Papoutsanis S.A.

Investor Presentation • Oct 14, 2025

Honoring our Heritage Powering our Future

INVESTOR DAY | ATHENS 2025

AGENDA

• Papoutsanis at a glance 03.
• Business Performance Highlights H1 2025 & 9M 2025 Trading update 10.
• Company Vision & Growth Strategy 19.
• Outlook 33.
• Key Take-Aways 35.

A leader in soap production in Europe

Established: 1870

#1 manufacturer in Bar Soap in Europe

18,000 tons of soap produced in 2024

People: 203

9M 2025: Domestic Sales 46% and Exports 54%

Exporting to 35 countries

with a strong financial history

Listed on Athens Stock Exchange 1972

Market Cap* €80m

ROE 2024: 16.7%

Quadrupled our Revenue since 2015

Dividend Payout 2024 39.6% (€2m)

Number of shares: 27m

With complementary product offering

Providing synergies, resilience and mitigating risk

Own Brands 32% 3 rd Party & PL 41% Hotel Amenities 15% Specialty Bases 12% CAGR 2015 – 2024: 20% CAGR 2015 – 2024: 15% CAGR 2015 – 2024: 40%

CAGR 2015 – 2024: 10%

France, Italy, UK, Spain, Germany, Hungary, Portugal, Poland, Cyprus, Belgium, The Netherlands, Austria, Sweden, Denmark, Finland, Switzerland, Ireland, Serbia, Romania, Bulgaria, Lithuania, Ukraine, Czech Republic, Croatia, Slovenia, Slovakia, North Macedonia, Montenegro, Albania, Bosnia & Herzegovina, Turkey, USA, Canada, Mexico, Japan, Hong Kong, Australia, Singapore, Iraq

and a loyal customer base

with growth driven by strong brands…

…and innovation

Continued investment in R&D

23

New Launches in consumer brands in 2024

Leading technologies

2

Big, new categories we dynamically entered

Vegan Natural Sustainable GOLD

Award in Super Market Awards for our Softeners

It is a unique investment case

• A leading Greek Manufacturer with a global reach
• A strong heritage and a brand name that speaks to the hearts of the consumers
• High quality, innovative and expanding portfolio of products, at competitive pricing
• Vertically Integrated with state of the art facilities
• Diversified product offering, helping to mitigate risk
• Captures the global demand for sustainable products

Financial Results H1 2025 & 9M 2025 Highlights

Highlights First Half 2025

Turnover €40M +27%

Exports of total Turnover 55%

EBITDA €5.7M +13%

Net Profit €3.2M

+38%

Strong growth driven by branded products (+37%) and third-party production (+44%).

Gross profit amounted to €14.9 million compared to €12.1 million in the corresponding period of 2024, representing an improvement of 23%.

Operating expenses amounted to €10.8 million compared to €8.5 million in the same period last year, mainly due to the increase in marketing and sales support for branded products.

For 2025, the Company expects to maintain its positive momentum in revenue, double-digit growth and further improvement in profitability.

Product offering Highlights - First Half 2025

Sales increased by 37% as a result of value share growth and the entry in new household categories. Sales in homecare categories more than doubled while personal care increased by 8%.

Sales increased by 7%, driven by both branded hotel products (+18%) and sales of third-party hotel products abroad.

Third party products grew by 44% driven by the full deployment of a new collaboration and the expansion of existing customers.

Branded Hotel Products 3rd Party/ PL Specialty Bases

Industrial sales of soap bases decreased by 2% compared to the first half of 2024. This decline is largely due product mix.

EBITDA 8.2% EBITDA 26.0% EBITDA 13.9% EBITDA 16.2%

A robust investment plan that increased productivity

Total Capex 2020 – 2025: 40 (€m)

Highlights

• Increased productivity and efficiency of the vertically integrated production plant thanks to state-of-the-art equipment ,digitization and data analytics projects, which enabled a reduction in production costs and competitive prices.
• Spare production capacity (50% on average), enabling further strengthening of turnover.
• A firm commitment to sustainable development, as demonstrated by the recent installation of solar panels, which have been in operation since December 2024, contributing to the reduction of our environmental footprint while further improving production costs.

Note: Capex excluding any acquisition expenditure.

Cash Position & Working Capital - First Half 2025

Healthy working capital levels

Free cash flow turned positive due to more efficient working capital management

Net debt on a downward trend signalling the company's strategy to decrease leverage

Papoutsanis Stock Price Evolution

Period 2/1/2015 – 30/9/2025, in EUR

with an attractive valuation

PEER GROUP ANALYSIS

		SHARE PRICE	MARKET CAP	P/E RATIO (X)	P/E RATIO (X)	EV/EBITDA (X)	NET DEBT / EBITDA (X)
		30/09/2025	30/09/2025	FY 2024	Trailing	FY 2024	FY 2024
		(currency units)	(million)
L'OREAL	(€)	368.50	196,484	30.7	32.1	18.8	0.4
BEIERSDORF AG	(€)	88.48	19,588	21.5	22.2	10.0	-1.4
UNILEVER PLC	(GBP)	44.00	107,800	18.8	19.4	11.1	2.0
HENKEL AG	(€)	68.86	26,198	13.1	12.5	7.3	0.2
RECKITT BENCKISER	(GBP)	57.18	39,062	27.4	31.5	15.9	2.7
MCBRIDE PLC	(GBP)	1.24	212	6.4	6.2	4.3	1.6
SARANTIS	(€)	12.96	836	18.2	17.8	10.6	0.4
Peer Group Average				19.4	20.2	11.1
Premium / (Discount) versus Peers				-22%	-36%	-14%
PAPOUTSANIS		2.94	80	15.1	12.9	9.6	2.1

The company trades at a discount to its peers, i.e. some of the leading European companies in the sector.

Trading update 9m 2025

Turnover +23%

€61m

+29%

growth in branded products

54%

of turnover in exports

+41%

Growth in Third Party & Private Label

4%

reduction in specialty soap bases due to product mix

+2%

Growth in hotel products

Revenue bridge - 9m 2025

(In € million)

Company Vision & Growth Strategy

The plan on one page

New products with focus on sustainability & innovation

New markets / penetration in existing

Strong Partnerships

Customer base expansion

GROWTH STRATEGY

GROWTH ENABLERS People

Innovation

Competitive Cost

Speed to market

Automation/ Spare Capacity

Supply Chain

Branded Products

Branded Products Strategy

HIGHLIGHTS

• Significant value share growth in personal care
• Entry in sizable
  Homecare categories
• Strong innovation Pipeline
• Sustainable-affordable & Greek portfolio positioning
• Significant growth space (domestic & exports)

Key initiatives

Market Share Growth

Entry in New Categories

Geographical expansion

Aquisitions

1 in Hand Wash

Top 5 in Bath & Shower

Fastest Going in Homecare

Key Contribution: Accelerated growth driver

Acquisitions

The Arkadi Case

Hotel Amenities

Hotel Amenities Strategy

HIGHLIGHTS

• 1 player in Greece, with a 27% est. market share

• Grew branded hotel exports x10, now with distributors in 35 countries
• Up to 92% plastic reduction, with dispenses & refills system
• Direct domestic go to market team
• 1/3 of branded hotel sales are from premium products

Key initiatives

Build on new partnerships in Europe

Superior Customer Service & Centricity

Domestic penetration growth through all channels

Sustainable Solutions

Increase Awareness and build brand image

Key Contribution: Major Profit Generator

3 rd Party & Private Label

Third Party & Private Label Strategy

• Globally recognized leader in industry with production of leading brands
• Long lasting, strategic partnerships and strong customer base
• Significant free capacity with competitive cost
• In-house R&D expertise
• Innovation focus driven by sustainability & performance

HIGHLIGHTS Key initiatives

Customer base expansion including medium sized multinationals

Existing partnerships growth

New product offering & innovation

Proactive & fast response to market developments

One Stop Shop Supplier to our Partners, with diverse production capabilities

Key Contribution: Efficiency & Scale

Specialty Soap Bases

Specialty Soap Bases Strategy

• No 1 Soap Manufacturer in Europe with a Global network
• Leading high-end brands manufactured by partners using Papoutsanis soap bases
• Customized formulas on a wide range of oil blends and certifications
• 50% free plant capacity

HIGHLIGHTS Key initiatives

Capitalize on business ecosystem opportunities

Continue to build awareness across markets via B2B campaigns and tradeshows

Build an international network of expert associates

Unlock growth in previously restricted markets

Deliver Technical Expertise & Support, building on our experience

Key Contribution: Niche market leadership & specialization

Our building blocks

ORGANIZATION & PEOPLE

• Agility & customer centricity

• People development

• 1. 3.

PROCESS & GOVERNANCE

Capability Building Excellence in execution & simplification

• Operational efficiency
• Resilience, speed & productivity
• Portfolio innovation
• Sustainability / eco-efficiency

SYSTEMS & TOOLS

Further unleashing our potential

• Digital transformation
• Industry 4.0
• Data analytics/AI

Underpinned by our sustainability strategy

REDUCE WATER CONSUMPTION

-26%

vs base year*

EFFICIENT ENERGY UTILISATION

82%

from renewable resources*

SUSTAINABLE INNOVATION

Concentrated, waterless, eco-friendly products

2030 TARGETS

100% plastic free own brand bar soap packaging >

30% of plastic packaging from PCR +overall reduction >

PROGRESS SO FAR

• -4,5T in plastic/year by replacing plastic soap wrap with paper 100% FSC Bar soap cartons (32,1M pcs) >
• Bottles from recycled nets @ 30% minimum
• Monomaterial doypack refills >

A Remarkable Sustainability

Case Study

Papoutsanis was the first company in the Greek market to introduce refill pouches for liquid soap in the early 1990s.

These refill pouches are environmentally friendly, saving approximately 70% to 80% in plastic use.

We utilize monomaterial technology, prioritizing innovation and sustainability over cost and technical simplicity.

This has led to the acquisition of important multinational customers.

The leading manufacturer in Europe producing fully recyclable monomaterial pouches

Outlook

Outlook 2025 - 2028

Organic Revenue	€100m+
Capex	€5m per year
Dividend Payout	30%
EBITDA margin target	16%

Key Take-Aways

Key Take-Aways

• The largest bar soap manufacturer in Europe, and a leading hotel amenities producer, delivering dynamic growth in new categories
• A strong & consistent topline growth, with 17% CAGR 2015-2024, quadrupling net sales.
• A solid increase in profitability, with double digit growth in EBITDA YoY
• Strong financial position supports further growth & robust shareholder value delivery
• On track to meet 2025 projections

Disclaimer

BY VIEWING OR RECEIVING THIS PRESENTATION, YOU ARE AGREEING TO BE BOUND BY THE FOLLOWING LIMITATIONS.

This presentation has been prepared by Papoutsanis S.A. (the Company) solely for informational purposes and cannot be used for any other purpose nor can it be addressed to any other person. This presentation has not been independently verified. The Company does not undertake to update this presentation or the information included herein. As such, this presentation and the information included herein remains subject to any future corporate presentation or announcement issued by the Company in accordance with the law.

No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein and nothing in this presentation is, or shall be relied upon as, a promise or representation. None of the Company nor any of its affiliates, nor their respective employees, officers, directors, advisers, representatives or agents shall have any liability whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. The information and opinions in this presentation are provided as at the date hereof and subject to change without notice. It is not the intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company's financial or trading position or prospects.

This presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice and does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. You are solely responsible for forming your own opinions and conclusions on such matters and for making your own independent assessment of the Company, the Company's business operation and financial condition without reliance on the information contained in this presentation. You are solely responsible for seeking independent professional advice in relation to any of the above. No responsibility or liability is accepted by any person for any of the information or for any action that may be taken by you or any of your officers, employees, agents or associates on the basis of any information included in this presentation.

Financials contained in this presentation are either historical financial information that are extracted from the Audited Financial Statements for the periods 2015- 31/12/2024 and audited interim Financial Statements for the 6 months period from 1/1/2025 till 30/06/2025, or other financial information based solely on Company's management's accounts and estimates. Any such financial information, including certain information regarding the businesses and the assets of the Company, have not been audited, reviewed or verified by the Company's statutory auditor or any other independent auditing or accounting firm. As such, one should not place undue reliance on such information. The inclusion of such financial information in this presentation should not be regarded as a representation or warranty by the Company, its affiliates, advisors or representatives or any other person as to the accuracy or completeness of such information's portrayal of the financial condition or results of operations by the Company and should not be relied upon in the context of any investment decision.

THANK YOU

Happy to answer to your questions