Παρουσίαση Οικονομικών Αποτελεσμάτων Α’ Εξαμήνου 2025 σε Αναλυτές

IDEAL HOLDINGS

CONFERENCE CALL PRESENTATION H 1 2025 FINANCIAL RESULTS

SEPTEMBER 2025

1. H1 2025
   
   
   
   1. H1 2025 Key Highlights

      H1 2025

      • Completion of acquisition of 100%of Barba Stathis, for €130m.

      • EBITDA growth across all businesses;

        • Comparable EBITDA, at €26.3m vs. €17.7m in H1 2024, due to both organic growth & M&A;

        • Comparable EBT at €16.1m vs €9.2m in H1 2024;

        • Comparable ΕΑΤ at€11.4m vs €5.9m in H1 2024.

      Investments

      Financial Performance

      • €0.40/ share (total distribution of €21.6m);

      • 6.7% divided yield (share price date 1stAugust).

      Share Capital Return

      • OHA invested€62m, acquiring indirectly 15% of all investments

      Strategic

      partnership

      • Successful completion of SCI of €48m through a Public Offering, issuing 8 millionnew shares

      Capital

      Markets

   2. SCI & New shareholding structure

      Oversubscription rate

      # of shares

      (Post SCI)

      # of shares New

      (Pre SCI) Shares

      Issue

      size (€m)

      48

      2.6x

      Excess

      demand (€m)

      77

      +17%

      48

      125

      56

      SCI Subscription

      Number of shares

      Share Capital Increase (SCI)

      • Successful completion of SCI of €48m through a Public Offering,

        SCI oversubscribed 2.6x;

      • 8 million new shares issued, c. 17% of old number of shares;

      • Significant diversification of our investor base with >4,000 new investors.

      8

IDH shareholding structure

61%

70%

millions

Pre SCI Post SCI

Own Shares

Greek Banks Free Float

Foreign Insitutional Domestic Institutional

Retail

Individuals >5%

1. Share price & Shareholders' reward

   4-year aggregate capital return

   =

   14% of Current Market Cap

   Cummulative

   2025

   2024

   2023

   2022

   €7.0m

   0.19

   €

   €7.6m

   €9.6m

   0.98

   €21.6m

   €45.8m

   Capital Return to Shareholders

   • Shareholders' reward, with aggregate 4-year capital

     return of €0.98/share;

   • Total distribution of €45.8 million, equal to 14% of IDH

   current Market Cap (as of 28th August 2025)

   0.19

€

8

7

6

5

4

3

2

€2.4

Share Price

€76m

Market Cap

€6.00

Share Price

€336m

Market Cap

3,000

2,500

2,000

1,500

1,000

500

Volume ('000)

Share Price & Volume traded

14/5/21 28/8/25

* Source: Bloomberg Price Volume

Market Cap

+30%

€ mil

+31%

349

303

336

+84%

269

285

+9%

205

144

102

113

111

Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Aug-25

1. Strategy 2025 - 2028

• Disciplined investment strategy, proven track record, average returns of c.2.2x CoC since May 2021

IRR: 51%

104.3*

61.5* 227.0*

115.5

4.1

45.9

CoC:

2.2x

• IDH targeting returns of IRR >15% or 2.0x CoC for future asset sales

Initial

Investment

3Cents

Exit

Astir

Exit

Dividends

Sale 15%

to OHA

Net

Proceeds

* Denotes 15% of IT,

attica & BS investments

• SCI and OHA partnership increased firing power

48

62

103

HoldCo Cash

-23

105*

• New acquisitions at fair valuations reflecting IRR expectations

Cash

Dec'24

BBS Loan Issuance

BBS

M&A

OHA (15%)

SC

Increase

Other Cash

Jun'25

* Includes €10m I/C Cash

Dividend Policy

1. Investments
   
   
   
   1. attica
      
      
      
      
      
      
      1. attica Comparable Financials

         Revenues (€m) EBITDA & Margin

         Statutory EBITDA (IFRS 16)

         EAT

         € mil

         +4%

         19.3

         20.0

         
         
         

         € mil

         +5%

         11.3

         11.8

         11%

         11%

         
         
         

         € mil € mil

         +4%

         102.2

         106.3

         +11%

         5.8

         6.5

         
         
         

         H1 2024 H1 2025

         H1 2024

         H1 2025

         H1 2024 H1 2025

         H1 2024 H1 2025

         € mil

         Debt/ Cash No of visitors Sales / sq.m. Revenues analysis by product

         €000 /sq.m

         +3%

         3.3

         3.2

         
         
         

         mil

         +2%

         3.1

         3.2

         
         
         

         Other

         (21.6)

         (12.2)

         46.7

         25.1

         34.1

         21.9

         Beauty

         2%

         21%

         H1 2025

         77%

         Fashion

         Dec'24 Jun'25

         H1 2024 H1 2025

         H1 2024 H1 2025

         Debt
         
         

         Net Debt/ (Net Cash)

         
         
         
         Cash (adj. for Credit Card Rec.)
         
         
         
         
         
         
         
         
      2. attica Business Overview

      H1 2025

      • Sales increased by +4% vs 2024 despite the market negative trend;

      • Tax free sales up by +9%, while e-shop increased by +38%;

      • Footfall slightly higher (+2% vs H1 2024) while retained the conversion rate;

      • 26 new premium brands added in H1 2025, part of elevation process;

      • Gross Margin & EBITDA Margin at same level as H1 2024, despite higher payroll and marketing costs;

      • Sq.m. remained flat H1 2024 vs H1 2025.

65

60

64.3

3%

12%

16% Η1 2025

52%

16%

37.0

42.8

31.2

41.7

5.8

10.5

55

Dec'24 Jun'25

Debt Cash

Net Debt/ (Net Cash)

Frozen Vegs Fresh Salads Dough

Halvatzis Other

50

H1 2024

Frozen Vegs

Fresh Salads

Halvatzis

Dough & Other

H1 2025

1. Barba Stathis Outlook

   H1 2025

   • Sales increased by +6% vs H1 2024 (volume-driven increase) despite intense competitive pressure from PLs and heightened consumer price sensitivity;

   • Revenue increased across all product categories;

   • Gross Margin maintained at same level as H1 2024, EBITDA Margin improved as a result of productivity improvement investments which offset (i) higher cost of raw materials/production cost components, (ii) increased marketing expenses behind strengthening communication plans and (iii) labor cost increases.

Outlook

• Management expects H2 2025 sales to continue around the trend of H1 2025, emphasizing on further distribution expansion of high-growth categories and consumer value creation;

• EBITDA to continue in H2 2025 the increasing trend of H1 2025;

• Upcoming projects

i.

ii.

Project SKG DC: New distribution & storage center in Thessaloniki, to increase own storage capacity and significantly decrease third-

party storage costs (In progress, completion expected Q1 2026 );

Project Athens DC: New distribution & storage center in Athens, to optimize logistics and minimize third-party costs (Early phase, completion expected in H1 2027).

1. Appendices

I. IDEAL Holdings Structure June 2025

IDEAL

Technology

Distribution

Metrosoft

Distribution

100%

85%*

Corporate

Vehicle 15%*

*OHA has the option to increase participation to 25% in H2 2025.

100%

100%

100%

Department Stores

Frozen Vegetables

Systems Integration

90%

100%

75%

Steamed Vegetables

Cybersecurity

Cloud Migration

1. Distribution Comparable Financials

   Revenues EBITDA & Margin EAT

   € mil

   +8%

   23.4 25.4

   
   
   

   € mil € mil

   -13%

   1.6

   1.4

   -11%

   1.2

   1.0

   
   
   
   
   
   

   H1 2024 H1 2025

   H1 2024 H1 2025

   H1 2024 H1 2025

   • Distribution business comprises of IDEAL Electronics & Metrosoft;

   • Following the spin-off from IT business, IDEAL Technology & Metrosoft are 100%

   direct subsidiaries of IDH and will merge with HoldCo.

1. Comparable Financials

P&L Statement

Source: Management Accounts

Comparable - Statutory EBITDA Bridge

1. Acquisition time difference:

• 2025: Barba Stathis for the period 01.01-31.03.2025.