Slides
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Company Presentation & Financial Results September 15, 2026 Italian Champions Conference Frankfurt 2026
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Summary Zignago Vetro organization Financial results 3 4 5 6 7 8 10 16 COMPANY STRUCTURE ZIGNAGO HOLDING OUR CORE BUSINESS INTERNATIONAL PRESENCE BUSINESS UNITS ZIGNAGO VETRO MILESTONES ZV GROUP – BALANCE SHEET BUSINESS MODEL COMMERCIAL PRESENCE COMPANY PRESENTATION & FINANCIAL RESULTS 9 OUR IDENTITY 11 Annex 22 ESG APPROACH12 SALES AND PROFITABILITY TRACK RECORD 13 FY25 REVENUES & PROFITABILITY 17 2 19 1H26 REVENUES & PROFITABILITY 1H26 REVENUES & PROFITABILITY BY BU 20 ZV GROUP – CASH FLOW FROM OPERATION & CAPEX 21 EPS & DIVIDENDS
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ZV Group consolidated 596.0 mln€ Company structure Zignago Vetro 331.6 mln€ 64,0% Zignago Holding S.p.A. (MARZOTTO FAMILY) 36,0% FREE FLOAT on the ITALIAN STOCK EXCHANGE 100% Zignago Vetro France 51.0 mln€ Zignago Vetro Polska 86.6 mln€ 100% Vetri Speciali 288.9 mln€ (*) 50% Zignago Glass USA 5,5 mln€ 100% 51% 30% Vetro Revet 10.9 mln€ (*) Vetreco 25.2 mln€ (*) Julia Vitrum 25.4 mln€ (*) 2025 data *100% of turnover 40%Italian Glass Moulds 3.9 mln€ 100% NRG Glass Moulds 100% Tre.Ve. Verreries du Sud Est 100% General Vetri 100% 3COMPANY PRESENTATION & FINANCIAL RESULTS 100%
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Zignago Holding Zignago Vetro’smain shareholder is Zignago Holding S.p.A, an industrial holding located in North-East Italy, with assets in a diversified number of sectors and fully owned by the Marzotto Family. Glass containers Renewable energyFine wines Fashion/retail Others 4 COMPANY PRESENTATION & FINANCIAL RESULTS 100% 64,04% 100%10,02%
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Zignago Vetro milestones Julia Vitrum recycling of glass cullet 5 Vetreco: recycling of glass cullet Acquisition of the Empoli plant: F&B Acquisition of Zignago Vetro France in France: luxury perfumery & spirits Listed on the Italian Stock Exchange Portogruaro Plant: F&B + C&P + Pharma Acquisition of 3 companies producing specialty containers, later merged into Vetri Speciali Acquisition of Zignago Vetro Polska in Poland: C&P + F&B Acquisition of Vetro Revet: recycling of glass cullet Acquisition of Italian Glass Moulds: production of moulds 1979 1987 1994 1995 2002 2004 2007 2011 2013 2017 2019 2022 2024 Vetri Speciali acquires Verreries du Sud-Est, Tre.Ve. and NRG Glass Moulds, specializing in glass distribution and mould production Vetri Speciali acquires General Vetri: glass distributor COMPANY PRESENTATION & FINANCIAL RESULTS
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Business Units 2025 (€m) MARKET SEGMENTS PRODUCTS MAIN CHARACTERISTICS COMPETITIVE ADVANTAGE ZIGNAGO VETRO Sales € 331.6 Food & Beverage Cosmetics & Perfumery Flexibility, efficiency, and technical know-how are keys to success. Focus on selected segments of food & beverage and cosmetics & perfumery. Flexibility Quality ZIGNAGO VETRO FRANCE Sales € 51.0 Luxury Perfumery Extraordinary catalogue of high-quality and efficient products. Focus on the luxury perfumes market. Quality Innovation ZIGNAGO VETRO POLSKA Sales € 86.6 Food & Beverage Cosmetics & Perfumery Wide range of personalized products for niches of the global glass containers market for cosmetics & perfumery and for food & beverage. Personalization Production of small lots VETRI SPECIALI Sales € 288.9 (*) Specialty containers Highly personalized special glass containers, produced in very small lots with the utmost attention to efficiency. Personalization Production of small lots VETRECO Sales € 25.2 (*) VETRO REVET Sales € 10.9 (*) JULIA VITRUM Sales € 25.4 (*) Glass cullet recycling Cutting-edge technology for processing cullet according to the highest standards of color separation to produce the best quality of finished cullet. Located in strategic areas with a strong growth potential ITALIAN GLASS MOULDS Sales € 3.9 Moulds production and sale High technology and well-established know-how Synergy and diversification (*) 100% of turnover 6COMPANY PRESENTATION & FINANCIAL RESULTS
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Glass companies Sales office HQ Glass recycling Moulds production International presence Trabki, Poland Empoli Empoli, Italy Vieux Rouen sur Bresle & Paris, France Gardolo, Ormelle, San Vito al Tagliamento, Italy San Vito al Tagliamento, Italy Supino, Italy Miami, USA Fossalta di Portogruaro Italy Portogruaro 7 New York, USA Borgo Mantovano, Italy COMPANY PRESENTATION & FINANCIAL RESULTS
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Zignago Vetro Group is among the leading producers of hollow glass containers in Italy and is one of the most important players on an international level. Our main markets are: - Food and Beverage - Cosmetics and Perfumery - Home - Pharma - Specialty Containers Thanks to our know-how and flexibility, we are uniquely positioned to produce a broad spectrum of products, standard & customized, with different colours, shapes and dimensions, for these markets. Our core business Group 596 Mln € 2025 data 8COMPANY PRESENTATION & FINANCIAL RESULTS 46,3% 23,4% 1,2% 0,2% 20,9% 7,9% F&B C&P Home Pharma Specialty Other
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VISION To give form to ideas and substance to creativity. MISSION To give a future to the tradition of glass by creating innovative and sustainable products that improve people’s everyday lives, while taking care of our communities and the environment. STRATEGY We are a dynamic Group, with a strong international mindset. TRADITION Combining business goals with social and ethical vision, by focusing on sustainability. Our identity VALUES Sustainability Quality and reliability Flexibility and efficiency Innovation and creativity Passion and ethics Safety and transparency Identity and sense of belonging 9COMPANY PRESENTATION & FINANCIAL RESULTS
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PEOPLE Business model PEOPLE An essential and distinctive element of the Group’s success. FLEXIBILITY AND EFFICIENCY Zignago Vetro Group offers products that differ greatly, ranging from standard to customized items, to those offering very significant innovations, up to the production of specialty containers featuring shapes, colors, dimensions, and production lots that are extremely far from the conventional ones. INNOVATION We pay a high attention in both product and process innovation, with the aim to realize our products in the best possible way. QUALITY Intended as an added value that is expressed through flexibility in responding to changing market demands, after-sales assistance, and a transparent and collaborative approach. 10COMPANY PRESENTATION & FINANCIAL RESULTS
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Commercial presence Concentration rate of the first 5 clients1 Customer loyalty (revenues)2 Zignago Vetro 27% 93% ZV France 52% 91% ZV Polska 34% 75% Vetri Speciali 27% 92% 1 Net of intercompany sales 2 Revenues from customers present also in the previous 2 years (net of intercompany sales) 11COMPANY PRESENTATION & FINANCIAL RESULTS
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Sales and profitability track record 40 43 49 58 57 62 71 82 90 94 93 95 104 109 133 142 162 193 209 241 257 230 265 291 299 292 302 319 323 337 376 421 407 493 641 699 616 596 10 11 11 14 12 11 18 23 27 26 25 24 23 29 33 35 40 50 54 64 70 62 71 77 70 67 66 75 81 92 104 118 107 130 162 219 136 113 0 100 200 300 400 500 600 700 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Sales EBITDA CAGR: +7,5% Sales and EBITDA (1988-2025) CAGR: +6,6% Euro (m) 12COMPANY PRESENTATION & FINANCIAL RESULTS
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45,0 53,1 45,6 60,0 86,6 122,4 51,9 27,3 12,0% 12,6% 11,2% 12,2% 13,5% 17,5% 8,4% 4,6% 0% 5% 10% 15% 20% 0 50 100 2018 2019 2020 2021 2022 2023 2024 2025 Revenues (€m) EBITDA (€m) EBIT (€m) Net Result (€m) 104,3 118,1 106,6 130,3 162,2 219,4 136,2 113,5 27,7% 28,1% 26,2% 26,4%25,3% 31,4% 22,1% 19,0% 0% 10% 20% 30% 0 100 200 300 2018 2019 2020 2021 2022 2023 2024 2025 64,5 69,2 53,8 75,8 99,2 151,0 66,9 44,4 17,1% 16,4% 13,2% 15,4% 15,5% 21,6% 10,9% 7,5% 0% 5% 10% 15% 20% 25% 0 50 100 150 2018 2019 2020 2021 2022 2023 2024 2025 376,5 420,5 406,6 493,0 640,8 699,4 615,7 596,0 0 200 400 600 800 2018 2019 2020 2021 2022 2023 2024 2025 +9,1%+30,0% +21,2% -3,3%+11,7% FY 2025 revenues & profitability -12,0% 13COMPANY PRESENTATION & FINANCIAL RESULTS -3,2%
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FY 2025 revenues & profitability by BU Revenues (€m) EBITDA (€m) Revenues (€m) EBITDA (€m) ZIGNAGO VETRO ZIGNAGO VETRO FRANCE 64,0 51,0 0 20 40 60 80 FY 2024 FY 2025 -20,2% 62,1 58,8 19,1% 17,7% 16% 17% 18% 19% 20% 55 60 65 FY 2024 FY 2025 6,7 2,8 10,5% 5,5% 0% 2% 4% 6% 8% 10% 12% 0 5 10 FY 2024 FY 2025 324,9 331,6 0 100 200 300 400 FY 2024 FY 2025 +2,1% 14COMPANY PRESENTATION & FINANCIAL RESULTS
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FY 2025 revenues & profitability by BU Revenues (€m) EBITDA (€m) Revenues (€m) EBITDA (€m) VETRI SPECIALI (50%) ZIGNAGO VETRO POLSKA 150,3 144,5 110 125 140 155 FY 2024 FY 2025 -3,9% 84,1 86,6 80 85 90 FY 2024 FY 2025 +2,9% 39,8 33,2 26,5% 23,0% 21% 22% 23% 24% 25% 26% 27% 25 30 35 40 45 FY 2024 FY 2025 23,4 16,1 27,8% 18,6% 0% 5% 10% 15% 20% 25% 30% 0 5 10 15 20 25 FY 2024 FY 2025 15COMPANY PRESENTATION & FINANCIAL RESULTS
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1H 2026 revenues & profitability Revenues (€m) EBITDA (€m) Net Result (€m) ZIGNAGO VETRO GROUP 51,3 58,7 16,6% 19,3% 0% 5% 10% 15% 20% 25% 30% 35% 0 10 20 30 40 50 60 70 1H 2025 1H 2026 8,8 16,4 2,9% 5,4% 0% 3% 6% 0 5 10 15 20 25 30 1H 2025 1H 2026 308,5 303,9 300 304 308 312 1H 2025 1H 2026 -1,5% 16COMPANY PRESENTATION & FINANCIAL RESULTS
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1H 2026 revenues & profitability by BU Revenues (€m) EBITDA (€m) Revenues (€m) EBITDA (€m) ZIGNAGO VETRO ZIGNAGO VETRO FRANCE 25,4 27,7 0 5 10 15 20 25 30 1H 2025 1H 2026 +9,0% 25,8 29,3 15,1% 18,0% 0% 10% 20% 30% 0 10 20 30 40 1H 2025 1H 2026 0,5 1,4 2,1% 5,0% 0% 10% 0 1 2 1H 2025 1H 2026 171,3 163,5 158 160 162 164 166 168 170 172 1H 2025 1H 2026 -4,6% 17COMPANY PRESENTATION & FINANCIAL RESULTS
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1H 2026 revenues & profitability by BU Revenues (€m) EBITDA (€m) Revenues (€m) EBITDA (€m) VETRI SPECIALI (50%) ZIGNAGO VETRO POLSKA 77,9 78,3 77 78 79 1H 2025 1H 2026 +0,5% 42,3 45,7 0 10 20 30 40 50 1H 2025 1H 2026 +8,0% 16,5 17,2 21,… 21,9% 0% 10% 20% 30% 0 2 4 6 8 10 12 14 16 18 20 1H 2025 1H 2026 8,2 9,1 19,3% 20,0% 0% 10% 20% 30% 40% 0 2 4 6 8 10 12 14 16 1H 2025 1H 2026 18COMPANY PRESENTATION & FINANCIAL RESULTS
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200,1 221,9 230,0 261,3 318,0 388,7 370,3 359,1 357,6 0 50 100 150 200 250 300 350 400 450 2018 2019 2020 2021 2022 2023 2024 2025 1H 2026 417,2 473,3 487,2 512,1 602,5 617,3 672,0 629,3 630,1 0 100 200 300 400 500 600 700 800 2018 2019 2020 2021 2022 2023 2024 2025 1H 2026 217,1 251,4 257,2 250,5 284,0 227,9 301,3 269,8 272,4 2,1 2,1 2,4 1,9 1,8 1,0 2,2 2,4 2,3 0,0 1,0 2,0 3,0 0 50 100 150 200 250 300 350 400 2018 2019 2020 2021 2022 2023 2024 2025 1Q 2026 ZV Group – Balance sheet Net Capital Employed (€m) Net Working Capital (€m) and % on Sales Net Equity (€m) Net Financial Debt (€m) and NFD/Ebitda 87,3 122,0 127,3 104,9 178,6 184,1 217,9 184,0 179,0 23,2% 29,0% 31,3% 21,3% 27,9% 26,3% 35,4% 31,0% 30,3% 0% 10% 20% 30% 40% 0 50 100 150 200 250 2018 2019 2020 2021 2022 2023 2024 2025 1H 2026 19COMPANY PRESENTATION & FINANCIAL RESULTS
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ZV Group – Cash flow from operation & capex Cash Flow from Operations (€m) and % on Sales Capex (€m) and % on Sales 79,1 82,6 93,2 120,0 87,4 181,9 90,3 123,9 68,3 57,3 21,0% 19,6% 22,9% 24,3% 13,6% 26,0% 14,7% 20,8% 22,1% 18,8% 0% 5% 10% 15% 20% 25% 30% 0 20 40 60 80 100 120 140 160 180 200 2018 2019 2020 2021 2022 2023 2024 2025 1H 2025 1H 2026 20COMPANY PRESENTATION & FINANCIAL RESULTS 66,1 42,7 83,8 81,6 71,9 86,2 59,1 26,6 36,3 15,7% 10,5% 17,0% 12,7% 10,3% 14,0% 9,9% 8,6% 12,0% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 0 10 20 30 40 50 60 70 80 90 100 2019 2020 2021 2022 2023 2024 2025 1H 2025 1H 2026
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EPS & dividends EPS and Dividend distribution (Euro) 21COMPANY PRESENTATION & FINANCIAL RESULTS 0,24 0,25 0,32 0,36 0,42 0,36 0,40 0,60 0,75 0,45 0,22 0,34 0,36 0,45 0,51 0,60 0,52 0,68 0,98 1,38 0,59 0,31 70% 70% 71% 70% 70% 69% 59% 62% 54% 77% 71% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 0,00 0,20 0,40 0,60 0,80 1,00 1,20 1,40 1,60 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 DPS (Dividend per share) EPS (Earnings per share) Pay out %
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Annex ESG Approach September 15, 2026 Italian Champions Conference Frankfurt 2026
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ESG (Environment, Social, Governance) ANNEX ESG APPROACH To give a future to the tradition of glass by creating innovative and sustainable products that improve people’s everyday lives, while taking care of our communities and the environment. Our Mission: 23
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ESG (Environment, Social, Governance) Aware of its role for the sustainable development, Zignago Vetro has linked its activities to the 2030 Agenda of the United Nations, focusing mainly on the subsequent points that are connected to 3 main pillars: ANNEX ESG APPROACH PILLARS Environment Social Governance ENVIRONMENT ESRS-E1: Climate change ESRS-E2: Pollution ESRS-E3: Water and marine resources ESRS-E5: Resources and circular economy SOCIAL ESRS-S1: Own workforce ESRS-S4: Consumers and end users GOVERNANCE ESRS-G1: Business conduct 24
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ANNEX ESG APPROACH ESG - Environment The strategic guidelines regarding sustainability issues are: - Reduction of absolute Scope 1 GHG emissions to 212,203 tons CO₂eq by 2030 - Reduction of absolute Scope 2 GHG emissions to 3,940 tons CO₂eq by 2030 - Use of 100% renewable electricity by 2030 - Reduction of absolute water consumption to 504,492 m³ by 2030 - % total cullet on batch in the production process at 58% by 2030 The Group bases its strategic orientation in the field of sustainability on three main factors: - Reduction of natural resource consumption: The use of glass cullet, which is fully recyclable, reduces the need for virgin raw materials, cutting down on extraction activities and contributing to sustainability, particularly in relation to climate change, pollution, and the circular economy; - Reduction of energy consumption: The use of glass cullet enables significant energy savings, both by reducing the energy required for raw material extraction and by using less energy in the melting furnaces; - Reduction of CO2 emissions: Replacing virgin raw materials with glass cullet reduces the amount of CO2 emitted during the melting process, contributing to the fight against climate change and pollution. 25
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ESG - Environment ANNEX ESG APPROACH In line with pursuing its strategic sustainability objectives, the Group has developed the following products: Lightweight products (since 2019) - Reduction of weight while maintaining unchanged characteristics; - Lower environmental impact due to reduced use of raw materials; - Optimization of logistics (reduction of weight and transported volume); - Target: Food & Beverage, Cosmetics & Fragrance sectors. Deep Green collection (since 2017) - UVAG glass containers with anti-UV protection up to 89%; - Use of recycled glass up to over 90%; - Target: Cosmetics & Fragrance sectors, eco-design conscious customers. Half-White containers - Food jars in half-white color; - Use of recycled glass between 30% and 55%; - Target: Food sector, customers seeking sustainable packaging without compromising on quality and functionality. New interchangeable closures (since 2022) - Screw cap instead of crimped closure; - Allows for reuse or easy recycling of bottles; - Attractive design with convenient opening/closing, - Advantage for the glass industry: with a single mold and different collar, two types of containers are produced. 26
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The Group has attained the following social achievements: Diversity & Inclusion - Female Representation: women constitute 29.2% of the total workforce - Leadership Diversity: women hold 21.7% of executive positions Work-Life Balance & Employee Welfare - Smart Working: fully implemented across all eligible business functions to promote flexibility - Flexible Working Hours: adopted for all compatible roles to support work-life integration - Corporate Wellness: on-site canteen services provided for all Zignago Vetro Italy employees - Health & Safety Culture: dedicated initiatives designed to foster continuous awareness of workplace health and safety Professional Development & Training - Zignago Vetro Academy: a project dedicated to continuous learning and talent development - Training Excellence: an average of 15.14 training hours delivered per employee Global Commitments - UN Global Compact: proud participant and signatory, aligning our operations with universal sustainability principles. ESG - Social ANNEX ESG APPROACH 27
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ESG - Governance ANNEX ESG APPROACH The Group’s governance has an Internal Control and Risk Management System, aimed at identifying, measuring and monitoring the principal risks. The main bodies are: - the Board of Directors; - the Director in charge of the Internal Control and Risk Management System; - the Control and Risks Committee; - the Internal Audit Manager; - the Board of Statutory Auditors; - the Supervisory Board. The main elements upon which the Internal Control System is based are as follows: - the Ethics Code; - organizational structure; - powers and delegations. Since 2019, Zignago Vetro has established a comprehensive ESG framework, which is structured as follows: - ESG Policy; - ESG Organizational Structure: ESG Committee, ESG Coordinator, ESG Consultants; - ESG Governance: ESG Strategy, ESG Policies, ESG Objectives System and the measurement of their achievement. 28 The structure of Board of Directors is characterized by independency and gender balance: 50% 50% Indipendent Directors Non-Indipendent Directors 58% 42% Male Female 2025 2025
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Certifications Zignago Vetro Italy (Fossalta) Zignago Vetro Italy (Empoli) Zignago Vetro France Zignago Vetro Polska Vetro Revet Italian Glass Moulds ISO 9001 (Product quality) ISO 14001 (Environment) Within 2027 Within 2027 ISO 50001 (Energy) - Not relevant Not relevant ISO 45001 (Workplace safety) Within 2027 Within 2027 Within 2027 FSSC 22000 (Food safety) - Not applicable Not applicable ANNEX ESG APPROACH The Group has elaborated a strategic program for the achievement of various certifications in the next years: In 2025 Zignago Vetro Polska has achieved ISO 45001 29
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ANNEX ESG APPROACH ESG Rating The Group has received the following scores in the ESG ratings: CDP CDP Sustainalytics EthiFinance MSCI S&P Climate Change Water Security (since 2021) (since 2020) (since 2020) (since 2023) 93/100 Platinum 90/100 Platinum 85/100 Platinum 85/100 Platinum 83/100 Platinum 62/100 Silver 59/100 Silver 55/100 Silver - -2018 B* B-* - - - 2019 B* B-* - 28/100 - - 2020 B* B* - BB - 2021 B* B* 11,9 61/100 BB - 53/100 BB 64/100 BBB 49/100 2022 B A- 12,2 64/100 2023 A- A- 11,6 66/100 BBB 52/100 Ecovadis 2024 B B 12,2 2025 B B 17,3* 78/100 BBB 54/100 30 In 2025 Platinum Medal by Ecovadis, being included in the top 1% of rated companies. *Sustainalytics: Due to an update in the rating provider’s evaluation methodology, our 2024 ESG Risk Rating has been revised from 12.2 to 17.9
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Zignago Vetro S.p.A. Via Ita Marzotto 8, 30025 Fossalta di Portogruaro (VE) – Italy Tel (+39) 0421 246111 - info@zignagovetro.com Contacts: Giovanni Puri Purini Investor Relations Manager investorrelations@zignagovetro.com