Sligro Food Group N.v. · EURONEXT:SLIGR
Sligro Food — H1 2026 Earnings Presentation
27 slides from Sligro Food's earnings presentation, Jul 23, 2026
Slide 1: 2026 half-year figures
2026 half-year figures 23 July 2026
Slide 2: Agenda
Agenda • Welcome Koen Slippens • 2026 half-year figures Rob van der Sluijs • 2026 developments Koen Slippens • Outlook Rob van der Sluijs 2
Slide 3: Abridged statement of profit or loss
Abridged statement of profit or loss 1 x € million H1-2026 H1-2025 x € million Netherlands Belgium Group Revenue total 1.274 100,0% 1.275 100,0% Revenue total H1-2026 1.088 186 1.274 Cost of sales (899) -70,6% (900) -70,6% Revenue total H1-2025 1.089 186 1.275 Gross profit 375 29,4% 374 29,4% Total
Slide 4: Gross profit
Gross profit 1 Netherlands Belgium Group Gross profit margin remains steady overall. Revenue H1-2026 Revenue 1.088 186 1.274 Gross profit 331 44 375 Gross profit as % of revenue 30,4% 23,5% 29,4% Gross profit margin growth in the Netherlands: Revenue H1-2025 ▪ Better procurement terms and improvemen
Slide 5: Other operating income
Other operating income 1 x € million H1-2026 H1-2025 ▪ 2026: other income comprises: Rental income 0 0 - tax income relating to a refund of VAT wrongly charged on Book result on sale of property, plant and equipment 2 0 Other incidental results 4 - the provision of free items (€3m). Total 6 0 - book
Slide 6: Operating costs
Operating costs 1 x € million H1-2026 H1-2025 ▪ Cost inflation averaged nearly 4% (€12 million). Operating costs Employee expenses total (200) (199) ▪ Operating costs as a % of revenue rose by 1.2 percentage points Premises expenses total (25) (24) to 26.1%. Selling expenses (8) (8) Distribution exp
Slide 7: Depreciation, amortisation and impairment
Depreciation, amortisation and impairment 1 x € million H1-2026 H1-2025 ▪ On balance, depreciation and amortisation charges Depreciation and impairment of property, plant and remained the same: equipment and right-of-use assets Depreciation buildings (10) (8) Depreciation machinery and equipment 0 (
Slide 8: Financial income and expenses and income tax
Financial income and expenses and income tax 1 x € million H1-2026 H1-2025 ▪ On balance, financial income and expenses remained the Financial income and expenses same: Finance costs lease liabilities (5) (4) Finance costs (3) (4) Finance income 0 0 Share in the result of associates 1 0 - Stable fina
Slide 9: Segment figures
Segment figures 1 The Netherlands Belgium Other Total Group x € million 2026 2025 2026 2025 2026 2025 ▪ Netherlands: Revenue 1.088 1.089 186 186 1.274 1.275 In a flat-to-slightly-contracting market, Organic revenue growth in % -0,4 -8,8 0,2 -7,0 -0,3 -8,5 we are gaining market share. Logistics price
Slide 10: Abridged statement of cash flows
Abridged statement of cash flows 1 x € million H1-2026 H1-2025 H1-2026 H1-2025 Purchase of intangible assets (5) (7) Profit (loss) before tax (5) 2 Purchase of property, plant and equipment (31) (32) Total adjustments to profit before tax 51 56 Proceeds from sale of property, plant and equipment / a
Slide 11: Financing
Financing 1 x € million 30 Jun 2026 31 Dec 2025 30 Jun 2025 ▪ Net interest-bearing debt (excluding IFRS 16 and Loans securitisation) / EBITDA = 1.2. Long term borrowings 110 110 12 Current portion of long-term borrowings 3 3 104 - As at the end of June, we were comfortably Short-term borrowings 130
Slide 12: Net profit (loss) and earnings (loss) per share
Net profit (loss) and earnings (loss) per share 1 x € million H1-2026 H1-2025 ▪ Interim dividend of €0.30 per share to be paid in October. Net profit (loss) (2) 2 ▪ Interim dividend based on Earnings per share (x €) (0,05) 0,03 - Forecast positive cash flow for 2026 Proposed interim dividend per sha
Slide 13: Share buy-back programme
Share buy-back programme ▪ A share buy-back programme was announced on 5 February 2026 and has now been completed. ▪ In the period from 6 February 2026 to 12 June 2026, 1,946,758 shares were repurchased for an amount of €26 million. This represents 4.4% of issued share capital. ▪ At the Annual Gener
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 5 ▪ Consumer confidence fell further in the first half-year. 0 ▪ Driven by high cost of living, fuel price rises and worsening -5 -10 economic expectations. -15 -20 ▪ Inflation rising due to in
Slide 16: Market trend
Market trend Netherlands ▪ Foodservice market in the Netherlands endured a challenging half-year; Foodstep estimates that the market grew by just 0.7% in the first half of 2026. Within this market definition, Sligro achieved 1.2% growth in this period. ▪ Revenue increase mostly due to inflation; lim
Slide 17: Healthy revenue mix in the Netherlands
Healthy revenue mix in the Netherlands Developments in the first half of the year ▪ Due to the general market trend, the revenue increase is below expectations. Existing customers are buying less across the board; growth targets for new customers have largely been achieved with an excellent win/loss
Slide 18: Healthy revenue mix in the Netherlands
Healthy revenue mix in the Netherlands Outlook for the second half of the year ▪ In delivery service, maximise efforts to expand sales with existing customers by focusing on volume-linked bonus targets and a greater focus on ‘low-interest product range groups’. ▪ Following on from the very successfu
Slide 19: Revenue and profitability in Belgium
Revenue and profitability in Belgium Developments in the first half of the year ▪ Partly due to the general market trend, revenue came in below our expectations despite plenty of new customers. ▪ Positive volume trend due to start-up of a number of new national accounts and growth in the regions. ▪
Slide 20: Foundations for a lower cost structure
Foundations for a lower cost structure Developments in the first half of the year ▪ Implementation of new order picking system (replacing ‘PLOP’) completed in Breda; the process is now E2E optimised and the savings have been achieved. ▪ Construction of SMDC in Veghel is complete; picking strategy su
Slide 21: SAP, digital development and AI
SAP, digital development and AI Developments in the first half of the year ▪ Integrated ERP design for service office (Procurement and Product Range Management, Finance, Customer Data) & cash-and-carry completed. ▪ AI centre of expertise set up, which has implemented the basis of the AI platform and
Slide 22: ESG
ESG Developments in the first half of the year ▪ Greenhouse gas emissions cut by raising share of green energy to 100% in the Netherlands; further improvement to sustainability of buildings (including plant & machinery). ▪ Product range sustainability further improved in terms of animal welfare, bio
Slide 23: Outlook
Outlook
Slide 24: 2026 outlook
2026 outlook Market: ▪ In the first half of the year, consumer confidence fell and inflation rebounded due to higher energy prices. In combination with (geo)political uncertainties, this is leading to restraint in consumer spending and pressurising volumes in the ‘out of home’ channel. ▪ We do not e
Slide 25: Multi-year plan for 2026-2030
MULTI-YEAR PLAN FOR 2026-2030 4 customer groups: 5 blocks: Big Bets 3 priorities: Priority 1: Priority 2: Priority 3: Profitable growth through Growth in Belgium and Fundamental reduction in focus and shrewd choices in positive EBIT costs NL 25
Slide 26: Slide 26
Slide 27: Balance sheet
Balance sheet 1 x € million x € million 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 Assets Liabilities Goodwill 131 131 Issued capital 3 3 Other intangible assets 112 119 Share premium 31 31 Property, plant and equipment 326 319 Other reserves (32) (5) Right-of-use assets 271 271 Retained earnin