Corporate presentation October 20, 2026

October 2026

VALSOIA AT A GLANCE

PRODUCT CATEGORIES

3 DIVISIONS

HEALTHY FOOD DIVISION

AMBIENT

CHILLED

FROZEN

TRADITIONAL FOOD DIVISION

more than

12 Million

of families in Italy

Proprietary Brands

Brands exclusively distributed in Italy

158

Employees

116.8

€M Turnover FY25

INTERNATIONAL DIVISION

Transversal to all Brands except for those distributed 2

TOTAL PURCHASING FAMILIES FOR VALSOIA GROUP BRANDS

12,464,993 12,429,994

11,864,757

At June 2024 At June 2025 At June 2026

3

PURCHASING FAMILIES BY BRAND

€/Thousands

5,129

5,538

5,523

3,639 3,593 3,348

2,242

2,365

2,499

853

982

1,045

At June 2024 At June 2025 At June 2026 4

FAST MOVING CONSUMER GOODS

% Change

% Change (value)

Total Grocery

2,0

2,0

Volume Value

YTD AUG 2026 YTD AUG 2026

Fonte: NielsenIQ Discover - Grocery; Italia Omnichannel include i canali: Iper+Super+Libero Servizio+Discount+ Specialisti Drug+Ecommerce 5

6

H1 2026 HIGHLIGHTS

Total Consolidated Revenues H1 2026 equal to € 62.4 mln, with an excellent performance of foreign sales, thanks to the acquisition of the Krepko brand, while revenues in the domestic market remained substantially stable due to the conclusion of the distribution contract of "Oreo's" cereal and the delay in the sales of the "Santa Rosa" jams and the "Vallè" margarine.

The Company continued its investments in communications and consumer marketing, as well as industrial and organizational investments, as the launch of the innovative "cornetto zero", the first plant-based ice-cream cone with zero added sugar. The completion of the new Serravalle Sesia plant, which will gradually become operational starting in the second half of the year, is on track.

The Company is committed to controlling the costs of products and services, having to deal with a further strong growth for key raw materials, ready to face the unexpected difficulties arising from the challenging international situation.

Solid positive Adj. Net Financial Position

€ 8.0 mln as of 30 June 2026, decreasing due to the ongoing investment in expanding the production plant and to the recent acquisition of control shares in the Slovenian company, owner of the brand "Krepko".

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H1 2026 RESULTS

€ 62.4 mln

+ 4.4% vs H1 2025

€ 5.7 mln

vs € 7.1 mln in H1 2025

9.1%

vs 12.0% in H1 2025

€ 8.0 mln

€ 17.0 mln in FY 2025

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CONSOLIDATED PROFIT & LOSS H1 2026

Amortisation and depreciation (1,789) (1,488)

Revenues in H1 2026 recorded a +4.4% growth vs H1 2025 mainly thanks to the acquisition of the Krepko brand, which led to an excellent performance of foreign sales.

In particular, the revenues from the Healthy Food Division registered an increase (+10.8%) and those from the Traditional Food Division were decreasing due to the conclusion of the distribution contract of Oreo's cereals and a delay in Santa Rosa jams and Vallè margarine.

EBITDA at € 5.7 million, decreasing yoy due to one-off costs linked to the new Serravalle Sesia plant and the strengthening of the information systems. These costs anticipate the structural benefits in terms of efficiency, productive capacity and innovation, already expected from the last four months of the year.

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CONSOLIDATED BALANCE SHEET H1 2026

Total Employments 83,427 76,512

Shareholders' Equity 91,433 92,572

Adjusted Net Financial Position (Cash) (8,006) 16,060

Total Sources 83,427 76,512

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ADJUSTED NET FINANCIAL POSITION BRIDGE

The Adjusted Net Financial Position as of 30 June 2026 is equal to € 8.0 million, from € 17.0 million at the end of 2025, due to the investments in Serravalle Sesia Plant and the acquisition of Krepko brand.

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REVENUES, EBITDA & NFP TREND - Valsoia S.p.A.

€ million

Revenues

2019-2025

+8%

112.8

116.8

116.8

91.0

101.3

74.8

83.5

CAGR

€ million

EBITDA

11,1

12,0

13,2

12,4

12,5

14,3 14,0

2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025

€ million

NFP (cash positive)

25.4

25.3

21.5

17.0

27.1 27.3 28.4

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2019 2020 2021 2022 2023 2024 2025

REVENUES BREAKDOWN FY 2025

TOTAL REVENUES

Healthy Food

Traditional Food

Plant-based beverages

HEALTHY FOOD

Plant-based ice creams

Other

TRADITIONAL FOOD

Other

Desserts

Various

Non-dairy Spread

Plant-based yogurts

Plant-based meat and cheese alternatives

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14

PLANT-BASED MARKET IN 2025

€ 5.8 bn

+6% vs 2024

€ 1.0 bn

+4% vs 2024

Source: NielsenIQ 15

VALSOIA MARKET SHARE BY VOLUME AS OF DECEMBER 2025

16,7%

Soy beverages Other beverages Plant-based ice creams Plant-based desserts Plant-based yogurts

2025

5,1%

2025

77,5%

2025

44.2%

2025

29.7%

2025

alternatives

Plant-based cheese Plant-based cold cuts Frozen plant-based

Refrigerated plant-based alternatives

14.8%

12.4%

31.4%

2.2%

2025

2025

2025

2025

8.1%

2025

Plant-based cooking creams Plant-based mayonnaise Healthy oil Non-dairy spreads

46.8%

27.5%

10.7%

2025

2025

2025

Source: Nielsen DM Volume December 2025 Valsoia Market Share Remaining Market Share 16

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Diete.Tic, purchased in 2017, is a liquid sugar-alternative sweetener, with a unique and patented process. Completely calories-free, it does not alter the taste of food or drinks and is highly soluble.

mln

SWEETENERS MARKET IN 2025 DIETE.TIC NUMBERS IN 2025

Source: Nielsen AT December 2025 18

PIADINA LORIANA, purchased at the end of 2020, was launched on the market at the beginning of the 1970s and has an established presence on the Italian market. Its success is due to the uniqueness of the product.

SHELF STABLE PIADINA MARKET IN 2025

€ 170 mln

Source: Nielsen AT December 2025

LORIANA NUMBERS IN 2025

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Santa Rosa, purchased in 2011, is a historical brand of the Italian food tradition, that offers jams of high-quality standards, choosing only the highest-quality fruit through rigorous purchasing specifications.

JAM MARKET IN 2025 SANTA ROSA NUMBERS IN 2025

€ 409 mln

Source: Nielsen AT December 2025 20

& INNOVATION

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2026 HIGHLIGHTS: INSTITUTIONAL COMMUNICATION IN ITALY

VALSOIA BREAKFAST MOVIE VALSOIA ICE CREAM MOVIE VALSOIA MEAT ALTERNATIVES MOVIE

DIETE.TIC MOVIE

LORIANA MOVIE

SANTA ROSA MOVIE

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2026 HIGHLIGHTS: BTL and IN-STORE COMMUNICATION IN ITALY

Billboards - Bologna, Milano,

Palermo, Verona

Extra-display

Sample

Nutritionists / Dieticians

Tram - Milano

Events

Billboards - Riviera

Romagnola

Digital

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2026 HIGHLIGHTS: BTL and IN-STORE COMMUNICATION IN ITALY

Loriana - Unipol Forum Milano

Loriana - Unipol Arena Bologna

Loriana - Digital

In store

Diete.Tic - Nutritionists

Diete.Tic - Sample

In store

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HEALTHY FOOD INNOVATION

NEW FLAVOURS

NEW MARKETS

NEW TRENDS

TOFU BURGERS

VEGAN ALTERNATIVES

GLUTEN FREE COLD CUTS

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TRADITIONAL FOOD INNOVATION

26

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VALSOIA INTERNATIONAL

INTERNATIONAL PRESENCE

Distribution in more than 14,000 PoS

TURNOVER GROWTH TREND

€ 12.3 million achieved in FY 2025

10.9

10.1

12,3

Mio€

BUSINESS MODEL

Development of direct presence

Consumer Marketing

M&A

3.3 3,6

4,4

5,3 5,6

6,8 7,3

9,3

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

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CZECH REPUBLIC

SWEDEN

LITHUANIA

ICELAND

GERMANY

DENMARK SWITZERLAND

THE NETHERLANDS

FINLAND

BELGIUM

ESTONIA

LATVIA

IRELAND

UNITED KINGDOM

FRANCE

SLOVAKIA

HUNGARY

BULGARIA

PORTUGAL

ITALY

SPAIN

CDOATIA

MALTA SLOVENIA

ALBANIA

ROMANIA CREECE

NORTH MACEDONIA

SERBIA

ARMENiA

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FOCUS ON EXPORT

2026 HIGHLIGHTS INTERNATIONAL COMMUNICATION: TV, DIGITAL, OUT OF HOME

BREAKFAST MOVIE ICE CREAM MOVIE TV - BRANDED CONTENT

INFLUENCER OUT OF HOME

EVENTS

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2026 HIGHLIGHTS: IN-STORE PROMOTION

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INTERNATIONAL INNOVATION

VALSOIA Gluten Free LORIANA

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ESG STRATEGIC PRIORITIES

03 GOVERNANCE

• Value creation through the acquisition of brands consistent with the company's mission, policies, and positioning

• Transparent and responsible governance

• Anti-corruption

• Expansion of the internationalization process (Brand Building and Consumer Market)

• Alignment with CSRD/ESRS standards

• Management and monitoring of ESG risks

  02 SOCIAL

  • Food safety and prevention

  • Strengthening leadership in the health products segment

  • Broadening the product portfolio through coverage at all points of consumption

  • Innovation aimed at improving perceived quality

  • Occupational health and safety

  • Training and management development

  • Welfare services

  • Support and collaborations in the local area and with the community

    ESG

    Priorities

    01 ENVIRONMENT

• Energy Efficiency

• Development of renewable energy sources (expansion of photovoltaic system)

• Emissions Management - Analysis and LCA assessment of the environmental impact of beverages

• Environmental impact management (plastic reduction, water resource monitoring, AUA, production by-products, etc.)

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35

VALSOIA ACQUIRES 70% OF THE SLOVENIAN COMPANY KELE & KELE d.o.o.

Valsoia enters the Kefir market by acquiring 70% of the Slovenian Company "Kele & Kele d.o.o.", producer and distributor of the "Krepko" brand Kefir, the historic number 1 in Kefir market in Slovenia

To date, Kele & Kele d.o.o. business is developed exclusively in Slovenia, where the "Krepko" brand, with a 30.2% market share in value and a 3.5% YoY growth in consumption, is the leader in the Kefir market with a significant distribution coverage in Slovenia

The acquisition is in line with Valsoia's strategy of entering a new, strongly developing market with a leading brand, driven by the growing demand for Healthy and natural foods

Price of about € 3 million for 70% of the Company, based on a total EV of € 5.4 million. The transaction was entirely financed with existing resources from Valsoia

The remaining 30% will remain to the founding partners, who will maintain an active role in company management for a minimum period of 3 years. At the end of 3 years, Valsoia will have the right to proceed, through a put&call mechanism with the potential acquisition of the remaining 30%

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OUTLOOK

In the first months of 2026, the trend in revenues is similar by product lines and brand to 2025. Sales of "Loriana" piadina and "Diete.Tic" sweetener and foreign sales are therefore still positive.

The expansion work at the Serravalle Sesia plant is progressing according to the project schedule and budget, reaching its completion in the second half of 2026

The work with the Kele&Kele company has also begun, after the closing happened in December 2025. In the coming months, the management will close the brand's strategic plan for its development in Slovenia and Europe, starting with the Italian market.

Television programming resumed as planned at the end of February, while several new products were presented to the market, both in the healthy and traditional food lines.

As every year, the Company is currently negotiating its 2026 contract renewals with large-scale distribution, and it is also engaged in intense negotiations with suppliers of raw materials, packaging, and services.

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NEXT CHALLENGES, 2025 - 2027 CHAMPIONS OF GROWTH

• Vegetarian ice cream: No. 1 worldwide where we are already present

• Piadina: No. 1 in the Italian ambient market and Distribution abroad

• Diete.Tic: No. 1 in the Italian sweetener market

• Chocolate spread: Italy + abroad

• Cheeses: Italy + abroad (tofu platform)

• Doubling of factory space and internalization of drinks, yogurt, and desserts

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IL NUOVO STABILIMENTO

PRODUTTIVO

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