ARYZTA (ARYN) Investor Update summary

Financial performance and guidance

• EBITDA guidance reset to at least €300 million for 2025, reflecting slower-than-expected cost measures and challenging market conditions, compared to €320.9 million 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 €100 million, with accelerated cost and improvement measures.

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

• Margin recovery to 15% remains a mid-term goal, but near-term margin pressure is acknowledged.

Management and governance update

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

• Board maintains strong oversight and governance, with active committees and experienced directors.

• Focus is on business performance and addressing current challenges, with future leadership structure to be discussed later.

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

Strategic priorities and market environment

• Emphasis on accelerating cost measures and operational improvements in response to inflation and competitive pressures.

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

• Organic growth and business fitness prioritized over acquisitions; industry consolidation monitored but not a current focus.

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

• Company aims to be a strong partner to customers amid evolving market realities.