Mutandis Sca · CSEMA:MUT
Mutandis Sca — H1 2026 Earnings Presentation
19 slides from Mutandis Sca's earnings presentation, Sep 7, 2026
Slide 1: H1 2026 Financials
H1 2026 FINANCIALS Analysts conference · Casablanca, September 7, 2026 IFRS consolidated financials — Mid-term financial statements as of June 30, 2026
Slide 2: Agenda
SOMMAIRE Agenda H1 highlights 01 Results by category 02 Consolidated financials 03 CAPEX & Net Debt 04 Annual guidance & calendar 05 Mutandis SCA · Communication financière 2
Slide 3: H1 2026: Higher revenues and volumes in all categories
H1 key message H1 2026 : Higher revenues and volumes in all categories. Revenues up +7% for H1 and up The Iran war impact on input costs Guidance showing stable annual +20% for Q2 2026. almost offset by higher volumes EBITDA, despite the war impact and unit prices (H1 EBITDA at MAD estimated at MAD
Slide 4: Highlights
HIGHLIGHTS Mutandis SCA · Communication financière 4
Slide 5: 2026 first half positive key events
HIGHLIGHTS 2026 first half positif key events : New launches Better availability of Strong demande in the US Drinks sardines and higher margins • Launch of a new generation of • Very strong demand from • Ain Ifrane production almost • Better availability of sardines: HPC products: Revenues +11% Amer
Slide 6: These favorable factors were offset by war in Iran and weaker fruit drinks
HIGHLIGHTS These favorable factors were offset by : War in Iran Fruit based drinks are down • A strong increase in some raw • Fruit based drinks are down, in material prices and petroleum- part due to unfavorable based products following the weather conditions and war in Iran (chemicals, aggressive
Slide 7: H1 2026 Key indicators
CONSOLIDATED FINANCIALS H1 2026 Key indicators REVENUES EBITDA INDUSTRIAL RECURRING BANK NET DEBT CAPEX NET INCOME MAD 962 million MAD 153 million MAD 33 million MAD 865 million MAD 70 million LECTURE DU SEMESTRE 962 902 • H1 2026 Consolidated revenues are up +7%, at MAD 962 million; • H1 2026 EBITD
Slide 8: H1 2026 revenues by category
CONSOLIDATED FINANCIALS H1 2026 revenues by category : MAD 962 million, +7% vs H1 2025 Drinks 142 H1 2026 revenues Category Weight Var. revenues Mad million ● HPC 384 38 % +3 % 1 000 ● Seafood 160 16 % +28 % MAD million Before elimination HPC 384 ● Season USA 315 31% Stable Season USA 315 ● Drinks 1
Slide 9: Home & Personal Care: MAD 384 million (+3% vs H1 2025)
RESULTS BY CATEGORY Home & Personal Care : MAD 384 million (+3% vs H1 2025) H1 2026 revenues Q2 2026 revenues BRANDS Magix · Wash · Maxis · Vitaïa MAD 384 million MAD 211 million +3 % vs H1 2025 +11 % vs Q2 2025 • Significant growth in volumes (+6%), following the launch of a new generation of produ
Slide 10: Seafood: MAD 160 million (+28% vs H1 2025)
RESULTS BY CATEGORY Seafood: MAD 160 million (+28% vs H1 2025) H1 2026 revenues Q2 2026 revenues BRANDS Marine · Anny · Josiane · Monica MAD 160 million MAD 137 million +28 % vs H1 2025 +31 % vs Q2 2025 • Strong production growth compared to the last year, due to better fish availability, +35% more
Slide 11: Season USA: MAD 315 million (stable vs H1 2025)
RESULTS BY CATEGORY Season USA : MAD 315 million (stable vs H1 2025) H1 2026 revenues Q2 2026 revenues MARQUES Season MAD 315 million MAD 149 million Stable vs H1 2025 +56 % vs Q2 2025 • Season revenues are stable in H1 2026, up +4% at constant currency; • Very strong demand from American consumers:
Slide 12: Drinks: MAD 142 million (+32% vs H1 2025)
RESULTS BY CATEGORY Drinks : MAD 142 million (+32% vs H1 2025) H1 2026 revenues Q2 2026 revenues BRANDS Aïn Ifrane · Marrakech · Frut · Vitakids MAD 142 million MAD 74 million +32 % vs H1 2025 +4 % vs Q2 2025 • Strong growth for drinks in H1 2026, with both higher volumes (+49%) and revenues (+32%)
Slide 13: Industrial activities profitability
CONSOLIDATED FINANCIALS Industrial activities profitability : In total, H1 2026 EBITDA is MAD 153 million vs MAD 163 million in H1 2025 ; Amortization expenses increased slightly, mainly due to the launch of new products in Q1 2026 ; Industrial operations recurring net income is MAD 33 million at th
Slide 14: Other items of net income
CONSOLIDATED FINANCIALS Other items of net income : The change in the unrealized gains on our stake at CFG Bank shows a mark-to market of MAD -41 million in H1 2026 ; No CFG Bank shares were sold, the impact reflects only an IFRS mark-to- market adjustment, following a positive mark-to market adjust
Slide 15: CAPEX & Net Debt
FINANCIAL STRUCTURE CAPEX & NET DEBT H1 2026 CAPEX BANK NET DEBT GEARING OPERATIONAL CASH-FLOWS FREE CASH-FLOW MAD 70 million MAD 865 million 37 % MAD 40 million -30 Mdh vs MAD 58 million in H1 2025 MAD +36 million vs dec. 2025 35 % at the end of 2025 Over H1 Over H1 CAPEX (MAD million) Bank Net Deb
Slide 16: Guidance
PERSPECTIVES Guidance • 2026 revenues should be higher, at a pace similar to that of H1, pulled by all categories. • Based on our base-case for a gradual return to normal of petroleum and derivative products prices, we expect a 2026 EBITDA close to 2025 EBITDA (MAD 315 million), despite the war impa
Slide 17: Financial calendar
PERSPECTIVES Financial calendar Financial calendar 07 02 September November H1 2026 results release Q3 2026 financial indicators release Analysts conference PUBLICATION PRINCIPLES Quarterly publication of Financial indicators, analysts conference twice a year, financial release and presentation both
Slide 18: Questions & answers
Questions & answers CONTACT INVESTISSEURS · INVESTOR RELATIONS fmediouni@mutandis.com Mutandis SCA — 22, boulevard Abdelkrim El Khattabi, Casablanca Téléphone : 05 22 98 43 88 · mutandis.com Mutandis SCA · Communication financière 18
Slide 19: Disclaimer
APPENDICE DISCLAIMER Disclaimer English This document has been prepared by Mutandis SCA for information purposes only. It constitutes neither an offer to sell nor a solicitation to buy any securities. The financial information contained herein is derived from the consolidated financial statements pr