Aquafil

Investor Presentation • Nov 28, 2022

[ECNL:IM] – [ECNLF:OTCQX]

Investor Presentation ITALIAN EXCELLENCES 2022

Milan, 29th November 2022

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	15
2.2. ECONYL®	24
3. 9M 22 RESULT & 2022 OUTLOOK	35
3.1. 9M 2022 KEY FINDING & RESULTS	35
3.2. 2022 OULOOK	45
5. PROJECTS UPDATE	47
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	52
5. ANNEXES	56

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	15
2.2. ECONYL®	24
3. 9M 22 RESULT & 2022 OUTLOOK	35
3.1. 9M 2022 KEY FINDING & RESULTS	35
3.2. 2022 OULOOK	45
5. PROJECTS UPDATE	47
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	52
5. ANNEXES	56

Aquafil at glance

A GLOBAL GROUP

19 plants in 3 continents and 8 countries; FY 2020 - ca 2.800 employees, € 570m of revenues € 72m of EBITDA

MARKET LEADER IN NYLON

Fiber for carpet (BCF)

Fiber for fabrics (NTF)

Polymers and EP

A SUCCESSFUL BUSINESS MODEL

Proprietary technology with continuous R&D innovation Manufacturing and operational excellence focused on high-end segments

PIONEERS OF CIRCULARITY WITH ECONYL®

A unique Regeneration System to produce sustainable fiber and polymers from nylon 6 waste Around 37% of fiber turnover

TARGETS AT 2025:

60% Of Revenues Generated By Fibers From Econyl® Branded Products¹ 35,000 Tons Of Post-consumer Waste Collected Annually Water Consumption Reduced By 30% Compared To 2018

Aquafil at glance – A global Group

USA

Cartersville – Georgia Aquafil USA 1 & 2

Phoenix - Arizona Aquafil Carpet Recycling ACR#1 Aquafil Carpet Collection

Sacramento and Chula Vista - California Aquafil Carpet Collection

Rutherford College - North Carolina Aquafil O'Mara

% on 9M 2022 REVENUES

EUROPE

ITALY Arco, Cares and Rovereto Aquafil Headquarter Tessilquattro

CROATIA Oroslavje Aquafil CRO

SLOVENIA Ajdovščina, Ljubljana Senožeče and Štore AquafilSLO (4 plants)

UK Kilbirnie Aquafil UK

29% 55% 16%

ASIA PACIFIC

CHINA Jiaxing Aquafil Jiaxing

JAPAN Tokyo Aquafil Japan

THAILAND Rayong Aquafil Asia Pacific

Aquafil at glance – Market Leader in Nylon with:

Aquafil at glance – A successful Business model

Aquafil at glance – 50 years of growth – Key milestones

Aquafil at glance – A Company to change the world

MAGAZINE CHANGE THE WORLD

Fortune's 2019 Change the World List: Companies to Watch

By Matthew Heimer and Erika Fry 19 August 2019

"Burberry and Prada both recently launched collections featuring ECONYL®, a recycled nylon that this Italian yarn manufacturer creates from old fishing nets, fabric scraps, and discarded carpets. The company claims that for every ton of the upcycled material it produces, it saves 7 barrels of crude oil and 5,7 tons of carbon emissions."

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	15
2.2. ECONYL®	24
3. 9M 22 RESULT & 2022 OUTLOOK	35
3.1. 9M 2022 KEY FINDING & RESULTS	35
3.2. 2022 OULOOK	45
5. PROJECTS UPDATE	47
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	52
5. ANNEXES	56

Sustainability path – Driven by vision and business model

• Journey to circularity started with a deep business model review to prepare Group to next decades evolution based on cultural sensitiveness to environmental topics and Group R&D and technological strengths
• Aquafil correctly identified future trends which gradually became "secular" change drivers
• Increasing volatility related to crucial raw materials both in term of availability and prices
• Production process wastes management
• Growing attention versus an "environmental" frame in the value chain and among stakeholders
  • o Clients sharing the same vision
  • o Many different regulators increasing focus to environmental laws all across Group presence countries
  • o First steps versus Extended Production Responsibility ("EPR")
  • o Civil society growing sensitiveness
• Eco-Design is next crucial step
• from the "raw material–product–waste" linear model to the "closing the loop" paradigm
  • o products build with raw materials which will become raw materials by themselves

Sustainability path – A journey started in 1990

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	15
2.2. ECONYL®	24
3. 9M 22 RESULT & 2022 OUTLOOK	35
3.1. 9M 2022 KEY FINDING & RESULTS	35
3.2. 2022 OULOOK	45
5. PROJECTS UPDATE	47
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	52
5. ANNEXES	56

The ECO PLEDGE®

RETHINKING PRODUCTS IN A CIRCULAR PERSPECTIVE

Innovating products to make them more and more circular, giving new life to waste materials, in an infinite cycle.

PROTECTING THE ENVIRONMENT

Producing consciously and responsibly, pursuing continuos improvement and excellence in every aspetc.

ATTENTION TO THE WELL-BEING OF PEOPLE

People who, with commitment and passion, are the foundation of the Group.

SUPPORT LOCAL COMMUNITIES

Grow in harmony with local communities, promoting a prosperous and respectful development of their territory.

SHARED RESPONSIBILITY ALONG THE SUPPLY CHAIN

Collaborate with suppliers and customers to bring about change and environmental sustainbility in the entire sector.

The ECO PLEDGE® – SDGs and GRI alignment

The ECO PLEDGE® - Sustainability plan and targets (1/2)

SUSTAINABILITY PILLARS	IMPROVEMENT AREAS	PROJECT 2025 TARGET
RE THINKING PRODUCTS IN A CIRCULAR PERSPECTIVE	• Consolidating existing supply chain • Creating new sustainable value chains • Implementing eco-design approach • Exploring new sustainable	• ECONYL® accounting at 60% of • Increasing the production of fibre revenues products branded ECONYL® • 35.000 tons of post-consumer • Increasing the procurement of waste collected post-consumer waste • 13 projects of eco-design and • Collaborating with brands towards circularity creating circular supply chain • Demonstration at pre-industrial • Bio-based Nylon from renewable scale
PROTECTING THE ENVIRONMENT	supply chain • Investing in energy from renewable sources • Improving the impacts of production processes	feedstock • Procurement of electricity from • 100% of purchased renewable renewable sources for the entire energy (target achieved in 2021) Aquafil group • • All plants certified ISO 14001 by ISO 14001 and ISO 50001 2025, and ISO 50001 by 2028
		• Reducing water consumption and • -30% compared to 2018 discharge • • Set SBTs Reducing GHG emission
ATTENTION TO THE WELL-BEING OF THE PEOPLE	• Minimizing accidents (Zero accidents)	• ISO45001 / OHSAS18001 • All plants certified certification

The ECO PLEDGE® - Sustainability plan and targets (2/2)

	SUSTAINABILITY PILLARS	IMPROVEMENT AREAS	PROJECT 2025 TARGET
	SHARED RESPONSIBILITY ALONG THE SUPPLY CHAIN	• Social Responsibility • Integrating sustainability in purchasing procedures	• ISO 8000 • All plants certified by 2028 • Implementing sustainability and • Participating in the UN Global social responsibility policies Compact initiative • Increasing collaboration with • Involving 60% of EMEA BCF EMEA BCF customers on take cack customers systems for pre-consumer waste
		• Educating to environmental protection	• • Minimum 3 visits (yearly target) Students visiting Aquafil's plants
	• • Supporting local recreational SUPPORT LOCAL initiatives	• Supporting local initiatives Minimum 10 sponsorships (yearly target)
	COMMUNITIES	• Contributing to youth growth	• Sponsoring events • Minimum 2 initiative supported (yearly target)
		• Supporting vulnerable groups	• Supporting organizations working • Minimum 4 organizations with vulnerable groups supporting

The ECO PLEDGE® – Re-thinking products

• Collaboration with the entire value chain is the crucial successful driver towards establishing new circular and sustainable business models

MAMMUT Closing the loop in PA6 ropes

In collaboration also with the NGO Protect Our Winters Switzerland, the initiative enabled to collect end-of-life mountaineering ropes and their recycling (together with other pre- and post-consumer waste) to produce ECONYL® yarn

NAPAPIJRI Closing the loop in NTF

"Circular Series", the first circular apparel collection launched by Napapjri. With a monomaterial composition (filling and trims made of Nylon 6, while fabric made of ECONYL® Regenerated Nylon), the collection is 100% fully recyclable. Thanks to a take back program, it can be returned after two years of use and recycled into new ECONYL® yarn

CORAL EYEWEAR Closing the loop in Polymers

"Endangered collection": glasses and sunglasses made with ECONYL® and completed with frame recycling scheme

• Take back system (active since 2021) which enable to return frames after the 2-year period of guarantee

The ECO PLEDGE® – Re-thinking products

• Innovation to guide the continuous development of new technologies, processes and products
• Eco-Design to create products with the "end in mind" which will become future resources, and not wastes

Realization of a pre-industrial scale plant to demonstrate the technical feasibility of the innovative technology to produce biocaprolactam from renewable, plant-based feedstock. Coordinating project EFFECTIVE, funded by BBI JU (Bio-Based Industry Joint Undertaking) under the H2020 R&D programme

ECO-DESIGN Designing carpets with the end in mind

Identification of eco-design solutions towards developing a new generation of textile flooring solutions that can be recycled at the end of their useful life. Participation in project CISUFLO (CIrcular SUstainable FLOor covering) funded by the European Commission under the H2020 R&D programme.

RESEARCH, DEVELOPMENT & INNOVATION Developing new circular technologies

Development of a technology to chemically recycle (via depolymerization) PET.

Development of a technology to separate glass fibre from Nylon 6 in engineering plastics products.

Development of a technology to separate elastomer from Nylon 6 fabrics.

The ECO PLEDGE® – Protecting the environment

• Aquafil is committed to respect the environment in each phase of its own production process

• Therefore, activities and investments to reduce impacts and recover energy are constant across the years

• E.g. installation of new heating systems with heat recovery, sharing excess thermal energy with structures close to the factories and choosing energy from renewable sources

• From this point of view, below the most relevant Group KPIs

	Unit	2018	2021	Change	Comments 2018-2021
ENERGY CARRIER	GJ	2.494.156	2.644.094	6.0%	Increase of production capacity and plants mostly mitigated by efficiency measures and consistent improvement of used "energy mix"
GREENHOUSE GAS EMISSION	tCO2eq	86.251	44.456	(48.5%)	Increase of green energy use and use of more efficient equipment
WATER CONSUMPTION	106 liters	3.670	3.092	(15.7%)	Implementation of resources efficiency measure
WATER DISCHARGE	106 liters	3.823	3.314	(13.3%)	Implementation of resources efficiency measure
WASTE PRODUCTION	t	12.453	13.159	5.7%	Increase of the ECONYL® Regeneration System's capacity

The ECO PLEDGE® – Supply chain share responsibility

• Aquafil establish solid relationships with its customers and suppliers, who share the commitment and desire to improve together towards a more sustainable supply chain, by leveraging on constant comparison and collaboration
• Some example of partnership with suppliers and customers who become supplier:

ECONYL® Reclaiming Program

Leveraging on an internationally structured partnership network, Group can collect large quantities of waste to be regenerated into new ECONYL® yarn.

ECONYL® Qualified

An initiative to promote the continuous improvement of environmental performance of the ECONYL® supply chain. Five supplier categories already involved in the program.

An online platform with educational contents on sustainability, and where ECONYL® products can be shopped

307-1:2016 | 308-1:2016 413- 1:2016 | 414-1:2016

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	15
2.2. ECONYL®	24
3. 9M 22 RESULT & 2022 OUTLOOK	35
3.1. 9M 2022 KEY FINDING & RESULTS	35
3.2. 2022 OULOOK	45
5. PROJECTS UPDATE	47
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	52
5. ANNEXES	56

ECONYL®

ECONYL® – Steps

STEP4: Reimagine Fashion brands and carpet producers use ECONYL® regenerated nylon to create brand new products And that nylon has the potential to be recycled infinitely, without ever loosing its quality

STEP1: Rescue The ECONYL® Regeneration System starts with rescuing waste, like fishing nets, fabric scraps, carpet flooring and industrial plastic from all over the world That waste is then sorted and cleaned to recover all of the nylon possible

STEP3: Remake ECONYL® regenerated caprolactam is processed into polymer and yarn for the fashion and carpet industries

STEP2: Regenerate

Through a depolymerization and purification process, the nylon waste is recycled right back to its original purity That means ECONYL® regenerated nylon is exactly the same as conventional nylon coming from oil

ECONYL® – Drivers – R&D activities

• Usual R&D activities shown us new opportunities in Group production process

As reported in the EPD of the ECONYL(R) polymer (Revision 5, 2020 - 05 - 07)

ECONYL® – Drivers – Nylon waste reverse logistic platform

• Group was able to built a nylon "reverse" supply chain to collect raw materials for ECONYL® to create a stable and competitive quantity of nylon waste to be supplied to the regeneration plant in Slovenia
• Pre consumer waste
• Carpets: December 2020 acquisition of Planet Recycling
• Fishing nets: October 2021 the acquisition of Nofir

ECONYL® – Drivers – Industrial capacity increase

• Circularity is one of the milestones of Group CAPEX process
• Support development and environmental KPI targets achievements
• The capability to increase ECONYL® capacity, allowed to consistently follow demand growth
• Actual industrial capacity increased significantly through 2018-2019 will allow Group to both follow demand recovery and sustain medium-term growth

ECONYL® – Drivers – Innovating marketing activities

• Aquafil products are ingredients incorporated into final client products and therefore are not visible to end consumer
• Since its launch, ECONYL® ingredient proved to be the perfect fit for a different marketing strategy: a strong ingredient branding approach
• This thanks to three main conditions: "fits the category", "point of parity" and "point of difference"

FITS THE CATEGORY	ECONYL® perfectly fits in the category of "Sustainable Products"
POP	ECONYL® has those points of parity needed for a smooth and quick adoption. The high-quality standards allow the supply chain to easily replace any traditionally oil-based nylon fiber, without any compromise with esthetic, colors and hand fill
POD	ECONYL® has an edge over the competitors as it holds a unique story of a 100% regenerated nylon fiber from post and pre-consumer waste. The circular model provides a competitive advantage that no other product are able to give

ECONYL® – Drivers – Innovating marketing activities

• "Traditional" marketing strategies
• ‒ B2B strategy: building marketing towards chain next link through a narrow and single-sided customersupplier relationship
• Multilevel Ingredient strategy ("pull strategy"): product demand is created at different levels through investments and cooperation with all tiers of the supply chain

ECONYL® – Drivers – Innovating marketing activities

• ECONYL® branding strategies
• ‒ Targeted only on the final brand, this approach surpasses limitations and dangers of a too narrow and single-sided customer-supplier relationship
• ‒ Selling process is based on partnerships and direct communication with fashion and sportswear brands who are taking the purchasing decision. Cooperation with the entire value chain is thus focus around the ECONYL® ingredient
• ‒ This approach is possible thanks to the ECONYL® POP and POD

ECONYL® – To consumer…..

• Partner sharing same "circularity" vision were attracted by ECONYL® value proposition

Index Page 1. AQUAFIL AT GLANCE 4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE 5. ANNEXES 4 11 24 15 2. SUSTAINABILITY PATH 2.2. ECONYL® 45 35 2.1. The ECO PLEDGE® 3. 9M 22 RESULT & 2022 OUTLOOK 35 3.2. 2022 OULOOK 3.1. 9M 2022 KEY FINDING & RESULTS 52 56 5. PROJECTS UPDATE 47

9M 2022 – KEY MESSAGE

9M 2022 RESULTS SHARPLY INCREASING COMPARED TO 9M 2021

REVENUES +26,4% VS 9M21

EBITDA +23% VS 9M21

REVENUES OF ECONYL® BRANDED PRODUCTS

UP BY 64.5% VS 9M21

43.5% OF REVENUES GENERATED BY FIBERS

9M 2022 Main Results

				9M 2022 Main Results
		REVENUES				EBITDA				NET PROFIT				NFP
	2022	2021	Δ %		2022	2021	Δ %		2022	2021	Δ %		30.06.22	31.12.21	Δ %
9M	529,9	419,3	26,4%	9M	73,2	59,6	22,9%	9M	26,1	14,3	83,3%	9M	(231,5)	(179,3)	-29,1%
				% on Revenues	13,8%	14,2%		% on Revenues	0,0	0,0
3Q	178,9	144,6	23,7%	3Q	21,7	20,2	7,2%	3Q	8,5	5,3	58,3%
				% on Revenues	12,1%	14,0%		% on Revenues	0,05	0,04

Revenues – by Components

• Lower volumes of ca 8% compared to 9M2021 and 11% compared to 3Q21
• Volume: lower sales in EMEA
• Price & sales mix: positive impact thanks to better mix and selling price adjustment.

Revenues – Quantity

EMEA: volumes ca -20% vs 9M21 and -28% vs 3Q21:

– BCF, NTF and Polymers: lower quantity due to slow market demand;

USA: volumes ca +21% vs 9M21 and +22% in 3Q21:

• BCF: higher quantity (+47%) due to increase of BCF fiber for contract and competitor withdrawal
• NTF: lower quantity due to slow market demand;

Asia: volumes ca -3% vs 9M21 and +16% in 3Q21:

– BCF: in the 9 months lower quantity due to lower demand in residential sector and also for China lock down period with some limited impacts on internal market and in the 3Q increase of Japanese Market and Residential sector;

Revenues – Breakdown by Product Line and Area

Revenues – ECONYL®

• Strong growth +65% vs 9M22 due to price increase and higher quantities driven by:
• ‒ BCF fiber: higher demand in contract sector
• ‒ NTF: higher demand from fashion brands

P&L – KPI

		9M			3Q
	2022	2021	∆%	2022	2021	∆%
REVENUES	529,9	419,3	26,4%	178,9	144,6	23,7%
EBITDA	73,2	59,6	22,9%	21,7	20,2	7,2%
% on net sales	13,8%	14,2%		12,1%	14,0%
EBIT	32,4	22,3	45,1%	7,9	8,3	-5,1%
% on net sales	6,1%	5,3%		4,4%	5,7%
EBT	33,0	18,0	83,6%	8,9	7,0	26,8%
% on net sales	6,2%	4,3%		4,9%	4,8%
NET RESULT	26,1	14,3	83,3%	8,5	5,3	58,3%
% on net sales	4,9%	3,4%		4,7%	3,7%

NFP – NPF/EBITDA

• Ratio NPF/EBITDA LTM at 2,70x

NFP – Increase of NWC mainly driven by inventory

• NWC growth driven by increase of inventory value due to
• ❖ higher unitary cost of raw material and
• ❖ increase of raw material quantities;

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	15
2.2. ECONYL®	24
3. 9M 22 RESULT & 2022 OUTLOOK	35
3.1. 9M 2022 KEY FINDING & RESULTS	35
3.2. 2022 OULOOK	45
5. PROJECTS UPDATE	47
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	52
5. ANNEXES	56

2022 Outlook

As a result of the different global political and macroeconomic contexts, it is appropriate to analyze the Group's performance separately in the different geographical areas where it operates in order to provide a more comprehensively information on its performance.

EMEA is showing the expected slowdowns in the end market across all product lines due to the heavy inflationary pressures that have impacted mainly raw materials and energy. In the United States, the excellent uptrend reported in the first nine months of the year is confirmed. In Asia and Oceania, the market is showing sound end-customer demand levels thanks to the partial recovery of the residential market and an excellent performance by the Japanese market.

For the fourth quarter, we expect a less positive result than in the previous quarters of 2022, yet better than in the fourth quarter of 2021. On an annual basis, this will translate into the highest levels of absolute profitability ever achieved by the Aquafil Group.

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	15
2.2. ECONYL®	24
3. 9M 22 RESULT & 2022 OUTLOOK	35
3.1. 9M 2022 KEY FINDING & RESULTS	35
3.2. 2022 OULOOK	45
5. PROJECTS UPDATE	47
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	52
5. ANNEXES	56

Projects updating – Bio based nylon project

• A pillar of Group "The ECO PLEDGE®" and one of the most relevant initiatives in which the Group takes part
• 2 complementary and synergic paths: Genomatica and project EFFECTIVE
• Genomatica
• Joint technological development to produce the first ever bio-based Nylon 6 from renewable raw materials
• Collaboration with Genomatica one of the leading bio-engineering company in the world started in 2017
• In 2019-2020, validation of the technology at "pilot" scale through the production of approx. one ton of biobased intermediate, which was then converted into bio-based caprolactam. Currently under conversion into bio-based Nylon 6
• 2021 step will be the construction and start-up of a demonstration plant

Projects updating – Bio based nylon project

• Project EFFECTIVE
• Extending Aquafil Genomatica initiative to the whole supply chain by validating bio-based polyamides and bio-based polyesters from renewable raw materials into large-consumer products
  • o Polymers' versatility allows application in a wide range of products and sectors (filaments for textile applications, films for packaging, etc.)
• Started in 2018, supported by the Bio-Based Industry Joint Undertaking (through the EU Horizon 2020 Research Programme), and involving 12 organization from 7 European Countries.
• Technologies have been already validated at "pilot" scale, and the upscaling of all manufacturing steps (from raw materials up to manufacturing of prototypes of carpets, fabrics and garments) is currently on-going

Group development – Development in Japan

• In February important development steps were taken to expand Group presence in Japan
• At BCF product line level: establishment of Aquafil Japan Co., Ltd., based in Tokyo, 100% owned by Aquafil S.p.A.: the subsidiary will transform and market polymers and synthetic fibers on the Japanese market
• At Group level: create strong partnership with important local partners to expand circularity under the ECONYL® brand
• BCF Group reference market in Japan is estimated at around 18.000ton (equal to € 80-90m) (1) and is characterised by both important historical features and more recent trends
• ‒ Historical features
  • o Demand of high quality products (e.g., tiles and mats) and high standard services;
  • o Distributors play a crucial role in market development,
  • with a 3-year collection rhythm

Strong attention for high quality and service is perfectly in line

with Aquafil proposition

Example of high-end tiles

Group development – Development in Japan

• ‒ More recent trends
• o Strong cultural sensitiveness to environmental and sustainability topics
  • extremely positive recognition for ECONYL®
• o Some signs of primary competitors withdrawal
• Group is focusing its activities to built relationship with important carpet manufactures and distributors through
• ‒ Establishment of a local organisational and commercial structure
• ‒ Partnership with a local manufacturer with reprocessing yarn facilities
• ‒ Creation of a combined global team which can offer Group best practices
  • o Technological and production support from Chinese operations
  • o Design and marketing advocacy from headquarter carpet centre
• Group target is to increase reputation and visibility on the market and therefore enter in the 2022-2024 distributors collection

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	15
2.2. ECONYL®	24
3. 9M 22 RESULT & 2022 OUTLOOK	35
3.1. 9M 2022 KEY FINDING & RESULTS	35
3.2. 2022 OULOOK	45
5. PROJECTS UPDATE	47
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	52
5. ANNEXES	56

Ownership Structure & Governance – Ownership Structure

• A capital structure with 3 type of Shares
• ‒ Ordinary Share
• ‒ Share B: dedicated to Giulio Bonazzi family with the same economic right of ordinary share but with 3 voting right for any share
• ‒ Share C: no transferable, no economic and voting right but at certain conditions convertible in ordinary share at a ratio of 4,5 ordinary share for 1 Share C

Ownership Structure & Governance – Ownership Structure

• Main Aquafil's shareholders is Aquafin Holding S.p.A., holding of Giulio Bonazzi Family

Ownership Structure & Governance – Governance

BOARD OF DIRECTORS

BOARD OF DIRECTORS

• a) Diversity: 44,4% women and 55,6% man
• b) Independent Directors: 44,4%
• c) Lead Independent Director

(1) Director who has declared that he satisfies the independence requirements pursuant to Articles 147-ter, paragraph 4 of the Consolidating Law on Finance, as well as Article 3 of the Code of Self-Governance – (2) Lead Independent Director - (3) Member and President of Audit and Risk Committee - (4) Member of Audit and Risk Committee (5) Member and President of Appointment and Remuneration Committee - (6) Member of Appointment and Remuneration Committee 54

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	15
2.2. ECONYL®	24
3. 9M 22 RESULT & 2022 OUTLOOK	35
3.1. 9M 2022 KEY FINDING & RESULTS	35
3.2. 2022 OULOOK	45
5. PROJECTS UPDATE	47
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	52
5. ANNEXES	56

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 forward-looking 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.

Mr. Sergio Calliari, the Manager in charge of preparing the corporate accounting documents, declares that pursuant to Article 154-bis, paragraph 2, of the Legislative Decree No. 58 dated February 24, 1998, the accounting information contained in the Presentation correspond to document results, books and accounting records.

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

Definitions

«FIRST CHOICE REVENUES»

"First choice revenues" are revenues generated by the sale of fiber and polymers, gross of any adjustments (for example, discounts and allowances), but excluding revenues generated by "non-first choice products", revenues generated by Aquafil Engineering GmbH and "other revenues". Based on historical figures, these revenues accounted for more than 95% of the Group's consolidated revenues

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.

This was calculated as per Consob Communication of July 28, 2006 and the ESMA/2013/319 Recommendations:

• A. Cash
• B. Other liquid assets
• C. Other current financial assets
• D. Liquidity (A+B+C)
• E. Current financial receivables
• F. Current bank payables

NFP

• G. Current portion of non-current debt
• H. Other current financial payables
• I. Current financial debt (F+G+H)
• J. Net current financial debt (I-D-E)
• K. Non-current bank payables
• L. Bonds issued
• M. Other non-current payables
• N. Non-current financial debt (K+L+M)
• O. Net financial debt (J+N)

Appendix - Sector Data – Caprolactam price evolution

Appendix - Consolidate Income Statements

CONSOLIDATED INCOME STATEMENT	September	of wich non	September	of wich non	Third Quarter	of wich non	Third Quarter	of wich non
€/000	2022	current	2021	current	2022	current	2021	current
Revenue	529.905	849	419.310	587	178.896	324	144.610	587
of which related parties	39		40		13	-	13	-
Other Revenue	8.492	126	4.525	672	6.079	12	1.840	229
Total Revenue and Other Revenue	538.397	975	423.835	1.259	184.975	336	146.450	816
Raw Material	(245.437)	(475)	(208.556)	(191)	(87.072)	(181)	(73.062)	(191)
Services	(129.905)	(1.094)	(78.104)	(1.079)	(47.948)	(356)	(28.004)	(775)
of which related parties	(342)		(303)		(112)	-	(91)	-
Personel	(96.084)	(1.157)	(83.413)	(1.413)	(31.186)	(346)	(27.609)	(831)
Other Operating Costs	(3.447)	(291)	(2.488)	(186)	(1.001)	(176)	(848)	(125)
of which related parties	(52)		(52)		(17)	-	(17)	-
Depreciation and Amorti zation	(35.954)		(33.381)		(12.198)	-	(10.068)	-
Provisions&Write-downs	166		(144)		(8)	-	(15)	-
(write-downs)/recovery of inancial assets (receivables)	(2)		78		(28)	-	1	-
Capitalization of Internal Construction Costs	4.667		4.506		2.320	-	1.429	-
EBIT	32.400	(2.042)	22.334	(1.610)	7.852	(721)	8.274	(1.106)
Income (loss) from Investments	(70)		0		-	-	-	-
of which related parties	90				-	-		-
Other Financial Income	4.580		693		1.593	-	202	-
Interest Expenses	(6.000)		(5.658)		(2.138)	-	(1.836)	-
of which related parties	(93)		(124)		(29)	-	(46)	-
FX Gains and Losses	2.072		598		1.544	-	338	-
Profit Before Taxes	32.983	(2.042)	17.967	(1.610)	8.852	(721)	6.978	(1.106)
Income Taxes	(6.846)		(3.710)		(389)	-	(1.632)	-
Net Profit (Including Portion Attr. to Minority )	26.137	(2.042)	14.258	(1.610)	8.463	(721)	5.346	(1.106)
Net Profit Attributable to Minority Interest	0		0		-	-	-	-
Net Profit Attributable to the Group	26.137	(2.042)	14.258	(1.610)	8.463	(721)	5.346	(1.106)

Appendix - Consolidate Income Statements – Revenues 9M

9M			BCF (fiber for carpet)				NTF (fiber for fabric)					Polymers						Total
€/mil	2022	2021	Δ	Δ%	2022	2021	Δ	Δ%	2022	2021	Δ	Δ%	2022	2021	Δ	Δ%	% 22	% 21
EMEA	171,9	137,4	34,5	25,1 %	79,2	62,2	17,0	27,2 %	42,2	55,5	(13,3)	(24,0)%	293,2	255,1	38,1	14,9 %	55,3 %	60,8 %
North America	126,9	65,5	61,4	93,8 %	24,6	21,5	3,1	14,5 %	2,8	5,2	(2,4)	(46,4)%	154,3	92,2	62,1	67,4 %	29,1 %	22,0 %
Asia e Oceania	76,0	65,4	10,6	16,2 %	3,0	4,2	(1,2)	(28,3)%	0,8	0,5	0,3	0,0 %	79,8	70,1	9,7	13,9 %	15,1 %	16,7 %
RoW	0,6	0,4	0,2	47,5 %	2,0	1,5	0,5	32,3 %	0,0	0,0	(0,0)	0,0 %	2,6	1,9	0,7	35,5 %	0,5 %	0,5 %
Total	375,3	268,7	106,6	39,7 %	108,8	89,4	19,4	21,7 %	45,8	61,2	(15,4)	(25,2)%	529,9	419,3	110,6	26,4 %	100,0 %	100,0 %
% ToT	70,8%	64,1%			20,5%	21,3%			8,6%	14,6%			100,0%	100,0%

Appendix - Consolidate Income Statements – Revenues 3Q

3Q			BCF (fiber for carpet)				NTF (fiber for fabric)					Polymers						Total
€/mil	2022	2021	Δ	Δ%	2022	2021	Δ	Δ%	2022	2021	Δ	Δ%	2022	2021	Δ	Δ%	% 22	% 21
EMEA	54,0	46,8	7,2	15,5 %	21,3	20,6	0,7	3,4 %	13,4	20,4	(7,0)	(34,4)%	88,7	87,8	0,9	1,1 %	49,6 %	60,7 %
North America	50,6	24,5	26,1	106,4 %	8,0	7,7	0,4	4,6 %	1,3	1,9	(0,6)	(32,0)%	59,8	34,0	25,8	75,8 %	33,5 %	23,5 %
Asia e Oceania	27,9	19,6	8,2	41,9 %	1,2	2,0	(0,8)	(41,3)%	0,3	0,1	0,2	117,2 %	29,4	21,8	7,6	34,6 %	16,4 %	15,1 %
RoW	0,3	0,2	0,1	0,0 %	0,7	0,7	(0,1)	0,0 %	(0,0)	0,0	(0,0)	0,0 %	0,9	1,0	(0,0)	(1,9)%	0,5 %	0,7 %
Total	132,7	91,1	41,6	45,6 %	31,2	31,0	0,1	0,5 %	15,0	22,4	(7,5)	(33,2)%	178,9	144,6	34,3	23,7 %	100,0 %	100,0 %
% ToT	74,2%	63,0%			17,4%	21,5%			8,4%	15,5%			100,0%	100,0%

Appendix - Consolidate Income Statements – EBITDA & EBITD Adj

RECONCILIATION FROM NET PROFIT TO EBITDA €/000	September	September	Third Quarter	Third Quarter
	2022	2021	2022	2021
Net Profit (Including Portion Attr. to Minority )	26.137	14.258	8.463	5.346
Income Taxes	6.846	3.710	389	1.632
Investment income and charges	70		-	-
Amortisation & Depreciation	35.954	33.381	12.198	10.068
Write-downs & Write-backs of intangible and tangible assets	(164)	66	36	15
Financial items (*)	2.319	6.557	(116)	2.072
No recurring items (**)	2.042	1.610	721	1.106
EBITDA	73.205	59.581	21.691	20.239
Revenue	529.905	419.310	178.896	144.610
EBITDA Margin	13,8%	14,2%	12,1%	14,0%

RECONCILIATION FROM EBITDA TO EBIT ADJUSTED €/000	September 2022	September 2021	Third Quarter 2022	Third Quarter 2021
EBITDA	73.205	59.581	21.691	20.239
Amortisation & Depreciation	35.954	33.381	12.198	10.068
Write-downs & Write-backs of intangible and tangible assets	(164)	66	36	15
EBIT Adjusted	37.414	26.134	9.457	10.156
Revenue	529.905	419.310	178.896	144.610
EBIT Adjusted Margin	7,1%	6,2%	5,3%	7,0%

(*) The financial items include: (i) financial income of Euro 4.6 million (ii) financial charges and other bank charges of Euro (6.0) million, (iii) cash discounts of Euro (3.0) million, and (iv) exchange gains of Euro 2.1 million.

(**) This includes (i) non-recurring charges related to the expansion of the Aquafil Group for Euro (0.2) million, (ii) non-recurring charges referring to Aquafil Carpet Collection and ACR2 for Euro (1) (deducted non-recurring revenues for euro 0.8 million)(iii) other non-recurring of Euro (0.9) million.

Appendix - Consolidate Balance Sheet(1)

CONSOLIDATED BALANCE SHEET	At September 30,	At December 31,
€/000	2022	2021
Intangible Assets	22.458	23.551
Goodwill	17.121	14.735
Tangible Assets	251.353	240.489
Financial Assets	765	710
of which related parties	318	318
Investments & Equity metod	1.018	1.018
Other Assets	476	626
Deferred Tax Assets	14.609	12.269
Total Non-Current Assets	307.800	293.398
Inventories	261.566	177.243
Trade Receivable	41.907	31.233
of which related parties	47	71
Financial Current Assets	4.544	860
Current Tax Receivables	740	423
Other Current Assets	17.955	12.853
of which related parties	114	3.152
Cash and Cash Equivalents	136.634	152.656
Asset held for sales	0	0
Total Current Assets	463.346	375.268
Total Current Assets	771.146	668.666

Appendix - Consolidate Balance Sheet(2)

CONSOLIDATED BALANCE SHEET	At September 30,	At December 31,
€/000	2022	2021
Share Capital	49.722	49.722
Reserves	115.353	91.708
Group Net Profit for the year	26.136	10.670
Group Shareholders Equity	191.212	152.101
Net Equity attributable to minority interest	1	1
Net Profit for the year attributable to minority interest	0	0
Total Sharholders Equity	191.213	152.102
Employee Benefits	5.380	5.910
Non-Current Financial Liabilities	293.186	263.421
of which related parties	6.545	6.359
Provisions for Risks and Charges	1.504	1.929
Deferred Tax Liabilities	13.463	11.158
Other Payables	9.365	10.813
Total Non-Current Liabilities	322.898	293.230
Current Financial Liabilities	79.469	69.438
of which related parties	3.184	2.240
Current Tax Payables	3.362	1.721
Trade Payables	147.772	126.566
of which related parties	296	352
Other Liabilities	26.432	25.608
of which related parties	230	230
Total Current Liabilities	257.035	223.334
Total Equity and Liabilities	771.146	668.666

Appendix - Net Financial Position

NET FINANCIAL DEBT	At September 30,	At December 31,
€/000	2022	2021
A. Liquidity	136.634	152.656
B. Cash and cash equivalents
C. Other current financial assets	4.544	860
D. Liquidity (A + B + C)	141.178	153.516
E. Current financial debt (including debt instruments but excluding the current portion of
non-current financial debt)	- 3.143 -	203
F. Current portion of non-current financial debt	- 76.326 -	69.236
G. Current financial debt (E + F)	- 79.469 -	69.438
H. Net current financial debt (G - D)	61.709	84.078
I. Non-current financial debt (excluding current portion and debt instruments)	- 222.872 -	180.185
J. Debt instruments	- 70.314 -	83.210
K. Trade payables and other non-current payables
L. Non-current financial debt (I + J + K)	- 293.186 -	263.396
M. Total financial debt (H + L)	- 231.477 -	179.318

Appendix - Consolidated Cash Flow Statement (1)

CASH FLOW STATEMENT	At September 30,	At September 30,
€/000	2022	2021
Operation Activities
Net Profit (Including Portion Attr. to Minority )	26.137	14.258
of which related parties	-358	-141
Income Taxes	6.846	3.710
Income (loss) from Investments	7 0	0
of which related parties	-90	0
Financial income	-4.580	-693
Financial charges	6.000	5.658
of which related parties	9 3	124
FX (Gains) and Losses	-2.072	-598
(Gain)/Loss on non - current asset Disposals	-91	-132
Provisions&Write-downs	-166	144
(write-downs)/recovery of inancial assets (receivables)	2	-78
Amortisation, depreciation & write-downs	35.954	33.381
Cash Flow from Operating Activities Before Changes in NWC	68.100	55.650
Change in Inventories
	-84.323	-14.691
Change in Trade and Other Payables of which related parties	21.206	30.493
Change in Trade and Other Receivables	-56	-82
of which related parties	-10.675	-7.542
	2 4	1 7
Change in Other Assets/Liabilities	2.259	3.505
of which related parties	3.038	377
Net Interest Expenses	-1.419	-4.965
Income Taxes paid	-1.098	0
Change in Provisions for Risks and Charges	-1.299	-527
Cash Flow from Operating Activities (A)	-7.249	61.923

Appendix - Consolidated Cash Flow Statement (2)

CASH FLOW STATEMENT	At September 30,	At September 30,
€/000	2022	2021
Investing activities
Investment in Tangible Assets	-24.566	-20.547
Disposal of Tangible Assets	406	291
Investment in Intangible Assets	-3.213	-3.640
Disposal of Intangible Assets		2 2
Dividends	9 0
Disposal of Financial Assets	-160
Cash Flow used in Investing Activities (B)	-27.444	-23.875
Financing Activities
Increase in no current Loan and borrowing	79.000	0
Decrease in no current Loan and borrowing	-42.502	-73.304
Net variation in current and not current fiancial Assets and Liability inclueded IFRS 16	-441	-7.217
of which related parties	1.130	-2.440
Net variation non-monetary increase IFRS16	-6.964	-2.800
Dividends Distribution	-6.046	0
Acquisition of treasury shares	-4.376
Cash Flow from Financing Activities ( C)	18.671	-83.321
Net Cash Flow of the Year (A)+(B)+(C)	(16.022)	(45.273)

Investors Contact:

Karim Tonelli CPO & Investor Relator karim.tonelli@aquafil.com Mob: +39 3486022950