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Aquafil Group [ECNL:IM] - [ECNLF: OTCQX] 1H 2026 Financial Results August 27, 2026
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STRONG INCREASE IN RAW MATERIAL AND TRANSPORTATION COSTS IN Q2, WITH PASS-THROUGH TO SELLING PRICES IN Q3 Key Messages 2 ✓ ✓ ✓ ✓ FURTHER MARGIN EXPANSION FIXED COST REDUCTION CONFIRMED SOLID CASH GENERATION DRIVING NFP REDUCTION
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3 Higher to 1H 2025 Mainly due to EBITDA increase and lower D&A Lower vs Dec. 25 NFP/EBITDA LTM x2,64 on 30th June 2026 x2,89 on 31st December 2025 Higher to 1H 2025 Mainly due to efficiencies and cost containment actions Lower mainly due to different mix and sales prices ECONYL® products 60,2% of Fiber Revenues Financial Results 2025 2026 Δ% 2025 2026 Δ% 2025 2026 Δ% 31.12.25 30.06.26 Δ% 1H 281,2 269,5 (4,2)% 38,4 40,6 5,7 % 2,2 3,4 51,0 % 209,5 196,9 (6,0)% % on Revenues 13,6 % 15,0 % 0,8 % 1,2 % 2Q 137,1 135,7 (1,0)% 21,3 20,7 (2,5)% 1,8 2,1 19,2 % % on Revenues 15,5 % 15,3 % 1,3 % 1,6 % Revenues Net ResultEBITDA NFP
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(on First Grade Product Revenues) – Index 100 +0,3% compared to 1H 2025 Volumes Financial Results Revenues Variation by Components 1H 2025 Volume Price & Sales Mix 1H 2026 4 -0,3% compared to 2Q 2025 2Q 2025 Volume Price & Sales Mix 2Q 2026
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5 Financial Results | Quantity Variations % (on First Grade Product Revenues) EMEA Volumes -2.4% vs 1H25 and -3.8% vs 2Q25: • BCF soft market • NTF good performance especially in 2Q • EP and Other Polymers broadly in line USA Volumes +4.5% vs 1H25 and -1.6% vs 2Q25: • BCF in line with expectations • NTF with growing volumes Asia Volumes +3.2% vs 1H25 and +17.3% vs 2Q25: • BCF with growing volumes 1H25 vs 1H26 2Q25 vs 2Q26
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6 % by Product Line Financial Results | Revenues Breakdown 1H25 vs 1H26 2Q25 vs 2Q26
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7 % by Geographical Area Financial Results | Revenues Breakdown 1H25 vs 1H26 2Q25 vs 2Q26
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Financial Results ECONYL® Revenues on fibers 8 60.2% of 1H26 fibers revenues from ECONYL® and other regenerated fibers 1H25 vs 1H26 2Q25 vs 2Q26
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Financial Results P&L KPI 9 Data in € million 2025 2026 Δ% 2025 2026 Δ% Revenues 281,2 269,5 (4,2)% 137,1 135,7 (1,0)% EBITDA 38,4 40,6 5,7 % 21,3 20,7 (2,5)% % on net Sales 13,6% 15,0 % 15,5% 15,3% EBIT* 5,2 13,1 151,6 % 2,3 7,1 202,2 % % on net Sales 1,9 % 4,9% 1,7 % 5,2 % EBT* 2,5 3,3 32,3 % 1,4 2,0 41,1 % % on net Sales 0,9 % 1,2 % 1,1 % 1,5 % NET RESULT* 2,2 3,4 51,0 % 1,8 2,1 19,2 % % on net Sales 0,8 % 1,2 % 1,3 % 1,6 % 1H 2Q
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10 NFP (Net Debt) on June 30, 2026 196.9 €/mln vs 209.5 €/mln on December 31, 2025 NFP/EBITDA decreasing trend: x2.64 on June 30, 2026 vs x2.89 on December 31, 2025 NFP - €/mln NFP/EBITDA Financial Results | Net Financial Position (Net Debt)
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11 Financial Results | Net Financial Position (Net Debt) evolution €/mln.
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In line with the objectives set for the current year, H1 2026 performance confirms the Group’s strength. The reported financial results highlight the boosting of margins and a significant improvement in the net financial position. The Company has demonstrated its ability to maintain and increase margins in the period thanks to the ongoing cost streamlining measures and the excellent performance of the ECONYL®-branded products. These results were achieved in a global macroeconomic environment that remains marked by significant instability and is influenced by ongoing geopolitical conflicts. This situation continues to drive sharp increases in raw material and transportation costs, which have already been largely offset in the third quarter and will be further absorbed in the fourth quarter. The company remains committed to reducing its net debt. Strict financial discipline and a targeted selection of efficiency-focused investments will continue to support strong cash generation. The persistent market uncertainty makes it difficult to gain a clear picture of global demand. However, the close management of costs and working capital allows us to look to the second half of the year with confidence, reaffirming the goals set for 2026. Outlook 12
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13 4. Annexes
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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. 14
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Annex - Definitions «FIRST GRADE REVENUES» “First grade 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 grade 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, costs/income related to non-core transactions. Net Financial Position (NFP or Net Debt) On April 29, 2021, Consob issued “Warning Notice No. 5/21” (Richiamo di attenzione n. 5/21), stating that the new “ESMA Guidelines” of March 4, 2021 replaced, effective from May 5, 2021, the previous Consob communications on the matter. Guideline No. 39 requires that financial statement disclosure includes the following definition of net financial debt A. Liquidity B. Cash and cash equivalent 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) 15
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Annex - Sector Data – Caprolactam price evolution €/ton 16 Source: Tecnon OrbiChem, a ResourceWise company
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Annex - Consolidated Income Statement 17 CONSOLIDATED INCOME STATEMENT (Euro thousands) Half Year 2025 Half Year 2026 Second quarter 2025 Second quarter 2026 Revenues 281.158 269.479 137.147 135.728 of which related parties 6 5 ( 0) 0 Other revenues and income 6.249 3.843 3.380 2.038 of which related parties 172 179 85 87 Total revenues and other revenues and income 287.407 273.322 140.527 137.767 Cost of raw materials and changes to inventories ( 121.356) ( 116.010) ( 56.752) ( 58.058) of which related parties ( 0) ( 0) 0 0 Service costs and rents, leases and similar costs ( 68.164) ( 61.888) ( 33.324) ( 31.640) of which related parties ( 326) ( 259) ( 157) ( 117) Personnel costs ( 64.367) ( 59.613) ( 32.582) ( 29.530) of which related parties 0 ( 0) ( 0) ( 0) Other costs and operating charges ( 1.612) ( 1.543) ( 983) ( 790) of which related parties ( 35) ( 35) ( 17) ( 17) Amortisation and depreciation ( 25.346) ( 22.462) ( 12.434) ( 11.160) Write-down of fixed assets ( 1.982) ( 403) ( 1.982) ( 402) Provisions and write downs/(releases) ( 1.494) ( 30) ( 1.386) ( 18) Increase in internal work capitalised 2.137 1.769 1.263 923 EBIT 5.223 13.142 2.347 7.094 Investment income/charges 78 272 78 272 of which related parties 78 272 78 272 Financial income 606 1.194 304 501 of which related parties 2 2 1 1 Financial charges ( 7.895) ( 8.414) ( 3.839) ( 4.221) of which related parties ( 117) ( 59) ( 49) ( 40) Exchange gains/(losses) 4.484 ( 2.894) 2.557 ( 1.603) Profit/(loss) before taxes 2.495 3.300 1.447 2.042 Income taxes ( 272) 58 349 98 Profit/(loss) for the period 2.224 3.358 1.796 2.140 Minority interest profit/(loss) ( 0) 0 0 0 Group Net Profit/(loss) 2.224 3.358 1.796 2.140
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Annex - Consolidated Income Statement – Revenues 1H 18 1H €/mln 2025 2026 Δ Δ% 2025 2026 Δ Δ% 2025 2026 Δ Δ% 2025 2026 Δ Δ% 2025 2026 Δ Δ% %25 %26 EMEA 93,1 88,2 (4,9) (5,2)% 31,2 31,7 0,5 1,7 % 17,9 17,4 (0,6) (3,2)% 7,5 8,5 1,0 13,4 % 149,6 145,7 (3,9) (2,6)% 53,2% 54,1% North America 71,3 66,2 (5,1) (7,1)% 11,8 11,7 (0,1) (1,0)% 0,5 0,3 (0,2) (43,0)% 2,8 3,2 0,4 13,1 % 86,4 81,4 (5,0) (5,8)% 30,7% 30,2% Asia and Oceania 41,7 39,3 (2,4) (5,6)% 1,6 1,2 (0,4) (26,0)% 0,8 0,9 0,1 11,5 % 0,0 0,0 (0,0) N.A. 44,1 41,4 (2,7) (6,1)% 15,7% 15,4% RoW 0,4 0,6 0,2 53,1 % 0,6 0,4 (0,2) (37,0)% 0,0 N.A. 0,0 N.A. 1,0 1,0 0,0 0,2 % 0,4% 0,4% TOTAL 206,5 194,4 (12,1) (5,8)% 45,2 44,9 (0,2) (0,5)% 19,2 18,5 (0,7) (3,5)% 10,3 11,7 1,4 13,3 % 281,2 269,5 (11,6) (4,1)% 100,0% 100,0% % Tot 73,4% 72,1% 16,1% 16,7% 6,8% 6,9% 3,7% 4,3% 100% 100% BCF (fiber for carpet) NTF (fiber for fabrics) EP (Engineering Plastics) Other Polymers TOTAL 53,2% 54,1% 30,7% 30,2% 15,7% 15,4% 2025 2026 EMEA North America Asia and Oceania 73,4% 72,1% 16,1% 16,7% 6,8% 6,9% 3,7% 4,3% 2025 2026 BCF (fiber for carpet) NTF (fiber for fabrics) EP (Engineering Plastics) Other Polymers
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Annex - Consolidated Income Statement – Revenues 2Q 19 2Q €/mln 2025 2026 Δ Δ% 2025 2026 Δ Δ% 2025 2026 Δ Δ% 2025 2026 Δ Δ% 2025 2026 Δ Δ% %25 %26 EMEA 47,1 45,3 (1,9) (4,0)% 14,8 15,7 0,9 6,1 % 8,1 7,4 (0,7) (8,9)% 3,4 4,8 1,5 43,4 % 73,4 73,2 (0,2) (0,3)% 53,5% 53,9% North America 36,0 32,9 (3,2) (8,8)% 5,7 5,5 (0,2) (3,9)% 0,2 0,1 (0,1) N.A. 1,3 1,9 0,6 45,0 % 43,2 40,3 (2,9) (6,7)% 31,5% 29,7% Asia and Oceania 18,7 20,7 2,0 10,5 % 0,9 0,5 (0,3) (39,2)% 0,6 0,7 0,1 13,9 % 0,0 0,0 0,0 5,1 % 20,2 21,9 1,7 8,4 % 14,7% 16,1% RoW 0,1 0,2 0,2 272,3 % 0,2 0,1 (0,1) (36,4)% 0,0 0,0 0,0 N.A. 0,0 0,0 0,0 N.A. 0,3 0,4 0,1 31,8 % 0,2% 0,3% TOTAL 101,9 99,0 (2,9) (2,8)% 21,6 21,8 0,2 1,1 % 9,0 8,2 (0,8) (8,6)% 4,7 6,8 2,1 43,8 % 137,1 135,8 (1,4) (1,0)% 100,0% 100,0% % Tot 74,3% 72,9% 7,7% 8,1% 3,2% 3,0% 1,7% 2,5% 100% 100% BCF (fiber for carpet) NTF (fiber for fabrics) EP (Engineering Plastics) Other Polymers TOTAL 53,5% 53,9% 31,5% 29,7% 14,7% 16,1% 2025 2026 EMEA North America Asia and Oceania 74,3% 72,9% 15,7% 16,1% 6,5% 6,0% 3,4% 5,0% 2025 2026 BCF (fiber for carpet) NTF (fiber for fabrics) EP (Engineering Plastics) Other Polymers
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Annex - EBITDA and Adjusted Operating Results (*) Comprises: in H1 2026 (i) Financial income of Euro 1.2 million, (ii) Financial charges of Euro 8.4 million, (iii) Net exchange losses of Euro 2.9 million, and (iv) Cash discounts granted to customers totaling Euro 1.4 million. (**) These primarily include: in the first half of 2026, charges related to the reorganization of Aquafil Carpet Recycling #1 totaling Euro (1.9) million, as reported in the previous section “Significant events in the first half of 2026” and costs related to employee mobility of Euro (0.6) million, costs associated with the Group’s expansion of Euro 0.1 million , and tax and administrative consulting fees of Euro 0.2 million, the latter relating to specialized support within the cost-containment project undertaken during the previous fiscal year. 20 Reconciliation from Profit/(loss) for the period EBITDA (€/000) Half Year 2025 Half Year 2026 Second quarter 2025 Second quarter 2026 Profit/(loss) for the period 2.224 3.358 1.796 2.140 Income taxes 272 ( 58) ( 349) ( 98) Investment income and charges ( 78) ( 272) ( 78) ( 272) Amortisation and depreciation 25.346 22.462 12.434 11.160 Write-down of fixed assets 1.982 403 1.982 402 Provisions and write downs/(releases) 1.494 30 1.386 18 Financial items (*) 4.139 11.544 1.619 6.145 Costs/Income related to non-core transactions (**) 2.996 3.085 2.478 1.240 EBITDA 38.373 40.552 21.268 20.735 Revenues 281.158 269.479 137.147 135.728 EBITDA margin 13,6% 15,0% 15,5% 15,3% Reconciliation from Profit/(loss) for the period to EBIT Adjusted (€/000) Half Year 2025 Half Year 2026 Secondo trimestre 2025 Secondo trimestre 2026 EBITDA 38.373 40.552 21.268 20.735 Amortisation, depreciation and write-downs ( 27.328) ( 22.865) ( 14.415) ( 11.562) (Provisions and write downs)/releases ( 1.494) ( 30) ( 1.386) ( 18) Adjusted EBIT 9.552 17.657 5.466 9.154 Revenues 281.158 269.479 137.147 135.728 Adjusted EBIT margin 3,4% 6,6% 4,0% 6,7%
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Annex - Consolidated Balance Sheet (1/2) 21 CONSOLIDATED BALANCE SHEET €/000 December 31 2025 June 30 2026 Intangible assets 12.009 10.090 Goodwill 14.237 14.655 Property, plant & equipment 197.714 199.080 Financial assets 907 1.194 of which related parties 222 313 Investments valued at equity 1.113 1.113 Other assets 137 129 Deferred tax assets 30.511 33.105 Total non-current assets 256.628 259.366 Inventories 172.754 182.958 Trade receivables 19.973 28.397 of which related parties 147 255 Financial assets 2.262 8.155 of which related parties 35 34 Tax receivables 940 1.108 Other assets 7.540 10.356 of which related parties 325 702 Cash and cash equivalents 165.548 155.875 Total current assets 369.017 386.849 Total assets 625.645 646.215
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Annex - Consolidated Balance Sheet (2/2) 22 CONSOLIDATED BALANCE SHEET €/000 December 31 2025 June 30 2026 Share capital 53.354 53.354 Reserves 82.598 87.257 Group net result -4.694 3.358 Group shareholders' equity 131.258 143.969 Minority interest shareholders’ equity 0 0 Minority interest net profit 0 0 Total consolidated shareholders’ equity 131.258 143.969 Employee benefits 4.262 4.039 Financial liabilities 282.405 260.212 of which related parties 1.449 1.156 Provisions for risks and charges 2.529 2.293 Deferred tax liabilities 9.630 10.050 Other liabilities 1.565 1.458 Total non-current liabilities 300.391 278.052 Financial liabilities 94.913 100.749 of which related parties 2.102 2.075 Current tax payables 1.083 1.637 Trade payables 77.443 100.324 of which related parties 220 29 Other liabilities 20.557 21.484 Total current liabilities 193.996 224.194 Total shareholders’ equity & liabilities 625.645 646.215
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23 Annex - Consolidated Cash Flow Statement (1/2) CONSOLIDATED CASH FLOW STATEMENT (Euro thousands) June 30 2025 June 30 2026 Operating activities Profit/(loss) for the period 2.224 3.358 of which related parties: (220) 106 Income taxes 272 (58) Investment income and charges (78) (272) of which related parties: (78) (272) Financial income (606) (1.194) of which related parties: (2) (2) Financial charges 7.895 8.414 of which related parties: 117 59 Exchange gains/(losses) (4.484) 2.894 Asset disposal (gains)/losses (94) (9) Provisions and write-downs 1.494 30 Amortisation, depreciation & write-downs of tangible/intangible assets 27.328 22.865 Cash flow from operating activities before working capital changes 33.950 36.028 Decrease/(Increase) in inventories 2.284 (7.677) Decrease/(Increase) in trade receivables (12.812) (7.757) of which related parties: (103) (108) Increase/(Decrease) in trade payables (4.911) 21.651 of which related parties: (147) (191) Changes to assets and liabilities 262 (1.705) of which related parties: 0 (377) Post-employment benefits (114) (211) Other provisions (193) (288) Income taxes (Paid)/Reimbursed (1.194) (2.348) Net financial charges (7.074) (7.238) TOTAL OPERATING CASH FLOW 10.200 30.455
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24 Annex - Consolidated Cash Flow Statement (2/2) CONSOLIDATED CASH FLOW STATEMENT (Euro thousands) June 30 2025 June 30 2026 Investing activities Investments in tangible assets (10.218) (10.404) Disposal of tangible assets 289 238 Investments in intangible assets (1.407) (1.385) Disposal of intangible assets Reclassifications materials 95 Dividends received 78 272 of which related parties: 78 272 Investments in financial assets TOTAL CASH FLOW FROM INVESTING ACTIVITIES (11.162) (11.279) Changes in shareholders’ equity Other changes in Net Equity (15) Financing activities Drawdown non-current bank loans and borrowings 36.167 21.072 Repayment of bank loans and other non-current loans (37.947) (35.680) Reimbursement of bond loan (5.876) (5.793) Derivatives Other financial assets/liabilities (370) (5.753) of which related parties: (99) Net change in payables for RoU (5.011) (4.114) of which related parties: (1.878) (329) TOTAL CASH FLOW FROM FINANCING ACTIVITIES (13.052) (30.268) TOTAL CASH FLOWS (14.014) (11.092) TRANSLATION RESERVE (3.575) 1.419 NET CASH FLOW IN THE YEAR (17.589) (9.673)
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25 Annex - Net Financial Position (Net Debt) NET FINANCIAL DEBT (Euro thousands) December 31 2025 June 30 2026 A. Liquidity 165.548 155.875 B. Cash and cash equivalents C. Other current financial assets 2.262 8.155 D. Liquidity (A) + (B) + (C) 167.810 164.030 E. Current financial debt (including debt instruments but excluding the current portion of non-current financial ( 2.755) ( 1.478) F. Current portion of non-current financial debt ( 92.158) ( 99.271) G. Current financial debt (E + F) ( 94.913) ( 100.749) H. Net current financial debt (G - D) 72.897 63.281 I. Non-current financial debt (excluding current portion and debt instruments) ( 200.835) ( 184.380) J. Debt instruments ( 81.572) ( 75.831) K. Trade payables and other non-current payables L. Non-current debt (I+J+K) ( 282.407) ( 260.212) M. Total financial debt (H+L) ( 209.510) ( 196.931)
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