Aquafil

Investor Presentation • Nov 21, 2023

Main goals and Financial Targets 2023 – 2025

[ECNL:IM] - [ECNLF: OTCQX]

November 21, 2023

Introduction

CEO – Giulio Bonazzi

Chair – Chiara Mio

Financial results and strategy

• o 2023 current trading
• o 2024 – 2025 Expected
• CEO – Giulio Bonazzi
• CFO – Roberto Bobbio
• Q&A session

Closing

4Q 2023 current trading - volumes

Overall, the Group quantities in October '23 are higher of ca. 15% vs October '22

FY 2023 – Key Messages

Key messages

• Volumes: Expected FY 2023 range (3)% (4)% vs FY 2022
• Strong stock impact related to high unit value of the 2022 inventories compared to the yearly market value of raw materials 23 - 25 €/mln FY 2023

FY23 expected results

• EBITDA target: 45 50 €/mln
• EBITDA Adj target: 68 70 €/mln
• NFP: 250 260 €/mln

FY 2023 – Key Messages

Ongoing actions

• Production costs management to maintain the efficiency of variable costs;
• Reduction in personnel costs;
• Rationalization of working capital;
• High manufacture capital quality and saturation level lead to lower investments;
• R&D continuous effort (ca. 2% on 2022 revenues).

Volumes by business lines ('23E vs '22E)

Overall volumes decrease range 3% – 4% ECONYL® branded products volumes remain stable

LTM – 28%

Source: market data

FY 2023E – EBITDA and EBITDA Adjusted

FY 2023E – EBITDA adjusted

EBITDA affected approximately €23-25 €/mln by strong stock impact related to high unit value of the 2022 inventories compared to the 2023 market value of raw materials.

2024 – 2025 Expected

Our view for the future

• Volumes

• EBITDA
• NFP

Volumes by business lines ('24E vs '23E)

Overall volumes increase in all product lines from +4% to +7% at Group level

Raw material price in line with last months of 2023

BCF - Carpet yarn From +3% to +6%

NTF - Textile yarn From +13% to +16%

Polymers From +6% to +9%

Volumes ('24E vs '23E)

Continues growth of ECONYL® Branded Products

BCF market growth Pacific NTF recovering market

USA Europe Asia BCF market growth NTF product line recovery Polymers new prospective reinforced by the Engineering Plastics business

BCF best macro area expected increase in volumes

Volumes by business lines ('25E vs '24E)

Overall volumes increase in all product lines from +6% to +9% at Group level

Raw material price slightly increased (+5%) compared 2024

BCF - Carpet yarn From +4% to +7%

NTF - Textile yarn From +8% to +11%

Polymers From +14% to +17%

Volumes ('25E vs '24E)

Continues growth of ECONYL® Branded Products

BCF continues growth NTF still recovering but below 2022 levels Polymers expansion of the business

BCF growing market

2025 target

60% of revenues

generated by fibers from

ECONYL® Branded Products

Efficiencies

• Headcounts reduction (e.g. Aquafil UK and European manufacturing sites)
• Productivity increase (e.g. plant utilization rate)
• Energy efficiencies
• Cost-effectiveness initiatives

EBITDA ('23E vs '25E) €/mln

• o Cumulative savings expected from efficiencies 9 - 12 €/mln
• o Cumulative increase expected from volumes 7 - 10 €/mln

2023E – 2025E Net financial position

€/mln

50 - 60 mln of cumulated NFP generated in two years

*CAPEX does not include effect of IFRS 16 and related impact on NFP **Positive means debt

Q&A session

Appendix

Appendix - Disclaimer

This presentation and any material distributed in connection herewith (together, the "Presentation") prepared by Aquafil S.p.A. ("Aquafil" or "Company") do not constitute or form a part of, and should not be construed as, an offer for sale or subscription of or solicitation of any offer to purchase or subscribe for any securities, and neither this Presentation nor anything contained herein shall form the basis of, ore be relied upon in connection with, or act as an inducement to enter into, any contract or commitment whatsoever.

The Presentation contains forward-looking statements regarding future events and the future results of Aquafil that are based on current expectations, estimates, forecasts, and projections about the industries in which Aquafil operates and the belief and assumptions of the management of Aquafil. In particular, among other statements, certain statements with regards to management objectives, trends in results of operations, margins, costs, return on equity, risk management are forward-looking in nature. Words such as 'expects', 'anticipates', 'targets', 'goals', 'projects', 'intends', 'plans', 'believes', 'seeks', 'estimates', variations of such words, and similar expressions are intended to identify such forwardlooking statements. These forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Therefore, Aquafil's actual result may differ materially and adversely from those expressed or implied in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, economic conditions globally, political, economic and regulatory developments in Italy and internationally. Any forward-looking statements made by or on behalf of Aquafil speak only as of the date they are made. Aquafil does not undertake to update forward-looking statements to reflect any changes in Aquafil's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

No reliance may be placed for any purposes whatsoever on the information contained in the Presentation, or any other material discussed in the context of the presentation of such material, or on its completeness, accuracy or fairness. The information contained in the Presentation might not be independently verified and no representation or warranty, express or implied, is made or given or on behalf of the Company or any of its members, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this document or any other material discussed in the context of the presentation of the Presentation. None of the Company, nor any of its respective members, directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of the Presentation or its contents or otherwise arising in connection therewith.

The reader should, however, consult any further disclosure Aquafil may make in documents it files with the Italian Securities and Exchange Commission and with the Italian Stock Exchange.

Appendix - Definitions

EBITDA

This is an alternative performance indicator not defined under IFRS but used by company management to monitor and assess the operating performance as not impacted by the effects of differing criteria in determining taxable income, the amount and types of capital employed, in addition to the amortisation and depreciation policies. This indicator is defined by the Aquafil Group as the net result for the year adjusted by the following components: income taxes, investment income and charges, amortisation, depreciation and write downs of tangible and intangible assets, provisions and write-downs, financial income and charges, non recurring items.

NFP

On April 29, 2021, Consob issued "Call to attention No. 5/21" in which it highlighted that the new "ESMA Guidelines" of March 4, 2021 replaced on May 5, 2021 those of preceding Consob communications. In guideline No. 39 requires that financial statement disclosure includes the following definition of net financial debt: A. Liquidity B. Other liquidity C. Other current financial assets D. Liquidity (A+B+C) E. Current financial debt (including debt instruments but excluding the current portion of non-current financial debt) F. Current portion of non-current financial debt G. Current financial debt (E + F) H. Net current financial debt (G - D) I. Non-current financial debt (excluding current portion and debt instruments) J. Debt instruments K. Trade payables and other non-current payables L. Non-current financial debt (I + J + K) M. Total financial debt (H + L)

www.aquafil.com www.econyl.com www.dryarn.com

Karim Tonelli - CPO & IR karim.tonelli@aquafil.com Mob: +39 3486022950