Corticeira Amorim

Environmental & Social Information • Jul 29, 2025

AMORIM

Corticeira Amorim 1H2025

Amorim Cork's stoppers have negative carbon footprints

Recent studies confirm that cork stoppers are a strong ally for wine producers, significantly reducing the overall carbon footprint of wine packaging

Conducted in accordance with the ISO 14067 standard and independently verified by APCER (Associação Portuguesa de Certificação), the studies showed that all products analysed (corresponding to 60% of Amorim Cork's portfolio) - ranging from natural and technical cork stoppers for still wines to Spark® Top II stoppers for sparkling wines - have a carbon footprint between -28.72 g CO2eq and -56.4 g CO2eq per stopper.

These findings highlight the important role cork stoppers can play in mitigating climate change and contributing to the decarbonisation of the wine sector.

Bee W® distinguished with the "Technology Innovation" award at ENOMAQ

Bee W® by Amorim Cork is an innovative bio-based beeswax coating for natural cork stoppers that further enhances their unique sealing properties

The biopolymers used in Bee W® reinforce the technical capabilities of natural cork stoppers, delivering low and consistent oxygen ingress rates, thereby improving the bottle-to-bottle consistency of wine flavours and aromas in ageworthy wines. Completely invisible to the human eye, this effective coating ensures sensory neutrality while maintaining the premium image of the wine.

"Together for Safety"

A program focusing on prevention as a continuous priority and on zero accidents as a shared ambition and commitment

Corticeira Amorim aims to a foster solid safety culture, where all employees, regardless of their role or position in the hierarchy, feel responsible for collective safety - and act accordingly -, continuously developing practices, behaviours, and processes that promote safety and well-being in the workplace, with the ambition of achieving an accident-free work environment.

"One commitment, one goal, zero accidents" reflects the determination to achieve this ambition, in a collaborative and focused way, with a continuous improvement mindset, ensuring that the safety and well-being of employees remain a top priority at every stage of the process.

World Finance Magazine's Sustainability Awards

Corticeira Amorim was awarded "Best Company for Carbon Reduction in the Wine Products Industry" and "Most Sustainable Company in the Wine Products Industry"

Corticeira Amorim has been recognised for embracing circular economy principles and FSC®aligned products, ensuring 68% of its total energy consumption comes from renewable sources, and developing cork stoppers with a verified negative carbon footprint. These distinctions acknowledge the company's continuous work to integrate sustainability into its activity.

Cork Collective boosts cork stopper recycling in New York

A recycling programme that aims to give new life to cork stoppers collected from hotels and restaurants

A joint initiative by Corticeira Amorim, Rockwell Group, BlueWelland Southern Glazer's Wine & Spirits launched in 2024, the programme mobilises their expertise to activate an initiative dedicated to endowing cork stoppers with a new lease of life.

Used corks from various places in Manhattan and Brooklyn, including some of the city's finest hotels and iconic restaurants are collected by dedicated electric vehicles. The stoppers are then processed and transformed into innovative, eco-friendly products that benefit communities and foster a greener future.

Tribute to António Rios de Amorim

Corticeira Amorim's CEO was awarded with the Grand Cross of the Order of Infante D. Henrique.

This is one of the highest honours conferred by the Portuguese State, recognising those who have rendered outstanding services to Portugal, at home or abroad, particularly in promoting Portugal's culture, heritage, and international presence. It is also a recognition of a lifetime dedicated to the advancement of Portuguese industry, to the global projection of sustainable innovations created in Portugal, and to values that continue to inspire present and future generations.

Casa Cork by David Rockwell at Milan Design Week 2025

An immersive installation created in collaboration with Cork Collective and Corticeira Amorim that spotlights the potential of cork in design, innovation and sustainability

A living lab showcasing cork's versatility, offering a multi-sensory and educational experience through cork-based furniture, hands-on workshops, live exhibitions and thought-provoking talks by key voices in architecture and circular design. At its centre, a monumental cork tree sculpted from recycled cork bark symbolises regeneration and nature's influence on contemporar design.

The programme also includes a Student Design Competition with finalists from Parsons School of Design and Politecnico di Milano.

Amorim Top Series opens new subsidiary in Mexico

Automatic Cork Oak Irrigation System, combining AI, GPS and automation technologies

Primal Slippers awarded "Most Innovative Product of the Year" at the World Economic Forum

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"Growth for Value" Annual Team Meeting 2025

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Corticeira Amorim achieves top spot in the Most Responsible Company in the Industry Sector by MERCO

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Corticeira Amorim is one of the most attractive industrial companies to work for

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2,150 trees planted under Aldeias Suber Protegidas programme

Double recognition at the Caixa Geral de Depósitos ESG Awards

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Navicork awarded the National Award for Sustainability from Jornal de Negócios in the Decarbonisation category -Large Organization segment Read more

Cork in paradise at the 19th International Architecture Exhibition at the Venice Biennale

Corticeira Amorim partners with Parsons School of Design for Cork Innovation

Corticeira Amorim welcomes students of Pratt Institute

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Nina's House awarded the Environmental Prize 2025 at Don't Move, Improve

The Cité du Vin: a beacon of sustainability and innovation on Lake Geneva

Casa da Levada wins Architizer A+ Award 2025

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AMORIM

Consolidated Performance

Key Figures

Sales decreased by 5.5% to 473.1 M€:

• Excluding the impact of the deconsolidation of Timberman, sales would have decreased by 2.2%,

• FX negatively impacted sales by 2.2 M€;

EBITDA margin of 18.4% (1H24: 18.9%);

EBITDA totalled 86.9 M€ (1H24: 94.4M€);

Negatives: price of consumed cork, product mix, > Positives: operating costs, industrial efficiencies;

lmpact of transference of industrial unit from

Silves: non- recurrent losses of 0.9 M€ (mainly severance payments and equipment disassembly) and an extraordinary impairment loss of 2.0 M€ (recognised on depreciations line);

Net Income increased to 36.8 M€ (1H24:36.5 M€);

Net Debt decreased to 153.1 M€ (YE24: 195.7 M€):

• Dividends (42.6 M€),

• Lower NWC needs (26.3 M€),

• Capex (14.1 ME).

Sales evolution by Business Unit

Amorim Florestal Amorim Cork Amorim Cork Solutions

-4.3% +0.5% -25.6%

AMORIM

Business Units

Amorim Florestal

Sales

Sales decreased by 4.3% to 117.6 M€

Lower cork prices and activity levels at the other BUs impacted sales performance;

EBITDA margin deterioration reflects unfavourable cork consumption prices and quality of the cork lots at the begin of the year; profitability was also penalised by:

• › Unsupportive mix,
• › Higher operating costs, particularly staff, electricity, transport and specialised works;

Profitability already improved in 2Q25 as cork from the 2024 campaign was incorporated in the production; this effect is expected to remain supportive going forward;

Cork purchasing campaign almost concluded; lower volumes than initially expected, reflecting lower demand; normalisation of cork prices, which registered further declines, following the strong increases seen in the cork campaigns of 2022 and 2023.

FRITDA

Amorim Cork

Sales

EBITDA

Sales increased by 0.5% to 395.2 M€

Challenging market conditions and uncertainly around tariffs in the USA continued to condition the performance of sales; resilient volumes were more than offset by unfavourable product mix;

The spirits and sparkling wine segments showed a positive sales evolution, outperforming the still wine segment, which continues to the most impacted by the negative trends affecting global alcohol consumption;

Resilient performance of Neutrocork® stopper category, mostly driven by the strong growth of Xpür®;

Despite the recent decline in prices of consumed cork, these still had a negative impact on EBITDA margin, which was further penalised by:,

• Product mix deterioration,

• Higher prices of energy ,

• Increased staff costs;

Consolidation of Intercapadded 5.6 M€ to the Business Unit's sales.

Amorim Florestal + Amorim Cork

Sales

Amorim Cork Solutions

Sales

Sales decreased by 25.6% to 81.7 M€

Sales were negatively impacted by changes in the consolidation perimeter (disposal of Timberman in December 2024) — excluding this effect, sales would have decreased 11.9%;

Volume performance continued to be the major driver of organic sales decline, despite a marginal increase in selling prices;

Strong performances for the Flooring Producers, Power Industry and Rail segments, while the Final Flooring, Insulation, DYI and Insulation segments continued to reflect the tough market conditions; Portugal, the USA and Germany were the markets that registered the biggest sales drops;

Despite the adverse impact of operating deleverage, EBITDA margin improved significantly, mostly driven by lower operating costs (particularly staff, marketing, transport and maintenance), reflecting the benefits from the reorganisation process initiated last year;

The transference of industrial unit from Silves to Vendas Novas resulted in non-recurrent costs of 0.9 M€ and an extraordinary impairment loss of 2.0 M€ (recognised on depreciations line).

EBITDA

*Pro-forma figures

AMORIM

Key Financials

Amorim Cork Solutions

Proforma Sales & EBITDA

Amorim Cork Solutions, effective from January 1, resulted from the merger of Amorim Cork Flooring, Amorim Cork Composites and Amorim Cork Insulation.

1023	2023	3023	4Q23	2023
55.9	59.0	53.0	57.3	225.2
3.0	5.5	3.1	4.1	15.7
5.4%	9.3%	5.9%	7.2%	7.0%

	1Q24	2024	3Q24	4024	2024
Sales	51.8	57.9	52.7	50.6	213.1
EBITDA	1.0	5.3	4.1	3.7	14.2
EBITDA / Sales (%)	2.0%	9.2%	7.8%	7.2%	6.6%

Sales&EBITDA

Sales

EBITDA

Sales | Gross Margin | EBITDA | EBIT

Sales to more than 100 countries

* Includes Switzerland and Norway and excludes Portugal

Sales by Business Unit

	1H 23	1H24	1 - 25
Amorim Florestal + Amorim Cork	78.8%	78.1%	82.7%
Amorim Cork Solutions	21.1%	21.8%	17.2%
	100%	1 00%	100%

EBITDA by BU

EBITDA by BU

■ Amorim Cork Solutions

1H 23*	1H 24*	1H 25
EBITDA/Sales (%)	1 - 23	1H 24	1 - 25
Amorim Florestal + Amorim Cork	22.4%	23.5%	21.0%
Amorim Cork Solutions	7.4%	5.8%	8.7%
Consolidated	19.2%	18.9%	18.4%

*Pro-forma figures

Key P&L Figures

	1H 23	1H 24	1H 25	yoy
Sales	539.3	500.7	473.1	-5.5%
Gross Margin	277.9	271.4	256.8	-5.4%
Operating Costs (incl. depreciation)	200.7	206.4	201.9	-2.2%
EBITDA	103.8	94.4	86.9	-8.0%
Depreciation	26.6	29.4	32.0	8.6%
EBIT	77.2	65.0	54.9	-15.6%
Non-recurrent costs	0.0	5.3	0.9	n.m.
Net financial costs	2.7	5.7	3.2	-44.7%
Share of (loss)/profit of associates	3.4	3.1	2.6	-13.9%
Profit before tax	78.0	57.0	53.4	-6.3%
Income tax	21.0	15.8	13.0	-17.4%
Non-controlling interest	5.6	4.7	3.5	-24.8%
Net Income	51.4	36.5	36.8	0.8%
	1H 23	1H24	1H 25	yoy
Gross Margin/ Sales	51.5%	54.2%	54.3%	+ 8 b.p.
EBITDA / Sales	19.2%	18.9%	18.4%	-50 b.p.
Earnings per share (€)	0.386	0.275	0.277	0.8%

Operating Figures

Operating costs

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	11 23	1H 24	1H 25	yoy
External supplies	76.9	78.7	71.2	-9.6%
Transports	16.3	13.6	12.6	-7.6%
Energy	7.0	9.4	9.7	3.2%
Staff costs	100.3	102.4	101.3	-1.1%
Depreciation	26.6	29.4	32.0	8.6%
Impairments	1.0	-0.2	1.4	ന.ന.
Others	-4.0	-3.9	-4.0	0.8%
I otal Operating Costs (current)	200.7	206.4	201.9	-2.2%

Staff

Staff costs

Values in million euros.

Number of workers

Net Income

Financial Position

	December 31, 2022 *	June 30, 2023	December 31, 2023 *	June 30, 2024	December 31, 2024*	June 30, 2025
Net Goodwill	18.9	18.9	23.9	23.9	29.2	29.0
Net Fixed Assets / Intangible Assets / Right of use / Biological assets	420.1	439.1	467.4	457.5	460.9	440.4
Net Working Capital **	441.8	520.9	555.4	585.8	529.8	494.6
Other ***	46.2	47.1	43.0	45.3	44.3	46.0
Invested Capital	926.9	1 026.1	1 089.6	1112.4	1 064.1	1 010.1
Net Debt	129.0	187.2	240.8	237.5	195.7	153.1
Share Capital	133.0	133.0	133.0	133.0	133.0	133.0
Reserves and Retained Earnings	532.6	556.6	577.2	588.0	611.3	597.8
Non Controlling Interests	79.3	83.6	89.8	90.2	90.8	90.6
Taxes and Deferred Taxes	25.1	38.7	19.6	32.8	6.5	12.0
Provisions	6.6	7.5	11.1	11.6	8.0	7.6
Grants ****	21.3	19.3	18.0	19.4	17.9	16.1
Equity and other sources	797.9	838.8	848.8	875.0	867.5	857.0

* Final figures according to the approved accounts.

** Inventories + accounts receivables - accounts payables + other operating assets/(liabilities).

*** Investment property + Investments in associates + Other non-operating assets/(liabilities).

*** Non interest bearing grants (reimbursable and non-reimbursable).

153.1

1H25

1.0x

Net Debt

* Acquisition of the remaining 45% of Intercap

Debt Profile

Debt breakdown by maturity

	2022	2023	2024	1 - 25
Fixed	40%	27%	26%	27%
Variable	60%	73%	7 4%	73%
Sustainable financing	67%	50%	75%	96%
Average cost of debt	1.2%	3.1%	3.7%	2.4%
Average maturity	2.0	1.8	2.3	2.1

Values calculated as a percentage of gross debt, except for Sustainable financing that is based on net debt,

Ratios

	1H23	2023	1124	2024	1125
Net Debt / EBITDA *	1.10	1.36	1.42	1.24	1.02
EBITDA / Net Interest	73.0	52.6	45.5	45.0	143.6
Gearing	24.2%	30.1%	29.3%	23.4%	18.6%
NWC / Market capitalization	40.5%	45.7%	48.9%	49.5%	47.0%
NWC / Sales x 360 *	184.7	202.9	222.7	203.1	188.2
Free cash flow(FCF)	-25.2	-45.1	45.4	109.5	94.6
Capex	45.6	95.3	22.2	43.0	14.1
Return on invested capital (ROIC) pre-tax	15.3%	12.0%	11.7%	12.3%	10.7%
Return on invested capital (ROIC)	11.1%	10.0%	8.9%	10.2%	8.1%
Average Cost of Debt	2.3%	3.1%	3.8%	3.7%	2.4%

* Current sales and EBITDA of the last four quarters. FCF = EBITDA - Net financing expenses - Income tax - Capex - NWC variation.

ROIC = Annualized NOPAT / Capital employed (average).

Dividends

Steadily growing Dividend Payment

In 2025, a total of 42.6 M€ was paid out in dividends (2024:38.6 M€).

The Shareholders General Meeting held on May 6, approved the distribution of a total gross dividend of € 0.32 per share, paid in full on May 28.

___ Dividend per share (€)

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		2018	2019	2020	2021	2022	2023	2024	2025
Issued shares	Qt.	133 000 000	133 000 000	133 000 000	133 000 000	133 000 000	133 000 000	133 000 000	133 000 000
Year-end close (N-1)	ಲ	10.300	9.000	11.300	11.600	11.280	8.720	9.140	9.010
Earnings per share (N-1)	ಲ	0.549	0.582	0.564	0.484	0.562	0.740	0.668	0.524
Payout	0/0	49.2%	46.4%	32.8%	55.8%	51.6%	39.2%	43.4%	61.1%
Dividend per share	€	0.270	0.270	0.185	0.270	0.290	0.290	0.290	0.320
Total dividend	ME	35.9	35.9	24.6	35.9	38.6	38.6	38.6	42.6
Dividend Yield	0/0	2.4%	2.5%	1.8%	2.4%	2.9%	3.0%	3.2%	4.0%

Dividend of year N-1 is payed in year N. Dividend yield = dividend per share/average share price (N-1).

Stock Market

Source: Euronext | Corticeira Amorim

AMORIM

Sustainable by nature

ESG Strategic Pillars

Ethics and integrity

Act ethically, transparently and responsibly, in favour of competitiveness and the creation of sustainable value for all stakeholders and the planet

Promote the environmental features of the products and the cork oak forest

Climate change

Reduce the environmental impact of operations by adopting renewable, affordable and efficient solutions

Biodiversity and ecosystems

Preserve the cork oak forest and ecosystem services by increasing knowledge, mobilising resources and proposing initiatives

Circular economy

Apply the principles of circular economy through the reduction of waste, extend the life of materials and regeneration of natural systems

13

Promote well-being and equal opportunities for all

Labour relations, employment and DEI

सम्मू-Create an inclusive and diverse working environment, guarantee equal opportunities and fair pay, and adopt policies that eliminate discrimination and harassment in the workplace

Talent management

workers

Safety, health

and well-being

Encourage training and personal and

Ensure the safety, health and physical and

promote appropriate work environments

psychological well-being of all workers, and

professional development for all

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Customers and end-

solutions for all

for all

Value chain

practices

consumers Ensure product safety and quality, support research, development and innovation, and promote sustainable

Promote R&D+landleverage

economic performance

Reinforce responsible production and

consumption, preferably selecting

suppliers that adopt good ESG

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ESG Ambition: 2030

(Sustainability targets perimeter | baseline 2020)

Zero carbon footprint (scopes 1 and 2)

100% controlled renewable electricity

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20% energy efficiency

Zero recordable work-related accidents

40% water use efficiency

Zero non-renewable virgin packaging materials

1 million cork oak trees planted (FIP)

Recent Publications

A more sustainable, prosperous future

The main highlights of Corticeira Amorim's 2024 Consolidated Sustainability Statement, prepared in accordance with the European Sustainability Reporting Standards (ESRS).

Sustainability Booklet

A new cycle, the same purpose

The beginning of a new strategic cycle, with a renewed commitment: embedding sustainability across all operations. Together, we create sustainable value and shape the future.

Sustainability Brochure

Balanced and Agile Governance Model

Anglo-Saxon Model

Elected by the shareholders' General Meeting

Designated by the Board of Directors

Balanced and Agile Governance Model

Leveraging Board Effectiveness

Term of Office: 2024-2026

Shareholder Structure

AMORIM

Ana Negrais de Matos, CFA IRO T +351227 475 423 ana.matos@amorim.com

Corticeira Amorim, SGPS, S.A. Rua Comendador Américo Ferreira Amorim, 380 PO BOX 20 4536-902Mozelos, Portugal

T +35122 747 54 00 F +35122 747 54 07 corticeira.amorim@amorim.com

Disclaimer:

This document has been prepared by CorticeiraAmorim, SGPS, SA and solely for use at the presentation to be made on this date and its purpose is merely of informative nature. By attending the meeting where this presentation is made, or by reading the presentation slides, you acknowledge and agree to be bound by the following limitations and restrictions.

This document contains generalinformation based on management's current expectations or beliefs, which, although based on assumptions deemed appropriate on this date, are subject to several known or unknown and usual or extraordinary factors, risks and uncertainties, which are beyond the control of Corticeira Amorim, SGPS, SA and are difficult or impossible to predict. These factors, risks and uncertainties could cause the information expressed or implied in this presentation to differ materially from the actual results or achievements of Corticeira Amorim, SGPS, SA.

This presentation cannot be considered as advice, and should not be treated as such. The information contained in this presentation has not been independently verified by any of our advisors or auditors. Investor and analysts, and generally all recipients of this document, must not rely on the information in this document as an alternative to other sources of information or advice.

To the maximum extent permitted by applicable law, we exclude all express or implied representations, warranties, undertakings and guarantees relating to this document content.

Without prejudice to the generality of the foregoing paragraphs, we do not represent, warrant, undertake or guarantee:

• that the information in this document is absolutely correct, accurate or complete; or

— that the forward-looking statements or the use of this document as guidance will lead to any particular outcome or result:

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Neither CorticeiraAmorim, SGPS, SA nor any of its affiliates, subsidiaries, directors, representatives, employees and/or advisors shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this presentation.

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