BONDUELLE
A French SCA (Limited Partnership by Shares) with a capital of 57,102,699.50

                                     Euros
    Head Office: La Woestyne 59173 Renescure, France - Registration number:
                            Dunkerque B 447 250 044
                       2023-2024 First Half Year Revenue
                          (July 1 - December 31, 2023)

Bonduelle Group: revenue in line with targets in a climate of consumption under
pressure
Growth in business activity in value and on a like-for-like basis* (+4,5%) over the half year despite a limited drop in volumes in a backdrop of sluggish global
consumption.
The Bonduelle Group's revenue for the 1(st) half year of fiscal year 2023-2024
amounted 1,213.1 million euros compared with 1,243.4 million euros for the 1(st) half of previous fiscal year, up +4.5% on a like-for-like basis* and down -2.4% on reported figures.
Business activity growth for the 2(nd) quarter boosted compared with the 1(st)
quarter. Currency variations had a negative impact on revenue growth of -6.9%, mainly due to the depreciation of the Russian ruble and, to a lesser extent, the
US dollar.
Activity by Geographical Region
+------------+---------+---------+---------+---------+---------+---------+---------+---------+

|   Total    |         |         |         |         |         |         |         |         |
|consolidated|         |         |         |Variation|         |         |         |Variation|
|  revenue   | 1(st)   | 1(st)   |Variation|Like-for-| 2(nd)   | 2(nd)   |Variation|Like-for-|
|(in millions|half year|half year|Reported |  like   | quarter | quarter |Reported |  like   |
| of euros)  |2023-2024|2022-2023| figures | basis*  |2023-2024|2022-2023| figures | basis*  |

+------------+---------+---------+---------+---------+---------+---------+---------+---------+
|Europe Zone | 786.4 | 739.1 | 6.4% | 5.9% | 411.1 | 390.5 | 5.3% | 4.7% |
+------------+---------+---------+---------+---------+---------+---------+---------+---------+

|Non-Europe  |         |         |         |         |         |         |         |         |
|Zone        |  426.6  |  504.2  | -15.4%  |  2.5%   |  233.5  |  281.6  | -17.1%  |  4.9%   |

+------------+---------+---------+---------+---------+---------+---------+---------+---------+
|Total | 1,213.1 | 1,243.4 | -2.4% | 4.5% | 644.6 | 672.1 | -4.1% | 4.8% |
+------------+---------+---------+---------+---------+---------+---------+---------+---------+
Activity by Operating Segments
+------------+---------+---------+---------+---------+---------+---------+---------+---------+

|   Total    |         |         |         |         |         |         |         |         |
|consolidated|         |         |         |Variation|         |         |         |Variation|
|  revenue   | 1(st)   | 1(st)   |Variation|Like-for-| 2(nd)   | 2(nd)   |Variation|Like-for-|
|(in millions|half year|half year|Reported |  like   | quarter | quarter |Reported |  like   |
| of euros)  |2023-2024|2022-2023| figures | basis*  |2023-2024|2022-2023| figures | basis*  |

+------------+---------+---------+---------+---------+---------+---------+---------+---------+
|Canned | 594.7 | 597.1 | -0.4% | 10.6% | 343.5 | 357.0 | -3.8% | 9.8% |
+------------+---------+---------+---------+---------+---------+---------+---------+---------+
|Frozen | 148.9 | 138.5 | 7.5% | 9.3% | 82.2 | 76.9 | 6.9% | 9.4% |
+------------+---------+---------+---------+---------+---------+---------+---------+---------+

|Fresh       |         |         |         |         |         |         |         |         |
|processed   |  469.5  |  507.7  |  -7.5%  |  -3.9%  |  218.8  |  238.2  |  -8.1%  |  -4.2%  |

+------------+---------+---------+---------+---------+---------+---------+---------+---------+
|Total | 1,213.1 | 1,243.4 | -2.4% | 4.5% | 644.6 | 672.1 | -4.1% | 4.8% |
+------------+---------+---------+---------+---------+---------+---------+---------+---------+
Europe Zone
The Europe Zone representing 64.8% of the business activity over the period, posted overall growth of +6.4% on reported figures and +5.9% on a like-for-like basis* over the 1(st) half year, with all technologies showing growth over the period.
Variations for the 2(nd )quarter were respectively +5.3% on reported figures and
+4.7% on a like-for-like basis*.
The downturn in volumes remains limited in the region despite a significant weakness in food consumption. In canned and frozen retail activity, the private label category grew in both volume and value, while branded products (Bonduelle and Cassegrain) increased in value but fell back in volume.
The food service activity continued to grow, in both volume and value.
The fresh processed segment (bagged salads) was virtually stable in volume, but grew in value in retail. However, the situation varied from one region to another, with France affected by bad weather leading to a lower service rate. Germany is operating in a difficult market context while Italy is recording solid growth.
Fresh prepared segment posted growth over the period, fueled by range renovations.
Non-Europe Zone
The Non-Europe Zone revenue representing 35.2% of the business activity over the
period, posted an overall decline of -15.4% on reported figures and +2.5% on a like-for-like basis*.
The activity was clearly penalized by the translation effects of the Russian ruble, which lost an average of 40% of its value between the 1(st) half of the 2023-2024 fiscal year and the same half of the previous fiscal year.
Changes in the 2(nd) quarter amounted to -17.1% on reported figures and +4.9% on
a like-for-like basis*.
In the Eurasia region, the canned activity remained sustained in terms of volume
and value, for both branded products (which are largely predominant in the region) and private label category. The frozen activity recovered significantly over the last quarter and now shows sustained growth in volume and value over the period as a whole.
In North America, the decline in fresh processed products (bagged salads and meal solutions) remained more limited than in the same period last year, due to negative market trends. In this context, branded complete meal solutions based on salads as well as salad kits (salad bags with ingredients) posted significant
market share gains.
Other significant information
Annual Shareholder's Meeting held on Dec 7, 2023
The Bonduelle Group's Annual Shareholder's Meeting held on December 7, 2023
approved the payment of a dividend of 0.25 euro per share, with effective payment on January 4, 2024, as well as the election of Rémi Duriez to replace Matthieu Duriez, whose mandate expired at this meeting, and the reappointment of
Jean-Michel Thierry as members of the Supervisory Board.
Outlook
The Bonduelle Group will announce its revenue and profitability outlook for the 2023-2024 fiscal year during the presentation of its first half year results on March 1, 2024.
* at constant currency exchange rate and scope of consolidation basis. The revenues in foreign currency over the given period are translated into the rate of exchange for the comparable period. The impact of business acquisitions (or gain of control) and divestments is restated as follows

  * For businesses acquired (or gain of control) during the current period,
    revenue generated since the acquisition date is excluded from the organic
    growth calculation;
  * For businesses acquired (or gain of control) during the prior fiscal year,
    revenue generated during the current period up until the first anniversary
    date of the acquisition is excluded;
  * For businesses divested (or loss of control) during the prior fiscal year,
    revenue generated in the comparative period of the prior fiscal year until
    the divestment date is excluded;

* For businesses divested (or loss of control) during the current fiscal year,

    revenue generated in the period commencing 12 months before the divestment
    date up to the end of the comparative period of the prior fiscal year is
    excluded.

Alternative performance indicators: the group presents in its financial notices performance indicators not defined by accounting standards. The main performance
indicators are detailed in the financial reports available on www.bonduelle.com
Next financial events:
- 2023-2024 1(st) Half Year Results: February 29, 2024 (after market closing)

- Analysts and investors meeting:         March 1, 2024
- 2023-2024 3(rd) Quarter Revenue:        May 2, 2024 (after market closing)
                           About the Bonduelle Group

We want to inspire the transition toward a plant-rich diet, to contribute to people's well-being and planet health. We are a French family business with 11,038 full-time equivalent employees and we have been innovating with our farming partners since 1853. Our products are cultivated on 68,316 hectares and sold in nearly 100 countries, for revenue of 2,406.2 million euros (data as of June 30, 2023)
Our 4 flagship brands are: BONDUELLE, READY PAC FOODS, CASSEGRAIN, GLOBUS.
Bonduelle is listed on Euronext Paris compartment B
Euronext indices: CAC MID & SMALL - CAC FOOD PRODUCERS - CAC ALL SHARES
Bonduelle is part of the Gaïa non-financial performance index and employees
shareholder index (I.A.S.)
Code ISIN: FR0000063935 - Code Reuters: BOND.PA - Code Bloomberg: BON FP
This document is a free translation into English and has no other value than an informative one. Should there be any difference between the French and the English version, only the French-language version shall be deemed authentic and considered as expressing the exact information published by Bonduelle.
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