Q3 2023 Earnings Report for Poultry Segment

Financial targets and dividend policy Marel is targeting 12% average annual revenue growth from 2017-2026 through market penetration and innovation, complemented by strategic partnerships and acquisitions marel 2017-2026 targets and performance FY17 FY18 FY19 FY20 FY21 FY22 9M23 Financial targets Organic 4.9% 12.5% 5.4% -5.4% 4.4% 16.1% -2.5% Acquired 2.2% 2.9% 1.8% 1.8% 5.5% 9.5% 6.9% Adjusted EBIT 14-16% Revenue growth1 12% Total 7.1% 15.4% 7.2% -3.6% 9.9% 25.6% 4.4% CAGR 2017-3Q23 9.3% Innovation ~6% of revenues 5.6% 6.2% 6.4% 5.6% 5.9% 5.7% 6.0% investment EPS to grow Earnings per share (TTM) faster than revenues 13.7 18.0 15.3 13.6 12.9 7.8 5.42 Leverage² Net debt/EBITDA 2-3x 1.9x 2.0x 0.4x 1.0x 1.0x 3.6x 3.7x Dividend policy 20-40% of net results 30% 30% 40% 40% 40% 20% • Gross profit ~38-40% OPEX 24%, made up of SG&A ~18% and innovation of ~5-6% Focus on delivering healthy growth and margin enhancement to reach a sustainable 14-16% EBIT level in the course of 2024 Notes: 1 Growth is not expected to be linear but based on opportunities and economic fluctuations. Operational results may vary from quarter to quarter due to general economic developments, fluctuations in orders received and timing of deliveries of larger systems. 2 Net debt (including lease liabilities) / Pro forma LTM adjusted EBITDA (including recent acquisitions). 29 20

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