Interim report
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1 THE CAPITAL GROUP OF GRUPA KĘTY S.A. CONSOLIDATED QUARTERLY REPORT FOR Q.3, 2025 (PLN millions)
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Consolidated quarterly report for Q.3, 2025 2 POLISH FINANCIAL SUPERVISION AUTHORITY Consolidated quarterly report QSr 3/2025 (compliant with paragraphs 61.2 and 63.1 of the Regulation of the Minister of Finance of 6 June 2025 on current and interim information disclosed by the issuers of securities and conditions of considering equivalent the information required by the laws of a country other than a member state – Journal of Laws of 2025, item 755 ) for the third quarter of the reporting year 2025, covering the period from 1 July 2025 to 30 September 2025, comprising the interim condensed consolidated financial statements and interim condensed separate statements prepared in a ccordance with International Accounting Standard No. 34 Interim Financial Reporting (‘IAS 34’) as adopted by the EU, supplementary information to the quarterly report and quarterly financial information of Grupa Kęty S.A., all in Polish zlotys (PLN). 22 October 2025 (date of submission) GRUPA KĘTY SPÓŁKA AKCYJNA (full name of the issuer) KETY Metal sector [met] (short name of the issuer) (sector in accordance with the Warsaw Stock Exchange classification/ industry) 32-650 Kęty (postal code) (city) Kościuszki 111 (street) (number) 33 844 60 00 33 845 30 93 (phone) (fax) kety@grupakety.com www.grupakety.com (e-mail) (website) 549-000-14-68 070614970 (tax identification number – NIP) (statistical identification number – REGON)
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Consolidated quarterly report for Q.3, 2025 3 SELECTED FINANCIAL DATA Data referring to the condensed consolidated financial statements of Grupa KĘTY S.A. in accordance with IFRS ITEMS OF THE STATEMENTS OF PROFIT OR LOSS, COMPREHENSIVE INCOME, AND CASH FLOWS (PLN millions) (EUR millions) 3 quarters of 2025 3 quarters of 2024 3 quarters of 2025 3 quarters of 2024 Net sales 4 243 3 896 1 002 906 Profit on operating activities 639 579 151 135 Profit before tax 581 536 137 125 Net profit 467 465 110 108 Net profit (loss) attributable to owners of the parent 466 464 110 108 Total net income (loss) 466 457 110 106 Total net income (loss) attributable to owners of the parent 465 456 110 106 Net cash flow from operating activities 678 509 160 118 Net cash flow from investing activities (163) (616) (38) (143) Net cash flow from financing activities (528) 97 (125) 23 Total net cash flows (13) (10) (3) (2) Net earnings per share attributable to owners of the parent (in PLN/EUR) 47,51 47,92 11,22 11,14 Diluted net earnings per share attributable to owners of the parent (in PLN/EUR) 47,38 47,81 11,18 11,11 BALANCE SHEET ITEMS 30/09/2025 31/12/2024 30/09/2025 31/12/2024 Total assets 4,378 4,221 1,025 988 Liabilities and provisions for liabilities 2,482 2,284 581 535 Non-current liabilities 1,000 1,227 234 287 Current liabilities 1,482 1,057 347 247 Equity attributable to owners of the parent 1,895 1,936 444 453 Share capital 68 68 16 16 Number of shares 9,822,753 9,735,146 9,822,753 9,735,146 Book value per share (in PLN/EUR) 192.92 198.87 45.19 46.54 Diluted book value per share (in PLN/EUR) 192.86 198.03 45.17 46.35 Data referring to the condensed separate financial statements of Grupa KĘTY S.A. in accordance with IFRS ITEMS OF THE STATEMENTS OF PROFIT OR LOSS, COMPREHENSIVE INCOME, AND CASH FLOWS (PLN millions) (EUR millions) 3 quarters of 2025 3 quarters of 2024 3 quarters of 2025 3 quarters of 2024 Net sales 1,485 1,405 351 327 Profit on operating activities 619 616 146 143 Gross profit 588 598 139 139 Net profit 585 617 138 143 Net comprehensive income 585 614 138 143 Net cash flow from operating activities 432 397 102 92 Net cash flow from investing activities (55) (520) (13) (121) Net cash flow from financing activities (374) 125 (88) 29 Total net cash flows 3 2 1 0 Earnings per share (in PLN/EUR) 59.59 63.70 14.07 14.81 Diluted earnings per share (in PLN/EUR) 59.41 63.56 14.02 14.77 BALANCE SHEET ITEMS 30/09/2025 31/12/2024 30/09/2025 31/12/2024 Total assets 2,463 2,128 577 498 Liabilities and provisions for liabilities 1,327 1,070 311 250 Non-current liabilities 491 688 115 161 Current liabilities 836 382 196 89 Equity 1,136 1,058 266 248 Share capital 68 68 16 16 Number of shares 9,822,753 9,735,146 9,822,753 9,735,146 Book value per share (in PLN/EUR) 115.65 108.68 27.09 25.43 Diluted book value per share (in PLN/EUR) 115.61 108.22 27.08 25.33 The above financial figures were translated into EUR as follows: • assets and liabilities: at the mean exchange rate of the National Bank of Poland (NBP) as at 30 September 2025 – 4.2692 PLN/EUR, and as at 31 December 2024 – 4.273 PLN/EUR; • items of the statements of profit or loss, comprehensive income, and cash flows – at the exchange rate being the arithmetic mean of the exchange rates of the National Bank of Poland [NBP] for the last two days of each month: three quarters of 2025 − 4.2365 PLN/EUR, and three quarters of 2024 – 4.3022 PLN/EUR.
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Consolidated quarterly report for Q.3, 2025 4 I. Interim condensed consolidated financial statements ........................................................................................... 7 Interim condensed consolidated statement of profit or loss ..................................................................................... 7 Interim condensed consolidated statement of comprehensive income ..................................................................... 8 Interim condensed consolidated balance sheet ......................................................................................................... 9 Interim condensed consolidated statement of changes in equity ............................................................................ 10 Interim condensed consolidated statement of cash flows ....................................................................................... 12 Supplementary information and explanatory notes ................................................................................................ 13 1. General information ........................................................................................................................................ 13 2. Capital Group composition ............................................................................................................................. 14 3. Basis for the interim condensed consolidated financial statements preparation .............................................. 15 4. Significant accounting principles (policy) ....................................................................................................... 16 5. Estimation areas .............................................................................................................................................. 16 6. Seasonal nature of operations .......................................................................................................................... 17 7. Information on operating segments ................................................................................................................. 17 7.1. Financial results of the segments ......................................................................................................... 17 8. Item structure of revenue from contracts with customers ............................................................................... 20 9. Cash and cash equivalents ............................................................................................................................... 20 10. Dividends paid and proposed for payment ...................................................................................................... 21 11. Income tax ....................................................................................................................................................... 21 12. Property, plant and equipment ......................................................................................................................... 22 12.1. Purchase and sale ................................................................................................................................. 22 12.2. Impairment losses ................................................................................................................................ 22 13. Write-downs of goodwill ................................................................................................................................ 22 14. Current receivables .......................................................................................................................................... 22 15. Inventories ....................................................................................................................................................... 23 16. Provisions and accruals ................................................................................................................................... 24 17. Bank loans ....................................................................................................................................................... 24 18. Lease liabilities ................................................................................................................................................ 25 19. Equity securities – employee share plans ........................................................................................................ 25 20. Trade payables and other liabilities ................................................................................................................. 26 20.1. Non-current liabilities .......................................................................................................................... 26 20.2. Current trade and other payables .......................................................................................................... 27 20.3. Contract liabilities ................................................................................................................................ 27 21. Explanation of the reasons for material changes in the items of revenue and costs ........................................ 27 22. Explanation of the reasons of major changes in other items ........................................................................... 28 23. Discontinued operations .................................................................................................................................. 28 24. Business combinations .................................................................................................................................... 28 25. Objectives and principles of financial risk management ................................................................................. 28 26. Capital management ........................................................................................................................................ 28 27. Contingent liabilities ....................................................................................................................................... 29 28. Future investment liabilities ............................................................................................................................ 29 29. Shareholding structure and transactions with key management staff .............................................................. 30 29.1. Shareholding structure ......................................................................................................................... 30 29.2. Transactions with the Group key management staff ............................................................................ 30 29.3. Remuneration of the Group key management staff .............................................................................. 30 29.4. Group Management Options Plan ........................................................................................................ 31 30. Issue of shares ................................................................................................................................................. 31 31. Methods of measurement at fair value (fair value hierarchy) .......................................................................... 31 32. Earnings per share ........................................................................................................................................... 32 33. Related party transactions (PLN ‘000) ............................................................................................................ 33 34. Post-balance-sheet events ................................................................................................................................ 33
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Consolidated quarterly report for Q.3, 2025 5 II. Other information applicable to the consolidated quarterly report .................................................................... 34 1. Summary of the Issuer’s material accomplishments or failures in the reporting period and a list of the respective key events ....................................................................................................................................... 34 2. Factors with significant impact on the results of the present quarter .............................................................. 34 3. Factors which in the Issuer’s opinion are likely to influence its results generated within the perspective of at least one quarter .............................................................................................................................................. 35 4. Organisational and management structure ...................................................................................................... 35 5. Management Board’s stand regarding the published forecasts ....................................................................... 37 6. Shares held by the Company managing and supervising persons as at the date of this interim report publication ....................................................................................................................................................... 37 7. Important court litigations, arbitration proceedings or administrative proceedings ........................................ 38 8. Related party transactions ............................................................................................................................... 38 9. Information on security bonds for loans and borrowings or guarantees granted by the Issuer or its subsidiaries ...................................................................................................................................................... 39 10. Other information material for the assessment of the Issuer’s headcount, assets, financial standing and the capability of paying liabilities by the Issuer .................................................................................................... 39 11. Shares and shareholders .................................................................................................................................. 39 III. Quarterly financial disclosure of Grupa Kęty S.A. .......................................................................................... 41 Separate statement of profit or loss ........................................................................................................................ 41 Separate statement of comprehensive income........................................................................................................ 42 Separate balance sheet ........................................................................................................................................... 43 Separate statement of changes in equity ................................................................................................................ 44 Separate statement of cash flows ........................................................................................................................... 45
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 6 THE CAPITAL GROUP OF GRUPA KĘTY S.A. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR Q.3, 2025, ENDED ON 30 SEPTEMBER 2025, PREPARED IN ACCORDANCE WITH IAS 34 (PLN millions)
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 7 I. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS Note Q.3, 2025 9 months of 2025 Q.3, 2024 9 months of 2024 Revenue from contracts with customers 8 1,447 4,243 1,356 3,896 Total operating expenses, of which: (1,215) (3,611) (1,158) (3,326) Depreciation (60) (178) (53) (152) Materials and energy, and the value of trade goods and materials sold (804) (2,527) (780) (2,284) Third-party services (111) (314) (107) (293) Taxes and fees (8) (25) (11) (23) Employee benefits (209) (626) (187) (553) Remeasurement of financial assets – IFRS 9 0 0 1 0 Other expenses by nature (8) (23) (7) (21) Change in inventories of products and work in progress (20) 67 (21) (20) Cost of own-use products manufacturing 5 15 7 20 Profit on sales 232 632 198 570 Other operating income 4 12 0 10 Other operating expenses (2) (5) 2 (1) Profit on operating activities 234 639 200 579 Finance income 0 4 3 4 Finance expenses (19) (62) (18) (47) Profit before tax 215 581 185 536 Income tax 11 (39) (114) (37) (71) Net profit on continuing operations 176 467 148 465 Attributable to non-controlling interests 0 1 1 1 Attributable to owners of the parent 176 466 147 464 Earnings per share attributable to owners of the parent (PLN) 32 Basic 17.96 47.51 15.15 47.92 Diluted 17.95 47.38 15.15 47.81 In the presented periods, the Group did not discontinue any operations.
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 8 INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Q.3, 2025 9 months of 2025 Q.3, 2024 9 months of 2024 Net profit for the period 176 467 148 465 Other comprehensive income that may be reclassified subsequently to profit or loss 2 (1) (4) (8) Foreign currency differences on translation of related parties 1 (1) (2) (3) Measurement of cash flow hedging instruments 1 0 (2) (6) Income tax in relation to other comprehensive income that may be reclassified subsequently to profit or loss 0 0 0 1 Other comprehensive income that will not be reclassified subsequently to profit or loss 0 0 0 0 Comprehensive income for the period 178 466 144 457 Comprehensive income attributable to: Non-controlling interests 0 1 1 1 Owners of the parent 178 465 143 456
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 9 INTERIM CONDENSED CONSOLIDATED BALANCE SHEET ASSETS 30/09/2025 31/12/2024 I. Non-current assets 2,540 2,573 Property, plant and equipment 2,121 2,164 Right-of-use assets 92 97 Intangible assets 156 145 Goodwill 27 27 Investment properties 4 4 Non-current receivables 1 1 Advance payments for the purchase of property, plant and equipment 29 11 Deferred tax assets 110 124 II. Current assets 1,838 1,648 Inventories 15 890 843 Income tax receivables 1 11 Trade and other receivables 14 875 710 Derivative financial instruments 31 2 1 Cash and cash equivalents 9 70 83 Total assets 4,378 4,221 EQUITY/LIABILITIES 30/09/2025 31/12/2024 I. Equity 1,896 1,937 Share capital 68 68 Share premium 30 124 91 Share-based payments reserve 61 56 Retained earnings 1,683 1,761 Foreign currency differences on translation of foreign operations (41) (40) Equity attributable to owners of the parent 1,895 1,936 Equity attributable to non-controlling interests 1 1 II. Non-current liabilities 1,000 1,227 Loan payables 17 832 1,059 Lease liabilities 18 60 66 Other liabilities 20.1 34 28 Provisions for employee benefits 16 16 16 Deferred income 35 35 Deferred tax provision 23 23 III. Current liabilities 1,482 1,057 Loan payables 17 345 449 Lease liabilities 18 10 10 Income tax payables 37 32 Dividend payables 10 381 0 Trade and other payables 20.2 602 476 Contract liabilities 20.3 36 29 Provisions and accruals 16 67 58 Derivative financial instruments 31 1 0 Deferred income 3 3 Total equity/liabilities 4,378 4,221
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 10 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Share capital Share premium Share-based payments reserve Hedging reserve Retained earnings Foreign currency differences on translation of foreign operations Equity attributable to owners of the parent Equity attributable to non-controlling interests Total equity Equity as at 31 December 2024 68 91 56 0 1,761 (40) 1,936 1 1,937 Comprehensive income for the period: 0 0 0 0 466 (1) 465 1 466 Net profit for the period 0 0 0 0 466 0 466 1 467 Other comprehensive income 0 0 0 0 0 (1) (1) 0 (1) Measurement of share- based payments 0 0 5 0 0 0 5 0 5 Dividends to non- controlling interests 0 0 0 0 0 0 0 (1) (1) Dividends to owners of the parent 0 0 0 0 (544) 0 (544) 0 (544) Issue of shares 0 33 0 0 0 0 33 0 33 Equity as at 30 September 2025 68 124 61 0 1,683 (41) 1,895 1 1,896
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 11 Share capital Share premium Share-based payments reserve Hedging reserve Retained earnings Foreign currency differences on translation of foreign operations Equity attributable to owners of the parent Equity attributable to non-controlling interests Total equity Equity as at 31 December 2023 68 60 53 6 1,741 (38) 1,890 0 1,890 Comprehensive income for the period: 0 0 0 (5) 464 (3) 456 1 457 Net profit for the period 0 0 0 0 464 0 464 1 465 Other comprehensive income 0 0 0 (5) 0 (3) (8) 0 (8) Measurement of share- based payments 0 0 12 0 0 0 12 0 12 Dividends to owners of the parent 0 0 0 0 (539) 0 (539) 0 (539) Issue of shares 0 30 0 0 0 0 30 0 30 Equity as at 30 September 2024 68 90 65 1 1,666 (41) 1,849 1 1,850
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 12 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Q.3, 2025 9 months of 2025 Q.3, 2024 9 months of 2024 Cash flow from operating activities Profit before tax 215 581 185 536 Adjustments: 77 238 62 195 Depreciation 60 178 53 152 Recognition/(reversal) of write-downs of non-current assets 0 0 0 (3) Net profit on foreign currency translation differences 0 (2) (4) (4) (Profit)/loss on sale of property, plant and equipment 0 0 (1) (1) Interest 16 57 15 40 Share-based payment expenses 1 5 4 12 Other items (net) 0 0 (5) (1) Cash flow from operating activities before change in working capital 292 819 247 731 Change in inventories 2 (47) (29) (35) Change in net receivables 1 (165) 17 (133) Change in current liabilities, except for loans and leases (33) 150 (105) 29 Change in provisions 3 9 (22) (14) Change in deferred income 2 1 (1) (2) Cash flow from operating activities before tax 267 767 107 576 Tax expense (17) (89) (25) (67) Net cash from operating activities 250 678 82 509 Cash flow from investing activities (+) Proceeds: 1 1 1 2 Sale of intangible assets, and property, plant and equipment 1 1 1 2 (-) Expenses: (62) (164) (431) (618) Acquisition of intangible assets, and property, plant and equipment (62) (164) (41) (228) Acquisition of shares in a subsidiary 0 0 (390) (390) Net cash from investing activities (61) (163) (430) (616) Cash flow from financing activities (+) Proceeds: 3 35 540 779 Issue of shares 3 33 1 30 Proceeds from loans and borrowings 0 2 539 749 (-) Expenses: (195) (563) (210) (682) Dividends to owners of the parent (164) (164) (184) (184) Repayment of loans and borrowings (17) (334) (11) (453) Payment of lease liabilities (3) (10) (2) (6) Interest on loans and borrowings (11) (55) (13) (39) Net cash from financing activities (192) (528) 330 97 Net increase/decrease in the balance of cash and cash equivalents before change in relation to foreign currency translation differences (3) (13) (18) (10) Net increase/(decrease) in cash and cash equivalents (3) (13) (18) (10) Cash and cash equivalents at the beginning of the period 73 83 97 89 Cash and cash equivalents at the end of the period 70 70 79 79
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 13 SUPPLEMENTARY INFORMATION AND EXPLANATORY NOTES 1. General information These interim condensed consolidated financial statements of Grupa Kęty S.A. (‘Statements’) cover the period of 9 months of 2025 ended on 30 September 2025 and provide comparative data for the period of 9 months of 2024 ended on 30 September 2024 as well a s figures as at 31 December 2024. The statements also comprise the data for Q.3, 2025 and Q.3, 2024. The quarterly figures have not been audited by a statutory auditor. The Capital Group of Grupa Kęty S.A. (‘the Group’, ‘the Capital Group’) comprises the parent company, namely Grupa Kęty S.A. (‘the parent’, ‘the Company’), and its subsidiaries (Note 2). Grupa Kęty S.A. is a joint stock company incorporated in Poland, with its registered office in Kęty, ul. Kościuszki 111, entered into the National Court Register [KRS] under the number KRS 0000121845, using the tax identification number [NIP]: 549-000-14-68 and statistical number [REGON]: 070614970. Grupa Kęty S.A. is also registered in the products and packaging database and in the waste management database under the number BDO 000007710. The shares of Grupa Kęty S.A. are quoted at Warsaw Stock Exchange and identified with the ISIN PLKETY000011 code. The lifetime of the parent company as well as of the Capital Group companies is unlimited. The basic activities of the Group include: • production, trade and services related to the processing of aluminium and its alloys – the Extruded Products Segment (EPS); • production, trade and services related to aluminium façade systems and window and door systems, special systems (fire-resistant doors and partition walls, smoke -resistant partitions), roller -shutter systems and roll-up gates for the construction industry, and also (post the acquisition of SELT Sp. z o.o.) sun protection systems – the Aluminium Systems Segment (ASS); • production and sales of materials for packaging as well as plastic packaging – the Flexible Packaging Segment (FPS). Grupa KĘTY is an international concern which employed over 6,000 people at the end of 2024, consisting of 9 domestic companies and 14 foreign companies, selling products to over 4,500 customers on more than 60 markets. All Group companies are covered with the consolidated statements. Detailed information on the operations of the Group is provided in the Report of the Management Board of Grupa Kęty S.A. on the operations of the Company and the Capital Group of Grupa Kęty S.A. in 2024 (Note 3.1). As at the date of approving these statements for publication, the parent company’s Management Board consisted of: • Mr Roman Przybylski – President of the Management Board/CEO, • Mr Rafał Warpechowski – Member of the Management Board/CFO, • Mr Tomasz Grela – Member of the Management Board/COO. The Management Board with the above membership was appointed for a 3 -years’ term on 29 May 2025. By 28 May 2025, the Management Board of the parent company consisted of: • Mr Dariusz Mańko – President of the Management Board/CEO, • Mr Roman Przybylski – Vice President of the Management Board/Director for Investments and Development, • Mr Rafał Warpechowski – Member of the Management Board/CFO, • Mr Piotr Wysocki – Member of the Management Board/Vice CEO, • Mr Tomasz Grela – Member of the Management Board.
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 14 2. Capital Group composition The Group consists of Grupa Kęty S.A. and the following subsidiaries: Company name Registered office Core business Parent’s name Percentage of share capital as at 30 September 2025 Percentage of share capital as at 31 December 2024 Date of control take-over Operating segment Grupa Kęty S.A. Kęty, Poland Holding company, production and sales of aluminium profiles None N/A N/A N/A EPS/Other Alupol LLC Borodianka, Ukraine Production of aluminium profiles Aluform Sp. z o.o. 100.00% 100.00% 12/2004 EPS Aluform Sp. z o.o. Tychy, Poland Production of aluminium profiles Grupa Kęty S.A. 100.00% 100.00% 06/2009 EPS Grupa Kety Italia SRL Milan, Italy Commercial intermediation Grupa Kęty S.A. 100.00% 100.00% 05/2014 EPS Aluminium Kety EMMI d.o.o. Slovenska Bistrica, Slovenia Processing of aluminium profiles Aluform Sp. z o.o. 100.00% 100.00% 06/2016 EPS Aluminium Kety Deutschland GmbH Dortmund, Germany Trade and marketing services Aluform Sp. z o.o. 100.00% 100.00% 06/2016 EPS Aluminium Kety CSE s.r.o. Ostrava, Czech Republic Trade and marketing services Aluform Sp. z o.o. 100.00% 100.00% 07/2017 EPS Aluprof S.A. Bielsko-Biała, Poland Sales of aluminium façade systems and roller shutters for the construction industry Grupa Kęty S.A. 100.00% 100.00% 06/1998 ASS SELT Sp. z o.o. Opole, Poland Production and sales of sun protection systems for the construction industry Grupa Kęty S.A. 100.00% 100.00% 09/2024 ASS Aluprof Hungary Kft. Dunakeszi, Hungary Sales of aluminium systems Aluprof S.A. 100.00% 100.00% 07/2000 ASS Aluprof Deutschland GmbH Schwanewede, Germany Sales of aluminium systems Aluprof S.A. 100.00% 100.00% 02/2005 ASS Aluprof System Romania SRL Bucharest, Romania Sales of aluminium systems Aluprof S.A. 100.00% 100.00% 05/2005 ASS Aluprof System Czech s.r.o. Ostrava, Czech Republic Sales of aluminium systems Aluprof S.A. 100.00% 100.00% 05/2005 ASS Aluprof UK Ltd. Altrincham, UK Sales of aluminium systems Aluprof S.A. 100.00% 100.00% 05/2006 ASS
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 15 (continued from the preceding page) Company name Registered office Core business Parent’s name Percentage of share capital as at 30 September 2025 Percentage of share capital as at 31 December 2024 Date of control take- over Operating segment Aluprof System Ukraina LLC Kiev, Ukraine Sales of aluminium systems Aluprof S.A. 100.00% 100.00% 11/2009 ASS Glassprof Sp. z o.o. Bielsko-Biała, Poland Production of fire- rated glass Aluprof S.A. 100.00% 100.00% 01/2012 ASS Aluprof System USA Inc. Wilmington, USA Sales of aluminium systems Aluprof S.A. 100.00% 100.00% 07/2014 ASS Aluprof Belgium N.V. Dendermonde, Belgium Sales of aluminium systems Aluprof S.A. 100.00% 100.00% 06/2015 ASS Aluprof Netherlands B.V. Rotterdam, Netherlands Sales of aluminium systems Aluprof S.A. 55.00% 55.00% 04/2017 ASS Alupol Packaging S.A. Tychy, Poland Production and trade in plastic packaging Grupa Kęty S.A. 100.00% 100.00% 04/1998 FPS Alupol Packaging Kęty Sp. z o.o. Kęty, Poland Production and trade in plastic packaging Alupol Packaging S.A. 100.00% 100.00% 05/2009 FPS Alupol Films Sp. z o.o. Oświęcim, Poland Production and trade in plastic films Alupol Packaging Kęty Sp. z o.o. 100.00% 100.00% 12/2014 FPS Dekret Centrum Rachunkowe Sp. z o.o. Kęty, Poland Accounting and bookkeeping services Grupa Kęty S.A. 100.00% 100.00% 09/1999 Other The presented percentages of share capital are equal to the share in the total number of votes. Additional information regarding the operating segments has been provided in Note 7. 3. Basis for the interim condensed consolidated financial statements preparation These interim condensed consolidated financial statements (‘Statements’) have been prepared in accordance with the International Accounting Standard No. 34 Interim Financial Reporting, adopted by the EU (‘IAS 34’). These interim condensed consolidated financial statements have been prepared in Polish zlotys (‘PLN’) and all values, unless otherwise specified, are presented in PLN millions. These interim condensed consolidated financial statements were approved for publication on 22 October 2025. The statements were prepared on the assumption of continuing as a going concern. As at the date of preparing these statements, the Management Board believes that there is no hazard to the continuation of the Group operations in the foreseeable future covering the period of at least 12 months of the balance-sheet date. Assessed were, in particular, the impact of climate issues and war in Ukraine on the activities of the Group. The analyses for the purpose of the assessment covered many factors which may change in the future. The analysis of climate issues has been presen ted in note 5.3 of the consolidated financial statements of the Group for 2024, published on 27 March 2025. Between 27 March 2025 and the date of publishing these statements, no major factors occurred which could make the aforesaid analysis invalid. A description of the impact of the war in Ukraine on the operations of the Group was presented in detail in Note 5.2 of the consolidated financial statements of Grupa Kęty S.A. for the year 2024. By the date of these statements publication, there were no new factors or events which would have a major impact on the operations of the Group on that account.
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 16 4. Significant accounting principles (policy) The accounting principles (policy) applied in preparing these interim condensed consolidated financial statements are consistent with the ones applied in preparing the consolidated financial statements of the Group for the year ended 31 December 2024. The interim condensed consolidated financial statements do not cover all information and disclosures required to be made in the annual consolidated financial statements, and must be read together with the consolidated financial statements of the Group for the year ended 31 December 2024, which were approved for publication by the Management Board on 27 March 2025. New or changed standards and interpretations As of 1 January 2025, amendments to IAS 21 came into force with regard to the method of assessment whether a currency is exchangeable into another currency, and the principles of determining exchange rate when a currency is not exchangeable. The amendments are effective for periods beginning on or after 1 January 2025. By the date of publishing these condensed consolidated financial statements, the amendments were approved for use by the European Union but do not impact these statements. Impact of the international tax system reform – Pillar 2 of BEPS 2.0 Project Pillar 2 of the BEPS 2.0 Project introduced the general framework of global minimum tax approved within the work carried by OECD Forum (hereinafter referred to as OECD Framework). As regards EU Member States, the first stage of introducing new rules was th e adoption of Council Directive (EU) 2022/2523 of 14 December 2022 on ensuring a global minimum level of taxation for multinational enterprise groups and large -scale domestic groups in the Union (hereinafter referred to as the Directive). As regards Poland, the Directive provisions were implemented in the national legal system by way of the Act of 6 November 2024 on Top -up Taxation of Constituent Entities of Multinational and Domestic Groups. The Polish legal regulations imposing direct dut ies on related companies entered into force on 1 January 2025, with the possibility of voluntary application as of 1 January 2024. The Group may be obliged to pay top -up income tax if in any of the jurisdictions where the Group operates the effective tax rate calculated in accordance with BEPS regulations is lower than 15%. Owing to the fact that the Group companies are basically located in jurisdictions with high level of taxes, to the best knowledge and estimations of the Group, the risk of payment of a major top-up tax in the foreseeable time horizon of the coming years is assessed as low. These interim condensed consolidated financ ial statements do not comprise any major amounts resulting from the international tax system Pillar 2 reform. 5. Estimation areas The main accounting estimates made are presented in the respective explanatory notes to the interim condensed consolidated financial statements: • estimates concerning recognition and measurement of lease contracts are presented in Note 18; • estimates concerning write-downs of inventories are presented in Note 15; • estimates and assumptions concerning write-downs of receivables are presented in Note 14; • estimates concerning write-downs of goodwill are presented in Note 13; • estimates concerning provisions and accruals are presented in Note 16; • estimates concerning deferred tax assets/provision are presented in Note 11; • estimates concerning management options measurement are presented in Note 19; • estimates concerning investment properties are presented in Note 37 of the consolidated financial statements for the year 2024; • estimates concerning measurement of liabilities on account of production technology are presented in Notes 10.8 and 28 of the consolidated financial statements for the year 2024; • estimates concerning impairment of property, plant and equipment are presented in Note 12.2; • estimates concerning impairment of assets are presented in Notes 13.7 and 13.8 of the consolidated financial statements for the year 2024; • estimates concerning control or influence over other entities are presented in Note 10.1 of the consolidated financial statements for the year 2024; • estimates concerning depreciation rates are presented in Notes 10.4 and 10.8 of the consolidated financial statements for the year 2024.
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 17 A detailed description of the assumptions made in the particular areas of estimates is provided in the consolidated financial statements for the year 2024. In 9 months of 2025 there were no major differences in the assumptions and estimates compared with 2024. Except the ones described above there were no other changes in estimates in the reporting period. 6. Seasonal nature of operations The Capital Group runs business in three operating segments, offering a broad portfolio of products sold to many sectors of economy. Nearly half of the sales are directed to foreign markets. The development and diversification of products in the recent yea rs have contributed to reducing the impact of seasonality on the operations of the Group to a great extent. Seasonality of operations is insignificant at the FPS. Whereas at the EPS and the ASS higher demand for products is typically observed in the second and third quarters compared with the first and fourth quarters. The phenomenon results mainly from weather conditions and production cycles characteristic to the construction business and industry, which are the target customers of a major part of the Segments’ products. The Management Board considers that the operations of the Group do not reflect major seasonality within the meaning of IAS 34 Section 21. 7. Information on operating segments The organisation and management of the Group’s operations are based on a division into operating segments in reference to the type of products and services offered. Each segment is a business unit or a group of business units, supplying various products an d servicing various markets. The division into operating segments coincides with the management reporting structure, based on which the Management Board takes operating and strategic decisions. Transactions between segments are settled as if they were made between unrelated entities, that is with the application of the present market prices. The operating segments of the Group are identical with the reporting segments presented in these interim condensed consolidated financial statements. The activities of the Capital Group are carried out and reported as divided for: • the Extruded Products Segment (EPS); • the Aluminium Systems Segment (ASS); • the Flexible Packaging Segment (FPS); • the item ‘Other’ applicable to the so -called Centre of Grupa Kęty S.A., responsible for the management of such areas as finance, reporting, information technology, public relations, investor relations, risk management and compliance, internal audit, develo pment and capital investments, human resources, as well as Dekret Centrum Rachunkowe Sp. z o.o., which provides accounting, HR, and payroll services to the Group companies. The Segments are engaged in the following activities: • EPS – production and sales of aluminium profiles; • ASS – production and sales of façade systems, window and door systems, and roller -shutter systems for the construction business; since September 2024, with regard to the acquisition of SELT Sp. z o.o., also production and sales of sun protection systems for the construction industry; • FPS – production and sales of materials for packaging as well as plastic packaging. Note 2 presents the assignment of the particular Group companies to the operating segments. 7.1. Financial results of the segments The segments’ operations are assessed mainly on the basis of income, operating profit (EBIT), operating profit plus depreciation and amortisation (EBITDA), and capital expenditure.
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 18 9 months of 2025 Operating segments FPS EPS ASS Other Eliminations Total Statement of profit or loss Revenue from contracts with customers 875 1,573 2,272 22 (499) 4,243 - outside of the Group 875 1,097 2,271 0 0 4,243 - associates 0 476 1 22 (499) 0 Dividends 0 0 0 581 (581) 0 Write-downs of inventories 0 1 (3) 0 0 (2) Operating profit (EBIT) 170 74 431 556 (592) 639 Depreciation 29 76 70 4 (1) 178 EBITDA 199 150 501 560 (593) 817 Interest income 0 1 1 1 (2) 1 Interest expense (5) (17) (21) (19) 2 (60) Profit before tax 167 61 407 538 (592) 581 Income tax (33) (16) (76) 8 3 (114) Net profit 134 45 331 546 (589) 467 Balance as at 30 September 2025 Total assets 898 1,671 1,965 1,032 (1,188) 4,378 Liabilities 367 702 1,090 754 (431) 2,482 Capital expenditure on property, plant and equipment 40 50 35 16 0 141 Q.3, 2025 Operating segments FPS EPS ASS Other Eliminations Total Statement of profit or loss Revenue from contracts with customers 283 501 810 7 (154) 1,447 - outside of the Group 283 355 809 0 0 1,447 - associates 0 146 1 7 (154) 0 Dividends 0 0 0 0 0 0 Write-downs of inventories 0 1 (3) 0 0 (2) Operating profit (EBIT) 52 22 173 (9) (4) 234 Depreciation 10 26 23 2 (1) 60 EBITDA 62 48 196 (7) (5) 294 Interest income 0 0 0 1 (1) 0 Interest expense (3) (4) (7) (5) 1 (18) Profit before tax 50 20 164 (14) (5) 215 Income tax (10) (4) (29) 2 2 (39) Net profit 40 16 135 (12) (3) 176 Capital expenditure on property, plant and equipment 6 15 16 1 0 38
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 19 9 months of 2024 Operating segments FPS EPS ASS Other Eliminations Total Statement of profit or loss Revenue from contracts with customers 900 1,503 1,847 20 (374) 3,896 - outside of the Group 900 1,150 1,846 0 0 3,896 - associates 0 353 1 20 (374) 0 Dividends 0 0 0 556 (556) 0 Write-downs of inventories (5) 0 (3) 0 0 (8) Write-downs of receivables 0 (1) 1 0 0 0 Write-downs of property, plant and equipment 0 3 0 0 0 3 Operating profit (EBIT) 170 105 333 531 (560) 579 Depreciation 26 69 55 2 0 152 EBITDA 196 174 388 533 (560) 731 Interest income 5 1 1 1 (6) 2 Interest expense (9) (14) (22) (6) 6 (45) Profit before tax 165 93 313 525 (560) 536 Income tax (33) 13 (54) 2 1 (71) Net profit 132 106 259 527 (559) 465 Balance as at 30 September 2024 Total assets 930 1,586 1,954 988 (1,115) 4,343 Liabilities 312 631 1,149 761 (360) 2,493 Capital expenditure on property, plant and equipment 6 86 54 10 0 156 Q.3, 2024 Operating segments FPS EPS ASS Other Eliminations Total Statement of profit or loss Revenue from contracts with customers 297 511 678 7 (137) 1,356 - outside of the Group 297 381 678 0 0 1,356 - associates 0 130 0 7 (137) 0 Dividends 0 0 0 0 0 0 Write-downs of inventories (1) 0 (2) 0 0 (3) Write-downs of receivables 0 (1) 1 0 0 0 Write-downs of property, plant and equipment 0 0 0 0 0 0 Operating profit (EBIT) 58 30 122 (11) 1 200 Depreciation 8 24 21 0 0 53 EBITDA 66 54 143 (11) 1 253 Interest income 0 1 1 1 (1) 2 Interest expense (4) (5) (7) (1) 1 (16) Profit before tax 54 26 117 (13) 1 185 Income tax (11) (5) (22) 1 0 (37) Net profit 43 21 95 (12) 1 148 Capital expenditure on property, plant and equipment 3 16 11 5 0 35 The ‘Eliminations’ item covers the elimination of inter-segment transactions and consolidation adjustments. In the statement of profit or loss it is mainly related to the sale of aluminium profiles by the EPS to the ASS. As regards assets and liabilities, eliminations comprise mainly investments in financial assets (shares and interests) and inter-segment settlements. The transactions are concluded on arm’s length basis. In the presented periods there was no sales concentration exceeding 10%.
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 20 8. Item structure of revenue from contracts with customers Geographic structure of revenue from contracts with customers Q.3, 2025 9 months of 2025 Q.3, 2024 9 months of 2024 Poland 735 2,163 684 1,960 EU (without Poland) 570 1,668 542 1,556 Other European countries 96 275 84 254 Other countries 46 137 46 126 Total sales 1,447 4,243 1,356 3,896 The sales in the table above are recognised for the country of the counterparty within a sale transaction. Q.3, 2025 9 months of 2025 Q.3, 2024 9 months of 2024 Products, of which: 1,249 3,694 1,179 3,393 - plastic packaging and BOPP films of the FPS 278 864 293 890 - aluminium products of the EPS 491 1,543 500 1,474 - architectural systems and sun protection systems of the ASS 625 1,758 515 1,378 Consolidation adjustments* (145) (471) (129) (349) Services, of which: 10 26 7 21 - FPS 3 7 2 6 - EPS 4 13 4 12 - ASS 5 12 2 8 - services of the central units 7 22 7 20 Consolidation adjustments** (9) (28) (8) (25) Materials and trade goods, of which: 188 523 170 482 - FPS 2 4 2 4 - EPS 6 17 7 17 - ASS 180 502 161 461 Total sales 1,447 4,243 1,356 3,896 *Refers mainly to aluminium profiles sale by the EPS to the ASS. ** Refers mainly to the cooperation between the ASS and the EPS, and services of the central units provided to the segments. 9. Cash and cash equivalents Cash at bank bears interest at variable rates, the value of which depends on the interest rate on overnight bank deposits. Short-term term deposits are made for periods of various lengths, from one day to several days, depending on the Group’s current demand for cash. They bear interest at rates applicable to the term of a deposit. The fair value of cash and cash equivalents is presented in the table below. 30/09/2025 31/12/2024 Bank deposits (current accounts) and short-term deposits 70 83 Total 70 83 As at 30 September 2025, the Group had PLN 9 million of restricted availability cash in its VAT accounts (31 December 2024: PLN 15 million). The cash may be used only for the purpose of output VAT, CIT, PIT and ZUS [social security] payments to authorities or as VAT payments to the Company suppliers. As at 30 September 2025, the Group had undrawn credit limits amounting to PLN 789 million, with regard to which all conditions precedent had been complied with (31 December 2024: PLN 559 million). In that amount, the available credit limits with maturity d ates exceeding 12 months represented PLN 460 million (31 December 2024: PLN 319 million).
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 21 10. Dividends paid and proposed for payment Pursuant to the resolution of the Annual General Meeting of 28 May 2025, Grupa Kęty S.A. allocated PLN 545 million from 2024 profit to dividend payment to the shareholders of the Company, which represents PLN 55.46 per share in reference to the number of the Company shares as at the date of determining the right to dividend (9,822,753). 20 August 2025 was set as dividend record day, whereas dividend payment date was determined as 3 September 2025 (that instalment has already been paid in the amount of PLN 164 million, i.e. PLN 16.69 per share) and 5 November 2025 (to be paid in the amount of PLN 381 million, i.e. PLN 38.77 per share). In 2024, the parent company paid dividend in the amount of PLN 539 million, i.e. PLN 55.40 per share. Moreover, in 9 months of 2025 Aluprof Netherlands B.V. subsidiary paid dividend to its minority shareholders amounting to PLN 337,000 (9 months of 2024: PLN 165,000). 11. Income tax Income tax structure Q.3, 2025 9 months of 2025 Q.3, 2024 9 months of 2024 Current tax (33) (102) (39) (106) Deferred tax* (6) (12) 2 35 Income tax recognised in the statement of profit or loss (39) (114) (37) (71) * In 9 months of 2025, with regard to capital expenditure, the Group increased the deferred tax asset on account of investment allowances within the Polish Investment Zone [Polska Strefa Inwestycji] programme (PSI) in the amount of PLN 3 million (in 9 months of 2024 the assets were increased for PLN 35 million). The Group assumes that all conditions of the aid decisions will be fulfilled. As at 30 September 2025, the recognised deferred tax assets on account of investment allowances amounted to PLN 133 million (31 December 2024: PLN 141 million). With regard to the aid decisions issued by the end of 2023, the Group recognised future tax benefits pro rata to the capital expenditure incurred. For the decisions issued in and after 2024, owing to a change in the tax law, the Group has recognised tax benefits at the dates identified in the aid decisions. The assumptions made with regard to measurement of deferred income tax assets related to zone operations, including tax income forecast, have not changed compared with those adopted for the purpose of preparing the consolidated financial statements for the year ended 31 December 2024 (Note. 14.2). Further, on 29 May 2025, Alupol Films Sp. z o.o. (FPS) obtained decision No. 343/2025 dated 28 May 2025 issued by Krakowski Park Technologiczny Sp. z o.o. [Kraków Engineering Park] on aid for a new investment project. The aid decision was issued for 15 years counting from the date of its issue, i.e. ending on 27 May 2040. The project refers to improving production capacity, whereas the capital expenditure will be spent on extension and modernisation of production space and purchase of a modern line for polyolefin films manufacturing. Availing of the tax allowance will be possible upon fulfilment of certain criteria, including specifically: • incurring at least PLN 300 million eligible costs by 31 March 2028 (the maximum eligible costs amount to PLN 300 million, and the estimated maximum aid limit amounts to PLN 125 million); • headcount increase by 15 FTEs (up to 219 FTEs) by 31 March 2028 and maintenance of the level at least to 31 March 2033.
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 22 The table below presents the status of the projects under the respective aid decisions. Completion dates for projects covered with the decisions Headcount Expenditure incurred Minimum expenditure set forth in the decision Maximum expenditure set forth in the decision Deferred tax asset as at 30 September 2025 Deferred tax asset as at 31 December 2024 Grupa Kęty S.A. – Decision No. 122 30/06/2024 +25 people 235 220 286 89 89 Aluprof S.A. – Decision No. 32 31/12/2023 +18 people 16 14 18 3 3 Aluprof S.A. – Decision No. 38 31/12/2025 +35 people 87 86 112 6 16 Alupol Packaging Kęty Sp. z o.o. – Decision No. 277 31/12/2025 +12 people 32 30 32 0 0 Alupol Films Sp. z o.o. – Decision No. 343 31/03/2028 +15 people 0 300 300 0 0 SELT Sp. z o.o. – Decision No. 155 31/12/2027 +120 people 106 107 139 35 33 Total 476 757 887 133 141 12. Property, plant and equipment 12.1. Purchase and sale Q.3, 2025 9 months of 2025 Q.3, 2024 9 months of 2024 Acquisition of property, plant and equipment 38 141 36 157 Net value of property, plant and equipment sold 1 1 0 1 Profit (loss) on sale of property, plant and equipment 0 0 1 1 12.2. Impairment losses Owing to the absence of impairment indicators referred to in IAS 36, the Group did not carry out impairment tests for the property, plant and equipment held. In 9 months of 2025 the Group did not r ecognise any impairment losses for property, plant and equipment. In 9 months of 2024, the Group reversed impairment losses for property, plant and equipment in the total amount of PLN 3 million. 13. Write-downs of goodwill In 9 months of 2025 there were no new events which would make the impairment tests carried out by the Group as at 31 December 2024 invalid. Therefore, the Group did not recognise goodwill impairment. In 9 months of 2024 the Group did not recognise goodwill impairment, either. 14. Current receivables 30/09/2025 31/12/2024 Net receivables 875 710 Trade payables 833 679 Deposits on account of aluminium price hedging transactions 3 3 Other 3 5 Total net financial receivables (under IFRS 7) 839 687
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 23 Public law receivables (except for income tax) 7 7 Advance payments (trade-related) to suppliers 18 7 Prepaid expenses 11 9 Total net non-financial receivables 36 23 In 9 months of 2025 and 9 months of 2024, change in write -downs of financial receivables amounted to less than PLN 1 million. The write-downs recognised and reversed are presented in a separate item of the statement of profit or loss entitled ‘Write-downs of financial assets – IFRS 9’. Trade receivables do not bear interest and have 14 to 120 days maturity. There is no concentration of receivables from one contractor which would exceed 10%. The Group has implemented a policy of selling solely to verified customers and applies receivables insurance with specialised companies. Consequently, according to the management’s opinion, there is no additional credit risk exceeding the level established by the write-down. The fair value of receivables is close to their book value. 15. Inventories 30/09/2025 31/12/2024 Materials 405 430 Work in progress 261 208 Finished products 215 199 Trade goods 9 6 Total 890 843 In 9 months of 2025, the Group recognised write-downs of trade goods and materials amounting to PLN 2 million (in 9 months of 2024, there were recognised write -downs amounting to PLN 6 million). The Group discloses the recognised/reversed write-downs of trade goods and materials in the ‘Materials and energy consumption, and value of trade goods and materials sold’ item of the statement of profit or loss. In 9 moths 2025, the Group recognised a write-down of finished products amounting to PLN 1 million and reversed a write-down of semi-products worth PLN 1 million. In 9 months of 20 24, there were recognised write-downs of finished products and semi -products in the amount of PLN 4 million. The write -downs recognised and reversed are presented in the item of ‘adjustment of inventories of products and work in progress’. Write-downs 30/09/2025 31/12/2024 Materials (33) (31) Work in progress (7) (8) Finished products (21) (20) Trade goods (1) (1) Total write-downs of inventories (62) (60) The assumptions and estimates with regard to measuring inventories and write -downs of inventories have not changed since 31 December 2024, and comply with the approach presented in Note 10.10 of the consolidated financial statements for the year ended 31 December 2024.
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 24 16. Provisions and accruals The tables below present changes in provisions and accruals. 31/12/2024 Increase Utilisation 30/09/2025 Long-term provisions 16 0 0 16 Provisions for employee benefits 16 0 0 16 Current provisions 10 0 0 10 Provisions for employee benefits 1 0 0 1 Customs fees 6 0 0 6 Provision for warranty repairs 3 0 0 3 Current accruals 48 53 (44) 57 Unused holiday 13 16 (13) 16 Annual bonuses 20 25 (20) 25 Indemnities 1 0 0 1 Other 14 12 (11) 15 31/12/2023 Company acquisition Increase Utilisation 30/09/2024 Long-term provisions 15 0 1 0 16 Provisions for employee benefits 15 0 1 0 16 Provision for warranty repairs 0 0 0 0 0 Current provisions 32 0 3 (31) 4 Provisions for employee benefits 1 0 0 0 1 Customs fees 28 0 3 (31) 0 Provision for warranty repairs 3 0 0 0 3 Current accruals 48 1 58 (48) 59 Unused holiday 12 1 14 (12) 15 Annual bonuses 21 0 32 (22) 31 Indemnities 1 0 0 0 1 Other 14 0 12 (14) 12 The assumptions and estimates with regard to disclosing and measuring inventories and write -downs of inventories, as well as accruals have not changed since 31 December 2024, and comply with the approach presented in Notes 10.20 and 10.22 of the consolidated financial statements for the year ended 31 December 2024. 17. Bank loans Long-term: Lender Loan currency 31/12/2024 Increases/ (decreases) 30/09/2025 BNP PARIBAS S.A. PLN/EUR/USD 339 (73) 266 PKO BP S.A. PLN/EUR/USD 168 (87) 81 PKO BP S.A. PLN 286 (37) 249 PEKAO S.A. PLN 100 (13) 87 Unicredit Slovenia EUR 15 (3) 12 ING Bank Śląski S.A. PLN/EUR 151 (14) 137 Total 1 059 (227) 832
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 25 Short-term: Lender Loan currency 31/12/2024 Increases/ (decreases) 30/09/2025 PKO BP S.A. PLN 51 0 51 ING Bank Śląski S.A. PLN/EUR 29 2 31 ING Bank Śląski S.A. PLN/ EUR/USD 32 (32) 0 PEKAO S.A. PLN/EUR/ USD/GBP 308 (75) 233 PEKAO S.A. PLN 25 1 26 Unicredit Slovenia EUR 4 0 4 Total 449 (104) 345 In 9 months of 2025 and as at 31 December 2024, the Group complied with all credit/loan covenants. The loans bear interest at variable rates determined on arm’s length basis in reference to WIBOR/EURIBOR/SOFR/SONIA, plus the bank margin, or at fixed interest rates. The covenants comprised in most credit agreements provide for financial leverage ratio (net debt to EBITDA) of not more than 3.5, otherwise the agreement is breached. As regards the PKO BP bank, as soon as the limit of 3.5 is breached (however to not more than 4.5), the bank is entitled to increase margin and claim provision of additional security. Bank Pekao S.A. does not apply covenants in short-term loans. Details of loans security are provided in the annual consolidated financial statements for 2024, Note 26, and have not changed in this reporting period. 18. Lease liabilities 30/09/2025 31/12/2024 Value of future lease payments 160 168 Discount (90) (92) Present value of lease liabilities 70 76 Including short-term lease 10 10 Judgement with regard lease contracts classification has not changed compared to the status as at 31 December 2024. Disclosure in that regard has been presented in Note 10.5 of the consolidated financial statements for the year 2024. 19. Equity securities – employee share plans Grupa Kęty S.A. runs two share option plans for its shares (2023 plan, and 2020 plan amended in 2023). The plans are directed to key management staff of the Capital Group. In 9 months of 2025, within the exercise of the rights under the first and second tranche of 2020 plan, the key personnel of the Group took up 87,607 shares of Grupa Kęty S.A., on the conditions determined in the plan. Moreover, with regard to the lapse of the vesting period, on 1 October 2025 the key management staff of the Group obtained the right to acquire 34,000 shares of the third tranche of 2020 plan, at the price of PLN 381.99 per share. On 29 September 2025, the key management staff of the Group were granted 97,000 share options within the third tranche of the 2023 plan. The options may be exercised post the period of 3 years and fulfilment of the conditions of the 2023 plan. In 9 months of 2025, there were not made any changes in the estimates or assumptions in relation to those adopted and published in the consolidated financial statements for 2024.
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 26 The table below presents the basic information on the particular share options plans. 2023 plan, 2025 tranche 2023 plan, 2024 tranche 2023 plan, 2023 tranche 2020 plan, 2022 tranche Number of share options under the plan 97,000 97,000 97,000 90,000 Number of shares in sub-part A 19,400 19,400 19,400 13,500 Number of shares in sub-part B 19,400 19,400 19,400 22,500 Number of shares in sub-part C 29,100 29,100 29,100 27,000 Number of shares in sub-part D 29,100 29,100 29,100 27,000 Sub-part A – return on shares WIG+5% WIG+5% WIG+5% =WIG Sub-part B – return on shares WIG+10% WIG+10% WIG+10% WIG+15% Sub-part C – EBITDA increase X X X 25-28% Sub-part D – net earnings increase X X X 25-28% Sub-part C – EBITDA achievement PLN 1,160 million – 1,220 million PLN 1,095 million – 1,128 million PLN 1,029 million – 1,053.5 million X Sub-part D – net earnings achievement PLN 740 million – 767 million PLN 698 million – 719.5 million PLN 656 million – 672 million X 2023 plan, 2025 tranche 2023 plan, 2024 tranche 2023 plan, 2023 tranche 2020 plan, 2022 tranche Options granting date 29 September 2025 30 September 2024 11 September 2023 13 October 2022 Number of options in a tranche 97,000 97,000 97,000 90,000 Number of options expired* 0 7,000 14,200 5,000 Number of options assumed for valuation 97,000 90,000 82,800 85,000 Expected dividends per share PLN 393.73 PLN 313.76 PLN 273.92 PLN 268.72 Expected volatility index for the underlying instrument 20% 21% 20% 19% Historical volatility index (%) 30% 32% 32% 30% Risk-free interest rate (%) 4.8% 4.9% 5.4% 7.8% Expected period of options validity (in months) 60 months of 2024 60 months of 2024 60 months of 2024 72 months Remaining vesting period 36 months of 2024 24 months 12 months of 2024 Ended Weighted average share price (PLN) 532.20 532.20 532.20 381.99 Plan fair values at launch date in PLN millions 46 40 22 9 Parameter A accomplishment YES YES YES YES Parameter B accomplishment YES YES NO YES Parameter C accomplishment 0* 0* 0* 0% Parameter D accomplishment 0* 0* 0* 0% * Number of options which do not fulfil the condition of 3 -years’ employment at the Group at the date of the options vesting. Detailed information on share option plans is provided in Note 21.1 of the consolidated financial statements for the year 2024. 20. Trade payables and other liabilities 20.1. Non-current liabilities 30/09/2025 31/12/2024 Current value of the amounts payable for production technology 10 10 Current value of the amounts payable for computer software licences 22 15 Other 2 3 Total 34 28
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 27 20.2. Current trade and other payables 30/09/2025 31/12/2024 Current liabilities 602 476 Trade receivables 453 347 On account of property, plant and equipment purchase 13 29 Total financial liabilities (under IFRS 7) 466 376 Public law payables (except for income tax payables) 77 51 Payroll payables 36 41 Other 23 8 Total non-financial liabilities 136 100 Trade payables do not bear interest and are usually settled within 30 to 60 days. Other liabilities do not bear interest and their average payment period is one month. The said liabilities are not backed up with the Group assets. 20.3. Contract liabilities 30/09/2025 31/12/2024 Liabilities related to contracts with customers (advance payments for deliveries) 36 29 Total 36 29 Contracts with the customers provide that the above amounts should be realised within up to 12 months. 21. Explanation of the reasons for material changes in the items of revenue and costs In 9 months of 2025, compared with the corresponding period of the preceding year, material changes in the particular items of revenue and costs included: • sales higher by PLN 347 million, resulting mainly from higher sales volume, including growth by PLN 221 million due to the take-over of SELT Sp. z o.o. in Q.3, 2024; • total costs of operation higher by PLN 285 million, of which mainly: o depreciation higher by PLN 2 6 million, reflecting the effect of the investment projects carried out (including growth by PLN 16 million due to the take-over of SELT Sp. z o.o. in Q.3, 2024); o costs of materials and energy consumption higher by PLN 243 million, resulting mainly from increased scale of production, of which PLN 130 million on account of SELT Sp. z o.o. take-over in Q.3, 2024. At the same time, in 9 months of 2025 the prices of aluminium (in PLN) were higher by roughly 1% compared with the corresponding period of 2024; o third-party services higher by PLN 21 million on account of greater scale of operations (of which PLN 18 million due to the take-over of SELT Sp. z o.o. in Q.3, 2024); o employee benefits higher by PLN 73 million mainly due to payroll increase and higher headcount (of which PLN 32 million due to take-over of SELT Sp. z o.o. in Q.3, 2024); o inventories of finished products and work in progress higher by PLN 67 million in 9 months of 2025 compared with lower inventories by PLN 20 million in 9 months of 2024, reflecting change in the value of finished products and work in progress in the curren t period mainly due to production increase in 2025 (of which PLN 1 1 million due to take -over of SELT Sp. z o.o. in Q.3, 2024). In effect, profit on sales in 9 months of 2025 amounted to by PLN 632 million and was higher by PLN 62 million compared with the corresponding period of the preceding year. Profit on operating activities in the reporting period amounted to PLN 639 million and was by PLN 60 million higher than in the corresponding period of the preceding year, of which by PLN 3 0 million on account of the operating profit of SELT Sp. z o.o. in 8 months of 2025. Net finance expenses higher by PLN 15 million in 9 months of 2025 compared with the corresponding period of the preceding year result mainly from higher interest expenses on account of debt increase.
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 28 Upon consideration of income tax expenses higher by PLN 43 million, mainly with regard to non -recognition of deferred tax assets due to completion in 2024 of the major investment projects covered with tax allowances (Note 11), net profit in 9 months of 2025 amounted to PLN 466 million and was by PLN 2 million lower compared with the corresponding period of the preceding year. 22. Explanation of the reasons of major changes in other items As at 30 September 2025, compared with 31 December 2024, major changes in the balance-sheet items comprise: • reduction in the value of property, plant and equipment, right-of-use assets and intangible assets by PLN 37 million, resulting from their depreciation in the amount of PLN 178 million and capital expenditure of PLN 141 million; • inventories higher by PLN 47 million, resulting mainly from higher volume of inventories; • receivables higher by PLN 165 million, resulting mainly from lower trade turnover at the end of 2024; • cash lower by PLN 13 million mainly due to cash level optimisation; • equity value decrease by PLN 41 million, resulting mainly from net profit of PLN 466 million generated in 9 months of 2025, decision of the shareholders with regard to dividend payment for 2024 in the amount of PLN 544 million, and payments related to the exercise of share options in the amount of PLN 33 million; • loans value lower by PLN 331 million, resulting mainly from positive cash flows on operating activities in 9 months of 2025, allocated to reducing debt in current accounts; • dividend payables to shareholders in the amount of PLN 381 million, higher as compared with the end of 2024, which reflects the schedule of dividend payment from 2024 profit; • short-term liabilities higher by PLN 126 million, resulting from trade liabilities and state payables, as a reflection of the greater scale of operations compared with the end of 2024, with simultaneous decrease in liabilities on account of purchase of property, plant and equipment. 23. Discontinued operations In 9 months of 2025 and 9 months of 2024, the Group did not discontinue any significant operations. 24. Business combinations In the reporting period ended 30 September 2025 there were no business combinations or acquisitions of non-controlling interests. In the corresponding period of the preceding year, on 2 September 2024, the Group acquired 100% shares in SELT Sp. z o.o., a leader of the sun protection systems market, which contributed to product portfolio enhancement and achievement of operating synergies in compliance with the Group’s strategy. 25. Objectives and principles of financial risk management The objectives and principles of financial risk management have not changed compared with those presented in Note 32 of the consolidated financial statements for 2024. Below presented is detailed information concerning fair values of financial in struments that can be estimated: • cash and cash equivalents, short-term bank deposits and short-term bank loans – the fair value of the said instruments is close to their carrying amounts due to their short-term maturity; • trade receivables, other receivables, trade payables and other liabilities – the fair value of the said instruments is close to their carrying amounts due to their short-term nature; • long-term bank loans and lease – the fair value of the instruments is close to their carrying amounts due to the fluctuating nature of their interest rates as well as the market level of the margin ; • financial derivatives are recognised at fair value determined as at the balance-sheet date. 26. Capital management Capital management principles have not changed with regard to those disclosed in Note 36 of the consolidated financial statements for the year 2024.
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 29 The Group monitors the return on equity using the ROE ratio, which is calculated as net profit to equity for the last 12 months. The finance structure is monitored by the net financial leverage ratio, which is calculated as net debt to total equity and net liabilities, as well as the net debt to EBITDA ratio for the last 12 months, whereas EBITDA is understood to be operating profit plus depreciation and amortisation. The Group net debt comprises interest-bearing loans and borrowings, as well as lease liabilities, less cash and cash equivalents. The Group accepts the optimal net financial leverage ratio at the level of up to 50%, and net debt to EBITDA ratio at the level of up to 2. The basic objective of capital management is to maximise the return on equity while maintaining a secure and flexible structure of finance. When preparing the specific guidelines, the division into operating segments is taken into account as well as the ne cessity of maintaining current liquidity and ensuring financing of development objectives, in accordance with the assumed operations strategy. To retain or adjust the capital structure, the Group may change the value of dividend payable, return capital to shareholders, or issue new shares. In the reporting periods presented, no changes were introduced in the objectives, principles and processes in that area. 30/09/2025 31/12/2024 EBITDA (operating profit plus depreciation and amortisation) for the last 12 months 1,018 932 Net profit for the last 12 months 563 561 Interest-bearing borrowings and lease liabilities 1,247 1,584 Cash and cash equivalents (70) (83) Net debt 1,177 1,501 Equity 1,896 1,937 Equity and net debt 3,073 3,438 Net financial leverage* 38% 44% Net debt to EBITDA 1.2 1.6 ROE 30% 29% * calculated as net debt/equity and net debt 27. Contingent liabilities 30/09/2025 31/12/2024 Bank performance bonds for contracts, as provided by the ASS 10 11 Subsidies in the period of conditions fulfilment (EPS) 5 5 Total 15 16 The maturity dates of performance bonds for construction contracts depend on the provisions of the respective agreements. 28. Future investment liabilities By operating segments 30/09/2025 31/12/2024 Flexible Packaging Segment 176 29 Extruded Products Segment 13 8 Aluminium Systems Segment 25 9 Total 214 46 As at 30 September 2025 future investment commitments of the Flexible Packaging Segment increased with regard to the commencement of a project carried out by Alupol Films Sp. z o.o. within the Polish Investment Zone [Polska Strefa Inwestycji] programme (additional information in Note 11).
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 30 29. Shareholding structure and transactions with key management staff 29.1. Shareholding structure Entity Number of shares 30/09/2025* Percentage of capital Number of shares 31/12/2024 Percentage of capital Nationale Nederlanden OFE 1,509,990 15.37% 1,508,352 15.49% OFE Allianz Polska 1,456,533 14.83% 1,464,264 15.04% OFE PZU ZŁOTA JESIEŃ 863,709 8.79% 862,772 8.86% Generali OFE 786,984 8.01% 786,131 8.08% Vienna OFE 601,594 6.13% 575,887 5.92% Other 4,603,943 46.87% 4,537,740 46.61% Total 9,822,753 100.00% 9,735,146 100.00% * Data presented based on OFE [Open Pension Funds] reports regarding the semi -annual assets structure as at 30 June 2025. 29.2. Transactions with the Group key management staff In 9 months of 2025, the Group entered into transactions with the Management Board Members and persons closely associated worth PLN 46,000. The transactions referred to the sale of the Group products. In the reporting period, the Group did not enter into any transactions with Members of the Supervisory or Management B oards apart from those described above and in Note 29.3. 29.3. Remuneration of the Group key management staff The Group key management staff include members of the Supervisory Board of the parent company and members of the Management Board of the parent company. Management Board (PLN ‘000) 9 months of 2025 9 months of 2024 Basic remuneration at the parent company* 2,765 3,141 Variable remuneration at the parent company** 6,876 7,890 In-kind benefits**** 52 25 Total remuneration of the Management Board at Grupa Kęty S.A. 9,693 11,056 Remuneration at other Group companies*** 1,780 1,644 Total remuneration of the Management Board 11,473 12,700 * Fixed remuneration comprises basic remuneration under employment contract, and remuneration for appointment among the Management Board members. ** Variable remuneration comprises the annual incentive paid in the respective year in reference to the preceding year. *** Remuneration at other Group companies comprises basic remuneration under employment contract, remuneration for appointment among the Management Board members, variable remuneration, sick-leave remuneration, and in-kind benefits. **** In-kind benefits comprise Employee Pension Scheme (PPE) premium, and health-care premium. On 29 May 2025, the term of the previous Management Board expired and on that day a new Management Board of the Group was appointed. Information about changes in the Management Board membership is provided in Note 1 to these statements. Moreover, in 9 months of 2025, a provision was recognised for the potential incentives for the Management Board Members to be paid out in 2026 in reference to year 2025, in the total amount of PLN 3,968,000 (in 9 months of 2024, there were recognised write-downs amounting to PLN 6,645,000).
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 31 The remuneration of the Supervisory Board members was as follows: Supervisory Board (PLN ‘000) 9 months of 2025 9 months of 2024 Remuneration for the functions fulfilled 1,156 1,084 In-kind benefits* 7 9 Total 1,163 1,093 * In-kind benefits comprise Employee Capital Plans (PPK). Competition ban agreements are signed by and between the parent company and management staff – on mandatory basis during the term of the employment relationship; or either on mandatory basis or depending on the decision of the Supervisory Board also after the termination of the employment relationship. The competition ban after the termination of the employment relationship may be binding for the period of 12 to 15 months, counting from the termination date of the employment relationship with the Company, w hereas the monthly instalment of the indemnity equals the higher of 50% of basic remuneration or 25% of average monthly remuneration paid out in the last year of the employment contract term. 29.4. Group Management Options Plan The Management Board has been vested with share options in accordance with the following table. The right to acquire the below listed shares is granted providing that the plan conditions are fulfilled and the respective persons are employed by the Group as at the end date of the vesting period. Number of share options in the vesting period granted to Management Board Members Number of options granted End date of the vesting period Number of options meeting the vesting conditions Share options under the first tranche of the 2023 plan 14,000 30.09.2026 2,800 Share options under the second tranche of the 2023 plan 22,600 30.09.2027 9,040 Share options under the third tranche of the 2023 plan 24,500 30.09.2028 12,600 Moreover, on 1 October 2025, within the exercise of the third tranche of the 2020 plan, the Management Board Members were vested with the right to acquire 5,600 shares of the Company at the price of PLN 381.99 per share. In May 2025, by exercising the rights under the second tranche of the 2020 plan, the Management Board Members of the previous term acquired 30,000 shares of the Company at the price of PLN 381.99 each. 30. Issue of shares 30/09/2025 31/12/2024 Share premium 124 91 Total 124 91 In 9 months of 2025, the Group issued 506 shares at the issue price of PLN 361,50, as an exercise of the first tranche of the 2020 plan, and 87,101 shares at the price of 381.99 as an exercise of the second tranche of that plan. Additional information in that regard may be found in Note 19. 31. Methods of measurement at fair value (fair value hierarchy) Detailed principles of fair value measurement are described in Note 37 of the consolidated financial statements for the year 2024. As compared with the preceding financial year, the Group did not change the fair value measurement method. Derivatives are recognised as assets when their measurement is positive, and as liabilities when their measurement is negative. Gains and losses resulting from changes in the fair value of derivatives which do not meet the principles of hedge accounting are recognised in the statement of profit or loss.
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 32 Fair value hierarchy Fair value hierarchy level 30/09/2025 31/12/2024 Assets Investment properties 3 4 4 Hedging derivatives 2 2 1 Total 6 5 Liabilities Hedging derivatives 2 1 0 Total 1 0 32. Earnings per share Basic earnings per share are calculated by dividing net profit for the period attributable to the shareholders of the Group by the weighted average number of ordinary shares issued and outstanding in the period. Diluted earnings per share are calculated by dividing net profit for the period attributable to the ordinary shareholders of the Group by the weighted average number of ordinary shares issued and outstanding as well as potential shares in the period. 9 months of 2025 9 months of 2024 Net profit attributable to owners of the parent (PLN ‘000) 466,355 464,100 Weighted average number of ordinary shares assumed in the calculation of earnings per ordinary share 9,814,968 9,685,250 Weighted average number of ordinary shares assumed in the calculation of diluted earnings per ordinary share 9,843,837 9,707,516 Basic earnings per share (PLN) 47.51 47.92 Diluted earnings per share (PLN) 47.38 47.81 In the reporting period, the eligible employees acquired 87,607 shares of Grupa Kęty S.A. Moreover, the eligible employees possess 2,500 share options entitling them to acquire shares under the first tranche of the 2020 plan at the price of PLN 361.50 per share, and 2,899 share options entitling them to acquire shares under the second tranche o f the 2020 plan at the price of PLN 381.99 per share. The average market price of the Company shares in 9 months of 2025 was PLN 846.74. The closing price as at 30 September 2025 was PLN 923. The potential number of ordinary shares associated with the employee options plan increasing the number of shares and assumed for the calculation of diluted earnings per share is 28,869.
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 33 33. Related party transactions (PLN ‘000) Data regarding the Company transactions with related companies in the period from 1 January 2023 to 30 September 2025, and as at 30 September 2025 is presented in the table below (PLN ‘000). Related party Sales Purchases Receivables Liabilities Dividends Interest on borrowing s Aluform Sp. z o.o. 1,234 50,671 214 9,248 14,693 996 Aluminium Kety EMMI d.o.o. 10,444 763 1,653 0 0 0 Aluminium Kety Deutschland GmbH 0 2,756 0 539 0 0 Aluminium Kety CSE s.r.o. 0 949 0 0 0 0 Alupol LLC 28,944 5,084 3,071 10,208 0 0 Grupa Kety Italia S.R.L. 0 1,327 0 382 0 0 Aluprof S.A. 417,493 944 144,903 136 324,358 0 Glassprof Sp. z o.o. 122 0 35 0 0 0 SELT Sp. z o.o. 62,564 6 26,252 0 0 0 Aluprof System Romania S.R.L. 119 0 23 0 0 0 Aluprof System Czech s.r.o. 59 0 10 0 0 0 Aluprof Hungary Kft. 305 119 7 0 0 0 Aluprof UK Ltd. 236 0 28 0 0 0 Aluprof Belgium N.V 94 0 10 0 0 0 Alupol Packaging S.A. 1,591 4 397 1 241,536 40 Alupol Packaging Kęty Sp. z o.o. 5,280 57 1,312 0 0 0 Alupol Films Sp. z o.o. 649 0 183 0 0 0 Dekret Sp. z o.o. 974 2,861 84 380 784 0 Total 530,108 65,541 178,182 20,894 581,371 1,036 34. Post-balance-sheet events Post the balance -sheet date there were no other major events which could affect these semi -annual condensed consolidated financial statements.
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 34 II. OTHER INFORMATION APPLICABLE TO THE CONSOLIDATED QUARTERLY REPORT 1. Summary of the Issuer’s material accomplishments or failures in the reporting period and a list of the respective key events High level of production capacity utilisation . Despite weak economic situation continuing on many markets as well as the holiday period, the Capital Group segments obtained orders in quantities enabling maintenance of high production capacity utilisation at the particular segments (80-90%). In Q.3, there was completed the process of signing agreements for the main machinery and equipment as well as production hall with regard to the new investment project at the Flexible Packaging Segment – the BOPP film production line at the plant in Oświęcim. The contractors are goin g to construct the hall and manufacture the machinery and equipment within the coming two years. The line commissioning is planned for mid-2028. 2. Factors with significant impact on the results of the present quarter Demand for the Company products In Q.3, 2024, despite continuing weak economic situation, all segments of the Group recorded growing levels of orders. Sales volume increased by 2% y/y at the Extruded Products Segment, 8% y/y at the Aluminium Systems Segment for architectural products and 2% y/y for roller -shutter products, respectively, whereas at the Flexible Packaging Segment sales volume increased by 2% y/y. As regards value, the Extruded Products Segment generated 2% y/y drop in income, the Flexible Packaging Segment recorded 5% y/y drop in income, whereas the Aluminium Systems Segment generated 20% y/y growth in the value of sales income, which was partly related to a longer period of consolidation of SELT, which was incorporated in the structures of the Segment in September 2024. Exchange rates As estimated, over half of the sales are denominated in foreign currencies, mainly EUR. On the costs side, also half of the costs are expressed in foreign currencies, mainly in EUR and USD. In Q.3, 2025, the average EUR/PLN exchange rate was 4.2594 and was by about 1% lower than in the corresponding period of the preceding year. The average USD/PLN exchange rate amounted to 3.6471 and was lower by 6 % y/y. With regard to the FX position of the Capital Group, PLN depreciation against EUR has a positive impact on exports profitability as well as the competitive position on the Polish market. In addition, the Capital Group companies have trade receivables and p ayables in foreign currencies. Of key importance in that regard are EUR fluctuations against PLN. Prices of basic raw materials Aluminium (including aluminium scrap, sheet aluminium and aluminium foil) is the basic raw material used by the Capital Group, accounting for approximately half of the costs of materials. The Capital Group is, thus, exposed to the risk of changing prices of the raw materials quoted at the London Metal Exchange (LME), which represents the base for the contracts concluded by the Group companies. In Q.3, 2025 the average 3M price of aluminium was ca. USD 2,617 per ton, which means an increase by about 8% in US D and by 1% when translated into PLN compared with the corresponding period of the preceding year. Changes in materials prices in a short period of time may affect the profitability of operations, particularly at the Extruded Products Segment and the Alumi nium Systems Segment, as the price changes are transferred to customers with a certain delay (1-1.5 months at the EPS, and 3-6 months at the ASS). A factor stabilising the generated results are transactions hedging aluminium purchase prices and, partially, a natural hedge in the form of quoting products based on the current prices of raw materials. Debt At the end of this reporting period, the Capital Group had PLN 832 million of long-term loans and PLN 346 million of short-term loans. Roughly 21% of the value of loans was held in foreign currencies (mainly in EUR), which is reflected in the statement of profit or loss by way of monthly measurement of the impact of foreign currency fluctuations on the value of the loans.
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 35 3. Factors which in the Issuer’s opinion are likely to influence its results generated within the perspective of at least one quarter Demand for the Company products The most significant impact on achieving the assumed sales level will be brought by the situation in the construction sector, both in Poland and on the European markets, where over 50% of the consolidated revenue of the Capital Group comes from , as well as by the sales in the FMCG sector, for which the Flexible Packaging Segment manufactures packaging (roughly 20% of consolidated revenue). As regards the construction business, the Management Board assumes that the demand is going to be maintaine d at a level close to Q.3, except for sun protection products (pergolas, awnings, etc.), where demand in Q.4 drops regularly by roughly 30-40% compared to Q.3. As regards packaging sales, the pre-Christmas season contributes to higher FMCG consumption and, thus, the demand for packaging may be higher by several percentage points compared with the third quarter. Nevertheless, it depends on the current behaviour of the customers. Similarly as in the previous years, the demand for the Capital Group’s products will be sign ificantly reduced seasonally in December owing to production downtimes at many of the customers and the Capital Group itself, and because of the Christmas season. Exchange rates Considering the FX position of the Capital Group, any possible appreciation of PLN against EUR will be negative for the sales and margins. Therefore, the Group intends to maintain a part of debt in foreign currencies and continue the policy of hedging currency risk with forward and futures contracts. Prices of basic raw materials In reference to the information from the market regarding the expected improvement of economic situation, we expect a slight growth in the prices of raw materials in the coming months of 2025. Debt It is estimated that the value of the Capital Group net debt is going to increase in Q.4, 2025 by about PLN 0.2 million, mainly on account of the operating results of the fourth quarter of the year, second tranche of the dividend payment, as well as payments related to the capital expenditure process. The costs of debt servicing in the coming quarter will increase due to higher debt level. It is assumed that interest rates will remain unchanged or will be decreased by the end of Q.4, yet by no more than 0.25 base points. Roughly 8% debt of the Company bears interest at fixed rate or is secured with IRS transactions. 4. Organisational and management structure Grupa Kęty S.A. is a parent of the Capital Group of Grupa Kęty S.A. consisting of 23 companies, in which the Issuer holds directly or indirectly 100% share in the share capital and the total number of votes in General Meetings, respectively (except Aluprof Netherlands B.V., in which the Issuer holds indirectly through Aluprof S.A. a 55% share in the share capital and the total number of votes in the General Meeting), that are subject to full consolidation. Grupa Kęty S.A. also holds indirectly, through Aluprof S.A. and Aluprof System USA Inc., 45.5% shares in Aluprof USA LLC with its registered office in New York (associated company, recognised using the equity method), which is now being wound up. Apart from Dekret Centrum Rachunkowe Sp. z o.o, which provides accounting and human resources services to all Capital Group companies, the other companies run business within three business segments: Extruded Products Segment (EPS), Aluminium Systems Segment (ASS), and Flexible Packaging Segment (FPS). Each Segment has a leading company, the name of which is at the same time the main brand by which the products of the particular segment are recognised. Each Segment has in its structures the services necessary to carry out business in the area of both production and trade. Some of the corporate and coordination functions availed of by all companies of the Capital Group have been concentrated in the form of the Corporate Centre of Grupa KĘTY S.A. The central areas comprise: human resources, corporate social responsibility and sustainable development, communication, investor relations, IT, finance, accounting, management and financial reporting, corporate supervision and capital investments, risk and compliance management, and internal audit. SELT Sp. z o.o. acquired in 2024 is consolidated within the Aluminium Systems Segment.
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 36 In Q.3, 2025, the organisational structure of the Capital Group did not change and is presented in the chart below. The supervision of the particular areas of the Capital Group operations and execution of all tasks within the areas of operation is vested in the Management Board of Grupa Kęty S.A. On 29 May 2025, the 12th term of the Management Board commenced headed by President of the Management Board Roman Przybylski, with Rafał Warpechowski and Tomasz Grela acting as Members of the Management Board. The internal distribution of responsibility is presented in the following chart.
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 37 Roman Przybylski President of the Management Board (CEO) Rafał Warpechowski Member of the Management Board (CFO) Tomasz Grela Member of the Management Board (COO) Directing the Management Board’s work Accounting and statutory reporting Supervision of strategic affairs of the Architectural Systems Segment* Coordination of the operations of segments and functional divisions Controlling and management reporting Supervision of strategic affairs of the Sun Protection Systems Segment* Human resources (HR) Treasury and insurance affairs Coordination of the activities of the above Segments in the areas of production, logistics, engineering and purchasing Internal audit and internal control IT and digitisation Occupational Health and Safety (OHS) Legal services Risk (ERM) and compliance management Relations with labour unions Dialogue with the stakeholders Investor relations (IR) Energy policy Supervision of strategic affairs of the Flexible Packaging Segment Corporate supervision and capital investments Domestic sales Supervision of strategic affairs of the Extruded Products Segment Supervision of strategic affairs of the Shared Services Centre Marketing (together with the President of the Management Board) Supervision of strategic affairs of the International Segment* Sustainable development (ESG) – Creation of development strategies, including through Merges and Acquisitions (M&A) – – * As at the date of preparing these interim statements, the segment had not been formally separated. 5. Management Board’s stand regarding the published forecasts The Management Board sustains the forecast of 2025 results disclosed on 17 December 2024 in current report No. 63/2024. 6. Shares held by the Company managing and supervising persons as at the date of this interim report publication In accordance with the information provided as at the date of this interim report publication, the persons managing the Company held 47,652 ordinary bearer shares of Grupa Kęty S.A., of which: Mr Roman Przybylski – 0 shares, Mr Rafał Warpechowski – 14,000 shares, and Mr Tomasz Grela – 33,652 shares (of which13,339 shares directly and 20,313 shares indirectly through closely related entity of Grela Family Foundation). In the period from the disclosure of the latest interim report, i.e. 30 July 2025, to the date of publication of this interim report the Group received information about: • disposal by Mr Tomasz Grela of 20,313 shares of the Issuer to a closely related entity, i.e. Grela Family Foundation.
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 38 Within the incentive plan adopted by the Extraordinary General Meeting on 13 December 2023, amending the principles of implementation of the plan which had been initially adopted by the Annual General Meeting on 20 August 2020, the Management Board Members held the rights to acquire the following warrants: • 5,600 F series warrants entitling to the take -up of L series ordinary bearer shares, of which: Rafał Warpechowski – 2,800 warrants, and Tomasz Grela – 2,800 warrants. Under the incentive plan adopted by the Annual General Meeting on 21 June 2023, the Management Board Members held the right to acquire: • 14,000 A series warrants entitling to the take -up of J series ordinary bearer shares, of which: Rafał Warpechowski – 7,000 warrants, Tomasz Grela – 7,000 warrants, providing that the conditions specified in the plan rules are fulfilled, which will be verified upon the approval of the financial statements of Grupa KĘTY S.A. for 2025 by the Annual General Meeting; • 22,600 B series warrants entitling to the take -up of J series ordinary bearer shares, of which: Roman Przybylski – 8,600 warrants, Rafał Warpechowski – 7,000 warrants, Tomasz Grela – 7,000 warrants, providing that the conditions specified in the plan rules are fulfilled, which will be verified upon the approval of the financial statements of Grupa KĘTY S.A. for 2026 by the Annual General Meeting; • 24,500 C series warrants entitling to the take -up of J series ordinary bearer shares, of which: Roman Przybylski – 9,500 warrants, Rafał Warpechowski – 7,500 warrants, Tomasz Grela – 7,500 warrants, providing that the conditions specified in the plan rules are fulfilled, which will be verified upon the approval of the financial statements of Grupa KĘTY S.A. for 2027 by the Annual General Meeting. In accordance with the information provided as at the date of this interim report publication, the supervising personnel of the company did not hold any shares of Grupa Kęty S.A. or rights related to shares (no change since the latest interim report publication date). 7. Important court litigations, arbitration proceedings or administrative proceedings In 2021 and 2022, Alupol Packaging S.A. and Alupol Packaging KĘTY Sp. z o.o. within the Flexible Packaging Segment of the Issuer’s Capital Group imported aluminium foil from Thailand to be used in packaging production. The import for the purposes of calcul ating customs fees was treated as import of goods originating in Thailand, which had been confirmed with the goods certificates of origin issued by Thai state authorities. In 2023 the transactions were subject to customs and fiscal inspection carried out by the Customs and Fiscal Authority of Silesia in Katowice and Pomorski Customs and Fiscal Authority in Gdynia. Contrary to the stand of the companies and the evidence submitted by the companies subject to inspection, the inspector s determined that the export of aluminium foil to the EU in the inspected period resulted from moving the operations by the foil manufacturer from China to Thailand solely for the purpose of avoiding anti-dumping and compensating measures imposed on Chinese foil. Based on the decisions issued, customs liability was imposed on the Group in the total amount of PLN 37.2 million plus interest of PLN 11.5 million. The amounts were paid within the statutory time frame in 2024. The companies disagree with the decisions of the Fiscal and Customs Authorities and filed appeals to second instance authorities, indicating selective and arbitrary assessment of evidence by the Customs and Fiscal Authorities, which had only accepted evide nce supporting their stand. In 2025, the companies received decisions of the second instance authorities sustaining the decisions of the first instance authorities. Therefore, the companies filed complaints against the said decisions in whole with the Provincial Administrative Courts in Gdańsk and Gliwice, which have the respective jurisdiction. The complaints covered for claims referring to the key aspects of the case, specifically regarding groundless questioning of the origin of goods and failure to hear the evidence by the authorities of both instances. The complaints of the Group refer to several decisions of the Customs Authorities. As at the date of publishing t his report, the Provincial Administrative Court in Gli wice informed about setting 28 October 2025 as the date of hearing for the first one out of several complaints of the Group in the aforesaid matter. 8. Related party transactions In the period covered with this report, Grupa Kęty S.A. or its daughter companies did not enter into any transactions with related companies on terms other than arm’s length basis. The information on related party transactions is presented in note 33 of the condensed consolidated financial statements for Q.3, 2025.
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 39 9. Information on security bonds for loans and borrowings or guarantees granted by the Issuer or its subsidiaries In the period covered with this interim report, the Issuer and its subsidiaries did not grant any security bonds for loans or borrowings, or any guarantees of a major value. Below presented is a list of major security bonds and borrowings, as well as guarantees binding as at 30 September 2025, granted by the Issuer and its subsidiaries. Debtor Security bond granted by Creditor Loan amount in PLN millions Security bond amount in PLN millions Maturity date Fees Grupa Kęty S.A. Aluprof S.A. (Issuer’s subsidiary) PKO BP S.A. 350 525 27/08/2027 Fixed for each commenced quarter 10. Other information material for the assessment of the Issuer’s headcount, assets, financial standing and the capability of paying liabilities by the Issuer Apart from the information disclosed in this consolidated report for Q.3, 2025, the Management Board is not aware of any information which would have a material impact on the assessment of the headcount, assets, and financial standing of Grupa Kęty S.A. an d the Capital Group of Grupa Kęty S.A., or information that would be of major importance for the assessment of the capacity of Grupa Kęty S.A. and its daughter companies to pay their respective liabilities. 11. Shares and shareholders The shares of the Company have been quoted at Warsaw Stock Exchange since 16 January 1996, under the ISINPLKETY000011 code, in the sector of non-ferrous metals metallurgy. Since 4 August 2022 the shares of the Company have been quoted within the WIG20 and WIG20TR indexes, and also belong to the WIGdiv index, among others. As at the date of this interim report publication, there were the total of 9,822,753 shares of Grupa Kęty S.A. issued, of the nominal value of PLN 2.50 each. A list of the Company shareholders with over 5% share in the Company share capital and in the total number of votes at the General Meeting as at the date of publishing the previous interim report (30 July 2025) and this interim report is presented below. Entity Number of shares as at the date of this interim report publication (22/10/2025) Percentage of share capital and total number of votes Number of shares as at the date of the previous interim report publication (30/07/2025) Percentage of share capital and total number of votes Nationale – Nederlanden OFE 1,509,990* 15.37% 1,509,990* 15.37% Allianz Polska OFE 1,456,533* 14.83% 1,456,533* 14.83% OFE PZU ZŁOTA JESIEŃ 863,709* 8.79% 863,709* 8.79% Generali OFE 786,984* 8.01% 786,984* 8.01% Vienna OFE 601,594* 6.13% 601,594* 6.13% Other 4,603,943 46.87% 4,603,943 46.87% Total 9,822,753 100% 9,822,753 100% * Data presented based on OFE reports regarding the semi-annual assets structure as at 30 June 2025. In the period from the disclosure of the previous interim report to the date of publication of this interim report there were no other changes in the ownership structure of major stakes of the Company shares.
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 40 GRUPA KĘTY S.A. QUARTERLY FINANCIAL DISCLOSURE FOR Q.3, 2025 (PLN millions)
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 41 III. QUARTERLY FINANCIAL DISCLOSURE OF GRUPA KĘTY S.A. SEPARATE STATEMENT OF PROFIT OR LOSS Q.3, 2025 9 months of 2025 Q.3, 2024 9 months of 2024 Revenue from contracts with customers 474 1,485 479 1,405 Total operating expenses, of which: (464) (1,449) (465) (1,346) Depreciation (20) (60) (18) (52) Materials and energy, and the value of trade goods and materials sold (353) (1,101) (340) (970) Third-party services (51) (151) (55) (164) Taxes and fees (3) (8) (7) (11) Employee benefits (56) (169) (49) (157) Remeasurement of financial assets – IFRS 9 0 0 1 1 Other expenses by nature 0 (1) 0 (1) Change in products and work in progress 17 36 1 1 Cost of own-use products/services manufacturing 2 5 2 7 Profit on sales 10 36 14 59 Dividends 0 581 0 556 Other operating income 2 4 1 2 Other operating expenses (1) (2) 0 (1) Profit on operating activities 11 619 15 616 Finance income 1 4 2 2 Finance expenses (9) (35) (8) (20) Profit before tax 3 588 9 598 Income tax 2 (3) (3) 19 Net profit on continuing operations 5 585 6 617 Basic net earnings per share (PLN) 0.47 59.59 0.60 63.70 Diluted net earnings per share (PLN) 0.47 59.41 0.60 63.56 In the reporting period, the Company did not discontinue any operations.
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 42 SEPARATE STATEMENT OF COMPREHENSIVE INCOME Q.3, 2025 9 months of 2025 Q.3, 2024 9 months of 2024 Net profit for the period 5 585 6 617 Other comprehensive income to be reclassified to profit or loss, of which*: 0 0 0 (3) Impact of the hedge accounting results 1 0 0 (4) Income tax related to other comprehensive income (1) 0 0 1 Comprehensive income for the period 5 585 6 614 * All items of other comprehensive income will be reclassified to profit or loss in the subsequent periods, when certain conditions are met.
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 43 SEPARATE BALANCE SHEET ASSETS 30/09/2025 31/12/2024 I. Non-current assets 1,620 1,624 Property, plant and equipment 700 718 Right-of-use assets 28 29 Intangible assets 59 44 Shares and interests 782 780 Deferred tax assets 51 53 II. Current assets 843 504 Inventories 256 226 Income tax receivables 6 6 Dividends receivable 160 0 Trade and other receivables 408 262 Derivative financial instruments 1 1 Cash and cash equivalents 12 9 Total assets 2,463 2,128 EQUITY/LIABILITIES 30/09/2025 31/12/2024 I. Equity 1,136 1,058 Share capital 68 68 Share premium 124 91 Share-based payments reserve 61 56 Retained earnings 883 843 II. Non-current liabilities 491 688 Loan payables 422 626 Lease liabilities 21 21 Other liabilities 22 14 Provisions for employee benefits 3 3 Subsidies 23 24 III. Current liabilities 836 382 Loan and borrowings payables 214 220 Lease liabilities 1 1 Dividend payables 381 0 Trade and other payables 220 143 Contract liabilities 3 2 Provisions and accruals 16 15 Subsidies 1 1 Total equity/liabilities 2,463 2,128
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 44 SEPARATE STATEMENT OF CHANGES IN EQUITY Share capital Share premium Share-based payments reserve Hedging reserve Retained earnings Total equity Equity as at 31 December 2024 68 91 56 0 843 1,058 Comprehensive income for the period: 0 0 0 0 585 585 Net profit for the reporting year 0 0 0 0 585 585 Other comprehensive income 0 0 0 0 0 0 Measurement of share-based payments 0 0 5 0 0 5 Issue of shares 0 33 0 0 0 33 Dividends 0 0 0 0 (545) (545) Equity as at 30 September 2025 68 124 61 0 883 1,136 Share capital Share premium Share-based payments reserve Hedging reserve Retained earnings Total equity Equity as at 31 December 2023 68 60 53 4 768 953 Comprehensive income for the period: 0 0 0 (3) 617 614 Net profit for the reporting year 0 0 0 0 617 617 Other comprehensive income 0 0 0 (3) 0 (3) Measurement of share-based payments 0 0 12 0 0 12 Issue of shares 0 30 0 0 0 30 Dividends 0 0 0 0 (539) (539) Equity as at 30 September 2024 68 90 65 1 846 1,070
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 45 SEPARATE STATEMENT OF CASH FLOWS Q.3, 2025 9 months of 2025 Q.3, 2023 2024 9 months of 2024 Cash flow from operating activities Profit before tax 3 588 9 598 Adjustments: 30 96 23 71 Depreciation 20 60 18 52 Net (profit)/loss on foreign currency translation differences 1 0 (3) (4) Interest 9 34 7 18 Share-based payment expenses 0 2 1 5 Cash flow from operating activities before change in working capital and tax payment 33 684 32 669 Change in inventories (46) (30) (19) (12) Change in net receivables 195 (306) 389 (278) Change in current liabilities, except for loans (6) 84 (27) 23 Change in provisions 0 1 1 2 Change in subsidies 0 (1) (1) (1) Cash flow from operating activities before tax 176 432 375 403 Tax (paid)/refunded 3 0 (4) (6) Net cash from operating activities 179 432 371 397 Cash flow from investing activities (+) Proceeds: 1 1 2 2 Sale of intangible assets, and property, plant and equipment 1 1 0 0 Interest on loans granted 0 0 2 2 (-) Expenses: (9) (56) (413) (522) Acquisition of intangible assets, and property, plant and equipment (9) (56) (18) (127) Acquisition of shares in a subsidiary 0 0 (395) (395) Net cash from investing activities (8) (55) (411) (520) Cash flow from financing activities (+) Proceeds: 3 54 300 558 Issue of shares 3 33 0 30 Proceeds from loans and borrowings 0 21 300 528 (-) Expenses: (171) (428) (255) (433) Payment of dividend (164) (164) (184) (184) Repayment of loans (1) (232) (67) (234) Interest on loans (6) (31) (4) (15) Payment of lease liabilities 0 (1) 0 0 Net cash from financing activities (168) (374) 45 125 Net increase/decrease in the balance of cash and cash equivalents before change in relation to foreign currency translation differences 3 3 5 2 Cash and cash equivalents at the beginning of the period 9 9 4 7 Cash and cash equivalents at the end of the period 12 12 9 9
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Consolidated quarterly report for Q.3, 2025 (PLN millions) 46 Signatures of all Members of the Management Board Roman Przybylski President of the Management Board ……………………………………… Rafał Warpechowski Member of the Management Board ……………………………………… Tomasz Grela Member of the Management Board ……………………………………… Signature of the person entrusted with bookkeeping Andrzej Stempak President of the Management Board of Dekret Centrum Rachunkowe Sp. z o.o.………………………………………….