Investment case

1) STRENGTHENING OUR UK LEADERSHIP POSITION IN FPF TO DRIVE RETURNS

• Clear market leader with unrivalled scale
• Strategic customer partnerships with all leading UK grocery retailers
• Category leadership and breadth
• Deep market insight and strong innovation capabilities
• Superior performance through operational excellence

2) CAPITALISING ON SIGNIFICANT GROWTH POTENTIAL IN US AND CHINA

• Accelerating demand for FPF in the largest global food markets
• Enhancing platform for growth in US through targeted capacity investment
• Well-invested national footprint in China with headroom for growth
• Leverage Group expertise to drive growth and enhance competitive advantage

3) FOCUSING ON BUILDING A MORE SUSTAINABLE BUSINESS

• Trusted Partner ‘ESG’ strategy with three focus areas across our value chain
• Focused on responsible sourcing, sustainability and innovation, and engagement and wellbeing
• Clear commitments in place including reaching Net Zero emissions by 2040

4) STRONG FINANCIAL POSITION DRIVING LONG-TERM VALUE CREATION

• Meaningful progress on all key financial metrics
• Strong balance sheet and good cash generation provides flexibility to effectively deploy capital and deliver returns
• Well-placed to manage through industry-wide challenges