Slides
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1 Results Presentation January – September 2026
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2 9M26 and 3Q26 reported results Growth and an improved price mix help counter cost headwinds Revenue +3.1% EBITDA -4.9% -1.8p.p. Net profit +2.9% €965.4 Mn €207.7 Mn 21.5 % €111.8 Mn EBITDA margin €40.4 Mn 9M26 Reported year-on-year change 3Q26 Reported year-on-year change €335.7 Mn €73.2 Mn 21.8 % +5.5% +0.1% -1.2p.p. +4.1% Reported figures € million
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3 Commercial discipline drives growth An improved price mix and higher volumes offset FX headwinds 9M26 revenue € million 9M25 ForexLike-for-like¹ Energy Like-for-like 1 +41.9 Mn +4.5 p.p. -0.0 p.p. 9M26 936.9 -0.1 Mn -15.2 Mn +3.1% -1.6 p.p. +1.9 Mn +0.2 p.p. Changes in the consolidation scope 965.4 1 Like-for-like: Excludes the impact of exchange rate movements in 2026 and changes in the consolidation scope from the acquisition of Pet Mania in Brazil in March 2025.
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4 South America and APAC lead year-on-year growth North America returns to growth in 3Q26, while EMEA remains stable 9M26 revenue Breakdown by geographical division1 9M25 9M26 936.9 965.4 -0.3% Reported year-on-year change 384.5EMEA. 40% +1.7% 296.6NAM. 30% +11.4% +7.4% 131.4APAC. 14% Revenue by region 9M26 revenue € million vs. 9M25 +3.1% +0.3% Like-for-like2 year-on-year change +5.2% +13.0% +6.3% SAM. 16% 9M26 Like-for-like2 978.7 vs. 9M25 +4.5% 153.0 +0.6% Excluding energy 1 Revenue by origin of sales: 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 and Thailand), South America SAM (Brazil and Uruguay). 2 Like-for-like: Excludes the impact of exchange rate movements in 2026 and changes in the consolidation scope from the acquisition of Pet Mania in Brazil in March 2025.
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5 Cellulose and collagen casings drive Food, Packaging and Ingredients growth Health and Pet Treats increase their share of revenue 9M26 revenue Breakdown by business division Reported year-on-year change 899.8 Food, Packaging and Ingredients (FPI) 15.4Pet Treats 43.8Energy Revenue split 9M26 revenue € million 9M25 9M26 +76.7% +145.5% -0.3% Health 6.5 • Growth in cellulose, collagen and plastic casings. • Weak performance in packaging products. +1.9% 936.9 965.4 vs. 9M25 +3.1%
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6 An improved environment accelerates growth, with quarterly revenue reaching an all-time high in 3Q26 Positive contributions from pricing, FX, energy and acquisitions Quarterly revenue Contribution to growth (p.p.) Forex Like-for-like 1 Energy +6.4p.p. +4.7p.p. 1Q26 3Q26 Like-for-like 1 Changes in the consolidation scope 2Q26 +2.5p.p. -1.8p.p. +0.2p.p. +1.4p.p. 1Q26 3Q262Q26 -6.0p.p. -0.6p.p. +1.6p.p. 1Q26 3Q262Q26 +0.6p.p. 1Q26 3Q262Q26 Reported growth -0.8% +4.3% +5.5% 1Q26 3Q262Q26 1 Like-for-like: Excludes the impact of exchange rate movements in 2026 and changes in the consolidation scope from the acquisition of Pet Mania in Brazil in March 2025.
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7 Revenue and like-for-like EBITDA grow in 9M26 Despite one of the most challenging input-cost environments Cost of consumption Personnel costs Other operating expenses Like-for-like Revenue Like-for-like EBITDA EBITDARevenue -4.9% 9M26 P&L Year-on-year change +5.5% +4.5% +6.3% +4.5% +1.6% +3.1% -2.2% +16.8% 1Q26 2Q26 3Q26 +4.9% +0.4% +3.4% 1Q26 2Q26 3Q26 +10.2%
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8 Quarterly EBITDA recovers versus the 9M26 trend Higher prices and FX gains in 3Q are not yet sufficient to offset the 9M impact Quarterly EBITDA Percentage change 9M26 EBITDA margin 9M25 9M26 23.3% 21.5% Like-for-like 1 9M26 -13.5 Forex 207.7 +1.6 p.p. -6.2 p.p. +3.6 9M25 218.2 -4.9% 9M26 vs. 9M25 -0.3 p.p. -0.6 9M26 Like-for-like 1 22.7% 1 Like-for-like: Excludes the impact of exchange rate movements in 2026 and changes in the consolidation scope from the acquisition of Pet Mania in Brazil in March 2025. Changes in the consolidation scope vs. 9M25 -1.8 p.p. vs. 9M25 -0.6 p.p. Reported growth -7.9% -6.9% +0.1% 1Q26 3Q262Q26 9M26 EBITDA € million
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9 Net profit growth The recent strengthening of the US$ against the euro points to a change in the trend of the net finance results 9M26 -3.9 -28.2 Net finance result € million Taxes Net profit 111.8 9M25 % change -84.5% +37.6% +2.9% 143.2Reported EBIT -6.9% EBIT-to-net profit bridge -25.5 -20.5* 108.6 153.8 * Includes €7.5 million arising from the recognition of deferred tax assets relating to US tax loss carryforwards. -7.5 -19.3 Financial costs Exchange differences 9M25 9M26 Main components of the net finance result. € million -9.9 4.5 Viscofan Group is assessing early adoption of IFRS 18, which will change the presentation of exchange rate differences currently recognized in the net finance result.
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10 US: New collagen casing capacity Capacity expansion with enhanced technology Mexico: New cellulose casing capacity Preparing for expected growth 0.9x € million 54.8 9M25 54.2 9M26 -1.2% Year-over-year change € million 206.1 Dec. 25 266.6 Sep. 26 Mexico: New bag production line Meeting customer demand in North America Change vs. Jun. 26 9M26 Capex Net bank debt1 Mar. 26 Jun. 26 234.4 283.3 Net bank debt / 2026e EBITDA -16.7Mn€ 1 Net bank debt = Non-current bank borrowings + Current bank borrowings – Cash and cash equivalents. €17.8 Mn Cash outflow relating to share buybacks in 3Q26. The 9M26 total includes €99.7 million in share buybacks and €25.1 million in cash dividends. Debt reduction in the quarter Strong cash generation supports investment projects and shareholder remuneration
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11 9M26 Highlights Commercial discipline with price increases supports expected profitable growth in the new cost environment. 1_ Revenue growth and the quarterly EBITDA recovery reflect the improved FX environment. 2_ Raw material costs, particularly prices of collagen hides, are moderating against a more adverse energy and transport backdrop. 3_ Strong cash generation supports planned capacity expansions and higher shareholder remuneration, including a proposed interim dividend of €1.40 in December 2026 through the Viscofan Flexible Remuneration Programme. 4_ Revenue and net profit growth expectations remain unchanged. EBITDA guidance has been revised to €290Mn–€295Mn following the increase in energy costs. 5_
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12 Revenue EBITDA EBITDA margin Operating profit Net profit 965.4 +3.1% 207.7 -4.9% 21.5% -1.8 p.p. -6.9% +2.9% Profit before tax +8.6% Taxes +37.6% € million 9M26 % change % change Like-for-like1 Appendix. 9M26 P&L +4.5% +1.6% -0.6 p.p. 936.9 218.2 23.3% 153.8 108.6 128.3 -20.5 9M25 143.2 111.8 139.3 -28.2 1 Like-for-like: Excludes the impact of exchange rate movements in 2026 and changes in the consolidation scope from the acquisition of Pet Mania in Brazil in March 2025.
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13 Revenue EBITDA EBITDA margin Operating profit Net profit 335.7 +5.5% 73.2 +0.1% 21.8% -1.2 p.p. 51.4 -1.0% 40.4 +4.1% Profit before tax 48.8 +9.4% Taxes -8.7 +33.0% € million 3Q26 % change Appendix. 3Q26 P&L +3.9% -1.4% -1.2 p.p. 318.1 73.1 23.0% 52.0 38.9 44.6 -6.5 3Q25 1 Like-for-like: Excludes the impact of exchange rate movements in 2026 and changes in the consolidation scope from the acquisition of Pet Mania in Brazil in March 2025. % change Like-for-like1
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14 Appendix. Disclaimer 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.
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15 Appendix. Alternative Performance Measures 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.