Q3 2023 Earnings Report for Poultry Segment

marel Strong cash flow model remains unchanged Cash conversion has historically rebalanced after transformational acquisitions which temporarily impacts net working capital Operating cash flow / EBIT1 Trailing twelve months, % 200% 150% 100% 50% 0% 2017 2018 2019 I I I I | 2020 I I 2021 I I 2022 Notes: Operating income adjusted for PPA related costs, including depreciation and amortization, and acquisition related expenses as of Q4 2020. In Q3 2022, Q4 2022, Q2 2023 and Q3 2023, operating income is adjusted for restructuring costs. I I 119% average 1Q17-3Q23 2023 98% CO 6

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