Agthia Strategy Update Call

September 2021

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Disclaimer – forward looking statementsAgthia Group PJSC and its management may make certain statements that constitute “forward-looking statements” with respect to the financial condition,results of operations and business of the Group. These statements can be identified by the fact that they do not relate strictly to historical or current facts.Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “intends,” “plans,” “goals,” “believes,”“continues” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-lookingstatements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of AgthiaGroup PJSC to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements.Examples of such statements include, but are not limited to, comments with respect to: 1. outlook for the markets for products; 2. expectations regardingfuture product pricing; 3. outlook for operations; 4. expectations regarding production capacity and volumes; 5. objectives; 6. strategies to achieve thoseobjectives; 7. expected financial results; 8. sensitivity to changes in product prices; 9. sensitivity to key input prices; 10. sensitivity to changes in foreignexchange rates; 11. expectations regarding income tax rates; 12. expectations regarding compliance with environmental regulations; 13. expectationsregarding contingent liabilities and guarantees; 14. expectations regarding the amount, timing and benefits of capital investments. Although Agthia GroupPJSC believes it has a reasonable basis for making these forward-looking statements, readers are cautioned not to place undue reliance on such forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific,which contribute to the possibility that the predictions, forecasts and other forward-looking statements will not occur. These factors include, but are notlimited to: 1. assumptions in connection with the economic and financial conditions in the UAE, Middle East, and globally; 2. effects of competition andproduct pricing pressures; 3. effects of variations in the price and availability of manufacturing inputs; 4. various events which could disrupt operations,including natural events and ongoing relations with employees; 5. impact of changes to or non-compliance with environmental regulations; 6. impact of anyproduct liability claims in excess of insurance coverage; 7. impact of future outcome of certain tax exposures; 8. effects of currency exposures and exchangerate fluctuations. The above list of important factors affecting forward-looking information is not exhaustive. Additional factors are noted elsewhere andreference should be made to the other risks discussed in filings with UAE securities regulatory authorities. Except as required by applicable law, AgthiaGroup PJSC does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on behalf ofthe Company, whether as a result of new information, future events or otherwise, or to publicly update or revise the above list of factors affecting thisinformation.

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Strategy recap: Our Long-Term Ambition

Becoming a regional F&B

leader by 2025

From…

Commoditized portfolio

Stable financial performance

Local organization mindset

UAE centric

To…

Value-add F&B brands

Superior shareholder returns

Consumer-centric& performance-driven

Footprint MENAP & beyond

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Strategy recap: Three strategic pillars to deliver on the vision

Growth

Pursue disciplined expansion plan focused on M&A

1Efficiency

Protect the corebusiness and get leaner

2Capability

Ensure our organization is set-up to deliver our strategy

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01

Growth

5

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Recent M&A update

Snacks

▪ On Sep 1st, Agthia announced acquisition of 100% stake in BMB Group

▪ UAE-based BMB manufactures a wide variety of innovative confectionery, healthy snacks and food products

▪ BMB is also an incubator and accelerator of healthy food brands across multiple snacking categories

Protein

▪ On Apr 7th, Agthia announced acquisition of 75.02% stake in Ismailia Agricultural and Industrial Investments (Furat) (“Ismailia”)

▪ Ismailia is a producer of frozen poultry and beef value-added products in Egypt

▪ Ismailia produces 200+ SKUs across four brands targeting different consumer segments. Atyab is the flagship brand and currently the market leader in Egypt

▪ The Company sells its products only locally predominately through its network of in-house distribution in addition to 3rd party distributor

Growth

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Overview of IsmailiaBusiness Overview Key highlights

Revenue segregation

By product category By channel

17.6%LTM June’21 EBITDA margin

AED 433mnLTM June’21 Net sales

AED 76mnLTM June’21 EBITDA

AED 1mnJune’21 Net debt

26k tons p.a. poultry capacity + 18.5k tons p.a. beef capacity

23.8%2017-20 Sales CAGR

Logistics

▪ Established in 2008, Ismailia Agricultural and Industrial Investments(“Atyab”) is a producer of value added / processed beef and poultryproducts in Egypt.

▪ The Company owns four brands with Atyab being the flagship premiumbrand and market leader in Egypt. The other three economy focusedbrands are Meatland , Shiketita and Furaty.

▪ Ismailia produces 200+ SKUs and covers a wide spectrum of consumersegments.

▪ Production plant and head office are based in the Ismailia governorate,close to Cairo, and is built on a 60,000m² owned land plot

▪ The Company has 11 distribution centers, serviced by 351 vehicles.

▪ Ismailia has over 2,500 employees.

Chicken52.1%

Beef39.3%

By-products8.6%

Retail53%Wholesale

23%

HORECA9%

Other15%

Fleet351 trailers & trucks

Warehouses11 Distribution Centres across 9 governorates

S&D teamsc. 1,200 S&D employees

of which 50% cover Cairo

85% sold via direct distribution,

15% distributors

Access to over 10,000 point of sale outlets

Growth

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Overview of BMB GroupBusiness Overview Key highlights

Revenue segregation

By product category By geography

20%LTM June’21 EBITDA margin

AED 268mnLTM June’21 Net sales

AED 54mnLTM June’21 EBITDA

AED 3mnJune’21 Net cash

+40MT per day manufacturing capacity

Exports to >20 countries

Well diversified channel access

▪ BMB was founded in 2007 as a chocolate and bakery ingredients tradingbusiness and has now evolved into a well diversified confectionary andsnacking business

▪ BMB’s portfolio includes Mediterranean sweets, chocolate, healthyfood and bakery ingredient categories sold under 12 brands

▪ BMB owns a stake in a KSA confectionary retail Kottouf, with a networkof c. 176 stores across KSA (140 franchised)

▪ BMB has two manufacturing facilities (150k+ sqft) in the UAE (DubaiInvestment Park and Jebel Ali)

▪ BMB exports to 23 countries with 64% of the total revenue from KSA,19% from UAE and 12% from the US

Chocolate52%

Mediterranean Sweets

30%

Bakery Ingredients

14%

Healthy Foods

4%

KSA64%

UAE18%

Other GCC4%

US12%

ROW2%

Own retail Private labeling Modern Trade

Exports Duty free stores E-Commerce

23+ countries

Growth

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BMB timeline Growth

2007 2009 2013 2014 2015 FY20A-YTD212017 FY19A

BMB upgraded their kitchen to a small

factory in Dubai. They also opened their Saudi

Arabia office

Launched the brand Asateer

Built a state-of-the art facility (in DIP), and grew to

1,000 strong team

Opened the office in Spain and U.S.A and launched the brand

Benoit

Built a second factory and invested in

Kottouf

2016

Two people established BMB trading chocolate

and bakery ingredients from a small warehouse

A small kitchen was launched to produce

chocolate and Mediterranean

sweets. The Qatar office was

established. They launched their brand

Petit Gourmet

Launched the brand Al Qamar

50% of BMB sold to Panarae Ltd

Invested with partners to create Smart Gourmet

and Recipe No.7; launches Roaster Adams

Entered into an equity joint venture

with the brand Freakin Healthy

Number of Kottouf stores reaches 176

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Summary of acquisitions

Announcement Oct 2020 Dec 2020 Jan 2021 April 2021 August 2021

CategoriesDates / derivatives,

SnackingBakery Snacking

Frozen & chilled

processed ProteinFrozen & chilled

processed ProteinConfectionery &

Snacking

FootprintInternational with strong focus on GCC & Asia

Kuwait mainly Jordan 50%, GCC 33%, Other exports 17%

Egypt KSA 64%, UAE 19%, USA 12%

Revenues1 ~AED 435MN ~AED 81MN ~AED 378MN ~AED 433MN ~AED 268MN

Profitability1 ~18% EBITDAm ~22% EBITDAm ~18% EBITDAm ~18% EBITDAm ~20% EBITDAm

RationaleScale, category (superfood), brands

Brand, market scale New category, Brand, Scale

Scale, Brands Category upscale, Brands, Footprint

Value creationSynergies, premiumization, diversification

Synergies, capabilities, wider customer base

Synergies, diversification, route to market

Synergies, diversification, growing market share, institutionalization

Synergies, diversification, cross-selling opportunities

1 As of LTM June 2021

Growth

02

Efficiency

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Agthia’s category focusEfficiency

Category Water & Food Agribusiness Protein & Frozen Veg. Snacking

Assets

Key markets

Our Efficiency focus continues via:

Synergy Extraction

Business Simplification

Recognized AED 25 MN in cost savings in H1 2021

(12.5% of 5-years target)

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Legend• Inner circle includes pro-forma revenues1 of Agthia + Al Foah

+ Al Faysal + Nabil = AED 2.87bn• Outer circle includes pro-forma revenues1 of Agthia + Al Foah

+ Al Faysal + Nabil + Atyab + BMB = AED 3.58bn (+24%)

Water & FoodWater (Bottled Water + 5-gallons)

Beverages (Al Ain Fresh, Caprisun [both discontinued])Trading items

DairyAgribusiness

FlourFeed

ProteinNabil Foods & Ismailia (Chicken, Beef and Cold cuts)

Tomato Paste and Frozen VegetablesSnacking

DatesBakery

BMB products

Revenue diversification through focused M&A approachEfficiency

1 As of LTM June 2021

33%

31%

18%

18%27%

25%

26%

22%

Water & Food Agribusiness Protein & Frozen Veg Snacking

Evolution of revenues by segment post Atyab & BMB towards a more balanced and diversified contribution

Capability

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Progress on CapabilityCapability

Innovation

Know-how skills

• Our snacks platform serving as an incubator and accelerator of healthy food brands across multiple snacking categories

• Introducing plant-based products (under Nabil Foods)• Working in progress on dates ingredients and value-add products

• Capitalizing on Route-to-market of acquired businesses and vice-versa • Enhancing access to new channels / client base • Increasing our e-commerce / direct to consumer presence

• Capitalizing on entrepreneurship and know-how skills across the group• Enhanced Human Capital and industrial capabilities• Sharing best-in-class systems / practices across the group (e.g.

collaboration between Nabil & Atyab)

Commercialexcellence

Financial Performance

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Financial performance of recent acquisitionsAl FoahAED’MN

Al Faysal*AED’MN

NabilAED’MN

• Lower revenues despite higher volume isdue to pricing pressure driven by KSAoversupply

• Improved profitability versus same periodlast year on lower direct material costs andoverhead (cost optimization postintegration)

• Lower revenues on prolonged restrictionsin Kuwait with closure of restaurantdeliveries

• Improved profitability on favorable salesmix and cost optimization initiatives

* The figures are for the period post acquisition date.

• Marginally better versus last year despitecontinued movement restrictionsimpacting Food Service channel andexport restrictions / challenges to KSA,Iraq & Kuwait

187195

H1 2021 H1 2020

Revenues

22

11

11%

6%

H1 2021 H1 2020

Net Income NPM (%)

7

5

20%

12%

H1 2021 H1 2020

Net Income NPM (%)

37

43

H1 2021 H1 2020

Revenues

8580

Q2 2021 Q2 2020

Revenues

7

6

8%

7%

Q2 2021 Q2 2020

Net Income NPM (%)

Al Foah and Al Faysal consolidated since Q1 2021; Nabil in Q2 2021

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Overview of Al Foah seasonality

Q1 Q2 Q3 Q4

Harvest Season Sales Seasonality

Pre-Ramadan Sales and wind-down to

off-season

Post-Ramadan steady-state

Sales Ramp-up start Sales PeakSales

No Harvest No Harvest Start of Harvest (Aug) and Peak (Sep)

Season wind-down and end (Oct)Harvest

Quarterly harvest & Sales cycle (volume)

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Overview of Al Foah seasonality (Cont’d)

(40.0)

(20.0)

-

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21

Net Sales Net Profit (Adjusted for one-offs)

Despite the impact of seasonality on Q2, we managed to significantly reduce losses incurred in 2021 (AED 3mn vs 21mn in Q2 2020) on cost optimization initiatives and synergies

Impact on Al Foah’s top & bottom line

Al Foah normalized for non-recurring items incurred in H2 2020

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Agthia Group Proforma LTM June’21 financialsLTM June’21 RevenueAED’MN

LTM June’21 Net Profit1

AED’MN

LTM June’21 EBITDA1

AED’MN

55% 12% 2% 11%

` % contribution

1 Agthia normalized for non-recurring items incurred in Q3 2020 (AED 42mn bad debt provisions + AED 9.5mn Capri Sun inventory write-offs + AED 7.7mn CSD municipality accounting adjustments

+ AED 7.2mn net inventory provisions) ----- Al Foah normalized for non-recurring items incurred in H2 2020 of total AED 52mn related to changes to pension scheme & severance packages2 BMB net profit includes share of profits from Kottouf, KSA

12%

1,980

3,576

435 81

378

433 268

Agthia Al Foah Al Faysal Nabil Atyab BMB Pro-formarevenues

8%

228

524

78 18

70

76

54

Agthia(adjusted)

Al Foah(adjusted)

Al Faysal Nabil Atyab BMB Pro-formaEBITDA

43% 15% 3% 13% 15% 10%

32% 19% 4% 12% 13% 20%

91

281

52

12 33

37

55

Agthia(adjusted)

Al Foah(adjusted)

Al Faysal Nabil Atyab BMB Pro-forma netincome

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Agthia Group Proforma LTM June’21 margins2

LTM June’21 Gross Margin

LTM June’21 Net Profit margin

LTM June’21 EBITDA margin

1 Agthia and Al Foah normalized for non-recurring items 2 Consolidated margins do not include any potential cost synergies

30.8%31.4%

-0.2% 0.5% 0.0% -0.1%0.5%

Agthia(adjusted)

Al Foah (adj.)contribution

Al Faysalcontribution

Nabilcontribution

Atyabcontribution

BMBcontribution

Pro-formagross margin

11.5%

14.6%

1.2%0.3% 0.7%

0.5% 0.4%

Agthia(adjusted)

Al Foah (adj.)contribution

Al Faysalcontribution

Nabilcontribution

Atyabcontribution

BMBcontribution

Pro-formaEBITDAmargin

4.6%

7.9%

1.3%0.3% 0.3% 0.3%

1.0%

Agthia(adjusted)

Al Foah (adj.)contribution

Al Faysalcontribution

Nabilcontribution

Atyabcontribution

BMBcontribution

Proforma Netprofit margin

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Robust balance sheet June’21 Net DebtAED’MN

Net Debt (Cash) / TTM EBITDA3

as of June’21

1 Agthia includes consolidated entities: Al Foah, Al Faysal and Nabil 2 Agthia (pro-forma) after accounting for Debt portion to be raised to acquire Atyab & BMB in H2 20213 TTM EBITDA for Agthia* includes LTM June’21 of Agthia (adjusted) + Al Foah (adjusted) + Al Faysal + Nabil

Balance sheet remains robust even post funding 5 acquisitions

(86) (2)

1,059 971

Agthia* Atyab & BMB Debt to be raisedfor Atyab & BMB

Agthia(proforma)**

(0.2x)

1.9x

2.4x

Agthia* Agthia (pro-forma)** Median peers

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Investor Relations Department

September 2021