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Report of the Supervisory Board

The Supervisory Board of Koninklijke A-ware Food Group B.V. ('Royal A-ware') is pleased to present its report for the financial year of 2025. The Supervisory Board is responsible for supervising the policy carried out by the Management Board of Royal A-ware and the general course of affairs at Royal A-ware and its affiliated companies, and provides the Management Board with advice. In fulfilling its duties, the Supervisory Board also focuses on the effectiveness of Royal A-ware’s internal risk management and control systems and the integrity and quality of the financial and sustainability reporting.

During the 2025 reporting year, the Supervisory Board performed its duties in accordance with the applicable laws and regulations, the articles of association of Royal A-ware and the regulations of the Supervisory Board. In this report, the Supervisory Board accounts for the manner in which the Supervisory Board has fulfilled its duties and powers in the 2025 reporting year.

Composition of the Supervisory Board

The Supervisory Board consists of the following members:

  1. Mr. P.J.A. (Piet) van Schijndel (1950) – Chairman of the Supervisory Board until 1 October 2025 
    Mr. Van Schijndel (Dutch nationality) is a former Rabobank Board Member and also is a former member of the supervisory board of DAF Trucks NV. On 1 October 2025 Mr. Van Schijndel handed over the chairmanship of the Supervisory Board to Mr. B. (Bas) Alblas. On 31 December 2025, Mr. Van Schijndel’s term ended after a tenure of more than ten years, during which he made a significant contribution to the work and effectiveness of the Supervisory Board. The Supervisory Board expresses its deep appreciation for his commitment and dedication throughout his more than ten years of tenure.

  2. Mr. B. (Bas) Alblas (1960) – Chairman of the Supervisory Board as of 1 October 2025
    Mr. Alblas (Dutch nationality) is the former CEO of Lamb Weston/Meijer and is currently also the chairman of the supervisory board of KeyGene, member of the advisory board of Frostkrone Food Group and member of the supervisory board of Royal Cosun. The current term of appointment of Mr. Alblas expires in 2029. Mr. Alblas chairs the Supervisory Board as of 1 October 2025.

  3. Mr. P. (Peter) Bouter (1971)
    Mr. Bouter (Dutch nationality) is one of the shareholders of Royal A-ware. The current term of appointment of Mr. Bouter expires in 2026.

  4. Ms. F. (Fanja) Pon (1970)
    Ms. Pon (Dutch nationality) is, in addition to her role as president of the supervisory board of Pon Holdings and the URUS group, a passionate organic dairy farmer. The current term of appointment of Ms. Pon expires in 2026.

  5. Ms. C. (Carolina) Wielinga (1970)
    Ms. Wielinga (Dutch nationality) is currently the chairman of the supervisory board of NX Filtration and is also member of the supervisory board of Gasunie. The current term of appointment of Ms. Wielinga expires in 2028.

  6. Ms. M.W.E. (Marit) van Egmond (1973)
    Ms. Van Egmond (Dutch nationality) is the former CEO of Albert Heijn. The current term of appointment of Ms. Van Egmond expires in 2029.

Expertise of the Supervisory Board

The Supervisory Board has established a profile that outlines the requirements regarding the composition, size, expertise, and experience of its members. The Supervisory Board is composed in such a way that, as a whole, it possesses relevant knowledge and experience concerning the policy areas that are of importance to Royal A-ware, namely: (i) corporate strategy in an international context, (ii) financial and tax policy focused on value creation, (iii) retail and cheese trading, (iv) governance of family businesses, (v) organizational development and management development, (vi) social policy and (vii) corporate social responsibility and sustainability.

Attendance and frequency of meetings

The Supervisory Board maintains high attendance levels, ensuring active participation in governance matters. During the financial year 2025, six Supervisory Board meetings were held, evenly spread out over the year.

The Supervisory Board meetings were attended by the Management Board members of Royal A-ware, the corporate secretary of Royal A-ware and – in some instances and for some agenda items – the external auditor of Royal A-ware and other guests were invited and attended the Supervisory Board meetings.

The Supervisory Board meetings were preceded by internal consultation between the Supervisory Board members. The chairman of the Supervisory Board and the CEO of Royal A-ware regularly consulted each other outside of the Supervisory Board meetings. The chairman of the Supervisory Board and the external accountant meet annually to discuss relevant matters.

The Supervisory Board monitored attendance to identify any instances of frequent absence. The Supervisory Board reports that there has not been a situation of frequent absence in the financial year 2025.

Report of independence of the individual Supervisory Board members

All members, with the exception of Mr. P. Bouter, are considered to be independent in accordance with these provisions. Mr. P. Bouter is regarded as not fully independent due to his status as a shareholder of Royal A-ware.

Report of Supervisory Board activities and scope of the supervision

In the past financial year, the Supervisory Board actively followed Royal A-ware’s strategic direction, with particular attention to long-term value creation, risk management and compliance with relevant laws and regulations. The activities and supervision of the Supervisory Board may be categorized according to the subtopics (i) realization of company objectives, (ii) strategy and risks, (iii) design and operation of internal risk management, (iv) financial reporting, (v) compliance with laws and regulations, (vi) company’s relationship with shareholders and stakeholders, (vii) relevant CSR/ESG aspects.

Ad i): Supervision on the realization of company objectives
In the past financial year, the Supervisory Board closely monitored the realization of Royal A-ware’s objectives, ensuring alignment with the long-term strategic goals. Regular discussions took place regarding the company’s performance, assessing whether targets were being met and whether any adjustments were needed. The Supervisory Board worked closely with the Management Board to ensure the effective execution of key initiatives aimed at sustainable growth and value creation.

Particular activities relevant for this topic included:

  1. Discussing the integration of The Dairy Food Group (a group of Belgian dairy companies).

  2. Discussing on the progress of the construction of the new mozzarella plant in Spain.

  3. The Supervisory Board conducted several production location visits in the year 2025, in particular at the locations of Klipperaak 4 in Bodegraven and Handelsweg 5 in Zeewolde.

  4. A recurring agenda item on every Supervisory Board meeting agenda is the business update provided by members of the Management Board, in which a general overview is provided of relevant business developments in the various divisions and business areas.

Ad ii): Supervision on strategy and risks
The Supervisory Board actively supervised the development and execution of Royal A-ware’s strategy. The Supervisory Board engaged in discussions with the Management Board regarding the strategic direction and any potential adjustments necessary due to market or operational changes. Additionally, the Supervisory Board took a role in identifying and evaluating Royal A-ware’s risk profile, ensuring that potential risks were adequately addressed and mitigated. The Supervisory Board has ensured that a clear framework for managing strategic risks is in place.

Particular activities relevant for this topic included:

  1. Discussing the possible impact of political, legal and environmental developments (such as the endeavours of the various governments to reduce emissions), discussing the availability of milk and other resources.

  2. Discussing the outlook for the future years, the strategic plans of Royal A-ware and the possible opportunities to further develop Royal A-ware’s portfolio.

Ad iii): Supervision on the design and operation of internal risk management
The Supervisory Board paid special attention to the design and operation of the internal risk management systems.

Ad iv): Supervision on the financial reporting
The Supervisory Board ensured the integrity of Royal A-ware’s financial reporting by closely reviewing periodic and annual financial statements.

Ad v): Supervision on compliance with laws and regulations
The Supervisory Board was vigilant in overseeing the company’s compliance with all relevant laws and regulations. This included monitoring adherence to financial regulations, environmental laws, labor standards and corporate governance requirements. The Supervisory Board worked closely with the Management Board to ensure that Royal A-ware operated within legal frameworks, mitigating the risk of non-compliance.

Ad vi): Supervision on Royal A-ware’s relationship with shareholders and stakeholders
The Supervisory Board took an active role in overseeing the Royal A-ware’s relationship with shareholders and stakeholders, ensuring effective communication and transparency. The Supervisory Board was involved in ensuring that Royal A-ware’s actions were aligned with the interests of its shareholders and stakeholders.

Ad vii): Supervision on the relevant CSR/ESG aspects
The Supervisory Board recognized the increasing importance of corporate social responsibility (CSR) and environmental, social and governance (ESG) factors. The Supervisory Board supervised Royal A-ware’s approach to CSR and ESG, ensuring that these considerations were integrated into Royal A-ware’s business strategy. The Supervisory Board supported initiatives related to sustainability, ethical conduct, and community engagement, ensuring that Royal A-ware operated in a socially responsible manner. The Supervisory Board is highly impressed with Royal A-ware’s approach to CSRD reporting. The practical CSRD projects implemented within the company also deserve recognition and praise.

Conclusion

Throughout the year, it was a pleasure for the Supervisory Board to work within Royal A-ware’s open, positive and vibrant atmosphere, fostering a strong sense of collaboration and confidence among the Management Board and the employees. Active engagement in discussions and decision-making alongside visits to Royal A-ware’s production sites and meeting employees in different functions has enabled the Supervisory Board to contribute expertise and insight to the company's strategic direction and governance.

The entrepreneurial leadership of the Management Board has been commendable, with its guidance and vision playing a pivotal role in driving Royal A-ware’s success. The dedication and passion demonstrated by senior management and all employees across the company’s businesses have been inspiring.

Gratitude is extended to all suppliers, customers and valued partners for their continued trust in this family-owned company. Their collaboration has been instrumental in achieving significant sustainable results, positioning Royal A-ware for continued growth. Looking ahead, the Supervisory Board anticipates an exciting year and stands ready to support and guide the Management Board in their pursuit of continued success.

Lopik, 25 March 2026




Bas Alblas, Peter Bouter, Fanja Pon, Carolina Wielinga and Marit van Egmond