Investor Presentaiton

Operating 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

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