MARR S p A : Analysts' Presentation - First Half 2023 Results

1H 2023 Results

Conference call - August 4, 2023

Important information

This presentation is being shown to you solely for your information and may not be reproduced, distributed to any other person or published, in whole or in part, for any purpose.

The information in this presentation could include forward-looking statements which are based on current expectations and projections about future events. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and investments; including, among other things, the development of its business, trends in its operating industry, and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur. No one undertakes to publicly update or revise any such forward-looking statements.

The Group's business is also correlated to tourism flows. Q1 and Q4 represent the low point of the business year, whereby Q2 and Q3 the peak of the seasonality. Therefore quarterly sales, operating results, trade net working capital and net financial indebtedness are impacted by the seasonality and may not be directly compared or extrapolated to obtain forecasts of year-end results.

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1H 2023 - Financial highlights

€m

Total Revenues

	874.3	1,003.2
793.0
1H 2019	1H 2022	1H 2023

EBITDA

56.3		53.4
	35.0
1H 2019	1H 2022	1H 2023

EBIT

42.0		34.7
	18.3
1H 2019	1H 2022	1H 2023

• Total Revenues increase in 1H 2023 on 2022 was affected in the first part of 1Q 2022 by the effects of the tail end of the pandemic and by food inflation accelerating from 2Q 2022 and progressively evening out in 2Q 2023. In addition, food inflation in 1H 2023 was mitigated by trading down phenomena
• Operating profitability (EBITDA and EBIT) at the end of the first six months of 2023 confirmed the improvement compared to the previous year, confirming also the recovery on pre-pandemic 2019. This improvement is to a large extent related to that of the Gross Margin as a result of the better pass-through of price increases of food products
• Net result of 1H 2023 amounts to 18.7€m (10.5€m in 1H 2022) and is affected by the increase of financial charges resulting from the rise in the cost of debt since 2H 2022
• Trade Net Working Capital as at 30 June 2023 amounts to 198.6€m decreasing compared to 233.5€m as at 31 March 2023 and to 211.5€m as at 30 June 2022

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1H 2023 - Sales

	2Q *					€m		1H *
							860.2	986.2
							779.7
		566.1
450.4	538.5			Street Market		550.9	634.5
358.7	380.7			485.7
			National Account	177.5	183.3	248.9
	107.3	129.8			Wholesale
			116.5	126.1	102.7
	72.5	55.6
2Q 2019	2Q 2022	2Q 2023				1H 2019	1H 2022	1H 2023

• Sales growth in 1H 2023 and different dynamics by quarters, as mentioned above, were affected by the pandemic in 1Q 2022 and change in food inflation
• 1H 2023 Sales performance in the Street Market and National Account segments (+20.3%) overperformed the reference Market, further strengthening MARR's leadership. According to Confcommercio data (July, 2023) consumption (in quantity and excluding inflation component) for "Hotels, meals and out-of-home food consumption" in 1Q and 2Q 2023 increased on 2022 respectively by +18.9% and by 2.5%
• Sales in the Wholesale segment (mainly sales of caught and frozen seafood to Wholesalers) in 1H 2023 have been affected by product availability and attention to profitability

(*) Starting from 2021 some reclassifications were made between client segments, in particular some structured customers were reclassified from the Street Market to the National Account, therefore 2019 sales data by client segments were restated for comparison with 2022 and 2023. Some small reclassification have been also done on 2022 data for comparison with 2023.

In addition, 1H 2023 Sales includes 7.5€m of Sales from Firgor Carni Srl, of which 2.4€m relating to 1Q 2023, company consolidated from 1 April 2022

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1H 2023 - Price change and GM dynamics

• In a foodservice environment affected by a general food inflation (accelerating from 2Q 2022) the pass-through process of price increases (measured in terms of €/kg Gross Margin) has been first implemented in the Street Market segment and is now also improving in the other segments
• The €/kg price change confirms the different speed by segments of the pass-through process of prices increase and its variation between 1Q and 1H 2023 also shows a levelling-off related to the progressive evening out of underlying food inflation and also to trading down phenomena

€/kg Gross Margin trend - basis 100% on 2019

1Q1H

Street Market	Total	Street Market	Total
		123%		111%	124%
	106%
	119%			122%
100%	103%		100%	107%

2019 2022 2023 2019 2022 2023

€/kg price change - on 2019

			1Q								1H
		Street Market			Total				Street Market			Total
				28%						28%	25%
				22%	19%	16%
13%
9%
							2022	2023
2022	2023

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