ORSERO GROUP
H1 2026 RESULTS*
Milan, 10 September 2026
* Six months ended 30 June 2026
2Agenda
Key financials H1 2026 page 3 Appendix page 10
DISCLAIMER
This document (the Document) was prepared by ORSERO S.p.A. (Company) only for the purposes of presenting the Company .
The information contained herein may not be complete and exhaustive and no guarantee can be given as to its accuracy.This Document was drafted on the basis of data and information of the Company and/or in the public domain, and on parameters and assumptions determined in good faith by the Company. However, these parameters and assumptions are not the only ones that could have been selected for the purpose of preparing this Document, therefore the application of addition al parameters and assumptions, or the existence of different market conditions, could lead, in good faith, to analyses and assessments that may differ, in whole or in part, from those contained herein.The information and/or the assessments contained herein have not been subjected to verification by independent experts, and a re subject to changes and/or updates. The Company undertakes no obligation to give prior or subsequent communication in the event that any such changes and additions may become necessary or appropriate. No information contained in this Document can or shall be considered a guarantee or an indication of future operating, financ ialand equity results of the Company.
To the extent permitted by applicable law, the Company and its corporate officers, managers, employees, and consultants do no t make any declaration or guarantee and do not assume any obligation, either express or implied, or responsibility as to the accuracy, sufficiency, completeness and update of any information contained in the Document nor in respect of any err ors, omissions, inaccuracies or negligence herein.
This Document isprovided merely forinformation and indicative purposes and does notconstitute inany way aproposal toenter into any contract nor apublic offering offinancial products, nor advice orarecommendation tobuy orsellany financial products .
You aretheexclusive addressee ofthis Document which assuch cannot bedelivered nor disclosed toany third parties nor reproduced, inwhole orinpart, without theprior authorization oftheCompany .
The Manager incharge ofpreparing thecorporate accounting documents ofOrsero S.p.A.,Mr.Edoardo Dupanloup certifies, pursuant toart.154-bis,paragraph 2,ofLegislative Decree 58/98that theaccounting information contained inthis press release corresponds tothedocumentary results, books and accounting records .
Minor discrepancies incalculating percentage changes and totals intables ofthis presentation are due torounding .
Key Financials
H1 2026*
*Six months ended 3o June 2026
4H1 2026 Results ●Executing strategy in uncertain market context •Economic and Financial response -H1 operating recurring capex is in line with expectations, for a total of 6,5 M€, comprising improvements to the Group’s distribution footprint, through upgrades to buildings and equipment across all Group’s warehouses in Italy (also related to fresh -cut capacity improvement), France and Spain and capitali zed costs for internally developed software.
Expansion capex* of 6,8 M€, including the acquisition of a new distribution platform in Vigo (Northern Spain) and an investme nt to support the launch of a new product campaign, amortized over their useful lives (the latter not included in the FY2026 Guidance).
-Interest rates: the hedging strategies put in place by the Group allow for substantial stability in the cost of debt. Group’s gross MT debt h as a duration of about 2 years and 8 months, at about 3,36% interest rate; around 60% resulting in fixed rates (to be improved to abt. 75% starting from December 2026 thanks to an additional IRS contract).
-On May 13, Orsero’s shareholders received a dividend of € 0,50 per share incash and a dividend in kind through the allocation of no. 1 Orsero share every 172 shares held -On June 30, Orsero signed strategic agreements to acquire 45% of Trucco Group (USA) for a total of 46,5 M USD (including 450 K USD pro quota of existing cash on the balance sheet of the Group at closing) ‣SPA Trucco Holdings: 45% acquisition for a consideration of 43,7 M USD (including 450 K USD existing cash) ‣SPA AJ Trucco: 46% acquisition subject to pending approval for a consideration of 2,8 M USD (hold in escrow) ‣Stockholder Agreements providing governance rules and granting a put/call option to acquire an additional 15% of Trucco GroupC O R P O R A T E B U S I N E S S *Net of change in payables related to expansion capex **https://ec.europa.eu/eurostat/statistics -explained/index.php?title=Inflation_in_the_euro_area• Market context
- The euro area annual inflation rate was 2,8% in June 2026, slightly up from 2,6% in March, with unprocessed food inflation passi ng from 3,5% in December 2025 to 4,2% in March 2026 and to 3,1% in June 2026**. The Group results are marked by an increase in prices, whereas volumes are almost unchanged versus H1 2025 mostly linked to the impact of the banana product.
• Distribution BU -Sales growth of +1,6% vs H1 2025 ‣Sales grew thanks to overall increasing prices, despite slightly decreasing volumes, the latter driven by bananas and pineapp lesmainly.
‣High value -added categories, such as exotic fruit, berries and kiwi fruit grow both in volumes and in prices. Overall volumes ex cl. bananas and pineapples improved by 10%.
-Adjusted EBITDA margin comes in at 4,32% vs 4,66% in H1 2025, as a result of improved commercial margin of high value -added products offset by weak performance on bananas, platano Canario and pineapples, in addition to higher warehouse costs and SG&A • Shipping BU -Sales performance in line with expectations, thanks to higher freight rates linked to the increase in bunker fuel, offset by a slight decrease in loading factor due to lower volume of
distributed bananas
-Adjusted EBITDA of 15,4 M€, representing 25,1 % of net sales (inline with H1 2025: 25,2%)
M€ H1 2026 H1 2025 TOTAL CHANGE
Amount %
Net Sales 860,5 845,2 15,3 1,8% Adjusted EBITDA* 45,6 48,4 -2,8 -5,8% Adjusted EBITDA Margin 5,3% 5,7% -43 Bps.
Adjusted EBIT 26,5 30,5 -3,9 -12,8% Adjusted Net Profit ** 18,6 20,9 -2,3 -11,2% Net Profit 14,6 19,7 -5,1 -25,7%
M€ 30.06.2026 31.12.2025
Net Invested Capital 420,9 390,6 Total Equity 278,6 274,5 Net Financial Position 142,4 116,1 NFP/Total Equity 0,51 0,42
NFP/Adj. EBITDA 1,69 1,34
Net Financial Position excl. IFRS
16***77,2 49,7
NFP/Total Equity excl. IFRS16 0,28 0,18
NFP/Adj. EBITDA excl. IFRS16 1,19 0,74
5•Net sales H1 2026 are 860,5 M€, up +1,8% vs H1 2025 -Distribution BU: registered an increase of +1,6% thanks to the performance of high value -added categories -Shipping BU: good performance, improving versus last half year’s result (+2,3%), thanks to higher freight rates •Adjusted EBITDA comes in at 45,6 M€, down 2,8 M€ or -5,8% vs H1 2025, with a margin of 5,3% (down by 43 bps vs H1 2025) -The Group’s performance is impacted by higher general and administrative expenses of the Distribution and Service BUs, mainly linked to higher personnel costs and SG&A •Adjusted EBIT moves downwards to 26,5 M€, down 3,9 M€ or -12,8% vs H1 2025 ,as a direct consequence of lower operating results and higher depreciation •Adjusted Net Profit dips to 18,6 M€ , due to higher extraordinary expenses, only partly counterbalanced by a lower negative impact of the exchange rates -Net Profit (reported) stands at 14,6 M€ •Total Equity rises to 278,6 M€, on the back of the period’s net profit •Net Financial Position Excl. IFRS 16(***)is 77,2 M€ (Net Debt), including:
-Cash and cash equivalents of 92,3 M€(****) -Gross financial debt of 157,8 M€ -Derivatives MTM net asset of 1,4 M€ -Deferred considerations related to acquisitions and capex of 13,2 M€ •Reported Net Financial Position stands at 142,4 M€ -Including 65,1 M€ IFRS 16 liabilities *Adjusted EBITDA excl. IFRS 16 is equal to 36,0 M€ in H1 2026 and 38,8 M€ in H1 2025 **Adjusted for non- recurring items and Top Management incentives, net of their estimated tax effect *** IFRS 16 effect consisting in NFP of 65,1 M€ at the end of H1 2026 and 66,4 M€ at the end of 2025 **** Incl. 2,5 M€ of restricted cash under escrow agreement related to SPA agreement on 46% of AJ TruccoExecutive summary ●Consolidated figures
0,8 0,5 12,6 1,4 804,3 816,960,0 61,35,3 6,1
-24,4 -23,9
Net Sales
H1 2025Distribution Shipping Holding & ServicesI/S Eliminations Net Sales
H1 20260,3 -2,2-0,9
37,4 35,215,115,4
-4,1 -5,1
Adj EBITDA
H1 2025Distribution Shipping Holding &
ServicesAdj EBITDA
H1 2026ADJUSTED EBITDA VARIANCE (M€)
45,6NET SALES VARIANCE (M€)
H1 2026 n et sales post an overall progress of 15,3 M€ or +1,8% vs H1
2025
•Distribution is up by 12,6 M€, or +1,6%:
-Increasing sales in H1 2026 , thanks to overall higher prices and to the combined effect of higher volumes and prices on some high value -added categories (exotic fruit, kiwifruit and berries) , counterbalanced by lower banana and pineapple volumes.
•Shipping increases by 1,4 M€, or +2,3% ,slightly up thanks to a better freight rate context and to rebilling of higher bunker fuel prices, partially offset by stronger EUR/USD forex as Shipping revenues are in USD (1,167 vs 1,093) .
•Holding & Services is up by 0,8 M€ , on the back of higher revenues on customs and forwarding services, and inter -segment eliminations are up by 0,5 M€ 860,5 845,2 +1,6% +2,3% ns48,4 ns Adj. EBITDA Margin % nsNet Sales and Adj. EBITDA
Distribution
ShippingHolding & ServicesI/S EliminationsTOTAL CHANGE - 2,8 M€ | -5,8% 65,3% 5,7% 25,1% 4,3%
* IFRS 16 effect is equal to Adjusted EBITDA of abt. 9,6 M€ in H1 2026 and in H 12025.TOTAL CHANGE +15,3 M€ | +1,8% H1 2026 Adjusted EBITDA is down by 2,8 M€ or - 5,8% vs H1 2025, margin is 5,3% (5,7% in H 1 2025 ):
•Distribution decreases -2,2% versus H1 2025 due to:
-Weak performance of bananas, platano canario and pineapples due to market context headwind versus a favorable H1 2025, in addition to h igher warehouse costs and general & administrative expenses related to the Group’s expansion -Margins still at satisfactory levels thanks to the contribution of the high value -added categories that are growing rapidly within the portfolio mix •Shipping improves by 0,3 M€:
-The result is driven by higher freight rates versus H1 2025, despite slightly lower
transported volumes
•Holding & Services decreases 0,9 M€ Adjusted EBITDA excl. IFRS 16(*)is 36,0 M€ vs 38,8 M€ in H1 2025, or 4,2% of net sales versus 4,6% in H1 2025
Adjusted Net Profit H1 2026 decreases to 18,6 M€ ,excluding the adjustments and their tax effect:
-Resulting from lower margins, higher D&A/provisions, counterbalanced by slightly lower financials, lower impact of exchange rates and a moderate increase in taxes (with a increased tax rate, tax rate H1 2026 is equal to 23,1% vs 20,5% in H12025) •Total adjustments in H1 2026 equal to a loss of -3,9 M€, net of estimated tax, comprising:
-provision for employees' profit sharing of 437 K€*, Top Management MBO of 613 K €, Trucco’s legal and due diligence costs of 609 K€, tax assessment of 935 K€ and other items of approx. 1 M€, also related to non -recurring CAM SERVICE chartering costs for additional vessels •Net Profit comes in at 14,6 M€ADJUSTED NET PROFIT VARIANCE (M€)
TOTAL CHANGE
-2,3 M€ Consolidated Net Profit
7-0,3-2,8
-1,1 1,9 -3,9
19,720,918,6
14,6-1,2
Net Profit
H1 2025Adjustments
H1 2025Adj. Net Profit H1 2025Adj. EBITDA D&A / Provisions Financials / Share of ProfitTax Adj. Net Profit
H1 2026Adjustments
H1 2026Net Profit
H1 2026
* Where applicable .
41,1
29,3
Dec.
2021Mar.
2022Jun.
2022Sep.
2022Dec.
2022Mar.
2023Jun.
2023Sep.
2023Dec.
2023Mar.
2024Jun.
2024Sep.
2024Dec.
2024Mar.
2025Jun.
2025Sept.
2025Dec.
2025Mar.
2026Jun.
2026Total Shareholders’ Equity comes in at 278,6 M€ as a result of:
•Net profit of the period of 14,6 M€ •Dividend to Orsero’s shareholders of -10,4 M€, of which: -8,5 M€ cash and - 1,9 M€ in kind •Cash Dividend to minorities of -1,6 M€ •Positive impact of MTM of hedging derivatives of +1,2 M€ (bunker fuel, EUA/EU ETS, interest rates and USD) •Other effects of +0,3 M€, including +1,9 M€ release of treasury share reserves related to the dividend in kind NFP excl. IFRS16 comes in at 77,2 M€, or 142, 4M€ with IFRS16 liabilities:
•38,2 M€ for the acquisition of 45% of Trucco Holdings Inc. in the USA (not included in original FY 2026 Guidance ) •Positive cash flow generation of approx. 26,5 M€ •Total NWC (*) release of 4,9 M€ , due to an increase in payables days linked to a better
purchase mix
•Operating recurring c apex(**) is6,5 M€, including :
-2,5 M€ warehouse improvements in Italy -3,5 M€ other tangible assets -0,6 M€ IT systems upgrades in Italy, Spain and France •Expansion capex(***)is6,8 M€, including:
-3,8 M€ related to the Vigo – Spain platform -3,0 M€ related to a new product campaign ( not included in original FY 2026 Guidance ) •Cash Dividend of approx. 8,5 M€ (0,50 €/share) •Other items totalling 1 ,1M€ of positive effect, including mainly: dividend paid to minorities of -1,6 M€ offset by 2,2 M€ positive variance in MTM versus 31.12.2025 Total liquidity stand at 92,3 M€(*****) Liabilities related to IFRS 16 are equal to 65,1 M€ •The incremental IFRS 16 right -of-use in H1 2026 is equal to 7,2 M€ •The IFRS 16 liabilities related to the fifth vessel are equal to 13,9 M€
* Total net working capital, including commercial net working capital and other receivables and liabilities. Net of expansion capex payables. Change net of bad debt accruals **Excluding non- cash capex related to incremental IFRS 16 right -
of-use equal to 7 ,2M€Consolidated Net Equity and NFP
NET EQUITY VARIANCE (M€)
NFP EXCL. IFRS 16 VARIANCE -ILLUSTRATIVE (M€)
COMMERCIAL NWC -SEASONAL PATH (M€)****
8TOTAL CHANGE -31,5 M€
-38,226,5
4,9-6,5-6,8-8,51,165,1
49,777,2142,4
FY 2025
Excl. IFRS16M&A Cash Flow Total NWC
changeOperating
CapexExpansion
CapexDividend to
Orsero
shareholdersMTM and
Other eff.H1 2026
Excl. IFRS16IFRS16
liabilitiesH1 2026
Incl. IFRS1614,6 -10,4 -1,6 1,2 0,3
274,5 278,6
Net Equity
FY 2025Net Profit H1 2026Dividend to
Orsero
shareholdersThird parties
dividendsHedging reserves Others Net Equity
H1 2026
***Net of change in payables related to expansion capex **** Amounts gross of bad debt accruals ***** Incl. abt.2,5 M€ of restricted cash under escrow agreement related to SPA agreement on 46% of Trucco AJFree cash flow of 25 M€
Guidance check and balance *Excluding the increase in fixed assets due to the application of IFRS 16 but including ESG related investments.
Net of trade payables. 9M€GUIDANCE
FY 2026
(Sept. 2026)GUIDANCE
FY 2026
(Feb. 2026)ACTUAL
FY 2025
Net Sales1.700/1.740 1.700/1.740 1.700,6
Adj. EBITDA 78/83 78/83 86,9
Adj. Net Profit 25/29 25/29 33,0
CAPEX (*) 19/20 14/16 21,0
NFP165/160 107/102 116,1
NFP excl. IFRS16 100/95 42/37 49,7CONFIRMED UPDATEDGuidance FY 2026:
o Economic Metrics confirmed on the expected ranges for Revenues, Adj. EBITDA and Adj.
Net Profit
oCapex and NFP revised, see following slide
38,24,810,05,0
37,095,0
NFP excl. IFRS16 FY 2026 Feb. Guidance*Trucco M&A Additional capex Litchi Campain WC Effect Other NFP excl. IFRS16 FY 2026 Sept. Guidance*related to campaign advances to growers
10NFP focus
The revised FY 2026 NFP Guidance encompasses :
•-38,2 M€ for the acquisition of 45% of Trucco Holdings Inc.
•-4,8 M€ of additional capex, of which -4,0 M€ of new expansion initiatives •-10,0 M€ of working capital needs to develop the Madagascar Litchi campaign . Sales will be performed along December and therefore the cash flow related to the result of the campaign will be visible in Q1 2027.
•-5,0 M€ comprising total working capital change and non -recurring costs ( acquisition related costs, tax litigation in Italy and non- recurring vessel hiring )
* Lower end of the Guidance range.
Including the escrow account for 2,5 M€
Appendix
11
Company structure
1212COSIARMA
Italy
ORSERO CR
Costa RicaFRUTTITAL
Italy
AGRICOLA AZZURRA *
Italy 50%
I FRUTTI DI GIL
Italy 51%
SIMBA
Italy
SIMBACOL
Colombia
BELLA FRUTTA
Greece
EUROFRUTAS
Portugal
COMM. DE FRUTA
ACAPULCOMexico
TRUCCO HOLDINGS INC. ****
United States 45%AZ FRANCE
France
BLAMPIN **
France
CAPEXO
France
FRUTTICA
France
H.NOS
FERNANDEZ LOPEZ
Spain
BONAORO *
Spain 50%
CITRUMED ***
Tunisia 50%
MOÑO AZUL *
Argentina 19,2%ORSERO SPA
Italy
FRESCO
SHIP’S AGENCY & FOWARDING Italy
ORSERO
SERVIZI
Italy
FRUPORT *
Spain 49%Shipping Distribution Holding & Services
* Equity Method ** 80,04% of fully diluted share capital + call option on 13,33%*** at cost **** Call option on 15% in order to own up to 60%Acquired in
June 2026
Governance & Shareholders’ structure
FIF HOLDING SPA
33,56%
Grupo Fernandez
S.A.
6,71%
Praude Asset
Management Ltd.
8,10%Treasury Shares
3,09%Free Float
48,54%Shareholders*
Total shares 17.682.500. Treasury shares 545.719* % ON SHARE CAPITAL
Paolo Prudenziati
ChairmanRaffaella Orsero
Deputy Chair & CEOMatteo Colombini CEOBoard of Directors 4 Committees of independent or non- executive directors10 members, including:
Remuneration and Nomination ●Control and Risk ●Related parties ● Sustainability
Analyst coverage
BANCA AKROS –Andrea Bonfà
INTESA SANPAOLO -IMI CIB – Gabriele Berti
TP ICAP Midcap – Mathias PaladinoAdvisors
Specialist: INTESA SANPAOLO -IMI
Auditing company: KPMG 13FIF Holding SPA and Grupo Fernández S.A.
are bound by a
shareholder agreement
60% –Independent
members
40% –Underrepresented
gender
20% –Minority list
* Already considered the full allocation for the script dividend and LTI plan.
Consolidated Income Statement
AMOUNTS IN €/000 FY 2021 % FY 2022 % FY 2023 % FY 2024 % FY 2025 % H1 2025 % H1 2026 %
Net sales 1.069.776 100,0% 1.196.284 100,0% 1.540.813 100,0% 1.571.270 100,0% 1.700.555 100,0% 845.173 100,0% 860.458 100,0% Cost of sales (975.562) -91,2% (1.077.434) -90,1% (1.369.334) -88,9% (1.424.362) -90,7% (1.547.567) -91,0% (764.222) -90,4% (779.665) -90,6% Gross profit 94.214 8,8% 118.850 9,9% 171.478 11,1% 146.908 9,3% 152.988 9,0% 80.952 9,6% 80.792 9,4% General and administrative expense (71.071) -6,6% (75.831) -6,3% (100.254) -6,5% (99.139) -6,3% (103.812) -6,1% (51.407) -6,1% (54.595) -6,3% Other operating income/expense (19) 0,0% (3.077) -0,3% (6.293) -0,4% (3.751) -0,2% (3.975) -0,2% (644) -0,1% (4.908) -0,6% Operating Result (Ebit) 23.125 2,2% 39.942 3,3% 64.931 4,2% 44.018 2,8% 45.201 2,7% 28.901 3,4% 21.290 2,5% Financial income 352 0,0% 321 0,0% 1.512 0,1% 2.072 0,1% 2.405 0,1% 464 0,1% 392 0,0% Financial expense and exchange rate diff.(3.665) -0,3% (5.690) -0,5% (12.457) -0,8% (11.111) -0,7% (11.639) -0,7% (5.771) -0,7% (4.036) -0,5% Other income/expenses from investments4 0,0% (483) 0,0% 524 0,0% 60 0,0% 324 0,0% 16 0,0% (2) 0,0% Share of profit/loss of associates and joint ventures accounted for using equity method 1.019 0,1% 2.041 0,2% 1.614 0,1% 2.047 0,1% 2.008 0,1% 1.162 0,1% 1.399 0,2% Profit before tax 20.835 1,9% 36.131 3,0% 56.124 3,6% 37.086 2,4% 38.298 2,3% 24.772 2,9% 19.042 2,2% Income tax expense (2.327) -0,2% (3.671) -0,3% (7.995) -0,5% (9.406) -0,6% (8.310) -0,5% (5.069) -0,6% (4.405) -0,5%
NET PROFIT 18.508 1,7% 32.460 2,7% 48.129 3,1% 27.680 1,8% 29.988 1,8% 19.703 2,3% 14.637 1,7%
ADJUSTED EBITDA –EBIT BRIDGE :
ADJUSTED EBITDA 52.929 4,9% 76.058 6,4% 107.114 7,0% 83.690 5,3% 86.868 5,1% 48.407 5,7% 45.605 5,3%
D&A –excl. IFRS16 (18.011) -1,7% (15.554) -1,3% (16.845) -1,1% (17.615) -1,1% (19.071) -1,1% (8.986) -1,1% (9.899) -1,2% D&A –Right of Use IFRS16 (6.983) -0,7% (12.560) -1,0% (14.647) -1,0% (15.423) -1,0% (16.328) -1,0% (8.008) -0,9% (8.443) -1,0% Provisions (2.408) -0,2% (2.245) -0,2% (2.841) -0,2% (1.953) -0,1% (1.249) -0,1% (957) -0,1% (718) -0,1% Top Management Incentives (1.753) -0,2% (3.033) -0,3% (3.185) -0,2% (2.241) -0,1% (2.363) -0,1% (574) -0,1% (806) -0,1% Non -recurring Income 1.909 0,2% - 0,0% 2.533 0,2% 1.042 0,1% 342 0,0% 93 0,0% 187 0,0% Non -recurring Expenses (2.557) -0,2% (2.725) -0,2% (7.198) -0,5% (3.481) -0,2% (2.998) -0,2% (1.075) -0,1% (4.635) -0,5%
OPERATING RESULT (EBIT) 23.125 2,2% 39.942 3,3% 64.931 4,2% 44.018 2,8% 45.201 2,7% 28.901 3,4% 21.290 2,5%14
Segment Reporting –Sales and Adjusted EBITDA
15NET SALES FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 2024 2025 2026
M€ Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Distribution 982,8 1.000,5 1.091,7 1.453,0 1.496,1 1.620,4 320,3 386,8 393,8 395,2 360,5 443,8 412,1 404,0 367,6 449,2 Var. y.o.y . 3,4% 1,8% 9,1% 33,1% 3,0% 8,3% -0,9% -1,7% 3,4% 11,0% 12,6% 14,7% 4,7% 2,2% 2,0% 1,2% Shipping 95,3 103,8 142,4 132,7 116,0 115,3 28,1 29,9 25,8 32,3 28,6 31,4 26,7 28,6 29,1 32,2 Var. y.o.y . 11,8% 9,0% 37,2% -6,8% -12,6% -0,7% -18,6% -13,5% -11,9% -6,1% 1,9% 5,0% 3,2% -11,4% 1,7% 2,8% Holding & Service 10,5 10,6 11,6 11,0 10,8 10,8 2,6 2,7 2,6 2,8 2,6 2,7 2,6 2,9 3,0 3,1 Inter Segment ( 47,1) ( 45,1) ( 49,4) ( 55,9) (51,6) (45,9) (13,1) ( 13,2) ( 11,3) (14,1) (12,1) (12,3) (10,5) ( 11,0) ( 10,6) (13,3) Net Sales 1.041,5 1.069,8 1.196,3 1.540,8 1.571,3 1.700,6 337,9 406,2 411,0 416,2 379,6 465,6 430,8 424,6 389,2 471,3 Var. y.o.y . 3,6% 2,7% 11,8% 28,8% 2,0% 8,2% -2,7% -2,4% 2,9% 10,1% 12,3% 14,6% 4,8% 2,0% 2,5% 1,2%
ADJUSTED EBITDA FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 2024 2025 2026
M€ Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Distribution 36,7 35,4 35,0 73,7 69,1 70,4 11,7 20,2 24,9 12,3 15,7 21,8 22,7 10,2 16,2 19,0 % to Net Sales 3,7% 3,5% 3,2% 5,1% 4,6% 4,3% 3,7% 5,2% 6,3% 3,1% 4,4% 4,9% 5,5% 2,5% 4,4% 4,2% Shipping 17,7 24,4 48,3 41,6 22,2 25,3 7,2 5,7 3,1 6,2 7,9 7,2 5,7 4,4 6,9 8,5 % to Net Sales 18,5% 23,5% 33,9% 31,3% 19,1% 21,9% 25,6% 19,1% 12,1% 19,1% 27,5% 23,1% 21,5% 15,5% 23,7% 26,5% Holding & Service ( 5,9) ( 6,9) ( 7,3) ( 8,2) (7,6) ( 8,8) (2,1) ( 1,8) ( 2,0) (1,7) (2,0) (2,1) (2,3) ( 2,4) (2,3) ( 2,7)
ADJUSTED EBITDA 48,4 52,9 76,1 107,1 83,7 86,9 16,8 24,1 26,0 16,8 21,5 26,9 26,2 12,3 20,8 24,8
% to Net Sales 4,6% 4,9% 6,4% 7,0% 5,3% 5,1% 5,0% 5,9% 6,3% 4,0% 5,7% 5,8% 6,1% 2,9% 5,3% 5,3%
Consolidated Statement of Financial Position
AMOUNTS IN €/000 30/06/2026 31/12/2025
Goodwill 127.447 127.447 Intangible assets other than Goodwill 16.321 9.546 Property, plant and equipment 199.557 200.315 Of which right of use (IFRS16 leases) 63.984 65.624 Investment accounted for using equity method 61.422 23.063 Non -current financial assets 8.761 7.654 Deferred tax assets 6.607 7.003
NON -CURRENT ASSETS 420.115 375.029
Inventories 67.847 54.887 Trade receivables 178.304 159.603 Current tax assets 10.049 12.057 Other receivables and other current assets 25.835 19.265 Cash and cash equivalents 89.872 77.706
CURRENT ASSETS 371.907 323.518
Non -current assets held for sale - -
TOTAL ASSETS 792.021 698.547 AMOUNTS IN €/000 30/06/2026 31/12/2025
Share Capital 69.163 69.163 Other Reserves and Retained Earnings 193.836 174.516 Profit/loss attributable to Owners of Parent 13.900 29.240 Equity attributable to Owners of Parent 276.900 272.920 Non -controlling interests 1.662 1.535
TOTAL SHAREHOLDERS' EQUITY 278.562 274.454
Financial liabilities 167.500 146.398 Of which IFRS16 lease liabilities 49.787 51.221 Other non -current liabilities 1.386 551 Deferred tax liabilities 4.135 3.887 Provisions 5.151 5.111 Employees benefits liabilities 9.534 9.315 Trade payables 5.594 -
NON -CURRENT LIABILITIES 193.300 165.262
Financial liabilities 67.440 47.680 Of which IFRS16 lease liabilities 15.324 15.144 Trade payables 212.844 173.423 Current tax liabilities 7.915 5.947 Other current liabilities 31.962 31.781
CURRENT LIABILITIES 320.160 258.831
Liabilities directly associated with non -current assets held for sale- -
TOTAL SHAREHOLDERS' EQUITY AND
LIABILITIES792.021 698.54716
17Definitions & Symbols Y.o.y. = year on year Abt. = about Adjusted EBITDA = Earning Before Interests Tax, Depreciation and Amortization excluding non- recurring items and costs related to LT incentives AGM = Annual General Meeting Approx. = Approximately ASM = Annual Shareholder’s Meeting BAF = Bunker Adjustment Factor BC= Business Combination BoD = Board of Directors Bps. = basis points BU= Business Unit CAM Line = Central -South America | South Europe Shipping Route D&A = Depreciations and Amortizations EBIT = Earnings Before Interests Tax EBITDA = Earnings Before Interests Tax Depreciations and Amortizations Excl. = excluding F&V = Fruit & Vegetables FTE = Full Time Equivalent FY= Full Year | Fiscal Year (twelve months ended 31 December) H1= first half (six months ended 30 June) H2= second half ( six months from 1 July to 31 December) HFL = Hermanos Fernández López S.A.
I/S = Inter Segment I/co = IntercompanyLFL = Like for like LTI = Long- Term Incentive/long term bonus LY= Last Year MBO = Management by Objectives/Short term bonus M&A = Merger and Acquisition MLT = Medium Long- Term MTM = Mark to market NFP = Net Financial Position, if positive is meant debt NS= Not significant PBT = Profit Before tax Plt. = Pallet PY= previous year or prior year Q = Quarter/trimester SPAC = Special Purpose Acquisition Company T-MEC = Mexico- United States -Canada Treaty TTM = Trailing 12 months YTD = Year to date FY= Twelve months ended December 31.
WW = Word Wide
M= million
K= thousands
€= EURO
, (comma) = separator of decimal digits . (full stop) = separator of thousands