Earnings release
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1 PRESS RELEASE In accordance with Consob Resolution 11971/99 and subsequent amendments and supplements Board of Directors of Zignago Vetro S.p.A. approves 2026 Half-Year Report Revenue growth on Q2 2026 compared to Q2 of 2025 drives operating margins and net profit for the 2H of the year. • Revenues of Euro 303.9 million ( -1.5% on Euro 308.5 million in 2025), of which exports account for 31.7%; • EBITDA of Euro 58.7 million (19.3% margin), +14.3% on Euro 51.3 million in 2025 (16.6% margin); • EBIT of Euro 24.6 million (8.1% margin), +52% on Euro 16.2 million in 2025 (5.2% margin); • Net Profit of Euro 16.4 million (5.4% margin), +85.9% on Euro 8.8 million in 2025 (2.9% margin); Operating cash generation, before investments, of Euro 57.3 million (Euro 68.3 million in H1 2025). Net financial debt of Euro 272.4 million (Euro 300.4 million at 30 June 2025), following an investment outlay of Euro 41.7 million and for dividends of Euro 19.4 million. Main sustainability KPIs consistent with that required to achieve the set medium to long-term goals. Zignago Vetro Group Key Financial Highlights (*) H1 H1 Cge.% 2026 2025 (in Euro millions) (in Euro millions) Revenues 303.9 308.5 - 1.5% EBITDA 58.7 51.3 + 14.3% EBIT 24.6 16.2 + 52.0% Operating Profit 25.2 17.2 + 46.7% Profit before taxes 21.7 10.7 + 102.6% Group Net Profit 16.4 8.8 + 85.9%
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2 30.06.2026 30.06.2025 31.12.2025 (in Euro millions) (in Euro millions) (in Euro millions) Capital expenditure 36.3 26.6 59.1 Free cash flow • after investments 15.6 40.4 70.0 • before investments 57.3 68.3 123.9 (further details on page 3) Financial debt (348.4) (396.6) (355.8) Liquidity 76.0 96.2 86.0 Net financial debt (272.4) (300.4) (269.8) (*) The figures (and the subsequent comments concerning the consolidated figures) were based on the management view of the Group business, which provides for the proportional consolidation of the joint venture, recognised to the consolidated financial statements at equity. The income statement, the statement of comprehensive income, the statement of financial position and the statement of cash flows of the Zignago Vetro Group at 30 June 2026 and 2025 and at 31 December 2025, prepared according to international accounting standards currently in force, are reported respectively at attachments 3, 4, 5, 6 and 7 of this pres s release. Fossalta di Portogruaro, 30 July 2026 – The Board of Directors of Zignago Vetro S.p.A – a company listed on the Euronext STAR Milan market - in a meeting held today chaired by Nicolò Marzotto, approved the Group 2026 Half-Year Report. Company profile The Zignago Vetro Group companies produce high quality glass containers for the Food and Beverage, Cosmetics and Perfumery industries and Speciality Glass bottles for wines and spirits, for the domestic and international markets. The Group is also engaged in other sectors offeri ng synergies with its core business - particularly the collection and treatment of raw glass for subsequent reuse and the construction of moulds for container production. Zignago Vetro Group operating performance Against a still uncertain macroeconomic backdrop which continues to be shaped by geopolitical tensions, the initial part of H1 2026 saw reduced Beverages and Food containers demand than the previous year. Sales volumes and revenues however gradually recovered over the following months. Within this environment, the Group focused on generating value and maintaining margins, despite intense competition on its target markets, consolidating in the period the earnings strength emerging in Q1. Cosmetics and Perfumery container demand grew on the end of 2025 - driven in particular by the luxury perfume segment, which is benefiting from the gradual reversal of the destocking trend. Cosmetics sales volumes remain more stable, with the market showing mixed signs of recove ry. The Group overall generated sales revenue growth in the first half of the year over the same period of the previous year, with an increase in average prices driven by the product mix. In terms of input costs (excluding energy costs), the stability emerging in 2025 has been consolidated. This trend, combined with strict control of operating costs, has enabled the consolidation of margins.
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3 The recent tensions in the Middle East are however introducing elements of uncertainty into the oil, gas and petroleum product supply chains, resulting in upward pressure on market prices, which the Group continues to monitor in order to take timely mitigating actions. In this context, the Group’s strategic priority remains focused on cash generation, controlling the financial debt and optimising working capital, with a particular focus on inventory management. Consolidated Revenues in H1 2026 amounted to Euro 303.9 million, compared to Euro 308.5 million in the same period of the previous year (-1.5%). Export revenues totalled Euro 96.3 million, comprising 31.7% of revenues (Euro 94.4 million and 30.6% in H1 2025). Revenues in Q2 totalled Euro 157.1 million, increasing Euro 10.3 million (+7%) on Q1. Consolidated EBITDA in the first half of 2026 amounted to Euro 58.7 million, +14.3% on H1 2025 (Euro 51.3 million), with a 19.3% margin (16.6% in H1 2025). EBITDA in Q2 totalled Euro 30.5 million (+4.2% on the same period of 2025, +8.3% on the first quarter). Consolidated EBIT was Euro 24.6 million (compared to Euro 16.2 million in the first half of 2025, +52%), with a margin of 8.1% (5.2% in the first half of 2025). The consolidated Operating profit was Euro 25.2 million in H1 2026, compared to Euro 17.2 million in H1 2025 (+46.7%), with a 8.3% revenue margin (compared to 5.6%). Consolidated Profit before taxes amounted to Euro 21.7 million in H1 2026 (Euro 10.7 million in H1 2025, +103.3%), with a margin of 7.2% (3.5%). Consolidated Profit in the period was Euro 16.4 million, compared to Euro 8.8 million in H1 2025 (+85.9%) – a margin of 5.4% (2.9%). Group balance sheet and financial position Group capital expenditure in the first half of 2026 amounted to Euro 36.3 million (Euro 26.6 million in H1 2025). Payments on fixed assets amounted to Euro 41.7 million in H1 2026 (Euro 27.8 million in H1 2025). The Group generated Free cash flow in H1 2026, before payments for investments and dividends of Euro 57.3 million (Euro 68.3 million in the first half of 2025). Free cash flow, after payments for investments (Euro 41.7 million) and dividends (Euro 19.4 million), of Euro 3.9 million was absorbed, compared to a generation of Euro 0.7 million in H1 2025.
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4 The Group net financial debt at 30 June 2026 was Euro 272.4 million, compared to Euro 269.8 million at 31 December 2025 (Euro 300.4 million at 30 June 2025). Group liquidity totalled Euro 76 million at 30 June 2026, compared to Euro 86 million at the end of 2025 and Euro 96.2 million at 30 June 2025. Outlook and subsequent events. The contracting Beverages and Food glass container in the first half of the year has eased, despite the ongoing highly competitive environment and the market pressures stemming from the geopolitical situation. Demand in the Cosmetics and Perfumery containers market continues to be impacted by the slowdown in the cosmetics sector in the previous year, while the perfumery segment has shown signs of recovery. Sector analysis indicates a positive first half of the year across all segments, particularly the Beauty segment. In terms of new product launches, the market is introducing both flankers and new items. Based on the available information, demand for glass containers in the sectors in which the Group’s companies operate over the coming months is expected to ensure a high utilisation of production capacity. Within an uncertain macroeconomic environment, the Group will seek to consolidate its margins by optimising production capacity and the product mix, while maintaining a balance between investments and cash generation. The Group is monitoring the geopolitical instability and the potential impact on the production factors (including energy) and on consumption levels - which are currently still difficult to interpret - while seeking to tap into the opportunities available on the market. No other major events are reported subsequent to 30 June 2026. *********************** Declaration The Executive Responsible for Financial Reporting, Mr. Cristiano Bonetto, declares in accordance with Article 154 bis, paragraph 2, of the Consolidated Finance Act, that the accounting information contained in this press release corresponds to the underlying accounting documents, records and accounting entries. ***********************
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5 Approval of Codes and Procedures. The Board of Directors today approved the review of the Internal Dealing Code of Conduct, which incorporates the changes introduced by Consob Resolution No. 23979 of May 14, 2026; The document shall be available to the public, at the registered office, as well as on the Company's website at www.zignagovetro.com. *********************** Group 2026 Half-Year Report The 2026 Half-Year Report will be made available to the public as soon as available and in accordance with law at the registered office of the company and on the company website at www.zignagovetro.com and at the authorised storage mechanism 1Info at www.1info.it. *********************** This press release is available on the website: www.zignagovetro.com For further information: Giovanni Puri Purini Investor Relations Zignago Vetro S.p.A. 0421-246111 investorrelations@zignagovetro.com
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6 All the figures in the Consolidated Reclassified Income Statement and Statement of Financial Position (attachments 1 and 2) reported below were prepared on the basis of management’s view which considers the proportional consolidation of joint ventures appropriate, recognised to the consolidated financial statements at equity. The statement of financial position, the income statement, the statement of comprehensive income and the statement of cash flows of the Zignago Vetro Group at 30 June 2026 and 31 December and 30 June 2025 and the statement of changes in Equity, prepared in accordance with the accounting standards currently in force, are reported respectively in the subsequent attachments 3, 4, 5, 6 and 7. ATTACHMENT 1 Zignago Vetro Group Reclassified Consolidated Income Statement (unaudited) (management point of view, based on the proportional consolidation of the joint ventures) H1 2026 H1 2025 Changes Euro thou. % Euro thou. % % Revenues 303,944 100.0% 308,476 100.0% (1.5%) Changes in finished and semi-finished products and work in progress (152) (0.1%) (19,192) (6.2%) (99.2%) Internal production of fixed assets 2,398 0.8% 1,595 0.5% 50.3% Value of production 306,190 100.7% 290,879 94.3% 5.3% Cost of goods and services (188,583) (62.0%) (183,909) (59.6%) 2.5% Value added 117,607 38.7% 106,970 34.7% 9.9% Personnel expense (58,929) (19.4%) (55,646) (18.1%) 5.9% EBITDA 58,678 19.3% 51,324 16.6% 14.3% Amortisation & depreciation (33,067) (10.9%) (34,690) (11.3%) (4.7%) Accruals to provisions (1,000) (0.3%) (446) (0.1%) n.a. EBIT 24,611 8.1% 16,188 5.2% 52.0% Non-operating recurring income (charges) 2,484 0.8% 924 0.3% n.a. Non-recurring income (charges) (1,862) (0.6%) 85 0.1% n.a. Operating Profit 25,233 8.3% 17,197 5.6% 46.7% Net financial expense (3,402) (1.1%) (6,087) (2.0%) (44.1%) Net exchange rate gains/(losses) (88) (0.0%) (413) (0.1%) (78.7%) Profit before taxes 21,743 7.2% 10,697 3.5% 103.3% Income taxes (5,461) (1.8%) (2,135) (0.7%) n.a. (Tax-rate 2026: 25.1%) (Tax-rate 2025: 20.0%) Consolidated Profit 16,282 5.4% 8,562 2.8% 90.2% (Profit) Loss non-con. int. 98 0.0% 250 0.1% (60.8%) Group Profit 16,380 5.4% 8,812 2.9% 85.9%
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7 ATTACHMENT 2 Zignago Vetro Group Reclassified Consolidated Statement of Financial Position (unaudited) (management point of view, based on the proportional consolidation of the joint ventures) 30.06.2026 31.12.2025 30.06.2025 Euro thou. % Euro thou. % Euro thou. % Trade receivables 155,622 138,759 152,897 Other receivables 25,158 32,865 25,186 Inventories 170,454 172,351 174,950 Current non-financial payables (163,313) (145,686) (154,332) Payables on fixed assets (8,887) (14,265) (7,864) A) Working capital 179,034 28.4% 184,024 29.1% 190,837 29.8% Net tangible and intangible assets 403,210 399,941 400,668 Goodwill 51,458 53,488 53,484 Other eq. invest. & non-current assets 14,664 11,541 15,285 Non-current provisions and non-financial payables (18,225) (19,681) (19,894) B) Net fixed capital 451,107 71.6% 445,289 70.9% 449,543 70.2% A+B= Net capital employed 630,141 100.0% 629,313 100.0% 640,380 100.0% Financed by: Current loans and borrowings 124,690 132,350 164,909 Cash and cash equivalents (76,010) (85,963) (96,246) Current net debt 48,680 7.7% 46,387 7.4% 68,663 10.7% Non-current loans and borrowings 223,688 35.5% 223,447 35.5% 231,707 36.2% C) Net financial debt 272,368 43.2% 269,834 42.9% 300,370 46.9% Opening Group equity 359,146 370,289 370,289 Dividends paid (19,419) (39,719) (39,719) Other equity changes 1,431 1,256 479 Group Profit 16,380 27,320 8,812 D) Closing equity 357,583 56.7% 359,146 57.0% 339,861 53.1% E) Non-controlling interest equity 235 0.1% 333 0.1% 149 0.0% D+E) Total Consolidated Equity 357,698 56.8% 359,479 57.1% 340,010 53.1% C+D+E = Total financial debt and equity 630,141 100.0% 629,313 100.0% 640,380 100.0%
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8 ATTACHMENT 3 Zignago Vetro Group Consolidated Statement of Financial Position (unaudited) (Euro thousands) 30.06.2026 31.12.2025 30.06.2025 ASSETS Non-current assets Property, plant and equipment 256,304 249,836 253,509 Goodwill 715 2,745 2,741 Intangible assets 1,218 1,229 1,475 Equity-accounted investees 130,528 130,054 123,719 Equity investments 390 389 389 Other non-current assets 703 639 1,727 Deferred tax assets 6,266 5,635 8,075 Total non-current assets 396,124 390,527 391,635 Current assets Inventories 135,217 138,024 145,010 Trade receivables 117,362 107,747 116,401 Other current assets 10,239 13,298 10,581 Current tax receivables 1,403 1,813 3,809 Other current financial assets 3,578 530 540 Cash and cash equivalents 70,967 82,906 78,009 Total current assets 338,766 344,318 354,350 TOTAL ASSETS 734,890 734,845 745,985 EQUITY & LIABILITIES EQUITY Share capital 8,932 8,932 8,932 Reserves 53,769 53,221 52,532 Acquisition of treasury shares (10,400) (10,400) (10,400) Retained earnings 288,857 280,073 279,985 Group Profit for the period 16,380 27,320 8,812 TOTAL GROUP EQUITY 357,538 359,146 339,861 NON-CONTROLLING INT. EQUITY 235 333 149 TOTAL EQUITY 357,773 359,479 340,010 LIABILITIES Non-current liabilities Provisions for risks and charges 1,664 1,951 2,574 Post-employment benefit provision 3,652 3,739 3,888 Non-current loans and borrowings 158,326 152,489 153,940 Other non-current liabilities 3,291 3,808 4,185 Deferred tax liabilities 2,348 2,135 2,142 Total non-current liabilities 169,281 164,122 166,729 Current liabilities Bank loans & borrowings and current portion of non-current loans & borrowings 79,988 94,266 114,567 Trade and other payables 97,531 87,738 94,666 Other current liabilities 28,744 28,327 29,809 Current tax payables 1,573 913 204 Total current liabilities 207,836 211,244 239,246 TOTAL LIABILITIES 377,117 375,366 405,975 TOTAL EQUITY AND LIABILITIES 734,890 734,845 745,985
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9 ATTACHMENT 4 Zignago Vetro Group Consolidated Income Statement (unaudited) (Euro thousands) H1 2026 H1 2025 Revenues 223,205 227,599 Raw materials, ancillaries, consumables and goods (48,299) (64,039) Service costs (90,258) (86,440) Personnel expense (44,591) (42,530) Amortisation & depreciation (24,044) (27,505) Impairment of fixed assets (2,017) --- Other operating costs (2,657) (2,599) Other operating income 3,298 2,619 Equity-accounted joint ventures 7,146 5,981 Operating Profit 21,783 13,086 Financial income 710 271 Financial expenses (3,478) (4,390) Net exchange rate gains/(losses) (99) (338) Profit before taxes 18,916 8,629 Income taxes (2,634) (67) Profit for the period 16,282 8,562 Non-controlling interests loss (profit) 98 250 Group Profit for the period 16,380 8,812 Earnings per share: Basic earnings per share 0.1856 0.0998 Diluted earnings per share 0.1856 0.0998
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10 ATTACHMENT 5 Zignago Vetro Group Consolidated Statement of Comprehensive Income (unaudited) (Euro thousands) H1 2026 H1 2025 Profit for the period 16,282 8,562 Items that will be subsequently reclassified to profit or loss Translation difference for foreign operations (1,367) 523 Net gain (loss) from the valuation of "cash flow hedge" derivatives, net of the tax effect 560 0 Investments valued at equity - share of other statement of comprehensive income items 1,982 (111) Total items that will be subsequently reclassified to profit or loss, net of the tax effect 1,175 412 Total comprehensive income 17,457 8,974 Non-controlling interest comprehensive loss 98 250 Comprehensive income attributable to the Group 17,555 9,224
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11 ATTACHMENT 6 Zignago Vetro Group Consolidated Statement of Cash Flows(unaudited) (Euro thousands) H1 2026 H1 2025 CASH FLOW FROM OPERATING ACTIVITIES: Net Profit for the period 16,282 8,562 Adjustments to reconcile net profit with cash flow generated from operating activities: Amortisation & depreciation 24,044 27,505 Impairment of fixed assets 2,017 0 Losses/(gains) on sale of property, plant & equipment 15 (49) Share-based payment settled with equity instruments 266 67 Provision adjustments (287) (301) Financial income (3,503) (271) Financial expenses 3,478 4,390 Net exchange rate gains/(losses) 99 338 Income taxes 2,634 67 Equity-accounted joint ventures (7,146) (5,981) Changes in operating assets and liabilities: Decrease/(increase) in trade receivables (9,615) (9,291) Decrease/(increase) in other current assets 3,059 4,566 Decrease/(increase) in inventories 2,807 16,424 Increase/(decrease) in trade & other payables 10,967 8,841 Increase (decrease) in other current liabilities 417 1,877 Change in other non-current assets and liabilities (669) (1,609) Total adjustments and changes 28,583 46,573 Dividends distributed by equity-accounted joint ventures 8,654 15,094 Interest paid in the period (1,982) 6,112 Net Cash Flows from operating activities (A) 51,537 76,341 CASH FLOW FROM INVESTING ACTIVITIES: Gross investments in intangible assets (295) (284) Gross investments in property, plant and equipment (30,859) (14,444) Increase/(decrease) in payables for purchases of non-current assets (1,174) (1,700) Sales price of property, plant and equipment 66 49 Net cash flow used in investing activities (B) (32,262) (16,379) CASH FLOWS FROM FINANCING ACTIVITIES: Acquisition of treasury shares 0 Interest paid in the period (1,964) (2,645) Interest received in the period 264 151 New financing 40,000 60,000 Decrease in bank payables (46,706) (44,886) Repayment leases liabilities (2,983) (1,757) Dividends distributed (19,419) (39,719) Net cash flow generated (used) in financing activities (C) (30,808) (28,856) Change in equity items from currency conversions (D) (406) (290) Net change in cash and cash equivalents (A+B+C+D) (11,939) 30,816 Cash & cash equivalents at beginning of the period 82,906 47,193 Cash & cash equivalents at end of the period 70,967 78,009
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12 ATTACHMENT 7 Zignago Vetro Group Statement of Changes in Equity (unaudited) Share capital Legal reserve Revaluation reserve Other reserves Capital paid-in Treasury shares Translation reserve Comprehensive income statement items Retained earnings Profit Total Group Equity Total non-controlling interest equity Total consolidated equity Balance at 31 December 2024 8,932 1,786 27,334 23,354 157 (10,547) 1,252 (2,617) 268,767 51,871 370,289 399 370,688 Profit (Loss) --- --- --- --- --- --- --- --- --- 8,812 8,812 (250) 8,562 Profit (loss) recognised directly to equity --- --- --- --- --- --- 523 (111) --- --- 412 --- 412 Total Comp. Income (loss) --- --- --- --- --- --- 523 (111) --- 8,812 9,224 (250) 8,974 Allocation of result --- --- --- --- --- --- --- --- 51,871 (51,871) --- --- --- Acquisition of treasury shares --- --- --- --- --- --- --- --- --- --- --- --- --- IFRS 2 --- --- --- 67 --- --- --- --- --- --- 67 --- 67 Other changes --- --- --- (147) --- 147 --- --- --- --- --- --- --- Share issue --- --- --- --- --- --- --- --- --- --- --- --- Re-acquisition of treasury shares --- --- --- --- --- --- --- --- --- --- --- --- --- Movement non-controlling interests eq. --- --- --- --- --- --- --- --- --- --- --- --- --- Distribution dividends --- --- --- --- --- --- --- --- (39,719) --- (39,719) --- (39,719) Balance at 30 June 2025 8,932 1,786 27,334 23,274 157 (10,400) 1,775 (2,728) 280,919 8,812 339,861 149 340,010 Profit (Loss) --- --- --- --- --- --- --- --- --- 18,508 18,508 184 18,692 Profit (loss) recognised directly to equity --- --- --- --- --- --- 389 97 --- --- 486 --- 486 Total Comp. Income (loss) --- --- --- --- --- --- 389 97 --- 18,508 18,994 184 19,178 Allocation of result --- --- --- --- --- --- --- --- --- --- --- --- --- Acquisition of treasury shares --- --- --- --- --- --- --- --- --- --- --- --- --- IFRS 2 --- --- --- 291 --- --- --- --- --- --- 291 --- 291 Other changes --- --- --- (37) --- --- --- --- 37 --- --- --- --- Share issue --- --- --- --- --- --- --- --- --- --- --- --- --- Movement non-controlling interests eq. --- --- --- --- --- --- --- --- --- --- --- --- --- Distribution dividends --- --- --- --- --- --- --- --- --- --- --- --- --- Balance at 31 December 2025 8,932 1,786 27,334 23,528 157 (10,400) 2,164 (2,631) 280,956 27,320 359,146 333 359,479 Profit (Loss) --- --- --- --- --- --- --- --- --- 16,380 16,380 (98) 16,282 Profit (loss) recognised directly to equity --- --- --- --- --- --- (1,367) 2,542 --- --- 1,175 --- 1,175 Total Comp. Income (loss) --- --- --- --- --- --- (1,367) 2,542 --- 16,380 17,555 (98) 17,457 Allocation of result --- --- --- --- --- --- --- --- 27,320 (27,320) --- --- --- Acquisition of treasury shares --- --- --- --- --- --- --- --- --- --- --- --- --- IFRS 2 --- --- --- 266 --- --- --- --- --- --- 266 --- 266 Other changes --- --- --- (10) --- --- --- --- --- --- (10) --- (10) Share issue --- --- --- --- --- --- --- --- --- --- --- --- --- Movement non-controlling interests eq. --- --- --- --- --- --- --- --- --- --- --- --- --- Distribution dividends --- --- --- --- --- --- --- --- (19,419) --- (19,419) --- (19,419) Balance at 30 June 2026 8,932 1,786 27,334 23,784 157 (10,400) 797 (89) 288,857 16,380 357,538 235 357,773
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13 ATTACHMENT 8 Zignago Vetro Group ESG: main indicators and KPI’s (*) Topic KPIs 2025 30/06/2026 2030 actual actual Strategic objectives Energy efficiency % of electricity from renewable sources 68.9% 41.1% 100.0% Water resource management Absolute water consumption (m 3) 499,755 219,704 504,492 Emissions Absolute CO2 Emissions Scope 1 and 2 (tonCO2) 281,381 140,255 216,143 Raw materials management % of total scrap to raw materials before merger 59.6% 60.5% 58.0% Ecovadis: Platinum rating (93/100) n/a CDP climate Change "B" Water Security "B" n/a Social / environmental initiatives 0.25% of annual consolidated result allocated to social and environmental initiatives 0.25% of annual consolidated result allocated to social and environmental initiatives 0.25% of annual consolidated result allocated to social and environmental initiatives Improve Ecovadis and CDP scores Other Group certifications ● ISO 45001 in Poland Maintain current certifications Adopt following new certifications: ● ISO 45001 in Revet Glass, France and IGM by 2027 ● ISO 14001 in France and IGM by 2027