EARNINGS CALL

FOURTH QUARTER 2021

February 17th, 2022
DISCLAIMER
This presentation may contain financial or business projections regarding recent
acquisitions, their financial or business impact, management expectations and
objectives regarding such acquisitions and current management expectations on the
operating and financial performance of The Company, based on assumptions that, as of
today, are considered valid. Financial and business projections are estimates and do
not constitute any declaration of historical facts. Words such as “anticipates”, “could”,
“may”, “can”, “plans”, “believes”, “estimates”, “expects”, “projects”, “pretends”,
“probable”, “will”, “should”, and any other similar expression or word with a similar
meaning pretend to identify such expressions as projections. It is uncertain if the
anticipated events will happen and in case they happen, the impact they may have in
Alicorp’s or The Consolidated Company’s operating and financial results. Alicorp does
not assume any obligation to update any financial or business projections included in
this presentation to reflect events or circumstances that may happen.
TOPICS

Q4 ’21 AND FY 2021 HIGHLIGHTS 1

Q4 ’21 AND FY 2021 CONSOLIDATED OPERATING RESULTS 2
Q4 ’21 AND FY 2021 OPERATING RESULTS BY BUSINESS 3
SOLID LIQUIDITY AND STRONG BALANCE SHEET 4
OUR VIEW FOR 2022 5
APPENDIX 6
Q4 ’21 AND FY 2021
HIGHLIGHTS
Q4 ’21 AND FY 2021 HIGHLIGHTS
Relevant indicators for our business

PRESSURE ON MARGINS Agricultural Commodities1 & Oil2 Monthly Average Prices COVID-19 Vaccination status in Peru by age ranges3

WE EXPERIENCED FROM
Index 100= Jan 2020

180
INFLATIONARY PRESSURES 160

THROUGHOUT 2021 9% 4% 3% 4% 10%

140 13%
25% 25%
120
CONTINUES 100
41% 36%
45%
62%
80 69% 71%
ON THE SANITARY FRONT, 60 75% 62%
52%
42%
DESPITE THE RECENT
26%
40
2% 21%
20
INCREASE IN COVID-19 0
17% 8% 12% 10% 8%
19%

CASES, THIS HAS NOT Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 5-11 12-19 20-39 40-59 60-79 80+ Total

TRANSLATED INTO A Oil Wheat Soybean Oil Soybean Meal Only 1 dose 2 doses 3 doses Not vaccinated

SIGNIFICANT INCREASE IN ▪ Recently, the vaccination campaign was expanded to children

DEATH OR ▪ Commodity prices increasing for 19 months in a row between 5 and 11 years old

HOSPITALIZATION CASES ▪ 6.5% appreciation of DXY (U.S. Dollar Index) in 2021 ▪ 71% of eligible population (people older than 5 years) have
been inoculated with at least two doses
▪ 8.9% depreciation of LACI (Latin American Currency Index) in 2021
MORE THAN 80% OF ▪ Brent up 49% in 2021
▪ Positive cases increased from 40 thousands in November 2021
to 927 thousand in January 2022 (23x)
POPULATION VACCINATED ▪ Number of COVID-19 related death cases increased from 989
WITH AT LEASE 2 DOSES in November 2021 to 2815 in January 2022 (2.8x)
5
1 Wheat Minneapolis futures, Soybean Oil FOB Argentina, Soybean Meal FOB Argentina; Source: Reuters
2 Brent, Light Crude Oil futures; Source: Reuters
3 Source: Ministry of Health of Peru, considers data until the 8th of February 2022
Q4 ’21 AND FY 2021 HIGHLIGHTS
Partial recovery of macroeconomic growth not translated to disposable income of households

GDP Growth (YoY%)

POSITIVE EXTERNAL 13.3 PERUAVIAN EMPLOYMENT

TAILWINDS SUPPORTED
CONTEXT
MACROECONOMIC
6.0
3.0 4.0 4.0
2.8

RECOVERY, BUT HIGHER ▪ Although the number of jobs has

JOB INFORMALITY RATES increased significantly in the last twelve
months, the average income remains way
AND LOWER REAL WAGES -11.0
-8.8 -7.8 below pre-pandemic levels

IMPACT HOUSEHOLDS' Peru Bolivia Ecuador ▪ Deterioration in labor income is mainly

explained by the lack of quality jobs
DISPOSABLE INCOME Inflation (%) ▪ Workers would be taking very low-paying
jobs in small and informal companies or
ECONOMIC 6.4
working independently

CIRCUMSTANCES LED TO ▪ The precariousness of employment

TIERING-DOWN AND THE 3.8 translates almost directly into a

deterioration in the living conditions of
CONTRACTION OF CERTAIN
2.5 families
2.0 1.9
1.2
MARKETS 0.7 0.9

-0.9
Peru Bolivia Ecuador
6
1 Source:
2020 2021E 2022E
Apoyo Consultoría
FY 2021 RESULTS
Key Indicators

Sales Growth (PEN MM) EBITDA (PEN MM)

CAGR 16-21: 13%

+24%1
CAGR 16-21: 10%
+3%1 ENABLERS
12,228 1,277 1,315
9,872 9,348 1,022 1,119
6,949 8,289 802 903
6,629
DIGITAL &
GROWTH 2016 2017 2018 2019 2020* 2021* 2016 2017 2018 2019 2020* 2021* ANALYTICS
STRATEGIC PILLARS

SG&A/Sales (%) SG&A/Gross Profit (%)

INNOVATION
18.0 16.1 67.1 65.1 62.3 59.3 63.2 63.4
15.4 14.7 15.0
12.4

We continue to extend our digital

EFFICIENCY 2016 2017 2018 2019 2020* 2021* 2016 2017 2018 2019 2020* 2021* initiatives:

▪ DiaDia: 2,206 active Mom&Pops

Organizational Health Index (OHI)2
▪ Insuma: 3,300 clients
(restaurants & bakeries)
2016 2018 2021
▪ Vitapro Ventures: Genia (digital
Top 25% worldwide Top 10% worldwide Top 10% worldwide platform) 12 clients and 81 users
70% of our geographies at 80% of our geographies at
PEOPLE least in top 25% least in top 25%

1 2021 vs. 2019 to reflect evolution from pre-pandemic levels 7

2 The Organizational Health Index is a standardized measure that tracks the organizational elements that drive performance in companies across the world.
3 Includes e-commerce sales and sales from our sales force through our digital tools. Includes CG and B2B units.
4 Innovation Sales including new launches and relaunches / Total Sales. Includes our CG, B2B and Aquafeed units.

* Excludes Brazil and Argentina

Q4 ’21 STRATEGIC HIGHLIGHTS
Efficiency Efforts
WE ARE CURRENTLY ON
TRACK WITH THE MULTI
ANNUAL EFFICIENCIES
PROGRAM ANNOUNCED
LAST QUARTER AND SET
TO DELIVER MORE THAN
PEN 200 MM IN RUN
RATE SAVINGS BY 2023
THE PROGRAM AIMS AT
SUPPORTING
PROFITABILITY, IN LINE
WITH OUR STRETGIC
PRIROITIZATION,
WITHOUT IMPACTING
MARKET POSITIONING,
G&A Reduction
PEN 100M SG&A run rate reduction,
already executed (partially reflected in
2021), mainly overhead and third-party
services
Go-to-market
& Road-to-market
Review of our go-to-market model, with
the objective of value creation
Efficiencies with our cost to serve as
well as distribution expenses.
COGS
▪ Design to value
▪ SKU rationalization
▪ Lean manufacturing initiatives
▪ Incremental savings in 2022 and 2023
End-to-end Efficiencies
▪ Transformation programs across some
of our businesses (ie. Aquafeed in 2022)
▪ Maximization of our S4Hanna investment
▪ Initiatives that aim at reducing complexity
by simplifying our business model
through a prioritization and value
creation approach
8
M&A Activity
Sale of Brazilian and Argentinian subsidiaries in Q4 2021

TRANSACTIONS
Non-cash impacts on Q4 net income from sale transactions attributed to discontinued operations

ALIGNED WITH OUR Alicorp Argentina SA

PRIORITIZATION TVBC SCA
Sulfargen SA
EFFORTS AND PEN 220 MM loss from
STRATEGIC GOAL OF the sale transaction

FOCUSING ON THE
PEN 36 MM translation
effect1

ANDEAN REGION, November

WHERE WE CAN BEST 2021

REPLICATE OUR 2022

COMPETITIVE
ADVANTAGES October
2021
TRANSACTIONS Pastificio Santa Amalia SA

REFLECT ALICORP´S PEN 2 MM profit from the

sale transaction
COMMITMENT TO PEN 140 MM translation
EFFICIENT CAPITAL effect1

ALLOCATION
1 Reclassification of the cumulated translation differences (loss) from equity to net income 9
Q4 ’21 AND FY 2021
CONSOLIDATED
OPERATING RESULTS
Q4’21 AND FY 2021 CONSOLIDATED OPERATING RESULTS
Consolidated Revenue – Q4 '21 vs. Q4 '20

STRONG REVENUE
GROWTH EXPLAINED
Q4 PERFORMANCE SUMMARY – REVENUE in million PEN
BY THE SOLID +30.8%
PERFORMANCE OF OUR 12,228
CRUSHING, AQUAFEED
AND B2B UNITS

THE EVOLUTION
9,348
REFLECTS HIGHER +37.6%

VOLUME AND PRICING

398 3,579
349

ACTIONS TO PARTIALLY
207
2,601 13 37

OFFSET COMMODITY
PRICE INCREASES 22.1% -1.3% 12.6% 51.1% 73.4% 85.0% 17.0% 23.7% 19.6%

FULL YEAR 4Q20 CGP CGI B2B Aquafeed Crushing 4Q21 FY20 FY21
CONSOLIDATED GROSS Consolidated Consolidated

PROFIT/TON REMAINED
11
FLAT
Gross margin YoY Growth
Q4’21 AND FY 2021 CONSOLIDATED OPERATING RESULTS
Consolidated EBITDA – Q4 '21 vs. Q4 '20

CONSOLIDATED EBITDA
GREW YoY EXPLAINED Q4 PERFORMANCE SUMMARY – EBITDA in million PEN

BY CRUSHING AND B2B

UNITS DESPITE THE
+17.5%

1,315
PERFORMANCE OF
CONSUMER GOODS
PERU, MITIGATING THE
IMPACT OF +13.4% 1,119

RESTRUCTURING 88 7 310

EXPENSES
273 119

28

THE DECLINE IN OUR 12

45

CONSUMER GOODS
UNITS IS EXPLAINED BY
10.5% -71.2% -62.7% 230% 62.5% 216% 8.6% 12.0% 10.8%

DEMAND FOR MORE

AFFORDABLE 4Q20
Consolidated
CGP CGI B2B Aquafeed Crushing Others 4Q21
Consolidated
FY20 FY21

PRODUCTS AND COST

PRESSURE EBITDA Margin YoY Growth 12
Q4’21 AND FY 2021 CONSOLIDATED OPERATING RESULTS
Consolidated Net Income – Q4 '21 vs. Q4 '20

-359
Q4 PERFORMANCE SUMMARY – NET INCOME in million PEN
+11.2%

403

362
-386

DECREASE IN NET +6.8% 331

INCOME IS EXPLAINED 78 2 76 5 81 389

EXCLUSIVELY BY THE 3.0% 2.9% 2.3% 3.5% 3.9% 3.3%

SALE OF OUR
BRAZILIAN AND
ARGENTINIAN -8.6% -0.2%

OPERATIONS -28
-308
4Q20 Discontinued 4Q20 Continued 4Q21 Discontinued 4Q21 FY20 FY20 FY21 FY21
Consolidated Operations Consolidated Operations Consolidated Operations Consolidated Ex. Disc. Op. Ex. Disc. Op.
Ex. Disc. Op. Ex. Disc. Op.

> Operating Profit: 14MM

> Net Financial Exp.: 26MM
> Foreing Exchange Loss: 1MM
< Income Tax: 18MM 13
Net Margin
Q4 ‘21 AND FY 2021
OPERATING RESULTS BY
BUSINESS
Q4 ‘21 AND FY 2021 OPERATING RESULTS BY BUSINESS
Consumer Goods Peru: Update on Market Dynamics

Core brands recover market share in main categories Positive market signs at year-end

MARKET SHARE OF Share of Share of

MODERN CHANNEL Core/Value Volume
split (%)
Jul-21
Average
Sep/Oct-21
Dec-21
Market Share
(p.p.change)
Volume
ND21 vs SO21
Value
ND21 vs SO21
RECOVERS OR Edible Oils +3.7 p.p. +3.3 p.p.
REMAINS FLAT IN Edible Oils
Core 64% 33% 52%
Detergents +0.5 p.p. +1.3 p.p.

68% OF OUR Value 36% 68% 48% Pasta -0.3 p.p. +0.1 p.p.

CATEGORIES IN DEC Core 82% 74% 70%

Laundry Soap -2.0 p.p. -1.9 p.p.

VS OCT ’21 Pasta

Value 18% 26% 30%
Modern Channel Share of Share of
CORE/VALUE MIX Core 76% 70% 74%
Share
(p.p.change)
Volume
ND21 vs SO21
Value
ND21 vs SO21
IMPROVES WITH Detergents
Laundry Soap +7.6 p.p. +4.2 p.p.
Value 24% 31% 26%
HIGHER CORE SHARE Edible Oils +3.8 p.p. +5.6 p.p.

THAN EXPECTED IN Laundry

Core 53% 69% 69% Pasta -1.4 p.p. -1.1 p.p.

OUR MAIN Soap

Value 47% 31% 31%
Detergents -1.8 p.p. -1.3 p.p.

CATEGORIES

15
Q4 ‘21 AND FY 2021 OPERATING RESULTS BY BUSINESS
Consumer Goods Peru: Q4 Performance

REVENUE DECLINE
REVENUE & GROSS MARGIN
(PEN million)
DRIVEN BY LOWER
+4.9%
VOLUME, PARTIALLY
3,549 3,722
OFFSET BY PRICE
ACTIONS EXECUTED
-1.3% ALONG 2021
32.8% 26.5%
954 942
EBITDA MARGIN
31.1% 20.3%

4Q20 4Q21 FY20 FY21 AFFECTED DUE TO

EBITDA & EBITDA MARGIN
(PEN million)
-31.7%
COMMODITY PRICE
679 INCREASES,
DEVALUATION OF THE
464
PERUVIAN PEN, HIGHER
-71.2% TRANSPORTATION
168 19.1%
17.6%
48
5.1%
12.5% COSTS AND
4Q20 4Q21 FY20 FY21
RESTRUCTURING
EXPENSES
16
Q4 ‘21 AND FY 2021 OPERATING RESULTS BY BUSINESS
Consumer Goods International: Market Dynamics

HIGHER COSTS ▪ Home Care segment (+27% vs 2019), reflecting new hygiene habits
NEGATIVELY ▪ Lower disposable income of households leads to higher preference for more
IMPACTED MARGINS affordable products, especially in food categories
▪
ACROSS Widening of official and parallel exchange rate gap in Argentina translates into
higher smuggling incentives (f.e. 35% of edible oils market)
GEOGRAPHIES ▪ Margins impacted by high commodity prices and “Precio justo” government
program
IN BOLIVIA, PRICE ▪ Execution of our “DEX” model in Santa Cruz
CONTROLS, TIERING-
DOWN AND
SMUGGLING ADD TO
THE CHALLENGE ▪ Withdraw of fuel subsidies. No tariffs and taxes for specific basic goods
▪ At home consumption decreases. Slow down of certain CG categories
IN ECUADOR, STEADY ▪ Third COVID-19 wave started in January 2022
TIERING-DOWN AND ▪ Accelerated tiering-down. Regarding the pasta category, price actions lead to a
CONSUMER preference towards value and bulk tiers. In the case of detergents, large
presentations of economics brands gain share.
PREFERENCE FOR LOW
PRICES
17
Q4 ‘21 AND FY 2021 OPERATING RESULTS BY BUSINESS
Bolivia sum of the parts
VOLUME SOLD REVENUE

REMARKABLE RESULTS
(Thousands of MT) (USD million)

DRIVEN BY THE +16.6% +42.3%

OUTSTANDING 1,389 988

PERFORMANCE OF OUR
1,191 301 +16% 195 +52%
1,015 260 694
CRUSHING UNIT, DUE TO 176 566
83
128
A BETTER HARVEST,
609 +66%
829 985 +19% 368
750 306
GREATER MARKET SHARE +0.4% 177 198 184 -7%
102 103
AND THE CURRENT HIGH
89
2019 2020 2021 2019 2020 2021

COMMODITY PRICE
CYCLE
EBITDA
(USD million)

RECORD EBITDA IN 2021 101 Average: USD 61.3MM

OF USD 101 MM DRIVEN

BY OUR CRUSHING UNIT, 52 91 3.8x

BEING A MITIGATING
31 24
6
FACTOR FOR ALL OF OUR 25 28
10 -64%

CONSUMER GOODS 2019 2020 2021

18
OPERATIONS Crushing (internal consumption) Crushing (third parties) CG Bolivia
Q4 ‘21 AND FY 2021 OPERATING RESULTS BY BUSINESS
Consumer Goods Ecuador: Q4 Performance

REVENUE & GROSS MARGIN

(PEN million)
+10.2%
REVENUE GROWTH
EXPLAINED BY MARKET
183
166
SHARE GAINS IN ALL
+7.4%
36.2%
CATEGORIES YoY
31.2%
46 50
36.5% 25.1%

4Q20 4Q21 FY20 FY21

EBITDA & EBITDA MARGIN

(PEN million)
-66.3%
EBITDA FALLS YoY DUE
21 TO HIGHER COMMODITY
PRICES, INTL FREIGHT &
SG&A EXPENSES TO
6
-5.9MM
7 SUPPORT NEW GO TO
12.0% -0.7%
12.9%
3.9% MARKET STRATEGY
-0.4
4Q20 4Q21 FY20 FY21
19
Q4 ‘21 AND FY 2021 OPERATING RESULTS BY BUSINESS
B2B: Update on Market Dynamics
Restaurant GDP Active Clients Evolution
Index 100=2019 (in thousands)
95 97

88 +10.0

FOOD SERVICE 76
INDUSTRY GROWING
74 73
67
DESPITE THE
69 25.0
64 63
61 60 19.0 19.9 20.0
18.5

CHALLENGING 50 10.0

CONTEXT, OPERATING
NEAR PRE-PANDEMIC
Oct20 Dec20 Feb21 Apr21 Jun21 Aug21 Oct21
1Q20 2Q20 4Q20 1Q21 2Q21 4Q21
Rest. GDP
LEVELS
Alicorp’s B2B Sales Volume & Gross Profit Share Volume of lower price tiers
GROWTH DRIVEN BY Index 100=2019 (%)

RECOVERY OF 100 4Q20 4Q21 Var.

EXISTING CLIENTS 99
Edible Oil FS 31% 50% 19%
AND ACTIVATION OF
NEW ONES, 94 Lard Bakery 20% 33% 13%

SUPPORTED BY OUR 72

BRAND EQUITY Volume Gross Profit

Flour Bakery 30% 46% 16%
20
2020 2021
Q4 ‘21 AND FY 2021 OPERATING RESULTS BY BUSINESS
B2B: Q4 Performance

RECOVERY OF B2B REVENUE & GROSS MARGIN

(PEN million)

PLATFORM +42.9%

CONTINUES DRIVEN 2,169

BY AN INCREASE IN 1,518
SALES VOLUME +51.1%
612
405 16.8% 16.1%
PRICING STRATEGIES 15.1% 15.4%

AND DECOMPLEXITY 4Q20 4Q21 FY20 FY21

INITIATIVES ALLOWED EBITDA & EBITDA MARGIN 2.6x

FOR AN IMPORTANT (PEN million)
202
EBITDA
IMPROVEMENT ON A
YoY BASIS, DESPITE 3.3x
SIGNIFICANT COST 64
78

PRESSURE 9.3%
19 10.5% 5.1%
4.8%
GROSS PROFIT/TON 4Q20 4Q21 FY20 FY21

INCREASED 47.1% YoY 21

Q4 ‘21 AND FY 2021 OPERATING RESULTS BY BUSINESS
Aquafeed: Update on Market Dynamics
YoY % growth
SHRIMP SALMON
SHRIMP: GROWTH IN
EXPORT VOLUME AND Shrimp Exports in Ecuador (MT K and US$ MM) +73%
Salmon Exports in Chile (MT K and US$ MM)

VALUE DRIVEN BY
+79% 33%
1,607 -10% 11%
+22%
1,351 -14%
1,394
HIGHER GLOBAL
-22% 1,217 1,152 1,174
-6% 1,226 1,128
1,036
1,001 925 881
908
DEMAND AND 778 853
+35% -1%
+44% -10%
+18% +14% -14%

DIVERSIFICATION OF
+2% +5%

218.5 217.5 240.0 271 230 215 296 269 207

162.2 185.6 151.0 177.6 165.8 185
PORTFOLIO TO MORE
VALUE-ADDED
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2020 2021 2020 2021
PRODUCTS MT K US$ MM MT K US$ MM

Urner Barry Salmon Index (US$/lb)

SALMON: VOLUME
Average Shrimp Exported Prices in Ecuador (US$ FOB/lb)

DECREASES DUE TO 3.10 3.00 2.97 2.88 2.82

2.90
7.11
6.07

LOWER SOWINGS IN 2.67 2.62 2.58

2.37 2.35
5.73

2020, WHILE PRICES

5.75
5.37

REACHED A 5-YEAR 4.68

HIGH DUE TO LOWER 2017 2018 2019 2020 2021

Clients’ breakeven: 4.30
2020 2021
2017 2018 2019 2022
SUPPLY IN THE MARKET 22
AND FIRM DEMAND Source: Ecuador Customs, Sernapesca, Aquabench
Q4 ‘21 AND FY 2021 OPERATING RESULTS BY BUSINESS
Aquafeed: Q4 Performance

REVENUE & GROSS MARGIN

SOLID REVENUE (USD million)

+31.3%
GROWTH YoY DUE TO 719
HIGHER SALES 548
VOLUME IN OUR +55.1%
SHRIMP AND SALMON 204
FEED BUSINESS UNITS 132
13.6%
19.2% 15.4%
16.3%
AND PRICE ACTIONS 4Q20 4Q21 FY20 FY21

EBITDA & EBITDA MARGIN

GROSS MARGIN (USD million) +23.9%

REDUCTION IS
72
58
PARTIALLY
CONTAINED BY THE +45.5%
DILUTION OF SG&A 12
18
10.1%
10.7%
EXPENSES 9.3% 8.7%

4Q20 4Q21 FY20 FY21

23
SOLID LIQUIDITY AND
STRONG BALANCE SHEET
SOLID LIQUIDITY AND STRONG BALANCE SHEET
Leverage and credit rating

INDEBTEDNESS EVOLUTION CREDIT RATING AS OF Q4 ‘21

SLIGHT
IMPROVEMENT IN Net Debt / EBITDA1,2,6 Global
OUR NET DEBT-TO- (Excluding Crushing Business Raw
Material Inventory)
EBITDA DUE TO THE
INFLOW RECEIVED
FROM THE SALE OF = = =
BBB- / Stable BBB / Stable Baa3 / Stable
3.7
2.99x
OUR BRAZILIAN 2.84x 3
2.93x
2.71x
SUBSIDIARY AND AN Local 4,5
INCREASE IN OUR 2.31x
3

EBITDA LTM.
THIS WAS PARTIALLY
OFFSET BY AN AAA / CP1+ / Stable = AAA / ML1+ = BAA =
INCREASE IN OUR Alicorp S.A.A. Alicorp S.A.A. Industrias de

WORKING CAPITAL Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21

AA =
Aceite S.A.

DISBURSEMENTS Industrias de
Aceite S.A.
1 Excludes debt related to the raw material inventory effect of our Crushing business. / 2 Net debt-to-LTM EBITDA ratio excludes the effect of impairments over the last twelve months as each 25
other quarter. / 3 Net debt-to-EBITDA ratio includes newly acquired companies over the last 12 months. / 4 Moody’s Local does not publish outlooks for rated instruments. / 5 PCR rates Alicorp
Bolivia’s local bonds only./ 6 Excludes discontinued operations./ 7.Including the sale of our Brazilian and Argentinian subsidiaries the ratio Net Debt/EBITDA is 2.76x
SOLID LIQUIDITY AND STRONG BALANCE SHEET
Liquidity and working capital performance

LIQUIDITY WORKING CAPITAL3 ,4

TOTAL CASH (Days)

S/ 905 million Accounts Receivable Inventories Accounts Payable

DEBT COVERAGE 1 119

125 123 124 124
2.44x2 over next 12 months
0.80x2 over next 24 months

107 107
Access to funding 104
99
• PEN 180 million of committed credit lines 95

• PEN 4.9 billion of available uncommitted credit lines

• PEN 1.6 billion available under our local bond programs

Highlights
• Amortization of short-term maturities (PEN 294 million) and 39 37
34 35 34
buyback (PEN 75 million) of the 2027 global bond to reduce
financial expenses. Q4 20 Q1 21 Q2 21 Q3 21 Q4 21

• Increase in inventories partially offset by working capital

CCC 15.0 11.0 15.0 18.0 17.0
initiatives: i) higher payables -as our suppliers agree on longer
tenors- and ii) receivables management

26
1 /2
Principal only. Includes the amount of raw material inventory of our crushing business. Not considering the raw material inventory, the ratios are 1.57x over the next 12 months and 0.51x over the next 24
months./ 3 Days of working capital calculated for the last twelve months. It includes accounts with related entities./ 4 This calculation does not include our sold Argentinean subsidiary and Brazilian subsidiary.
OUR VIEW GOING FORWARD
OUR VIEW FOR 2022
Guidance 2022

REVENUE EBITDA CAPEX LEVERAGE

DOUBLE DIGIT HIGH SINGLE APPROXIMATELY 2.7X NET DEBT/EBITDA1

GROWTH DIGIT GROWTH USD 70 MM
EXCLUDING
AQUAFEED

USD 125 MM
INCLUDING
AQUAFEED
1 Excluding raw material in our Crushing business
APPENDIX
Q4 ‘21 AND FY 2021 OPERATING RESULTS BY BUSINESS
Crushing: Q4 Performance

OUTSTANDING VOLUME SOLD REVENUE

REVENUE GROWTH
(Thousands of MT) (USD million)

DUE TO HIGHER
+42.8% +71.0%
430 273
VOLUME, BETTER 83 58
HARVEST AND THE
300 +52%
54 160
30
CONTINUOUS 246
347 +41% 215
130
INCREASE IN
COMMODITIES 4Q20 4Q21
Internal Consumption
4Q20
Thrid Parties (reported)
4Q21

PRICES
EBITDA

VALUE CREATION AND (USD million)

3.8x

DIFFERENTIATION BY 91

OUR GO-TO-FARMER 2.8x

STRATEGY 32
24
11

CRUSHED VOLUME 4Q20 4Q21 FY20 FY21

REACHED 332 MT, 30

GROWING 11.1% YoY
APPENDIX

CGI: Q4 ‘21 AND FY 2021

PERFORMANCE BY
GEOGRAPHY
Q4 ‘21 AND FY 2021 OPERATING RESULTS BY BUSINESS
Consumer Goods International: Q4 Performance

REVENUE & GROSS MARGIN

(PEN million)
+5.4%
INCREASE IN REVENUE
1,074 1,132
DRIVEN BY BOLIVIA
AND ECUADOR
+12.6% EXPLAINED BY SHARE
298 335 28.2%
21.3% GAINS AND PRICE
ACTIONS TO OFFSET
27.9% 19.5%

4Q20 4Q21 FY20 FY21 COST INCREASES

EBITDA & EBITDA MARGIN
(PEN million)
-60.2%
116 EBITDA AFFECTED BY
HIGHER COMMODITY
PRICES AND TIERING
-62.7%
46 DOWN
19 10.8%
7 4.1%
GROSS PROFIT/TON
6.3% 2.1%
4Q20 4Q21 FY20 FY21
INCREASED 5.6% QoQ
32
Q4 ‘21 AND FY 2021 OPERATING RESULTS BY BUSINESS
Consumer Goods Bolivia: Q4 Performance

HIGHER REVENUE
REVENUE & GROSS MARGIN EXPLAINED BY HIGHER
HOME AND PERSONAL
(PEN million)
+3.5%
695 719 CARE VOLUME, ADDED TO
HIGHER PRICES TO
+11.3% OFFSET HIGHER COSTS
194 216 27.8%
18.7%
27.7% 17.8%

4Q20 4Q21 FY20 FY21 MARGINS AFFECTED BY

EBITDA & EBITDA MARGIN HIGHER RAW MATERIAL
COSTS AND TIERING-
(PEN million)
-60.4%
98
DOWN. PARTIALLY OFFSET
BY PRIORIZATION OF
-53.5% 39 EXPENSES
22 10 14.1%
11.1% 5.4%
GROSS PROFIT/TON
4.6%

4Q20 4Q21 FY20 FY21

INCREASED 12.6% QoQ
33
APPENDIX

DEBT & CASH

MANAGEMENT
APPENDIX
Debt Breakdown

TOTAL Dec 19 Dic 20 Dic 21

DEBT1 S/ 4,191mm S/ 3,961mm S/ 5,245mm

8.5% 10.2% 7.5%

11.7% 5.1%
International Bonds 8.1%
30.7%
By Source1

Local Bonds 12.4%

Working Capital Debt
LT Bank Debt 34.3%
Leases (IFRS 16) 29.9%

23.8% 43.6% 5.3%

46.7%
22.2%

16.1% 15.8% 15.0%

0.7% 0.9% 0.2%
USD
By Currency2

8.2% 11.0%
PEN
BOB 23.0%
Others 75.0% 61.8%
72.3%

35
1 Debt before hedging operations, at amortized cost / 2 Debt after hedging operations
APPENDIX
Debt Management

FINANCIAL GUIDELINES FINANCIAL EXPENSES RATIO4

(PEN Million)

1,295 1,182 1,282 1,286 1,288 1,315

Alicorp’s financial guidelines aim to:
239 240 243 249 283 307

1. Maintain investment grade rating

5.41x 5.27x 5.16x

4.92x
2. Reduce financial expenses 4.56x
4.28x

3.
Shift our debt towards functional currency to mitigate
FX exposure 6.4% 6.4%
6.1%

4. Smooth maturity profile

5.1% 5.2%
5.0%

5. Diversify funding sources to gain more flexibility

Q3 20' Q4 20' Q1 21' Q2 21' Q3 21' Q4 21'

Average Cost of Debt 1 EBITDA Proforma2 / Interest Expenses3

EBITDA Proforma2 Interest Expenses3

1 Defined as the average cost of financial liabilities / 2 EBITDA includes Fino, SAO, Intradevco’s and newly acquired companies in the last 12 months. EBITDA excludes the effect of impairments (S/ 85 million
for Q2 ’20 and Q3 ’20, and S/ 48 million for Q4 ’20). / 3 Interest expenses includes Fino, SAO, Intradevco’s and newly acquired companies in the last 12 months ./ 4 Includes discontinued operations.
36
APPENDIX
Working Capital and CAPEX Management

WORKING CAPITAL1 ,2 CAPEX4

(PEN Million) (PEN Million)

• The growth in inventories for S/ 1,042 million is mainly explained by

higher inventory in our crushing business due to a combination of a 300

PP&E Intangibles PP&E+Intagibles/Sales 8.0 %

better harvest and higher commodity prices.

• The increase in payables for S/ 1,047 million is principally explained 7.0 %

by longer tenors with our suppliers. 250 6.3%

1,042 1,047 6.0 %

200
5.0%
4.7% 5.0 %

4.3%
150 4.0 %

65
61 2.8%
153
3.0 %

100

49
69
46 2.0 %

691 50

99 93
543 75 1.0 %

55 53
Q4 20' Receivables Inventories Payables3 Q4 21' 0 0.0 %

Q4 20' Q1 21' Q2 21' Q3 21' Q4 21'

1 Working Capital is defined as the average of the last twelve months (LTM) of receivables plus inventories minus payables. It includes accounts with related entities. / 2 This calculation does not
include our sold Argentinean subsidiary and Brazilian subsidiary / 3 Includes pre-export finance effect for US$ 78 million in Q1 ’20, US$ 117 million in Q1 ’21 and US$ 10 million in Q2 ’21 / 4 The
information is expressed in quarters. It does not include interest received, sale of assets and acquisitions; it included, total for 2021 is S/ 220 million.
APPENDIX
Cash Flow Build Up

MAIN DRIVERS FOR CASH FLOW EVOLUTION

(PEN Million)

Cash Flow from Operations Cash Flow used in Investing Cash Flow from Financing
S/ 522 S/ -2201 S/ 32

2,400 2
1,050

1,900 1,102

1,400 332
262

900 318
1,411 220
1,591 686 3
1,094
400 873 873 906 905
571 571

-100

-600
Net Cash Cash generated Taxes Other expenses Investment Debt Interest Other financial Net Cash
Q4 20' from operations from operations Activities Payment activities Q4 21'

1 It also includes interest received, sale of assets and acquisitions. / 2 Includes financial leasing (IFRS 16). / 3 Includes dividends and the effects of exchange rate changes over cash or cash equivalents.
APPENDIX
OCF & FCF Evolution

OPERATING & FREE CASH FLOW1,7 OPERATING & FREE CASH FLOW CONVERSION1,7
(PEN Million)
2019 4 2020 2021 3
140%

120%

100%
85% 91%
3
FY 2019 FY 2020 FY2021 80%

60%

40%
40%
67% 59%
0% 20%

0%
23%
1,087 1,072
2
870 2 6 6
718 Operating Cash Flow / EBITDA Free Cash Flow / EBITDA
522
302 2
2 OPERATING & FREE CASH FLOW YIELD1,7
-369

3
2019 4 2020 2021
20%

Operating Cash Flow Free Cash Flow Free Cash Flow (Ex Acquisition and BAP sale)
4
15% 11% 11%
10%

5%
5%

10% 11%
0% 0%

5%
-5%

▪ Free Cash Flow from FY 2021 was lower than FY 2020 mainly due to -10%

higher commodities’ purchases to build up our crushing business -15%

inventory during the harvest season and the increase in prices of most -20%

5 5
of commodities. Operating Cash Flow / EV Free Cash Flow / Eq. Value

1 Operating Cash Flow: EBITDA – Taxes – Changes in Working Capital, Free Cash Flow: Operating Cash Flow – Cash Flow from Investing Activities. / 2 Considers reclassification of time deposits with maturities between 90 and 360 days and mutual funds from Cash Flow from
Investing Activities to Cash Flow from Financing Activities (2019: +PEN 9MM, 2020: +PEN 18MM and 2021: -PEN 135MM)./ 3 Considers LTM operating and free cash flows. / 4 Free Cash Flow not including the amount of Intradevco acquisition (2019: PEN 1,581MM) and the sale of
Credicorp Ltd. shares (2019: PEN 343MM). / 5 Enterprise Value (EV) and Equity Value based on market cap and debt as of December 31st 2019, 2020 and 2021./ 6 EBITDA excludes the impairments effect (2019: PEN 37MM and 2020 PEN 48MM) ./ 7 Includes discontinued operations.
APPENDIX

Q4 ‘21
MILESTONES
APPENDIX
4Q ‘21 Milestones

RESEARCH & DEVELOPMENT AWARDS & RECOGNITION

15 products were launched / relaunched as part of our innovation strategy,

being the most remarkable:

In Peru, Alicorp was recognized in the Merco

Ranking as one of the companies with the best
corporate reputation

“Sapolio” three new “Don Vittorio” new white

fragances (Peru) sauce (Peru)

“Bolivar” new 380gr Duo “Alacena” new exclusive In Bolivia, Alicorp received the “Semilla de Oro”
Pack format in all the mayonnaise in a 200gr Award for its participation in “Feria VIDAS 2021” 41
available varieties (Bolivia) Doypack presentation (USA)