Green horizons:

pioneering in pure-plant foods

ANNUAL REPORT 2023/24


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Green horizons:

pioneering in pure-plant foods

ANNUAL REPORT 2023/24


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4 / A NNUA L REP O R T 2023/2024

Contents

A word from our Founder 6

Preface from our Chairman 8

A deep dive with our new CEO & CFO 9

Highlights 12

This is Greenyard 16

Food-tech leader in pure-plant food experiences 16

Pure. Plant. Power. 17

Pure-plant for all 18

Greenyard in numbers 19

Consumer & Market Insights 20

Pure-plant innovation in a growing market 20

To buy or not to buy: what people really want 22

Operational excellence 24

Leading the way in food technology 24

People 30

Diversity, Equity & Inclusion 34

Celebrating 40 years of pure-plant entrepreneurship 36

The Greenyard approach: a purpose to improve life 38

Sustainability Model 40

Double Materiality Assessment 41

Stakeholder engagement 41

Sustainability Roadmap & Ambitions 43

Key targets 44

United Nations Sustainable Development Goals 45

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C O N TEN T S / 5

Environmental impact 46

Climate adaptation & mitigation 47

Water stewardship 52

Food waste & circular economy 56

Sustainable agriculture & biodiversity 59

Social impact 64

Responsible sourcing 65

Innovation, health and nutrition 68

Talent growth, diversity and inclusion 71

Health, safety and well-being 73

Local community engagement and citizenship 75

Economic impact and governance 76

Governance on sustainability 77

Code of Conduct 77

Benchmark and ESG Ratings 77

Measure & act 78

Food safety, quality and traceability 78

Tax transparency 79

EU taxonomy 80

Introduction 81

Eligible activities of Greenyard under EU Taxonomy 81

Definition of Turnover, CAPEX and OPEX within the EU Taxonomy 82

Technical screening criteria (TSC) defining “substantial contribution” 84

Do No Significant Harm and Minimum Social Safeguards 84

Assurance statement auditor 90

Data tables 96

GRI-index 102

Financial Report 108

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6 / A NNUA L REP O R T 2023/2024

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A word from our Founder

Hein Deprez


image A little over 40 years ago, in 1983, I started my own mushroom farm. As I was building the farm from the ground up, I was also laying the foundations for Greenyard.”


“The vision was clear from the very beginning. Already then, we looked at things from the perspective of the end-consumer. Our aim was always to bring them healthy, nutritious and simply delicious products, in the best possible way.”


“That vision has culminated in the company we are today. In a single generation, we have become a game- changing, global fast moving consumer goods company, serving tens of millions of people with innovative foods for modern lifestyles, every day. And they are pure-plant. This is not just some marketing slogan, but food that encourages people to make the right choice, both for their health and for the planet.”


“Through bold choices, an entrepreneurial spirit and perseverance, we have created a company that has true impact, thanks to its global scale, three complimentary divisions and deep expertise in the world of fruit and vegetables. A company with a strong and powerful name – Greenyard – which perfectly captures what we stand for.”


“We have proven the bygone field-to-fork model wrong and successfully introduced a truly disruptive business model in our sector. Today, we are a trusted and essential partner for the largest retailers in Europe, connecting them with thousands of growers around the world in a sustainable, data-driven supply chain.”


“Our 40th anniversary was the perfect occasion to reaffirm our leading position and remind people of what Greenyard stands for, where our origins lie and where we are heading. We spent valuable time together with thousands of our employees, connecting them with each other, and with the DNA of Greenyard. If you don’t understand your past, you cannot think about your future.”


“And our journey has not come to an end. As the global transition to pure-plant food is slowly but surely unfolding, we are in the frontline, investing in our industrial knowhow and ready to disrupt the food industry yet again with ground-breaking innovation. Just as we did in the past – we introduced our first meal-kit for ratatouille more than 20 years ago – we continue to drive the industry forward, creating new consumption moments with our meal-kits and our pure- plant indulgence frozen snack Gigi Gelato.”


“I want to thank the many people that stood by our side on our journey so far. Their hard work, their passion for our products and their dedication to our vision are essential to our success. It’s good to see our organisation offers them so many opportunities to grow, from the work-floor up to our leadership. We need to continue investing in our most important assets: our people.”


“As the Founder of Greenyard and in my role as Executive Director of the Board, I am strongly committed to continue to work actively on realising our purpose, supporting our management, connecting with growers and customers, inspiring innovation and guarding our unique vision. So that Greenyard can continue its journey to a healthier future for all.”


Hein Deprez,

Founder and Executive Director of the Board

A w O RD FRO M O UR F O UND ER / 7


I want to thank the many people that stood by our side on our journey so far. Their hard work, their passion for our products and their dedication to our vision are essential to our success.”

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8 / A NNUA L REP O R T 2023/2024


Koen Hoffman

Preface from our Chairman


I’m pleased to see Greenyard has the strength to deliver on its promises, year after year. This year is no exception. The company is outperforming the market in sometimes difficult circumstances. We are winning over new customers and entering new promising categories with pure-plant foods. It is definitive proof that Greenyard’s vision is more relevant than ever. More than that, I believe the best is yet to come. All elements to continue our journey are in place: we have 40 years of pure-plant knowhow under our belt and a clear vision that is embedded in the organisation. In addition to that, the company can rely on a strong senior

management with the right expertise at the helm, to lead a diverse and talented workforce bringing a wealth of knowledge and perspectives to the table. Therefore, on behalf of the Board of Directors, I would like to thank Greenyard’s management, and the entire group of employees within the Group who make this possible every day. As Chairman, I believe that with all these resources, Greenyard is perfectly positioned to remain a frontrunner in the future of pure-plant food.”


Koen Hoffman,

Chairman of the Board of Directors


Greenyard’s vision is more relevant than ever. More than that, I believe the best is yet to come. We are perfectly positioned to take the lead in the future of food.”

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A deep dive with our new CEO & CFO

Francis Kint & Nicolas De Clercq



As our 40th anniversary year comes to a close, we join our CEO Francis Kint and our CFO Nicolas De Clercq for a deep dive into the financial year and an outlook on what the future will bring. Both have been appointed as the new Executive Management during the previous financial year. Nicolas joined the company in September 2023, while Francis moved from his role as Managing Director of

the Frozen division to the position of CEO in January 2024.


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Greenyard celebrated its 40th anniversary in 2023, reaffirming its pioneering role in the world of fruit and vegetables. How have you experienced these celebrations?


Francis: “It is a great legacy. From very humble beginnings, Hein Deprez built Greenyard into a game-changing food-tech multinational. Revisiting the highlights, it is amazing that our unique vision was there from the very beginning. Hein always had his eye on the end-consumer and realised an entirely new business model was needed for our sector. It was an honour to have witnessed a sig- nificant part of that history first-hand.”


Nicolas: “For me, there was an immediate con- nection with the entrepreneurial spirit and the unique purpose of the company. Combined with my experience at a listed company with a strong family as shareholder and my personal background as the son of a grower, all the pieces of the puzzle came together.”


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We have been able to grow our business and outperform the market in all segments, and we are thus growing

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our market shares.”

— Francis Kint


Looking back on the Fiscal Year 2023-24, what are your most important takeaways?


Nicolas: “Our financial results speak for themselves. We have once again taken significant steps in both turn- over, volumes and Adjusted EBITDA, while the leverage decreased below

2. Like-for-Like sales increased with 10,9% to € 5 072,4 m, the first time we hit the 5 billion mark. In Long Fresh, turnover increased with 13,3% to € 992,2 m. We see significant growth in revenue thanks to growing volumes and we have been able to pass on increased costs for energy and labour to our customers. In Fresh, Like-for-Like sales increased with 10,3% to € 4 080,1 m.”


Francis: “We have been able to grow our business and outperform the market in all segments, and we are thus growing our market shares. In Long Fresh, there is a strong appetite for frozen and preserved products, particularly in the convenience cat- egory. They not only offer value-for- money in times of inflation, but they also answer the need for time-saving food solutions. We also see a change in perception towards private-label

products. Consumers realise these are not the cheap products of yes- teryear, but products that can rival and even outperform many A-Brands when it comes to quality, taste and innovation. Greenyard is the perfect partner to help retailers tap into this trend.”


“The growth in the Fresh division was also remarkable, as the over- all European market for fresh pro- duce was showing a decline over the same period. Growth not only comes from additional business at existing customers, but also from the new customers that have joined our Integrated Customer Relationship (ICR) model, including Aldi Nord and Dohle hIT. It’s proof that our busi- ness model and our way of working is appreciated in the market.”


How can Greenyard capitalise on the growing demand for healthy food? And how will this contribute to the growth of the company, today and in the future?


Nicolas: “We are clearly on the right side of the fence. A major shift to pure-plant food is inevitable, both

for people’s health and the sustain- ability of our food production. we have the wind in our sails. And even if the market stagnates temporarily, or if people down-trade to cheaper alternatives, we are able to grow on our own strength because we have a portfolio of pure-plant products in every segment and for every budget. A great advantage that ensures we have a robust basis, no matter the circumstances.”


Francis: “As a food-tech industry leader, we have the knowhow and the industrial capacity to develop and produce the products that are needed for this transition. we turn natural ingredients into pure-plant food experiences that bring real added value for consumers. Over the years, we have successfully intro- duced many ground-breaking innova- tions together with our customers, including our meal-kits which have become part of the cooking habits of millions of consumers in Europe. we have more than 1 000 convenience products in our portfolio, and we’re adding new ones every day. Last year, we even made a move into an entirely new category with the frozen, pure- plant snack Gigi Gelato, a healthy and guilt-free indulgence. We are already disrupting that category today.”


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Nicolas: “Targeted investments in technology and innovation enable us to tap into new consumer trends, particularly in our Long Fresh divi- sion. Last year, we concluded another round of investments in our Pre- pared division, including a brand- new, state-of-the-art sauce kitchen. These investments will not only boost capacity for our convenience prod- ucts but will also speed up product development to further diversify our product portfolio, always in line with what consumers are willing to pay for. with the acquisition of Crème de la Crème, we added even more know-


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We are clearly on the right side of the fence. A major shift to pure-plant food is inevitable, both for people’s health and the sustainability of our food production. We have the wind in our sails.”

— Nicolas De Clercq



how in the production of dairy-free desserts to support our entry into the promising market of frozen snacks.”


The last few years we have seen major disruptions in worldwide supply chains. How does this affect Greenyard’s business and how do we ensure the availability of our products?


Nicolas: “Scarcity of produce is becoming an important issue, that’s true. Only a few years ago, it was unthinkable we would be seeing empty shelves in supermarkets. Yet here we are, in 2024, with geopolitical tensions on the rise and the effects of climate change taking hold. Extreme weather conditions also affect our growers, for sure. Scarcity means that prices change, of course, but the scale of our operations and the geograph- ical spread of our sourcing regions mean we can mitigate these risks.”


Francis: “Retailers are increasingly aware of these issues and the impor- tance of our integrated collaboration is only growing. Despite some tough negotiations about price increases, many customers have thanked us for being able to deliver the volumes that we promised. This is not a given anymore in today’s market. The old model of trading and tendering will not fill the shelves in times of scar- city. Our long-term partnerships with thousands of growers around the world will.”


Finally, what do you think makes Greenyard an inherently sustaina- ble and future-proof company?


Nicolas: “It all starts with our core products. Fruit and vegetables have a much lower environmental impact than any other food category, while providing an unrivalled variety and nutritional value. It’s simply the food

of the future, and they are delicious too. But it’s also in our unique Fork-to- Field business model. By connecting growers and retailers in a seamless, data-driven supply chain, we make the match between what is grown in the field and what is demanded in the market. It’s a model that reduces waste, improves quality and ensures healthy products remain affordable for everyone.”


Francis: “We also should not for- get the importance of our people. Despite our global scale and all the advanced technology we are using, our business is still essentially a peo- ple’s business, based on close collab- oration and long-term partnerships. But most of all, it’s about passion for great, healthy food. I’d like to thank all of our employees and stakehold- ers for helping us realise our purpose and I invite everyone reading this to join us on our journey to a pure-plant future!”


Thank you for your time, and see you next year!


Highlights

2023


MAY

Best Finance Team 2023 Award Our Group finance team wins the Best Finance Team 2023 award for their impactful contributions to the company’s journey, embodying the core values of reliability and entre- preneurship.


Acquisition of Gigi Gelato: the future of frozen snacking Greenyard acquires Gigi Gelato, the guilt-free gelato brand which

combines fruit and vegetables for a new and exciting food experience. Creamy textures, yet without the cream, Gigi disrupts the category of frozen snacking and brings Italian gelato to a new level.

Inspiring consumers with The Vegetables Chef®

Greenyard joins forces with We’re Smart and vegetables chef Frank Fol to promote healthy and sustainable diets. Through initiatives like @greenyard.stories on Instagram and the Radilicious Book, we inspire peo- ple to make pure-plant food choices.


JUNE

Greenyard kicks off its 40th anniversary

In June 1983, our Founder hein Deprez starts his entrepreneurial journey as a young mushroom farmer, laying the foundations for Greenyard.

Dohle HIT supermarkets and Greenyard Fresh Germany step into integrated partnership German retailer Dohle hIT has partnered with Greenyard Fresh Germany to create a customised fresh produce supply chain for over 100 of their supermarkets. This close collaboration aims to simplify Dohle

hIT’s supply chain, improve efficiency, and offer high-quality produce to consumers.

JULY

Growing at Greenyard:

new Managing Director for the Prepared Division

Former Finance Director Johnny van Holzaet took over as Managing Direc- tor for Greenyard’s Prepared Division, succeeding Dominiek Stinckens, who retired after nearly 35 years of leader- ship of the division in March 2024.


LinkedIn page reaches 20 000 followers

Our company’s online community of dedicated professionals is steadily expanding, supporting our pure-plant vision on the future of food. Since July, the page has amassed another

3 000 additional followers. Together with other channels such as Facebook and Instagram, we generated an annual reach of over 7,5 million consumers, customers, employees and other stakeholders on a yearly basis!

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SEPTEMBER

Welcome to Nicolas De Clercq as new CFO


Show and tell: building connections and showcasing expertise at trade shows

Nicolas De Clercq joins Greenyard as our new CFO. He brings more than 25 years of senior financial experi- ence to our company, including a decade as a successful CFO in a stock-listed company.

Reinstatement of our dividend policy

Greenyard’s general meeting of shareholders approves the Board of Directors’ proposal for reinstating our dividend policy.

Enhancing water resources in Peru for more biodiversity Collaborating with Peruvian partners, Greenyard embarks on a three-year water stewardship project to improve local water cycles and safeguard biodiversity by building infiltration ditches and planting trees.

Greenyard hits the road attending key trade shows throughout the year. By actively participating in these events, Greenyard strengthens its position as a global pure-plant connector.


OCTOBER

Climbing the ranks: 85th place in Food & Agriculture Benchmark Greenyard rises to the 85th spot in the Food & Agriculture Benchmark by the World Benchmarking Alliance (WBA), which measures and ranks the 350 most influential companies on their sustainability efforts that contribute to the transition to sustainable food systems.


Internal Roadshow spreads the seeds of our pure-plant vision Greenyard Founder Hein Deprez makes the first stop on our internal tour to celebrate our 40th anniversary at Greenyard Fresh USA. The road- show connects colleagues through our shared passion, and presents the entrepreneurial tale of Greenyard and our pure-plant vision for the future of food.

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NOVEMBER

Global Corporate Social Responsibility month

Greenyard wants to give back to soci- ety. In every way we can. Throughout the year we have different initiatives ongoing. On top of that, our global corporate social responsibility (CSR) month in November sparked many events to support organisations close to our sites. The initiatives even went on until well in December. Some examples of how we’re giving back globally:

Seald Sweet / Greenyard Fresh USA showed their kind hearts by collect- ing toys in Florida and New Jersey. With their “Toys for Tots” action, they illuminated the holidays for many kids in need, by gifting them a cool present.


DECEMBER

Greenyard Poland Logistics secures second place in the

Young Energy Europe competition The Young Energy Europe competi- tion is an initiative by the German Chambers of Commerce Abroad (AHKs) and promotes energy and resource efficiency with the help

of European companies. Greenyard Poland Logistics showcased its many efforts to reduce energy consumption across their warehouses, securing second place in the competition.


Bakker pioneers with electrically cooled trailers Bakker Barendrecht pioneers in The Netherlands with an electric

trailer cooling system in their trucks, powered by a kinetic battery pack. A sustainable innovation that cuts CO2 emissions and fuel usage while ensuring efficient cooling for trans- ported produce.

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hIGh L I Gh T S / 15


2024


JANUARY

New CEO Francis Kint: seamless succession for growth

Greenyard appoints Francis Kint as its new CEO, replacing former co-CEOs Hein Deprez and Marc Zwaaneveld from 1 January 2024. Founder hein Deprez takes up the role of Executive Director of the Board, focusing on the vision and strategy of Greenyard.

Growing at Greenyard:

new Managing Director for the Frozen Division

Anna Jęczmyk, formerly Greenyard Frozen Poland's Managing Director, was appointed Managing Director of Greenyard's Frozen Division and joins the Group Leadership Team.

She succeeded Francis Kint, who was appointed CEO in December 2023.

Greenyard Frozen UK wins two awards

Greenyard Frozen UK is recognised by The King’s Awards for its sustainable development and wins gold at the British Frozen Food Awards for its Marks & Spencer Garden Peas.


FEBRUARY

Continued recognition for Greenyard’s sustainability efforts Greenyard maintained its B score

on CDP’s (Carbon Disclosure Project) climate change and water security rankings in 2023, reflecting the company’s continued efforts and industry leadership in sustainability.

MARCH

Anniversary edition for our Around The Yard magazine Greenyard commemorates four dec- ades of pure-plant entrepreneurship with a special edition of its internal Around the Yard magazine, featuring highlights, familiar faces, and even

a Greenyard comic book. It offers employees an overview of our unique journey so far, along with a glimpse into the future.


Let’s celebrate

40 years of Greenyard!

From mushroom farm to global pure-plant powerhouse.


Pure. Plant. Power.

Everything you always wanted to know, inside.

Creating impact: it’s all about you!

Meet your colleagues

from around the globe.

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This is Greenyard

Food-tech leader in pure-plant food experiences

Greenyard is one of the world’s largest providers of fruit and vegetables. It is a disruptive and pure-plant industry leader in fast-moving consumer goods. Bringing the best of nature to the plates of tens of millions of consumers every day, straight from the field, in all its natural glory.

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Sourced from local farmers or from the best regions across the globe. Fresh, frozen, and prepared. Because we believe our pure-plant products should be available all year round, for every moment and for every budget.

T HI S I S GREEN YA RD / 17


Pure. Plant. Power.


PURE

What nature brings


Fruit and vegetables are and have always been our core product. Processing is limited to

what consumers would do in their home kitchen: cutting, freezing, cooking, steaming, seasoning

and preserving.

PLANT

In all their authentic natural glory

We believe in fruit and vegetables in all their natural greatness: close-to-crop and close to the harvested product. Always with maximum respect for their authentic taste, colour

and texture.

POWER

Bursting with natural nutrients

Our products come straight from the field, bursting with energy and the natural nutrients people need to get powered up: carbs, healthy fats, proteins… Providing all minerals, fibres and vitamins for a healthy lifestyle.


With pure-plant, we distinguish ourselves from the many so-called plant-based products on the market. They mostly refer to highly processed and simply unhealthy foods that hardly contain any fruit or vegetables. This is not what we stand for at Greenyard.”

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18 / A NNUA L REP O R T 2023/2024


Pure-plant for all


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GREENYARD FRESH

Our Fresh segment consists of two divisions: Greenyard Fresh and Bakker, a Greenyard company. Together, they provide Europe’s biggest retailers with fresh fruit and vegetables, sourced from our worldwide grower network. Using our strategically located distribution & service centres and our state-of-the-art logistics and sustainable packaging services, we fully unburden our customers in this food category.

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GREENYARD PREPARED

Greenyard Prepared is specialised in freshly preserved fruit and vegetables and other ambient food products that are easy to store and ready to eat. Providing retailers, food service companies and the food industry with an extensive pure-plant portfolio, ranging from classic preserved products in cans or jars to delicious dips, soups and sauces tailored to today’s consumer trends.

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GREENYARD FROZEN

Greenyard’s Frozen division is a pioneer and market leader in frozen pure-plant food. Using state-of-the- art technology, we turn freshly harvested fruit and vegetables into innovative food products tailored

to modern consumers who want to enjoy healthy, nutritious and tasty food, with minimal preparation time and maximal portionability.

Greenyard offers a unique complimentary assortment of Fresh and Long Fresh (Frozen & Prepared) fruit and vegetables. Pure-plant food for young and old, every lifestyle, every budget and every moment. From breakfast

to lunch, from aperitif to late-night snack, from day-to- day cooking to special occasions with friends and family. Pure-plant as the perfect companion throughout the day.




T HI S I S GREEN YA RD / 19


Greenyard in


Net Sales (like-for-like)


Adjusted EBITDA-margin


Adjusted EBITDA


Profit


Net Financial Debt (excl. lease accounting)


Leverage


Approx.


employees


innovative production sites (Frozen & Prepared)


service centres (Fresh)

Approx.


sales volume


countries

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20 / A NNUA L REP O R T 2023/2024


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Consumer & Market Insights

Pure-plant innovation in a growing market

Everyone agrees we need to eat more fruit and vegetables.

They are the right choice for a healthier and more sustainable future. But how can we speed up pure-plant food consumption and tap into a market with an enormous potential for growth, which has an estimated CAGR of 11,7% between 2023 and 2032? Innovation, convenience, affordability and nutritional value are key, no doubt.

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Convenience products

make up about

of our total sales in Long Fresh

30%

But most of all, we need to focus on great taste and exciting new food experiences. And Greenyard is leading the charge.

C O NSUMER & M A RK E T INSI Gh T S / 21


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INTERVIEW

Why pure-plant food is the solution

Cedric Pauwels, Group Communications & Public Affairs Director


“We are at a major turning point in our sector. Unhealthy and unbalanced diets, with high consumption of meat and ultra-processed food, and low intake of fruit and vegetables, have led to a proliferation of diet-related diseases and escalating

public healthcare costs. Unhealthy diets are estimated to cost society 6,5 trillion dollar worldwide every year.”


“The good news is that many people are actively looking for healthy alternatives. More than half of European consumers have the intention to reduce their meat consumption. An even larger group is looking to increase their consumption of both pure, unprocessed products, and vegetables.”


“At the same time, we see that lifestyles are changing. People are looking for foods that fit specific contexts: easy, fast and affordable. Anytime, anywhere. While tasty indulgence is still the number one driver to buy foods, 2 out of 3 consumers are adding health to their criteria. And they also indicate that new experiences and products will boost their intention to buy.”


“The message from consumers is clear: more pure- plant please. This offers great opportunities, both for new products and for new moments of consumption.

Always with a focus on fruit and vegetables and with Greenyard as the pure-plant companion for people all throughout the day.”


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“Just imagine you start your day with a healthy smoothie using our perfectly portioned frozen fruit or smoothie bars. Enjoy conveniently packaged, high- quality grapes, cherry tomatoes or berries at work.

An easy-to-prepare salad for lunch and a refreshing afternoon break with our Gigi Gelato. Then prepare a lovely dinner using one of our meal-kits, while enjoying an aperitif with one of our delicious dips or spreads.

And to top it all off, a relaxing evening with a late-night snack of crispy, pure-plant indulgence.”


“It may sound like hopes for the future, but we have all these products in our assortment today. Some of them have been there for many years, and we’re adding new ones every day. Convenience products already make up about 30% of our total sales in Long Fresh. In Fresh we are also seeing this growing trend towards convenience products, including pre-cut vegetables, meal-kits and other innovative food experiences. We’re bringing new and exciting combinations of textures and flavours and making our way into new categories where pure-plant hardly exists today. Our unique position opens new opportunities, every day, and the possibilities are truly endless. Clearly, this is only the beginning.” image


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health to their

While tasty indulgence is still the number one driver to buy foods, 2 out of 3 consumers are adding

criteria.”

22 / A NNUA L REP O R T 2023/2024


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Feel Good

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Indulgence & Taste

To buy or not to buy: what people really want




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Here & Now

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Affordability

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Vegetable spreads: the perfect pure-plant alternative

Vegetable spreads are the perfect pure-plant food for a growing group of conscious consumers. When we were looking at the current market, we noticed most of the spreads are in the cooled fresh department. But there’s no long-fresh alternatives. So we decided to take another approach, with different eating moments as our starting point.


Last year, our Prepared division successfully launched our private-label naan spreads at retailers, which come in options like lentil-coconut, cauliflower-curry, chickpeas-coriander and pumpkin-coconut. The aim is to develop a complete assortment for every occasion, from breakfast to aperitif. We’re also exploring the possibilities for on-the-go packaging, so people can enjoy them anywhere, anytime.

A few recent examples of our consumer-oriented approach and innovations


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C O NSUMER & M A RK E T INSI Gh T S / 23


What’s for dinner tonight?



New varieties for new demands

Developing new varieties of fruit and vegetables perfectly illustrates our Fork-to-Field approach: analysing the market and consumer demand, and then growing the exact products people are looking for. Our yellow kiwi is a good example of this. Consumption is growing, and we’re seeing a clear demand for a variety that is affordable for everyone and that is available all year round.


With our flat nectarines, we follow the lead from the flat peaches, which have been very successful because they are easier to eat and fit popular taste. With the Eden Pear, we are

translating an innovation that we have seen with apples into the pear category to attract new, younger consumers with a sweet and crunchy variety.

Our meal-kits are right at the heart of our strategy – helping people make healthy choices and provide them with an inspired answer to that all-important, daily question: what’s for dinner tonight? The concept is quite simple. Every kit contains all the ingredients you need to prepare a great and healthy meal for about four people.

Vegetables are always the central ingredient, accompanied by a tasty herbal mix and additional seasoning.


Our current offering ranges from traditional recipes to exotic discovery boxes, and we are producing a total of over 100 different recipes for a variety of customers in different countries. As this taps into a clear consumer desire, and it supports our journey towards pure-plant and tasty meals, we are also investing in extra capacity for our meal-kits. In 2023, we have set up a new assembly line in the Czech Republic, where they are finding their way into a new and untapped market.


Gigi Gelato: guilt-free indulgence with veggies

Gigi is making its way to foodies across Europe.

We are taking the Italian gelato tradition to a whole new level to create a pure-plant food experience.

With the same creamy bite, but without the cream and completely guilt-free. Inspired by the latest trends in food pairing and always with at least one vegetable in the recipe! Our latest addition? Kiwi, pineapple and … spinach! We have also multiplied the number of retail stores that will be offering Gigi this summer.


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New and revitalised Seald Sweet website

Seald Sweet, a Greenyard brand, revitalised its website targeting US consumers. The website is filled with vibrant visuals and has pages for each fruit, offering fun facts, storage tips, and selection guides. The refreshed website strengthens the brand identity and connects directly with consumers in a competitive market, so we can respond directly to key trends in the market. www.sealdsweet.com

Gigi is doing more than just putting a smile on people’s faces. It’s a new snacking moment, disrupting the ice category. And it’s creating a great buzz at our retail-customers, and a whole new dynamic for our Frozen sales teams!



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Operational excellence

Leading the way in food technology


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INTERVIEW

Investing in a pure-plant future

Dennis Duinslaeger, Strategy & Investor Relations Director


“The world of fruit and vegetables is often wrongfully perceived as a more traditional business, where technology and innovation only plays a supporting role. This is certainly not the case for Greenyard.

Our business is far past merely providing the healthiest food to society. Some of our installations and technologies are one-of-a-kind. We use the latest advancements in food-tech to develop the food of the future: high added-value, pure-plant food experiences

that combine the best nutritional value with great taste and maximum convenience.”


“In 2023, we finalised another round of major investments in our convenience production lines. At Greenyard Prepared, we installed a new sauce kitchen, along with a new filling station for the sauce stick packs in our meal-kits and a new glass packaging line. Meanwhile, our Frozen division has started implementing an industrial plan with major infrastructure projects to gradually enhance our freezing capacity.”

“These investments not only allow us to increase capacity and respond to the growing appetite for our convenience products. They also help us to speed up product development and reduce our time-to-market, diversify packaging to support different moments and places of consumption, and ensure the best quality is available at the right price. All with one goal in mind: to further drive the consumption of pure-plant food.” image


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Our business is far past

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merely providing the healthiest food to society. Some of our installations and technologies are one-of-a-kind.”


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High-tech convenience at Greenyard Prepared

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In 2023, we installed a brand-new kitchen for our sauces in glass packaging at our production site in Bree, Belgium, enhancing our capacity with 15 million units. Steam infusion accelerates the heating process, reducing production

start-up times. The use of advanced food processing techniques also allows us to further refine flavour, texture and colour of our close- to-crop products. The new sauce kitchen is only the first phase of an entirely new production line for our sauces. Over the next few years,

we will be adding new machines for filling, de-palletising and heat treatment.



Precision farming at Greenyard Frozen

“At Greenyard Frozen, we continue to invest in the latest precision farming techniques, in close collaboration with our growers and grower associations. Last year, we invested in an Ecorobotix sprayer for ultra-precise treatment of crops, in our case mainly string beans. The sprayer is six metres wide and can be mounted on the back of a regular tractor. Using AI-based algorithms, the software recognises targeted plants and allows surface spraying up to a precision of 6x6 cm, reducing the use of crop protection products with more than 90%.”


“The Ecorobotics project is the latest in a long line of investments in similar new and ground-breaking technologies. Soon we will start flying drones over our pea and bean fields to detect harmful weeds including black nightshade and potato berries. Using sophisticated algorithms to analyse the images, a virtual map of the field is created, precisely indicating where measures need to be taken and ensuring crop protection is only used when and where it is most effective.”

We also commissioned a new filling station for the sauces in stick packs that we supply to our Fresh division as pure-plant seasoning for the increasingly popular meal-kits. With the new station we have 40% more capacity than with the previous one. It doesn’t end here. we plan to further increase capacity of the production line through automatisation and robotisation. Finally, we also installed a new packaging line for fruit, vegetables and convenience products in glass, expanding our capacity with 45 million pieces.


Stefaan Goudeseune,

Agro Director, Greenyard Frozen Belgium


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INTERVIEW

Integrated, data-driven collaboration with Europe’s biggest retailers

Charles-Henri Deprez, Managing Director Greenyard Fresh


“With our Integrated Customer Relationships (ICR), we have been leading the way in our sector for many years, decades even. It’s a unique business model that connects end-consumers and growers, from Fork-

to-Field, through vertical integration with some of Europe’s biggest retailers.”


“The basic idea is to completely unburden retailers in the key category of fruit and vegetables. More than any other section, the fruit and vegetable section shapes the image of a grocery store. Every day, we ensure

the shelves are filled with the right assortment of high-quality fruit and vegetables, carefully developed in line with the retailer’s own positioning and brand

strategy. ICR also includes a wide range of value-added services, including warehousing, logistics, ripening, packaging and direct-to-store deliveries. We support our customers in being a true love brand for their consumers.”


“This integrated way of working is especially relevant in the fruit and vegetables category. We’re working with fresh, perishable goods – fast moving pure-plant goods in every sense of the word. Once harvested, they need to find their way to consumers as soon as possible.

With our ICRs, we make the connection between market demand and what is grown in the field. It’s quite a challenge, as both are very dynamic.”


“It will come as no surprise that data-driven technology is increasingly important to make that connection.

Based on specifically designed algorithms, including historical sales data, weather forecasting and market trends, we can make quite accurate predictions of what will be needed and develop programs to steer our growers in the right direction. That way, we ensure the produce arrives when the demand is actually there.”


“We also keep a close eye on what is happening in the field, where the output is very much dependent on weather conditions, which have become more extreme due to climate change. On the one hand, when produce

is not available, we may look for other sources or suggest alternatives. On the other hand, when large volumes are on their way, it may be a good time to plan targeted promotions. In any case, exchanging the right data is key to intensify collaboration and ensure fair pricing throughout the chain.”


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“The market certainly seems to agree with us, as we keep adding new customers to our ICR portfolio. Last year was no exception, with the establishment of a dedicated Aldi Frische Hub near Hamburg, Germany. Since mid-2023, we are directly supplying more than 100 Dohle-HIT supermarkets with the complete assortment of fresh fruit and vegetables, with steadily increasing volumes.”


“But it’s just as reassuring to see how our existing ICRs continue to bear fruit. Year after year, even in difficult market circumstances, we continue to grow

our business at our integrated customers, even though some of these partnerships date back more than twenty years. It also shows in our customers’ results

in the fruit and vegetables category, which has only become more important to attract end-consumers to retail stores.” image


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We support our customers in being a true love brand for their consumers.”



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Setting new standards

in soft fruit quality

Bakker Barendrecht, a Greenyard company, launched Project Super Fresh Soft Fruit (SUZA) to optimise the supply chain of soft fruits like strawberries, raspberries and blueberries. The project will not only improve the freshness and quality within the category, but it will also lead to higher customer satisfaction. The strawberry on top is that the project contributes to a more sustainable food supply chain by minimising food waste.

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Ripe for success:

apple business expanding at Fresh Solutions Netherlands

Greenyard Fresh Solutions Netherlands invested in a Burg sorting machine, which promises to double their capacity for sorting a specific apple variety for a major German retailer. With its streamlined efficiency and expanded capacity,

this investment opens up new possibilities for business expansion and market reach. Moreover, the machine’s automation and quality assurance features guarantee consistent product quality.

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Sweet success with sweetcorn

In France, Belgium, Germany and the Netherlands, we cultivate and source over 7 500 tons of conventional and organic sweetcorn,

managing the entire process from planting to freezing with our partner Taillieu.


Sweetcorn’s late planting and early harvest window, low reliance on chemicals, and positive impact on soil health make it an ideal crop. We invested in new processing equipment including huskers, cutters, seed ventilation and sieving systems, and washers. Transporting the sweetcorn from Taillieu’s processing facility to Greenyard Frozen’s production site in Comines takes a mere 20 minutes via three belt trailers. The freezing process utilises a new tunnel freezer with an estimated capacity of 16 tons per hour. Further expansion plans include adding sorting equipment and an effluent treatment plant to purify industrial water waste.

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People


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INTERVIEW

A great place to grow

Alexander Verbist, Group Legal & HR Director


“Fruit and vegetables are essentially a people’s business. In the end, it’s all about creativity, agility, close collaboration and passion for our pure-plant products. Finding people who share that passion and nurturing the talent we have in our company are crucial for the future growth of our company.”


“Creating a working environment where everyone can feel safe and at home, is one of our top priorities. In 2023, we took another major step with the establishment of our Diversity, Equity & Inclusion committee. As a multinational that operates worldwide, Greenyard already has a quite diverse workforce, but we do not yet see this diversity represented at every level of our company.”


“There is also a direct link to the purpose of our company. As we are sourcing in over 80 countries and selling in more than 100, we need our organisation

to accurately reflect these markets. Diversity drives innovation and helps us to better understand the consumers we are working for. When people from different backgrounds work together, we are much quicker to identify blind spots, biases and false assumptions.”


“Focus on internal growth is another major focus point. Last year, we saw some great examples of this at the top level of our company. when Francis Kint became CEO of the Group, which was an internal promotion, his vacant position as Managing Director of the Frozen division was taken up by Anna Jęczmyk, the former Director of Poland for the division. We saw a similar scenario at the top of our Prepared division, where Dominique Stinckens, who retired from this role as Managing Director, was followed up by his right-hand and former Finance Director Johnny Van Holzaet.

“Additionally, both were also succeeded by strong internal candidates, with Anneleen Cornelissen who became the new Finance Director in our Prepared division and Wojciech Kapka who succeeded Anna Jęczmyk as Managing Director of Frozen Poland. These are great examples for all our employees, and it also ensures that expertise that took years to build remains within our company.”


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“Sharing knowledge and learning from each other is also the common thread through our Group Development Programs, which stimulate people to look beyond their own entity and their own field of

expertise, and work together on strategic themes. As a follow-up to our Leadership Development track, we launched our first Game Changers program in 2023 for

our upcoming talent. Judging from the great ideas they came up with, these are definitely the people that will make the difference in the future!” image


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Diversity drives innovation and helps us to better understand the consumers we are working for.”


After a decade with the company, I’m incredibly grateful for the opportunity to step up as Managing Director of the Frozen Division. It’s inspiring to see how Greenyard invests in its talent, and I’m eager to leverage my experience alongside our passionate team.”

— Anna Jęczmyk, Managing Director Greenyard Frozen Division


Ten years ago, I started out as a forklift driver. Now I am responsible for a variety of tasks in the workplace for frozen convenience products, including safety, quality, productivity, and customer satisfaction.”

— Miles Clark, Manager Convenience/Mix, Greenyard Frozen France


40 years ago, I walked through the doors of our site for the first time.

What struck me then, and what remains today, is the strong sense of family.

Greenyard offers the stability and growth opportunities I value, making it a fantastic career place.”

— Frans Borry, Forklift driver, Greenyard Frozen Belgium


25 years ago, I started out as order picker. A few years later I was asked to help with the startup of our Polish centre. Once back, I became team leader of an order pickers team that prepares the retail orders in a timely fashion, 24/7. A very rewarding job!”

— Hassan Boyraz, Team Lead, Greenyard Logistics Belgium


Taking on this new leadership role within Greenyard Prepared feels like a natural next step in my journey with the company. It’s incredibly motivating to have the support of the Executive Management team, and I’m grateful for the trust they’ve placed in me. We have an incredible track record of innovation here, bringing many new ideas to market every year. And I truly believe there’s even more potential to be unlocked.”

— Johnny Van Holzaet, Managing Director Greenyard Prepared Division

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Diversity of our



21%


18%

5% 1%


16%


24%


14%


26%


47% 28%


Women, blue collar Men, blue collar

Women, white collar Men, white collar

≤ 20 y

41 – 50 y

21 – 30 y

51 – 60 y

31 – 40 y

61 – 70 y


Marcel and Mike, a father-son team, both work at Bakker Barendrecht’s Distribution department. Marcel takes care of the planning, while Mike’s forklift team delivers the goods. “I’m involved in various projects”, says Marcel. Mike, he thrives on the positive and dynamic work environment: “I became team lead at age 21. Bakker truly invests in its people.”

— Marcel & Mike van Zoest, Process Lead Distribution & Team Lead Distribution, Bakker Barendrecht


79% 21%

Diversity of our


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INTERVIEW

Diversity, Equity & Inclusion

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Laura Rampelberg, Group HR Business Partner


A place where we belong

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“Our newly established DE&I Committee brings together people from different levels, countries, and divisions to join forces on promoting an inclusive culture. Members will raise awareness throughout our organisation, support existing initiatives and create new ones, and advise our leadership in this domain.”


“Furthermore, we have also developed a clear DE&I vision and strategy for our company and we have identified our first three focus points, which include the employment of people distanced from the labour market, accelerating female leadership and embracing cultural differences on the work-floor.”

“The committee acts as the guardian of Greenyard’s DE&I vision, but ultimately, all employees must play their part in fostering an inclusive environment, at every level of our company. Through our activities, we hope to inspire and encourage everyone who wants to make a positive impact.” image


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Diversity, Equity & Inclusion


DIVERSITY

“We make sure everyone feels heard and represented throughout our organisation. We believe diversity makes us a richer and stronger company.”

EQUITY

“We break down barriers and provide opportunities for those who need it most, ensuring that every colleague can thrive.”

INCLUSION

“We promote an inclusive culture where we welcome all perspectives to the table, fostering an environment where innovation flourishes and every person feels valued.”


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INTERVIEW

Meet the Game Changers

Michelle Bisschop, Group HR Business Partner


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“With the Game Changers program, we give our upcoming talent the chance to shine. Each group was presented with a strategic challenge for our company and had a year to work on developing ideas and then present them to the Executive Management and the


Together we thrive

Working on a topic out of our comfort zone was an extraordinary experience, supporting our internal growth as professionals. We found that instead of chasing diversity targets, it’s much more beneficial to focus on a foundation of equity, inclusion,

and belonging. Creating a place where everyone feels valued and can contribute their unique perspective will naturally lead to a more diverse workforce, driving innovation and positive cultural change.”

— Theo Zulueta, Operations Controller, Greenyard USA/Seald Sweet

Group’s Leadership Team. The program not only helps them develop their individual talent but also allows to share knowledge and experiences within our Group. Best of all, some of their ideas have already found their way into our organisation.” image


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Innovation Culture

If we want to promote the consumption of fruit and vegetables across a wide group of consumers, innovation is key. But how can we speed up

innovation? How can we make sure ideas from across our company make their way to the market? How can we synchronise our efforts between divisions

and entities? It’s all about creating a culture in which innovation is top-of-mind at every level, and stimulating people to go the extra mile.”

— Mieke Bartholomeeusen, Sales & Business Development Lead, Greenyard Fresh Belgium


Tumble Dryer

AI-powered data management is the game-changer for category management. Think of a digital platform that further supports our category managers to engage in meaningful discussions with our customers, based on real-time data and consumer insights.

This will revolutionise supply chain efficiency, as well as overall product management.”

— Elissa Lippens, Group Legal Counsel

Green Fusion

Within a large multinational group such as Greenyard, there are many opportunities for synergy when we can share our expertise across the boundaries of divisions, entities, and departments. With our team, we have explored the potential benefits of a Shared

Services Centre for the Greenyard Group. We identified several key areas and developed a roadmap for future implementation.”

— Craig Stephan, Group Procurement Category Manager

36 / A NNUA L REP O R T 2023/2024


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40 years

of pure-plant entrepreneurship

Founder & Executive Director Hein Deprez takes us through 40 years of Greenyard



From humble

ein Deprez embarked on a global roadshow across 11 countries and visited a total of 21 sites over the

course of five months. Thousands of colleagues attended his presentations about our inspiring entrepreneurial journey.

It gave people a better understanding of the company’s history, and its vision on the future of food. And most of all, it got them feeling proud to be part of the Greenyard family.

The internal celebration wasn’t just informative. It was also immersive, with a dedicated Greenyard Spotify playlist, a celebratory magazine with a Greenyard comic book and over 3 000 pure-plant recipe books.

beginnings…


1983

Hein Deprez starts his own mushroom farm in Belsele, Belgium.

“I had a true passion for agriculture and growing. But I

had very little resources. So I had to be creative, and smart. Mushrooms were the perfect choice, as they can be grown in small spaces and still have high yields. Focusing on innovation and efficiency, the business grew every year.”


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1987

Verogel – our first steps in the world of frozen fruit and vegetables.

“In summer, people tend to eat less mushrooms. But they keep growing of course and they are top quality. Instead of letting them go to waste, we made them long fresh. We started freezing mushrooms and at the same time, we laid the foundation for the unique and complete portfolio we have today – Frozen, Fresh and Prepared.”

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2005

Univeg obtains Bakker Barendrecht and doubles its turnover.

“In the Netherlands, there was one company that stood out: Bakker. Right from the start, we were seen as the preferred partner for the acquisition. Our vision was 100% aligned.”


2005

The Deprez family buys 33% of frozen vegetable producers Pinguin, a publicly traded company specialising

1996 - 1998

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1987

Champix – take-over of our distributor and biggest customer.

“As a grower, I always wanted to get closer to the consumer. Find out what they really want and provide them with the best possible product. So, I decided

to buy the middleman, and deliver directly to the retailers. They represent the consumer perfectly!”

Univeg, today Greenyard’s Fresh division, is established.

In 1996, Univeg becomes active outside of Belgium. Two years later, it acquires Seald Sweet in the US and can call itself a global player.

1990 - 1992

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“Between 1990 and 1992, we expanded our fourth range offering with several important acquisitions, including Vanhuynegem/Legumex (1990), specialised in pre-cut vegetables, Vedofruits (1990), importer of European produce, and Vandecasteele (1992),

the biggest European importer of fruit from the south of Europe and overseas. It enabled us to offer a complete and convenient range, all-year-round. By the way, at Legumex we also created our first meal-kit ever – a ratatouille.”

in frozen foods. In 2007 the family acquires the majority at Pinguin.


2006-2008

Univeg purchases the large Italian company Bocchi, followed by Alara and Katopé in 2007. By acquiring Atlanta, Univeg reaches a turnover of € 3 bn.

With just one product, you can never reach the scale

you need to have real impact. We knew we needed to build a global network to completely unburden our customers in the fruit and vegetable category.”

— Hein Deprez



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Strategy 2030 – Greenyard as a pure-plant powerhouse.

“Our purpose is clear. We want to improve life by driving the consumption of fruit and vegetables. It’s simply the best thing for both people and planet.”

2011

Via Pinguin, Hein Deprez acquires Scana Noliko, a Belgian producer of preserved vegetables. He also takes the position of CEO at Pinguin, which later becomes Greenyard Foods.

2015

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Another milestone: the merger of image our Long Fresh (Greenyard Foods)

and our Fresh business (Univeg) under the Greenyard name. This creates a true global leader in the sector, with a unique and complete offering in fruit and vegetables.


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2023 AND BEYOND

in fruit and vegetables

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2021

…to a global leader


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Greenyard celebrates its 40th anniversary and looks forward to a pure-plant future.

“More and more people realise the future of food will be all about pure-plant. We are in the perfect position to fulfil these market needs and help create healthier and more sustainable food chains.”


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The Greenyard approach: a purpose to improve life

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INTERVIEW

A clear vision – connecting the chain

Florens Slob, Group Sustainability & Innovation Director


“Sustainability has always been at the heart of our company. Fruit and vegetables – our core products – are the foundation of any healthy diet. They contain all the nutrients we need for a healthy life. Together with our customers and other stakeholders we are making every effort to stimulate their consumption.”


“But there’s more. Thanks to their low-carbon footprint, fruit and vegetables are the best way forward to feed the growing world population within the limits of our planet. Using up less space and less resources than any other food category, they yield an incomparable wealth of nutritional value.”


“However, this can be no excuse to close our eyes for the impact we have as a company. We have set

ambitious targets for all entities to reduce energy and water consumption, increase the use of renewable energy sources, prevent waste and optimise packaging, transport, logistics and production. We do business with growers and suppliers that comply with all relevant legislation and make the necessary efforts to ensure that everyone who is working in our value chain can do so in a healthy and safe way, and with respect for the environment.”

“Our sustainability efforts are firmly supported by our unique business model, which connects growers, retailers and consumers in a seamless, Fork-to-Field supply chain. Starting from actual consumer demand, we steer growers in the right direction to grow the volumes, qualities and varieties that are needed.

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It’s a model that prevents waste, improves quality and ensures correct prices across the chain.”


“Many great challenges still lie ahead. Our growers depend on nature and they are experiencing the adverse effects of climate change first-hand. Next to mitigation efforts by exploring new growing areas which are less vulnerable to climate impact, it is part of our duty to help growers adapt and cope with extreme weather conditions and climatological evolutions. We want to support them in moving

towards more sustainable and regenerative practices. With the development of our Regenerative Agriculture Framework, we are taking another important and necessary step in this direction. It is another proof- point for our dedication to make a positive impact for both people and planet.” image


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Large-scale study by Oxford University*:

Vegan diets cut emissions and land use by 75% and water usage by 54%

-54%

water usage

emissions & land use

-75%

* https://www.nature.com/articles/s43016-023-00795-w


Sustainability Model


Greenyard’s Sustainability Model ensures sustainability is embedded in every decision we make. It clusters our impact in three domains: Economic Impact & Governance, Environmental Impact and Social Impact. These three domains incorporate all the material topics that were identified within our Double Materiality Assessment (DMA). DMA is the process for prioritising sustainability

topics. Material topics are those that have an impact on the company (financial materiality) and/or through which the company has an impact on society and/or the environment (impact materiality). For all these topics, a strategic approach has been developed, along with the necessary policies. we report on our approach, our progress and our future plans in this report.


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Economic impact & Governance


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Social impact

IMPROVING LIFE

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Environmental impact


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International memberships


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Sustainability Roadmap & Ambitions


The Greenyard Sustainability Roadmap was developed in collaboration with senior management of the entities and the sustainability ambassadors working across the Group’s divisions and locations. The approach was approved and endorsed by Greenyard’s Board of Directors and the Leadership Team.


Progress and changes in the financial year 2023-2024

During the past financial year, Greenyard reviewed its Sustainability Roadmap, using the latest Double Materiality Assessment and a gap-analysis on CSRD compliance. The review reconfirmed the current roadmap and ambitions. For the coming period, we will ensure that our Strategy, Roadmap, Key Performance Indicators (KPIs) and the reporting on our approach, progress and future plans will be in line with CSRD reporting requirements, which will also require extra elements to report on an even more detailed level.


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A changing role for Finance

“The increasing importance of Sustainability Reporting is also changing the role of our Finance department. The two are often closely interlinked: reducing energy

consumption will save costs and add to the bottom-line. Cutting just one centimeter of packaging off a popular product not only reduces waste at the consumer side, it also has a positive effect on product margins. Moreover, many of our investments are also directly linked to sustainability.”


“By using our expertise in collecting, reporting and double-checking data, we help our sustainability colleagues from the different entities do the same. We developed an audit tool which helps them verify the data they are putting into the system and easily notice any deviations from previous years. All data are carefully checked by the local Finance departments as well – using the four-eyes principle – as they can make the connection with production numbers and volumes. Together we ensure our management can always count on reliable data to steer our company in the right direction.”


Eva Bastijns, Group Financial Controller

In parallel with the sustainability linked credit facility (2022), Greenyard translated the most relevant longer- term targets into annual targets for each division and each entity. As of this year the key sustainability targets are an integral part of the budgeting process. In Q1 2024, the factoring program also became sustainability linked.

Targets on division and entity level are internal targets to enable more effective steering towards Group targets in 2025 (reporting year 2025-2026) and 2030.


All KPIs are measured at specific locations or plants. The most material KPIs are reported and followed up monthly, except when quarterly or annual updates are more relevant. The KPIs are verified by local business owners and the financial team. Progress is reported to the Executive Management and the Board quarterly.


A quarterly reporting process was implemented with details for each division on energy, water and waste, including updates on key projects. These reports are also available for all entities at location level. we also developed internal intensity dashboards on gas, electricity and water. Next year, we will roll out a CO2 dashboard on entity level. The Group Sustainability Director and the CFO, along with their teams, work closely together on this ongoing improvement project for a fact-based ESG culture.


The key targets of Greenyard’s Roadmap remain the same. “By 2025” refers to the reporting year 2025-2026. The baseline is 2020 for our climate change targets and 2019 for water and food waste.



Key targets


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  1. Climate change – adaptation and mitigation

  2. Minimise food waste

  3. Lower the water footprint of fruit and vegetables

  4. Minimise the environmental footprint of packaging

  5. Ensure responsible and sustainable sourcing


United Nations Sustainable Development Goals


When developing Greenyard’s Sustainability Roadmap, material topics were matched with the United Nations Sustainable Development Goals (SDGs). We drew inspiration from the 17 SDGs, along with the UN Global Compact Principles and the Unicef Children’s Rights and Business principles. The focus was narrowed down to six SDGs that directly correlate with our business and strategy.

Greenyard’s pure-plant product portfolio offers great opportunities for sustainable development as a category on its own. At the same time, we embrace our responsibility to care for the environment and ensure fair treatment within the entire food value chain. The Strategy 2030 and the Sustainability Roadmap add value to society and meet global consumer needs. This is also reflected in the SDGs selected. A broader rationale for these SDGs is available in the sustainability section on the Greenyard website.


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Environmental impact


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On average, fruit and vegetables have a relatively low carbon footprint when compared to other food categories and the food sector in general. Nonetheless, there is no excuse to not further reduce the footprint of our activities – and those of everyone involved in our value chain.



Greenyard committed to reduce Scope 1 and 2 emissions by

50% by the

end of 2025.


Climate adaptation & mitigation


Our approach

Greenyard annually reports the carbon footprint of its activities by calculating Scope 1, Scope 2 and Scope 3 greenhouse gas emissions. Scope 1 and 2 emissions cover our own operations (consisting of Greenyard factories, but excluding co-packers), warehousing (consisting of Greenyard distribution and service centres, excluding third-party warehousing) and logistics (consisting of fleets operated by Greenyard, including company cars). Scope 3 emissions cover the sourced fruit and vegetables, third party logistics, packaging, waste, and business flights. All data is calculated, verified and reported in line with the Greenhouse Gas (GHG) Protocol.


Greenyard has committed to reduce its Scope 1 and 2 greenhouse gas emissions by 50% by the end of 2025 from a 2020 baseline and by 70% in 2030. For Scope 3, 70% of suppliers (by spend covering purchased goods and services, upstream and downstream transportation and distribution) must have committed to science-based climate targets by the end of 2026.


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Greenhouse gas emission reduction targets for Scope 1, 2 and 3 are in line with limiting the global temperature rise to 1,5°C. They were validated by SBTi (Science Based Targets initiative – certificate GREN-BEL-001- OFF) in April 2022. Greenyard discloses its climate- related risks and impact under the terms of the Carbon Disclosure Project (CDP) (2023: score B). This ensures consistency in the information provided to stakeholders, in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Greenyard falls under the scope of EU Taxonomy Regulation (EU 2020/852) and has analysed the eligibility and alignment of its activities against the Climate Delegated Act (EU 2021/2139; on climate change mitigation and adaptation). Any disclosures and extra explanation can be found on page 80.

Our progress

This year, Greenyard’s Scope 1 and 2 emissions (market based) decreased by more than 25%, putting the overall reduction versus 2020 at -35,6%. This excellent progress is mainly driven by the switch to renewable and low- carbon energy sources, and a continued focus on energy- efficiency. 37% of our electricity consumption came from renewable sources.


Greenyard continues to investigate new projects to maximise on-site renewable energy production. As most locations are leased, this is done in close cooperation with the real estate owners. In the past reporting year, the new solar roof at Bakker in Ridderkerk and the large solar roof at Prepared in Bree came into production. with this, locally produced energy has grown to around 3,2% of total electricity consumption.


40% of Greenyard’s leased car fleet is now fully electric and several entities are actively testing options for the electrification of road transport, including the Bakker division, which has two electric trucks and 17 electrically cooled trailers on the road.


Scope 1, 2 & 3 emissions (in tonne CO2-eq.)


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:

Scope 1: 2,2% Scope 2: 0,7%


Scope 3:

image Purchased goods & services: 61,2%

image Upstream transport & distribution: 20,8%

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image Downstream transport & distribution: 17,2% image Other*: 0,8%

* Includes fuel- and energy-related activities not included in Scope 1 and 2, waste generated in operations and business travel

48 / A NNUA L REP O R T 2023/2024



7 648 solar panels

at Greenyard Prepared Belgium.


On schedule for green energy targets

“Over the past financial year, we made significant progress in transferring our grid electricity contracts to 100% renewable energy. Following Austria, Czech Republic, the Netherlands and Poland, all our Belgian and German entities have made the switch earlier this year. In 2024, more than 60% of our electricity will come from renewable sources. Other countries will soon follow, so we can achieve 100% of green electricity by 2030.”


“Together with our energy partners we’re also ramping up on-site production of renewable energy. With the new solar panels at Greenyard Prepared in Belgium

(3 600 MWh) and Bakker in the Netherlands (1 400 MWh), we will double the production capacity by 2025.

And with the planned windmill at the Prepared site in Bree, Belgium and other solar panel projects in the

pipeline, we expect to double the production capacity again in the next 18 months. We’re clearly on schedule to reach the 2030 targets!”


Adrien Gentile, Group Procurement Director

Energy plan at Greenyard Prepared

“In 2023, we developed a new energy plan for our plant in Bree, Belgium. The plan not only contains the actions we will be taking over the following years, but also includes a number of areas that will require further study. We have already made considerable progress since we launched our plan.

Earlier this year, we switched our electricity contract to 100% green electricity, and more than 7 500 solar panels have been installed. At this moment we already produce more than 20% of our total electricity consumption. Plans for building a windmill at our site are well underway – we expect to start construction in 2026.”


“The next frontier will be the gradual electrification of production processes that are powered by natural gas. This will be quite a challenge, both economically and technically. Electricity prices are still up to three times as high as those for natural gas. Processes which require relatively low

temperatures can already be powered by electrical heat pumps, but for more energy-intensive processes, technologies are still in development. Still, we are already preparing for the future, with a particular focus on further reducing gas consumption and recuperating heat in our processes wherever we can.”


Carlo Krol, Operations Director, Greenyard Prepared

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T HE GREEN YA RD A PPROAC H: A PURP O S E TO IMPROV E L I FE / 49



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In 2024, more than

60%

of our electricity will come from

renewable sources.

Sea-freight shipping for fresh flowers

“Although our most popular product, tulips, are grown in the Netherlands, a significant part of the flowers we supply to German retailers come from overseas. To reduce our environmental impact, we are gradually making the switch to sea-freight.”


“For our carnations from Columbia for example, we have already made significant progress, halving the number of flights we used to need by switching to one sea-freight container a week. The flowers are perfectly suited to preserve their quality during the trip, which takes about 16 days.”


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Addvolt at Bakker Barendrecht

Bakker Barendrecht equipped 17 of its trucks – about half of its own fleet – with a battery pack that allows trailers to be 100%

electrically cooled. Bakker drivers are the first in the Netherlands to drive with the Addvolt battery packs.


The energy is generated kinetically by the movement of the vehicle. This generates enough power to electrically cool the trailer, both during transport and during loading and unloading. This reduces CO2 emissions and results in fuel savings: for every cooling unit, we annually save 4 500 litres of diesel, the equivalent of around 12 tonnes of CO2.

“For our roses from Kenia, the situation is a lot more challenging, as sea transport may take up to 38 days and more. In close collaboration with our growers, we’re looking into the development of new varieties that can actually cope with these long trips. The first tests have shown promising results, which makes us confident we will be able to make the switch there as well.”


Eric Kas, Head of Flowers and Plants, Fresh Solutions Flowers

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We have made the commitment that 70% of our value chain partners (Scope 3) will be using science-based targets by 2026. Over the past year, the procurement department rolled out the Supplier Code of Conduct to address this topic. Currently 19% of our suppliers and customers have committed to set science-based targets and a larger group is actively working on climate mitigation. One division has begun tests to collect primary data from suppliers, which will enable even more specific reporting of Scope 3 emissions.


To calculate the environmental and carbon footprint of products, Greenyard is taking a leading role in the Freshfel Environmental Footprint Initiative, an industry initiative establishing common rules in this domain, known as the Product Environmental Footprint Category Rules (PEFCR). The methodology was developed with the support of Wageningen Economic Research and will be made available as a sector-wide open resource. In line with these developments, Greenyard also uses the LCA (Life Cycle Analysis) tool Glimpact to calculate the footprint of products and identify the best levers to reduce their impact.

Greenyard added a specific field in its CAPEX approval tool to include relevant sustainability aspects, providing extra information to assess requests for investments. An internal carbon price of € 100 per tonne CO2 can be included in every business case, promoting more sustainable options and increasing internal awareness.


In line with TCFD and future CSRD requirements, Greenyard is performing quantitative scenario-analyses for specific parts of the supply chain. After an initial trial for the grape supply chain, this year’s exercise was focused on the key production regions for beans, which are very important in the Long Fresh division. The production regions are analysed against the rcp45 and rcp85 scenarios both for 2030 and 2050.


The conclusions will support the insights of our agronomists and assist our sourcing teams to make the right decisions for the medium and the long term. Further scenario analyses will focus on specific areas and product groups step by step. Greenyard also performed a climate impact analysis for its own sites. The final results of this analysis will be part of next year’s reporting in line with CSRD requirements.


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Future plans

Greenyard will continue its energy transition and contract more renewable and low-carbon energy in the coming years. Early 2024, all Belgian locations and the remainder of German locations switched to renewable energy. we continue to pursue projects for on-site production with solar panels and expect to make progress on the permitting procedures for a wind turbine at the site of Prepared in Bree, Belgium. The current energy mix for operations in the UK and France largely consists of nuclear energy, providing a very low carbon footprint. They will not be changed to renewable before 2026.


To reach Scope 1 and 2 emissions targets, Greenyard is investigating the electrification of energy-intensive processes in the Frozen and Prepared divisions, including the steam and heat generation that is needed for peeling and blanching vegetables.


Alternative fuels and electrification will be accountable for most of the savings within our transport activities towards 2030 and beyond. Certain regulations are likely to speed up the adoption of new technologies, along with government initiatives aimed at supporting this transition. Additionally, Greenyard is also exploring other fuel-saving interventions such as driver behaviour training.



7,20%


Scope 1 and 2 emissions (in tonne CO2-eq) by source (market-based approach)

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24,20%

18,60%

Other: 0,1%


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image Scope 1 – Stationary combustion Scope 1 – Mobile combustion Scope 1 – Fugitive emissions Scope 2 – Electricity


49,90%

When it comes to cold storage, the focus is on replacing older machine rooms whenever it makes sense from a technical and an economical perspective. Most cooling engines that still use refrigerants with a high global warming potential will be replaced in the next seven to ten years.


Greenyard further engages with suppliers to use science- based targets. Many retail customers have already adopted these targets, covering the downstream part of the value chain. we also actively participate in initiatives that support growers in this domain. One example is the Klimrek-T project (a climate impact calculation tool) which assists Belgian farmers with climate and water scans to identify improvement areas and assess the financial and practical feasibility of climate adaptation and mitigation measures.


Within its own SBTi commitment (Science Based Targets initiative), Greenyard plans to define FLAG targets – related to Forest, Land & Agriculture – by the end of this year, as well as targets for more complex land-based emission reductions and removals.


Water stewardship


water is an essential resource for Greenyard, both within our own operations and for our growers. The production processes within Long Fresh use considerable amounts of fresh water to wash, transport, process, peel, heat and preserve products. The availability of fresh water is equally essential for the cultivation of fruit and vegetables.


Our approach

Within its own operations, Greenyard focuses on reducing water consumption and on filtering and reusing processing water. Water consumption and water discharge are carefully measured at all sites. In locations where water usage is material, such as in our Long Fresh segment, measurements are in general even conducted daily.


Greenyard aims to reduce its primary water use by 10% by 2025, from a 2019 baseline. As production continues to grow, water intensity is becoming an increasingly

important performance indicator. Water usage is also highly dependent on external factors, such as weather conditions. A more complex harvesting season may for example result in smaller production batches and more frequent cleaning of production lines.


Greenyard uses the WWF Water Risk Filter to assess water-related risks at its production sites. Only one site, in Sint-Katelijne-Waver, Belgium, is located in an area which is labelled as a water stress area (WWF Water Risk Filter water scarcity score >3). It depends around 80% on municipal (drinking) water and 20% on ground water. This site’s consumption accounts for around 3% of Greenyard water withdrawals. All other sites are in areas with low water stress.


Greenyard also uses the WWF-tool to map growers and gain insight into potential supply risks. While we are strong at mitigating supply risks, thanks to our global sourcing capabilities, we acknowledge our responsibility to safeguard sustainable water usage throughout our


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supply chain. Around 28% of the volumes sourced by Greenyard originate from countries with water stress (WWF Water Risk Filter water scarcity score >3). It is important to note that relatively dry areas are often the best environmental option for some products. They usually have a lower pest pressure, reducing the need for crop protection.


Greenyard discloses its water-related risks and impact in detail under the terms of CDP (water security) and received score B in 2023, which is the same as in 2022, yet with higher benchmarks.

Water consumption (m³) by division


7%


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32%

61%


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Greenyard is on track to map water risks for all its growers by 2025,

with 92%

already assessed.

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Our progress

This year, Greenyard consumed 3,965 million m³ water in its own operations, a small decrease compared to last year, but with significantly higher production volumes within the Frozen division and challenging harvesting conditions. Overall, the water intensity within the Long Fresh divisions improved, due to higher volumes and several optimisation projects to save or re-use water.


Greenyard has committed to map the water risk for its entire grower base by 2025. Building on the efforts of previous years, about 92% of suppliers is now covered.


Within the Sustainability Initiative for Fruit and Vegetables (SIFAV), Greenyard takes part in the water stewardship project in the Ica catchment in Peru. Together with four other SIFAV members, the SIFAV Secretariat, and with co-funding of IDH (Sustainable Trade Initiative), Greenyard has investigated several projects that contribute to the resilience of the catchment. A full project plan will be developed for the infiltration of the ditches upstream.


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In Peru, we are participating in a project that will improve water resilience of the Ica catchment. A water source area vital for local agriculture. But we’re also taking many other initiatives, like sharing best practices of our growers as a source of inspiration for other growers in our supplier base. This illustrates the importance of our long-term partnerships with our growers.”

— Jildou Smit, Project Lead Sustainable Product Chain, Bakker Barendrecht


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Water improvement projects at Frozen & Prepared Belgium


“Since we started using the digital Enelyzer tool, we can now measure our water usage at installation level. It not only gives us detailed insight into the water consumption for each process and where we can improve, it also allows us to quickly detect and remedy any anomalies.”

“By increasing our water treatment capacity, we will considerably reduce the amount of drinking water we use at our site, from 427 000 m3 to 177 000 m3. The study phase for the project is finalised and we expect the new installation to be operational in 2025 or 2026 at the latest.”


Nils Pauwelyn, Environmental & Sustainability Manager, Greenyard Frozen Belgium

“We need water in almost all of our processes, from washing and peeling to blanching and heat treatment. At the same time, water is becoming increasingly scarce, even here in Belgium. That is why we are taking a proactive approach to further reduce our dependence on the ground water we are using. By optimising processes and increasing our water treatment capacity, we expect to reduce our water usage by at least another 25% over the next two years.”


Guido Corstjens, Environmental Coordinator, Greenyard Prepared



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Young Energy Europe Award for Poland Logistics

At the beginning of December, Greenyard Poland Logistics earned an award for their 2nd place in the Young Energy Europe competition. The awards

are an initiative of the German Chambers of Commerce Abroad (AHKs). Our colleagues presented different improvements to lower the company’s energy consumption. These include the appointment of a dedicated expert to oversee efficiency measures across warehouses, the implementation of remote-controlled software, and optimised gate operations. These efforts highlight the company’s dedication to sustainability and innovation.

Collaborations on water scarcity prevention are crucial and can take on many forms. From organising educational work- shops and exchanging best practices to setting up large-scale infrastructure projects, developing new varieties or making the transition to other products. By taking the lead, we can position ourselves in a domain that is of growing importance, not just for our growers and the regions they are working in, but also for the future of our own business.”

— Manfred Pülm, Quality Lead, Greenyard Fresh Germany


Future plans

In the coming years, Greenyard will focus on locations with the highest water usage. More specifically, the Prepared site in Bree and the Frozen site in Westrozebeke, both situated in Belgium.


The final decision on the commissioning of a large re-use project at the site in Bree will be taken in 2024. The full-year savings on water consumption from this project will mostly occur in 2025. A final decision on the water purification and re-use installation for the site in Westrozebeke will be made as well. When approved, the next phase will be the permitting process. The actual realisation of the facility is not foreseen in the upcoming financial year.

Despite growing production volumes in the business, progress is still in line with expectations and 2025 targets. Reaching the projected 10% reduction depends on the two major projects in Bree and Westrozebeke, the permitting and their actual commissioning dates. Next to these major projects, all Long Fresh sites will increase their focus on sustainable water consumption, investigating further water re-use options and reducing water intensity.


Greenyard will continue its efforts to map the water risks of growers and will start implementing water standards across the group. Through our participation in the Sustainability Initiative for Fruit and Vegetables (SIFAV), we plan to implement water standards for 70% of volumes from high water-risk countries towards 2025. Following the project in Peru, two additional SIFAV water stewardship projects, in Spain and South-Africa, are being investigated.


Food waste & circular economy


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Our approach


Greenyard is committed to reduce all its waste flows and closing the (recycling) loop for materials such as cardboard, paper, plastics, organic waste and by-products. A clear distinction is made between standard waste streams, which include avoidable food waste, and by-product streams. Avoidable food waste refers to fresh produce that goes to waste due to mismatches between supply and demand or production failures.

By-product flows stem from production processes in the Frozen and Prepared divisions and typically include peelings from carrots, potatoes, or peas. We explicitly do not consider the latter as a waste stream but as a valuable resource. Many of the larger by-product streams are transformed into feed. By-products that are unsuitable for human or animal consumption, are diverted towards bio-fermentation or composting.


Waste & Recycling

Greenyard’s demand-driven, Fork-to-Field, business model is the best possible way to prevent (avoidable)


28,6%

2,5%

0,7%


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12%

56,1%

food waste, as it establishes a close connection between consumer demand and the actual production of fruit and vegetables in the field. Via strategic partnerships with customers, we gain a better insight into expected demand, which is then connected to available stocks in our distribution centres and the planned production of our growers. This approach works best when all relevant data is shared between the different parties. When comparing food waste levels between different customers, it is clear that the better our activities are integrated, the less waste is generated.



image Re-use (mainly animal feed) image Recycling

image Fermentation & Composting image Incineration (energy recovery)

image Landfill & incineration without energy recovery


Primary packaging mix (by weight)

In addition to this, Greenyard continuously investigates innovative ways to prevent food waste throughout the chain. These include the use of forecasting tools to better predict demand, based on a wide range of parameters such as weather forecasts, events and promotions. We also explore new outlets for products that do not reach the intended customers. They are sold to other customers or industry partners, such as juice producers. In the past year, projects were initiated for bananas (banana bread) and grapes (juice). Moreover, overstocks that cannot be sold to customers due to lower-than-expected demand are delivered to food-processing companies or food banks. In the past year, 3,75 million kilograms of fruit and vegetables were donated to food banks and charities.


19,1%


13,4%


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8,3%


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Glass Metal Plastic Cardboard Wood

0,2%


59,1%


Our progress

In the past year, Greenyard generated around 195 000 tonnes of by-products and waste of which around 78 500 tons was valorised as feed. When including the re-use of sludges, sand and soil in total 56,1% is re-used. This is a slight decrease versus last year with a small shift from re-use towards fermentation. Thanks to better sorting, the total share of recycling has grown to over 40%, including fermentation and composting.


Greenyard collaborates with specialised waste mana- gement companies to increase the volumes of recycled materials. Good internal collection systems are crucial. All production sites have waste collection systems in place which comply with local legislation and related standards. A number of Fresh locations have made great efforts to improve the quality of selective collection on the work-floor.


Sustainable packaging is a crucial factor in the circular economy. Greenyard aims to have 100% of its primary (consumer) packaging recyclable by 2025. Last year, we used about 62 473 tonnes of consumer packaging, of which 99,7% is considered recyclable and the Frozen division has phased out all non-recyclable packaging. Packaging materials mainly consist of plastics and cardboard in the Fresh division, plastics in the Frozen division, and steel cans and glass in the Prepared division. Some customers are making the shift to re-usable plastic crates for transport and even store displays, which will result in lower amounts of packaging – especially cardboard – in the future.


Currently only the multi-layer stand-up pouches for soups and sauces are not 100% recyclable. They are increasingly popular because of their low weight, resulting in a better transport footprint. An industry-wide project was set up with Brightlands Materials Center to develop a recyclable alternative. Several options have already been tested, but the current product design does not yet match the high standards for heating the pouches during production. Further tests are also needed to ensure no breakages occur during storage. The project has been extended and several partners in the packaging industry are working on solutions, making us confident that these criteria will be met in the coming two years.


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Future plans

Greenyard will continue projects on forecasting demand and supply, as it is one of the most important ways to avoid food waste. The different entities continue their efforts to map the characteristics of different waste and product flows and exchange knowledge on valorisation options. Greenyard also takes an active interest in research projects of knowledge institutes such as Wageningen University and Flanders Food aimed at developing toolboxes to assist food operators in reducing food waste.


In the packaging domain, Greenyard remains committed to use 100% recyclable consumer packaging by 2025 and is investigating upcoming EU and national legislation on plastic packaging for food, with a focus on fresh fruit and vegetables in particular. Packaging is always used to protect products and improve shelf-life. Preventing waste of perishable goods can be challenging, as weather conditions during growth and harvest may influence the quality of the goods and raise the risk of potential food waste. Using the right packaging can often be a sustainable solution. Moreover, packaging is also an important factor in supporting consumption and making our products more convenient for consumers.


Greenyard has already achieved its goal of having 30% recycled content in (non-)food packaging by 2030. The percentage of recycled content in both our metal and glass packaging is even higher. Nevertheless, we will investigate new goals in coming years, working towards 2030 and in line with EU policies. The Prepared division is also looking into alternative packaging options with the development of a packaging line using the Tetra Pak (cardboard) concept. This will lower the footprint of packaging while ensuring recyclability.


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Greenyard aims for 100% recyclable

packaging by 2025

In 2023, 99,7% of 62 473 tonnes of consumer packaging was recyclable.


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Cutting cardboard waste

By switching our Spanish growers of citrus and grapes to re-usable crates, we are saving 2,4 million kilo of cardboard packaging material each season.”

— Jakub Dvorak, Lead Buyer, Bakker Barendrecht


Sustainable agriculture & biodiversity


Greenyard sources approximately 2,6 million tonnes of fruit and vegetables worldwide each year. To ensure full compliance with all regulatory requirements in the EU and the country of origin, all produce that enters our value chain must be produced in a sustainable manner. Increasingly stringent European and local regulations present the sector with considerable challenges, especially if we want to ensure fruit and vegetables remain available and affordable for everyone.


We do acknowledge that the sector has room for improvement, particularly when it comes to biodiversity and the use of fertilisers, crop protection and water.

A gradual shift towards (more) regenerative farming is seen as the only way forward, based on both the benefits of this system and the need for compliance with (future) EU policies and customer demands.


Our approach

Greenyard requires growers to adopt good agricultural practices and obtain certifications such as GlobalGAP and FSA (Farm Sustainability Assessment). These encompass integrated pest management, in which best practices and new regulations continue to evolve. As regulations


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become more stringent, many innovative products and methods for biological control and more pest-resistant varieties are being introduced. As a connector in the chain, Greenyard teams up with growers to test new varieties or more sustainable alternatives.


Many growers are long-term partners. The Fresh division has established important long-term Integrated Grower Relationships (IGR) with both producer groups and individual growers. Within these IGRs, growers are expected to align with regulatory and customer requirements, but the production itself is left up to the growers. We do engage in programs that help them shift towards more regenerative, sustainable or organic farming.


In the Long Fresh divisions, these partnerships are often established through contract growing and producer associations. Through close collaboration, we help growers improve agricultural methods, share best practices, enhance product quality and ensure availability, especially for crops that may become impacted by climate change.


Greenyard commits to zero- deforestation in its supply chain by 2025. Although fruit and vegetables are generally considered low to medium risk, we are mindful of any risks in this domain. Packaging is often prescribed by customers, but preference goes out to FSC (Forest Stewardship Council), PEFC (Programme for the Endorsement of Forest Certification) or similar certified paper and cardboard. Greenyard discloses its forest- related risks and impact in detail under the terms of CDP (forests) and received score C in 2022, which is the average level in the sector.

Our progress

Greenyard engages in one-on-one grower projects to test precision farming techniques or set up measurements for biodiversity aspects such as soil quality and organic matter. Via the Bakker division, we are actively involved in the Better for Nature & Farmer program, which supports farmers in the transition to more sustainable agricultural practices with a focus on lowering CO2 emissions and enhanced biodiversity.


Despite some pressure on organic sales in the market, Greenyard’s own share remains stable and represents around 8% of Fresh volumes and more than 4% of Long Fresh volumes. It is important to note that conventional production is increasingly focusing on sustainable agricultural techniques as well.


Biodiversity, deforestation, soil degradation and the use of fertilisers and pesticides are all included in our risk assessment framework, which is an integral part of our sustainability due diligence approach.


Future plans

Greenyard supports the development of sustainable agricultural practices and stimulates growers to adopt these step by step. We consider the Regenerative Agricultural practices, which are still in development, as the most promising to foster biodiversity and nature in general. It is a resilient solution for growers that will result in both more sustainable and more profitable farming practices.


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In 2023, Greenyard started developing a Regenerative Agriculture Framework. Our internal agronomy and sourcing experts are working together with several external experts, The Shift’s learning community on biodiversity and several frontrunners within our value chain, such as The Fruit Farm Group. Inspiration is also drawn from publicly available information from the SAI (Sustainable Agriculture Initiative), WBCSD (World Business Council For Sustainable Development), Regen10 and related policies of customers and other food companies.


The Framework starts from an outcome-based approach, with a focus on measuring progress. Farmers should be able to give a clear view on the health of their soil, the use of water resources, climate impact and biodiversity. It should also consider context-related elements such as the specific location of the farm, local soil types and local climate conditions. This will help to ensure that crops are grown in places where it makes most sense and good yields can be achieved while fostering nature.

Greenyard does not expect to set targets before the end of 2025. A first list of indicators has been defined for key areas, along with a list of practices that contribute to positive outcomes. This list is – deliberately – not yet final. A current list of proposed KPIs and practices can be found on the Greenyard website where the final version of the Framework will be published when available.


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These are the objectives that have already been defined within the Regenerative Agriculture Framework:


Improving or preserving the soil organic matter through sustainable agricultural practices

Improving the water footprint of farmers and protecting waterways near the farm

Lowering the climate impact of farmers by decreasing the use of crop protection and fertiliser

Enhancing and protecting biodiversity

through a holistic approach

Supporting resilient and profitable farming systems that ensure farmer’s livelihoods

About our Integrated Grower Relationships (IGR)

Over the past 40 years, Greenyard has built close partnerships with the world’s best growers. Most of them have been with us for many years, some even for decades. Some are local farmers, just around the corner from our sites and our added-value distribution & service centres. Some are in the best growing regions around the world. Working so closely with the growers, also allows us to have access to products that are high in demand and thus of great value. Thanks to Greenyard’s global scale, we can also ensure produce access in specific timeframes during the year. Together, we can assemble the right assortment per customer in every season and bring the best of what nature has to offer to the shelves of the local supermarkets.



This is a complex matter that will take time to develop. Measurements and measurement techniques still must mature. Greenyard also wants to unburden farmers in the ever-increasing list of measurements they must provide by investigating pragmatic methods to measure impact and using existing data to calculate impact.

Our close and integrated grower relationships may take on many forms and may include guaranteed volumes, contract-growing and even joint ventures. But it’s about more than just volumes and conditions. we also support our growers in their daily operations and help them explore new and more efficient agricultural techniques and practices, ensuring their business remains sustainable in the long run, both from an economical and an ecological perspective.


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INTERVIEW

A holistic approach to growing with nature

Gilles Deprez, Chief Executive Officer, The Fruit Farm Group & Elodie Deprez, Chief Regeneration Officer, The Fruit Farm Group


One of Greenyard’s important suppliers, The Fruit Farm Group, operates 12 farms with a total of almost 16 000 ha in four countries: Brazil, South-Africa, Turkey and Uruguay. They have a wide range of soil types and climates where they grow some of the fastest growing fruit categories in terms of consumer appreciation and consumption. These include grapes, cherries, avocados and citrus easy peelers. The Fruit Farm Group has

a dedicated and holistic approach to regenerative farming.


“As food producers we play an important role in creating a positive impact on climate change. We started our transition to regenerative farming more than ten years ago, as we believe sustaining the current situation is not enough. Our sustainability strategy is based on a principle of creating growth for nature, people and capital, this within a global context in function of our end consumers.”


“Regenerative farming is often reduced to restoring and nurturing the health of the soil, but we take a much more holistic approach. Every farm is unique and has its own specific geography, climate, soil and water sources. We need to look at all these elements and use our agronomic expertise to work in harmony with nature to improve our production. This way we can make our farms more resilient to the effects of climate change.”

“Over the years, we introduced many new techniques and technologies in our farms, from cover cropping, AI-based water monitoring and fertigation, precision farming, the use of drones, bio and fungi labs

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where we develop natural alternatives for chemical crop protection, green energy, and many other advancements.”


“To measure the success of the actions we are taking, we use an outcome-based approach. We focus on the progress being made over several years and not just the current performance of an individual farm.

It’s the opposite of what we’re seeing today, where more and more restrictions are imposed on farmers. Farmers need solutions and support to help them make progress in their daily work and shift towards regenerative farming.”


“With our unique approach, we hope to set the standards of the future and eventually transform agriculture. We realise this will take time – it’s a slow and gradual process. It’s also a transition we can’t pursue alone. We need to work with every link in the chain to make it happen.” image


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With our unique approach, we hope to set the standards of the future and eventually transform agriculture.”



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Close collaboration for sustainable, orange coloured gold

French grower François Arnouts works in close collaboration with Greenyard Frozen Belgium, supplying them year-in-year-out with

high-quality carrots. Despite lacking a traditional farming background, his commitment to sustainability shines through, as he embraces both organic and conventional farming principles. The partnership

emphasises responsiveness, adaptability, and transparency, aiming for a greener agricultural landscape through reduced pesticide usage and a fruitful exchange of ideas.

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Cultivating collaborations in organic farming

La Maggiolina, an Italian farm specialised in a wide offer in salad varieties, such as spinach, baby leaves and others, exemplifies our close collaborations in sustainable farming practices. With 80 dedicated employees and 40 years of experience, the farm prioritises quality and freshness. Their commitment to traceability ensures transparency from seed to sale. Teaming up with Greenyard, La Maggiolina champions sustainable growing, with 90% of their produce grown organically. La Maggiolina’s story showcases the potential of collaboration and dedication for a greener future in farming.


Social impact


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As one of the world’s largest suppliers of fruit and vegetables, Greenyard stimulates people to increase the share of fruit and vegetables in their daily diets, benefitting their health and reducing their impact on the planet. But we also play a significant role in our own supply chain to ensure healthy and safe working conditions for all the people working in it, directly or indirectly.


Responsible sourcing

Greenyard expects all employees to value and respect anyone who works with us, safeguard human rights and be conscious about any impact our activities may have on people and on the environment. These expectations have been listed more explicitly in the Code of Conduct and translated for suppliers in the Supplier Code of Conduct which was introduced in 2022.


Certification on social standards are a first and important line of defence. A respectful environment for everyone involved in the food value chain is top priority, with a particular emphasis on safe working conditions and fair wages. We expect everyone collaborating with us, directly or indirectly, to adopt a similar approach and to comply with social laws and regulations.


Our approach

Greenyard sources more than 2,6 million tonnes of fruit and vegetables worldwide each year. Around 50% originates from high and medium-risk countries, driven largely by overseas volumes from the Fresh division. 100% of our growers in high-risk countries must be certified for social compliance by 2025 and those in medium-risk countries by 2030.


Greenyard actively pushes for social compliance as a prerequisite for doing business, but growers also need to be given the necessary time to work on their certification(s). It is key that they are actively working towards full compliance and are willing to acknowledge and report shortcomings. The Supplier Code of Conduct requires all current and future suppliers to confirm their compliance with international and national employment


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image > 85%

certified growers for

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legislation, and to adhere to the international instruments dealing with human rights, children’s rights and responsible business conduct.


As established within the Sustainable Initiative Fruit And Vegetables (SIFAV), Greenyard has adopted a risk- based approach. All SIFAV partners have agreed on a list of comparable standards, requesting more stringent certifications in high-risk countries compared to medium- risk countries. Suppliers are asked to assure their social compliance using assessment tools and certification schemes from SIFAV’s social standards basket, including GRASP (GlobalGAP Risk Assessment on Social Practice), Rainforest Alliance and SA8000 (Social Accountability).


Greenyard’s Sustainability Due Diligence approach is based on OECD (Organisation for Economic Co-operation and Development) Guidelines for multinational enterprises and is compliant with the German Supply Chain Due Diligence Law and the vision behind the EU CSDDD. This approach looks beyond the human rights impact in the food supply chain to also include the environmental impact of both suppliers and our own operations.


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Simply veg!

We have teamed up with Veg Power, a non-profit alliance that aims to increase the vegetable consumption in the UK. With their latest campaign Simply Veg, Veg Power is bringing together top nutritionists, chefs and psychologists to create new and inspiring (video) content. The main message? Eating more vegetables is easy and healthy, and it benefits your wallet as well!”

— Laura Dixon, Communication & Community manager, Greenyard Frozen UK


Greenyard has always considered children’s rights to be an integral part of human rights. As this topic deserves extra attention, the UN Convention on the Rights of Children (CRC) and the UN Children’s Rights and Business Principles have been integrated in the Supplier Code of Conduct.


Our progress

With about 90% of growers based in high-risk countries certified for their social compliance, Greenyard is on track with its target to reach 100% by 2025. For medium-risk countries the share now stands just below 85%. The current progress mainly results from administrating the different certificates from suppliers and the complete roll-out of the Supplier Code of Conduct.


The Frozen division has taken important steps in its program to help Polish growers implement the necessary procedures for certification. It is a long-term program that will enable us to reach the 2030 goal for medium-risk countries and gradually increase the number of certified growers over the coming years.


While certification plays a key role, Greenyard also conducts on-site visits and third-party audits at suppliers to gain insight into growing practices and working conditions. These are mainly driven by requests from retailers. We have also extended our trial with a specialised third-party auditor to increase the number of visits we initiate ourselves as a preventive measure.


Greenyard’s Group Sustainability Due Diligence approach was finalised last year. It is largely based on learnings in the German market, which is leading the way in this domain. The so-called Lieferkettensorgfaltspflichtengesetz (LkSG) has been in effect for German retailers since 1 January 2023. Greenyard uses the framework developed within SIFAV to identify and assess risks of food suppliers delivering to the German market. The risk assessment methodology relies on an online tool which covers 18 ESG risk domains. Furthermore, the Sedex platform and the SMETA audit (Sedex Members Ethical Trade Audit) are used for risk assessments of non-food suppliers and self-assessments of our own operations. Sedex is a membership organisation that provides tools and audits for companies to manage and improve working conditions in global supply chains.

Fair Trade represents about 1,8% of Greenyard’s Fresh volumes, in line with the overall market. The number also reflects what our customers request us to source.


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Everyone deserves a healthy life

“We teamed up with Elucid, a young and innovative company, to provide healthcare insurance for people working on our banana farms in Ecuador. Healthcare services are not easy to come by for many of them.

They often have to pay upfront for specialised medical interventions, meaning they postpone much needed care. About 350 workers and their families already participate in the project. Of course, we hope to extend the project in the future, because we believe everyone deserves a healthy life. Moreover, we are exploring ways to widen the scope of this program, using Ecuador’s long-lasting partnership and high banana volumes as a blueprint for other sourcing regions.”


Gesa Kip, Specialist Quality Assurance & Sustainability, Greenyard Fresh Germany

Greenyard actively participates in projects to improve living wages and income for farmers, usually in close cooperation with retailers, whose support we need to keep these projects going. There is a clear need to develop methods to ensure that the extra income of these projects goes to the farm workers. Last year, we have set up a collaboration with Elucid, a German-based social enterprise that provides health insurance for workers on farms in different areas of the world.


Future plans


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Agriplace – compliance made easy

“As part of our sustainability strategy, we require our growers to adopt good agricultural practices and obtain the

necessary certifications, such as GlobalGAP and FSA. However, keeping track of the certification status for thousands of suppliers is a considerable challenge.”


“The Agriplace platform allows us to gain better insight into our supplier base and save time collecting and reporting the right information. It helps sellers and buyers to easily exchange information with regard to

quality, sustainability and social requirements. It has now been implemented in all Fresh entities in Belgium, France, Germany, Italy, the Netherlands, and Spain. Greenyard Fresh Brazil has also started to use the platform.”


“This is surely not the end of this success story, with many other entities within the Greenyard group showing great interest in joining Agriplace as well.”


Judith Prang,

Business Process Owner, Greenyard

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Grower certification at Frozen Poland

“We have launched an ambitious program to have all our growers FSA (Farm Sustainability Assessment) certified in the coming years. The program will not only enable us to reach our sustainability target, it will also contribute to the sustainable development of Polish agriculture in general.”


“We started in early 2023 with a small group of 17 growers of broccoli and cauliflower in the vicinity of our production plant. Early 2024 another 50 growers joined, this time also including suppliers of raspberries and beans. For next year, we plan to have another group of 200 growers certified.”


Wojciech Krause, Agro Department Manager, Greenyard Frozen Poland

In the coming two years, Greenyard will focus on ensuring compliance for the remaining group of growers in high-risk countries or find alternative suppliers when necessary. The group of compliant growers in medium-risk countries will also grow steadily. The support program for Polish growers supplying to our Frozen division will be crucial to realise this target.

Using the German market as our blueprint, Greenyard will start to implement the Group Sustainability Due Diligence approach across the entire Group. The roll-out of the Agriplace tool to approve suppliers will also continue.



Innovation, health and nutrition


Fruit and vegetables offer an exceptional combination of nutritional value, providing carbs, proteins and healthy fats, but also fibres, minerals and vitamins that are essential to our well-being. However, daily consumption is still well below recommended levels. This means there is a good match between sustainability and business for Greenyard, as the growth of our business has a positive impact on health and well-being.


The EU Green Deal promotes sustainable food con- sumption and a shift towards healthy, sustainable diets. A diet with less red and processed meat, and more fruit and vegetables will both reduce the risk of life-threatening diseases – along with related healthcare costs – and the environmental impact of food production systems.

Our approach

Greenyard wants to ensure high-quality fruit and vegetables are available, affordable and convenient. The healthy choice should also be an easy choice for consumers. We team up with customers to grow the fruit and vegetables category by offering added-value services and a strong product range. The Fresh division offers a year-round attractive assortment of fresh produce, along with meal-kits, fresh-cut vegetables and salads. The Frozen and Prepared divisions turn fruit and vegetables into convenience products that allow year- round availability.


Some of the ready-to-eat meals in the Frozen and Prepared divisions are seasoned and may contain salt, sugar or fats. Their levels are continuously reduced via new product and recipe development, in close cooperation with customers. Greenyard also takes part in initiatives to promote pure-plant proteins, and develop products that increase the impact of this category.


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The innovation culture in our company is growing strongly. Our people have a lot of knowledge and above all passion for our products, which creates an ideal foundation. We are

also taking steps to better embed innovation in our organisation. We have set up an overarching groupwide innovation platform to ensure we inspire each other beyond divisions and countries.

And we’re only getting started.”

— Sylvain Mermod, Group Innovation Manager


Our progress

In the past year, Greenyard has again developed and marketed a wide range of new products, product varieties, dishes and packaging. Some of these products have also been recognised for their innovative character and nominated for industry awards.


The internal product development teams (R&D) ensure that the quality of developments and the circulation of information within the organisation are monitored during the entire development process. Fresh and Long Fresh employ respectively 20 and 8 dedicated permanent staff to develop new products and engage in research partnerships. There are currently several R&D programmes in place, which are co-financed by external national and international institutions. The Group’s R&D budget amounts to € 3,0 m.


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As a mainly private label company, Greenyard develops many of its recipes in close collaboration with customers. Within these developments of new products, a good Nutriscore is increasingly important. In the Fresh division all products are in line with Nutriscore A, as these products are pure-plant. In the Frozen and Prepared divisions, most products have an A-score as hardly any processing takes place, and no additives are used. Ready- to-eat products usually have either an A- or B-score. Only a few products – mostly cheesy and creamy sauces and cream soups – still have a C-score. Scores for these specific products are improved by re-thinking the recipes whenever possible.

Greenyard’s engagement for healthy and nutritious foods goes beyond product expertise and product development. At the beginning of 2023, Greenyard signed a five-year partnership with We’re Smart, the world’s foremost culinary reference for fruit and vegetables. Together, we encourage people to make smarter food choices, resulting in a better health and a lower carbon footprint. In the past year, the Instagram channel @greenyard.stories, together with other channels such as Facebook and LinkedIn, has inspired over 7,5 million consumers by sharing ideas for delicious, sustainable and nutritious meals. The Radilicious cookbook, another result of the partnership, contains signature dishes of renowned vegetable chefs from around the world, showing that healthy food can be served at the highest culinary level, even in people’s home kitchens.


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Future plans

In line with its mission, Greenyard continues to promote the consumption of fruit and vegetables, both via its own channels and in close cooperation with customers. Our product range continues to expand with healthy, accessible, innovative and convenient products.


Through voluntary efforts and covenants with authorities, the industry has systematically reduced the amount of added salt and sugar. Ensuring the taste remains at a similarly high level remains an important challenge. Although many products have already been adjusted in the past years, we will continue to invest time and effort in new and better recipes.


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GREEN Bag at Bakker Barendrecht

Bakker Barendrecht has seen over 350 colleagues sign up for the Bakker GREEN Bag, which was launched in spring of last year. This internal subscription service delivers monthly bags filled with fresh, seasonal fruit and vegetables for a fixed fee, enhancing the daily work experience and promoting healthy, home-cooked meals.

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Greenyard Frozen France treats colleagues with fresh vegetables

with a variety of seasonal produce provided on the last Friday of each month, colleagues from the Frozen France site are invited to bring their own bags and receive free monthly distributions of fresh vegetables.

Even if products are developed in close cooperation with our customers, Greenyard aims to start reporting on the Nutriscore of its products in the coming years. A high percentage of them will have A- or B-scores. The products with C-scores or lower will take more effort to change.



Talent growth, diversity and inclusion


Investing in talent

Greenyard offers a wide range of formal and informal training programmes to its employees, both in the local entities and on Group level. Employee trainings are essential to enhance their skill set. They are crucial to improve a broad variety of key drivers for our continued growth, such as employee productivity, employee satisfaction, agility, and quality, while stimulating internal growth and career development.


Since a few years, employees increasingly work in a hybrid format, combining office work with working from home. Acknowledging the risk of becoming less attached to the company working this way, Greenyard increased internal communications and introduced specific programs for talent and leadership development across the different divisions.


This year Greenyard reports an average of ten hours of training for each employee. This excludes the many knowledge sharing sessions across divisions and entities on specific topics such as sustainability, human resources and quality. Different departments and teams are encouraged to present their strategy and goals in meetings with other colleagues.

Today’s talented people want to work for a company with a clear purpose and positive impact. Greenyard is perfectly positioned in this regard. To attract and retain young talent, one of our Bakker entities offers an extended program of traineeships. Development programs for young managers (Gamechangers) and leaders (DRIVE) have been successfully launched.


Diversity and inclusion

As a global player, Greenyard’s workforce is socially diverse with more than 80 different nationalities working in the various divisions. we respect diversity in all its forms – nationality, religion, culture, language, age, gender and sexual preference – and ensure equal opportunities for all employees. We want our organisation to be a safe haven, where people find trust and support. In 2023, Greenyard established a Diversity, Equity & Inclusion committee to promote an inclusive culture throughout the company, which is discussed at greater length earlier in this Annual Report (p. 30-35).


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Strengthening legal compliance twofold

Our Group Legal team has set up two training programs to boost legal compliance across the Group. Alongside a legal training program focused on creating a better understanding of contractual obligations and mitigate risks, the Legal team also hosted live competition law training sessions

at the different sites. These sessions underscore the importance of adhering to competition regulations, aiming to raise awareness among management, sourcing, sales, and procurement teams, fostering a culture of legal compliance and confidence in navigating legal complexities in our daily operations.

Our focus is on the evolution towards a gender balance at all levels and at retaining employees across all age categories by providing a supportive work environment. Greenyard is also an active provider of social employment, for which there are many opportunities in different levels of the organisation.



Greenyard’s senior and top management usually have a strong background in specific domains or within the sector. At the same time, they are result-oriented while understanding the importance of well-being and development of people. we strive for a more diverse and inclusive composition of senior and top management, and are always mindful of this when fulfilling open positions. There are no specific targets, and having the best possible candidate for the respective function remains priority. Last year’s appointment of a new Managing Director for the Frozen division, who also joined the Group’s Leadership Team, and the internal promotion of the new Finance Director in the Prepared division has, for instance, led to increased diversity in Greenyard’s management.

Within senior management, there is a good variety in different generations and backgrounds. At other levels of the organisation, there is a good mix and a reasonable balance between male and female managers. Within the Group’s headquarters, which serves as the connecting link to all entities, there is a diverse workforce and a good mix of gender, nationality and age. Greenyard’s international character is well reflected here.


Greenyard ensures a safe haven for all its workers. We take a firm stand against any form of bullying, racism, discrimination, harassment, violence, exclusion and negative behaviour among employees. It goes without saying that any illegal and unethical business practices are unacceptable. While this is clearly laid down in our Code of Conduct, we continue to ask extra attention for this and we encourage our employees to speak up. This is being enabled and supported by trainings, dedicated communication campaigns and a whistleblowing tool that is accessible to the entire workforce.


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It will be crucial to further develop a modern management culture by thinking outside of the box. Why not look

at shared positions and part-time roles for example?

By doing so, we will be able to retain young and talented people – also in management positions.”

— Christiane Brede, Managing Director Fresh Solutions


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Health, safety and well-being


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Our approach


All Greenyard sites have Employee health and Safety policies in place that are appropriate for the local activities. Local site managers collaborate and interact with employees, unions, government departments, and local communities to identify priorities, share best practices, and co-create solutions.


A Group Health and Safety Manager was appointed in 2022 to coordinate actions across different divisions and actively work on the development of a safety culture, measure performance in a standardised way and exchange best practices.

By fostering a culture of transparency and accountability, Greenyard inspires trust and credibility in its safety reporting. Central and corporate coordination of activities and collaboration among the entities of the groups are essential steps to fully embed the safety culture.


By establishing lines of communication and promoting teamwork, Greenyard ensures that safety practices are consistently prioritised and implemented across all levels. This proactive approach helps in identifying potential hazards, addressing safety issues, and promoting a culture where every individual feels responsible for maintaining a safe environment.


Our progress


Since 2022, Greenyard has been working to systematically develop a common sustainable vision on health and Safety. Safety managers from all sites participate in the Health and Safety network and community. This network facilitates the exchange of best practices and compliance to minimum safety requirements. By actively involving stakeholders from different levels of the organisation, Greenyard aims to create a safety culture where awareness and accountability are key.


Within this network safety star projects are identified to address the primary causes of occupational accidents. Technological innovations offer many new opportunities

to enhance health and safety in the workplace. The first star project is related to our fleet of rolling equipment. By installing real-time monitoring systems and predictive analytics, emerging risks are identified and incidents prevented before they occur.


Effective reporting requires robust metrics and indicators to measure health and safety performance accurately. To measure progress, the number, frequency rate and severity of accidents are tracked at all sites. The number of work accidents with lost time remained stable, whereas the frequency rate increased slightly. The data are reported in the data tables on page 100.


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314

316

306

295

256

255

Evolution work-related accidents with lost time


2018 / 2019 2019 / 2020 2020 / 2021 2021 / 2022 2022 / 2023 2023 / 2024


Future plans


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Bakker Belgium is keeping it safe

Our Group health & Safety team fosters a culture of safety across our divisions, leading to significant achievements like Bakker Belgium’s 365-day milestone without any operational safety incidents in June 2023. This accomplishment reflects the dedicated efforts of our colleagues and underscores our commitment to maintaining a secure work environment.

Over the next years, Greenyard will further shape its Health and Safety policy as a comprehensive framework designed to manage safety risks and promote a safety culture, with a focus on the further development and activation of the health and Safety community. The aim is to ensure local management demonstrates visible leadership and commitment to safety by not only setting objectives but also allocating resources to identify and

address workplace hazards, including physical, chemical, ergonomic, and psychosocial risks.


Greenyard will also roll out a new Health and Safety software platform and establish a streamlined system for reporting all incidents, accidents, near misses, and hazards. The platform will not only enhance our safety culture but also empower employees to play an active role.




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Fifth consecutive

“Zero Accident Certificate” for Greenyard Fresh Spain

“As Managing Director of Greenyard Fresh Spain, I was honoured to receive the ‘Cero es+ certification’ from MC MUTUAL, recognising our five-year commitment to zero accidents and sickness absences in our workplace. The award reaffirmed our dedication to uphold the highest safety standards.”


Pepe Perez, Managing Director Greenyard Fresh Spain

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Drive safely:

listen to your coach!

“Our production units and distribution centres can get quite busy, with thousands of movements of forklifts and other rolling material. Preventing accidents is an absolute top priority. With the Digital Driver Coach, we want to steer our drivers in the right direction and help them gain insight into their driving behaviour.”


“The system was implemented early 2024 at Greenyard Fresh in Sint-Katelijne-Waver, Belgium. All vehicles are equipped with a registration and driver box that detects impact, harsh turning and non-eco driving such as severe breaking or accelerating. Every time an unsafe manoeuvre is detected, real-time feedback is sent to the driver through a red warning light on their driver box.

We have high expectations for this project, and we will investigate how we can scale this to other Greenyard sites.”


David De Bruyn, Group Health & Safety Manager

Local community engagement and citizenship


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Greenyard Frozen Poland improves lives through community initiatives

Greenyard Frozen Poland takes our purpose to improve life to a next level by setting up bottom-up community initiatives, both within the company and

in their local community. From hosting successful Health and Safety Days to supporting local schools and welfare centres, our colleagues take our commitment beyond the walls of our sites.

we are all part of society – this is also true for Greenyard. We can only fulfil our ambition to improve life if we also support our local communities as best as we can. In many of our entities, we collaborate with local charities

in different ways, ranging from surplus food to engaging in local initiatives. By doing so, we try to provide the most vulnerable people in our society with additional support, including access to great, pure-plant food.



Economic impact & governance


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The Greenyard Code of Conduct clearly defines how we expect all employees to act in a responsible, ethical and legally compliant way. It links back to globally recognised principles, including the Universal Declaration of Human Rights, the UN Sustainable Development Goals, the UN Global Compact, the International Labour Organisation (ILO) Declaration on Fundamental Principles and Rights

at Work, the OECD Guidelines for multinational enterprises and the EU Code of Conduct on responsible food business and marketing practices. The internal Code of Conduct was also translated to an external Supplier Code of Conduct including specific topics like Children’s Rights.

T HE GREEN YA RD A PPROAC H: A PURP O S E TO IMPROV E L I FE / 77


Governance on sustainability


Greenyard has a clear sustainability strategy and roadmap as part of the overall Group strategy. The actual execution of this roadmap is done within the business. This trickles down to local entity level, which is where we actually save energy, reduce the use of water or packaging, prevent food waste and ensure responsible sourcing.


The local Sustainability Ambassadors support these processes in the business. They meet four to six times a year to be informed on specific ESG-topics, share best practices and help build a sustainability culture.

Every entity has a Sustainability Lead who acts as coordinator and reports (non-hierarchical) to the Group Sustainability and Innovation Director, who reports directly to the CEO.


The Board of Directors receives a quarterly sustainability update, but the topic is also present in the more regular business updates given by the CEO, who is ultimately responsible for the strategy and its implementation. Part of the personal management incentives are linked to the Group’s sustainability performance.


Code of Conduct


The broader governance approach is underpinned by two Codes: the Greenyard Code of Conduct and the Greenyard Supplier Code of Conduct. The Code of Conduct outlines the unified social norms and responsibilities for all operations and applies to all employees. It defines our core values, the guiding principles for our business, respect for the people we work with and our duty to foster nature. To help employees understand the Code of Conduct, a user-friendly e-learning module is mandatory for all Greenyard employees.


The Supplier Code of Conduct sets out the standards in terms of environmental, social and governance matters expected from all direct suppliers, including raw material suppliers, service providers, co-packers, contractors or agents.


There is a grievance mechanism in place for anyone who wishes to report misdemeanours of any kind.

The Whistleblowing Policy guarantees absolute anonymity and empowers employees to actively contribute to creating a safe haven for everyone. The same goes for suppliers and their employees. Any report is handled by a dedicated investigation team. The number of received reports and the number of confirmed breaches are disclosed in the data tables. In 2023 Greenyard joined Appellando, a multi-stakeholder alliance for grievance mechanisms in supply chains with a specific focus on agricultural practices. This newly introduced system complements our own grievance mechanism.


Greenyard has the necessary procedures in place to ensure that these codes and policies are being adhered to. Regular audits at our facilities assess their compliance with labour, health and safety regulations. Compliance with topics that are material to our sustainability agenda are reported annually in our Sustainability Report.


Benchmark & ESG Ratings


In addition to this Sustainability Report, Greenyard discloses information about its environmental, social and governance performance to specialist ESG rating agencies including CDP, EcoVadis, Moody’s ESG, MSCI

and Sustainalytics. Greenyard is also among 350 keystone companies covered by the World Benchmarking Alliance’s Food & Agri benchmark. Other ratings or benchmarks are not actively followed up.


Measure & act


Sustainability is embedded in our daily operations. Crucial KPIs are measured at local entity level. KPIs on energy use (electricity and gas), (food) waste and water are measured on a monthly basis, enabling local management to act and steer towards the reduction of our environmental footprint based on actuals.


Reporting is done in our own sustainability reporting tool. All KPIs are clearly defined and annual training sessions ensure all users are up-to-date with new features. The input is reviewed on a quarterly basis, with a focus on data consistency and understanding outliers, ensuring data is collected in a consistent manner from every division, entity and location. The data is entered manually into the system by the local Sustainability Ambassadors based on meter readings, invoices or internal data.


The monthly and quarterly reporting schedule runs parallel with the financial reporting at Group level and

enables management to analyse performance, detect trends and deviations, and steer operations in the right direction. The sustainability performance is reported on a quarterly basis to the Executive Management and Board. The sustainability team is supported by the Accounting & Controlling department in these reporting efforts.


The collected data are used as the basis for our sustain- ability reporting and for the limited assurance audit pro- cess on the most important KPIs. The KPIs that have been reviewed externally are listed in the assurance letter on page 90-94. For external reporting purposes, we use consolidated figures, mostly on Group level and partly on divisional level. Our sustainability reporting, along with our double materiality assessment, offers transpar- ency and insight into the impact of our operations and our value chain. More datapoints will be added as time goes on and based on evolving legislation and reporting criteria such as the EU Taxonomy and the CSRD.


Food safety, quality & traceability


Our Approach

Greenyard is dedicated to upholding the highest standards of quality and safety across its entire product range. Robust processes throughout our supply chain ensure strict compliance with regulations and local requirements in every market we serve. Greenyard’s commitment to consumer safety and product quality is guided by our comprehensive Quality and Food Safety Policy. This policy serves as the bedrock of our approach, outlining stringent measures to identify, control, and monitor potential safety risks at every stage of production. Over 90 000 laboratory tests are conducted annually, reinforcing our dedication to transparency and excellence.


Suppliers are held to clear and strict product specifications. Their certification status is reviewed annually and formal risk assessments are performed on a regular basis. With the full traceability of our products and ingredients, Greenyard not only meets legal requirements but also promotes sustainability in the supply chain and provides customers with the necessary granularity on the products’ origins.

Our Progress

Over the past year, Greenyard made significant strides in enhancing its food safety culture. Through collaboration with esteemed partners such as the University of Ghent, we developed and launched our own Food Safety Culture Program. This initiative has been instrumental in fostering a shared commitment to food safety principles across the organisation, particularly in the Frozen and Prepared divisions. Additionally, the Fresh division increased cooperation among European entities, building on the newly established Quality and Food Safety Framework, resulting in a more active community dedicated to defining best practices and enhancing efficiency. New data management systems like Agriplace have been introduced, enhancing supply chain transparency and improving due diligence processes.


Future Plans

Looking ahead, Greenyard wants to further elevate its standards of quality and safety. The Food Safety Culture Program will be refined to better align with the unique context of the Fresh division. By the end of the new fiscal year, the program will be fully implemented across most entities, ensuring food safety is ingrained in our organisational culture. The renewed Quality and Food Safety Policy will be rolled out across all divisions, supported by advanced data management systems to reinforce compliance and drive continuous improvement.


Tax transparency

In 2023-2024, the cash taxes for corporate income taxes contributed by the Group to local tax authorities amounted in total to € 15 612 m. Next to the aforemen- tioned amount, the group also contributes significant other amounts of taxes in all of the jurisdictions where activities are carried out such as payroll taxes, social security, and VAT. In line with the Group’s tax policy, a correct determination and timely payment of the taxes due in compliance with applicable tax laws are pursued. The taxes paid by the Group are a key part of its wider economic and social impact and the Group is aware that it plays an important role in the development and/or stability of the jurisdictions where it operates. Therefore the correct payment of taxes is considered an important element of the Group’s commitment to grow in a sustainable and socially inclusive manner.


The Group commits to conduct its tax matters in a consistent way with the following objectives:


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EU Taxonomy

The EU Taxonomy Regulation (EU 2020/852) aims to define the criteria for determining whether an economic activity can be considered environmentally sustainable and in line with the EU objectives laid down in the EU Green Deal, including EU Climate targets. By clearly defining what is sustainable, it is believed that a transition towards a more sustainable economy is fostered

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as investments can be directed towards Taxonomy aligned activities.


Introduction


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Within the EU Taxonomy six environmental objectives are defined:

Climate change mitigation Climate change adaptation

The sustainable use and protection of water and marine resources

The transition to a circular economy Pollution prevention and control

Protection and restoration of biodiversity and ecosystems

End of June 2023 the European Commission approved the Delegated Act (EU 2023/2486) that describes the Technical Screening Criteria (TSCs) for economic activities related to the four remaining environmental objectives on water, circular economy, pollution, and biodiversity. These complete the already available set of TSCs related to climate change mitigation and adaptation that were published in the Climate Delegated Act (EU 2021/2139).


The TSCs determine the conditions under which an economic activity qualifies as contributing substantially to each of the six environmental objectives.


Greenyard fully supports the objectives and ambitions of the EU Taxonomy, which are in line with its own sustainability strategy and roadmap. It is important to keep the framework pragmatic and easy to use, with clear definitions. Growing reporting demands come at ever increasing costs and efforts, which may lead to adverse effects and take away resources which should be used for the actual transition to a more sustainable economy.


Eligible activities of Greenyard under EU Taxonomy


In line with the KPI definitions and published TSCs, Greenyard has assessed whether its economic activities are eligible to report on. The EU Commission has focused first on activities that could have a large (negative) impact on climate change and where transition to more sustainable alternatives makes most sense. We consider fruit and vegetables to have a relatively low environmental footprint while being an important part of a healthy lifestyle. we see this reflected in the currently published TSCs for economic activities.


Greenyard’s key revenue-generating activities consist of the wholesale and distribution of fresh fruit and vegetables and the production of frozen and prepared fruit and vegetables. These do not match any eligible economic activities as outlined in the Climate Delegated Act and the Environmental Delegated Act and the description of the TSCs that classifies economic activities as sustainable. This means our main activities are out of scope.

Within the EU Taxonomy regulation companies are required to report on the proportion of turnover (revenues), capital expenditures (CAPEX) and operating expenditures (OPEX) that is associated with environmentally sustainable economic activities, and to what extent these activities are aligned (i.e. contributing to one or more environmental objectives). Whereas our main revenue generating activities are not eligible and will therefore not be reported on, we have also considered if any expenses could be eligible and potentially be aligned through either CAPEX or OPEX related expenditures. A definition of CAPEX and OPEX within the EU Taxonomy used for the analysis is given on the next page as well.


Greenyard concluded that only the activities in the table below could be considered eligible to report on. For each activity, a short explanation is given why we consider this

activity to be eligible. The related Turnover, CAPEX and OPEX can be found in the tables at the end of this section.


Cat.

EU Taxonomy activity description – Reporting year 2023/2024

Revenue

CAPEX

OPEX

6

Transport




6.6

Freight transport services by road (for only 2 further specified entities)

X

X

X

7

Construction & Real Estate




7.3

Installation, maintenance and repair of energy efficiency equipment


X


X

7.4 Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings)


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X

7.6 Installation, maintenance and repair of renewable energy technologies, on-site


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Definition of Turnover, CAPEX & OPEX within the EU Taxonomy


The Turnover KPI represents the proportion of the net turnover derived from products or services that are taxonomy-aligned. In the case of Greenyard, with the current published set of criteria, only a very limited amount of turnover could be labelled as taxonomy eligible (0,2%) which is not aligned.


The CAPEX KPI represents the proportion of the capital expenditure of an activity that is already taxonomy- aligned or part of a credible plan to extend or reach taxonomy alignment. For reference we mention that the CAPEX used in the EU Taxonomy tables is CAPEX excluding decommissioning provisions. Greenyard monitors CAPEX via an internal approval tool. whenever an entity requests CAPEX extra information is requested on how this CAPEX contributes to sustainability goals. This enables us to identify potential aligned CAPEX and to judge alignment with the current published TSC’s.


To look at alignment of the OPEX KPI, the EU Taxonomy considers the spend on OPEX directly attributed to CAPEX needed for the transition to more sustainable operations to be eligible or attributed to already taxonomy aligned activities. The operating expenditure covers direct non- capitalised costs relating to research and development, renovation measures, short-term lease, maintenance

and other direct expenditures relating to the day-to-day servicing of assets of property, plants and equipment that are necessary to ensure the continued and effective use of such assets. This definition is narrower compared to our accounting definition of operating expenses.


We have estimated the specific OPEX categories and concluded that this is not a significant amount within the overall OPEX of Greenyard and that it would not be aligned OPEX. We therefore will report it as not aligned. The EU Taxonomy allows for an exemption where the operational expenditure is not material for the business model, which is applicable in this case. Below we provide more qualitative details on the different categories.


  1. Transport

    The main activity of Greenyard is the wholesale of fruit and vegetables (NACE code 46.319). Transportation is a small part of all activities performed by Greenyard and largely outsourced to sub-contractors. Transport is for example used to deliver the sorted and packed fruit and vegetable products to the distribution centres of retail customers. Greenyard has a small truck fleet of its own. Transport (in different forms) is an economic activity that is included in the EU Taxonomy. within the activities of Greenyard, transport is clearly facilitating the main


    activity. Transport is part of the overall cost price of the main product or service invoiced to its customers. Within the Greenyard financial reporting (where Greenyard is following the IFRS accounting standards), the transport part is not reported separately but only as an integral part of the overall Turnover. Following the Taxonomy guidelines, this leads to excluding Greenyard’s transportation activities from EU Taxonomy disclosures, as they are facilitating the main activities of Greenyard, are mostly outsourced and the price of transport is included in the price of the product.


    1. Freight Transport by road

      In two specific entities (Bakker Trans SRO in the Czech Republic and Greenyard Transport Belgium), Greenyard is acting as a pure transport company. These economic activities are in line with the description of EUT activity

      6.6 Freight transport services by road.


      This is the only revenue that Greenyard considers eligible under the EU Taxonomy. As these transport activities are not performed with zero emission vehicles none of the turnover is aligned. The same accounts for CAPEX and OPEX, which is 0% aligned. Within the CAPEX and OPEX (not aligned), the numbers refer to the overall OPEX and CAPEX of Greenyard and within the reported figures, the related CAPEX and OPEX of transport activities in other entities of Greenyard are reported (where transport is a facilitating activity).


      Please note that the revenues of these specific activities are only around 0,2% of the total turnover of Greenyard and therefore not considered material.


  2. Construction & Real Estate

    Section 7 of the EU taxonomy focuses primarily on real estate developers and building and construction companies. Greenyard does not have any eligible turnover in category 7 as it is not a real estate developer or construction company and did not construct any buildings for its own use. Within section 7 of the EU Taxonomy, Greenyard will report on 2 sections (7.3 and 7.4) this year, which both have a direct relation to Greenyard’s sustainability strategy, and on category

    1. (Installation, maintenance and repair of renewable energy technologies, on-site).


    1. Installation, maintenance and repair of energy efficiency equipment

      One of the TSC within chapter 7.3 of the EU Taxonomy is the transition towards LED lighting. The process of LED- ification is ongoing within Greenyard and is combined with regular maintenance. Other activities include

      installation or replacement of insulation materials within our factories, including the insulation of tubes that transport warm water and steam. The same accounts for the “cold side” of our operations where we use insulation to keep rooms at a cold or freezing temperature. Here we included any insulation of cold stores and the walls and roofs of temperature-controlled storing facilities and ripening rooms. For reference only, we mention that we did not include any replacement of boilers or any other part of production and processing equipment, while for example a new boiler will have a positive effect on energy efficiency. The CAPEX spend on LED lighting is separately measured within this category but not aligned yet. We also mention that the current TSCs are written with a focus on energy efficient office buildings or residential buildings which typically do not match the characteristics of industrial buildings like warehouses or factories.


    2. Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings)

To support the transition towards electric vehicles we are rolling out the installation of charging stations at the different locations. This is mainly to support the transition of our lease (passenger) car fleet for employees to electric vehicles in the coming years. Any new lease car that is ordered needs to be electric as of 2022. Under 7.4, the related eligible CAPEX is reported as aligned.


7.6 Installation, maintenance and repair of renewable energy technologies, on-site

On several locations where Greenyard operates a distribution centre or factory, solar panels are installed on the roofs. The installation, maintenance and repair of renewable energy technologies like solar panels is not done by Greenyard but by the landlord or an energy company investing in these installations. Greenyard can be the customer for the off take of the Green Energy produced which is done through a power purchase agreement (PPA).


Only one smaller and older solar roof is owned by Greenyard at the location in Bree. Within the reporting year no CAPEX or OPEX was related to this specific roof. In all other cases it is a third party who owns and operates the Pv panels. In some cases, Greenyard has done investments enabling the realisation of the solar roof and directly related to this roof or the offtake of the produced energy. This can be reinforcement of the roof or cabling and minor changes in the electrical installation on site. Within the reporting year this amount was limited to € 584 000. This reported as CAPEX within category 7.6.


Technical screening criteria (TSC) defining “substantial contribution”


To determine if an activity substantially contributes to climate change mitigation or adaption, we looked at the specific technical screening criteria (TSC) set out in the Climate Delegated Act. Today Greenyard reports only a limited amount of eligible turnover, the same accounts

for CAPEX and OPEX. If we look at the actual amounts, the conclusion should be that this is not material. To judge alignment, we applied the TSC to the best of our knowledge and with prudence. In case of any doubt on alignment we reported it as not-aligned.


Do No Significant Harm & Minimum Social Safeguards


A high-level assessment of alignment was performed on the mentioned eligible CAPEX. Only the CAPEX linked to the installation, maintenance and repair of charging stations for electric vehicles (activity 7.4) and the reported CAPEX related to the realisation of a solar roof under 7.6 could be considered aligned if also the Do No Significant Harm criteria are met. The relevant Do No Significant Harm (DNSH)-principle for this activity is related to climate adaptation and involves a robust climate risk and vulnerability assessment of the assets where charging stations have been installed.

Greenyard estimates none of its assets are at risk from one or more of the physical climate risks listed in Section II of the Regulation (EU) 2020/852, which has been confirmed as well by the climate risk assessment performed beginning of 2024 with an external expert. Therefore, we report this CAPEX as aligned. Elsewhere Greenyard complies with the minimum social safeguards (MSS). The applicable elements mentioned within Article 18 of the EU taxonomy on MSS are all an integral part of the Code of Conduct and the Supplier Code of Conduct of Greenyard.


image

EU TA XON OM Y / 85


Proportion of turnover from products or services

image

Substantial contribution criteria DNSH criteria

(Does Not Significantly Harm)

associated with Taxonomy-aligned economic activities — disclosure covering year 23/24



Economic activites (1)

Code(s) (2)


Absolute turnover (3)

Proportion of turnover (4)

Climate change mitigation (5)

Climate change adaption (6)

Water and marine resources (7)

Circular economy (8)

Pollution (9)

Biodiversity and ecosystems (10)

Climate change mitigation (11)

Climate change adaption (12)

Water and marine resources (13)

Circular economy (14)

Pollution (15)

Biodiversity and ecosystems (16)

Minimum safeguards (17)

Taxonomy aligned proportion of turnover, year N (18)

Taxonomy aligned proportion of turnover, year N-1 (19)

Category (enabling activity or) (20)

Category (transitional activity) (21)




€ 1 000


%


%


%


%


%


%


%


Y/N


Y/N


Y/N


Y/N


Y/N


Y/N


Y/N


Percent


Percent


E


T

A. TAXONOMY-ELIGIBLE ACTIVITIES


A.1 Environmental sustainable activities (Taxonomy-aligned)



0


0,0%


















Turnover of environmental sustainable activities (Taxonomy-aligned (A.1)



0


0,0%


















A.2 Taxonomy-Eligible but not environmental sustainable activities (not Taxonomy- aligned activities)



€ 7 677


0,2%


















Freight transport services by road

6.6

€ 7 677

0,2%



Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)








TOTAL (A.1 + A.2)


€ 7 677

0,2%





B. TAXONOMY-NON-ELIGIBLE ACTIVITIES


Turnover of Taxonomy-non-eligible activities (B)



€ 5 128 272


99,9%


TOTAL (A + B)


€ 5 135 949

100%

86 / A NNUA L REP O R T 2023/2024


Proportion of CAPEX from products or services

image

Substantial contribution criteria DNSH criteria

(Does Not Significantly Harm)

associated with Taxonomy-aligned economic activities — disclosure covering year 23/24



Economic activites (1)

Code(s) (2)


Absolute CAPEX (3)

Proportion of CAPEX (4)

Climate change mitigation (5)

Climate change adaption (6)

Water and marine resources (7)

Circular economy (8)

Pollution (9)

Biodiversity and ecosystems (10)

Climate change mitigation (11)

Climate change adaption (12)

Water and marine resources (13)

Circular economy (14)

Pollution (15)

Biodiversity and ecosystems (16)

Minimum safeguards (17)

Taxonomy aligned proportion of CAPEX, year N (18)

Taxonomy aligned proportion of CAPEX, year N-1 (19)

Category (enabling activity or) (20)

Category (transitional activity) (21)




€ 1 000


%


%


%


%


%


%


%


Y/N


Y/N


Y/N


Y/N


Y/N


Y/N


Y/N


Percent


Percent


E


T

A. TAXONOMY-ELIGIBLE ACTIVITIES


A.1 Environmental sustainable activities (Taxonomy-aligned)



€ 1 702


2,5%


















Freight transport services by road

6.6

€ 395

0,6%


















Installation, maintenance and repair of energy efficiency equipment


7.3


€ 193


0,3%


















Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings)


7.4


€ 531


0,8%


















installation, maintenance and repair of renewable energy sources


7.6


€ 584


0,9%


















CAPEX of environmental sustainable activities (Taxonomy-aligned (A.1)



€ 1 702


2,5%


















A.2 Taxonomy-Eligible but not environmental sustainable activities (not Taxonomy- aligned activities)



€ 4 575


6,7%


















Freight transport services by road

6.6

€ 4 226

6,2%



Installation, maintenance and repair of energy efficiency equipment


7.3


€ 349


0,5%

CAPEX of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)



€ 4 575


6,7%





TOTAL (A.1 + A.2)


€ 6 227

9,2%





B. TAXONOMY-NON-ELIGIBLE ACTIVITIES


CAPEX of Taxonomy-non-eligible activities (B)


€ 62 033

90,8%


TOTAL (A + B)


€ 68 310

100%

EU TA XON OM Y / 87


Proportion of OPEX from products or services

image

Substantial contribution criteria DNSH criteria

(Does Not Significantly Harm)

associated with Taxonomy-aligned economic activities — disclosure covering year 23/24



Economic activites (1)

Code(s) (2)


Absolute OPEX (3)

Proportion of OPEX (4)

Climate change mitigation (5)

Climate change adaption (6)

Water and marine resources (7)

Circular economy (8)

Pollution (9)

Biodiversity and ecosystems (10)

Climate change mitigation (11)

Climate change adaption (12)

Water and marine resources (13)

Circular economy (14)

Pollution (15)

Biodiversity and ecosystems (16)

Minimum safeguards (17)

Taxonomy aligned proportion of OPEX, year N (18)

Taxonomy aligned proportion of OPEX, year N-1 (19)

Category (enabling activity or) (20)

Category (transitional activity) (21)




€ 1 000


%


%


%


%


%


%


%


Y/N


Y/N


Y/N


Y/N


Y/N


Y/N


Y/N


Percent


Percent


E


T

A. TAXONOMY-ELIGIBLE ACTIVITIES


A.1 Environmental sustainable activities (Taxonomy-aligned)



0


0,0%


















OPEX of environmental sustainable activities (Taxonomy-aligned (A.1)



0


0,0%


















A.2 Taxonomy-Eligible but not environmental sustainable activities (not Taxonomy- aligned activities)



€ 2 903


5,4%


















Freight transport services by road

6.6

€ 2 903

5,4%



OPEX of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)



€ 2 903


5,4%





TOTAL (A.1 + A.2)


€ 2 903

5,4%





B. TAXONOMY-NON-ELIGIBLE ACTIVITIES


OPEX of Taxonomy-non-eligible activities (B)


€ 50 842

94,6%


TOTAL (A + B)


€ 53 745

100%

88 / A NNUA L REP O R T 2023/2024


Additional EU Taxonomy templates index


Template 1 Nuclear and fossil gas related activities

Row

Nuclear energy related activities



1

The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.


NO


2

The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.


NO


3

The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.


NO


Fossil gas related activities


4

The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.

NO


5

The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.


NO


6

The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.


NO


Template 2 Taxonomy-aligned economic activities (denominator)


Row


Economic activities

Amount and proportion (the information is to be presented in monetary amounts and as percentages)


CCM + CCA

Climate change mitigation (CCM)

Climate change adaptation (CCA)

Amount

%

Amount

%

Amount

%


1

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI


0


0


0


0


0


0


2

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI


0


0


0


0


0


0


3

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI


0


0


0


0


0


0


4

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI


0


0


0


0


0


0


5

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI


0


0


0


0


0


0


6

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI


0


0


0


0


0


0


7

Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI


0


0


0


0


0


0

8

Total applicable KPI

0

0

0

0

0

0

EU TA XON OM Y / 89


Template 3 Taxonomy-aligned economic activities (numerator)


Row


Economic activities

Amount and proportion (the information is to be presented in monetary amounts and as percentages)

CCM + CCA

Climate change mitigation (CCM)

Climate change adaptation (CCA)

Amount

%

Amount

%

Amount

%

1

Amount and proportion of taxonomyaligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI

0

0

0

0

0

0

2

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI

0

0

0

0

0

0

3

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI

0

0

0

0

0

0

4

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI

0

0

0

0

0

0

5

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI

0

0

0

0

0

0

6

Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI

0

0

0

0

0

0

7

Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI

0

0

0

0

0

0

8

Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI

0

0

0

0

0

0


Template 4 Taxonomy-eligible but not taxonomy-aligned economic activities


Row


Economic activities

Amount and proportion (the information is to be presented in monetary amounts and as percentages)

CCM + CCA

Climate change mitigation (CCM)

Climate change adaptation (CCA)

Amount

€ 1 000

%

Amount

€ 1 000

%

Amount

%


1

Amount and proportion of taxonomyeligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI


0


0


0


0


0


0


2

Amount and proportion of taxonomyeligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI


0


0


0


0


0


0


3

Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI


0


0


0


0


0


0


4

Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI


0


0


0


0


0


0


5

Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI


0


0


0


0


0


0


6

Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI


0


0


0


0


0


0

7

Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI

CAPEX: 4 575

OPEX: 2 903

Turnover: 7 677

CAPEX: 6,7%

OPEX: 5,4%

Turnover: 0,2%

CAPEX: 4 575

OPEX: 2 903

Turnover: 7 677

CAPEX: 6,7%

OPEX: 5,4%

Turnover: 0,2%

0

0

8

Total amount and proportion of taxonomy eligible but not taxonomy- aligned economic activities in the denominator of the applicable KPI

CAPEX: 4 575

OPEX: 2 903

Turnover: 7 677

CAPEX: 6,7%

OPEX: 5,4%

Turnover: 0,2%

CAPEX: 4 575

OPEX: 2 903

Turnover: 7 677

CAPEX: 6,7%

OPEX: 5,4%

Turnover: 0,2%

0

0


Template 5 Taxonomy non-eligible economic activities

Row

Economic activities

Amount

€ 1 000

%

1

Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

0

0

2

Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

0

0

3

Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

0

0

4

Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

0

0

5

Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

0

0

6

Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI

0

0

7

Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI

CAPEX: 62 033

OPEX: 50 842

Turnover: 5 128 272

CAPEX: 90,8%

OPEX: 94,6%

Turnover: 99,9%

8

Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI

CAPEX: 62 033

OPEX: 50 842

Turnover: 5 128 272

CAPEX: 90,8%

OPEX: 94,6%

Turnover: 99,9%


image

image

Assurance statement auditor


image


Independent Auditor’s Limited Assurance Report

To the Board of Directors of Greenyard

Report on selected sustainability information regarding the reporting year 2023/2024 included in the Greenyard Annual Report 2023/2024

Conclusion

We have performed a limited assurance engagement on whether Greenyard NV (“Greenyard”)’s selected sustainability information as of and for the year ended March 31, 2024, listed below and marked with the symbol ** in the Greenyard Annual Report 2023/2024 (the “Selected Information”) has been prepared in accordance with the applied reporting criteria as disclosed in the section ‘GRI- Index’ on pages 103-107 in the Greenyard Annual Report 2023/2024 (the “Reporting Criteria”).

The Selected Information is described below:



KPMG Bedrijfsrevisoren - KPMG Réviseurs d'Entreprises, a Belgian BV/SRL and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

Document Classification: KPMG Public


Zetel - Siège:

Luchthaven Brussel Nationaal 1K B-1930 Zaventem

KPMG Bedrijfsrevisoren - KPMG Réviseurs d'Entreprises BV/SRL Ondernemingsnummer / Numéro d’entreprise 0419.122.548

BTW - TVA BE 0419.122.548

RPR Brussel - RPM Bruxelles IBAN : BE 95 0018 4771 0358 BIC : GEBABEBB

Independent Auditor’s Limited Assurance Report


Based on the procedures performed and evidence obtained, nothing has come to our attention to cause us to believe that Greenyard’s Selected Information as of and for the year ended March 31, 2024 is not prepared, in all material respects, in accordance with the Reporting Criteria.

Our conclusion on the Selected Information does not extend to any other information that accompanies or contains the Selected Information and our assurance report.

Basis for conclusion

We conducted our engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information issued by the International Auditing and Assurance Standards Board (IAASB). Our responsibilities under this standard are further described in the “Our responsibilities” section of our report.

We have complied with the independence and other ethical requirements of the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA). We are the statutory auditor of Greenyard NV and therefore independent from Greenyard NV in accordance with the Belgian independence rules and other relevant ethical requirements applicable in Belgium.

Our firm applies International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, issued by the IAASB. This standard requires the firm to design, implement and operate a system of quality management, including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.


image

Independent Auditor’s Limited Assurance Report


Responsibilities for the Selected Information

The management of Greenyard is responsible for:

Independent Auditor’s Limited Assurance Report


The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.


Antwerp, June 17, 2024


KPMG Bedrijfsrevisoren – Réviseurs d’Entreprises


image

Digitally signed by Steven Mulkens (Signature)

Date: 2024.06.17

18:09:16 +02'00'

Steven Mulkens Bedrijfsrevisor

Digitally signed by Filip De Bock (Signature) Date: 2024.06.17

image

18:19:02 +02'00'

Filip De Bock Bedrijfsrevisor


image

image

Data tables

DATA TA B L E S / 97


Scale of the organisation

Unit

2021/2022

2022/2023

2023/2024

Total employees, by country

FTE

8 702

8 470

8 582

Austria

%

1,5

1,5

1,5

Belgium

%

32,1

32,4

31,8

Czech Republic

%

3,2

3,3

3,4

France

%

7,7

7,6

7,8

Germany

%

9,0

8,8

10,0

Italy

%

0,7

0,7

0,7

Netherlands

%

17,4

18,5

18,5

Poland

%

14,4

14,2

15,3

Spain

%

1,0

1,1

0,7

United Kingdom

%

9,3

8,1

6,4

United States

%

2,5

2,7

2,8

Overseas sales & sourcing offices

%

1,2

1,1

1,1


Environmental impact


Climate action1 **

Unit

2021/2022

2022/2023

2023/2024

Scope 1 GhG emissions

Ton CO2-eq

72 634

66 934

65 043

Scope 2 GHG emissions – Location based

Ton CO2-eq

80 706

77 487

75 135

Scope 2 GHG emissions – Market based

Ton CO2-eq

54 217

49 008

20 926

Scope 3 GhG emissions2 *

Ton CO2-eq

2 864 221

2 826 305

2 930 049

Total fuel consumption, by fuel type

Mwh

318 753

306 662

297 550

Natural gas

%

77,2

74,9

77,5

Fuel oil for transport

%

22,2

22,4

22,0

Fuel oil for heating

%

0,6

2,7

0,5

Total electricity consumption, by energy source

Mwh

306 119

296 605

299 344

Non-renewable energy from a variety of fuel sources

%

89

84

63

Renewable energy self-generated or purchased

%

11

16

37

Energy-intensity Long Fresh segment

Mwh/ton

0,73

0,75

0,74

Share of suppliers (by procurement spend) committed to setting science-based targets

%

-

12

19

  1. GHG emission calculations are performed in May and make use of the most recent available emission factors from the different databases at the time of calculation.

  2. Purchased Goods & Services, Fuel- and Energy- Related activities not included in Scope 1 or Scope 2, Upstream Transportation & Distribution, Waste generated in operations, Business Travel, Downstream Transportation & Distribution. All other Scope 3 categories have been assessed and are considered to be non-significant (4%) to the operations of Greenyard, and have therefore been excluded from the Scope 3 emission reporting. Calculations are based on the average-data method, except upstream transport were the distance-based method was used.


    * As a result of an improvement in data collection, the figures from 21/22 and 22/23 have been restated from those published in the previous Annual Report.

    ** KPIs in scope of the limited assurance assignment by the statutory auditor for the year 2023/2024.

    98 / A NNUA L REP O R T 2023/2024


    Water stewardship

    Unit

    2021/2022

    2022/2023

    2023/2024

    Volume of freshwater consumption, by source**

    Million m³

    4,161

    3,988

    3,965

    Municipal water

    %

    52

    52

    54

    Groundwater

    %

    47

    47

    44

    Rainwater

    %

    1

    1

    2

    Water intensity Long Fresh segment**

    m³/ton

    6,46

    6,49

    6,34

    Volume of effluent water discharged, by destination*/**

    Million m³

    3,506

    3,382

    3,420

    Surface water

    %

    92

    91

    91

    Third party

    %

    8

    9

    9

    Wastewater Chemical Oxygen Demand (COD)

    Ton

    -

    1 499

    1 271

    Wastewater Biological Oxygen Demand (BOD)

    Ton

    -

    372

    297

    Share of grower base mapped for water risk**

    %

    60

    85

    92


    Zero waste*





    Volume of food donated to charities**

    Ton

    3 344

    4 153

    3 759

    Volume of by-products destined to food industry**

    Ton

    -

    725

    2 539

    Volume of by-products and waste materials, by stream**

    Ton

    199 786

    188 698

    195 845

    Waste to be re-used (incl. animal feed)**

    %

    58,7

    56,1

    56,1

    Waste for recycling**

    %

    38,2

    39,9

    40,6

    of which organic waste for composting/fermentation

    %

    69

    69

    70

    of which cardboard, paper, plastics, wood, metals

    %

    31

    31

    30

    Waste for energy recovery**

    %

    2,8

    2,9

    2,5

    Landfill or incineration without energy recovery**

    %

    0,3

    1,2

    0,7

    Volume of hazardous waste

    Ton

    173

    60

    44


    Circular packaging**





    Volume of primary packaging, by material

    Ton

    61 236

    65 532

    62 473

    Glass

    %

    58,8

    61,7

    59,1

    Metal

    %

    16,5

    15,0

    13,4

    Plastic

    %

    17,3

    15,8

    19,1

    Cardboard

    %

    7,3

    7,4

    8,3

    wood

    %

    0,0

    0,1

    0,2

    Primary packaging material that is recyclable

    %

    98,8

    99,5

    99,7


    Sustainable agriculture**





    Volume share of organic products Fresh segment

    %

    7,3

    7,3

    8,4

    Volume share of organic products Long Fresh segment

    %

    4,4

    4,5

    4,2


    * As a result of an improvement in data collection, the figures from 21/22 and 22/23 have been restated from those published in the previous Annual Report.

    ** KPIs in scope of the limited assurance assignment by the statutory auditor for the year 2023/2024.

    DATA TA B L E S / 99


    Social impact


    Share of grower base in high and medium risk origins certified for %

    77

    80

    87

    Volume share of Fair Trade products Fresh segment**

    %

    1,7

    1,6

    1,8


    Health & nutrition





    Value share of fruit & vegetable products

    %

    93,7

    93,6

    92,9

    Reformulated products introduced with reduced salt or sugar levels

    Number

    22

    19

    40


    Diversity & inclusion





    Gender distribution amongst employees





    Female

    %

    33

    31

    32

    Male

    %

    67

    69

    68

    Gender distribution amongst management






    Female

    %

    22

    21

    21


    Male

    %

    78

    79

    79

    Unadjusted gender pay gap


    %

    -

    12

    9

    Age distribution amongst own employees







    ≤20

    %

    1

    1

    1


    21-30

    %

    16

    16

    16


    31-40

    %

    27

    25

    26


    41-50

    %

    28

    29

    28


    51-60

    %

    23

    24

    24


    61-70

    %

    5

    5

    5

    Employee workplace






    Office employee

    %

    20

    21

    21

    Warehouse/operations employee

    %

    80

    79

    79

    Own vs third-party employees






    Own employees

    %

    68

    69

    67

    Third-party employees

    %

    32

    31

    33

    Responsible sourcing** Unit 2021/2022 2022/2023 2023/2024


    social compliance**


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    * As a result of an improvement in data collection, the figures from 21/22 and 22/23 have been restated from those published in the previous Annual Report.

    ** KPIs in scope of the limited assurance assignment by the statutory auditor for the year 2023/2024.

    100 / A NNUA L REP O R T 2023/2024


    Social dialogue

    Unit

    2021/2022

    2022/2023

    2023/2024

    Employees covered by collective bargaining agreements

    %

    59

    60

    62

    Employees represented by works council or health & safety committee

    %

    -

    87

    88

    Employees participating in engagement survey

    %

    -

    42

    74


    Employee development





    Average hours of training per employee

    hours

    13,1

    10,0

    13,2

    Number of employees receiving training

    Number

    4 921

    4 225

    4 541


    Health, safety and wellbeing*





    Work-related accidents with lost time

    Number

    295

    256

    255

    Frequency rate Fresh segment

    Number

    -

    30

    24

    Severity rate Fresh segment

    Number

    -

    0,55

    0,48

    Frequency rate Long Fresh segment

    Number

    48

    48

    59

    Severity rate Long Fresh segment

    Number

    1,59

    1,66

    1,76


    * As a result of an improvement in data collection, the figures from 21/22 and 22/23 have been restated from those published in the previous Annual Report.

    DATA TA B L E S / 101


    Economic impact & Governance


    Governance

    Unit

    2021/2022

    2022/2023

    2023/2024

    Grievance mechanism





    Whistleblower reports received3

    Number

    0

    8

    30

    Confirmed breaches against the Greenyard Code of Conduct4**

    Number

    0

    3

    12

    Number

    1

    0

    0

    Number

    0

    0

    0

    Lawsuits or fines for non-compliance with regulations related to wellbeing and social matters5**

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    Lawsuits or fines for non-compliance with regulations regarding corruption and fraud6**


    Facilities audited on social compliance

    Number

    6

    6

    6


    Food safety, quality and traceability





    Facilities operating to an international food safety system

    %

    100

    100

    100

    Audit days carried out by certification bodies

    Days

    260

    223

    241

    Analyses on products

    Number

    65 027

    73 764

    65 359

    Analyses on equipment and facilities

    Number

    28 703

    27 654

    37 275

  3. Number of internal reports received according to Greenyard’s whisteblowing policy.

  4. Number of internal whistelblower reports which were founded and confirmed as breach against Greenyard’s Code of Conduct following internal investigations.

  5. Number of lawsuits or fines exceeding €5 000 for non-compliance with regulations related to wellbeing (incl. occupational health and safety) and social matters (excl. dismissal settlements).

  6. Number of lawsuits or fines exceeding € 5 000 for non-compliance with regulations regarding corruption, fraud, (direct & indirect)bribery, money-laundering and financing terrorism.


* As a result of an improvement in data collection, the figures from 21/22 and 22/23 have been restated from those published in the previous Annual Report.

** KPIs in scope of the limited assurance assignment by the statutory auditor for the year 2023/2024.


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GRI-index


General Disclosures


1. Organizational profile

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    1. Name of the organization Greenyard Nv


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    2. Activities, brands, products and services - This is Greenyard, p.16

      - Greenyard Financial Report 2023/2024, p.195


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    3. Location of headquarters Sint-Katelijne-Waver, Belgium


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    4. Location of operations This is Greenyard, p.16


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    5. Ownership and legal form Greenyard Financial Report 2023/2024, p.172 102-6 Markets served Greenyard Financial Report 2023/2024, p.195

    1. Scale of the organization - This is Greenyard, p.16

      • Greenyard Financial Report 2023/2024, p.195

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      • Data tables, p.97

    2. Information on employees and other workers

      Data tables, p.96


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    3. Supply chain This is Greenyard, p.16

    4. Significant changes to the organization and its supply chain.

      Greenyard Financial Report 2023/2024, p.112

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    5. Precautionary Principle or approach - Double materiality assessment, p.41 102-12 External initiatives - CDP

- EU Code of conduct on Responsible Food Business and Marketing Practices


  • Moody’s ESG

  • MSCI

  • Science Based Targets initiative

  • SEDEX

  • Sustainalytics

  • Sustainability Initiative Fruit and Vegetables (SIFAV 2025)

  • TCFD

  • World Benchmarking Alliance

102-13

Membership of associations

Stakeholder engagement, p.41


2. Strategy



102-14

Statement from senior decision-maker

  • A word from our founder, p.6

  • Preface from our chairman, p.8

  • A deep-dive with our new CEO & CFO, p.9


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  1. Ethics and Integrity

    102-16 values, principles, standards, and norms of behavior



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  2. Governance

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    102-18 Governance structure Governance, p.77

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  3. Stakeholder engagement

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    102-40 List of stakeholder groups Stakeholder engagement, p.41 102-41 Collective bargaining agreements Data tables, p.100

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    102-42 Identifying and selecting stakeholders Stakeholder engagement, p.41 102-43 Approach to stakeholder engagement Stakeholder engagement, p.41 102-44 Key topics and concerns raised Stakeholder engagement, p.41


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  4. Reporting practice

    1. Entities included in the consolidated financial statements


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    2. Defining report content and topic boundaries


      Greenyard Financial Report 2023/2024, p. 234

      The organisational boundary used for the reporting of our sustainability KPI’s covers all our own operations in Europe and the US (consisting of Greenyard factories, but excluding co-packers and grower cooperations), warehousing (consisting of Greenyard distribution and service centres, excluding third-

      party warehousing) and logistics (consisting of fleets operated by Greenyard, including company cars).

      • Double materiality assessment, p.41

      • Governance, p.77


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    3. List of material topics Double materiality assessment, p.41


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    4. Restatements of information Data tables, p.96


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    5. Changes in reporting There are no significant changes compared to the previous

      reporting period.


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    6. Reporting period 1 April 2023 – 31 March 2024


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    7. Date of most recent report 14 June 2023


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    8. Reporting cycle Annual

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    9. Contact point for questions regarding the report

    10. Claims of reporting in accordance with the GRI standards

      sustainability@greenyard.group


      The report has been prepared in accordance with the

      core option of the Global Reporting Initiative Standard and meets the requirements of the EU non-financial reporting Directive.


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    11. GRI Content Index GRI Content Index, p.102


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    12. External assurance A limited assurance engagement has been executed in accordance with the International Standard for Assurance Engagement ISAE 3000, the concluding limited assurance letter is included in the report.


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Specific Disclosures


Material topic: Food waste & circular economy


103-1

Management approach disclosures

- Sustainability model, p.40

103-2


- Sustainability Roadmap & Ambitions, p.43

103-3


- Double materiality assessment, p.41



- Food waste & circular economy, p.56


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GRI 301 Materials 2016

301-1 Materials used by weight or volume


Volume of primary packaging, by material


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Own indicator Primary packaging material that is

recyclable1


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GRI 306 Waste 2020



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    1. Hazardous waste Data tables, p.98

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    2. waste diverted from disposal - Food waste & circular economy, p.56

      • Recycling (cardboard & paper / Plastics / wood / metal)

      • Organics (composting & fermentation)

      • Re-use (soil & sand / sludges from water treatment / by-products to animal feed / other)


- Data tables, p.98

306-5

waste directed to disposal

- Food waste & circular economy, p.56-57



- Incineration (with / without energy recovery / Landfill)



- Data tables, p.98

Own indicator

Volume of by-products and waste

Volume in tonnages of by-products and waste materials resulting


materials, by waste stream

from the processing operations of the company. Different



by-products and waste materials are presented as a percentage of



the total volume.

Own indicator

Volume of food donated to charities

Volume in tonnages of products donated (or sold below cost



price) to food banks or other charities.

Own indicator

Volume of by-products destined to food

Volume in tonnages of by-product flows from processing


industry

operations (e.g. peeling, cutting, sorting, quality control)



collected separately and re-used in the Food Industry (for human



consumption) as food ingredient.


Material topic: Climate change & footprint reduction


103-1

Management approach disclosures

- Sustainability model, p.40

103-2


- Sustainability Roadmap & Ambitions, p.43

103-3


- Double materiality assessment, p.41



- Climate adaptation & mitigation, p.47


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GRI 302 Energy 2016

302-1 Energy consumption within the organization



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    1. Energy intensity Long Fresh segment - The energy use (Scope 1 Stationary combustion & Scope 2

      Electricity) of the Frozen and Prepared divisions divided by their processed volumes.

      • Climate adaptation & mitigation, p.47

      • Data tables, p.97

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        GRI 305 Emissions 2016

        305-1

        Direct greenhouse gas (GHG) emissions (Scope 1)

        305-2

        Energy indirect greenhouse gas (GHG) emissions (Scope 2)

        305-3

        Other indirect greenhouse gas (GHG) emissions (Scope 3)

        Own indicator

        Share of suppliers committed to setting science-based targets

        - Share of suppliers by procurement spend (scope purchased goods & services, upstream and downstream transport and distribution) committed to setting to science-based targets.

        • Climate adaptation & mitigation, p.47

        • Data tables, p.97

        • Climate adaptation & mitigation, p.47

        • Data tables, p.97

        • Climate adaptation & mitigation, p.47

        • Data tables, p.97

      • Data tables, p.97

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For the calculation of GHG emissions the standards & guidance of the World Resources Institute and World Business Council for Sustainable Development’s GhG Protocol have been used:

GRI 303 Water and effluents 2018

103-1

Management approach disclosures

- Sustainability model, p.40

103-2


- Sustainability Roadmap & Ambitions, p.43

103-3


  • Double materiality assessment, p.41

  • Water stewardship, p.52

303-1

Management approach disclosures: Interactions with water as a shared resource

Water stewardship, p.52

303-2

Management approach disclosures: Management of water discharge-related impacts

Water stewardship, p.52

303-3

Water withdrawal

  • Data tables, p.98

  • Volume of freshwater consumption, by source: Consumption

of water in million m³ within the company's own operations, sourced from municipal water, ground water and rain water withdrawals.

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303-4 Water discharge - Data tables, p.98

Own indicator Share of grower base mapped

for water risk


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Material topic: Responsible sourcing


103-1

Management approach disclosures

- Sustainability model, p.40

103-2


- Sustainability Roadmap & Ambitions, p.43

103-3


- Double materiality assessment, p.41



- Sustainable agriculture & biodiversity, p.59



- Responsible sourcing, p.65


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GRI 308 Supplier environmental assessment 2016

308-1 New suppliers that were screened using environmental criteria



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GRI 414 Supplier social assessment for labor practices 2016

    1. New suppliers that were screened using labor practices criteria


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    2. Significant actual and potential negative human rights impacts in the supply chain and actions taken

Own indicator Share of grower base certified for social

compliance


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Own indicator volume share of Fair Trade products Fresh segment