Associated British Foods Results Presentation Deck

I ■ Margin 32 Decision not to fully recover inflation in input costs Adjusted operating margin of 8.2%, down from 9.8% First half: higher costs of bought-in goods, freight rates, labour rates and energy costs Second half: further increase in cost of bought-in goods, driven by strength of US dollar ■ Freight costs decreased in Q4, but labour costs remain higher than a year ago I Higher than expected stock loss Associated British Foods plc

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