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Refresco delivers robust Q2 2020 resultsAugust 13, 2020 I Rotterdam, the Netherlands

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Agenda

• Refresco at a glance

• Q2 2020 highlights

• Financials

• Key takeaways

• Q&A

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Refresco at a glance

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Q2 2020 highlights

Robust performance…

• Volume flat at ~3.0 billion liters

• Gross profit margin increased to €477 million

• Adjusted EBITDA at €138 million

… demonstrating resilience in a volatile quarter…

• Significant reduction in volumes in April, recovery during quarter

• June volumes ahead of last year’s

• Sales in Retailer brands strong

• Contract manufacturing underperforming

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Q2 2020 highlights (cont.)

… and continuing our successful Buy & Build strategy

• Integration of acquired businesses well on track

─ UK: Coca-Cola European Partners’ Milton Keynes site

─ Spain: Two former PepsiCo plants

─ US, Arizona: AZPACK

• Launch of new €400 million Term Loan B

• Approval from French Competition Authority for acquisition of Britvic’s

three juice bottling facilities in France

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Market trends

• Retail channel benefit from lockdowns

─ Shift towards larger packaging formats

─ Increase in sales at proximity stores due to restrictions, with discounters regaining share in June

• Out-of-home under pressure, impacting Contract Manufacturing

• Strong demand for cans in US, with shortages appearing in supply chain

• Attractive growth in certain brands and categories, e.g. hard seltzers

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Q2 & HY 2020 Financials

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In millions of € unless stated otherwise1

(Unaudited)Q2 2020 Q2 2019 YTD 2020 YTD 2019

Volume (millions of liters) 2,983 3,005 5,745 5,584

Gross profit margin 477 470 925 874

Adjusted EBITDA 138 134 241 215

Net profit/(loss) (3) 10 (27) (5)

Adjusted net profit/(loss) 11 13 (7) (0)

Net debt 2,898 2,828

Key financials Q2 2020

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1. Net debt in Q2 2020 includes €117 million shareholder funding; IFRS 16 impact Leases is €404 million as at June, 30 2020.

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Increase in gross profit margin

• Continuous focus on

profitability of the business,

synergies and margin

development

• Providing value-add services

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275

428

470 477

150

200

250

300

350

400

450

Q2 2017 Q2 2018 Q2 2019 Q2 2020

Q2 Gross profit margin (in millions of €)

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In millions of € (Unaudited) Q2 2020 Q2 2019 YTD 2020 YTD 2019

Operating profit / (loss) 47 59 66 70

Depreciation and impairment 49 42 92 81

Amortization of intangible assets 13 12 26 25

Depreciation – IFRS 16 20 16 39 32

EBITDA 129 130 223 209

COVID-19 4 - 8 -

One-off costs / (benefits) 5 4 10 6

Adjusted EBITDA 138 134 241 215

Adjusted net profit / (loss) 11 13 (7) (0)

Reconciliation of operating profit to adjusted EBITDA

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Working capital

• Working capital €65 million

vs. €167 million in Q2 2019

• Significant difference vs last

year due to lower stock

levels, combined with

increased focus on working

capital management

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77

58 55

42

185

156

103

39

172167

94

69

5565

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Working capital (in millions of €)

2017 2018 2019 2020

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In millions of € 1 (Unaudited) June 30, 2020 June 30, 2019

Total assets 5,178 4,986

Total non-current assets 3,825 3,628

Total current liabilities 1,054 1,029

Total equity 745 827

Cash and cash equivalents 314 168

Balance sheet and financial position

• Net debt at the end of Q2

2020 was €2,898 million

(Q2 2019: €2,828 million)

• Cash position of €314 million

as of June 30, 2020

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1. Preliminary Purchase Price Allocation (PPA) included in the figures.

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Key takeaways

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Key takeaways Q2 2020

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Robust Q2 results: steadily recovered during quarter, June volumes ahead of last year

Solid overall financial position, and cash flow continues to be strong

Actively continuing our buy & build strategy, with opportunities available in the market

Despite COVID-19 uncertainty, confidence in robust business performance in H2

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In millions of € (Unaudited) Q2 2020 Q2 2019 YTD 2020 YTD 2019

Adjusted EBITDA 138 134 241 215

Working capital change 16 14 26 (89)

Net cash operating activities 88 102 163 45

Net cash investing & acquisition activities (49) (42) (212) (122)

Net cash (used in) / from financing activities (29) (16) 85 106

Movement in cash 7 35 31 28

Appendix: Cash flows

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In millions of € (Unaudited) Q2 2020 Q2 2019 YTD 2020 YTD 2019

Operating profit / (loss) 47 59 66 70

Net finance cost (40) (39) (80) (76)

Profit / (loss) before income tax 7 21 (15) (5)

Income tax (expense) / benefit (11) (11) (12) 1

Profit / (loss) (3) 10 (27) (4)

One-off cost EBITDA 5 4 10 6

One-off cost COVID-19 4 - 8 -

Wrexham impairment 8 - 8 -

Tax effect on one off costs (4) (1) (5) (2)

Adjusted net profit / (loss) 11 13 (7) (0)

Appendix: Reconciliation from operating profit to adjusted net profit

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In millions of € (Unaudited) Amount

Cash and cash equivalents (314)

Senior notes (EUR) 445

Term Loan B (equiv.)1 2,261

Mortgage Loan 15

RCF -

Capitalized finance costs (32)

Other loans 2

Net debt excl. IFRS 16 effect and shareholder loan 2,377

IFRS 16 Lease liability 404

Shareholder loan 117

Total net debt 2,898

Appendix: Net debt as of June 30, 2020

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1. Represents the euro-equivalent aggregate amount outstanding under

the Term Loan B (denominated in EUR, USD and GBP).

All values are rounded to the nearest million.