Barry Callebaut : Analyst Presentation

Full-Year Results 2022/23

Analyst Presentation

1 November 2023

Cautionary note

Certain statements in this presentation regarding the business of Barry Callebaut are of a forward- looking nature and are therefore based on management's current assumptions about future developments. Such forward-looking statements are intended to be identified by words such as 'believe,' 'estimate,' 'intend,' 'may,' 'will,' 'expect,' and 'project' and similar expressions as they relate to the company. Forward-looking statements involve certain risks and uncertainties because they relate to future events.

Actual results may vary materially from those targeted, expected or projected due to several factors. The principal risk factors that may negatively affect Barry Callebaut's future financial results are disclosed in more detail in the Annual Report 2022/23 and include, among others, general economic and political conditions , foreign exchange fluctuations, competitive product and pricing pressures, the effect of a pandemic/epidemic, a cyber event or a natural disaster, as well as changes in tax regimes and regulatory developments. The reader is cautioned to not unduly rely on these forward-looking statements that are accurate only as of November 1, 2023. Barry Callebaut does not undertake to publish any update or revision of any forward-looking statements.

FY22/23

2

FY 2022/23 Results Highlights

1

2

3

4

5

6

Growth in Q4 of +3.9%, bringing full year sales volume to 2.3 million tonnes (-1.1%)

Sales revenue of CHF 8.5 billion, up +9.7% in local currencies (+4.7% in CHF)

Operating profit (EBIT) of CHF 659.4 million, up +12.2%1 in local currencies (+5.6%1 in CHF)

Net profit of CHF 443.1 million, up +9.6%1 in local currencies (+3.4%1 in CHF)

Adjusted Free cash flow2 of CHF 251.8 million impacted by raw material prices

Proposed dividend of CHF 29 per share, a payout ratio of 36%

1 Compared to prior-year Operating profit (EBIT) recurring and Net profit recurring. Prior year non-recurring items included the net one-off impact of the

FY22/23	salmonella incident in Wieze (CHF -76.9 million), the Brazilian indirect tax credits (CHF +13.5 million; additional CHF +1.4 million financial income impacting net	4
profit) and costs related to the closure of the chocolate factory in Moreton (CHF -7.8 million).

2Adjusted for cocoa beans regarded by the Group as readily marketable inventories (RMI).

Growth in both Cocoa and Chocolate in Q4

FY 20/21

FY 21/22

+4.6%

+18.4%

+5.3%

+8.4%

+8.0%

+8.9%

+8.5%

+6.0%

+2.0%

+6.5%

+21.2%

+2.7%

+9.4%

+9.6%

+10.2%

+2.6%

+7.4%

-13.1%

-5.5%

-0.2%

-1.3%

-1.8%

-4.3%

-0.3%-3.0%

-2.4%

			Cocoa
FY 22/23
		Chocolate
-1.1%

						+3.9%
									+4.5%
			+2.6%				+3.7%
							+5.1%
	-2.6%
			-1.2%
				-0.5%		-4.0%
-5.8%
							-2.2%
-5.1%

Q1 20/21

Q2 20/21

Q3 20/21

Q4 20/21

Q1 21/22

Q2 21/22

Q3 21/22

Q4 21/22

Q1 22/23

Q2 22/23

Q3 22/23

Q4 22/23

FY22/23

5

Key figures

Group performance (in CHF million)	FY 2022/23	Change in %
in local currencies	in CHF
Sales volume (in tonnes)	2,280,925	n/a	-1.1%
Sales revenue	8,470.5	9.7%	4.7%
Gross profit	1,348.5	16.0%	10.8%
EBIT reported	659.4	26.6%	19.1%
EBIT (recurring)1	659.4	12.2%	5.6%
EBIT per tonne (recurring)1	289.1	13.4%	6.7%
Net profit for the period	443.1	30.1%	22.8%
Net profit for the period (recurring)1	443.1	9.6%	3.4%
Free cash flow	113.0	n/a	n/a
Adj. Free cash flow2	251.8	n/a	n/a

1 Prior year non-recurring items included the net one-off impact of the salmonella incident in Wieze (CHF -76.9 million), the Brazilian indirect tax credits (CHF

FY22/23	+13.5 million; additional CHF +1.4 million financial income impacting net profit) and costs related to the closure of the chocolate factory in Moreton (CHF -7.8	6
million). These non-recurring items resulted in a tax effect of CHF +2.2 million.

2 Adjusted for cocoa beans regarded by the Group as readily marketable inventories (RMI).

Group volume decline of -1.1%; growth in Global Cocoa

Group Sales volume: 2,280,925

tonnes

	in tonnes	% of total
EMEA	1,036,227	45%
Americas	619,747	27%
GlobalCocoa	467,877	21%
Asia Pacific	157,074	7%

	Volume growth	EBIT growth in LC
	FY 2022/23	recurring1
EMEA	-0.4%	+24.6%
Americas	-4.6%	+0.1%
Global Cocoa	+2.4%	+22.0%
Asia Pacific	-2.0%	-16.9%

	1 Prior year non-recurring items included the net one-off impact of the salmonella incident in Wieze (CHF -76.9 million), the Brazilian indirect tax credits (CHF
FY22/23	+13.5 million;) and costs related to the closure of the chocolate factory in Moreton (CHF -7.8 million).	7

Cocoa combined ratio and raw material price development

European Combined Ratio - 6-month forward ratio

Raw material price development on average

Year on

300%

4.50

year

change

4.00

250%

3.50

Combined

+46%

200%

3.00

ratio 3.1x

2.50

+16%

Butter

150%

+24%

2.00

ratio

1.50

100%

-25%

1.00

Powder

ratio

50%

0.50

0.00

0%

Aug-14

Aug-15

Aug-16

Aug-17

Aug-18

Aug-19

Aug-20

Aug-21

Aug-22

Aug-23

Aug-12

Aug-13Aug-14Aug-15Aug-16Aug-17Aug-18

Aug-19

Aug-20Aug-21

Aug-22Aug-23

For cocoa processors, profitability depends on the ratio between input costs (price of cocoa beans) and

combined output prices (price of cocoa butter and powder).

Cocoa beans

Dairy

Sugar world

Sugar EU

FY22/23

8

EBIT growth ahead of high inflationary environment and adverse FX

		In CHF million
+12.2%

-119

195

-42

701

625

659

EBIT FY2021/22	Gross Profit	SG&A, Others	EBIT FY2022/23,	FX	EBIT FY2022/23
recurring1			in LC		reported
1 Prior year non-recurring items included the net one-off impact of the salmonella incident in Wieze (CHF -76.9 million), the Brazilian indirect tax credits (CHF	9
FY22/23 +13.5 million) and costs related to the closure of the chocolate factory in Moreton (CHF -7.8 million).

Net profit up +10%

In CHF million

		ETR
	-238	FY 2022/23: 17.2%
	FY 2021/22: 16.4%
		-124				+10%
897		-92	27
	659
		443	470	429

EBITDA	Depr. &	EBIT	Financial	Income taxes Net Profit	FX	Net Profit	Net Profit
FY2022/23	Amort.	FY2022/23	Items	FY2022/23		FY2022/23 in	FY2021/22,
						LC	recurring1

FY22/23	1 Prior year non-recurring items included the net one-off impact of the salmonella incident in Wieze (CHF -76.9 million), the Brazilian indirect tax credits	10
(CHF +13.5 million; additional CHF +1.4 million financial income impacting net profit) and costs related to the closure of the chocolate factory in Moreton (CHF

-7.8 million). These non-recurring items resulted in a tax effect of CHF +2.2 million.

Free cash flow heavily impacted by high Cocoa bean prices

In CHF million

+4.3%

-204

(PY +63)

-224

(PY -184)

861	897
			-241
				24
				(PY -276)
				(PY-105)
							-139
						252	(PY -92)
						(PY +359)		113
								(PY +266)
EBITDA	EBITDA	Change in	Interest &	CAPEX	Others	FCF	RMI Beans	FCF
recurring	FY 2022/23	Working	Income Taxes			FY 2022/23		FY 2022/23
FY 2021/22		Capital				adjusted
FY22/23								11