2023-2025 Business Plan

2023-2025: SOLID GROWTH PROFILE Remarkable cash generation and sound balance sheet Net cash position expected to more than double in three years Disciplined approach to capex, mainly dedicated to boost R&D and production capacity ● Continued sustained cash conversion ● Neutral net working capital thanks to a unique business model 30-40% dividend pay-out expected Capex (€m) 50 50 48-50 2022A © 2023 SANLORENZO S.P.A. €100m+ cash generation Net cash position (€m) 185-205 118-128 85-105 100 2023E 2024E 2025E 2022A 2023E 2025E 60 60

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