slide 6: Managing the Business to Protect Profitability
RESULTS OVERVIEW MANAGING THE BUSINESS TO PROTECT PROFITABILITY • Cost measures accelerating and delivering attractive savings benefit • Excellence programme rolling out faster in more bakeries & markets • Streamlining the organisational model • Further optimisation investment planned in H2 • Good v
Slide 7: Guidance
RESULTS OVERVIEW GUIDANCE 2026: • Targeting to achieve organic growth at the lower end of guidance range • Reiterate expectation to deliver further EBITDA and EBIT1.) improvement • Expect to deliver solid cash generation & improvement in Net debt to EBITDA 2027/28: • Board to propose capital return
Slide 8: Financial Review
FINANCIAL REVIEW SERVING INSPIRATION
Slide 9: Resilient Profitability Despite Revenue Weakness
FINANCIAL REVIEW RESILIENT PROFITABILITY DESPITE REVENUE WEAKNESS Organic growth % EBITDA % / Free cash flow (€m) ROIC % in €m 2.8% 13.9% 29.4 12.9% 13.2% 11.1% 23.6 WACC: 8% 150.5 139.9 (2.7)% H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 Revenue €1,086.4m €1,063.9m 9
Slide 10: Soft German Business and Subdued Consumer Sentiment Affecting Growth
FINANCIAL REVIEW SOFT GERMAN BUSINESS AND SUBDUED CONSUMER SENTIMENT AFFECTING GROWTH In €m / % of revenue Organic Growth -2.7% 1,086.4 Key Highlights: -2.1% • Weakness across all German channels • Solid growth in some European 1,063.9 businesses and ROW -0.6% 0.6% • Limited negative pricing – expec
Slide 11: Europe: Germany Most Challenged
FINANCIAL REVIEW EUROPE: GERMANY MOST CHALLENGED – INITIATIVES TO PROTECT PERFORMANCE H1 FY26 H1 FY25 Organic growth (3.4)% 2.9% EBITDA % 12.4% 13.2% Key highlights: • Germany most challenged market, especially in Retail • 3 of 7 Retail businesses growing ahead of market, 2 catching up • Margin accr
Slide 12: ROW: QSR Driving Growth
FINANCIAL REVIEW ROW: QSR DRIVING GROWTH H1 FY26 H1 FY25 Organic growth 2.7% 2.1% EBITDA % 19.2% 19.6% Key highlights: • Positive pricing and volume benefitting OG • Mid-single digit growth in QSR • EBITDA margin impacted by phased ramp-up of Perth facility • Perth supporting growth in second half 1
Slide 13: Gross Margin Flat – One-Time Costs Impact SG&A
FINANCIAL REVIEW GROSS MARGIN FLAT – ONE-TIME COSTS IMPACT SG&A In €m / % of revenue 13.9% 0bps -20bps 13.2% Key highlights: -60bps +10bps • Flat gross margin • Procurement, other savings and +90bps Procurement & other savings margin accretive innovation +20bps Margin accretive innovation -70bps Neg
Slide 14: Excellence Programme on Track to Deliver €20-30M Net Savings by 2028
FINANCIAL REVIEW EXCELLENCE PROGRAMME ON TRACK TO DELIVER €20-30M NET SAVINGS BY 2028 • Operations: • c.45% of production volume addressed • Annualised gross savings confirmed – €8-10m • All factories covered by end of 2027 • Organisational model: • Organisational alignment across the Group • c.€10m
Slide 15: Resilient Free Cash Flow Generation
FINANCIAL REVIEW RESILIENT FREE CASH FLOW GENERATION Free cash flow evolution (in €m) 29.4 23.6 Key Highlights: • Stable W/C • Disciplined CAPEX management • Lower financing costs and tax charges offsetting EBITDA reduction → Full year cash generation expectation on track H1 FY25 H1 FY26 15
Slide 16: Stable Trade Working Capital Efficiency
FINANCIAL REVIEW STABLE TRADE WORKING CAPITAL EFFICIENCY Trade working capital as % of TTM revenue1.) 2.4 2.3% 2.2 2.0 1.8% 1.8 1.7% 1.6 1.4 1.3% 1.2 1.1% 1.0 0.8 0.7% 0.7% 0.6 0.5% 0.3% 0.4% 0.4 0.2% 0.2% 0.2 0.0 Q3 232.) Q4 23 2.) Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 1.) 5Q
Slide 17: Further Improvement on Balance Sheet Strength
FINANCIAL REVIEW FURTHER IMPROVEMENT ON BALANCE SHEET STRENGTH Total net debt (incl. hybrid & leases) in €m Leverage Ratio 2.85 2.8x Total net debt 2.80 2.75 2.7x 886 2.70 Key Highlights: -0.05 • Total net debt declines by almost €100m 789 -0.10 • Leverage improved to 2.7x -0.15 • Solid free cash fl
Slide 18: Optimised Financing Structure Supporting Lower Financing Costs
FINANCIAL REVIEW OPTIMISED FINANCING STRUCTURE SUPPORTING LOWER FINANCING COSTS Financing costs incl. hybrid dividend & lease interest (in €m) 22.3 4.1 16.8 Key Highlights: 1.4 • Lower financing costs driven by: ▪ Further improvement of cash management ▪ Hybrid repayment • Bank debt interest exposur
Slide 19: Robust ROIC Performance Ahead of Cost of Capital
FINANCIAL REVIEW ROBUST ROIC PERFORMANCE AHEAD OF COST OF CAPITAL ROIC % 12.9% 11.1% Key Highlights: WACC: 8% • Solid value creation • Drivers of ROIC • Stable to slightly declining invested capital • Lower profitability H1 FY25 H1 FY26 19
Slide 20: EPS Largely Stable Supported by Lower Financing Costs & Tax Charges
FINANCIAL REVIEW EPS LARGELY STABLE SUPPORTED BY LOWER FINANCING COSTS & TAX CHARGES Diluted EPS (in €) 1.84 1.82 0.18 -0.42 0.22 -1.1% H1 FY25 Operating performance Financing costs (incl. Income tax H1 FY26 hybrid dividend) 20
Slide 21: Actions Underway Supporting Performance
FINANCIAL REVIEW ACTIONS UNDERWAY SUPPORTING PERFORMANCE • Continuing Excellence initiative to drive margin progression • Targeting full year OG at the lower end of guidance • Reviewing all options for Germany to support shareholder value maximisation • Resilient business model supporting solid cash
Slide 22: Thank You – Q&A
THANK YOU – Q&A
Slide 23: Appendix
‘APPENDIX ~ ARYZTA SERVINGINSPIRATION
Slide 24: Summary Results – For the 6-Month Period Ended June 2026
APPENDIX SUMMARY RESULTS – FOR THE 6-MONTH PERIOD ENDED 30 JUNE 2026 in €m June 2026 June 2025 Revenue 1,063.9 1,086.4 Cost of sales (711.4) (727.2) Distribution expenses (139.8) (139.8) Gross profit 212.7 219.4 Selling expenses (49.7) (48.4) Administration expenses (91.1) (88.6) Operating profit 71
Slide 25: Revenue – For the 6-Month Period Ended June 2026
APPENDIX REVENUE – FOR THE 6-MONTH PERIOD ENDED 30 JUNE 2026 ARYZTA ARYZTA in €m Europe Rest of World Total Group Revenue 942.7 121.2 1,063.9 Organic growth (3.4%) 2.7% (2.7%) Currency movement 0.7% 0.2% 0.6% Total revenue movement (2.7%) 2.9% (2.1%) 25
Slide 26: Organic Growth – For the 6-Month Period Ended June 2026
APPENDIX ORGANIC GROWTH – FOR THE 6-MONTH PERIOD ENDED 30 JUNE 2026 H1 2025 H2 2025 FY 2025 H1 2026 ARYZTA Europe Volume/mix % 2.0% (1.1%) 0.4% (2.5%) Price % 0.9% 0.9% 0.9% (0.9%) Organic growth % 2.9% (0.2%) 1.3% (3.4%) ARYZTA Rest of World Volume/mix % 0.6% 2.6% 1.6% 1.1% Price % 1.5% 1.1% 1.3% 1
Slide 27: Segmental EBITDA – For the 6-Month Period Ended June 2026
APPENDIX SEGMENTAL EBITDA – FOR THE 6-MONTH PERIOD ENDED 30 JUNE 2026 EBITDA (in €m) June 2026 June 2025 % Change ARYZTA Europe 116.6 127.4 (8.5%) ARYZTA Rest of World 23.3 23.1 0.9% Total Group 139.9 150.5 (7.0%) Change EBITDA margin June 2026 June 2025 bps ARYZTA Europe 12.4% 13.2% (80) bps ARYZTA
Slide 28: Free Cash Flow – For the 6-Month Period Ended June 2026
APPENDIX FREE CASH FLOW – FOR THE 6-MONTH PERIOD ENDED 30 JUNE 2026 in €m June 2026 June 2025 EBITDA 139.9 150.5 Working capital movement (32.4) (31.3) Working capital movement from debtor securitisation 7.3 7.8 Capital expenditure (40.1) (40.7) Net payments on lease contracts (22.7) (20.5) Proceeds
Slide 29: Total Net Debt and Hybrid Funding
APPENDIX TOTAL NET DEBT AND HYBRID FUNDING – FOR THE 6-MONTH PERIOD ENDED 30 JUNE 2026 AND 30 JUNE 2025 in €m June 2026 June 2025 Net debt (789.4) (731.0) Hybrid Instrument Funding - (155.3) Total net debt and hybrid funding (789.4) (886.3) 29
Slide 30: Return on Invested Capital – For the 6-Month Period Ended June 2026
APPENDIX RETURN ON INVESTED CAPITAL – FOR THE 6-MONTH PERIOD ENDED 30 JUNE 2026 AND 30 JUNE 2025 in €m June 2026 June 2025 Average invested capital 1,181.9 1,187.5 NOPAT 131.3 153.6 ROIC 11.1% 12.9% 30
Slide 31: Average and Closing FX Rates – For the 6-Month Period Ended June 2026
APPENDIX AVERAGE AND CLOSING FX RATES – FOR THE 6-MONTH PERIOD ENDED 30 JUNE 2026 Average Average Currency June 2026 June 2025 CHF 0.9180 0.9412 AUD 1.6621 1.7232 GBP 0.8674 0.8422 PLN 4.2425 4.2327 Closing Closing Currency June 2026 December 2025 CHF 0.9224 0.9301 AUD 1.6601 1.7535 GBP 0.8616 0.872
Slide 32: Presentation Glossary
APPENDIX PRESENTATION GLOSSARY ‘Organic growth’ – represents the revenue growth during the year, after removing the impact of acquisitions and divestures and foreign exchange translation. This provides a “like-for-like” comparison with the previous year in constant scope and constant currency. ‘EBIT