Sligro Food Group N.v. · EURONEXT:SLIGR
Sligro Food — FY2025 Earnings Presentation
34 slides from Sligro Food's earnings presentation, Feb 5, 2026
Slide 1: 2025 annual figures
2025 annual figures 5 February 2026
Slide 2: Agenda
Agenda • Welcome Koen Slippens • 2025 annual figures Rob van der Sluijs • 2025 developments Koen Slippens • 2026 plans Koen Slippens • Outlook Koen Slippens 2
Slide 3: Abridged statement of profit or loss
Abridged statement of profit or loss 1 2025 2024 Netherlands Belgium Group Revenue total 2.668 100,0% 2.891 100,0% Revenue total 2.285 384 2.668 Cost of sales (1.881) -70,5% (2.125) -73,5% Revenue total 2.494 397 2.891 Gross profit 787 29,5% 765 26,5% Total increase (209) (13) (222) Growth -8,4% -3,
Slide 4: Gross profit
Gross profit 1 Netherlands Belgium Group ▪ Gross profit margin increased following complete stop of tobacco sales in 2025. Revenue 2.285 384 2.668 Gross profit 694 93 787 ▪ Like-for-like gross margin rose by 0.3% (2024 revenue Gross profit as % of revenue 30,4% 24,3% 29,5% excluding tobacco 29.2%).
Slide 5: Other operating income
Other operating income 1 2025 2024 ▪ 2025: compensation for sale of part of a product range to Rental income 1 1 Heineken in the context of our partnership arrangement (€4 Book result on sale of property, plant and equipment 0 3 million). Other incidental results 5 - Total 6 4 ▪ 2024: book profit on
Slide 6: Operating costs
Operating costs 1 2025 2024 ▪ Cost inflation averaged 3.1% (€20 million). Operating costs Employee expenses total (397) (387) ▪ Ratio of operating costs to revenue rose due to absence of Premises expenses total (47) (48) tobacco sales in 2025. Selling expenses (23) (20) Distribution expenses (124) (
Slide 7: Depreciation, amortisation and impairment
Depreciation, amortisation and impairment 1 2025 2024 ▪ Depreciation and amortisation charges up €3 million. Depreciation and impairment of property, plant and equipment and right-of-use assets ▪ Higher depreciation on right-of-use assets as a result of Depreciation buildings (16) (16) rental contra
Slide 8: Financial income and expenses and income tax
Financial income and expenses and income tax 1 2025 2024 ▪ On balance, financial income and expenses remained the Financial income and expenses same: Finance costs lease liabilities (9) (8) Finance costs (7) (10) Finance income 0 0 Share in the result of associates 2 4 - Lower finance costs due to l
Slide 9: Segment figures
Segment figures 1 Netherlands Belgium Other Group 2025 2024 2025 2024 2025 2024 2025 2024 Revenue total 2.285 2.494 384 397 - - 2.668 2.890 Revenue excluding tobacco 2.285 2.227 384 397 - - 2.668 2.623 Organic growth -8,6% 2,7% -3,2% -7,8% -7,9% 1,1% Gross profit 694 670 93 96 - - 787 765 Gross prof
Slide 10: Abridged statement of cash flows
Abridged statement of cash flows 1 2025 2024 2025 2024 Purchase of intangible assets (16) (10) Profit (loss) before tax 40 29 Purchase of property, plant and equipment (60) (42) Total adjustments to profit before tax 111 106 Proceeds from sale of property, plant and equipment / assets Change in work
Slide 11: Financing
Financing 1 2025 2024 Loans ▪ Net interest-bearing debts (not including IFRS 16) / EBITDA = Long term borrowings 110 74 0.2. Current portion of long-term borrowings 3 43 Short-term borrowings 95 124 - As at the end of December, we were comfortably within Total (209) (242) our lending covenants. Cash
Slide 12: Net profit (loss) and earnings (loss) per share
Net profit (loss) and earnings (loss) per share 1 2025 2024 Dividend of €0.50 per share proposed for 2025. Net profit (loss) 30 24 ▪ EPS amounts to €0.72 per share. Earnings per share (x €) 0,68 0,54 ▪ An interim dividend of €0.40 per share was paid in October. Dividend per share proposed (x €) 0,50
Slide 13: Share buyback programme
Share buyback programme ▪ Ahead of the Capital Markets Day (5 March 2026), Sligro Food Group will commence a share buyback programme of up to €26 million, which will operate between 6 February 2026 and 14 November 2026 in addition to payment of the regular dividend. ▪ Net debt (excluding IFRS 16) /
Slide 14: Developments at Sligro Food Group
Developments at Sligro Food Group
Slide 15: General economic developments
General economic developments Consumer confidence Source for NL: Statistics Netherlands Source for BE: NBB Nederland België 10 ▪ Consumer confidence showed signs of recovery in the 0 second half of the year, but remains low. -10 -20 ▪ Sales markets are slowly starting to recover. -30 -40 ▪ Food prof
Slide 16: Foodservice market development in the Netherlands
Foodservice market development in the Netherlands ▪ FoodService Instituut Nederland (FSIN) estimate for the foodservice market in 2025: ▪ Market is worth €23.1 billion in terms of consumer spending: ▪ Increase of 4.0% vs. 2024. ▪ Market is worth €8.2 billion in terms of wholesale value: ▪ Increase o
Slide 17: Foodservice market development in Belgium
Foodservice market development in Belgium ▪ FoodService Alliance’s estimate for the foodservice market in 2025: - In terms of consumer spending, a market size of €24.4 billion, an increase of 0.7% vs. 2024. - In terms of wholesale value, a market size of €9.5 billion, an increase of 1%. Market size
Slide 18: Developments in 2025 – Netherlands
Developments in 2025 – Netherlands ▪ Successful sales focus on the region; positive win/loss acquisition ratio. ▪ Growth in number of new SME customers in cash-and-carry, due to expansion of the “Welcome to the world of food, welcome to Sligro” campaign. ▪ Additional promotional activities to make t
Slide 19: Acquisition and integration of GEPU
Acquisition and integration of GEPU Acquisition and integration of GEPU ▪ GEPU acquired on 3 June 2025. ▪ Located in Utrecht, GEPU is a cash-and-carry wholesaler with delivery service catering to hospitality businesses and high-volume consumers in and around the Utrecht metropolitan area. ▪ After ha
Slide 20: Developments in 2025 – Belgium
Developments in 2025 – Belgium ▪ Necessary work was completed to deploy the BeNe organisational structure and optimise the complete supply chain, IT and commercial structure. ▪ The combination of the tried-and-tested structure with a team of Belgian colleagues with a deep understanding of our Belgia
Slide 21: Developments in 2025
Developments in 2025 Gross profit margin: ▪ Margin improvement through BeNe procurement synergies and promo and margin management. ▪ Improving collaboration conditions for suppliers and monetising data. ▪ Price increases on goods partly passed on to the market. ▪ On balance, the underlying margin in
Slide 22: Plans for 2026
Plans for 2026 Revenue: ▪ Integrated thinking based on customer groups instead of distribution channels (cash- and-carry, delivery service) and consistent customer approach both online and offline. ▪ Maximum focus on growing revenue with regional clusters and food professionals, and sustainable marg
Slide 23: Plans for 2026
Plans for 2026 Gross profit margin: ▪ Improve gross margin by focusing on profitable growth and passing on inflation in (logistics) costs. ▪ Reasonable but strictly fact-based negotiations with suppliers; disproportionate price increases that are not in line with movements in raw material costs or o
Slide 24: General developments
General developments
Slide 25: ESG
ESG Developments in 2025 ▪ Greenhouse gas emissions reduced by making buildings and installations more sustainable; share of green energy raised to 50% of energy mix in the Netherlands. ▪ CO2 reduction ‘former definition’ comfortably met; 55% reduction versus 2010 (target - 40%) ▪ Scope 3 GHG emissi
Slide 26: ESG
a> ESG Sligro Food Group NY. Retrospective Targets KPI 2025 Base year 2024 2030 Environment Scope 1-emissions (tCOzeq) 19,021 27,348 15,000 Scope 2-emissions marketbased (tCO:eq) 19,876 28,828 5,000 Scope 3-emissions (tCO2eq) 1,629,354 1,768,906 - Revenue from more sustainable alternative - Fish met
Slide 27: SAP, digital development and AI
SAP, digital development and AI Developments in 2025 ▪ Integrated ERP design for service office (Procurement and Product Range Management, Finance, Customer Data) & cash-and-carry mostly completed. ▪ Organisation and master data prepared for migration to SAP. ▪ Upgrading and consolidation of digital
Slide 28: Outlook
Outlook
Slide 29: 2026 outlook
2026 outlook Market: ▪ Consumer confidence, high inflation during the past years and (geo)political uncertainties have led to restraint in spending and also exert downward pressure on volumes in the ‘out of home’ channel. ▪ However, there will be a renewed positive impulse as consumers slowly but su
Slide 30: Multi-year plan for 2030
Multi-year plan for 2030 Market: ▪ No substantial change in current market situation for the coming years; cautious recovery of volumes and a persistent, relatively high cost inflation rate. ▪ Demographic developments remain favourable for the ‘out of home’ market in the medium term. At Sligro Food
Slide 31: Multi-year plan for 2026-2030
MULTI-YEAR PLAN FOR 2026-2030 4 customer groups: 5 blocks: Efficient Winning Strenghtened Responsible Profitable growth & effective proposition foundation entrepeneurship Big Bets 3 priorities: Priority 1: Priority 2: Priority 3: Profitable growth through focus Growth in Belgium and positive Fundame
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Slide 33: Balance sheet
Balance sheet 1 Assets Liabilities Goodwill 131 130 Paid-up and called capital 3 3 Other intangible assets 119 127 Share premium 31 31 Property, plant and equipment 319 303 Other reserves (5) (4) Right-of-use assets 271 263 Retained earnings 449 441 Investments in associates 55 56 Total equity 478 4
Slide 34: Segment cash flows
Segment cash flows 1 Netherlands Belgium Other Group 2025 2024 2025 2024 2025 2024 2025 2024 Profit (loss) before tax 59 50 (15) (20) (3) (1) 40 29 Total PBT adjustments 87 86 22 20 2 1 111 106 Change in working capital 47 (9) 7 (16) (0) 0 54 (24) Income tax paid (6) (9) - - - (0) (6) (9) Net cash f