A Future Proof Greenyard

Hardship Transformation Future proof Solid foundation for a sustainable profitable future underpinned by Greenyard's improved financial results An organic growth trajectory in both the Fresh/Long Fresh segments resulting in sizeable topline growth & resilient margins 9m 2021 +10,3% 4.061 AY1920 Adj. EBITDA % 2,4% (in EURm) Upper end of range: 106-110 96 F2021 ~2,7% CAGR F2021-F2425 +2,5% > +8,0% Towards 120 F2122 Structural improvement in financial position enables further sustainable deleveraging 517 503 500 456 426 407 400 7,1x 7,2x 300 200 100 T T Upper end of range: 4,4x 4,4x 106 110 3,9x 3,5x 118 96 105 65 71 Towards 150 F2223 F2324 F2425 ~3,0% Net financial debt LTM adj. EBITDA Leverage 3,0x 2,5x 2,0x 0 H1 AY1819 H2 AY1819 H1 AY1920 H2 AY1920 H1 AY2021 H2 F2021 F2122 F2223 F2324 F2425 Note: Financials above are Pre IFRS 16 1 In less than two years from now 29 Sales Adj. EBITDA ► Following the rigorous focus on cash generation & improving profitability across all divisions and confirming earlier outlooks, Greenyard estimates that the leverage ratio will move towards 3,5x by the end of financial year 2020/2021, down from 3,9x in September 2020 ➤ Lower leverage takes into account a further decrease in nominal debt, a.o by the repayment of the accordion debt, granted by its relationship banks in June 2019 ► Greenyard aims for a long-term net financial debt/adjusted EBITDA ratio between 2,0x and 2,5x (before application of IFRS 16) in less than 2 years, with the aim of structurally remaining between this range in the years thereafter GREENYARD

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