Associated British Foods Results Presentation Deck

Group outlook ■ I ■ ■ ■ I ■ ■ 39 Expecting a year of meaningful progress Consumer headwinds remain, but volatility reduced Stability for Grocery with inflation receding and marketing spend increasing Ingredients modestly declining as it consolidates following very strong growth and continues to invest Agriculture moving forward with integration of recent acquisitions Sugar making a substantial improvement in profitability from British Sugar and Vivergo Primark - Sales growth: space expansion, modest like-for-like growth underpinned by value, product relevance and stretch, digital platform and limited pricing Strong recovery in gross margin and adjusted operating profit margin, above 10% Strong cash generation Associated British Foods plc

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