Bonduelle Group Presentation of the

Presentation of the Bonduelle GroupFebruary 2021

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Plan

Purpose

.1 .2 .3 .4 .5

• Vision• Mission

Context Strategy Reporting Financial performances

• Pure-player• Innovation• Multi-local• Family-owned

• Planet• Food• People• Economics

• Food • Agronomy• Socio-economics

• Half-Year Financial Results 2020-2021

• Outlook

2BONDUELLE GROUP

How do we contribute to common good?

1

3BONDUELLE GROUP

We believe that human well-being is intrinsically linked to the health of our planet.

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4BONDUELLE GROUP

We believe that plant-based food is the solution for both a preserved planet and healthy people!

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We inspire the transition toward a plant-based diet, to contribute to people’s well-being and planet health

6BONDUELLE GROUP

What are the global challenges we face?

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7BONDUELLE GROUP

Accelerate the transition toward a plant-based diet43% US consumers say they would replace meat-based protein with plant-based protein

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8BONDUELLE GROUP

Contribute with farmers to the agro-ecological transitionFertile soil is being lost at the

rate of 24 billion tons a year

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9BONDUELLE GROUP

Improve our socio-economic impact84% of investors believe Environmental, Social and Governance (ESG) integrated portfolios perform as well or better than portfolios that do not integrate ESG.

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10BONDUELLE GROUP

How do our actions fit into the long term?

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11BONDUELLE GROUP

We inspire the transition toward a plant-based diet, to contribute to people’s well-being and planet health

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Inspiring 100% plant-based food with responsible sourcing

Sustainable farming: organic or without pesticides residues products

Packaging designed to be recyclable or reusable

Short ingredient list: natural products, made with cold and hot

BONDUELLE GROUP

We are a plant-based food pure player

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Market coreMulti-technologyMulti-circuitWorldwide

High-end Ambient goodsRetail France

Market coreFrozen goodsMulti-circuitCanada

Market coreBowl saladsRetailUSA

Market coreAmbient goodsRetailRussia and CIS

Market coreAmbient fruitsRetailCanada

BONDUELLE GROUP

Our innovation know-how

1% of revenue

Research and development

100 people dedicated to innovation

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14BONDUELLE GROUP

‘Vapeur’ (Steam) canned and frozen. Vegetables gently cooked in very little water

History of our natural product innovations

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Distillery, followed by sugar and yeast

Bonduelle starts working in agriculture

P. and B. Bonduelle build a cannery

Frozen foods range launched: only frozen veggies, nothing else

First fresh range in Europe

Tasty nutriscore A and organic fresh ready-to-eat salads recipes

Cabaletta robot, which will deliver custom fresh plant-based foods directly to workplaces

The One Pot is a base for a frozen vegetarian meal ready to personalize in a few minutes.

1853 1862 1926 1962 1997 2009 2020

Canned peas, peas and carrots and corn: simple recipes appreciated by children for their naturally sweet taste

Without pesticides residue ranges

20191992

Creation of the single- serve salad category in US (by Ready Pac Foods)

BONDUELLE GROUP

17plants

1plant

22plants

3plants

Non-Europe54.5% group revenue

Europe

45.5% group revenue

current operating income109 million euros

revenue2.8billion euros

A unique ‘multi-local’ development

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2,800farming partners

14,600employees

We operate in more than 100 countries

BONDUELLE GROUP

17plants

1plant

22plants

3plants

A unique ‘multi-local’ development

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Made and sold in Italy

BONDUELLE GROUP

• Made in Italy thanks to 300 employees

• Grown in Italy on 600 hectaresof fields with 38 farmers

• 100 % sold in Italy

CHIEF EXECUTIVE BOARD

Europe Zone Non-Europe Zone

BonduelleEurope

Long Life

Bonduelle Fresh

Europe

Bonduelle Fresh

Americas

Bonduelle EurAsia Markets

Bonduelle AmericasLong Life

Central Departments Bonduelle Prospective Development

Canned and frozen Europe

Refrigerated (fresh and prepared) Europe

Refrigerated (fresh and prepared) Americas

Canned and frozen Americas

Canned and frozen Russia / Belarus / Kazakhstan /

Ukraine / Georgia / Armenia / Azerbaijan

A unique ‘multi-local’ organization

18BONDUELLE GROUP

Our Governance

19BONDUELLE GROUP

Pierre et Benoit BONDUELLE SAS

General Partner32.08%

Other Bonduellefamilies 23.65%

Free float

35.59%

Employees and treasury stocks

5.68%

Bonduelle SCAFrench limited partnership with shares

Supervisory Board / Audit Committee

99.99%

Bonduelle SANon executive Chairman: Chief Executive Officer:

Christophe BONDUELLE Guillaume DEBROSSE

Board of Directors / Compensation Committee / Ethics Committee

Operational legal entities As of 30/06/2020

1853Louis Lesaffre andLouis Bonduellefounded the company

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As family shareholders, two objectives are in our DNA, namely respect for the natural environment and our determination to make people central to the company's goals.

2020

GUILLAUME DEBROSSECEO of the Bonduelle Group

20BONDUELLE GROUP

We support sustainable & diversified agriculture all around the world and keep researching new ways of growing, processing and selling products to preserve environment.

We act daily to make plant-based food accessible and promotes tasty and healthy eating habits for everyone.

We are delivering responsible economics and social impacts for all our employees and communities.

Our commitments towards our stakeholders

21BONDUELLE GROUP

Plant-based food is the foundation for both a preserved planet and healthy people!

We inspire the transition toward a plant-based diet, to contribute to people's well-being and planet health

• Changing the way we operate to benefit all stakeholders

• become a co-founder of the B Movement Builders

• We want to become a B Corp. by 2025

• Long-term vision is in our DNA

• Increase accountability and transparency by placing stakeholders at the heart of the business model

• Increase the resilience of our business and reduce risk

• Making financial performance and positive impact inseparable

The Big Picture What we’re doing Why we’re doing it

Making a positive impact for all stakeholders

22BONDUELLE GROUP

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What are our main achievements?

FY 2019-20202019.07.01 - 2020.06.30

23BONDUELLE GROUP

100% of cultivated land with alternative cultural techniques.

Reducing by 20% our GHG emissions by 2035.

100% of our packaging designed to be recyclable or reusable.

100% of our brands with a positive impact.

Encouraging better eating behavior through the Louis Bonduelle Foundation.

0 work accidents

100% of Bonduelle sites involved in local social projects.

100% B CorpFOR THE WHOLE GROUP

2025

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BONDUELLE GROUP

A FEW FIGURES ON WHAT WE’VE ALREADY ACCOMPLISHED

Of surfaces with synthetic pesticides alternatives

Of recycled materials in packaging

Of farmers signed our agronomic charter

renewable energy used by Bonduelle(in global energy mix)

9.7%

94% 65%

51%Water used the past ten years (2007-2017)-16%

Our commitments benefit to planet

25BONDUELLE GROUP


Food safety tests are run each year on our products

62,000

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Our commitments benefit to food

Where the Louis Bonduelle Foundation is present and promotes innovative and positive projectsCOUNTRIES

500,000 People benefiting from the work of the Louis Bonduelle Foundation

26BONDUELLE GROUP


Our commitments benefit to people

Employees made aware of CSR practices

Work accident frequency rate (vs 23.0 11 years ago)

Donated to NGOs in the US, Canada and Europe

of the sites have a project involving their local communities

44%

4,347t 7.2

1,300

27BONDUELLE GROUP

people benefited from Louis Bonduelle Foundation’s supported projects

We want to be a force for good on our ecosystem

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44%

2,800 farming partners

89% renewed their contract

Work accident frequency rate

91 million euros dedicated to capital expenditure

€2.8 billion revenue

9.7%

500,000

14,600employees

56 Sites around the world

of sites launched a project with local communities

Green energy in our plants’ energy mix

TARGET

07.2

1,310,000 tof goods 51% recycled materials

in packagingof products are classed as Nutri-score A or B. in France98%

65%of cultivated lands with alternatives to pesticides126,000 hectares cultivated

around the world

BONDUELLE GROUP

Financial performances

5

Half-Year FY 2020-2021

2020.07.01 - 2020.12.31

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29BONDUELLE GROUP

HY1 2020-2021 Financial ResultsBusiness growth penalized by foreign exchange but resilience in profitability in the first half year

► High growth in long-life technologies (ambient and frozen) in retail

► Significant decline in food service segment, weighing on profitability

► A fresh activity market penalized by the context and volatile

► Particularly difficult harvests and cost increases weighing on profitability

30BONDUELLE GROUP

Revenue evolution

- € 57.5 M

► Stable revenue despite a dynamic Q2

► Internal growth above the annual objective

► Negative foreign exchange effects that offset organic growth

€ 1,442.3 M € 1,441.5 M

+3.9% -4.-%

-0.1%

+ € 56.7 M

+ € 0 M

Organic growth strongly affected by foreign exchange

31BONDUELLE GROUP

Organic growth strongly affected by foreign exchange

Currencies evolution

Currencies impact on revenue

Average rate HY1 2020-2021/€ Variation HY1 2020-2021

In million of euros

Currencies evolution impact over 5 years

► Europe zone affected by the unfavorable exchange rate effects of the main currencies

CAD 1,55

USD 1,17

RUB 86,42

BRL 6,30

HUF 354,80

PLN 4,46

32BONDUELLE GROUP

HY1 2020-2021

Non-Europe Zone continuing to grow

Geographical breakdown of revenue

Business portfolio evolution

At constant scope of consolidation and exchange ratesHY1 2020-2021 growth

EUROPE

NON-EUROPE

► Europe: growth linked to the good performance of long-life retail activities, particularly in brands (Bonduelle and Cassegrain)

► Non-Europe:▪ Strong dynamic particularly in canned and frozen

activities (North America and Russia & CIS)▪ Satisfactory sales in fresh activity but an

unfavorable mix

Southern Europe8%

Central Europe3%

Eurasia7%

Canada13%

USA33%

Others non-Europe2%

NON-EUROPE

55%

EUROPE

45%

Northern Europe5%

France22%

Germany7%

1.5%

5.8%

33BONDUELLE GROUP

A diversified brand portfolioBusiness portfolio evolution

Breakdown of revenue by brandHY1 2020-2021

HY1 2020-2021 growth

► Dynamic brands in Europe and Russia & CIS

► Private label growth outside of Europe linked to the sales momentum in North America

BRANDS

PRIVATE LABELS & OTHERS

EuropeNon-Europe

EuropeNon-Europe

+1.-%

+1.8%-0.1%

+6.7%

+9.2%+1.2 %

Private labels

Others

Brands

At constant scope of consolidation and exchange rates

34BONDUELLE GROUP

A diversified and balanced portfolioHigh growth in long-life technologies (ambient and frozen) in retail

Breakdown of revenue by technologiesHY1 2020-2021


CANNED

FROZEN

FRESH PROCESSED

► Canned: acceleration in Q2 linked to the sanitary crisis

► Frozen: activity still affected by the difficulties in food service, strong growth in retail

► Fresh processed: difficulties in Europe linked to significantly reduced in-store frequentation

-1.1%

+1.3%

+10.5%Frozen

Fresh processed

Canned


35BONDUELLE GROUP

Breakdown of revenue by distribution channels

A diversified portfolio beneficial in the current contextSignificant decline in food service segment, weighing on profitability


RETAIL

FOOD SERVICE

OTHERS

► A declining weight in food service given the still devastated situation of the business, while retail is showing very positive dynamic, all areas combined

► Strong growth in co-packing activity in North America

HY1 2020-2021

+22.-%

-20.6%

+9.2%

Food service

Others

Retail

HY1 2019-2020 At constant scope of consolidation and exchange rates

36BONDUELLE GROUP

Current operating income

In million of euros HY1 2020-2021reported

HY1 2019-2020reported

▲ Reported figures

▲ Like for like basis

Revenue 1,441.5 1,442.3 -0.1% +3.9%

Current operating income 56.3 57.2 -1.5% +5.2%

% of revenue 3.9% 4.-% -6 bps +5 bps

Like for like basis: at constant scope of consolidation and exchange rates

Current operating income evolution

► A global current operating margin preserved in HY1, highly contrasted by geography and business sectors

► Strong growth in marketing investments

Resilience in current operating margin

37BONDUELLE GROUP

HY1 2020-2021 HY1 2019-2020

In million of euros Europe Non-Europe Europe Non-Europe

Revenue 650.3 848.7 640.4 801.9

Current operating income 35.4 24.7 23.3 33.9

% of revenue 5.4% 2.9% 3.6% 4.2%

Revenue and current operating income per area

► Europe: pronounced evolution in profitability explained by good commercial performance in long-life retail

► Non-Europe: profitability affected by significant difficulties at BFA (harvests, Covid-19, sales mix, etc.) masking the performance of the canned and frozen activities in North America and Russia & CIS and Export

Current operating margin preserved in HY1

Current operating income


38BONDUELLE GROUP

Operating result

In million of euros HY1 2020-2021 HY1 2019-2020 ▲Revenue 1,441.5 1,442.3 -0.1%

Current operating income 56.3 57.2 -1.5%

Non-recurring items (2.4) (4.6)

Operating result 54.- 52.6 +2.7%

Non-recurring items

► Limited non-recurring items: litigations and takeover of Coopérative France Champignon assets

39BONDUELLE GROUP

Financial result and taxes

In million of euros HY1 2020-2021 HY1 2019-2020

Debt cost (10.1) (11.8)

Currency result 0.2 (0.6)

Other components - -

Total (9.9) (12.4)

Financial result

In million of euros HY1 2020-2021 HY1 2019-2020

Income tax (12.1) (10.6)

Effective tax rate 27.5% 26.4%

Corporate taxes

► Competitive financing that limits the financial expense and a flat exchange rate result

► An income tax impacted by the end of tax loss carryforwards and the drop in profitability outside of Europe

40BONDUELLE GROUP

Net result

*Recurring EBITDA

Net result evolution

In million of euros HY1 2020-2021 HY1 2019-2020 ▲Revenue 1,441.5 1,442.3 -0.1%

Current operating income 56.3 57.2 -1.5%

Non-recurring items (2.4) (4.6)

Operating result 54.- 52.6 +2.7%

Financial result (9.9) (12.4) +20.5%

Corporate tax (12.1) (10.6) -14.1%

Partnership consolidation (equity method) (0.1) -

Net result% of revenue

31.92,2%

29.52,-%

+8.3%+17 bps

REBITDA* excl. IFRS 16% of revenue

108.27,5%

109.47,6%

-1.1%-8 bps

► Improved net income over HY1 due to business growth, limited non-recurring items and improved financial income

41BONDUELLE GROUP

Solid financial profileSimplified balance sheet (in million of euros)

(1) Net debt / Equity► A gearing ratio excluding IFRS 16 improving from one semester to the other

► Equity down related to currency effects

► Lower debt in line with the declining stocks in HY2 2019-2020 and HY1 2020-2021

ASSETS

Fixed assetsWorking capital & others

LIABILITIES

Equity

Net debt

HY1 2019-2020 excl. IFRS 16

GEARING(1)

1,061.9

553.1

722.5

892.5

123.5%

ASSETS

Fixed assets

LIABILITIES

Equity

Net debt

HY1 2020-2021 incl. IFRS 16

GEARING(1)

1,095.4

470.5

675.2

890.7

131.9%

ASSETS

Fixed assetsWorking capital & others

LIABILITIES

Equity

Net debt

HY1 2020-2021 excl. IFRS 16

GEARING(1)

1,013.2

471.4

676.4

808.2

119.5%

ASSETS

Fixed assets

LIABILITIES

Equity

HY1 2019-2020 incl. IFRS 16

GEARING(1)

1,148.-

552.3

722.1

978.2

135.5%

Net debtWorking capital & others

Working capital & others

42BONDUELLE GROUP

❏ Anticipated refinancing of the €300M RCF – due in July 2021

❏ Transaction description● Amount: €400M● Maturity: 5 years● 9 banking groups (11 banks)● Similar conditions vs previous RCF● Bonus on margin grid linked to B Corp objectives

❏ Back up of a NEU CP program of €400M

❏ A transaction that supports the group’s strategy:● Group financing optimization● Securing financing/group development● Diversification of the banking pool● Financial flexibility

Group’s financial flexibility increasedA new "revolving" syndicated loan, part of the B Corp certification ambition

43BONDUELLE GROUP

Outlook

44BONDUELLE GROUP

2020-2021 outlook

In million of euros 2020-2021February 2021 2019-2020 Reminder: guidance

September 2020

Revenue 2,885 - 2,910 2,855 2,855 – 2,910

Current operating income / revenue 3.6% / 3.8% 3.8% ≈ 3.8%

Revenue and current operating incomeAt constant exchange rate

+1% / 2%

► A pace of activity in HY1 unsustainable in HY2: incoming shortage in long-life products

► Profitability under pressure:◾ A sanitary situation that weighs on the group’s profitability: direct additional costs (material,

labor) and indirect (logistics, sanitary measures)◾ Difficult harvests conditions, especially in North America (BFA)

► Growing marketing investments: support of our brands

45BONDUELLE GROUP

Bonduelle Group Presentation of the

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