Aquafil — Investor Presentation 2021

Jun 30, 2021

Aquafil Group

Italian Sustainability Week 2021

1 st July 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	38
4. ANNEX	46
4.1. DISCLAIMER AND DEFINITIONS	48
4.2. PROJECTS UPDATING	51
4.3. SECTOR DATA	57
4.4. 1Q2021 DETAILS	59
5. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	67

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	38
4. ANNEX	46
4.1. DISCLAIMER AND DEFINITIONS	48
4.2. PROJECTS UPDATING	51
4.3. SECTOR DATA	57
4.4. 1Q2021 DETAILS	59
5. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	67

Aquafil at glance

• A global Group with proximity to clients
  • ‒ 18 plants in 3 continents and 8 countries
  • ‒ in 2020, above 2.600 employees, € 437m of revenues and € 58m 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 2020 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

26% 57% 17%

ASIA PACIFIC

CHINA Jiaxing Aquafil Jiaxing

JAPAN Tokyo Aquafil Japan

THAILAND Rayong Aquafil Asia Pacific

Aquafil at glance – Product lines

KEY APPLICATIONS Fiber for carpet flooring BCF Product Fiber for fabric NTF Product 70% Polymers EP Product % on 2020 REVENUES 22% 8% Industrial Molding

6

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
3.1. 2021 OULOOK	35
3.2. 1Q2021 RESULTS	38
4. ANNEX	46
4.1. DISCLAIMER AND DEFINITIONS	48
4.2. PROJECTS UPDATING	51
4.3. SECTOR DATA	57
4.4. 1Q2021 DETAILS	59
5. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	67

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	38
4. ANNEX	46
4.1. DISCLAIMER AND DEFINITIONS	48
4.2. PROJECTS UPDATING	51
4.3. SECTOR DATA	57
4.4. 1Q2021 DETAILS	59
5. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE

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 WELL-BEING OF THE PEOPLE	• Minimizing accidents (Zero accidents)	• ISO45001 / OHSAS18001 certification
		• 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	38
4. ANNEX	46
4.1. DISCLAIMER AND DEFINITIONS	48
4.2. PROJECTS UPDATING	51
4.3. SECTOR DATA	57
4.4. 1Q2021 DETAILS	59
5. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	67

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

2021 Outlook – Trading updating – April YTD above 2019

• April data are not meaningful due to the peak of the pandemic outbreak in 2Q2020
  • ‒ April YTD volume are up by around 17% compared to 2020 and by 4% compared to 2019
• Despite the difficult comparison, for the next months some trends are clear
  • ‒ EMEA: polymers the product line supporting gradual recovery, strong increase in raw material price
  • ‒ North America: BCF contract shows first improvement and NTF confirming 1Q trend
  • ‒ Asia Pacific: softer market condition for "residential" BCF in Oceania
  • ‒ ECONYL in April to 37% (1)

2021 Outlook – 2021 Group expectation supported

• Despite the still ongoing restrictive measures across several countries where Aquafil is present and the fact that some product lines applications are still impacted by the pandemic, the Group expects the market to gradually normalize throughout the year as vaccines are administered and restrictive measures are lifted
• In light of the results for the first quarter of 2021, assuming the gradual return to normal of the market in the year, the Group confirms its initial guidance for the full year, which calls for:

	SALES	A performance that makes it possible to approach the 2019 level, with a recovery of volumes and an adjustment of sales prices to the raw materials prices, mitigating a probable different sales mix contribution
2021 OUTLOOK	EBITDA	Increase of EBITDA leveraging volume recovery and consolidation of some of the benefits of Group Covid-19 action plan
	NFP	Improvement of PFN/EBITDA ratio thanks to profitability recovery and constant focus on NWC and CAPEX, considering markets evolution too

1Q2021 confirmed Group expectation

1Q2021 confirmed Group expectation
	REVENUES			EBITDA				NET PROFIT		NFP
	2020 2021	∆ %		2020 2021	∆ %		2020 2021	∆ %	2020	2021	∆ %
1QUARTER	140.7 130.6	(7.2%)	1QUARTER	18.2 18.3	0.6%	1QUARTER	4.1 3.5	(14.3%)	(218.8)	(208.3)	(4.8%)
			% on net sales	12.9% 14.0%		% on net sales	2.9% 2.7%

Revenues – Again positive volume, still negative price impact

• 1Q2021: positive volume trend confirmed
  • Volume (1): an increase of 2% compared to a 1Q2020 limited impacted by pandemic
  • Price: even if with a still negative impact, raw material price influence is partially softening
    • o 2020 versus 2019, in 4Q caprolactam price down by around 14% (2)

(1) Based on "First Grade Product" revenues

(2) Source: Tecnon Orbichem, n° 486, 28 October 2021–

Caprolactam, West Europe price, new contract, molten, monthly average

Revenues – Polymers offsetting negative comparison effect

• 1Q2021: Polymers the best product line
  • EMEA: "polymers" are compensating contract BCF weakness and Group decision to focus NTF production on high end final application
  • North America: "contract" BCF weakness only mitigated by "home" NTF application strength
  • Asia Pacific: steady results of "residential" BCF to Oceania and rebound of automotive in China

Revenues – Polymers reached 10% of sales

Revenues – ECONYL® – NTF ongoing strong performance

• 1Q2021: tough comparison effect for a strong 1Q2020
  • 2020 business lines trend confirmed:
    • NTF up by almost 15%
    • BCF down by around 27% due to "contract" BCF

Revenues – Still negative impact of price adjustment

1 QUARTER		BCF				NTF				POLYMERS				TOTAL
	2021	2020	∆	∆%	2021	2020	∆	∆%	2021	2020	∆	∆%	2021	2020	∆	∆%
EMEA	43.4	52.4	(9.0)	(17.2%)	21.3	24.9	(3.6)	(14.5%)	12.5	8.4	4.1	48.3%	77.2	85.7	(8.6)	(10.0%)
North America	19.3	24.9	(5.6)	(22.5%)	7.2	6.9	0.3	4.1%	1.2	2.1	(0.9)	(43.6%)	27.7	33.9	(6.2)	(18.4%)
Asia & Oceania	24.7	19.5	5.2	26.4%	0.5	0.9	(0.4)	(42.5%)	0.1	0.0	0.1	n.s.	25.3	20.5	4.9	23.9%
ROW	0.1	0.1	(0.1)	(50.8%)	0.4	0.5	(0.1)	(24.2%)	0.0	0.0	0.0	n.s.	0.4	0.6	(0.2)	(29.4%)
TOTAL	87.4	96.9	(9.5)	(9.8%)	29.4	33.3	(3.8)	(11.6%)	13.8	10.5	3.3	30.9%	130.6	140.7	(10.1)	(7.2%)

P&L – Strong operating results

• EBITDA: strong Polymers results and ongoing efficiencies actions
• EBIT: slightly higher depreciation but lower one-off costs
• NET RESULTS: impact of currency items

		1 Q
	2020	2021	∆ %
REVENUES	140.7	130.6	(7.2%)
EBITDA	18.2	18.3	0.6%
% on net sales	12.9%	14.0%
EBIT	5.2	6.1	17.0%
% on net sales	% 3.8	% 4.6
EBT	5.6	4.7	(16.6%)
% on net sales	% 4.0	% 3.6
NET RESULT	4.1	3.5	(14.3%)
% on net sales	% 2.9	% 2.7

NFP – Additional 5% improvement

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	38
4. ANNEX		46
	4.1. DISCLAIMER AND DEFINITIONS	48
	4.2. PROJECTS UPDATING	51
	4.3. SECTOR DATA	57
	4.4. 1Q2021 DETAILS	59
5. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE		67

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	38
4. ANNEX		46
	4.1. DISCLAIMER AND DEFINITIONS	48
	4.2. PROJECTS UPDATING	51
	4.3. SECTOR DATA	57
	4.4. 1Q2021 DETAILS	59
5. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE		67

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)

Projects updating – O'Mara acquisition

• Group acquired O'Mara in June 2019 to enter North American NTF market
  • Focus on interiors (furniture and mattresses application) and sportswear supply chain
• In the first full year inside the Group, Company achieved strong results despite market drop in 1H2020 which drove to at 3 production weeks stop

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

Projects updating – ACR#1 and ACR#2

2017-2019	2020	2021
Plants and organisations defined and created to have an ECONYL® supply source in North America Technical difficulties arose, as usual during new technologies development process (e.g. metal separation processes)	Pandemic surge impacted demand but not improvement efforts whose benefits became more material in second part of the year In the meantime Group evaluated the most efficient and effective short term setting to enhance long term strategic approach (e.g. capacity utilisation increase by widening carpet type intake)	ACR#1 and #2 activities will be expanded, becoming operating units with a proper identity, business model and reference markets (e.g. post consumer pellets sales outside the Group and check of possible application in EP) Benefit from Planet Recycling acquisition

• In 2021 Group will implement this new approach, leveraging on investments and costs already incurred in previous years
• Consistently with demand recovery
  • ACR#2 will start production, applying improvement activities tested in 2020 on ACR#1
  • ACR#1 will increase production, with a broad range of products (e.g. pellets, chips and fluff)

Projects updating – ITOCHU Memorandum of Understanding

• Main topics around of the working groups

FISHING NETS	• Evaluation of ITOCHU possible support in the fishing nets collection process, in Japan, then in the Asiatic area and finally in other parts of the world • Considerations on possibility to sell ECONYL® polymer to produce thread for the making of fishing nets through ITOCHU network
APPAREL - TEXTILE	• Reflection on how ITOCHU could possibly support supply chain activities aimed at the creation of garments and collections containing ECONYL® branded products and designed to be recycled at the end of their life/use • Possibility to create relationships with Asian brands thanks to mutual contacts
CARPET	• Evaluation of ITOCHU's support related to recent activities implemented by the Group to develop its own presence into the Japanese market
ENGINEERING PLASTIC	• Evaluation of possible ITOCHU's support on activities

Sector Data – Caprolactam price evolution (1)

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	38
4. ANNEX		46
	4.1. DISCLAIMER AND DEFINITIONS	48
	4.2. PROJECTS UPDATING	51
	4.3. SECTOR DATA	57
	4.4. 1Q2021 DETAILS	59
5. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE		67

Consolidate Income Statements

CONSOLIDATED INCOME STATEMENT	First Quarter	of wich	First Quarter	of wich
€/000	2021	non	2020	non
Revenue	130,640	current	140,714	current
of which related parties	1 3		305
Other Revenue	826	5	481	1 7
Total Revenue and Other Revenue	131,466	5	141,195	1 7
Raw Material	(62,764)	-	(72,732)	(12)
Services	(24,316)	(72)	(25,102)	(626)
of which related parties	(109)		(108)
Personel	(27,315)	(111)	(27,818)	(624)
Other Operating Costs	(795)	(8)	(1,146)	(129)
of which related parties	(17)		(17)
Depreciation and Amorti zation	(11,328)		(10,833)
Doubtful debt prevision	(110)		(14)
Provisions for risks and charges	7		-
Capitalization of Internal Construction Costs	1,225		1,638
EBIT	6,071	(186)	5,188	(1,373)
Other Financial Income	237	-	4 6
Interest Expenses	(2,032)		(2,206)
of which related parties	(45)		(29)
FX Gains and Losses	434		2,619
Profit Before Taxes	4,709	(186)	5,649	(1,373)
Income Taxes	(1,215)		(1,572)
Net Profit (Including Portion Attr. to Minority )	3,494	(186)	4,076	(1,373)
Net Profit Attributable to Minority Interest	0		0
Net Profit Attributable to the Group	3,494		4,076

Consolidate Income Statements – EBITDA details

RECONCILIATION FROM NET PROFIT TO EBITDA €/000	First Quarter 2021	First Quarter 2020
Net Profit (Including Portion Attr. to Minority )	3,494	4,076
Income Taxes	1,215	1,572
Amortisation & Depreciation	11,328	10,833
Write-downs & Write-backs of intangible and tangible assets	102	1 4
Financial items (*)	1,998	347
No recurring items (**)	186	1,373
EBITDA	18,327	18,216
Revenue	130,640	140,714
EBITDA Margin	14.0%	12.9%

RECONCILIATION FROM EBITDA TO EBIT ADJUSTED €/000	First Quarter 2021	First Quarter 2020
EBITDA	18,327	18,216
Amortisation & Depreciation	11,328	10,833
Write-downs & Write-backs of intangible and tangible assets	102	1 4
EBIT Adjusted	6,896	7,369
Revenue	130,640	140,714
EBIT Adjusted Margin	5.3%	5.2%

(*) The financial items include: (i) financial income of Euro 0.2 million periods ending March 31, 2021 (ii) financial charges and other other bank charges of Euro 2.0 million and Euro 2.2 milion respectively in the periods ending March 31, 2021 and March 31, 2020, (iii) cash discounts of Euro 0.6 million end Euro 0.8 million respectively in the periods ending March 31, 2021 and March 31, 2020, and (iv) exchange gains of Euro 0.4 million and Euro 2.6 million respectively in the periods ending March 31, 2021 and March 31, 2020. (**) This includes (i) non-recurring charges related to the expansion of the Aquafil Group and other corporate

transactions for Euro 0.05 million and Euro 1.1 million respectively in the periods ending March 31, 2021 and March 31, 2020, (ii) other non-recurring charges for Euro 0.13 and Euro 0.3 million respectively in the periods ending March 31, 2021 and March 31, 2020.

Consolidate Balance Sheet

CONSOLIDATED BALANCE SHEET	At March 31,	At December 31,
€/000	2021	2020
Intangible Assets	23,814	23,578
Goodwill	14,234	13,600
Tangible Assets	229,104	229,495
Financial Assets	653	650
of which related parties	318	318
Other Assets	1,686	1,336
Deferred Tax Assets	14,442	14,563
Total Non-Current Assets	283,933	283,223
Inventories	150,330	150,920
Trade Receivable	29,117	22,015
of which related parties	2 3	6 6
Financial Current Assets	843	834
Current Tax Receivables	1,704	1,772
Other Current Assets	13,791	11,981
of which related parties	3,262	3,187
Cash and Cash Equivalents	187,397	208,954
Total Current Assets	383,182	396,475
Total Current Assets	667,115	679,698
Share Capital	49,722	49,722
Reserves	77,193	92,585
Group Net Profit for the year	11,743	(15,411)
Group Shareholders Equity	138,659	126,897
Net Equity attributable to minority interest	1	1
Net Profit for the year attributable to minority interest	0	0
Total Sharholders Equity	138,659	126,897
Employee Benefits	5,840	5,969
Non-Current Financial Liabilities	315,623	352,560
of which related parties	4,765	5,406
Provisions for Risks and Charges	1,629	1,506
Deferred Tax Liabilities	12,139	11,761
Other Payables	11,530	11,848
Total Non-Current Liabilities	346,761	383,644
Current Financial Liabilities	80,893	75,964
of which related parties	3,412	3,361
Current Tax Payables	1,241	1,189
Trade Payables	75,912	69,168
of which related parties	552	403
Other Liabilities	23,648	22,835
of which related parties	230	230
Total Current Liabilities	181,694	169,157
Total Equity and Liabilities	667,115	679,698

Consolidate Balance Sheet – Gross debt details

150

Consolidate Balance Sheet – Gross debt details
BORROWINGS - 31 March 2021	ISSUE DATE	CURRENCY	COUPON ( 1 )	MATURITY		AMOUT		COVENANTS ( 2 )
					Total	Drawn	Undrawn	Parameters	Reference Check
Private Placement B	Sept 2018	EUR	4.70%	Sept 2028	5 0	5 0	0	EBITDA / Net financial charges > 3.5
Private Placement C	May 2019	EUR	2.87%	May 2029	4 0	4 0	0	Net Debt / EBITDA < 4,5x as of 31.12.2020 4,25x as of 30.6.2021 - 3,75x starting 31.12.2021	Group	Half-yearly
Shelf facilities	Sept 2018	EUR	Floating at use	Sept 2028	5 0	0	5 0	To be defined at use
US Private Placement					140	9 0	5 0
Medium-long term loans - fixed rate	2016-2020	EUR	1.25%	2021-2027	8 0	8 0	0	Net Debt / Net Equity
Medium-long term loans - variable rate	2018-2020	EUR	0.62%	2021-2026	198	198	0	Net Debt / EBITDA EBITDA / Financial charges	Group
Medium-long term loans					278	278	0
Short term credit lines	N.A.	EUR	Floating at use	Revocable	7 8	0	7 8	N.A.
Leasing	2007	EURO	0.00%	14/07/1905	8	8	0	N.A.
TOTAL					504	376	128

Net Financial Position

NET FINANCIAL DEBT	At March 31,	At December 31,
€/000	2021	2020
A. Cash	187,397	208,954
B. Other cash equivalents	-	-
C. Securities held-for-trading	-	-
D. Liquidity ( A + B + C)	187,397	208,954
Current financial receivables E.	843	834
F. Current bank loans and borrowing	(23)	(131)
G. Current portion of non-current loans and borrowing	(72,310)	(67,480)
H. Other current loans and borrowing	(8,559)	(8,353)
I. Current financial debt ( F + G + H )	(80,893)	(75,964)
J. Net current financial debt (I + E+ D)	107,347	133,824
K. Non-current bank loans and borrowing	(205,530)	(240,940)
L. Bonds issued	(90,393)	(90,406)
M. Other non-current loans and borrowing	(19,700)	(21,214)
N. Non-current financial debt ( K + L + M )	(315,623)	(352,560)
O. Net financial debt (J+N)	(208,276)	(218,736)

Net Financial Position – Evolution and details

Consolidated Cash Flow Statement

CASH FLOW STATEMENT €/000	At March 31, 2021	At March 31, 2020
Operation Activities
Net Profit (Including Portion Attr. to Minority )	3,497	4,076
of which related parties	-158	151
Income Taxes	1,215	1,572
Financial income	-57	-46
Financial charges	2,032	2,206
of which related parties	-45	29
FX (Gains) and Losses	-434	-2,619
(Gain)/Loss on non - current asset Disposals	-31	-15
Provisions & write-downs	102	14
Amortisation, depreciation & write-downs	11,301	10,836
Net variation non-monetary increase IFRS16	-502	-712
Cash Flow from Operating Activities Before Changes in NWC	17,124	15,312
Change in Inventories	590	15,198
Change in Trade and Other Payables	6,744	-9,386
of which related parties	149	174
Change in Trade and Other Receivables	-7,095	-7,325
of which related parties	43	-15
Change in Other Assets/Liabilities	1,140	-2,848
of which related parties	-75	28
Net Interest Expenses paid	-1,976	-2,159
Income Taxes paid	0	0
Change in Provisions for Risks and Charges	-255	-111
Cash Flow from Operating Activities (A)	16,272	8,680
Investing activities
Investment in Tangible Assets	-4,976	-8,124
Disposal of Tangible Assets	31	310
Investment in Intangible Assets	-864	-1,498
Disposal of Intangible Assets	0	11
Cash Flow used in Investing Activities (B)	(5,809)	(9,300)
Financing Activities
Increase in no current Loan and borrowing	0	20,000
Decrease in no current Loan and borrowing	-30,592	-7,966
Net variation in current fiancial Assets and Liability	-1,428	-1,391
of which related parties	-590	-1,431
Cash Flow from Financing Activities ( C)	(32,020)	10,643
Net Cash Flow of the Year (A)+(B)+(C)	(21,557)	10,023

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	38
4. ANNEX	46
4.1. DISCLAIMER AND DEFINITIONS	48
4.2. PROJECTS UPDATING	51
4.3. SECTOR DATA	57
4.4. 1Q2021 DETAILS	59
5. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	67

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 69

Investors Contact:

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