Aquafil

Investor Presentation • Sep 5, 2022

[ECNL:IM]

Investor Presentation ITALIAN SUSTAINABILITY WEEK

6 th September 2022

Index	Page
1. AQUAFIL AT GLANCE
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	15
2.2. ECONYL®	24
3. 1H 22 RESULT & 2022 OUTLOOK	35
3.1. 1Q2023 KEY FINDING & RESULTS	35
3.2. 2022 OULOOK	45
5. PROJECTS UPDATE	47
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	52
5. ANNEXES	56

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	15
2.2. ECONYL®	24
3. 1H 22 RESULT & 2022 OUTLOOK	35
3.1. 1Q2023 KEY FINDING & RESULTS	35
3.2. 2022 OULOOK	45
5. PROJECTS UPDATE
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	52
5. ANNEXES	56

Aquafil at glance

A GLOBAL GROUP

19 plants in 3 continents and 8 countries; FY 2020 - ca 2.800 employees, € 570m of revenues € 72m of EBITDA

MARKET LEADER IN NYLON

Fiber for carpet (BCF)

Fiber for fabrics (NTF)

Polymers and EP

A SUCCESSFUL BUSINESS MODEL

Proprietary technology with continuous R&D innovation Manufacturing and operational excellence focused on high-end segments

PIONEERS OF CIRCULARITY WITH ECONYL®

A unique Regeneration System to produce sustainable fiber and polymers from nylon 6 waste Around 37% of fiber turnover

TARGETS AT 2025:

60% Of Revenues Generated By Fibers From Econyl® Branded Products¹ 35,000 Tons Of Post-consumer Waste Collected Annually Water Consumption Reduced By 30% Compared To 2018

Aquafil at glance – A global Group

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 1H 2022 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

26,9% 58,3% 14,8%

ASIA PACIFIC

CHINA Jiaxing Aquafil Jiaxing

JAPAN Tokyo Aquafil Japan

THAILAND Rayong Aquafil Asia Pacific

Aquafil at glance – Market Leader in Nylon with:

Aquafil at glance – A successful 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®	15
2.2. ECONYL®	24
3. 1H 22 RESULT & 2022 OUTLOOK	35
3.1. 1Q2023 KEY FINDING & RESULTS	35
3.2. 2022 OULOOK	45
5. PROJECTS UPDATE	47
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	52
5. ANNEXES	56

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

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	15
2.2. ECONYL®	24
3. 1H 22 RESULT & 2022 OUTLOOK	35
3.1. 1Q2023 KEY FINDING & RESULTS	35
3.2. 2022 OULOOK	45
5. PROJECTS UPDATE
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE
5. ANNEXES	56

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® – SDGs and GRI alignment

The ECO PLEDGE® - Sustainability plan and targets (1/2)

SUSTAINABILITY PILLARS		IMPROVEMENT AREAS	PROJECT 2025 TARGET
	RE THINKING PRODUCTS IN A CIRCULAR PERSPECTIVE	• Consolidating existing supply chain • Creating new sustainable value chains • Implementing eco-design approach • Exploring new sustainable supply chain	• ECONYL® accounting at 60% of • Increasing the production of fibre revenues products branded ECONYL® • 35.000 tons of post-consumer • Increasing the procurement of waste collected post-consumer waste • 13 projects of eco-design and • Collaborating with brands towards circularity creating circular supply chain • Demonstration at pre-industrial • Bio-based Nylon from renewable scale feedstock
	PROTECTING THE ENVIRONMENT	• Investing in energy from renewable sources • Improving the impacts of production processes	• Procurement of electricity from • 100% of purchased renewable renewable sources for the entire energy (target achieved in 2021) Aquafil group • • All plants certified ISO 14001 by ISO 14001 and ISO 50001 2025, and ISO 50001 by 2028 • Reducing water consumption and • -30% compared to 2018 discharge • • Set SBTs Reducing GHG emission
	ATTENTION TO THE WELL-BEING OF THE PEOPLE	• Minimizing accidents (Zero accidents)	• ISO45001 / OHSAS18001 • All plants certified certification

The ECO PLEDGE® - Sustainability plan and targets (2/2)

SUSTAINABILITY PILLARS		IMPROVEMENT AREAS	PROJECT 2025 TARGET
	SHARED RESPONSIBILITY ALONG THE SUPPLY CHAIN	• Social Responsibility • Integrating sustainability in purchasing procedures	• ISO 8000 • All plants certified by 2028 • Implementing sustainability and • Participating in the UN Global social responsibility policies Compact initiative • Increasing collaboration with • Involving 60% of EMEA BCF EMEA BCF customers on take cack customers systems for pre-consumer waste
	SUPPORT LOCAL COMMUNITIES	• Educating to environmental protection	• • Students visiting Aquafil's plants Minimum 3 visits (yearly target)
		• Supporting local recreational initiatives	• • Minimum 10 sponsorships Supporting local initiatives (yearly target)
		• Contributing to youth growth	• Sponsoring events • Minimum 2 initiative supported (yearly target)
		• Supporting vulnerable groups	• Supporting organizations working • Minimum 4 organizations with vulnerable groups supporting

The ECO PLEDGE® – Re-thinking products

• Collaboration with the entire value chain is the crucial successful driver towards establishing new circular and sustainable business models

MAMMUT Closing the loop in PA6 ropes

In collaboration also with the NGO Protect Our Winters Switzerland, the initiative enabled to collect end-of-life mountaineering ropes and their recycling (together with other pre- and post-consumer waste) to produce ECONYL® yarn

NAPAPIJRI Closing the loop in NTF

"Circular Series", the first circular apparel collection launched by Napapjri. With a monomaterial composition (filling and trims made of Nylon 6, while fabric made of ECONYL® Regenerated Nylon), the collection is 100% fully recyclable. Thanks to a take back program, it can be returned after two years of use and recycled into new ECONYL® yarn

CORAL EYEWEAR Closing the loop in Polymers

"Endangered collection": glasses and sunglasses made with ECONYL® and completed with frame recycling scheme

• Take back system (active since 2021) which enable to return frames after the 2-year period of guarantee

The ECO PLEDGE® – Re-thinking products

• Innovation to guide the continuous development of new technologies, processes and products
• Eco-Design to create products with the "end in mind" which will become future resources, and not wastes

Realization of a pre-industrial scale plant to demonstrate the technical feasibility of the innovative technology to produce biocaprolactam from renewable, plant-based feedstock. Coordinating project EFFECTIVE, funded by BBI JU (Bio-Based Industry Joint Undertaking) under the H2020 R&D programme

ECO-DESIGN Designing carpets with the end in mind

Identification of eco-design solutions towards developing a new generation of textile flooring solutions that can be recycled at the end of their useful life. Participation in project CISUFLO (CIrcular SUstainable FLOor covering) funded by the European Commission under the H2020 R&D programme.

RESEARCH, DEVELOPMENT & INNOVATION Developing new circular technologies

Development of a technology to chemically recycle (via depolymerization) PET.

Development of a technology to separate glass fibre from Nylon 6 in engineering plastics products.

Development of a technology to separate elastomer from Nylon 6 fabrics.

The ECO PLEDGE® – Protecting the environment

• Aquafil is committed to respect the environment in each phase of its own production process
• Therefore, activities and investments to reduce impacts and recover energy are constant across the years

• E.g. installation of new heating systems with heat recovery, 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 KPIs

	Unit	2018	2021	Change	Comments 2018-2021
ENERGY CARRIER	GJ	2.494.156	2.644.094	6.0%	Increase of production capacity and plants mostly mitigated by efficiency measures and consistent improvement of used "energy mix"
GREENHOUSE GAS EMISSION	tCO2eq	86.251	44.456	(48.5%)	Increase of green energy use and use of more efficient equipment
WATER CONSUMPTION	106 liters	3.670	3.092	(15.7%)	Implementation of resources efficiency measure
WATER DISCHARGE	106 liters	3.823	3.314	(13.3%)	Implementation of resources efficiency measure
WASTE PRODUCTION	t	12.453	13.159	5.7%	Increase of the ECONYL® Regeneration System's capacity

The ECO PLEDGE® – Supply chain share responsibility

• Aquafil establish solid relationships with its customers and suppliers, who share the commitment and desire to improve together towards a more sustainable supply chain, by leveraging on constant comparison and collaboration
• Some example of partnership with suppliers and customers who become supplier:

ECONYL® e-commerce

An online platform with educational contents on sustainability, and where ECONYL® products can be shopped

ECONYL® Reclaiming Program

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

ECONYL® Qualified

An initiative to promote the continuous improvement of environmental performance of the ECONYL® supply chain. Five supplier categories already involved in the program.

307-1:2016 | 308-1:2016 413- 1:2016 | 414-1:2016

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	15
2.2. ECONYL®	24
3. 1H 22 RESULT & 2022 OUTLOOK	35
3.1. 1Q2023 KEY FINDING & RESULTS	35
3.2. 2022 OULOOK	45
5. PROJECTS UPDATE	47
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	52
5. ANNEXES	56

ECONYL®

ECONYL® – Steps

STEP4: 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

STEP1: 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

STEP3: Remake ECONYL® regenerated caprolactam is processed into polymer and yarn for the fashion and carpet industries

STEP2: 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

ECONYL® – Drivers – 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® – Drivers – 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: December 2020 acquisition of Planet Recycling
  • Fishing nets: October 2021 the acquisition of Nofir

ECONYL® – Drivers – 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, 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® – Drivers – 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® – Drivers – 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® – Drivers – 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

ECONYL® – To consumer…..

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

Index Page 1. AQUAFIL AT GLANCE 4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE 5. ANNEXES 4 11 24 15 2. SUSTAINABILITY PATH 2.2. ECONYL® 45 35 2.1. The ECO PLEDGE® 3. 1H 22 RESULT & 2022 OUTLOOK 35 3.2. 2022 OULOOK 3.1. 1Q2023 KEY FINDING & RESULTS 52 56 5. PROJECTS UPDATE 47

1H 2022 RESULTS SHARPLY INCREASING COMPARED TO 1H 2021

REVENUES +27,8% VS 1H21

EBITDA +31% VS 1H21

REVENUES OF ECONYL® BRANDED PRODUCTS

UP BY 63.8% VS 1H21

42.2% OF REVENUES GENERATED BY FIBERS

AQUAFIL CHILE INCORPORATED TO EXPAND PROCUREMENT CAPACITY OF RAW MATERIALS FOR THE ECONYL® PROCESS

BENEFIT COMPANY BLULOOP S.R.L. INCORPORATED TO SELL ECONYL® BRANDED PRODUCTS DIRECTLY ONLINE

1H 2022 Main Results

				1H 2022 Main Results
		REVENUES				EBITDA				NET PROFIT					NFP
	2022	2021	Δ %		2022	2021	Δ %		2022	2021	Δ %			30.06.22	31.12.21	Δ %
1H	351,0	274,7	27,8%	1H	51,5	39,3	30,9%	1H	17,7	8,9	98,3%	1H		(202,2)	(179,3)	-12,7%
				% on Revenues	14,7%	14,3%		% on Revenues	0,1	0,0
2Q	179,8	144,1	24,8%	2Q	26,7	21,0	27,0%	2Q	8,6	5,4	57,9%
				% on Revenues	14,8%	14,6%		% on Revenues	0,05	0,04
		SALES			EBITDA				NET PROFIT				NFP

Revenues – by Components

• Lower volumes of ca 7% compared to 1H2021 and 10% compared to 2Q22
  • Volume: lower polymers sales (1H 2021 exceptional demand);
  • Price & sales mix: positive impact thanks to better mix (ECONYL® Products increase) and selling price adjustment.

Revenues – Quantity

EMEA: volumes ca -16% vs 1H21 and -24% vs 2Q21:

• BCF: in line with 1H21 and 2Q21;
• NTF: in line with 1H21 and 2Q21;
• Polymers: lower market demand (extraordinary demand in 1H21)

USA: volumes ca +21% vs 1H21 and +29,2% in 2Q21:

• BCF: higher quantity due to increase of BCF fiber for contract and competitor withdrawal
• NTF: in line with 1Q22 ;

Asia: volumes ca -10% vs 1H21 and -2,2% in 2Q21:

– BCF: lower quantity due to lower demand in residential sector and also for China lock down period with some limited impacts on internal market;

Revenues – Breakdown by Product Line and Area

Revenues – ECONYL®

• Strong growth +64% vs 1H22 due to price increase and higher quantities driven by:
  • ‒ BCF fiber: higher demand in contract sector
  • ‒ NTF: higher demand from fashion brands

P&L – KPI

		1H		2Q
	2022	2021	△%	2021	2020	1%
REVENUES	351,0	274,7	27,8%	179,8	144,1	24,8%
EBITDA	51,5	39,3	30,9%	26,7	21,0	27,0%
% on net sales	14,1%	14,3%		14,8%	14,6%
EBIT	24,5	14,1	74,6%	12,1	8,0
% on net sales	7,0%	5,1%		6,7%	5,5%
EBT	24,1	11,0	119,6%	12,2	6,3
% on net sales	6,9%	4,0%		6,8%	4,4%
NET RESULT	17,7	8,9	98,3%	8,6	5,4
% on net sales	5,0%	3,2%		4,8%	3,8%

NFP – NFP on EBITDA

• NFP on 30th June 2022 equal to 202,9 €/mil, higher of ca 13% compared to 31st December 2021
• Ratio NPF/EBITDA LTM at 2,40x

²⁷

NFP – Increase of NWC mainly driven by inventory

• NWC growth driven by increase of inventory value due to
  • ❖ higher unitary cost of raw material and
  • ❖ increase of raw material quantities;

^{27 7}

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	15
2.2. ECONYL®	24
3. 1H 22 RESULT & 2022 OUTLOOK	35
3.1. 1Q2023 KEY FINDING & RESULTS	35
3.2. 2022 OULOOK	45
5. PROJECTS UPDATE	47
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	52
5. ANNEXES	56

2022 Outlook

The current geographical scenario requires a distinct reading of the evolution of the various geographical areas in which the Group operates.

In EMEA, raw materials and energy costs continue to rise sharply. The Aquafil Group remains committed to implementing all price adjustment and cost containment measures that may allow unit margins to be maintained. The current cost level is already yielding a slowdown of end demand in all the various product areas.

In the other two geographical areas, energy costs are not following the same trend as in Europe. In Asia Oceania, the market is showing sound demand levels with a partial recovery of the residential market and an excellent performance by the Japanese market.

In the United States, demand continues to rise sharply, following on the increase in the first half of the year.

In this scenario, the Group expects less brilliant results in the second half of the year than in the first. In any event, profitability for full-year 2022 is expected to be higher than in 2021. All this is due to the competitive advantage that the market attributes to ECONYL® branded products, as well as to the different geographical distribution of the Group's markets.

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	15
2.2. ECONYL®	24
3. 1H 22 RESULT & 2022 OUTLOOK	35
3.1. 1Q2023 KEY FINDING & RESULTS	35
3.2. 2022 OULOOK	45
5. PROJECTS UPDATE	47
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	52
5. ANNEXES	56

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

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	15
2.2. ECONYL®	24
3. 1H 22 RESULT & 2022 OUTLOOK	35
3.1. 1Q2023 KEY FINDING & RESULTS	35
3.2. 2022 OULOOK	45
5. PROJECTS UPDATE	47
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	52
5. ANNEXES	56

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

Ownership Structure & Governance – Governance

BOARD OF DIRECTORS

Independent Director (1) (4) (5)

Independent Director (1) (2) (3)

BOARD OF DIRECTORS

• a) Diversity: 44,4% women and 55,6% man
• b) Average age: 56,8
• c) Independent Directors: 44,4%
• d) Lead Independent Director

(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 54

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	15
2.2. ECONYL®	24
3. 1H 22 RESULT & 2022 OUTLOOK	35
3.1. 1Q2023 KEY FINDING & RESULTS	35
3.2. 2022 OULOOK	45
5. PROJECTS UPDATE	47
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	52
5. ANNEXES	56

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 its 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 fiber 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". Based on historical 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.

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

NFP

• 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	Half Year	of wich non	Half Year	of wich non	Second Quarter	of wich non	Second Quarter	of wich non
€/000	2022	current	2021	current	2022	current	2021	current
Revenue	351.009	525	274.700	-	179.849	229	144.060	-
of which related parties	26		27		13	-	14	-
Other Revenue	2.413	114	2.685	443	1.157	23	1.859	439
Total Revenue and Other Revenue	353.422	639	277.385	443	181.006	252	145.919	439
Raw Material	(158.365)	(294)	(135.494)	-	(79.798)	(203)	(72.729)	-
Services	(81.957)	(738)	(50.100)	(305)	(43.097)	(384)	(25.785)	(232)
of which related parties	(230)		(212)		296	-	(103)	-
Personel	(64.898)	(811)	(55.805)	(582)	(33.511)	(464)	(28.490)	(471)
Other Operating Costs	(2.446)	(115)	(1.640)	(61)	(1.212)	(60)	(845)	(53)
of which related parties	(35)		(35)		(17)	-	(17)	-
Depreciation and Amorti zation	(23.756)		(23.312)		(12.838)	-	(11.984)	-
Doubtful debt prevision	174		(128)		191	-	(19)	-
Provisions for risks and charges	26		77		1	-	70	-
Capitalization of Internal Construction Costs	2.347		3.077		1.343	-	1.852	-
EBIT	24.548	(1.321)	14.060	(504)	12.085	(861)	7.990	(318)
Income (loss) from Investments	(70)		0		(70)	-	-	-
of which related parties	90				90	-	-	-
Other Financial Income	2.987		491		1.293	-	254	-
Interest Expenses	(3.862)		(3.822)		(1.991)	-	(1.790)	-
of which related parties	(64)		(79)		(33)	-	(33)	-
FX Gains and Losses	528		260		912	-	(174)	-
Profit Before Taxes	24.131	(1.321)	10.989	(504)	12.229	(861)	6.280	(318)
Income Taxes	(6.457)		(2.078)		(3.675)	-	(863)	-
Net Profit (Including Portion Attr. to Minority )	17.674	(1.321)	8.911	(504)	8.554	(861)	5.417	(318)
Net Profit Attributable to Minority Interest	0		0		-	-	-	-
Net Profit Attributable to the Group	17.674		8.911		8.554	-	5.417	-

Appendix - Consolidate Income Statements – Revenues 1H

1H			BCF (fiber for carpet)				NTF (fiber for fabric)					Polymers						Total
€/mil	2022	2021	Δ	Δ%	2022	2021	Δ	Δ%	2022	2021	Δ	Δ%	2022	2021	Δ	Δ%	% 22	% 21
EMEA	117,8	90,6	27,2	30,0 %	57,9	41,6	16,2	39,0 %	28,8	35,1	(6,3)	(18,0)%	204,5	167,3	37,1	22,2 %	58,3 %	60,9 %
North America	76,3	41,0	35,3	86,2 %	16,6	13,9	2,8	20,0 %	1,5	3,3	(1,8)	(54,6)%	94,4	58,1	36,3	62,5 %	26,9 %	21,2 %
Asia e Oceania	48,1	45,8	2,3	5,1 %	1,8	2,1	(0,3)	(15,9)%	0,5	0,4	0,2	0,0 %	50,5	48,3	2,2	4,5 %	14,4 %	17,6 %
RoW	0,3	0,2	0,1	74,3 %	1,3	0,8	0,6	73,5 %	0,0	0,0	0,0	0,0 %	1,6	0,9	0,7	73,7 %	0,5 %	0,3 %
Total	242,6	177,6	65,0	36,6 %	77,6	58,4	19,2	33,0 %	30,8	38,7	(7,9)	(20,5)%	351,0	274,7	76,3	27,8 %	100,0 %	100,0 %
% ToT	69,1%	64,6%			22,1%	21,3%			8,8%	14,1%			100,0%	100,0%

Appendix - Consolidate Income Statements – EBITDA & EBITD Adj

RECONCILIATION FROM NET PROFIT TO EBITDA €/000	Half Year	Half Year	Second	Second Quarter
	2022	2021	Quarter 2022	2021
Net Profit (Including Portion Attr. to Minority )	17.674	8.911	8.554	5.417
Income Taxes	6.457	2.078	3.675	863
Investment income and charges	70		70	-
Amortisation & Depreciation	23.756	23.312	12.838	11.984
Write-downs & Write-backs of intangible and tangible assets	(200)	51	(191)	(51)
Financial items (*)	2.435	4.485	893	2.483
No recurring items (**)	1.321	504	861	318
EBITDA	51.513	39.341	26.699	21.014
Revenue	351.009	274.700	179.849	144.060
EBITDA Margin	14,7%	14,3%	14,8%	14,6%

RECONCILIATION FROM EBITDA TO EBIT ADJUSTED €/000	Half Year 2022	Half Year 2021	Second Quarter 2022	Second Quarter 2021
EBITDA	51.513	39.341	26.699	21.014
Amortisation & Depreciation	23.756	23.312	12.838	11.984
Write-downs & Write-backs of intangible and tangible assets	(200)	51	(191)	(51)
EBIT Adjusted	27.957	15.977	14.053	9.080
Revenue	351.009	274.700	179.849	144.060
EBIT Adjusted Margin	8,0%	5,8%	7,8%	6,3%

(*) The financial items include: (i) financial income of Euro 3.0 million (ii) financial charges and other bank charges of Euro 3.9 million, (iii) cash discounts of Euro 2.1 million, and (iv) exchange gains of Euro 0.5 million.

(**) This includes (i) non-recurring charges related to the expansion of the Aquafil Group for Euro (0.1) million, (ii) non-recurring charges referring to Aquafil Carpet Collection and ACR2 for Euro (1) (deducted non-recurring revenues for euro (0.6) million (iii) other non-recurring of Euro (0.2) million.

Appendix - Consolidate Balance Sheet(1)

CONSOLIDATED BALANCE SHEET	At June 30,	At December 31,
€/000	2022	2021
Intangible Assets	22.118	23.551
Goodwill	16.067	14.735
Tangible Assets	247.878	240.489
Financial Assets	738	710
of which related parties	370	318
Investments & Equity metod	1.018	1.018
Other Assets	526	626
Deferred Tax Assets	13.533	12.269
Total Non-Current Assets	301.878	293.398
Inventories	237.890	177.243
Trade Receivable	41.416	31.233
of which related parties	38	71
Financial Current Assets	4.216	860
Current Tax Receivables	634	423
Other Current Assets	12.703	12.853
of which related parties	0	3.152
Cash and Cash Equivalents	136.941	152.656
Asset held for sales	0	0
Total Current Assets	433.800	375.268
Total Current Assets	735.678	668.666

Appendix - Consolidate Balance Sheet(2)

CONSOLIDATED BALANCE SHEET	At June 30,	At December 31,
€/000	2022	2021
Share Capital	49.722	49.722
Reserves	106.271	91.708
Group Net Profit for the year	17.674	10.670
Group Shareholders Equity	173.668	152.101
Net Equity attributable to minority interest	1	1
Net Profit for the year attributable to minority interest	0	0
Total Sharholders Equity	173.669	152.102
Employee Benefits	5.448	5.910
Non-Current Financial Liabilities	262.449	263.421
of which related parties	6.935	6.359
Provisions for Risks and Charges	1.492	1.929
Deferred Tax Liabilities	12.666	11.158
Other Payables	9.769	10.813
Total Non-Current Liabilities	291.824	293.230
Current Financial Liabilities	80.880	69.438
of which related parties	2.790	2.240
Current Tax Payables	3.164	1.721
Trade Payables	157.687	126.566
of which related parties	249	352
Other Liabilities	28.455	25.608
of which related parties	241	230
Total Current Liabilities	270.186	223.334
Total Equity and Liabilities	735.678	668.666

Appendix - Net Financial Position

NET FINANCIAL DEBT		At June 30,	At December 31,
€/000		2022	2021
A. Liquidity		136.941	152.656
B. Cash and cash equivalents
C. Other current financial assets		4.216	860
D. Liquidity (A + B + C)		141.157	153.516
E. Current financial debt (including debt instruments but excluding the current portion of
non-current financial debt)	-	3.602 -	203
F. Current portion of non-current financial debt	-	77.279 -	69.236
G. Current financial debt (E + F)	-	80.880 -	69.438
H. Net current financial debt (G - D)		60.276	84.078
I. Non-current financial debt (excluding current portion and debt instruments)	-	184.979 -	180.185
J. Debt instruments	-	77.470 -	83.210
K. Trade payables and other non-current payables
L. Non-current financial debt (I + J + K)	-	262.449 -	263.396
M. Total financial debt (H + L)	-	202.173 -	179.318

Appendix - Consolidated Cash Flow Statement (1)

CASH FLOW STATEMENT	At June 30,
€/000	2022	At June 30, 2021
Operation Activities
Net Profit (Including Portion Attr. to Minority )	17.674	8.911
of which related parties	(213)	(299)
Income Taxes	6.457	2.078
Income (loss) from Investments	70	-
of which related parties	(90)
Financial income	(2.987)	(491)
of which related parties	0	0
Financial charges	3.862	3.822
of which related parties	64	(79)
FX (Gains) and Losses	(528)	(260)
(Gain)/Loss on non - current asset Disposals	(74)	(77)
Provisions & write-downs	(174)	128
Write-downs of financial assets (receivables)	(26)	(77)
Amortisation, depreciation & write-downs	23.757	23.312
Cash Flow from Operating Activities Before Changes in NWC	48.030	37.346
Change in Inventories	(60.647)	(3.444)
Change in Trade and Other Payables	31.120	28.041
of which related parties	(103)	(67)
Change in Trade and Other Receivables	(10.157)	(8.892)
of which related parties	33	37
Change in Other Assets/Liabilities	2.971	811
of which related parties	3.163	(462)
Net Interest Expenses paid	(875)	(3.331)
Income Taxes paid	896	-
Change in Provisions for Risks and Charges	(1.317)	(464)
Cash Flow from Operating Activities (A)	10.021	50.067

Appendix - Consolidated Cash Flow Statement (2)

CASH FLOW STATEMENT	At June 30,
€/000	2022	At June 30, 2021
Investing activities
Investment in Tangible Assets	-15.889	-11.871
Disposal of Tangible Assets	1.077	162
Investment in Intangible Assets	-1.316	-2.166
Disposal of Intangible Assets		13
Investment of Financial Assets	(52)
Dividends	9 1
Disposal of Financial Assets	-160
Cash Flow used in Investing Activities (B)	-16.249	-13.862
Financing Activities
Increase in no current Loan and borrowing	31.000	0
Decrease in no current Loan and borrowing	-25.338	-67.152
Net variation in current and not current fiancial Assets and Liability inclueded IFRS 16	1.427	-9.993
of which related parties	1.126	-1.571
Net variation non-monetary increase IFRS16	-6.246	-2.159
Dividends Distribution	-6.045	0
Acquisition of treasury shares	(4.285)
Cash Flow from Financing Activities ( C)	-9.487	-79.304
Net Cash Flow of the Year (A)+(B)+(C)	(15.715)	(43.100)

Investors Contact:

Karim Tonelli Controlling & Performance Officer - Investor Relator karim.tonelli@aquafil.com Mob: +39 3486022950