Shareholders' Newsletter - VIVESCIA Industries - 2022-2023

EDITION 2022-2023 SHAREHOLDERS’ SLETTER NEW

SHAREHOLDERS’ NEWSLETTER VIVESCIA INDUSVIVESCIA INDUSTRIES 2022-2023TRIES 2022-2023 Contents MEET THREE SIX AREAS CHRISTOPH BÜREN QUESTIONS OF EXPERTISE President of Sicom FOR NICOLAS DEMOURY p. 11-19 P. 2-3 Chairman of the Supervisory board GOVERNANCE P. 6-7 P. 4 ROUNDTABLE WITH OLIVIER MIAUX and the MDs of Grands Moulins de Paris, Délifrance and Malteurop P. 8-10 VIVESCIA INDUSTRIES FINANCIAL IN BRIEF INDICATORS P. 5 P. 20 01

VIVESCIA INDUSVIVESCIA INDUSTRIES 2022-2023TRIES 2022-2023 About VIVESCIA Industries VIVESCIA Industries is a major player in grain processing with deep agricultural and cooperative roots. Our purpose is to maximise the value of grain, from field to fork, in France and across four continents. The businesses that make up VIVESCIA Industries are specialists in six different fields – milling, frozen bakery, malting, maize processing, animal feed and industrial biotechnology. We focus on developing ethical and responsible value chains to make flour, bread and pastries from wheat; malt from barley and semolina from maize. Enhancing the sustainability of our business model in line with our sustainable development policy, LINK, is a constant focus for our highly skilled and motivated teams. Registered of昀椀ce in Reims • 2, rue Clément Ader, 51100 Reims • +33 (0)3 26 78 62 00 • Graphic and editorial design: and VIVESCIA’s Communication department • Texts: Corine Delahaye, Olivier Frey, Élodie Kretz, and VIVESCIA’s Communication department • Photo credits: Ballade Studio, Bertrand Boissimon, Axel Cœuret, Guillaume Czerw, Jacques Dieppedalle, Claire Jachymiak, Clément Lemaire, Guillaume Ombreux, Benoît Pelletier, Léo-Paul Ridet, Stéphanie Tétu - La Company, Visu Communication, La Coopération Agricole, Malteurop, Grands Moulins de Paris, Francine, Campaillette, Délifrance, KALIZEA, VIVESCIA • Printed by: DejaLink on 100% recycled Nautilus Classic FSC paper. Published by VIVESCIA’s communication department. • November 2023 • ISSN 2497-2940 01

SHAREHOLDERS’ NEWSLETTER VIVESCIA INDUSTRIES 2022-2023 Vision(s) for 2030 Christoph Büren President of Sicom* IVESCIA Industries performed this year to keep pace with our Our fundamentals are Vslightly ahead of budget growth – at ARD, at Délifrance in strong, and after four last year. Our fundamentals Romans-sur-Isère, at NEALIA, and of years of intense effort, are strong, and after four years of course at Malteurop, with our new intense effort, we have turned the malting plant in Mexico. We’ve also we have turned the business around, despite all manner successfully launched various new business around, despite of economic crises. I’m acutely aware initiatives, such as the 昀椀rst dedicated all manner of economic of just how far we’ve progressed, marketplace for artisan bakers, crises. […] It’s time to especially given the particularly created by Grands Moulins de Paris. turbulent and unstable conditions. start writing the next So, on behalf of the governance Our teams’ energy and drive will be chapter in the VIVESCIA teams of VIVESCIA Cooperative and key to taking this positive dynamic Industries story. VIVESCIA Industries, I would like to forward into the future. Our road thank Olivier Miaux, our operational map is based on strong performance, managers and all our colleagues, organic growth and our vision(s). for their constant engagement, Our number-one priority is to enthusiasm and drive. ensure our performance and pro昀椀t levels match those of our but with an increasingly challenging I’ve seen them demonstrate this competitors and the best in class economic environment in 2023/2024. enthusiasm and energy throughout in our competitive ecosystem. This is already visible, with beer the year with the completion of We can still further improve our consumption slowing worldwide and numerous projects, through our operational excellence, and there consumer spending lacklustre across meetings, inaugurations and on trips, is even more value still to capture the board in Europe. And then of such as when we travelled to Munich within our portfolios of products and course there are interest rates, which in April 2023 with our cooperative services. To me, that’s good news, have soared up, quadrupling in less and institutional shareholders. We even though we, like all the companies than a year and impacting the way we have expanded our industrial and in our sector, are going to have to manage our debt. logistics facilities cope not only with very high in昀氀ation, 02 03

VIVESCIA INDUSTRIES 2022-2023 In April 2023, Sicom’s cooperative and institutional shareholders, partners and independent board members travelled to Germany to learn more about VIVESCIA Industries’ various operations near Munich. 1 2 coming, such as SBTi Our second priority is to plan for the and SBTN . It is serving as a full-scale trial future. It is urgent for us to lay down These are particularly relevant to programme for VIVESCIA Industries, our 2030 vision for each VIVESCIA agri-food value chains. We have its cooperative partners and the plant, Industries business. addressed the climate challenge food and energy value chains. Grain Now is the time to do this. Our results by committing to ambitious 2030 is no longer just an ingredient — a are moving in the right direction, and objectives across scope 1, scope 2 and commodity — it’s much more than we have a framework for action on scope 3 emissions. We plan to have that. sustainability: our LINK policy. All our SBTi trajectories certi昀椀ed in early our businesses’ boards began this 2024, and I’m delighted with how this Yes, in this changing world, it’s vital planning process in early 2023. work is progressing. to look ahead, realistically and with This is a crucial 昀椀rst step in reviewing conviction. In 2024, not only must we VIVESCIA Industries’ collective, It is clear that climate change – with continue to improve our 昀椀nancial and cooperative project. Over and above the challenges it represents in terms environmental results, but we must the 昀椀gures and our 昀椀nancial results, of carbon, biodiversity and water – also prepare for the future: it’s time to we must be driven by our corporate has disrupted and will continue to start writing the next chapter in the purpose. disrupt our traditional attitudes, our VIVESCIA Industries story. business models and our approaches Looking to the future of our to working together. But these businesses means thinking about challenges are also opportunities, and how we can stand out in the market it’s up to us to seize them. One tool while decarbonising our value chain that will help us is TRANSITIONS, and safeguarding biodiversity within the innovative regenerative farming set it. A global movement has been programme recently created and in motion, and new standards are launched by VIVESCIA Cooperative. * VIVESCIA Industries’ general partner 1. SBTi: Created following the Paris Agreement, and a product of a collaboration between several institutions around the world, including the UN, the Science-Based Targets Initiative (SBTi) is now the benchmark in terms of companies’ carbon trajectories: https://sciencebasedtargets.org/ 2. SBTN: Based on the Science Based Targets Initiative’s (SBTi) work on climate change, the Science Based Targets Network (SBTN) recognises the need to develop methods and guidelines for setting science-based targets — similar to those made for climate change — on biodiversity, water, soil and the oceans. The SBTN aims to create a new global economy where science de昀椀nes how companies and cities can operate in ecologically sustainable ways to re-establish the balance of terrestrial systems. A 昀椀rst vision of its methodology was published in May 2023. 03

SHAREHOLDERS’ NEWSLETTER VIVESCIA INDUSTRIES 2022-2023 Governance SICOM,THE GENERAL PARTNER DIRECTORS SUPERVISORY BOARD CHRISTOPH BÜREN OLIVIER MIAUX NICOLAS DEMOURY President of Sicom Director of Chairman of VIVESCIA Industries’ Supervisory Board, President of VIVESCIA VIVESCIA Industries administrator of VIVESCIA 7 MEMBERS EXECUTIVE MANAGEMENT 13 MEMBERS / 3 OBSERVERS Strategic operations, Management control, reports on accounts, Financial performance Budget decisions investments, management shareholder relations, setting the reference divestments and acquisitions. share price on the trading platform SICOM SUPERVISORY BOARD CHRISTOPH BÜREN NICOLAS DEMOURY JACKY GOUBAULT President Chairman Administrator of VIVESCIA ALBAN COLLARD FLORENCE ALIN CHRISTOPHE GRISON Administrator of VIVESCIA Observer representing President of CLOVIS Holding Unigrains SYLVAIN HINSCHBERGER JULIEN BADURAUX LOUIS JAILLANT Administrator of VIVESCIA Director of EMC2 Administrator of VIVESCIA ARNAUD LAURENT BERTHE SÉBASTIEN MOYNOT LE GROM DE MARET Administrator of VIVESCIA Observer representing Bpifrance Managing Director of EMC2 JEAN-MARC LONGUET JEAN-LOUIS CHRISTINE MONDOLLOT Administrator of VIVESCIA FLAMMARION Director appointed by Director of EMC2 Bpifrance ROSS McINNES XAVIER DORCHIES DENIS SCHOELLEN External director, Chairman Observer representing Administrator of VIVESCIA of Safran’s Board of Directors Sofiprotéol EMMANUEL ROUGIER External director, former Managing DAMIEN FOSSEPREZ EMMANUEL VIEILLART Director of Limagrain Administrator of VIVESCIA Administrator of VIVESCIA Presidents of the Board of Directors JEAN-PAUL VINOT of VIVESCIA Industries’ subsidiaries MARIE GAILLIOT President of Efigrain-Sézanne Audit committee Administrator of VIVESCIA and vice-president of Novagrain External director 04 05

VIVESCIA INDUSTRIES 2022-2023 €149 25 countries 55 million EBITDA production sites €3 VIVESCIA around the world Billion Industries revenue in brief 5,600 employees 43 million Francine 1 in 10 beers products are sold on around the world is produced with our malt average in France 60 every year viennoiseries made and sold artisan bakers in France every second by Délifrance work with Grands Moulins around the world 8,000 de Paris 05

SHAREHOLDERS’ NEWSLETTER VIVESCIA INDUSTRIES 2022-2023 3 questions to Nicolas Demoury Chairman of the Supervisory Board This year once again, VIVESCIA Industries proved its resilience while pursuing its objectives to face tomorrow’s challenges. How do you feel about 2022-2023? de Paris, Délifrance, ARD and NEALIA Satis昀椀ed and con昀椀dent. Despite the for example. We are con昀椀dent that chaotic geo-political and economic they will deliver additional returns in situation, VIVESCIA Industries’ the years to come. Last but certainly results were better than the previous not least, our LINK policy underpins year. Thanks to effective management and runs through everything we control and the engagement of all do. All the challenges we face have our teams, we have coped admirably been tackled very thoroughly and with the twin obstacles of in昀氀ation methodically. on energy prices and raw materials. To sum up, I would say that the Many projects have been completed, manufacturing, 昀椀nancial and at Malteurop, Grands Moulins commercial consolidation we have REFERENCE SHARE PRICE 40 €37,95 €36,80 €33,70 €32,29 €30,40 €26,95 30 €27,55 €25,02 €24,86 €25,90 €24,43 €24,10 €24,50 €25,45 €23,12 €22,99 €22,21 €23,75 €23,24 €23,74 €24,05 €22,00 €22,05 €22,18 €21,21 €17,15 20 €16,70 10 0 April Oct. April Oct. April Oct. April Oct. April Oct. April Oct. April Oct. April Oct. April Oct. April Oct. Oct. April Oct. May Oct. April Oct. 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2021 2021 2022 2022 2023 2023 06 07

VIVESCIA INDUSTRIES 2022-2023 SHAREHOLDER STRUCTURE march 2023 % % % 78 17 5 Agricultural Financial Individual cooperatives partners shareholders VIVESCIA 55.16 % Members of cooperatives EMC2 9.06 % employees and other CLOVIS* 6.86 % shareholders 5.88 % 4,232 Other cooperatives and institutional Bpifrance 13 % shareholders** Unigrains 2.09 % INDIVIDUAL SHAREHOLDERS IN MARCH 2023 5.97 % (employees and cooperative farmers) So昀椀protéol 1.98 % *Clovis: Holding company of SCARA, Coopérative agricole de Lorraine, LORCA, and Valfrance **E昀椀grain-Sézanne, Limagrain, 110 Bourgogne, Noriap, Esternay, Juniville, Interval, La Champagne. initiated on all fronts over the last to distribute the wealth we create by developing in France are proof of three years – as well as our efforts on announcing a dividend as soon as the that. Our new malt house in Mexico, sustainability – has strengthened the conditions allow. which was inaugurated in the autumn, foundations of the business, paving works on the same model, because it the way for continuous improvement Do you have reasons to feel confident encourages and helps farmers to grow in our results, and increasing the about the future, too? barley, which is malted locally. latitude we have to set our strategy. Absolutely! It’s entirely justi昀椀ed, thanks to the business we’re in and That’s the most important thing. Lastly, thanks to our solid and stable the contribution we make to society. shareholder base, encompassing Are these achievements reflected in This is a responsibility we are 100% regional cooperatives, institutions the share price? ready to shoulder with the CSR and individuals, we are in a position Yes, of course. It’s up 10% year- policies we have in place, as our to take a long-term view. With our on-year, at €26.95. This is a third investments demonstrate. shareholders at our side, we’ve consecutive annual increase, and been through some dif昀椀cult times, it’s down to the teams’ hard work Our business model makes sense but we have remained true to our together with judicious investment and is ef昀椀cient: as part of VIVESCIA corporate project I see that as a and growth decisions. It also re昀氀ects Group, we know each another and we reason to keep pushing forward. the degree of trust placed in us by the work together! VIVESCIA Industries So yes, the supervisory board is external experts who set the price. belongs to the people who produce con昀椀dent of VIVESCIA Industries’ the ingredients that go into food, and ability to continue to deliver strong Our share price is clearly on an that’s why we can make a difference and pro昀椀table growth in its various upward trend. We are not yet in a across the entire value chain, in markets in the medium term. position to pay our shareholders a particular in terms of sustainability. dividend, but of course, our aim is still The supply agreements that we’re 07

SHAREHOLDERS’ NEWSLETTER VIVESCIA INDUSTRIES 2022-2023 Improved financial results despite a challenging backdrop VIVESCIA Industries’ 2022-2023 results are ahead of budget and up on last year despite the ongoing inflationary environment and weak consumer spending. How should we think about the past year, and what is the outlook for 2023-2024? To find out, we spoke to Olivier Miaux, managing director of VIVESCIA Industries, and the managing directors of the company’s three largest businesses: Pierre Garcia (Grands Moulins de Paris), Robert O’Boyle (Délifrance) and Olivier Hautin (Malteurop). HOW WOULD YOU SUM UP 2022-2023? pared to where they were in 2020- up to €149 million last year from 2021. Overall, that represents an €136 million the previous year, thanks OLIVIER MIAUX: For the second year in extra €800 million in outgoings. to the operational ef昀椀ciency plans put a row, we’ve seen unprecedented Nevertheless, we recorded stronger in place across all our businesses. levels of in昀氀ation. At the same time, 昀椀nancial results than the previous prices have been highly volatile due year despite these headwinds, and ROBERT O’BOYLE: If you asked me to sum to the turbulent geopolitical situation. that’s thanks to the hard work of our up Délifrance’s year in two words, I’d In昀氀ation has pushed down consumer teams. This success demonstrates say resilience and agility. We’ve had to spending, in Europe in particular. Our the efforts that have been made cope simultaneously with the return external costs have shot up by about to offset the cost increases as of in昀氀ation to exceptional levels, fears 50% over the last two years, com- they have come in. EBITDA was of shortages across raw materials, ingredients and packaging, and a lack of visibility on sales volumes. Despite all this, we have maintained our innovation and commercial policy to accelerate our growth in food service and in out-of-home channels. PIERRE GARCIA: We’ve also seen demand fall in our key markets. And at Grands Moulins de Paris, we’ve had a new issue to deal with: bakers’ costs have shot up very suddenly, in particular the price of electricity. Our own electricity bills have tripled, and with our 昀氀eet of trucks we’re exposed to fuel price increases too. This has 08 09

VIVESCIA INDUSTRIES 2022-2023 OLIVIER MIAUX Managing Director of VIVESCIA Industries VIVESCIA Industries has displayed its resilience and confirmed its capacity to recapture market share and grow profitably and sustainably across its markets in the medium term, thanks to the energy, commitment and expertise of its teams. not prevented us from continuing to (NEALIA) and biotechnologies – which trends will be. We’ve got through this set up vertical supply agreements contribute 10% of our revenue. dif昀椀cult period by putting in place the between the entities of VIVESCIA right actions and responses to the Group. The rapid growth of “Club ARE YOU CONFIDENT ABOUT WHAT THE FUTURE crisis of the last 18 months. We’re Francine” is a great example of this. HOLDS FOR VIVESCIA INDUSTRIES AND ITS going to keep pressing ahead. There BUSINESSES? is strong demand for premium and OLIVIER HAUTIN: It has been a year of plant-based products, so much so that OLIVIER M.: Yes, we are con昀椀dent, even contrast at Malteurop. In Europe, our we’ve invested in our Landévant site though consumer spending is falling variable costs are up between 50 and in Brittany to keep pace with growth. at this point in time [October 2023], 80% compared to the previous year. in Europe in particular, and we have Our brewing customers saw in昀氀ation PIERRE G.: These are uncertain times, little visibility on future trends. We’ve on the horizon and overstocked at the but we’re in a strong position. It is weathered some major storms over end of 2022. The results we’ve delive- worth noting the impact of wheat the last four years, with two years of red are up strongly on previous years. and electricity prices on the milling We also achieved another important pandemic followed by two years of industry. But we’re fortunate enough unprecedented in昀氀ation. Over that milestone in the company’s growth: to have highly professional teams. time, our teams have demonstrated in July 2023, we started up our new And as well as that, we have spent ten amazing agility and determination! malting plant in Meoqui, Mexico. With years restructuring our production We’ve come out of these events a capacity of 120,000 tonnes, this new facilities, our logistics model and stronger, and we’ve used them to plant takes a sustainable approach, our sales teams, while continuing continue readying ourselves for the from the 昀椀eld to the malt, a 昀椀rst for to digitalise our operations. Our the malting industry in Mexico. It future, by investing in modernisation, marketplace, which we launched this digitalisation and additional capacity. will serve demand from brewers in a year, is an example of this. It’s the 昀椀rst Yes, we are con昀椀dent of our ability country where beer consumption is marketplace designed speci昀椀cally for to strengthen our positions on our rising fast but there is a shortage of artisan bakers in France. We’ve also markets and progressively continue to malt. put together an aggressive commer- improve our 昀椀nancial performance. cial plan for 2023-2024, covering all OLIVIER M.: It is important for me to our segments: food manufacturers, ROBERT O’B. : There is still a lot of un- also point out the good results of the craft bakers, retail (with Francine) and rest of our other businesses – maize certainty around consumer demand, export. and it’s dif昀椀cult to see what future processing (Kalizea), animal feed 09

SHAREHOLDERS’ NEWSLETTER VIVESCIA INDUSTRIES 2022-2023 OLIVIER H.: During this 昀椀rst part of the by GMP, to align all our colleagues on cutting water consumption at our 2023-2024 昀椀nancial year, we’ve seen clear objectives and projects, like de- viennoiserie factory in Romans-sur- lower demand in the brewing market. carbonisation. I’d like to highlight one Isère by 25%. We’ve stepped up our Premium beers, mainly produced of our concrete actions, which gene- efforts, as all VIVESCIA Industries by our key customers, have been rated quite a buzz in Paris: we’re using businesses have, with our new road hit by in昀氀ation. It’s dif昀椀cult for our the industry’s 昀椀rst 昀氀eet of electric map: Baking Good BETTER. It helps us customers to predict future beer vehicles, so that our daily deliveries to address the issues of food waste, the demand, but in the medium term, bakers across the city have a smaller climate and responsible sourcing, and we expect to see Malteurop’s sales environmental footprint. Francine ensures they’re an integral part of our volumes grow, and we’re continuing to also took sustainability to a new level, strategy. roll out our innovation, marketing and with pledges and an action plan. operational ef昀椀ciency plans. OLIVIER M.: I’d like to mention another OLIVIER H.: Yes, we’re all working with highlight of the year, the launch of TURNING TO SUSTAINABILITY, HOW HAS the Group towards SBTi certi昀椀cation. TRANSITIONS. It’s a ground-breaking VIVESCIA INDUSTRIES PROGRESSED IN THE As a business, we use a lot of energy, programme to help farmers in PAST YEAR, AND WHAT ARE THE PLANS FOR THE and we’re committed to signi昀椀cantly north-east France start implementing FUTURE? reducing our footprint. We’ve been regenerative farming practices. working towards this for several Our main processing businesses OLIVIER M.: We put a lot of work into years. We’ve now 昀椀nished drafting en- – Grands Moulins de Paris, Délifrance, building climate road maps, with a ergy plans for all our production sites, Malteurop and Kalizea – are all 1 view to achieving the SBTi objectives and we’ve set ambitious targets which involved in TRANSITIONS. It’s an op- that we committed to in April 2023 will see us cut our carbon emissions portunity for them to help upstream to cut our carbon footprint by 25% by almost 40% by 2030. We’ve also farmers to cut carbon from their across scopes 1, 2 and 3 by 2030 and begun an important water manage- operations, and to secure their supply by 38% for GHG emissions that we ment project. Our new malting plant chains in the face of climate and biodi- control directly. in Mexico is an illustration of this – it versity risks. TRANSITIONS is a full- recycles more than 80% of its water. scale trial programme. It will produce PIERRE G.: 2023 was a milestone year solutions that can be replicated across for Grands Moulins de Paris, because ROBERT O’B.: Yes, water has emerging France and beyond, for the bene昀椀t of we rolled out our version of the as a priority that needs to be tackled our value chains and our customers. Group’s strategic framework, LINK systematically. We’ve started by 1. Created following the Paris Agreement, and a product of a collaboration between several institutions around the world, including the UN, the Science- Based Targets Initiative (SBTi) is now the benchmark in terms of companies’ carbon trajectories: https://sciencebasedtargets.org/ 10 11

VIVESCIA INDUSTRIES 2022-2023 GRANDS MOULINS DE PARIS Leading french miller MALTEUROP P. 14-15 DÉLIFRANCE A global leader in malt One of the biggest players in the European frozen bakery market P. 12-13 P. 16-17 6 AREAS OF EXPERTISE IN ADDING VALUE TO GRAIN ARD KALIZEA Research and The second biggest maize biotechnologies processor in Europe P. 18 NEALIA P. 19 Leading regional animal feed producer P. 19 11

SHAREHOLDERS’ NEWSLETTER VIVESCIA INDUSTRIES 2022-2023 Malting Malt production begins at Meoqui The global beer market was volatile in 2022- 2023 due to higher energy and transport costs and After a construction phase lasting barley supply chain established inflationary pressure. Thanks more than four years, the factory with local farmers trained by to its international reach and in Meoqui (Mexico) dispatched Malteurop. Barley requires less 60-plus years of experience, its 昀椀rst batch of malt in July 2023. water to grow than other grains, Malteurop has achieved very The new facility, located in the making it perfectly suited to the pleasing results this year. heart of Chihuahua State, is a Mexican climate. To reinforce its As a privileged partner to trailblazer for three different position in the region, Malteurop brewers and distillers in the 14 reasons: its annual production has also recently acquired a stake countries in which it operates, capacity of 120,000 tonnes; in Pelek, a specialist malting barley it supplies the top-quality its successful partnership with trading company that is one of its local malts they need to Heineken, one of the world’s main partners. respond to growing consumer leading brewers; and above all, the demand for transparency. Thanks to the engagement of its 1,100 employees, Malteurop continues to grow. % 2.3 It aims to diversify into in 96 new geographical areas and innovative markets of revenue 23 million annual generated tonnes internationally sites production production capacity in 14 countries 12 13

VIVESCIA INDUSTRIES 2022-2023 Kraft for Craft! Malteurop has updated the packaging of its product range for craft brewers. The new bag is 100% kraft paper, made in France from sustainably managed forests. It meets the 95/5 recycling standard and can be recycled as paper. It was carefully designed to keep the malt in optimum condition, and is colour coded by product type to facilitate traceability. Zero accidents in the DECARBONISATION AND WATER workplace is possible! We are continuing our plan to reduce our carbon emissions from our manufacturing plants by At VIVESCIA Industries, we installing biomass boilers. The new biomass plant always keep safety top of mind. that will supply some of the energy for our malting And that pays dividends: our plant in Seville (Spain) and the recently installed Gdansk site (Poland) has achieved water treatment systems at Rostock (Germany) eight years without a lost-time and Great Falls (USA) are markers of our progress. accident, and our Baoding site (China), ten years! AI 30 years Thanks to an artificial intelligence (AI) solution Our Langerringen and Rostock plants being trialled in our malting plants at Vitry-le- celebrated their 30th anniversaries! This François (France), in the USA and in Mexico, it is underlines our long-term commitment to now possible to identify a barley variety using a the local communities where we operate, in smartphone app! Germany and around the world. 13

SHAREHOLDERS’ NEWSLETTER VIVESCIA INDUSTRIES 2022-2023 Milling The economic backdrop has been unstable once again this year. The prices of inputs and raw materials have continued to rise due to the geopolitical situation, and inflation has led to a drop in consumer spending. To keep our results on track in the face of these headwinds, we have focused on three priorities: boosting our sales and stressing our points of difference; improving our operational excellence; and highlighting our commitment to sustainability. All the key actions put in place by our teams in 2022-2023 are in line with this road map. GMP, the local miller © Photo credits: Clément Lemaire “Passion brings us closer”: that is the serve. To support the campaign, we released tagline of Grands Moulins de Paris’s new a new version of our corporate 昀椀lm. Also communications campaign. It ran on social during 2022-2023, we rolled out our new media and in the trade press between sustainability strategy, LINK by GMP, which October 2022 and March 2023, highlighting is consistent with the Group strategy. our close links to the local communities we 14 15

VIVESCIA INDUSTRIES 2022-2023 IS OPTIMISATION ID Ingredients The Harmonie project aims to modernise the IT systems of our Marseille, ID Ingredients is our new brand aimed at frozen Verneuil-l’Étang, Paris-Gennevilliers and Mûr-de-Bretagne sites, as well bakery manufacturers. It enables customers as those of our logistics service providers. to easily identify our full range of ingredients, products and services, which goes beyond the traditional confines of milling. Francine: home baking for the next generation With more than one bag sold every second in France, Francine is the country’s favourite 昀氀our brand. To appeal to new generations of home cooks, the brand is strengthening its messaging on the use of seasonal produce, reducing food waste, and eating better with digital marketing campaigns including three well-known cookery in昀氀uencers. Francine is also rolling out its social responsibility strategy, “Racine.” One important feature of this is Club Francine, which 200 cooperative farmers have already joined. And lastly, it has extended its sustainable range adding a “Label Rouge”- certi昀椀ed product and “Soil and biodiversity protection” 昀氀our. 800,000 600,000 tonnes of wheat milled each year, on tonnes of flour average produced on 7 average every year The very first mills marketplace just for bakers! In late April 2023, we opened TWO TYPES OF WHEAT an online platform at www.grandsmoulinsdeparis.com, The new blend of soft wheat where bakers can buy the entire and durum wheat launched by Grands Moulins de Paris range along Campaillette on 1 June 2023 with products and equipment from a is a winner. It meets our customers’ expectations and carefully selected range of partners. consumers love its biscuity, nutty flavour. Everything is available in one place to make our customers’ lives easier. 15

SHAREHOLDERS’ NEWSLETTER VIVESCIA INDUSTRIES 2022-2023 Frozen bakery Délifrance performed well in a buoyant frozen bakery market in 2022-2023. The company’s commercial strategy has refocused strongly on food service. This fast-growing, high-added-value channel will remain at the heart of its strategy over the coming years. In an increasingly polarised market, it is clear that the best opportunities to capture added value lie in the premium segment, although there is still demand from customers and consumers for quality products at accessible prices. The 12% volume growth recorded by our premium “Héritage” croissant is the Supporting perfect demonstration of this. Sales of our “viennoisine” value range are up 20% by volume. Foodservice The plant-based segment, which is strategic for the future, is performing just as strongly, especially in Italy, Germany and the UK. The enthusiasm Délifrance carried out a large-scale survey in Belgium, for these products has resulted in France, Germany, Italy, Switzerland and the UK, canvassing 28% volume growth for our vegan forty customers from various segments (independent viennoiseries. restaurants and cafés, restaurant chains and distributers) to understand the expectations of food service customers Also this year, we launched our and the challenges they face. We are using the results of this sustainability policy — Baking Good survey to guide our customer relationship strategy. The 昀椀rst manifestation of this was a Smart Guide with recipes and BETTER — which is based on VIVESCIA tips in eight countries, and a sponsored LinkedIn campaign, Group’s LINK policy. It is a cornerstone of our business strategy which has generated excellent results. 16 17

VIVESCIA INDUSTRIES 2022-2023 Plain or seeded, this is investments to optimise production a flaguette for everyone 3efficiency Flaguette sandwich buns are now available ➜ Liscate (Italy): round loaf production line in two version. Baked with carefully opened. selected ingredients, they’re sold pre-sliced ➜ Romans-sur-Isère(Drôme, France): and part-baked, making them quicker and extension of the cold store, multiplying easier to prepare. With their dome shape storage capacity by six. and the focaccia-style dimples on the top, ➜ Béthune(Pas-de-Calais, France): they’re something a bit special. machine installed to make Le Passionné croissants. Baking Good Acceleration of our BETTER sustainability strategy We organised several awareness-raising events for colleagues on issues of sustainability including cutting CO emissions and food 2 waste, and promoting gender equality. Also this year, we undertook in-depth work to draft our climate road map (ingredients, freight and energy) in collaboration with VIVESCIA Group, in preparation for SBTi certi昀椀cation. 14 2 billion production viennoiseries sites, half of which are % produced and in France 80 sold every Year of revenue on international markets And the 2023 SALES ACADEMY Snacking d’Or award goes to... Our Sales Academy, which has been launched in 11 countries, is a bespoke programme to level up and develop sales skills. Délifrance’s cheese brioche! We asked more than 50 Délifrance colleagues for their This indulgent snack produced at our input designing the programme, which includes in-person Altdorf bakery (Germany) is free from workshops, e-learning modules, webinars and online classes. artificial colours and flavours. We will continue to roll it out in 2023-2024. 17

SHAREHOLDERS’ NEWSLETTER VIVESCIA INDUSTRIES 2022-2023 Industrial biotechnologies It’s full steam ahead for ARD, our biotechnology and bio-based chemistry business. With the ongoing boom in industrial biotechnology and an abundant customer portfolio, the business continues to grow. ARD passed a new milestone in its development last year, by adding capacity to its BioDémo industrial demonstrator. This strengthens the unique position it has, supporting customers as they scale up from lab trials through to full-scale production, in a wide range of applications spanning 昀椀ne chemicals, the food industry and healthcare. Thanks to this €8 million investment, ARD can meet strong international demand in industrial biotechnology and help bring to market bio-sourced molecules, made with renewable carbon, in preparation for the post-oil era. From left to right: Olivier de Bohan, President of Cristal Union; Christoph Launch of Büren, President of VIVESCIA; Henri Prévost, Prefect of the Marne Department; Philippe Aubry, Managing director of ARD; Catherine BioDémo 2 Vautrin, President of the greater Reims region; Olivier Miaux, Managing director of VIVESCIA Industries; Anne-Sophie Romagny, Senator of the Marne Department; Xavier Albertini, Deputy of the Marne Department 18 19

VIVESCIA INDUSTRIES 2022-2023 Animal nutrition NEALIA has returned respectable financial results,with profits up on the previous year despite highly volatile commodities and energy prices. In the ruminants segment, a fall in dry compound feed sales has been offset by a sharp rebound in moist feed Sanders, an Avril Group company — on two new sales. projects in the Ardennes area. The laying hens market is increasingly competitive, The 昀椀rst is to build a soya milling facility in Rethel, leading to a slight fall in compound feed sales. where production will start up in June 2024. NEALIA has worked closely with «Les éleveurs de This investment is part of a commitment with la Champagne», to offer support to farmers as the VIVESCIA Cooperative to creating a local soya supply chain to process 25,000 tonnes of beans industry battles high production costs. NEALIA launched a number of new initiatives per year. including a wider range of services around anaerobic The second project is to add a new moist digestion and, in May 2023, a new partnership in the compound feed platform on the Pauvres site, insect sector with the 昀椀rst deliveries to Agronutris in doubling its capacity to 200,000 tonnes per year. Rethel, France. The project was launched in summer 2022 and the Last but not least, NEALIA worked with Aliane — its new platform was of昀椀cially opened in July 2023, production and logistics joint venture, co-owned with with the Prefect of Ardennes in attendance. Kalizea, our semolina maize processing business, performed well despite high inflation and a difficult market, Maize by keeping tight control over cost volatility In total, Kalizea’s three production sites in France, bagging line and a maize processing line Poland and Romania processed more than 225,000 that will make ingredients aimed at snacks tonnes of maize. During the past year, the site in and breakfast cereals manufacturers. Romania has invested in new markets by installing a 19

SHAREHOLDERS’ NEWSLETTER VIVESCIA INDUSTRIES 2022-2023 Financial indicators at 30 June 2023 For the second consecutive year, the By continuing to implement ef昀椀cien- With weak consumer spending, the Group’s businesses came under in- cy plans in manufacturing, sales and milling business has seen sales vo- tense in昀氀ationary pressure affecting logistics across all our businesses, we lumes fall, in particular in the craft all operating costs. In response to this have successfully dealt with the pres- bakery segment. Grands Moulins de exceptional situation, all our food pro- sures and risks caused by the econo- Paris has continued to implement its cessing subsidiaries had to negotiate mic and geopolitical environment. digital innovation plans, key among signi昀椀cant price increases with their The Group’s net debt is up €94.9 mil- which was the launch of the 昀椀rst dedi- customers, which were passed on pro- lion to €535 million as a direct conse- cated marketplace for craft bakers. gressively throughout the year. quence of the increased working The malting, frozen bakery and milling From early autumn 2022 onwards, capital requirement and a continued businesses together recorded sales lower consumer spending drove down commitment to investment despite of €2.7 billion — up 19.2% on the pre- sales volumes for most of our proces- soaring interest rates. vious year. sing subsidiaries. NEALIA turned its results around des- With the beer market less buoyant pite a sluggish livestock farming mar- than last year, malt sales fell slightly. ket. At Kalizea, our maize processing Cost in昀氀ation has been successfully business, results are up despite falling offset by the operational ef昀椀ciency consumption and in昀氀ationary pres- plans and commercial negotiations. sure. Our biotechnologies and R&D Malteurop completed the construc- business, ARD, has continued to grow tion of its new malt house in Mexico in strongly with the launch of a second June 2023 and malt production began industrial demonstrator, BioDémo 2, in July. in April 2023. Our milling and frozen bakery bu- Overall, VIVESCIA Industries’ turno- sinesses have been hit hard by higher ver is up 19.1% to €3.6 billion. costs across the board. Sales price Driven by the price increases that increases were negotiated with cus- were negotiated to progressively off- tomers to cover these additional set exceptional cost in昀氀ation, organic costs progressively. Délifrance’s sales revenue growth is €464 million. volumes rose, and the business has Thanks to the operational excel- continued to roll out its manufacturing lence plans implemented across all and logistics plans, including the key the Group’s businesses, EBITDA for opening of a new refrigerated storage the year ending 30 June 2023 rose unit at Romans-sur-Isère in February to €148.8 million — up €12.5 million 2023. year-on-year. 20 21

VIVESCIA INDUSTRIES 2022-2023 Revenue EBITDA (in millions of euros) (in millions of euros) 3, 001 2,519 149 136 2021-2022 2022-2023 2021-2022 2022-2023 Net debt Breakdown of revenue (in millions of euros) by business 440 535 10 % 28% OTHER FROZEN PRODUCTION BAKERY ACTIVITIES 18 % 44 % 2021-2022 2022-2023 MILLING MALTING Breakdown of revenue by region 1/3 1/3 1/3 FRANCE EUROPE REST OF THE WORLD 21

SHAREHOLDER RELATIONS Read all the latest news about VIVESCIA Industries and 昀椀nd all the information you need on www.vivescia-industries.com By post: VIVESCIA Industries - 2, rue Clément Ader, 51100 Reims, France By email: [email protected]