Aquafil — Investor Presentation 2021

Dec 1, 2021

Aquafil Group

PRESENTATION TO INVESTORS

Mid & Small in Milan

Milan, 2 nd December 2021

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	16
2.2. ECONYL®	23
3. 2021 OUTLOOK & 1Q2021 RESULTS	35
3.1. 2021 OULOOK	35
3.2. 1Q2021 RESULTS	37
5. PROJECTS UPDATE	50
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	56
5. ANNEXES	59

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	16
2.2. ECONYL®	23
3. 2021 OUTLOOK & 1Q2021 RESULTS	35
3.1. 2021 OULOOK	35
3.2. 1Q2021 RESULTS	37
5. PROJECTS UPDATE	49
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	55
5. ANNEXES	59

Aquafil at glance

• A global Group with proximity to clients
• ‒ 19 plants in 3 continents and 8 countries
• ‒ 9M 2020, above 2.600 employees, € 419m of revenues and € 60m of EBITDA
• Market leader in nylon for fiber for carpet flooring (BCF products), fabrics (NTF products) and polymers for EP and molding industries)
• A successful business model based on
• ‒ Proprietary technology with continuous R&D innovation for a uniquely diversified commercial offer
• ‒ Manufacturing and operational excellence focused on high-end segments
• Pioneers of circularity with ECONYL®, around 37% of fiber turnover
• ‒ A unique Regeneration System to produce sustainable fiber and polymers from nylon 6 waste
• ‒ High barriers to entry for technology and reverse supply chain
• ‒ Significant environmental advantage with a reduction of greenhouse gas emissions by around 90%

Aquafil at glance – A global Group with proximity to clients

USA

Cartersville – Georgia Aquafil USA 1 & 2

Phoenix - Arizona Aquafil Carpet Recycling ACR#1 Aquafil Carpet Collection

Sacramento and Chula Vista - California Aquafil Carpet Recycling ACR#2 Aquafil Carpet Collection

Rutherford College - North Carolina Aquafil O'Mara

% on 9M 2021 REVENUES

EUROPE

ITALY Arco, Cares and Rovereto Aquafil Headquarter Tessilquattro

CROATIA Oroslavje Aquafil CRO

SLOVENIA Ajdovščina, LjubljanA Senožeče and Štore AquafilSLO (4 plants)

UK Kilbirnie Aquafil UK

ASIA PACIFIC

CHINA Jiaxing Aquafil Jiaxing

JAPAN Tokyo Aquafil Japan

THAILAND Rayong Aquafil Asia Pacific

22,0% 60,8% 16,7%

Aquafil at glance – Product lines

KEY APPLICATIONS Fiber for carpet flooring BCF Product Fiber for fabric NTF Product 64,1% Polymers EP Product % on 9M2021 REVENUES 21,3% 14,6% Industrial Molding

Aquafil at glance – Business model

Aquafil at glance – 50 years of growth – Key milestones

Aquafil at glance – A Company to change the world

MAGAZINE CHANGE THE WORLD

Fortune's 2019 Change the World List: Companies to Watch

By Matthew Heimer and Erika Fry 19 August 2019

"Burberry and Prada both recently launched collections featuring ECONYL®, a recycled nylon that this Italian yarn manufacturer creates from old fishing nets, fabric scraps, and discarded carpets. The company claims that for every ton of the upcycled material it produces, it saves 7 barrels of crude oil and 5,7 tons of carbon emissions."

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	16
2.2. ECONYL®	23
3. 2021 OUTLOOK & 1Q2021 RESULTS	35
3.1. 2021 OULOOK	35
3.2. 1Q2021 RESULTS	37
5. PROJECTS UPDATE	49
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	55
5. ANNEXES	59

Sustainability path – Driven by vision and business model

• Journey to circularity started with a deep business model review to prepare Group to next decades evolution based on cultural sensitiveness to environmental topics and Group R&D and technological strengths
• Aquafil correctly identified future trends which gradually became "secular" change drivers
• Increasing volatility related to crucial raw materials both in term of availability and prices
• Production process wastes management
• Growing attention versus an "environmental" frame in the value chain and among stakeholders
  • o Clients sharing the same vision
  • o Many different regulators increasing focus to environmental laws all across Group presence countries
  • o First steps versus Extended Production Responsibility ("EPR")
  • o Civil society growing sensitiveness
• Eco-Design is next crucial step
• from the "raw material–product–waste" linear model to the "closing the loop" paradigm
  • o products build with raw materials which will become raw materials by themselves

Sustainability path – A journey started in 1990

Sustainability path – A journey started in 1990

• The milestones

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	16
2.2. ECONYL®	23
3. 2021 OUTLOOK & 1Q2021 RESULTS	35
3.1. 2021 OULOOK	35
3.2. 1Q2021 RESULTS	37
5. PROJECTS UPDATE	49
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	55
5. ANNEXES	59

The ECO PLEDGE®

RETHINKING PRODUCTS IN A CIRCULAR PERSPECTIVE

Innovating products to make them more and more circular, giving new life to waste materials, in an infinite cycle.

PROTECTING THE ENVIRONMENT

Producing consciously and responsibly, pursuing continuos improvement and excellence in every aspetc.

ATTENTION TO THE WELL-BEING OF PEOPLE

People who, with commitment and passion, are the foundation of the Group.

SUPPORT LOCAL COMMUNITIES

Grow in harmony with local communities, promoting a prosperous and respectful development of their territory.

SHARED RESPONSIBILITY ALONG THE SUPPLY CHAIN

Collaborate with suppliers and customers to bring about change and environmental sustainbility in the entire sector.

The ECO PLEDGE®

	SUSTAINABILITY PILLARS	IMPROVEMENT AREAS	TOPICS
	RE THINKING PRODUCTS IN A CIRCULAR PERSPECTIVE	• Creation of new sustainable value chains	• Creation of a new recycled products/ materials (PP, copper)
		• Research other sustainable value chains	• Bio bases nylon
	PROTECTING THE ENVIRONMENT	• Investment in energy from renewable sources	• Procurement of electricity from renewable sources for the entire Aquafil group
		• Improving the impacts of production processes	• Energy efficiency of the production lines, reduction of the water consumption and discharge, ISO50001 (Energy) and ISO14001 (Environment) certification
	ATTENTION TO THE	• Minimizing accidents (Zero accidents)	• ISO45001 / OHSAS18001 certification
	WELL-BEING OF THE PEOPLE	• Supporting employees growth	• Hours of training and single use plastic free
	SHARED RESPONSIBILITY ALONG THE SUPPLY CHAIN	• Integrating sustainability in purchasing procedures	• Social Accountability certification (SA8000), ECONYL® qualified project and integration of safety, environmental and social criteria in supplier's qualification
		• Spreading the culture of sustainability	• Healthy Seas Project
	SUPPORT LOCAL COMMUNITIES	• Supporting local development and training young people	• Support of local cultural and sports centers, contribution to youth development and

support of vulnerable groups

The ECO PLEDGE® – SDGs and GRI alignment

The ECO PLEDGE® – Re-thinking products

• Eco-Design aim is to create products which "will come back" because are conceived and built to become future resources and not wastes
• Collaboration on the entire value chain is the crucial successful driver

The collaboration allowed the development of an innovative technology which separates carpet tiles at the end of life into two main components, maintaining over 95% purity of the yarn. This level of purity ensures that the PA6 yarn can be recycled and transformed into new ECONYL® regenerated nylon

NAPAPIJRI Closing the loop in NTF

Creation of a completely circular product: the "Skidoo Infinity" jacket is "mono material" done with ECONYL® yarn and standard nylon and therefore designed to be completely recycled. Thanks to a take back program, it can be returned after two years of use and recycled into new ECONYL® yarn

"Endangered collection": glasses and sunglasses made with ECONYL® and completed with frame recycling scheme (2 year-guarantee, after this period frames can be returned for recycling)

The ECO PLEDGE® – Protecting the environment

• Aquafil is committed to respect the environment in every phase of its own production process

• Therefore, activities and to reduce impacts and recover energy are constant among years

• E.g. installation of new heating systems with heat recovery, or sharing excess thermal energy with structures close to the factories and choosing energy from renewable sources

• From this point of view, below the most relevant Group KPI
• 2020 data are influenced by volume drop determined by COVID pandemic

	Unit	2015	2019	Change	Comments 2015-2019	2020
ENERGY CARRIER	GJ	2.451.995	2.481.249	1.2%	Efficiency measures and consistent improvement of used "energy mix" mitigate capacity increase	2.205.600
GREENHOUSE GAS EMISSION	tCO2eq	173.850	51.512	(70.4%)	Increase of green energy use	50.408
WATER CONSUMPTION	106 liters	4.759	3.119	(34.5%)	Implementation of resources efficiency measure	3.100
WATER DISCHARGE	106 liters	4.112	3,176	(22.8%)	Implementation of resources efficiency measure	3.142
WASTE PRODUCTION	t	2015 n.a. 2016: 13.387	13.631	1.8%	Increase of the ECONYL® regeneration System's capacity	9.859

The ECO PLEDGE® – Supply chain share responsibility

• Aquafil establish solid relationships with its customers and suppliers, based on the commitment and desire to improve together, leveraging on constant comparison and collaboration
• Some example of partnership with customers:

Leveraging on an internationally structured partnership network, Group can collect large quantities of waste to be regenerated into new ECONYL® yarn.

Prada announced the replacement of all the nylon yarn used for its products with ECONYL® regenerated nylon by 2021. The Group has launched a collection in ECONYL®

PRADA

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	16
2.2. ECONYL®	23
3. 2021 OUTLOOK & 1Q2021 RESULTS	35
3.1. 2021 OULOOK	35
3.2. 1Q2021 RESULTS	37
5. PROJECTS UPDATE	49
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	55
5. ANNEXES	59

ECONYL®

• ECONYL® regenerated nylon is 100% recycled yarn made of plastic waste such as fishing nets, industrial scraps and used carpets
• 37% of Aquafil fiber turnover in 2020

ECONYL® – Steps

• Step 1: rescue
• ‒ The ECONYL® Regeneration System starts with rescuing waste, like fishing nets, fabric scraps, carpet flooring and industrial plastic from all over the world
• ‒ That waste is then sorted and cleaned to recover all of the nylon possible
• Step 2: regenerate
• ‒ Through a depolymerization and purification process, the nylon waste is recycled right back to its original purity
• ‒ That means ECONYL® regenerated nylon is exactly the same as conventional nylon coming from oil
• Step 3: remake

• ‒ ECONYL® regenerated caprolactam is processed into polymer and yarn for the fashion and carpet industries

• Step 3: reimagine

• ‒ Fashion brands and carpet producers use ECONYL® regenerated nylon to create brand new products
• ‒ And that nylon has the potential to be recycled infinitely, without ever loosing its quality

ECONYL® – A consistent growth

• 2015-2019: consistent historical growth delivery
• average increase was more than 2x total fibres growth
• % on net sales increased from 32.5% to 37.5%
• 2020 decreased related to COVID impact in BCF
• ECONYL® accelerated growth through
• Strengthening relationship with consolidated customers
• Attracting new customers
• In BCF allowed to protect and even increase market share, especially on high end products
• In NTF attraction of new customers was a key element
• Fashion and luxury brands sharing same "circularity" vision were attracted by ECONYL® value proposition
  • o E.g. Burberry, Gucci and Prada

ECONYL® – A consistent growth

• Partner sharing same "circularity" vision were attracted by ECONYL® value proposition

ECONYL® – A consistent growth – Drivers

• Fundamental drivers of these results were
• R&D activities
• Industrial capacity increase
• Creation of nylon waste reverse logistic platform
• ‒ Innovative marketing activities

ECONYL® – A consistent growth – R&D activities

• Usual R&D activities shown us new opportunities in Group production process

As reported in the EPD of the ECONYL(R) polymer (Revision 5, 2020 - 05 - 07)

ECONYL® – A consistent growth – Industrial capacity increase

• Circularity is one of the milestones of Group CAPEX process
• Support development and environmental KPI targets achievements
• The capability to increase ECONYL® capacity, especially in Ljubljana, allowed to consistently follow demand growth
• Actual industrial capacity increased significantly through 2018-2019 will allow Group to both follow demand recovery and sustain medium-term growth

ECONYL® – A consistent growth – Nylon waste reverse logistic platform

• Group was able to built a nylon "reverse" supply chain to collect raw materials for ECONYL® to create a stable and competitive quantity of nylon waste to be supplied to the regeneration plant in Slovenia
• Pre consumer waste
• Carpets: e.g. December 2020 the acquisition of Planet Recycling, a company with 35 years of experience in recycling residential and commercial carpet waste
• Fishing nets
• Cast nylon

ECONYL® – A consistent growth – Innovating marketing activities

• Aquafil products are ingredients incorporated into final client products and therefore are not visible to end consumer
• Since its launch, ECONYL® ingredient proved to be the perfect fit for a different marketing strategy: a strong ingredient branding approach
• This thanks to three main conditions: "fits the category", "point of parity" and "point of difference"

FITS THE CATEGORY	ECONYL® perfectly fits in the category of "Sustainable Products"
POP	ECONYL® has those points of parity needed for a smooth and quick adoption. The high-quality standards allow the supply chain to easily replace any traditionally oil-based nylon fiber, without any compromise with esthetic, colors and hand fill
POD	ECONYL® has an edge over the competitors as it holds a unique story of a 100% regenerated nylon fiber from post and pre-consumer waste. The circular model provides a competitive advantage that no other product are able to give

ECONYL® – A consistent growth – Innovating marketing activities

• "Traditional" marketing strategies
• ‒ B2B strategy: building marketing towards chain next link through a narrow and single-sided customersupplier relationship
• Multilevel Ingredient strategy ("pull strategy"): product demand is created at different levels through investments and cooperation with all tiers of the supply chain

ECONYL® – A consistent growth – Innovating marketing activities

• ECONYL® branding strategies
• ‒ Targeted only on the final brand, this approach surpasses limitations and dangers of a too narrow and single-sided customer-supplier relationship
• ‒ Selling process is based on partnerships and direct communication with fashion and sportswear brands who are taking the purchasing decision. Cooperation with the entire value chain is thus focus around the ECONYL® ingredient
• ‒ This approach is possible thanks to the ECONYL® POP and POD

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	16
2.2. ECONYL®	23
3. 2021 OUTLOOK & 1Q2021 RESULTS	35
3.1. 2021 OULOOK	35
3.2. 1Q2021 RESULTS	37
5. PROJECTS UPDATE	49
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	55
5. ANNEXES	59

2021 Outlook – 2021 Group confirms expectation

• The economic growth outlook in the first nine months of the year has shown that the benefits of containment and control measures and vaccination campaigns are effective tools for combating the Covid-19 pandemic. The maintenance, if not expansion, of such measures supports the forecast that an expansionary phase will continue.
• In the fourth quarter, the Group expects that market demand will perform in line with the previous quarters, taking into account the longer holiday periods that characterize all geographical areas.
• The inflationary dynamics and the cost of energy could temporarily affect the margins of the Group, which has already launched initiatives for the progressive adjustment of sales prices to be completed by early 2022.
• The improvement of the NFP/EBITDA ratio compared to year-end 2020 is confirmed.

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	16
2.2. ECONYL®	23
3. 2021 OUTLOOK & 1Q2021 RESULTS	35
3.1. 2021 OULOOK	35
3.2. 1Q2021 RESULTS	37
5. PROJECTS UPDATE	49
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	55
5. ANNEXES	59

3Q2021 Main Results

3Q	144,6 105,2 37,5%	3Q	20,2 13,2 53,3%	3Q	5,4 (1,0)	-
		% on Revenues	14,0% 12,5%	% on Revenues	3,7% -0,9%
	SALES		EBITDA		NET PROFIT	NFP
	VOLUME +4% and +8% compared respectively to 3Q19 and 3QYTD19 (1)		Higher to 3Q19 Margin from 12,2% to 14,2%		Strong increase driven by EBIT improvement	19,1% improvement Focus on NWC and CAPEX
	EMEA best macro area	Thanks to Volumes increase - 2019 saving measures and some of COVID 19 actions consolidation			Lower extraordinary costs	NFP/EBITDA LTM 3,748x
	Polymers best product line		as drivers Despite			on 31st December 2020
	ECONYL® back to normality		Negative of pass-through on "selling price" of raw material price increase Energy Costs			2,36x on 30th September 2021

% on Revenues 14,2% 12,2% % on Revenues 3,4% -0,9%

Revenues – by Components

• 3Q2021: volumes increase of ca 8% compared to 3Q19
• Volume: ca +18% compared to 3Q20
• Price & sales mix: positive impact thanks to selling price adjustment to raw material price variation
• 3QYTD2021: volumes increase of ca 4% compared to 3QYTD19
• Volume: ca +25% compared to 3QYTD20
• Price & sales mix: positive impact thanks to selling price adjustment to raw material price variation

Revenues – Components – Quantity

EMEA: volumes ca +34% vs 3QYTD20 and +37% vs 3Q20 and +7% vs 3QYTD19 and +16% vs 3Q19

• BCF: recovery consolidation of "residential" and "automotive" market;
• NTF: ECONYL® branded products continues to grow;
• Polymers: best in class of growth in the region, with outstanding market demand

Revenues – Components – Quantity

USA: volumes ca +7% vs 3QYTD20 and +4% vs 3Q20 and -1% vs 3QYTD19 and -2% vs 3Q19

• BCF: in 3Q higher recovery of year thanks to "automotive" market;
• NTF: consolidates the growth

Revenues – Components – Quantity

ASIA PACIFIC: volumes ca +21% vs 3QYTD20 and -17% vs 3Q20 and +3% vs 3QYTD19 and -9% vs 3Q19

– BCF: in 3Q YTD good performance of "residential", with a slow down in the 3Q due to the lock down measures in Oceania.

Revenues – Breakdown by Product Line and Area

(1) O'Mara Incorporated consolidated since 31st May 2019 (2) Rest of World not included

Revenues – ECONYL®

• Back to normality after the pandemic impact on ECONYL® demand in 2020
• ‒ between 1Q and 2Q20 in BCF "contract" customers-built warehouse stocks to face possible production breakdown due to COVID restrictive measures.
• NTF trend again better than BCF
• ‒ BCF demand still influenced by "contract" slow recovery
• ‒ NTF demand drove by agreements with fashion brand

EBITDA – Strong recovery driven by volumes

• € 59,6 m in 3Q21YTD compared to € 40,1 m of 3Q20YTD and € 54,9 m of 3Q19YTD
• Strong impact of volumes increase;
• Consolidation of 2019 savings plan and
• some of COVID-19 actions.
• During 3Q21 impact of higher utility costs.

P&L – KPI

		3Q			3QYTD
	2021	2020	∆%	2021	2020	∆%
REVENUES	144,6	105,2	37,5%	419,3	327,9	27,9%
EBITDA	20,2	13,2	53,3%	59,6	40,1	48,7%
% on net sales	14,0%	12,5%		14,2%	12,2%
EBIT	8,3	0,2	-	22,3	0,2	-
% on net sales	5,7%	0,2%		5,3%	0,0%
EBT	7,0	(1,4)	-	18,0	(3,0)	-
% on net sales	4,8%	-1,3%		4,3%	-0,9%
NET RESULT	5,4	(1,0)	-	14,3	(2,9)	-
% on net sales	3,7%	-0,9%		3,4%	-0,9%

• One off cost at Q3YTD: € 1.5m versus € 4.0m for lower restructuring costs and ACR#1&2 improvements

NFP – NPF/EBITDA LTM at 2.36x

• NFP on 30th September 2021 equal to 183,6 €/mil, improved by 19,1% compared to December 2020
• Ratio NPF/EBITDA LTM at 2,36x

NFP – Focus on NWC and CAPEX

• CAPEX equal to € 23,9m mainly related to the capacity and technological improvements including partially EP investments.
• The focus on NWC allowed cash generation despite impact on both turnover growth and raw material price increase

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	16
2.2. ECONYL®	23
3. 2021 OUTLOOK & 1Q2021 RESULTS	35
3.1. 2021 OULOOK	35
3.2. 1Q2021 RESULTS	37
5. PROJECTS UPDATE	49
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	55
5. ANNEXES	59

Projects updating – Bio based nylon project

• A pillar of Group "The ECO PLEDGE®" and one of the most relevant initiatives in which the Group takes part
• 2 complementary and synergic paths: Genomatica and project EFFECTIVE
• Genomatica
• Joint technological development to produce the first ever bio-based Nylon 6 from renewable raw materials
• Collaboration with Genomatica one of the leading bio-engineering company in the world started in 2017
• In 2019-2020, validation of the technology at "pilot" scale through the production of approx. one ton of biobased intermediate, which was then converted into bio-based caprolactam. Currently under conversion into bio-based Nylon 6
• 2021 step will be the construction and start-up of a demonstration plant

Projects updating – Bio based nylon project

• Project EFFECTIVE
• Extending Aquafil-Genomatica initiative to the whole supply chain by validating bio-based polyamides and bio-based polyesters from renewable raw materials into large-consumer products
  • o Polymers' versatility allows application in a wide range of products and sectors (filaments for textile applications, films for packaging, etc.)
• Started in 2018, supported by the Bio-Based Industry Joint Undertaking (through the EU Horizon 2020 Research Programme), and involving 12 organization from 7 European Countries.
• Technologies have been already validated at "pilot" scale, and the upscaling of all manufacturing steps (from raw materials up to manufacturing of prototypes of carpets, fabrics and garments) is currently on-going

Group development – Development in Japan

• In February important development steps were taken to expand Group presence in Japan
• At BCF product line level: establishment of Aquafil Japan Co., Ltd., based in Tokyo, 100% owned by Aquafil S.p.A.: the subsidiary will transform and market polymers and synthetic fibers on the Japanese market
• At Group level: create strong partnership with important local partners to expand circularity under the ECONYL® brand
• BCF Group reference market in Japan is estimated at around 18.000ton (equal to € 80-90m) (1) and is characterised by both important historical features and more recent trends
• ‒ Historical features
  • o Demand of high quality products (e.g., tiles and mats) and high standard services;
  • o Distributors play a crucial role in market development,
  • with a 3-year collection rhythm

Strong attention for high quality and service is perfectly in line

with Aquafil proposition

Example of high-end tiles

Group development – Development in Japan

• ‒ More recent trends
• o Strong cultural sensitiveness to environmental and sustainability topics
  • extremely positive recognition for ECONYL®
• o Some signs of primary competitors withdrawal
• Group is focusing its activities to built relationship with important carpet manufactures and distributors through
• ‒ Establishment of a local organisational and commercial structure
• ‒ Partnership with a local manufacturer with reprocessing yarn facilities
• ‒ Creation of a combined global team which can offer Group best practices
  • o Technological and production support from Chinese operations
  • o Design and marketing advocacy from headquarter carpet centre
• Group target is to increase reputation and visibility on the market and therefore enter in the 2022-2024 distributors collection

Group development – Acquisition of ca 32% in NOFIR

• ‒ Nofir: based in Bodø, Norway, is a leading European player in the collection and processing of fishing and aquaculture nets at the end of their life cycles. Since 2011, Nofir has collected over 48,000 tons of nets in 20 countries on five continents using an advanced system for collecting and tracing discarded nets from the fishing and aquaculture industry. The company collaborates actively with Healthy Seas®, a foundation created by Aquafil and other partners whose main mission is raising awareness among consumers of the problem of fishing nets lost or abandoned in our oceans
• ‒ Target: Coverage of procurement and efficiency gains in the nylon waste recovery industry
• ‒ After the acquisition of Planet Recycling (Aquafil Carpet Collection) in December 2020 —important asset in increasing the circularity of our processes — the investment in Nofir further strengthens the approach for control over the procurement chain;

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	16
2.2. ECONYL®	23
3. 2021 OUTLOOK & 1Q2021 RESULTS	35
3.1. 2021 OULOOK	35
3.2. 1Q2021 RESULTS	37
5. PROJECTS UPDATE	49
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	55
5. ANNEXES	59

Ownership Structure & Governance – Ownership Structure

• A capital structure with 3 type of Shares
• ‒ Ordinary Share
• ‒ Share B: dedicated to Giulio Bonazzi family with the same economic right of ordinary share but with 3 voting right for any share
• ‒ Share C: no transferable, no economic and voting right but at certain conditions convertible in ordinary share at a ratio of 4,5 ordinary share for 1 Share C

Ownership Structure & Governance – Ownership Structure

• Main Aquafil's shareholders is Aquafin Holding S.p.A., holding of Giulio Bonazzi Family
• ‒ Managers are involved too

Ownership Structure & Governance – Governance

STATUTORY AUDITORS

(1) Director who has declared that he satisfies the independence requirements pursuant to Articles 147-ter, paragraph 4 of the Consolidating Law on Finance, as well as Article 3 of the Code of Self-Governance – (2) Lead Independent Director - (3) Member and President of Audit and Risk Committee - (4) Member of Audit and Risk Committee (5) Member and President of Appointment and Remuneration Committee - (6) Member of Appointment and Remuneration Committee 57

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	16
2.2. ECONYL®	23
3. 2021 OUTLOOK & 1Q2021 RESULTS	35
3.1. 2021 OULOOK	35
3.2. 1Q2021 RESULTS	37
5. PROJECTS UPDATE	50
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	56
5. ANNEXES	59

Disclaimer

This presentation and any material distributed in connection herewith (together, the "Presentation") prepared by Aquafil S.p.A. ("Aquafil" or "Company") do not constitute or form a part of, and should not be construed as, an offer for sale or subscription of or solicitation of any offer to purchase or subscribe for any securities, and neither this Presentation nor anything contained herein shall form the basis of, ore be relied upon in connection with, or act as an inducement to enter into, any contract or commitment whatsoever.

The Presentation contains forward-looking statements regarding future events and the future results of Aquafil that are based on current expectations, estimates, forecasts, and projections about the industries in which Aquafil operates and the belief and assumptions of the management of Aquafil. In particular, among other statements, certain statements with regards to management objectives, trends in results of operations, margins, costs, return on equity, risk management are forward-looking in nature. Words such as 'expects', 'anticipates', 'targets', 'goals', 'projects', 'intends', 'plans', 'believes', 'seeks', 'estimates', variations of such words, and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Therefore, Aquafil's actual result may differ materially and adversely from those expressed or implied in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, economic conditions globally, political, economic and regulatory developments in Italy and internationally. Any forward-looking statements made by or on behalf of Aquafil speak only as of the date they are made. Aquafil does not undertake to update forward-looking statements to reflect any changes in Aquafil's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

No reliance may be placed for any purposes whatsoever on the information contained in the Presentation, or any other material discussed in the context of the presentation of such material, or on its completeness, accuracy or fairness. The information contained in the Presentation might not be independently verified and no representation or warranty, express or implied, is made or given or on behalf of the Company or any of its members, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this document or any other material discussed in the context of the presentation of the Presentation. None of the Company, nor any of its respective members, directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of the Presentation or its contents or otherwise arising in connection therewith.

Mr. Sergio Calliari, the Manager in charge of preparing the corporate accounting documents, declares that, pursuant to Article 154-bis, paragraph 2, of the Legislative Decree No. 58 dated February 24, 1998, the accounting information contained in the Presentation correspond to document results, books and accounting records.

The reader should, however, consult any further disclosure Aquafil may make in documents it files with the Italian Securities and Exchange Commission and with the Italian Stock Exchange.

Definitions

«FIRST CHOICE REVENUES»	"First choice revenues" are revenues generated by the sale of fibers and polymers, gross of any adjustments (for example, discounts and allowances), but excluding revenues generated by "non-first choice products", revenues generated by Aquafil Engineering GmbH and "other revenues". On the basis of the 2019 figures, these revenues accounted for more than 95% of the Group's consolidated revenues
EBITDA	This is an alternative performance indicator not defined under IFRS but used by company management to monitor and assess the operating performance as not impacted by the effects of differing criteria in determining taxable income, the amount and types of capital employed, in addition to the amortisation and depreciation policies. This indicator is defined by the Aquafil Group as the net result for the year adjusted by the following components: income taxes, investment income and charges, amortisation, depreciation and write-downs of tangible and intangible assets, provisions and write-downs, financial income and charges, non-recurring items.
NFP	This was calculated as per Consob Communication of July 28, 2006 and the ESMA/2013/319 Recommendations: A. Cash B. Other liquid assets C. Other current financial assets D. Liquidity (A+B+C) E. Current financial receivables F. Current bank payables G. Current portion of non-current debt H. Other current financial payables I. Current financial debt (F+G+H) J. Net current financial debt (I-D-E) K. Non-current bank payables L. Bonds issued M. Other non-current payables N. Non-current financial debt (K+L+M) O. Net financial debt (J+N)

Appendix - Sector Data – Caprolactam price evolution

Appendix - Consolidate Income Statements

CONSOLIDATED INCOME STATEMENT	September	of wich non	September	of wich non	Third Quarter	of wich non	Third Quarter	of wich non
€/000	2021	current	2020	current	2021	current	2020	current
Revenue	419.310	587	327.930	287	144.610	587	105.197	120
of which related parties	40		80		13		53
Other Revenue	4.525	672	4.322	82	1.840	229	951	22
Total and Revenue Other Revenue	423.835	1.259	332.252	368	146.450	815	106.148	142
Raw Material	(208.556)	(191)	(159.480)	(64)	(73.062)	(191)	(50.003)	(6)
Services	(78.104)	(1.079)	(63.509)	(1.693)	(28.004)	(775)	(21.213)	(658)
of which related parties	(303)		(319)		(91)		(108)
Personel	(83.413)	(1.413)	(75.764)	(1.856)	(27.609)	(831)	(24.129)	(688)
Other Operating Costs	(2.488)	(186)	(3.382)	(790)	(848)	(125)	(800)	(74)
of which related parties	(52)		(52)		(17)		(17)
Depreciation and Amorti zation	(33.381)		(32.506)		(10.068)		(10.752)
Doubtful debt prevision	(144)		(1.094)		(15)		(10)
Provisions for risks and charges	78		(454)		1		(451)
Capitalization of Internal Construction Costs	4.506		4.099		1.429		1.433
EBIT	22.334	(1.610)	161	(4.035)	8.274	(1.106)	223	(1.284)
Other Financial Income	693		353		202		156
Interest Expenses	(5.658)		(6.137)		(1.836)		(1.896)
of which related parties	(124)		(177)		(46)		(54)
FX Gains and Losses	598		2.656		338		115
Profit Before Taxes	17.967	(1.610)	(2.966)	(4.035)	6.978	(1.106)	(1.403)	(1.284)
Income Taxes	(3.710)		68		(1.632)		439
Net Profit (Including Portion Attr. to Minority )	14.258	(1.610)	(2.899)	(4.035)	5.346	(1.106)	(964)	(1.284)
Net Profit Attributable to Minority Interest	-		-		-		-
Net Profit Attributable to the Group	14.258	(1.610)	(2.899)	(4.035)	5.346	(1.106)	(964)	(1.284)

Appendix - Consolidate Income Statements – Revenues 3QYTD

3QYTD			BCF (fiber for carpet)				NTF (fiber for fabric)					Polymers						Total
€/mil	2021	2020	Δ	Δ %	2021	2020	Δ	Δ %	2021	2020	Δ	Δ %	2021	2020	Δ	Δ %	% 21	% 20
EMEA	137,4	115,8	21,6	18,7 %	62,2	51,3	10,9	21,2 %	55,5	19,6	35,9	182,6 %	255,1	186,7	68,4	36,6 %	60,8 %	56,9 %
North America	65,5	62,6	2,9	4,6 %	21,5	18,3	3,2	17,7 %	5,2	4,4	0,8	18,5 %	92,2	85,2	6,9	8,1 %	22,0 %	26,0 %
Asia Oceania	65,4	52,6	12,8	24,3 %	4,2	2,0	2,1	104,4 %	0,5	0,0	0,5	0,0 %	70,1	54,7	15,4	28,1 %	16,7 %	16,7 %
RoW	0,4	0,4	0,0	13,3 %	1,5	0,9	0,6	70,6 %	0,0		0,0	0,0 %	1,9	1,2	0,7	54,3 %	0,5 %	0,4 %
Total	268,7	231,4	37,4	16,1 %	89,4	72,5	16,9	23,3 %	61,2	24,1	37,1	154,4 %	419,3	327,9	91,4	27,9 %	100,0 %	100,0 %
% ToT	64,1%	70,6%			21,3%	22,1%			14,6%	7,3%			100,0%	100,0%

Appendix - Consolidate Income Statements – Revenues 3Q

3Q			BCF (fiber for carpet)				NTF (fiber for fabric)					Polymers						Total
€/mil	2021	2020	Δ	Δ %	2021	2020	Δ	Δ %	2021	2020	Δ	Δ %	2021	2020	Δ	Δ %	% 21	% 20
EMEA	46,8	33,3	13,4	40,3 %	20,6	14,0	6,7	47,7 %	20,4	6,2	14,2	231,1 %	87,8	53,5	34,3	64,2 %	60,7 %	50,8 %
North America	24,5	20,6	3,8	18,6 %	7,7	7,8	(0,2)	(2,3)%	1,9	1,1	0,8	76,9 %	34,0	29,5	4,5	15,2 %	23,5 %	28,1 %
Asia Oceania	19,6	21,2	(1,5)	(7,3)%	2,0	0,4	1,6	357,6 %	0,1	0,0	0,1	341,4 %	21,8	21,7	0,2	0,7 %	15,1 %	20,6 %
RoW	0,2	0,2	(0,0)	0,0 %	0,7	0,3	0,4	0,0 %	0,0		0,0	0,0 %	1,0	0,5	0,4	83,0 %	0,7 %	0,5 %
Total	91,1	75,4	15,7	20,9 %	31,0	22,5	8,5	37,8 %	22,4	7,3	15,2	208,9 %	144,6	105,2	39,4	37,5 %	100,0 %	100,0 %
% ToT	63,0%	71,7%			21,5%	21,4%			15,5%	6,9%			100,0%	100,0%

Appendix - Consolidate Income Statements – EBITDA & EBITD Adj

RECONCILIATION FROM NET PROFIT TO EBITDA	September	September	Third Quarter	Third Quarter
€/000	2021	2020	2021	2020
Net Profit (Including Portion Attr. to Minority )	14.258	(2.899)	5.346	(964)
Income Taxes	3.710	(68)	1.632	(439)
Amortisation & Depreciation	33.381	32.506	10.068	10.752
Write-downs & Write-backs of intangible and tangible assets	66	1.548	15	461
Financial items (*)	6.557	4.953	2.072	2.105
No recurring items (**)	1.610	4.035	1.106	1.284
EBITDA	59.581	40.075	20.239	13.199
Revenue	419.310	327.930	144.610	105.197
EBITDA Margin	14,2%	12,2%	14,0%	12,5%

RECONCILIATION FROM EBITDA TO	September	September	Third Quarter	Third Quarter
EBIT ADJUSTED €/000	2021	2020	2021	2020
EBITDA	59.581	40.075	20.239	13.199
Amortisation & Depreciation	33.381	32.506	10.068	10.752
Write-downs & Write-backs of intangible and tangible assets	66	1.548	15	461
EBIT Adjusted	26.134	6.021	10.156	1.986
Revenue	419.310	327.930	144.610	105.197
EBIT Adjusted Margin	6,2%	1,8%	7,0%	1,9%

(*) The financial items include: (i) financial income of Euro 0.7 and Euro 0.4 million respectively in the periods ending September 30, 2021 and September 30, 2020 (ii) financial charges and other bank charges of Euro 5.7 million and Euro 6.1 million respectively in the periods ending September 30, 2021 and September 30, 2020, (iii) cash discounts of Euro 2.2 and 1.8 respectively in the periods ending September 30, 2021 and September 30, 2020, and (iv) exchange gains of Euro 0.6 and Euro 2.6 million respectively in the periods ending September 30, 2021 and September 30, 2020.

(**) This includes (i) non-recurring charges related to the expansion of the Aquafil Group for Euro 0.1 and Euro 0.3 million respectively in the periods ending September 30, 2021 and September 30, 2020, (ii) other non-recurring charges for ECONYL activity for Euro 1.4 and Euro 2.0 million respectively in the periods ending September 30, 2021 and September 30, 2020, (iii) costs for restructuring and other personal costs for Euro 0.3 and Euro 1.1 million respectively in the periods ending September 30, 2021 and September 30, 2020, (iv) other non-recurring charges of Euro 0.2 and 0.6 million respectively in the periods ending September 30, 2021 and September 30, 2020, (v) income from equity investments for Euro 0.4 million at the end of September 30,2021.

Appendix - Consolidate Balance Sheet(1)

CONSOLIDATED BALANCE SHEET	At September 30,	At December 31,
€/000	2021	2020
Intangible Assets	23.484	23.578
Goodwill	14.413	13.600
Tangible Assets	229.993	229.495
Financial Assets	663	650
of which related parties	312	313
Other Assets	1.586	1.336
Deferred Tax Assets	12.394	14.563
Total Non-Current Assets	282.532	283.223
Inventories	165.610	150.920
Trade Receivable	29.635	22.015
of which related parties	49	66
Financial Current Assets	4.291	834
Current Tax Receivables	606	1.772
Other Current Assets	12.842	11.981
of which related parties	2.810	3.187
Cash and Cash Equivalents	163.680	208.954
Total Current Assets	376.664	396.475
Total Assets	659.196	679.698

Appendix - Consolidate Balance Sheet(2)

CONSOLIDATED BALANCE SHEET	At September 30,	At December 31,
€/000	2021	2020
Total Assets	659.196	679.698
Share Capital	49.722	49.722
Reserves	88.680	76.579
Group Net Profit for the year	14.258	595
Group Shareholders Equity	152.660	126.897
Net Equity attributable to minority interest	1	1
Net Profit for the year attributable to minority interest	0	0
Total Sharholders Equity	152.661	126.897
Employee Benefits	5.597	5.969
Non-Current Financial Liabilities	265.210	352.560
of which related parties	3.700	5.406
Provisions for Risks and Charges	1.760	1.506
Deferred Tax Liabilities	10.483	11.761
Other Payables	10.853	11.848
Total Non-Current Liabilities	293.903	383.644
Current Financial Liabilities	86.264	75.964
of which related parties	2.627	3.361
Current Tax Payables	1.593	1.189
Trade Payables	99.662	69.168
of which related parties	321	403
Other Liabilities	25.113	22.835
of which related parties	230	230
Total Current Liabilities	212.632	169.157
Total Equity and Liabilities	659.196	679.698

Appendix - Net Financial Position

NET FINANCIAL DEBT	At September 30,	At December 31,
€/000	2021	2020
A. Liquidity	163.680	208.954
B. Cash and cash equivalents	0	0
C. Other current financial assets	4.291	834
D. Liquidity (A + B + C)	167.971	209.787
E. Current financial debt (including debt instruments but excluding the current portion of non-current financial debt)	(164)	(131)
F. Current portion of non-current financial debt	(86.100)	(75.833)
G. Current financial debt (E + F)	(86.264)	(75.964)
H. Net current financial debt (G - D)	81.707	133.824
I. Non-current financial debt (excluding current portion and debt instruments)	(181.986)	(262.154)
J. Debt instruments	(83.224)	(90.406)
K. Trade payables and other non-current payables	0	0
L. Non-current financial debt (I + J + K)	(265.210)	(352.560)
M. Total financial debt (H + L)	(183.503)	(218.736)

Appendix - Consolidated Cash Flow Statement (1)

CASH FLOW STATEMENT	At September 30,	At September 30,
€/000	2021	2020
Operation Activities
Net Profit (Including Portion Attr. to Minority )	14.258	(2.899)
of which related parties	(141)	(468)
Income Taxes	3.710	(68)
Financial income	(693)	(353)
Financial charges	5.658	6.137
of which related parties	(46)	(177)
FX (Gains) and Losses	(598)	(2.656)
(Gain)/Loss on non - current asset Disposals	(132)	(86)
Provisions & write-downs	144	1.094
Write-downs of financial assets (receivables)	(78)	454
Amortisation, depreciation & write-downs of tangible and intangible assets	33.381	32.516
Net variation non-monetary increase IFRS16	(2.800)	(2.119)
Cash Flow from Operating Activities Before Changes in NWC	52.848	32.019
Change in Inventories	(14.691)	27.366
Change in Trade and Other Payables	30.493	(19.774)
of which related parties	(82)	463
Change in Trade and Other Receivables	(7.542)	(1.383)
of which related parties	17	(40)
Change in Other Assets/Liabilities	3.505	(7.105)
of which related parties	377	(302)
Net Interest Expenses paid	(4.965)	(5.784)
Income Taxes paid	-	(271)
Change in Provisions for Risks and Charges	(527)	(773)
Cash Flow from Operating Activities (A)	59.123	24.294

Appendix - Consolidated Cash Flow Statement (2)

CASH FLOW STATEMENT	At September 30,	At September 30,
€/000	2021	2020
Investing activities
Investment in Tangible Assets	(20.547)	(18.398)
Disposal of Tangible Assets	291	762
Investment in Intangible Assets	(3.640)	(4.019)
Disposal of Intangible Assets	22	80
Disposal of Financial Assets	-	(5)
Cash Flow used in Investing Activities (B)	(23.875)	(21.581)
Financing Activities
Increase in no current Loan and borrowing	-	69.956
Decrease in no current Loan and borrowing	(73.304)	(8.161)
Net variation in current fiancial Assets and Liability	(7.217)	(3.986)
of which related parties	(2.440)	(3.392)
Cash Flow from Financing Activities ( C)	(80.521)	57.808
Net Cash Flow of the Year (A)+(B)+(C)	(45.273)	60.521

Investors Contact:

Karim Tonelli Investor Relations & Performance Management Director karim.tonelli@aquafil.com Mob: +39 348 60 22 950