ARYZTA (ARYN) Investor Update summary

Financial performance and guidance

• EBITDA guidance reset to at least EUR 300 million for 2025 due to slower-than-expected cost implementation and challenging market conditions, compared to €320.9m in 2024.

• Organic growth guidance reiterated at low- to mid-single-digit for 2025, supported by pricing and volume.

• Free cash flow for the year expected to be around EUR 100 million, aided by accelerated cost and improvement measures.

• New production lines in Switzerland and Germany are ramping up as planned, not loss-making, with a major project in Perth on track for Q1 2026.

• Q3 revenue data will be released as scheduled on October 20.

Leadership and governance

• CEO Michael Schai steps down immediately following a mutual decision with the Board; Urs Jordi, current Chairman, is appointed as interim CEO.

• Board maintains active oversight with experienced committees and a lead independent director.

• Focus remains on business performance and shareholder interests, with governance structures supporting rapid response to challenges.

• No immediate plans for leadership succession; current focus is on operational execution.

• The Board expresses gratitude to Michael Schai for his service and emphasizes unity in the leadership transition.

Market environment and strategy

• Industry remains highly competitive, with aggressive tendering and ongoing price pressure.

• Company is prioritizing organic growth and operational fitness over acquisitions, while monitoring market consolidation opportunities.

• Mid-term plan, including a 15% EBITDA margin target, remains intact, though margin recovery may take time.

• Return of capital to shareholders will follow repayment of hybrid instruments and maintaining a 30% equity ratio.

• Management emphasizes adaptability and speed in responding to evolving consumer and cost dynamics.