Mutandis Sca · CSEMA:MUT
Mutandis Sca — Mutandis — FY2025 Earnings Presentation
25 slides from Mutandis Sca's earnings presentation, Feb 23, 2026
Slide 1: Mutandis Analysts Presentation FY 2025
MUTANDIS ANALYSTS PRESENTATION FY 2025 FEBRUARY 23, 2026 Fev 2026
Slide 2: Agenda
Agenda Highlights Financial 2026 Guidance Indicators Calendar Questions/answers Fev 2026
Slide 3: Highlights
Highlights Fev 2026
Slide 4: FY 2025 Highlights
FY 2025 Highlights RECURRING NET INCOME UP +10%, AT MAD 140 MILLION DESPITE SEVERAL HITS IN 2025 Revenues at MAD 2 022 million (-4% vs 2024) and EBITDA at MAD 315 million (-10% vs 2024) : o Manufacturing activity impacted by a production line breakdown at Ain Ifrane; o A sharply lower availability o
Slide 5: FY 2025 Highlights
FY 2025 Highlights These factors are offset by the contribution of our stake in CFG Bank, favorably impacting our financial result (MAD -14 million in 2025 vs MAD -48 million in 2024). Recurring Net Income up +10% at MAD 140 million vs MAD 128 million in 2024. Total consolidated Net Income is MAD 12
Slide 6: Financial indicators
Financial indicators Fev 2026
Slide 7: 2025 Consolidated Revenues: -4% at MAD 2,022 million
2025 CONSOLIDATED REVENUES : -4% AT MAD 2 022 million Seafood 23% HPC Consolidated revenues at MAD 38% Drinks 2.022 million (-4% vs 2024) 13% Season USA 26% HPC Seafood Drinks Season USA Fev 2026
Slide 8: HPC
HPC Volumes sold are sharply up (+9%), driven by liquids volumes growth. This evolving mix reflects consumers rapid shift from powder detergents to liquid detergents. Total HPC revenues remain stable at MAD 761 million. Fev 2026
Slide 9: Seafood 1/2
SEAFOOD 1/2 2025 sardine catches declined significantly, making it difficult to return to normative cans production volumes. Despite fish shortage, produced cans volumes are up +2% in 2025, with a different product mix (more bone-in sardine cans and less skinless boneless sardine cans). Fev 2026
Slide 10: Seafood 2/2
SEAFOOD 2/2 Cans revenues are down -6%. Total seafood revenues are MAD 476 million (-10%), with byproducts sales also down compared to 2024, due to lower catches from our vessels. Fev 2026
Slide 11: Drinks
DRINKS Ain Ifrane industrial breakdown at the end of 2024 lasted several months. The factory then operated at only 70% of its capacity during the last 9 months of 2025. Consequently, drinks volumes are down -21% in 2025, mainly due to bottled water. Revenues are MAD 258 million, down -23%. Fev 2026
Slide 12: Season USA
SEASON USA Volumes for the Season Brand in the US are up +8% compared to 2024. Revenues in dollar are up +10%, as consumers demand remained strong despite several prices increases during recent years Converted into dirhams, revenues are MAD 629 million (+3%), reflecting the -7% decrease in the avera
Slide 13: 2025 Consolidated EBITDA: MAD 315 million (-10%)
2025 CONSOLIDATED EBITDA : MAD 315 million (-10%) Consolidated EBITDA at MAD 315 million, down -10% compared to 2024: o The industrial breakdown is the main contributor to EBITDA decline in 2025. PRODUITS DE LA MER o The second factor is the lesser availability of sardines, leading to a sharp increa
Slide 14: 2025 Consolidated EBITDA: MAD 315 million (-10%)
2025 CONSOLIDATED EBITDA : MAD 315 million (-10%) o HPC margins remain at high levels, partially offsetting other categories. PRODUITS DE LA o The installation of a new production line at Ain Ifrane factory (Q1 2026) MER should enable the business to return to normative volumes. HYGIENE SEASON BOISS
Slide 15: 2025 Recurring Net Income: MAD 140 million (+10%)
2025 RECURRING NET INCOME : MAD 140 million (+10%) +10% 140 128 -4 2025 Recurring Net Income at MAD 140 million, PRODUITS DE LA 34 up +10% due to : MER -36 18 o The contribution of our stake in CFG Bank, favorably impacting HYGIENE our SEASON financial result. o Lower amortization BOISSONS costs.
Slide 16: 2025 Consolidated Net Income: MAD 127 million
2025 Consolidated Net Income : MAD 127 million 2025 total consolidated net income is MAD 127 million, due to a non-recurring charge at MAD -14 million, mostly due to the industrial breakdown at Ain Ifrane. PRODUITS DE LA MER HYGIENE SEASON BOISSONS Fev 2026
Slide 17: CAPEX and Net Debt
CAPEX and Net Debt Bank Net Debt CAPEX In MAD million In MAD million 850 828 261 PRODUITS DE LA 35% 35% MER HYGIENE 88 SEASON dec 2024 dec 2025 BOISSONS dec 2024 dec 2025 Fev 2026
Slide 18: Free Cashflow: MAD 132 million
Free cashflow ∑ operational ∑ CAPEX Cashflows MAD 220 million MAD 88 million Free Cashflow : MAD 132 million Fev 2026
Slide 19: Free Cashflow and Net Debt Reduction
Free cashflow Free Cashflow Dividend distribution to Exchange rates shareholders fluctuation MAD 132 million MAD 98 million MAD -8 million Group Net Debt reduction : MAD 22 million Fev 2026
Slide 20: 2026: Dividend proposal to the General Meeting
2026 : Dividend proposal to the General Meeting Proposal to keep the same dividend in 2026 Fev 2026
Slide 21: Guidance
GUIDANCE Fev 2026
Slide 22: 2026 Guidance
2026 GUIDANCE Revenues are expected to increase in 2026, driven by Ain Ifrane return to normal and the gradual ramp-up of the new hydrolysates factory. We expect better margins for seafood (pricing) and drinks (back to normal). Margins should be lower in HPC and for Season (delay in passing through
Slide 23: Calendar
CALENDAR Fev 2026
Slide 24: 2026 Corporate Calendar
2026 CORPORATE CALENDAR 23 • FY 2025 results release & analysts conference Feb. 14 • Shareholders General Meeting Apr. 04 • Q1 2026 financials release May 10 • Dividend payment Jul. 03 • Q2 2026 financials release Aug 03 sept. • H1 2026 financial results release & analysts conference 07 Sept. 05 02
Slide 25: Questions & Answers
Questions & Answers Fev 2026