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1ST QUARTER 2025 – INVESTOR PRESENTATION DARIUSZ MAŃKO PRESIDENT OF THE BOARD ROMAN PRZYBYLSKI VICE PRESIDENT OF THE BOARD RAFAŁ WARPECHOWSKI BOARD MEMBER 23RD APRIL 2025
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(-) CONTINUING WEAK BUSINESS CONDITION INDICATORS - industrial production Poland (y/y), source: GUS, Jan -0,9%; Feb -2,0%; Mar 2,5% - construction and assembly production Poland (y/y),source: GUS, Jan 4,2%; Feb 0,0%; - industrial production Germany (y/y), source: Eurostat, Jan -1,6%; Feb -4,0% - industrial production EURO zone (y/y) source: Eurostat, Jan 0,0%; Feb 1,2% (+)/(-) - higher sales and stable margins in ASS - lower margins in EPS partially compensated by higher sales volume - higher margins with lower (mainly BOPP film) volume in FPS (+) /(-) - IMPROVEMENT IN OPERATING RESULTS – EBITDA growth (PLN 228M, +2% y/y) - lower net profit (PLN 121M, -20% y/y) – mainly due to the lack of effect from the creation of a deferred tax asset in 2024 A GOOD QUARTER IN A CONSISTENTLY DIFFICULT MARKET 2
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CONSOLIDATED FINANCIAL RESULTS 3
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FINANCIAL RESULTS ABOVE MANAGEMENT EXPECTATIONS PLN million 1Q 2025 1Q 2024 change Sales 1 354 1 240 +9% EBITDA 228 222 +3% EBITDA margin 16,8% 17,9% Operating profit 170 174 -2% Operating margin 12,6% 14,1% Financial gain (loss) -18,0 -12,5 Profit before tax 152 162 -6% Corporate tax -31 -11 Net profit* 121 150 -20% 4 • Sales revenues - higher aluminium prices in PLN (17% y/y) and consolidation from September 2024 SELT • EBITDA – growth in ASS and FPS, reduction in EPS • Net financial costs – mainly interest on loans and PLN 4M of positive exchange rate differences • Effective tax rate – close to nominal. In 2024, tax was reduced by PLN 20M due to the creation of a deferred tax asset (investment relief) • Net profit - in line with the estimates given for Q1 and above budget assumptions * Net profit attributable to shareholders of the parent company
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5 (PLN million) 1Q 2025 1Q 2024 change Volume sales (`000 t) 25,5 23,8 +7% Revenues 534,6 471,5 13% Domestic 279,3 225,9 24% International 255,2 245,6 4% EBITDA 45,9 50,7 -9% EBITDA margin 8,6% 10,8% EXTRUDED PRODUCTS SEGMENT • Volume growth - sales to ASS, including Selt • YoY revenue growth - volume growth, higher aluminium prices in PLN (17% yoy) with lower margins • EBITDA - continued margin pressure • Growth in construction, mainly due to high sales to ASS. Stable, diversified product sales structure • Lower level of foreign sales mainly due to the continuing slowdown in the economies of many Western European countries 38% 25% 9% 17% 10% 46% 22% 8% 15% 8% Construction & interior furnishing Automotive & transport Maschinery, electrotechnics, white goods Wholesalers Other Sales structure by industries 1Q 2024 1Q 2025 49% 16% 6% 6% 7% 5% 12% 53% 16% 6% 4% 6% 5% 10% Poland Germany Austria Italy Czechia UK Other Sales structure by countries 1Q 2024 1Q 2025
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6 • Sales increase - both domestically and export-wise. Revenues in Q1 25 include PLN 53M of Selt sales (consolidated from Sep 24) • EBITDA - higher sales volume (increase by approx. 10% y/y) • Increase in the share of sun protection due to the inclusion of Selt's revenues in this category • Stable share of foreign sales despite the weakening of the economy in many European markets and the strengthening of PLN/EUR ALUMINIUM SYSTEMS SEGMENT (PLN million) 1Q 2025 1Q 2024 change Revenues 673,4 561,8 +7% Domestic 423,2 353,4 13% International 250,2 208,4 24% EBITDA 123,3 111,2 4% EBITDA margin 18,3% 19,8% 66% 30% 4% 61% 35% 4% Architectural systems Sun protection Other Sales structure by products 1Q 2024 1Q 2025 63% 8% 6% 5% 3% 15% 63% 8% 5% 5% 3% 16% Poland Czechia & Slovakia Benelux & France UK Germany & Austria Other Sales structure by countries 1Q 2024 1Q 2025
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7 FLEXIBLE PACKAGING SEGMENT (PLN million) 1Q 2025 1Q 2024 change Revenues 304,2 305,7 +7% Domestic 145,6 146,9 13% International 158,6 158,8 24% EBITDA 69,0 63,8 4% EBITDA margin 22,7% 20,9% • Sales - stable sales in a difficult market • EBITDA – high scale, efficiency of operations and effective trade policy • Stable share in the BOPP film product basket despite the ongoing strong competition • Stable geographical structure of sales, high share of exports49% 32% 12% 7% 48% 31% 12% 9% Poland Western Europe Central Europe Eastern Europe Sales structure by regions 1Q 2024 1Q 2025 28% 9% 12% 13% 38% 26% 11% 14% 12% 37% Instant food, cofee & spices Dairy & fat products Fresh food Other BOPP films Sales structure by client sectors 1Q 2024 1Q 2025 Packaging
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8 IMPLEMENTATION OF INVESTMENT PROJECTS IN 1Q EPS - PLN 24M including: production tools and maintenance projects ASS - PLN 14M including: smaller development and maintenance projects FPS – PLN 6M including: mainly maintenance projects, including printers and laminators 99 88 41 46 45 0 25 50 75 100 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 CAPEX* (PLN million) * without PLN 395M for the purchase of shares in Selt Sp. z o.o. Progress in implementing the annual investment expenditure forecast – 13%
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827 695 1274 1501 13510,9 0,8 1,4 1,6 1,4 0,0 0,2 0,4 0,6 0,8 1,0 1,2 1,4 1,6 1,8 600 800 1000 1200 1400 1600 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 net debt net debt/EBITDA Net debt (PLNm)* / net debt/EBITDA ratio EUR; 20% Other; 1% PLN; 79% Debt currency structure short term 24% long term 76% Debt maturity structure 9 * Net debt = short-term and long-term liabilities due to loans + short-term and long- term liabilities due to rights to use assets - cash and cash equivalents • Decrease in the share of debt in EUR (y/y) due to financing the acquisition of shares in Selt Sp. z o.o. with a PLN loan in Q3 24 • Investment expenditures in line with the schedules of task implementation, planned increase in payments in subsequent quarters • No significant impact of net working capital on operating cash flows in Q1 FINANCIAL RATIOS 1501 -228 10 45 0 23 1351 end of 2024 EBITDA working capital CAPEX dividend other end of 1Q Net debt change in 1Q
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• NO SIGNS OF SIGNIFICANT CHANGES IN MARKET CONDITIONS, UNCERTAINTY ABOUT THE IMPACT OF HIGHER TARIFFS ON PARTICULAR SECTORS OF THE EUROPEAN ECONOMY • SIGNIFICANT PRICE FLUCTUATIONS OF SOME COMMODITIES IN RESPONSE TO US TARIFFS ACTIONS SUMMARY – OUTLOOK FOR THE 2ND QUARTER OPERATIONS & INVESTMENTS MARKET ENVIRONMENT FINANCES • DIVIDEND PAYOUT RECOMMENDATION – PLN 48.78 PER SHARE • MAINTAINING A HIGH LEVEL OF PRODUCTION CAPACITY UTILISATION • CONTINUATION OF WORK IN THE SELT INTEGRATION • STARTING IMPLEMENTATION / OPERATIONALIZATION OF THE NEW STRATEGY FOR 2025 - 2029 10
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ADDITIONAL INFORMATION 11
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• Systematic increase in aluminum prices in the quarter caused an increase in the average price in Q1 2025 by approx. 17% y/y in PLN terms • Increase in the average billet premium y/y by approx. 100 USD/t to 540 USD/t in Q1 2025 • On average, in Q1, approx. 4% increase in LDPE granulate prices (y/y) and approx. 3% decrease in PP granulate prices (y/y) in PLN terms 12 PRICES OF THE MAIN RAW MATERIALS 1 190 1 176 1 213 1 138 1 2041150 1169 1155 1050 1079 400 800 1 200 1 600 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 LDPE & PP resin proces ICIS spot low (EUR/t) LDPE PP 2320 100 200 300 400 500 600 700 Jan '24Feb '24Mar '24Apr '24May '24Jun' 24Jul '24Aug '24Sep '24Oct '24Nov '24Dec '24Jan '25Feb '25Mar '25Apr '25 Billet premium (USD/t), DDP North Germany 530
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13 Annual forecast (PLNm) 2025 2024 change 1Q 2025 % of the forecast Sales 5 612 5 144 +9% 1 354 24% EBITDA 990 932 +6% 228 23% Operating profit 744 721 +3% 170 23% Net profit 541 561 -4% 121 22% CAPEX 343 664 45 13% Volume sales (`000 t) 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Extruded Products Segment 23,8 26,4 25,0 18,7 25,5 FPS – packaging (mln sqm) 122 FPS – BOPP foil (`000 t) 14,2 EBITDA by Segments (PLN million) 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Extruded Products Segment 50,7 69,5 53,9 43,0 45,9 Aluminium Systems Segment 111,2 133,9 142,6 112,8 123,3 Flexible Packaging Segment 63,8 65,3 66,8 44,2 69,0 Production capacity utilization (%) 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Extruded Products Segment 84 86 81 66 83 Flexible Packaging Segment 90 90 91 82 90 ADDITIONAL INFORMATION
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