Ebro Foods S A : Results 1S2023

CONTENTS

1. INTRODUCTION
2. BUSINESS UNIT RESULTS H1 2023
3. 1. Rice
   2. Pasta
4. CONSOLIDATED GROUP RESULTS H1 2023
5. 1. P&L
   2. Debt Performance
6. CONCLUSION
7. CORPORATE CALENDAR 2023
8. CALCULATION OF ALTERNATIVE PERFORMANCE MEASURES
9. LEGAL DISCLAIMER

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1. Introduction

The second quarter results demonstrate that the Group continues to perform well this year.

Inflation has been curtailed as the cost of virtually all our main raw materials has peaked, while energy and transport costs also fell during the period.

As was the case in Q1, it is difficult to compare sales of rice and dry pasta with the previous year, due to the impact of stockpiling following the outbreak of war in Ukraine during H1 2022. However, our sales growth has successfully consolidated compared to H1 2021.

Consumer outlook has improved, although less so for products where prices have risen the most.

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2.1.1 Rice H1 2023

We can confirm that planting is down in Andalusia and there has been a 35% reduction in the area planted in Extremadura, which will primarily affect the long grain rice harvest in Spain.

Conversely, heavy rainfall in California and Italy will help ensure a regular harvest (and therefore a better yield) for short grain rice.

High basmati prices are leading to an increase in planting in India and Pakistan, which should result in larger harvests and lower prices in Q4 2023.

Sales volumes in Europe are around 4% lower than in 2022, due to the impact of the war in Ukraine. This reduction is greater for the more expensive varieties (basmati, bomba and risotto).

On a very positive note, we have maintained and even increased our market share.

In the US, Riviana reported the same volumes as in 2022 and is up 12% compared to 2021.

We have successfully integrated InHarvest into Riviana, with the closure of the Woodland plant and the consolidation of all operations in Colusa.

Sales of our microwave products continue to grow steadily, with significant improvements in our weighted distribution, particularly in the US.

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2.1.2 Rice H1 2023

Sales increased by 8.3% year on year to EUR1,230.8 million, as we were able to pass on a large part of the cost of inflation. Inharvest contributed EUR21.9 million to sales.

Advertising investment was up 6.2% to EUR25.8 million. The increase in investment is helping to protect market shares in an unfavourable climate for branded products.

Ebitda-A grew by 9.4% to EUR160.4 million. The exchange rate had no material impact on these results. InHarvest contributed EUR3.2 million to Ebitda-A.

Operating profit grew 10.9% to EUR125 million.

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