ORIOR : Half Year Report 2023

ORIOR - Excellence in Food

ORIOR is an internationally active Swiss food and beverage group. It represents a family of companies with a strong regional footing and popular brands and products that claim leadership positions in growing niche markets at home and abroad.

ORIORʼs decentralised business model allows every company in the Group to maintain their specific culture and identity, tailored to their workers and customers, and to create unique product, brand and concept worlds. They are joined together by a passion for culinary delights and true craftsmanship, a spirit of innovation directed towards market trends and needs, workforce entrepreneurship and strong common values.

Our management approach combines strategic thought and action at Group level with a high degree of autonomy at each centre of competence. The ORIOR 2025 Strategy with its strategic pillars and the Group-wide key strategic initiatives - the ground-breaking "ORIOR New Normal", the intradisciplinary "ORIOR Champion Model" and the synergistic "ORIOR Bridge-building" initiative - are important success factors that will ensure steady value creation for all stakeholders.

Motivated employees who enjoy what they do and who assume responsibility for themselves and their work are the catalyst for unlocking the extraordinary. We embrace uniqueness and premium quality in our claim to surprise our consumers time and again with delightful and delicious creations.

Our vision is nothing less than Excellence in Food.

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Contents

ORIOR HALF YEAR REPORT 2023

Dear Shareholders

The internationally active Swiss food & beverage group ORIOR has reported a pleasing first half of 2023. Its results, which are in line with expectations, were influenced by the ongoing geopolitical tensions and the resulting disruption and associated increased input costs. High inflation has created uncertainty and limited purchasing power in the sales mar- kets. The Group successfully tackled the various challenges it faced once again through its broad diversification into different product categories, a segmented client portfolio, and its competence centres with strong local networks. The International segment and the entire Food Service channel performed particularly impressive.

The ORIOR Group's net sales in the first half of 2023 increased by 0.9% to CHF 312.1 million (previous year: CHF

309.2 million). This was based on solid organic growth of 2.4% and a negative exchange rate effect of -1.4% (sales at constant exchange rates: CHF 316.5 million). The main drivers for this positive performance were the Internation- al segment with outstanding growth of its product and concept ranges, as well as the continued favourable progress made by the Food Service channel. When compared with the same period of the previous year, growth was primarily driven by responsible and appropriate price adjustments.

ORIOR HALF YEAR REPORT 2023

of the previous year. Product-wise there was particularly higher demand for fresh pasta and poultry specialities. The turnover from plant-based products was not satisfactory, mainly due to poor sales in the UK. However, the structural trend towards "flexitarian" diets remains intact and is reflected, among other things, in new listings, both in retail and various food service channels.

The ORIOR Refinement segment, with the Rapelli, Albert Spiess and Möfag competence centres, recorded a decline in net sales from CHF 124.7 million to CHF 119.3 million, corresponding to -4.3% The primary reasons for this were low pork prices and inflation-related weaker demand, leading to fewer exports to France (intercompany sales with Spiess Europe). In the retail channel, the reduction of sale promotions by retailers made itself felt. Nevertheless, the retail channel did slightly better than expected. Especially noteworthy are the good sales of the Rapelli terroir spe- cialities, from June 2023, the grill specialities and generally organic products and assortments with sustainability labels. Sales from the aforementioned volume transfer from the Convenience segment were posted at Rapelli during the first four months of the year, while the discontinued sales to Russia had a minimal negative impact on net sales. If these two effects, amounting to CHF 1.1 million, were excluded, the Refinement segment would have reported negative organic growth of -5.2%.

The ORIOR International segment, comprising the Culinor Food Group and Casualfood competence centres and Biotta's sister company Gesa, as well as the slicing, packaging and distribution platform Spiess Europe, grew its net sales by 6.0% to CHF 94.2 million compared with the previous year (first-half 2022: CHF 88.9 million). Organic growth reached a very good 11.0%, while the exchange rate effect was -5.0%. The main driver was outstanding double-digit growth by Casualfood with the opening of additional outlets as well as very good growth by the Culinor

Food Group thanks to customer growth and the necessary pass-through of increased input costs. Due to inflation3 Spiess Europe had to absorb a significant drop in turnover, while Gesa was also unable to match the previous year's

level and, driven by the weak US dollar, experienced a reduction in sales, primarily in the exports sector.

The ORIOR Responsibility

In April 2023, ORIOR published its fifth sustainability report in accordance with the GRI (Global Reporting Initiative), providing a comprehensive description of its measures, progress and challenges in the area of sustainability. After joining the Science Based Target Initiative, it has started working on the development of science-based targets (SBTs). The starting point is determining the current emissions (corporate carbon footprint, including Scopes 1, 2 and 3) of the entire ORIOR Group. The significance of ESG (Environmental Social Governance) is also demonstrated by the rapidly increasing number of new ratings, analyses and reporting standards coming onto the market. ORIOR focuses on what it considers to be the seven most important ratings for its stakeholders right now. With regard to standards, the GRI will be adhered to for the time being and, as the new legal requirements are being implement- ed, decisions will be made on how to proceed further. In addition to the new requirements under Swiss law, the implementation of the TCFD (Task Force on Climate-Related Financial Disclosures) and, after a certain period, the Corporate Sustainability Reporting Directive (CSRD) are particularly relevant for ORIOR in this context. An initial gap analysis has been completed. We are currently working on the double materiality, which will be addressed in several workshops attended by key people in the company. The resulting topics will be the basis for our approach to all new requirements.

Outlook

Despite the persistently challenging environment, we expect further organic growth for the second half of the year. In terms of our channels, the Food Service sector, including travel gastronomy, looks set to perform particularly strongly. We also expect the retail business to grow at the previous year's level in Switzerland and to keep expanding in Belgium. Profitability will continue to be affected by international disruption. The wide-ranging measures taken to increase efficiency and our sales mix with growth in higher-margin product and customer groups will support profitability. Overall, we anticipate a solid second half-year and confirm the guidance for the 2023 financial year.