ACOMO N : reports record results for 2022 with an increase of +13% in sales and +7% in operating profit while substantially reducing net debt

PRESS RELEASE: FINANCIAL YEAR 2022

ACOMO REPORTS RECORD RESULTS FOR 2022 WITH AN INCREASE OF +13% IN SALES AND +7% IN OPERATING PROFIT WHILE SUBSTANTIALLY REDUCING NET DEBT

A FINAL DIVIDEND OF €0.80 PER SHARE IS PROPOSED FOR A TOTAL FULL-YEAR DIVIDEND OF €1.25, ANOTHER RECORD

ROTTERDAM (NL), 21 FEBRUARY 2023

ACOMO N.V. (Acomo), the Euronext Amsterdam-listed diversified, plant-based food ingredients and products Group, achieved record results with sales (+13%) of €1.4 billion and adjusted EBITDA (+7%) of €108 million for the fiscal year 2022, despite a challenging market environment, inflationary pressures, and geopolitical unrest. Operating cash flow was strong, resulting in substantially reduced net debt leverage ratio of 2.7x per 31 December 2022, down from 3.2x at the end of 2021. Adjusted Earnings Per Share increased to €2.07, an increase of +3% versus 2021.

(in € millions)	2022	2021	Change vs 2021
Sales	1,422.8	1,254.4	+13%
Adjusted EBITDA	108.4	101.3	+7%
Net Profit	54.9	54.0	+2%
Adjusted EPS in €	2.07	2.01	+3%

Pending the finalization of the external audit, the financials 2022 shown above are unaudited.

'Given the strong performance in all segments and substantially lower net debt of the Group, we are extremely pleased to announce a record dividend for 2022,' said Chief Executive Officer Kathy Fortmann. 'Our teams around the world achieved these excellent results despite extraordinary levels of geopolitical instability, inflation, and price volatility. The combined performance of our diverse set of operating companies continues to underscore the resilience of our businesses and teams and proves once again the significant value we create for our customers and suppliers by providing peace of mind and ensuring the continuity of their businesses.'

The Board of Directors is proud of the performance the teams delivered, supporting our customers and suppliers as reliable partners in the face of significant external challenges.

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PRESS RELEASE: FINANCIAL YEAR 2022

ROTTERDAM, 21 FEBRUARY 2023

In addition to delivering outstanding results, the company amended and extended its main financing agreement on improved terms, increasing the existing revolving credit facility from €345 to €420 million and extending the existing term loan until 2027.

The Group realized record sales and profits in 2022. Adjusted EBITDA increased for the segments Edible Seeds, Organic Ingredients, Tea, and Food Solutions. Spices and Nuts delivered the second-most successful year in history.

In 2022, consolidated reported sales of the Group increased by +13% to €1,422.8 million (2021: €1,254.4 million). Reported gross

profit increased by +8% to €184.6 million (2021: €170.2 million). For the full year 2022, reported net profit reached €54.9 million, an increase of +2% versus 2021 (€54.0 million).

Consolidated figures (in € millions)	2022	2021
Sales	1,422.8	1,254.4
Gross profit	184.6		170.2
Operating income (EBIT)	84.9	80.2
Financial result	(11.2)	(7.1)
Corporate income tax	(18.8)	(19.1)
Net profit	54.9	54.0
Total Shareholders' equity	411.9		364.3
Total equity		413.7		365.7
Total assets	860.8	866.8
Ratios
Solvency - total equity as % of total assets	48.1%		42.2%
Leverage ratio (net debt/EBITDA)		2.7x	3.2x
Earnings and equity per share (in €)
Adjusted Earnings per share	2.07		2.01
Earnings per share (reported)		1.85		1.82
Equity per share as at 31 December	13.91		12.30

Pending the finalization of the external audit, the financials 2022 shown above are unaudited.

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PRESS RELEASE: FINANCIAL YEAR 2022

ROTTERDAM, 21 FEBRUARY 2023

Activity reviews per segment
Sales 2022	Adjusted EBITDA 2022
10%	2%	8%	5%			Spices and Nuts
		31%				Edible Seeds
				35%
		27%				Organic Ingredients
38%						Tea
	19%					Food Solutions
			25%

Spices and Nuts

Spices and Nuts continues to be the most profitable segment in the Group. The segment had its second-best year in history with an increase in revenue of +5% versus prior year. Profitability was impacted by continued price pressure on most products in this segment. Most spices, including pepper, cardamom, garlic, and ginger, decreased substantially in price, while nutmeg and cloves remained stable and increased slightly, respectively. Cumin prices reached historically high levels. Prices of major nuts, including cashews, almonds, macadamias, pecan, hazelnut, and walnut significantly decreased. Desiccated coconut prices decreased by more than -20% compared to previous year.

Companies in this segment continued to perform well due to knowledge of sourcing origins, management of supply chains, relationship with suppliers, focus on customers, the addition of new products to the portfolio, and an increase in value-added services such as processing and packing.

Edible Seeds

The Edible Seeds segment realized an increase in revenue of more than +20% versus prior year. The activities of the segment in North America showed a strong performance across most business areas. Processing and contract manufacturing activities reported double-digit growth driven by increased consumer demand and growth with existing and new customers. Packaging automation projects were executed successfully, and margins improved across all products and activities despite higher input costs. The Wildlife business delivered a strong performance due to growing consumer demand, and the Pecking OrderTM brand, with new product offerings for backyard poultry, proved to be on-trend with evolving consumer needs. SunButter®, the leading brand for non-peanut,allergen-free spreads in the USA, benefited from increasing retail distribution.

In Europe, sales of sesame, poppy, and other seeds were stable throughout the year. Price volatility was high as buyers and processors stocked up in the first half of the year, resulting in lower demand in the second half. With high inflation and weakening consumer confidence, demand remained under pressure. Demand for pasteurized products benefited from the growing awareness of food safety and the benefits of preventive heat-treatment.

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PRESS RELEASE: FINANCIAL YEAR 2022

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Organic Ingredients

Tradin Organic increased business despite economic turmoil, geopolitical instability, and global logistics challenges. The North American business excelled. The Cocoa business was able to meet the demand at relatively stable margins despite higher energy costs and lower demand end of 2022. The Fruit business realized increased sales and margins in North America and Europe compared to the prior year, driven by increased consumer demand for healthy, sustainable products. The premium juice business in the USA, Big Basin Foods, continued to meet the demand, especially for organic orange juice, albeit with lower margins due to long-term contracts with retailers and delays in passing along price increases for packing, materials, and transportation. Tradin's organic coffee business, Trabocca, continued to generate good margins. Nuts and Dried Fruit was relatively flat for the year overall. Tradin's Oil business did well in North America and Europe. The market demand for organic sunflower oil increased in the first half of the year due to the instability in Ukraine and neighbouring countries. Tradin was able to meet the increased demand for sunflower oil produced in Bulgaria due to its local sourcing position.

Tea

Royal Van Rees Group grew operating profit by +10%, despite lower volumes due to numerous challenges in the segment. Tea prices increased across the world as crisis-ridden Sri Lanka suffered a -20% loss in crop and sharp price increases, mainly due to the collapse of the local currency. African tea prices remained buoyant throughout 2022 backed by strong demand, and India saw increased demand and recorded sharp price increases. Amidst these difficult market conditions, the North American fruit and herbs business grew and will continue to be a focus area of future growth.

Food Solutions

Snick EuroIngredients had another record year due to the introduction of innovative new concepts and solutions. All of Snick's three pillars (dry blends, wet blends, and distribution) showed higher sales and margins driven by their strong performance. During the year, the capacity of the wet blend lines was expanded to meet the increasing demand from customers and ensure delivery of high-quality products. Snick managed to align its innovation capabilities, products, and services very closely with customer and consumer demand for culinary solutions, plant-based products, and alternative protein sources.

Consolidated Income Statement

The reported results include amortization charges of -€5.0 million in 2022 in relation to the Tradin Organic acquisition. Unrealized foreign currency (FX) and commodity (CX) hedge results are also included in the income statement. These items impacted both gross profit and operating expenses. Unrealized FX and CX hedge results (due to not applying hedge accounting) had a negative effect on reported gross profit of -€3.8 million (+€3.6 million in 2021). The impact of unrealized FX and CX hedge results on reported net profit was -€2.8 million (+€2.7 million in 2021).

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PRESS RELEASE: FINANCIAL YEAR 2022

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Interest expenses increased compared to the previous year, driven by higher interest rates (Euribor and LIBOR) and higher averaged working capital, which was however significantly reduced during the last quarter of 2022.

Acomo's tax rate decreased from 26.1% to 25.5% mainly due to a different country mix versus prior year.

(in € millions)			2022					2021
	Reported	Unreal. -		Amortiz.-	Adjusted	Reported	Unreal.-	Amortiz.-	Adjusted	% change
		FX/CX hedge		charges*			FX/CX	charges*		adjusted
		results					hedge
							results
EBITDA	104.6	3.8			108.4	104.8	(3.6)		101.3	+7%
Depr./Amortiz.	(19.7)			5.0	(14.7)	(24.6)		10.8	(13.8)
EBIT	84.9	3.8		5.0	93.7	80.2	(3.6)	10.8	87.5	+7%
Fin. Inc./Exp.	(11.2)				(11.2)	(7.1)			(7.1)
Profit before tax	73.7	3.8		5.0	82.5	73.1	(3.6)	10.8	80.3	+3%
Corp.-income tax	(18.8)	(1.0)		(1.3)	(21.1)	(19.1)	0.9	(2.7)	(20.9)
Net profit	54.9	2.8		3.7	61.4	54.0	(2.7)	8.1	59.4	+3%

• Amortization of acquisition-related intangible assets.

Pending the finalization of the external audit, the financials 2022 shown above are unaudited.

Currency euro/US dollar

The euro/US dollar exchange rate was very volatile during the year. With the peak in September and October, the US dollar remained stronger against the euro, resulting in a year-end euro/US dollar exchange rate of 1.071 (1.137 in 2021). The average euro/US dollar exchange rate in 2022 was 1.053 (2021: 1.183). The FX rate change contributed to sales (+€77.3 million) and net profit (+€3.7 million) compared to the previous year. As of 31 December 2022, this exchange rate effect resulted in an increase in total assets (+€23.0 million).

Consolidated Balance Sheet

Total assets as at 31 December 2022 amounted to €860.8 million (-1% versus year-end 2021; €866.8 million). The decrease is due to a reduction of working capital through focused inventory and receivables management, partly offset by higher FX translation rates. Shareholders' equity increased by +€47.6 million to €411.9 million as at 31 December 2022. The main movements were the 2022 net profit of €54.7 million and the positive net currency translation effect of +€23.6 million due to the stronger year-end US dollar, partly offset by dividends payments to shareholders (-€31.1 million). The bank borrowings structure was positively revised due to the amend-and-extend of the bank finance facilities. Solvency of the group improved to 48.1% (2021: 42.2%).

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