Steico SE

Interim / Quarterly Report • Aug 18, 2025

The green share Half-Year Report 2025

Beginning growth trend and improvement in profitability in Q2

Overview H1 2025 – STEICO Konzern

Beginning growth trend and improvement in profitability in Q2

6M 2025 Revenue growth in € millions 6M 2025 Gross Earnings growth in € millions

6M 2025 EBITDA growth in € millions

6M 2025 EBIT growth in € millions

6M 2025 EBT growth in € millions

6M 2025 Profi t for the Period growth in € millions

| ADDITIONAL KPIS

H1 2025 H1 2024

Total operating revenue in € millions	€ 204.2 million	€ 194.1 million
EBITDA margin as a percentage of total operating revenue	18.2 %	23.7 %
EBIT margin as a percentage of total operating revenue	10.4 %	16.5 %
Equity ratio (29 June 2025 / 31 December 2024)	57.6 %	57.8%

Percentage growth rates and margins calculated on the basis of unrounded figures. The information in this interim statement is based on German accounting in accordance with the German Commercial Code (HGB). Reporting is based on a 4-4-5 calendar; the reporting period therefore covers the period from 1 January 2025 to 29 June 2025. Prior-year figures have not been adjusted due to immateriality.

The construction industry continues to stabilise. Long-term indicators are also developing positively in Germany, the STEICO Group's most important market. Building permits are showing an upward trend for the first time since 2022. From January to April 2025, the number of building permits for single-family homes rose by 15.4% compared to the same period last year.

After a strong first quarter, growth momentum slowed in the second quarter of 2025. Revenue of €97.3 million was generated in Q2 (Q1 2025: €101.8 million). However, operating profitability continued to improve in the second quarter, with EBIT amounting to €12.2 million (Q1 2025: €8.9 million).

Revenue for the first half of 2025 rose by 4.4% to €199.1 million (previous year: €190.8 million). EBIT (recognised under German GAAP) amounted to €21.2 million, down 34.0% on the previous year (€32.0 million). It should be noted that the previous year's EBIT was still influenced by positive effects from currency hedging in the amount of €19.8 million, which, as expected, were lower in H1 2025 at € 5.1 million. The EBIT margin (in relation to total operating performance) was 10.4% in the first half of 2025.

The management confirms its forecast for the full year 2025. Revenue growth of around 3% to 6% is expected compared with the previous year's revenue. This would correspond to revenue of around €388 million to €399 million. Operating profit (EBIT) is expected to be between €29 million and €35 million.

Company profile

The STEICO Group develops, produces and sells building products made from bio-based raw materials. STEICO is the global market leader in the wood fibre insulation materials segment.

STEICO is positioned as a system provider and is the only manufacturer in the industry to offer an integrated timber construction system in which innovative timber structures and bio-based insulation materials complement each other.

The insulation materials include flexible wood fibre insulation bats, stable wood fibre insulation boards and air-injected insulation materials made from wood fibres and cellulose. Laminated veneer lumber and I-joists form the structural components of the system. Sealing products for the building envelope and plaster components for façade insulation round off the overall system.

The STEICO Group offers its customers a wide range of products, including the prefabrication of complete components for timber element construction.

The Munich-based company's products are suitable for both new builds and the renovation of roofs, walls, ceilings, floors and façades. STEICO products can contribute to the construction of future-proof, energyefficient buildings with a particularly high quality of living. They help to permanently improve protection against cold, heat and noise.

Dislaimer

The information in this Report is based on German accounting in accordance with the German Commercial Code (HGB). This document is a courtesy translation of the German original document. The translation has been prepared with utmost care. However, only the German original document is binding.

A. SHARE PRICE GROWTH IN 2025

STEICO shares started trading on 2 January with a closing price of € 18.30 on Xetra. The half-year high was reached on 19 March with a closing price of € 27.85. On 30 June, STEICO shares closed at € 23.55 in Xetra trading. This corresponds to an increase in value of 28.7% in the first half of the year.

B. INVESTOR RELATIONS

As was the case in previous years, STEICO SE engaged in open and direct communication with the capital markets in 2025, and was also in close contact with its shareholders. In 2025, in addition to the transparency policies for the Basic Board and m:access, STEICO SE fulfilled its publication requirements, for example with end-to-end communication in German and English and the regular publication of quarterly reports. In addition, up-to-date press releases and financial reports are also

STEICO's shares: development 2024

Longtime performance

STEICO SE

600% 800% 1000% 1200% 1400%

400% 200% 0% in%

01.01.2015

2016

2017

2018

2019

2020

13.01.2021

100 % use of raw timber, 0 % waste in LVL-production

CO2-storage in STEICO products

always published on the Web site www.STEICO.com/ir. Information on key events is disseminated via a well-known institution to comply with publicity obligations.

100

1.0 0.8 0.6

0.83

C. CAPITAL MARKETS DIARY 2025

	8% core wood for transport pallets
13 January 2025	Publication of preliminary figures for 2024 80 23% residual wood for wood fi bre insulation materials
22 April 2025	Publication of Q1 2025 report 60
07 May 2025	27% bark etc. to generate energy Publication of the 2025 annual report
20 June 2025	40 STEICO's Annual General Meeting 2025
02 July 2025	38% LVL fi nished product STEICO presented the company at the m:access conference Munich 20
21 July 2025	4% drying shrinkage Publication of H1 2025 report %
September 2025	STEICO will present the company at Berenberg / Goldman Sachs Conference Munich
October 2025	Planned publication of Q3 2025 report
December 2025	STEICO will present the company at CIC Forum Paris
	CO2-Storage and Emissions 2022 in million tons

A. FUNDAMENTALS

I. THE STEICO GROUP'S BUSINESS MODEL

1. OVERVIEW

STEICO develops, produces and markets ecological construction products made of renewable raw materials. STEICO is, in its own opinion, the global market leader compared to the relevant competitors in terms of revenues for wood fibre insulation materials.

STEICO is positioned as a system provider for bio-based residential construction and, in the view of the managing directors, it is the only manufacturer in the industry to offer an integrated wooden construction system in which wooden construction components and insulation material supplement each other. These include flexible wood fibre insulation materials, stable insulation boards, wood fibre insulation boards for facade insulation (external thermal insulation composite system, ETICS), air-injected insulation made of wood fibre and cellulose as well as system-based products for insulating the buidling shell. The construction elements comprise I-joists and laminated veneer lumber. In addition, the STEICO Group also produces natural fibre boards (hard fibre boards).

The STEICO Group's production equipment also enable a wide variety of specialty products to be produced, such as door panels, pinboards, etc. which can be sold to a wide variety of industries.

2. THE STEICO GROUP'S PRODUCTS AND SERVICES

The STEICO Group is a system provider for bio-based construction products for insulation and construction. The core product range comprises "natural wood fibre insulation materials".

The STEICO Group's current range of products and services comprises:

Wood fibre insulation materials

STEICO's insulation materials are made of fresh softwood. These are used for new construction and renovation, where they can help to protect among others against heat, cold and noise.

Wood fibre insulation materials are produced at the manufacturing subsidiaries using various methods – including the wet and dry method. In both methods, wood is broken down into individual fibres using steam and mechanical treatment.

The fundamental difference between the two methods is that in the wet method, the wet fibres are processed (formed into boards) whereas in the dry method the fibres are dried before forming boards. In the dry method, depending on the technology used, the fibres can be used for air-injected insulation, flexible (compressible) mats or rigid insulation boards.

Air-injected insulation

Air-injected insulation comprises individual insulation fibres or flakes which are blowin into the buidling's cavities under high pressure, where they then compress. The STEICO Group produces and sells air-injected insulation made of wood fibres and cellulose flakes.

Construction products: LVL (laminated veneer lumber)

Laminated veneer lumber is a high-performance timber material comprising several layers of lumber veneer which are glued together. It is characterised by its particularly great rigidity and ability to bear loads while still offering dimensional stability. Laminated veneer lumber is used in construction as well as for industrial applications (for example in making doors and furniture). It forms a key component of I-joists (flange material).

Construction products: I-joists

I-joists are supporting components which are optically very similar to traditional double-T-joists. They comprise two "flanges" (square timber posts made of laminated veneer lumber) which are connected using a fibreboard. Some of the bridge material is purchased (OSB: Oriented Strand Board), but the majority is produced in-house (Natural Fibre Boards). STEICO's I-joists offer an alternative to standard construction products such as construction lumber or laminated timber in terms of both their price and energy consumption.

Special products

The special products segment bundles all of the products that the Group produces itself which are not directly allocable to the construction sector. These include, for example, fibreboards for pinboards or door fills, as well as other products for industrial applications.

Timber wholesale

STEICO UK Ltd. runs wholesale operations in the United Kingdom with wood and wooden composite boards to supplement its sales of I-joists. It has become standard practice on the UK market for construction companies to offer end-to-end ceiling systems – including planning, the supporting structure (I-joists) and wooden composite boards to construct the floor - all from a single source.

Natural fibre boards (hardboards)

The production of natural fibre boards is similar to the production of wood fibre insulation materials made using the wet method. The difference is that wet fibres are pressed to form stable boards using particularly high pressure. Natural fibre boards are used in the furniture industry where they are used, for example, to form the backs of cupboards or the bottoms of drawers. In addition, they are used as standard construction boards on many markets, for example for roof boards. Within the STEICO Group, natural fibre boards are a key component in the production of I-joists, where they form the so-called web. Sales to external customers are no longer strategically important.

Miscellaneous

The Miscellaneous segment bundles various peripheral activities, such as services, element construction or ETICS accessories.

Prefabricated building element production

In element construction, individual STEICO products (construction materials and insulating materials) to form complete building components such as roof, wall and ceiling elements according to customer specifications. These elements allow work on the construction site to progress particularly rapidly.

Automation and the pre-production of end-to-end construction components are continuing trends in the construction industry. Prefabrication / element production has been practised by the STEICO Group's customers for a long time, but is often labourintensive manual work. STEICO's prefabrication is based on a high degree of automation, which is associated with increases in speed and precision. The offering is geared to timber construction and hybrid construction as well as renovation, which can thus achieve advantages in terms of personnel deployment, economic efficiency and construction speed. The STEICO Group does not itself act as a construction company.

Services

STEICO offers a range of supplementary services, such as its "STEICO Academy" seminars. These seminars train craftsmen, architects, trade representatives and also people building there own home in how to use the STEICO construction system. In addition STEICO has its own department for technical advice for craftsmen, planners and builders. As a rule services are preformed free of charge.

3. PROCUREMENT

The fresh wood required to produce wood fibre products is mostly procured in Poland from the Polish State Forest. In France wood is procured on the free wood market. This timber comes from regional forests surrounding the production sites and is mostly certified according to the recognised PEFC standard for responsible forestry.

4. SALES AND CUSTOMERS

The STEICO Group's customers are mostly broken down into the customer groups of wood and construction materials traders, wood construction companies, pre-fabricated home construction companies, DIY stores (in some cases via distributors) as well as industrial customers (e.g. manufacturers of laminated/parquet flooring, furniture manufacturers, construction material manufacturers). The STEICO Group aims to ensure a broad customer base in order to avoid dependencies on individual customers. The STEICO Group sells its products world-wide, focusing on European markets.

II. CONTROL SYSTEM AND SHAREHOLDER STRUCTURE

STEICO SE is responsible for sales management, marketing, investments, product development, finance and controlling in its position as the group's holding company. As a central Group company, STEICO SE is thus integrated into an intensive reporting system that supports the early recognition of possible undesirable developments.

A detailed control system with reporting as well as strategy and planning processes that are uniform within the company is used to monitor and control the opportunities and risks of the operating business. A differentiated internal reporting system is in place to monitor economic developments and risks. The sales strategy is adapted to new developments.

According to the managing directors' knowledge, on the date this report was prepared 61.1 % of STEICO's shares were held by the Irish Kingspan Group. The shares are traded over the counter on the stock exchanges in Munich and Frankfurt.

III. RESEARCH AND DEVELOPMENT

R&D activities in H1 2025 focused on optimising product characteristics for wood fibre insulation boards as well as developing new products as part of the product range, in particular:

• Supporting research work in parallel to operating the Group's own production line for laminated veneer lumber
• Further development of combined air-injected insulation
• Research to optimise the heat conduction properties for STEICO's insulation materials
• Research on developing and optimising material combinations for STEICO's insulation materials
• Research to optimise the emission behaviour for wood fibre insulation materials and wooden materials
• Development of moulded pieces based on reformable wood fibre mats
• Development of cyclical, fully recyclable insulation materials based on wood fibres

Future R&D work will continue to focus on building the integrated construction system, a combination of wooden frame products and bio-based insulation materials. In addition, further material optimisations are planned, in order to make STEICO's products even more efficient.

B. ECONOMIC REPORT

I. OVERALL ECONOMIC AND INDUSTRY-SPECIFIC UNDERLYING CONDITIONS

1. OVERALL ECONOMIC AND INDUSTRY DEVELOPMENT

According to a current assessment by the market research organisation Euroconstruct, the construction industry is likely to have bottomed out. In the Euroconstruct countries, a minimal increase in construction activity of 0.3% is expected for 2025.1

The downward trend in long-term indicators also appears to have been halted in the core market of Germany. According to the latest figures from the Federal Statistical Office, an upward trend in building permits can be seen for the first time since 2022. From January to April 2025, for example, the number of building permits for single-family homes rose by 15.4% compared to the same period last year.2

Timber construction continues to gain market share. According to the German Timber Construction Industry Association in its 2024 annual report, the proportion of residential buildings made of timber is now 24.1% (previous year: 22.0%).3

2. COMPETITION

With regard to wood fibre insulation materials, in H1 2025 the most important competitors in the opinion of the company's management were Gutex (Germany), Soprema with its Pavatex brand (France), bestwood Schneider (Germany), Naturheld (Germany), Hunton (Norway), Isonat (France) and Fibris (Poland).

STEICO SE's management believes that the most important competitors for I-joists in 2024 were Metsä (Finland), James Jones (United Kingdom) and Masonite (Sweden).

The most important competitors for laminated veneer lumber in 2024 were, in the opinion of the company's mangement, Metsä (Finland), Stora Enso (Finland), Pollmeier (Germany), VMG (Lithuania) and Thebault Group (France).

II. COURSE OF BUSINESS

1. KEY EVENTS IN H1 2025

Increase in the stake in STEICO SE by the Irish Kingspan Group

On 17 June 2025, the Irish Kingspan Group informed the company that it had acquired a block of shares amounting to 10.1% of the share capital from the former majority shareholder Schramek GmbH. As far as the Management Board is aware, this increases the Kingspan Group's stake from 51.0% to 61.1%.

Personnel changes on the Administrative Board

At the Annual General Meeting of STEICO SE on 20 June 2025, Prof. Dr hc. Heinrich Köster and Dr Alexander Thomas were elected as members of the STEICO Administrative Board.

Incident at the Czarnków plant

On 26 June 2025, an incident occurred at the Czarnków plant in which components of the production line for stable insulation materials from the dry process were damaged - resulting in a loss of production. The Managing Directors expect that production on this line can be resumed by the end of July.

¹ Source: Euroconstruct, press release 06 June 2025

² Source: Destatis, press release Nr. 215, 18 June 2025

³ Source: Holzbau Deutschland, Annual Report 2025

2. COURSE OF BUSINESS / GROWTH OF MARKET CLUSTERS

In the first six months, the market cluster of Germany, Alpine region and Italy showed particularly strong growth.

Sales in France were slightly down on the previous year in the first half of the year, although an upturn is expected in the second half.

The remaining European markets remained largely stable overall. The dominant export markets (largely non-EU markets) also made a stable overall contribution to sales growth.

3. GROWTH OF PRODUCT SEGMENTS

Sales of wood fibre insulation materials and air-injected insulation for building insulation and flooring are the STEICO Group's core business and increased by 6.6% year-on-year in the first half of the year.

Sales of I-joists remained largely stable in the period under review, increasing by 0.5%.

Sales of laminated veneer lumber declined by 11.2% in the first half of the year.

III. FINANCIAL POSITION, NET ASSETS AND RESULT OF OPERATIONS

1. RESULT OF OPERATIONS

With revenues totalling € 199.1 million, the STEICO Group recorded an increase in revenues of 4.4% compared to the same period of the previous year (PY € 190.8 million). Total operating performance totalled € 204.2 million in the reporting period, up 5.2% on the previous year's figure of € 194.1 million.

The STEICO Group generated other operating income totalling € 10.7 million in the reporting period (PY: € 5.6 million), mainly due to higher income from the sale of CO2 emission allowances.

The cost of materials rose from € 92.8 million to € 104.7 million. Gross profit fell from € 101.3 million to € 99.6 million. Eliminating the effects of currency hedging and the sale of CO2 certificates, the gross profit margin improved by 3.0 percentage points in the first half of 2025 compared to the previous year.

Personnel expenses totalled € 36.8 million, up 8.3% on the previous year (PY: € 34.0 million). The personnel expenses ratio totalled 18.0%, an increase on the previous year's level (17.5%). In addition to inflation-related wage increases, personnel expenses were also impacted by the increase in personnel for the commissioning of the new Gromadka plant.

Depreciation and amortisation amounted to € 16.0 million, up 15.1% on the same period of the previous year (PY: € 13.9 million). The increase is mainly due to the partial commissioning of the Gromadka plant (PL).

Other operating expenses totalled € 25.6 million (previous year: € 21.3 million), which corresponds to an increase of 19.9% compared to the previous year.

The financial result in the reporting period is negative at € -3.3 million (previous year: € -3.8 million) and is largely determined by the interest expense resulting from the utilisation of the existing syndicated loan agreement.

EBITDA and EBIT were lower in the reporting period than in the previous year. However, it should be noted that the reporting period saw significantly lower overall positive contributions from currency hedging.

The operating result (consolidated net profit for the period) totalled € 10.6 million (prior-year period: € 19.8 million).

2. FINANCIAL POSITION AND NET ASSETS

At around € 610.6 million, the consolidated total assets as per 29 June increased further compared to the 2024 balance sheet date of € 588.7 million. Property, plant and equipment fell to € 432.7 million (balance sheet date 2024: € 437.3 million), which is due to factors including the completion of the production lines in Gromadka and the resulting lower volume of capital expenditure coupled with higher amortisation and depreciation.

Inventories decreased in the reporting period. Inventories amounted to € 56.9 million as at 29 June 2025 (balance sheet date 2024: € 62.2 million). The decrease is partly due to optimised warehousing and seasonally higher demand.

Receivables and other assets totalled € 69.7 million (balance sheet date 2024: € 48.7 million). This item also reflects the stronger ordering behaviour.

Cash on hand and bank balances amounted to € 34.3 million as at 29 June 2025 (previous year: € 38.5 million).

On the liabilities side, equity increased slightly to € 351.7 million (balance sheet date 2024: € 340.2 million). According to the Managing Directors, this corresponds to a solid equity ratio of 57.6% (balance sheet date 2024: 57.8%).

The extraordinary item for emission certificates increased to € 9.4 million (balance sheet date 2024: € 7.1 million). CO2 emission certificates allocated free of charge and not required by the company itself were not sold in full in the reporting period, but held beyond the balance sheet date in anticipation of rising prices.

Liabilities to banks remained almost unchanged at € 170.4 million (balance sheet date 2024: € 170.5 million).

Zusammenfassende Beurteilung der wirtschaftlichen Lage

To summarise, the Managing Directors believe that the STEICO Group is excellently positioned for future development thanks to its product range structure, its large, integrated production sites and the intensification of sales. With the energy-saving building products, the comprehensive product range structure, the large, integrated sites and comprehensive sales and service offerings, the Managing Directors expect a return to the growth of previous years as soon as the construction industry stabilises.

Overall, the STEICO Group has a forward-looking business model and solid finances and, in the opinion of the Managing Directors, will continue on its growth path in the long term

IV. FINANCIAL AND NON-FINANCIAL PERFORMANCE INDICATORS

1. THE STEICO GROUPS FINANCIAL PERFORMANCE INDICATORS AT A GLANCE:

Revenues and EBIT are used as indicators for the internal control of the group.

In € thousand	H1 2025	H1 2024	Δ	[%]
Revenues		199,118 190,759	8,360	4.4
EBIT	21,177	32,046	-3,323	-33.9

2. NON-FINANCIAL PERFORMANCE INDICATORS

The following non-financial performance indicators are collected and evaluated, but are not used to control the company or group in detail.

Environmental issues

As a company with an extensive product range of environmentally friendly products, the STEICO Group attaches great importance to having a low environmental impact and saving natural resources. Management has ascertained a sustainable trend to reductions in CO2 emissions based on the energy consumption trend for the allocated CO2 certificates.

The wood from which STEICO's products are made originates mostly from sustainably managed forests, which are certified according to the well-known organisation PEFC (Programme for the Endorsement of Forest Certification Schemes).

In addition, for key insulation products, STEICO has commissioned an independent product analysis from the Institut für Baubiologie Rosenheim (IBR). The IBR seal means that STEICO's insulation materials have a recognised seal of quality for environmentally friendly, safe and functional construction products.

In addition, STEICO SE holds an environmental product declaration (EPD) for wood fibre insulation materials which offers additional proof of its dedication to sustainability.

STEICO is a member of the DGNB (Deutsche Gesellschaft für nachhaltiges Bauen (German society for sustainable construction)) and thus supports the development of sustainable construction solutions.

STEICO supports the "Planet Passionate" sustainability initiative of its parent company Kingspan. Corresponding information on STEICO's activities can be found in the Planet Passionate reports.

C. RISK, OPPORTUNITY AND FORECAST REPORT

I. FUNDAMENTALS OF THE RISK MANAGEMENT SYSTEM

Entrepreneurial activity is always associated with risks. Therefore, consciously taking risks is a necessary prerequisite for the overall success of the Group. For a detailed presentation of risks and opportunities, please refer to the information in the 2024 Annual Report.

II. FORECAST

Despite the persistently difficult economic environment and the production disruption at the Czarnków plant, the company management expects to be able to close the year as a whole in line with the published forecast. Sales are expected to grow by around 3% to 6% compared to the previous year. This would correspond to sales of around € 388 million to € 399 million. The operating result (EBIT) is expected to be between € 29 million and € 35 million.

In terms of currencies, the operational forecast is for goods to be purchased at the Polish plants in fiscal year 2025 with an average PLN/€ exchange rate of around 4.20-4.40.

Consolidated income statement for H1 2025

Consolidated financial statements STEICO SE, Feldkirchen

		H1 2025	H1 2024
		€	€
1.	Revenues	199,118,285.67	190,758,736.80
2.	Increase in finished goods and work in progress	-5,594,868.47	-2,720,125.94
3.	Other own work capitalised	49,228.46 193,572,645.66	491,463.99 188,530,074.85
4.	Other operating income	10,649,240.07	5,580,215.15
	Total operating Performance	204,221,885.73	194,110,290.00
5.	Cost of materials
	a) Cost of raw materials and supplies and for purchased goods	-103,889,598.88	-92,160,201.68
	b) Cost of purchased services	-773,365.27	-682,663.08
		-104,662,964.15	-92,842,864.76
6.	Gross profits	99,558,921.58	101,267,425.24
7.	Personnel expenses
	a) Wages and salaries	-28,835,141.12	-27,388,272.79
	b) Social security and expenses for retirement benefits	-8,006,399.43	-6,636,665.93
8.	Amortisation of intangible fixed assets and depreciation of tangible fixed assets	-15,994,449.36	-13,889,700.41
9.	Other operating expenses	-25,545,968.92	-21,307,221.22
10.	EBIT	21,176,962.75	32,045,564.89
11.	Other interest and similar income	72,215.02	1,538,319.67
12.	Interest and similar expenses	-3,395,490.25	-5,339,767.21
13.	Financial result	-3,323,275.23	-3,801,447.54
14.	Earnings before taxes (EBT)	17,853,687.52	28,244,117.35
15.	Income taxes	-4,677,509.48	-6,313,445.35
16.	Earnings after taxes	13,176,178.04	21,930,672.00
17.	Other taxes	-2,544,577.09	-2,099,643.54
18.	Consolidated net income	10,631,600.95	19,831,028.46
19.	Profit carried forward from previous year	204,311,082.47	187,806,563.85
20.	Consolidated profits	214,942,683.42	207,637,592.31

Consolidated balance sheet as of 29 June 2025 Consolidated financial statements STEICO SE, Feldkirchen

| ASSETS

		29 June 2025	31 December 2024
		€	€
A.	NON-CURRENT ASSETS
I.	Intangible assets
	1. Acquired concessions. industrial property rights and similar rights and assets
	as well as licenses for such rights and assets.	90,888.84	140,092.94
	2. Advance payments made	1,114,646.45	1,114,646.45
		1,205,535.29	1,254,739.39
II.	Property. plant and equipment
	1. Land. land rights and buildings including buildings on third-party land	138,933,137.93	134,981,690.04
	2. Technical plant and machinery	157,049,763.78	162,089,482.54
	3. Other assets. operating and office equipment	2,198,123.64	2,381,529.33
	4. Advances made and assets under construction	134,566,345.64	137,882,524.12
		432,747,370.99	437,335,226.03
III.	Financial assets
	1. Loans to affiliated companies	2,359.72	2,339.18
	2. Other loans	8,500.00	8,500.00
		10,859.72	10,839.18
		433,963,765.99	438,600,804.60
	B. CURRENT ASSETS
I.	Inventories
	1. Raw materials. consumables and supplies	31,672,727.91	32,034,679.69
	2. Work in progress	2,780,098.36	2,599,613.82
	3. Finished goods and merchandise	22,334,209.54	27,529,617.82
	4. Advance payments made	111,347.58	28,306.72
		56,898,383.39	62,192,218.05
II.	Receivables and other assets
	1. Trade receivables	39,708,756.70	26,891,605.66
	2. Receivables from affiliated companies	3,896.00	2,066.02
	3. Other assets	30,012,493.08	21,818,279.88
		69,725,145.77	48,711,951.56
III.	Current securities
	Other securities	670,799.46	162,162.71
IV.	Cash in hand and bank balances	38,476,500.51	34,300,325.80
		165,770,829.13	145,366,658.12
	C. PREPAID EXPENSES	25,476.17	506,355.72
	D. DEFERRED TAX ASSETS	1,299,596.36	4,179,600.70
		610,611,291.24	588,653,419.14

Consolidated balance sheet as of 29 June 2025 Consolidated financial statements STEICO SE, Feldkirchen

| EQUITY AND LIABILITIES

		29 June 2025	31 December 2024
		€	€
A.	EQUITY
	I. Subscribed capital	14,083,465.00	14,083,465.00
	II. Additional paid-in capital	104,911,923.60	104,911,923.60
	III. Retained earnings Other retained earnings	7,050,000.00	7,050,000.00
	IV. Difference in equity from currency translation	10,670,036.95	7,047,407.27
	V. Consolidated profits	214,942,683.39	207,127,775.27
		340,988,071.99	340,220,571.14
B.	EXTRAORDINARY ITEMS
	Extraordinary item for emission rights issued free of charge	9,442,919.14	7,082,877.95
		9,442,919.14	7,082,877.95
C.	PROVISIONS
	1. Provisions for pensions and similar obligations	4,179,469.44	3,807,592.69
	2. Provisions for taxes	4,047,027.14	1,339,657.74
	3. Other provisions	30,043,996.51	29,412,797.30
		38,270,493.09	34,560,047.73
D.	LIABILITIES
	1. Liabilities to banks	170,371,422.00	170,485,934.00
	2. Advance payments received on account of orders	0.00	1,418,068.61
	3. Trade payables	24,123,996.98	24,302,395.71
	4. Liabilities to affiliated companies	3,124.05	0.00
	5. Other liabilities	15,416,154.51	9,239,968.80
		209,914,697.54	205,446,367.12
E.	DEFERRED INCOME	25,476.17	42,765.92
F.	DEFERRED TAX LIABILITIES	1,299,596.36	1,300,789.28

610,611,291.24 588,653,419.14

I. GENERAL INFORMATION ON THE CONSOLIDATED FINANCIAL STATEMENTS

1. LEGAL FOUNDATIONS

STEICO SE is registered in the commercial register at Munich Local Court with number HRB 195871. The Company's registered office is Otto-Lilienthal-Ring 30, 85622 Feldkirchen.

The Company's shares have been traded on the over- the-counter market of the Munich and Frankfurt Stock Exchanges since 25 June 2007. The Company is not considered to be "listed" or "capital market-oriented" within the meaning of the German Commercial Code (HGB), the German Stock Corporation Act (AktG), or the German Securities Trading Act (WpHG).

2. CONSOLIDATED ACCOUNTING AND VALUATION METHODS

The Group applies the principles of the German Commercial Code for its accounting and valuation methods. According to Section 308 (1) of the HGB, the assets and liabilities included on the consolidated balance sheet are subject to a uniform valuation in line with the valuation methods which apply for the parent company's annual financial statements.

The consolidated balance sheet and consolidated income statement are classified according to Sections 266, 275 (2) of the HGB in connection with Section 298 of the HGB.

The following individual accounting and valuation methods were applied:

Internally generated intangible assets are capitalised at cost and subject to scheduled amortisation over their expected useful lives. The option to recognise internally generated intangible fixed assets in accordance with section 248 (2) sentence 1 HGB is not exercised. Patents, concessions, licenses and software are written down over 2-5 years, rights of usufruct are written down over 20 years in line with the duration of the contract.

Property, plant and equipment is valued at cost according to Section 253 of the HGB in connection with Section 255 of the HGB. Movable fixed assets are depreciated over their useful lives of 3-19 years and buildings and outdoor facilities over 19 and 33 years, respectively.

Depreciation is mainly calculated on a straight-line basis. Some of the assets are depreciated using the declining balance method. Low-value items of property, plant and equipment with acquisition costs of up to € 800 are written off immediately without affecting the statement of changes in non-current assets. Extraordinary impairment is only recorded if the impairment is expected to be long-term.

As a rule, financial assets are carried at cost or, in the event of probable permanent impairment, at their lower fair value on the balance sheet date in line with Section 253 (3) Sentence 5 of the HGB.

If the reasons for maintaining a lower carrying amount no longer apply, these are written up according to Section 253 (5) sentence 1 of the HGB.

Raw materials, consumables and supplies and merchandise included in inventories were carried at cost using the average cost method in accordance with Section 256 Sentence 2 HGB in conjunction with Section 240 (4) or, if applicable, at the lower fair value.

Emission rights acquired free of charge are carried under inventories according to Section 265 (5) Sentence 2 of the HGB to the extent that these are consumed as part of production. Otherwise these are disclosed under other assets. They are valued upon acquisition using their fair value. The amount is carried under equity and liabilities from the date of their acquisition under the special item for emission certificates issued free of charge.

Finished goods and work in progress are valued at production cost in accordance with Section 255 (2) of the HGB. Production costs include direct material costs, direct labour costs and special direct production costs as well as appropriate portions of material overheads, production overheads and the consumption of fixed assets to the extent that this is caused by production.

General administration costs are included to an appropriate extent. Borrowing costs are not included in the cost of production.

Items with impaired marketability are written down to their lower fair value.

As a rule, receivables and other assets are carried at acquisition value.

In order to cover the risk of default, individual and lump-sum write-downs are formed for receivables to the extent required. When forming individual write-downs, the company takes into account the fact that some receivables are covered by commercial credit insurance.

Securities under current assets are carried at acquisition cost or at their lower fair value.

Cash in hand and bank balances are carried at face value.

Expenses prior to the balance sheet date that relate to expenses for a limited period after the balance sheet date are carried as prepaid expenses. The accounting option offered in Section 250 (3) Sentence 1 of the HGB to form a discount has been used. The item is reversed using the straight-line method in line with time.

Deferred taxes on differences between the carrying amounts in the individual financial statements of the consolidated companies, taking into account consolidation adjustments where necessary, and the tax valuations of assets, liabilities and prepaid expenses and deferred income were formed taking into account loss carryforwards that can be taken into account and are expected to be reduced in the future. In addition, when calculating deferred tax assets, tax losses carried forward were considered to the extent that these are expected to be offset by corresponding tax profits in the next five years. Deferred tax assets and liabilities are carried on the balance sheet and are not netted. In the case of German companies (STEICO SE), deferred taxes were calculated on the basis of the corporation tax rate of 15 % (plus 5.5 % solidarity surcharge) and the trade tax rate of 11.55 %. For foreign subsidiaries, the tax rate applicable in the respective country, which ranges from 15 % to 33 %, was used.

Equity is disclosed and presented according to Section 272 of the HGB while considering the entries in the commercial register, STEICO SE's articles of association as well as any resolutions in this regard passed by the responsible executive bodies.

Provisions for pensions are calculated on the balance sheet date in line with Section 253 (2) of the HGB using the projected unit credit method based on an average market interest rate and an assumed residual period of 15 years. This is calculated and announced by Deutsche Bundesbank in line with the corresponding legal provisions.

In the case of the subsidiaries for which this type of pension commitment exists, the salary trend was set at 2.0 % or 2.5 %. In addition, the standard national interest rate of 5.2 % and the standard national mortality tables were used as a basis.

Provisions for taxes and all other provisions are formed for all recognisable risks and uncertain liabilities and are carried in the amount required for fulfilment according to prudent commercial judgement. The amount required for fulfilment is calculated taking future price and cost increases into account.

Provisions with a remaining term of more than one year are discounted over their remaining term in line with the average market interest rate for the past seven fiscal years (Section 253 (2) Sentence 1 of the HGB).

Liabilities are included at their repayment amounts.

Valuation units are formed to the extent that the statutory requirements in Section 254 apply. The so-called freeze method is used to disclose the effective parts of the valuation units formed on the balance sheet. The effectiveness of hedges is reviewed on each balance sheet date using the critical terms match method.

Revenue is recognised when the risk of loss or damage has been transferred in the case of deliveries. In the case of service contracts, revenue is recognised at the time the service is rendered.

3. CURRENCY TRANSLATION

Receivables and liabilities denominated in foreign currencies are translated using an exchange rate close to the actual date (prior-day rate) or the exchange rate on the date of the transaction. According to Section 256a of the HGB, assets and liabilities denominated in foreign currencies with a residual period of less than one year are subsequently valued on the balance sheet date using the average spot exchange rate on the balance sheet date, and otherwise valued on a pro rata basis taking into account the acquisition costs or highest cost principle.

Foreign statements prepared in foreign currencies for the Group's subsidiaries in Poland and England are translated using the "modified balance sheet date method" set out in Section 308a of the HGB.

• With the exception of equity, items on the balance sheet are translated using the rate on the balance sheet date;
• Items in the income statement are translated using the average exchange rate for the fiscal year;
• Equity is translated using historical exchange rates.

The parent company's functional currency is the group's currency (Euros).

Differences in the consolidation of liabilities resulting from exchange rates are taken directly to equity under Currency translation differences.

The exchange rates for PLN/€ are:

Closing rate on 29 June 2025:	4.23780
Average rate in H1 2025:	4.22087

The exchange rates for GBP/€ are:

Closing rate on 29 June 2025:	0.85290
Average rate in 2025:	0.84024

4. ADMINISTRATIVE BOARD

STEICO's Administrative Board comprises four members.

Mr. Paul O'Gorman, Senior Consultant, Chairman of the Administrative Board

Ms. Aiveen Kearney, Ireland, CEO

Dr. Alexander Thomas, Munich, attorney

Prof. Dr. hc. Heinrich Köster, President of University of Applied Sciences in Rosenheim

5. DIRECTORS

Ms. Aiveen Kearney, responsible for Research and Development, Quality Control/Quality Assurance, PR, Business Development, Legal and HR as well as Compliance.

Mr. Thorsten Leicht, Managing Director for Production, Quality and Sustainability Management, Procurement as well as Capital Expenditure and Equipment

Mr. Georg Faller, responsible for Finance, Accounting, Financial Control, Investor Relations and IT.

Mr. Tobias Schindler, Managing Director for Sales, Marketing and Application Technology.

Company profile

STEICO develops, produces and markets bio-based construction products made of renewable raw materials. STEICO is the global market leader for wood fi bre insulation materials.

STEICO is positioned as a system provider and is the only manufacturer in the industry to offer an integrated wooden construction system in which innovative wooden construction components and bio-based insulation materials supplement each other. Laminated veneer lumber and I-joists form the structural components of the system. The insulation materials include fl exible and stable wood fi bre insulation panels as well as airinjected insulation made of wood fi bres and cellulose. Sealing products for the building shell complete the overall system.

The STEICO Group offers its customers a unique range of products through to the prefabrication of complete components for timber element construction.

The Munich-based company's products are used in new construction and when renovating roofs, walls, ceilings, fl oors and façades. STEICO's products allow the construction of future-proof, healthy buildings with a particularly high quality of living and a healthy atmosphere. STEICO products enable the construction of future-proof, energy-effi cient buildings with a particularly high quality of living. STEICO products reliably protect against cold, heat and noise and support a favourable indoor climate in terms of building biology.

Responsible for content

STEICO SE Otto-Lilienthal-Ring 30 85622 Feldkirchen Web: www.steico.com Mail: info@steico.com

Publication date: 2025-07-21

STEICO Newsletter steico.com/newsletter