Tereos

March 2023
 DISCLAIMER
This presentation has been prepared by Tereos SCA exclusively for the purpose of a presentation to institutional investors concerning Tereos
SCA and its consolidated subsidiaries ("Tereos"). This presentation includes only summary information and does not purport to be
comprehensive. The information contained in this document has not been independently verified. No representation or warranty, express or
implied, is made as to, and no reliance should be placed upon, the fairness, accuracy, completeness or correctness of the information or
opinions contained in this document and none of Tereos or any other person, accepts any responsibility in this respect.

This presentation contains measures and ratios that do not comply with International Financial Reporting Standards (“IFRS”), including
EBITDA, Adjusted EBITDA, free cash flow and net debt, among others. Tereos presents these non-IFRS measures because it believes that
they and similar measures are widely used by certain investors as supplemental measures of performance and liquidity. These non-IFRS
measures may not be comparable to other similarly titled measures of other companies and may have limitations as analytical tools. Non-
IFRS measures and ratios are not measurements of Tereos' performance or liquidity under IFRS and should not be considered to be
alternatives to operating income or any other performance measures derived in accordance with IFRS. Furthermore, they should not be
considered to be alternatives to cash flows from operating, investing or financing activities as a measure of our liquidity as derived in
accordance with IFRS.

This presentation includes “forward-looking statements” about Tereos SCA and its subsidiaries (the “Group”), including in relation to its
financial results, strategy, plans or intentions. These statements may also address management’s expectations regarding the Group’s
business, growth, future financial condition, operational outcomes, and prospects. These forward-looking statements are subject to risks and
uncertainties that may change at any time and, therefore, the Group’s actual results may differ materially from those that management
expected. The Group has based these forward-looking statements on its current views and assumptions about future events. While it
believes that these assumptions are reasonable, it is very difficult to predict the impact of known factors, and, of course, it is impossible to
anticipate all factors that could affect the Group’s actual results. All forward-looking statements are based upon information available to
management on the date hereof. Investors are cautioned not to place undue reliance on such information

MARCH 2023 INVESTOR PRESENTATION 2

 TABLE OF CONTENTS

1 Tereos at a glance

2 Financial performance

3 Strategy and perspectives

4 Market update

MARCH 2023 INVESTOR PRESENTATION 3

1 Tereos at a
glance

MARCH 2023 INVESTOR PRESENTATION 4

TEREOS AT A GLANCE: A COOPERATIVE GROUP AND GLOBAL
LEADER IN AGRIBUSINESS
WHAT WE PRODUCE AND
KEY FACTS1 WHAT WE PROCESS OUR END MARKETS

#4 Sugar Global Sugar Cane Sugar Beet

23.3 Mt 15.8 Mt Sugar Starch Products
#2 Ethanol Europe 4.3 Mt
#3 Sugar Brazil Cereals, 2 Alcohol & Ethanol
Potatoes, Alfalfa Food 1.4 Mm³
#3 Starch & Sweeteners Europe Paper & Cardboard
Cassava Animal Nutrition
#2 Wheat Protein Europe Energy
Pharmaceuticals
4.7 Mt & Cosmetics Green Chemistry

Consolidated Revenues LTM Dec-22 €6.2bn Consolidated Adj. EBITDA LTM Dec-22 €1,027m

~14,700 ~11,200 43
EMPLOYEES COOPERATIVE MEMBERS IN FRANCE OWNING OPERATING FACILITIES²
SHARE CAPITAL AND SUPPLYING RAW MATERIALS

MARCH 2023 INVESTOR PRESENTATION 5

1 Company estimates 2 figure includes Escaudoeuvres, Morains and Haussimont plants
 THREE COMPLEMENTARY BUSINESS PILLARS
WITH A UNIQUE APPROACH TO MANAGING CYCLICALITY…
CYCLICAL MARKETS STABLE MARKETS

SUGAR & RENEWABLES SUGAR & RENEWABLES STARCH, SWEETENERS &

EUROPE INTERNATIONAL RENEWABLES
37%
38%

22%

▪ €2.3bn revenue1 ▪ €1.4bn revenue1 ▪ €2.4bn revenue1

▪ Processing sugar beet into ▪ Cultivating and processing ▪ Producing alcohol and ethanol,
sugar, alcohol and bioethanol sugarcane into raw and refined starches and sweeteners, plant-
sugar and ethanol based proteins and animal
▪ Processing sugar beet pulps and nutrition products by processing
alfalfa into animal nutrition ▪ Focus on export cereal, corn and tubers
products
#2 #4 #3 #3 #2
Starch & Wheat protein
Ethanol Europe Sugar Sugar
Sweeteners Europe
Global Brazil
Europe

MARCH 2023 INVESTOR PRESENTATION Note for rankings: Company estimates 1 Breakdown of % and total revenue figures as of LTM Dec-22
6
RENEWED LONG-TERM CSR ROADMAP BUILT ON 5 PILLARS
AND 10 ACTIONABLE BUILDING BLOCKS
Reduce gross CO2 emissions in Europe by 30% (vs 2015) & Reduce water consumption by 20% (vs 2017)

Tereos committed to STBi methodology in November 2022 to accelerate its agricultural & ecological transition
PILLARS
FIVE

PROTECTION POSITIVE INDUSTRY RESPONSIBLE, EMPLOYEES

SUSTAINABLE
OF THE & HEALTHY & LOCAL
AGRICULTURE DECARBONISATION AND QUALITY
ENVIRONNEMENT DEVELOPMENT
NUTRITION

•1 Improve farm •2 Contribute to •4 Promote energy •6 Become a partner of •8 Ensure safety and
performance the protection efficiencies & low- reference on well-being of our
BUILDING BLOCKS

of biodiversity carbon energy nutritional employees and

reformulation partners
•3 Optimize •5 Optimize water
resources consumption •7 Promote •9 Promote diversity and
TEN

responsible ensure gender equality

consumption, •
10 Support local
through a sugar development through
education program our industrial presence
and raw materials from
local agriculture

MARCH 2023 INVESTOR PRESENTATION 7

2 Financial
performance

MARCH 2023 INVESTOR PRESENTATION 8

 KEY HISTORICAL FINANCIAL HIGHLIGHTS
Revenue (€m) EBITDA (€m)

Margin 9.3% 10.8% 13.4%

5,086 682

4,492
4,317
465
420

2019/20 2020/21 2021/22 2019/20 2020/21 2021/22

FCF (€m) Net debt (€m) / Net leverage & Net leverage excl. RMI1 (x)
Net debt 2,558 2,533 2,387
332 6.1x
5.5x

3.5x

5.2x 4.7x
47 2.8x

2019/20 2020/21 2021/22

(23)
2019/20 2020/21 2021/22
Net Leverage - Excl. RMI Net Leverage

MARCH 2023 INVESTOR PRESENTATION 1 Readily Marketable Inventories

9
KEY DECEMBER 2022 FIGURES

9-MONTH REVENUES

1 2 - M O N T H ( LT M )
ADJUSTED EBITDA
€4,778m
+32% YOY at
€1,027m constant foreign exchange rate
(+35% at current foreign
exchange rate)

9-MONTH RECURRING EBIT

€447m DECREASING LEVERAGE

(VS. MARCH)
+203% YOY at
constant foreign exchange rate
(+214% at current foreign
2.8x
exchange rate)

MARCH 2023 INVESTOR PRESENTATION 10

 9M 22/23:
SOLID AND CONTINUOUS RESULTS IMPROVEMENT

Income statement Q3 % Change 9M % Change

Current Constant Current Constant

€m 21/22 22/23 Rate Rate
21/22 22/23 Rate Rate

Revenues 1,345 1,804 34% 32% 3,544 4,778 35% 32%

Adjusted EBITDA 223 305 37% 27% 424 769 81% 73%

Adj. EBITDA Margin 16.6% 16.9% 12.0% 16.1%

Recurring EBIT 111 181 63% 52% 142 447 214% 203%

EBIT Margin 8.2% 10.0% 4.0% 9.4%

MARCH 2023 INVESTOR PRESENTATION 11

 CURRENT TRADING (31 MAR – 31 DEC 2022)
Revenue (€m) EBITDA (€m) Net debt (€m) / Net leverage1 (x)
Net debt 2,387 2.913

+35%
+81%
3.5x
2.8x
4,778
769
3,544
2.8x
424 1.8x

0
mars-22 déc-22
Net Leverage - Excl. RMI 2 Net Leverage
YTD Dec-2021/22 YTD Dec-2022/23 YTD Dec-2021/22 YTD Dec-2022/23

▪ Revenue growth and EBITDA improvement: for the nine months revenues increased by 35% compared to the same period in 2021/22, driven by higher prices
across all segments, and EBITDA rose by 81% compared to the previous year, thanks to the strong performance of our commercial and cost management
strategies, notably through our hedging instruments for energy and raw materials.

▪ Net debt increase as anticipated in the Group's results announcements since Q4 21/22, the sharp rise in raw materials and energy prices has automatically led
to an increase in working capital and thus in the level of net debt as of the third quarter of 2022/23.

MARCH 2023 INVESTOR PRESENTATION Note: This current trading information has not been audited or reviewed by our independent accountants 1 Net Debt / LTM EBITDA (€1,027m as of 31 December 2022) 2 Net leverage
12
excl. RMI of €1,062m as of 31 December 2022
 CONTINUOUS REDUCTION IN LEVERAGE AND
SOLID FINANCIAL SECURITY
▪ Successful financing operation: Debt maturity schedule as of December 31, 2022 (€m)
▪ Successful issuance of a new 5.3-year €350 million bond in Pro-forma of Jan 2023 issuance and 2023 bonds redemption¹
January 2023; strong investor demand led to un upsize from Sound liquidity: €642bn:
€300 million to €350 million. The gross proceeds of the offer • €442m - cash & cash equivalents
will be primarily used to refinance existing bonds maturing in • €200m - undrawn amounts of long-term committed facilities
2023.

425
▪ Continuous improvement in leverage and structural debt: 350
390
▪ Leverage reached 2.8x 228

▪ Structural net debt (net debt excluding working capital) 117 418
264
190 350
reduced from €1.7 billion in December 2021 to €1.4 billion in 147 190
26 117
14 37
December 2022 < 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years 5 to 6 years 6 to 7 years After
Mid & Long Term Working capital / trade / overdraft Revolving facilities Bonds

Reduction in structural net debt (€m) Net debt (€m) / Net leverage2 (x)
9.1x
Reduction from €1.7bn to €1.4bn
6.1x
7.7x 5.5x
4.0x 4.0x
789 709 1,556 3.5x
3.2x 5.2x 4.7x 2.8x
2.8x 1.8x
1,735 1,678 2,425 2,350 2,500 2,558 2,533 2,387
1,357 2,913

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Dec-22

Dec-21 Mar-22 Dec-22
Net debt Leverage Leverage - excl. RMI
Structural net debt (excl. WC) Working capital
HALF YEAR 22/23 RESULTS – INVESTOR PRESENTATION
13
1 Pre IFRS 16 impacts and including amortized costs; 2 Excluding IFRS 16 from Mar-15 to Mar-18, Including IFRS 16 from Mar-19
3 Strategy and
perspectives

MARCH 2023 INVESTOR PRESENTATION 14

 A TWO-STEP STRATEGIC PLAN
BUILT ON 3 VALUE CREATION DRIVERS
Short-term Medium-term
(Until 2024) (From 2024)

BACK TO BASICS BACK TO GROWTH

Reaffirming the fundamentals Industrial Seeking out growth drivers 15

reorganization
announced on
March 8th

COMMERCIAL ORGANIZATIONAL INDUSTRIAL

EXCELLENCE EXCELLENCE EXCELLENCE
Prioritize the 3 pillars Increase asset efficiency
Volume strategy
of Group’s activities Strengthen capex selection
to margin strategy
and develop synergies process & expenditure control
MARCH 2023 INVESTOR PRESENTATION 15
 STRUCTURAL INCREASE IN PROFITABILITY

Margin-driven strategy
35%

30%
28.6%
26.0%

25%

23.1%
22.4%
20%

15% 13.3% 14.6%

12.8%

10% 8.7%
7.8%

6.2%
4.8%
5%
5.5%

0%
2019/20 2020/21 2021/22 LTM Dec-22

Sugar Europe Sugar International Sweeteners & Starches

MARCH 2023 INVESTOR PRESENTATION 16

 ON TRACK TO ACHIEVE 2024 OPERATIONAL
PERFORMANCE TARGETS

2024 Targets RECURRING NET DEBT LEVEL NET LEVERAGE

5% EBIT MARGIN GENERATION OF POSITIVE BELOW €2 BILLION < 3x ​
FREE CASH-FLOW

LTM Sep-22: positive

10% LTM Dec-22: negative, €2,913m 2.8x
(LTM Dec-22) as result of WC (Dec-22) (Dec-22)
variation

Status ✓ In progress In progress ✓

Main objective: Generate Debt reduction on track but

Continued efforts towards
Comments positive FCF regardless of slower progress given cost
reducing leverage
inflation or WC swings inflation and WC impacts

MARCH 2023 INVESTOR PRESENTATION 17

4 Market
update

18
 WORLD SUGAR PRICES AT HIGH LEVELS
POTENTIAL DEFICIT: RISK OF LOWER SUPPLY, RESILIENT DEMAND
Sugar supply status
✓ As the Indian crop progresses, market reflects lower then expected 22/23 volumes
✓ Brazil 23/24e crop volumes moving up, with sugarcane recovering from 2021 draught
✓ Some European/CIS production flags are getting materialized
✓ Despite the strong price increase, demand is still resilient

Supply & demand risks flags

✓ Sugar beet in some EU countries could be negatively impacted by the drought and yellow virus
✓ India 22/23 production still under risk related to early end of crush in many mills (lower than expected
yields); production forecasts range between 32.9 and 34.4Mton for 22/23
✓ India 23/24 is under risk of lower acreage given crop rotation and producers fears on increasing
probability of El Nino that could lead to lower yields vs. current crop
✓ The Brazilian sugar export could face stronger competition with grains for terminal availability (beginning
of the 23/24 crop) as grains crop volume is forecasted to increase
✓ Brazil 23/24 crop could show a higher sugar production driven by better yields

Sources: LMC World Sugar Price View presentation, March 2023.

MARCH 2023 INVESTOR PRESENTATION 19

 WORLD SUGAR PRICES
World Sugar Index NY11 (¢/lbs) London Sugar No. 5 ($/MT)

650

22 22 ¢/lbs
600

20 565 $/MT
550

18 500

450
16

400
14

350

12
300

10 250

Sources: Bloomberg, November 2022

MARCH 2023 INVESTOR PRESENTATION 20

 ETHANOL PRICES SUPPORTED BY CRUDE OIL PRICES AND
BIOETHANOL POLICIES
ESALQ Hydrous Ethanol (BRL/L) T2 Ethanol (EUR/m3)
Brazil European Union

1500
4.50

4.00 1300

3.50
1100

3.00

2.7 BRL/L 900 834 €/m3

2.50

700
2.00

1.50 500

1.00 300

Sources: Bloomberg, November 2022

MARCH 2023 INVESTOR PRESENTATION 21

 WHEAT PRICES
Matif Wheat (€/t)
500

450

400

350

300

275 €/t
250

200

150

Sources: Bloomberg, November 2022

MARCH 2023 INVESTOR PRESENTATION 22

 GAS PRICES
Gas price – France – PEG HUB (€/MWh)
180

160

140

120

100

80

60

40

20

0
Jul-19

Jul-20

Jul-21

Jul-22

Jul-23

Jul-24
Jan-20

Jan-21

Jan-22

Jan-23

Jan-24
Oct-19

Oct-20

Oct-21

Oct-22

Oct-23

Oct-24
Apr-19

Apr-20

Apr-21

Apr-22

Apr-23

Apr-24
Realised SPOT Prices Forward Prices

Sources: Reuters, December 2022

MARCH 2023 INVESTOR PRESENTATION 23