ARYZTA (ARYN) Trading update summary

Executive summary

• German manufacturing will be consolidated at Eisleben, with Gerolzhofen and Nordhausen factories to close; the restructuring targets a more competitive footprint and improved profitability.

• A second French bolt-on acquisition was completed, while 2026 EBITDA and free cash flow expectations and 2027 capital returns were reaffirmed.

Financial highlights

• 2026 EBITDA expected at ~€300m and free cash flow at ~€100m, before one-time costs.

• Total 2026 financing costs expected below the lower end of the prior €37-40m guidance range.

• German restructuring entails one-time cash and non-cash costs of ~€56-61m; cash-cost payback expected in less than two years.

Outlook and guidance

• German measures are expected to lift Group EBITDA margin by ~60-80 bps once fully implemented; implementation mainly in 2026-27.

• Restructuring may reduce German revenue by ~€35-40m during implementation; growth in other markets and channels is expected to partly offset the impact.

• Capital returns are expected to recommence in 2027, supported by 2026 performance expectations and operational efficiency progress.