ARYZTA (ARYN) investor relations material

Executive summary

• Revenue for H1 2026 was €1,063.9m, reflecting organic growth of -2.7% year-over-year, mainly due to challenging conditions in Germany and subdued consumer sentiment across Europe.

• EBITDA reached €139.9m with a margin of 13.2%, down from the prior year, impacted by €5.4m in one-time costs from Project Excellence.

• Free cash flow was €23.6m, down from €29.4m year-over-year, supported by disciplined CapEx and working capital management.

• Diluted EPS was €1.82, nearly flat year-over-year, supported by lower financing costs and tax charges.

• The company completed the repurchase of its last outstanding hybrid bonds and executed a bolt-on acquisition in France to expand its business.

Financial highlights

• Revenue declined by 2.1% year-over-year to €1,063.9m, with organic growth at -2.7% and a positive FX impact of 0.6%.

• EBITDA margin was 13.2%, down 70bps year-over-year, including a 50bps impact from one-time restructuring and consulting costs.

• Free cash flow was €23.6m, down 19.7% year-over-year.

• Net debt decreased by nearly €100m to €789m, with leverage ratio improving to 2.7x.

• ROIC was 11.1%, above the WACC of 8%.

Outlook and guidance

• Organic growth for 2026 is expected at the lower end of the guidance range, with further EBITDA and EBIT improvement anticipated.

• Solid cash generation and improved net debt to EBITDA are expected for the full year.

• Capital return to shareholders is planned for 2027, with options including dividends and share buybacks, aiming for SME payout ratios.

• Midterm plan to 2028 remains unchanged.