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frigoglass group Frigo DebtCo plc H1 2026 Results 7 August 2026
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2 | H1 2026 Financial Results Forward looking statements This presentation has been prepared by Frigo DebtCo plc (the “Company”) for informational purposes only. Neither the Company, its affiliates nor their respective directors, officers, employees or agents (the “Company Group”) give any representation or warranty, express or implied, as to the achievement or reasonableness of future projections, management targets, estimates, prospects, returns, business data or property described in this presentation, if any. This presentation does not constitute an offer to sell or a solicitation of an offer to buy or exchange or acquire securities in the United States or any other jurisdiction and no offer, tender offer, sale, exchange or acquisition of securities is proposed in a jurisdiction where such offer, tender offer, sale, exchange or acquisition would be illegal. The securities referenced in this presentation may not be offered, sold, exchanged or delivered in the United States absent registration or an applicable exemption from the registration requirement under the U.S. Securities Act of 1933, as amended. The securities mentioned in this presentation are not, and will not be, registered in the United States. This presentation may contain certain statements, targets and projections provided by the Company with respect to the anticipated future performance of the Company and the Group (together the “forward-looking statements” which are based on current expectations and assumptions about future events. All statements other than statements of historical fact included in this presentation may be forward-looking statements. In some cases, these forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes”, “could”, “estimates”, “anticipates”, “aims”, “expects”, “intends”, “may”, “will”, “plans”, “continue”, “ongoing”, “potential”, “predict”, “project”, “target,” “seek”, “should” or “would” or, in each case, their negative or other variations or comparable terminology or by discussions of strategies, plans, objectives, targets, goals, future events or intentions. These forward-looking statements are subject, among other things, to business, economic and competitive uncertainties and contingencies, including actions of third parties, which relate to factors that are beyond the Company’s ability to control or estimate precisely and that could cause actual results to differ materially from those expressed therein. In particular, these factors include, but are not limited to, macroeconomic uncertainty and the sanctions regime stemming from the Russia-Ukraine conflict, relationships with third parties (including, customers, suppliers and local banks), the commencement of operations at the Romanian production facility and exchange rates. In view of the above, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. Any forward-looking statements are only made as of the date of this presentation, and we do not intend, and do not assume any obligation, to update forward-looking statements set forth in this presentation. Any forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and outside the control of the Company Group. This presentation contains certain tables and other statistical analyses which have been prepared in reliance upon historical information, as well as market data and trend information (the “Statistical Information”). Numerous assumptions were used in preparing the Statistical Information, which may or may not be reflected herein. As such, no assurance can be given as to the Statistical Information’s truth, accuracy, appropriateness, or completeness in any particular context. Any data on past performance, modelling or back-testing contained herein is no indication as to future performance. The future performance of the Company Group will depend on numerous factors which are subject to uncertainty. The Statistical Information should not be construed as either projections or as legal, tax, financial or accounting advice. The Company Group does not make any representation as to the reasonableness of the assumptions made within or the truth, accuracy or completeness of any modelling or back-testing. The assumptions involve known and unknown risks, uncertainties, and other factors outside the control of the Company Group. Any views or opinions (including statements or forecasts) constitute the Company Group’s judgment as of the date indicated and are subject to change without notice. The value of any investment may fluctuate as a result of market changes. The information in this presentation is not intended to predict actual results and no assurances are given with respect thereto. Nothing in this report is, or should be relied upon as, a promise or representation as to the future. This report does not form the basis of any contract. In view of the above, you are cautioned not to place undue reliance on these forward-looking statements. The Company Group does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of these materials. The information in this report does not purport to be all-inclusive or contain all the information that a participant may desire or need and does not constitute advice of any sort. The Company reserves the right to change such information without warning. No representation or warranty of any kind (whether expressed or implied) is made and no liability or responsibility will be accepted by the Company or any member of the Group with respect to the accuracy, sufficiency or completeness of the information contained in this report or any errors or omissions therein, including with respect to any financial projections, other forward-looking statements, any assumptions underlying them or any opinions in connection with the Company Group’s future operations or the amount of any future income or loss.
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H1 2026 Highlights Serge Joris Chief Executive Officer
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4 | H1 2026 Financial Results Record results driven by focused execution of our strategic transformation initiatives ~2x €24.8m Comp. Adj.(1) EBITDA (vs €13.1m in H1 2025) H1 2026 LTM Comp. Adj. EBITDA of €24.9m €31m Solid cash balance supported by FCF generation and partial retention of disposals’ proceeds c.+80% FY 2026 Comp. Adj. EBITDA growth and approx. 15% sales growth; FY guidance reaffirmed Note: Financial Results refer to Continuing Operations. (1)Comparable Adjusted EBITDA excludes the allocation of Group expenses to Glass Operations (Discontinued Operations). +18% Sales up y-o-y, supported by robust demand across all regions Disposal of Glass business in February 2026 Disposal of ICM Russia in May 2026 Solid H1 performance underpins our full-year guidance
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5 | H1 2026 Financial Results Leveraging transformation to accelerate growth going forward Note: Financial Results refer to Continuing Operations. (1)Comparable Adjusted EBITDA excludes the allocation of Group expenses to Glass Operations (Discontinued Operations) -5 2 13 22 25 2023A 2024A 2025A Q1 2026 LTM H1 2026 LTM Sales evolution (€m) Comparable Adjusted(1) EBITDA evolution (€m) 246 245 282 306 314 2023A 2024A 2025A Q1 2026 LTM H1 2026 LTM Record Sales Transformation Phase Transformation Phase Growth Phase Growth Phase +27% +€30m Record EBITDA
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6 | H1 2026 Financial Results West Europe Sales up 20% y-o-y, driven by - increased demand from soft-drink customers, mainly in the energy drinks beverage market following strong coolers’ investment plans - higher placements in France, Germany, Italy, Belgium, Norway and Spain East Europe Sales up 12% y-o-y, reflecting - market share gains with existing customers, primarily breweries - enhancement of customer base - solid orders in Poland, Romania and Czech Republic - continuous growth of Asset Performance Services business Africa & ME Sales up 9% y-o-y, supported by - volume growth in South Africa and Nigeria, mainly driven by breweries - market entry in Egypt Asia Sales up 27% y-o-y, led by - strong volume growth in India, driven by customer base expansion related initiatives and market share gains with key existing customers - impacted by INR devaluation - product portfolio enhancement resulted in higher sales in Indonesia 70.0 84.2 44.9 50.1 24.4 26.6 36.3 46.3 H1 2025 West Europe East Europe Africa & ME Asia H1 2026 West Europe East Europe Africa & ME Asia Strong performance in all regions, led by volume and mix benefits (in €m) 175.6 207.3 5.3 14.2 2.2 9.9 Commercial Refrigeration sales1 by geography +18% y-o-y Note: 1Sales from Continuing Operations
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Financial Review Manos Metaxakis Deputy CEO & Group Chief Financial Officer
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8 | H1 2026 Financial Results Operating leverage and cost reduction initiatives drive margin uplift (in €m) H1 2026 H1 2025 Chng, % Sales 207.3 175.6 18.0% Gross Profit (exl. depr’n) 42.4 30.5 38.8% Gross Profit margin, % 20.4% 17.4% 3.1pp Adjusted EBITDA 24.8 14.2 74.8% Adjusted EBITDA margin, % 12.0% 8.1% 3.9pp Comparable1 Adj. EBITDA 24.8 13.1 89.1% Comparable1 Adj. EBITDA margin, % 12.0% 7.5% 4.5pp Reported EBIT 19.3 8.8 >100% Commercial Refrigeration – Continuing Operations Sales growth of 18% y-o-y − driven by robust demand across Europe and Asia and continued growth in Africa; foreign exchange headwinds − Volume grew by 24% y-o-y Comparable Adj. EBITDA of €24.8 million, 1.9x vs H1 2025 − up from €13.1 million in H1 2025 450 bps Comp. Adj. EBITDA margin improvement − Comp. Adj. EBITDA margin enhanced to 12.0%, supported by operating leverage, production cost improvements and a favorable product mix Ongoing material cost savings − driven by sourcing alternatives and cost improvements Impacted by raw material price increases, mainly in Asia, and adverse FX − INR devaluation Significant improvement in Reported EBIT − €10.5 million positive swing, led by operating business improvement Note: 1Comparable Adjusted EBITDA excludes the allocation of Group expenses to Glass Operations (Discontinued Operations)
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9 | H1 2026 Financial Results Adj. Free Cash Flow1 from Continuing Operations ▪ Significant Comp. Adj. EBITDA increase; up c.€12 million y-o-y ▪ Higher net trade working capital outflow driven by ▪ increased trade receivables following the strong top-line growth; ▪ more than offsetting lower inventories driven by a reduction in finished goods due to strong demand Adj. FCF reflects the typical seasonality of the business; working capital unwind in H2 Improved FCF despite the seasonal working capital investments Adj. Free Cash Flow1 (in €m) H1 2025 Comp. Adj. EBITDA NTWC Other Capex H1 2026 6.0 11.7 (9.7) (0.6) (0.3) 7.1 Note: 1Excluding net proceeds from disposal of subsidiaries (Glass Operations and Frigoglass Eurasia), non-recurring income and advisory expenses and H1 2025 charges to Glass business
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2026 Outlook Serge Joris CEO
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11 | 9M 2025 Financial Results Building on the momentum of our transformation program, we remain focused on accelerating growth, strengthening profitability, and positioning the company for the evolving dynamic in the sector Growth priorities ▪ Drive profitable revenue growth through increased penetration in the energy drinks segment ▪ Gain market share with key customers, supported by a differentiated and competitive product portfolio ▪ Focus on expanding Asset Performance Services’ footprint ▪ Launch innovative additions to our existing product portfolio ▪ Expand our addressable market towards unattended retail through Smart Coolers and digital solutions (Unbound) and introduce new recurring revenue stream Profitability and cash generation ▪ Improve EBITDA margin through procurement-led cost optimization initiatives and selective pricing actions to mitigate global trading uncertainties ▪ Maintain disciplined working capital management to further strengthen liquidity Financial targets ▪ Deliver approximately 15% y-o-y sales growth ▪ Achieve an adjusted EBITDA margin of 7–8% ▪ Continue to evaluate strategic opportunities that support long-term value creation 2026 outlook
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Q&A www.frigoglass.com Frigoglass Frigoglass