ARYZTA (ARYN) investor relations material

Executive summary

• Revenue reached €2,223.3m for FY2025, with organic growth of 1.5% driven by both volume and price increases.

• EBITDA was €306.9m with a margin of 13.8%, reflecting resilience amid cost inflation and subdued consumer spending.

• Free cash flow totaled €120.0m, supporting a 5.7% increase in EPS to €4.25.

• Leadership transition completed, with Urs Jordi as permanent CEO and a new independent Chair proposed for 2027; head office relocation to Zug pending AGM approval.

• Strategic repositioning included key customer negotiations, innovation driving 19% of revenue, and new capacity investments in Switzerland, Portugal, and Poland.

Financial highlights

• Revenue increased to €2,223.3m from €2,194.5m year-over-year; organic growth was 1.5%.

• EBITDA margin at 13.8% (down from 14.6% in 2024) due to input cost inflation, partially offset by pricing and cost savings.

• Free cash flow was €120.0m, with disciplined CAPEX and improved working capital efficiency.

• EPS increased 5.7% to €4.25, driven by operating performance and lower financing costs.

• Net debt reduced to €645.9m, with leverage ratio improving to 2.6x.

Outlook and guidance

• Midterm plan targets confirmed: low-to-mid single-digit organic growth, EBITDA margin ≥15%, EBIT margin ≥9%.

• CapEx to remain at 3.5%-4.5% of revenue; net debt leverage targeted at 1.5-2x.

• Guidance for 2026 expects continued strong free cash flow, further EBITDA and EBIT improvement, and stable financing costs.

• Board to publish a capital return policy in 2026, with potential for dividends or share buybacks.

• Plans to repurchase last remaining hybrid bond (CHF 144.3m) at next interest payment date.