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1 Results Presentation January – June 2026
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2 This document may contain forward-looking statements regarding the Company’s intentions, expectations or forecasts as at the date hereof, in addition to mandatory financial information, whose sole purpose is to provide more detailed information on future performance prospects. Such intentions, expectations or forecasts do not constitute performance guarantees and involve risks and uncertainties, as well as other relevant factors, that could cause actual developments and results to differ materially from those set out in these intentions, expectations or forecasts. This circumstance should be taken into account by all persons or entities that may have to make decisions or prepare or disseminate opinions regarding securities issued by the Company and, in particular, by analysts and investors using this document. The financial information contained in this document has been prepared under International Financial Reporting Standards (IFRS). This financial information has not been audited and may therefore be subject to future changes. Disclaimer
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3 Results driven by volume growth in a higher production-cost environment Revenue +1.8% +4.8% EBITDA -7.4% +3.1% -2.1pp -0.4pp Net profit +2.2% €629.8Mn €134.5Mn 21.4% €71.3Mn Reported y-o-y change Like-for-like y-o-y change¹ EBITDA margin 1H26 results € million 1 Like-for-like: Excludes the impact of the variation in the different exchange rates in 2026 and the changes in the consolidation scope in March 2025 due to the acquisition of Pet Mania in Brazil.
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4 1H26 revenue € million 1H25 FXLike-for-like¹ energy Like-for-like¹ +34.2Mn +5.5p.p. -0.7p.p. 1H26 618.8 -4.6Mn -20.5Mn +1.8% -3.3p.p. +1.9Mn +0.3p.p. Changes in the scope of consolidation 629.8 Higher volumes and pricing offset FX and energy headwinds 1 Like-for-like: Excludes the impact of the variation in the different exchange rates in 2026 and the changes in the consolidation scope in March 2025 due to the acquisition of Pet Mania in Brazil.
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5 1H26 revenue Breakdown by geographic division¹ 1H25 1H26 618.8 Casingsvolumegrowthacrossall regions, with SAM, APAC and NAM standing out 629.8 -1.2% Reported y-o-y change 254.8EMEA. 40% -0.2%194.3NAM. 31% +11.1% +6.0% 81.4APAC. 13% Geographic revenue split 1H26 revenue. € million vs. 1H25 +1.8% -0.2% Like-for-like y-o-y change² +5.8% +14.7% +7.3% SAM. 16% 648.4 vs. 1H25 +4.8% 99.2 +1.9% Ex energy 1H26 Like-for-like2 1 Revenue by sales source: EMEA (Spain, Germany, Czech Republic, United Kingdom, Belgium, France and Serbia), North America NAM (Canada, Costa Rica, Mexico and the United States), APAC (Australia, China, Japan, New Zealand and Thailand), South America SAM (Brazil and Uruguay). 2 Like-for-like: Excludes the impact of the variation in the different exchange rates in 2026 and the changes in the consolidation scope in March 2025 due to the acquisition of Pet Mania in Brazil.
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6 1H26 revenue Breakdown by business division Positive performance across the strategic divisions Against a decline in energy Reported y-o-y change 591.7Food. Packaging and Ingredients. FPI 8.3 26.0Energy Revenue by division 1H26 revenue. € million 1H25 1H26 +57.3% +87.8% -15.4% Health 3.8 • Solid growth in Food Contact Casings, driven by cellulose, which is growing above the market's historical growth rate. • Structural momentum in the replacement of animal gut with collagen casings continues. +1.8% 618.8 629.8 +1.8% vs. 1H25 Pet treats
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7 FX -1.8p.p. -0.6p.p. -6.0p.p. +0.2p.p. 1Q26 2Q26 Like-for-like¹ energy Reported revenue growth +4.3% +6.4p.p. +4.7p.p. 1Q26 2Q26 Like-for-like¹ 1Q26 2Q26 1Q26 2Q26 Quarterly revenue Growth contribution (p.p.) +0.6p.p. 1Q26 2Q26 Changes in the scope of consolidation -0.8% Q2. Revenue growth of 4.3% Higher volumes, pricing and energy sales, together with a less adverse FX backdrop 1 Like-for-like: Excludes the impact of the variation in the different exchange rates in 2026 and the changes in the consolidation scope in March 2025 due to the acquisition of Pet Mania in Brazil.
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8 Significant shift in the cost environment in Q2, mainly in raw materials and energy Consumption costs Personnel expenses Other operating expenses Like-for-like revenue Like-for-like EBITDA EBITDARevenue -7.4% 1H26 P&L YoY change +5.1% +1.9% +7.1% +4.8% +3.1% +1.8% -2.2% +16.8% 1Q26 2Q26
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9 1H26 EBITDA € million 1H26 EBITDA margin 1H25 1H26 23.5% 21.4% Operating performance showing like-for-like growth, impacted by FX Like-for-like¹ 1H26 -14.6 FX 134.5 +3.1p.p. -10.1p.p. +4.5 1H25 145.2 -7.4% 1H26 vs 1H25 Changes in the scope of consolidation -0.4p.p. -0.6 vs. 1H25 -2.1pp 1H26 Like-for-like¹ 23.1% vs. 1H25 -0.4pp 1 Like-for-like: Excludes the impact of the variation in the different exchange rates in 2026 and the changes in the consolidation scope in March 2025 due to the acquisition of Pet Mania in Brazil.
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10 1H26 -1.3 -19.5 Net finance result €m Taxes Net profit 71.3 1H25 % change -92.9% +39.7% +2.2% 91.8Reported EBIT -9.9% EBIT-to-net profit bridge € million -5.1 -14.0 Finance costs FX differences 1H25 1H26 Main components of net finance result. € million -6.1 Net profit growth 3.7-18.1 -14.0* 69.8 101.8 The recent strengthening of the US$ against the euro points to a change in trend in the net finance results * Includes €5 million of activation of carry forward tax losses in the US.
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11 1H26 €34.5m Capex incurred -15% vs. 1H25 2026e €100m Expected capex +19% vs. 2025 Location of key initiatives US · Capacity Collagen with new technology Mexico · Capacity Cellulose extrusion Czech Republic Plant relocation · České Budějovice Cross-plant Sustainability: water, management and safety Technology upgrade and efficiency Capacity Process improvements Environment and safety Other recurring Key investment projects Capex € million Mix 2026e 56% 20% 13% 11%
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12 Net bank debt evolution¹ € million Net bank debt¹ Jun 26 +283.3 EBITDA Capex -134.5 +21.9 +34.5 Working capital change Net bank debt¹ Dec 25 +206.1 Shareholder remuneration² +41.3 Tax paid FX and others +7.0 Historical shareholder remuneration funded by solid operating cash flows and balance-sheet strength +107.0 2 Shareholder remuneration: includes the final dividend of €1.799 per share (of which €1.00 was extraordinary) distributed in June 2026 under the optional cash or scrip dividend scheme “Viscofan Flexible Remuneration”, and the cash outflow from the acquisition of treasury shares under the buyback plan launched in November 2025 and completed in February 2026. 1 Net bank debt = Non-current borrowings from credit institutions + current borrowings from credit institutions – cash and cash equivalents.
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13 To wrap - up Solid revenue growth momentum, driven by volumes in Food. Packaging and Ingredients and growth in Pet treats and Health. 1_ Volume growth across all reporting regions, with quarterly variations depending on competitive dynamics. 2_ Shift in the cost environment in Q2 following the conflict in the Middle East, prompting the implementation of price increases and cost-control measures in 2H26. 3_ Improvement in the FX environment, which still weighs on revenue and EBITDA for the year, although the impact on net profit is lower thanks to improved FX differences. 4_ Price increases and cost-control measures already implemented are aimed at achieving the revenue, EBITDA and net profit guidance announced in February 2026, with EBITDA more likely to come in at the low end of the range. 5_
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14 Revenue EBITDA EBITDA margin Operating profit Net profit 629.8 +1.8% 134.5 -7.4% 21.4% -2.1pp -9.9% +2.2% Profit before tax +8.1% Taxes +39.7% € million 1H26 % change % change Like-for-like1 1 Like-for-like: Excludes the impact of the variation in the different exchange rates in 2026 and the changes in the consolidation scope in March 2025 due to the acquisition of Pet Mania in Brazil. Appendix. 1H26 P&L +4.8% +3.1% -0.4pp 618.8 145.2 23.5% 101.8 69.8 83.7 -14.0 1H25 91.8 71.3 90.5 -19.5
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15 Revenue EBITDA EBITDA margin Operating profit Net profit 325.0 +4.3% 71.1 -6.9% 21.9% -2.6p.p. 49.6 -9.7% 37.7 -2.0% Profit before tax 48.5 +13.1% Taxes -10.8 +125.0% € million 2Q26 Appendix. 2Q26 P&L +4.9% -2.4% -1.7p.p. 311.5 76.3 24.5% 55.0 38.4 42.9 -4.8 2Q25 1 Like-for-like: Excludes the impact of the variation in the different exchange rates in 2026 and the changes in the consolidation scope in March 2025 due to the acquisition of Pet Mania in Brazil. % change % change Like-for-like1
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16 The Alternative Performance Measures included in this report are as follows: • EBITDA, or operating profit before depreciation and amortisation, is calculated by excluding depreciation and amortisation charges from operating profit. EBITDA is a commonly reported measure widely used by analysts, investors and other stakeholders in the casings industry. Viscofan Group uses this measure to monitor business performance and set operating and strategic targets across Group companies. However, it is not an IFRS-defined indicator and may therefore not be comparable with similar indicators used by other companies in their reports. • Consumption costs: calculated as the net amount of supplies and changes in finished goods and work in progress. Management monitors consumption costs as one of Viscofan’s key cost components. The weight of this cost component on net revenue or gross margin is also analysed to assess operating margin trends. However, it is not an IFRS- defined indicator and consumption costs should not be considered a substitute for the various P&L line items that make it up. In addition, it may not be comparable with similar indicators used by other companies in their reports. • Net bank debt: calculated as non-current borrowings from credit institutions plus current borrowings from credit institutions, net of cash and cash equivalents. Management considers net bank debt relevant for shareholders and other stakeholders because it provides an analysis of the Group’s solvency. However, net bank debt should not be considered a substitute for gross bank debt on the consolidated balance sheet, nor for other liability and asset items that may affect the Group’s solvency. • Like-for-like revenue and EBITDA: these measures exclude the impact of FX movements versus the prior comparable period, changes in the consolidation perimeter due to acquisitions and non-recurring business results, in order to present a like-for-like comparison of Viscofan Group’s performance. However, like-for-like revenue and EBITDA are not IFRS-defined indicators and may therefore not be comparable with similar indicators used by other companies in their reports, nor should they be considered substitutes for IFRS-defined business performance indicators. Appendix. Alternative Performance Measures