Ebro Foods : Presentation relating to the results of Ebro Foods Group

TO THE NATIONAL SECURITIES EXCHANGE COMISION OF SPAIN

Madrid, October 25, 2017

Find enclosed the presentation to analysts announced this morning, relating to the results for the third quarter and forecast closing 2017 that will be held today in the Board Meeting Room located in the second floor of our head office in Paseo de la Castellana 20th, Madrid.

Yours faithfully,

Luis Peña Pazos

Secretary of the Board of Directors

9M17 RESULTS AND

2017 OUTLOOK

CONTENTS

2.1 P&L 9M 2017

1.2%

-0.6%

1.7%

-7.1%

17/16 CAGR 17/15

In the Rice division, 3Q was shaped by an increase in basmati prices and the EU's approval of very strict limits in terms of pesticide waste, making it more difficult to import this variety. Protests in India and among European farmers may bear fruit, but not in the short term.

The 17/18 harvest in the USA was smaller than in 16/17 and prices have increased. The same cannot be said for Europe, where although the new harvest was affected by the heat this summer, it remained at normal levels and prices remained unchanged.

The retail performance of our brands has been very satisfactory and the Ebro Group is establishing itself as the leader across all markets. Our microwaveable products continue to register the sharpest growth; growing at a double-digit rate in both Europe and North America. We have just doubled our capacity in Memphis, and increased it by 40% in Jerez, which is our supply base for our European subsidiaries.

In Europe, we have launched the Benefit range, providing full meal solutions, with a special focus on health.

As far as the US business is concerned, hurricane Harvey heavily impacted the area: facilities (offices, plants and warehouses), businesses, suppliers and consumption. Thankfully, no Ebro employees were hurt, nor were any of our stock or facilities damaged, however, sales in August and September were affected.

Measures are being put in place at the newly-acquired Geovita to generate synergies.

Sales rose 1.7% in the period to EUR975 million, outstripping growth in our markets and with a mix that benefits the returns of our brands.

Investment in advertising, which by the 1H17 results had a negative y-o-y spread of EUR3 million, was reduced to EUR21.7 million, narrowing the gap to EUR1.7 million.

The Division's Ebitda increased 5.3% to EUR153.7 million, despite the negative impact of the aforementioned effects. The exchange rate had no major impact on these results.

EUR Thous.

Sales

Advertising

9M15 9M16

951,736 958,546

22,008 23,385

9M17

975,124

21,727

Eb i t d a M arg i n 13.3% 15.2% 15.8% - -

Ebit 105,116 121,490 129,395 6.5% 10.9%