Presentation of 2021-2022 annual results

PRESENTATION OF 2021-2022

ANNUAL RESULTS

Ambitions for 2026

LDC, over 50 years of family history

OUR VALUES

Our mission

Food sovereignty with respect for Women, Men and Nature

• Local, healthy and safe products,

• From increasingly equitable sectors,

• Made by responsible men and women,

• Acting within their regions.

Taking

action with our regions

A unique model

A DECENTRALISED AND AGILE ORGANISATION

TEAMS MOBILISED TO ENSURE THE GROUP'S PERFORMANCE

HIGH-PERFORMANCE INDUSTRIAL TOOLS

A LOCAL AND COMMITTED IDENTITY EMBODIED BY STRONG BRANDS AND CONSUMER LOYALTY

A CAPACITY FOR PRODUCT INNOVATION ENABLING IT TO CAPTURE ALL OF THE LATEST CONSUMER TRENDS

STRONG MARKET POSITIONS

GROWTH DRIVERS ALREADY IN PLACE: INTERNATIONAL AND CATERED FOOD

PROVEN ACQUISITION AND INTEGRATION CAPACITY

SOLID FINANCIAL HEALTH UNDERPINNED BY STABLE FAMILY OWNERSHIP

A performance track record

A champion in agri-food in France today and in Europe in the future…

INTERNATIONAL CATERED FOOD POULTRY

Leading French player, 40% of the French market

62 sites in poultry comprising 16,700 employees

Present in 4 countries, Poland, Hungary, Belgium and the United Kingdom

Second largest French player, 12 sites with 3,300 employees

More than €570m of revenue from the international activities (excluding exports)

Present in 55% of the fresh catered food segment

An upstream division incorporating 40% of supplies

Leader in retail and catering

National brands:

Loué, Le Gaulois, Maître Coq, which epitomise the Group's success

Leader in Europe in specialty products: freerange chicken, organic, goose and duck

Regional brands showing strong growth in line with consumers' expectations

A strong footprint with 15 sites employing more than 4,000 people

Leader in ready meals with the Marie brand and number one in Asian products

Four acquisitions made over the last four years

Strong growth over five years mainly based on the prepared meals segment

A dedicated M&A and integration team

An ambitious challenger looking for new targets and territories

A well-established fresh products brand that underpins the performance of the frozen ranges

2021, demonstrated resilience during the recent crises

In 2021, LDC Group was stronger than ever: revenue of €5 billion and recurring operating income above €200m, beating our targets

1

+ COMMITTED

Promote the food and ecological transition

5 CHALLENGES FOR THE GROUP

2

+ DIVERSIFIED

To meet consumers' expectations concerning distribution channels

3 + INTERNATIONAL

Expand our regions of conquest, duplicate the LDC model

4 + RESULTS

Specialisation and competitiveness to boost our financial performance

5

+ ATTRACTIVE

Promotion of our activity sectors, transfer our know-how and recruit new talents

Contents

Poultry

Recovery of catering in Europe, acquisition of Ronsard and price increases

BUSINESS

International

Sales still underpinned by positive market trends and the quality of the product mix

Catered Food

Strong growth in the fresh and frozen activities

FINANCE

Very good results, targets exceeded

OUTLOOK

A solid Group galvanised to deal with the difficult business conditions at the start of the year

AMBITIONS

Beyond 2022: new ambitions

Poultry

Recovery of catering in Europe, acquisition of Ronsard and price increases

Poultry: Increase in volumes and value

Return to normal in catering

Poultry consumption in France, 2021, by balance sheet: +1.9% in volume terms

Source: France Agrimer, Agreste and Kantar World Panel

Growth across all distribution channels

Excluding co-products

Fall in retail volumes post-COVID but increase in value driven by a good performance in ready cooked

products

Source: Kantar IRI | Generalist Circuits / Change in volumes - Annual average 12 months to end-February 2022

Retail: Growth underpinned by the Group's innovation

Out-of-home

catering: Support by the Group to stimulate recovery

€90m for 18kt, up 8% vs. N-1, +16% over 2 years

Export: recovery in catering and good sales of specialty products

• A good year overall for exports thanks to

✓ Higher prices for duck and goose

✓ The development of premium poultry in European markets

✓ The return of specialty poultry products to export catering markets

• The integration of Ronsard in May 2021

Raw materials: price increases that covered the impact of cost prices at the end of 2021

International

Sales underpinned by positive market trends and the quality of the product mix

International: sales still underpinned by positive market trends and the quality of the product mix

Strong contribution from the product mix

Scope effect related to Marnevall in Hungary, Sieldce food plant (Naturagra

Growth driven by the product mix, in particular duck and goose (+€35m) and processed products (+€22m) Positive impact from

AT INDUSTRIAL LEVEL

THROUGH MARKETING

Catered Food

Excellent performances

Catered Food: growth in the fresh and frozen activities

Breakdown of sales and growth in valueFresh and frozen convenience products by network (2021-2022)

Fresh catered food: good performances by three star product categories

Change in sales of fresh catered food by category in retail and HD (Value for the period March 2021 to February 2022)

Frozen catered food: excellent performance across all product categories

Change in sales of frozen catered food by category in retail and HD (Value for the period March 2021 to February 2022) Retail/out-of-home in value

*LDC is present in 72% of frozen catered food

Exotic products: brands that contribute significantly to the catered food activity

d’Asie+20% involume through the prepared meals segment Biggest contributor to growth in the national brand

100% of the Traditions d’Asie range is communicating the Nutriscore and product commitments for 2021

Finance

Good results, targets exceeded

LDC Group: revenue above the €5 billion mark

Revenue growth by division

Growth in current operating income by division

Simplified income statement

Simplified balance sheet at 28 February 2022

Statement of cash flows

Industrial capex

Extra-financial performance: proactive commitment

Taking action with our regions

Taking action with our regions

Gaïa Rating 2021

Measurement of LCD’s ESG performance

Rating 2021 77/100 +14 points in two years

Higher than the market in 4 segments out of 5

Improvements planned in the reporting segment

Outlook

A solid Group galvanised to deal with the difficult business conditions at the start of the year

A very demanding global context

BIRD FLU IN FRANCE

BIRD FLU

CONSEQUENCES OF THE WAR IN UKRAINE & RISE IN RAW MATERIAL PRICES

PURCHASING POWER AND CONSUMPTION

A mutual aid plan to deal with an exceptionally severe outbreak of bird

flu

2 national zones hit by bird flu

South-West region:

3rd largest poultry producing region in France

Vendée basin:

2nd largest poultry producing region in France

(20% of national turkey and chicken production)

Point in common:

2 main foie gras producing regions

➢ The mutual aid plan mitigated the decline in volumes

Impacts for the sector

• Impact on implementations linked to a 30% drop in volumes between March and August vs. 2021

FOR THE GROUP

• 70% of the Group's supplies from other poultry basins

• Thanks to the mutual aid plan, limited fall in volumes of -12% to -15% between March and August vs. 2021

Strong and immediate health measures to contain the epidemic

1 Slaughter of animals to clean up sensitive areas

2 Depopulation to avoid the spread of the virus

3 A latent period of several weeks to ensure disappearance of the virus

Animal depopulation

Poses an extreme psychological and financial risk for farmers

Is not acceptable to citizen consumers

Is very costly for the State

Together with:

Strengthened biosecurity - strengthened health barriers in livestock farming and hygiene precautions during all transport

Enhanced surveillance - widespread screening for early detection of the virus

A common approach at EU level

Raw materials + expenses: price increases needed by July 2022

Financial objective: less visibility

Catered Food

- the elimination of bird flu International

Outlook dependent on:

k Poultry

- the level and pace of price increases

Price increases still not enough at present

Good visibility on price increases and level of activity

Results expected to improve

➢ Update during publication of the interim results in November

Beyond 2022

Opportunities to be seized today...

1

INCREASED DEMAND FOR HEALTHY AND LOCAL PRODUCTS

3

COMPETITIVENESS OF POULTRY COMPARED TO OTHER MEATS

2

CHANGING REQUIREMENTS AND CONSUMPTION PATTERNS

4

INTERNATIONAL MARKET CONSOLIDATION

Our strategic priorities

• Consultation with customers and the Group's teams

• A proactive approach to expand our management teams and include more women and younger managers

+ attractiveness of our business lines + CSR (corporate social responsibility)

+ plant-based offers

To drive the development of our three divisions

Strengthen our leadership in Poultry

1 Develop new product categories in Catered Food

2 Change dimension internationally

3

Increase the attractiveness of our businesses

Well-being, health and safety at work

• Strengthen the culture of safety

• Creation of a social barometer (QVT)

Training, support and transmission of know-how

• Creation of an internal training body

Promotion of our business lines and the sector

• Visits to our companies

• Initiate local school training programmes

• Recruitment

All of this action to enhance our employer brand to facilitate recruitment and strengthen thepride of our employees

Strengthening the CSR policy

2021 indicators and targets for 2025 - figures currently being validated by the OTI

• Sustainable farming

• Local origin of animal feed

• Local origin of meats

• Health and safety of our employees

• Geographical and career mobility

• Employee work-study programmes

• ]Training

• Procurement governed by our charter

• Food donation to associations

• Certification of our sites to ensure food safety

• Customer satisfaction through our image and reputation

• Nutriscore A, B or C of our products

• Clean label recipes

• Water saving

• Energy saving

• Waste recovery

• Biodiversity at our sites

• Recyclable packaging

AMBITIONS FOR 2026 10,000 tonnes excluding acquisitions

2021 VOLUMES

3,000 tonnes

Catered Food & Poultry

Poultry: consolidating our leadership

Projections based on constant prices (excluding additional required price increases)

Target for 2026

€4.4bn in revenue

Revenue growth target over 5 years (€m)

Growth strategy of the division

Strategic priorities

• Continued growth and innovation in processing

• Specialisation and competitiveness

• Continued recovery of imports

• Development of higher value-addedegg ranges

Catered Food: Development of the division through positions in new product categories

Projections based on constant prices (excluding additional required price increases)

By 2026

in revenue

Revenue growth target over 5 years (€m)

>

Growth strategy of the division

Strategic priorities

• Consolidation of current product categories by:

- Developing our brands

- Expanding marketing networks

• Positions in new product categories : transformativeacquisitions (pastry, salads, etc.)

• Ambition: to be number 1 in food catering in France

International division: double its size in 5 years

Projections based on constant prices (excluding additional required price increases)

By 2026 €1.3bn in revenue

strategy of the division

Strategic priorities

• Strengthen our positions in the countries in which we currently operate:

- Duplicate the LDC model: Born, bred, processed and consumed locally based on a decentralised, multi-network organisation with strong brands

• Strengthen sales through innovation and developments in processing

• Make transformative acquisitions

Our ambitions for 2026: growth & return

REVENUE OF €7BN

EBITDA OF NEARLY €560M , AN INCREASE OF 40% VS. 2021

Governance: a collective approach to ensure success

Of the Operating Divisions

The Functional Divisions Around the Management Committee

PRESENTATION