Aquafil

Earnings Release • Aug 28, 2025

Informazione Regolamentata n. 1938-22-2025		Data/Ora Inizio Diffusione 28 Agosto 2025 17:34:12	Euronext Star Milan
Societa'	:	AQUAFIL
Identificativo Informazione Regolamentata	:	209452
Utenza - referente	:	AQUAFILNSS02 - Tonelli Karim
Tipologia	:	1.2
Data/Ora Ricezione	:	28 Agosto 2025 17:34:12
Data/Ora Inizio Diffusione	:	28 Agosto 2025 17:34:12
Oggetto	:	The Board of Directors approved the Company' s consolidated operating and financial results as of June 30, 2025
Testo del comunicato

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H1 2025 RESULTS

INCREASING MARGINS

ECONYL® BRANDED AND REGENERATED PRODUCTS REACH 60.7% OF REVENUES GENERATED FROM FIBERS

INCREASING VOLUMES VS 1H24 and VS 2Q24

LAUNCH OF A COST-OPTIMIZATION AND REORGANIZATION PROJECT

MAIN INDICATORS AS OF JUNE 30, 2025:

• Revenues: €281.2 million, of which €137.1 million in the second quarter, (2.4)% and (2.5)% compared to the same periods of 2024;
• EBITDA: €38.4 million, of which €21.3 million in the second quarter, +17.8% and +22.7% compared to the same periods of 2024;
• Net Result: €2.2 million profit, compared to a €6.1 million loss for the same period of 2024;
• NFP/LTM EBITDA ratio at x3.21 as of June 30, 2025, compared to x4.98 as of June 30, 2024 and to x3.42 as of December 31, 2024.

Arco, August 28, 2025 – The Board of Directors of Aquafil S.p.A. [ECNL:IM] [ECNLF:OTCQX], chaired by Prof. Chiara Mio, met today and approved the Company's consolidated operating and financial results as of June 30, 2025.

Giulio Bonazzi, Chief Executive Officer, stated:

"In the first half of the year, we achieved an EBITDA margin of 13.6%, a milestone that not only confirms our ambitious Plan goals but also demonstrates our adaptability and the effectiveness of our management, even in turbulent times.

Our ECONYL® brand products exceeded 60% of fiber revenue, further improving the target set for 2025.

In terms of volume, we saw an increase compared to last year, with different dynamics across the business lines.

Fibers for carpets showed remarkable strength in the United States, recording double-digit growth compared to the first six months of 2024. In the Asia Pacific region, the market was somewhat slow, while Europe remained largely in line with the previous period.

Fibers for textile performed below expectations, mainly due to consumption dynamics in the downstream sectors.

Polymers, by contrast, confirmed the positive trend forecasted in the Plan. The Engineering Plastics segment, in particular, continues its growth trajectory both in terms of volumes and product margins. In this regard, it's worth noting that the reclassification of some polymers from sales to commission work affects absolute revenue, making it difficult to provide a direct comparison with the previous year, but it does not impact margins. The results we have achieved raise our expectations for the future of Engineering Plastics, a market with significant growth opportunities.

In the second quarter, we launched a major cost efficiency project that includes a reorganization of carpet collection and recycling activities in the US. This project will enable us to achieve significant savings in the coming years, with the first effects visible starting in the second half of 2025. The initiatives will further strengthen our profitability and competitiveness in the global market.

We are optimistic about the second half of the year, confident in the results we have achieved and the strategic actions we have taken, despite the uncertain economic and geopolitical landscape.

In this regard, we can reconfirm that the duties and tariffs currently imposed by the United States do not have a direct impact on our products."

Operating results as of June 30, 2025

Revenues 1

Revenues amounted to €281.2 million as of June 30, 2025, of which €137.1 million in Q2 2025, with a 2,4% and a 2.5% decrease, respectively, compared to the same periods of the previous year. The change was attributable to an increase in volumes respectively by 2,4% and by 7.3% not fully supported by selling prices, because of their alignment to the lower price of raw materials and to the different sales mix.

In detail, are revenues by geographical area and product line is reported below:

1) in the first half of 2025:

H1				BCF (fiber for carpet)				NTF (fiber for fabrics)				Polymers						TOTAL
€/mln	2025	2024	Δ	Δ%	2025	2024	Δ	Δ%	2025	2024	Δ	Δ%	2025	2024	Δ	Δ%	%25	%24
EMEA	93,1			96,9 (3,8) (4,0)%	31,2			31,9 (0,7) (2,2)%	25,4			28,9 (3,5) (12,1)%	149,6			157,7 (8,0) (5,1)% 53,2% 54,7%
North America	71,3	62,3		9,1 14,6 %	11,8			12,5 (0,7) (5,9)%	3,3			4,3 (0,9) (22,3)%	86,4	79,1	7,4		9,3 % 30,7% 27,4%
Asia e Oceania	41,7			47,1 (5,5) (11,6)%	1,6	1,5	0,1	4,7 %	0,8			1,3 (0,5) (37,8)%	44,1			50,0 (5,9) (11,8)% 15,7% 17,3%
RoW	0,4			0,5 (0,1) (11,5)%	0,6			1,0 (0,4) (39,6)%	0,0	0,0	0,0	N.A.	1,0			1,4 (0,4) (30,4)%	0,4%	0,5%
TOTAL	206,5			206,7 (0,3) (0,1)%	45,2			46,9 (1,7) (3,7)%	29,5			34,5 (5,0) (14,4)%	281,2			288,1 (7,0) (2,4)% 100,0% 100,0%
% Tot	73,4%	71,8%			16,1%	16,3%			10,5%	12,0%			100,0%	100,0%

¹ The evolution of the Group's revenues from one reporting period to another may be influenced by the performance of raw materials prices, which is reflected in final sales prices through predefined contractual mechanisms. Accordingly, to ensure a proper understanding of its results, the Group also presents its revenue performance in terms of change in first choice "volumes sold", which historically account for approximately 95% of the Group's revenue.

2) in the second quarter of 2025:

Q2	BCF (fiber for carpet) NTF (fiber for fabrics)								Polymers	TOTAL
€/mln	2025	2024	Δ	Δ%	2025	2024	Δ	Δ%	2025	2024	Δ	Δ%	2025	2024	Δ	Δ%	%25	%24
EMEA	47,1			47,5 (0,4) (0,8)%	14,8			16,2 (1,4) (8,6)%	11,5		11,8 (0,3)	(2,2)%	73,4			75,5 (2,0) (2,7)% 53,5% 53,7%
North America	36,0	31,1		4,9 15,8 %	5,7			6,3 (0,6) (9,6)%	1,5			1,9 (0,3) (17,9)%	43,2	39,3		4,0 10,1 % 31,5% 27,9%
Asia e Oceania	18,7			24,1 (5,4) (22,4)%	0,9	0,3	0,6	N.A.	0,6			0,7 (0,1) (18,7)%	20,2			25,2 (5,0) (19,8)% 14,7% 17,9%
RoW	0,1			0,2 (0,1) (59,9)%	0,2			0,6 (0,4) (61,5)%	0,0	0,0	0,0	N.A.	0,3			0,7 (0,5) (61,2)%	0,2%	0,5%
TOTAL	101,9			102,9 (1,0) (0,9)%	21,6			23,4 (1,8) (7,7)%	13,7			14,4 (0,7) (5,1)%	137,1			140,6 (3,5) (2,5)% 100,0% 100,0%
% Tot	74,3%	73,2%			15,7%	16,6%			10,0%	10,2%			100,0%	100,0%

EMEA revenues amounted to €149.6 million as of June 30, 2025, of which €73.4 million in Q2 2025, with a decrease of 5.1% and of 2,7%, respectively, compared to the same periods of the previous year. Volumes sold increased by 4.0% in H1 2025 and by 10.8% in Q2 2025, not fully supported by selling prices. The analysis by product line performance shows that:

• a) the BCF product line decreased by 4.0% in H1 2025 and by 0.8% in Q2 2025 compared to the same periods of the previous year. Volumes decreased by 2.6% in H1 2025 and by 1.2% in Q2 2025, not fully offset by the trend of selling prices which have aligned to the lower price of raw materials;
• b) the NTF product line declined by 2.2% in H1 2025 and by 8.6% in Q2 2025 compared to the same periods of the previous year, mainly attributable to lower volumes sold by 4.8% in H1 2025 and by 8.7% in Q2 2025;
• c) the Polymers product line, in terms of volumes, recorded an increasing performance of +15.8% in H1 2025 and +37.9% in Q2 2025 compared to the same period of the previous year also thanks to the growing volumes of the Engineering Plastics area. Revenues decreased by 12.1% in H1 2025 and by 2.2% in Q2 2025 compared to the same periods of the previous year. This change is due to the reclassification of some polymers from sales to commission work, which influenced the dynamic of selling prices and, consequently, revenues, without however affecting profitability.

In North America, revenues amounted to €86.4 million as of June 30, 2025, of which €43.2 million in Q2 2025, with an increase of 9.3% and 10.1%, respectively, compared to the same periods of the previous year. Volumes sold increased by 7.4% and 16.5%, respectively, in H1 and Q2 2025. The analysis by product line performance shows that:

• a) the BCF product line grew by 14.6% in H1 2025 and by 15.8% in Q2 2025 compared to the same periods of the previous year, mainly due to an increase in volumes sold by 14.3% in H1 2025 and by 22.9% in Q2 2025;
• b) the NTF product line decreased by 5.9% in H1 2025 and by 9.6% in Q2 2025 compared to the same periods of the previous year, mainly due to a slight decrease in selling prices and a reduction in volumes sold by 1.8% and 2.1% in H1 2025 and Q2 2025, respectively, compared to the same periods of the previous year.

In Asia and Oceania, revenues amounted to €44.1 million as of June 30, 2025, of which €20.2 million in Q2 2025, with a decrease of 11.8% and 19.8%, respectively, compared to the same periods of the previous year. The change was attributable to a decrease in volumes sold of the BCF product line by 11.6% in H1 2025 and by 19.4% in Q2 2025 compared to the same periods of the previous year.

Revenues from ECONYL® branded products reached 60.7% of revenues generated from fibers in the first half of the year and 60.9% in the second quarter. Both values have increased compared to the same periods of the previous year, further reinforcing the upward trend and exceeding the target of 60% of fibers revenues.

EBITDA

EBITDA stood at €38.4 million as of June 30, 2025, of which €21.3 million in Q2 2025, with an increase of 17.8% and 22.7%, respectively, compared to the same periods of the previous year. EBITDA margin as of June 30, 2025 was 13.6% compared to 11.3% for the same period of the previous year, whereas in the second quarter it was 15.5% compared to 12.3% for the second quarter of 2025.

The increase compared to the same period of the previous year is mainly due to the lower impact of raw material costs as well as efficiencies and cost containment actions.

EBIT

EBIT amounted to €5.2 million as of June 30, 2025 and was €2.3 million in Q2 2025. The changes are mainly attributable to the variation in EBITDA.

Net financial charges

Net financial charges amounted to €2.7 million as of June 30, 2025 compared to €10.2 million for the same period of the previous year. The change is mainly attributable to a positive result of €4.5 million in foreign exchange gains, compared to a loss of €0.4 million in the previous period and to the decrease in financial charges, down by €2.6 million, thanks to the lower interest rate (i.e. Euribor) and the decreasing of gross debt.

Income taxes

Income taxes amounted to €0.3 million as of June 30, 2025 compared to positive €1.0 million for the same period of the previous year. The change reflected the increase in pre-tax income, which moved from a loss of €7.2 million in H1 2025 to a profit of €2.5 million in the same period of the current year.

Net result

Net result was a €2.2 million profit as of June 30, 2025 compared to a €6.1 million loss for the same period of the previous year.

Consolidated capital and financial highlights as of June 30, 2025

Investments and acquisitions

As of June 30, 2025, investments - excluding those recognized in application of IFRS 16 amounted to €11.2 million compared to €9.2 million for the same period of the previous year. Net investments were focused on activities aimed at stepping up industrial and energy efficiency at the Group's plants, in addition to increasing the production of ECONYL® caprolactam and its raw materials. Furthermore, investments also focused on the development of technologies linked to circularity, the expansion of existing production capacity as well as on the general and technological improvement of existing plants and equipment.

Change in net working capital

As of June 30, 2025, net working capital increased by €15.4 million. This change was impacted by €12.8 million increase in trade receivables due to an increase in revenues in Q2 2025 compared to Q4 2024, by lower trade payables for €4.9 million and a decrease of €2.3 million in the value of inventories, mainly due to the decline in the unit prices of raw materials.

Net financial position

The Group's net financial position amounted to €218.7 million as of June 30, 2025 compared to €213.5 million at December 31, 2024. This change was mainly due to the positive cash generation of operating activities for €34.0 million, to the cash absorption from working capital for €15.4 million, net investments for €11.2 million, the payment of financial charges for € 7.1 million, exchange rate changes for €3.0 million, the non-monetary change relating to the application of IFRS 16 for €1.5 million as well as taxes and use of provisions for €1.5 million.

As of June 30, 2025, the NFP/LTM EBITDA ratio was x3.21 compared to x4.98 as of June 30, 2024 and to x3.42 as of December 31, 2024.

Outlook

The first half of the year saw significant margin growth, coupled with a strong carpet fibers product line performance in the United States and of Engineering Plastics, highlighting the effective operating management.

Cost-optimizing initiatives, including the reorganization of the U.S. carpet collection and recycling plant, are expected to generate significant savings in the second half of the year and particularly in subsequent years.

Despite the more limited visibility for the second half of the year, the measures introduced indicate the continued focus on protecting efficiencies and profitability, even in an uncertain macroeconomic environment.

Appointment of the Manager Responsible for preparing the Company's financial reports

The Board of Directors, which met today, has appointed with effect from August 28, 2025, Mr. Andrea Pugnali, Group CFO, as the Responsible for preparing the Company's financial reports pursuant to and for the purposes of the Italian Law 262/05 and Article 154 bis of the Consolidated Law on Finance (TUF). Mr. Stefano Giovanni Loro, President of BCF, will continue to serve as the manager in charge of signing the corporate sustainability reporting, pursuant to and for the purposes of EU Directive 2022/2464.

Significant events occurred in the first half 2025

Organizational Changes - Resignation of Group CFO

On February 20, 2025, the Company announced that Mr. Roberto Bobbio, Group CFO and Manager in charge for preparing the Company's financial reports, has resigned for personal reasons, effective March 1, 2025. Mr. Andrea Pugnali, formerly Regional CFO of the subsidiary Aquafil USA Inc., took on the role of Group CFO effective August 1, 2025. Until then, all functions reporting to the Group CFO reported directly to Mr. Giulio Bonazzi, the Company's CEO. Effective March 1, 2025, the Company also appointed Ms. Barbara Dalla Piazza, Consolidation & ESG Director, as the Manager in charge for preparing the Company's financial reports in accordance with Law 262/05 and Article 154-bis of the Consolidated Law on Finance (TUF). With the same effective date, Mr. Stefano Giovanni Loro, President BCF, was appointed as the Manager in charge for preparing the Company's sustainability reporting, in accordance with EU Directive 2022/2464. Dalla Piazza and Loro will hold their respective positions until their responsibilities are assigned to the new Group CFO.

Reorganization of US carpet collection and recycling activities

The Aquafil Group has begun a process to reorganize the carpet collection and recycling activities. Said activities are currently managed at five locations in California and in Phoenix, Arizona. The reorganization involves the reallocation of the five above locations into a single facility located in California, which will cover both post-consumer carpet collection and recycling. The expected benefits include reducing personnel costs and improving operating efficiency, reducing logistics costs, in addition to obtaining higher subsidies as a direct result of concentrating operations in the state of California.

* * *

Statement of the Manager in charge for preparing the Company's financial reports "The Manager responsible for preparing the Company's financial reports, Barbara Dalla Piazza declares, pursuant to Paragraph 2 of Article 154-bis of the Consolidated Finance Law, that the accounting information contained in this press release corresponds to the company's records, ledgers and accounting entries."

* * *

This press release contains forward-looking statements. These statements are based on the Aquafil Group's current expectations and projections regarding future events and are, by their very nature, subject to a number of risks and uncertainties. These statements refer to events and depend on circumstances that may or may not occur or take place in the future, and, as such, undue reliance should not be made on them. Actual performance could differ significantly from the contents of such statements due to a variety of factors, including constant volatility and a further deterioration of capital and financial markets, changes in macroeconomic conditions and economic growth and other changes in business conditions, changes in the law and institutional context (in Italy and internationally), and many other factors, most of which are beyond the Group's control.

* * *

Aquafil is a pioneer in the circular economy also thanks to the ECONYL® regeneration system, an innovative and sustainable process able to create new products from waste and give life to an endless cycle. The nylon waste is collected in locations all over the world and includes

industrial waste but also products – such as fishing nets and rugs – that have reached the end of their useful life. Such waste is processed to obtain a raw material – caprolactam – with the same chemical and performance characteristics as those from fossil sources. The polymers produced from ECONYL® caprolactam are distributed to the Group's production plants, where they are transformed into yarn for rugs carpet flooring and for clothing.

Founded in 1965, Aquafil is one of the main producers of nylon in Italy and worldwide. The Group is present on three different continents, employing about 2,400 people at 19 production sites located in Italy, Slovenia, Unites States, China, Croatia, Chile, Thailand and Japan.

Per further information

Investors Contact Giulia Rossi investor.relations@aquafil.com mob: +39 327 0820 268

Barabino & Partners IR T: +39 02 72.02.35.35 Stefania Bassi s.bassi@barabino.it mob: +39 335 6282.667 Agota Dozsa a.dozsa@barabino.it mob: +39 338 7424.061

Media Contact Barabino & Partners Federico Vercellino f.vercellino@barabino.it T: +39 02 72.02.35.35 mob: +39 331 5745.1

Annex 1 – Consolidated Income Statement

CONSOLIDATED INCOME STATEMENT	Half Year 2025	of which	Half Year 2024	of which	Second	of which	Second	of which
€/000		non-current		non-current	quarter 2025	non-current	quarter 2024	non-current
Revenue	281.158	0	288.133	0	137.147	0	140.633	0
of which related parties	6		158		0		75
Other Revenue	6.249	10	3.285	37	3.380	( 6)	1.646	5
of which related parties	172		0		85		0
Total Revenue and Other Revenue	287.407	10	291.418	37	140.527	( 6)	142.279	5
Raw Material	( 121.356)	( 219)	( 137.791)	0	( 56.752)	( 219)	( 64.346)	0
of which related parties	0		0		0		0
Services	( 68.164)	( 1.280)	( 61.701)	( 148)	( 33.324)	( 891)	( 31.059)	( 74)
of which related parties	( 326)		( 329)		( 157)		( 173)
Personel	( 64.367)	( 1.434)	( 62.175)	( 830)	( 32.582)	( 1.293)	( 31.209)	( 577)
of which related parties	( 0)		( 0)		( 0)		( 0)
Other Operating Costs	( 1.612)	( 72)	( 1.659)	( 109)	( 983)	( 69)	( 893)	( 105)
of which related parties	( 35)		( 35)		( 17)		( 17)
Depreciation and Amorti zation	( 27.328)		( 26.987)		( 14.415)		( 13.582)
Provisions&Write-downs	( 1.494)	( 1.373)	11		( 1.386)	( 1.373)	( 1)
Capitalization of Internal Construction Costs	2.137		1.976		1.263		1.059
EBIT	5.223	( 4.368)	3.092	( 1.049)	2.347	( 3.851)	2.249	( 751)
Income (loss) from Investments	78		0		78		0
of which related parties	78		0		78		0
Other Financial Income	606		641		304		( 34)
of which related parties	2		0		1		0
Interest Expenses	( 7.895)		( 10.531)		( 3.839)		( 5.093)
of which related parties	( 117)		( 49)		( 49)		( 21)
FX Gains and Losses	4.484		( 356)		2.557		( 272)
Profit Before Taxes	2.495	( 4.368)	( 7.153)	( 1.049)	1.447	( 3.851)	( 3.151)	( 751)
Income Taxes	( 272)		1.020		349		122
Net Profit (Including Portion Attr. to Minority )	2.224	( 4.368)	( 6.133)	( 1.049)	1.796	( 3.851)	( 3.029)	( 751)
Net Profit Attributable to Minority Interest	0		0		0		0
Net Profit Attributable to the Group	2.224	( 4.368)	( 6.133)	( 1.049)	1.796	( 3.851)	( 3.029)	( 751)

Annex 2 – EBITDA and Adjusted Operating Results

RECONCILIATION FROM NET PROFIT TO EBITDA €/000	Half Year	Half Year	Second	Second
	2025	2024	quarter 2025	quarter 2024
Net Profit (Including Portion Attr. to Minority )	2.224	( 6.133)	1.796	( 3.029)
Income Taxes	272	( 1.020)	( 349)	( 122)
Investment income and charges	( 78)	( 0)	78	0
Amortisation & Depreciation	27.328	26.987	14.415	13.582
Write-downs & Write-backs of intangible and tangible assets	1.494	( 11)	1.386	1
Financial items (*)	4.139	11.709	1.619	6.157
No recurring items (**)	2.996	1.049	2.478	751
EBITDA	38.373	32.581	21.268	17.339
Revenue	281.158	288.133	137.147	140.633
EBITDA Margin	13,6%	11,3%	15,5%	12,3%

			Second
			quarter 2024
38.373	32.581	21.268	17.339
( 27.328)	( 26.987)	( 14.415)	( 13.582)
( 1.494)	11	( 1.386)	( 1)
9.552	5.606	5.466	3.757
281.158	288.133	137.147	140.633
3,4%	1,9%	4,0%	2,7%
		Half Year 2025	Half Year Second 2024 quarter 2025

(*) The financial items include: (i) financial charges and other bank charges of Euro (7.9) million; (ii) cash discounts of Euro (1.3) million; (iii) financial income of Euro 0.6 million, and (iv) foreign exchange gains/(loss) of Euro 4.5 million.

(**) This includes (i) non-recurring charges related to Group expansion for Euro (0.1) million, (ii) nonrecurring costs for legal and administration consulting for Euro (0.3) million; (iii) restructuring costs for Euro (0.8) million, (iv) other non-recurring costs for Euro (0.4) million mainly due to electrical blackout in Aquafil S.p.A.; (v) non-recurring charges related to the reorganization of Aquafil Carpet Collection and Aquafil Carpet Recycling #1 for Euro (1.4) million.

Annex 3 – Consolidated Balance Sheet

CONSOLIDATED BALANCE SHEET	At June 30,	At December 31,
€/000	2025	2024
Intangible Assets	13.231	15.168
Goodwill	14.240	16.064
Tangible Assets	212.660	233.900
Financial Assets	780	969
of which related parties	239	270
Investments & Equity metod	1.113	1.113
Other Assets
of which related parties
Deferred Tax Assets	30.607	29.231
Total Non-Current Assets	272.631	296.445
Inventories	186.966	197.535
Trade Receivable	30.757	20.370
of which related parties	200	97
Financial Current Assets	1.139	980
of which related parties	2	2
Current Tax Receivables	987	1.529
Other Current Assets	8.939	8.033
of which related parties	0	0
Cash and Cash Equivalents	112.777	130.366
Asset held for sales	0	0
Total Current Assets	341.565	358.813
Total Current Assets	614.197	655.258
Share Capital	53.354	53.354
Reserves	80.692	121.311
Group Net Profit for the year	2.224	( 16.313)
Group Shareholders Equity	136.270	158.352
Net Equity attributable to minority interest	0	0
Net Profit for the year attributable to minority interest	0	0
Total Sharholders Equity	136.271	158.352
Employee Benefits	4.510	4.627
Non-Current Financial Liabilities	230.079	241.535
of which related parties	2.226	3.902
Provisions for Risks and Charges	2.722	1.611
Deferred Tax Liabilities	10.981	12.808
Other Payables	2.743	4.053
of which related parties	0	0
Total Non-Current Liabilities	251.035	264.634
Current Financial Liabilities	102.367	103.208
of which related parties	3.667	4.146
Current Tax Payables	1.442	242
Trade Payables	101.222	109.178
of which related parties	249	396
Other Liabilities	21.859	19.644
of which related parties	0	0
Total Current Liabilities	226.891	232.272
Total Equity and Liabilities	614.197	655.258

Annex 4 – Consolidated Cash Flow Statement

CASH FLOW STATEMENT	At June 30,	At June 30,
€/000	2025	2024
Operation Activities Net Profit (Including Portion Attr. to Minority)	2.224	(6.133)
of which related parties	(220)	(255)
Income Taxes	272	(1.020)
Income (loss) from equity Investments	(78)
of which related parties	(78)
Financial income	(606)	(642)
of which related parties	(2)
Financial charges	7.895	10.531
of which related parties	117	49
FX (Gains) and Losses	(4.484)	356
(Gain)/Loss on non - current asset disposals	(94)	(92)
Provisions & write-downs	1.494	(11)
Amortisation, depreciation & write-downs	27.328	26.987
Cash Flow from Operating Activities Before Changes in NWC	33.950	29.976
Change in Inventories	2.284	3.451
Change in Trade and Other Receivables	(12.812)	(1.029)
of which related parties	(103)	197
Change in Trade and Other Payables	(4.911)	(2.511)
of which related parties	(147)	(326)
Change in Other Assets/Liabilities	262	(2.979)
of which related parties	-	(926)
Employees Benefit	(114)	(261)
Change in Provisions for Risks and Charges	(193)	(24)
Income tax paid	(1.194)	(1.189)
Net Interest Expenses	(7.074)	(9.843)
TOTAL CASH FLOW FROM OPERATING ACTIVITIES	10.200	15.591
Investing activities Investment in Tangible Assets
Disposal of Tangible Assets	(10.218) 289	(7.989) 180
Investment in Intangible Assets	(1.407)	(1.247)
Disposal of Intangible Assets		2
Reclassification	95
Dividends	78
of which related parties	78
Investment of Financial Assets		(113)
TOTAL CASH FLOW FROM INVESTING ACTIVITIES	(11.162)	(9.167)
Changes in Equity
Effect of exchange rate changes	(3.575)	1.509
Other changes in equity	(15)
Financing Activities
Increase in no current Loan and borrowing	36.167	20.000
Decrease in no current Loan and borrowing	(37.947)	(34.016)
Repayment of bond loan	(5.876)	(5.587)
Derivatives
Net variation in current and not current fiancial Assets and Liability	(370)	(762)
of which related parties
Net variation in RoU fiancial assets and liability	(5.011)	(5.092)
of which related parties	(1.878)	(643)
TOTAL CASH FLOW FROM FINANCING ACTIVITIES	(16.626)	(23.947)
NET CASH FLOW OF THE YEAR	(17.589)	(17.523)

Annex 5 – Net Financial Debt

NET FINANCIAL DEBT	At June 30,	At December 31,
€/000	2025	2024
A. Liquidity	112.777	130.366
B. Cash and cash equivalents
C. Other current financial assets	1.139	980
D. Liquidity (A + B + C)	113.916	131.346
E. Current financial debt (including debt instruments but excluding the current
portion of non-current financial debt)	( 3.114)	( 4.082)
F. Current portion of non-current financial debt	( 99.253)	( 99.125)
G. Current financial debt (E + F)	( 102.367)	( 103.208)
H. Net current financial debt (G - D)	11.549	28.138
I. Non-current financial debt (excluding current portion and debt instruments)	( 191.467)	( 197.199)
J. Debt instruments	( 38.741)	( 44.481)
K. Trade payables and other non-current payables
L. Non-current financial debt (I + J + K)	( 230.208)	( 241.681)
M. Total financial debt (H + L)	( 218.659)	( 213.542)

Fine Comunicato n.1938-22-2025	Numero di Pagine: 14
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