Aquafil

Investor Presentation • May 13, 2021

Aquafil Group

1Q2021 Financial Results

13rd May 2021

1.	1Q2021 RESULTS – KEY MESSAGES	4

• 1. 1Q2021 RESULTS P&L DETAILS 6
• 1. 1Q2021 RESULTS NFP DETAILS 13

4. OUTLOOK

5. APPENDIX 18

	Index	Page
1.	1Q2021 RESULTS – KEY MESSAGES	4
2.	1Q2021 RESULTS – P&L DETAILS	6
3.	1Q2021 RESULTS – NFP DETAILS	13
4.	OUTLOOK	15
5.	APPENDIX	18

Index	Page
1.	1Q2021 RESULTS – KEY MESSAGES	4
2.	1Q2021 RESULTS – P&L DETAILS	6
3.	1Q2021 RESULTS – NFP DETAILS	13
4.	OUTLOOK	15
5.	APPENDIX	18

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%

Index	Page
1.	1Q2021 RESULTS – KEY MESSAGES	4
2.	1Q2021 RESULTS – P&L DETAILS	6
3.	1Q2021 RESULTS – NFP DETAILS	13
4.	OUTLOOK	15
5.	APPENDIX	18

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

(1) Asia Pacific includes "Rest of the World"

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

	Index	Page
1.	1Q2021 RESULTS – KEY MESSAGES	4
2.	1Q2021 RESULTS – P&L DETAILS	6
3.	1Q2021 RESULTS – NFP DETAILS	13
4.	OUTLOOK	15
5.	APPENDIX	18

NFP – Additional 5% improvement

	Index	Page
1.	1Q2021 RESULTS – KEY MESSAGES	4
2.	1Q2021 RESULTS – P&L DETAILS	6
3.	1Q2021 RESULTS – NFP DETAILS	13
4.	OUTLOOK	15
5.	APPENDIX	18

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

• 1. 1Q2021 RESULTS KEY MESSAGES 4
• 1. 1Q2021 RESULTS P&L DETAILS 6
• 1. 1Q2021 RESULTS NFP DETAILS 13

4. OUTLOOK

1. APPENDIX 18

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)

Sector Data – Caprolactam price evolution (1)

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
ISSUE DATE	CURRENCY	COUPON ( 1 )	MATURITY				COVENANTS ( 2 )
Sept 2018	EUR	4.70%	Sept 2028	5 0	5 0	0	EBITDA / Net financial charges > 3.5
May 2019	EUR	2.87%	May 2029	4 0	4 0	0		Group	Half-yearly
Sept 2018	EUR		Sept 2028	5 0	0	5 0	To be defined at use
				140	9 0	5 0
2016-2020	EUR	1.25%	2021-2027	8 0	8 0	0	Net Debt / Net Equity
2018-2020	EUR	0.62%	2021-2026	198	198	0	EBITDA / Financial charges
				278	278	0
N.A.	EUR		Revocable	7 8	0	7 8	N.A.
2007	EURO	0.00%	14/07/1905	8	8	0	N.A.
				504	376	128
				Floating at use Floating at use	Total	Drawn	AMOUT	Undrawn Parameters Net Debt / EBITDA < 4,5x as of 31.12.2020 Net Debt / EBITDA	Reference Check 4,25x as of 30.6.2021 - 3,75x starting 31.12.2021 Group

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
E. Current financial receivables	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

Data in € million - (1) Excluding lease liabilities and liquidity

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

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

Investors Contact:

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