Acomo N.V.

Good afternoon, everyone, and welcome to ACOMO's Investor Call for the 2025 full-year results. Thank you for joining us today. We appreciate your continued interest in ACOMO. My name is Jean-Marie Pretorius, and I will be hosting today's call. Joining me is our ACOMO Group CEO, Alar Goldsmeding, and CFO, Mirjam van Til. During this call, we will walk you through the highlights of our performance for the period, discuss developments across our business segment, and provide further context around market conditions and our strategic priorities. The Q&A will take place at the end of the presentation, where we will open the floor for questions. Participants who would like to submit a question can do so via the web link posted on our website. Please follow the instructions provided. Before we begin, I would like to remind everyone that today's discussion may include forward-looking statements. These statements are based on our current expectations and are subject to risks and uncertainties that could cause actual results to differ. Please refer to the disclaimer included in our press release for further details. We will now continue with the 2025 full year results. Firstly, I would like to hand over to our ACOMO Group CEO, Alert Goldsmading.

Good afternoon everyone and thank you for joining us on today's call. In a world that continues to present both challenges and opportunities, today's call will focus on ACOMO's strong performance in 2025 and the path forward. While the broader outlook for the global economy, sea freight rates and product availability in 2026 remains uncertain, Navigating complexity is not new to our business. Last year we successfully managed a range of external factors, including tariffs and significant COCO-priced volatility. Our resilient business model, combined with the expertise and commitment of our people, has once again enabled Acoma to adapt effectively and deliver solid results. Today's agenda will cover several topics. I will start with the key highlights that characterized our 2025 performance. I will also discuss how our results compare against our midterm strategy and objectives, which we shared during our Capital Markets Day last April. And I will discuss a few examples of the initiatives we took during 2025. Mirjam will then cover in more detail the financial performance of the group and of the individual segments. At the end of the presentation, I will finish with a look ahead to 2026 before we take your questions. 2025 was another record year for Acoma in terms of sales, profitability and earnings per share. We are very happy with its overall performance and this reflects the drive to perform of our people. Our teams bring unique capabilities that are highly relevant to our suppliers and our customers and enable us to support them effectively. Excellent results in three out of five segments are proof of the ability and expertise of the Acoma teams in managing volatile market environments and a strong attribute of our business model that offers resilience through diversification. By volatile environment, I mean mostly in terms of price developments, geopolitical developments and changing regulations. In the spices and nuts segment, all our companies delivered record high results. The continued impressive performance and the attractive long-term market outlook make our spices and nuts segment a natural area of focus. We have expertise and we have skill, which provides a strong foundation for further expansion. The organic ingredients segment showed a very healthy recovery from the negative impact of cocoa hedging in previous years. This recovery started in the second half of 2025 and continued in 2025. The Trident Organic team was able to manage the price volatility and delivered strong results this year. Besides COCO, the business also posted positive results for other product groups, reinforcing our confidence in the segment's portfolio. We also made substantial progress in improved alignment of the organizational structure, as well as our portfolio investment decisions. Food Solutions also delivered a record year in 2025. Demand for both dry and wetlands remains robust throughout the year, driven by sustained consumer interest in plant-based, clean label and culinary solutions. The business was further supported by the commissioning of the new wetland facility in Oostende in 2025, which became operational before the summer. The new facility provides a significant increase in capacity and flexibility, with the opportunity to triple the output. The year was, however, not without its challenges. In particular, our edible seed segment experienced a difficult year, driven by a mix of challenging market conditions and operational issues. Let me provide a brief overview, as Mirjam will address this in greater detail later in this presentation. The challenges that materialized in the first half year, and which we spoke about in our H1 goal, continued into the second half. Tariff uncertainty in the North American market continued and made pricing decisions complicated. Alongside higher input costs, this placed pressure on margins. Next to that, the impact of restrictions on U.S. grown sunflower seeds to export markets continued to have an impact in 2025, as the measures to compensate with new growth avenues do take time. On top of these market effects, our sunbedder plant was affected by production issues, which caused a temporary stop in production in the fourth quarter. Production resumed towards the end of January 2026. The result is a more negative overall picture than is warranted based on the fundamentals of the segment, which remains solid. To address this, we have made the necessary strategic and organizational changes in North America, towards normal performance levels. The edible seeds business delivered a resilient performance despite market price pressure on key seed categories. The tea segment faced continuous pressure on sales volumes throughout the year, reflecting ongoing destocking by customers, oversupply and more fragmented buyer landscape. The implementation in 2026 of the new organizational and commercial model that I will explain later in this presentation is designed to respond more flexibly and effectively to changing market circumstances. As discussed during our Capital Markets Day, M&A is a tactical growth lever. We are therefore pleased to welcome Annuzzi to the group as of November. This Italian company represents the first foothold of our spices and nuts segment in the Mediterranean region. giving us access to an attractive market in terms of consumption patterns. I also want to call out that despite the relatively high level of working capital, our balance sheet remains strong. The characteristics of our business result from time to time in elevated levels of working capital. The unprecedented high prices of cocoa have resulted in higher inventory values. The strength of Acoma is that with our diversified portfolio, we can deal with higher market prices for individual product groups and can continue to make the sensible commercial calls. The 2025 performance resulted in a proposed full year dividend of €1.40 per share, which is another record and an increase of plus 12% versus 2024. At the Capital Markets Day last April, we communicated our mid-term targets in the areas of sales, EBITDA margin, balance sheet leverage and different distribution. With a total 2025 group sales increase of plus 7% to 1.5 billion euros and an adjusted EBITDA increase of plus 9% to 180 million euros, we are on track with these targets. Our current leverage ratio is impacted, as I mentioned, by the higher working capital consumption linked to the increased inventory values due to the high prices for a number of our products, in particular cocoa. However, based on our current knowledge, we would expect the leverage to go down during 2026. As stated, the full-year dividend is an increase of plus 12% versus 2024 and is consistent with our communicated payout ratio policy. The split of the results between the first half year of 2025 and the second half shows that the first half year was relatively strong. Historically, the performance was more or less evenly distributed between the first half and the second half. Since 2023, this has changed, mainly due to the enormous change in cocoa prices that had a material impact. Therefore, the half year performance in those years was not a reliable indicator for the full year. For 2026, we expect price levels changes to be less extreme, which would result in an EBITDA distribution between H1 and H2 that is closer to historical patterns. The vision we discussed during our capital markets day remains relevant and up to date. And 2025 results end up in the trajectory towards the ambitions we outlined. Our value creation tree shows our focus areas and the way in which we address the market dynamics. We continued to execute along the lines presented and let me highlight some examples which demonstrate this more clearly. One of the elements of the tree is scale. We strongly believe that scale is prerequisite to being effective and efficient in our industry and to create long-term value. In Q4 2025, we acquired Manuzzi, a leading Italian nuts and dried fruits company. Through this acquisition, we are expanding the spices and nuts segment footprint in Southern Europe. The culture of this family business is a good fit with our Coma entrepreneurial spirit, and through cooperation with the Daviness in the Netherlands and the Nordics, we will create synergies. These synergies will be focused on growing the top line. By using the available ACOMO capabilities and the broad product portfolio we have, Manucci will be able to expand its offerings. The company also has its own state-of-the-art facilities, including modern packaging lines, with sufficient room for further growth. As part of creating resilient and responsible supply chains, Trident Organic joined the Nature Positive initiative. These initiatives gather some of the world's largest sustainable business and finance coalitions to support broader long-term efforts to deliver nature-positive outcomes. It supports farmers in adopting regenerative and resilient practices, which is aligned with a number of initiatives that Trident Organic had already begun. The outcome is improved soil health and restored biodiversity, consistent with product quality and supply. Then, to increase the benefit from its global reach and have a closer connection with customers, Royal Fanreach Group is transitioning to a centralized business model that consolidates the commercial, trading and strategic functions within a central hub. This enhances customer intimacy and focus and offers our customers improved multi-origin solutions. Our customers will have a single point of contact that covers multiple origins and our local offices will enable efficient physical execution. The new setup will phase in during 2026. Lastly, our value creation tree is rooted in ESG and I'm happy to report that for the second year in a row we obtained limited assurance from our external auditors on the system We achieved a substantial reduction in our Scope 1 and 2 CO2 emissions as a result of our efforts to increase the use of renewable energy sources. Other initiatives are an SVT-outbreak at Deadly Nuts and the installation of a lightweight solar panel construction at Kingless and Rapports on a roof that could not carry the usual solar panel constructions. Trident Organic continues their dynamic agroforestry project in Sierra Leone and the Farmer Live Limit project in Indonesia, next to the Nature Positive initiative that I mentioned. With that, I would like to hand to Mirjam van Tiel to take us through the detailed financial performance.

Thank you, Allard. Let's start with the overall P&L of the ACOMA Group. As mentioned by Allard, we achieved record growth this year, with an increase in sales of 7.4%. On constant currency, the increase is actually much higher, close to 10%, as we had some FX headwinds, in particular stemming from the US dollar to the euro. Now, from a cost management perspective, you will see that our COX increased at a lower pace in proportion to sales, which in turn led to an expansion of our gross profit margin by 1.8 percentage points. Looking at our G&A expenses, we see an increase of 5.8%, which reflects inflation and some additional costs due to M&A projects and investment in people. This resulted in an increase in our operating income of 43.5%. Looking below the operating income, we benefited from lower financing costs because of lower interest rates, and this together with the higher operating income led to an even more significant year-on-year improvement of our net profits by 64% to 74 million. Let's then move over to the key KPIs on an adjusted basis. Adjusted EBITDA grew by 8.7% to 118.2 million. The difference between reported and adjusted is mainly due to the impact of unrealized results on FX and CX hedges and exceptional items related to our edible seeds business in the US. On the next slide, I will share some further detail on this. You see that there is an increase in the EBITDA margin from 8.0% to 8.1%. As communicated at the CMD, we want to move towards 9%. Excluding some of the exceptional items we had this year, we would have progressed further towards that goal. So overall, we are on track with our ambition. Adjusted earnings per share improved by 8.8% to €2.18, which is a record performance for the company. On the right, for added contacts, you will see the contribution share for each of the segments in which you are active, and I will discuss those in detail shortly. Moving to slide 14, where you see the bridge between the reported and adjusted EBITDA. As mentioned just now, the main difference is due to the unrealized non-cash results on our CX and FX hedges. That includes the revaluation of outstanding hedges to the market value at the date of reporting. The main impact here comes from the outstanding hedge contracts on COCO. Last year, due to an increase in the cocoa market price towards the end of the year, the reported results included a negative impact due to the revaloration of outstanding hedges. This year, we saw the opposite. Cocoa prices declined towards the end of the year, which increased the value of the outstanding hedge contracts. We exclude this from the reported numbers. Once we settle the hedge contracts, we book the realized results, which normally we time together with the physical sales. The other impacts, specifically related to 2025, are the exceptional items in Edible Seeds. These exceptional items relate to organizational restructuring and the costs related to a production issue in one of our facilities. This relates to the edible seeds business in the US, which I will cover in a minute. We thought for transparency purposes, it would be clear to outline these items, and they are clearly non-recurring by nature. Let me now take a closer look at the performance per segment. Let me start with spices and nuts, one of our key segments. This segment has been growing for several years, and in 2025, it delivered an all-time high performance. And what we are even more proud of is that every company in this segment delivered a record performance. Revenue benefited from sustained demand and higher market prices for most products. To share some examples, one of our key products is desiccated coconut, which is grated and dried coconut. In the last one to two years, we saw a sharp increase in prices and also in 2025, prices were elevated globally due to reduced coconut supply and strong export demand. And also for some of the key nuts, such as cashews and almonds, we saw high prices in 2025. There is sustained demand despite the high prices, and this is reinforced by the overall megatrend of increasing demand for plant-based products. All in all, we continue to expect this trend of increased demand to persist and hence a relatively high pricing base. At the same time, how this develops year on year is to be seen. Also included in this segment are the two Bolton acquisitions we made recently, with Daily Nuts Nordics in August 2024 and Menucci in November 2025. Turning to edible seeds, where we have faced a series of challenges due to a mix of market conditions and operational issues. Before I go into the challenges, I want to be clear that we strongly believe in the fundamentals of this business. Let me take a step back. Within this segment, we have a sizable business in the US, in which we process sunflower seeds and use them to make various products, including well-known retail brands such as SunButter. In the US, we are also seeing an increase in demand for cleaner label, plant-based alternatives and allergen-free options. The attributes of sunflower seeds are perfectly aligned to these trends and we have developed our leadership position in this market. In addition to the US business, we have a smaller seeds business in Europe. But back to 2025. Let me recap the challenges we flagged to you in our H1 Investicle and explain more about what we have faced in the second half. First, we spoke about the impact of the restrictions of US-grown sunflower seeds to some export markets. As anticipated, it will take time to offset this lost stream with new business. Second, we saw tariff uncertainty continuing, making pricing decisions complicated. That, together with higher input costs, place pressure on margins. On top of that, our Sunbutter plant was affected by a production issue, causing a temporary stop in production in the fourth quarter. The issue has been resolved and production resumed towards the end of January. Now, how we tackle these challenges and what are the prospects for the segment, turn with me to slide 17. Consequently, you can see the margin decline in this segment. Our top priority is to restore profitability. The corrective actions we have taken include improvements, including full cleaning of all equipment, improved preventive maintenance and equipment modification. We also implemented organizational changes, including the appointment of a new CEO, and we created a center of excellence. Also on this slide you see some more specific actions by each category, including price increases that have been implemented. Included in exceptional items and excluded from the adjusted EBITDA are items that are exceptional by nature, which include the cost for restructuring the organization and extraordinary cost items and underabsorption due to the specific production issue. So remaining in the adjusted EBITDA, but to some extent temporary, are mis-sales in sun butter due to the Q4 production issue and lower margin due to misalignment between higher input costs and sales prices. On top of that, we are starting to see the impact of the other corrective actions we have taken. So as I say, we fully believe in the strong fundamentals of this business, the power of the sunflower and a diversified business model. This supports our expectation of a recovery to a normalized performance level over the coming years. Then looking at organic ingredients. We have achieved an excellent performance across all categories within this segment. We see in general an increase in demand for organic food and beverages in the market. For example, the Organic Trade Association in the US reported that the organic sector was growing at more than double the pace of the overall food market. Specifically on cocoa, as you all know, the market has been very volatile in recent years with big price swings. After the sharp increase in the first half of 2024, the price remained elevated up until the start of the second half of 2025, when it started to reduce and has reduced even further in the first months in 2026. Within that dynamic market, the team has been able to secure supply and continue to offer the best quality and required specifications to our customers, which is a commendable achievement and has allowed us to continue to excel despite the external turbulence. It had an impact on working capital, which I will cover in a minute. There was also some catch-up effect of delayed volumes from 2024, especially in H1, which contributed further to our strong 2025 performance. Besides cocoa, as I mentioned, we also saw a strong performance in the other categories. The fruits and vegetable business continued to show strong momentum with accelerated growth, while nuts and seeds and oils and fats delivered consistent sales growth with improved margins. Coffee achieved record high sales and succeeded in growing volume when prices were elevated. And then moving on to tea. The tea business is operating in a challenging global environment. Some of the larger branded players are losing share and as a result we see a more fragmented customer base. Also global tea supply remains elevated. Despite these challenges, the business demonstrated gross margin resilience. As Allard already explained, we will strengthen the collaboration across the Von Ries Group by implementing a more customer-centric business model that will drive additional value to our customers. For food solutions, we saw a record EBITDA performance, driven by strong volume development for the dry and wet plants, resulting from the sustained demand for plant-based, clean label and culinary solutions. Further commercial development was driven by a strong entrepreneurial spirit in R&D, combined with new long-term partnerships with customers. We are especially proud of these results, as at the same time the new wet plants facility became operational. The new facility is set to support scaled-up production for the coming years, as mentioned by Allard. Now over to the cash flow development. Looking at the operating cash flow excluding working capital, we posted a year-on-year increase of 12%, effectively reflecting our profitability improvement. On the bridge, you can see the main drivers from the 120 million in operating cash flow excluding working capital to the net cash from operations. The largest swing is obviously driven by 164 million working capital consumption during the period. and I'm going to spend a bit more time on this on the next slide. Next to that, we had a reduced outflow from cash interest expenses due to lower interest rates and a slightly lower effective tax rate. Let me now go back to working capital. Here you can see the development over the last four years, with the orange line representing the total working capital and the green line, the investment and inventory. you will see that the increase in working capital is driven by higher inventory value. Based on market prices, availability of stock in the market, and the positions we take, the inventory value will move up and down. In 2025, the higher inventory value is mainly coming from two parts. One, due to shortages in the previous year, we are holding more cocoa inventory at higher prices, and besides, we saw higher market prices within the spices and nuts segment. So here, there is an extra outflow due to the prices of the various inventory we hold, but this is something that is fully embedded in our business model. With everything remaining equal, our trade payables and receivables remain broadly unchanged. We expect working capital to go gradually downward in the course of 2026, mainly a reflection of the pricing dynamics of our commodities. Finally, before handing back to Allard, let me talk briefly about our liquidity and leverage. As we explained at the CMD, we see working capital as a commercial instrument. And we have enough financial headroom to deal with this. which is where the added value of the holding comes into place. The diversification of the portfolio gives us the financial headroom we need. The strength of our balance sheet enables us to deal effectively with increased working capital. We remain committed to our long-term targets. We have also shown in the past that we could temporarily absorb a higher leverage and have also been able, you see it on the chart, to deleverage. a function of the EBITDA growth we want to achieve and lower working capital requirements as inventory levels will gradually reduce. With that, I would like to hand back to Alarv.