JDE PEET'S REPORTS STRONG HALF-YEAR 2020 RESULTS

Strong performance reflects resilience of business and brands

• Record in-home (CPG) sales growth driven by developed markets
• CPG performance largely offsets away-from-home
• Good recovery in away-from-home starting in June
• Adjusted EBIT organic growth of 10.5% to EUR 642 million
• Underlying profit increased by 12.0%; underlying EPS of EUR 0.79¹
• Leverage improved to 3.4x, from 4.2x at end of FY 19
• Successful completion of IPO

AMSTERDAM, Aug 4 (Bernama-BUSINESS WIRE) --

A message from Casey Keller, CEO of JDE Peet’s

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“JDE Peet’s delivered strong performance in the first half of 2020, demonstrating the resilience of our business and brands despite the unprecedented economic and social disruption of COVID-19. Our balanced coffee and tea portfolio allowed us to quickly adapt to rapidly changing consumer habits, following the dynamic shift of cups from the away-from-home to the in-home environment. Early in the crisis, our team took proactive steps to ensure the health and safety of employees worldwide, and protect our business operations, enabling us to continue serving customers and consumers without supply disruption. Despite a volatile environment, we delivered very strong adjusted EBIT growth, reflecting our pure-play focus as well as a disciplined approach to cost management. In addition, we are well on track to meet our deleveraging goal. Starting in June, we’ve seen a good recovery in our away-from-home businesses as local markets begin to recover from lockdowns. Given our strong portfolio of products and channels, we are uniquely positioned to continue to gain market share as we pivot to meet the needs and opportunities of our customers and consumers around the world.”

Outlook

In the first half of 2020, JDE Peet’s was affected by the outbreak of the COVID-19 pandemic, which led to unprecedented circumstances for our company, employees, customers and suppliers. Throughout the crisis, our primary focus remained the same: the assurance of employees’ health and safety and maintaining business continuity. Our company and the wider coffee and tea category continued to show strong resilience during the height of the COVID-19 crisis, despite global economic uncertainty. Our global manufacturing and supply network, combined with a large portfolio of trusted brands and our strong, diversified go-to-market approach, means we are well-placed to withstand future economic uncertainties.

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