Earnings release
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Press Release THE BOARD OF DIRECTORS APPROVES THE CONSOLIDATED RESULTS AS AT 30 JUNE 2026 NET SALES INCREASE IN THE FIRST HALF OF 2026 COMPARED TO H1 2025 (+1.8%), THANKS TO THE SIGNIFICANT CONTRIBUTION FROM THE DISTRIBUTION BU, WHICH IN Q2 2026 ACHIEVED THE HIGHEST NET SALES IN THE GROUP’S HISTORY, THANKS TO THE MIX OF VOLUMES AND PRICES FOR HIGH-VALUE-ADDED CATEGORIES ADJUSTED EBITDA MARGIN EQUAL TO 5.3% THE STRENGTHENING OF THE ORGANISATIONAL STRUCTURE, IN LINE WITH STRATEGIC OBJECTIVES, HAS LED TO AN INCREASE IN WAREHOUSE AND SG&A COSTS ESSENTIAL FOR THE BUSINESS GROWTH IN THE MEDIUM TERM THE INCREASED NET FINANCIAL POSITION REFLECTS THE 45% ACQUISITION OF TRUCCO HOLDINGS INC. IN THE UNITED STATES FY 2026 ECONOMIC GOALS CONFIRMED, INVESTMENT ESTIMATE AND NFP TARGET UPDATED ON THE BASIS OF THE NEW GROWTH INITIATIVES KEY CONSOLIDATED FINANCIAL DATA H1 2026: • NET SALES EQUAL TO € 860.5 MILLION (€ 845.2 MILLION IN H1 2025), +1.8% YoY • ADJUSTED EBITDA EQUAL TO € 45.6 MILLION (€ 48.4 MILLION IN H1 2025), WITH AN EBITDA MARGIN OF 5.3% (5.7% IN H1 2025) • ADJUSTED NET PROFIT OF € 18.6 MILLION (€ 20.9 MILLION IN H1 2025) • NET FINANCIAL POSITION OF € 142.4 MILLION, INCREASING VERSUS € 116.1 MILLION AT 31 DECEMBER 2025 Milan, 10 September 2026 – The Board of Directors of Orsero S.p.A. (Euronext STAR Milan, ORS:IM), held on today’s date, approved the consolidated financial results at 30 June 2026. *** Raffaella Orsero, Vice President and CEO of Orsero, and Matteo Colombini, CEO of Orsero, commented: "The first half of 2026 saw the realisation of a key milestone for the Group’s long-term growth, thanks to the investment made in Trucco Holdings Inc., which will enable the Group to expand rapidly in the US market. The Group then continued to develop its organic growth strategy through two major initiatives: the acquisition of a logistics platform in Spain to strengthen its geographical coverage in the north of the country, and the securing of co -exclusive rights to import lychees from Madagascar from the 2026/2027 season onwards. Looking at the performance for the period, the positive trend in the Distribution BU’s net sales was supported by a significant contribution from the second quarter, during which net sales reached
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2 an all-time Group high. Once again, high value -added product categories, particularly berries, kiwis and exotic fruit, saw double-digit net sales growth driven by a combination of increased distribution volumes and higher selling prices, offsetting the less than satisfactory performance of bananas, plata no canario and pineapples, and thereby confirming the success of the Group’s growth strategy. The Distribution BU’s marginality in the first half of 2026 saw a slight decline attributable to an extremely complex market environment, made turbulent by the indirect impacts of the Middle East crisis, which led to an increase in operating costs, coupled with a rise in overheads necessar y to lay the foundations for the Group’s development projects. Geographically, Italy posted an excellent performance in terms of both net sales and margins; France proved resilient, whilst the Iberian Peninsula was negatively affected by market trends for bananas, pineapples and platano canario. The Shipping BU achieved a good result in terms of both net sales and margins, characterised by strong volumes transported and freight rates that were higher than in the first half of 2025. We are generally satisfied with the results achieved this half -year, particularly in a market environment characterised by geopolitical uncertainties and challenging cost dynamics linked to sourcing, especially with regard to bananas, a challenge shared by the major players in the sector. The Group’s financial position remains very sound, even following the acquisition of a 45% stake in Trucco Holdings Inc. In the coming months, the Group will focus on achieving its set economic and financial targets and on developing the major new projects it has launched, with a particular focus on the recent acquisition of Trucco and its expansion in the North American market”. *** CONSOLIDATED ECONOMIC SUMMARY DATA AS AT 30 JUNE 2026 € Million H1 2026 H1 2025 Changes € % Net Sales 860.5 845.2 15.3 1.8% Adjusted EBITDA 45.6 48.4 (2.8) -5.8% Adjusted EBITDA Margin 5.3% 5.7% -43 bps Adjusted EBIT 26.5 30.5 (3.9) -12.8% EBIT 21.3 28.9 (7.6) -26.3% Adjusted Net Profit 18.6 20.9 (2.3) -11.2% Non-recurring profit/loss and Top Management Incentives (3.9) (1.2) ns ns Net Profit 14.6 19.7 (5.1) -25.7% Net Sales, equal to € 860.5 million, are up 1.8% compared with € 845.2 million recorded in H1 2025, thanks to the contribution of both Business Units. In particular, the Distribution BU has seen a general increase in selling prices and in the combined effect of prices and volumes for certain high value -added product categories (berries, exotic fruits and kiwis), which have offset lower volumes of bananas; the Shipping BU, on the other hand, is benefiting from a favourable freight rate context. The Adjusted EBITDA is equal to € 45.6 million, compared with € 48.4 million registered in H1 2025, with an Adjusted EBITDA Margin of 5.3%. This result was affected by weaker performance in bananas, platano canario and pineapples, as well as by the strengthening of the organisational structure, in line with strategic objectives, which led to an increase in warehousing costs and general and administrative expenses
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3 (SG&A). In particular, there was an increase in labour costs, attributable both to the recruitment of new staff and to granted pay rises, which was partially offset by a reduction in costs for external services. The Adjusted EBIT is equal to € 26.5 million, compared with € 30.5 million achieved in H1 2025. The Adjusted Net Profit 1-2 reports a result of € 18.6 million, decreasing in comparison to € 20.9 million recorded in H1 2025. The Net Profit2 stands at € 14.6 million, compared with a profit of € 19.7 million registered in H1 2025, as a result of lower operating margins and an increase in non -recurring negative items relating to costs associated with the acquisition of the Trucco Group, the settlement of a tax dispute, and charter costs for a replacement vessel. *** CONSOLIDATED BALANCE SHEET SUMMARY DATA AS AT 30 JUNE 2026 € Million 30.06.2026 31.12.2025 Total Equity 278.6 274.5 Net Financial Position 142.4 116.1 NFP/Total Equity 0.51 0.42 NFP/Adjusted EBITDA 1.69 1.34 Net Financial Position excl. IFRS 16 77.2 49.7 The Total Shareholders' Equity is equal to € 278.6 million, with an increase of € 4.1 million compared to the Total Shareholders’ Equity as at 31 December 2025, equal to € 274.5 million. The Net Financial Position3 is equal to € 142.4 million as at 30 June 2026, increasing from the € 116.1 million as at 31 December 2025, mainly as a result of the investment linked to the acquisition of the 45% of Trucco Holdings Inc. in the United States, equal to a consideration of € 38.2 million. Available cash stands at € 89.9 million4 (€ 77.7 million at 31 December 2025), gross financial liabilities of € 171.0 million (€ 126.7 million at 31 December 2025), IFRS 16 liabilities at € 65.1 million (€ 66.4 million in 2025) and net assets linked to the mark- to-market of derivatives of € 1.4 million (€ 0.8 million net liabilities as at 31 December 2025). The Net Financial Position without the IFRS 16 effects is equal to € 77.2 million (€ 49.7 million at 31 December 2025), increasing € 27.5 million in comparison to the end of 2025, due to the aforementioned acquisition, offset by the good operating cash generation and by a reduction in net working capital, in spite of recurring operating investments of approximately € 6.5 million, related to improvement s on warehouse facilities in Italy, IT systems in Italy, Spain and France, and investments for new initiatives5 of approximately € 6.8 million, linked to the Vigo platform in Spain and to the costs of launching new marketing campaign s, and the payment to the shareholders of the Parent Company’s on 13 May of dividends totaling € 10.4 million, of which € 0.50 1 The result is calculated net of non-recurring items (equal to a loss of approximately € 3.3 million in H1 2026 and of approximately € 0.8 million in H1 2025) and costs relating to the Top Management incentives (equal to approximately € 0.6 million in H1 2026 and € 0.4 million in H1 2025), including the related estimated tax effects. 2 Regarding the impact of the Trucco transaction, as the acquisition took place on the very last day of the period, its contrib ution to the consolidated half-year income statement is zero. 3 The NFP data already includes the effects of IFRS 16. 4 Total cash and cash equivalents amount to € 92.3 million, including € 2.5 million relating to the escrow deposit for the AJ Trucco SPA, which originally amounted to $ 2.8 million (for further details, please refer to the press release of 30 June 2026). 5 Net of trade payables.
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4 per share was paid in cash and € 0.11 per share was paid through the free allocation of up to 100,000 Orsero shares held by the Company, at a ratio of 1 share for every 172 shares held . *** CONSOLIDATED ECONOMIC DATA AS AT 30 JUNE 2026 BY BUSINESS UNIT Net Sales - Thousands of € H1 2026 H1 2025 “Distribution” BU 816,862 804,312 “Shipping” BU 61,347 59,993 “Holding & Services” BU 6,137 5,291 Adjustments intra-segment (23,889) (24,424) Net Sales 860,458 845,173 Adjusted EBITDA - Thousands of € H1 2026 H1 2025 “Distribution” BU 35,248 37,441 “Shipping” BU 15,426 15,108 “Holding & Services” BU (5,069) (4,142) Adjusted EBITDA 45,605 48,407 The Distribution BU achieved net sales of € 816.9 million, increasing approximately € 12.6 million compared with H1 2025 (+1.6%), in particular thanks to the contribution from the second quarter, which recorded the highest quarterly net sales in the Group’s history. This result was driven by both the price effect and an increase in volumes in the higher value -added categories, against a decline in volumes for banana products. Adjusted EBITDA is equal to € 35.2 million, down from € 37.4 million recorded in H1 2025, impacted by increasing warehouse costs and general expenses , mainly linked to personnel costs. As far as product categories are concerned, the high -value added product categories grow double digit, berries, kiwi fruit and exotic fruit registered solid performances, offsetting the negative performance of banana s, platano canario and pineapples . This latter category was affected by rising import costs, which were not passed on to retail prices, as well as price pressures resulting from increased volumes of bananas entering Europe following a reduction in trade flows to the Middle East, linked to tr ansit restrictions in the Strait of Hormuz . The Adjusted EBITDA Margin stands at approximately 4.3% of net sales (4.7% in H1 2025). The Shipping BU generated net sales of € 61.3 million, showing an increase of about € 1.4 million (+2.3% vs H1 2025), as a result of the rise in freight rates, linked to the increase in bunker prices, and the strong performance of the dry cargo sector. Adjusted EBITDA is equal to € 15.4 million, up from € 15.1 million achieved in H1 2025, mostly because of the aforementioned favourable freight rate context, which offset a slightly decreasing loading factor versus the first six months of 2025 due to less volumes of bananas transported and then sold by the Distribution BU. Adjusted EBITDA Margin is equal to 25.1% of net sales (25.2% in H1 2025). The Holding & Services BU achieved net sales of € 6.1 million and a negative Adjusted EBITDA of € 5.1 million. Please note that the result of the segment is physiologically negative at the level of Adjusted EBITDA
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5 since it includes the activities of the Parent Company, whose result is linked to the extent of the dividends received by the companies of the Group. *** MAIN SIGNIFICANT EVENTS OCCURRED DURING THE FIRST HALF OF 2026 On 28 April 2026 , the Shareholders’ Meeting resolved, among other things: (i) to approve the financial statements for the fiscal year ended 31 December 2025; (ii) the distribution of an ordinary dividend of € 0.50 per share paid in cash and the assignment of no. 1 Orsero share for every no. 172 shares held, which was paid on May 13, 2026; (iii) the approval, with a binding vote, of the Remuneration Policy (Section I) pursuant to Article 123-ter, paragraphs 3-bis and 3-ter, of the Consolidated Law on Finance (TUF), and by an advisory vote, pursuant to Article 123-ter, paragraph 6, of the TUF, of the Remuneration Report (Section II) on the compensation paid in 2025; (iv) the appointment of the new Board of Directors, composed of 10 members, and the new Board of Statutory Auditors, both to remain in office until the date of approval of the financial statements as of 31 December 2028 - confirming Mr. Paolo Prudenziati as Chairman of the Board of Directors; (v) the approval of the 2026 – 2028 Performance Share Plan; (vi) the renewal of the authorization granted to the Board of Directors to purchase ordinary treasury shares, including in multiple tranches, for a period of 18 months and for a maximum number of shares not exceeding a total value of € 10.0 million, and the authorization to dispose of treasury shares held without any time limit and for all purposes permitted by law. On the same date, the Company announced two new appointments to its senior Management team. Mr. Edoardo Dupanloup assumed the role of Group Chief Financial Officer as of that date, while continuing to serve as the Manager responsible for the preparation of the Company’s financial statements and sustainability reporting, and Mr. Um berto Briozzo simultaneously assumed the position of Head of Tax & Transfer Pricing. For further details, please refer to the press release dated 28 April 2026. On 30 June 2026, the Group announced that it had acquired 45 % of the share capital of Trucco Holdings Inc., a company which holds the entire share capital of Trucco Inc. (New Jersey) and TruFresh Logistics LLC (New Jersey), and that it had entered into an agreement to acquire, subject to obtaining the necessary approvals from the relevant authorities, 46 % of AJ Trucco Inc. (New York). The companies (collectively referred to as the “Trucco Group”) operate in the distribution of fresh fruit and vegetables in the north-east of the United States and are one of the leading specialist operators in the sector . Further to and in confirmation of what was previously announced, and in light of the analyses carried out at the time of the investment, total net sales are expected to exceed USD 250 million for FY 2026 and the adjusted EBITDA margin is expected to stand at approximately 6%, confirming an operating profitability equal to or higher than that of the Group. The total investment provided for in the sale and purchase agreements amounts to USD 46 million for the acquisition of 45% of Trucco Holdings Inc. and 46% of AJ Trucco Inc., in addition to a top-up price due to the cash holdings of Trucco Holdings (“Required Cash”) amounting to USD 0.45 million. The transaction was financed partly through the Group’s available financial resources and partly through a bank loan, utilising a dedicated M&A facility of € 35 million granted by a pool of European banks. The agreements also include put&call options for an additional 15% of the share capital of Trucco Holdings Inc., exercisable starting in the 2029 financial year. The agreement provides for the continuity of the company’s operational and managerial management, in line with the approach adopted by the Group in previous acquisitions. Nicola Pacia, the current controlling shareholder, Chairman and CEO of the Trucco
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6 Group, will retain his majority stake and continue to serve as Chief Executive Officer for a minimum period of six years, until 2032, alongside Raffaella Orsero and Matteo Colombini, who will join the company’s Board of Directors. A Shareholders’ Agreement has also been signed to govern post-acquisition governance and the mutual rights of the shareholders. For further details, please refer to the press releases dated 30 June and 2 July 2026. *** MAIN SIGNIFICANT EVENTS OCCURRED AFTER THE END OF THE FIRST HALF 2026 At the date of the Half-Year Financial Report, there were no events of particular significance at an operating level. With reference to the latest developments in the international geopolitical context, the Group's Management continues to monitor the developments with the aim of maintaining its import and distribution logistics chain efficient, preserving its cost-effectiveness and efficiency. *** BUSINESS OUTLOOK: GUIDANCE 2026 Please note that, on the basis of the approved budget projections for the FY 20 26, in line with its practice of dialogue with shareholders, on 2 February 2026 the Company announced the Guidance on the main economic and financial metrics expected for the current FY. Also considering the recent impact of the acquisition of Trucco Holdings Inc. registered during the first half of 2026, as well as certain additional expansionary investments and the impact on working capital resulting from the new campaign for lychees fro m Madagascar, the Company believes it can revise the financial metrics of the Guidance FY 2026 communicated on 2 February 206. The main revised consolidated forecast indicators are shown below: Revised Financial Guidance FY 20266: • Net Sales between € 1,700 million and € 1,740 million (unchanged); • Adjusted EBITDA7 between € 78 million and € 83 million (unchanged); • Adjusted Net profit8 between € 25 million and € 29 million (unchanged); • Net Financial Position between € 165 million and € 160 million9 (+ 58 million); • Investments in operating fixed assets between € 19 million and € 20 million10 (+ € 5/4 million). The management and the Company constantly monitor the main economic and equity indicators to be able to promptly react to any new scenarios that are currently not foreseeable, and which will be 6 Excluding possible further M&A transactions. The data in brackets refer to the comparison with the FY 2026 Guidance published on the 2nd of last February 7 It does not include depreciation, provisions, income and charges of a non -recurring and costs related to the rewarding of Top Management. 8 It does not include income and expenses of a non -recurring nature and costs related to the rewarding of Top Management including the related estimated tax effect. 9 Excluding the IFRS 16 effect, between € 100 million and € 95 million (+ € 58 million). 10 Excluding the increase in fixed assets due to the application of IFRS 16.
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7 communicated to shareholders if they involve a significant deviation of the Group's results compared to the FY 2026 Guidance. *** FILING OF DOCUMENTS A brief presentation of the consolidated Results of H1 2026, in English, will be made available to the public on the institutional website www.orserogroup.it, section “Investors/Financial Documents”. Copy of Half-Year Financial Report as at 30 June 2026 will be made available to the public according to the law on the institutional website www.orserogroup.it, section “Investors/Financial Documents”, on the authorized storage system eMarket Storage (www.emarketstorage.com) other than at the registered office in Milan, via Vezza d’Oglio 7. *** The Manager in charge of preparing the corporate accounting documents of Orsero S.p.A. , Mr. Edoardo Dupanloup certifies, pursuant to art. 154-bis. paragraph 2. of Legislative Decree 58/98 that the accounting information contained in this press release corresponds to the documentary results, books and accounting records. *** The Group’s results for H1 2026 will be presented to the financial community on 11 September 2026 during a conference call at 9.30 AM CEST (UTC +02:00). For information, please contact the references at the bottom of this press release. ** *** ** ORSERO is the holding company of the Italian and international group with the same name , a leader in Mediterranean Europe for the import and distribution of fresh fruit and vegetables. The Orsero Group was created more than 50 years ago at the initiative of the Orse ro family, which had been operating since the 1940s in the fruit and vegetable sector, in partnership with other entrepreneurs. Over the decades, the Orsero Group has expanded its business both in terms of area covered, which today includes Italy, France, Spain, Portugal, Greece, Mexico, Costa Rica and Colombia, and in terms of product categories and sectors, according to a model known as vertical integration. Along with the distribution of fresh produce , the Orsero Group's business model also includes the import of bananas and pineapples using its owned ships. In 2012 , the Orsero Group launched the "F.lli Orsero " brand, which labels high-quality fruit and vegetables and embodies the tradition and passion of a major Italian family business for premium fresh prod uce. ORSERO ordinary shares are listed on the Euronext STAR Milan segment of the Market Euronext Milan: ISIN - IT0005138703; Bloomberg Ticker “ORS.IM”; Thomson Reuters Ticker “ORSO.MI”. For more information: Orsero S.p.A. Investor Relations: Edoardo Dupanloup | T. +39 347 4496044 | investor.relations@orserogroup.it| www.orserogroup.it Rebecca Cancellieri |T. +39 349 4727548 |investor.relations@orserogroup.it| www.orserogroup.it Media Relations: CDR Communication Angelo Brunello | M. +39 329 211 7752 | angelo.brunello@cdr-communication.it Martina Zuccherini | martina.zuccherini@cdr-communication.it Specialist Intesa Sanpaolo S.p.A. –IMI CIB Division Largo Mattioli 3 - 20121 – Milano
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8 ANNEXES ORSERO GROUP - CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2026 Thousands of euro 30.06.2026 31.12.2025 ASSETS Goodwill 127,447 127,447 Intangible assets other than Goodwill 16,321 9,546 Property, plant and equipment 199,557 200,315 Investments accounted for using the equity method 61,422 23,063 Non-current financial assets 8,761 7,654 Deferred tax assets 6,607 7,003 NON-CURRENT ASSETS 420,115 375,029 Inventories 67,847 54,887 Trade receivables 178,304 159,603 Current tax assets 10,049 12,057 Other receivables and other current assets 25,835 19,265 Cash and cash equivalents 89,872 77,706 CURRENT ASSETS 371,907 323,518 Non-current assets held for sale - - TOTAL ASSETS 792,021 698,547 EQUITY Share Capital 69,163 69,163 Other Reserves and Retained Earnings 193,836 174,516 Profit/loss attributable to Owners of Parent 13,900 29,240 Equity attributable to Owners of Parent Company 276,900 272,920 Non-controlling interests 1,662 1,535 TOTAL EQUITY 278,562 274,454 LIABILITIES Financial liabilities 167,500 146,398 Other non-current liabilities 1,386 551 Deferred tax liabilities 4,135 3,887 Provisions 5,151 5,111 Employee benefits liabilities 9,534 9,315 Trade payables 5,594 - NON-CURRENT LIABILITIES 193,300 165,262 Financial liabilities 67,440 47,680 Trade payables 212,844 173,423 Current tax liabilities 7,915 5,947 Other current liabilities 31,962 31,781 CURRENT LIABILITIES 320,160 258,831 Liabilities directly associated with non-current assets held for sale - - TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 792,021 698,547
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9 ORSERO GROUP - CONSOLIDATED INCOME STATEMENT FOR THE PERIOD ENDED 30 JUNE 2026 Thousands of euro 1st semester 2026 1st semester 2025 Net sales 860,458 845,173 Cost of sales (779,665) (764,222) Gross profit 80,792 80,952 General and administrative expenses (54,595) (51,407) Other operating income/expense (4,908) (644) Operating result 21,290 28,901 Financial income 392 464 Financial expenses and exchange rate differences (4,036) (5,771) Other income/expenses from investments (2) 16 Share of profit/loss of associates and joint ventures accounted for using equity method 1,399 1,162 Profit/loss before tax 19,042 24,772 Income tax expense (4,405) (5,069) Profit/loss from continuing operations 14,637 19,703 Profit/loss from discontinued operations - - Profit/loss for the period 14,637 19,703 Profit/loss attributable to non-controlling interests 737 540 Profit/loss attributable to Owners of Parent 13,900 19,163
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10 ORSERO GROUP - CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 JUNE 2026 Thousands of euro 1st semester 2026 1st semester 2025 A. Cash flows from operating activities (indirect method) Profit/loss for the period 14,637 19,703 Adjustments for income tax expense 4,405 5,069 Adjustments for financial income/expenses 2,497 2,911 Interests on lease liabilities 1,545 1,290 Adjustments for provisions 1,218 1,290 (Dividends) (22) - Adjustments for depreciation and amortisation 18,342 16,994 Other adjustments for non-monetary elements (1,048) (2,599) Change in inventories (11,454) (6,926) Change in trade receivables (19,076) (19,645) Change in trade payables 38,538 31,861 Change in other receivables/assets and in other liabilities (3,191) (6,159) Interest received/(paid) (2,170) (2,634) Interest on lease liabilities paid (1,545) (1,290) (Income taxes paid) (2,278) (5,633) Dividend received 729 587 Use of funds (664) (789) Cash flow from operating activities (A) 40,462 34,034 B. Cash flows from investing activities Purchase of property, plant and equipment (7,894) (10,236) Proceeds from sales of property, plant and equipment 228 500 Purchase of intangible assets (3,608) (386) Proceeds from sales of intangible assets - - Purchase of interests in investments accounted for using equity method (37,775) - Proceeds from sales of investments accounted for using equity method - - Purchase of other non-current assets (356) (9) Proceeds from sales of other non-current assets - 4 (Acquisitions)/disposal of investments in controlled companies, net of cash - - Cash Flow from investing activities (B) (49,405) (10,128) C. Cash Flow from financing activities Increase/decrease of financial liabilities 6,213 4,192 Drawdown of new long-term loans 38,041 35 Pay back of long-term loans (4,945) (12,678) Repayment of lease liabilities (8,049) (8,411) Capital increase and other changes in increase/decrease - - Disposal/purchase of treasury shares - - Dividends paid (10,150) (10,101) Cash Flow from financing activities (C) 21,109 (26,962) Increase/decrease in cash and cash equivalents (A ± B ± C) 12,166 (3,057) Cash and cash equivalents at 1st January 26-25 77,706 85,360 Cash and Cash equivalents at 31 June 26-25 89,872 82,303
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11 ORSERO GROUP – NET SALES AND ADJUSTED EBITDA Q1 AND Q2 2026 BY BUSINESS UNIT € Million Distribution Shipping Holding & Services Eliminations Total Net sales second quarter 2026 449.2 32.2 3.1 (13.3) 471.3 Net sales first quarter 2026 367.6 29.1 3.0 (10.6) 389.2 Total Net sales first semester 2026 816.9 61.3 6.1 (23.9) 860.5 Adjusted EBITDA second quarter 2026 19.0 8.5 (2.7) - 24.8 Adjusted EBITDA first quarter 2026 16.2 6.9 (2.3) - 20.8 Total Adjusted EBITDA first semester 2026 35.2 15.4 (5.1) - 45.6 EBITDA Margin second quarter 2026 4.2% 26.5% ns - 5.3% EBITDA Margin first quarter 2026 4.4% 23.7% ns - 5.3% EBITDA Margin first semester 2026 4.3% 25.1% ns - 5.3% ORSERO GROUP – NET SALES AND ADJUSTED EBITDA Q1 AND Q2 2025 BY BUSINESS UNIT € Million Distribution Shipping Holding & Services Eliminations Total Net sales second quarter 2025 443.8 31.4 2.7 (12.3) 465.6 Net sales first quarter 2025 360.5 28.6 2.6 (12.1) 379.6 Total Net sales first semester 2025 804.3 60.0 5.3 (24.4) 845.2 Adjusted EBITDA second quarter 2025 21.8 7.2 (2.1) - 26.9 Adjusted EBITDA first quarter 2025 15.7 7.9 (2.0) - 21.5 Total Adjusted EBITDA first semester 2025 37.4 15.1 (4.1) - 48.4 EBITDA Margin second quarter 2025 4.9% 23.1% ns - 5.8% EBITDA Margin first quarter 2025 4.4% 27.5% ns - 5.7% EBITDA Margin first semester 2025 4.7% 25.2% ns - 5.7%