Eshbal Functional Food (ESBL) investor relations material

Business overview and product portfolio

• Specializes in vegan, low-carb, protein-rich, gluten-free foods and supplements for health-conscious consumers, with over 300 SKUs and proprietary production methods.

• Operates a 60,000 sq.ft. facility in Israel with 70+ employees, ensuring quality and innovation.

• Product range includes gluten-free breads, flours, superfoods, enriched products, supplements, and specialty foods for seniors and athletes.

• Brands include Barili, Zen, Komida, and Caragil, offering a variety of gluten-free and vegan baked goods.

• Profitable and consistently growing, with 2024 revenues of $11.4M and a forecast of $14M for 2025.

Market opportunity and expansion strategy

• North America is the largest gluten-free market globally, valued at $2.98B in 2024 and growing at 9-10% annually.

• Canada is a leader in gluten-free innovation, with the market projected to reach $1.2B by 2033; 1 in 3 Canadians seek 'Better-for-You' foods.

• Expansion plan includes local production in Toronto, broker and distribution agreements, and direct-to-consumer sales via major platforms.

• Strategic acquisitions, such as Dare To Be Different Foods and Gluten Free Nation, provide market access and distribution.

• Roadmap targets retail and food-service expansion, additional acquisitions, and potential uplisting to major exchanges by 2028.

Financials and capitalization

• 2024 revenue was $11.4M, with projections of $14M in 2025 and significant growth expected through 2028.

• Gross margins are forecasted to improve from 21% in 2023 to 30% by 2028.

• Publicly traded on TSXV under ESBL, with 68.9M basic shares and 94.5M fully diluted shares outstanding as of November 2025.