Introduction to Greenyard

Agenda

1 Greenyard in brief

2 Our playing field

3 Strategic vision

4 E-Commerce

5 Sustainability and innovation

6 Financials

2
 “to make lives healthier by helping people enjoy
fruit and vegetables, at any moment, easy, fast
and pleasurable, whilst fostering nature”

3
 A Refocused Greenyard

Fresh Frozen Prepared Horticulture

Main Sourcing & sales of Production & sales of Production & sales of Production and sales of
activity fresh F&V frozen F&V prepared F&V growing media

Customers
Serving the top EU Serving the top EU Serving the top EU
retailers retailers (LF) retailers (LF)

Trading ~2m tons of Production of ~450,000 Production volume Production of +3m m3

Productivity
F&V tons ~320,000 THL

Workforce +5.500 employees +2.000 employees +1.000 employees +800 employees

Geography Active in +20 countries Active in 7 countries Active in 2 countries

32 ripening, packing & 10 production sites 3 production sites in BE 14 facilities, Production

service centers & NL in Belgium and CEE

Sales +40 countries +80 countries +60 countries +60 countries

4
 With sales across the globe

22%
30%
Sales
6%
€4,2bn
8%
10% 23%

Germany Netherlands Belgium

UK France Other

5
 And world-wide spread diversified sourcing connections
A
Top overseas fruit exporting countries
Egypt
Cote d'Ivoire
Peru 2016
Chile
2017
Morocco
Turkey
Brazil
S-Africa
Colombia
Equador
Costa Rica
B
Top EU fruit exporting markets
Portugal
Poland 2016
Germany
2017
France
Greece
Italy
Belgium
Netherlands
Spain

The Fruit Farm Group

Greenyard Group
Strategic connections
6
 Key investment highlights

1 Market leading position

2 To manage the supply chain complexity

3 Through a unique selling proposition

4 Building close relationships and partnerships

5 In a consolidating landscape

6 Promoting consumption of fruit & vegetables

7 In a sustainable way

7
 Agenda

1 Greenyard in brief

2 Our playing field

3 Strategic vision

4 E-Commerce

5 Sustainability and innovation

6 Financials

8
 Stable category with further growth outlook
Consumer spending on Fruit and Vegetables – Geography dynamic, 2015-2030 (€ tn)

CAGR ’15-’30
11% 8% 4%
8% 5%
8%
€768bn 16% 3%
€441bn 21% North America
13% 5% Latin America
14% Europe
Middle East and Africa
Asia & Oceania
56% 7%
46%

2015 2030

9 Source: Euromonitor, Oliver Wyman research and analysis

 Consumption in F&V lagging behind

Vegetable consumption (g/capita) Fruit consumption (g/capita)

52% 56%
300 250

145 110

Recommended Consumed Recommended Consumed

10 Source: BE Voedselconsumptiepeiling 2014-15

 With increasing consciousness on healthy eating habits

Drink more water

Vegetables, fruit, bread,

MORE nuts, oil

Fish, cheese, eggs,

As little as milk, poultry
possible

Butter,
Sugar,
junk food, LESS meat
soda’s

11
 Supported by fundamental societal trends…
 Universal association with a healthylifestyle
Healthy living  Government / supermarkets / doctorspromotion
Rise of illness and obesity  Trend away from processed towardsauthenticity

 Fruit and vegetables well suited for quick preparation and/or on-
Convenience
Convenience the-go consumption
 Fresh cut, snack, seedless, easy peel, ready-to-eat, shelf life,
Consumer increasingly time pressed ripening technology, e-commerce, frozen

 Consumers increasingly monitoring meat consumption

Meat reduction  Environmental impact and animal welfare concerns increasing
priorities
Rise of vegetarianism  Supported by increased sophistication and taste of meat
alternatives incl. fruit and vegetables


Diversity 
Versatile and core part of any meal
High availability, variety and flavour across a number of accessible
Fun in everyday cooking formats
 Easy to cook, portionable and long-lasting

 New formats / methods of cooking being popularised (e.g. by

Premium celebrity chefs)
 Increasing mass availability of both traditional & exotic products
Increasing trend ofnovelty

 Represents a sustainable alternative vs. meat

Sustainability  Lower carbon footprint
Supporting environmentalconcern  Lower use of water and land resources

12
 Agenda

1 Greenyard in brief

2 Our playing field

3 Strategic vision

4 E-Commerce

5 Sustainability

6 Financials

13
 We work for the top retailers in the world

14
 Unique Selling Proposition towards our customers, building partnerships

Rationalise the chain Just in time delivery of

Remove unnecessary parts in the chain perishable goods

Manage
Help us be
complex
lean
supply chain

Offer
category Offer full
man. assortment
Support
Right product at the right time Availability
Increase profit / m² for customer Direct link Quality
to the
grower

Traceability
Certainty of produce
15
 An approach that requires several “building blocks”

Retailer USP
Vertical
Value Rationalise the chain
chain 5 Remove middle-men
 Higher barriers to
entry
 Higher switching costs
for customer
Fork to Field Partnership Traceability  More derisking (e.g.
Product 4 Certainty of produce Cost plus)
knowledge

Value chain partner Right product at the right time

vendor consolidation 3 Increase profit / m² for customer

Committed volumes
Product supplier Availability
Push model retailer 2 Quality

Just in time delivery of

Logistics Tendering 1 perishable goods

16
 To build an integrated partnership

Grower
Grower Greenyard Retailer
Retailers Consumer
From Fork to Field

Finding global trends and

Matching supply-demand Developing F&V category
foodwaves

Joint sourcing Sharing data Innovation

Fresh and timely deliveries Customer solutions

17
 With the right assets and products
The Deprez family now has the
majority at Pinguin, which
‘02 acquires Lutosa, a potato
processing company
V. Deprez buys 33% of frozen
vegetable producers Pinguin, a A
publicly traded company ‘07
Via Pinguin Lutosa, H. Deprez acquires
Scana Noliko, a Belgian producer of
preserved vegetables. He becomes CEO of
PinguinLutosa, with a turnover of EUR
750m1
‘11 A
Pinguin Lutosa divests the potato processing

A
activities and acquires the frozen vegetable A
activities of Groupe d’Aucy. It is now called
‘13 Greenyard Foods. The Deprez family Greenyard acquires
increases its share to 42% mushroom specialist
Lutèce
A € A
UNIVEG acquires its Dutch
UNIVEG acquires UNIVEG acquires P V P
competitor Bakker Barendrecht, Empire World Trade Greenyard acquires
Alara and Katopé Merger UNIVEG, Greenyard
with a turnover of EUR 450m. and FAI ‘16 ‘17 ‘18 exotic specialist Mor Int.
UNIVEG acquires Seald Sweet UNIVEG doubles its turnover A P Foods and Peatinvest into
Greenyard, a unique leader
A A ‘15
A V ‘14 in fruit & vegetables
P ‘11 ‘12 ‘13
R ‘08
R ‘07 Greenyard acquires mushroom
‘06 P € substrate producer Mykogen
H. Deprez establishes UNIVEG ‘05 and divests its logistic activities
P I
UNIVEG divests its ready-meal
activities and logistic activities
in Bulgaria and herb farm in
Germany
‘87 ‘96 ‘98 in Russia The farming activities of UNIVEG are
carved out and regrouped in sister A €
company The Fruit Farm Group
‘83 UNIVEG becomes active outside of
Belgium
H. Deprez starts a mushroom farm Following a new acquisition, of -
in Belsele Atlanta from Chiquita, UNIVEG
now reaches a turnover of EUR
UNIVEG acquires the Italian 3bn
company Bocchi, with a turnover
of EUR 900m A
A

Peltracom acquires Norland

‘03 V Vertically integrated chain

H. Deprez incorporates his potting

A Acquisition R Retail Connections
soil activities in the Peatinvest
Holding € Disposal P Product specialism
- Carve-out I Infrastructure
18
 Consolidation further strengthens the leading suppliers
Divestments Consolidator Acquisitions Strategic agenda
• Extend global footprint in sales & sourcing

• Consolidate EU leadership in Fresh-cut veg

• Expand to international markets (North Am.)
Non-UK sites
• Expand in Fresh-cut fruit
• Consolidate leadership in Southern Europe
• Expand in exotics & Fresh-cut fruit

• Complete dense footprint in Germany

Fresh

• Offer full basket: fruits & Fresh-cut

Multiple fruit farms in LatAm • Vertical integration

• Diversification in geography & products (veg)

• Finding the right infrastructure, specialism and

retailer access
Frozen sites • Building partnerships
• Expand North American footprint
Long-Fresh

• Develop convenience & plant-based range

Canada

• Consolidate EU leadership in Frozen veg

• Expand to North American market & fruits

• Consolidate Brittany agri-food positions

• Leverage local brands
Frozen sites
• Diversify geographically (sales & sourcing)
• Offer full basket of frozen vegetables
19
20
Sales (EURm)

1.000
1.500
2.000
2.500
3.000
3.500
4.000
4.500

0
500
Nomad Foods
(veg.activities)
Fresh

La Doria
(veg.activities)
Long Fresh

Conserve Italia
(veg. activities)

Triskalia - D'Aucy
(veg.activities)

* market share in Europe in fresh fruit and vegetables

Ardo

Del Monte Foods

Bonduelle
Resulting in a global market leader

Greenyard

Total Produce
3,2% market share*

Dole

Fresh Del Monte

Fyffes

Agrial (veg.division)
#2 EU

Fresh
#3 WW

The Greenery

Orsero Group
#1*
#5 EU

Prepared

Long tail
#2 EU

Frozen
 Offering us a strong and committed client base

Of top 10 clients have been a customer for more than 3

100% years

Average CAGR on top 10 client revenues over the past 2

2,6% years

c. € 274m Average size of top 10 client

21
 Result: Increase share of wallet through partnerships and consolidation

Proven partnership/ moving towards partnership Supplier consolidation ongoing, room for further growth
3 70 # Other suppliers

2017/18
31,9%

14,3%

7,2%

3,6%

3,4%

3,1%

2,7%

2,2%

1,3%

1,0%
1 2 3 4 5 6 7 8 9 10

2015/16
31,0%

15,6%

6,2%

1,4%

3,1%

3,1%

1,9%

1,9%

1,6%

1,1%
1 2 3 4 5 6 7 8 9 10
22
 Internal growth by following our customers in share of wallet

+5,9%

+5,6%
2015 average
2017 average
6,7%

7,1%

3,6%

3,8%
Top 10 Top 20

23
 Agenda

1 Greenyard in brief

2 Our playing field

3 Strategic vision

4 E-Commerce

5 Sustainability and innovation

6 Financials

24
 The rise of online retail in fruit & vegetables
Consumer spending on fruit & vegetables – Geography and Channel, 2030 (€ tn)
5% 7% 7% Online
8% 6%
16% 6%
11% Discounters

10% 18%
18% Hypermarkets

7% 20%
Supermarkets
5% 25%
15% Convenience
6%
4%
46% Specialised food stores and
32% traditional outlets
28%
Out-of-Home

N. America Europe World

€ 0,4tn € 0,8tn € 4,8tn
(8% of total World) (16% of total World)
25 Source: Euromonitor, Oliver Wyman research and analysis
 Internal growth by following our customers in new channels
Strong increase in online sales of F&V in Europe
99% 4,00%
2,90% 2,70%
2,60%
3,00% CAGR: 7,6%
98% 1,90% 2,10% 2,10% 2,10%
1,50% 2,00%
97%
1,00%
96% 0,00%
Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 S1 2018 Q1 2018
Offline F&V Online F&V
The Dutch market as an example
€ 98,7m CAGR: 21,7%

€ 70,9m CAGR: 15,1%

€ 22,7m CAGR: 42,9%

2016 2017 2018 (till w32)

NL online market Albert Heijn Jumbo
26
 Greenyard already positioned for the future

5%
5%1%

1,6% Of total sales already online 23% 45%

€ 68m
2%
8%
11%

Netherlands Germany Belgium

Scandinavia UK France
Poland Pure Online Players

27
 Creating opportunities for Greenyard

Logistics Back – end (piecepicking) Know-how

28
 Agenda

1 Greenyard in brief

2 Our playing field

3 Strategic vision

4 E-Commerce

5 Sustainability and innovation

6 Financials

29
 Our food pyramid versus our environmental pyramid

Drink more water

H20

Vegetables, fruit, bread, Veg., fruit,

MORE LOW bread, nuts,
nuts, oil
oil

Fish, cheese, eggs, Fish, cheese, eggs, milk,

As little as milk, poultry poultry
possible

Butter,
Sugar,
junk food, LESS meat HIGH Butter, meat
soda’s

30
 Greenyard subscribes to the UN sustainability goals

31
 By doing its part in 5 areas

Our healthy future for all Responsible and
Ambition sustainable food
production
Our Healthy diet Water and energy-
efficiency in all of our
approach Strict food safety norms operations
Well being and Close the loop: efficient
development of employees waste management,
responsible use of land and
safeguarding biodiversity
Innovation, Social, economic and To be a responsible
technology and environmental supplier of
infrastructure benefits throughout qualitative, healthy
securing access to the chain and and sustainable
food for all compliance with the products in close
highest ethical cooperation with its
standards partners
Stimulate innovative
techniques and products
Focused on social
standards, responsibility,
Sustainability is a focal
point
transparency and
Support R&D, aligned with traceabiity through With our partners that
circular economic models cooperation with growers have the same conviction
and suppliers
And in support of local
community projects

32
 Innovation crucial in sustainable partnerships

33
 Consumer centric innovation

Sustainability

What’s for
Snacking
dinner

Healthy & Meat & Fish

tasty replacers

34
 Revisiting the investment thesis
Large Player with Market Leading Positions

In the most sustainable way Complex supply chain management

Consumption growth potential Unique Selling Proposition

Tapping into current health trend To our customers

Model of the future Grow

In consolidating landscape partnerships

35
 Agenda

1 Greenyard in brief

2 Our playing field

3 Strategic vision

4 E-Commerce

5 Sustainability

6 Financials

36
 Sales and REBITDA declined due to competition, weather conditions and Listeria

Sales REBITDA*

-3,5%
-4,1% -49,0%

1.707,3
1.647,9

42,6
-20,3%

349,4
334,9

25,7
21,7

20,5
H1 2018/19 H1 2017/18 H1 2018/19 H1 2017/18
€ 1.982,8m € 2.056,6m € 41,2m € 68,5m

Fresh

Long Fresh 16,9%

€ 1.982,8m 49% € 41,2m 51%

83,1%

37 *Unallocated REBITDA, mainly related to HQ costs and financial instruments, amounts to € 0,3m for H1 2017/18 and € -1,0m for H1 2018/19
 Taking into account normalisations, ‘continued’ net result amounts to € -4,4m

Normalised H1 2018/19 H1 2017/18

REBITDA € +3,5m € 41,2m € 68,5m
Depreciation and Amortisations € -32,1m € -30,6m
Non recurring items (continued operations) € -53,0m € -2,1m
- Listeria €+22,6m € -22,6m
- Goodwill impairment Long Fresh € +29,2m € -29,2m
EBIT * € -44,4m € 35,6m
Net finance income/cost € -15,3m € -18,5m
Income tax expense € +8,4m € -8,4m € -7,0m
Net result (continued operations) € -4,4m € -68,1m € 10,1m
Profit/loss Discontinued operations € -44,9m € 2,3m
Profit/loss for the period € -113,0m € 12,4m
38
*EBIT also includes net intercompany transactions between continuing and discontinued operations for € -0,2m for H1 2017/18 and € -0,4m for H1 2018/19
 Financial net debt increases due to non-recurrings, CAPEX overflow and NWC

Net Debt Evolution (incl. Horticulture) Leverage ratio

4,4

1,3
16,7 0,6 Clear focus to
0,4
deleverage in
64,7
40,2
2,8 coming
-48,8 23,3 periods

517,4
419,1

15,1
25,1

Overflow This year

Mar 2018 Sep 2018

CAPEX
Non-recurring/non-

Taxes

Finance expenses

NFD Sept '18

REBITDA

Working capital

Other
NFD Mar '18

Assets/proceeds sales
cash EBITDA items

Purchases of fin.

LTM € 140,2m € 117,8m

REBITDA
39
 Our growth trajectory

Sales CAGR REBITDA CAGR

18,4%
2,7%

1,2%

-1,7%

Mar 2014-2018(1) Mar 2019-2021(2) Mar 2014-2018(1) Mar 2019-2021(2)

(1) March 2014-2018 CAGR calcutions exclude Horticulture segment for a comparable basis with Mar 2019-2021
calculations
(2) March2019-2021 CAGR is based on Analyst consensus numbers and should not be in any way taken as a forecast or
40
estimate of the company
 Contact
Dennis Duinslaeger
Investor Relations
Dennis.duinslaeger@greenyard.group
T: +32 (0) 15 32 42 49
M: +32 (0) 477 90 39 98