Aquafil

Investor Presentation • Mar 22, 2022

[ECNL:IM]

Investor Presentation Star Conference

Milan, 23/24th March 2022

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	15
2.2. ECONYL®	24
3. 2021 OUTLOOK & 1Q2021 RESULTS	35
3.1. 2021 OULOOK	35
3.2. 1Q2021 RESULTS	37
5. PROJECTS UPDATE	50
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	56
5. ANNEXES	59

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	15
2.2. ECONYL®	24
3. 2021 OUTLOOK & 1Q2021 RESULTS	35
3.1. 2021 OULOOK	35
3.2. 1Q2021 RESULTS	37
5. PROJECTS UPDATE	49
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	55
5. ANNEXES	59

A GLOBAL GROUP	MARKET LEADER IN NYLON	A SUCCESSFUL BUSINESS MODEL
19 plants in 3 continents and 8 countries; FY 2020 - ca 2.800 employees, € 570m of revenues	Fiber for carpet (BCF) Fiber for fabrics (NTF)	Proprietary technology with continuous R&D innovation Manufacturing and operational excellence focused on high-end
€ 72m of EBITDA	Polymers and EP	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 FY2021 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

22,5% 60,6% 16,4%

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. 2021 OUTLOOK & 1Q2021 RESULTS	35
3.1. 2021 OULOOK	35
3.2. 1Q2021 RESULTS	37
5. PROJECTS UPDATE	49
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	55
5. ANNEXES	59

Sustainability path – Driven by vision and business model

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

Sustainability path – A journey started in 1990

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	15
2.2. ECONYL®	24
3. 2021 OUTLOOK & 1Q2021 RESULTS	35
3.1. 2021 OULOOK	35
3.2. 1Q2021 RESULTS	37
5. PROJECTS UPDATE	49
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	55
5. ANNEXES	59

The ECO PLEDGE®

RETHINKING PRODUCTS IN A CIRCULAR PERSPECTIVE

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

PROTECTING THE ENVIRONMENT

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

ATTENTION TO THE WELL-BEING OF PEOPLE

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

SUPPORT LOCAL COMMUNITIES

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

SHARED RESPONSIBILITY ALONG THE SUPPLY CHAIN

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

The ECO PLEDGE® – 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	• • Minimum 3 visits (yearly target) Students visiting Aquafil's plants
		• Supporting local recreational initiatives	• • Supporting local initiatives Minimum 10 sponsorships (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 towatds developing a new generation of textile flloring solutions that can be reacycled 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® 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.

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

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. 2021 OUTLOOK & 1Q2021 RESULTS	35
3.1. 2021 OULOOK	35
3.2. 1Q2021 RESULTS	37
5. PROJECTS UPDATE	49
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	55
5. ANNEXES	59

ECONYL®

ECONYL® – 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

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
• The next……

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 5. ANNEXES 4 11 24 15 2. SUSTAINABILITY PATH 2.2. ECONYL® 37 35 2.1. The ECO PLEDGE® 3. 2021 OUTLOOK & 1Q2021 RESULTS 35 3.2. 1Q2021 RESULTS 3.1. 2021 OULOOK 59 4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE 55 5. PROJECTS UPDATE 49

2022 Outlook

• The Group remains firmly convinced of the need to steer production in all sectors towards sustainability and manufacturing design aimed at the circularity of products and materials, focusing its efforts in both the short and long term on the growth of ECONYL® branded product solutions.
• In 2022, global vaccination strategies will continue to stem the spread of the COVID-19 pandemic, with expected positive effects for the entire economic system. On the other hand, the recent conflict between Russia and Ukraine resulted in the levying of international sanctions, which will undoubtedly have negative consequences on global economic growth and financial markets.
• The development of the conflict cannot be predicted, but continuing hostilities could bring further inflationary pressures to Europe, probably of a temporary nature, with additional increases in commodity and energy prices, which will have an impact — as for most sectors of European manufacturing — on the demand and margins of the Group, which is nonetheless already committed to recouping them.

Index Page 1. AQUAFIL AT GLANCE 5. ANNEXES 4 11 23 15 2. SUSTAINABILITY PATH 2.2. ECONYL® 37 35 2.1. The ECO PLEDGE® 3. 2021 OUTLOOK & 1Q2021 RESULTS 35 3.2. 1Q2021 RESULTS 3.1. 2021 OULOOK 59 4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE 55 5. PROJECTS UPDATE 49

FY21 Main Results

Revenues – by Components

• 4Q2021: volumes increase of ca 6% compared to 4Q19
• Volume: ca +3% compared to 4Q20
• Price & sales mix: positive impact thanks to selling price adjustment to raw material price variation

• FY2021: volumes increase of ca 5% compared to FY19

• Volume: ca +19% compared to FY20
• Price & sales mix: positive impact thanks to selling price adjustment to raw material price variation

Revenues – Components – Quantity

EMEA: volumes ca +26% vs FY20 and ca+6% vs FY19 / ca+4% vs 4Q20 and +5% vs 4Q19

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

Revenues – Components – Quantity

USA: volumes ca +8% vs FY20 and ca+1% vs FY19 / ca+11% vs 4Q20 and +8% vs 4Q19

• BCF: in 4Q higher recovery of year thanks to "automotive" market;
• NTF: consolidates the growth

In BCF, especially in first part of 2019, Group benefitted from the withdrawal by a primary competitor on some types of product while NTF O'Mara acquisition was consolidated since June 2019

Revenues – Components – Quantity

ASIA PACIFIC: volumes ca +11% vs FY20 and ca+4% vs FY19 / ca+12% vs 4Q20 and +8% vs 4Q19

– BCF: in FY good performance of "residential", with a slow down in the 4Q in Oceania market.

Revenues – Breakdown by Product Line and Area

Revenues – ECONYL®

• Back to normality after the pandemic impact on ECONYL® demand in 2020
• ‒ between 1Q and 2Q20 in BCF "contract" customers-built warehouse stocks to face possible production breakdown due to COVID restrictive measures.

EBITDA – Strong recovery driven by volumes

• € 72,1 m in FY21 compared to € 58,4 m of FY20 and € 69,4 m of FY19
• Strong impact of volumes increase;
• During 4Q21 impact of higher utility costs (increase of price in Q122).

P&L – KPI

	4Q				FY
	2021	2020	∆%	2021	2020	∆%
REVENUES	150,4	108,7	38,4%	569,7	436,6	30,5%
EBITDA	12,5	18,3	-31,7%	72,1	58,4	23,5%
% on net sales	8,3%	16,8%		12,7%	13,4%
EBIT	(0,9)	5,8		21,5	5,9	-
% on net sales	-0,6%	5,3%		3,8%	1,4%
EBT	(3,4)	3,0		14,6	0,1	-
% on net sales	-2,2%	2,8%		2,6%	0,0%
NET RESULT	(3,6)	3,5	-	10,7	0,6	-
% on net sales	-2,4%	3,2%		1,9%	0,1%

Q4: difficult comparison in Q4 due to (a) PPP Loan¹ conversion into grant in the fourth quarter 2020 and (b) high utility cost in 2021

NFP – NPF/EBITDA

• NFP on 31st December 2021 equal to 179,3 €/mil, improved by 18,0% compared to 31st December 2020
• Ratio NPF/EBITDA LTM at 2,488x

NFP – Focus on NWC and CAPEX

• CAPEX equal to € 40,2m mainly related to the capacity and technological improvements including EP investments.
• The focus on NWC allowed cash generation despite impact on both turnover growth and raw material price increase

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	15
2.2. ECONYL®	24
3. 2021 OUTLOOK & 1Q2021 RESULTS	35
3.1. 2021 OULOOK	35
3.2. 1Q2021 RESULTS	37
5. PROJECTS UPDATE	49
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	55
5. ANNEXES	59

Projects updating – Bio based nylon project

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

Projects updating – Bio based nylon project

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

Group development – Development in Japan

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

Strong attention for high quality and service is perfectly in line

with Aquafil proposition

Example of high-end tiles

Group development – Development in Japan

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

Group development – Acquisition of ca 32% in NOFIR

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

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	15
2.2. ECONYL®	24
3. 2021 OUTLOOK & 1Q2021 RESULTS	35
3.1. 2021 OULOOK	35
3.2. 1Q2021 RESULTS	37
5. PROJECTS UPDATE	49
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	55
5. ANNEXES	59

Ownership Structure & Governance – Ownership Structure

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

Ownership Structure & Governance – Ownership Structure

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

Ownership Structure & Governance – Governance

STATUTORY AUDITORS

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

Index	Page
1. AQUAFIL AT GLANCE	4
2. SUSTAINABILITY PATH	11
2.1. The ECO PLEDGE®	15
2.2. ECONYL®	24
3. 2021 OUTLOOK & 1Q2021 RESULTS	35
3.1. 2021 OULOOK	35
3.2. 1Q2021 RESULTS	37
5. PROJECTS UPDATE	50
4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE	56
5. ANNEXES	59

Disclaimer

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

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

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

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

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

Definitions

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

Appendix - Sector Data – Caprolactam price evolution

Appendix - Consolidate Income Statements

CONSOLIDATED INCOME STATEMENT	December	of wich non	December	of wich non	Fourth	of wich non	Fourth	of wich non
€/000	2021	current	2020	current	Quarter 2021	current	Quarter 2020	current
Revenue	569.701	784	436.602	458	150.391	197	108.672	171
of which related parties	52		53		12		(27)
Other Revenue	4.612	751	10.265	213	87	79	5.943	131
Total Revenue and Other Revenue	574.313	1.535	446.867	671	150.478	276	114.615	303
Raw Material	(283.622)	(150)	(209.825)	(101)	(75.066)	41	(50.345)	(37)
Services	(112.567)	(1.820)	(86.067)	(2.087)	(34.463)	(741)	(22.559)	(394)
of which related parties	(414)		(446)		(111)		(127)
Personel	(114.228)	(1.700)	(101.867)	(3.056)	(30.815)	(287)	(26.103)	(1.200)
Other Operating Costs	(3.420)	(354)	(4.430)	(828)	(932)	(168)	(1.048)	(38)
of which related parties	(70)		(70)		(18)		(17)
Depreciation and Amorti zation	(44.964)		(43.600)		(11.583)		(11.094)
Doubtful debt prevision	(254)		(632)		(110)		462
Provisions for risks and charges	125		(346)		47		108
Capitalization of Internal Construction Costs	6.099		5.830		1.593		1.731
EBIT	21.482	(2.489)	5.929	(5.402)	(852)	(879)	5.768	(1.367)
Other Financial Income	915		352		222		(1)
Interest Expenses	(7.550)		(7.982)		(1.892)		(1.845)
of which related parties	(159)		(226)		(35)		(49)
FX Gains and Losses	(243)		1.780		(841)		(876)
Profit Before Taxes	14.604	(2.489)	79	(5.402)	(3.363)	(879)	3.046	(1.367)
Income Taxes	(3.934)		517		(224)		449
Net Profit (Including Portion Attr. to Minority )	10.670	(2.489)	595	(5.402)	(3.588)	(879)	3.494	(1.367)
Net Profit Attributable to Minority Interest	0		0				-
Net Profit Attributable to the Group	10.670		595		(3.588)		3.494	-

Appendix - Consolidate Income Statements – Revenues FY21

2021			BCF (fiber for carpet)		NTF (fiber for fabric) Polymers			Total
€/mil	2021	2020	Δ	Δ%	2021	2020	Δ	Δ%	2021	2020	Δ	Δ%	2021	2020	Δ	Δ%	% 21	% 20
EMEA	186,3	150,9	35,4	23,5 %	90,2	67,2	23,0	34,2 %	68,8	29,8	39,0	130,9 %	345,4	247,9	97,4	39,3 %	60,6 %	56,8 %
North America	91,6	80,6	11,0	13,7 %	28,9	25,2	3,7	14,5 %	7,7	5,4	2,3	42,3 %	128,3	111,3	17,0	15,2 %	22,5 %	25,5 %
Asia e Oceania	87,4	72,8	14,6	20,0 %	5,1	2,7	2,4	89,3 %	0,8	0,2	0,6	0,0 %	93,3	75,7	17,6	23,3 %	16,4 %	17,3 %
RoW	0,2	0,5	(0,3)	(57,8)%	2,2	1,3	0,9	70,9 %	0,4	0,0	0,4	0,0 %	2,8	1,8	1,0	56,0 %	0,5 %	0,4 %
Total	365,5	304,9	60,7	19,9 %	126,4	96,4	30,0	31,1 %	77,8	35,4	42,4	119,7 %	569,7	436,7	133,0	30,5 %	100,0 %	100,0 %
% ToT	64,2%	69,8%			22,2%	22,1%			13,6%	8,1%			100,0%	100,0%

Appendix - Consolidate Income Statements – Revenues 4Q

IV Quarter	BCF (fiber for carpet)			NTF (fiber for fabric) Polymers						Total
€/mil	2021	2020	Δ	Δ%	2021	2020	Δ	Δ%	2021	2020	Δ	Δ%	2021	2020	Δ	Δ%	% 21	% 20
EMEA	48,9	35,1	13,8	39,2 %	28,0	15,9	12,1	76,1 %	13,3	10,2	3,2	31,1 %	90,2	61,2	29,0	47,5 %	60,0 %	56,3 %
North America	26,2	18,0	8,1	45,1 %	7,4	7,0	0,4	6,0 %	2,6	1,1	1,5	139,8 %	36,1	26,1	10,0	38,5 %	24,0 %	24,0 %
Asia e Oceania	22,0	20,2	1,8	8,8 %	0,9	0,6	0,3	41,2 %	0,3	0,1	0,2	166,5 %	23,2	21,0	2,2	10,6 %	15,4 %	19,3 %
RoW	(0,2)	0,2	(0,3)	0,0 %	0,7	0,4	0,3	0,0 %	0,4	0,0	0,4	0,0 %	0,9	0,5	0,3	59,7 %	0,6 %	0,5 %
Total	96,8	73,5	23,3	31,7 %	37,0	23,9	13,1	54,6 %	16,6	11,3	5,2	46,1 %	150,4	108,8	41,6	38,3 %	100,0 %	100,0 %
% ToT	64,4%	67,6%			24,6%	22,0%			11,0%	10,4%			100,0%	100,0%

Appendix - Consolidate Income Statements – EBITDA & EBITD Adj

RECONCILIATION FROM NET PROFIT TO EBITDA €/000	December	December	Fourth Quarter	Fourth Quarter
	2021	2020	2021	2020
Net Profit (Including Portion Attr. to Minority )	10.670	595	(3.588)	3.494
Income Taxes	3.934	(517)	224	(449)
Amortisation & Depreciation	44.964	43.600	11.583	11.094
Write-downs & Write-backs of intangible and tangible assets	129	978	63	(570)
Financial items (*)	9.890	8.297	3.333	3.344
No recurring items (**)	2.489	5.402	879	1.367
EBITDA	72.075	58.356	12.494	18.281
Revenue	569.701	436.602	150.391	108.672
EBITDA Margin	12,7%	13,4%	8,3%	16,8%

RECONCILIATION FROM EBITDA TO EBIT ADJUSTED €/000	December 2021	December 2020	Fourth Quarter 2021	Fourth Quarter 2020
EBITDA	72.075	58.356	12.494	18.281
Amortisation & Depreciation	44.964	43.600	11.583	11.094
Write-downs & Write-backs of intangible and tangible assets	129	978	63	(570)
EBIT Adjusted	26.983	13.778	849	7.757
Revenue	569.701	436.602	150.391	108.672
EBIT Adjusted Margin	4,7%	3,2%	0,6%	7,1%

(*) The financial items include: (i) financial income of Euro 0.9 million and Euro 0.4 million respectively in the periods ending December 31, 2021 and December 31, 2020 (ii) financial charges and other other bank charges of Euro 7.6 million and Euro 8.0 million respectively in the periods ending December 31, 2021 and December 31, 2020, (iii) cash discounts of Euro 3.0 million end Euro 2.5 million respectively in the periods ending December 31, 2021 and December 31, 2020, and (iv) exchange loss of Euro 0.2 million and exchange gains of Euro 1.8 million respectively in the periods ending December 31, 2021 and December 31, 2020.

(**) This includes (i) non-recurring charges related to the expansion of the Aquafil Group for Euro 0.3 million and Euro 0.4 million respectively in the periods ending December 31, 2021 and December 31, 2020, (ii) non-recurring ECONYL* development charges of Euro 1.6 million and Euro 2.4 million respectively in the period ending December 31, 2021 and December 31, 2020 (iii) restructuring charges of Euro 0.5 million and Euro 1.9 million respectively in the periods ending December 31, 2021 and December 31, 2020, (iv) other non-recurring charges of Euro 0.2 million and Euro 0.7 million respectively in the periods ending December 31, 2021 and December 31, 2020, (v) income from equity investments of Euro 0.4 million in the periods ending December 31, 2021 and (vi) expensive for tax litigation Euro 0.3 milion in the periods ending December 31, 2021

Appendix - Consolidate Balance Sheet(1)

CONSOLIDATED BALANCE SHEET		At December 31,
€/000	At December 31, 2021	2020
Intangible Assets	23.551	23.578
Goodwill	14.735	13.600
Tangible Assets	240.489	229.495
Financial Assets	710	650
of which related parties	318	318
Investments & Equity metod	1.018
Other Assets	626	1.336
Deferred Tax Assets	12.269	14.563
Total Non-Current Assets	293.398	283.223
Inventories	177.243	150.920
Trade Receivable	31.233	22.015
of which related parties	71	66
Financial Current Assets	860	834
Current Tax Receivables	423	1.772
Other Current Assets	12.853	11.981
of which related parties	3.152	3.187
Cash and Cash Equivalents	152.656	208.954
Asset held for sales	0	0
Total Current Assets	375.268	396.475
Total Current Assets	668.666	679.698

Appendix - Consolidate Balance Sheet(2)

CONSOLIDATED BALANCE SHEET		At December 31,
€/000	At December 31, 2021	2020
Share Capital	49.722	49.722
Reserves	91.708	76.579
Group Net Profit for the year	10.670	595
Group Shareholders Equity	152.101	126.896
Net Equity attributable to minority interest	1	1
Net Profit for the year attributable to minority interest	0	0
Total Sharholders Equity	152.102	126.897
Employee Benefits	5.910	5.969
Non-Current Financial Liabilities	263.421	352.560
of which related parties	6.359	5.406
Provisions for Risks and Charges	1.929	1.506
Deferred Tax Liabilities	11.158	11.761
Other Payables	10.813	11.848
Total Non-Current Liabilities	293.230	383.644
Current Financial Liabilities	69.438	75.964
of which related parties	2.240	3.361
Current Tax Payables	1.721	1.189
Trade Payables	126.566	69.168
of which related parties	352	403
Other Liabilities	25.608	22.835
of which related parties	230	230
Total Current Liabilities	223.334	169.157
Total Equity and Liabilities	668.666	679.698

Appendix - Net Financial Position

NET FINANCIAL DEBT	At December 31,	At December 31,
€/000	2021	2020
A. Liquidity	152.656	208.954
B. Cash and cash equivalents	-	-
C. Other current financial assets	860	834
D. Liquidity (A + B + C)	153.516	209.787
E. Current financial debt (including debt instruments but excluding the current portion of	(203)	(131)
non-current financial debt)
F. Current portion of non-current financial debt	(69.236)	(75.833)
G. Current financial debt (E + F)	(69.438)	(75.964)
H. Net current financial debt (G - D)	84.078	133.824
I. Non-current financial debt (excluding current portion and debt instruments)	(180.185)	(262.154)
J. Debt instruments	(83.210)	(90.406)
K. Trade payables and other non-current payables	-	-
L. Non-current financial debt (I + J + K)	(263.396)	(352.560)
M. Total financial debt (H + L)	(179.318)	(218.736)

Appendix - Consolidated Cash Flow Statement (1)

CASH FLOW STATEMENT	At December 31,	At December 31,
€/000	2021	2020
Operation Activities
Net Profit (Including Portion Attr. to Minority )	10.670	595
of which related parties	(591)	(689)
Income Taxes	3.934	(517)
Financial income	(914)	(352)
Financial charges	7.550	7.982
of which related parties	(159)	(226)
FX (Gains) and Losses	243	(1.780)
(Gain)/Loss on non - current asset Disposals	(210)	(162)
Provisions & write-downs	128	978
Amortisation, depreciation & write-downs	44.975	43.600
Cash Flow from Operating Activities Before Changes in NWC	66.376	50.344
Change in Inventories	(26.323)	34.187
Change in Trade and Other Payables	57.398	(6.920)
of which related parties	(51)	276
Change in Trade and Other Receivables	(9.092)	2.599
of which related parties	(5)	3
Change in Other Assets/Liabilities	8.149	(7.510)
of which related parties	35	(1.076)
Net Interest Expenses paid	(6.636)	(7.631)
Income Taxes paid	(237)	(326)
Change in Provisions for Risks and Charges	(587)	(945)
Cash Flow from Operating Activities (A)	89.048	63.798

Appendix - Consolidated Cash Flow Statement (2)

CASH FLOW STATEMENT €/000	At December 31, 2021	At December 31, 2020
Investing activities
Investment in Tangible Assets	(34.632)	(21.851)
Disposal of Tangible Assets	353	1.121
Investment in Intangible Assets	(4.977)	(6.020)
Disposal of Intangible Assets	28	80
Business Purchases	-	(2.771)
of which Asset	-	(922)
of which Goodwill	-	(1.673)
of which cash	-	-
of which other assets and liabilities	-	(176)
Disposal of Financial Assets	(1.018)	(5)
Cash Flow used in Investing Activities (B)	(40.246)	(29.445)
Financing Activities
Increase in no current Loan and borrowing	30.000	105.000
Decrease in no current Loan and borrowing	(123.457)	(12.485)
Net variation in current and not current fiancial Assets and Liability inclueded IFRS 16	(2.295)	(4.774)
of which related parties	(168)	(4.428)
Net variation non-monetary increase IFRS16	(6.803)	(3.541)
of which related parties	(3.095)
Dividends Distribution	-	-
of which related parties	-	-
Increase (decrease) Share Capital	(2.545)	-
Share Buy-Back	-	-
Cash Flow from Financing Activities ( C)	-105.100	84.200
Net Cash Flow of the Year (A)+(B)+(C)	-56.298	118.554

Investors Contact:

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