Lactalis Full-Year Report 2022

With almost 30% growth in our revenues, we can once again congratulate ourselves for being one of the most dynamic companies in our sector. This performance has placed us for the first time among the world’s ten largest
food companies.

But while 2022 was a remarkable year in terms of growth, our profitability declined. We were unable to pass on all
the cost increases we experienced. As a result, our margins eroded, and, despite significant efforts to improve competitiveness, the Group’s results are down by around 15%.

Our costs have risen at an unprecedent rate throughout the year and worldwide. However, starting with milk, we
can be pleased with the better value we gave to farmers, with a 30% increase globally. The record milk price enabled producers to have a good year. For example, Lactalis fulfilled its role as leader in France by guaranteeing one of the highest purchase prices for milk, well above its competitive environment.

Milk collection has decreased in many countries. This is a direct consequence of the increase in input costs, availability, weather conditions and the decrease in the number of animals. World prices have also risen sharply. The milk price paid to producers has followed that increase (25% to 30%).