#1ORSERO SPA IR PRESENTATION November 2021 - 9M 2021 F.lli Orsero QUALITA EURONEXT STAR MILAN#2Agenda • GROUP OVERVIEW • • . CORE ACTIVITIES SUSTAINABILITY KEY FINANCIALS 9M 2021 OUTLOOK • APPENDIX DISCLAIMER Pag. 3 Pag. 7 Pag. 16 Pag. 23 Pag. 30 Pag. 35 Filli Orsero QUALITA GRUPPO ORSERO This document (the Document) was prepared by ORSERO S.p.A. (Company) only for the purposes of presenting the Company. The information contained herein may not be complete and exhaustive and no guarantee can be given as to its accuracy. This Document was drafted on the basis of data and information of the Company and/or in the public domain, and on parameters and assumptions determined in good faith by the Company. However, these parameters and assumptions are not the only ones that could have been selected for the purpose of preparing this Document, therefore the application of additional parameters and assumptions, or the existence of different market conditions, could lead, in good faith, to analyses and assessments that may differ, in whole or in part, from those contained herein. The information and/or the assessments contained herein have not been subjected to verification by independent experts, and are subject to changes and/or updates. The Company undertakes no obligation to give prior or subsequent communication in the event that any such changes and additions may become necessary or appropriate. No information contained in this Document can or shall be considered a guarantee or an indication of future operating, financial and equity results of the Company. To the extent permitted by applicable law, the Company and its corporate officers, managers, employees, and consultants do not make any declaration or guarantee and do not assume any obligation, either express or implied, or responsibility as to the accuracy, sufficiency, completeness and update of any information contained in the Document nor in respect of any errors, omissions, inaccuracies or negligence herein. This Document is provided merely for information and indicative purposes and does not constitute in any way a proposal to enter into any contract nor a public offering of financial products, nor advice or a recommendation to buy or sell any financial products. You are the exclusive addressee of this Document which as such cannot be delivered nor disclosed to any third parties nor reproduced, in whole or in part, without the prior authorization of the Company. The Manager in charge of preparing the corporate accounting documents of Orsero S.p.A., Mr. Giacomo Ricca certifies, pursuant to art. 154-bis, paragraph 2, of Legislative Decree 58/98 that the accounting information contained in this press release corresponds to the documentary results, books and accounting records. Minor discrepancies in calculating percentage changes and totals in tables of this presentation are due to rounding. 2#3GROUP OVERVIEW F.lli Orsero QUALITÀ#4Our Group, at a glance 80 YEARS OF ACTIVITY 2 BUSINESS AREAS + 1,500 SUPPLIERS AROUND THE WORLD + 300 PRODUCT TYPES WE BRING THE WORLD CLOSER, EVERY DAY. IMPORT & DISTRIBUTION OF FRUIT AND VEGETABLES IN SOUTHERN EUROPE PRESENT IN 8 COUNTRIES ITALY, SPAIN, FRANCE, PORTUGAL, GREECE, COSTA RICA, COLOMBIA, MEXICO Filli Orsero QUALITA GRUPPO ORSERO SHIPPING OF BANANAS AND PINEAPPLES Around the world, our Group is seen as a symbol of Italian excellence, tenacity and success. We're known for delicious fruit and vegetable products, as well as our authenticity and integrity. + 1,600 EMPLOYEES +1 BILLION € OF TURNOVER Orsero is listed on the Euronext STAR Milan. 4#5Main Milestones from 1940 to Date FIRST STEPS ⚫ INTERNATIONAL EXPANSION 1940s We begin fruit and across Italy. distributing vegetables • CONSOLIDATION Filli Orsero THE LAST DECADE Filli Orsero QUALITA GRUPPO ORSERO 1960s We expand the scope of our business. 1970s We begin distributing and importing exotic and out- of-season fruit, supplying the entire Mediterranean. 1980s We invest in international expansion, buying banana plantations in Costa Rica and companies specializing in the ripening and distribution of bananas in France. Reefer Terminal is set up at the Savona-Vado port to move and store fresh produce. 1990s We consolidate our position on the international stage by investing in Italy, Portugal and Greece. We build the first fleet of refrigerated ships, the Cala Bianche, for the importing of fresh produce. 2000s We begin the construction of our second fleet of ships, the Cala Rosse, which have increased capacity and are still in operation today. We continue to expand in Italy and Spain. 2012 We launch the F.lli Orsero brand, synonymous with Extra Premium quality fruit, on the European market. We undertake an organizational review and strengthen our management team. 2017 We change our name to Orsero S.p.A. following the merger with Glenalta. Food and we become a listed company on the AIM Italia market, which is managed by Borsa Italiana. We expand our distribution operation by taking control of Fruttital Firenze and Galandi in Italy, and Hermanos Fernàndez López in Spain. 2018 Our Spanish subsidiary enters the share capital of Bonaoro and Sevimpor, allowing us to expand into the Canary Islands, specializing in bananas. 2019 We continue to expand our Fresh Cut range by opening three centers in Molfetta, Verona and Cagliari. We acquire the Fruttica Group and consolidate Fruttital Cagliari. As of December 23 shares in our Group are listed on the STAR segment of the Borsa Italiana's Telematic Stock Market (MTA). 2020 We consolidate Moncada Frutta remaning 50%. Toghether with FEBA - European Food Banks Federation - and Banco Alimentare Italia we protect the value of food and reduce waste. 2021 We create a Group Department dedicated to Sustainability. We sign up to the UN Global Compact corporate responsibility initiative. We acquire the 50% of Agricola Azzurra, specialized in the distribution of fresh fruit and vegetables made in Italy. LO 5#6Governance & Shareholders' structure FREE FLOAT 39,6% Shareholders(*) (% on share capital) FIF HOLDING SPA(**) 32,5% TREASURY SHARES 1,1% FIRST CAPITAL S.P.A. 5,2% BANCA AKROS CFO SIM GRUPO (**) FERNANDEZ S.A. 6,3% GLOBAL PORTFOLIO PRAUDE ASSET MANAGEMENT INVESTMENTS S.L. 5,7% LTD. 9,5% Analyst coverage Andrea Bonfà INTESA SANPAOLO - IMI CIB EXANE BNP PARIBAS SPECIALIST AUDITING COMPANY Luca Arena Gabriele Berti Dario Michi Advisors INTESA SANPAOLO - IMI KPMG (*) Last update October 15,2021. Total shares 17.682.500. Treasury shares 202,514. (**) FIF Holding SPA and Grupo Fernández S.A. are bounded by a shareholder agreement. Governance PAOLO PRUDENZIATI Chairman RAFFAELLA ORSERO Deputy Chair and CEO MATTEO COLOMBINI CFO & Co-CEO Filli Orsero QUALITA GRUPPO ORSERO The Board of Directors (term 2020-2022) consists of 9 members, within the BoD are constituted 3 committees of independent or nonexecutive directors: ° Remuneration and Nominations committee Control and Risks committee • Related parties committee Term 2017-19 Term 2020-22 56% 33% 33% 22% 0% 22% Indipendent members Gender less represented Minority list#7CORE ACTIVITIES F.lli Orsero QUALITÀ#8Business model .02 IMPORT OUR SUPPLY CHAIN OVER 1,500 .01 SOURCING SUPPLIERS AROUND THE WORLD 5 SHIPS IN THE REEFER FLEET DEDICATED TO BANANAS & PINEAPPLES FROM ALL FOUR CORNERS OF THE PLANET TO YOUR TABLE, IN EVERY SEASON. Filli Orsero QUALITA GRUPPO ORSERO .04 STORAGE AND PROCESSING 26 WAREHOUSES .05 RIPENING .03 QUALITY CONTROL OVER 7,500 CHECKS PER DAY ONLY IN EUROPE 23 RIPENING CENTERS FRESH CUT ROOMS The world has changed since we first started working in the fresh fruit and veg section, but one essential principle has remained the same for us. Our unerring focus on quality. We now manage and monitor the entire value chain, allowing us to achieve excellence and ensure safety and security at every stage and thus maintain the freshness and quality of our products. .07 SALES, MARKETING AND DISTRIBUTION 26 MARKET STANDS *aggregate value of sales in the Group's European Distribution division. 60%* OF SALES TO LARGE RETAIL IN 2020 8#9Distribution Footprint DISTRIBUTION SALES BY PRODUCT - 2020 (*) 24% 7% 3% 11% 15% 10% 7% 1% 4% BANANAS PLATANO PINEAPPLES CANARIO EXOTIC FRUIT KIWIS CITRUS APPLES AND PEARS FRESH CUT SALADS AND TOMATOES DISTRIBUTION SALES BY COUNTRY - 2020*) 43% 28% 20% 5% 2% 2% ITALY SPAIN FRANCE PORTUGAL GREECE MEXICO (*) Internal reporting statistics. Mix calculated on Aggregated Gross Sales. Filli Orsero QUALITA GRUPPO ORSERO 19% OTHER FRUIT AND VEG Every year we market +800,000 tons of fruit and vegetables, supplied by several growers carefully selected throughout the world's principal production areas. Every day we distribute a complete range of fresh produce products with over 300 product families with a high level of service and customised solutions to meet our clients' requirements. + 300 SKUS FRUIT AND VEGETABLES CULTIVATION SITE IN AREAS SUITABLE FOR PRODUCTION SUPPLIERS WITH THE INTERNATIONAL CERTIFICATION STANDARDS CONTROLS ALONG THE ENTIRE SUPPLY CHAIN 9#10Distribution: commercial network FRANCE PARIS CAVAILLON SOLGNE TOURS PORTUGAL LISBON FARO PORTO BRAGA PORTIMÃO COIMBRA MEXICO TINGÜINDIN - 28,000 PALLETS REFRIGERATED STORAGE CAPACITY Filli Orsero QUALITA GRUPPO ORSERO IF YOU KNOW THE ROAD, QUALITY CAN GO VERY FAR. GREECE ATHENS MACERATA MILAN PESCARA PORTO S. GIORGIO ROME VERONA 9,700 PALLETS RIPENING CAPACITY We operate through a network of companies based in Italy, France, Spain, Portugal, Greece, Costa Rica, Colombia and Mexico. Thanks to the capillarity of our distribution and commercial network, we bring fruit and vegetables. from tropical countries and the southern hemisphere to Europe, from European and national producers to domestic consumers or from another European country SPAIN BARCELONA ALICANTE LLEIDA MADRID ITALY ALBENGA BARI SABADELL SIVIGLIA TARRAGONA TENERIFE BOLOGNA CAGLIARI FLORENCE ISPICA 10#11Distribution: serving all market channels DISTRIBUTION CHANNEL SALES MIX 2020*) 60%* OF SALES TO LARGE RETAIL IN 2020 Filli Orsero QUALITA GRUPPO ORSERO 17% 29% 41% 47% 57% 83% 71% 59% 43% 53% Italy Spain France Portugal Greece SUPERMARKETS WHOLESALER/OTHERS The main European Retailers that sell our products in their stores. FROM OUR WAREHOUSES TO YOUR SHOPPING BAG, ALL OVER MEDITERRANEAN EUROPE. Once stringent quality controls have been completed, our fruit and veg is ready to be distributed to the biggest wholesalers and supermarket chains. CONAD ESSELUNGA Auchan El Corte Ingles 5 Carrefour coop E.Leclerc ⑰ MERCADONA SUPERMERCADOS DE CONFIANZA enne LIDL CRAI AUTOGRILL Intermarché CONTINENTE (*) Internal reporting statistics. Mix calculated on Aggregated Gross Sales. OVER 10,000 clients in large retail and traditional channels. 11#12F.lli Orsero Brand Filli Orsero QUALITÀ Filli Orsero QUALITA GRUPPO ORSERO EXTRA PREMIUM FRUIT AND VEGETABLES PRODUCERS IN AREAS SUITABLE FOR PRODUCTION, SUPPLIERS WITH GLOBAL GAP CERTIFICATION CONTROL OVER THE ENTIRE PRODUCTION CYCLE SINCE 2012, OUR BRAND HAS BEEN SYNONYMOUS WITH EXCEPTIONAL QUALITY FRUIT. Only the highest quality products that pass all our checks are fit to represent the F.lli Orsero brand and are released for distribution. In addition to bananas and pineapples, the range includes citrus fruit, apples, melons, pears and a complete line of exotic fruits and vegetables. F.lli Orsero has also a line of home produced fresh cut ready-to-eat high quality fruit and an ample selection of fresh HPP cold-pressed juices and smoothies. F.LLI ORSERO PRODUCTS INCLUDE ORGANIC, ZERO RESIDUE AND NICHEL FREE PRODUCTS F.LLI ORSERO PRODUCTS INCLUDE A FAIRTRADE LINE 12#13Distribution: fresh-cut project Filli Orsero QUALITA GRUPPO ORSERO READY-TO-EAT FRUIT AND FRUIT JUICE Facilities located in strategic locations: WE ACCOMMODATE ALL COMMERCIAL REQUIREMENTS, MAINTAINING THE HIGHEST QUALITY WE OFFER A RAPID SERVICE WITH WIDESPREAD COVERAGE ACROSS ITALY TOTAL OF 4,000 SQUARE METERS DEDICATED to the production of sliced fruit in Italy inside or PROCESSING ROOMS adjacent to FIRST CLASS facilities FRUIT AND VEGETABLE JUICES 100% NATURAL no preservatives HPP PROCESS High-pressure processing method FRUIT IS CHANGING, WE GAVE IT A NEW CUT. Market background: • Key drivers in food consumption are bio, ready- to-eat and healthy products. Among the most promising trends in fresh fruit and vegetables, the demand for products with service content ("convenience products") stands out Orsero Group milestones: Orsero launched its fruit fresh-cut product in 2014, strengthening its processing operations in 2019 • Fresh-Cut is 1% of FY 2020 Distribution's sales In 2021 Fresh-cut products are recovering and leaping the pre pandemic levels 13#14Shipping bananas and pineapples - DOO Filli Orsero QUALITA 6 RIO HAINA 0 MOIN TURBO 5 SHIPS WITH REFRIGERATION SYSTEMS DOD . . LISBON TARRAGONA VADO LIGURE ~10,300 PALLETS LOADING CAPACITY The Group operates a weekly refrigerated transport service for 4 sister ships "Cala Rosse" (built in 1999/2000), owned, and 1 leased ship: Eastbound front haul trip: refrigerated loads of bananas and pineapples transported from Costa Rica and Colombia to southern Europe, approx. 50% of the loaded volume belongs to the Group. Westbound / back haul trip: dry cargo containers transported from Spain / Italy and unloaded in the Dominican Republic and Costa Rica. GRUPPO ORSERO 14#15Filli Orsero GRUPPO ORSERO Competitive landscape a We have been operating in the international market for some time now, competing with other leading players in the sector. QUALITA ✓ PRODUCER/IMPORTER Vertical integration and specialization in raw materials Chiquita ACTIVITIES Production, Inbound Logistics, Imports Del Monte Quality OPERATORS Title Orsero GRUPPO ORSERO Zespri KIWIFRUIT Fyffes Dole F DISTRIBUTOR Horizontal integration, wide product range ACTIVITIES Sourcing, Ripening and Packaging, Wholesaler Distribution, Outbound Logistics Orsero GRUPPO ORSERO COMPAGNIE FRUITIERE Sanfucar GREENYARD fruidor OPERATORS Dole eurobanan Battaglio fo Bargosa - FRUIT COMPANY Fresh Fruit and Vegetables distribution is highly fragmented internationally and in Southern Europe even more. During last years, some of major players have been involved in M&A/consolidation phase: - 2015: Chiquita Brands International (US) was bought and delisted jointly by Cutrale Group and Safra Group (BR) - 2017: Fyffes (IR) was bought-out and delisted by Sumitomo Group (JP) - 2018: Total Produce (IR) acquired a 45% stake of Dole Food (US), with an option to buy 6% more COMPAGNIE FRUITIERE SPREAFICO 2021: Total Produce (IR) and Dole Food Inc. (US) completed a merger agreement becoming Dole Plc. (Irish company listed on NYSE) Note: List to be intended for illustrative purpose and not exhaustive. 15#16SUSTAINABILITY F.lli Orsero QUALITÀ#172021 International Year of Fruits and Vegetables OBJECTIVES OF THE IYFV 2021 Filli Orsero QUALITA GRUPPO ORSERO RAISING AWARENESS OF AND DIRECTING POLICY ATTENTION TO THE NUTRITION AND HEALTH BENEFITS OF FRUITS AND VEGETABLES CONSUMPTION PROMOTING DIVERSIFIED, BALANCED, AND HEALTHY DIETS AND LIFESTYLES THROUGH FRUITS AND VEGETABLES CONSUMPTION. REDUCING LOSSES AND WASTE IN FRUITS AND VEGETABLES FOOD SYSTEMS. SHARING BEST PRACTICES ON: PROMOTION OF CONSUMPTION AND SUSTAINABLE PRODUCTION OF FRUITS AND VEGETABLES THAT CONTRIBUTESTO SUSTAINABLE FOOD SYSTEMS; IMPROVED SUSTAINABILITY OF STORAGE, TRANSPORT, TRADE, PROCESSING, TRANSFORMATION, RETAIL, WASTE REDUCTION AND RECYCLING, AS WELL AS INTERACTIONS AMONG THESE PROCESSES; INTEGRATION OF SMALLHOLDERS INCLUDING FAMILY FARMERS INTO LOCAL, REGIONAL, AND GLOBAL PRODUCTION, VALUE/SUPPLY CHAINS FOR SUSTAINABLE PRODUCTION AND CONSUMPTION OF FRUITS AND VEGETABLES, RECOGNIZING THE CONTRIBUTIONS OF FRUITS AND VEGETABLES, INCLUDING FARMERS' VARIETIES/LANDRACES, TO THEIR FOOD SECURITY, NUTRITION, LIVELIHOODS AND INCOMES; STRENGTHENING THE CAPACITY OF ALL COUNTRIES, SPECIALLY DEVELOPING COUNTRIES, TO ADOPT INNOVATIVE APPROACHES AND TECHNOLOGY IN COMBATING LOSS AND WASTE OF FRUITS AND VEGETABLES. The UN General Assembly designated 2021 the International Year of Fruits and Vegetables. The IYVF 2021 is a unique opportunity to raise awareness on the important role of fruits and vegetables in human nutrition, food security and health as well in achieving UN Sustainable Development Goals. Our Group shares the objectives of the event and promotes them through its own communication channels. 17#18We sign up to the UN Global Compact Filli Orsero QUALITA GRUPPO ORSERO Since 2021 Gruppo Orsero has been committed to the UN Global Compact corporate responsibility initiative and its principles in the areas of human rights, labor, the environment and anti-corruption. THE TEN PRINCIPLES OF THE UNITED NATIONS GLOBAL COMPACT REQUIRE THAT BUSINESSES: 2. UN GLOBAL WE SUPPORT COMPACT 3. MAKE SURE THAT THEY ARE NOT COMPLICIT, EVEN INDIRECTLY, IN HUMAN RIGHTS ABUSES. 4. 5. 6. SUPPORT THE EFFECTIVE ABOLITION OF CHILD LABOUR. ELIMINATE ALL FORMS OF FORCED AND COMPULSORY LABOUR. UPHOLD WORKERS' FREEDOM OF ASSOCIATION AND THE EFFECTIVE RECOGNITION OF THE RIGHT TO COLLECTIVE BARGAINING. SUPPORT AND RESPECT THE PROTECTION OF INTERNATIONALLY PROCLAIMED HUMAN RIGHTS IN THEIR RESPECTIVE SPHERES OF INFLUENCE. 7. SUPPORT A PRECAUTIONARY APPROACH TO ENVIRONMENTAL CHALLENGES. SUPPORT THE ELIMINATION OF ANY FORM OF DISCRIMINATION IN RESPECT OF EMPLOYMENT AND OCCUPATION. 8. UNDERTAKE INITIATIVES TO PROMOTE GREATER ENVIRONMENTAL RESPONSIBILITY. ENCOURAGE THE DEVELOPMENT AND DIFFUSION OF ENVIRONMENTALLY FRIENDLY TECHNOLOGIES. 10. WORK AGAINST CORRUPTION IN ALL ITS FORMS, INCLUDING EXTORTION AND BRIBERY. For more information https://www.orserogroup.it/un-global-compact/?lang=en 18#19FRESH FRUIT AND VEGETABLES: BASICALLY A SUSTAINABLE BUSINESS Olive Oil Dried Fruit Bread, Pasta Potatoes, Rice Legumes Fruit Vegetables HIGH Milk Yogurt RECOMMENDE Cheese Eggs Poultry Fish Cookies MPTION LOW Sweets Beef FOOD PYRAMID BCFN FOUNDATION 2016 ENVIRONMENTAL PYRAMID LOW ENVIRONMENTAL IMPACT Sweets Yogurt Pasta Cookies Rice Milk Bread Potatoes Fruit Vegetables Pork Olive Oil Poultry Dried Fruit Legumes Eggs HIGH Fish Cheese Beef ENVIRONMENTAL FOOTPRINT FRUIT AND VEGETABLES ECOLOGICAL FOOTPRINT CARBON FOOTPRINT FRUIT 495 g CO2/kg VEGETABLES 815 g CO₂/kg Fruit has the lowest impact, vegetables have the second lowest impact. WATER FOOTPRINT FRUIT 3 sqm/kg VEGETABLES 3 sqm/kg Vegteables have the lowest impact, fruit has the second lowest impact. FRUIT 930 l/kg VEGETABLES 335 l/kg Vegetables have the lowest impact, fruit has the forth lowest impact. The products of Orsero business, high quality and fresh fruit and vegetables, is at the base of the food pyramid with the highest consumption recommendation coupled with the lowest environmental impact among the food categories. Orsero Group's mission is to promote a healthy lifestyle that respects our planet. We work every day to improve the range of our products and offer solutions that facilitate the consumption of fruit and vegetables, whilst further reducing the environmental impact of our business, working on all factors, from the selection of the productions to the packaging, up to the reduction of waste. Source: Barilla Center For Food and Nutrition Foundation 2015 [www.barillacfn.com] The Environmental Pyramid is constructed using the Ecological Footprint alone, selected for its ease of communication associated with the unit of measure used [m2]. Filli Orsero QUALITA GRUPPO ORSERO 19#20SUSTAINABILITY - Vision OUR VISION OF A SUSTAINABLE WORLD. Filli Orsero QUALITA For the Orsero Group, corporate social responsibility is a lever for social progress and collective wellbeing. Our priority is to offer families from all over Europe products of the highest quality, guaranteeing the safety of our customers. CLIENTS SUPPLIERS NGOS AND LOCAL COMMUNITIES SHAREHOLDERS AND FINANCIAL COMMUNITIES OUR STAKEHOLDERS D MEDIA CONSUMERS INSTITUTIONS Filli Orsero QUALITÀ AND GOVERNMENTS EMPLOYEES AND TRADE UNION ORGANISATIONS GRUPPO ORSERO 20 20#21Filli Orsero QUALITA GRUPPO ORSERO SUSTAINABILITY - Priorities 0000 PRODUCT SAFETY, TRACEABILITY AND QUALITY We strive to bring you fruit of the highest quality, undertaking checks at every stage and ensuring freshness, flavor and safety. The majority of the Group's suppliers certify the quality of their products and agricultural practices through the globally recognized Global GAP and Rainforest Alliance certifications, which demonstrate compliance with sustainability and responsibility principles. SUSTAINABLE MANAGEMENT OF THE SUPPLY CHAIN We select the best cultivation areas and local producers. Through constant dialog with our suppliers, we are able to ensure quality and maintain control over the entire supply chain. ENERGY, EMISSIONS AND WASTE MANAGEMENT We monitor the environmental impact of our products in order to improve and boost efficiency, and we strive to reduce energy usage and waste. 100% RICICLATA SUSTAINABLE PACKAGING We are constantly committed to improving the sustainability of our packaging, to protect not only our fruit but also the environment. ORGANIC ORSERO We also sell organic products, allowing us to offer maximum flavor and quality while ensuring respect for the natural world. 21#22SUSTAINABILITY - Priorities BANKS FOOD UROPEAN FO FEBA FEDERATION Filli Orsero QUALITA GRUPPO ORSERO Banco Alimentare OUR GOAL: TO TRANSFORM POTENTIAL WASTE INTO NOURISHMENT. WE CREATE A VIRTUOUS CYCLE, WHICH IMPROVES THE IMPACT OF OUR ACTIVITIES. LET'S PROTECT THE VALUE OF FOOD AND REDUCE WASTE. This is the philosophy underpinning our partnership with Food Banks in European countries. NUTRITION AND WELLBEING Our mission is to put health, nutritious products on your tables, promoting a healthy lifestyle and a balanced diet. ETHICS AND RESPONSIBLE BUSINESS Responsible business management is at the heart of everything we do. We follow the principles of sustainability, guaranteeing respect, fairness and ethics. DEVELOPMENT OF HUMAN CAPITAL AND PROMOTION OF CORPORATE WELFARE We promote a work-life balance and ensure fair and stable working relationships based on respect and the promotion of talent. 22 22#23KEY FINANCIALS 9M 2021* F.lli Orsero QUALITÀ (*) Nine months ended 30 September 2021.#249M 2021 RESULTS - ROBUST RESULTS DELIVERY • • COVID-19: all safety measures are still in place, adapting to crisis evolution Economic and Financial Response Filli Orsero QUALITA GRUPPO ORSERO CORPORATE BUSINESS • • - - Supply chain constantly monitored in order to manage inflationary pressure and operational constraints due to international maritime transport issues (e.g. container shortage, surging freights) Focus on working capital management, with particular regard to the enhancement of credit collection Capex in line with planned investments ➤ minor recurring investments on distribution platforms in Europe some expansion capex in particular in Spain (New warehouse in Tenerife, new market stand and enlargement of warehouse in Sevilla; new ripening centre in Sicily) Post 9M 2021 closing - - - - M&A: executed earlier in October 2021 the acquisition of 50% of Agricola Azzurra for a cash consideration of 7,3 M€ Signing of a new 2-year lease contract, relevant for the purposes of IFRS 16, for the fifth reefer ship in use Market context Fruit and vegetables consumptions are still overall flat but with mixed results among different products, Q3 shows some signs of recovery after several months of lagging volumes sold compared to booming sales achieved in H1 2020 Distribution channels are normalizing Import & Distribution BU Good sales in absolute value: slightly below (-0,4%) 9M 2020 but largely positive vs 9M 2019 (+5,2%) ➤ Excellent growth in France, Greece and Mexico, positive performance in Spain, lower sales in Italy, Portugal Volumes are all in all declining while the price/mix effect is positive ➤ Good sales of kiwi, avocado, stone fruits and table grape offset by declining basic products (banana, apple/pear, citrus). ➤ Fresh-cut is gaining momentum leaping the pre-covid levels and over pacing the market trend Adjusted EBITDA margin of 4,0%, unchanged as last year certain fruit campaigns were closed earlier than usual, i.e. in Q3 instead of Q4 anticipating a portion of the last quarter results Shipping BU - CAM Line is keeping a high level of operational and economic performance, with historically high loading factor Overperformance of revenues from dry containers carried on the way back from EU to Central-South America - Adjusted EBITDA margin of 23,6% vs 18,9% LY 24#25Executive summary - consolidated figures Filli Orsero QUALITA GRUPPO ORSERO • • Net sales 9M 2021 are 789 M€, slightly up vs LY - 9M 2020 was particularly strong (+5,4% vs 9M 2019). - 2-Yr variance 9M 2021 vs 9M 2019 equal to +5,4% Adjusted EBITDA amounts to 41,8 M€, up +6,6% or +2,6 M€ vs LY Good performance for both Import & Distribution and Shipping BU Adj. EBITDA excl. IFRS 16 is 36,1 M€, up by 2,9 M€/+8,7% - Adjusted EBITDA margin stands at 5,3%, (+33 bps.) Adjusted EBIT improves by 1 M€ to 21,2 M€, as a consequence of better operating performances Adjusted Net profit is up by 2 M€ to 15,3 M€ vs 13,3 M€ of LY M€ 9M 2021 9M 2020 Total Change Amount % Net Sales 789,0 788,7 0,3 0,04% Adjusted EBITDA 41,8 39,2 2,6 6,6% • Adjusted EBITDA Margin 5,3% 5,0% +33 Bps. Adjusted EBIT 21,2 20,1 1,0 5,0% Adjusted Net Profit 15,3 13,3 2,0 14,7% Non-recurring (*) 0,1 (1,4)ns ns 15,4 11,9 3,5 29,1% Net Profit Adjusted EBITDA excl. IFRS 16(**) 36,1 33,2 2,9 8,7% • Total Equity is equal to 173,7 M€ Net Financial Position Excl. IFRS 16 (**) is 47,6 M€ (Net Debt) or 75,1 M€ including IFRS 16 liabilities, 28,2 M€ of improvement vs Dec. 2020 due to positive operating cash flow generation and working capital management ΜΕ Net Invested Capital Total Equity Net Financial Position NFP/ Total Equity NFP/Adj. EBITDA (**) 9M 2021 31.12.2020 248,7 263,4 173,7 160,1 . 75,1 103,3 0,43 0,65 1,47 2,13 Net Financial Position excl. IFRS 16(**) 47,6 74,4 NFP/ Total Equity excl. IFRS 16 0,27 0,46 NFP/Adj. EBITDA excl. IFRS 16 1,10 1,84 25 25 (*) Net of tax. (**) Data excluding the effect of IFRS 16, consisting chiefly of incremental Adjusted Ebitda of abt. 5,7 M€ in 9M 2021 and abt. 6,0 M€ in 9M 2020 and incremental NFP of 27,5 M€ at the end of 9M 2021 and 28,9 M€ at the end of 2020.#26788,7 8,2 73,1 Net Sales and Adj. Ebitda Import & Distribution Shipping Service/holding Eliminations NET SALES VARIANCE (M€) Total change ADJUSTED EBITDA VARIANCE (M€) Total change +0,3 M€ +2,6 M€ +6,6% +0,04% 789,0 39,2 41,8 -0,6 3,9 0,6 -2,7 1,9 -0,7 1,8 7,5 75,0 17,7 13,8 -0,4% +2,6% ns ns 742,6 740,0 30,0 29,4 m-35,3mm m-33,5mm -4,6 -5,2 Net Sales 9M 2020 Import & Distribution Shipping Service/ Holding i/s eliminations Net Sales 9M 2021 Adj. Ebitda Margin % Adj. EBITDA 9M 2020 5,0% Import & Distribution Shipping Service/ Holding Adj. EBITDA 9M 2021 5,3% Filli Orsero QUALITA GRUPPO ORSERO Import & Distribution Shipping Service/holding Net sales 9M 2021 are substantially unchanged compared to LY: Import & Distribution is down by 2,7 M€, or -0,4% : Q3 stand-alone posted +1,4% vs LY ▸ Excluding bananas, sales are positive thanks to a good price/mix effect with extremely lively performance of avocados, kiwi and table grapes while citrus and apple/pears are still subdued A Excellent growth in France, Mexico and Greece, positive performance in Spain, lower sales in Italy, Portugal Fresh-cut product line is growing both in sales and margins (also compared to pre-pandemic levels) ► 2-Yr growth 9M 2021 vs 9M 2019: +5,2% Shipping improves by 1,9 M€, or +2,6%, thanks to growing transported volumes (both fresh produce on the eastbound route and dry containers on the westbound route) partially offset by stronger EUR vs. USD Service/Holding is down by 0,7 M€ as a consequence of declining sales of the custom clearance services subsidiary Inter-segment eliminations are down by 1,8 M€ 9M 2021 Adjusted EBITDA is up by 2,6 M€ or +6,6% vs LY, further improving the margin ratio to 5,3% : - Import & Distribution slightly declines by 0,6 M€ vs LY Q3 2021 compares to an outstanding Q3 2020 but is hugely better than Q3 2019 ► France, Greece and Mexico (avocados exported to USA) are delivering strong results ► Slightly improved results of bananas and pineapples at import stage even if Q3 1/co maritime shipping costs 1,5 M€ higher than LY due to fuel prices ► margins of some basic products are normalizing after a buoyant performance LY (e.g. apple/pears, citrus and Canary Island banana) Shipping keeps a strong momentum, posting an increase of 3,9 M€: CAM Line performance improves on higher carried volumes ► Dry containers revenues are up thanks to better freights and higher volumes Good customer diversification, captive use at 44% Service/Holding is down by 0,6 M€ as per sales reduction Adjusted EBITDA excl. IFRS16 is 36,1 M€ vs 33,2 M€, or 4,6% of sales vs 4,2% LY 26#27Consolidated NET PROFIT ADJUSTED NET PROFIT VARIANCE (M€) Total change +2 M€ 11,9 -1,4 13,3 -1,6 2,6 -0,5 1,4 15,3 0,1 10 15,4 Net Profit 9M 2020 Adjustments 9M 2020 Adj. Net Profit 9M 2020 Adj. Ebitda D&A Provisions Financials/ Share of Profit Ταχ Adj. Net Profit 9M 2021 Adjustments 9M 2021 Net Profit 9M 2021 Adjusted Net Profit 9M 2021 stands at 15,3 M€, excluding the adjustments and their tax effect: Filli Orsero QUALITA GRUPPO ORSERO - higher operating margin is partially offset by the increase of D&A/provisions and financial items (mainly related to exchange rate differences moved from a profit of +0,6 M€ in 9M 2020 to a loss of -0,2 M€ 9M 2021) while tax accruals are lower than LY • Total adjustments 9M 2021 equal to a profit of +0,1 M€, net of estimated tax, comprising: - 1,3 M€ of capital gains (sale of Milano warehouse), 250 K€ of Covid-19 expenses, 430 K€ of provision for employees profit sharing in France and Mexico, 148 K€ of accrued top management LTI incentives (*) and 320 K€ of others - Net Profit is 15,4 M€ versus 11,9 M€ LY (*) Recognition of LTI matured in 2020. As per IFRS 2, the total LTI deferred bonus matured in 2020 was 909 K€ M€ (including social security) but only 277 K€ were recognized as cost for the FY 2020 since the right to receive the payment of such LTI bonus for the entitled key managers is subject to the condition of remaining in the Group for a time period set forth by the LTI Plan 2020-22 regulations. Therefore, the total amount matured is split over the lifespan of the Plan. For further information please refer to the FY 2020 Financial Report. 27#28Consolidated NET EQUITY and NFP NET EQUITY VARIANCE (M€) 160,1 15,4 -3,5 -0,2 1,6 0,3 173,7 Net Equity FY 2020 Net Profit Dividend Buy back 9M 2021 Hedging reserves Others Net Equity 9M 2021 NFP EXCL. IFRS 16 VARIANCE - ILLUSTRATIVE (M€) 7,2 29,4 -9,6 3,5 -3,5 -0,2 74,4 47,6 -27,5 75,1 FY 2020 Cash Flow Excl. IFRS 16 NWC change Operating Other net Dividend Buy Capex divestiture back 9M 2021 Excl. IFRS16 IFRS16 effect 9M 2021 incl IFRS16 COMMERCIAL NWC - SEASONAL EVOLUTION (M€) -7,2 55,0 50,3 50,0 47,0 47,0 44,5 43,0 37,9 34,6 30,7 32,4 30,6 Dec. Jun. Dec. Jun. 2017 PF (2018 2018 2019 Dec. Mar. Jun. Sep. Dec. Mar. 2019 2020 2020 2020 2020 2021 2021 Giu. Sep. 2021 • Filli Orsero QUALITA GRUPPO ORSERO Total Shareholders' Equity improves to 173,7 M€ as a results of: - - Net profit of the period (15,4 M€) ► Dividend paid in May 2021 (0,2 EUR/share) Positive impact of MTM change of hedging instruments of 1,6 M€ Buy back of 0,2 M€ NFP excl. IFRS stands at 47,6 M€, or 75,1 M€ with IFRS 16 liabilities: Positive cash flow generation, abt. 29,4 M€ Commercial net working capital release of 7,2 M€ Operating Cash Capex (*) are 9,6 M€, for investments in core activities: ► 2,2 M€ new warehouse in Tenerife (Granadilla) 1,5 M€ related to expansion of Spanish distribution footprint (new market stands, warehouse enlargement) 1,1 M€ spent on French warehouses of Rungis (cool rooms) and Cavaillon (social areas) 0,6 M€ for new ripening and cooling rooms in Alverca/Portugal 0,5 M€ of new equipment for water distribution and fresh cut equipment (Verona) 0,3 M€ for a new small ripening/cool storage facility in Sicily 0,2 M€ for the revamping of ripening centre in Greece. 1 M€ of new ERP implementation in Italy 2,2 M€ of several minor investments on the European distribution platforms Other net divestiture of 3,5 M€ related to the disposal of the Milan site (4,2 M€) and of a small plot of land in Sicily partially offset by the acquisition of a minority stake of a company distributing Italian products Buy Back of 0,2 M€ (further 0,28 M€ purchased in Oct. 2021) Dividend paid to Orsero's shareholders of 3,5 M€ (0,2 €/share) Liabilities related to IFRS 16 are equal to abt. 27,5 M€ (*) Noncash capex excluded from variance analysis: incremental IFRS 16 right-of-use equal to 4,3 M€. (**) 2017 Pro forma data reflect all the effects of the acquisition carried on during the year 2017. Limited to this purpose, the acquired companies have been assumed fully controlled from Jan. 1,2017. 28#29HISTORICAL TREND AND OUTLOOK 2021 F.lli Orsero QUALITÀ#30Guidance 2021 1.040/1.060 M€ Net Sales Last Revised GUIDANCE(*) FY 2021 (Sep. 21) Original GUIDANCE(*) FY 2021 ACTUAL FY 2020 (Feb.21) 1.040/1.060 M€ 1.041,5 M€ Adj. EBITDA 49/51 M€(**) 47/49 M€ 48,4 M€ Net Profit 14/16 M€ 13/15 M€ 12,3 M€ Capex(***) 9/10 M€ 9/10 M€ 18 M€ NFP 75/78 M€(**) 82/87 M€ 103,3 M€ • On the basis of 9M Results and current trading environment, Revised Guidance confirmed on economic KPI and NFP (*) The guidance for fiscal year 2021 is prepared on a like-for-like basis on 2020 scope of consolidation (i.e. excluding possible M&A) (**) Amounts excluding the IFRS 16 effect are: Adjusted EBITDA 41/43 M€; NFP 49/52. (***) Excluding the increase in fixed assets due to the application of IFRS 16 and the 17,7 M€ acquisition of industrial properties carried out in 2020. 30 30 Filli Orsero QUALITA GRUPPO ORSERO#31Mid-long term strategy Filli Orsero QUALITÀ Filli Orsero QUALITA GRUPPO ORSERO ORSERO The Group's strategy is to keep focusing on its core business, with particular regard to fresh fruit and vegetables, strengthening its competitive position in southern Europe, while maintaining a solid financial and asset structure. IMPORT & DISTRIBUTION SEGMENT In the coming years, the Import & Distribution BU revenue growth drivers will be: Organic growth, which in turn is based on some development guidelines: limited but steady increase of consumption of fresh Fruit and Vegetables, consolidation of the European distribution market which is highly fragmented particularly in the Group key markets, ▸ development of products with a greater level of "convenience"/ service such as fresh-cut fruit, portioned and prewashed fruit, exotic fruit and fresh smoothies. Growth by external lines: acquisitions in the distribution sector; investment in companies specialized in market segments or high potential product lines Reduction of the dependence on bananas, by increasing the weight of the other products. Import, to maintain the current position in green banana and pineapples, search for attractive partnerships with growers ▸ monitoring of EUR/USD exchange rate; Medium-long term: increase from ~1% to -10% the share of distribution sales from all new and added-value product families SHIPPING Shipping, to preserve the value of the ship and trying to mitigate the exposure to the operational risks of this activity: Execution of the mandatory maintenance cycles (Dry-dock), - - Reduction of fuel consumption, BAF Clause (freight rate adjustment on fluctuation of fuel costs) IMO-MARPOL 2020 (*), is effective from 1 Jan. 2020: - The Group's reefer vessels are burning bunker fuel compliant with new regulations (i.e. Sulphur content <0,5%) (*) Environmental regulation promoted by the IMO to curb Sulphur emission, further information to the link: http://www.imo.org/en/mediacentre/hottopics/pages/sulphur-2020.aspx 31#32Total Net Sales and Adj. Ebitda trend NET SALES TREND (M€) ADJ. EBITDA TREND (M€) Total Base IFRS 16 49/51 48,4 38,7 32,9 31,3 41,8 39,2 41/43 1.040/1.060 40,4 1.005,7 1.041,5 28,9 33,2 36,1 937,8 952,8 788,7 789,0 31,3 32,9 9,8 8,0 8,0 6,0 FY 2017 pro- forma FY 2018 FY 2019 FY 2020 Guidance 2021 Rev. 9M 2020 5,7 9M 2021 (*) May 21 +0,04% Ebitda Margin 3,3% 3,4% 3,8% 4,6% 4,8%(**) 5,0% 5,3% FY 2017 pro- forma (*) FY 2018 FY2019 FY 2020 Guidance 2021 Rev. May 21 9M 2020 9M 2021 Total y.o.y +36,9% +1,6% +5,6% +3,6% +1,8% (**) • Steady Sales growth over the last years - Total growth +3,6% Cagr 2017-2020 - 9M 2021 sales are in line with LY • Robust Adj. Ebitda growth - - All in all Cagr 2017-2020 stands at +15,6% Excl. IFRS 16 Cagr 2017-2020 is equal to +8,8% • In 9M 2021 achieved an remarkable Adj. Ebitda growth, +6,6%, and Margin to sales at 5,3% (*) 2017 Pro forma data take into account all the effects of the acquisition carried on during the year 2017. Limited to this purpose, the acquired companies have been assumed fully controlled from Jan. 1,2017. (**) maximum value Filli Orsero QUALITA GRUPPO ORSERO 32#33INVESTMENT CASE ORSERO NUMBERS SOUTHERN EUROPE LEADER in import and distribution of fresh fruit & vegetables (F&V) +1 bln. € of net sales fy2020 SECTOR TOP-TIER EBITDA MARGIN 4,6% adj. ebitda margin fy2020 SOUND FINANCIAL STRUCTURE Strong cash conversion Since listing in 2017 constant dividend distribution BUSINESS MODEL LONG-STANDING, COLLABORATIVE PARTNERSHIP +1.500 growers all over the world +10.000 customers in Europe WIDE AND COMPLETE PRODUCT RANGE (+300 Products) Distinctive positioning in counter season and exotic fruit Proprietary brand "F.lli Orsero" for top quality produce Capillary and multichannel distribution network widespread in Southern Europe PEOPLE TOP MANAGEMENT BALANCES sector-specific insights with businesswise competencies as human dimension is crucial in F&V sector +1.500 expert and passionate people at work globally MARKET FRESH F&V MARKET RESILIENT Orsero Sales growth overperformed SIGNIFICANT M&A TRACK RECORD in the last 4 years Ongoing scouting for new M&A 333 Filli Orsero QUALITA GRUPPO ORSERO#34APPENDIX F.lli Orsero QUALITÀ#35Condensed company structure Segment Reporting Reshuffle Filli Orsero QUALITA From Jan. 1st, 2020, Orsero adopted a renewed segment reporting scheme. The main effect is the shift of import business from Import & Shipping, now renamed Shipping, to Distribution BU, now renamed Import & Distribution. Historical data (2015-2018) have not been restated. SHIPPING COSIARMA -ITALY- ORSERO CR -COSTA RICA- Comany structure semplification: FRUTTITAL -ITALY- Coss IMPORT & DISTRIBUTION FRUTTITAL FIRENZE -ITALY- GALANDI -ITALY- SERVICES & HOLDING H.NOS FERNÁNDEZ LÓPEZ -SPAIN- ORSERO SPA -ITALY- AZ FRANCE -FRANCE- FRUTTICA -FRANCE- MONCADA FRUTTA -ITALY- AGRICOLA AZZURRA (*) -ITALY 50%- EUROFRUTAS -PORTUGAL- BELLA FRUTTA -GREECE- SIMBA -ITALY- SIMBACOL -COLOMBIA- COMM. DE FRUTA ACAPULCO -MEXICO- BONAORO (*) -SPAIN 50%- Already impemented in 2020 and effective from 1 Jul. 2020: Fruttital Cagliari merged into Fruttital; Sevimpor merged into Hermanos Fernández López. Further semplifications will be implement in the future. FRESCO FORW. AGENCY -ITALY- ORSERO SERVIZI -ITALY- FRUPORT -SPAIN 49%- GRUPPO ORSERO (*) Equity Method 35#36Consolidated Income Statement Amounts in €/000 9M 2021 % 9M 2020 % FY 2020 % FY 2019 % Net sales Cost of sales Gross profit General and administrative expense Other operating income/expense Operating Result (Ebit) Financial income Financial expense and exchange rate diff. 788.988 100,0% (716.820) -90,9% 72.168 9,1% (51.966) -6,6% 1.195 0,2% 788.709 100,0% (720.529) -91,4% 68.180 8,6% (49.647) -6,3% (1.481) -0,2% 21.398 2,7% 17.052 2,2% 223 0,0% 173 0,0% 1.041.535 100,0% (953.725) -91,6% 87.810 8,4% (67.650) -6,5% (1.397) -0,1% (1.720) -0,2% 18.763 1,8% 8.378 0,8% 252 0,0% 1.005.718 100,0% (927.927) -92,3% 77.792 7,7% (67.693) -6,7% 265 0,0% (2.983) -0,4% (2.447) -0,3% (3.943) -0,4% (4.888) -0,5% Other investment income/expense 10 0,0% 813 0,1% 813 0,1% 959 0,1% Share of profit/loss of associates and joint ventures accounted for using equity method Profit before tax 645 0,1% 633 0,1% 795 0,1% 751 0,1% Income tax expense Net profit (3.909) 15.383 19.292 2,4% -0,5% 1,9% 16.224 (4.307) -0,5% 11.916 1,5% 2,1% 16.679 1,6% (4.411) -0,4% 12.269 1,2% 5.465 0,5% (3.201) -0,3% 2.264 0,2% Adjusted EBITDA - EBIT Bridge: ADJUSTED EBITDA D&A excl. IFRS16 D&A Right of Use IFRS16 41.821 5,3% (13.564) -1,7% (5.233) -0,7% Provisions (1.867) -0,2% 39.238 5,0% (12.649) -1,6% (5.379) -0,7% (1.068) -0,1% Top Management Incentives Non recurring Income Non recurring Expenses Operating Result (Ebit) (148) 0,0% 1.820 0,2% (1.431) -0,2% 21.398 2,7% 0,0% 80 0,0% (3.170) -0,4% 17.052 2,2% 48.404 4,6% 38.706 3,8% (16.996) -1,6% (14.969) -1,5% (7.184) -0,7% (8.738) -0,9% (1.809) -0,2% (2.046) -0,2% (1.092) -0,1% 0,0% 35 0,0% (2.595) -0,2% (5.395) 18.763 1,8% 8.378 820 0,1% -0,5% 0,8% Filli Orsero QUALITA GRUPPO ORSERO 36#37Consolidated Statement of Financial Position Amounts in €/000 Goodwill 30/09/2021 31/12/2020 31/12/2019 Amounts in €/000 30/09/2021 31/12/2020 31/12/2019 48.245 Intangible assets other than Goodwill 8.012 48.426 7.263 46.828 Share Capital 69.163 69.163 69.163 5.145 Property, plant and equipment 156.764 166.582 181.722 Other Reserves and Retained Earnings Profit/loss attributable to Owners of Parent 88.690 78.237 79.036 15.190 12.217 2.022 Investment accounted for using equity 6.815 6.175 7.278 Equity attributable to Owners of Parent 173.043 159.617 150.221 method Non-controlling interests 625 Non-current financial assets 6.649 5.359 6.241 TOTAL SHAREHOLDERS' EQUITY 173.668 494 160.111 710 150.931 Deferred tax assets 8.402 8.999 9.122 NON-CURRENT ASSETS Inventories Trade receivables 234.888 242.804 256.336 Financial liabilities 90.322 103.347 131.583 Other non-current liabilities 844 1.240 349 43.873 35.331 36.634 Deferred tax liabilities 5.249 5.048 5.216 128.014 115.479 121.439 Provisions 5.325 4.386 4.345 Current tax assets 13.723 12.256 16.971 Employees benefits liabilities 9.960 9.861 9.422 Other receivables and other current assets 17.543 12.625 11.066 NON-CURRENT LIABILITIES 111.699 123.882 150.915 Cash and cash equivalents 52.135 40.489 56.562 CURRENT ASSETS 255.288 216.179 242.672 Financial liabilities 37.990 40.689 51.897 Trade payables 141.192 112.912 127.523 Non-current assets held for sale Current tax liabilities 5.750 3.703 3.230 Other current liabilities 19.876 17.686 TOTAL ASSETS 490.176 458.983 499.008 CURRENT LIABILITIES 204.808 174.990 14.512 197.162 Liabilities directly associated with non-current assets held for sale TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 490.176 458.983 499.008 Filli Orsero QUALITA GRUPPO ORSERO 37#38DEFINITIONS & Symbols • = Y.o.y. year on year, • = 1/co Intercompany . Abt. = about • LFL = Like for like Adjusted ebitda = Earning Before Interests Tax, Depreciation and Amortization excluding non-recurring items and costs related to LT incentives • LTI = Long-Term Incentive/long term bonus • LY= Last Year AGM = Annual General Meeting Approx. = Approximatively BAF = Bunker Adjustment Factor BC Business Combination = = BOD Board of Directors . = Bps. basis points BU Business Unit = . MBO = Management by Objectives/Short term bonus = • M&A Merger and Acquisition • MLT Medium Long Term . MTM = Mark to market • • NFP = Net Financial Position, if positive is meant debt = NS Not significant PBT Profit Before tax = . CAM Line = Central-South America | South Europe Shipping Route • Plt. = Pallet D&A EBIT = Depreciations and Amortizations • PY = previous year or prior year Earnings Before Interests Tax . = SPAC Special Purpose Acquisition Company • EBITDA = Earnings Before Interests Tax Depreciations and Amortizations . Excl.= exuding • YTD = Year to date • F&V=Fruit & Vegetables = TTM Trailing 12 months 9M = Nine months ending September 30. • FTE = Full Time Equivalent • . H1 = Full Year | Fiscal Year (twelve months ended 31 December) = ASM Annual Shareholder's Meeting H1 = first half (six months ended 30 June) H2= second half (six months from 1 July to 31 December) = HFL Hermanos Fernández López S.A. Inter Segment . M = million . K = thousands • € = EURO • (comma) = separator of decimal digits . (full stop) = separator of thousands Filli Orsero QUALITA GRUPPO ORSERO 38#39F.lli Orsero QUALITÀ ORSERO SPA www.orserogroup.it [email protected]