#1UNITED MALT 15 November 2022 The Manager Companies Announcement Office Australian Securities Exchanges 20 Bridge Street Sydney NSW 2000 Dear Sir/Madam, United Malt FY22 Investor Presentation Please find attached the Investor Presentation relating to the financial year ended 30 September 2022. United Malt will host an analyst and shareholder webcast today at 10.00am AEDT to discuss the FY22 results. Access to the webcast is available at https://webcast.openbriefing.com/9051/ Presentation materials and a copy of the webcast recording will be made available via our website: www.unitedmalt.com/webcasts/ This announcement is authorised for market release by the United Malt Board of Directors. Yours sincerely, United Malt Group Limited Luni Jones Lisa Jones Company Secretary | +61 2 8073 3160 | CITIGROUP CENTRE, L18, SUITE C, 2 PARK ST, SYDNEY NSW 2000. | ABN 61 140 174 189 |#2FY22 Results Presentation 15 NOVEMBER 2022 I UNITED MALT#3Agenda Safety & Summary FY22 Performance Review Executing strategy Outlook Mark Palmquist Ryan Dutcher Mark Palmquist Mark Palmquist UNITED MMALT 2#4SAFETY & SUMMARY H UNITED MMALT#5Safety INTEGRAL TO HOW WE DO BUSINESS 2.29 Recordable Injury Frequency Rate 1.54 1.5 1.4 1.9 FY18 FY19 FY20 FY21 FY22 ■RIFR 4.48 Lost Time Injury Frequency Rate 2.88 4.04 3.63 FY18 FY19 FY20 ■LTIFR FY21 3.48 FY22 UNITED MMALT While we improved the Lost Time Injury Frequency Rate, safety performance did not meet our expectations We have implemented initiatives to improve our safety performance in FY23 4#6FY22 Summary WHILE DEMAND FUNDAMENTALS REMAIN STRONG, EXTERNAL FACTORS IMPACTED FY22 RESULTS DELIVERY FY23 EARNINGS UPLIFT UNITED MMALT CAPITAL MANAGEMENT . FY22 Underlying EBITDA • $105.9¹million (before SaaS and one- off cost) in line with guidance Processing segment impacted by external factors: • Canadian barley crop quality Supply chain disruptions Input cost inflation Improvements in export and distilling sales Underlying EBITDA in W&D increased to $44.6 million (before SaaS costs and one-off items) . Vastly improved barley crop in North America Improved pricing and commercial terms locked in for 2023 contracts Capex spend in FY23 substantially lower as, the Scottish distilling expansion completes FY23 earnings guidance re-confirmed - Underlying EBITDA expected to be $140-1602 million (before SaaS costs) • Net Debt/ EBITDA 5.0 times, covenant amendments from banks in place for Sep-22 and Mar-23 - headroom remains Pathway back to target gearing range of 2.0 - 2.5 times by end of FY23: • Significantly higher earnings from 2QFY23 • Material step down in capex in FY23 • Factoring arrangement in place • Capital and costs management initiatives underway Company believes that it will not need to raise additional capital 1. 12 2. • No final dividend declared Underlying EBITDA for FY22 excludes SaaS costs of $13.3m and Brewers Select asset write down of assets of $0.8m. Underlying EBITDA for FY23 excludes SaaS costs which are expected to be ~$7.5m in FY23 -~$6m for the ERP and -$1.5m for a new transport management system in the UK and Australia. 5#7FY22 PERFORMANCE REVIEW ANJ UNITED MMALT#8FY22 results summary NORTH AMERICAN PROCESSING DIVISION IMPACTED BY EXTERNAL EVENTS MMALT UNITED Actual FX Constant FX $m FY22 FY212 % Change FY21 % Change Revenue 1406.7 1235.0 13.9% 1272.8 10.5% Revenue up 13.9% to $1,406.7 million (on constant currency basis, revenue up 10.5%), reflecting higher barley price EBITDA impacted by external factors: • Underlying EBITDA Canadian barley crop quality & logistics (before one-off 105.9 137.9 (23.2)% 145.2 -27.1% • Supply chain disruption items and SaaS)¹ • Costs inflation EBITDA 91.8 124.0 (26.0)% 130.8 -29.8% EBIT 29.8 63.4 (53.0)% 68.2 -56.3% Significant Items 0.0 (21.1) NM (20.6) NM Net finance cost (11.7) (9.8) 19.4% (10.1) 15.8% Net finance costs higher - short-term impact of higher barley inventory costs and volume of barley required for the start-up of the Inverness facility in Scotland 1H22 dividend of 1.5 cents, payout of ~40% - no final dividend declared Tax expense (6.5) (18.0) (63.9)% (19.0) (65.8)% Statutory NPAT 11.6 14.5 (20.0)% 18.4 (37.0)% Underlying NPAT 11.6 34.7 (66.6)% 39.1 (70.3)% EPS (cps) 3.9 4.8 (18.8)% DPS (cps) 1.5 5.5 (72.7)% 1. 2. See appendices for breakdown of Underlying EBITDA excluding one-off items & SaaS FY21 restated throughout the presentation 7#9Earnings waterfall UNITED MMALT EARNINGS IMPACTED BY EXTERNAL FACTORS IN FY22, MOMENTUM BUILDING IN STRATEGIC PROJECT DELIVERY $m PRIOR YEAR ONE-OFF 6.5 137.9 4.3 3.1 124.0 7.3 IMPACT OF EXTERNAL FACTORS (51.7) (7.3) (1.7) STRATEGIC DELIVERY 4.5 ONE-OFF ITEMS 105.9 4.0 12.9 918 (13.3) (0.8) FY21 EBITDA Grantham Closure Transformation Costs SaaS FY21 Underlying FX impact EBITDA Canadian Crop- Quality & Inflation freight & energy Corporate costs Improved volume Scottish distilling Transformation & margin - UK/AU expansion net benefits FY22 Underlying SaaS Logistics EBITDA (before SaaS) Brewers Select impairment on sale FY22 EBITDA (after SaaS) Note: Refer to appendices for constant currency analysis 8#10Processing segment EXTERNAL FACTORS SIGNIFICANTLY AFFECTED EARNINGS $m MMALT UNITED Revenue up 15.6% to $1,084.7 million (on constant currency basis, revenue up 12.9%) Actual FX Constant FX FY22 FY21 % Change FY21 % Change 1084.7 938.1 15.6% 961.0 12.9% . Revenue¹ Underlying EBITDA (before one-off 70.1 101.3 (30.8)% 106.4 (34.1)% items and SaaS) EBITDA 60.3 90.2 (33.1)% 94.8 (36.4)% EBITDA Margin % 5.6% 9.6% (4.0)pts 9.9% (4.3)pts Sales volume was in line with FY21, reflecting continued disruption in supply chains Revenue higher reflecting the barley price Underlying EBITDA $70.1m (before SaaS) UK/AU improved volumes and margins External factors impacted Underlying EBITDA delivery: Cost and poor quality of domestically-sourced North American barley supply resulting in increased costs Continued supply chain disruption and elevated costs including sea, rail and road freight, causing continued delays in customer shipments and higher costs; and Increased energy costs 1. Revenue includes intersegment sales of $34.6m in 2022 and $33.2m in 2021 9#11Warehouse & Distribution segment UNITED MMALT BUSINESS OPTIMISATION INITIATIVES RESULTING IN SOLID EARNINGS DELIVERY IN RISING COST MARKET Actual FX Constant FX FY22 FY21 % Change FY21 % Change 8.0% 345.0 3.4% $m Revenue 356.6 330.1 Underlying EBITDA (before one-off 44.6 43.5 2.5% 45.7 (2.4)% items and SaaS) EBITDA 40.3 40.8 (1.2)% 43.1 (6.5)% EBITDA Margin % 11.3% 12.4% (1.1)pts 12.5% (1.2)pts Revenue up 8% to $356.6 million (on constant currency basis, revenue up 3.4%) Underlying EBITDA (before one-off and SaaS costs) $44.6m, slightly below expectations SaaS costs $3.5 million Brewers Select business in the UK was divested and impairment on sale of $0.8 million was recorded as a one-off item The segment operates on a relatively short cycle and is better able to maintain margins in an inflationary environment Craft brewers managing labour shortages at on-premise venues and cost inflation 10 10#12Capital expenditure CAPEX SPEND NEARING END OF ITS PEAK CYCLE UNITED MMALT Other Growth including Sustainability & Efficiency Improvement Key capital expenditure initiatives in FY22 Arbroath (22ktpa) completed and producing at business case levels. Inverness (57ktpa) - in its final stages of completion with dry commissioning underway • Arbroath and Inverness expansion expected to generate incremental EBITDA of approximately $181 million on full year run rate basis New speciality ingredient processing plant in Calgary - targeting growing demand for new products in craft beer, hard seltzer and food - nearing completion Completed Optisteep - Water reduction technology, installed at Pocatello - water reduction up to 30% Completed combined heat & power plant in Calgary - more efficient energy usage $m FY22 FY21 Scottish Distilling Expansion 50.2 36.9 Scottish Distilling Expansion Other Growth including Sustainability & Efficiency 14.5 24.4 Improvement Total Growth Capital 64.7 61.2 Expenditure Asset Optimisation 7.4 17.0 Perth Kiln Stay in Business/Safety 19.1 25.1 Perth Kiln Completed Total Capital Expenditure 91.2 103.3 • FY22 capex spend lower than expected due to timing of spend on Scottish distilling project and lower SIB due to timing of delivery 1. Subject to FX Stay in Business/ Safety Stay in business capex lower than expectations due to timing of delivery 11#13Key balance sheet indicators EXPECT GEARING TO RETURN TO TARGET RANGE BY END FY23 UNITED MMALT $m · 30 Sep 22 31 Mar 22 30 Sep 21 Inventories 475.7 360.4 339.9 Trade and other 249.7 227.7 206.0 receivables Trade and other (298.6) (148.4) (179.4) • payables Net working capital 426.8 439.7 366.5 Interest bearing (587.3) (520.9) (517.7) liabilities Inventory balance higher due to additional barley accumulation for the new facility in Scotland and higher global barley prices Additional working capital required due to the impact of the higher priced barley Net Debt/EBITDA 5.0 times at 30 September 2022, headroom remaining within amended covenants Pathway back to target gearing range of 2.0 - 2.5 times by end of FY23: Significantly higher earnings from 2QFY23 Capital leases (89.0) (85.4) (81.5) • Material step down in capex in FY23 Cash and cash 222.9 179.0 286.8 • equivalents Factoring arrangement in place Net debt (453.4) (427.3) (312.4) Capital and costs management initiatives underway Based on the FY23 earnings outlook, the Company believes that it will not need to raise additional capital and will be within its target Net Debt/EBITDA range at end Sep-23 12#14Borrowing facilities EXPANDED SHORT TERM COMMODITY FINANCING NEEDS WITH TERM DEBT BROADLY UNCHANGED UNITED MMALT $m 168 350 52 52 18 Term debt broadly unchanged 160 Headroom 220 220 ~80 to 90 ~130 to 140 367 FY21 drawn amount Additional term Additional FY22 Drawn Debt debt draw commodity inventory draw Unutilised factoring facility Term Debt 367 367 Pro-forma FY22 FY22 Facility Limit Drawn Debt position ■Commodity Inventory Working Capital CFactoring facility Assuming the factoring arrangement was fully utilised, pro-forma Net Debt/EBITDA at FY22 would have been 3.9x Expanded short term commodity financing needs due to • Higher global barley prices Additional barley accumulation for the new facility in Scotland Factoring arrangement in place ~$80-90m¹ Term debt broadly unchanged Facility headroom remains Covenant amendments received from banks in respect of 30 September 2022 and 31 March 2023 and additional commodity inventory funding capacity to accommodate expanded short-term requirements The Company has no significant near-term refinancing requirements in relation to its long term debt facilities which mature in November 2024 and completed its customary annual refinancing of inventory and working capital facilities in November 2022 1. US$60 million receivables factoring arrangement 13#15Operating cash flow OPERATING CASH FLOW POSITIVE $m EBITDA FY22 FY21 • 91.8 124.0 Change in working capital (60.1) 14.8 Proceeds from/ (Repayment of) 61.5 58.9 Inventory funding Interest paid (10.9) (8.8) Tax paid Other items (18.1) (18.5) (17.6) (16.6) Net operating cash flow 46.6 153.8 Cash conversion ratio 51% 125% • MMALT UNITED Additional working capital required due to the impact of the higher priced barley Cash conversion reduced, reflecting the higher short term working capital draw driven by increased inventory pricing across all geographies 14#16EXECUTING STRATEGY ANJ UNITED MMALT#17Strategic priorities STRATEGY EXECUTION TO DELIVER MATERIAL EARNINGS UPLIFT Optimise the Core Maximise value and returns Proactively assess acquisitive growth opportunities Drive penetration in the distilling market ✓ Expand craft distribution business into new geographies Invest in our assets to create best in class operation and grow malting capacity Develop innovative products and solutions for customers Integrate sustainable actions into everyday operations, embracing our commitment to Zero Harm. Renew our organisational and technological platforms to create a simplified, more efficient and effective organisation Transform for tomorrow Create new value UNITED MMALT Industry trends supportive of our business priorities Three pillars of our strategy • Optimise the core Transform for tomorrow Create new value 16#18Scottish capacity expansion EXPANDING OUR CAPACITY TO SERVE THE GROWING DISTILLING MARKET Key Processing facility Distillers 1. 2. Inverness MMALT UNITED 79kt expansion of Scottish malting facilities over two facilities • Project overview • Arbroath SCOTLAND Rationale Pencaitland Key highlights Timing of completion remains subject to final construction and commissioning timing Subject to FX Energy security • • Upgrade and expansion of Arbroath (22ktpa) - completed • New malting plant at Inverness (57ktpa) – in dry commissioning stage The Inverness facility is expected to be producing commercial quality malt in the first quarter calendar 20231 Combined project expect incremental EBITDA ~$18m² on full year run rate basis Strong demand for malt from Scottish distillers underpinned by global demand for aged whisky Scottish malting facilities are strategically positioned in close proximity to key customers and high quality barley New capacity underpinned by agreements with key distilling customers, robust demand remains. ~95% of UK volume for FY23 committed New effluent treatment system will reduce water usage . Energy supply and price contracted in the UK Robust energy price pass through mechanism for energy costs in customer supply agreements - minimising cost impact of energy price escalation 17#19Transforming our business CREATE A SIMPLIFIED, MORE EFFICIENT AND EFFECTIVE ORGANISATION • $4.5 million benefits delivered in FY22 • • Program operationalised and embedded within business / leadership accountability Targeting $30 million annualised net transformation benefits by FY24 Focus Area Organisational Redesign Canadian & US operations combined Process Change Integrated sales and operations planning process New technology platform implementation underway, completed in W&D segment Operational Management • Global procurement • United Malt Ways of Working UNITED MMALT Outcomes Simplified operating structure Streamlined and empowered decision making Improved accountability and performance Progress COMPLETED Consistent measures of performance and accountability Improved data availability for faster decision Operate as a network of plants IN PROGRESS • Best practice sharing and implementation tracking COMMENCED • Focus on root cause analysis 18#20Commitment to operate a sustainable business DEVELOPING OUR SUSTAINABILITY STRATEGY TO ADDRESS KEY RISKS AND OPPORTUNITIES sy UNITED MMALT ESG is being incorporated as part of UMG's strategy and business plan, and aligned to our purpose and values ESG strategy in development and reflecting the priorities identified through the initial materiality matrix process In Progress Climate change Priorities Established • response • Water, energy, Health & safety Diversity, equity & inclusion emissions Modern slavery • Sustainable agriculture • Waste • TCFD reporting • Product quality & safety 19#21OUTLOOK ANJ UNITED MMALT#22Update on barley supply and price UNITED MMALT HISTORICALLY ELEVATED GLOBAL MALTING BARLEY PRICES AND SUPPLY REMAINS TIGHT, CUSTOMERS SEEKING SECURITY OF SUPPLY 520 RMI ANALYTICS 470 420 370 320 270 220 170 2017-05-30 2017-09-30 2018-01-31 2018-05-31 Global Malting Barley Prices (USD/Tonne) 2016-09-30 Canada 2019-01-31 2019-05-31 Source: RMI Analytics 2 November 2022 20150 Australia (WA) 2020-01-31 2020-05-31 -Argentina 2020-09-30 2021-01-31 2021-05-31 2021-09-30 2022-01-31 2022-05-31 2023-09-30 France (Rouen) World Barley Supply and Demand (Million Tonnes) 22/23 21/22 20/21 19/20 Harvested Area (Ha) 51.2 52.8 52.1 51.8 Yield 2.9 2.8 3.0 3.0 Production 150.4 147.7 158.8 155.9 Beginning Stocks 19.0 23.9 21.9 20.0 Imports 29.7 28.8 37.4 29.4 Supply 199.1 200.4 218.1 205.2 Use 147.5 152.7 156.8 153.9 Feed 103.4 108.2 111.4 108.9 Industrial 28.1 27.8 28.0 27.9 Other 16.0 16.9 17.4 17.1 Exports 29.7 28.8 37.4 29.4 Ending Stocks 21.9 19.0 23.9 21.9 Source: RMI Analytics 2 November 2022 21#23Barley crop update CANADIAN HARVEST COMPLETED - BARLEY CROP ~40% LARGER THAN LAST YEAR • . Canada Harvest completed in UMG key barley origination areas RMI analytics estimate production at 9.7 million tonnes (vs 6.9m in 21/22) Average crop result achieved in terms of volume and quality Australia Wet conditions on east coast, concerns on the resulting barley harvest. Good crop condition in SA and WA, which will help offset east coast barley risk Barley production is expected to reach 12.3 million tonnes, the fourth largest on record (ABARES September estimate) US Harvest completed in UMG key barley origination areas Production is estimated at 3.8 million tonnes, up 49% from 2021 (USDA July estimate) Scotland Crop harvested under good conditions, with lower moisture than typical across the UK Quality good for brewing and distilling with low protein levels and good grain size UNITED MMALT Canada Barley Supply and Demand (Million Tonnes) 22/23 21/22 20/21 19/20 Harvested Area (Ha) 2.8 3.0 2.8 2.8 Yield 3.5 2.2 3.9 3.7 Production 9.7 7.0 10.7 10.4 Beginning Stocks 0.6 0.8 0.9 0.9 Imports 0.1 0.3 0.2 0.1 Supply 10.5 8.0 11.9 11.3 Use 6.6 5.4 7.5 8.1 Feed 5.2 4.1 6.2 6.9 Malt/Industrial 1.3 1.2 1.2 1.1 Other 0.1 0.1 0.1 0.1 Exports 3.2 2.0 3.6 2.3 Ending Stocks 0.7 0.6 0.8 0.9 Source: RMI Analytics 2 November 2022 22#24170 220 270 320 370 420 UNITED Update on pricing and commercial discipline MMALT IMPROVED CROP, RISK ALLOCATION AND COMMERCIAL TERMS PROVIDE BASIS FOR IMPROVEMENT IN CALENDAR 2023 Taking a more proactive approach to risk allocation, with changed pricing and commercial terms to better capture the true cost-to-serve • Barley pricing with customers with more certainty on crop quality/price . More frequent freight price re-set • More disciplined approach to managing customers' volume commitments Inflation cost escalation more appropriately reflected in the processing fee $20 RMI ANALYTICS 470 T8-10-9102 of 60-40 of 10-t 2016-05-31 2016-05-30 Canada Global Malting Barley Prices ($US/Tonne) 2019-05-31 2120-03-31 2020-05-31 Argentina 2020-09-30 Australia (WA) Source: RMI Analytics November 2022 2021-05-31 2021-09-30 2022-01-31 2022-05-31 2023-05-30 France (Rouen) 10,000 8,000 6,000 4,000 2,000 0 Jul-17 Container Benchmark Rate per 40ft container ($US) Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 JuF22 Oct-22 Drewry container benchmark rate per 40ft Source: Bloomberg 8 4 2006 + 2O 18 16 14 12 10 Henry Hub Natural Gas Spot Rate ($US) Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Source: Bloomberg Henry Hub Natural Gas Spot Price Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 ՇՇ-յո Oct-22 23#25Market observations BEER DEMAND REMAINS RESILIENT, CONTINUE TO MANAGE SHORT TERM FACTORS • • Beer demand remains resilient despite inflation US consumer remains resilient to date Premiumisation of the beer market continues with consumers trading up Craft brewers managing tight labour markets Monitoring the potential impacts of recessionary concerns on beer demand Beer consumption has not typically been significantly impacted in periods of recession Distilling demand remains strong, with 95% of our UK capacity committed for FY23 UNITED MMALT • Easing of supply chain constraints and container freight costs 24#26FY23 Outlook UNITED MMALT MATERIAL INCREASE IN EARNINGS EXPECTED, SUPPORTED BY IMPROVED CROP AND COMMERCIAL DISCIPLINES BENEFITING FROM 2Q23 1Q23 will continue to be affected by same factors experienced in FY22 Earnings 2Q23 to 4Q23 will be significantly higher than FY22, benefiting from: Significantly improved barley crop • Changed pricing and commercial terms to better capture the true cost-to-serve • • Earnings from the completion of the Scottish distilling expansion project - currently in dry commissioning Progressive delivery of the transformation program benefits • • Maintain guidance issued in August - expect underlying EBITDA (before SaaS costs) for FY23 to be $140-1601 million, with 1H23 expected to be $58-66 million The Company's has clear pathway to return to target Net Debt / EBITDA range by 30 September 2023: Significantly higher earnings from 2QFY23 • • Material step down in capex in FY23 • Factoring arrangement in place • Capital and costs management initiatives underway 1. Underlying EBITDA for FY23 excludes SaaS costs which are expected to be ~$7.5m in FY23 -~$6m for the ERP and ~$1.5m for a new transport management system in the UK and Australia. 25#27Key messages CLEAR PATHWAY TO EARNINGS IMPROVEMENT AND BALANCE SHEET Confident in delivery of earnings and returns Unwind of one-off UNITED MMALT challenges combined 000 with active management of risk expected to result in more predictable earnings return Improved crop conditions and discipline expected to deliver improved earnings in FY23 Growth capital spend significantly reduced from FY23, improving cash flow Net Debt/EBITDA expected to return to target range of 2.0 - 2.5 times by 30 September 2023 Continued EBITDA uplift in FY23 and FY24 26#28Questions & Answers UNITED MMALT#29Thank You UNITED MALT#30FY23 Key Assumptions Area Volume Corporate costs Assumption Volume increases as Scottish expansion comes on line Expected to be ~$8m SaaS costs¹ EBITDA ~$7.5m in FY23, ~$6m for the ERP and ~$1.5m for a new transport management system in the UK and Australia UNITED MMALT Underlying EBITDA (before SaaS costs) for FY23 expected to be $140-160 million, with 1H23 expected to be $58-66 million Depreciation & Amortisation Net finance cost Tax rate Capex Working capital Net Debt/EBITDA ~$70m pa reflecting major capex completing Expected to be ~$24m, reflecting higher base rates and net debt levels Expected to be ~35-37% Base capital expenditure in the next few years to be in the range of ~$55 to 60 million including stay-in-business and safety-related investment in the range of ~$30 to 35 million In line with prior years expect additional working capital required in 1H due seasonal requirements Covenant amendment received from banks in respect of 31 March 2023 Expected to revert to target range of 2.0-2.5 times by end FY23 1. Subject to FX and availability of IT resources 29#31Earnings in constant currency $m UNITED MMALT First Half Second Half Full Year 2021 2022 2021 Change % Constant Change % Currency 2022 2021 2021 Change % Constant Change % 2022 Currency 2021 2021 Change % Constant Change % Currency 651.6 589.6 10.5% 608.4 7.1% 755.1 645.3 17.0% 664.4 13.7% 1,406.7 1,235.0 13.9% 1,272.8 10.5% Revenue Underlying EBITDA (before Sass & one-off 57.3 60.5 (5.3)% 62.9 (9.0)% 48.7 77.4 (37.1)% 82.2 (40.8)% 105.9 137.9 (23.2)% 145.2 (27.0)% items) EBITDA EBIT 51.5 53.1 (3.0)% 55.1 (6.6)% 40.3 70.9 (43.1)% 75.8 (46.8)% 91.8 124.0 (25.9)% 130.8 (29.8)% 21.2 23.7 (10.7)% 24.7 (14.4)% 8.6 39.7 (78.3)% 43.5 (80.2)% 29.8 63.3 (52.9)% 68.2 (56.3)% Net finance cost 5.3 4.9 7.5% 5.0 6.5% 6.5 5.0 29.8% 5.2 24.5% 11.7 9.8 19.9% 10.1 15.7% Tax expense 5.6 5.2 8.6% 5.4 3.4% 0.9 12.8 (93.3)% 13.6 (93.7)% 6.5 18.0 (64.0)% 19.0 (65.9)% Statutory NPAT 10.3 13.6 (24.7)% 14.3 (28.4)% 1.3 0.9 55.0% 12.3 (89.3)% 11.6 14.5 (20.0)% 18.4 (37.1)% 30#32Segment results in constant currency UNITED MALT Processing First Half Second Half Full Year 2021 2021 2021 $m 2022 2021 Change % Constant Change % Currency 2022 2021 Revenue¹ 498.0 453.2 9.9% 467.4 6.5% 586.8 484.9 21.0% Change % Constant Change % 2022 Currency 493.6 2021 Change % Constant Change % Currency 18.9% 1,084.7 938.1 15.6% 961.0 12.9% Underlying EBITDA 40.9 46.3 (11.8)% 48.1 (15.1)% 29.3 55.0 (before Sass & One-off items) EBITDA 36.8 39.6 (7.1)% 41.0 (10.3)% 23.5 50.5 (53.5)% 53.8 EBITDA Margin % 7.4% 8.7% (1.4)% 8.8% (1.4)% 4.0% 10.4% (6.4)% 10.9% (46.7)% 58.2 (49.7)% (56.3)% 60.3 (17.3)% 70.1 101.3 (30.8)% 106.4 (34.1)% 90.1 5.6% 9.6% (33.1)% 94.8 (36.4)% (4.0) 9.9% (4.3)% Depreciation & Amortisation 24.5 24.3 0.7% 25.0 (2.2)% 25.5 25.7 EBIT 12.4 15.3 (19.4)% 16.0 (23.0)% -2.0 24.8 (0.8)% 26.5 (3.6)% (108.3)% 27.3 (107.5)% 10.3 50.1 50.0 (0.1)% 51.5 40.1 (2.9)% (74.3)% 43.3 (76.2)% Warehouse & Distribution First Half Second Half Full Year 2021 2021 2021 $m 2022 2021 Change % Constant Change % Currency 2022 2021 Change % Constant Change % Currency 2022 2021 Change % Constant Change % Currency Revenue 169.0 149.6 13.0% 154.3 9.6% 187.6 180.4 4.0% 190.7 (1.6)% 356.6 330.1 8.0% 345.0 3.4% Underlying EBITDA 21.0 18.5 13.5% 19.1 9.8% 23.6 25.0 (5.6)% 26.6 (11.2)% 44.6 43.5 2.5% 45.7 (2.6)% (before Sass & One-off items) EBITDA 19.2 17.8 7.7% 18.4 4.1% 21.1 23.0 EBITDA Margin % 11.3% 11.9% (0.6)pts 11.9% (0.6)pts 11.2% 12.8% (8.5)% (1.5)pts 12.9% 24.7 (14.5)% 40.3 (1.7)pts 11.3% 40.8 12.4% (1.4)% 43.1 (6.5)% (1.1)pts 12.5% (1.2)pts Depreciation & Amortisation 5.8 5.1 12.5% 5.3 8.6% 6.1 5.4 13.6% 5.7 7.1% 11.9 10.5 13.0% 11.0 7.8% EBIT 13.4 12.7 5.7% 13.1 2.3% 15.0 17.7 -15.2% 18.9 (21.0)% 28.4 30.3 (6.5)% 32.0 (11.5)% 1. Revenue includes intersegment sales of $34.6m in 2022 and $33.2m in 2021 31#33Balance sheet items in constant currency $m 31 Mar 21 30 Sep 21 30 Sep 22 31 Mar 22 Change % in Constant Currency Change % 30 Sep 21 Change % in Constant Change % Currency 475.7 360.4 32.0% 321.2 48.1% 339.9 40.0% 344.8 38.3% Trade & other receivables 249.7 227.7 9.7% 235.7 5.9% 206.0 21.2% 212.7 17.4% Inventory Trade & other payables (298.6) (148.4) 101.1% (117.6) 153.9% (179.4) 66.5% (180.2) 65.7% Net working capital 426.8 439.7 (2.9)% 439.4 (2.9)% 366.5 16.4% 376.5 13.3% Interest bearing liabilities (587.3) (520.9) 12.7% (493.9) 18.9% (517.7) 13.4% (514.5) 14.1% Finance leases (89.0) (85.4) 4.1% (65.2) 36.5% (81.5) 9.1% (87.4) 1.8% Cash & cash equivalents 222.9 179.0 24.5% 216.5 3.0% 286.8 (22.3)% 239.9 (24.2)% Net debt (453.3) (427.3) 6.1% (342.6) 32.4% (312.5) 45.1% (308.0) 47.2% UNITED MMALT 32 32#34Reconciliation of EBITDA to Underlying EBITDA excluding one-off items $m EBITDA SaaS costs Brewers Select impairment UNITED MMALT FY22 FY21 Processing Warehouse & distribution Corporate Total Processing Warehouse & distribution Corporate Total 60.3 40.3 (8.8) 91.8 90.1 40.8 (7.0) 124.0 9.8 3.5 13.3 4.5 2.0 6.5 0.8 (0.8) on sale Grantham closure 3.1 3.1 Transformation costs 3.6 0.7 4.3 One-off included in EBITDA 9.8 4.3 14.1 11.2 2.7 0.0 13.9 Underlying EBITDA (before 70.1 44.6 (8.8) 105.9 101.3 43.5 (7.0) 137.2 SaaS & one-off items) Underlying EBITDA % 6.4% 12.5% nm 7.5% 10.7% 13.2% nm 11.1% (Excluding one-off items) FX impact 5.1 2.2 7.3 (6.7) (2.4) 0 (9.1) 33#35Definitions UNITED MMALT EXCEPT WHERE NOTED, COMMON TERMS AND MEASURES USED IN THE DOCUMENT ARE BASED UPON THE FOLLOWING DEFINITIONS Term Definitions Constant FX • Translates prior period earnings and balances of foreign operations at current year exchange rates EBIT • Earnings before interest, tax, and excluding significant items EBITDA Lost Time Injury Frequency . Earnings before interest, tax, depreciation and amortisation excluding significant items • Rate (LTIFR) Calculated as the number of lost time injuries per 1,000,000 hours worked, on a rolling 12-month basis. Includes permanent and casual employees and United Malt controlled contractors Net Debt/ EBITDA NPAT Recordable Injury Frequency Rate (RIFR) Significant Items Underlying EBTDA excluding • Based on a 12 month rolling EBITDA excluding the impact of AASB16, significant Items and net debt excluding finance lease commitment. The impact of AASB16 on the 12 month rolling EBITDA is $18.7m • Net profit after tax • Is calculated as the number of injuries per 200,000 hours worked, on a rolling 12-month basis. Includes lost time injuries, medical injuries and restricted work injuries. Includes permanent and casual employees and United Malt controlled contractors Those items that are not in the ordinary course of business and non recurring and material in nature and amount • one-off items and SaaS costs Underlying NPAT Earnings before interest, tax, depreciation and amortisation excluding significant items, one-off items and SaaS costs Net profit after tax excluding significant Items 34#36Important notice and disclaimer UNITED MMALT This presentation (Presentation) has been prepared by United Malt Group Limited (ACN 140 174 189) (United Malt) and contains summary information about United Malt and its businesses and activities as at the date of this Presentation. The information in this Presentation is of a general nature and does not a purport to be complete, nor does it contain all the information that a prospective investor may require in evaluating a possible investment in United Malt. This Presentation should be read in conjunction with United Malt's other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available at www.asx.com.au. Not an offer This Presentation is not a prospectus, disclosure document or offering document under Australian law (and will not be lodged with the Australian Securities and Investments Commission) or any other law. It is for information purposes only and is not an invitation or offer of securities for subscription, purchase or sale in any jurisdiction. The release, publication or distribution of this Presentation in jurisdictions outside Australia may be restricted by law. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. Forward-looking statements and statements about future matters Certain statements contained in this Presentation are forward-looking statements or statements about future matters, including any indications of, and guidance or outlook on, the future earnings, distributions, financial position and/or performance of United Malt. These forward-looking statements involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of United Malt, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. Except as required by law, United Malt does not assume any obligation to update or revise such information to reflect any change in expectations, beliefs, intentions or strategies. No representations, warranty or assurance (express or implied) is given that the occurrence of the events expressed or implied in any forward-looking statements in this Presentation will actually occur. There can be no assurance that actual outcomes will not differ materially from these forward-looking statements. Except as required by law or regulation (including the ASX Listing Rules), United Malt does not undertake any obligation to provide any additional or updated information in respect of these forward-looking statements (or any other statements in this Presentation) whether as a result of new information, future events or results or likewise. Past performance and financial data Past performance, including past share price performance of United Malt and historical information in this Presentation, is given for illustrative purposes only and cannot be relied upon as an indicator of (and provides no guidance as to) the future performance of United Malt, including future share price performance. The historical financial information provided in this Presentation is for illustrative purposes only and is not represented as being indicative of either United Malt's view on its future financial condition or performance. Not investment advice The information contained in this Presentation is not investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used as the basis for making an investment decision. This Presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any person. Investors should obtain their own professional, legal, tax, business and/or financial advice before making any investment decision and should make their own enquiries and investigations regarding all information in this Presentation including, but not limited to, the assumptions, uncertainties and contingencies which may affect the future operations of United Malt and the impact that different future outcomes may have on United Malt. Disclaimer To the maximum extent permitted by law, United Malt and its related bodies corporate, officers, employees and representatives (including consultants, agents and advisers) (each, a Relevant Person) make no representation or warranty, express or implied, as to the currency, accuracy, completeness or reliability of the information contained in this Presentation. In particular, no representation or warranty, express or implied, is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness of any forward-looking statements or statements about future matters contained in this Presentation. To the maximum extent permitted by law, no Relevant Person accepts any liability or responsibility for any expenses, losses, damages or costs incurred by anyone in connection with the information in this Presentation being inaccurate or incomplete in any way for any reason, whether by negligence or otherwise. The distribution of this presentation outside Australia may be restricted by law. Any recipient of this Presentation outside Australia must seek advice on, and observe, any such restrictions. This Presentation may not be reproduced or published, in whole or in part, for any purpose without the prior written permission of United Malt. Statements in this Presentation are made only as of the date of this Presentation (unless otherwise stated) and the information in this Presentation remains subject to change without notice. 35