Newlat Food S p A : THE BOARD OF DIRECTORS APPROVES THE DRAFT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Head office: Via J. F. Kennedy, 16 - 42124 Reggio Emilia - Telephone: [phone] Fax: [phone]

Share Capital € 43,935,050.00 fully paid-up - Economic and Administrative Index of Reggio Emilia (REA) no. 277595 - VAT and Tax ID 00183410653

Company subject to management and coordination by Newlat Group S.A. pursuant to articles 2497 et seq. of the Italian Civil Code.

PRESS RELEASE

THE BOARD OF DIRECTORS APPROVES THE DRAFT FINANCIAL STATEMENTS FOR

THE YEAR ENDED 31 DECEMBER 2022

• Record-highconsolidated revenues: € 741.1 million, + 18.5% compared to the previous year revenues, equal to € 625.2 million, under the same consolidation perimeter1.
• Consolidated EBITDA: € 56.4 million, up 2.6% compared to the previous year, equal to € 55 million, on the same consolidation perimeter. Consolidated EBITDA margin of 7.6%.
• Adjusted EBITDA2: € 57.7 million, adjusted EBITDA margin equal to 7.8%.
• Consolidated EBIT equal to € 20.1 million, in line with the result recorded in the previous year, equal to € 20.5 million, under the same consolidation perimeter.
• Consolidated Net Income: € 6.6 million.
• FCF (excluding NWC impact): € 16.8 million. Cash conversion rate: 72.6%3.
• Proforma consolidated Net Financial Position as at 31 December 2022 equal to € -81.4 million. Excluding the effects of IFRS 16, the consolidated Net Financial Position as at 31 December 2022 is equal to € -34.6 million.
• Consolidated revenues as of 28 February 2023 amounted to € 126.7 million with an improvement of 23.5% compared to the same period in the previous year under the same consolidation scope.
• Consolidated EBITDA Margin as of 28 February 2023 increased to 9.45% vs. 7.6% in FY 2022.

Reggio Emilia, 17 March 2023 - the Board of Directors of Newlat Food S.p.A. ("Newlat Food" or the "Company"), which met today under the chairmanship of Angelo Mastrolia, examined and approved the Draft Financial Statements and Consolidated Statement for the year ended 31 December 2022.

The figures relating to 2022 confirm a positive trend in the main aggregate economic and financial figures of the Group.

• The comparative data include the Symington's Limited Group in the scope of consolidation starting from 1 January 2021. The 2022 pro forma data include the purchase of treasury shares for a total of Euro 28 million.
  2 Normalized EBITDA is defined as EBITDA for the period adjusted for income and expenses which, due to their nature, are reasonably expected not to recur in future periods.
  3 Cash conversion is calculated as follows: (EBITDA - CAPEX)/EBITDA

Head office: Via J. F. Kennedy, 16 - 42124 Reggio Emilia - Telephone: [phone] Fax: [phone]

Share Capital € 43,935,050.00 fully paid-up - Economic and Administrative Index of Reggio Emilia (REA) no. 277595 - VAT and Tax ID 00183410653

Company subject to management and coordination by Newlat Group S.A. pursuant to articles 2497 et seq. of the Italian Civil Code.

The consolidated revenues of the Group in 2022 were equal to € 741.1 million, up 18.5% compared to 2021, within the same consolidation perimeter.

The Group's consolidated EBITDA was € 56.4 million, a slight increase compared to € 55 million in the previous year, within the same consolidation perimeter. Consolidated EBITDA margin stands at 7.6%, slightly down compared to 8.8% recorded in 2021.

Adjusted EBITDA was € 57.5 million; adjusted EBITDA margin was 7.8%.

Consolidated EBIT was equal to € 20.1 million, in line with the result recorded in the previous year equal to € 20.5 million.

Consolidated Net Income was equal to € 6.6 million.

Proforma consolidated Net Financial Position as at 31 December 2022 equal to € -81.4million. Excluding the effects of IFRS 16, the consolidated Net Financial Position as at 31 December 2022 is equal to € -34.6million.

* * *

Angelo Mastrolia, the Chairman of Newlat Food, commented: "2022 was a year of numerous successes for the Newlat Food Group. Despite the many challenges that 2022 presented us in terms of volatility, geopolitical instability and reduced visibility, Newlat Food today is presenting results that exceed our expectations.

This year, Newlat Food achieved a turnover of € 741.1 million, with a growth of +18.5% compared to 2021. All segments recorded exceptional growth and, in particular, the pasta segment revenues increased by 40.8%, exceeding € 211 million in total turnover and a volume record in Germany, where we recorded an exceptional growth of 23.8%.

We are proud to see how, just three years after the IPO, the Group's revenues have more than doubled and that our business has evolved, not only operationally but also culturally. These results are even more significant if we consider the difficult context we faced in order to achieve them. In this last year we managed to maintain EBIT, EBITDA and Net Profit levels substantially in line with the previous year, despite the strong increase in costs we faced, confirming the considerable work employed in the price increase negotiations implemented during the course of the year. With the acquisition of EM Foods, the Group has entered a new market, the French one, and has expanded the range of dessert mixes with the opportunity to further develop both the B2B segment and that of existing brands with the products of the Minuto line, already appreciated in Germany and which we plan to launch throughout Europe. During 2022 the Naked line was launched in Italy and Germany, enjoying undisputed success in both markets, with exceptional growth and a market penetration that reached around 50% at less than a year since launch. Finally, it is important to underline how the group's focus on M&A activity continues to be very high. The current market context characterized by a rise in interest rates and a credit market less inclined to endorse heavy financial leverage structures makes the M&A market less hectic and more linear in terms of both processes and evaluations. Newlat Food is now involved in some highly important sale processes. The first target in terms of strategic importance is a foreign company with a turnover exceeding 1 billion euros and various business divisions that are highly complementary to Newlat's current portfolio, with considerable and immediately achievable synergies. This acquisition would allow the Group to exceed 2 billion euros in consolidated turnover and become one of the most important players in the European food industry. The second process concerns a company with a leading brand in the "special products" category. In addition to consolidating our

Head office: Via J. F. Kennedy, 16 - 42124 Reggio Emilia - Telephone: [phone] Fax: [phone]

Share Capital € 43,935,050.00 fully paid-up - Economic and Administrative Index of Reggio Emilia (REA) no. 277595 - VAT and Tax ID 00183410653

Company subject to management and coordination by Newlat Group S.A. pursuant to articles 2497 et seq. of the Italian Civil Code.

position in some specific product categories, the group would benefit from important synergies and potential for development and better valorization of a brand with a great tradition. Furthermore, the process - in which we were involved for a good part of 2022 - concerning the sale of the operations of a large European MNC of a category that is highly complementary to the group's existing portfolio is still ongoing. The above processes and the profiles of the targets mentioned sum up well the great determination and ambition of a group strongly oriented towards growth and the value creation.

Our expectations for 2023 are positive and we are ready to face it with great determination. We are confident that by the end of the year new and stimulating development prospects will come up."

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Analysis of the pro-forma consolidated revenue

In 2022, Newlat Food achieved consolidated revenues equal to € 741.1 million, split as follows:

Revenues by Business Unit

(In € thousand and in %)	Proforma at 31 December		Change
2021	%	2020	%	2021vs2020	%
Pasta	211,464	28.5%	150,184	24.0%	61,280	41%
Milk Products	243,019	32.8%	229,957	36.8%	13,062	6%
Bakery Products	44,519	6.0%	39,467	6.3%	5,052	13%
Dairy Products	50,033	6.8%	40,026	6.4%	10,007	25%
Special Products	42,440	5.7%	34,787	5.6%	7,653	22%
Instant noodles	13,681	1.8%	13,413	2.1%	268	2%
Other Products	135,939	18.3%	117,393	18.8%	18,546	16%
Revenues from clients' contracts	741,094	100.0%	625,227	100.0%	115,867	18.5%

Revenues relating to the Pasta segment increased in the periods under review due to an increase in sales volumes in the large-scale retail and B2B sectors and an exceptional performance in the German market.

Revenues relating to the Milk Products segment grew due to higher sales volumes and an increase in the average price as a result of the inflationary push that characterized all of 2022.

The revenues relating to the Bakery Products segment recorded extraordinary growth supported by an increase in volumes and average sales prices.

Revenues relating to the Dairy Products segment are went up as a consequence of an increase in sales volumes and in particular in Germany and in Other Countries.

Revenues relating to the Special Products segment recorded an increase of 22% compared to the previous year due to higher sales volumes.

Revenues relating to the Instant Noodles segment recorded an increase of +16 on a like-for-like basis of consolidation due to the combined effect of the acquisition of new customers and better sales conditions.

The revenues relating to the Other Activities segment refer to secondary products and are substantially in line with the previous year.

Head office: Via J. F. Kennedy, 16 - 42124 Reggio Emilia - Telephone: [phone] Fax: [phone]

Share Capital € 43,935,050.00 fully paid-up - Economic and Administrative Index of Reggio Emilia (REA) no. 277595 - VAT and Tax ID 00183410653

Company subject to management and coordination by Newlat Group S.A. pursuant to articles 2497 et seq. of the Italian Civil Code.

Revenues by Distribution Channel

(In € thousand and in %)	Proforma at 31 December		Change
2022	%	2021	%	2022 vs 2021	%
Large retailers	451,195	60.9%	373,389	59.7%	77,806	21%
B2B partners	79,920	10.8%	58,489	9.4%	21,431	37%
Normal trade	79,933	10.8%	71,296	11.4%	8,637	12%
Private labels	110,910	15.0%	109,753	17.6%	1,157	1%
Food services	19,136	2.6%	12,299	1.9%	6,838	56%
Revenues from clients' contracts	741,094	100.1%	625,226	100.0%	115,868	18.5%

Revenues relating to the large retail channel increased due to an increase in sales volumes linked to the acquisition of new customers and in general to a higher average sale price compared to the previous year. The contribution of the large-scale retail channel went from 59.7% to 60.9%.

Revenues relating to the B2B partners channel increased due to an increase in demand and the average selling price, particularly in the pasta sector.

Revenues relating to the Normal trade channel went up due to a recovery in activities and in general to a higher average selling price compared to the previous year.

Revenues relating to the Private label channel are essentially linear compared to the previous year.

Revenues relating to the Food service channel increased due to the recovery of post-COVID-19 activities and sales volumes.

Revenues by Geography

(In € thousand and in %)	Proforma at 31 December	Change
2022	%	2021	%	2022 vs 2021	%
Italy	385,421	52.0%	330,419	52.8%	55,002	17%
Germany	132,844	17.9%	107,300	17.2%	25,544	24%
UK	142,781	19.3%	120,471	19.3%	22,310	19%
Other countries	80,047	10.8%	67,036	10.7%	13,011	19%
Revenues from clients' contracts	741,094	100%	625,226	100.0%	115,868	18.5%

Revenues relating to Italy recorded an increase due to the combined effect of the acquisition of new customers and a higher sale price compared to the previous year.

Sales in Germany increased due to higher sales volumes in the Pasta sector.

Revenues in the United Kingdom went up thanks to an increase in sales volumes in the instant noodles and pasta segment.

Turnover in Other Countries grew following increase in sales volumes in the Dairy and Pasta sector.

Head office: Via J. F. Kennedy, 16 - 42124 Reggio Emilia - Telephone: [phone] Fax: [phone]

Share Capital € 43,935,050.00 fully paid-up - Economic and Administrative Index of Reggio Emilia (REA) no. 277595 - VAT and Tax ID 00183410653

Company subject to management and coordination by Newlat Group S.A. pursuant to articles 2497 et seq. of the Italian Civil Code.

Analysis of Consolidated Results

In 2022, Cost of Goods Sold was equal to € 607.7 million, bearing 82% of revenues compared to 70.4% in 2021. COGS was impacted by the inflationary component that characterized all of 2022, negatively affecting both the prices of raw materials and the cost of packaging, transport and energy.

EBITDA was up 2.6% and was equal to € 56.4 million, with a margin of 7.6% of revenues compared to 8.8% in the previous year.

Consolidated EBIT is reported at € 20.1 million, with a margin of 3% in line with the result recorded in at 31 December 2021.

Consolidated Net Profit was € 6.6 million.

Allocation of Net Profit

During the meeting, the Board of Directors proposed to allocate the Net Profit for the year of the Newlat Food S.p.A. separate financial statements, equal to € 3,301,855 in the following manner: 5% to legal reserve and 95% to extraordinary reserve.

Analysis of Net Debt and Investments

Net financial position at 31 December 2022 was equal to € -81.4million. In 2021, NFP was equal to € -

52.9 million. The change in NFP at 31 December 2022 vs. 31 December 2021 is mainly due to the inflationary effects that characterized all of 2022 and in particular the last quarter as well as the extension of some leasing contracts expiring in mid-2023 for a further 6 years. Therefore, steps were taken to extend the lease terms by re-measuring the related contracts.

The net financial position as at 31 December 2022 also includes the purchase of treasury shares amounting to € 28 million.

During 2022, the Group made investments for a total of € 15.5 million. Investments in tangible fixed assets mainly related to purchases of plant and machinery, mainly attributable to projects to update and renew the production and packaging lines as well as the new biscuit production line at the Ozzano Taro plant.

* * *

SIGNIFICANT EVENTS OCCURRED DURING THE YEAR

The significant events that occurred during the year under analysis are illustrated below:

• On 7 December 2022, Newlat Food S.p.A. signed, with Alsa France (the "Seller"), a contract for the purchase of 100% of the ordinary shares and voting rights of EM Foods S.A.S., following the exercise by the Seller of the put option subscribed among the parties on 19 October 2022. Alsa France, as required by French law, exercised the option for the sale of 100% of the ordinary shares and voting rights of EM Foods S.A.S., after the workers' council of EM Foods S.A.S. formally agreed to the sale to Newlat Food.