Aquafil

Investor Presentation • May 15, 2025

Aquafil Group [ECNL:IM] - [ECNLF: OTCQX] 1Q 2025 Financial Results May 15, 2025

Key Messages

ECONYL® branded and regenerated products reached 60,5% of fibers revenues

✓ Profitability improvement vs 1Q2024

✓ ✓

US market recovery Utilities cost higher than expected

Financial Results

Financial Results
		Revenues		EBITDA				Net profit		NFP
	2025	2024	Δ%	2025	2024	Δ%	2025	2024	Δ%	31.03.25	31.12.24	Δ%
1 Q	144,0	147,5	(2,4)%	17,1	15,2	12,5 %	0,4	(3,1)	113,8 %	221,6	213,5	3,8 %
% on Revenues				11,9%	10,3%		0,3 %	(2,1)%

USA Recovering market	Higher to 1Q 2024	Higher to 1Q 2024	Slightly higher vs Dec. 24
EMEA and Asia broadly in line with expectations	Mainly due to Lower raw materials and higher ECONYL® products sales	Mainly due to	NFP/EBITDA LTM x 3,45 on 31st March 2025
ECONYL® 60,5% of Fiber Revenues	but Higher utilities costs	EBITDA increase	x3,42 on 31st December 2024

Volumes

(on First Grade Product Revenues) – Index 100

-2,0%

compared to 1Q 2024

1Q 2024 Volume Price & Sales Mix 1Q 2025

Financial Results

Revenues Variation by Components

Financial Results | Quantity Variations %

(on First Grade Product Revenues)

EMEA USA Asia Pacific

EMEA

Volumes (1,9)% vs 1Q24:

• BCF and NTF broadly in line
• Polymers with different production mix (growing engineering plastics volumes)

USA

Volumes (1,0)% vs 1Q24:

• Important recovery for BCF market
• NTF still soft

Asia

Volumes (4,1)% vs 1Q24:

• Broadly in line with expectations

Financial Results | Revenues Breakdown

% by Product Line

Financial Results | Revenues Breakdown

% by Geographical Area

60,5%

of 1Q25 fibers revenues from ECONYL® and other regenerated fibers

8

Financial Results

ECONYL® Revenues on fibers

Financial Results

P&L KPI

		1Q
	2025	2024	Δ%
Revenues	144,0	147,5	(2,4)%
EBITDA	17,1	15,2	12,5 %
% on net Sales	11,9 %	10,3%
EBIT	2,9	0,8	241,2 %
% on net Sales	2,0%	0,6 %
EBT	1,0	(4,0)	126,2 %
% on net Sales	0,7 %	(2,7)%
NET RESULT	0,4	(3,1)	113,8 %
% on net Sales	0,3 %	(2,1)%

Data in € million

Financial Results | Net Financial Position

NFP on March 31, 2025: 221,6 €/mil vs 213,5 €/mil on December 31, 2024

Ratio NPF/EBITDA: x3,45 on March 31, 2025

Financial Results | NFP evolution €/mln

Outlook

The first quarter of 2025 recorded an increase in profitability compared to the same period of the previous year. This was thanks to both the recovery of the US fiber for carpet sector and the increase in sales of ECONYL® products, despite higher energy costs.

The early achievement of the target of 60% of ECONYL® products on fiber turnover confirms the strong market appreciation for sustainable products.

The order intake suggests a positive trend for the fibers for carpet and the polymers product lines. However, some weaknesses remain in the textile fiber sector.

Regarding the pressure on markets due to tariffs and duties, the Company does not identify direct impacts on its activities while continuing to monitor the development of the trade war for indirect impacts on demand.

The targets defined in the business plan remain confirmed and the Company is committed to achieving them.

13

4. 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 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.

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

«FIRST CHOICE REVENUES»	"First choice revenues" are revenues generated by the sale of fibers 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". On the basis of the 2019 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.
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)

Appendix - Sector Data – Caprolactam price evolution €/ton

Appendix - Consolidated Income Statement

CONSOLIDATED INCOME STATEMENT	First quarter	of wich non	First quarter	of wich non
€/000	2025	current	2024	current
Revenue	144.011	0	147.500	0
of which related parties	6		83
Other Revenue	2.869	16	1.639	33
of which related parties	87		0
Total Revenue and Other Revenue	146.880	16	149.139	33
Raw Material	( 64.603)	0	( 73.445)	0
of which related parties	0		0
Services	( 34.840)	( 390)	( 30.643)	( 74)
of which related parties	( 170)		( 155)
Personel	( 31.785)	( 141)	( 30.966)	( 253)
of which related parties	0		0
Other Operating Costs	( 629)	( 2)	( 766)	( 4)
of which related parties	( 17)		( 17)
Depreciation and Amorti zation	( 12.912)		( 13.405)
Provisions&Write-downs	( 107)		12
Capitalization of Internal Construction Costs	873		918
EBIT	2.876	( 518)	843	( 299)
Income (loss) from Investments
of which related parties
Other Financial Income	301		676
of which related parties	1		0
Interest Expenses	( 4.056)		( 5.438)
of which related parties	( 68)		( 28)
FX Gains and Losses	1.927		( 83)
Profit Before Taxes	1.048	( 518)	( 4.002)	( 299)
Income Taxes	( 621)		898
Net Profit (Including Portion Attr. to Minority )	427	( 518)	( 3.104)	( 299)
Net Profit Attributable to Minority Interest	0		0
Net Profit Attributable to the Group	427	( 518)	( 3.104)	( 299)

Appendix - Consolidated Income Statement – Revenues 1Q

Q1 BCF (fiber for carpet)				NTF (fibre for textile)			Polymers				TOTAL
€/mln	2025	2024	Δ	Δ%	2025	2024	Δ	Δ%	2025	2024	Δ	Δ%	2025	2024	Δ	Δ%	%25	%24
EMEA	45,9	49,4	(3,5)	(7,0)%	16,4	15,7	0,7	4,5 %	13,9	17,1	(3,2)	(19,0)%	76,2	82,2	(6,0)	(7,3)%	52,9%	55,7%
North America	35,3	31,2	4,2	13,3 %	6,1	6,3	(0,1)	(2,2)%	1,8	2,4	(0,6)	(25,8)%	43,2	39,8	3,4	8,5 %	30,0%	27,0%
Asia e Oceania	22,9	23,0	(0,0)	(0,2)%	0,7	1,2	(0,5)	(41,1)%	0,2	0,6	(0,4)	(60,0)%	23,9	24,8	(0,9)	(3,6)%	16,6%	16,8%
RoW	0,3	0,3	0,0	13,7 %	0,4	0,4	(0,0)	(6,1)%	0,0	0,0	0,0	N.A.	0,7	0,7	0,0	2,7 %	0,5%	0,5%
TOTAL	104,5	103,8	0,7	0,7 %	23,6	23,6	0,1	0,2 %	15,9	20,1	(4,2)	(21,0)%	144,0	147,5	(3,5)	(2,4)%	100,0%	100,0%
% Tot	72,6%	70,4%			16,4%	16,0%			11,0%	13,6%			100,0%	100,0%

1Q - % Revenues by Geographical Area

1Q - % Revenues by Product Line

Appendix - EBITDA and Adjusted Operating Results

RECONCILIATION FROM NET PROFIT TO EBITDA €/000	First quarter 2025	First quarter 2024
Net Profit (Including Portion Attr. to Minority )	427	( 3.104)
Income Taxes	621	( 898)
Investment income and charges
Amortisation & Depreciation	12.912	13.405
Write-downs & Write-backs of intangible and tangible assets	107	( 12)
Financial items (*)	2.520	5.552
No recurring items (**)	518	299
EBITDA	17.106	15.242
Revenue	144.011	147.500
EBITDA Margin	11,9%	10,3%

RECONCILIATION FROM EBITDA TO	First quarter	First quarter
EBIT ADJUSTED €/000	2025	2024
EBITDA	17.106	15.242
Amortisation & Depreciation	12.912	13.405
Write-downs & Write-backs of intangible and tangible assets	107	( 12)
EBIT Adjusted	4.086	1.849
Revenue	144.011	147.500
EBIT Adjusted Margin	2,8%	1,3%

(*) The financial items include: (i) financial income of Euro 0.3 million (ii) financial charges and other bank charges of Euro (4.0) million, (iii) cash discounts of Euro (0.7) million, and (iv) exchange gains/(loss) of Euro 1.9 million.

(**) This includes (i) non-recurring charges related to the expansion of the Aquafil Group for Euro (0.1) million, (ii) restructuring costs for Euro (0.1)million, (iii) non-recurring costs for legal and administration consulting for Euro (0.3) million.

Appendix - Consolidated Balance Sheet (1/2)

CONSOLIDATED BALANCE SHEET	At March 31,	At December 31,
€/000	2025	2024
Intangible Assets	14.174	15.168
Goodwill	15.431	16.064
Tangible Assets	224.179	233.900
Financial Assets	846	969
of which related parties	293	270
Investments & Equity metod	1.113	1.113
Other Assets
Deferred Tax Assets	30.430	29.231
Total Non-Current Assets	286.172	296.445
Inventories	192.136	197.535
Trade Receivable	30.891	20.370
of which related parties	122	97
Financial Current Assets	2.500	980
of which related parties	1	2
Current Tax Receivables	1.577	1.529
Other Current Assets	9.686	8.033
of which related parties	0	0
Cash and Cash Equivalents	101.422	130.366
Asset held for sales	0	0
Total Current Assets	338.212	358.813
Total Current Assets	624.384	655.258

Appendix - Consolidated Balance Sheet (2/2)

emarket sdir scorage
CERTIFIED

CONSOLIDATED BALANCE SHEET	At March 31,	At December 31,
€/000	2025	2024
Share Capital	53.354	53.354
Reserves	96.569	121.311
Group Net Profit for the year	427	( 16.313)
Group Shareholders Equity	150.350	158.352
Net Equity attributable to minority interest	1	0
Net Profit for the year attributable to minority interest	0	0
Total Sharholders Equity	150.351	158.352
Employee Benefits	4.538	4.627
Non-Current Financial Liabilities	223.270	241.535
of which related parties	2.634	3.902
Provisions for Risks and Charges	1.453	1.611
Deferred Tax Liabilities	13.024	12.808
Other Payables	3.393	4.053
of which related parties	0	0
Total Non-Current Liabilities	245.679	264.634
Current Financial Liabilities	102.081	103.208
of which related parties	4.180	4.146
Current Tax Payables	1.888	242
Trade Payables	104.340	109.178
of which related parties	162	396
Other Liabilities	20.045	19.644
of which related parties	0	0
Total Current Liabilities	228.354	232.271
Total Equity and Liabilities	624.384	655.258

Appendix - Consolidated Cash Flow Statement (1/2)

CASH FLOW STATEMENT	At March 31,	At Marchr 31,
€/000	2025	2024
Operation Activities
Net Profit (Including Portion Attr. to Minority)	427	(3.104)
of which related parties	(163)	(118)
Income Taxes	621	(898)
Income (loss) from equity Investments
of which related parties
Financial income	(301)	(676)
of which related parties	(1)
Financial charges	4.056	5.438
of which related parties	68	28
FX (Gains) and Losses	(1.927)	83
(Gain)/Loss on non - current asset disposals	(31)	(86)
Provisions & write-downs	107	(12)
Amortisation, depreciation & write-downs	12.912	13.405
Cash Flow from Operating Activities Before Changes in NWC	15.864	14.151
Change in Inventories
Change in Trade and Other Receivables	2.629	9.775
of which related parties	(11.381)	(4.450)
Change in Trade and Other Payables	(25) (3.825)	(13) (8.314)
of which related parties	(234)	(467)
Change in Other Assets/Liabilities	95	(3.024)
of which related parties		(685)
Employees Benefit
Change in Provisions for Risks and Charges	(83)	(35)
	(169)	(16)
Income tax paid	218	(840)
Net Interest Expenses	(3.822)	(5.133)
TOTAL CASH FLOW FROM OPERATING ACTIVITIES	(473)	2.115

Appendix - Consolidated Cash Flow Statement (2/2)

CASH FLOW STATEMENT	At March 31,	At Marchr 31,
€/000	2025	2024
Investing activities
Investment in Tangible Assets	(3.835)	(3.354)
Disposal of Tangible Assets	174	156
Investment in Intangible Assets	(400)	(524)
Disposal of Intangible Assets
Reclassification of tangible fixed assets	99
Dividends
of which related parties
Investment of Financial Assets		(113)
TOTAL CASH FLOW FROM INVESTING ACTIVITIES	(3.961)	(3.835)
Changes in Equity
Capital Increase		-
Effect of exchange rate changes	(2.841)	882
Acquisition of treasury shares
Other changes in equity	(15)	(22)
Dividends Distribution
of which related parties
Financing Activities
Increase in no current Loan and borrowing		10.000
Decrease in no current Loan and borrowing	(17.408)	(17.027)
Repayment of bond loan	(128)	(151)
Derivatives
Net variation in current and not current fiancial Assets and Liability of which related parties	(1.419)	(717)
Net variation in RoU fiancial assets and liability	(2.700)	(2.904)
of which related parties	(1.269)	(569)
TOTAL CASH FLOW FROM FINANCING ACTIVITIES	(24.509)	(9.938)
NET CASH FLOW OF THE YEAR	(28.944)	(11.658)