Press release 2026 half-year figures

‌Press release

‌Sligro Food Group has gained market share in the Netherlands and in Belgium. However, the underlying fall in volume in our sales markets, combined with cost inflation, is pressing down on our profitability. With revenue largely unchanged compared to the prior year, our operating result (EBIT) declined to €2 million. A strong balance sheet and our expectations regarding cash flow for the second half of 2026 provide scope for a dividend and a continuation of our share buyback programme.

‌We have also taken steps to improve our revenue and

Koen Slippens, CEO

"Consumers in the Netherlands and Belgium are being cautious in their spending, due to the ongoing rise in the costs of basic necessities, high fuel prices and continued geopolitical unrest. Consumer confidence has fallen steeply as a result. The reluctance of consumers to spend is causing volumes to fall in our sales markets. Inflation at product level remains modest at around 1.5%. Labour and transport costs are rising more strongly, at close to 4%. In the Netherlands, inflation is compensating for the drop in volume, resulting in a market that remains flat relative to last year. Belgium is seeing a bigger drop in market volumes, and we estimate that the market is declining by between 3% and 5%.

In these challenging times for our customers, we are continuing to focus on the quality of our service. This is enabling us to retain our existing customers and attract new ones at the same time. When we compare ourselves with the market in the Netherlands, we see that we have grown

profitability in the Netherlands and Belgium. While, for now, the results are less visible in the current market conditions, we are confident that these measures will prove their worth over the next few years.

Our debt position is under control and we expect to generate a positive cash flow for the year as a whole. We have therefore chosen a combination of dividend distributions and share repurchases. We propose an interim dividend for 2026 of €0.30 per share, payable on Monday 12 October 2026. We are also announcing a continuation of our share buyback programme. Having completed a buyback of €26 million earlier this year, we will continue the programme for a further amount of up to €13 million."

‌Key figures

for the first half-year

1,274

(0.0)

(0.3)

x € million 2026 2025

more strongly and gained market share. In Belgium, too, we find that our existing customers are buying less, in line with the general market trend, but we are compensating for that with a considerable increase in new customers. As a result, revenue in Belgium is up slightly overall, which means we are performing better than the market as a whole.

Amid shrinking volumes and limited inflation at product level, price trends in cost components are the decisive factor in determining our margins. We have only managed to pass on a limited portion of those rises in labour and transport costs in our sales prices, and could only partly offset them through efficiency improvements, resulting in a fall in our profit

Revenue

Revenue growth (decrease) % Organic revenue growth (decrease) %

1,275

(8.5)

(8.5)

‌Results

Revenue in the Netherlands increased by 0.1% relative to last year. In the first half of the year, GEPU added a further

€4 million in non-organic revenue in the period from January to May. The underlying trend in the second quarter was comparable to the first quarter. In Belgium, revenue increased by 0.2% relative to last year.

The Group's gross margin on revenue remains similar to the prior year at 29.4%. In the Netherlands, we were able to pass on part of the increase in costs, including the steep rise in diesel prices, to the market, with a resulting rise in gross margin. In Belgium, we are reporting a lower gross profit for the first half-year, but this is in line with last year's average for the year as a whole. The difference between the first and second halves this year will be much smaller than last year in Belgium.

Costs, depreciation and amortisation rose as a percentage of revenue from 28.7% to 29.8%. The increase is mainly due to higher transport expenses, due to the higher rates charged by hauliers and higher diesel prices. As indicated in the last trading update, we recognise the majority of licence and implementation costs in relation to our ERP transition in operating expenses. The figure for general and administrative expenses includes €6 million in this regard. A change in the presentation of other licences also led to €2 million of amortisation being moved to general and administrative expenses.

Other operating income of €6 million consisted of a VAT rebate of €3 million in relation to previous financial years,

a book profit of €2 million on the sale of real estate and the completion of the sale announced last year of part of a product range to Heineken within the scope of our partnership arrangement, which led to a revenue of

€1 million. Our results from associates and interest expenses were in line with last year. Our operating result declined to

€2 million, a decrease of €7 million compared to last year.

Free cash flow in the first half of the year was lower than last year. Our EBITDA was lower and the timing boost to our working capital position at the end of 2025 has now reversed. We settled the tax due for the previous year, which had a greater cash effect this year than last year. Net investments were lower in the first half, partly due to the sale of real estate with a net carrying value of €5 million and the shifting of expenditure on our ERP transition from investments to expenses.

We paid out the final dividend of €4 million for 2025 and repurchased €26 million of shares under the buyback programme, as well as a further €1 million of shares to cover the remuneration schemes. On balance, our interest-bearing debt (not including IFRS 16 Leases) increased by €15 million to €233 million. Our ratio of net interest-bearing debt to EBITDA was 1.2.

‌Share buyback programme

A share buyback 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 ordinary shares were repurchased for an amount of €26 million. This represents 4.4% of issued share capital.

At the Annual General Meeting of Shareholders on

13 May 2026, it was resolved that the repurchased shares would be cancelled on completion of the buyback programme. This is expected to take place in the second half of August 2026.

Despite the usual negative free cash flow in the first half of the year, we expect our net debt position to improve again during the second half of the year. Cash flow in the first half was affected by temporary working capital effects and tax payments. Given the seasonal pattern of our activities, the corresponding earnings expectations for the second half of the year and normalization of working capital, we expect to generate a positive operating cash flow for the full year 2026. Combined with our strong balance sheet and available financing facilities, we consider an interim dividend of €0.30 per share and the repurchase of shares to be consistent with our dividend and share buyback policy.

The share buyback programme will be continued for an amount of up to €13 million. This will be carried out from 24 July 2026 to 3 February 2027, alongside payment of the regular dividend. Shares repurchased under the programme will be cancelled.

We have appointed an independent financial intermediary to carry out the programme, with the authority to purchase up to 1,106,375 shares, equal to 2.5% of the Group's issued share capital.

The exact timing of the purchases will be determined independently by the financial intermediary, without any input from Sligro Food Group.

The programme will be run in accordance with the requirements of Article 5 of the Market Abuse Regulation (EU) No. 596/2014 and our articles of association. The execution of the programme is subject to market conditions and may be suspended, changed or terminated at any time. We will publish the progress of the programme weekly through press releases and on our website https://www.sligrofoodgroup.nl.

‌2026 outlook

We do not expect to see any great changes in the market situation in the Netherlands and Belgium over the next six months. Volumes will remain under pressure, and it is hard to predict how inflation on goods will develop over the second half of the year. For the time being, we are seeing a slight rise in inflation, but market forecasts vary widely heading into the fourth quarter.

We will focus in both the Netherlands and Belgium on customer acquisition and on increasing spend among existing customers, and we expect that this will again enable us to outperform the market and strengthen our position. As announced in our multi-year plan, we will pay particular attention to achieving the right customer mix. In the current market, this will not lead overall to more growth or higher gross profit in the second half of the year. We are concentrating in the short term on mitigating the rises in our costs, but our primary focus remains on the measures in our multi-year plan, which will have a greater impact in the years ahead.

The initiatives to achieve a structural reduction in our costs are on track and are expected to deliver the planned benefits. Consistent with our multi-year plan, the benefits of these initiatives will become increasingly visible in the years ahead. The costs of our ERP transition will also weigh on our result in the second half. As is normally the case, seasonal effects mean that the second half of the year will contribute a larger share of annual profit than the first. However, if market conditions remain unchanged, the pressure we experienced in the first half of the year will continue to be felt.

In our trading update of 15 October 2026, we will go into revenue developments in the third quarter of 2026 in greater detail.

Veghel, 23 July 2026

On behalf of the Executive Board of Sligro Food Group N.V. Koen Slippens, CEO

Rob van der Sluijs, CFO

Tel: +31 413 34 35 00

https://www.sligrofoodgroup.nl

‌Appendices

Statement of directors' responsibilities 5

Consolidated statement of profit or loss for the first half-year 6

Consolidated statement of comprehensive income for the first half-year 7

Condensed consolidated statement of cash flows for the first half-year 8

Consolidated statement of financial position 9

Consolidated statement of changes in shareholders' equity 10

Notes to the consolidated 2026 half-year financial statements 11

Other disclosures 12

Profile 14

‌Statement of directors' responsibilities

The Directors declare that, to the best of their knowledge:

1. the half-year financial statements, as shown on pages 6 to 13 of this report, give a true and fair view of the assets, liabilities, financial position, and profit or loss of Sligro Food Group N.V. and the undertakings included in the consolidation taken as a whole; and

2. the half-year report, as shown on pages 1 to 3 of this report, gives a true and fair view of the most important events that occurred in the first half of the year and their effect on the half-year financial statements, as well as a description of the main risks and uncertainties for the subsequent periods of the year and a description of the most important transactions with related parties.

Koen Slippens, CEO Rob van der Sluijs, CFO

‌Consolidated statement of profit or loss

for the first half-year

x € million 2026 2025

Revenue total Cost of sales Gross profit

Employee expenses Premises expenses Selling expenses Distribution expenses

General and administrative expenses

Depreciation of property, plant and equipment and right-of-use assets Amortisation of intangible assets

Impairment of property, plant and equipment and right-of-use assets Impairment of goodwill and other intangible assets

Finance income Finance costs

Share in the result of associates

Income taxes

1,275

(900)

(199)

(24)

(8)

(61)

(26)

(35)

(14)

(0)

-

0

(8)

0

(0)

Details per share (x € 1) 2026 2025

0.03

0.03

0.40

-

(0.05)

(0.05)

0.30

0.10

Basic earnings (loss) per share Diluted earnings (loss) per share Interim dividend per share proposed Dividend paid per share (x €)

‌Consolidated statement of comprehensive income

for the first half-year

x € million 2026 2025

Net profit (loss) 2

Other comprehensive income that will be reclassified to proft or loss, after tax -

‌Condensed consolidated statement of cash flows

for the first half-year

x € million 2026 2025

Adjustments to reconcile the profit before tax to net cash flows:

Depreciation and impairment of property, plant and equipment and right-of-use assets Amortisation and impairment of intangible assets and goodwill

Share of profit associates

Corrections to cash flow from investing activities Corrections to cash flow from financing activities Movements in provisions

Total adjustments to profit before tax

Working capital changes:

Decrease (increase) in trade receivables, contract assets and prepayments Decrease (increase) in inventories and right of return assets

Increase (decrease) in trade and other payables, contract liabilities and refund liabilities Increase (decrease) of other taxes

Income tax received (paid)

Opening balance

The cash and cash equivalents item is reconciled to the consolidated statement of financial position as follows:

35

14

(1)

8

(0)

1

56

(36)

(12)

(9)

(12)

(3)

(5)

78

‌Cash and cash equivalents

x € million 30 June 2026 30 June 2025

Cash 20

Short-term borrowings for operating activities -

Mid-year balance 20

‌Short-term borrowings

Short-term borrowings are bank overdrafts which are due on call and are an integral part of the Group's cash management.

‌Consolidated statement of financial position

for the first half-year

‌Consolidated statement of changes in shareholders' equity

for the first half-year

‌Notes to the consolidated 2026 half-year financial statements

Sligro Food Group N.V. is based in Veghel, the Netherlands. The consolidated half-year financial statements cover the Company and its subsidiaries (also referred to as the Group).

The half-year financial statements have been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union (EU-IFRS) and IAS 34 Interim Financial Reporting. They do not contain all the information required for full financial statements and should be read in conjunction with the consolidated financial statements for 2025.

The accounting policies applied by the Group in these half-year financial statements are the same as those applied to the consolidated financial statements for the 2025 financial year.

Revenue is subject to a seasonal pattern. Under normal circumstances, revenue in the second half of the year is higher than in the first half. This is mainly due to relatively high expenditure in the food service channel in the Christmas period, followed by relatively low expenditure at the start of the new year. Because this variation in revenue is also accompanied by a shift in the sales mix, profitability in the second half of the year is generally higher than in the first.

‌Other notes

‌Presentation of figures

Due to rounding, totals may arise that are not mathematically correct. While such rounding differences were corrected in the press release on the half-year figures for 2025, this practice ceased with effect from the press release on the 2025 annual results. As a result, (non-material) differences may occur between the comparative figures in the press release on the half-year figures for 2026 and the figures reported in the press release on the half-year figures for 2025.

Due to a reclassification, the comparative figures in the segment reporting have been adjusted, with the effect of moving €6 million of net profit (loss) between the two countries.

‌Statement of cash flows

As from year-end 2025, we present the statement of cash flows in accordance with the indirect method. The comparative figures in these half-year financial statements have been restated accordingly. The disclosure of finance costs in the statement of cash flows has changed. Interest paid, previously disclosed under operating cash flows, is now included in cash flows from financing. As from year-end 2025, we have also opted to classify interest received as a cash flow from investing activities. Dividends received from participations, which were previously included in operating cash flows, are disclosed in cash flows from financing as

At the Annual General Meeting of Shareholders on

13 May 2026, it was resolved that the shares would be cancelled on completion of the buyback programme. This is expected to take place during the third quarter of 2026.

Expenses that are directly attributable to share buybacks, including the independent intermediary's fees and stock exchange transaction costs, are recognised as components of the purchase price of the repurchased shares and deducted directly from equity.

‌Alternative performance measures

This press release includes alternative performance measures. The Executive Board assesses and uses these alternative performance measures as important additional metrics to measure the Group's performance. Details of the alternative performance measures used by the Group are provided below.

‌Free cash flow

Net cash flow from operating activities minus lease payments minus net investment activities (excluding cash flows arising from: the acquisition and/or sale of subsidiaries and/or the purchase or sale of interests in associates).

The free cash flow shows the cash flow available to repay debt or pay dividends.

x € million 2026 2025

from year-end 2025.

Impact on comparative figures

The comparative figures have been adjusted to ensure consistency. The changes mainly affect the presentation of operating cash flows. Some items in the statement of cash flows have been reclassified in order to make the presentation more consistent with the use of the indirect method. This includes a reclassification of other interest paid (€3 million) from operating cash flows to cash flows from financing and a reclassification of dividends received

(€0.4 million) from operating cash flows to cash flows from investing. These reclassifications have no effect on the total cash flow. This change of accounting policy has no impact on

Net cash flow from operating activities

Payment of principal portion of lease liabilities including interest

Interest paid

Net cash flow from investing activities

Minus: acquisition of subsidiaries (net of cash acquired)

Minus: proceeds from sale of subsidiaries

‌EBIT

17

(18)

(4)

(44)

6

-

shareholders' equity, the balance sheet total or the result.

‌Shareholders' equity

On 5 February 2026, a share buyback programme was announced. 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.

EBIT stands for 'Earnings before interest and taxes'. In the

consolidated statement of profit or loss, this is equal to the operating result.

‌EBITDA

EBITDA is short for Earnings Before Interest, Taxes,

‌Net interest-bearing debt (excluding IFRS 16 and securitisation finance)

Depreciation and Amortisation and is calculated as follows: operating result (EBIT) plus depreciation, amortisation and impairment. EBITDA is considered a useful measure for analysing profitability by excluding the effects of taxes, financing (finance income and expenses) and fixed asset investments (depreciation, amortisation and impairment).

x € million 2026 2025

x € million

Long term borrowings Non-current lease liabilities

Current portion of long-term borrowings Short-term borrowings

Short-term borrowings: securitisation

12

263

104

122

72

Depreciation of property, plant and equipment and right-of-use assets

Amortisation of intangible assets Impairment of (in)tangible fixed assets EBIT (operating result)

‌Net invested capital

The net invested capital is calculated as the sum of

(35)

(14)

(0)

9

Short-term borrowings: other borrowings

Current lease liabilities Minus: cash

Minus: non-current and current lease liabilities

Minus: securitisation arrangement

50

30

(20)

(293)

(72)

shareholders' equity plus net interest-bearing debts, longterm provisions and deferred tax assets, excluding investments in associates.

‌Net investments

The balance of investments and divestments in intangible assets and property, plant and equipment, excluding intangible assets from acquisitions, i.e. goodwill and the value of business locations, customer relationships and brand names. This measure is a good measure of long-term value creation from the reinvestments taking place within the Group.

‌Profile

‌Sligro Food Group consists of companies that specifically focus on the foodservice market in the Netherlands and Belgium by offering a comprehensive range of food and food-related non-food products and services in the wholesale market.

In the Netherlands, we are the market leader and operate a nationwide network of Sligro cash-and-carry and delivery service wholesale outlets serving large and small-scale companies in the hospitality industry, leisure facilities, caterers, large-volume users, company restaurants, petrol stations, small and medium-sized enterprises, small retail businesses, and the institutional market. Van Hoeckel focuses specifically on the institutional market, while Sligro serves all the other segments. We operate in the City Region of Amsterdam under the wholesale format 'De Kweker'. In a long-term strategic partnership with Heineken, Sligro is responsible for the exclusive distribution of Heineken keg beer in the Netherlands. Sligro/De Kweker and Van Hoeckel each have a dedicated commercial organisation focusing on their specific markets, while they make operational use of joint delivery and other shared networks and the back-office organisation.

In Belgium, Sligro and Sligro-M focus on food professionals, the gastronomic catering market, corporate catering, hotel chains, bulk consumers and SMEs through a nationwide network of cash-and-carry wholesale outlets and delivery service centres. JAVA Foodservice focuses primarily on healthcare organisations, government entities, judicial institutions, defence and educational institutions. The brands in Belgium have their own commercial organisations and make increasing use of a common delivery structure and shared services.

Sligro Food Group has its own production facilities for specialist convenience products (Culivers) and fresh fish (SmitVis). The company also sources meat, game and poultry, and bread and pastries through its participations in fresh partners, which serve both the Dutch and Belgian market. In Bouter, Sligro Food Group has a specialist company for consultancy, design, supply, installation and maintenance of professional kitchen equipment, appliances and refrigeration and freezing equipment.

Sligro Food Group is one of the largest players in the end-of-year gift market, with traditional Christmas hampers being offered through Sligro and online gift concepts through Tintelingen.

Our customers have access to more than 75,000 food and food-related non-food products, together with numerous services to support our customers' businesses and help them to advance. Sligro Food Group primarily procures specific food service products in-house, although a portion is arranged through CIV Superunie BA.

Sligro Food Group companies actively seek to share knowledge and make good use of the extensive scope for synergy and economies of scale. Both countries are centrally managed based on a BeNe organisational model. Activities that are primarily customer-related are carried out in the separate countries and business units. By combining our central procurement with direct, meticulous category and margin management, we aim to continuously improve our gross margins and offer our customers a unique and innovative product range. Operating expenses are kept under control by having an integrated supply chain and through our constant focus on cost control. Centralised management of our IT landscape, centralised design and control of master data management, and centralised talent and management development all work to further enhance group synergy.

Sligro Food Group strives to be a high-quality business for all its stakeholders that constantly grows in a controlled manner. Sligro Food Group shares are listed on Euronext Amsterdam. The head office of Sligro Food Group is located in Veghel, the Netherlands.