HILTON FOODS SIGNS JOINT VENTURE WITH NADEC

6th March 2025

HILTON FOODS SIGNS LONG-TERM JOINT VENTURE WITH NADEC, A LEADING SAUDI ARABIAN FOOD AND AGRI-BUSINESS.

Hilton Food Group plc ("Hilton Foods") is pleased to announce that it has entered into a new Joint Venture (JV) with The National Agricultural Development Company (NADEC) in the Kingdom of Saudi Arabia ("KSA" or the "Kingdom"), expanding the Group's global reach into the Middle East.

This long-term collaboration, initially for a period of 10 years, combines Hilton Foods' expertise in meat processing and packaging with NADEC's extensive local cattle operations. As part of this partnership, Hilton Foods will develop new state-of-the-art facilities in the country, while NADEC will supply the joint venture and integrate its red meat products into their well-established distribution network. In addition, it is expected that this JV will support improved food security and market growth in Saudi Arabia, aligned with the Kingdom Vision 2030.

Hilton Foods will hold a 49% stake in the new joint venture and contribute 49%, approximately £6.5m, of the initial 60m SAR (approximately £13m) investment in the new facility.

In NADEC, Hilton Foods is partnering with a market leading Food and Agri business. NADEC currently supplies the Saudi Arabian retail market and is aiming to develop its red meat product ranges, to support the transition from in-store butchery to packaged local meat. It supplies modern, leading retailers and trade customers with high quality local products under the NADEC brand, alongside local and imported products under its customers' brands in Saudi Arabia and surrounding countries.

The JV is targeting to commence operations by H2 2026 and will operate within the framework of the Hilton Foods' Sustainable Protein Plan, details of which can be found at https://www.hiltonfoods.com/sustainability/ .

The Joint Venture is subject to regulatory approvals from the relevant authorities in the Kingdom of Saudi Arabia and other customary conditions to completion. Any material development will be announced in due course.

Steve Murrells CBE, Hilton Foods Group CEO said:

"We are delighted to be forming this JV with NADEC, a highly respected and experienced local partner. This newly established partnership aims to enhance the quality, variety, and value available to consumers in the Saudi market.

"This is a JV which takes Hilton Foods into the Middle East for the very first time, and it brings together NADEC's wide retail distribution network with our market-leading processing and packaging capabilities, underpinned by our shared consumer-led approach to innovation.

"Long-term, Hilton sees significant growth potential in Saudi Arabia and the Middle East, leveraging its expertise and scalable technology to support local partners in these emerging growth markets."

Dr.Solaiman Al-Twaijri, NADEC CEO said:

"This partnership represents a significant milestone for NADEC as we expand our portfolio to include high-quality packaged red meat products. By combining Hilton Foods' global expertise with our strong presence in the Saudi market, we aim to deliver exceptional value to our consumers while supporting Vision 2030's goals of food security and local production.

"This joint venture with Hilton Foods aligns perfectly with our mission to provide premium, locally produced options while driving economic growth and supporting national objectives."

ENDS

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NOTES TO EDITORS

According to IGD data, the Saudi Arabian grocery retail market is expected to grow by 3.2% CAGR.

About Hilton Foods

Hilton Foods is a leading international multi-protein producer, serving customers and retail partners across the world with high quality meat, seafood, vegan and vegetarian foods and meals. We are a business of over 7,000 employees, operating from 24 technologically advanced food processing, packing and logistics facilities serving over 19 markets in Europe, Asia Pacific and North America. For thirty years, our business has been built on dedicated partnerships with our customers and suppliers, many forged over several decades, and together we target long-term, sustainable growth and shared value. We supply our customers with high quality, traceable, and assured food products, with high standards of technical excellence and expertise.

About The National Agricultural Development Company (NADEC)

NADEC is one of the leading food industries in Saudi Arabia and the MENA region, not only because of its history as the first agricultural company listed on the Saudi stock market 44 years ago, but also due to the quality and diversity of its products, its national role in Saudi Arabia's food security strategy within Vision 2030, and its new market expansion strategy in the Middle East.

For more than four decades, NADEC has succeeded in making significant strides in the food industry through a series of strategic transformations and development plans. This progress has ranked NADEC as one of the most important Saudi, regional, and global companies in the production and distribution of dairy, juice, and its expansion into new sectors such as vegetables and fruits, and red meat products.