Slide 1: Half Year Results
HALF YEAR RESULTS 15 May 2025 1
Slide 2: Disclaimer ─ forward looking and synergy statements
Disclaimer ─ forward looking and synergy statements Certain statements made in this document are, or may be deemed to be, forward‐looking. These represent expectations for the Group’s business, and involve known and unknown risks and uncertainties, many of which are beyond the Group’s control. The G
Slide 3: Today's agenda
Today’s agenda 1. Welcome & Introduction Dalton Philips, Chief Executive Officer 2. Greencore H1 Results Catherine Gubbins, Chief Financial Officer Dalton Philips, Chief Executive Officer 3. Q&A Dalton Philips, Chief Executive Officer Catherine Gubbins, Chief Financial Officer Nigel Smith, Chief Str
Slide 4: Introduction
INTRODUCTION Dalton Philips CEO 4
Slide 5: H1 Results: Financial Review
H1 RESULTS: FINANCIAL REVIEW Catherine Gubbins CFO For the half year ended 28 March 2025 5
Slide 6: H1 Results: Detailed financial summary
H1 Results: Detailed financial summary £m unless otherwise specified H1 25 H1 24 Change Returns 13.1% Revenue 922.0 866.1 +6.5% +290 bps vs. H1 24 Pro Forma Revenue Growth +6.5% Adjusted EBITDA 73.1 55.9 +30.8% Growth +6.5% Adjusted Operating Profit 45.2 28.3 +59.7% Adjusted Operating Margin 4.9% 3.
Slide 7: Strong progress made against medium-term organic targets
Strong progress made against medium-term organic targets Metric H1 25 Medium-Term Target Returns Return on Invested 13.1% >15% Capital (ROIC) +290 bps vs. H1 24 Growth Revenue Growth +6.5% 3-5% Last 12 months margin of 6.1% Profitability Adjusted Operating +160bps >7% Profit Margin vs. H1 24 Cash Fr
Slide 8: Strong volume growth underpinning revenue progression
Strong volume growth underpinning revenue progression +6.5% 922.0 866.1 2.9% 1.0% 2.6% Reported revenue vs. H1 24: +6.5% • Net new business wins, inclusive of annualisation from FY24: +2.9% • Increase in underlying volumes and product mix: +1.0% • Inflation recovery and pricing impact of +2.6% H1 24
Slide 9: Adjusted Operating Profit progression driven by continued focus on proactive cost management
Adjusted Operating Profit progression driven by continued focus on proactive cost management +59.7% 45.2 + Underlying volume growth with customers + Annualisation of new business wins 28.3 Commercial excellence across innovation, procurement + and price Continued implementation of the operational ex
Slide 10: Improved cash conversion, partially from working capital inflows
Improved cash conversion, partially from working capital inflows Free cash flow 73.1 4.1 12.1 £37.8m 5.8 Free cash flow 11.4 conversion (LTM)1 6.9 37.8 78.6% 6.9 3.7 Working capital inflow £4.1m Maintenance capital expenditure Adjusted Net Working Maintenance Exceptional Interest Pensions Leases Oth
Slide 11: Reminder: Capital allocation to maximise shareholder value
Reminder: Capital allocation to maximise shareholder value 1 Organic Growth • Investing to enable growth in core 2 • Continuation of progressive Dividend dividend Capital Allocation 3 Framework Inorganic • Disciplined M&A to drive value Growth creation Medium-term leverage at 4 Excess Return • Where
Slide 12: H1 Results: Strategic & Operating Update
H1 RESULTS: STRATEGIC & OPERATING UPDATE Dalton Philips CEO For the half year ended 28 March 2025 12
Slide 13: Our Purpose and Ambition: Build a strong growth portfolio
Our Purpose: Our Ambition: To lead the way in convenience food Build a strong growth portfolio Strengthen our Core Grow and Expand Deploy and embed the Greencore way of winning Lasting Partnerships Great Food Delivery Excellence Sustainable Choices People At The Core H1 25 RESULTS & 2.7 ANNOUNCEMENT
Slide 14: Strong progress against our FY25 scorecard
Strong progress against our FY25 scorecard Maintain growth ahead of market Commercial Excellence Drive revenue, mix and margin Continue to deliver Operational Excellence savings Operational Excellence Build a robust automation programme Drive Making Business Easier transformation Enablers Reduce col
Slide 15: Commercial Excellence
Commercial Excellence Delivering volume growth ahead of the market, supported by new business wins Volume, 26 weeks to 28 March 2025 New business wins to be onboarded in H2 FY25: 2.5% New cuisine win in Grocery Expansion of food-to-go offering within discount channel 0.5% New hot offering rolled out
Slide 16: Operational Excellence
Operational Excellence Deploying Operational Excellence, whilst building a future-fit automation programme Delivering quick wins with 19 automation projects deployed in productivity gain H1 25… 4% (increase in units per labour hour) vs. H1 24 Automated vegetable slicing Automated cheese depositing a
Slide 17: Enablers
Enablers Delivering Making Business Easier programme and progressing key enablers Continued momentum in Making Business Easier Colleague transformation, with “quick wins” deployed in H1 attrition 400 bps FY25 YTD 1 delivering results: • Launch of Pactum – AI tool to conduct negotiations on indirect
Slide 18: Outlook
Outlook Strong progress towards medium-term financial targets, particularly returns Encouraged by the volume momentum and the new business wins to be onboarded Continued strong delivery in operational excellence agenda, including automation Upgrading FY25 Adjusted Operating Profit guidance to £114-1
Slide 19: Q&A
Q&A
Slide 20: Greencore FY25 guidance
Greencore FY25 guidance £m FY25 FY24 Depreciation and Amortisation(1) c.£60m £56.2m Making Business Easier Exceptional Items c.£10m-£15m £4.0m Capital Expenditure c.£40m £32.4m Cash Interest(2) c.£21m £19.5m P&L Interest(2) c.£20m £20.5m Cash Tax c.£6m £5.4m Adjusted Effective Tax Rate 23.0%–24.5% 2
Slide 21: Definitions of APMs (1/2)
Definitions of APMs (1/2) The Group uses the following Alternative Performance Measures (‘APMs’) which are non-IFRS measures to monitor the performance of its operations and of the Group as a whole. Pro Forma Revenue Growth Adjusted Earnings and Adjusted Earnings Per Share (‘EPS’) The Group uses Pro
Slide 22: Definitions of APMs (2/2)
Definitions of APMs (2/2) Capital Expenditure The Group defines Maintenance Capital Expenditure as the expenditure required to Net Debt and Net Debt Excluding Lease Liabilities maintain/replace existing assets with a high proportion of expired useful life. This Net Debt is used by the Group to measu
Slide 23: IR Contacts Calendar
IR CONTACTS CALENDAR Catherine Gubbins Q3 Trading Update Late July Chief Financial Officer FY25 Financial Year End 26 September 2025 Colm Farrell FY25 Full Year Results 02 December 2025 Investor Relations Director investor.relations@greencore.com H1 25 RESULTS & 2.7 ANNOUNCEMENT | MAY 2025 23