Annual General Meeting 2023

“Sustainability is at the center of our business strategy. Our vision is of a world where quality food is processed affordably and sustainably. In an inflationary and volatile economy, where global trade is shifting to regional trade, Marel is well positioned. Our local sales and service teams around the globe, provide pioneering solutions as the basis to keep the food value chain running and deliver 40% recurring service revenues for Marel. Favorable secular trends, focused on automation, robotics technology and digital solutions that support sustainable food processing, will continue to support organic growth outlook in the long term. In the short term, the current macroeconomic backdrop and increased cost of capital for our customers is resulting in elevated uncertainty.

In the year 2023, our focus is on customer centricity, and how we leverage our infrastructure investments for more speed and scale to drive continued improvement in our operational performance to reach 14-16% EBIT level by year-end 2023, although operational results may vary from quarter to quarter. We will also continue to transform Marel to maintain momentum on our long-term growth ambitions and reach 50% recurring revenues from service and software in 2026.”

- Arni Oddur Thordarson, CEO