#1GREENYARD Investor Presentation 25 February 2021 - Q3 Update for a healthier future#2| PRELIMINARY NOTES Safe harbor statement - This presentation may contain forward-looking statements. Such statements reflect the current views of management regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Greenyard is providing the information in this document as of this date and does not undertake any obligation to update any forward-looking statements contained in this presentation in light of new information, future events or otherwise. Greenyard disclaims any liability for statements made or published by third parties and does not undertake any obligation to correct inaccurate data, information, conclusions or opinions published by third parties in relation to this or any other information issued by Greenyard. Glossary - All definitions are available in the Glossary of the Half Year Report GREENYARD#3GREENYARD GREENYARD Overview, mission and strategy 3 GREENYARD#44 About Greenyard | Greenyard is a global leader in fruit and vegetables processing, services and logistics in three main business lines, serving mainly retail customers Greenyard is structured across two segments and three divisions FRESH LONG FRESH FROZEN Sourcing and sales of fresh fruit & vegetables Sourcing, production and sales of frozen fruit & vegetables PREPARED Sourcing, production and sales of canned fruit & vegetables Mission of Greenyard focused on healthy lifestyle & fostering nature "to make lives healthier by helping people enjoy fruit and vegetables, at any moment, easy, fast and pleasurable, whilst fostering nature" Deeper integration with customers and growers enabling more stable and resilient results Operational excellence and continuous improvement as new embedded way of working Best in class in corporate governance and risk management Being industry leader in sustainability leading to additional economic value Market leading positions, serving 19 out the 20 main retailers in Europe हि 2 mn ton /year All divisions contributing to the profitability & ready to deliver more FY 2019/20 H1 2021 Sales 20% €4.1bn 80% 18% €2.2bn 82% FY2021 Guidance N°2 in fresh fruit and vegetables in Europe N°2 in frozen fruit and vegetables in Europe N°5 preserved fruit and vegetables in Europe Nº1 in preserved mushrooms globally EBITDA 56% 43% €95,7m 45% €57,3m 57% ■Fresh ■Long Fresh ■ Fresh ■Long Fresh Upper end of range: €106 €110m GREENYARD#55 Unique positioning | Greenyard is uniquely positioned as a market leader in its three core divisions, serving the majority of top retailers but also, to a lesser extent, food service/industry Fresh Frozen Prepared What? To Whom? Fresh Multi-category specialist in fresh fruit and vegetables, combining trading with added value services: ripening, order picking, labelling & packaging, category management and logistics Ahold Delhaize Carrefour Retail REWE ALDI Long Fresh Market leading multi-category specialist in frozen vegetables, mixes, fruits, herbs, organic & convenience products, with a customer base in retail, foodservice and food industry Retail TESCO L&DL Foodservice Sysco TRANSGOURMET METRO JERÓNIMO MARTINS Leading player in prepared fruit and vegetables, mushrooms, pasta, soups & sauces in cans, jars and pouches, largely under private label METRO Food industry Nomad Foods Retail Ahold Delhaize Foodservice Food industry makro EDEKA Food service/industry represents 20-25% of total Long Fresh sales Size? Annually trading 2.000.000 tons Strategy Strength 27 ripening, packaging & service centers Implement a true partnership model that operates on a cost-plus basis (generating modest but stable margins on large volumes) or target margin basis Becoming the preferred added value retail partner from fork to field Annually packing¹ 450.000 tons Annually producing 12 processing plants Build tailor-made long term relations, combining it with innovation ■ Offering a tailored solution for the growing demand in frozen private label 350.000 tons Build tailor-made long term relations, combining it with innovation ■ Offering a tailored solution for the growing demand in prepared private label Covering two segments, Greenyard is uniquely positioned in its sector, as the largest player offering the full combination of fresh, frozen and prepared fruit and vegetable products, to become the driving force in the transition to healthier lifestyles and more sustainable food chains. Note 1: We refer to annually packing tonnage given that the Frozen division is packing/selling not only own produced frozen F&V, but also complementing this with purchased frozen F&V GREENYARD#66 Fork-to-Field approach | Greenyard providing clients highly advanced supply chain management services through integrated partnerships Focus on Consumer Consumer - 1 Retailer 3 FUTURE FUTURE Red flesh apple range R KISSABEL Plastic-free packaging INNOVATION INNOVATION Customer Note: Illustration above details Greenyard Fresh approach Focus on Supply Chain, Grower and value creation to retail in function of the Consumer GREENYARD да Full assortment all year round Ripening Quality management Packaging Services 2 Supply basket Product specialisation Multiple services FUTURE INNOVATION Growers Indoor farming Knowledge development GREENYARD#77 Categories (assortment)/volumes Low High Integrated partnerships | Greenyard's important shift from opportunistic day trading to (long-term) collaborations with different integration levels in both traditional business & partnerships Day trading Traditional (trading) business Optimising the traditional day/week/season/year-trading business through: ▸ Offering added value, niche products & additional services to pure trading customers ▸ Embed operational excellence into the day-to-day operations and improve efficiency of processes ▸ Enhance account management of key customers and optimise product mix leading to improved profitability Full-blown integrated partnerships ▸ Full integrated partnerships allow for demand-driven value chain approach... ...as such reducing complexity and inefficiencies, while guaranteeing optimal (and sustainable) sourcing and quality, allowing for improved product range & availability... ▸ ...leading to sustained margins & augmented predictability of topline evolution Typical contract duration: +/- 3-5 year Fully integrated Generating revenues through spot buying and selling transactions Depending on market readiness & customer integration Extensive integration with customer on a long-term basis, optimising supply & demand GREENYARD#8Global footprint | Thanks to its global network of growers and excellent supply chain management services, Greenyard manages to fulfill customers' high standards Global Just-In-Time network, Customer Fresh Frozen Sourcing Control at entry Inbound logistics Handling Outbound logistics Quality control Blanching Freezing Warehousing Prepared Control at entry Preparation Blanching Appertisation Warehousing 8 Long Fresh: (mainly) local intake - local/global sale Fresh: local/global intake - (mainly) local sale Global sourcing Americas APAC Africa Strategic connections Greenyard Group Packing Labelling Fresh Distribution Center Frozen Production Site Prepared Production Site Overseas flow European flow GREENYARD#99 Unique combination | With its unique combination, the 3 divisions are strengthening each other a.o by cross-supplying services and produce Thanks to the harsh situation in AY1819, the Transformation Office has identified significant synergy potential across the 3 divisions which are currently being harvested. In addition, the company culture has changed, and people prove much more open to cooperate and do business together Fresh Current Group synergies ► Leverage Group expert functions to optimise economies of scale Cross-divisional collaboration with concrete initiatives ►Share best practices to make optimal use of the extensive knowledge available within the Group ► See examples (within circle right) of services/produce which are supplied among the divisions ► Prepared sauces used in Fresh meal kits ►Supply of Fresh apples during shortage at Prepared Prepared ► Asset-light frozen fruit strategy (e.g. Tesco) thanks to Fresh grower network ► Fresh logistic services offered to Frozen PL Reduce waste by processing rejected fresh fruit in Frozen GREENYARD Frozen vegetables used for prepared products (e.g. sauces, pea & carrot mixes, etc.) Frozen Future Opportunities ► Cross-divisional strategy and collaboration on convenience segment ►Shared R&D and new product development ► Leverage existing Fresh partnerships for potential Long Fresh collaborations and vice versa ▸ Several new ideas on intra division supply such as frozen litchi, avocado for guacamole sauce, etc. Expected trend towards one F&V category (Fresh, Frozen, Prepared) at retailers offering F&V in the most appropriate form to meet consumer needs. A group like Greenyard, covering all three segments, is best positioned to optimize and supply a full F&V assortment for each consumption moment. GREENYARD#10Successful transformation as evidenced by improved results 10 10 Adj. EBITDA margin 3,2% 129 1,6% 2,4% 65 96 2,6%1 Upper end 106-110 60,5 48,4 H2 Adj. EBITDA 23,3 68,5 H1 Adj. EBITDA 41,2 47,6 56,6 AY1718 AY1819 AY1920 F2021 Fresh Sizeable top-line growth and stabilizing profit margins resulting from further development of new & existing integrated long-term partnerships ► Profitability uplift following (volume) ramp-up & scope expansion in existing & new partnerships, further driven by higher incentive realisation ▸ Significant rationalisation thanks to professionalisation, group leverage & cooperation, workforce rightsizing and indirect spent savings Q3 sales increased by 11,4% Y-o-Y driven by higher volumes in the long-term relationships Long Fresh Fruit and convenience projected to show double digit y-o-y sales growth, operational excellence & innovation leadership as levers for margin improvement ► Growth with existing long-term clients, start of partnership with Tesco and focus on growth businesses like convenience, bio and fruit Continuous strive for realising cost efficiencies and better asset utilisation, ► Profitability management of product and client portfolio Q3 sales increased by 6,4% Y-o-Y with higher sales in retail and food industry more than offset lower sales in food-service Adj. EBITDA margin 2,2% 0,8% 1,3% 1,8%¹ Adj. EBITDA margin 7,6% 5,8% 6,8% 6,5%¹ 30,1 3,3 31,0 29,6 18,8 21,4 42,6 21,7 24,6 32,4 25,7 20,5 24,3 24,9 AY1718 AY1819 AY1920 F2021 AY1718 AY1819 AY1920 F2021 ■H1 Adj. EBITDA H2 Adj. EBITDA ■H1 Adj. EBITDA ■H2 Adj. EBITDA 1 Adj. EBITDA margin based on HY2021 results GREENYARD#11GREENYARD GREENYARD A future proof Greenyard 11 GREENYARD#12(N (in EURm) Hardship Transformation 3 years ago, a combination of unfavourable developments caused hardship for Greenyard 4.086 129 Hardship 3.912 AY1718 AY1819 Sales Adj. EBITDA 65 (in EURm) Transformation 4.061 96 AY1920 Sales Adj. EBITDA (in EURm) A future proof Greenyard 9m 2021 +10,3% CAGR 2,5% 150 106-110 CAGR >8,0% ~3,0% Adj. EBITDA% Serial negative events caused a strong, sudden drop in result Initiation of transformation plan to restore the true value of Greenyard 7 pillars underpinning Greenyard's further growth over the next four years Run-rate capex: F2021 F2425 60-65mEUR Sales Adj. EBITDA Listeria contamination: Contamination in Hungarian plant leading to many exceptional costs Revenue model transition pains: price and volume pressure due to lengthy and high impact change process (as well for Greenyard as for retailer) to build a partnership Adverse weather conditions: negative impact which resulted in waste, lower production and overhead absorption These three exceptional circumstances, coming together, in combination with the high debt and low group/cash focus (at that time) in Greenyard, led to financial difficulties Note: Financials above are Pre IFRS 16 22 12 GREENYARD Future proof#13Hardship Transformation Future proof Strong transformation plan and rigorous implementation based on three overarching workstreams had led to a swift recovery & increased profitability (in EURm) 4.086 129 Hardship 3.912 65 (in EURm) Transformation 4.061 96 (in EURm) A future proof Greenyard 9m 2021 +10,3% CAGR 2,5% 150 106-110 CAGR >8,0% ~3,0% Adj. EBITDA% AY1718 AY1819 Sales Adj. EBITDA Serial negative events caused a strong, sudden drop in result AY1920 Sales Adj. EBITDA Initiation of transformation plan to restore the true value of Greenyard Run-rate capex: F2021 60-65mEUR F2425 Sales Adj. EBITDA 7 pillars underpinning Greenyard's further growth over the next four years Customer Portfolio Revitalisation of commercial relationships Long-term relationships Increased relevance Action plan loss-making volumes Innovations at correct price Operations Implementation of operational excellence Workforce rightsizing Group procurement & initiation of joint sourcing Cost discipline ✔B Transport and logistics optimisation Assets Rationalization of footprint and focus on cash management Divestment of non-core business Better asset utilisation Focus on debtors/creditors Improved inventory management Embedded in Greenyard's organisational culture to ensure continuous improvement & strengthened organisation with sharpened corporate governance Note: Financials above are Pre IFRS 16 13 GREENYARD#1414 Hardship Transformation Future proof Unique long-term relationships | Deepening long-term relationships to produce more added value services remunerated by a stable EBITDA margin profile Fresh partnership High Frozen partnership Large European retailer +20 years ch Albert Heijn September 2019 TESCO Revitalisation of commercial relationships Categories (assortment)/volumes Low Large European retailer Large European retailer October 2020 +3 years Recent shift REWE November 2019 15 DELHAIZE +10 years Carrefour ( albert €250-350m potential uplift in sales for the coming four years thanks to partnerships with new and existing retailers phases towards integrated partnerships Pipeline Often already existing (long-term) relationship, but market climate or retailer not yet ready to pursue an integrated partnership Preparation phase Define partnership arrangements, set- up organization (if applicable) and build trust Build phase Test, tailor and (re-) build cooperation - Growth by gaining a larger stake of the F&V assortment (towards full) Fully integrated Scaling up and deepening the range. Acceleration in volumes and value added services Long-term relationships foster the commitment for long-term, sustainable investments in the value chain. The continued investment in these long-term relationships is expected to create room for innovation and joint expansion in higher growth categories, such as frozen fruit and meal kits. GREENYARD#15Hardship Transformation office has been scrutinising all cost areas to identify and unlock untapped cost efficiency potential across the whole Group - REALISED TRANSFORMATION INITIATIVES (APRIL '19 – AUGUST '20) Logistics efficiency in Fresh Germany Road: increase load factor in Belgium Production rationalisation/yield improvement Productivity improvement (temporary labour) +€8m Group Transport Management System - ongoing Operational Excellence Significant reduction in workforce in Fresh (-510 FTE), Frozen (-12 FTE) and Corporate (-8 FTE) Change of management teams across all divisions and on group level ▸ Shift in mindset to focus on profitability and cash instead of Sales and increased best practice sharing across divisions and countries 15 Estimated full-year run-rate impact Transformation Future proof Implementing operational excellence Sourcing Waste management program in the Netherlands Evolution from spot buying to sustainable buying programs +€3m Group joint sourcing initiatives (Pink Lady, Avocado) - ongoing Indirect spend 360° 帑口 Road: increase Baltic carrier in Italy and the Netherlands ▶ Sea freight cost improvement +€18m Organisation +€13m Packaging specifications optimisation Temporary labour renegotiated in Belgium Facility cleaning optimisation in Belgium Harmonisation IT standards GREENYARD#16Hardship Transformation Future proof Rigorous and continued focus on cash led to an improved net financial debt position OVERVIEW RECENT CASH MANAGEMENT INITIATIVES L Divestment non-core Greenyard Flowers UK Baja (Frozen Hungary) Logistics Portugal L Better asset utilisation Some DC/offices in Poland & Germany sold or lease terminated, Facility in UK rented out, look for partial sub-rent in Fresh France Focus on debtors- creditors Improved inventory management Strengthen logistics Poland, wind-down Fresh Poland 08 Footprint rationalization and focus on cash management €26m CF FCST further finetuned New Group Treasurer Treasury team strengthened WC analysis and actions Cash Flow Forecast Initiated: Cross group shift to CF mindset WC ICT tools deployed Continued WC actions WC improvements Warehouse allocation and rationalisation - S&OP across division New division manager Redefine 'iron' stock levels WC impact inventory analysis Improvements in monitoring and inventory management Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep AY1920 F2021 By implementing this strong transformation plan based on these three overarching workstreams and a rigorous implementation, Greenyard was able to gradually restore the trust in the company of its various stakeholders (a.o. Suppliers, clients, financing banks, investors...) 16 One-off cash impact GREENYARD#17Hardship Transformation Future proof Delivering the targets as set out in the roadmap N Sustainable growth in group sales (+10,3% Y-o-Y) with stable margin profile and heading towards the upper range of €106m - €110m of Adj. EBITDA (AY2021) Increasing resilience to new external factors with a more robust business profile & profitability New integrated partnerships with top tier retailers realized as a sound basis for continued growth Successful focus on de-risking Greenyard and group-wide cash management & cost controlling initiatives On track to secure comprehensive refinancing by end of FY2020/2021 and maintaining supportive bank relations Strong management team with proven track record, ready to further realise future ambitions GREENYARD 17 17#1818 Hardship Transformation Future proof Significant potential to further grow and stabilise a sound cash flow generation, enhance its profitability and stabilise cash flows on the back of supportive market trends (in EURm) 4.086 129 Hardship 3.912 65 (in EURm) Transformation 4.061 96 (in EURm) A future proof Greenyard 9m 2021 +10,3% CAGR 2,5% 150 106-110 CAGR >8,0% 3,0% Adj. EBITDA% AY1718 AY1819 Sales Adj. EBITDA AY1920 Sales Adj. EBITDA Run-rate capex: F2021 60-65mEUR F2425 ■Sales Adj. EBITDA Serial negative events caused a strong, sudden drop in result Initiation of transformation plan to restore the true value of Greenyard 7 pillars underpinning Greenyard's further growth over the next four years After focusing on the Transformation Plan, Greenyard is turning the page with revised long-term ambitions, built around 7 core pillars An organic growth trajectory in both the Fresh segment and the Long Fresh segment, set out by Greenyard's management, is the basis for this revised and ambitious plan for the coming four years GREENYARD F2024-2025 Note: Financials above are Pre IFRS 16 H Deepening GY's unique long-term relationships Smart sourcing strategy Secure growth at robust profitable margins Develop asset base and logistic/production capabilities Sustainability roadmap - economics and sustainability go hand in hand Strengthening agile organisation Strong corporate governance GREENYARD#1919 Hardship Transformation Future proof New long-term ambitions | Expected growth is underpinned by 7 pillars that Greenyard intends to focus on and further develop over the coming four-year period GREENYARD F2024-2025 com HI Deepening GY's unique long-term relationships Smart sourcing strategy Secure growth at robust profitable margins ✓ Develop asset base and logistic/production capabilities Sustainability roadmap - economics and sustainability go hand in hand * Strengthening agile organisation Strong corporate governance GREENYARD#2020 Hardship Transformation Future proof Unique long-term relationships | Deepening long-term relationships to produce more added value services remunerated by a stable EBITDA margin profile Full high-quality, optimised assortment Sourcing/assortment determined by retailer and Greenyard ►Growth with retailer gaining F&V market share, opening new stores, higher penetration with franchisees Better & more diverse assortment, products, availability and taste for the customers Stable volume allocation at a stable price for growers Invest in quality and secure availability in stores Integrated Supply Chain Transparent supply chain Integrated systems (e.g. in warehousing or IT) All/majority of F&V flows controlled by Greenyard All stores on platform Reduction of waste Increased demand predictability Improved transparency, traceabilityand improved product knowledge Reduced business volatility and increased efficiency Improved usage of natural resources/footprint Stable margins Transparent cost-plus structure Retail price determined by retailers and advised by Greenyard Incentives (e.g. quality, innovation, etc.) Categories (assortment)/volumes High Fresh partnership Frozen partnership Low Large European retailer Transparent cost-plus or target margin revenue model October 2020 +3 years Large European retailer Recent shift REWE Large European retailer Preparation phase November 2019 albert 湯 +20 years ch Albert Heijn September 2019 TESCO DELHAIZE +10 years Carrefour KI €250-350m potential uplift in sales for the coming four years thanks to partnerships with new and existing retailers Promotions at the right time and for the right product Strong visibility of earnings Phases towards integrated partnerships: Pipeline Often already existing (long-term) relationship, but market climate or retailer not yet ready to pursue an integrated partnership Define partnership arrangements, set-up organization (if applicable) and build Build phase Test, tailor and (re-) build cooperation - Growth by gaining a larger stake of the F&V assortment (towards full) Fully integrated Scaling up and deepening the range. Acceleration in volumes and value added services Long-term relationships foster the opportunity to grow the assortment, including in higher growth categories such as frozen fruit and meal kits, to optimise the supply chain, improve product quality and reduce waste, as well as to introduce innovation ✓ Consistent quality and price ✓ Retailer can focus on core competence (i.e. marketing and sales) trust GREENYARD#2121 RO Hardship Transformation Future proof Smart sourcing strategy | Integration in the entire chain through collaboration with growers and joint sourcing Efficiency gains for all parties in the chain Innovative and integrated cooperation Competitive advantage in sought-after products (0) Sourcing Secure availability of products dad Be ahead of the consolidation wave Smart sourcing: to attract new growers and retain important growers Collaboration across the Group: Greenyard can bundle the group expertise and create alignment ▸ Improved efficiency: allowing improved economic terms, as well as a more sustainable supply Sustainable supply chain: lower waste, intelligent and efficient logistical use and balanced supply and demand Future proof: with the sourcing strategy, Greenyard aims to secure its availability and supply of the most sought- after categories and be a catalyst in the further professionalization of the agricultural sector GREENYARD#22Future proof Hardship Transformation HSecure growth at robust profitable margins | Improve resilient margin growth thanks to rigorous margin management and customer intimate strategy As a large F&V service/produce provider, we have to master the art of aligning demand and supply, and sales and purchase prices in very volatile markets Fresh Shift towards more sustainable growth & margins and LT partnerships ▸ Strong topline growth & profitability enhancement by important shift to (long-term) collaborations with different integration levels in both traditional business & partnerships ▸ Sharp management of margins by aligning retail sales, product prices (a.o by liquidation settlements) and intimate grower relations ▸ By the end of the 4-year period, Greenyard aims to have more than 70% of Fresh sales contracted on the long term with a stable EBITDA margin Sales split 36% 47% >70% 64% 53% <30% AY1920 F2425 Partnerships (%) AY1819 Traditional (%) Extensive integration with customer on a long-term basis, optimising supply & demand ▸ Demand-driven value chain approach ► Reducing complexity and inefficiencies ▸ Sustained margins & augmented predictability Long Fresh Focus on high-growth segments, customer/product profitability and operational excellence ▸ Diversified base of retail and food service clients all over the world, typically year contracts which are rolled forward from year to year, potential of further partnerships ▸ Gain market share and extend production/sales in high-growth, more profitable segments like convenience, organic and fruit, and defend position in vegetables ▸ Intense relation with key accounts by providing client-specific and innovative product offering based on cost-efficient production ▸ Close follow-up of client/product profitability based on detailed cost allocation, and (if needed) adjust the portfolio and/or sales prices to protect margins ▸ Continuous balancing of grower supply/production and demand and reliable S&OP forecasting leading to lower required inventory at the same time safeguarding sufficient product availability 22 22 GREENYARD#2323 (€) Hardship Transformation Future proof Develop asset base and logistic/production capabilities | Defined program of high ROCE investments and projects to improve utilisation of asset base and cost efficiency Investment program: Greenyard is aiming for an annual run-rate CAPEX over the next four years of between €60m and €65m, to structurally develop Greenyard's asset base to execute and deliver on its ambitions. This will put the Company in a pole position, together with its global footprint, to have a state-of- the-art & advanced production equipment at its disposal. This in order to deliver optimized & cost-efficient services (e.g., sorting and packing lines, freeze/sterilisation units, food processing equipment...) to our clients a) Expand added value services b) Broaden product offering c) Improve costs and processes d) Develop quality, safety & sustainability Further development of Greenyard's Asset Base Logistics & IT (e.g., Interfaces client, ERP Fresh) Efficiency improvements (e.g., More performant packing lines) Food safety & environmental improvements Capacity extension (e.g., Convenience) Automation (e.g., Citrus sorting line) (e.g., New engine room) Cost efficiency projects: Besides running an investment program, Greenyard is also very active in & focused on more efficient use of resources and assets throughout the company (e.g., optimization of logistics (a.o. TMS-system), appointment of Group Transport Director, re-allocation of activities between various distribution centers and facilities, using the group's economies of scale for purchasing...) GREENYARD#24Hardship Transformation Sustainability roadmap | going hand in hand with adding economic value Future proof Sustainability is to become part of every day decisionmaking, embedded in the entire organisation, whereby adding economic value and sustainability go hand in hand. 24 24 Greenyard believes it is the responsibility of all actors in society to act in a sustainable way, including companies Short supply chain ☑ Inspire and co-create Investors Customers WATER Monitor and communicate GREENYARD Purpose Policy makers Chain Alliances & joint objectives PACKAGING Group sust. Director SOCIAL Jotivate & collaborate CLIMATE 197 Join our customers in working on sustainability and transparency in various fields and parts of the value chain Not only our own footprint needs to improve, but it will become crucial to motivate our partners in the chain to work on sustainability GREENYARD#2525 મો Hardship Transformation Future proof Sustainability roadmap | 4 concrete commitments, including climate action, water stewardship, responsible sourcing and achieving zero waste. #2 We will assess the water risks of 100% of our grower base by 2025 #1 We will reduce our greenhouse gas (GHG) emissions by 50% by 2025 (2018: n/a) 152.478 tonnes CO2-eq- We will set long-term Science Based Targets no later than 2022 We started in 2019 with water-intensive crops and our own processing sites CDP DISCLOSURE INSIGHT ACTION Global Reporting Initiative™ #3 100% of our consumer #4 packaging will be recyclable by 2025 6 (2018:97%) 98% 100% of our grower base located in risk origins will be certified for social compliance by 2025 (2018: n/a) 78% GREENYARD#2626 Hardship Transformation Future proof Agile organisation | Improved cooperation between entities & divisions thanks to revised organisational structure that leverages expertise and synergies Group/Central ►Define and implement central strategy ► Realise synergies among divisions ► Use of expert functions throughout the organisation ► Corporate compliance and risk management Local ►Define and implement local strategy ► Local operations and sales ► Local support functions to support daily operations (HR, Admin., ...) ► Local expertise and network C47 Marketing & Communication Transport Sustainability Talent development Expert services Sourcing G Procurement (e.g. Legal & Tax) Logistics, S&OP, Supply chain Prepared Frozen Fresh Traditional business Local Sales & Operations 47 ICT (local, divisional & central) Partnerships Cash culture, financial performance Treasury, WC and Financing Quality and Food Safety Division ►Define and implement divisional strategy ►Realize synergies among division ► Frozen division has been upgraded during the transformation ►Prepared and Bakker mature divisional structure ► Fresh ongoing build up of stronger divisional structure ►Use of expert functions throughout the division ► Business and sales development Installed before transformation, continuous improvement Installed during transformation, continuous improvement Started during transformation and ongoing GREENYARD#2727 Hardship Transformation Future proof Strong corporate governance | Long-term alignment of interests in a strengthened organisation AY1920 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May F2021 Jun Jul Aug Sep 園 Installation ELT¹ (Hein, Marc, Geert) Renewed LT2 (incl. division MD, legal and HR) New Authority Matrix Deployment Code of Ethics New Approval Flow Tool 'GreenPass' & Contract Database Corporate Governance Roadmap Strengthening management teams and sharpening corporate governance 圀 9 Supervision by ELT: Under the leadership of the two co-CEOs and the CFO and supported by a leadership team, Greenyard has installed strong corporate governance measures. All major strategic & operational decisions need to be approved by all 3 ELT-members, supported by a strong, renewed LT-team (see next slide) Strengthening management teams: Several changes at country level to future proof MD's, at division level appointment of a divisions Fresh MD, strengthening with key functions (e.g., communication, transport, sustainability director) Long-term alignment of interests: Greenyard has created a structural long-term alignment of interests between (senior) management and company, ensuring a commitment over the long-term through long-term incentives Install a more performance-driven culture: Strong focus on discipline and accountability, orientation to future, foster co-operation throughout the group (a.o. embedded in performance management system) "Over the past 2 years, our focus was to develop Greenyard into a next phase of its existence. Key words are resilience, agility and continued professional governance. With a long-term committed management team this will lead to solid and sustainable growth involving all stakeholders in the supply chain." Marc Zwaaneveld, co-CEO Notes: 1. ELT: Executive Leadership Team; 2. LT: Leadership Team GREENYARD#2828 Fully engaged and focused Leadership Team EXECUTIVE LEADERSHIP TEAM LEGAL & HR FRESH Hardship Transformation Future proof LONG FRESH HEIN DEPREZ Co-CEO MARC ZWAANEVELD Co-CEO GEERT PEETERS CFO Co-CEO as of January 2018 Focuses on the roll-out of Greenyard's strategic partnership model with its retailers Founded Univeg in 1987, which later became Greenyard Fresh Started at Greenyard as of January 2019 Responsible for business and transformation Led the turnaround as CEO of Van Gansewinkel Group (2014- 2017) CFO and Vice- Chairman at Suez Benelux & GE (until 2011) CFO as of September 2018 CFO at Metallo Group from 2012- 2018 Finance Director Belux Suez from 2010-2012 Senior Manager in Corporate Finance & Recovery at Deloitte and PwC, where he started in 1997 ALEXANDER VERBIST Group Legal/HR Director Group HR Director as of 2021 and Group Legal Director as of September 2015 Business & Corporate Legal Counsel, Tessenderlo Group from 2014- 2015 Senior Associate at Laga's corporate law and M&A department from 2009-2014 MAARTEN VAN HAMBURG MD - Fresh (Bakker) MD Bakker Division as of 2020 MD Bakker NL 2017-2020 Sales Manager Bakker 2014-2017 After various international senior positions in large retailers Passion for Food & Sustainable entrepreneurship. YANNICK PEETERS MD - Fresh (Belgium) MD Fresh Belgium since January 2020, member of the LT since March 2019 due to importance of successful transformation of Fresh Belgium Group Strategy Director & Corporate Finance manager since 2017 Previously worked in corporate finance at Deloitte in London, Brussels and internationally CHARLES-HENRI DEPREZ MD - Fresh MD at Greenyard Fresh division as of 2019 Managing Director at Greenyard Frozen segment as of January 2018 Worked as Head of Finance Department at Bakker Barendrecht and Project Manager at Expofrut • ERWIN WUYTS MD - Frozen MD at Greenyard Frozen division as of 2019 Development strategic plan business unit frozen patisserie Before, he was assigned the role of MD at Lutosa (2009-2017) • DOMINIEK STINCKENS MD - Prepared Managing Director at Greenyard Prepared segment as of July 2015 Joined Scana- Noliko In 1989 where he became general manager in 1997 In 2000, he led the Management Buy Out until summer 2012 GREENYARD#29Hardship Transformation Future proof Solid foundation for a sustainable profitable future underpinned by Greenyard's improved financial results An organic growth trajectory in both the Fresh/Long Fresh segments resulting in sizeable topline growth & resilient margins 9m 2021 +10,3% 4.061 AY1920 Adj. EBITDA % 2,4% (in EURm) Upper end of range: 106-110 96 F2021 ~2,7% CAGR F2021-F2425 +2,5% > +8,0% Towards 120 F2122 Structural improvement in financial position enables further sustainable deleveraging 517 503 500 456 426 407 400 7,1x 7,2x 300 200 100 T T Upper end of range: 4,4x 4,4x 106 110 3,9x 3,5x 118 96 105 65 71 Towards 150 F2223 F2324 F2425 ~3,0% Net financial debt LTM adj. EBITDA Leverage 3,0x 2,5x 2,0x 0 H1 AY1819 H2 AY1819 H1 AY1920 H2 AY1920 H1 AY2021 H2 F2021 F2122 F2223 F2324 F2425 Note: Financials above are Pre IFRS 16 1 In less than two years from now 29 Sales Adj. EBITDA ► Following the rigorous focus on cash generation & improving profitability across all divisions and confirming earlier outlooks, Greenyard estimates that the leverage ratio will move towards 3,5x by the end of financial year 2020/2021, down from 3,9x in September 2020 ➤ Lower leverage takes into account a further decrease in nominal debt, a.o by the repayment of the accordion debt, granted by its relationship banks in June 2019 ► Greenyard aims for a long-term net financial debt/adjusted EBITDA ratio between 2,0x and 2,5x (before application of IFRS 16) in less than 2 years, with the aim of structurally remaining between this range in the years thereafter GREENYARD#30GREENYARD GREENYARD APPENDIX: Greenyard in more detail 30 GREENYARD#3131 Greenyard has transformed and solidified its operational core business Management is determined to demonstrate improved resilience and increased predictability in its financial results, as such reconfirming and advancing its position as worldwide leader in fruit and vegetables with an extensive offering of fresh, frozen and prepared products & services and delivering promising benefits to all stakeholders. The following 6 major actions were taken by management to lay the foundation for a healthy, profitable future for Greenyard and will be monitored continuously in the future: 1 2 3 Strengthened the entire organisation and governance, intensified cooperation across countries and divisions, leveraged expertise & purchasing power Improved resilience to internal/external factors by a.o. more robust processes, long-term relations, diversification, improved planning & irrigation (weather) Operational excellence, continuous improvement mindset and quality leadership throughout the organization allowing Greenyard to excel within all relationships 16 2 5 34 Further develop asset base and production capabilities with high- ROCE investments a.o. in automation, capacity extension and quality & efficiency improvements Structural margin improvement through focus on higher-margin and more stable added value services & fast growing subsegments like convenience & organic Strategic shift from day-trading to longer- term, customer intimate collaborations, both in the traditional business and partnerships with top European retailers 6 5 4 Significant potential to further grow the business, enhance its profitability and stabilise cash flows on the back of supportive market trends GREENYARD#32About Greenyard | Greenyard is uniquely positioned to offer best-in-class services and an unmatched product offering 1. Significant growth upside through enormous addressable market potential 7. Complementary management team representing the entrepeneurial DNA 6. Significant value upside from turnaround GREENYARD 32 ARD 2. Consumer drivers stimulating growth towards healthy eating behaviors 3. Market-leading positions in both Fresh and Long Fresh 5. Distinguishing strategic edge vs. competitors through partnership model CREENARD 4. Industry-leading excellence in supply chain management GREENYARD#331 Market| The Global Fruit & Vegetables market presents an enormous addressable market with further growth outlook, substantially served by food retail by 2030... Consumer spending on fruit & vegetables - Geography dynamic, 2015-2030 Consumer spending on fruit and vegetables will shift geographically towards developing countries, but keeps growing overall in size Consumer spending on fruit & vegetables - Geography and Channel, 2030 Convenience is a growing trend worldwide, accounting for 15% of consumer spending in Europe 33 11% 8% 8% 8% CAGR '15-'30 CAGR: 4% CAGR: 5% 8% of global 16% of global 5% 7% 7% 8% 6% 16% 6% 11% € 768bn 16% CAGR: 3% 21% € 441bn 10% 18% 18% 13% CAGR: 5% 20% 14% 7% 5% 25% 15% 6% 56% 4% CAGR: 7% 46% 46% 28% 32% 2015 2030 North America Europe Out-of Home Asia & Oceania ■Middle East and Africa Convenience ■ Europe North America ■Latin America Hypermarkets Online World Specialised food stores & traditional outlets Supermarkets Discounters GREENYARD#3434 2 Market trends | Greenyard leveraging on consumer market trends supporting growing demand Favourable societal trends Healthy living Rise of illness and obesity Diversity Fun in everyday cooking Convenience Premium Increasing time pressure on consumer Increasing trend of novelty products Meat reduction Sustainability Rise of vegetarianism Rising environmental concerns Sustainability & traceability More local products More seasonal products Environmentally friendly packaging Greater transparency in the supply chain and increase of 'local-for-local' Provenance labels enhance consumption of local seasonal fruit and vegetables More information on sustainability of products and efforts to achieve this (g/capita) Increasing health consciousness Vegetables Fruit 52% 56% 250 300 145 110 Recommended Consumed Recommended Consumed MARKET DRIVERS Increasing online ordering behavior for fruit and vegetables Online sales (Em) € 98.7m CAGR: 21.7% € 70.9m CAGR: 15.1% 2016 2017 ―― NL online market --Albert Heijn € 22.7m CAGR: 42.9% 2018 (till w32) --Jumbo GREENYARD#353 Market position | As a market leader with a unique position in its three core divisions, Greenyard is serving the majority of the top retailers in its core regions MARKET LEADER 30 MARKET LEADER distribution sites 1,8 million tons/year FRESH #2 EU Ahold Delhaize #3 WW LIDI makro supply ca5,500 0 о in employees M Looo 10 Facilities MARKET LEADER 450,000 tons/year production 35 M 3 ca 2,000 о ca. 1,000 320,000 о facilities tons/year production FROZEN employees M&S ALDI #2 EU LIDL makro METRO Morrisons TESCO LIDL Suchan ELECLERGI! METRO BILLA REWE ALDI REWE METRO PENNY. ΒΕ EDEKA ALDI Suchan REWE DRINKERTS PENNY. 100% of top 10 clients have been a customer for more than 3 years PREPARED #5 EU #1 (1) Système (U amazon ASDA Sainsbury's Waitrose O MERCADONA employees (1) mushrooms ocado Walmart>< GREENYARD#364 36 Rationalising the fruit & vegetables value chain towards an omni-beneficial long term integrated partnership model... Greenyard is in the process of convincing retailers to evolve from less efficient trading or direct sourcing models, towards an omni-beneficial partnership model Retailer Retailer Trading causes longer chain & inefficiencies Trading organisation Sourcing partners GREENYARD Partnership increases quality, traceability and visibility Integrated strategic partnership GREENYARD Growers Growers GREENYARD#375 We work for the top retailers in the world 37 Morrisons Since 1899 GROUPE Ahold Delhaize TESCO Sainsbury's Casino Logovaults E.LECLERC I Walmart Waitrose Carrefour Ocado E Auchan 5 EDEKA supermarché DELHAIZE Biedronka Codziennie niskie ceny CO op A ALDI MARKT LiDL MERCADONA amazon PENNY. REWE BILLA ASDA Z ALDI SÜD Intermarche M&S SUPER makro METRO GREENYARD#385 Partnerships are becoming an increasingly important leg of the model 38 FRESH Bakker Belgium and Delhaize sign a strategic value chain agreement 28 May 2019 15DELHAIZE GREENYARD FRESH Greenyard and Carrefour Belgium sign an agreement in principle to strengthen their commercial relationship 23 April 2019 Carrefour GREENYARD LONG FRESH Greenyard Frozen UK and Tesco Tesco become partners to help consumers enjoy a full range of frozen, fruits, vegetables and herbs 30 April 2019 TESCO GREENYARD FRESH Breakthrough in the German fresh produce market: REWE Group and Greenyard develop new partnership model 19 September 2019 REWE GREENYARD GREENYARD#39Our vision is "to make lives healthier by helping people enjoy fruit and vegetables at any moment, easy, fast and pleasurable, whilst fostering nature". GREENYARD for a healthier future#40Contact Dennis Duinslaeger Investor Relations [email protected] T: +32 (0) 15 32 42 49 M: +32 (0) 477 90 39 98 GREENYARD for a healthier future