Aquafil

Investor Presentation • Aug 28, 2025

Aquafil Group [ECNL:IM] - [ECNLF: OTCQX] 1H 2025 Financial Results

August 28, 2025

Key Messages

Increasing margins ✓

ECONYL® branded and regenerated products reached 60,7% of fibers revenues

✓ ✓ Increasing volumes VS 1H24 and VS 2Q24

Launch of a cost-optimization and reorganization project

Financial Results

			Financial Results
		Revenues			EBITDA			Net profit		NFP
	2025	2024	Δ%	2025	2024	Δ%	2025	2024	Δ%	30.06.25	31.12.24	Δ%
1 H	281,2	288,1	(2,4)%	38,4	32,6	17,8 %	2,2	(6,1)	136,3 %	(218,7)	(213,5)	2,4 %
% on Revenues				13,6 %	11,3 %		0,8 %	(2,1)%
2 Q	137,1	140,6	(2,5)%	21,3	17,3	22,7 %	1,8	(3,0)	159,3 %
% on Revenues				15,5 %	12,3 %		1,3 %	(2,2)%
		USA Strong BCF market EMEA			Higher to 1H 2024			Higher to 1H 2024		Slightly higher vs Dec. 24
		broadly in line			Mainly due to			Mainly due to			NFP/EBITDA LTM
		APAC soft market		Lower	raw material cost			EBITDA increase			x3,21 on 30th June 2025
		ECONYL® 60,7% of Fiber Revenues			and efficiencies and cost containment actions			and FX changes		x3,42 on 31st December 2024

2Q 2024 Volume Price & Sales

Mix

Volumes

Mix

1H 2025

1H 2024 Volume Price & Sales

4

2Q 2025

Financial Results | Quantity Variations %

(on First Grade Product Revenues)

EMEA

Volumes +4,0% vs 1H24 and +10,8% vs 2Q24:

• BCF broadly in line
• NTF still soft
• Polymers growing volumes with different mix

USA

Volumes +7,4% vs 1H24 and +16,5% vs 2Q24 :

• Important increase in BCF market
• NTF still soft

Asia

Volumes (11,6)% vs 1H24 and (19,4)% vs 2Q24:

• Soft market

Financial Results | Revenues Breakdown

% by Product Line

Financial Results | Revenues Breakdown

% by Geographical Area

60,7%

of 1H25 fibers revenues from ECONYL® and other regenerated fibers

ECONYL® Revenues on fibers

Financial

Results

Financial Results

P&L KPI

		1H			2Q
	2025	2024	Δ%	2025	2024	Δ%
Revenues	281,2	288,1	(2,4)%	137,1	140,6	(2,5)%
EBITDA	38,4	32,6	17,8 %	21,3	17,3	22,7 %
% on net Sales	13,6 %	11,3%		15,5%	12,3%
EBIT	5,2	3,1	68,9 %	2,3	2,2	4,3 %
% on net Sales	1,9%	1,1 %		1,7 %	1,6 %
EBT	2,5	(7,2)	134,9 %	1,4	(3,2)	145,9 %
% on net Sales	0,9 %	(2,5)%		1,1 %	(2,2)%
NET RESULT	2,2	(6,1)	136,3 %	1,8	(3,0)	159,3 %
% on net Sales	0,8 %	(2,1)%		1,3 %	(2,2)%

Data in € million

Financial Results | Net Financial Position

NFP on June 30, 2025: 218,7 €/mln vs 213,5 €/mln on December 31, 2024

Ratio NPF/EBITDA: x 3,21 on June 30, 2025

Financial Results | NFP evolution €/mln

Outlook

The first half of the year saw significant margin growth, coupled with a strong carpet fibers product line performance in the United States and of Engineering Plastics, highlighting the effective operating management.

Cost-optimizing initiatives, including the reorganization of the U.S. carpet collection and

recycling plant, are expected to generate significant savings in the second half of the year and particularly in subsequent years.

Despite the more limited visibility for the second half of the year, the measures introduced indicate the continued focus on protecting efficiencies and profitability, even in an uncertain macroeconomic environment.

13

4. Annexes

Annex - 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.

Annex - 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)

Annex - Sector Data – Caprolactam price evolution €/ton

Source: Tecnon OrbiChem, a ResourceWise company

Annex - Consolidated Income Statement

CONSOLIDATED INCOME STATEMENT	Half Year 2025	of which	Half Year 2024	of which	Second	of which	Second	of which
€/000		non-current		non-current	quarter 2025	non-current	quarter 2024	non-current
Revenue	281.158	0	288.133	0	137.147	0	140.633	0
of which related parties	6		158		0		75
Other Revenue	6.249	10	3.285	37	3.380	( 6)	1.646	5
of which related parties	172		0		85		0
Total Revenue and Other Revenue	287.407	10	291.418	37	140.527	( 6)	142.279	5
Raw Material	( 121.356)	( 219)	( 137.791)	0	( 56.752)	( 219)	( 64.346)	0
of which related parties	0		0		0		0
Services	( 68.164)	( 1.280)	( 61.701)	( 148)	( 33.324)	( 891)	( 31.059)	( 74)
of which related parties	( 326)		( 329)		( 157)		( 173)
Personel	( 64.367)	( 1.434)	( 62.175)	( 830)	( 32.582)	( 1.293)	( 31.209)	( 577)
of which related parties	( 0)		( 0)		( 0)		( 0)
Other Operating Costs	( 1.612)	( 72)	( 1.659)	( 109)	( 983)	( 69)	( 893)	( 105)
of which related parties	( 35)		( 35)		( 17)		( 17)
Depreciation and Amorti zation	( 27.328)		( 26.987)		( 14.415)		( 13.582)
Provisions&Write-downs	( 1.494)	( 1.373)	11		( 1.386)	( 1.373)	( 1)
Capitalization of Internal Construction Costs	2.137		1.976		1.263		1.059
EBIT	5.223	( 4.368)	3.092	( 1.049)	2.347	( 3.851)	2.249	( 751)
Income (loss) from Investments	78		0		78		0
of which related parties	78		0		78		0
Other Financial Income	606		641		304		( 34)
of which related parties	2		0		1		0
Interest Expenses	( 7.895)		( 10.531)		( 3.839)		( 5.093)
of which related parties	( 117)		( 49)		( 49)		( 21)
FX Gains and Losses	4.484		( 356)		2.557		( 272)
Profit Before Taxes	2.495	( 4.368)	( 7.153)	( 1.049)	1.447	( 3.851)	( 3.151)	( 751)
Income Taxes	( 272)		1.020		349		122
Net Profit (Including Portion Attr. to Minority )	2.224	( 4.368)	( 6.133)	( 1.049)	1.796	( 3.851)	( 3.029)	( 751)
Net Profit Attributable to Minority Interest	0		0		0		0
Net Profit Attributable to the Group	2.224	( 4.368)	( 6.133)	( 1.049)	1.796	( 3.851)	( 3.029)	( 751)

Annex - Consolidated Income Statement – Revenues 1H

H1 BCF (fiber for carpet)						NTF (fiber for fabrics) Polymers					TOTAL
€/mln	2025	2024	Δ	Δ%	2025	2024	Δ	Δ%	2025	2024	Δ	Δ%	2025	2024	Δ	Δ%	%25	%24
EMEA	93,1	96,9	(3,8)	(4,0)%	31,2	31,9	(0,7)	(2,2)%	25,4	28,9	(3,5)	(12,1)%	149,6	157,7	(8,0)	(5,1)%	53,2%	54,7%
North America	71,3	62,3	9,1	14,6 %	11,8	12,5	(0,7)	(5,9)%	3,3	4,3	(0,9)	(22,3)%	86,4	79,1	7,4	9,3 %	30,7%	27,4%
Asia e Oceania	41,7	47,1	(5,5)	(11,6)%	1,6	1,5	0,1	4,7 %	0,8	1,3	(0,5)	(37,8)%	44,1	50,0	(5,9)	(11,8)%	15,7%	17,3%
RoW	0,4	0,5	(0,1)	(11,5)%	0,6	1,0	(0,4)	(39,6)%	0,0	0,0	0,0	N.A.	1,0	1,4	(0,4)	(30,4)%	0,4%	0,5%
TOTAL	206,5	206,7	(0,3)	(0,1)%	45,2	46,9	(1,7)	(3,7)%	29,5	34,5	(5,0)	(14,4)%	281,2	288,1	(7,0)	(2,4)%	100,0%	100,0%
% Tot	73,4%	71,8%			16,1%	16,3%			10,5%	12,0%			100,0%	100,0%

1H - % Revenues by Geographical Area

1H - % Revenues by Product Line

Annex - Consolidated Income Statement – Revenues 2Q

Q2	BCF (fiber for carpet)				NTF (fiber for fabrics)				Polymers				TOTAL
€/mln	2025	2024	Δ	Δ%	2025	2024	Δ	Δ%	2025	2024	Δ	Δ%	2025	2024	Δ	Δ%	%25	%24
EMEA	47,1	47,5	(0,4)	(0,8)%	14,8	16,2	(1,4)	(8,6)%	11,5	11,8	(0,3)	(2,2)%	73,4	75,5	(2,0)	(2,7)%	53,5%	53,7%
North America	36,0	31,1	4,9	15,8 %	5,7	6,3	(0,6)	(9,6)%	1,5	1,9	(0,3)	(17,9)%	43,2	39,3	4,0	10,1 %	31,5%	27,9%
Asia e Oceania	18,7	24,1	(5,4)	(22,4)%	0,9	0,3	0,6	N.A.	0,6	0,7	(0,1)	(18,7)%	20,2	25,2	(5,0)	(19,8)%	14,7%	17,9%
RoW	0,1	0,2	(0,1)	(59,9)%	0,2	0,6	(0,4)	(61,5)%	0,0	0,0	0,0	N.A.	0,3	0,7	(0,5)	(61,2)%	0,2%	0,5%
TOTAL	101,9	102,9	(1,0)	(0,9)%	21,6	23,4	(1,8)	(7,7)%	13,7	14,4	(0,7)	(5,1)%	137,1	140,6	(3,5)	(2,5)%	100,0%	100,0%
% Tot	74,3%	73,2%			15,7%	16,6%			10,0%	10,2%			100,0%	100,0%

2Q - % Revenues by Geographical Area

2Q - % Revenues by Product Line

Annex - EBITDA and Adjusted Operating Results

RECONCILIATION FROM NET PROFIT TO EBITDA €/000	Half Year 2025	Half Year 2024	Second quarter 2025	Second quarter 2024
Net Profit (Including Portion Attr. to Minority )	2.224	( 6.133)	1.796	( 3.029)
Income Taxes	272	( 1.020)	( 349)	( 122)
Investment income and charges	( 78)	( 0)	78	0
Amortisation & Depreciation	27.328	26.987	14.415	13.582
Write-downs & Write-backs of intangible and tangible assets	1.494	( 11)	1.386	1
Financial items (*)	4.139	11.709	1.619	6.157
No recurring items (**)	2.996	1.049	2.478	751
EBITDA	38.373	32.581	21.268	17.339
Revenue	281.158	288.133	137.147	140.633
EBITDA Margin	13,6%	11,3%	15,5%	12,3%

RECONCILIATION FROM EBITDA TO	Half Year	Half Year	Second	Second
EBIT ADJUSTED €/000	2025	2024	quarter 2025	quarter 2024
EBITDA	38.373	32.581	21.268	17.339
Amortisation & Depreciation	( 27.328)	( 26.987)	( 14.415)	( 13.582)
Write-downs & Write-backs of intangible and tangible assets	( 1.494)	11	( 1.386)	( 1)
EBIT Adjusted	9.552	5.606	5.466	3.757
Revenue	281.158	288.133	137.147	140.633
EBIT Adjusted Margin	3,4%	1,9%	4,0%	2,7%

(*) The financial items include: (i) financial charges and other bank charges of Euro (7.9) million; (ii) cash discounts of Euro (1.3) million; (iii) financial income of Euro 0.6 million, and (iv) foreign exchange gains/(loss) of Euro 4.5 million.

(**) This includes (i) non-recurring charges related to Group expansion for Euro (0.1) million, (ii) non-recurring costs for legal and administration consulting for Euro (0.3) million; (iii) restructuring costs for Euro (0.8) million, (iv) other non-recurring costs for Euro (0.4) million mainly due to electrical blackout in Aquafil S.p.A.; (v) non-recurring charges related to the reorganization of Aquafil Carpet Collection and Aquafil Carpet Recycling #1 for Euro (1.4) million.

Annex - Consolidated Balance Sheet (1/2)

emarket sdir scorage
CERTIFIED

CONSOLIDATED BALANCE SHEET	At June 30,	At December 31,
€/000	2025	2024
Intangible Assets	13.231	15.168
Goodwill	14.240	16.064
Tangible Assets	212.660	233.900
Financial Assets	780	969
of which related parties	239	270
Investments & Equity metod	1.113	1.113
Other Assets
of which related parties
Deferred Tax Assets	30.607	29.231
Total Non-Current Assets	272.631	296.445
Inventories	186.966	197.535
Trade Receivable	30.757	20.370
of which related parties	200	97
Financial Current Assets	1.139	980
of which related parties	2	2
Current Tax Receivables	987	1.529
Other Current Assets	8.939	8.033
of which related parties	0	0
Cash and Cash Equivalents	112.777	130.366
Asset held for sales	0	0
Total Current Assets	341.565	358.813
Total Current Assets	614.197	655.258

Annex - Consolidated Balance Sheet (2/2)

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CERTIFIED

CONSOLIDATED BALANCE SHEET	At June 30,	At December 31,
€/000	2025	2024
Share Capital	53.354	53.354
Reserves	80.692	121.311
Group Net Profit for the year	2.224	( 16.313)
Group Shareholders Equity	136.270	158.352
Net Equity attributable to minority interest	0	0
Net Profit for the year attributable to minority interest	0	0
Total Sharholders Equity	136.271	158.352
Employee Benefits	4.510	4.627
Non-Current Financial Liabilities	230.079	241.535
of which related parties	2.226	3.902
Provisions for Risks and Charges	2.722	1.611
Deferred Tax Liabilities	10.981	12.808
Other Payables	2.743	4.053
of which related parties	0	0
Total Non-Current Liabilities	251.035	264.634
Current Financial Liabilities	102.367	103.208
of which related parties	3.667	4.146
Current Tax Payables	1.442	242
Trade Payables	101.222	109.178
of which related parties	249	396
Other Liabilities	21.859	19.644
of which related parties	0	0
Total Current Liabilities	226.891	232.272
Total Equity and Liabilities	614.197	655.258

Annex - Consolidated Cash Flow Statement (1/2)

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CERTIFIED

CASH FLOW STATEMENT €/000	At June 30, 2025	At June 30, 2024
Operation Activities
Net Profit (Including Portion Attr. to Minority)	2.224	(6.133)
of which related parties	(220)	(255)
Income Taxes	272	(1.020)
Income (loss) from equity Investments	(78)
of which related parties	(78)
Financial income	(606)	(642)
of which related parties	(2)
Financial charges	7.895	10.531
of which related parties	117	49
FX (Gains) and Losses	(4.484)	356
(Gain)/Loss on non - current asset disposals	(94)	(92)
Provisions & write-downs	1.494	(11)
Amortisation, depreciation & write-downs	27.328	26.987
Cash Flow from Operating Activities Before Changes in NWC	33.950	29.976
Change in Inventories	2.284	3.451
Change in Trade and Other Receivables	(12.812)	(1.029)
of which related parties	(103)	197
Change in Trade and Other Payables	(4.911)	(2.511)
of which related parties	(147)	(326)
Change in Other Assets/Liabilities	262	(2.979)
of which related parties	-	(926)
Employees Benefit	(114)	(261)
Change in Provisions for Risks and Charges	(193)	(24)
Income tax paid	(1.194)	(1.189)
Net Interest Expenses	(7.074)	(9.843)
TOTAL CASH FLOW FROM OPERATING ACTIVITIES	10.200	15.591

Annex - Consolidated Cash Flow Statement (2/2)

CASH FLOW STATEMENT	At June 30,	At June 30,
€/000	2025	2024
Investing activities
Investment in Tangible Assets	(10.218)	(7.989)
Disposal of Tangible Assets	289	180
Investment in Intangible Assets	(1.407)	(1.247)
Disposal of Intangible Assets		2
Reclassification	95
Dividends	78
of which related parties	78
Investment of Financial Assets		(113)
TOTAL CASH FLOW FROM INVESTING ACTIVITIES	(11.162)	(9.167)
Changes in Equity
Effect of exchange rate changes	(3.575)	1.509
Other changes in equity	(15)
Financing Activities
Increase in no current Loan and borrowing	36.167	20.000
Decrease in no current Loan and borrowing	(37.947)	(34.016)
Repayment of bond loan	(5.876)	(5.587)
Derivatives
Net variation in current and not current fiancial Assets and Liability	(370)	(762)
of which related parties
Net variation in RoU fiancial assets and liability	(5.011)	(5.092)
of which related parties	(1.878)	(643)
TOTAL CASH FLOW FROM FINANCING ACTIVITIES	(16.626)	(23.947)
NET CASH FLOW OF THE YEAR	(17.589)	(17.523)

Annex - Net Financial Debt

NET FINANCIAL DEBT	At June 30,	At December 31,
€/000	2025	2024
A. Liquidity	112.777	130.366
B. Cash and cash equivalents
C. Other current financial assets	1.139	980
D. Liquidity (A + B + C)	113.916	131.346
E. Current financial debt (including debt instruments but excluding the current
portion of non-current financial debt)	( 3.114)	( 4.082)
F. Current portion of non-current financial debt	( 99.253)	( 99.125)
G. Current financial debt (E + F)	( 102.367)	( 103.208)
H. Net current financial debt (G - D)	11.549	28.138
I. Non-current financial debt (excluding current portion and debt instruments)	( 191.467)	( 197.199)
J. Debt instruments	( 38.741)	( 44.481)
K. Trade payables and other non-current payables
L. Non-current financial debt (I + J + K)	( 230.208)	( 241.681)
M. Total financial debt (H + L)	( 218.659)	( 213.542)