Bonduelle: Bonduelle - 2024-2025 First Half Year Financial Results: The Bonduelle Group posts growth in both its current operating income and its branded activities. Bonduelle confirms its annual objectives

BONDUELLE Head office: "La Woestyne" - 59173 Renescure - France Bonduelle a French S.C.A (Partnership limited by Shares) with a capital of 57 102 699,50 euros Registered under number : 447 250 044 (Dunkerque Commercial and Companies Register) 2024-2025 First Half Year Financial Results (July 1 - December 31, 2024) The Bonduelle Group posts growth in both its current operating income and its branded activities Bonduelle confirms its annual objectives For this 1 st half of the 2024-2025 fiscal year, the Bonduelle Group posted a strong growth of +17.8% on a like-for-like basis (1) of its current operating income which amounted to 48 million euros at current exchange rates and 47.8 million euros at constant exchange rates compared with 40.6 million euros the previous fiscal year. Over the period from July 1 to December 31, 2024, the Bonduelle Group's sales for the 1 st half year of fiscal year 2024-2025 amounted 1,119.4 million euros compared with 1,139.2 million euros for the 1 st half of previous fiscal year, -1.5% on a like-for-like basis (1) and -1.7% on reported figures, currency trends having a marginal impact over business activity's evolution (-0.2%). In value, the clear +1.9% growth in branded activities over the period confirms the strategic importance of brand development, as announced in the group's "Transform to win" transformation plan last October. It contrasts with the marked decline in the private label segment: -6.9%. Despite a slight downturn in business activity over the 1 st half year and an expected negative impact on profitability in the 2 nd half year due to the poor agricultural harvest in Russia, the Bonduelle Group confirms its annual objectives. In accordance with IFRS 5, the income statements related to the packaged salad activity in France and Germany, whose planned disposal was announced on August 29, 2024 are gathered in the income statement of the reported financial statements under the heading "net income from discontinued operations". Message from Xavier Unkovic - Chief Executive Officer: Our transformation is underway! We have embarked on an ambitious 3-year transformation of the group, called "Transform to win"; based on solid fundamentals: a modern corporate mission that puts positive impact at the heart of the business activity, flagship brands and our strong connection with the agricultural sector. The year 2025 marks the beginning of the transition phase, a key milestone in preparing for the rebound and acceleration of our performance in the coming years. The 2024-2025 1 st half year is already posting clear results over the five strategic pillars which represent the solid foundations of the group's transformation between now and 2027. The roadmap is clear and our teams are fully committed to reaching our objectives. We are gearing up for a spring full of activations, communication on our brands and our innovations, which are key factors in our transformation. In the United States, Bonduelle Americas returned to growth for the first time in four years, confirming the relevance of our strategic choices, while in Europe, the reorganisation of our business portfolio is improving at a good pace. Our operations are pursuing their focus on operational excellence, and we are working on the efficiency of our organizations while implementing our strategies. Finally, more than ever, we are reaffirming our ambition to deploy a sustainable business model and are moving towards a 100% B Corp TM group certification by the end of the year. ******* The 2024-2025 half year financial statements were approved by the General Partner, then reviewed by the Supervisory Board of March 05, 2025 and have been subject to a limited review by the Statutory Auditors. Key figures (in millions of euros) 1 st half year 2024-2025 1 st half year 2023-2024 Variation Sales 1,119.4 1,139.2 -1.7% Current operating income 48.0 40.6 +18.3% Current operating margin 4.3% 3.6% +70 bps Net income from continuing operations 17.2 6.4 +167.5% Consolidated net income -5.0 4.5 -211.6% Gearing (2) 1.23 0.95 Sales The Bonduelle Group's sales for the 1 st half year of fiscal year 2024-2025 amounted 1,119.4 million euros compared with 1,139.2 million euros for the 1 st half of previous fiscal year, -1.5% on a like-for-like basis (1) and -1.7% on reported figures. Activity by Geographical Region Total consolidated sales (in millions of euros) 1 st half year 2024-2025 1 st half year 2023-2024 Variation reported figures Variation Like-for-like basis (1) Europe Zone 672.3 712.6 -5.6% -5.8% Non-Europe Zone 447.1 426.6 4.8% 5.8% Total 1,119.4 1,139.2 -1.7% -1.5% Activity by Operating Segments Total consolidated sales (in millions of euros) 1 st half year 2024-2025 1 st half year 2023-2024 Variation reported figures Variation Like-for-like basis (1) Canned 554.7 594.7 -6.7% -6.4% Frozen 150.4 148.9 1.0% 0.9% Fresh processed 414.3 395.6 4.7% 5.1% Total 1,119.4 1,139.2 -1.7% -1.5% Europe Zone The Europe Zone, which accounts for 60.1% of the business activity over the period, posted for the whole 1 st half year an overall evolution of -5.6% on reported figures and -5.8% on a like-for-like basis (1) , mostly due to the significant sales drop in private label canned activities, caused by delays in contracted volumes deliveries by major customers. The fresh processed activities maintained in the portfolio (packaged salads activity in Italy and prepared segment in France and Italy) posted solid growth over the 1 st half year, especially in Bonduelle branded products, in retail and food service. Non-Europe Zone The Non-Europe Zone, which accounts for 39.9% of the business activity over the period, posted for the 1 st half year, an overall evolution of +4.8% on reported figures and +5.8% on a like-for-like basis (1) . In North America, the return to growth for the first time in four years was driven by the solid increase in retail sales of complete meal solutions and salad kits; a growth which accelerated further in Quarter 2 over branded products and innovations. In the Eurasia region, CIS countries and Russia posted solid growth fueled by the Bonduelle and Globus brands. Operating income For the 1 st half of fiscal year 2024-2025, the Bonduelle Group's current operating income stands at 48 million euros at current exchange rates and 47.8 million euros at constant exchange rates, compared with 40.6 million euros the previous fiscal year. This corresponds to a +17.8% increase in current operating income on a like-for-like basis (1) . The current operating margin stands at 4.3% on both like-for-like basis (1) and reported figures, given the slight impact of exchange rates over the period. In the Europe Zone, good agro-industrial performances only partially offset the downturn in volumes, in particular the delay in private label sales (-22.2% in canned and frozen segments). In the Non-Europe Zone, the growth momentum in branded activities enabled a return to a positive profitability: on one hand, in the United States with an improvement in current operating income driven by new contracts, a good dynamic in brands and better harvests than last fiscal year, and on the other hand, the Eurasia region posting an increase in branded products sales. After taking into account non-recurring items of -3.1 million euros over the period, following the logistical optimizations in the United States, the Bonduelle Group's operating income reaches 44.9 million euros on reported figures, compared with 35.7 million euros for the 1 st half of previous fiscal year representing an increase over the period of +25.8% on reported figures. Net income from continuing operations Net financial income amounted to -17.8 million euros, compared to -17 million euros at the end of previous half year. The posted interest expense for the period went from -15.3 million euros to -14.7 million euros, mainly due to lower indebtedness in high-interest currencies (Hungarian forint, Russian ruble). The group average financing rate declined over the period and is now at 4.12%. The foreign exchange result is negative for the half year (-1.2 million euros, mainly due to the weakening of the ruble), compared with -0.2 million euros for the same period last year. Tax expense came to 12.7 million euros, compared with 13.3 million euros in the 1 st half of the previous fiscal year, the effective tax rate (46.7%), although improving, remains distorted by the non-activated losses from the North American fresh activities. Net income from associates amounts to 2.8 million euros corresponding to the share of income from Nortera Foods accounted for under the equity method. After taking into account financial income, tax expense and income from associates, Bonduelle Group's net income from continuing operations for the 2024-2025 1 st half year amounted to 17.2 million euros compared with 6.4 million euros the previous fiscal year, representing 1.5% of sales. Net income from discontinued operations In accordance with IFRS 5, contributions from activities being discontinued are gathered under the heading "net income from discontinued operations". Thus, for the 1 st half year, items under this heading amounted to -22.3 million euros, of which: -2.6 million euros as current operating income for the period, non-recurring items including the provision for the Saint-Mihiel redundancy plan and the Genas voluntary redundancy plan for a total of 20 million euros, 5.7 million euros in tax and financial income restatements , the impairment of 4 million euros in goodwill related to the packaged salad activity in Germany, and fees related to the divest of these activities. After taking into account net income from discontinued operations, the Bonduelle Group's consolidated net income for the 1 st half of the 2024-2025 fiscal year amounted to -5 million euros, compared with +4.5 million euros the previous fiscal year. Financial situation Net financial debt (excluding IFRS 16 and after taking IFRS 5 into account)