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Capital Markets Update Valencia, 19 November 2025, 2:00 p.m. CET Cabka N.V. | Capital Markets Update| 19 November 2025
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Cabka Business Update 2 Cabka N.V. | Capital Markets Update | 19 November 2025
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Introducing Our New CFO “It is an honor for me to join Cabka, a company that is enabling a more sustainable and circular economy by transforming plastic waste into reusable transport packaging. This Capital Markets Update is an opportunity to demonstrate how we can realize our medium- and longer-term targets.” 3 Mark Letterie Chief Financial Officer Cabka N.V. | Capital Markets Update | 19 November 2025
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Virtual, 19 November 2025, 2:00 p.m. CET Join the Cabka Team for Our Capital Markets Update Alexander Masharov Mark Letterie Chief Innovation OfficerChief Financial OfficerChief Executive Officer Javier Fernández Chief Commercial Officer Naiara Loroño Sustainability Director Katrin Poirer
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5 Cabka N.V. | Capital Markets Update | 19 November 2025
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Agenda 01 Past Performance – Current State 02 Market Overview and Cabka Positioning 03 ESG (Katrin Poirier – Director Sustainability) 04 Strengthening Our Commercial Execution (Naiara Loroño - CCO) 05 Innovation (Javier Fernandez – CIO) 06 Financial Overview and Targets 07 Q&A 6 Cabka N.V. | Capital Markets Update | 19 November 2025
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Headwinds encountered during 2022-2024, stability in 2025 Reflecting on Past Events and Performance 7 Ukraine War: Spike in raw material costs and energy prices Inflation impact on demand & costs De-stocking across all segments/customers Recession at Cabka’s core customers: Automotive, Food, Beverages Key CS customer in US capex freeze Flooding US production facility: Drop in sales and margin, restoration capex Pricing policy adjusted, new energy hedging policy implemented and working on long term supply contract Cost cutting measures implemented Diversification end markets: Pharma, Retail and pooling through strong distribution network Closely monitoring client situation Sales team overhauled Renewed US-facility: Invested machines, capacity and flood protection EBITDA margins improved from lows Diversification end markets: Customized solution and pooling improvements in challenging markets Pipeline revitalisation New industry segments targeted Increasing utilisation: Business recovery underway Revenue stable, Capex under control, cost reduction, working capital improvement HISTORIC EVENTS ACTIONS TAKEN WHERE WE ARE TODAY Cabka N.V. | Capital Markets Update | 19 November 2025
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Legislation Reusable and Recycled Plastic expected to outpace traditional feedstocks Global RTP market, current market trends (4% growth) 8 Market TrendsMarket Size Client Universe Sustainability Digitalization Rationalization of logistic chains Automation o Blue chip customers o Typically buy direct buy & own pallet o Tesla, Novartis, Lidl o Smaller customers o Buy indirect from distributors such as Rotom, Engels o Customers using poolers o Lease pallets o ECO o Construction industry buying grass grids and fence feets. Sources: Statista, Straits Research, Grand Views Research, Expert Market Research Cabka N.V. | Capital Markets Update | 19 November 2025 Global RTP (2022) ~$86bn Plastics Average 9% market share Wood and other materials
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Market Growth 9 Asia Pacific Fastest growing, led by China and India, manufacturing hub, TPP trade North America Mature market, e-commerce driving logistics demand, pallet pooling systems, automation Europe Sustainability focus, circular economy mandates, EU regulations, pooling systems (CHEP) Latin America Emerging market, agriculture/exports, cold chain expansion, e-commerce growth Middle East & Africa Emerging, developing infrastructure, waste recycling initiatives, government support 0 500 1000 1500 2000 2500 3000 3500 4000 4500 Asia-Pacific North America Europe Latin America Middle East & Africa Market size plastic pallets (USD mln) (2024 - 2030) 6.7% 5.5% 5.1% 5.8% 5.8% Cabka N.V. | Capital Markets Update | 19 November 2025
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Presence on 2 continents at 9 locations in 5 countries, selling into 80 countries Cabka N.V. | Unaudited Results Webcast Presentation | 18 March 202510 Headquarter Production Location Innovation Center Contract Manufacturer The Group Production Site in St. Louis Employs 84 FTEs The Group’s Innovation Center in Valencia providing developments to all entities + Operational Business Contracted Manufacturer in Alicante IPS Production Herstal Production Site Mainly producing Eco Products outside Germany All sites are equipped with advanced machines, as well as advanced software (e.g., SAP system) Focus on RTP, by usage of owned, developed inhouse recycling technologies Parent Company; providing Management services to all sites Focus on ECO Products and inhouse tool development Hadquarter Production Innovation Center Contract Manufacturer
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Backward integration – Cross continent – Innovation driven Cabka’s Competitive Advantage 11 Cabka N.V. | Capital Markets Update | 19 November 2025 Cabka’s Competitive Advantages Company Europe North America Schoeller Allibert UTZ CRAEMER CABKA Dolav Orbis Shuert Technologies Rehrig Pacific Company Greystone Buckhorn – Myers Segment leader Strong offering Active o Recycling backward integration o Cross continent footprint (US & Europe) o Innovation strength
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Reusable and Recycled Plastic expected to outpace traditional feedstocks Phase #1 - Growing to Full Utilisation (2026-2028) 12 Cabka N.V. | Capital Markets Update | 19 November 2025 1 o Portfolio mix optimization toward higher-margin products o Enhanced forecasting/planning unlocking throughput gains o Automation and SHIFT programs improving cost structure Europe – Driving Operational Leverage o Increased commercial team efforts o Better customer segmentation o Improved pricing strategy United States o Grow contract manufacturing (reduces risk, optimizes utilization) o Increased commercial focus on Pharma & E-Commerce Vertical Focus Shift 2 3
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Leverage market leadership and acquisitive firepower Phase #2 - Becoming a global player (2028-2030) 13 Cabka N.V. | Capital Markets Update | 19 November 2025 o The path to €300m plus in revenues will be a combination of organic and aquisitive growth o Fragmented RTP market consolidating as smaller regional players seek strategic exits following industry headwinds o Active dialogue with acquisition targets across Europe and US—M&A execution contingent on Phase #1 delivery o Exploring selective Asia entry Market Consolidation Opportunity o ECO: premium application scale-up o Chemical Recycling: Market expected to grow by 49% CAGR Organic Growth Initiatives 4 5
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€5.5B chemical recycling market growing 49% annually PPWR recycled content mandate & chemical recycling required for food-contact household waste Essential partner model: collection through pelletization for pyrolysis operators Weira hub location, established networks, 30-year quality control capability Cabka as essential enabler with feedstock partnership model Initiative #1: Chemical recycling 14 Cabka N.V. | Capital Markets Update | 19 November 2025 CHEMOLYSIS Plastics converted to new raw materials through catalysts ENZYMATIC RECYCLING Polymer degradation using biological enzymes PYROLYSIS Polymer breakdown at controlled temperatures without oxygen
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Premium Market Entry: Specialized construction and green infrastructure applications at 2x standard product pricing EU green infra alignment: EU-backed sustainable building and renewable energy sectors Leveraging Cabka competitive in edge large-format, mixed-plastic systems Capital-light growth: Using existing recycling infrastructure and assets Margin accretive extension. Initiative #2: Expand ECO range into premium segments 15 Existing line of Eco products produced out of mixed plastics 16% ECO Other ECO as % of total Cabka sales (H1 2025) Cabka N.V. | Capital Markets Update | 19 November 2025
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16 Navigating the Shift to Reusable Transport Packaging Compliance & Sustainability Cabka N.V. | Capital Markets Update | 19 November 2025
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Intro o Sustainability Director, with Cabka since 2018 o 20 years of experience in B-to-B markets o Focusing on ESG strategy development and communication as well as advocacy and regulatory topics 17 Katrin Poirier Sustainability Director Cabka N.V. | Unaudited Results Webcast Presentation | 18 March 2025
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Driving Circular Transformation in Plastic How Cabka’s approach maximizes sustainability 18 ReduceReuseRecycle Superior durability 100% material recycling possible Recycled + Weight + Transport Circularity Carbon Reduction Recycled material input Minimum share of recycled material input Commitment to thrive for full circularity Waste processed 2024 Performance Circularity Targets 88% 127kt 80% 100% 1.5kg 2kg CO2 avoided for each Kg of secondary plastic used instead of primary plastic1 CO2 avoided for each Kg of plastic waste diverted from incineration2 262kt CO2 avoided in 2024* Working Towards Carbon Neutrality 50% Of renewable energy by 2025 zero Carbon neutral operations by 2030 Further reducing our product environmental footprint *As much as the annual CO2 footprint of over 63,500 people Cabka N.V. | Capital Markets Update | 19 November 2025
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Robust and Proven ESG Framework Strong Governance for Sustainable Growth 19 Fully integrated ESG Strategy Material circularity, carbon footprint reduction, renewable energy transition Safe, inclusive workplaces and employee retention and attraction. Rooted business principles and strong culture Recognitions Data-driven reporting systems in place for full traceability and auditability Cabka N.V. | Capital Markets Update | 19 November 2025
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20 Empowering our customers to lead in circular logistics and reduce regulatory risk Reuse & Refill Waste reduction Recyclability Recycled content Deposit return systems Standardized Labelling 1 2 3 4 5 6 PPWR Requirements Cabka’s Position Our reusable transport packaging directly supports PPWR’s shift from single-use to circular models. Design for recyclability built into all products — closing the loop at end-of-life >80% meets and exceeds PPWR recycled material targets. Experience in beverage market and its specific supply chain characteristics Cabka already today follows market standard labelling on its products Cabka N.V. | Capital Markets Update | 19 November 2025 Cabka’s Priorities Promoting reuse targets and reuse models. Cooperation along the logistics value chain Helping customers to achieve compliance and sustainability Cabka providing the infrastructure Engaging with industry associations to promote RTP , shape practical PPWR implementation Promoting traceability, material and product identification in circular packaging
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21 Transition in Packaging Industry Cabka N.V. | Capital Markets Update | 19 November 2025 Collaboration Required Transport Packaging Sales Packaging Expanded Scope Supplier Manufacturer Distributor Importer Final Distributor Producer Economic Operator Raw Material Supplier Pooling Circular Infrastructure Grouped Packaging Engineering Material Recycling Services Production Product Development
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Additional guidance to achieve packaging circularity 2030 PPWR Implementation Timeline 22 Cabka N.V. | Capital Markets Update | 19 November 2025 2025 2030 Art. 7 – Recycled Content (RC) Methodology for calculation & verification of % of recycled content Sustainability criteria for plastic recycling technologies 2026 2027 2028 2029 Art. 29 – Reusability Methodology for the calculation of reuse targets Setting minimum reuse rotations DfR criteria and recycling performance gradesArt. 6 – Recyclable 35% RC in transport packaging RC may impact EPR obligations Design for Recycling 70% recyclability ≥40% in reuse system Art. 5 – Substances of Concern ECHA report on substances in packaging Framework of eco- modulation of fees Secondary Legislation
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23 Katrin Poirier, Sustainability Director Thank you Cabka N.V. | Unaudited Results Webcast Presentation | 18 March 2025
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Strengthening Our Commercial Execution 24 Commercial Sales Cabka N.V. | Capital Markets Update | 19 November 2025
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Intro o Chief Commercial Officer for Cabka since 2024 o 20 years of experience of which 15 in plastic industry o Focusing on value creation, customer- centric strategy, and operational scalability 25 Naiara Loroño Chief Commercial Officer Cabka N.V. | Capital Markets Update | 19 November 2025
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26 Costs Regulatory Compliance Sustainability Availability What are today’s critical points for customers regarding Supply Chain packaging? Quality/Durability Cabka N.V. | Capital Markets Update | 19 November 2025
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Circularity, Automation and Digital Logistics Cabka is well positioned for the most relevant trends Regulatory Tailwinds → Market Access • PPWR drives demand for reusable RTP • Cabka’s circular plastics ensure compliance Automation-Ready Design → Customer Value • Demand for stable, rackable pallets for automated systems • Cabka designs minimize downtime and maximize flow Digitalization → Product Differentiation • RFID/IoT integration for tracking and pooling analytics • Opportunity: Smart RTP ecosystems Hygiene & Sustainability → Sector Expansion • Growth in food, pharma, and e-commerce • Plastic RTP eliminates splinters, moisture, and contamination 27 Cabka N.V. | Investors Capital Market Day| 19 November 2025
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Selected client base Serving blue-chip customers across all industries 28 Food and beverage Retail Chemical Pharma Automotive Pooling Cabka N.V. | Capital Markets Update | 19 November 2025
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29 Strong Manufacturing Position Global footprint Production Plants Innovation Center EU Salesforce U.S. Salesforce Inside sSales Pooling & SI Mobility Customer Service 7 15 4 3 2 2 1 18 Cabka N.V. | Capital Markets Update | 19 November 2025
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Pivoting and reinfocing sales Commercial Strategy Evolution Slowdown in Automotive + Food & Beverage More competitive market : Specialization is needed 30 Cabka N.V. | Unaudited Results Webcast Presentation | 18 March 2025 Increase sales focus on pharma & e-commerce + mobility & defence To Pooling & Mobility verticals Cabka incorporates a new verticals in Pharma + E-commerce with dedicated sales team Slowdown in EU markets : DACH & FRANCE Expected growth for RTP in US > EU Slow down in CAPEX Reduced Forecast & increase RFQ’s Increase own sales force in CEE and Italy Increase sales force and Marketing efforts in US Adapt product offering and pricing Adapt operations and reinforce inside sales MARKET EVOLUTION CABKA RESPONSE
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31 Empowering Customer Smart Supply Chains 31 Load Carrier Tracking Device Platform Cabka transforms your load carriers into intelligent information carriers Software + + Hardware Cabka N.V. | Capital Markets Update | 19 November 2025
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New product launches Continuous Innovation Commodity ECO line Jan 25’ Max Pal 1616 Mar 24’ Cabcube Euro 1208 Sept ‘25 FalConic ® Oct ‘25 32 Nestor ® July ‘25 Cabcube 1512 Nov ‘25 Euro E7.2 Sep 24’ Cabfold Hybrid Dec 24’ Bigbag S5 Feb 24’ Cabcube 4840 Sep 23’ ZirConic ® Mar 25’ Retail US5 Nov 23’ Cabka N.V. | Capital Markets Update | 19 November 2025
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Innovation 33 Product & Processes Cabka N.V. | Capital Markets Update | 19 November 2025
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34 Javier Fernandez Chief Innovation Officer Cabka N.V. | Capital Markets Update | 19 November 2025 Intro Seasoned technical leader with 15+ years of experience in plastic industry across automotive, aerospace and packaging industries. Visionary, with economic and strategic thinking skills, initiative, determination, and the sense of urgency needed to turn plans into results. Focused on value creation for internal and external customers and committed to keeping Cabka at the forefront of the circular economy, delivering smart, reliable, and sustainable platforms for logistics and packaging, while ensuring profitable products and our next phase of profitable growth.
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35 Innovation Center– Core Capabilities Product Development • Product Design and engineering • 58 patents filed • Advanced Virtual validation to predict real parts behavior • Fast 1:1 prototyping before Capex • Inhouse Product testing validation & feedback back to virtual predictions Cabka N.V. | Investors Capital Market Day| 19 November 2025 Material Engineering • Post consumer and industrial waste processing optimization • State of the art laboratory for the characterization of materials • Link material formulations to innovative product design • Best-in-class materials database Tooling&Automation • Developed in-house tool shop capabilities. • High-performance tooling & smart automation for recycled materials. • From prototype to production tools; EOAT, vision QC, traceability. • Cavitation, cycle-time optimization, and scrap minimization. Operating under one roof, end to end in one place From initial idea to final product homologation
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Cabka N.V. | Investors Capital Market Day| 19 November 202536 All Pillars Under One Roof Location: Valencia, Spain. 2,500 m² across two floors: ✓ Ground floor with Materials Lab, Prototyping & Test Center ✓ First floor with Engineering Offices. Capabilities: Product Design, virtual simulations, material laboratory Tooling and Automations, Prototypes, Test center Turn waste into value: recycled materials + intelligent design. Having all under one roof, provides fast development cycles with continuous onsite feedback during product maturation. Data-driven decisions: virtual simulations, full-scale prototyping, and integrated testing. Co-design with key customers (internal&external), validating by prototyping before CAPEX expenditures to minimize risks and maximize adoption and ROI
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Cabka N.V. | Investors Capital Market Day| 19 November 202537 CABKA Innovation Funnel From a Concept to a Valued Product Gate 0 Ideas — Strategy Fit Target segment & price corridor Initial risk map Initial cost structure Gate 1 Scoping — Customer & Market Voice of Customer Competitive Advantage Market Demand Gate 2 Development CAD/FEA & prototypes DfM/DfA review Validation plan & criteria Gate 3 Tooling & Testing Tool & automation concept Pilot runs with real parts Pre-homologation data Gate 4 Launch — SOP Final Product homologation Production Ramp-up plan De-Risk, Validate, Launch : • Standard deliverables & checklists • Evidence based go/kill pre-CAPEX: capital efficient bets, lower risk. • Prototype first, invest later: higher hit rate and quicker customer buy-in. • Continuous 360° feedback (incl. plant): early issue detection, smoother ramps. • Design to cost with recycled materials: margin expansion and ESG upside. • Scalable tooling & automation: readiness to ramp and reliable quality. • Lessons learned captured & reused: prevents repeat errors and speeds future projects.
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Real Product Example: The CabCube Euro 1208 (CC 4.0) From Concept to Market Start of Production Aug ‘25 Cabka N.V. | Investors Capital Market Day| 19 November 202538 Desing Completed Dec ’24 Design Starts Oct’24 1:1 Prototype Validated Jan ’245 Tool kick Off Capex in place Jan ’25 Product Validated Jun ’25 Process Set Up in Home Line Jul ’25
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Cabka N.V. | Investors Capital Market Day| 19 November 202539 Innovation Excellence in Motion ✓ Innovation validated: Our disciplined process is proven and awarded by Red Dot. ✓ Credibility at a glance: Independent jury recognition makes our story instantly believable. ✓ Brand lift & preference: Award status elevates Cabka and tips decisions in our favor. ✓ Proof that sells: A simple, powerful cue for buyers: this innovation wins. Red dot Design Award in 2 categories: Sustainability and Packaging
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40 Javier Fernández Chief Innovation Officer Thank you Cabka N.V. | Capital Markets Update | 19 November 2025
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41 Strengthen the balance sheet and focus on profitable growth Finance Cabka N.V. | Capital Markets Update | 19 November 2025
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Status: 2024 Actual 2025 Forecast Revenues EUR 182M EUR ~182M Ebitda EUR 20M EUR ~20M Where Are We Today 42 Performance 2025 forecast vs 2024 actual o Operating performance EUR 4M lower due to lower production (inventory reduction) and lower capitalized services o Material Expenses 49% vs 50% last year o Operating margin 51% vs 50% last year o Personnel and OPEX expenses EUR 4M lower o Total net debt EUR 1,5M lower o Capex <10M Cabka N.V. | Capital Markets Update | 19 November 2025 SHIFT plan execution and balance sheet repair Balance sheet repair and road to recovery started
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Status: Financing secured until 2027 Goal: Restore the senior leverage ratio to investment grade level (net debt/ebitda) How: Strengthen the balance sheet Where Are We Going Next 43 Reducing debt o Continued capex discipline - balance capex and debt reduction depending on cash generation – annual capex target range of approx. 10-15m, rest is debt reduction Working capital discipline - lower the cash conversion cycle (DIO + DSO – DPO) o Supplier and customer payment terms action plan o Right sizing inventory Cabka N.V. | Capital Markets Update | 19 November 2025 Strengthen the Balance Sheet
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Status: Growth has been flat, ebitda over sales margin at approximately 11% Goal: Grow revenues at 6% CAGR and increase ebitda pull- through to 13%-15% How: Focus on profitable growth Where Are We Going Next 44 Increase ebitda margin o Increase capacity utilization (reducing the average cost of production) o Cost control - more involved monitoring and cautious spending o Better customer forecasting & price differentiation o More granular and insightful margin analysis and enhanced production planning o Portfolio expansion and business line transformation - MGPP Cabka N.V. | Capital Markets Update | 19 November 2025 Profitable Growth
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Medium-term guidance ebitda at 14% of sales Revenue Forecast (2025-2028) Key Metrics in € million 45 Forecast 2025 € 182,0 Portfolio € 13,0 Customized Solutions and Pooling € 10,0 Contract Manufacturing € 5,0 ECO € 5,0 Forecast 2028 € 215,0 CAGR 6% EBITDA Margin Growth 13%-15% EBITDA 40% - 60% Higher Revenue Forecast 2025 - 2028 Waterfall Cabka N.V. | Capital Markets Update | 19 November 2025
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Key Performance Indicators Updated Guidance (2026 – 2028) 46 Growth Operational EBITDA margin CAPEX NWC Dividend Towards full capacity, in next three years > € 215m 13-15% € 10-15m/yr 15-20% of revenue Ambition to return to 30-35% payout ratio as % of net profit Higher capacity utilization 6% CAGR Higher utilization will increase margin pull-through and deleverage the balance sheet € 4-7m maintenance capex and € 6- 8m strategic/growth capex Working capital for adequate liquidity and high operational efficiency Dividend policy to be restored when balance sheet allows Cabka N.V. | Capital Markets Update | 19 November 2025
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Key Performance Indicators Long-Term Aspirations (By 2030) 47 Growth Operational EBITDA margin CAPEX NWC Dividend € 300m in ‘30 >15% < € 20m per annum 1/3 Maintenance capex 2/3 Growth capex <20% of revenue 30-35% payout ratio as % of net profit Catapult growth by market consolidation through M&A Maintain high profitability Cash earned will be the flywheel for investments in growth Good housekeeping in working capital Shareholders will benefit from continued cash generation Cabka N.V. | Capital Markets Update | 19 November 2025
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Long-term value creation Staged Growth Plan 48 Stabilize Expand & Grow Strengthen 2025 2026-2028 2028-2030 NEAR-TERM EXECUTION • Working capital reduction • Cost control ORGANIC GROWTH • 6% CAGR • Ebitda margin improvement MARKET CONSOLIDATION • Aspirational growth from an expanded business with a solid balance sheet STRATEGIC OUTCOMES • Long term sustainable value creation • Future proof business model o Grow top line organically to >€215M revenues - 6% CAGR o Increase operational ebitda margin from 11% to 13-15% by improving capacity utilization o Limited business line transformation and portfolio expansion o Grow top line organically to >€240M revenues - 6% CAGR o Higher operational ebitda margin of >15% due to full capacity utlization o More vigorous business line transformation and portfolio expansion o Grow top line inorganically to > €300M revenues o Market consolidation through M&A for competitive advantage and scale benefits o Cost control; personnel and OPEX EUR 4M reduced o Working capital EUR 3M lower o Capex discipline o Focus on cash flow generation Cabka N.V. | Capital Markets Update | 19 November 2025
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49 Alexander Masharov, Chief Executive Officer Closing remarks Cabka N.V. | Capital Markets Update | 19 November 2025
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Summary 50 Drive organic growth with key initiatives in ECO and Chemical recycling Leverage Cabka's competitive advantages in scaling up Become a consolidator if balance sheet allows Superior ESG profile (perfectly positioned for EU PPWR legislation) Innovation leadership Customer-centric commercial approach Clear Competitive Advantages Phase #2 2028-2030 Improve utilisation in Europe: better product mix & improved planning Improve utilisation in US: Intensified commercial efforts Improving margins + low capex –> higher cash flow & stronger balance sheet Phase #1 2025-2028 Cabka N.V. | Capital Markets Update | 19 November 2025
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Q&A 51 Please direct your questions to the moderator or via the chat. Cabka N.V. | Capital Markets Update | 19 November 2025
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Cabka N.V. | Unaudited Results Webcast Presentation | 18 March 2025 Thank you. 52
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ir@cabka.com investors.cabka.com