Aquafil — Investor Presentation 2025

May 16, 2025

Investor Presentation TP ICAP Conference [ECNL:IM] [ECNLF: OTCQX] Paris, May 16, 2025

Aquafil is Market Leader in Nylon

% on 1Q 2025 REVENUES

Carpet yarn

• Contract

2

• Residential
• Automotive

Textile yarn

• Apparel

70 % 8 %

• Swimwear

• Sportwear

Polymers

• Industrial Molding 73% 16% 11%
  • Extrusion

  • Compounding

And Market Leader Worldwide

% on 1Q 2025 REVENUES

Company Strengths

A successful Business Model. Proprietary technology with continuous R&D innovation

Pioneer of Circularity with the ECONYL® Regeneration System

Glocal. A Global Company with local productions

Approx. 2% of revenues in R&D 60% of fiber turnover in 1Q25

19 Plants in 8 Countries

Focus on R&D and innovation

Approx. 2% of revenues invested in R&D

Ecodesign projects (e.g. Born Regenerated to be Regenerable (R2R), CISUFLO, circular fishing nets)

Special spinning technologies (i.e. One Step Technology)

New technology for recycling multi fiber fabrics

Application of ECONYL® in 3D printing industry and cast nylon

Separation of multilayer carpets and circularity of individual components

Digitalization: AI, predictive modelling and automation

Next-generation "bio caprolactam"

Valorization and recovery of raw materials from our waste (wastewater and depoly waste )

PET chemical recycling with demo-scale plant completed

Collaboration for defining the international standardization (EN and ISO) in the fields of circularity, ecodesign, sustainability in the textile, fishing nets and accessories sectors.

Infinitely Recyclable, Endless Possibilities

100% regenerated from pre - and post -consumer nylon waste.

100% regenerable nylon .

Unique proprietary technology .

Same quality and performance as standard nylon without using new resources .

The ECONYL ® Regeneration System starts with rescuing waste otherwise polluting the Earth, like fishing nets,fabric scraps, carpet flooring and industrial plastic all over the world.

01Resc

u e

That waste is then sorted and cleaned to recover all the nylon possible.

Designers use ECONYL®nylon to create new products without ever having to tap new resources . And that nylon has the potentialto be recycled infinitely, without ever losing its quality.

yarns and polymers for the automotive, fashion, furniture

.

and interior industries

into

Through a radical regeneration and purification process , the nylon waste is recycled right back to its original purity .

That means ECONYL® nylon is exactly the same as fossil -based nylon .

Global and flexible footprint

allowing higher proximity to the clients, efficient logistic platform, diversified currency exposures, shorter delivery time, lower production costs and lower exposure to import duties and tariffs

Key figures 1Q 2025

EBITDA: 17,1 €/mln (+12,5% vs 1Q24)

€ 144,0 Million of Revenues

60,5% ECONYL® fiber turnover

NFP: 221,6€/mln on March 31, 2025

Our Main ESG Targets

Generate 60% of our fibers revenues from ECONYL® and other regenerated fibers

Collect 35,000 tons of post-consumer waste

Join the SBT initiative and set GHG reduction target

Monitor Group's key suppliers through audits and/or due diligence (in line with the European Supply Chain Act)

20% women in top and senior management positions within 3 years to assure gender equality

Our Top ESG Achievements

Industry top rated according to Sustainalytics ESG Risk Rating

and

Silver Medal according to EcoVadis.

• •Water Policy definition
• Energy efficiency interventions
• Biodiversity and climate Risk Assessment
• •New collaborations with clients on eco-design, including development of the first circular fishing net

• 300 employees trained on DE&I
• Certification for gender equality (UNI / PdR 125) in the Italian plants
• Corporate climate survey in Slovenia and Croatia

• Silver medal according to EcoVadis rating
• EcoVadis project for ESG risk mapping on the value chain
• •Definition of a succession plan for our top management

Ownership Structure

The capital is structured with 2 type of shares:

• a) Ordinary shares;
• a) Class B shares: dedicated to Bonazzi's family with the same economic right of the ordinary shares but with 3 voting right for any share.

Ownership Structure by shares

Ownership Structure by Voting Rights

Chair (1) (3) Corporate Governance

• (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) Member and President of Audit, Risk and Sustainability Committee;
• (3) Member of Audit, Risk and Sustainability Committee;
• (4) Member and President of Appointment and Remuneration Committee;
• (5) Member of Appointment and Remuneration Committee.

Diversity: 44% women

Independent Directors: 44%

Chiara Mio

Franco Rossi Director

Roberto Siagri Director (1) (3) (4)

Giulio Bonazzi CEO

Silvana Bonazzi

Patrizia Riva Director (1) (2) (5)

Director

Stefano Loro Director

Francesco Bonazzi Director

Ilaria Maria Dalla Riva Director (1) (5)

Successfully completed the share capital increase with rights issue

• The capital increase has been subscribed for approx. 40 €mln.
• 100% of the new shares subscribed:
  • No. 30,269,432 new ordinary shares and
  • No. 6,048,008 new class B Shares

Total shares No. 87.536.234

Financial Results and expectations

1Q 2025 - Key Messages

ECONYL® branded and regenerated products reached 60,5% of fibers revenues

✓ Profitability improvement vs 1Q2024

✓ ✓

US market recovery Utilities cost higher than expected

Financial Results

	Financial Results
		Revenues		EBITDA				Net profit		NFP
	2025	2024	Δ%	2025	2024	Δ%	2025	2024	Δ%	31.03.25	31.12.24	Δ%
1 Q	144,0	147,5	(2,4)%	17,1	15,2	12,5 %	0,4	(3,1)	113,8 %	221,6	213,5	3,8 %
% on Revenues				11,9%	10,3%		0,3 %	(2,1)%

USA Recovering market	Higher to 1Q 2024	Higher to 1Q 2024	Slightly higher vs Dec. 24
EMEA and Asia broadly in line with expectations	Mainly due to Lower raw materials and higher ECONYL® products sales	Mainly due to	NFP/EBITDA LTM x 3,45 on 31st March 2025
ECONYL® 60,5% of Fiber Revenues	but Higher utilities costs	EBITDA increase	x3,42 on 31st December 2024

Financial Results | NFP evolution €/mln

Industrial plan 2025–2026 Volumes by business lines

'25Exp '24A vs	From +7% to +9%	From +15% to +18%	From +45% to +55%
'26Exp '25Exp vs	From +2% to +4%	From +4% to +7%	From 1% to +2%

Industrial plan 2024–2026

Capex (excluding IFRS 16 effects)

In the three-year period 2024-2026

• €30-35 mln. for ordinary investments
• €60-65 mln. aimed at increasing and/or optimizing production capacity or for the development of new product innovations

Industrial plan 2025 – 2026 - Key indicators

Expected results 2025

• EBITDA: 80 87 €/mln
• NFP*: 185 195 €/mln

Expected results 2026

• EBITDA: 90 96 €/mln
• NFP*: 157 167 €/mln

* Positive means debt and includes the IFRS 16 effects

Appendix

Appendix - 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.

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.

Appendix - 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	On April 29, 2021, Consob issued "Call to attention No. 5/21" in which it highlighted that the new "ESMA Guidelines" of March 4, 2021 replaced on May 5, 2021 those of preceding Consob communications. In guideline No. 39 requires that financial statement disclosure includes the following definition of net financial debt: A. Liquidity B. Other liquidity C. Other current financial assets D. Liquidity (A+B+C) E. Current financial debt (including debt instruments but excluding the current portion of non-current financial debt) F. Current portion of non-current financial debt G. Current financial debt (E + F) H. Net current financial debt (G - D) I. Non-current financial debt (excluding current portion and debt instruments) J. Debt instruments K. Trade payables and other non-current payables L. Non-current financial debt (I + J + K) M. Total financial debt (H + L)

Appendix - Sector Data – Caprolactam price evolution €/ton

Appendix - Consolidated Income Statement

CONSOLIDATED INCOME STATEMENT	First quarter	of wich non	First quarter	of wich non
€/000	2025	current	2024	current
Revenue	144.011	0	147.500	0
of which related parties	6		83
Other Revenue	2.869	16	1.639	33
of which related parties	87		0
Total Revenue and Other Revenue	146.880	16	149.139	33
Raw Material	( 64.603)	0	( 73.445)	0
of which related parties	0		0
Services	( 34.840)	( 390)	( 30.643)	( 74)
of which related parties	( 170)		( 155)
Personel	( 31.785)	( 141)	( 30.966)	( 253)
of which related parties	0		0
Other Operating Costs	( 629)	( 2)	( 766)	( 4)
of which related parties	( 17)		( 17)
Depreciation and Amorti zation	( 12.912)		( 13.405)
Provisions&Write-downs	( 107)		12
Capitalization of Internal Construction Costs	873		918
EBIT	2.876	( 518)	843	( 299)
Income (loss) from Investments
of which related parties
Other Financial Income	301		676
of which related parties	1		0
Interest Expenses	( 4.056)		( 5.438)
of which related parties	( 68)		( 28)
FX Gains and Losses	1.927		( 83)
Profit Before Taxes	1.048	( 518)	( 4.002)	( 299)
Income Taxes	( 621)		898
Net Profit (Including Portion Attr. to Minority )	427	( 518)	( 3.104)	( 299)
Net Profit Attributable to Minority Interest	0		0
Net Profit Attributable to the Group	427	( 518)	( 3.104)	( 299)

Appendix - Consolidated Income Statement – Revenues 1Q

Q1 BCF (fiber for carpet)				NTF (fibre for textile)			Polymers				TOTAL
€/mln	2025	2024	Δ	Δ%	2025	2024	Δ	Δ%	2025	2024	Δ	Δ%	2025	2024	Δ	Δ%	%25	%24
EMEA	45,9	49,4	(3,5)	(7,0)%	16,4	15,7	0,7	4,5 %	13,9	17,1	(3,2)	(19,0)%	76,2	82,2	(6,0)	(7,3)%	52,9%	55,7%
North America	35,3	31,2	4,2	13,3 %	6,1	6,3	(0,1)	(2,2)%	1,8	2,4	(0,6)	(25,8)%	43,2	39,8	3,4	8,5 %	30,0%	27,0%
Asia e Oceania	22,9	23,0	(0,0)	(0,2)%	0,7	1,2	(0,5)	(41,1)%	0,2	0,6	(0,4)	(60,0)%	23,9	24,8	(0,9)	(3,6)%	16,6%	16,8%
RoW	0,3	0,3	0,0	13,7 %	0,4	0,4	(0,0)	(6,1)%	0,0	0,0	0,0	N.A.	0,7	0,7	0,0	2,7 %	0,5%	0,5%
TOTAL	104,5	103,8	0,7	0,7 %	23,6	23,6	0,1	0,2 %	15,9	20,1	(4,2)	(21,0)%	144,0	147,5	(3,5)	(2,4)%	100,0%	100,0%
% Tot	72,6%	70,4%			16,4%	16,0%			11,0%	13,6%			100,0%	100,0%

1Q - % Revenues by Geographical Area

1Q - % Revenues by Product Line

Appendix - EBITDA and Adjusted Operating Results

RECONCILIATION FROM NET PROFIT TO EBITDA €/000	First quarter 2025	First quarter 2024
Net Profit (Including Portion Attr. to Minority )	427	( 3.104)
Income Taxes	621	( 898)
Investment income and charges
Amortisation & Depreciation	12.912	13.405
Write-downs & Write-backs of intangible and tangible assets	107	( 12)
Financial items (*)	2.520	5.552
No recurring items (**)	518	299
EBITDA	17.106	15.242
Revenue	144.011	147.500
EBITDA Margin	11,9%	10,3%

RECONCILIATION FROM EBITDA TO	First quarter	First quarter
EBIT ADJUSTED €/000	2025	2024
EBITDA	17.106	15.242
Amortisation & Depreciation	12.912	13.405
Write-downs & Write-backs of intangible and tangible assets	107	( 12)
EBIT Adjusted	4.086	1.849
Revenue	144.011	147.500
EBIT Adjusted Margin	2,8%	1,3%

(*) The financial items include: (i) financial income of Euro 0.3 million (ii) financial charges and other bank charges of Euro (4.0) million, (iii) cash discounts of Euro (0.7) million, and (iv) exchange gains/(loss) of Euro 1.9 million.

(**) This includes (i) non-recurring charges related to the expansion of the Aquafil Group for Euro (0.1) million, (ii) restructuring costs for Euro (0.1)million, (iii) non-recurring costs for legal and administration consulting for Euro (0.3) million.

Appendix - Consolidated Balance Sheet (1/2)

CONSOLIDATED BALANCE SHEET	At March 31,	At December 31,
€/000	2025	2024
Intangible Assets	14.174	15.168
Goodwill	15.431	16.064
Tangible Assets	224.179	233.900
Financial Assets	846	969
of which related parties	293	270
Investments & Equity metod	1.113	1.113
Other Assets
Deferred Tax Assets	30.430	29.231
Total Non-Current Assets	286.172	296.445
Inventories	192.136	197.535
Trade Receivable	30.891	20.370
of which related parties	122	97
Financial Current Assets	2.500	980
of which related parties	1	2
Current Tax Receivables	1.577	1.529
Other Current Assets	9.686	8.033
of which related parties	0	0
Cash and Cash Equivalents	101.422	130.366
Asset held for sales	0	0
Total Current Assets	338.212	358.813
Total Current Assets	624.384	655.258

Appendix - Consolidated Balance Sheet (2/2)

emarket sdir scorage
CERTIFIED

CONSOLIDATED BALANCE SHEET	At March 31,	At December 31,
€/000	2025	2024
Share Capital	53.354	53.354
Reserves	96.569	121.311
Group Net Profit for the year	427	( 16.313)
Group Shareholders Equity	150.350	158.352
Net Equity attributable to minority interest	1	0
Net Profit for the year attributable to minority interest	0	0
Total Sharholders Equity	150.351	158.352
Employee Benefits	4.538	4.627
Non-Current Financial Liabilities	223.270	241.535
of which related parties	2.634	3.902
Provisions for Risks and Charges	1.453	1.611
Deferred Tax Liabilities	13.024	12.808
Other Payables	3.393	4.053
of which related parties	0	0
Total Non-Current Liabilities	245.679	264.634
Current Financial Liabilities	102.081	103.208
of which related parties	4.180	4.146
Current Tax Payables	1.888	242
Trade Payables	104.340	109.178
of which related parties	162	396
Other Liabilities	20.045	19.644
of which related parties	0	0
Total Current Liabilities	228.354	232.271
Total Equity and Liabilities	624.384	655.258

Appendix - Consolidated Cash Flow Statement (1/2)

CASH FLOW STATEMENT	At March 31,	At Marchr 31,
€/000	2025	2024
Operation Activities
Net Profit (Including Portion Attr. to Minority)	427	(3.104)
of which related parties	(163)	(118)
Income Taxes	621	(898)
Income (loss) from equity Investments
of which related parties
Financial income	(301)	(676)
of which related parties	(1)
Financial charges	4.056	5.438
of which related parties	68	28
FX (Gains) and Losses	(1.927)	83
(Gain)/Loss on non - current asset disposals	(31)	(86)
Provisions & write-downs	107	(12)
Amortisation, depreciation & write-downs	12.912	13.405
Cash Flow from Operating Activities Before Changes in NWC	15.864	14.151
Change in Inventories
Change in Trade and Other Receivables	2.629	9.775
of which related parties	(11.381)	(4.450)
Change in Trade and Other Payables	(25) (3.825)	(13) (8.314)
of which related parties	(234)	(467)
Change in Other Assets/Liabilities	95	(3.024)
of which related parties		(685)
Employees Benefit
Change in Provisions for Risks and Charges	(83)	(35)
	(169)	(16)
Income tax paid	218	(840)
Net Interest Expenses	(3.822)	(5.133)
TOTAL CASH FLOW FROM OPERATING ACTIVITIES	(473)	2.115

Appendix - Consolidated Cash Flow Statement (2/2)

CASH FLOW STATEMENT	At March 31,	At Marchr 31,
€/000	2025	2024
Investing activities
Investment in Tangible Assets	(3.835)	(3.354)
Disposal of Tangible Assets	174	156
Investment in Intangible Assets	(400)	(524)
Disposal of Intangible Assets
Reclassification of tangible fixed assets	99
Dividends
of which related parties
Investment of Financial Assets		(113)
TOTAL CASH FLOW FROM INVESTING ACTIVITIES	(3.961)	(3.835)
Changes in Equity
Capital Increase		-
Effect of exchange rate changes	(2.841)	882
Acquisition of treasury shares
Other changes in equity	(15)	(22)
Dividends Distribution
of which related parties
Financing Activities
Increase in no current Loan and borrowing		10.000
Decrease in no current Loan and borrowing	(17.408)	(17.027)
Repayment of bond loan	(128)	(151)
Derivatives
Net variation in current and not current fiancial Assets and Liability of which related parties	(1.419)	(717)
Net variation in RoU fiancial assets and liability	(2.700)	(2.904)
of which related parties	(1.269)	(569)
TOTAL CASH FLOW FROM FINANCING ACTIVITIES	(24.509)	(9.938)
NET CASH FLOW OF THE YEAR	(28.944)	(11.658)

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