Corticeira Amorim

Earnings Release • Nov 3, 2025

Corticeira Amorim

Net profit of €46 million

Highlights

• Consolidated sales total €677 million
• EBITDA margin stable, supported by improved profitability of Amorim Cork Solutions
• Net debt falls to €99 million, reflecting strong cash-flow generation

Message from António Rios de Amorim

Chairman and CEO

"The year 2025 proved more challenging than initially anticipated, with geopolitical tensions and changes in international trade negatively impacting the market in a climate of changing alcohol consumption habits that place additional pressure on the wine sector. Corticeira Amorim's activity in these nine months was naturally conditioned by this high-uncertainty, low-visibility environment, affecting consumption levels and prompting customers to adopt more prudent purchasing policies.

We believe that periods of adversity present opportunities to strengthen our business model and to secure solid foundations for the sustainable growth of Corticeira Amorim in the future. In this sense, we continued to reinforce our offering, focusing on innovation and development as well as highlighting the technical and sustainability advantages of our products. Other priorities were reducing indebtedness and protecting profitability with measures implemented to optimise our cost structure and strengthen operational efficiency. The evident improvement in profitability of Amorim Cork Solutions reinforces our conviction concerning to the benefits arising from the integrated management of the "non-corks" operations within a single Business Unit."

Consolidated Performance and Results

In the first nine months of 2025, Corticeira Amorim's consolidated sales totalled €676.5 million, a decrease of 6.8% compared with the same period of 2024. This outcome was affected by the sale of the stake in Timberman Denmark in December 2024 – excluding this operation, sales would have fallen by 3.6%.

All Business Units reported a reduction in sales, having been negatively impacted by the adverse market context, which constrained volumes and product mix evolution. Amorim Cork Solutions was particularly affected by reduced activity in the

Corticeira Amorim, SGPS, S.A.

Edifício Amorim I Rua Comendador Américo Ferreira Amorim, 380 4535-186 Mozelos, Portugal

www.corticeiraamorim.com

ti i i

IRO: Ana Negrais de Matos, CFA T: + 351227475423 F: + 351 227475407

ana.matos@amorim.com

Listed Company Share Capital: € 133 000 000,00 A company incorporated in Santa Maria da Feira – Portugal Registration and Corporate Tax ID No. PT500077797

instagram: amorimcork

final flooring segment and by a change in the scope for consolidation – excluding this impact, the decline in sales would have been 11.2%.

Consolidated EBITDA totalled €117.6 million, compared with €127.6 million at the end of September 2024, pressured by a less favourable product mix and the effect of operational deleveraging. On the other hand, lower costs and the better quality of the cork raw material being used, together with industrial efficiency improvements and the benefits arising from the restructuring of Amorim Cork Solutions helped offset these effects, sustaining the EBITDA margin at 17.4% (9M2024: 17.6%).

After results attributable to non-controlling interests, Corticeira Amorim ended the third quarter 2025 with a net income of €45.7 million, a reduction of 4.5% compared with the same period of the previous year.

At the end of September, net debt stood at €99.2 million. Despite dividend payments (€42.6 million) and fixed asset investments (€24.6 million), the strong free cash-flow generation (€153.5 million) supported the decrease in net debt by €96.5 million compared with the end of December 2024 (€195.7 million).

Subsequent events

On October 19, a fire occurred at Amorim Florestal's facilities in San Vicente de Alcántara, causing property damage (including buildings, equipment and raw materials) and business interruption losses estimated at approximately €7 million. The company has triggered its insurance policy and the claim process is currently underway.

Main Consolidated Indicators

		9M 24	9M 25	Variação	3T 24	3T 25	Variação
Sales		726,248	676,514	-6.8%	225,512	203,427	-9.8%
Gross Margin – Value		383,190	366,557	-4.3%	111,788	109,775	-1.8%
Gross Margin / Sales		52.8%	54.2%	+ 1.4 p.p.	49.6%	54.0%	+ 4.4 p.p.
Operating Costs - current		297,974	294,276	-1.2%	91,578	92,390	0.9%
EBITDA - current		127,648	117,575	-7.9%	33,204	30,696	-7.6%
EBITDA/Sales		17.6%	17.4%	-0.2 p.p.	14.7%	15.1%	+ 0.4 p.p.
EBIT - current		85,217	72,281	-15.2%	20,211	17,384	-14.0%
Net Income	1)	47,833	45,680	-4.5%	11,291	8,844	-21.7%
Earnings per share		0.360	0.343	-4.5%	0.085	0.066	-21.7%
Net Bank Debt		214,111	99,232	-114,879	-	-	-
Net Bank Debt/EBITDA (x)	2)	1.30	0.67	-0.63 x	-	-	-
EBITDA/Net Interest (x)	3)	41.7	194.4	152.70 x	33.5	10.0	-23.51 x

¹⁾ Includes non-recurring results and impairments, namely related to the transfer of industrial facility from Silves to Vendas Novas.

Mozelos, 3 November2025

²⁾ Current EBITDA of the last four quarters.

³⁾ Net interest includes interest from loans deducted of interest from deposits (excludes stamp tax and commissions).