Annual report
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Consolidated Annual Report Non-compliant ESEF
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Unofficial and unaudited version (pdf) of the Annual Report of Corticeira Amorim, S.G.P .S., S.A. – fiscal year 2025. Official and audited version of the report in the format specified in the regulatory technical standard (R TS) on ESEF (Delegated Regulation (EU) 2019/815) is available at https:/ /www .amorim.com/en. In case of discrepancies between this version and the official ESEF report, the latter prevails.
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Index Building The Future Message from António Rios de Amorim, Chairman and CEO Sustainability: A Journey of Responsibility and Progress Message from Cristina Rios de Amorim, CSO Governing Bodies Worldwide Presence Organisational Chart Highlights of the Y ear Consolidated Management Report Including Consolidated Sustainability Statement Corporate Governance Report Consolidated Financial Statements Notes to the Consolidated Financial Statements Report and Opinions of the Supervisory and Auditing Bodies 01 02 03 04 05 06 4 8 12 15 19 23 57 89 337 429 437 511
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Building The Future Message from António Rios de Amorim, Chairman and CEO
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The year 2025 will be remembered as a period of profound economic and geopolitical transformations that demanded an exceptional capacity for adaptation, resilience and strategic vision from Corticeira Amorim. In an international context characterised by the slowdown in global trade, by the instability resulting from prolonged conflicts and by the growing fragmentation of economic relations, our Company reaffirmed its solidity , its purpose and the distinctive value of cork as a sustainable raw material with a high technological potential. Reduced predictability and the contraction in demand, particularly in the wine sector , led our customers to adopt more conservative purchasing policies and to implement cost-reduction plans, trends which intensified throughout the year and had a significant impact on Amorim Cork’s sales. At Amorim Cork Solutions, the excellent sales performance in highly sophisticated technical segments such as aerospace and the power industry stands out, despite the reduction in sales in more mature segments, such as final flooring and insulation. The adoption of the new organisational model produced clear benefits, promoting the integration of “non-stopper” operations and positioning this business unit as an important driver of Corticeira Amorim’s long-term growth. Despite a contraction in activity in some key sectors and significant fluctuations in global demand, Corticeira Amorim achieved a consolidated turnover of €861 million in 2025. Particularly noteworthy was the evolution of the gross margin, which reached 54.6%, benefiting from improved raw material purchasing conditions and the quality of the cork batches processed. Consolidated EBITDA totalled €141 million, reflecting the impact of lower volumes and a less favourable mix, mitigated by the effect of cost-reduction initiatives, process rationalisation
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and gains in operational efficiency . I would also highlight the significant reduction in net interest-bearing debt, which stood at €75.9 million, reflecting the strong cash flows generation and strengthening Corticeira Amorim’s financial position. Across all Business Units — Amorim Florestal, Amorim Cork and Amorim Cork Solutions — we continued to implement structural projects focused on technological innovation, continuous improvement, process digitalisation and the expansion of higher value-added solutions. W e also strengthened our commitment to sustainability , which is intrinsic to our identity , while continuing to be recognized globally for best ESG practices, climate leadership and our ability to anticipate the demands of a market increasingly oriented towards natural, regenerative and circular materials. W e also received several distinctions during the year , of which we are very proud. These included international sustainability awards, progress in our ESG index assessments and recognition of Corticeira Amorim as one of the most attractive companies to work for , as well as a leader in the industrial sector in Portugal. These results reflect the dedication of our teams, the confidence of our customers and partners, and the strategic vision that has guided Corticeira Amorim for more than 155 years. As global leaders in the cork industry , we continue to bear an increased responsibility: to continue to innovate, to raise sustainability standards and to affirm cork not merely as a natural material, but as a symbol of the future: circular , renewable, technologically advanced and deeply aligned with the needs of a planet that calls for smarter , more responsible and more human solutions. Our objectives are very clear: to continue optimising the use of cork and generating profitable solutions that contribute to portfolio diversification; to enhance the use and value of cork, underpinned by innovation and sustainability; to strengthen the innovation and product-development capabilities that are crucial to Corticeira Amorim’s leadership; to export and exchange technologies between different business segments, creating a multiplier effect that generates efficiency . W e approach 2026 with prudence, aware that the external context remains challenging, but also with confidence, supported by a robust financial position, a resilient corporate culture and a clear strategy for creating sustainable value for all our stakeholders. To all those who contribute daily to the success of Corticeira Amorim — employees, customers, shareholders, partners, institutions and communities — I extend my deep gratitude. The contribution of each and every one of you perpetuates a legacy that respects the past and prepares, with ambition, for the future. W arm regards, António Rios de Amorim Chairman and CEO
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“ We have to create our own future. We are not spectators; we are actors. Our role is to be permanently on stage to make the future happen. We have, in-house, the vision, the talent and the determination to evolve and resume the growth of Corticeira Amorim and of the sector.” António Rios de Amorim Chairman and CEO
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Sustainability: A Journey of Responsibility and Progress Message from Cristina Rios de Amorim, CSO
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The year 2025 unfolded against a demanding but more stable regulatory backdrop, enabling the consolidation of methodologies and the stabilisation of processes. It was against this backdrop that we moved forward with the implementation of the 2025-2027 strategic plan, further embedding ESG considerations into our management practices. The year was also marked by the launch of strategic initiatives such as Hearts of Cork, our corporate social responsibility program aimed at making a positive impact on society and the planet; the launch of the Together for Safety program, which fosters a culture of safety through active participation; and ReCork, which expands our commitment to circularity through the collection and recycling of end-of- life cork stoppers. W e have also updated the Equality Plan, introducing new measures to promote equity and inclusion. In the area of climate action, we have refined our methodology for calculating our corporate carbon footprint and made progress in aligning our decarbonisation plan with the SBTi. W e have also begun analysing physical climate risks, structured in accordance with the TCFD and the requirements of ESRS E1, and have strengthened our human rights and environmental due diligence mechanisms throughout the value chain. W e have also continued to focus on improving the technical and environmental performance of our products, supported by life-cycle assessments and cork-based innovation. The renewable, circular and low-impact nature of this resource enables us to contribute to solutions with a lower environmental impact and to support our customers in reducing their own environmental footprints. Responsible forest management, the evolution of forestry practices and a deeper understanding of biodiversity and ecosystems have remained essential pillars in ensuring the resilience of this unique resource.
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W e are delighted to receive external recognition for this journey: S&P Global has named Corticeira Amorim an Industry Mover , highlighting the progress made in recent years and reinforcing confidence in the relevance and consistency of the work carried out. At Corticeira Amorim, sustainability is an integral part of the business model. It is the basis for sustaining long-term competitiveness, reducing material risks and creating economic, environmental and social value. Guided by this responsible and forward-looking vision, we will continue to act to strengthen the sector’s resilience, value our people and ensure the sustainable development of our business. This journey is only possible thanks to the dedication of our teams and the trust of all our stakeholders – customers, suppliers, partners, communities, investors and others – who share our ambition to develop increasingly responsible solutions. To everyone, I extend my sincere appreciation. Cristina Rios de Amorim Chief Sustainability Officer
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“ At Corticeira Amorim, sustainability is not an end in itself; it is a dynamic process shaped by choices, learning and the desire to always do better. From the forest to the future, we continue to explore the potential of cork with the same curiosity and sense of responsibility as always. Every little helps; every step forward inspires. This is how we build a more balanced future: for people, for the planet and for cork itself.” Cristina Rios de Amorim CSO
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Governing Bodies T erm of Office 2024-2026
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1 The Board of Directors has an Audit Committee composed exclusively of independent members. 2 The Appointments, Evaluation and Remuneration Committee was nominated by the General Meeting, pursuant to Article 399(1) of the Portuguese Companies Act and Article 19(4) of the Company's Articles of Association. Board of the General Meeting Chairman Paulo de T arso da Cruz Domingues Secretary Rui Paulo Cardinal Carvalho Audit Committee Chairman José Pereira Alves Member Maria Cristina Galhardo Vilão Member António Manuel Mónica Lopes de Seabra Member Helena Sofia Silva Borges Salgado Fonseca Cerveira Pinto Appointments, Evaluation and Remuneration Committee 2 Chairperson Maria Cristina Galhardo Vilão Member Álvaro José da Silva Member Rui Fernando Viana Pinto Statutory Auditor Permanent ERNST & YOUNG AUDIT & ASSOCIADOS – SROC, S.A., represented by Sandra e Sousa Amorim Substitute Augusto Gil Gomes Escaleira Chairman António Rios de Amorim Vice-Chairperson Luisa Alexandra Ramos Amorim Member Cristina Rios de Amorim Member Nuno Filipe Vilela Barroca de Oliveira Member Fernando José de Araújo dos Santos Almeida Member Juan Ginesta Viñas Member José Pereira Alves Member João Nuno de Sottomayor Pinto de Castello Branco Member Maria Cristina Galhardo Vilão Member António Manuel Mónica Lopes de Seabra Member Helena Sofia Silva Borges Salgado Fonseca Cerveira Pinto Board of Directors 1
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Worldwide Presence
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* Low-activity company that solely sells products that were exported to Russia before 24 February 2022 (the date economic sanctions were imposed on Russia). 3 Agroforestry Units 13 Raw Material Preparation Units 31 Industrial Units 44 Distribution Units 9 Joint Ventures Algeria Argentina Australia Austria Brazil Bulgaria Canada Chile Czech Republic France Germany Hungary Italy Mexico Morocco Poland Portugal Russia* Scotland South Africa Spain Sweden Switzerland Tunisia USA
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Organisational Chart
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Production Distribution Amorim Florestal, S.A. Abrantes – Portugal Amorim Florestal, S.A. Coruche – Portugal Amorim Florestal, S.A. Ponte de Sôr – Portugal Amorim Florestal, S.A. Cork Sor Ponte de Sôr – Portugal Amorim Florestal, S.A. Salteiros Unit Ponte de Sôr – Portugal Amorim Florestal III, S.A. Ponte de Sôr – Portugal Cosabe – Companhia Silvo-Agrícola da Beira, S.A. Lisbon – Portugal Herdade de Rio Frio, S.A. Ponte de Sôr – Portugal Amorim Florestal España, S.L. Algeciras – Spain Amorim Florestal España, S.L. San Vicente de Alcántara – Spain Amorim Florestal Mediterrâneo, S.L. Girona – Spain Amorim Tunisie, S.A.R.L. T abarka – Tunisia Comatral – Compagnie Marocaine de Transformation du Liège, S.A. Skhirat – Morocco S.I.B.L, S.A.R.L. Jijel – Algeria Societé Nouvelle du Liège, S.A. T abarka – Tunisia Société Tunisienne d’Industrie Bouchonnière, S.A. T abarka – Tunisia Amorim Cork, S.A. Santa Maria de Lamas – Portugal Amorim Cork, S.A. Coruche Ind. Unit Coruche – Portugal Amorim Cork, S.A. CTC Ind. Unit Santa Maria de Lamas – Portugal Amorim Cork, S.A. Sousa Ind. Unit Paços de Brandão – Portugal Amorim Cork, S.A. Portocork Ind. Unit Santa Maria de Lamas – Portugal Amorim Cork, S.A. Valada Ind. Unit Valada – Portugal Amorim Champcork, S.A. Santa Maria de Lamas – Portugal Amorim T op Series, S.A. Argoncilhe – Portugal Amorim T op Series, S.A. Unit 2 S. João de Ver – Portugal Biocape – Importação e Exportação de Cápsulas, Lda. Capsules Mozelos – Portugal Biocape – Importação e Exportação de Cápsulas, Lda. Wood Mozelos – Portugal Elfverson Portugal, S.A. Santa Maria de Lamas – Portugal Socori, S.A. Rio Meão – Portugal Bozales ICAS-HITE Argentina, S.A. Mendoza – Argentina Elfverson & Co. AB Påryd – Sweden Francisco Oller, S.A. Girona – Spain HITE, S.A. Barcelona – Spain ICAS Brasil, Ltda. Garibaldi (RS) – Brazil ICAS, S.p.A. Ivrea – Italy ICAS-HITE Australasia, PTY Ltd. Adelaide – Australia Intercap France, S.r.l. Castelnau-d’Estrétefonds – France Intercap, S.r.l. Piedmont – Italy Pfefferkorn & Schneider, GmbH Simmern – Germany Relvas II Rolhas de Cortiça, S.A. Montemor-o-Novo – Portugal Relvas II Rolhas de Cortiça, S.A. Mozelos – Portugal Trefinos, S.L. Girona – Spain Amorim Cork, S.A. Distribution Unit Santa Maria de Lamas – Portugal All Closures In, S.A. Paços de Brandão – Portugal ACIC – USA, LLC Napa Valley – USA Agglotap, S.A. Girona – Spain Amorim Australasia, PTY Ltd. Adelaide – Australia Amorim Cork America, Inc. Napa Valley – USA Amorim Cork Bulgaria, EOOD Sofia – Bulgaria Amorim Cork Deutschland, GmbH Bingen am Rhein – Germany Amorim Cork España, S.L. San Vicente de Alcántara – Spain Amorim Cork Hungary, Zrt. Veresegyház – Hungary Amorim Cork Italia, S.p.A. Conegliano – Italy Amorim Cork South Africa, PTY Ltd. Cape T own – South Africa Amorim France S.A.S. Champfleury Unit Champfleury – France Amorim France, S.A.S. Eysines, Bordeaux – France Amorim T op Series France, S.A.S. Merpins – France Amorim T op Series México S.A. de C.V . Mexico City – Mexico Amorim T op Series Scotland, Ltd. Dundee – Scotland Bouchons Prioux, S.A.R.L. Epernay – France Bourrassé Chile, S.A. Santiago – Chile Chaillot Bouchons, S.A. Saint-Prex – Switzerland Corchera Gomez Barris, S.A. Santiago – Chile Ets Christian Bourrasse, S.A.S. T osse – France Francisco Oller, GmbH Mannheim – Germany ICAS France, S.A.R.L. Reims – France Industria Corchera, S.A. Santiago – Chile Korken Schiesser, GmbH Vienna – Austria Oller et Compagnie, S.A.S. Reims – France PM Oenologie Consulting, S.A.R.L. Saint-Leonard – Switzerland Portocork America, Inc. Napa Valley – USA Portocork France, S.A.S. Bordeaux – France Portocork Italia, S.r.l Milan – Italy Prats & Bonany, S.A. Reims – France Sagrera et Cie Reims – France San Bernardo T appi Spumante, S.r.l. Ivrea – Italy Sarl Relvas France Reims – France Suboeno, S.A. Saint-Prex – Switzerland Trefinos Italia, S.r.l. Treviso – Italy Trefinos USA, LLC Napa Valley – USA Victor y Amorim, S.L. Navarrete (La Rioja) – Spain 2025 AMORIM CORKAMORIM FLORESTAL
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AMORIM CORK SOLUTIONS SUPPORT DEPARTMENTS Amorim Cork Solutions, S.A. Mozelos – Portugal Amorim Cork Solutions, S.A. Insulation Ind. Unit Vendas Novas – Portugal Amorim Cork Solutions, S.A. Flooring Ind. Unit Lourosa – Portugal Amorim Cork Solutions, S.A. Flooring Ind. Unit S. Paio de Oleiros – Portugal Amorim Benelux B.V . Tholen – Netherlands Amorim Cork Composites, LLC Moscow – Russia Amorim Cork Solutions, Inc. Trevor – USA Amorim Deutschland, GmbH Delmenhorst – Germany Amorim Flooring (Switzerland) AG Zug – Switzerland Amorim Flooring Canada, S.A. T oronto – Canada Amorim Cork IT , S.A. Mozelos – Portugal Amorim Cork Research, Lda. Mozelos – Portugal Amorim Cork Serviços & Gestão, Lda. Mozelos – Portugal Amorim – Viagens e Turismo, Lda. Mozelos – Portugal
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The immersive Casa Cork installation, designed by David Rockwell, was an initiative by the Cork Collective that brought the international design community together around cork during Milan Design Week 2025. Aimed at highlighting cork and the Collective’s recycling initiatives, the installation reinforced the mission of the Cork Collective, the first cork recycling program in New Y ork. © Ed Reeve 43 54 65 6621 22
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Highlights of the Y ear
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25 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 Looking to the future Leading with purpose, responsibility , and impact The year 2025 represents a moment of strategic affirmation for Corticeira Amorim, marked by decisions that strengthen its capacity to innovate and lead in a demanding and rapidly evolving global context. The creation of Amorim Cork Solutions highlights this ambition, consolidating competences and elevating cork to new levels of technological and environmental relevance. Our international presence and the extraordinary scope of the markets we serve confirm our confidence in the high- performance sustainable solutions we develop, and in the knowledge we promote through exhibitions and collaborations with national and international universities. Initiatives such as the T ogether for Safety and Hearts of Cork programs demonstrate our ongoing commitment to a corporate culture grounded in ethics, responsibility, and the appreciation of people and communities. This year, particularly defined by actions that reinforce our reputation, cultural identity, and social commitment, Corticeira Amorim reaffirms its vision for the future: to transform innovation, sustainability, and talent into a consistent path of value creation and global leadership.
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26 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 Amorim T op Series expands operations in Mexico The opening of a new subsidiary in Mexico reinforces Amorim T op Series' internationalisation strategy in one of the world's main markets for premium spirits. This expansion allows the company to strengthen its presence in Latin America and accelerate its global growth plan, supported by innovation, production capacity and close proximity to multinational clients. Cork remains at the centre of the value proposition, positioning itself as a high-performance material with clear advantages in terms of sustainability and differentiation. Amorim T op Series tailor-made stoppers are therefore a benchmark for spirits brands looking for reliable and environmentally responsible technical solutions. Merger of three Business Units gives rise to Amorim Cork Solutions The creation of the new Amorim Cork Solutions business unit represented a milestone in Corticeira Amorim's global strategy. The new business unit is the result of the merger of the Amorim Cork Composites, Amorim Cork Flooring and Amorim Cork Insulation units. This reorganisation makes it possible to optimise resources and promote innovation, positioning cork as a key material in high-tech sectors with high demands in terms of technical performance and sustainability. A decisive step towards strengthening operational efficiency and consolidating Corticeira Amorim's leadership in the global market. Watch here:Watch here:
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27 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 T ogether for Safety program promotes a preventive culture Through the T ogether for Safety program, Corticeira Amorim reinforced its commitment to Occupational Health and Safety. This initiative included workshops and training sessions aimed at equipping employees with the skills to implement measures that promote a safer working environment and greater awareness of the importance of prevention. This program contributed to strengthening the safety culture across the organisation. Amorim in Movement encourages physical activity and solidarity The 3rd edition of the Amorim in Movement solidarity walk brought together hundreds of employees and their families, for a day dedicated to physical activity, well-being and solidarity. In this edition, the Company matched the total amount raised through registrations, with the full amount donated to APAV - the Portuguese Victim Support Association. This initiative is part of the Amorim in Movement program, which runs a wide range of activities throughout the year, such as Pilates classes, padel tennis tournaments, nutritional awareness sessions and motivational talks. T aken together, these initiatives promote the health, motivation and quality of life of Corticeira Amorim's employees. Watch here:
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28 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 CORKI: The new Artificial Intelligence corporate assistant Corticeira Amorim has launched CORKI, an Artificial Intelligence assistant designed to support employees in their daily activities. This tool automates tasks, simplifies processes and generates information more quickly and accurately, contributing to increased efficiency and higher-quality work. CORKI forms part of the Company's digitalisation strategy, centralising access to information, supporting decision-making and optimising workflows. Amorim T op Series launches new website With intuitive navigation and a sophisticated design, the new Amorim T op Series website showcases the portfolio of premium cork stoppers developed by this business unit, highlighting the sustainability and high degree of customisation of its products, while also facilitating access to the different solutions offered to global customers.
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29 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 Business Update 2025 reflects on strategic progress The Business Update 2025 brought together senior executives from Corticeira Amorim to assess achievements and reinforce the Company's vision, reaffirming innovation and sustainability as strategic priorities across all areas of the business. McKinsey & Company also took part in the session, presenting the strategic case entitled: ‘The beginning of a new era’. Growth for V alue | 2025 Management Meeting The slogan for the 2025 Management Meeting was Growth for Value. Sustainable growth and the creation of strategic value were highlighted as two of the fundamental pillars for the future of the Company and the cork sector. There were around 300 participants at the event, held at the Alfândega do Porto building. The activities included presentations on performance and strategic guidelines for the 2025-2027 period. Watch here: Watch here:
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30 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 The art of cork stripping and the cork oak forest portrayed in new institutional documentary Corticeira Amorim's entire history is intrinsically rooted in its deep relationship with the cork oak forest and its associated activities, particularly the art of cork stripping. In a new documentary, released at the end of 2025, Corticeira Amorim pays tribute to this legacy, focusing on the ancestral practice of cork harvesting and the cork oak forest ecosystem, home to the trees that provide this natural and renewable raw material. The documentary is available in full on Corticeira Amorim's Y ouTube channel. W e Are ON! 2025: Driven by Purpose This annual initiative, now in its 3rd edition, brought together 150 young executives from all of Corticeira Amorim's Business Units and cross- functional areas to foster connections, encourage collaboration and reflect on the purpose and impact of the Company's actions from a forward-looking perspective. Under the theme Driven by Purpose, the initiative began with a solidarity and volunteering activity at the Soutelo Social Centre (Porto, Portugal), aimed at renovating the facilities and spending time with the children and senior users of the Centre. Catarina Furtado, Goodwill Ambassador for the United Nations Population Fund (UNFPA), addressed the importance of aligning purpose and action to enhance personal and professional journeys. Watch here: Watch here:
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31 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 Cork stoppers reduce microplastics in wine, reveals French study A study published in the Journal of Food Composition and Analysis concluded that wine bottles sealed with cork stoppers have practically non-existent levels of microplastics compared to packaging sealed with other solutions. The study analyzed wines, waters, soft drinks and beers sold in France and showed that, counter-intuitively, beverages contained in glass bottles were the most contaminated by microplastics, with the exception of wines bottled with cork stoppers. The absence of painted screw caps eliminates one of the main sources of unwanted particles, according to the research team. These conclusions reinforce cork's value as a natural and safe packaging solution, ensuring the protection of the wine and contributing to the preservation of its final quality. 2,150 trees planted in Portugal under the Suber-Protected Villages project Five tree-planting events, conducted between March and April 2025 under the Suber-Protected Villages program, ensured that 2,150 trees were planted, thanks to the support of 242 children and 20 senior citizens. The initiative combines environmental education with practical actions, highlighting Corticeira Amorim's commitment to the future of forests and the protection of communities.
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32 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 The Re-Cortiza initiative promotes the recycling of cork stoppers The pioneering Re-Cortiza project promoted by Redondela T own Council, in Galicia (Spain), combines environmental sustainability and social inclusion in a campaign that aims to give a new lease of life to used cork stoppers in the municipality. The initiative reinforces the circular economy model while also incorporating a strong social dimension through a partnership with the Centre for Psychological and Labour Rehabilitation (LENDA), actively involving its users in the process. Hotel establishments, bars and restaurants in Redondela participating in the campaign are encouraged to save the corks after opening bottles, preventing the waste of a valuable, natural and recyclable material such as cork. The corks are collected by users of the LENDA centre and then sent to Amorim Cork Solutions, where they are granulated and reintegrated into the production process. The resulting cork is used in a variety of applications, from insulation and flooring solutions to sports equipment, footwear, design objects and industrial components. APCER-certified studies confirm negative carbon footprint of Corticeira Amorim's cork stoppers New studies, carried out in accordance with the ISO 14067 standard and validated by APCER, confirm that Corticeira Amorim's cork stoppers have a negative carbon footprint. Carbon footprint studies conducted in accordance with ISO 14067, which currently cover 60% of the cork stopper portfolio, indicate that, under a cradle-to-gate approach, the emissions associated with production are lower than the biogenic carbon stored in the cork and the contribution from land use. This environmental advantage highlights the contribution of cork, as a natural and renewable raw material, to improving the environmental performance of stoppers under a cradle-to-gate approach. It also reinforces cork's role in supporting emission reduction strategies in the wine sector. © Lawrence Sumulong
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33 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 Continuous cistern irrigation boosts forestry efficiency Amorim Florestal developed the Continuous Cistern Irrigation project, a continuous irrigation system that ensures the precise and controlled application of water and fertiliser to each cork oak. It is possible to monitor and optimise resource consumption per tree, based on GPS georeferencing. This contributes to more efficient and sustainable resource management. The solution integrates automation technologies and intelligent systems, while data collection is structured to support future analyzes and the improvement of the irrigation model. Strengthening Carbon F ootprinting and ESG reporting capabilities In 2025, Corticeira Amorim, in partnership with KPMG and Havas Advisors, organised workshops dedicated to Carbon Footprinting and ESG Communication T ools. The sessions brought together employees from various areas and provided an in-depth look at methodologies, regulatory requirements and reporting practices, strengthening internal capabilities to respond to an environment of increasing regulatory demands, transparency and rigour in ESG reporting.
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34 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 V olunteers plant 4,000 cork oaks By the end of 2025, some 180 Corticeira Amorim volunteers had planted 4,000 cork oaks at the Herdade de Rio Frio estate. This initiative contributes to the regeneration of the cork oak forest – a unique ecosystem, essential for biodiversity, carbon retention and the preservation of the Mediterranean landscape. This activity reinforces the Organisation's long-term commitment to the conservation of cork oak forests and the promotion of sustainable forest management practices that help secure the future of these ecosystems and the communities that depend on them. Hearts of Cork In 2025, Corticeira Amorim launched the Hearts of Cork program, which now integrates all of the Organisation's social responsibility initiatives under a common identity. Hearts of Cork reflects and puts into practice the ambition to generate a positive impact on communities and ecosystems, prioritising the areas of health and well-being, citizenship and social support, environmental protection and biodiversity, and education and development. Hearts of Cork is the result of a consolidated path of social responsibility that has guided Corticeira Amorim's activities throughout its history. By structuring and organising existing investment and corporate volunteering activities, the program reinforces a strategic approach focused on creating collective impact, while promoting employee engagement and coordination with local and institutional partner organisations. Watch here:
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35 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 Hearts of Cork mobilises volunteers for the 2025 Christmas Mission Corticeira Amorim promoted two charitable initiatives as part of the 2025 Christmas Mission. Volunteers prepared food baskets for families in vulnerable situations at the headquarters of Assistência Médica Internacional (International Medical Assistance, " AMI"), in Porto. At the same time, around 50 volunteers were involved in renovating two houses belonging to Associação Novo Futuro (New Future Association), in Cascais and Vila Nova de Gaia, to improve the living conditions of children and young people at risk. Watch here:
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36 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 Donation strengthens the response capacity of São Sebastião Hospital Corticeira Amorim donated a state-of-the-art defibrillator to the Entre o Douro e Vouga Local Health Unit (ULS EDV), for use in São Sebastião Hospital’s emergency ward, in Santa Maria da Feira. This essential piece of medical equipment contributes to strengthening the unit's emergency response capacity, promoting the continuous improvement of healthcare provided to the region's population. Green Cork Schools mobilises around 97,000 students and collects more than 21 tonnes of cork stoppers The Green Cork Schools program, promoted by Quercus and supported by Corticeira Amorim, mobilised 96,739 students, teachers and scout leaders, who collected 21,190.5 kg of used cork stoppers. The amount collected is a 20% increase on the previous year. The initiative strengthened the link between schools and local communities, promoted the circular economy and contributed to reforestation actions under the Floresta Comum (Common Forest) project. Since 2008, Green Cork has engaged schools and IPSS (Private Social Solidarity Institutions) in the collection of cork stoppers for recycling and the planting of native species, raising awareness among the younger generations of the importance of protecting cork oak forests, biodiversity and the environment. Registrations for the 2025/2026 edition are now open, continuing the program's environmental commitment.
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37 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 TUMO Porto supports young talent in creative technologies Corticeira Amorim, as a patron of TUMO Porto, supports education as a driver of change, helping thousands of young people to gain access to a free and innovative educational project. TUMO combines technology with creativity to provide skills in eight subject areas: animation, game development, photography, programming, music, graphic design, film and robotics. No Poupar Está o Ganho (Saving is Winning) educates young people about financial literacy No Poupar Está o Ganho is a program run by the António Cupertino de Miranda Foundation and supported by Corticeira Amorim. More than 40,000 children, ranging from primary to secondary and vocational education, have already participated. This educational program, which marked its 15th edition in 2025, aims to provide young students with essential knowledge for responsibly managing their finances. © Fundação António Cupertino de Miranda
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38 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 Parsons School of Design students take part in an immersive week to design with cork The collaboration agreement between the renowned American design school and Corticeira Amorim, established in 2023, continues to expand knowledge of and the use of cork. In the course’s second edition, ‘The Thick Skin: Cork as a Material for Design New Futures’, students took part in a week of learning in Portugal, combining 45 hours of theory and practice with direct contact with the cork oak forest and industrial processes, including a visit to the i.cork factory. A design competition was also held for students, forming part of the Casa Cork installation designed for Milan Design Week 2025. This competition gave competitors the opportunity to expand on their technical knowledge of cork. Watch here: Casa Cork showcases the infinite potential of cork at Milan Design W eek 2025 The immersive Casa Cork installation, designed by David Rockwell, showcased the potential of cork as a sustainable material for design and architecture during Fuorisalone, as part of Milan Design Week 2025. The initiative, promoted by the Cork Collective in collaboration with the Rockwell Group, BlueWell, Southern Glazer’s Wine & Spirits and Corticeira Amorim, highlighted the innovation, creativity, sustainability and circularity associated with cork. © Ed Reeve
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39 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 Poly-Monde Mission explores the cork oak forest and the cork industry The Poly-Monde Mission, comprising 24 engineering students from Polytechnique Montréal (Canada), visited Portugal as part of an international industrial mission, providing an immersive experience in the cork oak forest and at Corticeira Amorim's facilities. The initiative provided an integrated overview of the entire cork transformation process, from the extraction of the raw material to its high-performance applications in sectors such as construction and mobility. Pratt Institute students explore the material of the future at Corticeira Amorim Corticeira Amorim welcomed architecture students from the Pratt Institute (New Y ork, USA), as part of the (À D)eriv(A) (Adrift) festival of architecture, design and arts organised by the Pratt Institute in partnership with the Department of Architecture of the Faculty of Science and T echnology of the University of Coimbra (DARQ). This experience immersed the students in the cork oak forest and cork’s potential as a material of the future in order to promote the development of innovative solutions in architecture and sustainable design.
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40 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 Golden Vines® 2025 celebrates wine excellence with the support of Amorim Cork The Golden Vines® Awards 2025, organised by Liquid Icons, celebrate excellence in the fine wine and spirits industries. The official trophies, designed by artist Jen Stark and made from cork, represent the union between art, wine and cork. © mattporteous © becky_lee_brun © goldenvinesawards Knowledge sharing with Associação Rede Mulher Líder (W omen Leaders Network Association) Corticeira Amorim welcomed members of the Women Leaders Network for a visit to its facilities in northern Portugal. The delegation was accompanied by Executive Director and CFO Cristina Amorim, who gave an overview of the Company's 155-year history. During the visit, topics related to innovation, sustainability and female leadership in industry were discussed.
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41 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 SHIFT 2025 puts sustainability at the heart of architecture The program of the international SHIFT – Architecture and Sustainability seminar, promoted by Casa da Arquitectura, included a visit to the Amorim Cork Solutions facilities, giving students and guest speakers direct exposure to technical cork solutions for construction, insulation and flooring. The initiative demonstrated the contribution of cork as a regenerative material, capable of responding to the current challenges of sustainable architecture. Smart W aste Portugal highlights the circular economy Corticeira Amorim was represented by its Chairman and CEO, António Rios de Amorim, at the event’s round table, commemorating 10 years of Smart Waste Portugal. The round table discussed the role of companies in the transition to a circular economy, highlighting the sustainability policies and practices adopted by Corticeira Amorim. © Smart Waste Portugal
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42 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 Laura Donadoni, Italian influencer and wine expert, visits Corticeira Amorim for The Guardians of Cork series Amorim Cork Italia partnered with Laura Donadoni for The Guardians of Cork series, as part of its communication and promotion strategy of the cork oak forest and cork as a natural and sustainable raw material. This collaboration aimed to reinforce the international reputation of the cork oak forest's ecosystem and raise awareness of the role of cork in the wine value chain. The cork oak forest immersion documented in the series highlights the connection between forest, cork oak and cork, emphasising the ecosystem as a pillar of biodiversity and wine culture. Watch here: Amorim Cork and Niepoort – Proudly Crafted in Portugal Amorim Cork joined forces with Niepoort to develop the Proudly Crafted in Portugal campaign, linking the limited-edition Coche 2023 wine to NDtech® natural cork stoppers with Bee W® biological treatment. The campaign explicitly associated a limited production wine with a specific closure, highlighting the importance of stopper selection in the wine’s performance and evolution. © Niepoort
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43 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 Amorim Cork Solutions expands its portfolio of thermal protection solutions for the aerospace industry Amorim Cork Solutions presented P65, a new material that complements the existing P50 and distinguished by its superior mechanical strength and outstanding performance under extreme temperature conditions, such as those encountered in space missions. This portfolio expansion strengthens the Company’s offering for thermal protection systems, creating opportunities in new international markets and enhancing its competitive position relative to the sector’s leading global players. Helix revolutionises the wine experience The relaunch of the Helix cork stopper has introduced an innovative solution to the wine industry, offering practicality and sustainability. Designed to meet the expectations of younger consumers – particularly Millennials and Generation Z – this cork stopper allows bottles to be opened without a corkscrew and then resealed, preserving the freshness of the wine and avoiding waste. Ideal for young, organic and NOLO (no and low alcohol) wines, it combines aesthetics, functionality and convenience, in line with the trends of responsible consumption and accessibility.
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44 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 Nina’s House: sustainable architecture highlighted in London Nina’s House, clad in Portuguese cork, was awarded the Don’t Move, Improve! 2025 environmental prize by New London Architecture. The award is acknowledgement of the integration of sustainability and innovation in contemporary residential design, highlighted by the energy efficiency and intrinsic thermal and acoustic properties of cork. © FRENCH + TYE From marble to cork: Portuguese design with impact A piece designed by Daciano da Costa in the 1970s, originally conceived in marble, has been reissued in cork. This has given rise to the CORK collection, which preserves the original design and reinterprets it in light of current concerns about sustainability and the use of natural materials. CORK comprises two complementary bowls. It is the result of a technical collaboration between Amorim Cork Solutions and Atelier Daciano da Costa, which ensured that the rigour of the original design was transposed to a renewable raw material. This project emphasizes the continuity of Portuguese design and its ability to respond to contemporary challenges. © Ruben Magalhães
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45 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 Casa da Levada wins sustainable architecture award Casa da Levada, designed by the T sou Arquitectos studio and incorporating Amorim Cork Solutions' MD Facade® expanded cork panels, won the prestigious 2025 Architizer A+ Award, in the Jury and Popular Choice categories. The house is Built on a hillside overlooking the River T âmega, the house blends into the local topography and landscape and benefits from cork's high thermal and acoustic performance, which has contributed to passive comfort and to an architectural language that engages with the region's traditional materials. © Ivo T avares Studio Schenk Suisse organic wine production centre clad with Amorim MD F acade® Designed by Jean-Frédéric Luscher, this eco-friendly winery embodies an architectural style based on the careful selection and functional use of materials. The entire building is clad with expanded cork panels, manufactured by Amorim Cork Solutions, with a total volume of 1,260 m³ incorporated into the façade. Expanded cork, a material derived from a natural and regenerative process, offers benefits in terms of thermal insulation and is aligned with the project's concept of being close to the land and agricultural cycles. © Jean-Frédéric Luscher Architectes
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46 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 Portuguese Pavilion at COP30 features cork flooring COP30, the Conference of the Parties to the United Nations Framework Convention on Climate Change, is the largest United Nations event focused on discussing and negotiating policies to address climate change. The event was held in Belém do Pará, Brazil, in November 2025. It brought together world leaders, governments, companies and international organisations to discuss issues such as sustainability, energy transition, ecosystem protection and environmental innovation. The Portuguese Pavilion at COP30, designed by Portuguese architect Eduardo Souto de Moura, was built from materials of Portuguese origin, notably the cork flooring supplied by Corticeira Amorim. The use of cork in the pavilion aligns with this theme, as it is a renewable, biodegradable material with a low environmental footprint. This choice reinforces the coherence between the principles discussed at the conference and the construction of the space itself. Paradise, today . Installation featuring cork at the V enice Biennial The Portuguese Pavilion at the 19th International Architecture Exhibition in Venice presented the Paradise installation, which incorporated cork into the exhibition space. The material’s presence contributed to the sensory atmosphere of the installation, in line with the themes of sustainability and the relationship between art and nature. This element also contributed to the artistic dialogue, exploring the qualities of cork as a sustainable and versatile material. © Nuno Cera
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47 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 Hidden Grooves: cork at the Virgin Hotel in London The Hidden Grooves bar at the Virgin Hotel London incorporated cork flooring from the Cork Pure tiles collection, which forms part of Amorim Cork Solutions’ Wicanders Wise range. The bar is Japanese-inspired, paying contemporary homage to vinyl culture. Cork is used to provide comfort, acoustic insulation and sustainable design. © Virgin Hotels Portuguese cork in the historic Poids du F oin building The renovation of the historic Poids du Foin building in Vevey, Switzerland, included Amorim MD Facade® Wave L2 expanded cork, one of the decorative patterns in the brand’s product range. The project, designed to house a café-restaurant, combined heritage preservation with a contemporary approach, using cork to ensure thermal and acoustic performance, as well as to provide a distinctive visual identity. © Rémy Gindroz
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48 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 Floating T ea House, an onomatopoeia by Kengo Kuma in cork In the Floating T ea House (Fuan) installation, presented at the Kengo Kuma: Onomatopoeia exhibition at Casa da Arquitectura, cork was used in the base structure, contributing to the piece's lightness and expressive materiality. Integrated into a scenographic project designed by Kengo Kuma's studio, the choice of cork reinforced the sustainable approach and reflected the architect's philosophy, in which material selection plays a fundamental role. © Constanca Soutinho Casa EÑE Madrid: innovative Passive House with cork The use of Amorim MD Facade® cork in the construction of Casa EÑE has enabled it to achieve the world’s highest standard of energy efficiency, which has brought the Passive House concept to life in the residential design field. The façade was constructed with two 40 mm layers, forming a continuous 80-mm-thick cork envelope that provides natural insulation, breathability and long-term durability, contributing to stable interior comfort and helping reduce the project's carbon footprint. © Imagen Subliminal
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49 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 Cork Cross at the Lithuanian Pavilion at the V enice Biennial Cork Cross, a modular bench made entirely of cork, was presented in the Lithuanian Pavilion at the 19th Venice Architecture Biennial. Formed by interlocking two cork blocks, the piece explores the principles of modular design and highlights the material's ability to meet functional, sensory and environmental requirements. Cork Cross is the result of a collaboration between the curator of the Lithuanian Pavilion at the 19th Venice Architecture Biennial, Jūratė Tutlytė, the New European Bauhaus (NEB) Interdisciplinary Creative Research Centre at the Vilnius Academy of Arts and Corticeira Amorim. Cork Cross, which has been used at various events, allows each user to experience its resistance, comfort and tactile quality. © Darius Gumbrevi Isokinetic Milan chooses cork flooring The new FIFA rehabilitation centre, designed by Giacomo Della Villa, incorporated Amorim Cork Solutions’ Cork Inspire flooring at the Isokinetic centre in Milan. The choice of material reflected criteria of safety, comfort and sustainability, standing out for its fire resistance, impact-absorption capacity and hypoallergenic properties - requirements aligned with the demands of high-performance sports healthcare facilities.
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50 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 Caixa ESG A wards recognise Corticeira Amorim Corticeira Amorim won two awards at the Caixa ESG Awards, presented by Caixa Geral de Depósitos bank, which recognise best practices in corporate sustainability. The Caixa Environmental Transparency and Performance Award highlighted transparency in carbon emissions reporting. The Caixa Supply-Chain Award recognized the promotion of sustainable practices in the value chain, with innovative initiatives such as the creation of the first ESG financing line dedicated to cork raw material suppliers. António Rios de Amorim awarded the Grand Cross of the Order of Infante Dom Henrique António Rios de Amorim was awarded the Grand Cross of the Order of Infante Dom Henrique by the President of the Portuguese Republic, Marcelo Rebelo de Sousa. The award recognises his contribution to innovation, industrial modernisation and the international projection of Portugal, in particular through his leadership of Corticeira Amorim and the strengthening of sustainability within the cork sector. The distinction highlighted the Company's impact on the national economy and the importance of Portuguese cork as a high value-added material in global markets. © Rui Ochoa
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51 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 Corticeira Amorim among the most attractive companies to work for Corticeira Amorim is among the top-3 most attractive companies in the industrial sector in Portugal, according to Randstad Employer Brand Research 2025. This recognition reflects its reputation as an employer of excellence, particularly in terms of good management practices and valuing people. Navicork FD01 wins award in the decarbonisation category The Navicork FD01 solution, developed by Amorim Cork Solutions for marine deck applications, won an award in the Decarbonisation category of the National Sustainability Awards promoted by Jornal de Negócios. The product has a negative carbon footprint, validated by a Life Cycle Assessment study conducted by ITECONS, which showed that each square metre of Navicork FD01 removes more CO₂ than is emitted throughout its production cycle.
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52 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 Bee W® cork coating wins award at ENOMAQ The Bee W® coating, developed by Amorim Cork, was awarded the T echnological Innovation prize at the ENOMAQ trade fair (Zaragoza, Spain). It is a beeswax-based biological coating applied to natural cork stoppers, which contributes to lower and more consistent oxygen levels, enhancing the aromatic preservation of wines. The solution combines natural materials with technology applied to oenological performance, representing a significant advance for wine ageing and more demanding sensory profiles. Primal Slippers wins innovation award at the W orld Economic F orum Primal Soles slippers, which incorporate cork solutions from Amorim Cork Solutions, won the Most Innovative Product of the Y ear award at the World Economic Forum in 2025. Designed as a sustainable alternative to the disposable slippers traditionally offered in hotels, Primal Soles offer a reusable model that reduces the pressure on resources. © Daniel Rodrigues
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53 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 Merco 2025 awards highlight Corticeira Amorim's leadership Corticeira Amorim was recognized as the best company in Portugal’s industrial sector in the Merco Companies and Leaders 2025 ranking, a position it has held for five consecutive years. The Company was also a stand-out in the Merco ESG Responsibility ranking, which assesses the environmental, social and governance dimensions. This recognition is the result of an assessment by multiple stakeholders - including analysts, journalists, academics, consumers and business leaders - and highlights the Company's performance in areas such as sustainability, corporate reputation and talent management. Amorim Cork wins a KAIZEN™ award in T echnology Amorim Cork was distinguished with a KAIZEN™ Award in the T echnology category, recognising the application of continuous improvement methodologies supported by tools such as artificial intelligence, machine learning and robotic process automation (RPA) in planning and production systems. The adoption of these methodologies has optimised internal processes, reduced waste and increased operational efficiency, reinforcing the incorporation of technology and advanced data analysis in industrial management.
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54 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 W orld Finance awards recognise Corticeira Amorim's leadership Corticeira Amorim received the World Finance awards for Best Company in Carbon Reduction in the Wine Products Industry and Most Sustainable Company in the Wine Industry, for the 2024 and 2025 editions respectively. According to World Finance magazine, the awards acknowledge the Company's measurable impact and leadership in placing climate responsibility at the heart of financial and operational decisions, signalling the sector's shift from ambition to concrete action and demonstrating that sustainability and performance are no longer competing priorities, but mutually reinforcing goals. Cork in the award-winning Calouste Gulbenkian Modern Art Centre The redesigned Calouste Gulbenkian Foundation Modern Art Centre in Lisbon won the ArchDaily platform’s Building of the Y ear award. The project, designed by Kengo Kuma and Vladimir Djurovic, incorporated cork coverings and solutions supplied by Amorim Cork Solutions, showcasing the material's thermal, acoustic and aesthetic properties. © Fernando Guerra
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55 CONSOLIDATED ANNUAL REPORT 2025 CORTICEIRA AMORIM, S.G.P .S., S.A.32 43 54 65 66HIGHLIGHTS OF THE YEAR21 Best Of 2025 Revisit the year’s most memorable moments
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Herdade de Rio Frio was awarded the Forest Stewardship Council® (FSC) certification. This international certification ensures sustainable forest management, balancing environmental, economic and social benefits. This milestone reflects the implementation of responsible practices, in particular the management plan aimed at conserving and safeguarding the property's natural values. 43 54 65 6621 22
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Consolidated Management Report Including Consolidated Sustainability Statement
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21 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66
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59 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 1. Economic Trends in 2025 1.1 THE WORLD ECONOMY The world economy is likely to have recorded growth of about 3.3% in 2025, in line with the previous year . This was a welcome surprise, reflecting resilience and adaptability in a rapidly changing environment and amid persistent military conflicts, such as those in Ukraine and in Israel and the Middle East. A year earlier , on the basis of what was being observed and what was already anticipated, projections were clearly less optimistic. During the year , the US Administration implemented non-orthodox measures, and in some cases unexpected ones, that had a significant and broad impact on economic and political management, generating uncertainty and a lack of clarity , as well as requiring the continuous adaptation of the various economic agents. The US imposition of trade tariffs on its trading partners from April onwards was one such measure. Amounting to much more than a change in economic stance, it made plainly visible the transition from multilateralism to a model of spheres of influence and action aimed at securing strategic independence (in energy and rare minerals, for example), reconfiguring relations between economies. On the positive side, the marked increase in investment in technology , including, though not limited to, Artificial Intelligence (AI), contributed to an environment with a higher propensity for risk, higher equity valuations (2025 was the third consecutive year of gains in the main global stock markets) and economic expansion. Financial conditions proved favourable, with the Federal Reserve (the Fed) and the European Central Bank (ECB) opting for a more accommodative monetary stance. Even so, the year was marked by a broad increase in public deficits, erratic trade negotiations and, in the US, a political attack on the Fed’s independence. The depreciation of the USD was most evident in the first half of the year . Inflation is likely to have fallen compared with 2024, to an estimated rate of 4.1%. The slowdown in the pace of price increases is likely to have been more pronounced in emerging economies than in developed economies. International trade, in turn, faced a sharp shock and was forced into a sudden shift – geopolitics took precedence over efficiency , and it became necessary to learn how to operate under protectionism. In the end, higher growth was recorded than in 2024, essentially driven by progress in developed economies. The US ended 2025 recovering from the forced shutdown of federal services and continuing the positive trend that followed the contraction at the start of the year . The US economy is likely to have recorded growth of 2.1% over the year . Its K -shaped recovery is likely to have deepened, with a minority securing a significant share of wealth and a majority finding the difficulty of accessing goods and services (affordability) increasingly evident. As noted above, the foreign and economic policy measures, some announced and others implemented, adopted by the US administration after the president’s inauguration on 20 January pointed to a new strategic positioning for the country and to a reconfiguration of international relations in line with the transactional approach imposed by Trump’s leadership. The world order as it was known changed. Of particular note are the expansionary financial conditions (the Fed resumed a monetary easing cycle and implemented three interest rate cuts during the year; the USD depreciated significantly; yields fell until November) and the highly positive performance of risk assets, especially in view of the changes and volatility generated by measures such as the trade shock of Liberation Day , the trade dispute with China, the approval process for the “One Big Beautiful Bill” and contention with the Democrats, which led to the longest shutdown of US federal services to date, due to a lack of agreement on funding. The labour market is likely to have lost momentum over the year , while inflationary pressures gradually became more consistent with price stability . Public finances are likely to have deteriorated. The Euro Area is likely to have recorded growth of about 1.4%, marginally higher than the previous year , but showing marked volatility between quarters in anticipation of geopolitical and trade changes at the beginning of the year and subsequent adjustments, especially until mid-way through the third quarter . The final quarter is likely to have proved more robust, with the economy recording growth in line with potential. All the main economies contributed to growth, but Spain stood out positively , approaching growth of 3.0%.
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60 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Even so, the expectations of economic recovery that dominated the start of 2025, following the shift in the German fiscal paradigm, did not ultimately materialise in full. Germany is likely to have grown by 0.3%, a positive result after two years of economic contraction, but still constrained by declines in business confidence; France is expected to have expanded by 0.9%, benefiting from its aerospace sector; and Italy is likely to have recorded growth of 0.7%, driven by domestic demand. As an integral part of the European Union, the Euro Area was at the centre of the geopolitical and economic maelstrom, compelled to choose autonomy , to replace US support for Ukraine, and to withstand the uncertainty of external trade pressure. The trade agreement reached on 27 July between the European Union and the US enabled a degree of economic calm to return in the second half of the year . Inflation is likely to have remained on a downward trajectory , securing the monetary target of 2.0% at the end of the year . China grappled with numerous internal and external challenges in 2025. Having recorded a record trade surplus and economic growth of about 5.0%, a level similar to that of 2024, it demonstrated remarkable adaptability . This included an exceptional reorientation of trade in the face of the constraints imposed by US tariff policy and an extraordinary acceleration in the technological race associated with AI. Nevertheless, the fragility of domestic demand was visible and only partially offset by growth in net exports, which, in a surprising development and for the first time since 1997, are likely to have accounted for about one third of economic momentum. Consumption reflected the impact of a less robust labour market and a fall in property prices, while investment, constrained by persistent deflation and concerns about local indebtedness, ended up recording an annual contraction, an unprecedented development in recent decades. The trend over the year was one of slowing growth, with the final three months showing the softest expansion since the reopening of the economy after the pandemic. 1.2 PORTUGAL In 2025, Portugal is likely to have maintained moderate growth of about 1.9%, a figure above the Euro Area average, which nevertheless represents a slowdown compared with 2024. This performance is likely to have been supported by a combination of favourable factors, notably domestic demand, driven by the dynamism of private consumption, easing financial conditions and an expansionary fiscal policy . Despite the continued strength of the labour market and the reductions in IRS (personal income tax) rates in August and September (with retroactive effect), the increase in household disposable income is likely to have been more modest compared with the previous year (3.1% versus 7.2% in 2024). At the same time, investment is expected to have contributed positively to economic growth, driven, above all, by the increase in public investment associated with a higher execution rate of the country’s Recovery and Resilience Plan (PRR); by contrast, external uncertainty is likely to have contributed to stagnation in business investment. In a more uncertain and demanding international environment, the contribution of the external sector to growth is likely to have been less significant – exports are likely to have slowed to 1.1% in 2025, despite the acceleration in world trade, and imports are likely to have recorded a significant increase, namely in pharmaceuticals, cars and food products. In terms of public finances, projections point to a positive budget balance of about 0.4%, and to a reduction in the weight of public debt to about 88% of GDP . Annual average inflation is likely to have fallen to 2.3%, mainly reflecting a slowdown in energy and industrial goods prices. The labour market continued to show a positive trend, with employment reaching its highest level since 1998 and unemployment ending the year at a low not seen since 2022, which is likely to have consolidated the projection of an annual unemployment rate of 6.2%.
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61 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 2. Operating Activities The companies that make up the Corticeira Amorim universe are structured into business units (BUs). This report sets out their most important developments during the financial year of 2025. 2.1 AMORIM FLORESTAL The EBITDA of the Amorim Florestal Business Unit totalled €14.0 million in 2025, an increase of 22% compared with the previous year . The improvement was mainly driven by the consumption of raw materials purchased on more favourable terms and at a lower price. Profitability also increased, particularly in the grinding area. The gross margin rose from 20% in 2024 to 21% in 2025. This improvement was concentrated in Preparation activities, showing a higher margin for the batches of cork processed (purchased in 2024), and in Cork Board (Falcas) activities, which were positively impacted by the use of batches purchased on more advantageous terms in the 2024 campaign. Sales totalled €222.3 million, a decrease of €9.0 million compared with the previous year , particularly in the Preparation area (deliveries of whole pieces). In terms of operating costs, the more favourable evolution of supplies and external services stands out, recording a decrease of €1 million compared with the same period of the previous year . This was mainly due to: • A decrease in the cost of electricity , largely as a result of the price effect and the positive impact of the use of photovoltaic panels. In 2025, additional investments were made in these panels, which will have a positive impact in 2026. • A decrease in maintenance and repair costs, mainly resulting from the implementation of a global review of maintenance plans. Staff costs increased by €0.9 million (9.0% of sales in 2025 compared with 8.2% in 2024), due mainly to salary increases, despite a gradual reduction in the number of employees, particularly in the last quarter of 2025. Regarding operations, Amorim Florestal maintained its capacity to ensure a continuous supply to the Corticeira Amorim value chain, ensuring not only the delivery of cork for natural cork stoppers, but also for discs, granulates and for grinding. The increase in capacity and yield in the grinding area and the consolidation of operational efficiency projects in the Preparation and Discs areas were fundamental to achieving this objective. On 19 October , a fire occurred at Amorim Florestal’s facilities in San Vicente de Alcántara (Spain), causing property damage (including buildings, equipment and raw materials), but with no impact on people being reported. All the affected areas were covered by the applicable insurance policies, and the claims process was immediately initiated. Operations were re-established in stages, without compromising business continuity . It is worth noting that, within the scope of the claims settlement process, the coverage provided by the contracted insurance policies made it possible to fully restore all incurred damages, including inventories, buildings, and equipment. As a result of this coverage, and considering the compensation mechanisms triggered, no economic loss was recorded for Corticeira Amorim as a consequence of the fire. Regarding product quality , 2025 was another year of consistently good sensory results, with values close to 100% of non-detectable TCA, thanks to the consolidation of projects implemented in previous years, particularly in the Discs area. The 2025 amadia (reproduction cork) purchasing campaign was characterised by a higher concentration of purchases in the second quarter , particularly in the months of April and May , similar to the trend observed in 2024. As in the previous year , the trend in the average purchase price was downwards, resulting in an average annual reduction of 21%.
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62 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 The BU achieved its quantitative objectives, purchasing a quantity in line with the target initially set, thereby ensuring the continuity of operations in 2026 as well as an important position in the following campaigns. As in 2024, cork purchasing in North Africa fell short of expectations in 2025, making it impossible to maintain the same consistency in recovering adjudications as in the post-COVID-19 period and contributing to a decrease in the normal level of activity of the units located in this region. Strategic investment in the technological development of cork extraction and transport processes continued in 2025, with a particular focus on extraction machines, resulting in a significant evolution in their technological development and in the number of units deployed in the cork extraction campaign. In 2025, the Forestry Intervention Project, one of Corticeira Amorim’s strategic pillars, was continued and its three main lines of intervention were maintained. In the area of forest management, the consolidation of Herdade de Rio Frio as a fundamental element in implementing the strategy of introducing a new silvicultural model for the cork oak continued. In line with the aim of increasing the Business Unit’s own areas of cork production with assisted irrigation, the project being developed on this estate was consolidated, with the high-density planting of 195 hectares while maintaining the ecological characteristics of the species and of the Rio Frio ecosystem. The estate already has approximately 900 hectares under high-density planting. Increasing the profitability and production of this silvicultural model will be achieved through the higher success rate and viability of the plantations, providing them with support during critical periods with two types of irrigation systems: the traditional system, involving the installation of drip irrigation, and the “foot-by-foot” irrigation system, using an automated tanker . The introduction of these systems will also make it possible to bring forward the economic return, as it should enable the first cork stripping to be brought forward, complying with the regulations established by law for the first stripping and without damaging the trees. The subsequent extraction cycles will also comply with the legislation in force and will be carried out without any further support irrigation. Regarding the cork oak improvement program, a trial for the qualification of cork oak clones developed internally at Amorim Florestal was installed at Herdade de Rio Frio in 2025. These clones are the result of the micropropagation program for selected cork oaks begun in 2022. This trial area will enable continuous monitoring of the different specimens as well as checking for the phenotypic characteristics for which they were selected, in particular productivity and growth. 231.6 222.3 14.023.2 11.5 5.0% 9.9% 234.0 6.3% 2023 2024 2025 Amorim Florestal Sales & EBITDA Sales EBITDA EBITDA / Sales (%) V alues in million euros.
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63 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 2.2 AMORIM CORK The year 2025 was marked by extreme complexity and volatility, requiring an unprecedented level of agility from Amorim Cork. The business operated in a context of persistent geopolitical uncertainty, with regional conflicts (Ukraine and the Middle East) affecting supply chains and market stability. Commercially, profound changes in global alcohol consumption habits placed additional pressure on the wine sector and, consequently, on demand for closure solutions. Demographic shifts also proved to be a determining factor. A pronounced ageing of the population can be observed in Europe, China and Japan, in contrast with the youthful demographic momentum of regions such as Africa and India. Y ounger generations show less inclination towards regular alcohol consumption, favouring specific occasions and differentiated experiences. This shift has not contributed to the development of the wine sector. Global purchasing power evolved unevenly, resulting in simultaneous trends towards “premiumisation” and a demand for more affordable solutions. This duality reflects growing economic polarisation, while the rise of emerging middle classes is redefining priorities and consumption patterns across multiple geographies. This backdrop is compounded by a climate of structural uncertainty, driven by the rapid development of Artificial Intelligence and the challenges associated with the climate transition as well as social and political polarisation. Markets continue to oscillate between optimism and caution, making organisational agility and the ability to anticipate change critical factors for sustainable success. The structural context of the wine sector continued to contract. Since 2000, the global vineyard area has fallen by almost 9% to one of the lowest levels in the last six or seven decades. At the same time, global wine production continues on a downward trajectory and has reached its lowest level since 1961. Consumption has followed the same trend and is likewise at its lowest level since the early 1960s. This contraction reflects changes in consumer habits, inflationary pressures and generational change. The US remains the largest consumer market, followed by France, Italy and Germany. Consumption trends reflect growing awareness and moderation. Demand for low- and no-alcohol beverages (NoLo) continues to increase, although it still represents only a marginal share of the market. At the same time, ready-to-drink products remain significant, driven by innovation in the product mix and distribution opportunities, particularly in the spirits segment. In the off-trade channel, which remains the main sales driver, still wines continue to dominate, while sparkling wines and rosés are progressively gaining importance. A clear trend can be observed towards consuming less wine but of a higher quality, with greater emphasis on qualities such as origin, packaging and premium positioning. In the on-trade channel, volumes remain below pre-pandemic levels, although value has partially recovered due to price increases and demand for premium references. Even so, high prices and restaurant sector margins have contributed to constrained consumption. The sparkling wine segment remains highly dependent on celebratory occasions, with champagne and prosecco leading, while cocktail consumption has supported the spirits category. The prevailing trend remains consistent: consume less, but better. T ourism, which fully recovered in 2024 following the Covid-19 pandemic, has supported consumption in the on-trade channel. This impetus, however, has not been sufficient to offset the loss of momentum in the restaurant sector, which continues to record weaker demand. Reduced predictability led Amorim Cork’s customers to adopt more conservative purchasing policies, focused on stock reduction and cost optimisation. This translated into a contraction in demand, which intensified over the course of the year, obliging the BU to prioritise the protection of profitability and balance sheet strength over volume growth. Against this backdrop, Amorim Cork’s financial performance in 2025 reflects the challenges facing the sector. Consolidated sales totalled €707.0 million, a reduction of 3.5% compared with the previous year. Excluding the impact of the Intercap acquisition, sales would have contracted by 4.6%. The BU showed a high degree of resilience in 2025 — in volume terms, sales reached 5 billion units, a reduction of 1.8% compared with the previous year. EBITDA reached €113.0 million, a decrease of 19.3% compared with the same period of the previous year, impacted by operational deleveraging and an adverse product mix, reflecting a decline in natural cork stopper sales that exceeded growth in other segments. However, the EBITDA margin benefited from the lower cork consumption price for cork purchased in the 2024 campaign, from lower operating costs and from favourable conditions in non-cork raw materials. Operational efficiency deteriorated over the years and was one of the BU’s main areas of weakness. T o a large extent, this was the result of an inability to adjust the cost structure at the same pace as the reduction in sales. This, together with the product mix, led to gross margin compression. The rigidity of the fixed-cost structure, combined with a need to preserve productive capacity, service levels and critical skills, limited short-term operational flexibility. As a result, the BU’s main efficiency ratios were adversely affected, highlighting the importance of strengthening its mechanisms for structural adaptation and increasing the agility of cost-base management in periods of contracting demand. Market segmentation confirms the central importance of still wines as the main pillar of the business. Xpür® and Naturity® technologies consolidated their position as decisive competitive advantages in guaranteeing non-detectable TCA, strengthening confidence in the Premium and Super Premium segments, which continued to grow despite the contraction in global consumption. The sparkling wine and spirits segments were affected by volatility in global purchasing power.
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64 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 The spirits segment, however, benefited from the coming into full operation of the new wood industrial units, supporting the wooden bartop strategy. The BU’s rigorous balance sheet management, reflected in a significant reduction in net interest-bearing debt, merits highlighting. This result was supported by strong operating cash flow generation, combined with careful working capital management, reflecting lower trade receivables and, above all, a marked reduction in inventories (in both volume and value), as well as a controlled level of investment totalling €29 million in fixed assets. In terms of sustainability, Amorim Cork exceeded its set targets, putting in a positive performance against ESG goals. Notable progress was made in energy efficiency, reducing the consumption of non-renewable packaging and achieving a highly positive frequency rate for workplace accidents. These results reflect the continued commitment and alignment of teams with the BU’s sustainability and corporate responsibility objectives. 732.3 707.0 113.0147.7 140.1 19.1%19.5%759.4 16.0% Amorim Cork Sales & EBITDA Sales EBITDA EBITDA / Sales (%) 2023 2024 2025 V alues in million euros.
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65 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 2.3 AMORIM CORK SOLUTIONS In 2025, Amorim Cork Solutions reported EBITDA of €13.8 million, in line with the amount recorded in the corresponding period of the previous year . It should be noted, however , that there was a significant change in the consolidation perimeter at the end of 2024, following the disposal of Timberman Denmark A/S, which had made a material contribution to consolidated EBITDA during the first eleven months of 2024. On a like-for-like basis, EBITDA improved by €5.2 million in 2025 compared with the previous year . This strong performance was also mirrored in an improvement in the EBITDA-to-sales ratio, which rose to 8.5%, compared with 6.6% in 2024, representing an even more pronounced increase relative to the 4% recorded for the current consolidation perimeter . As the first year of the new Business Unit (BU), 2025 presented a wide range of challenges. A new organisational structure was implemented to ensure an effective response across the BU’s different areas of activity . From a commercial perspective, a strategy was defined based on three key pillars, all underpinned by the common objective of increasing the relative weight of larger customers: • In the area of Final Flooring, the focus was placed on differentiated and competitive cork-based products — where comparative advantages are most evident — supported by guaranteed quality , rather than on trade product lines or those that involve no cork content; • In Composites, the priority was to secure profitable growth, particularly in the sectors identified as having the greatest potential; • At the same time, the BU continued to explore new sectors and applications, following a gradual validation approach with a view to their potential integration into its portfolio, supported by a strengthened structure and greater scale. Significant growth potential was identified in areas considered strategic. Although the results achieved were positive, they reflected only part of the potential, with particularly noteworthy performances in the Aerospace and Sealing sectors. In regard to the synergies arising from the merger of the three BUs, efforts were focused on optimising industrial operations and support functions. Notable measures included the closure of the Silves industrial unit, with the corresponding strengthening of production capacity in V endas Novas; the creation of synergies between the remaining industrial sites (Lourosa, Oleiros and Mozelos); the implementation of a new maintenance management model, which generated significant savings; and greater integration and efficiency across the logistics chain. A number of cross-functional strategic initiatives were also planned and executed, with a particular focus on increasing and modernising production capacity , maximising the economic yield of cork raw materials (biomass, cork stopper recycling and cork offcuts), and advancing the digital transformation of operations and support functions. A significant part of commercial activity also centred on reducing inventories associated with discontinued Final Flooring products, while simultaneously developing new products to be launched in 2026. The Group’s proprietary distribution network also underwent a far-reaching reorganisation, driven by the synergies resulting from the merger , the new business model — which no longer included the supply of finished flooring to specialist retail — and the need to improve commercial efficiency . This reorganisation led to the closure of operations in 11 subsidiaries (sales companies), while maintaining a physical presence in all markets except Canada and Finland. Amorim Cork Solutions recorded sales of €162.0 million in 2025. Excluding the effect of changes in the consolidation perimeter , sales fell by around 11% compared with the previous year . It is also important to highlight the impact of foreign exchange movements — particularly the evolution of the EUR/USD exchange rate — which was an important factor in this performance. Excluding this effect, the reduction would have been below 10%. In geographical terms, all the BU’s main markets recorded weaker sales, most notably Germany (-12%), the US (-10%) and Portugal (-12%). In 2025, Germany lost its position to the US as the BU’s largest market among its 88 sales destinations. On the positive side, the UK, Israel and India stood out, with strong sales growth in each of these markets. Sales performance by sector was as follows: • The Flooring sector contracted by 24.5%, equivalent to a reduction of approximately €20 million, with about 80% of the negative change attributable to Final Flooring. Discontinued products and trading activity together accounted for a decline of €14 million. By year-end, this sector represented 37% of sales; • The Industry sector grew by 4.4%, driven by the Footwear segment, where sales increased by 15.7%, accounting for 53% of the sector . Overall, Industry represented 16% of sales; • The Sealing sector recorded sales growth of 8.9%, accounting for almost 16% of the BU’s turnover . Particularly noteworthy were the Power Industry (+11.9%) and Gas Equipment (+14.1%) segments; • The Sports sector declined by 12.6%, although it remained the fourth most important sector , accounting for almost 7% of turnover; • The Insulation sector , which accounted for just over 6% of sales, declined by 21.1%, having been particularly affected by adverse operating conditions; • The remaining sectors accounted for 18.8% of sales in 2025 (compared with 16.5% in 2024) and, taken together , recorded sales growth of around 1.2%, strongly supported by the performance of Aerospace (+35.5%), which offset the declines recorded in Construction (-14.7%) and Korko. The gross margin improved, increasing by 3.5 percentage points to 49.2%, supported by a more favourable sales mix, selective price repositioning in certain product lines and slightly more favourable raw material purchasing conditions.
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66 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Operating costs (excluding depreciation and amortization) also evolved positively, decreasing by 21% compared with the previous year. A significant portion of this reduction related to personnel costs, reflecting a reduction of 126 employees over the course of the year. Within external supplies and services, the main reductions were recorded in marketing, transport and maintenance. CapEx totalled €7.5 million and covered a number of investment projects, most notably major interventions at the Vendas Novas industrial unit aimed at optimising expanded cork ag glomerate production, the installation of a used cork stopper recycling system, capacity expansion and improvements at the cork-rubber factory, as well as upgrades to the moulding and continuous agglomeration presses. 213.1 162.0 13.815.7 14.2 6.6%7.0%225.2 8.5% Amorim Cork Solutions Sales & EBITDA Sales EBITDA EBITDA / Sales (%) 2023* 2024* Inventory levels were reduced significantly throughout 2025, particularly in Final Flooring, generating a positive impact on working capital requirements and invested capital. These indicators also benefited from the reduction in trade receivables (-1 3%). V alues in million euros. 2025 *Pro-forma figures
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67 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 In the Floating T ea House (Fuan) installation, presented at the Kengo Kuma: Onomatopoeia exhibition at Casa da Arquitectura, cork was used in the base structure, contributing to the piece’s lightness and expressive materiality. © Constança Soutinho
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68 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 3 Innovation, Research and Product Development The genesis of Corticeira Amorim is deeply linked to the cork industry , its core business, and it is currently the outstanding leader in the cork sector at a global level, supplying a broad range of products for diverse business sectors. The growth trajectory and economic expansion of Corticeira Amorim derives especially from its proactive business strategy , aiming for continual investment in research, development and innovation (R&D+I). Each Corticeira Amorim business unit (BU) has over time developed its own specific R&D practices in parallel with those built up and promoted by Amorim Cork Research. 3.1 AMORIM FLORESTAL In 2025, Amorim Florestal continued to commit itself to innovation and the development of new and more efficient technologies with a direct impact on process improvement, from forestry through to the final selection of cork discs. With the aim of improving the artisanal process of cork extraction, internal development of a new cork-extraction machine began in 2021. The first prototypes were used during the 2022 and 2023 campaigns and, in 2025, were deployed across several locations and teams to test and validate the equipment under a wide range of working conditions. The results were extremely positive and the equipment was well received. This made it possible to introduce cutting-edge technology into a manual and traditional process. Improvements to the equipment are planned for 2026, along with the resolution of some minor existing shortcomings, to make the equipment more robust, lighter , more reliable and less dependent on human intervention for calibration. New firmware programming platforms are also expected to be introduced, with the aim of obtaining more powerful and efficient algorithms, as well as the development of new control boards with greater processing capacity and equipped with more robust and technologically advanced components. Based on these developments and on the record of previous modifications, it is expected to prove possible to achieve a TLR 8–9 category product (final phase of technological maturity , close to operational entry) in 2026, following field testing. New approaches to forestry work were initiated during the cork- extraction operations, assessing new systems for baling, loading and transporting cork from the forest, with the aim of making logistical operations more efficient. Regarding innovation in industrial processes, mechanisms were developed to improve the covering of cork piles, thereby not only increasing process efficiency but also minimising the risks associated with the operation. Furthermore, a vertical project was developed between Amorim Florestal and Amorim Cork, called CorkShift, which is aimed at optimising operations both quantitatively and qualitatively across the entire cork value chain. Solutions were also developed to reduce the number of warped planks and thereby decrease the number of cuts per plank, leading to a better utilisation of raw material and a reduction in specific consumption in cork-stopper manufacturing. In this context, the process for selecting thin planks was also reviewed, giving preference to making the final selection at the yard, thereby eliminating the need to carry out the selection operation during cutting and thus significantly increasing efficiency .
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69 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Amorim Florestal is also committed to advancing along the path of digital transformation, researching and testing diverse new technologies that may unlock areas which, due to technological constraints, have so far remained unaddressed. In this field, notable areas include projects related to the electronic selection of cork discs, both in industrial and laboratory settings, and, within the scope of the Industrial Internet of Things, the project for monitoring variables in the boiling process of amadia (reproduction) cork. Finally , in the area of process digitalisation (smart factory), low- code applications were successfully developed to replace manual methods, enabling control of the reception process for falca (the first cork stripping from the tree) and amadia cork in near real time, thus ensuring logistical improvements throughout the value chain. In addition, a continuous moisture-measurement system for granules was developed and implemented in the grinding area, enabling not only greater control over product quality but also quicker intervention and equipment adjustment. 3.2 AMORIM CORK The year of 2025 proved pivotal for Amorim Cork in terms of optimising and enhancing its technological processes. In the natural cork segment, close collaboration with Amorim Florestal led to operational efficiency gains in cork preparation through more effective raw material management, resulting in a specific reduction in consumption in the production of these cork stoppers. The widespread adoption of smart drills across natural cork production lines continued, driven by the efficiency gains achieved by maximising the use of cork strips on the lines where these devices had previously been introduced. AI algorithms continued to play a central role in drilling and electronic selection processes. Following their development, implementation and validation, a structured training and awareness program for production teams began in 2025 aimed at continuous, automated algorithm enhancements for natural cork selection. Studies were also developed for furthering research into new X -ray technologies for detecting internal defects in mid- and low-range natural corks. In regard to Naturity®, used to clean TCA from natural cork, new programs were developed to improve overall system performance, which had a positive impact on the technical quality of cork stopper production. In the area of NDtech®, significant progress was made in the areas of intelligent alarm systems, the mechanised injection of control standards and the automatic control of TCA peaks. These developments are aimed at strengthening the reliability and productivity of the equipment, making processes more robust, more automated and less dependent on human intervention. In the technical cork stopper segment, AI algorithms were developed for the digitalisation of the production process for Xpür® cork stoppers, enabling the automatic adjustment of equipment parameters and the implementation of a predictive quality model. Artificial intelligence was also introduced in the control of the bulk density of moulded cork stoppers, through the installation of inline control systems integrated into moulding machines. This system enables algorithm-driven automatic adjustments, contributing to improved quality and, above all, to the greater homogeneity of the stoppers produced. In 2025, the operating performance of the Xpür® equipment was optimised, resulting in increased production capacity and reduced operating costs. This performance was further enhanced by the commissioning of CO₂ recovery and regeneration systems, ensuring the more efficient use of this resource in the supercritical CO₂ process. Research and Development projects were launched in collaboration with universities and scientific institutions with the aim of deepening the Group’s knowledge of the physical-mechanical performance of technical cork stoppers. These projects focused in particular on the effect of stabilisation conditions on polymer organisation, the characterisation of the structure of polyurethane foam and determining the degree of cross-linking in Xpür® and Qork® stoppers. The knowledge generated will make it possible to optimise the different parameters of the production process. Tests were also conducted on new types of agglomeration adhesives, new formulations of oxidative marking inks and new surface treatments, all of which showed technical advantages over the currently available solutions as well as the potential for future industrialisation. In the sparkling wine stopper segment, a research collaboration was launched with national and international universities and institutes, focusing on the characterisation of the viscoelastic behaviour of cork stoppers and analysing the impact of stabilisation conditions at the time of bottling. This project aims to deepen understanding of the physical-mechanical behaviour of this type of stopper . In parallel, studies into the behaviour in the bottle of sparkling wine stoppers continued, with further research focused on developing solutions offering differentiated qualities compared with those currently available. The preliminary results obtained were considered promising. In the spirits segment, studies were conducted into the physical-mechanical properties of technical cork stoppers designed for this type of beverage, particularly stoppers in the Neutrotop range, focusing on stabilisation conditions and the identification of new solutions capable of enhancing performance. In the spirits segment, a research project was initiated in collaboration with universities and specialist institutes with the aim of strengthening internal expertise and supporting the future development of the product portfolio. Generating knowledge about the interaction between closures and spirits constitutes a strategic means of strengthening the value proposition in this segment and increasing market diversification.
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70 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 In 2025, Amorim Top Series launched a new anti-counterfeiting system using a tamper-proof mechanism aimed at the luxury segment. Two new ranges of micro-agglomerated cork stoppers were also introduced: Neutroprime and NeutroClear . The Neutroprime stopper is intended for brown spirits, offering high resistance to extreme transport and storage conditions as well as to beverages with a high alcohol content, thereby meeting the challenges of this segment, particularly in markets such as Mexico, China and India. The NeutroClear stopper was developed for white spirits, providing an excellent anti-migration performance with proven results in beverages such as tequila and rum. During 2025, the oenological value of products was further strengthened through the consolidation of comparative tests carried out with clients. These tests consist of tasting wines sealed with different closures. The results are processed statistically and presented directly to clients. Results with a high level of technical and commercial importance were achieved in studies conducted in collaboration with international universities and wine producers. In the area of still wines, these studies showed that natural cork stoppers enhance the aromatic profile of the wine, while technical stoppers support a balanced evolution of the wine. Wherever possible, the results of sensory analysis were supported by detailed chemical analyzes. Chromatographic methods were developed and validated for volatile compounds, oxidation compounds, pyrazines and other substances. The results obtained with natural cork stoppers treated with Bee W®, whose oenological performance and medium- to long-term consistency have been thoroughly demonstrated, were particularly noteworthy , increasing the value proposition of these solutions among clients. Positive results were also achieved for the technical stoppers Xpür® and Qork®, confirming their performance in regard to the critical parameters for wine preservation and evolution. In the sparkling wine segment, similar results were achieved with disc cork stoppers and micro-agglomerated cork stoppers. The NOLO (no- and low-alcohol) wine segment represents a growing trend in the market. Over the course of the year , the technical conditions required for sealing such wines with cork stoppers were studied. ALO stoppers were tested for NOLO beverages, demonstrating their technical suitability without any negative impact on the wine’s evolution in the bottle. The cork stopper as a communication channel for producers represents a new approach, aiming to transform the cork stopper into a smart device capable of functioning as a unique channel of interaction. This approach enables product authentication at the moment of opening, the sharing of producers’ stories and the creation of a direct and lasting connection with consumers. Pilot trials with producers are currently under way . Lastly , Amorim Cork began implementing AI-based solutions in 2025 through the development of two functional bots. One of these bots was dedicated to the centralisation, management and dissemination of technical-scientific knowledge, while the other focused on supporting industrial operations, particularly training, education and troubleshooting in relation to the Xpür® process. The adoption of artificial intelligence constitutes a strategic pillar for the future of Amorim Cork, enabling the enhancement and scalability of internal knowledge, the optimisation of operational processes and the strengthening of technical and commercial support. This approach establishes a solid foundation for the expansion of digital solutions, for measuring their impact on technical, operational and commercial performance, and for reinforcing Amorim Cork’s competitiveness in the medium and long term. 3.3 AMORIM CORK SOLUTIONS In 2025, the research, development, and innovation activities of the Amorim Cork Solutions BU focused on the following key areas: • Developing new cork-based flooring substrate materials with dimensional stability characteristics aligned with market expectations; • Developing new technologies for processing cork composites, whether through blending processes or post-treatment enhancements to improve properties, particularly fire performance; • Optimising materials, both in terms of composition and production processes, to deliver more competitive solutions; • Developing new applications, notably thermoformable solutions for thermal protection systems in the aerospace sector and fire-resistant insulation materials for electric vehicle battery applications. The first intervention area enabled the prototyping and development of a range of new composite materials, leveraging cork’s intrinsic properties in combination with other natural or prime synthetic materials or by-products from industrial processes. Notable achievements included the upcycling of recycled polymers and natural fibres. In 2025, a completely new product was brought to market, designed to offer excellent dimensional stability for finished flooring applications. In the second area, significant progress was made in enhancing the fire resistance of expanded cork-based materials. This development broadens the range of possible applications, including construction systems requiring enhanced safety factors, such as exposed facades. These advances were achieved through post-agglomeration treatment technologies. In the same area, developments were also pursued in blending cork granules with fibres and other natural-based resin types, both for flooring and synthetic turf infill applications, in line with forthcoming regulations prohibiting the intentional use of microplastics. In this context, cork and natural composite derivatives are of special importance.
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71 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 From a technological standpoint, digital printing advancements enhanced the product offering for finished flooring, delivering realistic visuals with colour stability , low rejection rates, and controlled costs. All these solutions are available with textured digital printing technology (EIR – embossed in register), a process that intensifies texture, depth, and visual appeal to faithfully replicate natural wood grain. The same EIR technology was applied to refine stone-effect visuals across various technical solutions, achieving unprecedented levels of optical and tactile realism that make it difficult for users to distinguish the product from the original materials. Refinements were also made to compositions and processes in 2025, particularly for HDF-based underlay flooring with cork layers, in terms of material composition, build-up, bonding processes, and finishes. By optimising raw material ratios, improvements were achieved in colour stability and, above all, reducing production costs, thereby enhancing overall industrial profitability . In the fourth area, two new materials were developed for the aerospace industry , featuring advanced mechanical and thermal resistance properties, alongside two novel thermoformable solutions designed to streamline and accelerate the coating of launchers and satellites with Amorim Cork Solutions’ thermal protection systems. Finally , the significant activity developed in R&D projects pursued through collaborative and open innovation with other companies and entities within the Scientific and Technological System (SCTN) deserves highlighting, particularly by mobilising agendas promoted by the Recovery and Resilience Plan: • Project R2U Technologies, focused on modular construction, developed in a consortium with companies and SCTN bodies to explore factory-built modular systems and wall partitions. In relation to cork, it examines thermal and acoustic insulation potential, alongside sustainability and the benefits of its light weight. • Project Illiance, aimed at developing more efficient energy technologies and solutions for housing, in partnership with over 70 Portuguese entities; • Project Blue Bioeconomy , oriented towards organic marine- based composite materials; • Project InovAM, centred on cork- and natural fibre-based 3D printing technologies and materials for diverse applications. The projects listed represent a sample from a pipeline of approximately 25 ongoing initiatives, spanning a broad range of applications to fulfil Amorim Cork Solutions’ aim of valorising cork and expanding its portfolio of materials and uses. Product lifecycle management, cork-based composites, and new technologies will remain priorities, as will the pursuit of new profitable and sustainable applications that are fully aligned with the BU’s vision for strategic growth across business sectors.
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72 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Corticeira Amorim held its annual Management Meeting at the historic Alfândega do Porto building, bringing together around 300 employees to celebrate the achievements of 2024 and align ambitions and commitments for 2025.
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73 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 4. Corticeira Amorim in the Capital Market 4.1 STOCK MARKET PERFORMANCE The current value of the Corticeira Amorim share capital stands at €133 million, represented by 133 million ordinary shares with a nominal value of €1, which endow the right to dividends. The Company (then entitled Corticeira Amorim, S.A.) listed its shares on the BVLP – the Lisbon and Oporto Stock Market on April 18, 1988, integrating Portugal’s continuous trading system ever since December 11, 1991. Under the terms and for the purpose of Law no. 15/2017, of May 3, and Decree Law no. 123/2017, of September 25, the Board of Directors of Corticeira Amorim approved the conversion of bearer shares representative of the company’s capital (ISIN code: PTCOR0AE0006) into registered shares; the respective conversion at the centralised trading system was completed on October 26, 2017. At the end of the year under consideration, Corticeira Amorim’s share price reached € 6.61, reflecting a decrease of 17.9% compared to the closing price of 2024. In 2025, approximately 27.3 million shares were traded on the Euronext Lisbon regulated market, in almost 70,000 transactions, which jointly amounted to €201.8 million. In 2025, the average share price was €7.62 per share; the maximum price was €8.55 per share, registered on April 19 and April 20, the minimum price was €6.36 per share registered on December 10; the amplitude between the highest and the lowest share price was 34.4%. Daily Share Price (EUR) Turnover (EUR) 28/12/2024 05/01/2025 13/01/2025 21/01/2025 29/01/2025 06/02/2025 14/02/2025 22/02/2025 02/03/2025 10/03/2025 18/03/2025 26/03/2025 03/04/2025 11/04/2025 19/04/2025 27/04/2025 05/05/2025 13/05/2025 21/05/2025 29/05/2025 06/06/2025 14/06/2025 22/06/2025 30/06/2025 08/07/2025 16/07/2025 24/07/2025 01/08/2025 09/08/2025 17/08/2025 25/08/2025 02/09/2025 10/09/2025 18/09/2025 26/09/2025 04/10/2025 12/10/2025 20/10/2025 28/10/2025 05/11/2025 13/11/2025 21/11/2025 29/11/2025 07/12/2025 15/12/2025 23/12/2025 31/12/2025 Trading volumes and share prices on the regulated market (2025): 10,000,000 9.00 8.00 7.00 6.00 5,000,000 5.00 4.00 3.00 2.00 1.001,000,000 0 0.00 Turnover Daily Share Pride Source: Euronext The charts below set out the stock market performance of Corticeira Amorim. 2,000,000 3,000,000 4,000,000 6,000,000 7,000,000 8,000,000 9,000,000
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74 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Trends in stock market indicators: 2019 2020 2021 2022 2023 2024 2025 Qt. of shares traded 9,481,944 13,353,226 11,448,484 19,946,784 13,258,212 13,859,154 27,313,410 Share Price (€): Maximum 11.520 11.780 12.700 11.360 10.620 10.080 8.550 Average 10.062 9.990 11.031 9.864 9.664 9.115 7.615 Minimum 8.710 7.480 9.860 8.500 8.740 7.900 6.360 Period-end 11.300 11.600 11.280 8.720 9.140 8.050 6.610 Trading Frequency 100% 100% 100% 100% 100% 100% 100% Stock market capitalisation at period-end (M€) 1,502.9 1,542.8 1,500.2 1,159.8 1,215.6 1,070.7 879.1 Source: Euronext 4.2 KEY ANNOUNCEMENTS IN 2025 20 February Consolidated results for 2024 financial year. Sales fall by 4.7%, impacted by unfavourable global context, with the following highlights: • EBITDA reaches €158 million; • Net Profit of €70 million; • Net Debt down 19% to €196 million; • Proposed payment of a total gross dividend of €0.32 per share (single payment). 30 April Sustainable Finance: Allocation and Impact Report 2024. 6 May Gross dividend of €0.32 per share. 7 May Consolidated results for the first quarter of 2025. Resilient sales in the first quarter , with the following highlights: • Amorim Cork registers a 4.8% increase in sales; • Increase of Net Profit to €16 million; • Net Debt reduced to €161 million; • Industrial facility transferred from Silves to V endas Novas (expanded cork). 60 80 100 120 140 70 90 110 130 Corticeira Amorim´s share price performance versus the PSI index (2025): PSICORTICEIRA AMORIM 28/12/2024 05/01/2025 13/01/2025 21/01/2025 29/01/2025 06/02/2025 14/02/2025 22/02/2025 02/03/2025 10/03/2025 18/03/2025 26/03/2025 03/04/2025 11/04/2025 19/04/2025 27/04/2025 05/05/2025 13/05/2025 21/05/2025 29/05/2025 06/06/2025 14/06/2025 22/06/2025 30/06/2025 08/07/2025 16/07/2025 24/07/2025 01/08/2025 09/08/2025 17/08/2025 25/08/2025 02/09/2025 10/09/2025 18/09/2025 26/09/2025 04/10/2025 12/10/2025 20/10/2025 28/10/2025 05/11/2025 13/11/2025 21/11/2025 29/11/2025 07/12/2025 15/12/2025 23/12/2025 31/12/2025 Source: Euronext
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75 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 29 July Consolidated results for the first half of 2025. Stable results in a challenging environment, with the following highlights: • Consolidated sales exceed €470 million, with positive performance from Amorim Cork; • EBITDA margin of 18.4%, demonstrating robust second-quarter performance; • Net Debt falls to €153 million euros, a reduction of €43 million. 3 November Consolidated results for the third quarter of 2025. Net profit of €46 million, with the following highlights: • Consolidated sales total €677 million; • EBITDA margin stable, supported by improved profitability of Amorim Cork Solutions; • Net debt falls to €99 million, reflecting strong cash-flow generation.
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76 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 5. Awards and Recognition Each year , Corticeira Amorim strengthens its ESG policies and practices and broadens its engagement and communication with stakeholders. The organisations that assess Corticeira Amorim recognise this progress, seeing the Company as a leader in its sector and as a benchmark for its contribution to sustainability . Set out below are some of those organisations and the most recent recognitions of their achievements. 1 COR TICEIRA AMORIM, S . G . P . S . , S . A . Recognition Page available at: https:/ /recognition. ecovadis.com/v7iXGTD9GkWZQzM1xm5UzA 2 Copyright ©2024 Morningstar Sustainalytics. All rights reserved. The information, data, analyzes and opinions contained herein: (1) includes the proprietary information of Sustainalytics and/or its content providers; (2) may not be copied or redistributed except as specifically authorized; (3) do not constitute investment advice nor an endorsement of any product, project, investment strategy or consideration of any particular environmental, social or governance related issues as part of any investment strategy; (4) are provided solely for informational purposes; and (5) are not warranted to be complete, accurate or timely . The ESG-related information, methodologies, tool, ratings, data, and opinions contained or reflected herein are not directed to or intended for use or distribution to India-based clients or users and their distribution to Indian resident individuals or entities is not permitted. Neither Morningstar Inc., Sustainalytics, nor their content providers accept any liability for the use of the information, for actions of third parties in respect to the information, nor are responsible for any trading decisions, damages or other losses related to the information or its use. The use of the data is subject to conditions available at https:/ /www .sustainalytics.com/ legal-disclaimers. 3 The use by Corticeira Amorim of any MSCI ESG RESEARCH LLC OR ITS AFFILIATES (“MSCI”) data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of Corticeira Amorim by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided ‘as-is’ and without warranty . MSCI names and logos are trademarks or service marks of MSCI. ESG Ratings Entity Classification range Corticeira Amorim’s classification Last updated (www.cdp.net) Leadership (A-/ A) Management (B-/B) Awareness (C-/C) Disclosure (D-/D) Management, B Leadership, A- Leadership, A December 2025 (www.ecovadis.com)1 Platinum (top 1%) Gold (top 5%) Silver (top 15%) Bronze (top 35%) Gold 81 November 2025 (www.sustainalytics.com) 2 Negligible (0-10) Low (10-20) Medium (20-30) High (30-40) Severe (40+) Negligible risk 8.1 July 2025 (www.msci.com)3 Leader (AA/ AAA) Average (BB/BBB/ A) Laggard (CCC/B) Leader AA February 2025 (www.spglobal.com) T op 1% T op 5% T op 10% T op 15% T op 15% Y earbook Member & Industry Mover 69 February 2026 Climate Change Water Supplier Engagement Assessment
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77 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Other recognitions: António Rios de Amorim awarded the Grand Cross of the Order of Prince Henry António Rios de Amorim was awarded the Grand Cross of the Order of Prince Henry , conferred by the President of the Portuguese Republic, Professor Marcelo Rebelo de Sousa. The distinction is in recognition of his contribution to innovation, industrial modernisation and the international standing of Portugal. Corticeira Amorim’s sustainability was recognized by World Finance with the awards “Best Carbon Reduction Company in the Wine Products Industry” and “Most Sustainable Company in the Wine Products Industry” Corticeira Amorim received two distinctions from the prestigious international magazine W orld Finance, consolidating its position as a global benchmark for sustainability in the wine products industry . The Company was named “Best Carbon Reduction Company in the Wine Products Industry” in the W orld Finance Carbon A wards 2024, which recognise leading companies in decarbonisation through continuous transformation, reduced environmental impact and the adoption of innovative technologies to mitigate CO₂ emissions. In the W orld Finance Sustainability A wards 2025, Corticeira Amorim was again named “Most Sustainable Company in the Wine Products Industry”, a title it has held since 2019. These awards recognise companies whose ambition goes beyond regulatory compliance, setting new standards in climate responsibility , social equity and sustainable innovation, while inspiring global change towards a more resilient future. Corticeira Amorim honoured with two Caixa ESG Awards Corticeira Amorim received two of the Caixa ESG A wards, conferred by Caixa Geral de Depósitos, which recognise best practice in corporate sustainability . The Caixa Environmental Transparency and Performance A ward highlighted transparency in the communication of carbon emissions, while the Caixa Supply-Chain A ward recognized the promotion of sustainable practices across the value chain, with innovative initiatives such as the creation of the first ESG financing line dedicated to cork raw material suppliers. Corticeira Amorim among the most attractive companies to work for According to Randstad Employer Brand Research 2025, Corticeira Amorim ranks among the top three most attractive companies in Portugal’s industrial sector , reflecting its reputation as an employer of excellence, particularly in terms of good management practices and the valuing of people. Merco 2025 Awards distinguish Corticeira Amorim The Merco Companies and Leaders 2025 ranking recognized Corticeira Amorim as the best company in Portugal’s industrial sector , a position it has held for five consecutive years. It was also highlighted in the Merco ESG Responsibility ranking, which assesses environmental, social and governance performance. This recognition results from the assessment of multiple stakeholders — including analysts, journalists, academics, consumers and business leaders — and highlights the Company’s performance in areas such as sustainability , corporate reputation and talent management.
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78 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Corticeira Amorim’s Business Update 2025 brought together the CEOs of each Business Unit to review the main results from the first nine months of the year and to share insights for the second half of the year. The event was also attended by McKinsey & Company, who presented the case “The beginning of a new era”, offering valuable insights into the sector’s future.
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79 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 6. Consolidated Financial Performance 6.1 BUSINESS SUMMARY In the 2025 financial year , Corticeira Amorim recorded a consolidated turnover of €861.0 million, a decrease of €78.1 million (-8.3%) compared with the previous year . This figure was affected by the sale of the Company’s stake in Timberman Denmark in December 2024 — excluding this effect, sales would have fallen by 5.3%. Consolidated EBITDA totalled €141.0 million, compared with €157.6 million recorded in 2024. Profitability was affected by the product mix and the contraction in volumes, the effects of which were partially mitigated by the improvement in the cork consumption price, the better quality of the lots processed, operational efficiencies and the cost-reduction initiatives implemented. The EBITDA margin stood at 16.4%, slightly below the 16.8% recorded in the corresponding period. Net interest-bearing debt decreased significantly , reaching €75.9 million at the end of December 2025. Despite the payment of dividends (€42.6 million) and investment in fixed assets (€42.8 million), strong cash flow generation (€175.9 million) supported a reduction in net debt of €119.8 million compared with the previous year (€195.7 million). Corticeira Amorim’s consolidated net profit totalled €55.6 million, a decrease of 20.3% compared with the previous year . As previously mentioned, in December 2024 Corticeira Amorim sold its stake in Timberman Denmark. The Company also began fully consolidating the Intercap group from October 2024 onwards. Thus, the financial statements for the 2025 financial year are not comparable with those of 2024. 6.2 RESUL TS Consolidated sales totalled €861.0 million, a decrease of 8.3% compared with 2024, when sales reached €939.1 million. Excluding the effect of Timberman’s integration, the decrease in sales was 5.3%. The adverse market context, with significant impacts on volumes, materially affected sales performance. Amorim Florestal recorded a decline in sales (-4.0%) compared with 2024, reflecting lower activity across the remaining BUs. Amorim Cork and Amorim Cork Solutions also recorded lower sales than in the previous year (-3.5% and -24.0%, respectively). Amorim Cork Solutions was particularly affected by the reduction in activity in the flooring segment and by the change in the consolidation perimeter — excluding this impact, the reduction in sales would have been 11.4%. The relative weight of each BU’s sales in the total for Corticeira Amorim reflected an increase in the contribution of Amorim Cork, resulting from its smaller decline in sales compared with Amorim Cork Solutions.
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80 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 The gross margin on sales was 54.6%, an increase of 1.8 percentage points compared with 2024. The increase was essentially due to the reduction in the consumption price of raw material cork. The change in production was negative in the amount of about €16.1 million, with Amorim Cork making the largest contribution to the total amount. Operating costs fell 2.0% compared with the previous year . Supplies and external services costs fell 7.3%, with notable reductions in costs for maintenance and repair (-15%), advertising and publicity (-36%), rents and leases (-21%) and transport (-2.0%). The reduction of about €2.5 million (-1.3%) in personnel costs reflects a lower average number of employees, despite an increase in the average remuneration per employee. Depreciation increased by 2.2%, In geographical terms, France remained the main destination market for Corticeira Amorim’s sales, followed, with an equal weight, by Italy and the US. The following positions were occupied by Germany and Spain. Consolidated sales by Business Unit: 80.3% 0.8% 18.7% Amorim Florestal Amorim Cork Amorim Cork Solutions Consolidated sales by geographic area: AustralasiaEU* USA Rest of America Portugal Rest of Europe Africa 6.9% 15.9% 5.5% 7.0% 1.7% 2.8% 60.3% impacted by the extraordinary depreciation associated with the transfer of the Silves industrial unit to V endas Novas. The impairment line item (essentially receivables) reflects a loss of €2.6 million. The line item relating to other operating income and costs fell by €2.4 million. Part of this variation results from the fact that a higher gain related to the allocation of investment grants was recognized than in the previous year (€2.1 million in 2025 compared with €4.6 million in 2024). The impact of exchange rate differences on receivable assets and payable liabilities, as well as on the respective foreign exchange risk hedges, translated into a gain of €1.2 million compared with a loss of €2.3 million in 2024. *Excludes Portugal; includes Switzerland and Norway .
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81 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Consolidated EBITDA totalled €141.0 million, a decrease of about 10.5%. The EBITDA/Sales ratio stood at 16.4% (2024: 16.8%). Profitability was affected by the product mix and the contraction in volumes, the effects of which were partially mitigated by the improvement in the cork consumption price, the better quality of the lots processed, operational efficiencies and the cost-reduction initiatives implemented. The combined EBITDA/Sales ratio of the Amorim Florestal and Amorim Cork BUs was 18.6% (2024: 20.4%). Cork consumption prices contributed positively to the EBITDA margin; however , this benefit was more than offset by the deterioration in the product mix and the increase in operating costs, particularly personnel costs. The consolidation of the Intercap group added €9.3 million to sales and had a negative impact of €3.4 million on EBITDA. Adverse market conditions led to slower-than-expected progress in the restructuring process of this group. At Amorim Cork Solutions, the EBITDA margin increased from 6.6% in 2024 to 8.5% in 2025. Despite lower volumes, the higher margin resulted from lower operating costs (namely personnel, marketing, transport and maintenance costs) arising from the measures implemented under the reorganisation process initiated in the previous year . EBITDA/Sales by Business Unit: EBITDA/Sales (%) 2023 2024 2025 Amorim Florestal + Amorim Cork 21.1% 20.4% 18.6% Amorim Cork Solutions 7.0% 6.6% 8.5% Consolidated 18.0% 16.8% 16.4% V alues in millions euros. Amorim Florestal Amorim Cork Amorim Cork Solutions Others Consolidated EBITDA 14.0 113.0 13.8 0.2 141.0 Contribution of Business Units to Consolidated EBITDA: EBIT rose to €82.1 million, a decrease of 17.9% compared with the previous year . Depreciation increased by 2.2%. As mentioned previously , this increase was impacted by the extraordinary depreciation related to the transfer of the Silves industrial unit to V endas Novas. Non-recurring earnings amounted to a loss of €0.4 million. Non-recurring expenses of €0.9 million were recognized by the Amorim Cork Solutions BU, arising from the transfer of the Silves industrial unit. The Amorim Cork BU recognized a non-recurring gain of €0.5 million due to the recovery of stamp duty that had been paid under PERES (the Special Program for the Reduction of Debt to the State). Financial expenses decreased compared with the previous year , reflecting the reductions in average indebtedness and in the average financing rate. In terms of income from associate companies, the profits appropriated by Corticeira Amorim in companies in which it does not hold the majority of the share capital and/or voting rights totalled €1.9 million (2024: €4.3 million). This negative change was mainly related to the lower contributions made by Vinolok, which fell from €1.6 million to €0.5 million, and Corchos de Argentina, which fell from €1.2 million to €0.5 million. The reduction in Vinolok’s contribution resulted, on the one hand, from the decline in activity and, on the other , from the de-recognition of part of the intellectual property previously recorded on the balance sheet. The reduction in the contribution from Corchos de Argentina is largely explained by the weight of monetary assets in local currency on its balance sheet. The contribution from the associate company Trescasses fell from €1.5 million in 2024 to €1.1 million in 2025. In 2025, the effective tax rate (income tax/profit before tax) increased to 20.6%, compared with 17.7% in 2024. In 2025, the effective accounting tax rate was identical to the standard Portuguese corporate income tax rate of 20%, with the main factors contributing to its increase compared with 2024 being a reduction in the impact of tax benefits and provisions for contingencies, offsetting the impact arising from surtaxes. Non-controlling interests decreased to about €7.0 million (2024: €7.4 million), reflecting the lower results of associate companies in which there are non-controlling interests. After income tax of €16.2 million and the allocation of €7.0 million of results to non-controlling interests, the consolidated net profit attributable to Corticeira Amorim’s shareholders amounted to €55.6 million, representing a decrease of 20.3% compared with the €69.7 million recorded in 2024.
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82 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 V alues in millions euros. -16.2 -58.9 -7.0 -0.4 55.6 -4.8 141.0 Composition of Net Earnings: 1.9 EBITDA Depreciation Non-recurrent results Net financial results Gains (losses) of Associates Income tax Non-controlling interests Net income 6.3 FINANCIAL POSITION In terms of the financial position, total assets were €1,210.9 million, a decrease of approximately €151.3 million. Inventories, which fell by €78.2 million, contributed most to the reduction. One of Corticeira Amorim’s objectives for 2025 was to reduce working capital, and the reduction in inventories reflects both the lower purchase price of cork raw material and the smaller quantities available at year-end. The reduction in the trade receivables line (-€18.6 million) reflects lower activity , with no significant change in the average collection period. The reduction in tangible assets (-€16.8 million) reflects a level of CapEx below depreciation. As regards equity , the variation of +€5.2 million arises essentially from the earnings for the period (+€55.6 million), the distribution of dividends (-€42.6 million) and the change in foreign currency translation reserves (-€5.1 million). On the liabilities side, the decrease of €156.5 million results mainly from the reduction in interest-bearing debt of approximately €131.5 million. As at 31 December 2025, net interest-bearing debt stood at €75.9 million, a reduction of €119.8 million compared with the previous year . This variation is explained by the EBITDA generated and the reduction in working capital. Offsetting items that contributed to net debt included the acquisition of the remaining stake in the Intercap group (€2.8 million), the increase in investment in fixed assets (€43.0 million) and the payment of dividends (€42.6 million). The financial autonomy ratio stood at 69.4%, compared with 61.3% in the previous year .
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83 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 6.4 MAIN INDICATORS 2024 2025 yoy 4Q24 4Q25 qoq Sales 939,061 860,967 -8.3% 212,813 184,453 -13.3% Gross Margin – Value 496,262 470,372 -5.2% 113,072 103,815 -8.2% Gross Margin / Sales 52.8% 54.6% + 1.8 p.p. 53.1% 56.3% + 3.2 p.p. Operating Costs - current 396,332 388,283 -2.0% 98,359 94,007 -4.4% EBITDA - current 157,566 140,985 -10.5% 29,917 23,410 -21.8% EBITDA/Sales 16.8% 16.4% -0.4 p.p. 14.1% 12.7% -1.37 p.p. EBIT - current 99,930 82,090 -17.9% 14,714 9,809 -33.3% Net Income 1) 69,699 55,567 -20.3% 21,866 9,887 -54.8% Earnings per share 0.524 0.418 -20.3% 0.164 0.074 -54.8% Net Bank Debt 195,687 75,859 -119,828 - - - Net Bank Debt/EBITDA (x) 2) 1.24 0.54 -0.70 x - - - EBITDA/Net Interest (x) 3) 45.0 233.1 188.04 x 8.5 6.7 -1.86 x 1) Includes non-recurring results and impairments. 2) Current EBITDA of the last four quarters. 3) Net interest includes interest from loans deducted of interest from deposits (excludes stamp tax and commissions). V alues in thousand euros.
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84 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 7. Future Outlook 7.1 THE WORLD ECONOMY 7.1.1 Overview Global economic developments in 2026 are expected to be characterised by resilience in a context of almost constant geopolitical tension. The rivalry between the US and the rest of the world, especially in relation to China, is likely to intensify, generating uncertainty and complicating decision-making. The international order is changing – multilateralism is giving way to a more competitive world. Fragmentation and competition for energy sources and commodities add to the backdrop against which economic activity will unfold. Global growth is projected at around 3.3%, broadly in line with the pace recorded in the previous year, balancing the opposing forces of trade tariffs and the gains from investment in technology (which some narrowly associate only with AI). Supportive fiscal and monetary conditions should provide an additional tailwind, with financial conditions generally remaining favourable. Inflationary pressures, which appear to be under control, could nevertheless re-emerge in some countries, such as the US. Equity market performance will be closely linked to the appetite elevated risk, which is itself underpinned by the perception of an ongoing technological revolution and a productivity boost driven by investment in and the practical impact of AI. However, circularity and mutual dependence among many firms in this ecosystem, as well as the widening gap between investment levels and revenues, at the very least warrant consideration of a risk of excessive optimism and a potential chain reaction. Financial markets are also increasingly concerned about the credit market, given the optimistic pricing of risk, as well as about public debt metrics in certain economies, most notably the US. These two risks deserve particular attention and close monitoring, given their potential impact at the global level. International trade is expected to remain robust, while contributing less to global growth in 2026, with trade volumes projected to rise by 2.6%, compared with an estimated 4.1% in 2025 (the latter reflecting some front-loading in anticipation of possible tariffs). Oil prices are likely to follow a downward trend, reflecting expectations of slower growth in global demand and a sharp increase in supply. In the US, the current administration will enter its second year in office and will face mid-term Congressional elections in November. There are concerns that this challenge could lead to the adoption of measures with the potential to generate renewed inflationary pressures. Economic growth is expected to be around 2.4%, above the pace observed in 2025 and representing an upward revision relative to the projections published by the International Monetary Fund (IMF) last October. An increase in technology-related investment and higher public spending (the One Big Beautiful Bill Act) are expected to make a positive contribution, while uncertainty around public policies and institutional interference (interventions that may affect the independence of the Fed, for example) will continue to add to volatility and uncertainty. The labour market is feared to show signs of deterioration, while issues of affordability and inflation expectations will shape consumer sentiment and, therefore, the character of economic activity. More broadly, “K-shaped” economic dynamics, with a divergence between those who benefit from financial asset performance and lower-income households, are expected to remain a defining feature in 2026. The Federal Reserve is expected to move towards a more accommodative monetary policy. The euro area is projected to grow by about 1.3% in 2026, a pace slightly below estimated growth in 2025. A delayed but positive impact is anticipated from German fiscal measures (with a stronger fiscal stimulus in 2026, according to IMF forecasts). However, this additional economic traction is likely to be offset by fiscal consolidation in France and Italy. At the same time, and following the shocks experienced in recent years, German industry is expected to show signs of having adapted to new energy sources and more diversified supply chains. Stronger growth is anticipated in Spain and reduced political instability in France. Key policy rates are expected to remain unchanged
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85 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 for an extended period, with the European Central Bank (ECB) indicating that the environment allows for a balancing of opposing factors and that the inflation outlook is benign. The ECB has also frequently warned European banks to prepare for a backdrop of geopolitical tensions and macro-financial uncertainty . Having achieved its political growth target in 2025, with an expansion of around 5.0%, China is expected in 2026 to seek to reverse the slowdown that became evident over the course of 2025. T o this end, it is expected to continue implementing fiscal and regulatory stimuli, as well as measures to curb disorderly and destructive competition among domestic companies (involution targeting), which has weighed on their profitability. Even so, a moderation in the pace of growth to around 4.5% is expected, alongside the persistence of sizeable fiscal deficits and elevated public debt. Of particular concern is the renegotiation of the trade agreement with the US, as the current provisions expire in the final quarter of 2026. 7.1.2 PORTUGAL The year 2026 is set to mark a continuation of Portugal’s solid growth cycle, driven primarily by domestic demand and again benefiting from favourable financing conditions, inflows of European funds, a resilient labour market and a supportive fiscal stance. The economy is expected to grow by around 2.3%, an acceleration relative to 2025 and above the projected average for the Eurozone. Private consumption is expected to grow at a more moderate pace, supported by rising incomes and improving household confidence. Despite the external environment, investment is forecast to provide an additional contribution to economic expansion, underpinned by the investment of European funds and the gradual recovery of corporate investment. The current account balance is expected to remain stable at around 1.1%, with exports regaining momentum after the shock in 2025 and imports growing more slowly than in the previous year. Public finance projections point to a budget deficit of 0.4% of GDP in 2026, taking into account the tax cuts approved by the parliament and an expected rise in public expenditure. Inflation is expected to slow to around 2.1%, very close to the ECB’s target, reinforcing a sense of normalisation after recent inflation shocks and supported by more moderate energy and industrial goods prices. In regard to the labour market, conditions are expected to deteriorate, reflecting slower employment growth due to reduced migration flows and weaker growth in the domestic working-age population. Portugal is projected to maintain an external financing capacity of around 2.5% of gross domestic product (GDP). In terms of risks to the outlook, particular note should be made of the impact of the storms that hit Portugal in late January and early February, in particular Storm Kristin. 7.2 OPERATING ACTIVITIES 7.2.1 Amorim Florestal It is estimated that the BU’s EBITDA for 2026 will remain in line with that of the previous year, reflecting a reduction in the selling price to Amorim Cork, which was offset by the expected increase in activity and in the profitability of the raw material consumed. The optimisation of processes, particularly in the granulation and grinding businesses, the reformulation of operating models and the consolidation of the operational efficiency projects implemented in recent years are also expected to be determining factors in achieving this goal. In terms of activity areas, the Preparation area is expected to make a significant recovery in profitability levels, while the grinding area is forecast to maintain its consistent improvement in raw material yields, as already demonstrated in 2024. At the same time, a higher level of activity will act as a key driver for achieving the expected results. Operating costs are estimated to decrease in comparison with the previous year. The development of new processes, whether for improving operational efficiency or the product itself, will remain Amorim Florestal’s overriding strategy. All operational areas have projects under way which, through the introduction of new technologies (deep learning, Robotic Process Automation, Artificial Intelligence and advanced optical vision, among others), aim to increase current levels of operational efficiency. A reduction in the volume of supplies and external services is expected, particularly in subcontracting costs. As costs and activities relating to selection work in the yard and re-palleting were brought forward and carried out in 2025, savings should be generated in 2026. Staff costs are expected to decrease in 2026, despite planned salary increases and the extension of benefits to male and female employees, specifically the extension of variable remuneration linked to performance. This favourable trend reflects the reformulation of the current operating model in regard to the level of support structures and operating models. The 2026 purchasing campaign is expected to be characterised by a slight increase in the supply of cork, ensuring the normal quantities of purchase and supply to Corticeira Amorim’s Business Units. It would be desirable to find a new price balance, adjusting the lower demand for products in the end markets of different applications to a necessary reduction in the average purchase price. The adoption of new technology-based working models in the field will be strengthened during the cork extraction campaign, especially in the extraction processes, by increasing the number of extraction machines available for the 2026 campaign. Improvements implemented in the extraction machines are also expected to be fully effective, ensuring adequate levels of reliability and productivity . As part of the Forestry Intervention Project, plans have been made to continue planting new areas at Herdade de Rio Frio in a new high-density project of approximately 250 hectares. In terms of plant production, the aim is to consolidate mastery of production techniques and to validate in the field the properties of the selected clones in cooperation with the competent authorities. The aim for the future is to increase production capacity on an increasingly large scale, gradually ensuring the required number and genetic selection consistency of the plants to be used.
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86 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 7.2.2 Amorim Cork In 2026, Amorim Cork will continue to pursue its strategy aimed at strengthening its market leadership, based on competitiveness, innovation and sustainability. After a demanding year, the BU is positioning itself to enhance performance, underpinned by the conviction that agility and the ability to anticipate will be decisive in a market that continues to oscillate between optimism and caution. A year of moderate optimism is envisaged, with the beverages sector beginning a process of stabilisation after the cumulative declines recorded since 2022. In this context, the commercial priority is to resume the path of value growth, benefiting from the progressive normalisation of supply chains. The full integration of Intercap is expected to make an important contribution. Pricing discipline will be maintained with a view to avoiding margin erosion in a context still marked by inflationary pressures. Optimisation of the product mix and technological innovation will remain at the centre of Amorim Cork’s strategy, with particular emphasis on the premiumisation of the offering. The market favours solutions with high technical performance and, accordingly, the BU’s commercial approach will focus on strengthening the presence of natural products and significantly increasing the penetration of micro-ag glomerated stoppers with Xpür® technology, recognized as one of the leading micro- ag glomerated solutions. At the same time, the Company’s presence in the premium spirits segment will be strengthened through the expansion of wooden bartops and the full utilisation of capacity at the new wood industrial units. Profitability will continue to depend on consistent gains in operational efficiency, and a rigorous plan for industrial capacity adjustment and structural cost reduction will be implemented. Margin improvement will also be supported by the reduction in the cost of cork raw material, reflecting the positive trend observed in the most recent campaign. Financial management and invested capital management are strategic priorities, with a view to improving return on invested capital. Processes will be implemented to reduce inventory levels significantly, optimising the flow between production and customer. Credit management and collections will be strengthened, particularly with regard to recovering impairments and optimising collection periods, ensuring the continuation of strong free cash flow generation. Investment will be managed prudently, with CapEx expected to be limited to about 60% of depreciation for the year. Notwithstanding the positive outlook, risks and uncertainties remain that may affect the execution of planned actions, namely any changes in international trade policies, including the imposition of tariffs or sanctions, as well as heightened global political polarisation. In this context, strengthening operational resilience and the strategic location of production will play a central role in mitigating risk. Amorim Cork approaches 2026 with confidence, supported by the solid financial position consolidated in 2025, the reduction in debt and continued investment in innovation and technical development. These factors provide a robust foundation for addressing future challenges and ensuring sustained long-term value creation for all stakeholders. 7.2.3 Amorim Cork Solutions The 2026 financial year is expected to unfold against an international backdrop still marked by heightened geopolitical uncertainty , foreign exchange volatility — particularly in markets with exposure to the US dollar — and divergent economic dynamics across geographies and sectors. Persistent international tensions and the reconfiguration of supply chains are expected to continue influencing investment decisions and patterns of industrial demand. Despite this backdrop, structural trends remain favourable to Amorim Cork Solutions’ value proposition. The growing incorporation of ESG criteria into corporate decision-making, regulatory pressure associated with decarbonisation, and the increasing value placed on natural and recyclable materials are expected to support, over the medium to long term, demand for cork-based technical solutions. Different trends are expected across segments. Areas more exposed to the construction cycle and durable consumer goods are likely to see a gradual, albeit moderate, recovery. By contrast, industrial and technical segments — particularly in mobility, energy and sustainable construction — are expected to demonstrate greater relative resilience and stronger growth potential. From a portfolio perspective, the shift towards higher value- added solutions is expected to continue, with less dependence on competitive factors based purely on price and greater emphasis on technical performance, innovation and customisation. Differentiation through quality and technology will remain critical to preserving margins in a demanding competitive environment. From an operational and financial perspective, 2026 will continue to require disciplined cost management, rigour in capital allocation and a clear focus on working capital efficiency. Inventory optimisation and asset rationalisation will be particularly important in strengthening financial performance. At the same time, the current environment may create opportunities for sector consolidation, enabling selective growth initiatives, provided these are pursued within a clear framework of strategic reinforcement and sustainable value creation. The strategy for 2026 will thus be based on a balance between selective growth and financial discipline. Organic growth will remain the priority, to be achieved by strengthening the Company’s presence in higher value-added industrial and technical segments. Amorim Cork Solutions will also seek to deepen its relationships with strategic customers by developing customised solutions and fostering medium- and long- term partnerships that enhance the predictability and stability of sales. Geographic expansion will be pursued selectively, with priority given to markets characterised by stronger industrial intensity and the capacity to absorb differentiated solutions.
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87 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 T o complement these initiatives, a selective approach to growth opportunities will be maintained. Potential transactions should focus on assets that add differentiated technology, a meaningful presence in strategic markets or complementary capabilities capable of generating operational and commercial synergies. Rigour in assessing returns and impact on value creation will remain a guiding principle. In terms of the Company’s value proposition, investment in innovation and new product development — particularly in technical applications — will be strengthened. This effort will be accompanied by the maintenance of high standards of quality control, ensuring production consistency, compliance with certification requirements and the preservation of cork’s premium positioning as a high-performance material. Commercial policy will include selective pricing adjustments, particularly in markets exposed to the US dollar, with the aim of protecting margins in a context of foreign exchange volatility. These adjustments will be supported by a clear differentiation strategy based on technical value, quality and sustainability. Internally, the process of cost control and reduction will continue across all functional areas, driving gains in operational efficiency and sustained improvements in profitability. Investment decisions will be taken selectively, prioritising projects that have measurable returns and a direct impact on productivity, automation and technological capability. Efforts to optimise working capital will also continue, including further reductions in inventory levels and the monetisation of non-core assets where appropriate, thereby strengthening financial flexibility and cash flow generation. There will also be a continued and clear focus on the profitability of commercial structures, through systematic monitoring of performance by market, segment and team, with resources allocated according to effective value creation and priority given to higher-margin customers and contracts. The strategy defined for 2026 is intended to consolidate the position of Amorim Cork Solutions as a global supplier of sustainable cork-based technical solutions, combining an ambition for growth with disciplined execution. In a particularly demanding international environment, the ability to deepen differentiation, protect margins and maintain financial discipline will be decisive in ensuring sustainable profitability and creating value for all stakeholders.
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88 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 The Forestry Intervention Project has been promoting and disseminating new practices in cork oak cultivation since 2013. In the forest estates under its management, Corticeira Amorim invests in innovative planting techniques and provides support for forest management, helping to create more productive and resilient cork oak forests.
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89 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 8. Consolidated Sustainability Statement The year 2025 demonstrated the strength of our execution and our ability to turn ambition into tangible results. The figures for the year reflect more capable teams, more mature processes and the increasing integration of sustainability into our management practices. It was a year that consolidated our progress and prepared the Organisation to move forward with confidence into the 2025-2027 strategic cycle.
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90 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 80.9% renewable energy 18.1% energy efficiency since 2020* 281.5 KtCO₂e emissions generated by the activity and value chain (carbon footprint) 12.5% emissions generated by the activity (scope 1 and 2) 87. 5% emissions generated by the value chain (scope 3) 146 KtCO₂e biogenic emissions 84.3% sustainable materials consumed (renewable and recycled) -64.7% change in weight of virgin non-renewable packaging materials since 2020* 557t cork stoppers recycled (approximately 123.8 million cork stoppers) 100% use of cork 79.7% waste recovery rate (non-cork) 86.8% permanent workers 85.6% employees covered by collective agreements 30.2% women workers 25.9% women in management positions 69.4% workers in Portugal -128.7 KtCO₂e carbon sequestration potential** 311.6 KtCO₂e stored carbon 38.6% water use efficiency since 2020* 8,181ha forestry estates under management 96.8% purchases of cork/cork products from controlled origin 656 K cork oak trees planted since 2020 CLIMATE CHANGE CIRCULAR ECONOMY LABOUR RELATIONS, EMPLOYMENT AND DEI BIODIVERSITY AND ECOSYSTEMS 2025 highlights
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91 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 2006 first Sustainability Report 2025 most recent materiality review 12 out of 17 SDGs are aligned with the sustainability strategy 10 strategic pillars 34 2030 targets 11 quantitative targets by 2030* 14 quantitative 2025-27 targets* 80.3% workers with training 103 K training hours 3,603 direct suppliers 71.8% purchases made in Portugal 90.6% generated economic value distributed to stakeholders 110 K trees planted in partnership 1,608 volunteering hours *Sustainable by nature programme **Reference: “Land Sector and Removals Guidance” 72.8% consolidated sales with life cycle assessments (LCA) studies 71.2% consolidated sales of technically recyclable products 63.9% consolidated sales contributing to climate change mitigation 58.5% workers covered by a health and safety management system -22.0% reduction in the recordable work-related accidents frequency rate 2024* ETHICS AND INTEGRITY TALENT MANAGEMENT VALUE CHAIN COMMUNITY / SOCIETY CUSTOMERS AND END-CONSUMERSSAFETY , HEAL TH AND WELL-BEING
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92 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 As part of its commitment to biodiversity and nature conservation, Corticeira Amorim has renewed its commitment to act4nature Portugal, a corporate initiative promoted by BCSD Portugal, in which participating companies make joint and individual commitments to the conservation of biodiversity and ecosystem services.
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93 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 8.1.1 BASIS FOR PREPARATION A. GENERAL BASIS FOR PREPARATION OF THE SUSTAINABILITY STATEMENT (BP-1) This Consolidated Sustainability Statement, which is part of the Consolidated Management Report of Corticeira Amorim, S.G.P .S., S.A. (Corticeira Amorim or Company or Organisation), reflects the Company’s commitment and approach to sustainability topics, in particular its performance in relation to the Sustainable by nature programme, which sets out the ambition to be met by 2030. The good practice of regular reporting, adopted since 2006, fosters transparency and encourages the adoption of sustainability principles, both in the value chain and among the main stakeholders. The Consolidated Sustainability Statement was prepared in accordance with Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022, published on 5 January 2023, amending Regulation (EU) No. 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU regarding corporate sustainability reporting (CSRD), the transposition of which into Portuguese law had not been completed as of the date of issuance of this Consolidated Sustainability Statement, and with the European sustainability reporting standards (ESRS) published The Basis for preparation sets out the principles, methodologies, and general requirements considered by Corticeira Amorim for the disclosure of the sustainability-related information. The Governance provides an understanding of the governance model, controls, and procedures applied to monitor , manage, and oversee sustainability-related matters. This includes the integration of sustainability performance metrics into incentive schemes and the processes related to due diligence obligations. Strategy covers Corticeira Amorim’s business model, including its value chain, in relation to its sustainability strategy , how stakeholder interests and perspectives are taken into account, and the outcomes of the assessment of material impacts, risks, and opportunities. Impact, risk and opportunity management describes the double materiality assessment process carried out in 2024 and revised in 2025. This assessment enabled the identification of material impacts, risks, and opportunities for Corticeira Amorim, as well as the corresponding disclosure requirements to be included in this Consolidated Sustainability Statement. 8.1 ESRS 2 – General disclosures BASIS FOR PREPARATION GOVERNANCE STRATEGY IMPACT , RISK AND OPPORTUNITY MANAGEMENT
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94 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 These definitions are consistent with the way the Company organises its strategic planning. Its cycles – typically three-year cycles (such as the 2025-2027 cycle) – fall within the medium-term horizon, although they do not fully encompass it. This approach ensures alignment between the assessment of impacts, risks and opportunities and the Company’s key internal management and decision-making instruments. Value chain The double materiality assessment process involved identifying potential impacts, risks and opportunities along the entire value chain. Thus, the disclosures cover the upstream and downstream value chain so that, in the case of material impacts, risks and opportunities associated with the Company through its direct and indirect business relationships, information about them can be included, allowing stakeholders to have a comprehensive understanding of the sustainability topics related to Corticeira Amorim’s activities. For impacts, risks and opportunities, policies, actions and targets will be presented in the corresponding thematic sections, including those whose scope encompasses not only the Organisation and its companies, but also, where relevant, different players across the value chain and other stakeholders. Independent verification The Consolidated Sustainability Statement was independently verified by ERNST & YOUNG AUDIT & ASSOCIADOS - SROC, S.A., which led to the issue of a limited assurance opinion on the sustainability information reported. the previous sustainability statements. These frameworks are widely recognised internationally and help to guarantee the transparency and comparability of sustainability information. In this way , section 8.13 Appendices to the Consolidated Sustainability Statement presents the interoperability and reference between the data points of the statement and the data points of the aforementioned GRI and TCFD benchmarks. Consolidation This Consolidated Sustainability Statement, for the period from 1 January 2025 to 31 December 2025, has been prepared on a consolidated basis, including within the scope of this sustainability report all the companies included in the consolidation perimeter of the financial statements using the full consolidation method (financial perimeter). Corticeira Amorim breaks down the information reported into different levels of granularity , whenever necessary , for a proper understanding of its material impacts, risks and opportunities. The levels of disaggregation can be: (i) by country , when there are significant variations and presenting the information in a more aggregated fashion would obscure material information; (ii) by location or significant asset, when the material impacts, risks and opportunities (IRO) are associated with a specific location or asset; (iii) by other parameters such as gender , professional category , among others, when relevant to understanding the material impacts, risks and opportunities associated with the respective parameters. No material information has been omitted from the Consolidated Sustainability Statement due to intellectual property concerns or ongoing negotiations. For better readability , figures are sometimes rounded to the nearest whole number or one decimal place. However , the calculations have been made considering the actual performance figures. Time horizons For reporting purposes, Corticeira Amorim defines short-term as up to one year , medium-term as 1 to 5 years, and long-term as periods of more than 5 years. in Commission Delegated Regulation (EU) 2023/2772 of 31 July 2023 (rectified on 19 April 2024 by Delegated Regulation (EU) 2024/90241). The preparation of information in accordance with the disclosure requirements also took into account the explanatory guidelines published by the European Financial Reporting Advisory Group (EFRAG). In terms of calculating greenhouse gas (GHG) emissions, the preparation of the information also took into account internationally recognised standards such as ISO 14064, in its current wording, and the Greenhouse Gas Protocol (GHG Protocol) standard. The Consolidated Sustainability Statement also complies with the legal requirements introduced by Portugal’s Decree-Law No. 89/2017, of 28 July , constituting, under the terms of Article 508-G of the Portuguese Companies Code, the Consolidated Non-Financial Statement of Corticeira Amorim, S.G.P .S., S.A. This Statement comprises four sections, in the following order: • General information, which includes these bases of preparation, information on governance, strategy and the disclosure of the double materiality exercise; • Environmental information, including disclosures prepared pursuant to Article 8 of Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to promote sustainable investment (Green Taxonomy Regulation) and information relating to climate change, pollution, water and marine resources, biodiversity and ecosystems and resource use and the circular economy; • Social information, which includes the own workforce, workers in the value chain, affected communities and consumers and end-users; and • Governance and business conduct information. All the disclosures included throughout these sections have been assessed as material in accordance with the double materiality assessment conducted by the Organisation in 2024 and reviewed in 2025, or mandatory under the ESRS. The Organisation considers it pertinent to maintain the reference to the Global Reporting Initiative (GRI) and Task Force on Climate- related Financial Disclosures (TCFD) frameworks used to prepare
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95 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Measurement uncertainties The measurement uncertainties disclosed in the Consolidated Sustainability Statement result from limitations inherent in the availability , quality and granularity of data, as well as from reliance on estimates, external factors and forward-looking information. These uncertainties remain even when recognised methodologies and informed judgements are applied, and may lead to variations in the reported figures should there be changes in the underlying data or in the assumptions used. The table below identifies the main sources of uncertainty likely to affect the measurement of the disclosed indicators. There have been no significant changes in the measurement methodologies or in the main sources of uncertainty compared with the previous reporting period. T opic Disclosure GHG emissions The quantification of GHG emissions is subject to inherent uncertainties arising from gaps in scientific knowledge, the availability and quality of data, and the nature of the measurement and estimation methods used. The results are sensitive to the use of different acceptable emission factors, measurement techniques or estimated activity data, and may lead to figures that differ materially from the reported emissions. There have been no changes to the measurement methodology compared to the previous reporting period. Resilience assessment Forward-looking disclosures relating to transition risks are subject to significant uncertainty, resulting from reliance on assumptions regarding future developments, particularly concerning carbon taxes and other regulatory instruments, the evolution of which is uncertain. The results of the analysis are particularly sensitive to the assumptions adopted for carbon prices. Any sources of uncertainty , assumptions or estimates used are described in the accounting principles that accompany each data point in the respective sections. Judgements The preparation and presentation of the Consolidated Sustainability Statement involves the application of management judgement in interpreting regulatory requirements and defining methodological criteria, with the aim of ensuring that the information disclosed is relevant, reliable and useful to users. These judgements reflect conscious choices made in areas where the applicable standards allow for flexibility or require interpretation. The table below summarises the key judgements made that may influence how indicators are measured and, consequently , the figures disclosed. There were no significant changes in the judgements applied compared to the previous reporting period. T opic Disclosure Materiality assessment (ESRS 1; ESRS 2 IRO 1) Exercise of judgement to identify impacts, risks and opportunities throughout the value chain, including consideration of dependencies and impacts that may influence strategy, the business model and the financial position. The determination of material information was based on an assessment of its ability to influence the decisions of users of the Sustainability Statement. GHG emissions (ESRS E1 6 / E1 7) Exercise of judgement in defining the methodological approach for quantifying GHG emissions, including the selection of appropriate emission factors, the decision to use estimated activity data for Scope 3 emissions where actual data were unavailable, and the assessment of the quality of data provided by entities in the value chain. It also involved the definition and application of methodological assumptions, such as the use of proxies, sectoral averages or secondary data, as well as the estimation of activity parameters (e.g. distances, modes of transport, occupancy rates or average consumption) in the absence of specific information. Selection of scenarios Exercise of judgement in defining the scenarios used in climate scenario analysis, so as to reflect different temperature and transition trajectories, ensuring their relevance for the assessment of potential impacts on strategy, the business model and financial position and performance. B. DISCLOSURES IN RELATION TO SPECIFIC CIRCUMSTANCES (BP-2) Sources of estimates and outcome uncertainty, including estimates of the value chain The sustainability reporting principles were applied consistently throughout the reporting year . The principles used and the calculation factors for each of the numerical data points accompany the respective disclosures and are presented throughout the respective sections. Corticeira Amorim’s approach to quantifying the numerical metrics followed this order of priority: 1. Direct measurements; 2. Periodic measurements; 3. Calculations based on specific data; 4. Calculations based on published emission factors; 5. Estimates. For the disclosure of some data points, particularly with regard to information on the value chain, assumptions and estimates have been made, which have an associated degree of uncertainty . The estimates and assumptions are based on reporting experience and take into account the factors and information available that are considered reasonable given the facts, circumstances and nature of the respective disclosures. The underlying estimates and assumptions are monitored over time and reviewed at each reporting period. In particular , the calculation of Scope 3 emissions in the corporate carbon footprint, due to the need for information on the value chain and the limitations associated with obtaining data from the different players, presents a greater degree of complexity , estimation and uncertainty . The estimates, assumptions and judgements used are, wherever possible, consistent with the financial data and corresponding assumptions in the financial statements, and are therefore considered significant and relevant to the Consolidated Sustainability Statement. However , the Organisation will continue to make efforts to strengthen its data collection processes, particularly with regard to obtaining data from direct sources and activity data, including in the value chain.
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96 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 8.1.2 GOVERNANCE A. THE ROLE OF THE ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES (GOV -1) Organisation of the administrative, management and supervisory bodies Corticeira Amorim’s Board of Directors, which includes the Chief Sustainability Officer (CSO), is responsible for promoting Environmental, Social & Governance (ESG) topics in the business, and approving the strategic objectives and initiatives and priority actions. The Executive Committee of the Board of Directors (ECBD) is responsible for overseeing sustainability issues and the integration of ESG issues into the business. The ECBD meets at least twice a year to analyse the approach to ESG issues, target setting, performance and reporting. The Board of Directors has set up the ESG Committee (ESGC), a permanent specialised internal committee, which is responsible for providing advice, monitoring, supervision and strategic guidance to Corticeira Amorim in the field of corporate governance, ethics and environmental and social pillars. The committee’s attributions have been established in the respective Regulations. The ESGC is chaired by an independent non-executive member of the Board of Directors and is mainly composed of members of the Company’s corporate bodies, including the CSO, and includes the Head of Corporate Sustainability (HCS) as a permanent guest. The management of ESG issues is led by the CSO and coordinated by the HCS, together with the other support divisions, including Human Resources, Procurement and Energy , Health and Safety , Shipping Logistics, Compliance, Tax, Risk Management, Information Technology and Systems, Consolidation and Reporting, Sustainability and Corporate Governance. These support divisions work together to ensure ESG activities are aligned and effective throughout the Company . Each BU has a sustainability officer who reports directly to the BU’s Chief Executive Officer of measures designed to standardise procedures, strengthen information systems and ensure the continuous improvement of the quality , consistency and comparability of data across the entire consolidated scope. Use of phase-in provisions Some phase-in provisions applicable to all entities under ESRS were used, particularly with regard to disclosures about the anticipated financial effects of material risks under disclosure requirements SBM-3, E1-9, E2-6, E3-5, E4-6 and E5-6. With regard to voluntary data points, the Organisation has included in the Consolidated Sustainability Statement all the information available or organised in a timely manner , considering the cost- benefit for users and a robust collection and consolidation process. The rest of the data was omitted. Changes in preparation or presentation of sustainability information In 2025, the preparation and presentation of sustainability information reflect a stabilised process, following the restructuring of the Amorim Cork Solutions Business Unit (BU), which brought together the former Amorim Cork Composites, Amorim Cork Flooring and Amorim Cork Insulation. This reorganisation is now fully incorporated into the reporting processes. Following the publication of the Delegated Act of 4 July 2025, which introduced simplifications to reporting under the European Union (EU) Taxonomy Regulation — notably through the adoption of new templates, the introduction of a materiality threshold and changes to the technical assessment criteria — the preparation and presentation of Taxonomy information have undergone adjustments compared to the previous period, reflected in the structure and content of the disclosures presented. In accordance with the ESRS, the presentation of comparative information for the previous period is mandatory . In 2024, the provision allowing for the omission of this information in the first year following a change in the scope was applied. In 2025, this exemption will no longer apply , which means that disclosures will include comparative data relative to 2024, ensuring greater transparency and enabling a consistent analysis of trends. Compared with the previous year’s report, there have been no significant changes to the group of companies included within the scope. Consequently , the sustainability scope remains aligned with the consolidated financial perimeter , covering the companies identified in the Notes to the Consolidated Financial Statements, Note 6. Companies Included in the Consolidation. Despite the substantial improvements made in recent years, the maturity of the processes for collecting, validating and consolidating sustainability data continues to be progressively refined, particularly in regions outside Portugal, where structured reporting was extended for the first time in 2024. Consequently , some metrics may still have coverage limitations, rely on estimates or incorporate additional methodological assumptions, which are duly described in the relevant sections. The Organisation is implementing a series
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97 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 system is continually improved, as a result of an internal analysis involving the Board of Directors, namely its ECBD, the RC and the various support areas, such as Risk Management, Compliance and Organisational Development, Strategic Planning and Sustainability , while support is also received from specialised external consultants when necessary . Corticeira Amorim presents an integrated flow of governance of the risk management process, based on the concept of Lines of Defence: • First line of defence: daily risk management and control activities; • Second line of defence: standardisation and monitoring of the main risks and the internal control system; • Third line of defence: supervision, inspection and assessment of the effectiveness of internal control. Impacts, risks and opportunities management At the level of the Board of Directors and the ECBD, the main objective consists of an integrated vision of the factors considered critical, due to their profitability and/or impact, associated risks and opportunities, for the sustained creation of value for the Company and the shareholder . The Board of Directors is responsible for defining the risk strategy and policies, as well as the parameters for assessing the risk considered acceptable, with the support of the Risk Committee (RC) and the supervision of the Audit Committee (AUC). Corticeira Amorim has an integrated multidisciplinary system aimed at identifying, assessing, prioritising, treating and monitoring impacts, risks and opportunities. This internal control system covers risk management, Compliance and internal auditing, and includes effective procedures for detecting and preventing irregularities. The (CEO), who is responsible for implementing initiatives and actions, monitoring and reporting on performance. The Board of Directors has delegated powers to an ECBD for the management of business conduct issues. It also assigns specific competences, including monitoring and advising on these issues, to one specialised internal committee: ESGC. This committee has specialised knowledge of business conduct issues and takes part in ongoing training, ensuring their ability to deal with emerging challenges in this area. In this way , it plays a crucial role in promoting responsible business conduct. The Board of Directors is responsible for preparing and submitting to the General Shareholders’ Meeting the Consolidated Annual Report, including the Consolidated Sustainability Statement. The General Shareholders’ Meeting resolves on these documents, including the Consolidated Sustainability Statement, which are approved provided they receive a majority of favourable votes from the shareholders present or represented at the General Meeting. E.S.G. CommitteeBoard of Directors Executive Committee Sustainability Management Sustainability Coordination Business Units
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98 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 The RC has the following competencies: • Advise the Board of Directors on Corticeira Amorim’s risk policy and, within that framework, on the appetite for general, current and future risks; • Evaluate and monitor the main risks inherent to Corticeira Amorim’s activity , as well as the level of exposure to risk and its potential development; • Inform the AUC of the risks to which Corticeira Amorim is subject and the effectiveness of the respective mitigation plans, promoting the recommendations and reports requested by the Board of Directors and/or the AUC; • Assist the Board of Directors in supervising the execution of the risk strategy; • Discuss and issue the opinions and recommendations to the Board of Directors that it deems appropriate on risk strategies at the aggregate level and by risk type; • Propose the creation of mechanisms to ensure the implementation of processes which promote compliance with the approved risk policies; • Annually review risk policies and procedures and report the results of this review to the Board of Directors; • Prepare an Annual Risk Management Report for the Board of Directors and the AUC, which should include an appraisal of the following topics: • The risk strategy and general risk appetite, current and future; • Identification of the main risks to which Corticeira Amorim is subject in carrying out its activity , the probability of their occurrence and their respective impact; • The performance of the instruments and measures adopted with a view to mitigating the respective risks; • The risk monitoring procedures and the degree of internal compliance with the adopted risk policy; • It should also include possible proposals for adjustment of the risk policy and/or of the evaluation and supervision procedures. Business Units (1st Line of Defence) Directions (1st Line of Defence) Board of Directors Executive Committee Risk CommitteeAudit Committee Internal Audit (3rd Line of Defence) Risk Management (2nd Line of Defence) Compliance (2nd Line of Defence) In the first line of defence, in operational terms, each BU has its own person responsible for monitoring the aspects considered critical, who reports directly to the CEO of the respective BU. Each BU is responsible for identifying, monitoring and updating the risks associated with its processes and businesses, as well as proposing control or mitigation measures for the risks identified. In the second line of defence, Compliance is responsible for ensuring and monitoring adherence to the regulations and restrictions defined by the Company; the RC, a permanent specialised internal committee, of an informative and consultative nature, appointed by the Board of Directors, composed mainly of members of the governing bodies and chaired by an independent non-executive director , advises the Board of Directors on the follow-up and monitoring of risk and opportunity management activities at Corticeira Amorim.
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99 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 The diversity of characteristics of the members of the management and supervisory bodies and workers, including their age, gender , geographical origin and skills, allows different perspectives on topics, as well as greater independence of opinions and more solid decision-making, enabling the operational structures to enrich and improve their knowledge, experience and the organisational culture. In particular , the Board of Directors is composed of four people of the under-represented gender (women) and the AUC, composed of four independent members, counts 50.0% women among its members. The competencies and knowledge of the members of the Board of Directors, ECBD, ESGC, RC and AUC are described in Chapter B – Corporate Bodies and Committees of the Corporate Governance Report. Taking into account the training, experience and effective regular monitoring of sustainability topics by the Board of Directors, a practice adopted since the Organisation began its public sustainability reporting (first report issued in 2006), as well as the regular training provided to all current directors, Corticeira Amorim considers that the Board of Directors has the appropriate knowledge and competencies to oversee sustainability matters. The specialised knowledge and/or relevant experience in sustainability topics of the following members should be highlighted: • Cristina Rios de Amorim who, since 2021, has held the position of Chief Sustainability Officer and is a member of Corticeira Amorim’s ESGC and who, from 2016 to April 2025, served as a member of the Board of Directors of the Business Council for Sustainable Development (BCSD) Portugal; • João Nuno de SottoMayor Pinto de Castello Branco who, from 2019 to March 2022, served as Chairman of the Board of the BCSD and, from 2019 to March 2022, was a member of the Executive Committee of the W orld Business Council for Sustainable Development (WBCSD); • Helena Sofia Silva Borges Salgado Fonseca Cerveira Pinto, who completed the Corporate Governance certificate from INSEAD in 2019. Approval of strategic objectives, initiatives and priority actions The Board of Directors is responsible for approving the strategic objectives, strategic initiatives and priority actions, and the ECBD is responsible for implementing and monitoring them. The alignment of the entire Organisation is enhanced using the balanced scorecard methodology . The implementation of the initiatives and actions needed to fulfil the objectives defined in the short, medium and long term, as well as the monitoring and regular reporting of performance, are the responsibility of the teams in each BU, and they are also responsible for identifying and proposing actions to fulfil the objectives and targets defined, as well as identifying and proposing new challenges. T op management approval Board of Directors Monitoring and implementation by top management Executive Committee Proposal of strategic priorities and consolidation of sustainability indicators Sustainability support area with the collaboration of other support areas Implementation of initiatives and actions, monitoring and internal reporting T eams responsible for implementing sustainable development practices in each BU Composition and diversity of the Board of Directors In the current mandate (2024-2026), the Board of Directors consists of 11 members: five non-executive members are independent, representing 45.5% of the total members and 71.4% of the total non- executive members. The Board of Directors delegated the Company’s executive management to an ECBD composed of four members. The Board of Directors believes that this delegation of powers is in the Company’s best interests, namely speeding up decision-making. Corticeira Amorim believes that diversity criteria, which seek to combine and integrate the specific and different attributes of each person, are effectively a catalyst for innovation and a driver for attracting talent, making a decisive contribution to enriching the Organisation and promoting more flexible, creative and high- performance work environments. In the third line of defence, the Internal Audit support division plays a crucial role in supervising and evaluating the effectiveness of the controls implemented, as well as planning and carrying out risk- based audits and performing tests to assess effective management and risk prevention. In order to ensure compliance with the strategic objectives, the Board of Directors formalised Corticeira Amorim’s Risk Management Policy , which includes the definition of objectives, processes and responsibilities that guarantee a solid risk management structure. The Risk Management Policy (i) establishes the principles, guidelines and responsibilities for adequate identification, analysis and evaluation, handling of and response to risks, (ii) ensures the convergence of risk management with strategic planning, (iii) establishes, in a systematised and cross-cutting manner , the control and/or mitigation procedures and measures to deal with the main risks for the Organisation. An integrated risk management model is adopted, based on a comprehensive risk management approach, which follows a process based on three essential activities: 1 Identify and Evaluate Risks 2 Monitor, Control and Report Risks 3 Supervise, Audit and Review Risks
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100 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 C. INTEGRATION OF SUSTAINABILITY-RELATED PERFORMANCE IN INCENTIVE SCHEMES (GOV -3) Pursuant to the Remuneration Policy for the three-year period 2024-2026, as approved at the General Meeting of 22 April 2024, on the proposal of the Appointments, Evaluation and Remuneration Committee (AERC), and the respective Annex on ESG criteria and targets, approved at the General Meeting of 6 May 2025 and applicable to the 2025 and 2026 financial years, the remuneration of the executive members of the Board of Directors comprises a fixed component and a variable component, the latter consisting of an annual variable remuneration and a three-year variable remuneration, where appropriate and feasible. The variable component of the remuneration aims to promote a competitive incentive system and ensure the alignment of the interests of the executive directors with those of the Company and its stakeholders, within a perspective of medium and long- term economic, social and environmental sustainability . The actual amount of variable remuneration depends on the annual performance assessment carried out by the AERC, which is composed entirely of independent members. In both cases — annual variable remuneration and three-year variable remuneration — 20% of the respective amount is linked to the fulfilment of the criteria and targets of the Sustainability | ESG Index, defined for each financial year in accordance with the Remuneration Policy and the applicable Annex. The mechanism for awarding this component of variable remuneration operates in the same way as for the annual and three- year components, as follows: • If the achievement of targets is equal to or greater than 100%, the full 20% is awarded; • If the achievement of targets is less than 100% but still equal to or greater than 80%, half of that amount (10%) is awarded; • If the achievement of targets is less than 80%, there is no entitlement to the aforementioned 20% of variable remuneration. The double materiality assessment was reviewed in 2025 and will continue to be so at least once a year , with the aim of preparing the annual sustainability statements. The Board of Directors shall reassess the appropriateness of the assessment in relation to the Company’s organisational and operational structure. Whenever a potential new impact, risk or opportunity is identified, it will be analysed and discussed in working groups to determine its relevance. If the topic is deemed relevant, the working groups meet with the person responsible for the area and those responsible for the respective Business Unit to monitor and define a set of initiatives, actions, metrics and targets. These are then presented to the ECBD, which validates the materiality of the topic and the suitability of the proposals. If the ECBD considers the topic relevant and the initiatives, actions, metrics and targets pertinent, the matter will be assessed by the ESGC and subsequently submitted to the Board of Directors. In 2025, ESG topics, including climate change and water security , were likewise integrated into Board of Directors meetings, ensuring systematic oversight and continuous strategic alignment with the Company’s sustainability priorities. The Internal Audit, the RC (at quarterly meetings) and the AUC (at quarterly meetings) oversee the risk and opportunity management process, contributing suggestions for improvements or changes to risks and opportunities, mitigation measures, indicators or risk gauges (Key Performance Indicator (KPI)/Key Risk Indicator (KRI)). The monitoring and review also includes the evaluation of the Company’s risk culture, as well as the alignment between risk management and the Company’s other activities. The Company has a catalogue of identified risks and defined mitigation measures to minimise the likelihood of their occurrence and/or impact, as well as indicators or gauges for each of them, which act as monitoring tools and make it possible to anticipate changes or deviations. During the current reporting period all the risks listed in the risk catalogue, including their indicators and risk gauges (KPI/KRI), were monitored by the RC and reported to the Board of Directors. In 2025, training was provided to members of the Board of Directors, AUC and Internal Committees on: • Corticeira Amorim’s Carbon Footprint; • Greenwashing and Green Claims: Litigation Risks; • ESG communication tools; • EU Green Taxonomy | Corticeira Amorim; • Cybersecurity . Workers’ representation on the Board of Directors For the current term of office (2024-2026), the Board of Directors does not include a workers’ representative. However , the Organisation values and promotes open dialogue and the collection of the concerns and aspirations of its workers. Meetings are held every six months between the management of each BU and the workers’ representatives (workers’ committees or trade union committees). At these meetings, issues related to the Company’s activity are discussed, management information is shared, and workers’ representatives raise questions or topics concerning needs, facts or opinions that they consider important to convey . B. INFORMATION PROVIDED TO AND SUSTAINABILITY MATTERS ADDRESSED BY THE UNDERTAKING’S ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES (GOV -2) The double materiality assessment process, aimed at identifying material impacts, risks and opportunities for Corticeira Amorim, was carried out during 2024. This process was monitored by Corticeira Amorim’s various management bodies. The results were first analysed and validated by the ECBD. After preliminary validation of the relevance and suitability of the process, the results were sent to the ESGC, the AUC and the RC for their comments and general assessment. The results of the assessment were communicated to the Board of Directors for validation and final approval. These were taken into account when defining the new 2025-2027 strategic cycle.
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101 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 D. RISK MANAGEMENT AND INTERNAL CONTROLS OVER SUSTAINABILITY REPORTING (GOV -5) The Company has been progressively strengthening risk management and internal controls associated with sustainability reporting. This work focuses on the processes, data and systems related to the material topics identified in the double materiality assessment. Sustainability reporting involves a wide range of functions and corporate areas, including Corporate Sustainability , Human Resources, Health and Safety , Procurement and Energy , Shipping Logistics, Information Technology and Systems, amongst others, in coordination with the teams responsible for data collection and validation within the BUs. A system has been implemented to support the collection, consolidation and reporting of sustainability information, which is evolving into an integrated ESG data management platform, thereby enhancing traceability , methodological consistency and internal controls. The Company is developing a technical manual on indicators and best practices, as well as investing in training, both face-to-face and online, for data providers and key personnel involved in reporting. The internal control system is further supported by a structured hub for corporate policy management and the progressive integration of sustainability due diligence processes, ensuring that the main ESG risks are covered within the scope of reporting. The strengthening of internal controls also includes the gradual integration of sustainability due diligence processes, ensuring that the ESG risks identified in the value chain are covered by the control system associated with sustainability reporting. Sustainability information is subject to an independent limited assurance review , and the effectiveness of the internal control system is monitored and supervised by the AUC and the Board of Directors. In the case of annual variable remuneration, the degree of achievement of the targets set for the relevant financial year is taken into account. In the case of three-year variable remuneration, the average percentage of achievement calculated over the three years of the reference period is taken into account. The composition of the Sustainability | ESG Index (criteria, indicators and targets) reflects the Organisation’s strategic priorities and the ESG issues deemed relevant; it was approved at the General Meeting of Shareholders and forms part of the Annex to the current Remuneration Policy . In the financial years 2025 and 2026, the ESG component of annual variable remuneration comprises four key performance indicators (KPIs), each with a 25% weighting within the Sustainability | ESG Index, relating respectively to: climate, water , diversity , and occupational health and safety (OHS). Thus, each of these topics accounts for up to 5% of the annual variable remuneration (corresponding to 25% of the 20% indexed to ESG performance). Similarly , the three-year variable remuneration also incorporates four ESG KPIs, each with the same relative weighting and covering the same thematic areas; consequently , up to 5% of the three-year variable remuneration is linked to each of these themes. The targets and corresponding performance in the areas covered by the KPIs included in the Sustainability Index | ESG are described in the relevant thematic sections of the Consolidated Sustainability Statement. Remuneration Policy available at: https:/ /www.amorim.com/en/investors/corporate- governance/corporate-regulation-and-policies/
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102 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 8.1.3 STRATEGY A. STRATEGY , BUSINESS MODEL AND VALUE CHAIN (SBM-1) Sustainable by nature Programme In 2018, Corticeira Amorim aligned its objectives with the Sustainable Development Goals (SDGs) and laid the foundations for the Sustainable by nature programme, which establishes the ambition to be achieved by 2030. Acting ethically , transparently and responsibly , in favour of competitiveness and the creation of sustainable value for all stakeholders and the planet, is the motto of this Programme, revised in 2024, which is based on three drivers: • Promote the environmental features of the products and the cork oak forest; • Promote well-being and equal opportunities for all; • Promote R&D+I and leverage economic performance. Currently , ten major objectives have been defined to guide the actions of the entire Organisation, focusing on climate change, biodiversity and ecosystems, the circular economy , labour relations, employment and DEI, talent management, safety , health and well-being, value chain, customers and end-consumers, and the community /society . The Sustainable by nature programme defines qualitative objectives and targets applied to the whole Organisation. It also sets quantitative targets, aligned with the Company’s strategic cycles, applied to a selection of companies considered representative of Corticeira Amorim’s sustainability footprint for each target. Corticeira Amorim regularly monitors the actions set out in the sustainability programme, which includes performance indicators and control procedures that guarantee, with comparable levels of rigour and integrity , the reporting of priorities and progress in these matters, and of which note is made throughout this Statement. Ethics and integrity Act ethically, transparently and responsibly, in favour of competitiveness and the creation of sustainable value for all stakeholders and the planet Climate change Labour relations, employment and DEI Value chain Reduce the environmental impact of operations by adopting renewable, affordable and efficient solutions Create an inclusive and diverse working environment, guarantee equal opportunities and fair pay, and adopt policies that eliminate discrimination and harassment in the workplace Reinforce responsible production and consumption, preferably selecting suppliers that adopt good ESG practices Biodiversity and ecosystems T alent management Customers and end-consumers Preserve the cork oak forest and ecosystem services by increasing knowledge, mobilising resources and proposing initiatives Encourage training and personal and professional development for all workers Ensure product safety and quality, support research, development and innovation and promote sustainable solutions for all Circular economy Safety, health and well-being Community / Society Apply the principles of circular economy through the reduction of waste, extend the life of materials and regeneration of natural systems Ensure the safety, health and physical and psychological well-being of all workers, and promote appropriate work environments Leverage economic growth in a sustainable and inclusive way, ensuring efficient production and decent work for all Drivers Promote the environmental features of the products and the cork oak forest Promote well-being and equal opportunities for all Promote R&D+I and leverage economic performance
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103 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 individually or collectively — result in material changes equal to or greater than a cumulative 10%, compared to the respective baselines. These events may result from changes in the portfolio of companies owned and/or managed by the Organisation, as well as methodological updates in the measurement of metrics, amongst other factors. Objectives and targets of the Sustainable by nature programme In 2025, the new 2025-2027 cycle began. This new cycle incorporated the results of the double materiality assessment, which enabled the identification of new impacts, risks and opportunities, as well as a review of strategic priorities. At the same time, consideration was given to broadening the sustainability perimeter , which, since the 2024 report, has coincided with the financial perimeter , reinforcing consistency between ESG reporting and consolidated financial reporting. As part of this process, the targets associated with the topics of Climate Change and Pollution were reviewed, and now reflect all companies within the Organisation. As a result, the 2030 ambition was updated, replacing the previously defined target of a “zero carbon footprint” in scopes 1 and 2 for the sustainability targets perimeter with new objectives applicable to the financial perimeter , namely ISO 14001 certification for 50% of Production Units (PU) and a 42% reduction in GHG emissions in scopes 1 and 2 and a 25% reduction in scope 3. In addition, the 2025-2027 strategic cycle now includes new targets relating to waste, resource inflows, biodiversity , social responsibility , the value chain and end-consumers. This strengthening stems both from the evolving priorities identified through the materiality assessment and from the maturing processes for the collection, quality assurance and consolidation of ESG data. In 2025, the commitment to achieving the objectives and targets, summarised in the table below , remained firm. Organisational limits of the Sustainable by nature programme The Organisation’s qualitative objectives and targets are applicable to the whole Organisation. Regarding the biodiversity and ecosystems objective, the organisational limits cover the forest properties under Corticeira Amorim’s management, which currently include Herdade da Baliza, Herdade de Rio Frio and Herdade da V enda Nova. For the quantitative targets and the 2030 ambition of the Sustainable by nature programme, a selection of companies is considered for evaluating metric performance against targets (sustainability targets perimeter). These entities are representative of Corticeira Amorim’s sustainability footprint and are key to monitoring its commitments. In 2025, in terms of the financial perimeter , these companies represent: 66.3% of consolidated sales, 66.1% of workers. They are: Amorim Florestal, S.A., Amorim Cork, S.G.P .S, S.A., All Closures In, S.A., Amorim Cork, S.A., Amorim Bartop, S.A., Amorim Champcork, S.A., Amorim Top Series, S.A., Biocape – Importação e Exportação de Cápsulas, Lda., Socori, S.A., Elfverson Portugal, S.A., Amorim Cork Solutions, S.A., Corticeira Amorim, S.G.P .S., S.A., Amorim Cork Research, Lda., Amorim Cork Serviços & Gestão, Lda., Amorim Cork IT , S.A. In 2025, no new companies were added to the Organisation’s financial perimeter . Corticeira Amorim reaffirms its commitment to pursuing the strategic objectives set out under the Sustainable by nature programme, ensuring the progressive integration of the financial perimeter with the sustainability targets perimeter , in line with the strengthening of the maturity of internal processes and applicable regulatory requirements. In 2024, it was possible to extend the structured collection of ESG data to companies located outside Portugal, a key step towards this future convergence. The Sustainable by nature programme is dynamic and subject to annual reviews, which may lead to adjustments or the introduction of new metrics or targets. Corticeira Amorim may recalculate its base-year benchmarks whenever recalculation events —
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104 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Sustainable by nature Programme T argets (sustainability perimeter) (sustainability targets perimeter | * sustainability perimeter) Pillar Material subtopics 2030 Goal 2030 T argets 2025-2027 Plan (baseline year 2024) 2027 target 2020-2030 Plan (baseline year 2020) 2030 Ambition Unit of measurement Expected direction Reporting year 2025 Reporting year progress vs 2025-2027 target Ethics and integrity (SDGs 8, 17) Corporate culture Act ethically, transparently and responsibly, in favour of competitiveness and the creation of sustainable value for all stakeholders and the planet Integrate climate change measures Reinforce human rights due diligence Y es/no Ye s On track Whistleblower protection Protect labour rights Establish mechanisms to monitor adherence to the Code of Ethics and Conduct for Suppliers for cork and non-cork suppliers Y es/no No Not started Management of relationships with suppliers including payment practices Foster balanced and prudent management and sustainability Corruption and bribery Be transparent and accountable Sustain economic growth Climate change (SDGs 6, 7, 11 and 13) Climate change adaptation Reduce the environmental impact of operations by adopting renewable, affordable and efficient solutions Increase the use of renewable energy ≥2/3 controlled renewable energy/year % 72.3% Ahead of target ≥2/3 controlled renewable energy / 2030 % 72.3% Ahead of target Climate change mitigation Improve energy efficiency 2% energy efficiency / 2025 % 3.2% Ahead of target 6% energy efficiency / 2024-2027 % 3.2% Ahead of target 20% energy efficiency / 2020-2030 % 18.1% Ahead of target Energy Increase the consumption of controlled renewable electricity 20% controlled renewable electricity / year % 21.9% Ahead of target 100% controlled renewable electricity / 2030 % 21.9% On track Reduce negative environmental impact -42% Scopes 1 and 2* / 2030 GHG emissions % -2.6% Not started -25% Scope 3* / 2030 GHG emissions % -4.0% Not started
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105 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Sustainable by nature Programme T argets (sustainability perimeter) (sustainability targets perimeter | * sustainability perimeter) Pillar Material subtopics 2030 Goal 2030 T argets 2025-2027 Plan (baseline year 2024) 2027 target 2020-2030 Plan (baseline year 2020) 2030 Ambition Unit of measurement Expected direction Reporting year 2025 Reporting year progress vs 2025-2027 target Water Increase efficiency in water use 4.5% water use efficiency / 2024- 2027 % 1.3% Ahead of target 675 water consumption intensity / 2025 m3/€M 671 Ahead of target 40% water use efficiency / 2020- 2030 % 38.6% Ahead of target Pollution of air 50%* production units with ISO 14001 certification / 2030 % 18.2% Not started Biodiversity and ecosystems (SDGs 11, 12, 13, 15) Direct impact drivers of biodiversity loss Preserve the cork oak forest and ecosystem services by increasing knowledge, mobilising resources and proposing initiatives Strengthen efforts to protect and safeguard cultural and natural heritage + 200,000 cork oaks planted / 2024-2027 no. 65,490 Watch Impacts on the state of species Promote the implementation of sustainable forest management and mobilise resources +1,000,000 cork oaks planted / 2020-2030 no. 655,790 On track Impacts on the extent and condition of ecosystems Integrate the values of ecosystems and biodiversity Impacts and dependencies on ecosystem services Circular economy (SDGs 8, 12) Resources inflows, including resource use Apply the principles of circular economy through the reduction of waste, extend the life of materials and regeneration of natural systems Improve the efficiency of global resources, thereby achieving sustainable management 1,300 t recycled cork incorporated into production / year t 1,305 On target Resource outflows related to products and services Manage the use of chemical products in an environmentally sound manner -15% weight of virgin non-renewable packaging materials / 2024-2027 % -9.6% Ahead of target Waste Substantially reduce waste by reducing, recycling and reusing materials -100% weight of virgin non-renewable packaging materials / 2020-2030 % -64.7% On track 95% waste recovery rate (non-cork) / 2027 % 90.4% On target
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106 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Sustainable by nature Programme T argets (sustainability perimeter) (sustainability targets perimeter | * sustainability perimeter) Pillar Material subtopics 2030 Goal 2030 T argets 2025-2027 Plan (baseline year 2024) 2027 target 2020-2030 Plan (baseline year 2020) 2030 Ambition Unit of measurement Expected direction Reporting year 2025 Reporting year progress vs 2025-2027 target Labour relations, employment and DEI (SDGs 5, 8) Secure employment Create an inclusive and diverse working environment, guarantee equal opportunities and fair pay, and adopt policies that eliminate discrimination and harassment in the workplace Ensure equal access to opportunities 27% women in management positions / 2025 % 26.1% Watch Adequate wages End all forms of discrimination 27% women workers / 2025 % 27.9% Ahead of target Social dialogue, freedom of association and collective bargaining Protect labour rights 33.3% women in management positions / 2030 % 26.1% On track Work-life balance 33.3% women workers / 2030 % 27.9% On track Gender equality and equal pay for work of equal value Employment and inclusion of persons with disabilities Diversity Privacy T alent management (SDG 4) Human Capital Encourage training and personal and professional development for all workers Ensure training for all 95% workers with training / 2027 % 97.1% Ahead of target Training and skills development Value merit-based, judgement-free learning, development, recognition and compensation practices 100% workers with training / 2030 % 97.1% On track Safety, health and well- being (SDGs 3, 8) Health and safety Ensure the safety, health and physical and psychological well-being of all workers, and promote appropriate work environments Promote safe and secure work environments for all workers -20% rate of recordable work-related accidents / 2024-2030 % -38.7% Ahead of target 7.5 rate of recordable work-related accidents / 2025 no. 4.7 Ahead of target Provide access to essential quality health services Zero recordable work-related accidents no. 25 On track Reduce the number of work-related accidents
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107 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Sustainable by nature Programme T argets (sustainability perimeter) (sustainability targets perimeter | * sustainability perimeter) Pillar Material subtopics 2030 Goal 2030 T argets 2025-2027 Plan (baseline year 2024) 2027 target 2020-2030 Plan (baseline year 2020) 2030 Ambition Unit of measurement Expected direction Reporting year 2025 Reporting year progress vs 2025-2027 target Value chain (SDGs 8, 12, 17) Human Rights (adequate wages, health and safety, child labour, forced labour, privacy) Reinforce responsible production and consumption, preferably selecting suppliers that adopt good ESG practices Eradicate forced labour and child labour Reinforce human rights due diligence / 2024- 2027 Y es/no Ye s On track Secure employment, working hours, work-life balance and harassment in the workplace Establish mechanisms to monitor adherence to the Code of Ethics and Conduct for Suppliers for cork and non-cork suppliers / 2024-2027 Y es/no No Not started Training and skills development Promote sustainable management and efficient use of resources Zero Incidents of forced labour and child labour in the value chain / year no. 0 On track Strengthen partnerships for sustainable development Customers and end-consumers (SDGs 8, 9, 13) Freedom of Expression Ensure product safety and quality, support research, development and innovation, and promote sustainable solutions for all Strengthen resilience and climate-related risk mitigation and adaptability 50% consolidated sales covered with LCA / year % 72.8% Ahead of target Access to (quality) information Upgrade infrastructure and rehabilitate industries to make them sustainable Health and safety of consumers and end-users Reduce negative environmental impact Support productive activities, entrepreneurship, creativity and innovation Enhance scientific research
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108 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Sustainable by nature Programme T argets (sustainability perimeter) (sustainability targets perimeter | * sustainability perimeter) Pillar Material subtopics 2030 Goal 2030 T argets 2025-2027 Plan (baseline year 2024) 2027 target 2020-2030 Plan (baseline year 2020) 2030 Ambition Unit of measurement Expected direction Reporting year 2025 Reporting year progress vs 2025-2027 target Community / Society (SDGs 8, 17) Development of the local community Leverage economic growth in a sustainable and inclusive way, ensuring efficient production and decent work for all Sustain economic growth 15% of workers participation in volunteering activities / year % 10.7% Not started Freedom of expression Strengthen the global partnership for sustainable development 3,000 volunteering hours / year h 1,608 Not started 10 solidarity initiatives / year no. 7 Not started * Financial perimeter | baseline 2024
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109 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Business model Corticeira Amorim, whose origins date back to 1870, stands out as one of the most innovative and entrepreneurial multinationals of Portuguese origin and a world leader in cork processing, having recognised the vast potential of this 100% natural raw material early on and positioning cork as a material of choice in an increasingly open, informed and prosperous society . Operating under the motto “not just one market, not just one customer , not just one currency , not just one product”, Corticeira Amorim has continuously expanded its portfolio, entering new markets and developing innovative products. Mission, vision and values By promoting the cyclical extraction of cork without damaging the trees, Corticeira Amorim contributes to the viability of cork oak forests, providing numerous economic, environmental and social benefits. The Company’s mission, vision and values reflect its belief in the uniqueness of cork as a natural material, its ambition for success and its commitment to long-term sustainability . The purpose is simple: to combine knowledge, technology and innovation with this age-old material and promote an activity with a sustainable balance, generating added value for all stakeholders and the planet. These guidelines direct the strategic priorities for sustainable development, which incorporate economic, environmental and social concerns and define a clear roadmap for making strategic, operational and investment decisions, both now and in the future. The business model implemented is founded on an integrated and vertical process that uses circular economy principles in order to minimise waste generated. Key to operations, cork is obtained from a network of producers with whom the Organisation establishes medium- and long-term partnerships, promoting good forest management practices and thereby maximising the ecosystem services of the cork oak forests, namely the continuous production of good quality cork. With a strong commitment to sustainability , which manifests itself in the development of value-added, nature-based solutions, the Company serves challenging and technological industries, including the aerospace, automotive, construction, sports, energy , interior design, and wine, sparkling wine and spirits sectors. Under the management of the fourth generation of the Amorim family , which preserves values such as pride, ambition, initiative, sobriety and attitude, the Company invests significant sums in Research, Development and Innovation (R&D+I) every year , including an investment in R&D+I of 8.3 million euros this year . The definition of Corticeira Amorim’s strategic sustainability priorities is developed by the Sustainability support area, with the collaboration of other support areas, and involves a materiality analysis that takes into account the Company’s mission, vision and values, the evolution of the business, material impacts, risks and opportunities, as well as sustainability trends and benchmarks, legislative developments, external commitments and internal policies, alignment with the SDGs and the needs and expectations of stakeholders. Mission Add value to cork, in an ethical, competitive, distinctive and innovative way that is in perfect harmony with nature. Vision Be a sustainable company, providing suitable value for the capital invested while promoting social equity, diversity integration and environmental safeguards, with differentiating factors at product and service level. Values Pride – We take pride in the tradition of our business, in our Company history and in the knowledge that we have accumulated in the many years of work of different generations. We are proud to work with a raw material that comes from the earth, has an identity, and combines tradition, modernity and innovation, respecting the principle of equal treatment and opportunities for all workers. Ambition – We take pleasure in what we do, and we drive ourselves to do more and better, developing new customers, new markets and new applications for cork. Initiative – We find solutions for commitments and challenges, responding quickly, effectively and positively to different circumstances and contexts, always focused on the development of the business and the industry, thereby also promoting the interests of our employees and other stakeholders. Sobriety – We celebrate victories and commemorate successes internally, favouring discretion in our relationship with the outside world, never forgetting that we must always learn more and continuously do better. Attitude – We are with the Company in the good times and bad times with our effort, commitment and availability, giving the best of us and always respecting employees, customers, suppliers, shareholders and other stakeholders relevant to the sustainability of Corticeira Amorim.
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110 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 BU Markets Main references Sales* Amorim Florestal Responsible for overall and integrated management of the cork’s value chain, it plays a key role in promoting synergies between the various BUs to ensure optimisation of the flow and quality of cork Agroforestry and cork raw material preparation 1,150,000 m2 of cork yard 8,181 hectares of forest estates under management €222.3 M Amorim Cork World leader in the production and supply of cork stoppers, this BU has its own distribution network, which places it in a unique position to provide the ideal stopper for any wine or spirits segment and type, anywhere in the world Still and sparkling wines, spirits, beer and cider 5.2 billion stoppers sold/year €707.0 M Amorim Cork Solutions Innovation is the driving force of this BU that proposes to redesign the world in a sustainable manner, reusing and reinventing materials with applications in a wide array of different areas Aerospace, marine, construction, flooring, wall coverings, insulation, mobility, energy, sealing, sports surfaces and playground surfaces, footwear, toys, home, office and leisure goods, among others 1.0 million m2 installed capacity in floor & wall coverings/year 30,000 m3 installed capacity in insulation cork/year 170,930 blocks and cylinders produced/year €162.0 M * Sales of the BU (includes inter BU transactions) Business Units In 2025, Corticeira Amorim consolidated its organisational structure into three BUs: Amorim Florestal, Amorim Cork and Amorim Cork Solutions. These BUs develop a wide portfolio of products for different markets and applications. In 2025, the Company recorded consolidated sales of 861.0 million euros, broken down as shown in the table below:
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111 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 €861.0 M consolidated sales 44 production units 25,184 clients 25 countries where it operates 44 distribution units 3,603 suppliers 3 agroforestry units 9 joint ventures 4,637 workers World presence Corticeira Amorim has a global presence with operations in 25 countries, spread across five continents. These include not only activities such as agroforestry management and industrial and raw material preparation activities, but also product distribution and strategic joint ventures. In addition, the Organisation has an extensive network of market agents, which plays a crucial role in extending its global reach. The Company’s shares are listed on Euronext Lisbon. In 2025, Corticeira Amorim served approximately 25,200 clients, with 93.0% of sales outside Portugal, to around 96 countries. Portuguese multinational, based in Mozelos, Santa Maria da Feira Workers At the end of 2025, Corticeira Amorim had 4,637 workers around the world who are passionate about the business, striving to go further , overcoming challenges, influencing by positive example and promoting the development and well-being of the communities closest to them and of society in general. The distribution of the number of workers by geographical area is described in the table below . Apart from Portugal, no other country has workers representing more than 10% of Corticeira Amorim’s own workforce. Employees Non-employee workers T otal own workforce workers Permanent contract T emporary contract (fixed-term) Geographies T otal (no.) Women (%) T otal (no.) Women (%) T otal (no.) Women (%) T otal (no.) Women (%) By geography (%) Portugal 2,724 28.9% 276 31.9% 220 24.1% 3,220 28.8% 69.4% Rest of the world 1,300 32.5% 41 46.3% 76 39.5% 1,417 33.3% 30.6% T otal 2025 4,024 30.0% 317 33.8% 296 28.0% 4,637 30.2% 100.0% Corticeira Amorim has no employees with non-guaranteed working hours.
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112 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Supply chain and transport and logistics The main raw material used in Corticeira Amorim’s activities is cork – a renewable and biodegradable material, both 100% natural and recyclable, which is extracted without deforestation. In addition to cork, the Organisation uses other natural resources, namely wood, water and energy , as well as subsidiary materials such as chemical products, plastics and packaging materials. In 2025, Corticeira Amorim made purchases of cork and non-cork materials from 3,603 direct suppliers around the world; around 71.8% of the value of these purchases was in Portugal. Cork products represent approximately 82.7% of total revenue. The nature of impacts, risks and opportunities varies across the value chain, reflecting differences between the cork supply chain — heavily dependent on natural resources and exposed to physical climate risks — and the remaining raw materials, services and transport and logistics activities, which are more exposed to transition risks and impacts associated with energy and materials consumption. In order to promote responsible production and consumption, Corticeira Amorim works with suppliers committed to adopting sustainable practices and favours those that adopt good ESG practices. The Organisation has a process for selecting, assessing and monitoring suppliers, which is described in section 8.12.2 B. Management of relationships with suppliers. In the specific case of cork as a raw material, procurement is carried out from a large number of suppliers with whom the Organisation maintains medium- and long-term partnership relationships, and takes place in the Mediterranean basin, namely in Portugal, Spain, France, Italy , Morocco, Tunisia and Algeria — a region particularly exposed to physical climate risks. These phenomena may affect the productivity , quality and availability of the raw material, both in the cork oak forests managed by Corticeira Amorim and in those of its suppliers. It is also in these regions that Corticeira Amorim’s processing operations are mainly located, thus promoting social and economic development in these areas. The geographical distribution of purchases, by purchase value, is as follows: 96.8% in Portugal and Spain, 2.9% in North Africa and 0.3% in other locations. Value chain The Company has adopted a verticalised business model that spans all stages of production, from the purchase of raw cork, inbound logistics and distribution (transport) to operations, marketing and recycling of various products. In addition, as a result of realising the urgent need to intervene in cork oak forests, the Company has also integrated an agroforestry area, investing directly in forest properties involving cork oaks. Understanding these interdependencies forms the basis for Transport and LogisticsRecycling Company operationsProduct use Transport and Logistics Suppliers of raw material cork Forest Other purposes Other suppliers identifying and managing sustainability impacts, risks and opportunities across the value chain. The Organisation operates through mechanisms of direct control over its own operations and of influence over its business partners, depending on the degree of involvement and the nature of the business relationships.
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113 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 well as the development of initiatives aimed at maximising the quantity of product transported per packaging unit and/or reducing packaging weight. These initiatives enable the optimisation of logistics flows of raw materials and products, contributing simultaneously to operational efficiency and to the reduction of the material intensity associated with transport. On the other hand, Corticeira Amorim’s circular economy strategy directly influences the value chain, including transport and logistics activities, through the reduction of virgin non-renewable raw material inputs, the design of packaging for recycling, reduction and reuse, and the promotion of waste and by-product recovery . These approaches contribute to reducing the impacts associated with resource use and waste generation throughout the value chain, whilst also acting as levers for logistics efficiency by reducing the material intensity of product packaging, handling and distribution. Corticeira Amorim does not directly import or process minerals from conflict zones (tin, tantalum, tungsten, gold). In 2025, there were no significant changes in Corticeira Amorim’s supply chain. Organisation operations and product use Corticeira Amorim is the world’s largest cork processing group and develops its business activity based on the bioeconomy , seeking to have a business activity that has a positive impact on ecosystems throughout the value chain. Among the most important benefits for the planet are: working to preserve cork oak forests and ecosystem services, developing eco-efficient processes to reduce the impact of operations, applying circular economy practices and offering nature-based products that contribute to climate change mitigation (CCM). In addition to its production and distribution activities, it also carries out other activities which do not generate revenue but which have an impact in terms of sustainability , such as forestry management, the production of heat/cold from bioenergy , the renewal of water collection, treatment and supply systems, the installation, maintenance and repair of energy-efficient equipment and the acquisition and renovation of buildings. These additional activities are consistent with the materiality assessment carried out and the impacts are disclosed in this Consolidated Sustainability Statement. carried out at local level. These may occur both within BUs and in specialised administrative or support areas which, due to their specific characteristics, require a responsive, swift and context- appropriate solution. This blended approach enables us to respond efficiently to local needs without compromising centrally defined principles and guidelines. From a global perspective, management focuses on the pursuit of excellence in the goods purchased and services provided, in line with the Organisation’s strategic objectives, with the aim of progressively adding more value in terms of sustainability , while maintaining commitment, credibility , integrity (ethics) in the course of the Company’s activities. The transport and logistics of raw materials and products throughout Corticeira Amorim’s value chain have a significant impact on the business, both at an economic and environmental level. These impacts include transport costs, fossil-fuel energy consumption, indirect GHG emissions (scope 3), as well as impacts associated with the use of packaging materials and waste generation throughout logistics flows. For this reason, the Organisation considers the sustainable management of transport and logistics a priority , integrating this topic into its risk matrix and defining mitigation measures to reduce exposure to disruptions in the supply and logistics chain. The main measures adopted include: • Development of a logistical model that ensures the best logistical solutions in the short and medium-long term; • Identification of alternatives to the current options for the main destinations; • Diversification of transportation and logistical suppliers; • Selection of suppliers and search for solutions depending on their geographical location; • Implementation of a transport tracking system; and • Monitoring and updating security plans/recovery plans following loss of significant suppliers. In the context of reducing negative impacts and mitigating risks, Corticeira Amorim prioritises, wherever feasible, sea freight, as As a mitigation measure, Corticeira Amorim centralised the management of cork procurement, storage and preparation in the BU Amorim Florestal, an autonomous unit with professional and independent executive management. This centralisation constitutes a structural mechanism for strengthening supply chain resilience and enables: • The specialisation of a team exclusively dedicated to the raw material cork; • The integrated supply chain management from a multinational perspective, with a strengthened presence in the main producing countries; • The leveraging of synergies and integration of the processing of the different types of cork used by the other BUs; • The promotion of forest certification, the improvement of the product’s technical quality and the development of partnerships and R&D+I projects applied to forestry , including cork oak genetics and the control of pests and diseases; • The development of recycling and circularity initiatives, enabling cork to be made available for alternative applications; • The definition of the raw material mix best suited to the needs of end markets and the management of strategic stocks, helping to mitigate supply fluctuations resulting from extreme weather events. Amorim Florestal is also responsible for preparing and proposing the multi-year procurement policy to the Board of Directors, ensuring, in the medium and long term, the stability of a critical variable for the activity and for the resilience of Corticeira Amorim’s business model. The management of suppliers and the purchases of non-cork products, services, works contracts and transport is largely handled by the Organisation’s cross-functional support departments, namely Procurement, Energy and Shipping Logistics. These central structures are responsible for a significant number of standard contracts, benefiting from economies of scale, harmonisation of criteria, risk mitigation and alignment with overall strategic objectives. In addition, and whenever justified by reasons of operational proximity , technical specificity , urgency or local regulatory framework, certain purchases and contracts are
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114 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 each one implements the model that best suits the associated non- financial risks or emerging opportunities in the markets in which they operate, which is why there are so many different certifications: the management system for Good Cork Stopper Practices (SystEcode), Quality (ISO 9001), Environment (ISO 14001), Energy (ISO 50001), Food Safety (B-BBEE, BRC, BRCGS packaging materials, FSSC 22000, HACCP , IFS Broker , ISO 22000), Forest Products and Chain of Custody (Forestry Stewardship Council (FSC®) and Programme for the Endorsement of Forest Certification (PEFC), Occupational Health and Safety (OHS) (ISO 45001) and Social Responsibility (SA 8000). Evaluation mechanisms and indicators are defined for each of the systems in all establishments not covered by external certifications. • Compliance with certifications and requirements applicable both to purchased materials and manufactured products. Management systems Corticeira Amorim’s companies have an Integrated Management System (IMS), in which quality , environmental and safety indicators are monitored and possible improvement actions and associated resource needs are identified. This is an important tool for ensuring legal compliance, aligning with best practices and regulatory requirements, and guaranteeing the continuous improvement of the Organisation’s performance. The management systems are audited internally and externally , according to the schedule defined for each system. In addition, a statutory annual compliance verification audit is carried out. All the systems have underlying performance improvement policies and objectives, which are supported by an activity plan, and there are evaluation mechanisms and indicators defined for each one. Due to the different characteristics of the companies and their activities (agroforestry , raw material preparation, industrial, distribution), Corticeira Amorim works closely with customers to understand their needs, offer customised solutions, optimise processes, reduce waste and improve efficiency . This is done through a variety of communication channels, including dialogue, partnerships, education/awareness actions, support for initiatives, responding to surveys, among others. In 2025, Corticeira Amorim reached approximately 25.2 thousand clients and 93.0% of sales outside Portugal, to more than 96 countries. The Company’s operations and product use have a major impact on society , in a context where demand for products with better environmental performance has been growing. Cork is a renewable and recyclable alternative to conventional materials with a higher environmental impact. The ongoing commitment to innovation and ecological awareness enables the development of products based on this unique raw material, whilst simultaneously contributing to Corticeira Amorim’s economic growth, the promotion of the circular economy and climate change mitigation. In recent years, the Organisation’s activities have been guided by a number of key principles, including: developing new products and markets for cork, involving customers in this process, maintaining proximity and turning them into cork ambassadors; seeking new technological solutions at product level, in partnership with customers, suppliers and other organisations; strengthening the reputation of its brands by constantly evolving its offer in response to new market and consumer trends. The development of alternative sealants is identified as a strategic and exogenous risk in Corticeira Amorim’s risk matrix, and mitigation measures have therefore been defined: • Investment and continuous monitoring of the quality and reliability of cork stoppers and the quality of cork raw materials; • Ongoing reinforcement of market perception of the natural origin of cork stoppers; • Reinforcement of communication campaigns to promote the attributes of cork products; • Investment in promoting cork stoppers as an “oenological product”; • Continuous investment in R&D+I and the development of new solutions and composites for the cork stopper; Integrated management system Cork stopper manufacturing practices** Occupational health and safety / Social responsibility 79.5% 36.4% Quality 47.7% Environment 18.2% Food safety* 61.5% Forest products and chain of custody 52.3% Energy 18.2% * PUs of Amorim Cork BU ** PUs of BUs Amorim Florestal and Amorim Cork
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115 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Shareholders and investors Clients Workers Official and governmental bodies • General Shareholders’ Meeting • Meetings with investors and analysts • Periodic disclosure of evolution of the business activity • Annual Report & Accounts • Consolidated Sustainability Statement • Regular meetings and contacts • Enquiries and requests for clarification • Consolidated Sustainability Statement • Satisfaction surveys • Regular meetings and contacts • Response to enquiries and information requests • Participation in trade fairs and industry events • Awareness and technical support programmes • R&D+I collaboration protocols • Publication of technical articles • Seminars and workshops • Consolidated Sustainability Statement • Corporate intranet • Internal procedures, policies and communications • Periodic team meetings • Performance management systems • Linkpeople (Human Resources ERP) • Seminars, workshops and awareness-raising initiatives • Periodic disclosure of evolution of the business activity • Annual Report & Accounts • Consolidated Sustainability Statement • Regular institutional meetings and contacts • Participation in working groups • Participation in trade fairs, industry events and institutional forums • Response to formal enquiries • R&D+I collaboration protocols Suppliers Media NGOs and community Partners and civil society • Annual Report & Accounts • Consolidated Sustainability Statement • Communication within the scope of supplier selection and evaluation processes • Regular meetings and contacts • Awareness and technical support programmes • Participation in trade fairs and industry events • R&D+I collaboration protocols • Seminars and workshops • Press releases and notes • Institutional contacts with the media • Periodic disclosure of evolution of the business activity • Annual Report & Accounts • Consolidated Sustainability Statement • Participation in relevant public events and initiatives • Consolidated Sustainability Statement • Regular meetings and contacts • Community engagement initiatives • Environmental education and awareness actions • Working groups and dialogue forums • Seminars and workshops • Consolidated Sustainability Statement • Regular meetings and contacts • R&D+I collaboration protocols • Working groups • Participation in trade fairs, industry events and joint initiatives • Publication of technical articles • Seminars and workshops The Organisation also considers it very important to take into account the points of view of the workers in the value chain, the affected communities and the customers and end-consumers. To this end, it has a set of processes for dialogue with its stakeholders, including regular consultations. Corticeira Amorim works closely with its customers to understand their needs, offer customised solutions, optimise processes, reduce waste and improve efficiency . This is done through a variety of communication channels, including dialogue, partnerships, education/awareness actions, support for initiatives, responding to surveys, among others. Communication channels Corticeira Amorim promotes dialogue and transparency with its stakeholders, ensuring communication channels that enable stakeholders to share their concerns, views and expectations, as well as to access relevant information on the Organisation’s activities, performance and approach to sustainability . To this end, the Organisation uses a range of cross-cutting communication channels, namely the institutional website, social media, newsletters and press releases, which ensure regular public access to information. In addition, it uses specific, tailored channels suited to the nature and expectations of each stakeholder group, enabling bilateral dialogue and the monitoring of the actions, targets and metrics defined to mitigate the identified material impacts. The following table shows the main communication channels used to engage with the different stakeholder groups. B. INTERESTS AND VIEWS OF STAKEHOLDERS (SBM-2) Corticeira Amorim identifies eight main groups of stakeholders: shareholders and investors, customers, workers, official and governmental entities, suppliers, media, non-governmental organisations (NGOs) and the community , and partners and civil society . Since 2009, Corticeira Amorim has been carrying out regular consultation and ongoing engagement processes with stakeholders, promoting their participation and integrating the results of the engagement processes, namely their concerns and expectations, into the definition of its sustainability strategy and materiality review . This procedure, which is also part of the due diligence process, ensures that the main views and interests of stakeholders are communicated to the administrative, management and supervisory bodies, enabling them to monitor relevant external developments, understand market and stakeholder expectations and factor these inputs into the identification of risks, opportunities and strategic priorities. In 2024, during the double materiality assessment process, a comprehensive stakeholder consultation was carried out. This is a crucial step in the double materiality assessment and, consequently , in defining the Company’s sustainability strategy . As part of this process, relevant internal and external stakeholders were consulted through surveys and interviews. More detailed information on the consultation process can be found in section 8.1.4 A. Description of the process to identify and assess material impacts, risks and opportunities. The Company is committed to creating a working environment where workers are respected and valued and where they can develop their potential. The Company respects Human Rights and endeavours to incorporate the interests and points of view of workers in all its strategic decisions. In addition to the consultation carried out as part of the double materiality assessment, the Organisation regularly consults workers to gauge their concerns and opinions and uses this information to make decisions, improve its policies and practices and define appropriate actions, metrics and targets.
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116 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 C. MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND BUSINESS MODEL (SBM-3) Through the double materiality assessment process, presented in detail in section 8.1.4 A. Description of the process to identify and assess material impacts, risks and opportunities, actual or potential material impacts, risks and opportunities were identified in Corticeira Amorim’s own operations and also upstream or downstream in its value chain. In this process, the links between impacts and dependencies were identified and duly considered, as well as the risks and opportunities associated with these impacts and dependencies. Time horizons and location in the value chain were also mapped. The following tables contain a brief description of the main material impacts, risks and opportunities identified, together with their characterisation in terms of their location in the value chain (OO - own operations; U - Upstream; D - Downstream), as well as Corticeira Amorim’s approach to addressing them. Impacts are also classified as positive (+) or negative (-) and as potential (P) or actual (A). The main policies, actions, metrics and targets for addressing impacts, risks and opportunities are referred to in the corresponding sections (Corticeira Amorim’s approach). The detailed description of each one, as well as their interconnection with the strategy , is detailed in each of the respective environmental, social and governance thematic sections. Double Materiality Assessment Minimum Informative Important Significant Critical = IMPACT MATERIALITY Pollution - RO Affected communities + Workers in the value chain +/ - RO Consumers and end-users +/ - RO Climate Change +/ - RO Own workforce +/ - RO Business conduct +/- O E2 S3 S2 Water and marine resources +/ - RO E3 Biodiversity +/ - RO E4 S4 E1 S1 G1 MATERIAL FROM A FINANCIAL PERSPECTIVE MATERIAL FROM A DOUBLE PERSPECTIVE MATERIAL FROM AN IMPACT PERSPECTIVENON-MATERIAL Resource use and circular economy +/ - RO E5 R - Risk; O - Opportunity; Positive impact; Negative impact; Materiality threshold The highest absolute value, whether from an impact perspective, regardless of whether it is positive or negative, or from a financial perspective, regardless of whether it is from a risk or opportunity perspective, within each topic is used to determine its position in the materiality matrix. For example, the topic of Climate Change was classified as critical from an impact perspective (due to a positive impact) and as significant from a financial perspective (due to the identification of both an opportunity and a risk, both of which received the same classification). Nevertheless, other positive and negative impacts were also identified, as well as other risks and opportunities, which were assessed as material but with a lower grade. It should be noted that E4 and E1 were both graded in the same way; therefore, for presentation purposes, they have been placed side by side, which does not imply any greater impact on the climate change topic. FINANCIAL MATERIALITY =
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117 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Innovation, technology and sustainability guide Corticeira Amorim’s operations, underpinned by the vital contribution of its workers.
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118 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Value Chain overview Material impacts, risks and opportunities across the value chain Mining and resource extraction Production and processing of glass, metals and chemical products Production and processing of fuels and derivatives Packaging production Oil extraction Timber extraction Cork extraction Forestry management Transport The impacts, risks and opportunities represented in this overview refer only to those that have been assessed as critical from an impact perspective, from a financial materiality perspective, or from both perspectives. It should be noted that, in the case of negative impacts, no critical impacts were identified; accordingly , the negative impacts assessed as significant are presented. The following figure is a visual representation of the entire value chain of Corticeira Amorim. More information, including a more detailed description of the key players, can be found in section 8.1.3 A. Strategy , business model and value chain. Energy suppliers Transport and logistics Transport and logistics Winemaking Retail Product use Recycling Collection and reuse Landfilling Distribution units Industrial units Raw material preparation units Joint ventures Distribution warehouses Upstream Own Operations Downstream RAW MATERIAL EXTRACTION SHAREHOLDERS AND INVESTORS PRODUCTION, PROCESSING AND DISTRIBUTION WORKERS OF CORTICEIRA AMORIM DISTRIBUTION PRODUCT USE END OF PRODUCT LIFE SUPPLIERS WORKERS IN THE VALUE CHAIN COMMUNITYCLIENTS RAW MATERIAL EXTRACTION PRODUCTION AND PROCESSING TRANSPORT COMMUNITY WORKERS IN THE VALUE CHAIN SUPPLIERS 1 1 13 2 5 6 4 8 13 14 15 16 18 19 7 17 23 229 10 11 12 21 26 9 112 20 26 24 20 25 27
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119 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 1 Energy consumption from non-renewable fossil sources 2 Water consumption and withdrawal in areas at risk of water stress 3 Extraction and use of non-renewable resources 4 Packaging containing plastic and other virgin non- renewable raw materials 5 Production of non-recyclable waste 6 Workers’ exposure to health and safety risks 7 Provision of low-carbon products with low CO₂ emissions and a negative carbon footprint 8 Commitment to decarbonisation, with science-based targets (SBTI) for greenhouse gas emissions 9 CO₂ sequestration and storage resulting from good forest management practices, the promotion of cork oak forests, and the preservation and restoration of ecosystems essential for carbon sequestration, including afforestation and reforestation activities 10 Preservation and increase of the cork oak population, its profitability, and resilience, through technical training and support for forestry producers 11 The cyclical nature of cork oak bark regeneration allows cork harvesting to take place without deforestation 12 Valorisation of raw materials with forestry certification (FSC®) 13 Valorisation of 100% of the cork used in industrial processes. 14 Offering adequate wages, supplementary benefits and access to social protection 15 Continuous professional growth, progression and development of new skills acquired through continuous training 16 Diversity, equal pay and equal opportunities 17 External certifications attesting to compliance with specific product quality and safety requirements 18 High standards of ethics, business conduct and environmental and social responsibility 19 Promotion and safeguarding of best corporate responsibility practices through the implementation of various external certifications 20 Physical risks related to thermal stress, temperature variations, heatwaves, changes in precipitation patterns, water stress and drought 21 Disruption to the cork raw material supply chain due to reduced availability or a shortage of raw materials 22 Changing consumption patterns in the wine sector 23 The lack of an efficient collection system for end-of-life cork stoppers, which could jeopardise recycling programmes and sustainability targets 24 Opening up of new markets associated with greater penetration/demand for low CO₂ emission solutions on the market 25 Reduced operational costs associated with energy consumption as a result of greater energy efficiency and less energy- intensive processes 26 Increased resilience, profitability and availability of future cork raw material through new technologies and new forms of forestry and subericulture 27 Reputational gains due to a responsible, ethical and positive corporate culture Negative Impacts Positive Impacts Risks Opportunities
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120 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Overview of material impacts, risks and opportunities The following table summarises the impacts, risks, and material opportunities identified within the scope of the double materiality assessment, serving as a reference for defining the strategic priorities and sustainability disclosures of Corticeira Amorim. Environment IRO +/- A/P OO/U/D Time horizon Policies ESRS E1: Climate change 1 - Climate change adaptation Commercialisation of products aimed at improving the energy efficiency of buildings that promote climate adaptation I A OO General Sustainability Policy Energy, Environment and Biodiversity Policy Transition opportunity arising from access to new markets due to the climate change resilient business model and portfolio of products that promote adaptation to climate change O D Physical risks related to heat stress, changing temperature, heat waves, changing precipitation patterns, water stress and drought R OO Supply chain and logistics disruptions and/or shortage of cork raw material due to physical climate risks related to changes in temperature patterns, water stress, droughts, and wildfires R U + OO Establishment of strategic stock levels of raw material cork to manage production variations due to climate factors O OO Conduct a climate scenario analysis and develop a transition plan for climate change mitigation O OO 2 - Climate change mitigation Contribution to global warming due to Greenhouse Gas emissions, scope 1 and 2 I A OO General Sustainability Policy Energy, Environment and Biodiversity Policy Contribution to global warming due to Greenhouse Gas emissions, scope 3 I A U + D Transition risk, particularly in the political, legal and technological fields R OO Offering low-carbon products with reduced CO₂ emissions and a negative carbon footprint, associated with cork’s natural ability to retain carbon I A OO Competitive advantage and opening up of new markets associated with greater penetration/demand for reduced CO₂ emission solutions on the market O D Sequestration and storage of CO₂ resulting from good management practices in cork oak forests, forests and ecosystems I A U + OO Access to capital and new market segments through carbon credit trading O OO The creation of a model that enables economies of scale in the sale of carbon credits for small forest producers is an opportunity to strengthen partners’ economies, promoting the resilience of the supply chain O U + OO Transition opportunities, namely related to products and services, market and business model resilience O OO + D Access to dedicated green financing instruments, with a lower cost of capital, and attraction of investors due to reduced exposure to transition risks O OO Internal carbon pricing O OO
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121 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Environment IRO +/- A/P OO/U/D Time horizon Policies ESRS E1: Climate change 3 - Energy Energy consumption from non-renewable fossil sources I A OO General Sustainability Policy Energy, Environment and Biodiversity Policy Energy consumption from non-renewable fossil resources associated with value chain activities I A U + D Increase in operational, transportation or raw material costs along the supply chain and/or business disruption due to scarcity and dependence on fossil fuels, affecting fuel prices (Diesel, Natural Gas, Liquefied Petroleum Gases) R U + OO Increase in operational costs and fuel prices due to the rise in the tax on the use of petroleum products (ISP) or other additional taxes such as the carbon tax R U + OO Rising costs of renewable energy due to uncertainty in the energy futures market R U Production and consumption of thermal energy (heat) from biomass and use of renewable energy sources as the main source of energy I A OO Greater resilience to rising energy prices due to market independence achieved through the use of self-produced energy (electrical and thermal) O OO The increase in installed capacity for self-production of energy from renewable sources has contributed to energy security, reducing exposure and energy dependence, but also to the reduction of energy costs O OO Reduced operational costs associated with energy consumption as a result of greater energy efficiency and less energy-intensive processes O OO Placing on the market of energy-efficient products, namely thermal insulation products, which enable the reduction of energy consumption in buildings and communities I A OO ESRS E2: Pollution 1- Pollution of air Direct and fugitive emissions of air pollutants I A OO Energy, Environment and Biodiversity Policy Investments in new technologies and processes due to stricter restrictions on emission limit values (EL Vs) R OO Complaints, litigation proceedings, and reputational damage arising from potential community grievances related to air quality issues or potential environmental incidents resulting in pollution, damage, or depreciation of assets in surrounding communities R D Attraction of investors and access to funds due to the alignment of investments (CapEx) in pollution prevention and reduction technologies with 1 of the 6 objectives of the European T axonomy O OO
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122 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Environment IRO +/- A/P OO/U/D Time horizon Policies ESRS E3: Water and marine resources 1 - Water Contribution to water scarcity due to water consumption and withdrawal in areas at risk of water stress I A OO Energy, Environment and Biodiversity Policy Reduced cork production and extraction capacity due to water scarcity affecting cork oak forest and forest management activities R U + OO Reduction in production capacity or interruption in industrial activities due to water scarcity affecting industrial processes R OO Increased costs and/or disruption of activities due to limited availability of water for production processes R OO Risk of ineffective governance of hydrological basins affecting the availability and quality of freshwater for forest management and cork oak forest management activities R U Reduced water availability resulting from regulatory restrictions on water withdrawal or imposed reductions in authorised water withdrawal permits R OO Litigation proceedings and sanctions resulting from non-compliance with existing water withdrawal permits R OO Reputational damage and sanctions due to potential discharges of contaminated water into rivers or other bodies of water R OO Cost reduction, increased resilience and reduced exposure to the risk of water stress due to more efficient and rational use of water O OO Attraction of investors and access to funds due to the alignment of investments in water efficiency with 1 of the 6 objectives of the European T axonomy O OO Good cork oak forest management practices that contribute to the preservation of groundwater reserves, regulation of the hydrological cycle and the quality and availability of freshwater I A U + OO ESRS E4: Biodiversity and ecosystems 1 - Direct impact drivers of biodiversity loss Contribution to reducing biodiversity loss caused by climate change by increasing GHG sequestration resulting from afforestation or reforestation activities I A OO General Sustainability Policy Energy, Environment and Biodiversity Policy Preservation and restoration of key ecosystems for carbon sequestration such as cork oak forests I A OO The cyclical nature of cork oak bark regeneration allows cork harvesting to take place without deforestation I A OO Direct exploitation and deforestation in upstream activities in the value chain I A U Risk of increased costs and/or business disruption due to limited or no access to necessary raw materials caused by direct exploitation R U 2 - Impacts on the state of species Contribution to the reduction in the cork oak population size due to poor harvesting practices, which damage the tree, or the conversion of cork oak forests into forests of other species I P U General Sustainability Policy Energy, Environment and Biodiversity Policy Increasing the cork oak population through planting/forest densification I A OO Contribution to the increase of cork oak climate resilience through research and development programmes I A OO Preservation and increase of the cork oak population, its profitability, and resilience, through technical training and support for forestry producers I A OO
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123 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Environment IRO +/- A/P OO/U/D Time horizon Policies ESRS E4: Biodiversity and ecosystems 3 - Impacts on the extent and condi tion of ecosystems Desertification resulting from upstream activities in the value chain (deforestation and mining) I A U General Sustainability Policy Energy, Environment and Biodiversity Policy Contribution to reducing soil degradation, preservation and conservation through cork oak forest management activities I A U + OO Contribution to soil protection, nutrition and water conservation through the incorporation of by-products/waste I P OO 4 - Impacts and dependencies on ecosystem services Promoting cork oak forests, biodiversity and ecosystem services through good forest management practices I A OO General Sustainability Policy Energy, Environment and Biodiversity Policy Increased resilience, profitability and availability of future cork raw material through new technologies and new forms of forestry and subericulture practices with a view to increasing resilience and survival rate, and reducing cork harvesting cycles O U + OO Attraction of investors and access to funds due to the alignment of activities with 1 of the 6 objectives of the European T axonomy O OO Contribution to the promotion of biodiversity and ecosystem services through the valorisation of raw materials from suppliers with forestry certification (FSC®) I A OO Risk of increased costs and/or disruption of the cork raw material due to deterioration of ecosystem services R U ESRS E5: Resource use and circular economy 1 - Resource inflows including resource use Use of non-renewable resources I A OO General Sustainability Policy Energy, Environment and Biodiversity Policy Extraction and use of non-renewable resources resulting from activities across the value chain I A U + D Increased costs or even disruption of the raw materials supply chain due to reduced availability or scarcity of resources, influencing supply and demand R U Increased costs due to stricter regulations on the extraction and use of non-renewable resources R U Risk of new regulations in the timber sector R OO Transition to less resource-intensive processes, particularly through operational efficiency and the maximisation of resources, as well as circular economy practices such as the reintegration and utilisation of all by-products as raw materials O OO Automation, digitalisation and operational efficiency are vectors of resource efficiency and competitiveness, making it possible to reduce operating costs and increase the overall profitability O OO 2 - Resource outflows related to products and services Packaging containing plastic and other non-renewable virgin raw materials I A OO General Sustainability Policy Energy, Environment and Biodiversity Policy Risk of increased taxes on the use of plastics, increased packaging costs and the need to invest in new technologies to reduce plastic use R OO + D
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124 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Environment IRO +/- A/P OO/U/D Time horizon Policies ESRS E5: Resource use and circular economy 2 - Resource outflows related to products and services Contribution to the circular economy through the commercialisation of products with a high recyclability rate I A OO General Sustainability Policy Energy, Environment and Biodiversity Policy Reputational gains and access to new markets due to circular design and the adoption of circular economy policies and commitment O OO Placing renewable, recyclable and low-energy packaging products (stoppers) on the market I A OO Increased demand for products less intensive in non-renewable resources O D Possibility of penetrating new market segments due to restrictions on the use of single-use plastic packaging (plastic stoppers) O OO Development and/or increase of competition from alternative stoppers to cork R D Risk of changing consumption patterns in the wine sector R D Difficulty in organising the cork stopper collection logistics due to the lack of a specific waste stream for this purpose. The lack of efficiency in collection can compromise recycling and sustainability programmes R D Difficulties in meeting customer expectations about the end-of-life of cork products and providing visibility for cork as the most sustainable alternative among competing materials, given that alternative closure segments such as glass, metal and plastic have significantly more mature and dynamic waste collection and recycling streams R OO Reputational gains and reduction of operational costs through reverse-logistics initiatives for the reuse of packaging materials (e.g., cardboard and pallets) O OO Attraction of investors and access to funds due to the alignment of activities with 1 of the 6 objectives of the European T axonomy O OO 3 - Waste Contribution to waste reduction through the valorisation of 100% of the cork used in industrial processes I A OO General Sustainability Policy Energy, Environment and Biodiversity Policy Production of non-recyclable waste I A OO Risk of reputational damage and reduced sales volumes arising from adverse changes in societal, customer, or community perceptions regarding the generation and management of non-recyclable waste R OO Social IRO +/- A/P OO/U/D Time horizon Policies ESRS S1: Own workforce 1 - Working conditions Workers' exposure to health and safety risks that can lead to physical injuries or occupational illnesses I A OO Human Resources Policy Human Rights Policy Diversity Policy Privacy Policy Code of Business Ethics and Professional Conduct Increased turnover and absenteeism resulting from work accidents and work-related illnesses R OO
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125 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Social IRO +/ - A/P OO/U/D Time horizon Policies ESRS S1: Own workforce 1 - Working conditions Contribution to secure employment and financial stability of employees by offering permanent contracts with guaranteed working hours, further contributing positively to their well-being and to the stability and robustness of the economic fabric, as well as to the social and economic development of the society and regions in which these economic activities operate I A OO Human Resources Policy Human Rights Policy Diversity Policy Privacy Policy Code of Business Ethics and Professional Conduct Contribution to secure employment and financial stability of employees by offering adequate wages, supplementary benefits and access to social protection I A OO Risk of increased turnover, absenteeism and reduced attractiveness of Corticeira Amorim related to the potential non- payment of adequate wages or failure to adopt flexible working practices R OO Risk of increased labour costs due to regulations, standards and collective agreements R OO Openness to collective bargaining, freedom of association, social dialogue and consideration of employees’ views and interests in policies and decision-making processes I A OO Increased productivity and lower turnover and absenteeism due to consideration of workers’ needs O OO Positive impact on employees’ working conditions arising from collective bargaining coverage and structured social dialogue mechanisms I A OO Greater predictability in potential areas of conflict due to collective bargaining mechanisms and consideration of employees’ needs in decision-making processes O OO Contributing to work-life balance by offering a range of perks and benefits that are complementary to salary I A OO Reduced absenteeism and increased productivity and attractiveness due to the adoption of measures to reconcile personal and professional life O OO Risk of a shortage of skilled labour, including in the management of cork oak forests R OO 2 - Equal treatment and opportunities for all Potential gender inequality among Corticeira Amorim’s workers I P OO Human Resources Policy Human Rights Policy Diversity Policy Privacy Policy Code of Business Ethics and Professional Conduct Insufficient accessibility of facilities and difficulty in adapting some workstations for persons with disabilities I P OO Diversity, equal pay and equal opportunities and career progression for workers I A OO Continuous professional growth of workers, progression and development of new skills acquired through continuous training I A OO Increased motivation, productivity levels and higher product quality due to the continuous development of workers’ skills O OO 3 - Other work-related rights Litigation proceedings, sanctions, or remediation costs in the event of violations of workers’ privacy rights R OO Privacy Policy
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126 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Social IRO +/- A/P OO/U/D Time horizon Policies ESRS S2: Workers in the value chain 1 - Working conditions Excessive, unregulated working hours, leading to potential breaches of legislation and impacting on the work-life balance of workers in the value chain I P U Human Resources Policy Human Rights Policy Suppliers’ Code of Ethics and Conduct Possible reputational risk due to potential business relationships with suppliers associated with precarious, part-time and non-secure employment practices and unregulated working hours R U Exposure to health and safety risks with potential negative impacts on workers in the value chain I P U + D Operational disruption caused by workplace accidents, occupational illnesses, or fatalities within the supply chain arising from unsafe working conditions R U Risk of disturbance or disruption in the supply chain due to absenteeism, dissatisfaction or strikes by workers upstream in the value chain R U Contribution to the health and safety of workers from small cork producers through training and capacity-building, namely the sharing of best practices and the promotion of certification I P U Improved resilience to disruptions in the supply chain, resulting from a safe working environment for workers in the value chain O U Risk of exposure to legal proceedings or reputational damage due to the absence of a robust due diligence process R OO 2 - Equal treatment and opportunities for all Potential incidents of violence and harassment in the workplace against workers in the value chain I P U + D Human Resources Policy Human Rights Policy Suppliers’ Code of Ethics and Conduct Potential reputational risk resulting from connotation with cases of violence and harassment in the value chain R U Risk of reduced quality of procured products resulting from insufficient skills and knowledge among upstream value chain workers due to the lack of adequate training and skills development programmes R U 3 - Other work-related rights Potential practices of forced labour or child labour, more likely in geographies with less labour protection I P U + D Human Resources Policy Human Rights Policy Suppliers’ Code of Ethics and Conduct Risk of reputational damage due to connotation with incidents of child and/or forced labour in the value chain R U Potential negative impact on workers upstream and downstream in the value chain due to the breach of their personal information. The breach of workers’ privacy rights throughout the value chain can negatively affect workers’ satisfaction and motivation I P U + D ESRS S3: Affected communities 1 - Communities’ economic, social and cultural rights Contribution to the economic and social development of the local communities in which it operates, including that generated through social-solidarity initiatives and community-support programmes I A OO Community / Society Policy Code of Business Ethics and Professional Conduct 2 - Communities’ civil and political rights Involvement in open dialogues with local communities and civil society I A OO Community / Society Policy Code of Business Ethics and Professional Conduct
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127 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Social IRO +/- A/P OO/U/D Time horizon Policies ESRS S4: Consumers and end-users 1 - Information-related impacts for consumers and/or end-users Feedback channels accessible and available to all consumers and end-users I A OO Consumer Safety Policy Code of Business Ethics and Professional Conduct Improved products and access to new markets by analysing feedback from customers and end-users O OO Providing all relevant product information on the website or other communication tools I A OO Reputational opportunity due to the provision of clear and transparent information that allows consumers to make informed decisions O OO 2 - Personal safety of consumers and/or end-users External certifications attesting to the fulfilment of specific quality and safety requirements for products across different sectors and markets I A OO Consumer Safety Policy Legal proceedings, sanctions or remediation costs due to damage to the health of consumers and end-users R D Governance IRO +/- A/P OO/U/D Time horizon Policies ESRS G1: Business conduct 1 - Corporate culture High standards of ethics, business conduct and environmental and social responsibility in Corticeira Amorim’s intrinsic values I A OO Code of Business Ethics and Professional Conduct Code of Ethics and Conduct for Suppliers Purchasing Policy Promoting and safeguarding best corporate responsibility practices by implementing various external certifications I A OO Integration of sustainability-related performance into incentive schemes, particularly for executive directors I A OO Reputational gains due to a responsible, ethical and positive corporate culture O OO Increase in employee productivity and enhanced attractiveness and retention of human capital O OO 2 - Protection of whistleblowers Provision of whistleblowing channels in accordance with the General Data Protection Regulation (GDPR) and Directive (EU) 2019/1937, ensuring confidentiality, anonymity and non-retaliation I A OO Privacy Policy 3 - Management of relationships with suppliers including payment practices Possible delays in payments to suppliers I P OO Purchasing Policy 4 - Corruption and bribery Insufficient anti-corruption measures, including training for workers I P OO Anti-Corruption Code of Conduct Corruption and bribery practices carried out in own operations, upstream or downstream in the value chain I P U + OO + D Corruption and bribery practices involving high-risk roles, arising from their functions and responsibilities, may lead to business decisions that do not safeguard the Company’s interests R OO I - Impact; R - Risk; O - Opportunity; A - Actual; P - Potential; OO - Own operations; U - Upstream; D - Downstream Positive impact; Negative impact. - Short-term; - Medium-term; - Long-term
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128 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 The first debarking takes place when the tree trunk reaches a circumference at breast height of 70 cm. The cork removed in this first harvest is called “virgin” cork. Nine years later, the “secondary” cork is harvested. Following these two harvests, and every nine years thereafter, “amadia” cork is harvested; this type has a regular structure, with more uniform internal and external surfaces, and possesses the characteristics and qualities required for the production of cork stoppers.
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129 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Process of identifying impacts, risks and opportunities The identification of potentially relevant ESG topics and sub- topics was supported by internal and external document analysis, including industry trends and global megatrends, applicable industry standards, comparative analysis with relevant peers and benchmarks used by international ESG rating providers, ensuring a structured, industry-informed approach aligned with market expectations. This exercise involved thematic experts and functional specialists from the Organisation, selected on the basis of their expertise in the respective sustainability areas and their cross-functional knowledge of the business model. The initial meetings held contributed to the identification of the main relevant topics and to the development of the long list of potential impacts, risks and opportunities. Characterisation of the value chain Mapping the value chain was a fundamental step in the double materiality assessment, enabling a structured understanding of Corticeira Amorim’s context, activities and business relationships. The mapping enabled the classification of potential impacts, risks and opportunities according to their location upstream, in own operations or downstream, as well as the identification of relevant dependencies and areas susceptible to increased risk. The process began with the definition of organisational boundaries and the classification of the value chain into three categories: upstream, own operations and downstream. The Organisation’s activities were then mapped, including all companies within the defined perimeter , key value chain stakeholders were identified, critical dependencies were analysed, and potential sustainability matters and potentially affected stakeholders were identified. More detailed information on the value chain is described in section 8.1.3 A. Strategy , business model and value chain. Overview of the double materiality assessment process Corticeira Amorim’s double materiality assessment process was divided into five phases: 1. Preparation and identification of potential ESG material topics and sub-topics Compilation of a preliminary list of potentially material ESG topics, supported by document analysis, benchmarking, sectoral trends, and contributions from functional experts and thematic specialists of the Organisation. 2 Identification of impacts, risks and opportunities Based on the potentially material topics, a long list of potential impacts, risks and opportunities was compiled, considering the business model, the value chain, the time horizon, the actual or potential nature of the impacts, and the Organisation’s relationship with them, including impacts on human rights. 3. Impact and financial materiality assessment The impacts, risks and opportunities identified were assessed based on quantitative and qualitative parameters defined to determine their materiality. 4. Validation of preliminary results The preliminary results of the assessment, at the sub-topic level, were presented to the ECBD, the AUC, and the RC for validation and calibration. 5. Approval of the double materiality assessment After validation by the competent structures, the results were submitted to the Board of Directors for formal approval. The identified material impacts, risks and opportunities form the basis for determining the applicable disclosure requirements under the ESRS. 8.1.4 IMPACT , RISK AND OPPORTUNITY MANAGEMENT A. DESCRIPTION OF THE PROCESS TO IDENTIFY AND ASSESS MATERIAL IMPACTS, RISKS AND OPPORTUNITIES (IRO-1) Double materiality is a concept that guides the identification of sustainability topics or information that should be included in the Consolidated Sustainability Statement. This concept seeks to identify significant actual or potential impacts on society and the environment in the short, medium or long term associated with an organisation’s operations and its upstream and downstream value chain. The assessment also encompasses all sustainability risks and opportunities that could negatively or positively affect the development, performance and/or position of that organisation in the short, medium or long term and, as such, increase or decrease its corporate value. Regarding Corticeira Amorim, the process was conducted in accordance with the ESRS and with the due diligence approach on sustainability adopted by the Organisation, as described in section 8.1.5 Sustainability Due Diligence. Scope of the double materiality assessment The double materiality assessment comprised the identification and evaluation of material impacts, risks and opportunities related to ESG topics, taking into account not only Corticeira Amorim’s own operations, but also its upstream and downstream value chain. To identify the impacts, risks and opportunities in the operations themselves, all the Organisation’s BUs and companies were considered, in all the geographies where they operate. To ensure a comprehensive analysis of the value chain, the process considered the potential impacts, risks and opportunities throughout all activities, from the extraction and transformation of raw materials to the recycling activities of the products marketed, following a cradle- to-grave approach.
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130 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Stakeholder engagement Corticeira Amorim identifies eight main groups of stakeholders: shareholders and investors, customers, workers, official and governmental entities, suppliers, media, Non-Governmental Organisations (NGOs) and the community , and partners and civil society . In order to incorporate the points of view of these stakeholders into the process of identifying and assessing impacts, risks and opportunities, a structured exercise of internal and external consultation was conducted. The internal consultation included individual interviews, a focus group and questionnaires directed at male and female workers of the Organisation in different geographies. Twenty interviews were conducted, involving 33 thematic experts and functional specialists from various support areas and BUs, namely: Human Resources; Shipping Logistics; Investor Relations; Compliance; Sustainability; Risk Management; Procurement and Energy; responsible teams and departments in the areas of environment, health and safety , agroforestry and BU markets (BU approach). In addition, the process included 147 responses to internal questionnaires, bringing the total number of workers involved to 180. The external consultation was conducted through questionnaires addressed to stakeholders representing the main identified groups, with 48 responses collected. The stakeholder engagement process revealed a high degree of alignment between internal and external stakeholders on the main ESG topics, with these contributions being taken into account in the identification and prioritisation of impacts, risks and opportunities. A new structured round of consultations was not conducted in 2025, as it was considered that the conclusions of the previous exercise remain adequate for the reporting period, with no significant changes identified in the context that would justify its revision. < < < Characterisation, analysis and benchmark Internal and external consultation Potential topics 10 Shareholders and investors 7 Suppliers 14 Clients 3 Official and governmental bodies 2 NGOs and community 5 Partners and civil society 3 Others 2 Media 180 Workers Engagement with stakeholders
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131 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Quantitative impact materiality scales The quantitative scales used are summarised in the following tables. Positive impacts: Scale Scope Probability of occurrence 5 Very high 5 Global / total 4 Very high (>75%) 4 High 4 Widespread 3 Likely (>50%) 3 Medium 3 Medium 2 Unlikely (>25%) 2 Low 2 Concentrated 1 Very unlikely (<25%) 1 Very low 1 Limited 0 None 0 None Negative impacts: For negative impacts, in addition to the parameters of scale, scope and likelihood, the additional dimension of remediability was taken into account. Remediability 5 Irremediable/ irreversible 4 Very serious or long-term 3 Difficult or medium-term 2 With effort (time and cost) Methodology and process for assessing impact materiality After identifying the impacts, risks and opportunities, the topical experts assessed the materiality of the impacts according to the previously defined quantitative scales. Actual impacts were assessed on the basis of their severity , whilst potential impacts were assessed by considering both severity and probability of occurrence. Severity corresponds to the sum of three parameters: • Scale: refers to the severity of the impact - how serious the negative impact is or how beneficial the positive impact is for people or the environment; • Scope: refers to the extent of the impact - how far-reaching is the impact? In the case of environmental impacts, the scope may be understood as the extent of environmental damage or a geographical perimeter . In the case of impacts on people, the scope may be understood as the number of people affected; • Remediability: refers to the character of remediation - the extent to which negative impacts can be remedied, i.e. restoring the affected environment or people to their previous state. For actual impacts, materiality corresponds to the assessed severity . For potential impacts, severity was multiplied by the probability of occurrence, and the result was compared with the materiality threshold defined by the Organisation. The assessment was carried out separately for positive and negative impacts, with no offsetting between the two. In cases where a particular issue presented both negative and positive impacts, the assessment of the negative impact took precedence. Positive impacts were assessed independently , and effects resulting from mitigation, remediation or legal compliance were not considered as such. In cases where potential negative impacts on human rights were identified, severity took precedence over probability , in accordance with applicable international standards. Identification and classification of impacts, risks and opportunities Based on the potentially material topics, a long list of potential impacts, risks and opportunities associated with the Organisation’s operations and its value chain was compiled. The impacts, risks and opportunities were identified at the sub-topic or sub-sub-topic level, in accordance with the ESRS definitions, and classified: • By nature, distinguishing between actual and potential impacts; • By time horizon (short term <1 year; medium term 1–5 years; long term >5 years); • By their location in the value chain (upstream, own operations or downstream); • By the Organisation’s relationship to the impact, distinguishing situations where Corticeira Amorim directly causes the impact, contributes to it or is directly linked via business relationships. The impacts were also analysed for potential negative impacts on human rights; in such cases, severity took precedence over probability . During the identification of risks and opportunities, the interdependencies between impacts, risks and opportunities were considered. The identified impacts were analysed for their potential translation into financial effects, enabling the mapping of associated risks and opportunities. Relevant dependencies associated with the business model were also considered, including dependence on natural resources, human resources and strategic business relationships. The process also took into account the overall risk management system and the Company’s Risk Catalogue. This approach ensures consistency between impact materiality and financial materiality , as well as the integration of impacts, risks and opportunities into the Organisation’s overall risk management system.
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132 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Validation of preliminary results The functional experts, selected on the basis of their corporate responsibility for the areas assessed and their cross-functional understanding of the business model, calibrated the assessments carried out by the subject matter experts, ensuring strategic alignment and consistency at the Organisation’s consolidated level. The core project team, comprising members of the corporate sustainability team, including HCS, and the head of the cross- functional Risk Management area, integrated the contributions received and ensured methodological consistency and the overall coherence of the results. The results were subsequently presented to the AUC and the RC, which reviewed the process and the respective results within the scope of their remit, ensuring independent oversight and alignment with the Organisation’s overall risk management framework. The ECBD analysed and validated the process and the results of the double materiality assessment prior to their submission to the Board of Directors. This validation model constitutes a structured internal control mechanism that ensures an appropriate separation of responsibilities between technical assessment, functional calibration and oversight at the level of the specialist committees, thereby enhancing the reliability and traceability of the decisions taken. Approval of the double materiality assessment Following review by the AUC and the Risk Committee and validation by the ECBD, the results of the double materiality assessment were submitted to the Board of Directors for formal approval. Formal approval by the Board of Directors ensures the integration of double materiality into the Organisation’s strategic governance and reinforces accountability at the highest level of the Organisation’s governance structure. Following approval, the mandatory disclosure requirements applicable under the ESRS were determined. The probability of occurrence was assessed on a scale of 0 to 4, translated into a quantitative calculation factor . The quantitative scales used are summarised in the table below . Magnitude of financial impact Probability of occurrence 5 Very high 4 Very high (>75%) 4 High 3 Likely (>50%) 3 Medium 2 Unlikely (>25%) 2 Low 1 Very unlikely (<25%) 1 Very low 0 None Materiality calculation The score assigned to risks and opportunities was calculated by multiplying the magnitude by the quantitative probability factor . The score ranged from 0 to 5 and was compared with the quantitative threshold defined by the Organisation. Risks and opportunities with a score of 3 or higher were considered material for the purposes of reporting in the Consolidated Sustainability Statement. The time horizons considered (short term <1 year; medium term 1–5 years; long term >5 years) remained consistent with those used in the impact materiality assessment. The assessment also considered the interdependencies between previously identified impacts, risks and opportunities, ensuring consistency between impact materiality and financial materiality and reinforcing the integration of impacts, risks and opportunities into the Organisation’s overall risk management system. Materiality calculation For potential impacts, the score resulted from multiplying severity (scale + scope + remediability) by the quantitative likelihood factor . For actual impacts, the score corresponded to severity . The score ranged from 0 to 15, and was compared with a quantitative threshold of greater than or equal to 8 to determine which sustainability topics would be material for reporting purposes in the Consolidated Sustainability Statement. Methodology and process for assessing financial materiality Following the identification of risks and opportunities, subject matter experts assessed their materiality based on the potential magnitude of the financial effects and the respective probability of occurrence, applying predefined quantitative criteria. Magnitude corresponds to the estimated potential impact on the Organisation’s net revenue and expenses, reflecting the possible financial loss (in the case of risks) or the potential financial gain (in the case of opportunities). Probability reflects the likelihood of the identified risk or opportunity materialising. The methodology adopted is aligned with the Organisation’s overall risk management process, ensuring consistency with internal assessment criteria and integration into the existing management system. Wherever the direct quantification of financial effects proved impossible or insufficiently robust, complementary qualitative criteria, supported by reasoned technical judgement, were considered to inform the determination of the magnitude of the risk or opportunity within the defined scale. Quantitative scales of financial materiality The magnitude of the financial effects was defined on a scale of 0 to 5, supported by quantitative financial reference intervals adjusted to the Organisation’s specific circumstances. These criteria are aligned with the internal financial risk assessment process, ensuring comparability and integration into the existing risk management system.
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133 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 The approach adopted was geospatial and forward-looking, enabling the assessment of the exposure and sensitivity of assets and the supply chain to different global warming scenarios. Scope of the analysis At this stage, the analysis focused on all the Organisation’s owned or leased locations, critical suppliers, and geographical clusters representative of the main global cork-producing regions. Scenarios and time horizons In order to capture the uncertainty associated with future climate change and robustly characterise the Organisation’s exposure, the climate risk analysis considered three scenarios defined by the Intergovernmental Panel on Climate Change (IPCC), based on different socio-economic pathways (Shared Socioeconomic Pathways (SSP)): IPCC Scenario Global Warming Projection Disclosure SSP1-1.9 1.5 °C A low-emission scenario aligned with the 1.5 °C warming limit of the Paris Agreement and global net-zero by 2050. SSP2-4.5 2.1 °C to 2.4 °C Intermediate, moderate-emissions scenario, in which GHG emissions remain close to current levels before beginning to decline by mid-century. SSP5-8.5 Above 4 °C High-emissions scenario. As defined by the IPCC, current GHG emissions are projected to double by 2050. Three time horizons were considered: 2030, 2050 and 2100. This made it possible to assess the evolution of the exposure of assets, operations and the supply chain under different global warming trajectories and to understand how the impacts of physical risks evolve over time, in conjunction with strategic planning cycles and the expected useful life of key assets. • The transition risks and opportunities associated with regulatory , technological, market and reputational developments in the context of the transition to a carbon- neutral economy . The approach adopted is aligned with the requirements of ESRS E1 and the TCFD recommendations, and is integrated into the Organisation’s multidisciplinary risk management system and strategic planning. Description of the GHG emissions process The assessment of Corticeira Amorim’s impact on climate change was based on an analysis of its activities, assets and value chain, with a view to identifying the main sources of GHG emissions associated with its own operations and upstream and downstream activities. The assessment of climate impacts combined the quantification of total GHG emissions (Scopes 1, 2 and 3), carried out in accordance with internationally recognised methodologies, with qualitative analyses of the value chain and the most carbon-intensive activities, enabling the relevance of the identified impacts to be assessed and supporting the definition of targets and actions under the Climate Transition Plan. The process involved internal experts responsible for energy and climate matters, ensuring methodological consistency , alignment with the decarbonisation strategy and integration with the medium- and long-term objectives defined by the Organisation. Description of the climate-related physical risk assessment process In 2025, Corticeira Amorim began developing an analysis of physical climate risks, with the aim of identifying relevant hazards and assessing the exposure and sensitivity of its assets, operations and value chain. The work is still ongoing and has been structured in accordance with the TCFD recommendations and the applicable requirements of ESRS E1, ensuring a progressive methodological approach aligned with best practice. Review of the double materiality assessment In 2025, Corticeira Amorim reviewed its double materiality assessment, incorporating the experience gained during the first reporting cycle under the ESRS and the latest technical guidance from EFRAG. The review focused, in particular , on the standalone assessment of positive impacts, ensuring that these are assessed independently , without offsetting them against negative impacts and excluding effects arising from mitigation, remediation or legal compliance actions, as well as ensuring the distinction between positive impacts directly attributable to the Organisation’s activities, products or services and effects arising from the management of negative impacts to which the Organisation is linked. The process led to specific adjustments in the classification of certain subtopics and to the removal of previously reported elements which, in light of the most recent technical guidelines, are now considered to be mitigation measures rather than positive impacts. However , there were no materially significant changes in the main focus areas previously identified. The results of the review were submitted to the relevant governing bodies, in line with the validation and approval model described in this section, and the Board of Directors was informed and approved the adjustments made and the confirmation that the main areas of focus previously identified would be maintained. Climate-related impacts, risks and opportunities (E1 IRO-1) Description of the process to identify and assess As part of the process to identify and assess material impacts, risks and opportunities, Corticeira Amorim has systematically integrated climate change considerations, covering: • The impacts of its operations and value chain on climate change, particularly through GHG emissions; • Chronic and acute physical climate risks likely to affect its own operations and the value chain;
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134 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Description of the process for assessing climate-related transition events The transition events were identified on the basis of the same climate scenarios used in the global physical risk analysis (SSP1- 1.9, SSP2-4.5 and SSP5-8.5). In addition to physical projections, these scenarios incorporate distinct socio-economic and climate policy trajectories, influencing the pace of regulatory transition, technological evolution, carbon prices, the transformation of value chains, consumer preferences and investor expectations. The 1.5 °C-aligned scenario (SSP1-1.9) was used as a benchmark for identifying transition events compatible with the Paris Agreement, enabling the classification of relevant transition events in the following domains: • Political and legal, including the strengthening of carbon pricing mechanisms, increased reporting obligations, evolving regulatory requirements applicable to products and production processes, and increased exposure to litigation risk; • T echnological, associated with the need for investment in low- carbon technologies, process electrification, replacement of existing solutions, and the risk of asset obsolescence; • Market, including changes in product demand, evolving raw material and energy costs, and greater volatility in market signals; • Reputational, arising from changing expectations of customers, investors and other stakeholders, as well as increased scrutiny of climate performance. The exposure assessment considered the sensitivity of assets and activities to these events, taking into account their potential magnitude and probability of occurrence across the various scenarios analysed. Opportunities associated with the climate transition were also identified, including strengthening the competitiveness of low- carbon products, promoting nature-based solutions, accessing sustainable finance, and recognising the role of cork oak forests as carbon sinks. The identification of hazards was based on regional climate data and scientific projections consistent with the selected scenarios, taking into account the specific geospatial coordinates of the locations analysed. The identification, grading and analysis of exposure were supported by probabilistic modelling based on Monte Carlo simulations, allowing for the incorporation of the uncertainty associated with climate projections and the characterisation of the probability distribution of hazard occurrence in each scenario and time horizon. Identification and assessment of exposure Thirty-eight categories of climate hazards were assessed, including chronic physical risks such as changes in average temperature, water stress, drought, changes in precipitation patterns and thermal variability , and acute physical risks such as heatwaves, extreme precipitation, flooding, extreme wind and forest fires. Below are some examples, though not an exhaustive list, of potential climate-related physical hazards considered in this exercise. Classification of climate-related hazards (Source: Commission Delegated Regulation (EU) 2021/2139) T emperature-related Wind-related Water-related Solid mass-related Chronic Changing temperature (air, freshwater, marine waters) Changing wind patterns Changing precipitation patterns and types (rain, hail, snow/ice) Coastal erosion Heat stress Precipitation or hydrological variability Land degradation T emperature variability Ocean acidification Soil erosion Permafrost thawing Saline intrusion Solifluction Sea level rise Water stress Acute Heat wave Cyclones, hurricanes, typhoons Drought Avalanche Cold wave/frost Storms (including blizzards, dust and sandstorms) Heavy precipitation (rain, hail, snow/ice) Landslide Forest fires T ornado Flood (coastal, fluvial, pluvial, ground water) Subsidence Glacial lake outburst
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135 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Biodiversity and ecosystem-related impacts, risks and opportunities (E4 IRO-1) As part of the thematic analysis on biodiversity and ecosystems, the locations of Corticeira Amorim’s assets and activities were considered, as well as relevant activities throughout the value chain that could affect habitats, species and ecosystem services. With a view to identifying actual and potential impacts, a geospatial mapping exercise was carried out to identify the locations where these activities take place, with the aim of determining whether they overlap with or are situated near areas of biodiversity sensitivity . The analysis was supported by the Integrated Biodiversity Assessment Tool (IBAT), which incorporates internationally recognised classification systems, including the Natura 2000 network and other nationally designated protected areas. Where available, internal technical information was also taken into account. The identification and assessment of impacts and dependencies also took into account the recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD), namely the LEAP approach (locate, estimate, assess and prepare), enabling the analysis of interactions between the Organisation’s activities and nature to be structured. Relevant dependencies associated with agroforestry activities and the sourcing of natural raw materials were identified, including ecosystem services related to soil fertility , water regulation and resource availability . With regard to sites located in sensitive areas, parts of the agroforestry operation were identified as falling within the Natura 2000 network, and management measures compatible with the applicable requirements have been implemented. Based on the analysis carried out, no situations were identified that would require the adoption of mitigation measures in addition to those already incorporated into the applicable management and conservation instruments. The assessment also took into account the risks and opportunities associated with the identified interactions, including potential regulatory , operational and reputational implications, as well data from the environmental management systems in place and relevant operational records. The perspectives of relevant stakeholders were also taken into account in the context of the consultation exercise carried out, including, where applicable, potentially affected communities. Water and marine resources-related impacts, risks and opportunities (E3 IRO-1) As part of the thematic analysis relating to water and marine resources, Corticeira Amorim’s assets and operational activities were considered, as well as activities carried out throughout the value chain that are likely to affect the availability , quality or use of water. The identification and assessment of these impacts were supported by contributions from the specialists responsible for the technical monitoring of this issue within the Organisation’s various companies. The analysis incorporated the ongoing monitoring of water stress risk at water withdrawal sites, as well as relevant information from internal environmental management systems, specifically data on water consumption, abstraction and waste water discharges. At the time of the last assessment, 96.8% of water withdrawal points were located in areas classified as having high or extreme water stress, and this information was taken into account when mapping the associated impacts, risks and opportunities. The perspectives of relevant stakeholders were also taken into account in the context of the consultation exercise carried out, including, where applicable, potentially affected communities. The transition risks and opportunities are aligned with the Organisation’s Climate Transition Plan and integrated into the overall risk management system. Integration into governance and strategic planning The assessment of climate impacts, risks and opportunities is integrated into Corticeira Amorim’s overall risk management system, covering identification, assessment, prioritisation, treatment and monitoring. The results of the identification and assessment process inform: • The setting of emissions reduction targets; • The planning of investments in energy and water efficiency; • Decisions regarding forest management and raw material sourcing; • The strengthening of supply chain resilience; • The development of products and solutions aligned with the climate transition. Climate scenario analysis is a key tool for the forward-looking assessment of exposure to physical and transition risks, supporting strategic, investment and capital allocation decisions in the short, medium and long term. Pollution-related impacts, risks and opportunities (E2 IRO-1) As part of the thematic analysis on pollution, the locations of Corticeira Amorim’s facilities and operational activities were considered, as well as activities carried out throughout the value chain that are likely to generate emissions to air , water or soil, with both actual and potential impacts being assessed. The identification and assessment of these impacts were supported by contributions from environmental specialists within the Organisation’s various companies, who are responsible for the technical monitoring of pollution-related matters. The analysis took into account information derived from environmental monitoring, the legal framework and applicable licensing conditions, as well as
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136 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 The identification of material impacts, risks and opportunities formed the basis for determining the disclosure requirements and respective data points set out in the ESRS to be considered in the preparation of this Consolidated Sustainability Statement of Corticeira Amorim, as systematised in section 8.13.3 Disclosure requirements set out in ESRS covered by the Company’s sustainability statements. Where a disclosure requirement did not correspond to an identified material impact, risk or opportunity , the respective data point or disclosure requirement was not included in this statement. Business conduct-related impacts, risks and opportunities (G1 IRO-1) As part of the double materiality assessment, impacts, risks and opportunities relating to corporate conduct were also identified and assessed. The analysis took into account the Group’s own operations and commercial relationships throughout the value chain, based on criteria such as the nature of the activity , the sectors in which it operates, the relevant geographical areas, and the structure of transactions and business relationships. The identification process was carried out with the involvement of specialists responsible for areas such as legal affairs, compliance, ethics, risk management, procurement, investor relations and business relationships. Factors such as principles of business ethics and integrity , legal compliance, management systems, exposure to risks of corruption and bribery , conflicts of interest, anti-competitive practices and supply chain integrity were considered, taking into account the location of activities, the nature of operations and the contractual structure underlying the relevant transactions. B. DISCLOSURE REQUIREMENTS IN ESRS COVERED BY THE UNDERTAKING’S SUSTAINABILITY STATEMENTS (IRO-2) As a result of the double materiality assessment process, described in section 8.1.4 A. Description of the process to identify and assess material impacts, risks and opportunities, those impacts, risks and opportunities that scored at or above the thresholds defined for each materiality dimension were considered material. Specifically , impacts, risks and opportunities that scored 8 or higher in the impact materiality perspective or 3 or higher in the financial materiality perspective were classified as material, in accordance with the previously established scoring methodology . as physical and transition risks emerging in the context of evolving policies and expectations relating to biodiversity . The perspectives of relevant stakeholders, including potentially affected communities, were considered as part of the consultation exercise carried out. The Organisation intends to further develop, in subsequent cycles, the integration of specific methodologies for the analysis of systemic risks and scenarios related to biodiversity , in line with evolving international best practices. Resource use and circular economy-related impacts, risks and opportunities (E5 IRO-1) As part of the thematic analysis on resource use and the circular economy , the study considered the assets, operational activities and products marketed by Corticeira Amorim, as well as the markets in which it operates, taking into account relevant activities throughout the value chain that are likely to influence raw material inputs, resource efficiency , waste generation and material flows. The identification and assessment of actual and potential impacts were supported by the involvement of subject matter experts responsible for resource efficiency and the circular economy , as well as by procurement departments and BU managers, who are directly involved in raw material management, product development, by-product recovery and the definition of procurement criteria. Operational and technical data were considered regarding the consumption of raw materials, energy and water; waste recovery rates; the integration of by-products; circularity solutions associated with products and their respective application markets; as well as the applicable legal framework and management systems implemented across the Organisation’s various companies. The perspectives of relevant stakeholders were also taken into account as part of the assessment exercise, including stakeholders with a specific interest in resource efficiency , material circularity and waste management within the Organisation.
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137 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 • Engagement with stakeholders, incorporating relevant perspectives into the identification, assessment and management of impacts; • Continuous improvement, ensuring the review and progressive strengthening of the system in line with regulatory developments and stakeholder expectations. B. EMBEDDING DUE DILIGENCE IN GOVERNANCE, STRATEGY AND BUSINESS MODEL Due diligence is a fundamental element of Corticeira Amorim’s approach to managing its impacts, risks and opportunities in relation to human rights and the environment. It is integrated into governance mechanisms and key decision-making and management processes, ensuring a link between the management of adverse impacts and the setting of strategic priorities. The oversight of sustainability due diligence is integrated into Corticeira Amorim’s existing governance mechanisms. As part of their strategic oversight and risk management responsibilities, the Board of Directors and the ECBD monitor key sustainability issues, including relevant risks and impacts relating to human rights and the environment. Due diligence is linked to: • The corporate risk management system; • The process for assessing material sustainability impacts, risks and opportunities; • The relevant internal policies and procedures; • The strategic planning and the relevant operational processes of the various BUs. This framework ensures the cross-cutting integration of due diligence into governance and management processes, promoting the structured consideration of these issues when defining organisational responses. 8.1.5 SUSTAINABILITY DUE DILIGENCE Respect for human rights and the protection of the environment are central to Corticeira Amorim’s responsibility as a global organisation operating within complex value chains. The Company is committed to preventing, mitigating and, where applicable, remedying actual or potential negative impacts within its own operations and throughout the value chain. The approach adopted is aligned with Directive (EU) 2024/1760 on corporate sustainability due diligence (CSDDD), the UN Guiding Principles on Business and Human Rights, and the Organisation for Economic Co-operation and Development (OECD) Guidelines for Multinational Enterprises. Further details on Corticeira Amorim’s formal approach to human rights and environmental due diligence can be found in the public document “Human Rights and Environmental Due Diligence”, available on the Organisation’s website. A. DUE DILIGENCE GUIDING PRINCIPLES Corticeira Amorim’s due diligence is applied on the basis of an impact-oriented approach, centred on managing negative impacts on people and the environment, prioritising the most serious situations, regardless of their financial significance. The approach is based on the following principles: • A risk-based approach, concentrating efforts on the most significant impacts, depending on activities, contexts and business relationships; • Proportionality and reasonableness, defining measures proportionate to the severity of the impacts, the degree of the Organisation’s involvement and its capacity to influence, in accordance with the principle of the duty of means; • Integration into governance and strategic decisions, incorporating due diligence into strategy definition, risk management and decision-making processes; • Focus on the most severe impacts, prioritising impacts that are serious, irreversible or likely to affect potentially vulnerable groups; Statement on due diligence (ESRS 2 GOV-4) Core elements of due diligence a) Embedding due diligence in governance, strategy and business model Integration of due diligence into governance mechanisms and key decision- making and management processes, ensuring coordination with the risk management system and the double materiality assessment (section 8.1.5 B.). Policies and training on the Code of Business Ethics and Professional Conduct, including human rights topics (section 8.12.2 A.). b) Engaging with affected stakeholders in all key steps of the due diligence Structured engagement with affected stakeholders, including the use of credible proxies, to support the identification, assessment and management of impacts (section 8.1.5 E). Means of communication and consultation with stakeholders and whistleblowing channel (sections 8.1.3 B., 8.1.4 A. and 8.12.2 A.). c) Identifying and assessing adverse impacts Identification and assessment of actual and potential adverse impacts on human rights and the environment, methodologically aligned with the double materiality assessment process (section 8.1.5 C.). Double materiality assessment (section 8.1.4 A.). d) T aking actions to address those adverse impacts Definition and implementation of prevention, mitigation and remediation measures, proportionate to the severity of the impacts and the degree of the Organisation’s involvement (sections 8.1.5 D. and 8.1.5 F). Actions described in the thematic sections of the Consolidated Sustainability Statement (sections 8.3.2 B., 8.4.2 B., 8.5.2 B., 8.6.2 B., 8.7.2 B., 8.8.2 D., 8.9.2 D., 8.10.2 D., 8.11.2 D.). e) Tracking the effectiveness of these efforts and communicating Monitoring the effectiveness of the measures adopted and periodically reviewing the due diligence system, ensuring its alignment with the double materiality framework and with sustainability reporting (section 8.1.5 G.).
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138 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 D. ACTIONS TO PREVENT , MITIGATE AND REMEDY NEGATIVE IMPACTS Based on the identified and prioritised impacts, the Organisation defines and implements measures aimed at preventing, mitigating, ceasing or remedying negative impacts. The definition of these measures is guided by the severity and probability of the impacts and is proportionate to the severity of the impact and the degree of the Organisation’s involvement. Measures may include, depending on the context: • The integration of requirements into internal policies and procedures; • The inclusion of contractual clauses and codes of conduct applicable to business partners; • The conduct of audits and the development of improvement plans; • The promotion of training and capacity-building initiatives; • The exercise of influence with entities to which the Organisation is directly linked, with regard to negative impacts. Within the value chain, the approach prioritises engagement and collaboration with business partners, promoting the progressive improvement of practices identified as likely to generate negative impacts. Where Corticeira Amorim has caused or contributed to actual negative impacts, it undertakes to ensure or cooperate in the appropriate remediation of such impacts, depending on the nature and specific circumstances of each situation. The specific actions associated with the material topics are described in the relevant thematic sections of this Consolidated Sustainability Report. C. IDENTIFICATION AND ASSESSMENT OF ADVERSE IMPACTS ON HUMAN RIGHTS AND THE ENVIRONMENT The identification of adverse impacts is based on a multidimensional, risk-based approach that takes into account the nature of the Organisation’s activities and those of its companies, geographical and sectoral contexts, products and services, and business relationships throughout the value chain, including risk factors associated with business partners. The identified impacts are classified as actual or potential, and for each one, the nature of Corticeira Amorim’s involvement is determined, distinguishing between situations where the Organisation causes the impact, contributes to it, or is directly linked to it through its business relationships. Within the value chain, due diligence generally focuses on first-tier suppliers, and may be extended in a targeted manner to lower tiers whenever there is plausible information indicating a relevant risk. The identified impacts are subsequently assessed and ranked according to the severity and probability criteria defined in the double materiality assessment process described in section 8.1.4 Impact, risk and opportunity management, ensuring methodological consistency between the two. Formal prioritisation is carried out within this framework, with due diligence constituting a structured input for the identification of the material topics reported. E. ENGAGEMENT WITH AFFECTED STAKEHOLDERS Engagement with stakeholders is guided by a risk-based approach, prioritising those who are potentially most affected or vulnerable, including workers within the Organisation and its value chain, local communities, and other groups most exposed to adverse impacts. The approach prioritises active listening, constructive dialogue and the effective consideration of the concerns and expectations expressed, ensuring that these are analysed within internal decision- making processes. Engagement may take various forms, appropriate to the context and type of stakeholder , including direct dialogue, consultations, interactions during audits, and the use of communication channels provided by the Organisation, including complaint mechanisms. Where direct engagement is not feasible, credible proxies may be used, including legitimate representatives or specialist organisations. Engagement provides a key input for identifying and assessing impacts, for defining and prioritising actions, and for monitoring the effectiveness of the measures adopted. Detailed information is provided in the relevant thematic sections of this Consolidated Sustainability Report.
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139 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Assessment of priority impacts on human rights and the environment As part of its due diligence system, Corticeira Amorim identifies and assesses actual and potential negative impacts on human rights and the environment throughout its operations and value chain. In line with Directive (EU) 2024/1760 (CSDDD) and the OECD recommendations, impacts are assessed according to criteria of severity and likelihood, enabling them to be prioritised for the purposes of action and monitoring. In 2025, the Organisation strengthened its process for identifying and prioritising impacts, deepening the methodological analysis and integration with the other management tools described in section 8.1.5. This work will continue to be developed throughout 2026, including, where applicable, the development of action plans targeting the identified priority impacts. Corticeira Amorim continuously monitors these matters, recognising that the management of certain impacts may require a medium- and long-term commitment and a progressive and sustained approach. Priority impacts regarding human rights and the environment Potentially affected stakeholders (at greatest risk) Points of the Consolidated Sustainability Statement Child labour Workers upstream in the value chain ESRS S2 - Workers in the value chain Forced labour Workers upstream in the value chain ESRS S2 - Workers in the value chain Health and Safety Corticeira Amorim workers and workers in the value chain ESRS S1 - Own workforce ESRS S2 - Workers in the value chain Adequate wages Workers in the value chain ESRS S1 - Own workforce ESRS S2 - Workers in the value chain Privacy Corticeira Amorim workers and workers in the value chain ESRS S1- Own workforce ESRS S2- Workers in the value chain Greenhouse Gas (GHG) emissions Community ESRS E1- Climate change F. GRIEVANCE MECHANISMS AND ACCESS TO REMEDIATION Corticeira Amorim has established structured mechanisms to ensure that concerns or irregularities relating to adverse human rights and environmental impacts are reported and addressed in a timely manner . These mechanisms form an integral part of the sustainability due diligence system. Reported concerns are analysed to determine the nature of the impact and the Organisation’s degree of involvement, distinguishing between situations in which Corticeira Amorim has caused, contributed to, or is directly linked to an adverse impact. Whenever it is concluded that the Organisation has caused or contributed to actual negative impacts, the appropriate processes are initiated to ensure or cooperate in their remediation, in conjunction with the actions under 8.1.5 D. Actions to prevent, mitigate and remedy negative impacts. Detailed information regarding communication channels, applicable procedures and the safeguards provided to reporting parties can be found in section 8.1.6 Grievance Handling Mechanisms and Communication Channels. G. CONTINUOUS MONITORING, EFFECTIVENESS AND IMPROVEMENT Corticeira Amorim continuously monitors the effectiveness of the measures implemented as part of its sustainability due diligence system, with the aim of assessing their adequacy in relation to the identified adverse impacts. This monitoring enables the analysis of how impacts evolve, reflection on the responses adopted and the introduction of any necessary adjustments. The due diligence system is subject to periodic review , taking into account developments in the operational, regulatory and sectoral context, as well as the experience gained from its implementation. This process progressively strengthens the integration of due diligence into the Organisation’s strategy and contributes to the continuous improvement of the management of human rights and environmental impacts.
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140 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Approach to addressing and remedying adverse impacts Issues communicated through the available channels are analysed in a structured manner , enabling an assessment of their nature and a determination of whether Corticeira Amorim has caused, contributed to, or is directly linked to an adverse impact on human rights or the environment. Whenever , as part of this process, it is concluded that the Organisation has caused or contributed to a negative impact, the appropriate processes are initiated to ensure or cooperate in its correction and remediation, in conjunction with the sustainability due diligence system, namely as described in section 8.1.5 D. Actions to prevent, mitigate and remedy negative impacts. The definition of responses takes into account the severity of the impact, the specific context and, where appropriate, the perspective of the affected parties, including monitoring the implementation of the measures adopted. Grievance Handling Mechanisms and Communication Channels (S1-3; S2-3;S3-3;S4-3;G1-1) Accessible, confidential and independent channels for reporting concerns or irregularities relating to human rights, the environment and business conduct Applicable to workers, former workers, suppliers, affected communities, customers, consumers and end-users, and other stakeholders Reports may be identified or anonymous, at the reporter’s discretion The Integrity Line digital channel is the preferred method, ensuring greater security, confidentiality, traceability and appropriate handling of information Details regarding channels, procedures and safeguards are set out in section 8.12.2 A. Business conduct policies and corporate culture 8.1.6 GRIEVANCE HANDLING MECHANISMS AND COMMUNICATION CHANNELS (S1-3; S2-3;S3-3;S4-3;G1-1) Corticeira Amorim has processes and channels in place to ensure that concerns, needs or irregularities relating to negative impacts on human rights and the environment are reported, analysed and addressed appropriately . These mechanisms form an essential part of the sustainability due diligence system described in section 8.1.5 Sustainability Due Diligence, contributing to the timely identification of actual or potential negative impacts and to the definition of proportionate and effective responses. The grievance reporting and handling mechanisms apply across the board to the various stakeholder groups, including the Organisation’s workers and those in the value chain, affected communities, and consumers and end-users, ensuring that appropriate means are in place for raising concerns regarding the Organisation’s activities and its value chain. Channels for reporting concerns Corticeira Amorim provides accessible channels for reporting concerns, complaints or irregularities relating to negative impacts on human rights, the environment and business conduct. These channels allow communications to be submitted either identified or anonymously , and are managed in accordance with defined internal procedures that ensure the receipt, recording, impartial analysis and diligent handling of the issues raised. The provision of these channels is a central element of Corticeira Amorim’s sustainability due diligence system, ensuring that potentially affected parties have adequate means to raise concerns and contribute to the identification of negative impacts. Availability of channels Corticeira Amorim ensures the availability and accessibility of its communication channels, promoting awareness of and use of these channels amongst its various stakeholders. The channels are publicised through various internal communication channels, including the intranet, emails, newsletters and posters displayed in high-traffic areas, with the aim of raising awareness of the channels, clarifying their purpose and informing staff of the safeguards provided to those who report concerns, including protection against retaliation. The Organisation has technical mechanisms in place to ensure the uninterrupted operation of the whistleblowing channels. As part of the integration and awareness-raising of workers, specific training is provided to new workers, and accessible information on the existing channels is also made available.
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141 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Monitoring of issues raised and effectiveness of the channels Corticeira Amorim has structured processes in place to receive, analyse, monitor and handle concerns and reports submitted through the available channels, ensuring an appropriate, confidential and consistent response to the matters reported. Reports received are analysed in accordance with the applicable internal procedure, enabling the identification of actual or potential negative impacts on human rights and the environment, as well as instances of non-compliance with internal policies, ethical principles or relevant legal standards. Whenever irregularities or negative impacts are identified, appropriate actions are defined and implemented to eliminate, mitigate or correct the identified impacts, with follow-up carried out over time to assess the effectiveness of the measures adopted. The use of the channels and the nature of the communications received are key factors in assessing their effectiveness. The results of this monitoring contribute to the continuous improvement of the processes and mechanisms associated with the communication channels. Protection against retaliation, awareness and trust in the channels Corticeira Amorim recognises that the effectiveness of communication channels depends on the level of awareness, trust and perceived safety felt by stakeholders when using them. The Organisation has policies and procedures in place to protect against any form of retaliation against individuals who, in good faith, report concerns or irregularities through the channels provided. Protection is ensured through guarantees of confidentiality and non-retaliation, the option of anonymous reporting, and specific procedures for handling reports, in accordance with the applicable legal framework regarding the protection of whistleblowers. Detailed information on the protection mechanisms, the rights of reporting individuals and the associated procedures is set out in section 8.12.2 A. Business conduct policies and corporate culture. The Organisation promotes awareness of the existence of these channels and continuously monitors their use and credibility , using this information to strengthen confidence in and the effectiveness of the mechanisms provided. Link to the due diligence system The information gathered through the communication channels feeds into the processes of identifying impacts, defining actions, monitoring effectiveness and continuously reviewing the due diligence system described in section 8.1.5 Sustainability Due Diligence, as well as the double materiality assessment process presented in section 8.1.4 Impact, risk and opportunity management
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142 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 For every tonne of cork produced, cork oak forests sequester up to 73 tonnes of carbon dioxide (CO₂).
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143 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Climate change encompasses climate change adaptation (CCA), climate change mitigation and energy , addressing GHG emissions, climate risks and decarbonisation strategies. Pollution considers the management and reduction of air , water and soil pollution, as well as the use of substances of concern and microplastics. W ater and marine resources assesses water consumption, sustainable management of water resources, impacts on marine ecosystems and the risk of water scarcity . Biodiversity and ecosystems analyses the Organisation’s impact on ecosystems, natural habitats, species status and dependence on ecosystem services. Resource use and circular economy focuses on the efficient use of materials, waste management and the transition to a circular business model by promoting recycling, reuse and waste reduction practices. Therefore, this section of the Consolidated Sustainability Statement presents the material impacts, risks and opportunities identified by Corticeira Amorim in relation to the environment, as well as their interconnection with the Organisation’s strategy reflected in its established policies, actions, targets and metrics. Environmental Information EUROPEAN UNION TAXONOMY Disclosures pursuant to Article 8 of Regulation 2020/852 E1: CLIMATE CHANGE E2: POLLUTION E3: WATER AND MARINE RESOURCES E4: BIODIVERSITY AND ECOSYSTEMS E5: RESOURCE USE AND CIRCULAR ECONOMY
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144 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 The Taxonomy Regulation defines a set of KPIs associated with economic activities considered to be environmentally sustainable, which non-financial companies must disclose: the proportion of their turnover (turnover KPI), the proportion of their capital expenditure (CapEx KPI) and the proportion of their operational expenditure (OpEx KPI) that are aligned with the Taxonomy . Article 8 of the Delegated Act (2021/2178) determines which contents, methodology and information must be disclosed by companies, as defined by the Taxonomy . By 2024 (about the year 2023) companies covered by the regulation should report on their alignment with the activities of the Climate Delegated Act (including those arising from the amendments to this Delegated Act) and their eligibility for the activities of the Environmental Delegated Act. In 2025 (about the year 2024) companies must report alignment for all the activities included in the two Delegated Acts. The Taxonomy Regulation (2020/852) states that an economic activity , to be environmentally sustainable, must: 1) contribute to at least one of the six environmental objectives identified in that Regulation (climate change mitigation; climate change adaptation; sustainable use and protection of water and marine resources; transition to a circular economy; pollution prevention and control; protection and restoration of biodiversity and ecosystems); 2) not significantly harm any of the objectives to which it does not contribute and 3) comply with minimum social safeguards on human rights, corruption, taxation and fair competition. Until 2022, only the first two environmental objectives, climate change mitigation and adaptation, were regulated by the Climate Delegated Act (2021/2139), published in 2021, which was later supplemented by a Complementary Delegated Act (2022/1214) on certain activities related to nuclear energy and fossil gas. In 2023, the Climate Delegated Act was updated by the Delegated Regulation (2023/2485), and new activities were included for mitigation and adaptation objectives. In addition, the Environmental Delegated Act (2023/2486) was published, which regulates the other environmental objectives: the sustainable use and protection of water and marine resources; the transition to a circular economy; the prevention and control of pollution and the protection and restoration of biodiversity and ecosystems. 8.2 Disclosures pursuant to Article 8 of Regulation 2020/852 (Green T axonomy Regulation)
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145 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 The economic activities identified above as eligible in the Climate Delegated Act fulfil the description in Annexes I and II of the same, which means that they are eligible for the climate change mitigation objective and the climate change adaptation objective. However , eligibility and the respective KPI calculation was assigned to the climate change mitigation objective, since the contribution to climate change adaptation is less significant. For the new activities included in the Environmental Delegated Act, an eligible activity was identified for the circular economy objective (Activity 3.2 – Renovation of existing buildings). 8.2.2 ELIGIBILITY For a given activity to be considered eligible under the Taxonomy , it must be included in the Climate Delegated Act for the climate change mitigation and adaptation objective, and in the Environmental Delegated Act for the other environmental objectives. Corticeira Amorim is the largest cork transformation group in the world. The cork processing activity is not included in the Climate Delegated Act or the Environmental Delegated Act and is therefore currently considered to be ineligible for the Taxonomy . However , the Company is also engaged in the manufacturing of insulation products, which is included in the Climate Delegated Act (activity 3.5), and has a number of investments and operational costs in other activities that are also characterised in the Delegated Acts. The table below lists the activities identified as eligible in fiscal year 2025, taking into account Corticeira Amorim’s turnover , CapEx and OpEx when applying the Environmental Taxonomy . 8.2.1 OMNIBUS In line with the results of the Omnibus I initiative, which aims to simplify the scope and complexity of sustainability disclosures, the assessment of technical alignment criteria may be waived for activities which, cumulatively , represent less than 10% of the total financial metrics considered (Turnover , Capital Expenditure (CapEx) and Operational Expenditure (OpEx)), as set out in Delegated Regulation (EU) 2026/73. Furthermore, following the same legislative package, the Supplementary Delegated Act (2022/1214) is no longer applicable. In light of this update, Corticeira Amorim has chosen to exclude the following taxonomic CapEx activities from the alignment analysis: • CCM 3.5 | Manufacture of energy efficient equipment for buildings; • CCM 6.5 | Transport by motorbikes, passenger cars and light commercial vehicles; • CCM 7.2 / CE 3.2 | Renovation of existing buildings; • CCM 7.3 | Installation, maintenance and repair of energy efficiency equipment; • CCM 7.7 | Acquisition and ownership of buildings; • CCM 8.2 | Data-driven solutions for GHG emissions reduction; • CCM 9.1 | Close to market R&D+I activities. With regard to taxonomic OpEx, the following activities were also excluded from the alignment analysis: • CCM 6.5 | Transport by motorbikes, passenger cars and light commercial vehicles; • CCM 7.2 / CE 3.2 | Renovation of existing buildings; • CCM 7.7 | Acquisition and ownership of buildings; • CCM 9.1 | Close to market R&D+I activities. These exclusions reflect the application of the materiality principle set out in the Omnibus I initiative, given that, taken together , these activities account for less than 10% of Corticeira Amorim’s taxonomic CapEx and OpEx. Objective and activity no. Name of activity Elig. “Turnover” Elig. “CapEx and/or OpEx” CCM 1.3 Forest Management X CCM 3.5 Manufacture of energy efficiency equipment for buildings X X CCM 4.24 Production of heat/cool from bioenergy X CCM 5.2 Renewal of water collection, treatment and supply systems X CCM 5.3 Construction, extension and operation of waste water collection and treatment systems X CCM 5.4 Renewal of waste water collection and treatment systems X CCM 5.9 Material recovery from non-hazardous waste X CCM 6.5 Transport by motorbikes, passenger cars and light commercial vehicles X CCM 7.2 / CE 3.2 Renovation of existing buildings X CCM 7.3 Installation, maintenance and repair of energy efficiency equipment X CCM 7.4 Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings) X CCM 7.5 Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling the energy performance of buildings X CCM 7.6 Installation, maintenance and repair of renewable energy technologies X CCM 7.7 Acquisition and ownership of buildings X CCM 8.2 Data-driven solutions for GHG emissions reduction X CCM 9.1 Close to market R&D+I activities X CCM (Climate change mitigation); CCA (Climate change adaptation); CE (Circular economy)
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146 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Activity SC and DNSH analysis CCM 1.3 - Forest management Corticeira Amorim is the world’s leading cork manufacturer and, for this reason, contributes to the exploration and maintenance of cork oak forests, which currently occupy a total area of 2.1 million hectares in the Mediterranean Basin. The Company manages an area of 8,181 hectares, where it intends to promote and disseminate new planting techniques, which will enable more efficient and resilient management of the cork oak forests, to cope with the expected climate scenarios. This activity was considered to be in line with the taxonomy’s technical criteria. As part of this activity, the Company included investments to support forestry management (equipment, plantations, land preparation) in its CapEx. CCM 3.5 - Manufacture of energy efficiency equipment for buildings Corticeira Amorim has a vast portfolio of products, aimed at different markets and objectives, produced using cork, in particular floor and wall covering materials, insulation and energy-efficient composite cork for use in structures and buildings. For the technical assessment of the SC criteria: i) insulating products with a lambda value equal to or lower than 0.06 Watt (W) were considered to be aligned; ii) the remaining products, endowed with energy efficiency, were considered eligible, but not aligned. For the DNSH 2 (climate change adaptation), DNSH 3 (Sustainable use and protection of water and marine resources) and DNSH 6 (Protection and restoration of biodiversity and ecosystems) criteria, additional information is provided below this table. For DNSH 4 (Transition to a circular economy), compliance with the respective criteria is confirmed. The turnover associated with this activity corresponds to sales of eligible and/or aligned products. The CapEx associated with this activity correspond to investments related to the production of eligible/aligned insulation products. CCM 4.24 - Production of heat/ cool from bioenergy Corticeira Amorim uses biomass (mainly cork dust) as the main source of energy for the production of heat. The cork dust is generated endogenously in production. The Company owns several installations for producing energy in the form of heat from biomass. The forest biomass used meets the criteria set out in Article 29(6) and (7) of EU Directive 2018/2001, in that the risks of using forest biomass from non-sustainable production are minimised. The Company considers that, after analysis of the SC and DNSH criteria, the business activity is in line with the T axonomy. The CapEx and OpEx associated with this activity correspond to investments and operating expenses related to repairs and maintenance and improvement of equipment and technology. CCM 5.2 - Renewal of water collection, treatment and supply systems Corticeira Amorim’s direct operations consume water and discharge it. Most of the water used by Corticeira Amorim is sourced from groundwater, with the remainder obtained from the public network. Therefore, the renewal of water collection, treatment and supply systems, including the renewal of water collection, treatment and distribution infrastructures to meet the industrial needs is part of the Organisation’s activity, and the renewal and optimisation of these systems allows an increase in their energy efficiency, reducing the system’s net energy consumption. The CapEx and OpEx associated with this activity correspond to expenses related to maintenance and repair of the collection systems. CCM 5.3. Construction, extension and operation of waste water collection and treatment systems Corticeira Amorim’s direct operations consume water and discharge it. The larger industrial facilities treat waste water in their own Industrial Waste Water Treatment Plants (WWTPs). Therefore, the construction, expansion and operation of waste water collection and treatment systems is part of the Organisation’s activity and is in line with the T axonomy criteria, since the renovation and optimisation of these systems allows for an increase in their energy efficiency, reducing the system’s net energy consumption. The CapEx associated with this activity corresponds to investments made in waste water collection and treatment systems. CCM 5.4 - Renewal of waste water collection and treatment Corticeira Amorim’s direct operations consume water and discharge it. In terms of treatment, the larger industrial facilities collect and treat waste water in IWWTPs. Corticeira Amorim continuously invests in the optimisation of the IWWTPs. This activity replaces treatment systems with higher GHG emissions (such as septic tanks and anaerobic lagoons). Based on the technical assessment of the SC and DNSH criteria defined in the Delegated Act, this activity is considered to be aligned with the T axonomy. The CapEx associated with this activity corresponds to investments in improvements to the rainwater network, and the OpEx to maintenance and repair expenditure. CCM 5.9 - Material recovery from non-hazardous waste In the industrial units licensed in the Portuguese territory for recycling materials, Corticeira Amorim receives cork stoppers and other end-of-life cork applications, as well as by-products from other industries (materials that result from industrial symbiosis), for treatment and grinding. After being transformed into granules, the material returns to the production process and is incorporated into ‘non-stopper’ products. Based on the technical assessment of the SC and DNSH criteria defined in the Delegated Act, this activity was classified as aligned with the T axonomy. The CapEx associated with this activity corresponds to investments in equipment, and OpEx to maintenance and repair costs. CCM 7.3 - Energy efficiency Corticeira Amorim made a number of investments (CapEx) in air conditioning, lighting, windows and other energy-efficient equipment, and also has a number of operating expenses (OpEx) related to this activity. Investments and operating expenses included in this activity were considered to be aligned. CCM 7.4 - Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings) Corticeira Amorim incurs various operating expenses (OpEx) associated with the installation, maintenance and repair of charging stations for electric vehicles in buildings and their respective parking spaces. The operating expenses relating to this activity were considered aligned. 8.2.3 ALIGNMENT For an economic activity to qualify as aligned with the Taxonomy it must make a substantial contribution (SC) to at least one of the six defined environmental six objectives, do no significant harm (DNSH) to the achievement of any of the other objectives, and comply with minimum social safeguards. With regard to 2025, Corticeira Amorim analysed the eligibility and alignment of its activities with the corresponding environmental objectives. The alignment analysis included an assessment of SC and DNSH criteria, with the latter relating to the application of the Appendices (A, B, C and D), taking into account criteria that are transversal to the whole Organisation, as well as the minimum social safeguards. A. SUBSTANTIAL CONTRIBUTION AND DO NO SIGNIFICANT HARM This section briefly describes the analysis of alignment to the SC and DNSH criteria identified in the Climate Delegated Act. These conclusions are based on the best knowledge available at the time of the analysis of these criteria.
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147 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 and hydrological regulation. This approach is aligned with the EU Taxonomy’s environmental objective regarding the sustainable use and protection of water and marine resources. As part of the double materiality analysis and the assessment of physical climate risks, carried out in line with the TCFD recommendations and ESRS E1, Corticeira Amorim has identified water stress as a structural physical hazard, with direct implications for its own operations and supply chain. Analyses to date confirm that a substantial proportion of the Organisation’s water withdrawal is located in areas classified as having high or extreme water stress, using the Aqueduct W ater Risk Atlas tool, a condition that persists across the various climate scenarios analysed. In this context, efficient water management is a strategic driver for adapting to climate change and mitigating physical risks, and is integrated into governance, operational planning and investment systems. The Organisation has set a target for the 2020-2030 period to improve water consumption efficiency by 40% under the Sustainable by nature Programme, with the performance trajectory aligned with this ambition. The identification and mitigation of environmental degradation risks associated with water quality , water scarcity and pressure on water resources are incorporated into the Organisation’s Environmental Management System (EMS). Where applicable, analyses are carried out on the chemical, ecological and quantitative status of the water bodies used, and the appropriate treatment of waste water is ensured prior to discharge, in accordance with applicable legal requirements. The approach adopted helps to ensure that Corticeira Amorim’s economic activities do not cause significant harm to the environmental objective of protecting water and marine resources (DNSH), whilst simultaneously strengthening the resilience of the business model in the face of scenarios of increased water scarcity resulting from climate change. Compliance with applicable national and European legislation, namely the W ater Law and the legal framework for Environmental Impact Assessment (EIA), is systematically ensured and is subject the persistence of abnormally hot periods and the frequency of heatwaves, which have direct implications for operational resilience, agroforestry management, raw material availability and operational safety . In parallel, climate transition risks and opportunities were assessed, including regulatory , technological, market and reputational dimensions, in conjunction with the Organisation’s Climate Transition Plan. The renewable nature of the main raw material, the contribution of cork oak forests as a carbon sink and ongoing investments in energy and water efficiency are key factors for mitigation and adaptation. This assessment supports the analysis of the eligibility and alignment of Corticeira Amorim’s economic activities with the EU Taxonomy , particularly with regard to the consideration of relevant physical climate risks and the demonstration that these are assessed and integrated into decision-making, planning and management processes, in accordance with the Do No Significant Harm (DNSH) criteria. More information on analysing risks at Corticeira Amorim (physical and transition) can be found in section 8.1.3 C Material impacts, risks and opportunities and their interaction with the strategy and business model and in section 8.1.4 Impact, risk and opportunity management. Sustainable use and protection of water and marine resources (Appendix B) Corticeira Amorim recognises water as a critical resource for the environmental, operational and economic resilience of its activities, adopting an integrated approach to water management based on three complementary pillars: consumption reduction, treatment Activity SC and DNSH analysis CCM 7.5 - Controlling the energy performance of buildings Corticeira Amorim made a number of investments (CapEx) associated with building energy management systems and energy management systems, and also had some OpEx values associated with this activity. These investments and operating expenses were considered aligned with the T axonomy. CCM 7.6 - Renewable energy technologies The CapEx reported for this activity is associated with investments made in projects for the installation of photovoltaic panels in the Company’s different BUs, which were considered aligned with the T axonomy. The OpEx corresponds to the maintenance of these facilities. CCM 8.2 - Data-driven solutions for GHG emissions reduction Corticeira Amorim has operating expenses (OpEx) related to the maintenance of the tool used to calculate and monitor its carbon footprint. The operating expenses associated with this activity were not considered aligned. Application of the DNSH criteria related to the Appendices of Annex I to the Delegated Act Climate Climate change adaptation (Appendix A) As part of its double materiality analysis and in line with the requirements of ESRS E1 and the TCFD recommendations, Corticeira Amorim carried out a structured assessment in 2025 of climate-related impacts, risks and opportunities, covering both its own operations and the value chain. This assessment forms part of the Organisation’s overall risk management system and strategic planning. The analysis, which is still ongoing, included the identification and assessment of chronic and acute physical climate risks likely to affect agroforestry activities, raw material preparation, industrial units and distribution activities, as well as critical suppliers and strategic regions for cork supply . The approach adopted was geospatial and forward-looking, enabling the assessment of the exposure and sensitivity of assets and the supply chain to different global warming scenarios. To this end, three climate scenarios defined by the IPCC were considered, based on socio-economic pathways (SSP1-1.9, SSP2-4.5 and SSP5-8.5), and three time horizons (2030, 2050 and 2100). The identification and quantification of exposure to physical climate hazards were supported by regional scientific data and probabilistic modelling, allowing for the incorporation of uncertainty associated with climate projections. To date, the analysis has identified physical hazards with structural relevance, namely water stress, extreme precipitation, drought,
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148 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 environment, including biodiversity and ecosystems. Corticeira Amorim diligently complies with applicable national and European legislation in all its activities. With regard to its raw material preparation, industrial and distribution operations, Corticeira Amorim does not carry out activities in classified areas. As part of the agroforestry operation, part of the Herdade da Baliza and a limited area of the Herdade de Rio Frio are located within designated Natura 2000 sites, where management and mitigation measures compatible with conservation objectives are implemented, ensuring the protection of habitats and species and the compliance of activities carried out with the applicable legal framework. Biodiversity and ecosystem management is linked to the integrated assessment of impacts, risks and opportunities, including physical risks related to climate change, such as water stress, drought, extreme heat and forest fires, identified as part of the double materiality analysis. In this context, cork oak forests play a significant role in climate regulation, hydrological regulation, soil protection and increasing ecosystem resilience, contributing to the adaptation of the business model to future climate scenarios. Corticeira Amorim has joined act4nature Portugal, an initiative promoted by BCSD Portugal, through which participating companies make common and individual commitments to the conservation of biodiversity and ecosystem services. In addition to fulfilling the initiative’s ten common commitments, the Organisation reinforces its commitment by defining and implementing individual SMAR T (Specific, Measurable, Achievable, Relevant and Time-bound) commitments, aligned with its sustainability strategy and with the objectives of protecting and restoring biodiversity . This approach helps to ensure that Corticeira Amorim’s economic activities do not cause significant harm to the EU Taxonomy’s environmental objective regarding the protection and restoration of biodiversity and ecosystems (DNSH), whilst simultaneously strengthening the environmental and economic business model resilience. Additional information can be found in section 8.6 ESRS E4 – Biodiversity and ecosystems. In such cases, the use of substances takes place under controlled conditions, governed by defined operational procedures, pollution prevention and control measures, and monitoring mechanisms integrated into the Environmental and OHS Management Systems. This approach helps to mitigate potential negative impacts on human health and the environment and to comply with the DNSH principle within the context of the EU Taxonomy’s environmental objective on pollution prevention and control. The management of risks associated with the use of chemicals is integrated with the assessment of impacts, risks and opportunities, including those related to climate change, ensuring consistency between pollution control, operational resilience and the protection of consumers and end-users. Further information can be found in section 8.4 ESRS E2 – Pollution, 8.1.3 A. Strategy , business model and value chain, and 8.11 ESRS S4 – Consumers and end- users. Protection and restoration of biodiversity and ecosystems (Appendix D) Corticeira Amorim integrates biodiversity and ecosystem conservation into its management model and long-term strategy , recognising the structural dependence of its business on cork as a natural raw material and on the good conservation condition of cork oak forests. In this context, the Organisation implements a set of annual actions aimed at maintaining, enhancing and increasing the areas of cork oak forests, whilst promoting the conservation of their natural, ecological and socio-cultural values. The approach adopted is based on responsible management of the value chain, with a particular focus on agroforestry activities, and includes the promotion of FSC® forest certification and the establishment of medium- and long-term partnerships with cork producers, encouraging the adoption of good forest management practices and the preservation of associated ecosystems. In compliance with the applicable legal framework, the EU EIA Directive (Directive 2011/92/EU), transposed into national law by Decree-Law No. 152-B/2017, is a key instrument for identifying, preventing and mitigating potential negative impacts on the to periodic legal compliance assessments by independent external bodies; no significant cases of non-compliance were identified during the reporting period. Further information can be found in section 8.5 ESRS E3 – W ater and marine resources. Pollution prevention and control regarding use and presence of chemicals (Appendix C) With the aim of ensuring high standards of quality , safety , occupational health and environmental protection, Corticeira Amorim has a comprehensive set of management systems and external certifications that attest to its compliance with the requirements applicable to the various sectors and markets in which it operates. These systems cover , amongst others, quality management, environmental management, energy management, food safety , the chain of custody for forest products, occupational health and safety (OHS), and social responsibility , ensuring an integrated approach to pollution prevention and control. As part of this approach, Corticeira Amorim’s products undergo regular testing, as well as voluntary and mandatory audits, ensuring compliance with legal and regulatory requirements and the maintenance of high safety standards for workers, consumers and end-users. Also noteworthy is the development of ranges of insulation products that are additive-free, of natural origin, recyclable, reusable and highly durable, as well as flooring and cladding with indoor air quality certification and contributions to sustainable building certification schemes, such as LEED and BREEAM. With regard to the use and presence of chemicals, Corticeira Amorim adopts a risk-based approach, aimed at minimising the use of hazardous substances, substituting them wherever technically and economically feasible, and strictly controlling conditions of use. The Organisation does not use, manufacture or place on the market substances listed in Appendix C, except in specific situations where their use is considered technically indispensable for the operation of activities and where there are no suitable alternatives from an environmental and health perspective, according to the knowledge available at the time.
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149 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Corruption For the management of risks of corruption and related offences, and as a complement to the Code of Business Ethics and Professional Conduct, Corticeira Amorim has a structured set of tools, namely the Plan for the Prevention of Risks of Corruption and Related Offences (RPP) and the Anti-Corruption Code of Conduct, which, taken together , define the principles, expected behaviours and measures applicable to the Organisation and its stakeholders. The RPP identifies, analyses and classifies potential risks of corruption and related offences, by organisation and by area of the Company , systematising existing preventive measures and establishing corrective measures aimed at reducing the likelihood of occurrence and the impact of the identified risks. The implementation of this framework is supported by an ongoing awareness-raising and training programme, integrated into the e-learning programme for the Code of Business Ethics and Professional Conduct, with the aim of ensuring that concepts relating to the prevention of corruption are regularly reinforced, in line with the Organisation’s strategic cycles and with developments in the regulatory framework and identified risks. In 2025, specific training was provided in this area, strengthening workers’ skills and awareness of these risks. Further information can be found in section 8.12.2 Impact, risk and opportunity management. T axation Corticeira Amorim has a formalised Tax Policy , approved by the Board of Directors, which sets out the guiding principles governing its approach to tax matters, in keeping with the values of ethics, integrity , transparency and social responsibility enshrined in the Code of Business Ethics and Professional Conduct. Under this Policy , the Organisation undertakes to act in accordance with the tax laws and regulations in force in the countries where it operates, adopting the necessary measures to ensure compliance with the tax and social security obligations arising from the economic and social activities it carries out. Corticeira Amorim is with human rights, business ethics and responsible conduct. This programme is structured in line with the Organisation’s strategic cycles, enabling knowledge to be updated and consolidated systematically over time, in accordance with changes in the regulatory framework, identified risks and strategic priorities. Training is delivered primarily via an e-learning platform and is also integrated into the induction programme for new workers. Recognising the potential impacts associated with its supply chain, the Organisation has a Procurement Policy and a Code of Ethics and Conduct for Suppliers, which set out economic, social, ethical and environmental criteria for the selection, qualification and assessment of suppliers. These instruments reflect Corticeira Amorim’s culture and values and set out clear expectations regarding human rights, working conditions, ethics and environmental protection, and are complemented by procurement procedures designed to mitigate potential negative impacts. Detailed information on these processes is available in section 8.12.2 B. Management of relationships with suppliers. In 2025, Corticeira Amorim significantly strengthened its framework in this area by implementing a human rights and environmental due diligence programme, in accordance with the United Nations “Protect, Respect and Remedy” framework. This due diligence process: • Covers actual or potential negative impacts on human rights and the environment that the Organisation may cause, to which it may contribute, or which are directly linked to its operations, products or services through its business relationships; • Is proportionate to the size of the Organisation, the severity of the identified risks and the context of its activities; • Is ongoing, recognising that risks may evolve over time. Corticeira Amorim also has formal and confidential channels for reporting irregularities, accessible to various stakeholders, including workers, which allow concerns and potential negative impacts to be raised. Further information can be found in sections 8.1.5 Sustainability Due Diligence and 8.12.2 Impact, risk and opportunity management. B. MINIMUM SAFEGUARDS The concept of minimum safeguards, introduced by Article 18 of the EU Taxonomy Regulation, stipulates that an economic activity can only be considered environmentally sustainable if it is carried out in accordance with internationally recognised social and governance standards. Specifically , it requires alignment with: • The OECD Guidelines for Multinational Enterprises; • The United Nations Guiding Principles on Business and Human Rights, including the rights enshrined in the eight fundamental conventions of the International Labour Organisation (ILO); • The International Bill of Human Rights. In this context, Corticeira Amorim ensures that its economic activities, in addition to contributing to environmental objectives, respect and safeguard human, labour and social rights and governance principles, adopting an integrated, structured and risk- based approach. The Organisation is governed by a robust and up-to-date set of statutes, policies and internal regulations, including the Code of Business Ethics and Professional Conduct, which sets out the fundamental principles of ethical conduct, integrity , legality and social responsibility applicable to all activities, workers and business relationships. This framework forms the basis of Corticeira Amorim’s positioning on sustainable development and responsible business conduct. Human Rights Respect for human rights is a fundamental principle of Corticeira Amorim, formalised in its Human Rights Policy , which is aligned with the UN Guiding Principles. The Organisation is committed to promoting and respecting human and labour rights both within its own operations and throughout the value chain. As part of the dissemination of these principles, Corticeira Amorim implements a structured and ongoing training programme on ethics and conduct, integrated into the Code of Business Ethics and Professional Conduct, with the aim of covering all workers, ensuring regular reinforcement of the fundamental concepts associated
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150 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 In this context, the Company , as well as its workers, are committed to adopting ethical and responsible conduct in their dealings with competitors, customers, suppliers and other business partners, refraining from any practice that could constitute anti-competitive behaviour , unlawful collusion, abuse of a dominant position or improper exchange of sensitive information. Respect for the confidentiality of information, intellectual property and the rights of the entities with which the Organisation has dealings is also guaranteed. These principles are formalised in the Code of Business Ethics and Professional Conduct, and their application is supported by training provided under the Code of Ethics training programme, with a view to prevention and continuous reinforcement, in line with the Organisation’s strategic cycles. Further information can be found in section 8.12.2 Impact, risk and opportunity management. also committed to implementing best practices regarding taxes and social security contributions, considering any form of tax or social security fraud to be reprehensible. The Tax Policy also establishes the implementation of mechanisms for the control and management of tax risk, with the aim of identifying, quantifying, monitoring and mitigating potential tax contingencies, financial risks and reputational risks associated with decision-making in tax matters. In this context, the Organisation maintains procedures for the prevention and detection of illegal practices in financial and accounting matters, including money laundering or terrorist financing, by workers or third parties. Corticeira Amorim’s tax approach is based on principles of transparency , cooperation and good faith, promoting a proactive and constructive relationship with the tax authorities and refraining from aggressive tax practices or artificial structures, nor does it use vehicles located in low-tax jurisdictions (“tax havens”), in accordance with economic and commercial substance. Where applicable, the Organisation ensures alignment with OECD guidelines, including the Base Erosion and Profit Shifting (BEPS) principles and international best practices on transfer pricing. The Tax Policy is applied across the entire Organisation, with its implementation, monitoring and review ensured within the defined governance model, enforced by the CEO and monitored by the Tax Department, with the involvement of the ECBD and the AUC and the relevant support areas, in a spirit of continuous improvement. Corticeira Amorim’s Tax Policy and tax approach are available at: https:/ /www .amorim.com/en/investors/corporate-governance/ corporate-regulation-and-policies/ Fair competition With regard to fair competition, Corticeira Amorim conducts its business in accordance with the principles of legality , fairness and integrity , fully complying with applicable competition law , particularly with regard to the prohibition of anti-competitive practices, merger control and any other rules designed to ensure the fair and transparent functioning of markets.
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151 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 8.2.4 KPI CALCULATION In accordance with the requirements of the Climate Delegated Act Article 8, companies must report KPIs in three separate tables, each referring to an indicator - turnover , CapEx and OpEx. The results are summarised below: KPI eligibility and alignment T otal (K€) Proportion of T axonomy- eligible activities T axonomy- aligned activities (K€) Proportion of T axonomy- aligned activities Breakdown by environmental objectives of T axonomy-aligned activities Proportion of enabling activities Proportion of transitional activities Activities not assessed and considered immaterial T axonomy- aligned activities in the previous financial year (2024) (K€) Proportion of T axonomy- aligned activities in the previous financial year (2024) Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and Marine Resources (WMR) Circular Economy (CE) Pollution Prevention and Control (PPC) Biodiversity and Ecosystems (BIO) Turnover 860,967 4.2% 29,453 3.4% 3.4% 0.0% 0.0% 0.0% 0.0% 0.0% 3.4% 0.0% 0.0% 35,765 3.8% Capital expenditures (CapEx) 42,902 11.6% 4,989 11.6% 11.6% 0.0% 0.0% 0.0% 0.0% 0.0% 4.0% 0.0% 3.4% 4,104 9.5% Operating expenditures (OpEx) 17,540 10.4% 1,790 10.2% 10.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.7% 0.0% 9.9% 2,384 9.3% A. TURNOVER Turnover 2025 Economic activities Code Proportion of Eligible Turnover (4) T axonomy- aligned turnover (monetary value) (K€) Proportion of T axonomy- aligned turnover Breakdown by environmental objectives of T axonomy-aligned activities Proportion of enabling activities Proportion of transitional activities Proportion of T axonomy- aligned in T axonomy- eligible Climate change mitigation Climate change adaptation Water Pollution Circular economy Biodiversity Manufacture of energy efficiency equipment for buildings CCM 3.5 4.2% 29,453 3.4% 3.4% 0.0% 0.0% 0.0% 0.0% 0.0% C 80.8% Sum of the alignment by objective 3.4% 0.0% 0.0% 0.0% 0.0% 0.0% T otal Turnover 4.2% 29,453 3.4% 3.4% 0.0% 0.0% 0.0% 0.0% 0.0% 3.4% 0.0% 80.8%
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152 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 B. CAPEX CapEx 2025 Economic activities Code Proportion of Eligible CapEx T axonomy-aligned CapEx (monetary value) (K€) Proportion of T axonomy- aligned CapEx Breakdown by environmental objectives of T axonomy-aligned activities Proportion of enabling activities Proportion of transitional activities Proportion of T axonomy- aligned in T axonomy- eligible Climate change mitigation Climate change adaptation Water Pollution Circular economy Biodiversity Forest Management CCM 1.3 2.8% 1,210 2.8% 2.8% 0.0% 0.0% 0.0% 0.0% 0.0% 100% Production of heat/cool from bioenergy CCM 4.24 4.4% 1,882 4.4% 4.4% 0.0% 0.0% 0.0% 0.0% 0.0% 100% Renewal of water collection, treatment and supply systems CCM 5.2 0.1% 40 0.1% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 100% Construction, extension and operation of waste water collection and treatment systems CCM 5.3 0.3% 121 0.3% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 100% Renewal of waste water collection and treatment systems CCM 5.4 0.0% 7 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100% Material recovery from non-hazardous waste CCM 5.9 0.0% 12 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100% Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling the energy performance of buildings CCM 7.5 0.2% 79 0.2% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% C 100% Installation, maintenance and repair of renewable energy technologies CCM 7.6 3.8% 1,639 3.8% 3.8% 0.0% 0.0% 0.0% 0.0% 0.0% C 100% Sum of the alignment by objective 11.6% 0.0% 0.0% 0.0% 0.0% 0.0% T otal CapEx 11.6% 4,989 11.6% 11.6% 0.0% 0.0% 0.0% 0.0% 0.0% 4.0% 0.0% 99.0%
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153 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 C. OPEX OpEx 2025 Economic activities Code Proportion of Eligible OpEx OpEx aligned with the T axonomy (monetary value) (K€) Proportion of OpEx aligned with the T axonomy Breakdown by environmental objectives of T axonomy-aligned activities Proportion of enabling activities Proportion of transitional activities Proportion of T axonomy- aligned in T axonomy- eligible Climate change mitigation Climate change adaptation Water Pollution Circular economy Biodiversity Production of heat/cool from bioenergy CCM 4.24 6.3% 1,113 6.3% 6.3% 0.0% 0.0% 0.0% 0.0% 0.0% 100% Renewal of water collection, treatment and supply systems CCM 5.2 1.4% 241 1.4% 1.4% 0.0% 0.0% 0.0% 0.0% 0.0% 97.6% Renewal of waste water collection and treatment systems CCM 5.4 0.3% 46 0.3% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 100% Material recovery from non-hazardous waste CCM 5.9 1.6% 275 1.6% 1.6% 0.0% 0.0% 0.0% 0.0% 0.0% 100% Installation, maintenance and repair of energy efficiency equipment CCM 7.3 0.2% 38 0.2% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% C 100% Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings) CCM 7.4 0.0% 2 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% C 100% Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling the energy performance of buildings CCM 7.5 0.1% 24 0.1% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% C 100% Installation, maintenance and repair of renewable energy technologies CCM 7.6 0.3% 50 0.3% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% C 100% Data-driven solutions for GHG emissions reduction CCM 8.2 0.2% 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% C 0% Sum of the alignment by objective 10.2% 0.0% 0.0% 0.0% 0.0% 0.0% T otal OpEx 10.4% 1,789 10.2% 10.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.7% 0.0% 97.6%
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154 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 detailed above in section 8.2 Disclosures pursuant to Article 8 of Regulation 2020/852 (Green Taxonomy Regulation) and 8.2.3 Alignment, including activities intended for the Company’s internal consumption, as well as the acquisition of output from economic activities aligned with the Taxonomy . Additional information In order to be included in the numerator , the values of the denominator are first analysed to ascertain whether they are associated with the Company’s Taxonomy-aligned economic activities. Where this is not the case, these amounts are analysed individually to determine whether they result from the acquisition of the output of other economic activities eligible under the Taxonomy . In such cases, alignment is assessed on the basis of available information that allows verification of whether the relevant eligible economic activity meets the applicable technical criteria, including the principle of “Do No Significant Harm” and the minimum safeguards, or , where applicable, through a direct assessment. C. OPEX Definition The proportion of operational expenditure is defined as the Taxonomy-aligned OpEx (numerator), divided by total OpEx (denominator). In accordance with the Delegated Act under Article 8 of the Taxonomy , total OpEx consists of the direct costs not capitalised during the year relating to research and development, building renovation measures, short-term leases, maintenance and repair , as well as other direct expenditure associated with day-to- day maintenance of fixed assets necessary to ensure their operation. The numerator corresponds to the part of operational expenditure included in the denominator that: • Is related to assets or processes associated with aligned economic activities, including training and other adaptation needs of human resources; B. CAPEX Definition and reconciliation The proportion of capital expenditure is defined as Taxonomy- aligned CapEx (numerator) divided by total CapEx (denominator). In accordance with the Delegated Act of Article 8 of the Taxonomy , total CapEx consists of the value of additions to tangible and intangible assets during the year , prior to consideration of depreciation, amortisation and any re-measurements, in particular those resulting from revaluations and impairments, and excluding changes in fair value. Additions of property , plant and equipment (IAS 16), intangible assets (IAS 38), right-of-use assets (IFRS 16), investment property (IAS 40) and biological assets (IAS 41) are included. Goodwill additions are not included. The numerator is the part of the capital expenditure included in the denominator that: • Is related to assets or processes associated with Taxonomy- aligned economic activities; • Is part of a plan to expand Taxonomy-aligned economic activities or to enable Taxonomy-eligible economic activities to become Taxonomy-aligned activities; or • Is related to the acquisition of the output from Taxonomy- aligned economic activities and to individual measures enabling the transformation of the respective activities to low-carbon activities or leading to reductions in GHG emissions, provided that these measures are implemented and operational within 18 months. In 2025, the denominator of the CapEx KPI consists of the total annual additions to tangible and intangible fixed assets, including right-of-use assets. The denominator can be reconciled with the total additions presented in notes 8, 9 and 11 of the Notes to the consolidated financial statements, and the respective accounting policies are detailed in Note 2 of the same Notes. In 2025, the numerator corresponds to the portion of the denominator associated with economic activities aligned with the Taxonomy , 8.2.5 DEFINITIONS AND ACCOUNTING POLICIES A. TURNOVER Definition and reconciliation The proportion of turnover is calculated as the portion of annual net turnover derived from products or services, including intangibles, associated with Taxonomy-aligned economic activities (numerator) divided by net turnover (denominator) within the meaning of Article 2(5) of Directive 2013/34/EU. Net turnover includes income recognised in accordance with International Accounting Standard (IAS) 1, paragraph 82(a), as adopted by Commission Regulation (EC) 1126/2008. In 2025, the denominator of the turnover proportion consists of total sales and services rendered, as presented in the consolidated income statement, excluding construction income from concession assets. The denominator can be reconciled with the total revenue presented in Note 7 of the Notes to the consolidated financial statements, and the related accounting policies are detailed in Note 2 of the same Notes. The numerator corresponds to the portion of the denominator resulting from economic activities aligned with the Taxonomy , as detailed above in section 8.2 Disclosures pursuant to Article 8 of Regulation 2020/852 (Green Taxonomy Regulation) and 8.2.3 Alignment. Additional information The analysis of annual turnover only considers economic activities associated with revenue from sales and services rendered to third parties. Intragroup transactions are eliminated during the preparation of the consolidated financial statements in accordance with the applicable regulations. In addition, the amounts included in the numerator are considered according to their contribution to the climate change mitigation environmental objective, and there are no additional amounts to be included in the numerator that relate solely to the climate change adaptation environmental objective.
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155 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 8.2.6 VOLUNTARY DISCLOSURES Portugal has set itself the target of becoming carbon neutral by 2050. In this context, the country recognises the importance of forests to achieve this goal, due to their role in carbon sequestration. For every tonne of cork produced, cork oak forests sequester up to 73 tonnes of carbon dioxide (CO₂)1. Given that cork oak forests are carbon sinks and that cork oaks can live for an average of 200 years, and can grow with minimal or no use of fertilisers, pesticides or pruning, they play an important role in achieving the target. The EU’s future forest strategy will promote the forest management for environmental, social and economic sustainability . Portugal has one of the highest forest fire risk ratings in Europe, mainly due the lack of forest management. Poorly managed forests with high volumes of residual biomass, which act as fuel in excessively dry climates, represent an increased risk for the occurrence of forest fires, which highlights the importance of sustainable forest management. To reduce the likelihood of forest fires, experts suggest planting species that are more resistant to fire, such as the cork oak (an evergreen tree from the Phagaceae family , to which the chestnut and oak trees also belong). In this sense, investment in the maintenance and management of cork oak forests and in increasing the availability of cork has the potential to contribute to reducing the risk of forest fires in Portugal. Cork processing companies are a driving force in creating economic interest for cork oak forest owners to continue harvesting cork. 1 https:/ /apcor .pt/uploads/Media/Brochura/1-%20brochura%20ambiente/Brochura_ Ambiente__EN.pdf#page=18 Additional information In order to be included in the numerator , the values of the denominator are first analysed to ascertain whether they are associated with Taxonomy-aligned economic activities. If they do not qualify as Taxonomy-aligned activities, the amounts are assessed individually to determine whether they result from the acquisition of the output of Taxonomy-eligible economic activity . In such cases, alignment is assessed on the basis of information provided by third parties or is assessed directly . • Is part of a plan to expand aligned economic activities or to enable eligible economic activities to become aligned activities; or • Is related to the acquisition of the output from aligned economic activities and to individual measures enabling the transformation of the respective activities to low-carbon activities or leading to reductions in GHG emissions, provided that these measures are implemented and operational within 18 months. The amounts are included in the consolidated income statement under the heading External supplies and services (note 27) in the Notes to the consolidated financial statements, specifically under the sub-headings Maintenance and repairs, Rents and leases and Other (cleaning, hygiene and comfort). In the calculation of the denominator of the Taxonomy OpEx, expenses with R&D are included, recorded under the ‘Other’ sub-heading in the External supplies and services heading (note 27). In addition, the amounts in the Personnel Costs item relating to maintenance and repairs (note 28) are also included, since they incorporate expenses of a nature that meet the definition of Taxonomy OpEx. In 2025, the numerator corresponds to the part of the denominator associated with Taxonomy-aligned economic activities, detailed above in section 8.2 Disclosures pursuant to Article 8 of Regulation 2020/852 (Green Taxonomy Regulation) and 8.2.3 Alignment, including activities intended for the Organisation’s internal consumption, as well as the acquisition of output from economic activities aligned with the Taxonomy . Training costs are not included in the OpEx KPI, since it is not foreseen to include them in the denominator .
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156 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 8.2.7 FUTURE PROSPECTS In 2026, Corticeira Amorim will continue to develop procedures and actions to ensure an adequate response to the Taxonomy alignment criteria, including: • Improved application of technical alignment criteria for all climate and environmental objectives; • Implementation of a digital platform aimed at increasing the quality of data collection, analysis and transformation associated with the application of the Taxonomy; • Monitoring the European Commission’s potential updates to the Taxonomy Regulation resulting from the Omnibus legislative package; • Monitoring of simplification proposals and other recommendations by the Sustainable Finance Platform; • Further integration of the Taxonomy into investment and strategic planning processes, particularly in CapEx assessments and the development of new projects. From this perspective, the inclusion of cork stopper production, in addition to the activities already covered under activity 3.5, in the assessment of the Taxonomy KPIs would result in 63.9% of consolidated sales associated with activities deemed eligible and aligned with climate change mitigation and adaptation objectives, in accordance with the interpretation adopted in this financial year . KPI eligibility and alignment T otal (K€) Eligible and aligned activities (%) Eligible and non-aligned activities (%) Non-eligible activities (%) Turnover 860,967 63.9% 21.3% 14.9% Capital expenditures (CapEx) 42,902 82.1% 0.0% 17.9% Operating expenditures (OpEx) 17,540 78.3% 0.3% 21.5% Corticeira Amorim believes that the production of cork stoppers, including improved efficiency in the use of this raw material and R&D in the manufacturing process, has a positive environmental impact and contributes to a low-carbon economy in Portugal. Several studies were conducted assessing the life cycle2 of cork stoppers in different segments (still wines, sparkling wines, and spirits) and a comparative analysis between the Naturity® cork and two artificial closures (aluminium and plastic). It was concluded that Naturity® stoppers outperform artificial alternatives in five of the seven main environmental indicators, standing out for their negative carbon footprint and their ecological responsibility and commitment to sustainability . In this context, Corticeira Amorim carried out the calculation of the EU Taxonomy indicators, voluntarily extending the scope of analysis to the production of cork stoppers, in addition to the activities already covered by activity 3.5 of the Climate Delegated Act. For the purposes of this exercise, it was considered that the production of cork stoppers corresponds to revenue-generating activities associated with low-energy-intensive packaging technologies, which contribute to extending the shelf life of products and reducing waste, reflecting packaging solutions with high functional performance and resource efficiency . Based on these characteristics, the Company assessed the classification of cork stopper production under Activity 3.6 of the Climate Delegated Act (Manufacture of other low-carbon technologies), taking into account the function of the cork stopper as a packaging solution with low energy impact and with the potential to contribute to the environmental objectives of climate change mitigation and adaptation. 2 Further information on product carbon footprint studies and/or life cycle assessments and the relevant certificates from UN Amorim Cork is available at: www .amorimcork.com/en/ sustainability /studies-and-certificates/
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157 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 8.3 ESRS E1 – Climate change (SDGs 7, 11, 13) 8.3.1 STRATEGY A. MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND BUSINESS MODEL (ESRS 2 SBM-3 | ESRS 2 IRO 1) Impacts, risks and opportunities The double materiality assessment identified material impacts, risks and opportunities related to climate change, both in Corticeira Amorim’s operations and in its value chain. This analysis identified strategic axes to mitigate the impacts of climate change mitigation and strengthen the resilience of the business model, reducing exposure to climate risks. Detailed information on the identification and assessment process is available in section 8.1.4 A. Description of the process to identify and assess material impacts, risks and opportunities.
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158 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Environment IRO +/- A/P OO/U/D Time horizon Policies ESRS E1: Climate change 1 - Climate change adaptation Commercialisation of products aimed at improving the energy efficiency of buildings that promote climate adaptation I A OO General Sustainability Policy Energy, Environment and Biodiversity Policy Transition opportunity arising from access to new markets due to the climate change resilient business model and portfolio of products that promote adaptation to climate change O D Physical risks related to heat stress, changing temperature, heat waves, changing precipitation patterns, water stress and drought R OO Supply chain and logistics disruptions and/or shortage of cork raw material due to physical climate risks related to changes in temperature patterns, water stress, droughts, and wildfires R U + OO Establishment of strategic stock levels of raw material cork to manage production variations due to climate factors O OO Conduct a climate scenario analysis and develop a transition plan for climate change mitigation O OO 2 - Climate change mitigation Contribution to global warming due to Greenhouse Gas emissions, scope 1 and 2 I A OO General Sustainability Policy Energy, Environment and Biodiversity Policy Contribution to global warming due to Greenhouse Gas emissions, scope 3 I A U + D Transition risk, particularly in the political, legal and technological fields R OO Offering low-carbon products with reduced CO₂ emissions and a negative carbon footprint, associated with cork’s natural ability to retain carbon I A OO Competitive advantage and opening up of new markets associated with greater penetration/demand for reduced CO₂ emission solutions on the market O D Sequestration and storage of CO₂ resulting from good management practices in cork oak forests, forests and ecosystems I A U + OO Access to capital and new market segments through carbon credit trading O OO The creation of a model that enables economies of scale in the sale of carbon credits for small forest producers is an opportunity to strengthen partners’ economies, promoting the resilience of the supply chain O U + OO Transition opportunities, namely related to products and services, market and business model resilience O OO + D Access to dedicated green financing instruments, with a lower cost of capital, and attraction of investors due to reduced exposure to transition risks O OO Internal carbon pricing O OO
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159 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Environment IRO +/- A/P OO/U/D Time horizon Policies ESRS E1: Climate change 3 – Energy Energy consumption from non-renewable fossil sources I A OO General Sustainability Policy Energy, Environment and Biodiversity Policy Energy consumption from non-renewable fossil resources associated with value chain activities I A U + D Increase in operational, transportation or raw material costs along the supply chain and/or business disruption due to scarcity and dependence on fossil fuels, affecting fuel prices (Diesel, Natural Gas, Liquefied Petroleum Gases) R U + OO Increase in operational costs and fuel prices due to the rise in the tax on the use of petroleum products (ISP) or other additional taxes such as the carbon tax R U + OO Rising costs of renewable energy due to uncertainty in the energy futures market R U Production and consumption of thermal energy (heat) from biomass and use of renewable energy sources as the main source of energy I A OO Greater resilience to rising energy prices due to market independence achieved through the use of self-produced energy (electrical and thermal) O OO The increase in installed capacity for self-production of energy from renewable sources has contributed to energy security, reducing exposure and energy dependence, but also to the reduction of energy costs O OO Reduced operational costs associated with energy consumption as a result of greater energy efficiency and less energy-intensive processes O OO Placing on the market of energy-efficient products, namely thermal insulation products, which enable the reduction of energy consumption in buildings and communities I A OO I - Impact; R - Risk; O - Opportunity; A - Actual; P - Potential; OO - Own operations; U - Upstream; D - Downstream Positive impact; Negative impact. - Short-term; - Medium-term; - Long-term The position of each topic in the materiality matrix is determined by the highest absolute value, whether from the impact perspective (regardless of whether positive or negative) or the financial perspective (regardless of whether in terms of risk or opportunity). = Materiality threshold MATERIAL FROM A DOUBLE PERSPECTIVE = IMPACT MATERIALITY FINANCIAL MATERIALITY = 1 2 3 MATERIAL FROM A FINANCIAL PERSPECTIVE MATERIAL FROM AN IMPACT PERSPECTIVENON-MATERIAL
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160 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Resilience analysis Scope of the resilience analysis Corticeira Amorim’s climate resilience analysis assesses the resilience of its business model in the face of physical and transition risks associated with climate change, taking into account different global warming scenarios and their respective socio-economic contexts. At this stage, the analysis covers: • Own operations, including raw material preparation activities, industrial units, distribution units and agroforestry operations; • Critical suppliers and strategic regions representative of the main cork-producing areas; • Chronic and acute physical risks; • Material transition risks and opportunities associated with regulatory , technological, market and reputational dynamics. This approach enables an assessment of the Organisation’s and the business model’s resilience in the face of climate factors likely to influence operational continuity , the availability of critical resources, the stability of the value chain and competitive positioning in the medium and long term. The results identify climate factors with cross-cutting relevance to the business model, distinguishing between localised exposures and risks with the potential for systemic impact on value creation in the medium and long term. Methodology of the resilience analysis The climate resilience analysis was developed using a forward- looking, scenario-based approach, in line with the TCFD recommendations and the applicable ESRS requirements, and was supported by scientific projections consistent with IPCC scenarios. The assessment considered three climate scenarios (SSP1- 1.9, SSP2-4.5 and SSP5-8.5) and three time horizons (2030, 2050 and 2100), enabling an analysis of the evolution of the The manufacture of energy-efficient products by Corticeira Amorim is also considered an enabling activity , in line with the criteria of the European Taxonomy , reinforcing the Organisation’s positive contribution to climate change mitigation and the fulfilment of European environmental objectives. Furthermore, cork is a naturally sourced material with an intrinsic capacity to sequester carbon, which means that Corticeira Amorim’s products make a significant contribution to climate change mitigation. The use of cork-based solutions helps to reduce GHG emissions in other sectors of the economy , both through the sequestration of carbon in products and by replacing alternative materials that are more energy- and carbon-intensive. In this context, the supply of low-carbon products, with low GHG emissions throughout their life cycle, has been identified as a real positive impact, contributing to the decarbonisation of the economy and the transition to a low- carbon development model. The proper management of cork oak forests, whether managed by Corticeira Amorim or by its upstream suppliers in the value chain, has a positive impact on climate change mitigation due to the ability of these ecosystems to sequester and store CO₂. Accordingly , the Organisation has identified as a real positive impact, in the short, medium and long term, the contribution to climate change mitigation through carbon sequestration and storage resulting from the sound management, preservation and enhancement of cork oak forests and their ecosystems. The Organisation has also identified the production and consumption of thermal energy from biomass, resulting from the utilisation of an endogenous and renewable resource, as a positive impact. Thus, the use of cork dust, which cannot be incorporated into products, for the production of bioenergy helps to reduce dependence on non-renewable fossil fuel sources and lower emissions associated with energy production, thereby contributing to the mitigation of climate change. Negative impacts Corticeira Amorim has identified its contribution to global warming in the short, medium and long term as a real negative impact, due to direct GHG emissions (Scopes 1 and 2) from its activities and indirect emissions (Scope 3) from the value chain, namely the extraction and processing of raw materials, transport, product distribution and end-of-life management. Furthermore, some of Corticeira Amorim’s activities are associated with the consumption of energy produced from non-renewable fossil fuels. In this way , the short-, medium- and long-term consumption of energy from non-renewable fossil resources resulting from Corticeira Amorim’s activities and upstream and downstream activities in the value chain, namely the extraction and processing of raw materials as well as their transport, but also downstream activities such as the distribution and recycling of end-of-life products, was also identified as a real negative impact. In response to these negative impacts and the associated transition risks, Corticeira Amorim has set itself the strategic objective of reducing Scopes 1 and 2 GHG emissions, as well as progressively reducing its reliance on fossil fuels, in line with its Transition Plan and the commitments made under the Sustainable by nature programme. The Organisation is also committed to defining and implementing science-based emission reduction targets, contributing to limiting global warming to 1.5 °C. Positive impacts Cork provides thermal and acoustic insulation properties, which means that products intended for construction, particularly products intended for the energy efficiency of buildings, contribute to reducing energy requirements associated with heating and cooling and to increasing thermal comfort. The placing of these products on the market promotes the climate adaptation of buildings and communities, constituting a real positive impact associated with the Organisation’s activities.
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161 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Results of the analysis of exposure to physical hazards The graphs presented in this section show harmonised levels of exposure to physical hazards, based on the climatic factors applied to the scenarios analysed. 1. Water stress The water stress indicator assesses the structural pressure on water resources in the regions where Corticeira Amorim operates, reflecting the relationship between total water demand and renewable availability . This is a chronic climatic factor that affects operational stability regardless of the occurrence of specific extreme events. The prioritisation of the main physical hazards took into account, cumulatively: • Absolute intensity of exposure; • A worsening trend across time horizons; • Structural and cross-cutting nature across the business model. Corticeira Amorim is currently developing a structured climate risk assessment programme. The current phase focuses on characterising climate exposure of strategic relevance. The next stage will consist of integrating the vulnerability dimension, enabling a transition to an assessment of potentially material climate risk and reinforcing the progressive incorporation of the climate factor into strategic planning and investment decision-making. Climate-related physical hazards The analysis identified consistent patterns of exposure to certain physical hazards, structured along two dimensions: current high intensity and projected worsening under high-emission scenarios. T op 5 physical hazards identified The consistent application of these criteria has led to the identification of five physical hazards with established structural significance: 1. W ater stress; 2. Extreme precipitation; 3. Drought; 4. Duration of abnormally hot periods; 5. Frequency of heatwaves. The five identified structural physical hazards are presented according to a logic that reflects (i) established structural risks, (ii) acute risks that are already materially high, and (iii) chronic and emerging acute risks with a consistent trajectory of worsening. Organisation’s exposure under different climate and socio- economic frameworks. These time horizons are aligned with Corticeira Amorim’s strategic planning cycles and with the useful life of relevant assets, ensuring consistency between the climate analysis and medium- and long-term investment decision- making processes. The scenarios considered reflect not only different levels of projected warming, but also differing assumptions regarding: • The intensity and pace of global warming; • The evolution of climate policies and carbon pricing mechanisms; • Technological transformation associated with the energy transition; • Market dynamics, value chains and consumption patterns. The 1.5 °C-aligned scenario (SSP1-1.9) assumes a rapid and coordinated transition to a low-carbon economy , with high regulatory ambition and technological acceleration. The intermediate scenario (SSP2-4.5) assumes a gradual and heterogeneous transition across regions and sectors. The high-emissions scenario (SSP5-8.5) reflects a context of high emissions and reduced international coordination, leading to a greater intensification of long-term physical risks and potentially more abrupt adjustments in the regulatory and market spheres. The modelling incorporated multiple climate projections, using the central values of the probability distributions (50th percentile), thereby enabling the identification of robust exposure patterns across the business model, without distortion from localised extremes. For critical assets or regions with greater operational sensitivity , supplementary analyses based on higher percentiles may be considered. For the purposes of comparability between hazard categories, the physical results were harmonised on a relative exposure scale. SSP1 -1.9 SSP2 -4.5 SSP5 -8.5 2005 2030 2050 2100 0% 0% 0% 0 2 4 6 8 10 The ratio of total water demand to the amount of water available, which indicates the level of pressure on water resources. Water Stress Chronic Physical Risk Scale 0: Low 10: Extremely High
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162 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Its relevance does not depend on future intensification, given that extreme rainfall is already a physical hazard present in the regions where the Organisation operates. However , under scenarios of greater warming, the slight long-term worsening projected suggests a potential increase in the severity of events. Extreme rainfall must be analysed in conjunction with other identified hazards, namely prolonged drought and thermal persistence, the alternation of which can amplify runoff, erosion and localised infrastructure instability . The episodic nature of this hazard has direct implications for operational resilience, particularly regarding the exposure of assets to rain-induced flooding, the need for robust and adequately sized drainage systems, the possibility of temporary interruptions to activity associated with extreme weather events, the vulnerability of logistics infrastructure and access routes, as well as the need for selective adaptive investment in assets located in more sensitive areas and the integration of physical resilience criteria into the planning of new infrastructure or industrial expansions. 2. Extreme precipitation The extreme precipitation indicator assesses the intensity and frequency of very intense precipitation events with the potential to cause flash floods, structural damage and localised operational disruptions. This is an acute physical hazard, characterised by short- duration events, but with a high disruptive capacity when it affects critical infrastructure or logistics chains. The analysis shows that the Organisation’s cross-cutting exposure to extreme precipitation is already at high levels and remains structurally high across the time horizons analysed (2030, 2050 and 2100). Exposure has been at the maximum level of the harmonised scale since the base period (2005), remaining stable across the different time horizons and scenarios analysed. This stability confirms that the Organisation operates in regions characterised by high water pressure, particularly in the Mediterranean basin, where a significant proportion of cork production and industrial activity is concentrated. The absence of significant divergence between scenarios indicates that water stress is not an emerging phenomenon dependent on the future intensification of global warming, but rather an already established condition. Even under more ambitious mitigation trajectories, the level of pressure remains high. Under higher levels of warming, the worsening of prolonged drought and heat persistence (prolonged periods of abnormally high temperatures) could amplify this pressure. The cross-cutting nature of this risk has direct implications for the business model, particularly in terms of operational resilience in regions facing high water stress, the reliability of the Company’s own water withdrawal sources, the need to improve water efficiency , the pressure on storage and reuse infrastructure, the potential increase in costs associated with abstraction and treatment, as well as in terms of reputational and regulatory sensitivity in contexts of scarcity . The fact that water stress presents itself as an established chronic physical hazard reinforces the strategic importance of initiatives already underway in the areas of water efficiency , reuse and reduction of specific water consumption, as well as the management of agroforestry systems. SSP1 -1.9 SSP2 -4.5 SSP5 -8.5 2005 2030 2050 2100 0% 0% 11% 0 2 4 6 8 10 Very intense precipitation events (rain) that occur in a specific location but are infrequent. Extreme precipitation Acute Physical Risk Scale 0 : 0 mm 10 : >270 mm
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163 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 4. Duration of abnormally hot periods The index of the duration of abnormally hot periods measures the persistence of sequences of consecutive days with temperatures above the historical reference percentile; in other words, how long periods of abnormal heat last. This index reflects prolonged episodes with cumulative potential (arising from the persistence of consecutive days of abnormal heat) on ecosystems and operations. The analysis shows a consistent trend of worsening conditions. In the high-emissions scenario, values reach peak levels as early as the middle of the century , remaining high until 2100. Even in The analysis reveals a consistent trend of worsening conditions across the business model. The intensification becomes more pronounced in the high-emissions scenario up to 2100, being already visible in the short and medium term, whilst under intermediate trajectories the increase is progressive, albeit less marked. Under a trajectory aligned with 1.5 °C, the worsening tends to stabilise in the long term, highlighting high sensitivity to the global emissions trajectory . Prolonged drought constitutes an emerging chronic physical hazard, with the potential to progressively transform the Organisation’s exposure profile. Prolonged drought interacts directly with thermal persistence and existing water stress, reinforcing a cumulative pattern of pressure on agroforestry systems and resource availability . The implications particularly affect the resilience of agroforestry systems and the productivity of cork oak forests, potentially influencing the availability and quality of raw materials in the medium and long term. The worsening drought places additional pressure on already limited water resources and may lead to increased costs associated with adaptive forest management practices. At the same time, persistent water deficits heighten exposure to indirect phenomena, such as physiological stress in plants and increased susceptibility to fire, with cumulative impacts on the productive and ecological stability of cork oak forests. Mitigating this exposure is supported by forestry intervention projects and research into cork oak genetics and silviculture, as well as structured technical support for producers, with the aim of strengthening the stability of the raw material and the resilience of the supply chain in the long term. 3. Drought The drought indicator assesses the probability of prolonged drought occurring, taking into account both precipitation and potential evapotranspiration. By incorporating the effect of rising temperatures on water availability , this indicator provides a more robust measure of the actual water deficit in the context of climate change. SSP1 -1.9 SSP2 -4.5 SSP5 -8.5 2005 2030 2050 2100 20% 37% 53% 0 2 4 6 8 10 SSP1 -1.9 SSP2 -4.5 SSP5 -8.5 2005 2030 2050 2100 88% 150% 150% 0 2 4 6 8 10 Duration of Abnormally Hot Periods Chronic Physical Risk Drought Chronic Physical Risk The risk of drought was assessed by combining precipitation and temperature patterns, in order to capture not only the lack of rainfall but also the increase in evapotranspiration associated with higher temperatures, which intensifies the severity of drought conditions. The annual number of days on which the daily maximum temperature exceeds the 90th percentile of historically recorded temperatures for those same days, with a minimum of six consecutive days. Scale 0: Moderately Humid 10: Extreme Drought Scale 0: 0 times/year 10: >3 times/year
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164 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 The analysis shows a consistent increase in the frequency of heatwaves. Starting from a moderate level in the baseline period, an increase is already observed by 2030, with a more marked intensification after the middle of the century , particularly under higher warming scenarios. Even under a scenario aligned with 1.5 °C, there is a significant increase in recurrence, albeit more moderate. This pattern indicates a consistent trend towards warming and greater episodic thermal instability , with a potential impact on operational predictability . The increased exposure of workers to extreme thermal conditions may affect occupational health and safety , requiring adjustments to shifts and the strengthening of protective measures in operations. The recurrence of intense heat episodes may also result in reduced productivity during critical periods, increased pressure on cooling systems and energy consumption, as well as an indirect exacerbation of the water stress and prolonged drought already identified. Climate-related transition risks The transition to a low-carbon and resilient economy constitutes a structural driver of regulatory , technological and market transformation. For Corticeira Amorim, transition risks are not isolated events, but systemic dynamics that influence cost structures, competitive positioning, access to capital and the stability of the value chain. Their intensity and pace of materialisation vary depending on the climate scenarios considered. Scenarios aligned with 1.5 °C assume regulatory and technological acceleration in the short and medium term, whilst trajectories involving greater warming tend to delay the transition, increasing the risk of more abrupt adjustments in later phases. The analysis enables an assessment of the business model’s capacity to operate under different speeds and levels of ambition for the transition. 5. Frequency of heatwaves The heatwave frequency indicator measures the number of episodes of extreme heat defined on the basis of regional thresholds, corresponding to sequences of at least three consecutive days above the climatological reference percentile; in other words, it measures how many heatwaves occur . intermediate scenarios, a progressive intensification is observed. This behaviour reveals that persistent abnormal heat constitutes an emerging chronic hazard of significant importance, with acceleration already evident in the short and medium term. The cumulative nature of this hazard distinguishes it from isolated heat events. Exposure stems not only from the occurrence of high temperatures, but from their consecutive persistence, which reduces the resilience of natural and productive systems. Thermal persistence acts as a systemic amplifier of other identified physical hazards, intensifying evapotranspiration, exacerbating water deficits and increasing the probability and severity of prolonged drought, as well as susceptibility to forest fires. The implications relate to the resilience of agroforestry systems and the productivity of the cork oak forest, water management and pressure on already limited resources, as well as health and safety conditions in industrial and outdoor environments. The need to adapt infrastructure, including upgrading cooling systems, and planning operations during critical periods are key aspects of the operational response. SSP1 -1.9 SSP2 -4.5 SSP5 -8.5 2005 2030 2050 2100 100% 233% 233% 0 2 4 6 8 10 Frequency of Heatwaves Acute Physical Risk The annual frequency of periods of at least three consecutive days during which both the daily maximum and minimum temperatures exceed the 90th percentile of historically recorded temperatures for those same days. Scale 0: 0 times/year 10: >3 times/year
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165 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 low-carbon products, and the competitive positioning in segments aligned with global climate targets. The opportunities identified reflect the interplay between regulatory developments, technological transformation and shifting market preferences, and may materialise in different ways depending on the pace and ambition of the climate transition across the various scenarios considered. Products and services The increasing incorporation of climate criteria into sectoral regulation, public policy and purchasing decisions favours solutions with lower carbon intensity and proven better environmental performance. In this context, cork-based products, particularly thermal insulation solutions and technical applications, are structurally positioned as a competitive alternative to more emissions-intensive materials. The gradual replacement of materials with a higher carbon footprint, driven by regulatory requirements, environmental certifications and sectoral decarbonisation targets, is likely to boost demand for solutions that combine energy efficiency , natural carbon sequestration and renewable origins. Under scenarios of greater climate ambition, this trend is likely to intensify , boosting the Organisation’s competitive repositioning in segments aligned with carbon neutrality objectives. Markets Changing preferences among customers and end-consumers, coupled with growing demands for emissions reporting across the value chain, tend to favour suppliers with lower carbon intensity and greater climate transparency . The integration of emissions metrics into procurement processes and supplier selection criteria could enhance the appeal of nature-based solutions and renewable materials. In this context, the Organisation is well-positioned to benefit from a structural reshaping of markets, characterised by the increasing value placed on distinctive environmental attributes. This dynamic could Market risk The climate transition influences consumption patterns, customer preferences, value chains and competitive dynamics between materials. In contexts of greater climate ambition, carbon-intensive materials tend to face greater regulatory and reputational pressure, whilst renewable-based solutions with a lower carbon footprint may benefit from a relative competitive advantage. In scenarios of reduced global coordination, volatility in energy and raw material prices could constitute an additional source of risk. Corticeira Amorim’s positioning in segments associated with energy efficiency , thermal insulation and natural solutions helps to reduce relative exposure and strengthen adaptive capacity . Reputational risk and access to capital Increased scrutiny from institutional investors, customers and regulators underscores the importance of climate performance as a factor with a growing influence on risk perception, financing terms and the cost of capital. Consistency between public commitments, climate targets, operational delivery and transparent reporting is a critical factor in mitigating this risk. The integration of climate criteria into capital allocation decisions tends to distinguish organisations with a credible transition strategy and a business model consistent with climate-neutrality trajectories. Opportunities associated with the climate transition The transition to a low-carbon economy is not only a source of regulatory and technological risk, but also a process of structural reconfiguration of markets, value chains and capital decisions. Within the context of Corticeira Amorim’s business model, this transformation creates strategic opportunities arising from the renewable nature of the raw material, the capacity for innovation in Political and regulatory risk Political and regulatory risk stems from the gradual strengthening of climate policy instruments, including carbon pricing mechanisms, the review of energy tax regimes, the expansion of reporting obligations, and increased demands for transparency throughout the value chain. Under scenarios of greater climate ambition, these instruments are introduced earlier and in a coordinated manner , directly influencing cost structures, investment decisions and relative competitiveness between materials. In less ambitious scenarios, the transition may be delayed, but potentially more volatile. Corticeira Amorim’s exposure is mitigated by the renewable nature of its main raw material, the increasing incorporation of renewable energy into its operations, and the implementation of its Climate Transition Plan. Nevertheless, developments in the European and international regulatory framework may influence energy costs, investment requirements and compliance obligations throughout the value chain. T echnological risk The energy transition entails a gradual transformation of production systems, with accelerated electrification, the replacement of fossil fuels and the adoption of lower-carbon technologies. Technological risk manifests itself primarily as a risk of misalignment between investment cycles and regulatory or market developments, as well as the potential obsolescence of assets in the event of accelerated transitions. Under scenarios of greater climate ambition, technological acceleration requires capital planning capacity and strategic flexibility . The progressive modernisation of industrial assets, combined with investments already made in energy efficiency and renewable self-generation, constitute relevant mitigation measures.
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166 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 climate targets, carbon pricing mechanisms and greater demands for transparency represents the dominant driver of transformation. The results suggest that the business model retains its resilience under a scenario aligned with 1.5 °C, assuming the continuation of decarbonisation and water and energy efficiency initiatives. Intermediate scenario In this scenario, a gradual intensification of chronic physical risks is observed, particularly prolonged drought and thermal persistence, from the middle of the century onwards. The divergence between scenarios becomes more apparent after 2050, reflecting the projections’ greater sensitivity to the global emissions trajectory . Transition risks evolve gradually , maintaining pressure on technological investment and relative competitiveness. For the business model to remain resilient, it is necessary to progressively strengthen adaptation measures, particularly with regard to advanced water management, continuous technological modernisation, and the integration of climate variables into medium-term capital decisions. High-emissions scenario Under this scenario, the intensification of physical risks becomes more pronounced after 2050, with a significant increase in heat persistence and the frequency of heatwaves, as well as a worsening of prolonged drought. Physical exposure takes on greater significance in the risk profile. W ater stress remains high at present, with future worsening amplified by the interaction between prolonged drought and heat extremes. In this context, the worsening of physical hazards could result in greater pressure on adaptive CapEx, infrastructure and agroforestry systems, as well as on the resilience of the supply chain. The strategy of geographical diversification of cork oak forests and strengthening adaptive silvicultural practices constitutes a significant mitigation factor . models that integrate small-scale forest producers into the generation and monetisation of carbon credits may also contribute to strengthening the economic resilience of the supply chain. These factors help to strengthen access to sustainable financing instruments, potentially having a favourable influence on the cost of capital and the markets’ perception of risk. Taken together , these opportunities demonstrate that the climate transition is not merely a regulatory and technological risk factor , but also a driver for the structural reinforcement of the Organisation’s value proposition. Results of the resilience analysis The analysis of climate scenarios has enabled us to assess the exposure and the main factors affecting the resilience of Corticeira Amorim’s business model in the face of different global warming trajectories and their respective socio-economic contexts. The results to date indicate that the resilience of the business model depends not only on the future intensity of physical risks, but also on the pace and nature of the climate transition. Resilience under different climate scenarios 1.5 °C-aligned scenario The analysis of climate scenarios enables an assessment of how exposure to physical hazards and the dynamics of the transition influence the resilience of Corticeira Amorim’s business model under a 1.5 °C-aligned scenario. Under a scenario of rapid and coordinated transition, physical risks follow a trajectory of moderate worsening, consistent with incremental adaptive capacity . The intensification of heatwaves and thermal persistence is observable, but remains compatible with the business model’s adaptive capacity . W ater stress remains high, already constituting an operational condition integrated into day-to-day management. In this context, the main strategic pressure stems from regulatory and technological reinforcement. The need to align with ambitious translate into a stronger market share in strategic segments, the opening of new markets and greater stability in demand within contexts of accelerated regulatory transition. At the same time, the loss of relative competitiveness of more carbon-intensive materials could create additional scope for solutions based on renewable raw materials. Resource and energy efficiency Ongoing investment in water and energy efficiency , as well as the self-generation of electricity and heat from locally sourced biomass and other renewable sources, constitute not only risk mitigation measures but also structural drivers of competitiveness. The gradual reduction in dependence on fossil fuels helps to mitigate exposure to energy price volatility and carbon pricing mechanisms, whilst simultaneously strengthening the energy security of operations. The continuous improvement of operational efficiency translates into structural gains in productivity and cost reduction, increasing the resilience of the production model in scenarios of greater regulatory and market demands. In this sense, the climate transition functions not only as a factor of external pressure, but also as a catalyst for technological modernisation and process optimisation. Capital and financing The growing integration of climate criteria into investment and financing decisions is redefining the conditions for accessing capital in European and international financial markets. Organisations with a credible decarbonisation strategy and a business model aligned with the climate transition tend to be more attractive to institutional investors and financial institutions. The renewable nature of the main raw material, the carbon sequestration capacity associated with cork oak forests, and the consistent implementation of the Climate Transition Plan reinforce Corticeira Amorim’s strategic positioning in this context. Under more developed carbon valuation schemes, the generation of carbon credits associated with forest management could constitute an additional source of value creation. The creation of aggregate
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167 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 In this scenario, the continuity of the business model requires increased strategic focus and long-term risk management. Nevertheless, the renewable nature of cork and the positive net contribution of cork oak forests to the carbon cycle reinforce the Organisation’s competitive positioning within a regulatory and market framework increasingly geared towards low-carbon solutions. Strategic adaptability Corticeira Amorim’s adaptability is underpinned by features of its business model that strengthen its ability to respond to physical and transition risks. The centralisation of raw material management within the Amorim Florestal BU, supported by a multi-year procurement policy , is a key tool for ensuring raw material stability and mitigating exposure to climate and market fluctuations. V ertical integration of the value chain allows for greater control over raw material procurement and the management of strategic stocks, acting as a mitigating factor in contexts of climate or market volatility . The technical expertise accumulated in the management of agroforestry systems strengthens the ability to respond to scenarios of increased aridity and temperature variability . Ongoing investments in water and energy efficiency reduce operational exposure to identified pressures, whilst the Climate Transition Plan contributes to the progressive reduction of carbon intensity and the mitigation of regulatory sensitivity . Flexibility in capital allocation and the ongoing modernisation of assets enable investment decisions to be adjusted to technological and regulatory developments, reducing the risk of obsolescence and strengthening the capacity for incremental adaptation. Resilience results from the systematic integration of climate considerations into strategic planning, operational management and capital decision-making processes. Limitations and future development of the analysis This analysis focuses on the structured characterisation of climate exposure of strategic relevance. The next step will involve integrating the vulnerability dimension, enabling a transition to an assessment of potentially material climate risk, including differentiation by asset and by geography . Detailed financial quantification of potential impacts is a natural development as the model matures and will be progressively integrated into strategic planning and capital allocation mechanisms. It is important to recognise that uncertainty increases after 2050, that the divergence between scenarios depends on global decisions beyond the Organisation’s control, and that long-term strategic resilience will depend on its dynamic and proactive adaptation.
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168 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Decarbonisation levers To achieve the climate targets set for 2030, Corticeira Amorim has structured its Climate Transition Plan around three main decarbonisation levers, which represent the key areas of action through which the Organisation can reduce emissions associated with its industrial operations and value chain, contributing to the achievement of the climate ambition set for 2030. These levers guide the development of initiatives aimed at reducing the carbon intensity of the Organisation’s activities, whilst simultaneously enhancing operational efficiency and the resilience of the business model. Together , these three levers cover the Organisation’s main sources of GHG emissions, contributing to the reduction of direct emissions from operations (Scope 1), emissions associated with energy consumption (Scope 2) and indirect emissions throughout the value chain (Scope 3). This approach reflects a logic of progressive decarbonisation, combining the reduction of energy consumption, the decarbonisation of the energy sources used, and the reduction of emissions associated with value chain activities. In this context, measures relating to energy efficiency and the transition to renewable energy contribute primarily to the reduction of direct emissions and those associated with energy consumption (Scopes 1 and 2), whilst initiatives to decarbonise the value chain play a central role in reducing indirect emissions (Scope 3). Energy efficiency and consumption optimisation The first area of focus is on reducing the energy intensity of industrial operations through the continuous improvement of production process efficiency and energy consumption management. In this area, Corticeira Amorim has been implementing structured energy efficiency programmes at its units, focusing on the optimisation of thermal systems, compressed air , electric motors, lighting and production processes. These initiatives help to reduce the carbon intensity of operations, improve energy performance and strengthen the Organisation’s energy resilience. chain, and, where relevant, reinforcing or complementing existing initiatives to ensure compliance with the decarbonisation pathway defined by the Organisation. Science-based climate targets As part of its climate strategy , Corticeira Amorim has made a public commitment to the SBTi to set science-based GHG emission reduction targets that are compatible with limiting global warming to 1.5 °C. This commitment reinforces the decarbonisation pathway the Company has been developing over recent years and sets a clear benchmark for implementing the initiatives needed to reduce GHG emissions across its operations and value chain. In this context, Corticeira Amorim aims to achieve the following by 2030, compared to the base year of 2024: • A 42% reduction in Scope 1 and 2 GHG emissions; • A 25% reduction in Scope 3 GHG emissions. These targets are a central element of the Organisation’s Climate Transition Plan and guide the development of decarbonisation initiatives implemented across its operations and value chain. The integration of these targets into the Company’s strategy reinforces Corticeira Amorim’s alignment with international best practices in climate management and with the expectations of investors, customers and other stakeholders regarding companies’ contribution to climate change mitigation. By setting science-based emissions reduction targets, the Organisation reinforces its commitment to a consistent decarbonisation pathway and to integrating climate considerations into its long-term strategy , contributing to the resilience of the business model and to Corticeira Amorim’s ongoing contribution to a low-carbon economy . B. TRANSITION PLAN FOR CLIMATE CHANGE MITIGATION (E1-1) Climate change is one of the strategic pillars of the Sustainable by nature programme and one of the most relevant environmental topics for Corticeira Amorim’s stakeholders. In this context, the Company recognises its role in the transition to a low-carbon economy and is committed to aligning its strategy and business model with the objectives of the Paris Agreement, namely limiting global warming to 1.5 °C. Over recent years, Corticeira Amorim has been developing various initiatives aimed at reducing GHG emissions, promoting the efficient use of resources, increasing the use of renewable energy , and continuously improving the energy performance of its operations. These initiatives are being developed as part of the Sustainable by nature programme and help to strengthen a model of growth that is resilient, competitive and aligned with the climate transition. Corticeira Amorim’s Climate Transition Plan sets out the strategic framework for the progressive reduction of GHG emissions associated with its operations and value chain. This plan is integrated into the Organisation’s overall strategy and guides decisions on investment, innovation, operational efficiency and value chain management, ensuring the business model is compatible with the transition to a sustainable, low-carbon economy . In this context, Corticeira Amorim has defined a science-based climate ambition to guide its decarbonisation pathway through to 2030. The implementation of the Climate Transition Plan is integrated into the Organisation’s strategic cycles. The current 2025-2027 strategic cycle reinforces and consolidates the decarbonisation initiatives already underway , whilst ensuring the alignment of the Company’s climate strategy with the emission reduction targets set for 2030, in line with the commitment made to the Science Based Targets initiative (SBTi). Implementation of the plan is tracked through regular processes to monitor and assess progress, enabling the identification of further opportunities for emissions reductions, particularly across the value
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169 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Integration of the transition plan into strategy and governance The Climate Transition Plan is integrated into Corticeira Amorim’s overall strategy and is implemented as part of the Sustainable by nature programme, which sets out the Organisation’s main sustainability objectives, targets and performance indicators. In this context, the plan guides the definition and implementation of initiatives aimed at reducing GHG emissions, ensuring that climate considerations are integrated into the Company’s strategic, operational and investment decision-making processes. Oversight of the Climate Transition Plan is provided by the ECBD, which is responsible for approving the strategic guidelines associated with the climate transition and for monitoring the implementation of initiatives that support the Organisation’s decarbonisation pathway . The implementation of the plan is supported by multidisciplinary working groups, involving teams from the relevant corporate areas, including Sustainability , Procurement and Energy , Logistics, Health and Safety , as well as representatives from the various BUs. This collaborative approach aims to ensure cross-functional alignment between strategy , operations and the value chain, promoting the effective integration of climate objectives into the Organisation’s management processes. Within this framework, Corticeira Amorim regularly monitors progress in the implementation of the Climate Transition Plan. Progress and future prospects regarding the implementation of the transition plan Progress in implementing the plan is tracked using specific performance indicators, which are regularly monitored and integrated into the Company’s sustainability management system. This enables the identification of further opportunities to reduce emissions and, where relevant, to strengthen or complement existing initiatives, thereby ensuring compliance with the decarbonisation pathway defined by the Organisation. Key initiatives include: • Gradual replacement of more carbon-intensive raw materials with alternatives that have a lower environmental impact; • Development of sustainable packaging initiatives, with the aim of reducing the use of non-renewable materials; • Optimisation of logistics operations and promotion of modes of transport with lower carbon intensity; • Integration of climate criteria into the selection and evaluation of suppliers, encouraging the adoption of emission reduction targets and plans throughout the value chain; • Strengthening of data collection and analysis systems, with a view to progressively increasing the quality and coverage of information available throughout the value chain, enabling the identification of additional opportunities for emission reductions and supporting the definition of initiatives. The decarbonisation levers identified in the Climate Transition Plan constitute the strategic framework guiding the implementation of initiatives aimed at reducing GHG emissions in Corticeira Amorim’s operations and value chain. The main actions associated with these levers, as well as the resources mobilised for their implementation, are described in greater detail in section 8.3.2 B. Actions and resources in relation to climate change policies. The implementation of these decarbonisation levers is supported by investments and operational initiatives. Investments and financing for the climate transition To support the implementation of the climate change mitigation actions defined in the Transition Plan, Corticeira Amorim has made significant investments and obtained funding for energy efficiency measures, renewable energies and decarbonisation processes. The Company uses sustainable finance instruments as the main source of funding for projects included in the Sustainable by nature programme. Furthermore, the Plan is integrated into the Company’s overall strategy . More information on Corticeira Amorim’s sustainable financing can be found at: https:/ /www .amorim.com/ en/investors/market-information/. The continuous improvement of energy efficiency is thus a key element of the Organisation’s decarbonisation strategy , contributing to the reduction of Scope 1 and 2 emissions and to the optimisation of the energy performance of its operations. Transition to renewable energy The second lever consists of the gradual replacement of fossil fuel energy sources with renewable energy sources, whilst simultaneously strengthening energy autonomy and the resilience of operations. In this context, Corticeira Amorim has been investing in the production of solar photovoltaic energy at its sites, in increasing the consumption of electricity from renewable sources, and in the energy recovery of biomass from its own production process. These initiatives enable a reduction in dependence on fossil fuels and a decrease in the carbon intensity of the Organisation’s energy consumption. The growing use of renewable energy is thus one of the pillars of the Company’s decarbonisation strategy , contributing significantly to the reduction of emissions associated with its operations. Decarbonisation of the value chain Scope 3 emissions account for around 87.5% of the Organisation’s total GHG emissions, reflecting the significance of the value chain in Corticeira Amorim’s overall carbon footprint. In this context, the third lever focuses on reducing indirect emissions associated with activities upstream and downstream of the Company’s operations, recognising that decarbonising the value chain requires a collaborative approach with suppliers, logistics partners and other relevant stakeholders. The Organisation has been developing a range of initiatives aimed at reducing emissions associated with the procurement of raw materials and supplies, packaging, logistics and transport, as well as strengthening engagement with suppliers and partners to promote practices aligned with the reduction of GHG emissions.
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170 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 8.3.2 IMPACT , RISK AND OPPORTUNITY MANAGEMENT A. POLICIES RELATED TO CLIMATE CHANGE MITIGATION AND ADAPTATION (E1-2) Key contents of policies Corticeira Amorim is governed by a solid and cohesive set of internal regulations, comprising statutes, codes, regulations and policies, which enable its stakeholders’ expectations to be aligned, and thereby foster balanced and prudent management, reinforce transparency and demonstrate the Company’s commitments to developing its business activity in line with sustainable development principles. Corticeira Amorim seeks to identify and integrate into its strategy the issues that may have an impact on sustainability governance, such as regulation, relations with stakeholders or their perception of the Company and its activity , and respond to the constant challenges that arise in the markets in which it operates. The Organisation is committed to contributing to the SDGs adopted by the United Nations (UN) in 2015 and to managing the impacts, risks and opportunities related to climate change mitigation and adaptation. In this context, it aligns its policies and strategic decisions with the objectives of the Paris Agreement, seeking to contribute to limiting global warming to 1.5 °C by reducing GHG emissions and transitioning to a low-carbon production model, whilst progressively integrating the management of risks and opportunities associated with climate change into its strategy and business model. To this end, it has designed and conducts ongoing programmes to support R&D+I, as well as policies and initiatives aimed at improving its environmental performance. In particular , Corticeira Amorim has adopted the General Sustainability Policy and the Energy , Environment and Biodiversity Policy , which implement the Organisation’s commitments to climate change adaptation, mitigation and energy . Eligibility against the European Union’s climate benchmarks Corticeira Amorim’s activities are not covered by the exclusions set out for the EU Paris-aligned climate benchmarks (P AB) and the EU Climate Transition Benchmarks (CTB), as set out in Regulation (EU) 2019/2089. In this context, the Organisation does not carry out activities associated with sectors excluded from these benchmarks, such as the exploration, extraction, production or refining of fossil fuels, and is therefore not subject to the exclusions applicable to such activities. During this strategic cycle, Corticeira Amorim will continue to deepen the implementation of the decarbonisation levers identified in the Climate Transition Plan, notably by strengthening energy efficiency initiatives, expanding the use of renewable energy sources and developing programmes aimed at reducing emissions throughout the value chain. At the same time, the Organisation will continue to strengthen its climate data information and monitoring systems, as well as its engagement with suppliers and strategic partners, with a view to improving the quality of available information on emissions and supporting the identification and implementation of additional decarbonisation measures where relevant. In the future, Corticeira Amorim will continue to implement its climate transition programme, incorporating the results of the double materiality analysis into the 2025-2027 strategic cycle and strengthening alignment with science-based commitments, notably through the validation of targets by the SBTi. Locked-in emissions As part of the assessment of the Climate Transition Plan, the Organisation also analysed the possible existence of locked-in emissions associated with its assets and activities. Given the nature of Corticeira Amorim’s business model and the assets associated with its operations, no material locked-in GHG emissions were identified that could compromise the Organisation’s compliance with its defined emission reduction targets.
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171 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Policy General Sustainability Policy and Energy, Environment and Biodiversity Policy Scope / Key stakeholders Applicable to all workers of the Organisation and to external stakeholders, including the value chain, where applicable Most senior level responsible for implementation Approval of Policies falls within the competence of the Board of Directors Enforcement is ensured by ECBD through the member responsible for overseeing and reporting on cross-functional and support areas, which are in turn responsible for monitoring its implementation Implementation of the Policies within the scope of their respective activities is the responsibility of the BUs Alignment with international standards Principles aligned with the main applicable international frameworks, in particular the Universal Declaration of Human Rights, the ILO fundamental conventions, the OECD Guiding Principles for Multinational Enterprises, the 10 principles of the United Nations Global Compact, the BCSD Portugal Charter of Principles, act4nature Portugal, the SDGs, the Paris Agreement, the Kunming-Montreal Global Biodiversity Framework, and RNC2050 - Roadmap for Carbon Neutrality 2050 (Portugal) Interests of key stakeholders Stakeholder input is gathered through regular engagement processes and materiality assessments, ensuring relevance and inclusion in the policies Accessibility and availability of policies Website in Portuguese and English Link to the Articles of Association, Regulations and Policies https:/ /www.amorim.com/en/investors/ corporate-governance/corporate- regulation-and-policies/ of the cork sector , the certification of forest management systems and the remuneration of ecosystem services in cork oak forests; • Caring for and respecting the environment and protecting biodiversity during the day-to-day performance of its operations. All the Organisation’s policies must take into consideration the transition to a more sustainable economy , allocating available resources to maximise efficient use with the objective of decarbonising production activities, seeking to minimise risks to the climate and to human health and biodiversity . Within the scope of these policies, Corticeira Amorim sets environmental objectives and targets for each strategic cycle, with defined indicators and deadlines, ensuring the monitoring of performance and transparency regarding progress in climate change mitigation and adaptation. The implementation of the commitments set out in the respective Policies is integrated into Corticeira Amorim’s human rights and environmental due diligence system, ensuring a risk- based approach to the identification, prevention, mitigation and, where applicable, remediation of adverse environmental impacts, including those associated with climate change, in its own operations and throughout the value chain. The General Sustainability Policy , formalises in particular the following commitments: • Integrate sustainability into the decision-making process; • Manage material risks and opportunities associated with the Organisation’s activities, as well as identify , assess and manage actual or potential material impacts, in order to avoid, minimise and remedy any negative impacts on employees, workers throughout the value chain, communities, consumers and end-users and other stakeholders, as well as the environment; • Conduct business according to principles of trust, transparency and ethics, encouraging communication channels to inform, involve and maintain an ongoing dialogue with stakeholders. In line with its Energy , Environment and Biodiversity Policy , the Company implements sustainable practices throughout its value chain — from cork production to its transformation into products with a low or negative carbon impact, through to end of product life — in order to fulfil the following commitments: • Apply environmental and rational energy use criteria in all planning and decision-making work on issues that may have an impact on the environment; • Implement the necessary tools to avoid pollution and reduce energy consumption, focusing on cleaner energy sources and greener technologies, with a particular focus on energy efficiency; • Make rational use of resources, minimising water , paper and energy consumption, reducing waste and emissions, favouring recycling and looking for ecologically correct solutions; • Promote good environmental practices among suppliers and customers, encouraging responsible consumption; reduce the amount of raw materials used, limiting packaging and favouring recycled and/or recyclable materials and “sustainable” raw materials (e.g. from sustainably managed forests); • Contribute to the research, development and promotion of environmentally friendly and energy- efficient technologies that seek carbon neutrality; • Act proactively in discussing policies and proposing measures for the protection of forests and ecosystem services, in particular the cork oak, the preservation of cork oak forests, the promotion
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172 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 actions focused on replacing motors with more efficient ones, adjusting speeds, installing variable speed drives, and optimising ventilation and transport systems; • Lighting and electrical systems: in the area of lighting and electrical systems, four measures were implemented (including lighting and other electrical systems), with a total investment of around €203,600, resulting in annual energy savings of approximately 191.4 MWh and an economic benefit of around €28,400. These measures mainly involved replacing conventional lighting systems with LED technology and optimising auxiliary electrical systems. Following the implementation of these measures, Corticeira Amorim follows a rigorous monitoring programme, which includes the systematic calculation of the energy and economic impacts achieved, as well as the identification and preparation of additional and/or corrective measures, ensuring the continuous improvement of energy performance and the maximisation of associated benefits. Holding of the Energy Efficiency Forum The Energy Efficiency Forum is an annual or biannual event that promotes the sharing of best practices and the monitoring of energy consumption. In 2025, the 39th forum was held, attended by 30 workers from these areas. Driving the transition to renewable energy Photovoltaic project Between 2021 and 2024, Corticeira Amorim installed around 44,000 solar panels across 18 industrial units, representing an investment of over 11 million euros and corresponding to the deployment of approximately 24 MWp of installed photovoltaic capacity . The energy produced is mainly intended for self-consumption, contributing to the fact that, by 2025, 19.1% of the electricity consumed by Corticeira Amorim’s operations will be from controlled renewable sources, of which 13.1% corresponds to internally produced photovoltaic energy , with the remainder being secured through Guarantee of Origin Certificates (GOCs). Energy efficiency lever and process optimisation Energy efficiency project In 2025, Corticeira Amorim implemented 72 energy efficiency measures, resulting from a total investment of around 0.9 million euros, spread across different areas of activity , each with a specific focus on reducing energy consumption and operating costs. Taken together , these measures have enabled annual energy savings of over 15.0 thousand MWh and an estimated annual economic benefit of around €545,000. • Compressed air: 25 measures were implemented, representing an investment of approximately €34,800, resulting in energy savings of around 1,020 MWh per year and an annual financial benefit of approximately €102,400. These measures focused primarily on the detection and repair of leaks, optimisation of compressor operation, scheduled shutdowns during periods of inactivity and the replacement of inefficient components, enabling a significant reduction in one of the most energy- intensive aspects of industrial operations; • Thermal: 28 measures were implemented, representing the largest volume of work, with a total investment of around €596,700. These actions resulted in annual energy savings of approximately 13,200 MWh and an estimated economic benefit of €341,500. The interventions focused on optimising boilers, improving combustion systems, replacing and insulating pipework, steam traps and thermal equipment, as well as reducing heat loss, with a particular focus on biomass and steam systems; • Process: nine process-level measures were implemented, with an investment of around €29,200, generating annual energy savings of approximately 340.6 MWh and an economic benefit of around €30,500. These measures included the optimisation of operating parameters, the reduction of process temperatures, the deactivation of equipment during periods of non-use, and the improvement of the operational efficiency of specific production lines; • Motors: in the area of motors and drive systems, six measures were implemented, with an investment of approximately €50,100, resulting in annual energy savings of around 401.2 MWh and an economic benefit of around €42,200. The B. ACTIONS AND RESOURCES IN RELATION TO CLIMATE CHANGE POLICIES (E1-3) Corticeira Amorim’s activity uses resources and its environmental impacts predominantly arise in its production units (raw and industrial material preparation). Most of the energy used in the process is renewable and locally generated, while some operations also use energy from fossil fuels, which results in GHG and other air emissions that have an impact on the environment. Corticeira Amorim integrates climate change mitigation and adaptation into its management model and implements various actions every year to mitigate the negative impacts of climate change, mitigate its exposure to the risks of transitioning to a carbon-neutral economy and to physical, acute or chronic climate-related risks, as well as capitalising on opportunities. Through different working groups, Corticeira Amorim identifies initiatives and engages with external stakeholders in order to reduce its environmental impact and achieve the objectives set out in the Sustainable by nature programme detailed in section 8.1.3 A. Strategy , business model and value chain. Key actions During 2025, Corticeira Amorim continued with its strategy and the actions implemented and planned with the aim of achieving its 2030 ambition. The actions carried out, as outlined in the Transition Plan, are underpinned by the strategic objective of reducing the environmental impact of operations by adopting renewable, accessible and efficient solutions. Decarbonisation is one of the driving forces behind the climate transition and climate change mitigation. The actions presented in this section contribute to the implementation of Corticeira Amorim’s Climate Transition Plan and are aligned with the decarbonisation levers identified in section 8.3.2 A. Policies related to climate change mitigation and adaptation, namely energy efficiency , the use of renewable energy sources and the decarbonisation of the value chain.
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173 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Category 5: Waste generated in operations Corticeira Amorim adheres to an approach in line with the waste management hierarchy , prioritising prevention, reuse, recycling and recovery . In 2025, 79.7% of the industrial waste generated was recovered or diverted from disposal. To reinforce this approach, Corticeira Amorim has approved a specific target for the period 2025-2027, aiming to recover 95% of non-cork waste, as defined under the Sustainable by nature programme. Corticeira Amorim works with different partners and invests in various initiatives to achieve its goals in this area and support the circular economy , both in operations and in the value chain. Further information is available in section 8.7.2 B. Actions and resources related to resource use and the circular economy . Category 6: Business travel The Organisation continues to implement measures to reduce emissions associated with business travel, prioritising a “virtual- first” approach, the rationalisation of travel and the use of lower- carbon modes of transport, wherever feasible. In the context of business travel, air travel represents the most significant component in terms of emissions. The Company has procedures in place aimed at avoiding and reducing such travel, limiting it to what is strictly necessary and encouraging, where possible, the use of alternatives such as the train. Since 2019, video- conferencing rooms have also been set up, configured for both one- to-one and multi-party meetings; their use was stepped up during the pandemic, helping to reduce the need for in-person travel. For the purposes of monitoring and evaluating performance, Corticeira Amorim uses 2019 as the base year , as it constitutes a pre- pandemic benchmark representative of the Organisation’s mobility patterns. Between 2019 and 2025, emissions associated with business air travel fell by a further 50% (2019: 1,277 tCO₂e; 2025: 544 tCO₂e), reflecting primarily the actual decline in demand for air travel, rather than the application of offsetting mechanisms. methodological consistency and monitoring capacity , whilst simultaneously strengthening the involvement of partners and suppliers. Category 1: Procurement of goods and services and 4: Transport and upstream distribution For these categories, Corticeira Amorim maintains and reinforces an approach based on three complementary pillars: reduction, measurement and supplier engagement. Actions include the gradual replacement of carbon-intensive raw materials with more sustainable alternatives, measures relating to packaging and logistics, the expansion of organisational coverage in carbon footprint calculations, and the improvement of calculation methodologies, with an increasing emphasis on primary data obtained from suppliers and partners. At the same time, the Organisation aims to strengthen alignment with suppliers by promoting selection criteria linked to GHG emission reduction targets and plans. A number of initiatives and projects are being implemented, including the establishment of quantitative targets for the consumption of non-renewable virgin packaging materials and the Sustainable Packaging project. More information is available in section 8.7.2 Actions and resources related to resource use and circular economy . Category 3: Activities related to the production of electricity and fuels The emissions associated with this category are related to the purchase and consumption of electricity and fuels used in production processes. The Company has invested in renewable energy sources and more efficient technologies to reduce energy consumption and, consequently , carbon emissions. Initiatives such as the energy efficiency project, the renewable energy project (biomass) and the photovoltaic project mentioned above are examples of initiatives that contribute significantly to reducing the carbon emissions associated with electricity and fuel production. As part of the continuation of this initiative, Corticeira Amorim also plans the additional installation of around 1 MWp of photovoltaic capacity during 2026, further strengthening the contribution of in-house renewable generation to reducing emissions associated with electricity consumption. Energy communities Corticeira Amorim and the Greenvolt Group have launched a partnership to create and manage six Energy Communities in Portugal. The adoption of the solution provided by Greenvolt Comunidades, a company specialising in collective self- consumption solutions, will allow Corticeira Amorim to optimise its photovoltaic production, making it possible to share energy from the current 18 Self-Consumption Production Units (SCPU) to 23, taking advantage of an annual surplus of around five GWh. Biomass project This project came about in response to the reduction in the availability of cork dust for use at the energy level, which results from the constant search to optimise the yield of cork consumed in the industrial cycle. The various initiatives include: (i) optimising the yield of cork dust for burning; (ii) converting boilers to burn other biomass (olive stones, almond shells or pellets); (iii) acquiring new , more efficient boilers; and (iv) optimising the thermal energy distribution network. In 2025, €3.0 million was spent on this project, mainly at establishments in Portugal. Driving decarbonisation of the value chain In the context of submitting its commitment to the SBTi and preparing medium- and long-term targets for the period 2024 - 2030, Corticeira Amorim is strengthening and structuring its approach to reducing Scope 3 emissions, evolving from a set of initiatives into an integrated, cross-cutting and target-driven plan. In this context, multidisciplinary working groups have been set up, involving relevant corporate and operational areas, and the scope of action has been extended throughout the value chain. This development ensures greater strategic coherence,
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174 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 cork produced can sequester up to 73 tonnes of CO₂3. As such, Corticeira Amorim recognises that its cork stopper production activity not only has a positive environmental impact, but also makes a significant contribution to the global goal of transitioning to a low-carbon economy . On the other hand, cork stoppers are a low-energy packaging product that extends shelf life and reduces waste, making them an excellent choice for customers looking for the best quality , while contributing to climate regulation. As a result of the double materiality assessment, physical, acute and chronic climate-related risks were identified. With a view to reducing the exposure of its activities, particularly forest management, to the resulting financial effects, Corticeira Amorim is already carrying out various actions that promote the adaptation of its forests to the risks that threaten them. For example, the Forestry Intervention Project (FIP) aims to preserve cork oak trees and cork oak forest ecosystems, through programmes that promote their resistance to drought, pests and diseases and increase their survival rate. Corticeira Amorim has also carried out forestry interventions and R&D+I projects, particularly on the impacts of irrigation, fertilisation, nutrition and soil on cork oaks, and has helped to promote and disseminate the implementation of new planting and management techniques for cork oak forests that are more efficient and resilient to the forecast climate scenarios. More detailed information can be found in section 8.6.1 B. Transition plan and consideration of biodiversity and ecosystems in strategy and business model and in section 8.6.2 B. Actions and resources related to biodiversity and ecosystems. 3 https:/ /apcor .pt/uploads/Media/Brochura/1-%20brochura%20ambiente/Brochura_ Ambiente__EN.pdf#page=18 3 emissions. The new system allows sustainability data to be centralised on a single, scalable platform, improving data robustness, efficiency and accessibility for internal and external stakeholders. In 2024, the implementation of the system was finalised, incorporating various improvement measures in 2025. The plan for the future is to automate data collection processes wherever possible and, to this end, a new project - Data Hub - has been created, involving various departments in the Organisation. At the same time, projects have been developed to process data and data-based solutions aimed at reducing GHG emissions, namely the internalisation of carbon footprint calculation at Amorim Cork and Amorim Cork Solutions. The first project involved the acquisition of a Sima Pro licence, while the second consisted of creating our own tool with the support of KPMG. More information is available in section 8.7.2 B. Actions and resources related to resource use and circular economy . Climate change adaptation Corticeira Amorim promotes the adaptation to climate change of other activities (enabling activity) by offering a wide portfolio of products, aimed at different markets and objectives, produced from cork, namely covering materials, insulation and composite agglomerates, with energy efficiency for incorporation into structures and buildings, and cork stoppers. Together , these products accounted for 63.9% of the Company’s consolidated sales in 2025. The production of thermal, acoustic and anti-vibration insulation solutions can reduce noise in a room (footfall noise) and act as an acoustic barrier (impact noise), which makes their use extremely efficient. On the other hand, cork’s natural thermal insulation properties reduce energy consumption, as well as providing an ideal temperature all year round and a pleasant feel, contributing to general comfort. With regard to the production of cork stoppers, Corticeira Amorim considers that cork processing companies are a driving force in creating an economic interest for forest owners to maintain their estates. Cork oak forests are a carbon sink. The trees are not cut down during cork harvesting, a process that takes place every nine years without damaging the tree, which can live for up to 200 years on average. What is more, each tonne of Under the 2020-2030 Sustainable by nature programme, Corticeira Amorim aims to consolidate these practices, keeping emissions associated with business air travel at levels equal to or lower than those recorded in 2019, in line with the Organisation’s medium- and long-term climate objectives. Category 7: Employee commuting Initiatives to promote sustainable mobility , including the installation of electric charging points and the incorporation of electric and plug-in hybrid vehicles into the Company’s own fleet, remain key elements of the strategy . These measures contribute not only to reducing emissions, but also to fostering an internal culture aligned with the Organisation’s climate objectives. Categories 4 and 9: Downstream and upstream transport and distribution Corticeira Amorim continues to prioritise logistics solutions with a lower environmental impact, with a particular focus on maritime transport and the optimisation of logistics flows and packaging. At the same time, the Organisation has been strengthening its information systems and calculation methodologies, enabling a more robust and consistent measurement of transport-related emissions. These initiatives now form part of a structured plan for the decarbonisation of the value chain, in line with the SBTi commitment. Sustainability information system As a result of the growing demands on the sustainability reporting model and the number of companies in Corticeira Amorim’s universe, as well as the need to harmonise the sustainability perimeter with the financial perimeter , there was an urgent need to implement a system for managing and communicating sustainability information. This new system represents a significant milestone in Corticeira Amorim’s journey towards its strategic goals, enabling a more robust approach to collecting, analysing and communicating sustainability-related data, including with regard to Scope
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175 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Future prospects In 2026, Corticeira Amorim will continue to implement its Climate Change Transition Plan, deepening an integrated approach to climate mitigation and adaptation. The Organisation will thus continue to strengthen its climate ambition, ensuring that its strategy , business model and financial planning remain compatible with the transition to a low-carbon economy resilient to climate change. In line with this development, the Company will continue its work towards submitting its decarbonisation plan to the SBTi and will move forward with integrating the vulnerability dimension into its analysis of physical climate risks, building on the work already carried out to characterise exposure. Resources allocated to the management of material impacts The Company is strengthening its information systems to isolate the resources used in actions related to relevant issues. During the reporting year , the values associated with the activities as presented in section 8.2 Disclosures pursuant to Article 8 of Regulation 2020/852 (Green Taxonomy Regulation) were taken into account. In 2025, 4.83 million euros were spent on managing the impacts, risks and opportunities related to climate change. This value corresponds to the CapEx and OpEx of the following activities: production of heat/cold from bioenergy (CCM 4.24), transport by motorbikes, passenger cars and light commercial vehicles (CCM 6.5), renovation of existing buildings (CCM 7.2), installation, maintenance and repair of energy efficient equipment (CCM 7.3), installation, maintenance and repair of charging stations for electric vehicles in buildings and parking spaces attached to buildings (CCM 7.4), installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings (CCM 7.5), installation, maintenance and repair of renewable energy technologies (CCM 7.6), acquisition and ownership of buildings (CCM 7.7), data processing, hosting and related activities (CCM 8.1), data-driven solutions for GHG emissions reduction (CCM 8.2) and close to market R&D+I activities (CCM 9.1).
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176 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Climate change 2030 Goal Reduce the environmental impact of operations by adopting renewable, affordable and efficient solutions 2030 T argets • Increase the use of renewable energy • Improve energy efficiency • Reduce negative environmental impact SDGs The Sustainable by nature programme sets quantitative targets for the sustainability targets perimeter4, aligned with the Company’s strategic cycles (usually three years) and with an ambition for 2030. Based on the double materiality assessment carried out in 2024 and the increase in the perimeter of the Consolidated Sustainability Statement to equal the perimeter of the financial statements, during the 2025-2027 strategic cycle Corticeira Amorim will reflect on the need to extend the perimeter of the targets and define new targets and metrics. 4 Information on the Sustainable by nature programme and the companies that form part of the sustainability targets perimeter is available in section 8.1.3 A. Strategy , business model and value chain. 8.3.3 METRICS AND TARGETS A. TARGETS RELATED TO CLIMATE CHANGE MITIGATION AND ADAPTATION (E1-4) Reducing the environmental impact of operations by adopting renewable, accessible and efficient solutions is the aim of the Sustainable by nature for Climate Change programme. This goal, based on the driver Promote the environmental characteristics of cork oak products and forests, is aligned with the 2030 Agenda for Sustainable Development, in particular with SDGs: No. 7 - Affordable and clean energy; No. 11 - Sustainable cities and communities; and No. 13 - Climate action. The Programme defines qualitative targets for 2030, applicable to the entire sustainability perimeter: • Increase the use of renewable energy; • Improve energy efficiency; • Reduce negative environmental impact. In the 2025-2027 strategic cycle, the indicators relating to energy efficiency and controlled renewable energy show a positive trend against the defined targets. In 2025, controlled renewable energy reached 72.3%, exceeding the established interim target, whilst annual and cumulative energy efficiency levels were higher than the minimums set for the cycle, reflecting the continued efforts to optimise energy use in operations. Meanwhile, looking ahead to the 2030 ambition horizon, cumulative energy efficiency for the 2020-2030 period reached 18.1%, placing it above the trajectory required to achieve the minimum target of 20%. Controlled renewable electricity also recorded consistent growth, remaining in line with the path set for the long-term ambition. With regard to GHG emissions, Corticeira Amorim submitted a Near Term Commitment to the SBTi, committing to a target of reducing Scope 1 and 2 emissions by 42% and Scope 3 emissions by 25% by 2030, with 2024 as the base year . For the purposes of context and transparency , this base year is used as a reference in the tables below . The Company is currently developing a transition plan that will support the formal submission of targets to the SBTi, ensuring methodological consistency , alignment with the financial perimeter and the cross-cutting integration of emissions reduction initiatives. 2025-2027 Plan and 2030 Ambition Corticeira Amorim systematically monitors its energy and climate performance using quantitative indicators, aligned with the Company’s strategic cycles and with the ambition set for 2030 under the Sustainable by nature programme. These indicators enable the assessment of annual progress, the trajectory against interim targets and alignment with the long-term ambition. 2025-2027 Plan Retrospective T argets Indicator Unit of measurement Expected direction Horizon Baseline year 2024 Comparative year 2024 Reporting year 2025 Change reporting year vs comparative year 2025 Objective 2027 Objective Reporting year progress vs 2025-2027 target Controlled renewable energy % Ye a r 68.6% 68.6% 72.3% 4 pp 66.7% 66.7% Ahead of target Annual energy efficiency % Ye a r 0.0% 3.4% 3.2% -0.17 pp 2.0% 2.0% Ahead of target Cumulative energy efficiency % 2025-2027 0.0% 0.0% 3.2% 3.25 pp 2.0% 6.0% Ahead of target
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177 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 2030 Ambition Retrospective 2030 Ambition Indicator Unit of measurement Expected direction Horizon Programme reference year 2020 Comparative year 2024 Reporting year 2025 Change reporting year vs comparative year 2030 Ambition Reporting year progress vs 2030 ambition Cumulative energy efficiency % 2020-2030 0.0% 14.9% 18.1% 18 pp 20.0% Ahead of target Controlled renewable electrical energy % 2020-2030 0.0% 12.7% 21.9% 9 pp 100.0% On track Emissions associated with air travel** tCO₂e 2019-2030 1,277 595 544 -8.6% 1,277 On track Gross market- based Scope 1 and 2 GHG emissions* tCO₂e 2025-2030 n/a 36,090 35,167 -2.6% 20,919 Not started Change in gross market-based Scope 1 and 2 GHG emissions* % 2025-2030 n/a n/a -2.6% n/a -42.0% Not started Gross Scope 3 GHG emissions* tCO₂e 2025-2030 n/a 256,645 246,369 -4.0% 192,484 Not started Change in gross Scope 3 GHG emissions* % 2025-2030 n/a n/a -4.0% n/a -25.0% Not started * financial perimeter ** baseline year 2019 Methodological note: The data for the previous period has been recalculated, as this was the first year of reporting under the financial reporting scope and in accordance with the ESRS. The adjustments mainly concerned electricity data, resulting from methodological harmonisation, improved classification of energy sources and strengthened internal controls, which also affected the scope of the sustainability targets. For further information, please refer to the methodological assumptions in sections 8.3.3 B. Energy consumption and mix and 8.3.3 C. Gross scopes 1, 2, 3 GHG emissions and total GHG emissions. GHG emission reduction targets Unit of measurement Baseline year 2024 Y ear 2025 2030 target 2035 target 2050 target GHG emissions - scope 1 tCO₂e 14,851 14,944 14,311 n/a n/a Energy efficiency and consumption reduction (energy efficiency project and biomass project) tCO₂e -540 n/a n/a GHG emissions - scope 2 (market-based) tCO₂e 21,239 20,223 6,608 n/a n/a Use of energy from renewable sources (photovoltaic project, energy communities, purchase of guarantee of origin certificates) tCO₂e -14,631 n/a n/a GHG emissions - scope 3 tCO₂e 256,645 246,369 192,484 n/a n/a Progressive elimination, replacement or modification of the product and packaging (sustainable packaging project) tCO₂e -64,161 n/a n/a Change in activity and others tCO₂e 0 n/a n/a T otal GHG emissions (market-based) tCO₂e 292,735 281,537 213,403 n/a n/a Note: in presenting the targets for reducing GHG emissions and actions to mitigate climate change, the impact of the targets established under the Sustainable by nature programme and some assumptions were taken into account, namely that the corresponding organic growth of the Company will be neutralised by technological factors, namely in terms of energy efficiency and transition.
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178 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 GHG emission reduction targets together with their climate change mitigation actions In order to achieve the targets for reducing GHG emissions, Corticeira Amorim implements various climate change mitigation actions, which are noted in section 8.3.2 B Actions and resources in relation to climate change policies. These actions include energy efficiency and process optimisation projects, transition to renewable energy and value chain decarbonisation. Each of these actions contributes significantly to improving energy efficiency , increasing the use of renewable energies and reducing GHG emissions. The impact of each action on the targets set is detailed below , providing a comprehensive view of the results achieved and the strategies adopted by the Company . It should be noted that most of the measures being implemented under the value chain decarbonisation projects are not yet reflected in the Sustainable by nature programme and are therefore not reflected in the table below . The Company currently has no targets for 2035 or 2050. B. ENERGY CONSUMPTION AND MIX (E1-5) Corticeira Amorim uses various energy sources: natural gas, propane, petrol, diesel, biomass and electricity . Most of the energy consumed comes from renewable sources, such as renewable electricity and biomass, the latter of which is used to produce the heat needed for the industrial process. The non-renewable energy consumed comes from non-renewable electricity , natural gas, propane, petrol and diesel. Natural gas and propane are used to supplement biomass for heat production. Propane, petrol and diesel are used to fuel the internal fleet and some forklift trucks. In accordance with sections A to H and L of the Statistical Classification of Economic Activities, of Regulation (EC) No. 1893/2006 of the European Parliament and of the Council, Corticeira Amorim’s activities fall under sections A – Agriculture, Forestry and Fishing and C – Manufacturing Industries, so all of Corticeira Amorim’s activities are categorised as high climate impact activities and it reports information accordingly . In 2025, Corticeira Amorim consumed 542,000 MWh of energy , of which 80.9% came from renewable sources, with 66.7% being renewable energy controlled by the Company (biomass, photovoltaic electricity and renewable electricity purchased with certificates of origin). Cork dust, a biomass that results from the production process, is the main source of energy , accounting for 51.4% of the total energy consumed. The energy intensity (total energy consumption per net revenue) associated with the business was 630 MWh per million euros of net revenue, having risen by 10.7% due to the fall in the Company’s net revenue, which was not accompanied by an operational adjustment. Monitoring and evaluation of effectiveness Issues relating to material impacts, risks and opportunities are analysed and monitored by internal multidisciplinary working groups. They meet at least quarterly to monitor Corticeira Amorim’s performance in relation to each defined metric and target and, consequently , to determine and implement improvement actions for the respective areas. These groups report to the ECBD at least twice a year and the ECBD is responsible for monitoring and following up on the effectiveness of the actions defined. At least twice a year , the progress of actions and the fulfilment of targets are reported to the Board of Directors.
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179 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Energy consumption and mix Unit of measurement 2025 2024 (1) Fuel consumption from coal and coal products MWh 0 0 (2) Fuel consumption from crude oil and petroleum products MWh 12,398 12,619 (3) Fuel consumption from natural gas MWh 23,188 24,282 (4) Fuel consumption from other fossil sources MWh 6,104 4,549 (5) Consumption of purchased or acquired electricity, heat, steam, or cooling from fossil sources MWh 123,526 138,838 (6) T otal fossil energy consumption (calculated as the sum of lines 1 to 5) MWh 165,216 180,288 Share of fossil sources in total energy consumption % 30.5% 33.7% (7) Consumption from nuclear sources MWh 15,284 12,937 Share of nuclear sources in total energy consumption % 2.8% 2.4% (8) Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) MWh 278,546 248,919 (9) Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources MWh 32,877 20,082 (10) Consumption of self-generated non-fuel renewable energy MWh 50,115 72,030 (11) T otal renewable energy consumption (calculated as the sum of lines 8 to 10) MWh 361,539 341,031 Share of renewable sources in total energy consumption % 66.7% 63.8% T otal energy consumption (calculated as the sum of lines 6, 7 and 11) MWh 542,039 534,256 Energy intensity per net revenue Unit of measurement 2025 2024 % Change reporting year vs comparative year T otal energy consumption from activities in high climate impact sectors per net revenue from activities in high climate impact sectors MWh/€M 630 569 10.7% Methodological assumptions Scope and reporting perimeter: the report covers the energy consumption of all operations included within Corticeira Amorim’s financial perimeter. Source of information and calculation method: wherever possible, energy consumption is determined through direct measurements, carried out periodically and systematically. Where direct measurements are not feasible, consumption is calculated based on estimates supported by specific data and accredited technical estimates. All assumptions and estimates are reviewed in each reporting period, with the aim of enhancing the accuracy, consistency and reliability of the information. Conversion/emission factors: the conversion factors used are based on robust and widely accepted international benchmarks, ensuring consistency with the characteristics of Corticeira Amorim’s operations. The information is collected in different units of measurement depending on the energy source and converted to MWh, applying the appropriate conversion factors. Intensity indicators: energy intensity is calculated based on total energy consumption (MWh) and consolidated net revenue (€m), as disclosed in the notes to the consolidated financial statements — Segment Reporting. Historical comparability and restatements: the information for the prior period has been restated, as this was the first year of reporting under the ESRS, without a fully comparable consolidated history. The adjustments mainly concerned electricity, resulting from methodological harmonisation, improved classification of energy sources and strengthened internal controls. Additionally, the classification of electricity from renewable sources was revised, aligning it with ESRS E1-5 and the 2025 update of the GHG Protocol’s Scope 2 Guidance. The percentage of renewables in the supplier’s mix is no longer taken into account; accounting is now based exclusively on contractual instruments (PPAs, RECs or Guarantees of Origin). Glossary: MWh: megawatt-hour; GJ: gigajoule; m³: cubic metre; t: tonne; kWh: kilowatt-hour; €m: million euros.
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180 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 In 2025, total GHG emissions based on location amounted to 274,694 tCO₂e, whilst those based on the market amounted to 281,537 tCO₂e. Scope 1 and 2 emissions account for 12.5% of total GHG emissions (market-based method), whilst Scope 3 GHG emissions account for 87.5%. In terms of geographical distribution, Portugal accounts for 66.2% of total emissions (market based). The GHG intensity per net revenue was 319 tCO₂ e per million euros. C. GROSS SCOPES 1, 2, 3 AND TOTAL GHG EMISSIONS (E1-6) GHGs are one of the main factors contributing to climate change and, for this reason, Corticeira Amorim has been working consistently to reduce its emissions. Corticeira Amorim monitors and reports its GHG emissions in tonnes of CO₂ equivalent (tCO₂e), covering direct emissions resulting from its operations (Scope 1), indirect emissions associated with the consumption of purchased energy (Scope 2) and other indirect emissions throughout its value chain (Scope 3), as well as biogenic emissions and other atmospheric emissions. In the case of biogenic emissions, resulting from the combustion or biodegradation of biomass — predominantly cork dust —, CO₂ emissions were considered to be zero and disclosed separately , as this CO₂ originates from renewable sources and forms part of the biogenic carbon cycle. In accordance with international best reporting practices, however , emissions of other relevant GHGs, namely methane (CH₄) and nitrous oxide (N₂O), are included in the calculation of emissions associated with biomass. In terms of air emissions, the Company discloses emissions of particulates, nitrogen oxides (NOx) and volatile organic compounds (VOC) in section 8.4.3 B. Pollution of air and water . In addition, Corticeira Amorim calculates and discloses, independently , the stored carbon and the carbon sequestration potential associated with the forest properties under its management. During 2025, electricity consumption associated with renewable energy contractual instruments, namely Guarantee of Origin Certificates (GOCs), totalled 10,301 MWh, corresponding to 6.0% of the total electricity purchased. It should be noted that, in addition to the renewable electricity consumed, with a guarantee of renewable origin, around 13.1% of the total electricity consumed is produced by the Company itself, corresponding to renewable energy with no impact on GHG emissions. GHG emissions Retrospective Milestones and target years Unit of measurement Baseline year 2024 Reporting year 2025 % Change reporting year vs comparative year 2025 2030 2050 % annual target / baseline year Scope 1 GHG emissions Gross scope 1 GHG emissions tCO₂e 14,851 14,944 0.6% n/a 14,311 n/a -0.6% Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%) % 0% 0% n/a n/a n/a n/a n/a Scope 2 GHG emissions Gross location-based Scope 2 GHG emissions tCO₂e 19,908 13,381 -32.8% n/a 5,881 n/a -11.5% Gross market-based Scope 2 GHG emissions tCO₂e 21,239 20,223 -4.8% n/a 6,608 n/a -11.5% Significant Scope 3 GHG emissions T otal Gross indirect (Scope 3) GHG emissions tCO₂e 256,645 246,369 -4.0% n/a 192,484 n/a -4.2% 1 Purchased goods and services tCO₂e 145,909 141,078 -3.3% 141,078 103,507 n/a 4.8% 3 Fuel and energy-related activities (not included in Scope 1 or Scope 2) tCO₂e 8,618 8,483 -1.6% 8,483 5,046 n/a 6.8% 4 Upstream transportation and distribution tCO₂e 23,797 19,358 -18.7% 19,358 23,797 n/a 0.0% 5 Waste generated in operations tCO₂e 4,791 3,245 -32.3% 3,245 4,791 n/a 0.0% 6 Business travelling tCO₂e 1,685 1,526 -9.4% 1,526 1,685 n/a 0.0% 7 Employee commuting tCO₂e 3,319 3,396 2.3% 3,396 3,319 n/a 0.0% 9 Downstream transportation tCO₂e 62,585 65,091 4.0% 65,091 44,398 n/a 4.8% 15 Investments tCO₂e 5,940 4,193 -29.4% 4,193 5,940 n/a 0.0% T otal GHG emissions T otal GHG emissions (location-based) tCO₂e 291,404 274,694 -5.7% n/a 212,676 n/a -4.5% T otal GHG emissions (market-based) tCO₂e 292,735 281,537 -3.8% n/a 213,403 n/a -4.5% Note: in presenting the targets for reducing GHG emissions and actions to mitigate climate change, the impact of the targets established under the Sustainable by nature programme and some assumptions were taken into account, namely that the corresponding organic growth of the Company will be neutralised by technological factors, namely in terms of energy efficiency and transition.
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181 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 GHG emissions disaggregated by Scope 1 and 2 and by country 2025 GHG by country Unit Scope 1 Scope 2 (market-based method) Scope 2 (location-based method) T otal (market-based) T otal (location-based) Algeria tCO₂e 90.4 87.8 87.8 178.3 178.3 Argentina tCO₂e 0.0 51.8 51.8 51.8 51.8 Australia tCO₂e 1.6 0.0 332.2 1.6 333.8 Austria tCO₂e 65.1 14.8 6.5 79.9 71.6 Brazil tCO₂e 0.0 7.4 7.4 7.4 7.4 Bulgaria tCO₂e 0.0 9.5 6.0 9.5 6.0 Chile tCO₂e 159.0 199.4 199.4 358.4 358.4 China tCO₂e 0.0 6.9 6.9 6.9 6.9 France tCO₂e 221.3 53.4 39.6 274.7 260.9 Germany tCO₂e 401.4 982.7 809.0 1,384.1 1,210.4 Hungary tCO₂e 19.1 8.7 7.4 27.8 26.4 Italy tCO₂e 698.5 1,032.7 720.5 1,731.2 1,419.0 Morocco tCO₂e 27.8 233.1 233.1 260.8 260.8 Netherlands tCO₂e 31.8 6.2 6.2 38.1 38.1 Portugal tCO₂e 9,887.9 13,717.8 7,778.4 23,605.7 17,666.3 South Africa tCO₂e 1.2 43.2 43.2 44.3 44.3 Spain tCO₂e 2,690.7 2,834.8 2,271.4 5,525.5 4,962.1 Sweden tCO₂e 5.1 20.7 8.1 25.8 13.1 Switzerland tCO₂e 2.5 0.0 0.0 2.5 2.5 Tunisia tCO₂e 205.5 200.6 200.6 406.1 406.1 USA tCO₂e 435.4 711.6 565.7 1,147.0 1,001.1 Gross location-based Scope 2 GHG emissions tCO₂e 14,944 20,223 13,381 35,167 28,325 GHG intensity based on net revenue Unit of measurement 2025 2024 % Change reporting year vs comparative year T otal GHG emissions (location-based) per net revenue tCO₂e / €M 319.1 310.3 2.8% T otal GHG emissions (market- based) per net revenue tCO₂e / €M 327.0 311.7 4.9% Methodological changes to the calculation of the carbon footprint Methodological adjustments have been introduced across all emission categories, with a direct impact on the consistency and robustness of carbon footprint calculations. The following changes are particularly noteworthy: Scope 1 Introduction of a specific emission factor for biomass, with a cross-cutting impact on calculations and improved methodological consistency of the inventory. Scope 2 Correction of electricity generation figures at the Amorim T op Series France, Philipp Schneider and Intercap units. Correction of electricity consumption figures for 2024 at the Intercap, Granaz, Relvas II Mozelos, Comatral, Bozales and Bourrassé Chile units, ensuring greater reliability of the reported data. Scope 3 Inclusion of Well-to-T ank (WTT) emission factors, reflecting emissions associated with the upstream stages of fuel production. Inclusion of an emission factor for cork production, based on the Ecoinvent database. Revision of the assumption regarding worker travel, now taking into account hours actually worked rather than potential days. Inclusion of joint ventures — Corchos de Argentina, S.A., Société Nouvelle des Bouchons Trescases, S.A., Wine Packaging & Logistic, S.A. in addition to Vinolok a.s., which was already included in the previous financial year. Inclusion of external service provision in Scope 3 Category 1 (purchased goods and services).
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182 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Methodological assumptions – Scope 1 and 2 GHG emissions Scope and reporting perimeter: The calculation of Scope 1 and 2 GHG emissions follows the GHG Protocol methodology, covering all operations included within Corticeira Amorim’s financial perimeter, including the agroforestry segment (Herdade da Venda Nova, Herdade da Baliza and Herdade de Rio Frio). Emissions are converted to CO₂e using the global warming potentials (GWP) applicable to the relevant gases (CO₂, CH₄, N₂O, SF₆, HFCs, PFCs and NF₃). The inventory is prepared using the operational control approach. No emissions of SF₆, HFCs, PFCs or NF₃ were identified in 2025. Conversion/emission factors: the emission and conversion factors used are sourced from robust and widely recognised international sources, including the Portuguese Environment Agency (APA), the International Energy Agency (IEA), the European Environment Agency (EEA), the UK Department for Environment, Food and Rural Affairs (DEFRA) and Ecoinvent, supplemented by internal information and data provided by suppliers and service providers. The selection of factors prioritises methodological consistency and alignment with the Company’s operational characteristics. T emporal comparability and restatements: methodological adjustments have been made to enhance the consistency and robustness of carbon footprint calculations, as detailed in the note ‘Methodological changes to the calculation of the carbon footprint’. Methodological assumptions – Scope 3 GHG emissions Scope and reporting boundary: the calculation of Scope 3 GHG emissions follows the GHG Protocol methodology, covering all operations included within Corticeira Amorim’s financial perimeter. The Company carried out a materiality analysis of the 15 categories covered by Scope 3, based on 2024 activity data, identifying as material those categories contributing 1% or more of the estimated total, with the exception of category 6 — Business travel, which is considered material due to its relevance to stakeholders. Thus, the materiality analysis identified that three categories are not applicable, four are not material and eight are material: • Purchased goods and services: material; • Capital goods: not material; • Activities related to the production of electricity and fuels: material; • Upstream transportation and distribution: material; • Waste generated in operations: material; • Business travel: material; • Staff travel: material; • Upstream leased assets: not applicable; • Downstream transportation and distribution: material; • Processing of sold products: not material; • Use of sold products: not material; • End-of-life treatment of sold products: not material; • Assets leased downstream: not applicable; • Franchises: not applicable; • Investments: material. Conversion/emission factors: emission factors from robust and widely recognised international sources — APA, IEA, EEA, DEFRA and Ecoinvent — were used, supplemented by internal data and information provided by suppliers and service providers throughout the value chain. The selection of factors prioritises methodological consistency, representativeness and suitability to the specific nature of the Company’s activities. Intensity indicators: GHG intensity is calculated based on total GHG emissions (tCO₂e), determined according to market and location-based methods, and on consolidated net revenue (€m), as disclosed in the consolidated financial statements — Segment Reporting. T emporal comparability and restatements: methodological adjustments have been introduced to enhance the consistency and robustness of the calculation of Scope 3 emissions, as described in the note ‘Methodological changes to the calculation of the carbon footprint’.
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183 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 be accounted for and reported separately in the Company’s GHG inventory . This sequestration includes the removal and storage of CO₂ in soils, products and geological reservoirs, as well as in biogenic products and derivatives of CO₂ removal technologies along the value chain. The calculation of Corticeira Amorim’s carbon sequestration potential was carried out in a comprehensive manner , without the level of detail provided by the GHG Protocol’s “Land Sector and Removals Guidance”. The methodology adopted reflects a first step towards obtaining an estimate, with the aim of developing more in- depth studies on land occupation in the future. Emissions from forest properties under management Unit of measurement 2025 2024 Carbon sequestration potential according to the “Land Sector and Removals Guidance” tCO₂e -128,657 -92,524 Stored carbon The GHG removals associated with the materials purchased by Corticeira Amorim’s BUs, which contain stored carbon, are included in this section. The carbon stored in cork and other forest products results from photosynthesis, which captures CO₂ from the atmosphere and converts it into biomass. This carbon remains stored in the cellular structure of cork and other forest products throughout their life cycle, even after extraction and transformation into derived products. The use of cork and other forest products thus contributes to carbon retention and climate change mitigation. Stored carbon Unit of measurement 2025 2024 Cork and biological materials tCO₂e 311,585 325,999 Carbon sequestration potential according to the “Land Sector and Removals Guidance” The potential for carbon sequestration is an important issue for Corticeira Amorim, due to its agroforestry activity . Each type of land use has a different carbon sequestration potential. For example, a cork oak sequesters a different amount of carbon compared to a stone pine. It is essential to specify these differences in order to obtain a realistic value of the carbon sequestration potential, based on the land use of Corticeira Amorim’s estates. The most significant land use is cork oak forest. Cork oaks are a species that play an important role in mitigating climate change, since stripping takes place without deforestation and the tree can live for an average of 200 years. Corticeira Amorim calculated its carbon sequestration potential in accordance with the recommendations of the GHG Protocol’s “Land Sector and Removals Guidance”. This guide provides guidance on how to account for and report GHG emissions and removals associated with land management, land use change, biogenic products and CO₂ removal technologies along the value chain. According to the recommendation, the calculation should Stored carbon, biogenic emissions and carbon sequestration potential Integrating the dimensions of stored carbon, biogenic emissions and carbon sequestration potential is fundamental to defining effective emission reduction strategies, allowing Corticeira Amorim to adopt a more precise and sustainable approach to mitigating climate change. Stored carbon and biogenic emissions are closely linked, reflecting the carbon cycle in ecosystems and how its release can be controlled to mitigate environmental impacts. According to the GHG Protocol, stored carbon and biogenic emissions should be presented separately , distinguishing between carbon stored in forest products and carbon released during biological processes such as decomposition or combustion of waste. This separation is essential for assessing the GHGs associated with the cork value chain, facilitating more rigorous management of environmental impacts. Biogenic emissions Biogenic emissions associated with Corticeira Amorim include emissions resulting from the natural decomposition of biomass and from industrial transformation processes. Although cork is renewable and biodegradable, the cooking, processing and burning processes can release CO₂ and VOCs. Cork dust and other forest products can be used as biomass to produce energy , considerably reducing waste production and indirect energy consumption in the industrial process. Since the aforementioned products are consumed within the confines of the system studied, the biogenic CO₂ emissions resulting from the incineration of biomass in the biomass boiler were accounted for , but reported separately from the corporate GHG inventory . Biogenic emissions Unit of measurement 2025 2024 Cork and other biomass tCO₂e 145,983 143,967
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184 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Internal carbon price Corticeira Amorim does not currently use an internal carbon price for management, planning or investment assessment purposes, and therefore has no figures to report. Should this practice be adopted in the future, the Organisation will ensure that it is disclosed in accordance with ESRS requirements. Methodological assumptions Scope and reporting perimeter: the reporting of biogenic emissions covers all operations included within Corticeira Amorim’s financial perimeter, taking into account CO₂ released through the combustion, decomposition or processing of biomass, reported separately from fossil-fuel emissions, in accordance with the GHG Protocol and ISO 14064. Stored carbon includes all forest-derived materials procured externally by the Group’s units — timber, cork, HDF and pallets — ensuring there is no double counting between units. The carbon sequestration potential covers agroforestry areas under the direct management of Corticeira Amorim, following the guidelines of the GHG Protocol’s Land Sector and Removals Guidance and reflecting the estimated annual increase in carbon in above- ground and below-ground biomass and, where applicable, in the soil. Source of information and calculation method: the calculation of biogenic emissions and stored carbon uses the atomic weights of carbon and CO₂ and the carbon fraction (dry basis) of the materials, drawing on reference values from the Ecoinvent database whenever the specific fraction is not available. The biomass used — primarily endogenously generated cork dust — is considered to be of sustainable origin, as it comes from renewable sources and forms part of the natural carbon cycle. The sequestration potential is calculated by applying sequestration factors derived from recognised technical and scientific literature, including studies commissioned by Corticeira Amorim and sources such as Florestas.pt, applied by land use type. Where sources provide ranges of values, the average value is used. All factors are expressed in tCO₂/ha/year. T emporal comparability and restatements: methodological adjustments were made to ensure consistency between periods, namely the harmonisation of sequestration factors and the updating of reference values. Where these adjustments had a material impact on the results, the comparative values were restated to ensure temporal comparability and methodological consistency.
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185 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Casa da Levada, designed by the T sou Arquitectos studio and incorporating Amorim Cork Solutions’ MD Facade® expanded cork panels, won the prestigious 2025 Architizer A+ Award, in the Jury and Popular Choice categories. © Ivo T avares Studio
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186 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 8.4 ESRS E2 – Pollution (SDG 11) 8.4.1 STRATEGY A. MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND BUSINESS MODEL (ESRS 2 SBM-3) Impacts, risks and opportunities As part of its sustainability strategy , Corticeira Amorim conducts an integrated assessment of the impacts, risks and opportunities associated with pollution arising from its activities and value chain, taking into account the nature of its industrial operations and the applicable regulatory framework. In this context, air pollution has been identified as a material issue, reflecting the potential impacts associated with air emissions from its operations. No material impacts, risks or opportunities relating to the pollution of water , soil, living organisms and food resources, to substances of concern or high concern, or to microplastics were considered. Detailed information on the identification and assessment process is available in section 8.1.4 A. Description of the process to identify and assess material impacts, risks and opportunities. Environment IRO +/- A/P OO/U/D Time horizon Policies ESRS E2: Pollution 1 - Pollution of air Direct and fugitive emissions of air pollutants I A OO Energy, Environment and Biodiversity Policy Investments in new technologies and processes due to stricter restrictions on emission limit values (EL Vs) R OO Complaints, litigation proceedings, and reputational damage arising from potential community grievances related to air quality issues or potential environmental incidents resulting in pollution, damage, or depreciation of assets in surrounding communities R D Attraction of investors and access to funds due to the alignment of investments (CapEx) in pollution prevention and reduction technologies with 1 of the 6 objectives of the European T axonomy O OO I - Impact; R - Risk; O - Opportunity; A - Actual; P - Potential; OO - Own operations; U - Upstream; D - Downstream Positive impact; Negative impact. - Short-term; - Medium-term; - Long-term The position of each topic in the materiality matrix is determined by the highest absolute value, whether from the impact perspective (regardless of whether positive or negative) or the financial perspective (regardless of whether in terms of risk or opportunity). = Materiality threshold 1 MATERIAL FROM A FINANCIAL PERSPECTIVE = IMPACT MATERIALITY FINANCIAL MATERIALITY = MATERIAL FROM A DOUBLE PERSPECTIVE MATERIAL FROM AN IMPACT PERSPECTIVENON-MATERIAL
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187 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Negative impacts Direct and diffuse emissions of air pollutants resulting from Corticeira Amorim’s industrial activities were identified as a negative impact in the short, medium and long term, contributing to a reduction in interior and surrounding quality . These emissions are subject to compliance with the legal requirements in force, specifically with regard to compliance with a given Emission Limit V alue (EL V), periodic monitoring and mandatory reporting to the competent authorities. Due to the existence of industrial and raw material preparation units near populated areas, the Organisation has identified the emission of atmospheric pollutants as a negative impact on communities in the short, medium and long term. Corticeira Amorim adopts a range of practices aimed at mitigating the emission of air pollutants, notably through the installation of emission-reduction technologies, such as particulate filters, at its fixed emission sources. In addition, Corticeira Amorim regularly monitors air emissions and indoor air quality , using certified laboratories, and compares them to the legally established EL V s. If emissions above the EL V s are detected, corrective actions are defined. Risks T echnological risks In terms of risks, possible medium- or long-term legislative restrictions on air pollution, aimed at restricting the EL V s of certain pollutants, may require technological investments in terms of replacing processes or acquiring new emission abatement technologies. These investments can have a financial impact on the Organisation, particularly in terms of operating costs and capital expenditure. Reputational risks Corticeira Amorim has identified a potential short-, medium- and long-term reputational risk associated with the impact on ambient air quality in the surrounding communities. In addition, possible accidents that result in pollution phenomena, damage or devaluation of assets in the surrounding communities can result in claims, legal proceedings and remediation costs. To prevent and mitigate potential pollution incidents, the facilities have infrastructures and measures in place to contain potential spills or leaks, emergency response procedures, and procedures for identifying and assessing environmental impacts, which culminate in the definition of mitigation and correction actions. In addition to frequent monitoring of its emissions, the Organisation implements preventive and corrective maintenance plans for its equipment, including its fixed emission sources and associated emission abatement equipment, with the aim of ensuring their effectiveness and proper functioning. Opportunities Aligning investments with one of the six objectives of the European Taxonomy (“Pollution prevention and control”) and with the European Green Deal is an opportunity for the Company to attract new investors and access financing at a lower cost of capital, namely green funds, bonds or loans.
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188 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 B. ACTIONS AND RESOURCES RELATED TO POLLUTION (E2-2) In line with its strategy , and in order to achieve the commitments defined in the policies, namely to mitigate the negative impacts related to pollution resulting from its activity , Corticeira Amorim has appropriate management systems in place to meet legal requirements, internal regulations and established policies on emissions to air and water , implementing measures to mitigate the specific impacts of each BU, namely through: • Compliance with all applicable legal requirements; • Investment in cleaner and more efficient technologies; • Optimising the production processes; • Implementing environmental control measures; • Audits for pollution control, in particular to detect failures in systems and processes; • Regular noise measurements and active measures to reduce noise, such as cladding of machines and engines; • Controls of gaseous emissions from chimneys and specific measures to avoid dust or particulate emissions, such as the application of filters; • Cross-sectional treatment of industrial wastewater in its own wastewater treatment plant, prior to discharge into a municipal sewer; • Training for workers and third parties on best practices to prevent the occurrence of spillages, making spill containment kits available; • Response procedures in place for emergencies and installation or maintenance of pollution prevention devices (such as containment basins, among other measures); • Mitigation actions for future occurrences, which include detailed investigation of the occurrence, corrective actions to prevent recurrence and communication of the lessons learned. 8.4.2 IMPACT , RISK AND OPPORTUNITY MANAGEMENT A. POLICIES RELATED TO POLLUTION (E2-1) Key contents of policies Through its Energy , Environment and Biodiversity Policy , Corticeira Amorim establishes a cross-cutting framework for the prevention, control and mitigation of pollution, applicable to its operations and, where relevant, to the value chain. Under this policy , the Organisation is committed to identifying, assessing and managing the environmental impacts associated with air , water and soil pollution, promoting a preventive and systematic approach based on the control of significant environmental aspects and the adoption of measures appropriate to the nature and scale of each activity . The policy guides the Organisation’s actions towards reducing emissions from various sources, aligning operational procedures to prevent and mitigate pollution, and avoiding incidents and emergencies, as well as limiting potential impacts on human health and the environment. Where applicable, remediation mechanisms are also considered, in accordance with the legal and regulatory requirements in force. This framework also includes the responsible management of materials and substances of concern, promoting, wherever technically and economically feasible, their replacement with safer and more sustainable alternatives, in line with international best practices and the principles of continuous improvement in environmental performance. The implementation of these commitments is supported by environmental management systems, which incorporate policies, objectives, performance indicators and action plans, enabling the effectiveness of the measures adopted for pollution prevention and control to be monitored in a structured manner . All Corticeira Amorim units operate under environmental management systems aligned with the best practices of the ISO 14001 standard. In this context, the Organisation has defined as a strategic priority the progressive expansion of external ISO 14001 certification, with the aim of covering more than 50% of its facilities by 2030, thereby consolidating a consistent and robust approach to environmental management. This model reflects Corticeira Amorim’s commitment to integrated, prudent and risk-based pollution management, ensuring consistency between corporate policy , management systems and operational practice. Policy Energy, Environment and Biodiversity Policy Scope / Key stakeholders Applicable to all workers of the Organisation and to external stakeholders, including the value chain, where applicable Most senior level responsible for implementation Approval of Policies falls within the competence of the Board of Directors Enforcement is ensured by ECBD through the member responsible for overseeing and reporting on cross-functional and support areas, which are in turn responsible for monitoring its implementation Implementation of the Policies within the scope of their respective activities is the responsibility of the BUs Alignment with international standards Principles aligned with the main applicable international frameworks, in particular the Universal Declaration of Human Rights, the ILO fundamental conventions, the OECD Guiding Principles for Multinational Enterprises, the 10 principles of the United Nations Global Compact, the BCSD Portugal Charter of Principles, act4nature Portugal, the SDGs, the Paris Agreement, the Kunming-Montreal Global Biodiversity Framework, and RNC2050 - Roadmap for Carbon Neutrality 2050 (Portugal) Interests of key stakeholders Stakeholder input is gathered through regular engagement processes and materiality assessments, ensuring relevance and inclusion in the policies Accessibility and availability of policies Website in Portuguese and English Link to the Articles of Association, Regulations and Policies https:/ /www.amorim.com/en/investors/corporate-governance/ corporate-regulation-and-policies/
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189 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 water collection and treatment systems (CCM 5.4), contributing to pollution prevention and control and to the improvement of the environmental performance of operations. Future prospects In 2026, Corticeira Amorim will focus on implementing the initiatives already underway and on meeting the ambition set for the topic of pollution. This work includes strengthening prevention and control measures, continuously improving monitoring systems, and updating operational procedures to ensure greater effectiveness and transparency . Where necessary , internal policies will be reviewed to ensure alignment with legal requirements, best practices and stakeholder expectations. and reliability , whilst ensuring compliance with the emission limit values set out in the relevant licences. In 2025, maintenance and repair work was carried out on the wastewater collection and treatment systems, with the aim of ensuring their operational readiness, efficiency and reliability , whilst guaranteeing that processes operate continuously and effectively to meet the emission limit values (EL V s) set out in the relevant licences. Monitoring campaigns The Organisation and its companies regularly monitor polluting emissions of gases or particles into the atmosphere using methods based on existing standards and applicable to EL V s in accordance with the law in force. During 2025, the companies applied the planned monitoring plans, and a number of monitoring actions were carried out. The actions were carried out by certified, independent laboratories and the results communicated to the competent authorities, in accordance with the regulations and legal framework applicable to each of the Units. Resources allocated to the management of material impacts The Company is strengthening its information and control systems, with the aim of enabling the progressive identification and isolation of the financial resources allocated to actions undertaken in response to materially relevant sustainability issues, including those related to pollution. During the reporting year , the resources considered correspond to the amounts disclosed in section 8.2 Disclosures pursuant to Article 8 of Regulation 2020/852 (Green Taxonomy Regulation), reflecting the investments and operating expenses associated with economic activities eligible for the applicable environmental objectives. Thus, in 2025, 3.2 million euros were invested, corresponding to CapEx and/or OpEx associated with activities such as the production of heat/cold from bioenergy activities (CCM 4.24), construction, extension, and operation of water supply systems (CCM 5.2), construction, extension, and operation of waste water collection and treatment systems (CCM 5.3), and renewal of waste Key actions During 2025, Corticeira Amorim maintained its focus on the prevention and control of air pollution through the implementation of initiatives designed to ensure operational efficiency and the mitigation of environmental impacts associated with atmospheric emissions. Preventive Maintenance Plan for the Inspection of Filters and Fans The prevention and control of air pollution form an integral part of the units’ operational routines, in particular through the regular implementation of preventive maintenance plans aimed at inspecting filters and fans associated with gaseous emission sources. These activities include periodic inspections of bag filters, with replacement where necessary , the detection of any leaks, the checking of check valves and the inspection of fans, enabling technical faults to be anticipated and rectified and ensuring the efficiency of particle retention systems. Modernisation of biomass boilers With the aim of mitigating emissions associated with fixed biomass combustion sources, the Organisation works continuously to modernise and adapt its boilers, through investments directed towards maintenance and repair work, safety improvements, system optimisation and monitoring, and adaptation for the use of different types of biomass. The respective preventive maintenance plans help to ensure safe and controlled combustion, increasing energy efficiency and reducing atmospheric emissions. Waste water treatment The Organisation implements a cross-cutting process for the treatment of industrial effluents at the PUs where applicable, involving primary , secondary or tertiary treatments, as appropriate, with the treated effluent subsequently discharged into the municipal sewer system. In 2025, maintenance and repair work was carried out on the wastewater collection and treatment systems, with the aim of ensuring their operational readiness, efficiency
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190 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 2025-2027 Plan and 2030 Ambition Corticeira Amorim has set itself the goal of having more than 50% of its PUs certified to ISO 14001 by an external body by 2030. This ambition reflects a commitment to continuous improvement and responsible environmental management; however , no formal target has been set for the 2025–2027 cycle, as some of the units have recently been acquired and are currently undergoing assessment and integration into the internal environmental management systems. The absence of interim targets allows for a flexible approach, tailored to operational realities and the pace of integration of the new units. Actions planned to advance this ambition include: • Review and harmonisation of environmental policies to ensure alignment with the principles of ISO 14001; • Internal audits and environmental assessments at non-certified sites, identifying priorities for implementation; • Improvement plans and training for local teams, ensuring legal compliance and best practice; • Gradual integration of acquired units into corporate systems, taking into account technical and operational specificities. This ambition is directly linked to the control and mitigation of pollution, as ISO 14001 certification entails rigorous practices for monitoring, preventing and reducing environmental impacts, ensuring that all units progress towards high standards of environmental management. 8.4.3 METRICS AND TARGETS A. POLLUTION-RELATED TARGETS (E2-3) The aim of the Sustainable by nature programme is to reduce the environmental impact of operations by adopting renewable, affordable and efficient solutions. This goal, based on the driver Promote the environmental characteristics of cork oak products and forests, is aligned with the 2030 Agenda for Sustainable Development, in particular with SDG No. 11 - Sustainable cities and communities and SDG No. 6 - Clean water and sanitation. The Programme defines qualitative targets for 2030, applicable across the entire sustainability perimeter , aimed at reducing negative environmental impact. The Sustainable by nature programme sets quantitative targets for the sustainability targets perimeter5, aligned with the Company’s strategic cycles (usually three years) and with an ambition for 2030. Corticeira Amorim is working to extend these targets to the full perimeter wherever appropriate, and where group-wide targets or ambitions exist, these will be clearly identified. In the case of pollution-related targets, these cover all units. During the 2025–2027 cycle, the extension of this principle to other areas and the definition of new metrics will be assessed, ensuring consistency with business developments and ESG commitments. Climate change 2030 Goal Reduce the environmental impact of operations by adopting renewable, affordable and efficient solutions 2030 T argets • Reduce negative environmental impact SDGs 2025-2027 Plan and 2030 Ambition Retrospective 2030 Ambition Indicator Unit of measurement Expected direction Horizon Programme reference year 2020 Baseline year 2024 Comparative year 2024 Reporting year 2025 2030 Ambition Reporting year progress vs 2030 ambition Production units with ISO 14001 certification % 2020 -2030 n/a 19.1% 19.1% 18.2% 50.0% Not started Monitoring and evaluation of effectiveness Issues relating to material impacts, risks and opportunities are analysed and monitored by internal multidisciplinary working groups. They meet at least quarterly to monitor Corticeira Amorim’s performance in relation to each defined metric and target and, consequently , to determine and implement improvement actions for the respective areas. These groups report to the ECBD at least twice a year and the ECBD is responsible for monitoring and following up on the effectiveness of the actions defined. At least twice a year , the progress of actions and the fulfilment of targets are reported to the Board of Directors. 5 Information on the Sustainable by nature programme and the companies that form part of the sustainability targets perimeter is available in section 8.1.3 A. Strategy , business model and value chain.
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191 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Water pollutants Unit of measurement 2025 Nitrogen t 0.3 Phosphorus t 0.0 Phenols (as total carbon) t 0.0 Chlorides (as total chlorine) t 0.2 Pollution of air Corticeira Amorim’s companies monitor their gaseous emissions through accredited external organisations, in accordance with the applicable legal requirements. The frequency of this monitoring is defined according to the characteristics of the effluent being analysed, and can take place annually , twice a year , every three years or every five years. In 2025, PTS emissions amounted to 154.0 t, NOx emissions totalled 381.6 t and VOCs reached 441.7 t. Air emissions Unit of measurement 2025 2024 Particulate matter t 154 221 Nitrogen oxide (NOx) t 382 163 Sulphur oxides (SOX/SO₂) t 9 1 Volatile organic compounds (VOCs) t 442 64 Carbon monoxide (CO) t 1,766 853 Ammonia (NH₃) t 8 0 Water pollutants Corticeira Amorim’s units monitor their liquid effluents through accredited external organisations, ensuring compliance with applicable legal requirements. The frequency of testing is determined by the characteristics of the effluent and may take place annually , every six months or at longer intervals, in accordance with legislation. In 2025, the following parameters were monitored: Nitrogen, Phosphorus, Phenols (as total carbon) and Chlorides (as total chlorine). These pollutants are assessed to ensure that discharges comply with legal limits and to prevent negative impacts on water resources. The measurements confirmed compliance with regulatory limits, reinforcing the Organisation’s commitment to protecting water quality . B. POLLUTION OF AIR AND WATER (E2-4) The areas where air emissions and effluent discharges occur correspond to the locations of Corticeira Amorim’s main industrial units, particularly in Portugal. The Organisation regularly monitors gaseous and particulate emissions into the atmosphere, using standardised methodologies and in accordance with the limit values set out in current legislation. The units carry out monitoring campaigns for fixed sources and effluent discharges, using accredited laboratories and equipment calibrated in accordance with legal metrology; the results are analysed internally and reported to the relevant authorities. Air emissions result mainly from the burning of biomass in boilers for energy production, including CO₂, total suspended particulates (TSP), NOx and VOCs, and are not associated with the emission of odorous gases. W astewater discharges stem primarily from the boiling of cork and the washing of cork stoppers, generating organic effluents. The main parameters monitored include nitrogen, phosphorus, phenols (as total carbon), chlorides (as total chlorine), total suspended solids and chemical oxygen demand (COD). Treatment is carried out at IWWTPs, mainly using physical-chemical processes, with around 25% of facilities also employing complementary biological treatment. Corticeira Amorim’s processes do not use halogenated organic compounds (Adsorbable Organic Halides (AOX)), and the generation of this type of pollutant in wastewater is not anticipated. The Organisation ensures full compliance with the emission limit values set out in the current discharge permits. During the year 2025 there were no relevant changes in the sources of emissions of pollutants into the air and water . Methodological assumptions Scope and reporting perimeter: the air pollution report covers all operations included within Corticeira Amorim’s financial perimeter, including emissions of particulate matter, NOx, SOx/SO₂, VOCs, CO and NH₃, identified as significant pollutants from the Group’s industrial activities. Water pollution reporting covers liquid effluent discharges from the same operations, including loads of nitrogen, phosphorus, phenols (expressed as total carbon) and chlorides (expressed as total chlorine), considered significant pollutants in the context of the Company’s industrial activities. Source of information and calculation method: atmospheric emissions are calculated using internal environmental monitoring systems, direct measurements and estimates based on technically recognised emission factors, in accordance with legal requirements and best environmental management practices. The annual quantities emitted of each pollutant are calculated in accordance with the Pollutant Release and Transfer Register (PRTR) methodology, by multiplying the measured concentrations (kg/m³) by the annual flow rate (m³/ year) and expressing the results in tonnes per pollutant. Water pollutant loads result from laboratory analyses of effluents carried out for legal compliance and operational control, and are also calculated according to the PRTR methodology, based on measured concentrations and annual discharge volumes. Where necessary, technical estimates supported by the best available data are used. Loads are expressed in tonnes per pollutant, using conversion factors harmonised at Group level. T emporal comparability and restatements: in the case of water pollution, until 2024 the Organisation did not report quantitative metrics as this issue was not considered material. The disclosure of quantitative information begins in 2025, so it is not possible to ensure comparability with previous periods. For air pollution, the calculation methods remain consistent over time, and no restatements of figures reported in previous periods have been necessary.
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192 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Good practices in the management of cork oak forests throughout the value chain, as well as Corticeira Amorim’s forest management activities, have a positive impact on the preservation of groundwater tables and the regulation of the water cycle, thereby contributing to the quality and availability of fresh water. © Ivo T avares Studio
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193 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 8.5 ESRS E3 – Water and marine resources (SDG 6) 8.5.1 STRATEGY A. MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND BUSINESS MODEL (ESRS 2 SBM-3) Impacts, risks and opportunities As part of its sustainability strategy , Corticeira Amorim conducts an integrated assessment of the impacts, risks and opportunities associated with the use of water resources in its operations and value chain, taking into account the nature of its industrial activities and the applicable regulatory framework. In this context, water consumption, collection and discharges have been identified as material issues, reflecting the relevance of these aspects to operational management and the resilience of the business model. Impacts, risks or opportunities related to marine resources were not considered material, given the nature of the Organisation’s operations and its limited interaction with marine ecosystems. Detailed information on the identification and assessment process is available in section 8.1.4 A. Description of the process to identify and assess material impacts, risks and opportunities.
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194 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 water resources and adopts a set of policies and actions to achieve the goal of increasing efficiency in water use and to reduce the intensity of water consumption resulting from its activities. In order to identify the areas most at risk of water scarcity and develop more efficient management measures, the Organisation carries out annual analyses of water stress areas using the Aqueduct W ater Risk Atlas tool (https:/ /www .wri.org/). Positive impacts Good cork oak forest management practices, upstream in the value chain, and also in Corticeira Amorim’s forest management activities contribute in the short, medium and long-term to the preservation of groundwater , the regulation of the hydrological cycle and the quality and availability of fresh water . This management has therefore been identified as having a positive impact in the short, medium and long-term. The Organisation has adopted a set of policies and actions that promote good forest management practices, in order to promote this positive impact. The Organisation is engaged in these practices and Negative impacts Corticeira Amorim identified, as a result of the double materiality assessment process, the contribution to water scarcity in the short, medium and long-term due to the consumption of water that is necessary for the Organisation’s activities, in areas with a high and extreme risk of water stress. The Organisation also identified the withdrawal of water from natural water resources, such as groundwater , as a short, medium and long-term negative impact resulting from its activities, especially when located in areas at high risk of water stress. Corticeira Amorim recognises the importance of responsible water management and implements a comprehensive approach to analysing activities that have an impact on water resources, taking into account applicable laws and regulations, international standards and guidelines and best practices in the sector . Specifically , the impacts of water withdrawal, consumption, treatment and effluent discharge are monitored. The Organisation works to mitigate the negative impacts associated with the consumption of Environment IRO +/- A/P OO/U/D Time horizon Policies ESRS E3: Water and marine resources 1 – Water Contribution to water scarcity due to water consumption and withdrawal in areas at risk of water stress I A OO Energy, Environment and Biodiversity Policy Reduced cork production and extraction capacity due to water scarcity affecting cork oak forest and forest management activities R U + OO Reduction in production capacity or interruption in industrial activities due to water scarcity affecting industrial processes R OO Increased costs and/or disruption of activities due to limited availability of water for production processes R OO Risk of ineffective governance of hydrological basins affecting the availability and quality of freshwater for forest management and cork oak forest management activities R U Reduced water availability resulting from regulatory restrictions on water withdrawal or imposed reductions in authorised water withdrawal permits R OO Litigation proceedings and sanctions resulting from non-compliance with existing water withdrawal permits R OO Reputational damage and sanctions due to potential discharges of contaminated water into rivers or other bodies of water R OO Cost reduction, increased resilience and reduced exposure to the risk of water stress due to more efficient and rational use of water O OO Attraction of investors and access to funds due to the alignment of investments in water efficiency with 1 of the 6 objectives of the European T axonomy O OO Good cork oak forest management practices that contribute to the preservation of groundwater reserves, regulation of the hydrological cycle and the quality and availability of freshwater I A U + OO I - Impact; R - Risk; O - Opportunity; A - Actual; P - Potential; OO - Own operations; U - Upstream; D - Downstream Positive impact; Negative impact. - Short-term; - Medium-term; - Long-term The position of each topic in the materiality matrix is determined by the highest absolute value, whether from the impact perspective (regardless of whether positive or negative) or the financial perspective (regardless of whether in terms of risk or opportunity). = Materiality threshold 1 = IMPACT MATERIALITY FINANCIAL MATERIALITY = MATERIAL FROM A FINANCIAL PERSPECTIVE MATERIAL FROM A DOUBLE PERSPECTIVE MATERIAL FROM AN IMPACT PERSPECTIVENON-MATERIAL
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195 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Opportunities Resource efficiency The more efficient and rational use of water in the short, medium and long-term throughout Corticeira Amorim’s operations, is an opportunity to reduce operating costs and increase the resilience of the Company and its activities. The Organisation, in order to capitalise on this opportunity , has been continuously investing in water efficiency measures. This mitigates the negative impacts of consumption and withdrawal, but also reduces the associated costs. Market Aligning investments with one of the six objectives of the European Taxonomy (“Sustainable use and protection of water and marine resources”) and with the European Green Deal is also an opportunity for the Company to attract new investors and access financing with a lower cost of capital, namely green funds, bonds or loans. Resilience The adoption of water efficiency measures and good water management practices, reducing consumption, especially in areas of water stress or risk of drought, has contributed to reducing exposure to risks, as well as the business model resilience. This is particularly valid given the relationship of dependence on natural resources and the contribution to regulating the hydrological cycle and water availability , not only for Corticeira Amorim’s industrial processes, but also for the state of ecosystems and cork oak forests’ productivity of cork. Potential non-compliance with withdrawal authorisations or potential incidents related to discharges of contaminated water into rivers or other bodies of water have been identified as short, medium and long-term risks. The Organisation ensures legal and regulatory compliance with its groundwater withdrawal authorisations, continuously following and monitoring regulatory developments in this area. The Organisation’s companies that generate industrial wastewater carry out analytical checks on the volumes and parameters of the discharges, as well as monitoring the recipient environment. The Organisation seeks to minimise the risk of spills through preventive and corrective maintenance plans and continuous investment in treatment infrastructures and the means of containing and capturing any spills. Market risks Increased operating costs or even disruption of activities due to limited availability of water for production processes, caused by changes in supply and demand or volatility and rising water costs, could trigger medium and long-term financial impacts for the Organisation. The Organisation, through its water efficiency initiatives and also through programmes such as the zero water waste programme and the water reuse programme, reduces its need to collect and purchase water from the public network. This reduces its exposure to the rising costs of mains water . Reputational risks Discharges of contaminated water into rivers or other water bodies could also result in reputational damage for the Organisation. disseminates them to the owners and suppliers of raw cork, encouraging the adoption of these good practices in its value chain. More detailed information can be found in sections 8.6.1 B. Transition plan and consideration of biodiversity and ecosystems in strategy and business model, 8.6.2 A. Policies related to biodiversity and ecosystems, and 8.6.2 B. Actions and resources related to biodiversity and ecosystems. Risks Physical risks Given the high dependence on water , its scarcity constitutes a medium- and long-term risk, which could compromise the capacity for cork production and extraction within the context of forest management. The potential unavailability of raw materials thus constitutes a risk to the Organisation. Furthermore, as Corticeira Amorim’s raw material preparation and industrial processing activities depend on water , a shortage of this resource could lead to a reduction in production capacity or , in more severe scenarios, to operational disruptions, with associated financial impacts. Policy and legal risks The Organisation has identified the ineffective governance of river basins, especially cross-border basins, as a medium and long-term risk. It could affect the availability and quantity of fresh water for forest management and cork oak forest management activities up the value chain. In addition, any political restrictions on water withdrawal, in particular a reduction in the volume of water withdrawn in relation to existing or future withdrawal authorisations, could also pose a risk to the Organisation in the medium and long-term.
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196 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Policy General Sustainability Policy and Energy, Environment and Biodiversity Policy Scope / Key stakeholders Applicable to all workers of the Organisation and to external stakeholders, including the value chain, where applicable Most senior level responsible for implementation Approval of Policies falls within the competence of the Board of Directors Enforcement is ensured by ECBD through the member responsible for overseeing and reporting on cross-functional and support areas, which are in turn responsible for monitoring its implementation Implementation of the Policies within the scope of their respective activities is the responsibility of the BUs Alignment with international standards Principles aligned with the main applicable international frameworks, in particular the Universal Declaration of Human Rights, the ILO fundamental conventions, the OECD Guiding Principles for Multinational Enterprises, the 10 principles of the United Nations Global Compact, the BCSD Portugal Charter of Principles, act4nature Portugal, the SDGs, the Paris Agreement, the Kunming-Montreal Global Biodiversity Framework, and RNC2050 - Roadmap for Carbon Neutrality 2050 (Portugal) Interests of key stakeholders Stakeholder input is gathered through regular engagement processes and materiality assessments, ensuring relevance and inclusion in the policies Accessibility and availability of policies Website in Portuguese and English Link to the Articles of Association, Regulations and Policies https:/ /www.amorim.com/en/investors/ corporate-governance/corporate- regulation-and-policies/ Within the broader framework of the General Sustainability Policy , the Organisation also recognises the role of nature-based solutions, notably cork and the sustainable management of cork oak forests, in the conservation of ecosystems and the provision of essential environmental services, including hydrological regulation. Policies relating to the protection and restoration of these ecosystems thus contribute positively to the preservation of water resources and to environmental resilience in the medium and long term. More detailed information on this matter can be found in sections 8.6.1 B. Transition plan and consideration of biodiversity and ecosystems in strategy and business model, 8.6.2 A. Policies related to biodiversity and ecosystems, and 8.6.2 B. Actions and resources related to biodiversity and ecosystems. 8.5.2 IMPACT , RISK AND OPPORTUNITY MANAGEMENT A. POLICIES RELATED TO WATER AND MARINE RESOURCES (E3-1) Key contents of policies As part of its Energy , Environment and Biodiversity Policy , Corticeira Amorim is committed to the responsible and sustainable management of water resources, focusing on the identification, assessment and management of environmental impacts, risks and material dependencies associated with water use and quality . The Organisation’s approach is based on an integrated approach, structured around three complementary pillars: reducing water consumption by promoting efficiency and the rational use of this resource; preventing and controlling water pollution; and hydrological regulation through the conservation and enhancement of aquatic ecosystems. These pillars reflect a systemic approach to water management, linked to energy efficiency , pollution prevention and the preservation of biodiversity . Within this framework, the Policy guides the Organisation’s actions to minimise the impacts associated with water consumption, collection and discharge, ensuring compliance with applicable legal requirements and promoting the continuous improvement of water performance. W ater management is regarded as a critical factor for the environmental resilience of operations and for the protection of ecosystems and potentially affected communities. The Policy further establishes that water resource management must incorporate a risk-based approach, taking into account exposure to water scarcity , particularly in contexts of heightened water stress, and guiding the definition of measures appropriate to the nature and scale of the activities carried out.
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197 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Water withdrawal, discharge and consumption A ware of the need to preserve this fundamental resource, Corticeira Amorim adopts an integrated approach to water management, based on three pillars — consumption reduction, treatment and hydrological regulation — supported by the zero water waste programme. This approach aims to minimise pressure on water resources, ensure operational efficiency and contribute to preserving water quality and availability in the regions where the Organisation operates. With a view to reducing consumption, in addition to the framework provided by the zero water waste programme, various initiatives are underway focused on improving the management and monitoring of water consumption, namely: • Restructuring of the IWWTP at the Ponte de Sor and Salteiros sites of the Amorim Florestal BU, enhancing the efficiency of the treatment systems; • Optimisation of steam consumption at the V endas Novas site of the Amorim Cork Solutions BU, aiming to reduce consumption associated with the expanded agglomerate production process. This project began in 2025 and is expected to be completed in 2026; • Replacement of the cooling tower associated with the CRM process at the Amorim Cork Solutions BU with a chiller; this work was completed in 2025 and is expected to yield estimated savings of around 6,000 m³/year . With regard to wastewater discharges, Corticeira Amorim’s operations mainly discharge into the municipal sewer system. Industrial facilities that generate industrial wastewater first collect and treat it at their own IWWTP , ensuring compliance with the applicable legal requirements. This approach contributes to the prevention and control of water pollution, the protection of water quality , and the mitigation of potential environmental impacts. W ater efficiency and water reuse measures also have a direct effect on reducing the volumes of wastewater discharged, thereby strengthening pollution prevention at source. Where applicable, the Organisation’s actions also take into account the need to remedy adverse environmental impacts, ensuring an appropriate response throughout the entire water resource management cycle, from prevention to mitigation and remediation. Water stress analysis The water stress analysis revealed that a significant proportion of Corticeira Amorim’s water withdrawal points are located in areas classified as high or extreme risk. In 2025, 96.8% of water withdrawal points are in these areas. In this context, water efficiency measures are particularly important and are prioritised in areas identified as being at greatest risk, with a view to reducing pressure on local water resources, mitigating negative impacts and strengthening the resilience of the business model, whilst also considering the potential effects on ecosystems and downstream communities. Water footprint assessment In order to assess the impacts associated with water resources along the upstream and downstream value chain, Corticeira Amorim conducts full life cycle assessments (LCAs) of its products, enabling the assessment of the direct and indirect water footprint associated with operations and products. These analyses serve as a tool to support decision-making, prioritise mitigation actions and identify opportunities for improvement, particularly in contexts of increased pressure on water resources. Currently , the products covered by these analyses account for 22.2% of the Company’s consolidated sales, reflecting a progressive, risk-based approach that prioritises products and activities with the greatest relevance in terms of impact and dependency on water resources. B. ACTIONS AND RESOURCES RELATED TO WATER AND MARINE RESOURCES (E3-2) The sustainable management of water resources is a key factor in Corticeira Amorim’s operational resilience, given its industrial and forestry operations across different geographical areas and its dependence on the availability and quality of water throughout the value chain, both upstream and downstream. In this context, the Company implements a comprehensive approach to analysing activities that have an impact on water resources, considering applicable laws and regulations, international standards and guidelines, and best practices in the sector . The Organisation works to mitigate negative impacts, boost positive impacts and reduce its exposure to risks associated with water resource impacts and dependencies, thereby contributing to the resilience of its business model. Specifically , impacts related to water withdrawal, consumption, treatment and effluent discharge are monitored. In addition, analyses of water stress areas are carried out using the Aqueduct W ater Risk Atlas tool (https:/ /www .wri.org/), with the aim of identifying the areas most at risk of water scarcity and to develop more efficient management measures. The identification and mitigation of environmental degradation risks, associated with the preservation of water quality and the prevention of water stress, are incorporated into the Organisation’s EMS. When applicable, analyses are carried out on the chemical, ecological and quantitative status of the water bodies used. Key actions Throughout 2025, Corticeira Amorim continued to implement measures aimed at fulfilling the commitments set out in its policies, particularly with regard to the rational use of water and the prevention and control of water pollution, in line with the targets established in the Sustainable by nature programme. These actions form part of a preventive, risk-based management approach aimed at the continuous improvement of water efficiency , which is particularly relevant in contexts where there is greater pressure on water resources.
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198 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Resources allocated to the management of material impacts The Company is strengthening its information systems, with the aim of isolating the resources used to respond to actions related to relevant topics. During the reporting year , the values associated with the activities as presented in section 2 Disclosures pursuant to Article 8 of Regulation 2020/852 (Green Taxonomy Regulation) were taken into account. Thus, in 2025, 454.5 thousand euros were invested, corresponding to CapEx and/or OpEx associated with such as the production of heat/cold from bioenergy activities (CCM 5.1), renewal of water collection, treatment and supply systems (CCM 5.2), construction, extension, and operation of waste water collection and treatment systems (CCM 5.3), renewal of waste water collection and treatment systems (CCM 5.4), contributing to the sustainable management of water resources, the prevention and control of water pollution, compliance with applicable legal requirements, and the strengthening of the environmental resilience of the Organisation’s operations. Future prospects Corticeira Amorim will continue to integrate water resource management into its strategic approach, ensuring consistency with its commitments regarding water efficiency and pollution prevention. Following the update of the double materiality analysis carried out in 2024, the conclusions regarding the material impacts, risks and opportunities associated with water availability and quality , as well as their interdependencies with climate change, have been reinforced. These factors will be taken into account in the 2025-2027 strategic cycle, during which the Organisation will assess and prioritise appropriate responses, taking into account the alignment of the sustainability perimeter with the financial perimeter , which has been ensured since the 2024 financial year . Zero water waste programme For the 2025-2027 cycle, Corticeira Amorim has set an overall target of improving water efficiency by 4.5% as part of the Sustainable by nature programme. T o ensure a structured and cross-functional approach, a working group remains active, bringing together managers from the various BUs and the Sustainability and Health and Safety support departments, with the aim of analysing consumption, identifying opportunities for improvement and sharing best practices. Under this plan, various structural measures are planned and underway: • Audit and common methodology: provision of a standardised methodology for determining water consumption across all facilities, ensuring greater comparability and rigour in monitoring; • Improvements in water network management: updating of internal network maps, integrating supply lines and discharge circuits up to the IWWTP or the sewerage system, enabling greater control over losses, diversions and non-productive consumption; • Automation of consumption measurement: procurement and installation of automatic metering systems, particularly in facilities with a high number of measurement points, reducing reading errors and increasing data reliability; • Identification of critical consumption variables: survey and analysis of the variables influencing water consumption in each process, with a particular focus on areas of intensive use, supporting the definition of more effective interventions; • Adoption of best practices from the ISO 46001 standard – Water Efficiency Management Systems: definition, monitoring and periodic review of performance indicators for major water consumers.
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199 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 In 2025, the progress recorded shows a consistent trend of improvement, with performance exceeding expectations in relation to the interim targets set. These results confirm the effectiveness of the measures currently in place and reinforce the Organisation’s commitment to the sustainable use of water , helping to reduce pressure on ecosystems and create long-term value. 2025-2027 Plan As part of its responsible water management approach, Corticeira Amorim has set quantitative targets aimed at reducing water consumption intensity and increasing water use efficiency , in line with the objectives of the Sustainable by nature programme and the 2025-2027 strategic cycle. These targets reflect the material significance of water for the Organisation’s operations, as well as the need to mitigate risks associated with water scarcity , increasing pressure on natural resources and climate change. The indicators presented allow for the complementary monitoring of water performance trends: on the one hand, water consumption intensity (m³/€m) reflects the efficiency of this resource’s use in relation to economic activity; on the other hand, the annual and cumulative efficiency indicators highlight the progressive gains achieved throughout the strategic cycle, resulting from the implementation of measures to optimise processes, reuse water and invest in more efficient infrastructure. 8.5.3 METRICS AND TARGETS A. TARGETS RELATED TO WATER AND MARINE RESOURCES (E3-3) The aim of the Sustainable by nature programme for water and marine resources is to reduce the environmental impact of operations by adopting renewable, accessible and efficient solutions. This goal, based on the driver Promote the environmental characteristics of cork oak products and forests, is aligned with the 2030 Agenda for Sustainable Development, in particular with SDG No. 6 - Clean water and sanitation. The Programme defines increased efficiency in water use as qualitative targets for 2030, applicable to the entire sustainability perimeter . The Sustainable by nature programme sets quantitative targets for the sustainability targets perimeter6, aligned with the Company’s strategic cycles (usually three years) and with an ambition for 2030. Based on the double materiality assessment carried out in 2024 and the increase in the perimeter of the Consolidated Sustainability Statement to equal the perimeter of the financial statements, during the 2025-2027 strategic cycle Corticeira Amorim will reflect on the need to extend the perimeter of the targets and define new targets and metrics. Climate change 2030 Goal Reduce the environmental impact of operations by adopting renewable, affordable and efficient solutions 2030 T argets • Increase efficiency in water use SDGs 6 Information on the Sustainable by nature programme and the companies that form part of the sustainability targets perimeter is available in section 8.1.3 A. Strategy , business model and value chain. 2025-2027 Plan Retrospective T argets Indicator Unit of measurement Expected direction Horizon Baseline year 2024 Comparative year 2024 Reporting year 2025 Change reporting year vs comparative year 2025 Objective 2027 Objective Reporting year progress vs 2025-2027 target Water consumption intensity m3/€M 2025 -2027 680 680 671 -1.3% 675 650 Ahead of target Efficiency in the use of cumulative water % 2025 -2027 0.0% 0.0% 1.3% 1.33 pp 0.8% 4.5% Ahead of target
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200 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 B. WATER CONSUMPTION (E3-4) Water consumption In 2025, total water consumption fell compared with the previous year , reflecting improved water efficiency in operations, despite a slight increase in total water withdrawal. This trend is largely due to the increase in the volume of water returned to the receiving environment in the form of treated effluent. Around 28.7% of the water was returned to the environment and approximately 71.3% was consumed – integrated into the product or used to produce steam. W ater consumption intensity remained broadly stable at 643 m³/€m in 2025 (2024: 640 m³/€m). This performance reflects the process optimisation and efficient water management measures in place, and is also influenced by the reduction in the Company’s net revenue, which was not fully matched by a proportional adjustment in operational levels. Water consumption Unit of measurement 2025 2024 Withdrawal m3 776,514 764,653 Discharge (effluent) m3 222,877 163,261 Change in stored water m3 0 -500 T otal water consumption m3 553,637 600,892 T otal water consumption in areas at high or extreme risk of water stress % 99.8% 100.0% Water consumption intensity m3/€M 643 640 2030 Ambition Corticeira Amorim’s 2030 ambition for water resources, using 2020 as the baseline year , is based on a structural reduction in water consumption intensity and a continuous improvement in water use efficiency . In 2025, performance remains on track to meet the intensity target set for 2030, and cumulative efficiency is exceeding expectations, confirming the soundness of the long-term strategy and the measures implemented. 2030 Ambition Retrospective 2030 Ambition Indicator Unit of measurement Expected direction Horizon Programme reference year 2020 Comparative year 2024 Reporting year 2025 Change reporting year / comparative year 2030 Ambition Reporting year progress vs target Water consumption intensity m3/€M 2020-2030 1,094 680 671 -1.3% 650 On track Efficiency in the use of cumulative water % 2020-2030 0.0% 37.8% 38.6% 0.83 pp 40.0% Ahead of target Monitoring and evaluation of effectiveness Issues relating to material impacts, risks and opportunities are analysed and monitored by internal multidisciplinary working groups. They meet at least quarterly to monitor Corticeira Amorim’s performance in relation to each defined metric and target and, consequently , to determine and implement improvement actions for the respective areas. These groups report to the ECBD at least twice a year and the ECBD is responsible for monitoring and following up on the effectiveness of the actions defined. At least twice a year , the progress of actions and the fulfilment of targets are reported to the Board of Directors.
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201 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Water discharges In 2025, 222.9 thousand m³ of water were discharged, of which 166.5 thousand m³ were subject to prior treatment at Corticeira Amorim’s IWWTPs before discharge into a municipal sewer . Of the total volume of water discharged, 198,900 m³ (89.2%) occurred in areas classified as being at high or extreme risk of water stress, underscoring the importance of proper treatment of effluents and continuous monitoring of water discharges in these locations. Water discharges Unit of measurement 2025 2024 Discharge with treatment m3 166,492 115,062 Discharge to be reused internally m3 11,773 12,670 Discharge to be recycled m3 0 0 Other destinations m3 44,612 35,529 T otal water discharges m3 222,877 163,261 T otal water discharges in areas at high or extreme risk of water stress % 89.2% 89.2% Discharge to be reused internally % 5.3% 7.8% Water discharge to be recycled % 0.0% 0.0% Methodological assumptions Scope and reporting perimeter: the reporting includes all of Corticeira Amorim’s operations within the financial perimeter, taking into account the industrial facilities and their respective water supply, water reuse and water discharge systems. Source of information and calculation method: the total volume of water withdrawn corresponds to the sum of water from the public water supply network, groundwater withdrawals and, where applicable, other sources (e.g. surface water). In the case of the public supply network, calculation is based on meter readings at the delivery points, validated by invoices from the relevant utility companies. In the case of groundwater withdrawals, consumption is recorded by direct measurement using meters installed at the boreholes/intakes. The volume of water discharged includes the total volume discharged following treatment at IWWTPs (where applicable), in addition to water directed to other destinations (e.g. municipal sewer) where prior treatment is not required. The treated discharge quantities are obtained from direct readings of calibrated flow meters. Water withdrawn in areas at high or extreme water risk: identification is based on the Aqueduct Water Risk Atlas tool, taking into account the location of the facilities. Water recycled and reused internally: this refers to the volume of water treated at IWWTPs that is suitable for reuse in production processes or for other purposes (recycling). Intensity indicators: water consumption intensity was calculated based on total water consumption (m³) and consolidated net revenue (€m), as disclosed in the notes to the consolidated financial statements — Segment Reporting. T emporal comparability and restatements: methodological adjustments were introduced in 2025 involving the harmonisation of the accounting treatment for different types of water, as well as improvements to allocation criteria and the consistency of measurements; consequently, the figures for 2024 were also adjusted to ensure methodological consistency and adequate comparability between periods. Water withdrawal In 2025, total water withdrawal recorded a slight increase compared to 2024, while remaining overall stable. Groundwater continued to be the main source of supply , although with a marginal decrease in absolute terms, partially offset by an increase in withdrawals from the public water supply network. The percentage of water withdrawal in areas classified as having high or extremely high water stress remained very high, albeit with a slight decrease compared to the previous year , reflecting the geographical distribution of the Organisation’s operations. This exposure continues to be considered a relevant factor in the management of impacts, risks, and opportunities associated with water resources, reinforcing the priority given to efficiency measures, water reuse, and the continuous monitoring of water withdrawals. Water withdrawal Unit of measurement 2025 2024 Groundwater m3 693,018 705,892 Public network m3 82,862 58,761 Other m3 634 0 T otal water withdrawal m3 776,514 764,653 T otal water withdrawal in areas at high or extreme risk of water stress % 96.8% 97.9% T otal amount of water reused and recycled In 2025, it was possible to reuse approximately 11.8 thousand m³ of water within production processes, accounting for 5.3% of the total industrial effluent generated by Corticeira Amorim.
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202 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 The cork oak forests (“montado”) are located in the Mediterranean Basin, one of the world’s 36 biodiversity hotspots.
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203 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 • Cultural services: experiences and benefits obtained when in close proximity to nature in recreational activities, tourism or landscape contemplation. Biosphere reserves often have a cultural significance, providing spaces for recreation, spiritual and cultural enrichment and education. Corticeira Amorim recognises the importance and dependence of its activity on ecosystem services, which are fundamental to the provision of its raw material, cork. Corticeira Amorim’s role in preserving and maintaining biodiversity and ecosystems, especially cork oak forests, is therefore particularly important. Biodiversity refers to the variability among living organisms of all sources including terrestrial, marine and other aquatic ecosystems and the ecological complexes of which they are part. This includes variations in genetic, phenotypic, phylogenetic, and functional attributes, as well as changes in the abundance and distribution of species, biological communities and ecosystems over time and space. Ecosystems are defined as a dynamic complex of plant, animal and micro-organism communities and their non-living environment, interacting as a functional unit. According to the Millennium Ecosystem Assessment (MEA), ecosystem services are the benefits that human beings obtain from them, namely supply services, regulatory services, support services and cultural services. • Supply services: the provision or supply of goods or products from the ecosystem, including food, water , wood, cork, among others; • Regulatory services: benefits obtained from the ecosystem’s regulation and control of natural processes, including services such as air purification, water filtration, erosion prevention or climate regulation through carbon sequestration; • Support services: natural processes that are necessary for production and which maintain all other services, such as nutrient cycling and soil formation; 8.6 ESRS E4 – Biodiversity and ecosystems (SDGs 11, 12, 13, 15)
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204 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Cork, cork oak, cork oak forests Benefits for the planet Benefits for people Benefits for prosperity Cork oak forests play an important role in global climate regulation, fire prevention, hydrological regulation and soil protection, driven by their multifunctional characteristics, together with their broad biodiversity. Cork harvesting is a manual job that requires knowledge of the technique and the forest. By being regular and cyclical, it creates seasonal activity. The cork harvesting activity associated with the first transformation contributes to the settlement of people in areas where there is a risk of desertification. Cork generates the most valued products in this ecosystem, mainly due to the production of cork stoppers. This raw material is also used in several other business sectors, with an enormous economic and social relevance, in particular its contribution to job creation and local development in rural areas. CORK Acoustic insulator Thermally effective Impermeable to liquids and gases Elastic and compressible Fire retardant Resilient Very light Hypoallergenic Shock absorbing Soft touch Warm feeling Cork Cork is the name commonly given to the bark or protective layer that acts as the epidermis of the cork oak (Quercus suber L.). It is a renewable and biodegradable material, 100% natural and recyclable, with truly exceptional characteristics. Cork cells, grouped in a characteristic alveolar structure, identical to that of a beehive, are filled with a mixture of air-like gases, whose walls are primarily coated with suberin (a kind of natural wax) and lignin (a three- dimensional macrocell that provides resistance to microbiological attacks). Other compounds found in the cellular system of cork include polysaccharides, ceriods and tannins, albeit to a lesser extent. Each cork plank contains around 60% gaseous elements, which explains its extraordinary lightness. These small cushions of air endow cork with remarkable compressibility , enabling it to recover its original shape after being compressed. Due to cork’s resilience, compression does not cause expansion elsewhere in the material, which makes it a material that can be used in seals and joints and in thermal, acoustic and anti-vibration insulation. Cork’s elasticity gives it a superior level of tolerance to changes in temperature and pressure. Its lightness and chemical inertia make cork an ideal closure for wines. It resists humidity and ageing, without any deterioration.
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205 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Cork oak tree The cork oak tree from which cork is extracted belongs to the oak family . Its value is based not only on the products extracted from the tree, but on all of the agricultural, forest, forest-grazing livestock and hunting activities that revolve around the cultivation of cork oak trees. The regular harvesting of cork makes a fundamental contribution to the environmental, economic and social sustainability of the Mediterranean region’s rural areas, where the cork oak may be found. The process of harvesting cork is called “descortiçamento” (stripping) in Portuguese. It occurs without deforestation and takes place during the period of greatest vegetative activity: from mid- May to the end of August, depending on the climatic conditions of each year . Nowadays, cork harvesting is mostly done by hand, with absolute precision, by specialised professionals who use a special axe, ensuring that the tree is not damaged. Corticeira Amorim, as a complement to manual harvesting, has developed a mechanised harvesting system that optimises extraction times and makes this operation more efficient. The cork oak is a slow-growing tree with an average lifespan of 200 years, allowing for multiple strippings throughout its lifecycle while keeping the tree alive. The first harvest only takes place when the circumference of the tree trunk at breast height is 70 cm. The cork removed in this first harvest is called “virgin cork”. After nine years, “secondary” cork is harvested. After these two extractions, and every nine years, the female cork, then called “amadia”, is harvested. This cork has a regular structure with a smooth interior and exterior and the characteristics and qualities suitable for the production of stoppers. 7 Amorim Florestal 48.5% Portugal 31.2% Spain 3.6% France 4.9% Italy 4.9% Morocco 3.5% Algeria 3.5% Tunisia Annual cork production7 It was one of the first protected trees in the world, a status acquired since the Middle Ages, when King João III prohibited its felling and use for charcoal production, in 1546. The cork oak plays a vital role and was designated as the national tree on 22 December 2011, by Resolution no. 15/2012 of the Parliament.
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206 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Tagus-Sado rivers is about 36% occupied by cork oak trees and is one of the most productive and deepest aquifer systems in the Iberian Peninsula, which is recharged by the infiltration of rainwater into the soil. The interception of rainwater by the cork oaks protects the soil from water erosion, helping to combat desertification. 8 https:/ /apcor .pt/uploads/Media/Brochura/1-%20brochura%20ambiente/Brochura_ Ambiente__EN.pdf#page=18 9 https:/ /wwfeu.awsassets.panda.org/downloads/cork_rev12_print.pdf The value of ecosystem services provided by the cork oak forest Ecosystem services can be understood as direct and indirect contributions of nature to human well-being. Biodiversity loss significantly affects the provision of ecosystem services on which humans depend, since biodiversity underpins several ecological processes. There is a consensus that quantifying ecosystem services in monetary and non-monetary values is a necessary tool to operationally implement this concept in decision-making and to contribute to a pathway aligned with the biodiversity strategies, European Ecological Pact and the UN SDGs. Cork oak forests play an important role in promoting ecological functions such as soil conservation, carbon storage and water retention, enhanced by their multifunctional characteristics and existing biodiversity . Portugal has the world’s largest area of cork oak forest and is simultaneously the world’s largest producer of cork. The vitality of cork oak forests has been declining over the years, weakening their potential to provide services to society . Corticeira Amorim is the world’s largest producer of cork products, playing an important role in promoting sustainable forest management and creating a set of valuable interconnections between cork oak forests, business and people, as well as increasing knowledge about cork oak forests and the ecosystem services they make possible. To this end, the Company began studying the value of ecosystem of the planet’s 36 biodiversity hotspots, threatened areas with fundamental ecological relevance for environmental sustainability . The Alentejo region of southern Portugal is home to the largest expanse of cork oak forests in the world, with around 720,000 hectares, corresponding to approximately one third of the global area of these forests. Cork oak forests occupy more than 2.1 million hectares in the W estern Mediterranean basin. Portugal, Spain, Morocco and Algeria hold around 88.1% of the species’ distribution area. Around 144,000 tonnes of cork are harvested every year , with Portugal the largest cork producer in the world. This ecosystem promotes ecological functions such as soil conservation, carbon sequestration and storage and water retention. It also provides economic and environmental goods and services related to agroforestry and ecotourism, reinforcing its economic importance. The regulation of the water cycle is one of the ecosystem services provided by cork oak forests. The left bank of the Cork oak forests are unique ecosystems that include forests orientated towards cork harvesting (sobreirais) and areas where agricultural and livestock activities are pursued (montado de sobro). Cork oak stands are mono-functional systems with a marked forestry use, characterised by a dense forest and a shrub layer dominated by sclerophyllous species. These systems combine cork production with hunting and beekeeping. The montado is the largest agroforestry system in Europe, combining agricultural and livestock activities in the same space, promoting the utilisation of land and natural resources. This system comprises arable crops, regenerative agriculture, spontaneous and permanent pastures, with extensive grazing by cattle, sheep and pigs. Throughout the Mediterranean basin, cork oak forests (Quercus suber L.) are predominantly composed of cork oak trees, with greater prevalence in regions with stronger Atlantic influence. Plant biodiversity includes a rich herbaceous layer and various shrub species, including aromatic and medicinal ones, which are important for the nutrition of animals and people. Conservation International has identified the Mediterranean basin as one 1/36th of a biodiversity hotspot -73 tCO₂ / 1t of cork maximum registered sequestration per tonne of cork harvested8 100,000 people depend on cork oak forests9 200 years average life span of a cork oak tree Barrier against fires, regulates the hydrological cycle, protects the soil and decreases the risk of desertification > €1,300 /ha/year estimated average value of ecosystem services associated with a well-managed cork oak forest Cork oak forests
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207 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 The Company remains committed to promoting, protecting and increasing knowledge about the cork oak forests to enable more sustainable management, namely by proactively discussing policies and proposing measures for the protection of the cork oak, the preservation of the cork oak forests, the promotion of the cork sector , the certification of forest management systems and the remuneration of the cork oak forests’ environmental services. In this section of the Consolidated Sustainability Statement, Corticeira Amorim discloses its actions favourable to protecting cork oak forests, biodiversity and ecosystem services. The material impacts, positive or negative, actual or potential, as well as the material risks and opportunities that financially affect the Company in relation to biodiversity and ecosystems are identified. In addition, Corticeira Amorim presents the main policies, actions, metrics and targets defined and implemented with the aim of preventing and mitigating negative impacts, providing positive impacts, achieving the financial opportunities identified and minimising the Company’s exposure to financial risks related to its impacts or dependencies. services more than ten years ago, a subject that has already been launched for public discussion by various experts. In the most recent study , produced by EY in 2019, it was concluded that, on average, the ecosystem services of a well-managed cork oak forest provide benefits to society of over €1,300/ha/year . Looking at four case studies, EY was able to identify the three main groups of ecosystem services provided by cork oak forests. The quantitative analysis was based on the estimation of the costs avoided and demonstrated that the capacity of cork oak forests to provide services to society is highly variable and fundamentally depends on management practices and the soil and climate conditions of the territory . • Supply: Cork; W ood; Animal products; Medicinal and aromatic plants and herbs; Mushrooms; Honey . • Regulation: Climate regulation; Regulation of extreme events - fire prevention; Hydrological regulation and soil protection; Maintenance of habitats and biodiversity; Pollination. • Culture: Recreational and tourism activities; Scientific and educational activities; Cultural identity and landscape. Three of the ecosystem services were monetised: global climate regulation, extreme event regulation – fire prevention; hydrological regulation and soil protection. The other services identified were evaluated with quantitative data wherever possible but were not monetised. Climate regulation €596 Fire prevention €546 Hydrological regulation and soil protection €220
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208 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 8.6.1 STRATEGY A. MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND BUSINESS MODEL (ESRS 2 SBM-3 | ESRS 2 IRO 1) Impacts, risks and opportunities As part of its sustainability strategy , Corticeira Amorim takes an integrated approach to assessing biodiversity and ecosystem-related impacts, risks and opportunities, taking into account the nature of its activities and the territorial contexts in which it operates. In this context, biodiversity and ecosystems, with particular focus on the direct drivers of biodiversity loss, impacts on species status, the extent and condition of ecosystems, and the impacts and Environment IRO +/- A/P OO/U/D Time horizon Policies ESRS E4: Biodiversity and ecosystems 1 - Direct impact drivers of biodiversity loss Contribution to reducing biodiversity loss caused by climate change by increasing GHG sequestration resulting from afforestation or reforestation activities I A OO General Sustainability Policy Energy, Environment and Biodiversity Policy Preservation and restoration of key ecosystems for carbon sequestration such as cork oak forests I A OO The cyclical nature of cork oak bark regeneration allows cork harvesting to take place without deforestation I A OO Direct exploitation and deforestation in upstream activities in the value chain I A U Risk of increased costs and/or business disruption due to limited or no access to necessary raw materials caused by direct exploitation R U 2 - Impacts on the state of species Contribution to the reduction in the cork oak population size due to poor harvesting practices, which damage the tree, or the conversion of cork oak forests into forests of other species I P U General Sustainability Policy Energy, Environment and Biodiversity Policy Increasing the cork oak population through planting/forest densification I A OO Contribution to the increase of cork oak climate resilience through research and development programmes I A OO Preservation and increase of the cork oak population, its profitability, and resilience, through technical training and support for forestry producers I A OO I - Impact; R - Risk; O - Opportunity; A - Actual; P - Potential; OO - Own operations; U - Upstream; D - Downstream Positive impact; Negative impact. - Short-term; - Medium-term; - Long-term dependencies associated with ecosystem services, were identified as material topics. These aspects are of particular relevance to the Organisation’s business model, given its dependence on cork as its primary raw material and the central role of cork oak forests in long- term value creation. Within the scope of this assessment, the analysis focused primarily on agroforestry , raw material preparation and industrial activities throughout the various geographies in which Corticeira Amorim operates. The analysis confirmed that the Organisation’s raw material preparation and industrial activities do not occur in designated areas, with isolated overlaps identified between agroforestry activities and protected areas, which were taken into account in defining the impact management and mitigation approach. In order to identify potential impacts on biodiversity and ecosystems, all the locations where these activities take place were mapped, with the aim of identifying biodiversity-sensitive areas in their vicinity . The analysis was supported by the IBAT tool, which integrates various management systems into its database, such as the Natura 2000 Network and National Designation Zones. Company information was used when available. The identification of issues related to biodiversity and ecosystems also took into account the recommendations of the TNFD, namely the LEAP approach. Detailed information on the identification and assessment process is available in section 8.1.4 A. Description of the process to identify and assess material impacts, risks and opportunities of the General Disclosures.
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209 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Corticeira Amorim recognises the importance of biodiversity and ecosystem conservation for the viability of its business model and adopts an integrated approach to analysing and mitigating the negative impacts associated with its dependencies and upstream value chain. In this context, the Organisation addresses the mitigation of these impacts through long-term relationships with cork suppliers, the promotion of good forest management practices, the encouragement of forest certification and participation in R&D+I initiatives aimed at the resilience and sustainability of cork oak forests. The strategic relevance of these impacts stems from the interdependence between the availability , quality and resilience of cork oak forest ecosystems and the Organisation’s value creation, as the materialisation of these impacts could affect raw material supply and the sustainability of the business model in the medium and long term. Negative impacts No material direct negative impacts were identified in Corticeira Amorim’s own operations with regard to soil degradation, desertification or sealing, nor were any material impacts on threatened species identified. However , the Company has identified as material the contribution to ecosystem degradation resulting from upstream value chain activities, namely deforestation, mining and other activities with a negative impact on natural ecosystems. A further material potential negative impact was identified, in the short, medium and long term, namely the reduction of the cork oak population, resulting from poor extraction practices that may damage the trees, the absence of active forest management, as well as the effects of climate change and insufficient investment in new forest areas. This impact is of particular relevance given the structural dependence of Corticeira Amorim’s business model on cork as its primary raw material. Environment IRO +/- A/P OO/U/D Time horizon Policies ESRS E4: Biodiversity and ecosystems 3 - Impacts on the extent and condition of ecosystems Desertification resulting from upstream activities in the value chain (deforestation and mining) I A U General Sustainability Policy Energy, Environment and Biodiversity Policy Contribution to reducing soil degradation, preservation and conservation through cork oak forest management activities I A U + OO Contribution to soil protection, nutrition and water conservation through the incorporation of by-products/waste I P OO 4 - Impacts and dependencies on ecosystem services Promoting cork oak forests, biodiversity and ecosystem services through good forest management practices I A OO General Sustainability Policy Energy, Environment and Biodiversity Policy Increased resilience, profitability and availability of future cork raw material through new technologies and new forms of forestry and subericulture practices with a view to increasing resilience and survival rate, and reducing cork harvesting cycles O U + OO Attraction of investors and access to funds due to the alignment of activities with 1 of the 6 objectives of the European T axonomy O OO Contribution to the promotion of biodiversity and ecosystem services through the valorisation of raw materials from suppliers with forestry certification (FSC®) I A OO Risk of increased costs and/or disruption of the cork raw material due to deterioration of ecosystem services R U I - Impact; R - Risk; O - Opportunity; A - Actual; P - Potential; OO - Own operations; U - Upstream; D - Downstream Positive impact; Negative impact. - Short-term; - Medium-term; - Long-term The position of each topic in the materiality matrix is determined by the highest absolute value, whether from the impact perspective (regardless of whether positive or negative) or the financial perspective (regardless of whether in terms of risk or opportunity). = Materiality threshold 1 4 23 = IMPACT MATERIALITY FINANCIAL MATERIALITY = MATERIAL FROM A FINANCIAL PERSPECTIVE MATERIAL FROM A DOUBLE PERSPECTIVE MATERIAL FROM AN IMPACT PERSPECTIVE NON-MATERIAL
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210 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 the potential limitation in access to this resource may lead to production interruptions or reduced operational capacity , with associated financial impacts. Scenarios of worsening physical risks related to climate change, namely extreme heat, thermal stress, temperature variations, changes in precipitation patterns, water stress and drought, may require additional investments and increased operational costs for the adaptation of the Organisation’s assets and infrastructure, including water collection, treatment and management systems. The Organisation integrates the mitigation of these risks into the management of its assets and industrial infrastructures. In this context, the largest industrial facilities treat wastewater in their own IWWTPs, with the renewal, expansion, and optimisation of water collection, treatment, and supply systems being an integral part of the approach adopted to enhance operational resilience. The modernisation of these infrastructures contributes to better management of water resources and to the energy efficiency of operations, allowing to reduce the net consumption of water and energy of the system. Opportunities The increase in resilience, profitability and availability of cork raw material through new technologies and new forms of forestry and cork cultivation, aiming to increase vitality and survival rate and to reduce the first cork extraction cycle (“desboia”), constitutes an opportunity for Corticeira Amorim and for the resilience of its business model. Corticeira Amorim has invested in innovation and development projects, such as the FIP , aimed at promoting resilience, profitability and the availability of raw materials in the medium and long term. Good management practices and the contribution to the promotion of cork oak forests, biodiversity and ecosystem services, in line with one of the six objectives of the European Taxonomy (“Protection and restoration of biodiversity and ecosystems”) and the European Green Deal, could be reflected in the attraction of investments and access to green funds, bonds or loans, constituting a financial opportunity for the Organisation. Risks As a result of the dependence of Corticeira Amorim on natural resources, and associated with the negative impacts of the deterioration of ecosystems and inadequate management practices in cork oak forests up the value chain, the limitation of cork raw material availability constitutes a strategic and exogenous risk for the Organisation. The unavailability or disruption of the cork supply chain could result in increased raw material procurement costs and a decrease in productivity and profitability , constituting a material financial risk. Also in the context of the depletion of natural resources, the over- exploitation of non-renewable resources can, in the medium and long-term, affect the accessibility and availability of non-cork raw materials, which are essential for Corticeira Amorim’s activities. The potential unavailability or disruption of these raw materials could lead to increased operational costs, having been identified as a financial risk arising from the Organisation’s dependence on natural resources. Global cork production is concentrated in the Mediterranean basin, a region particularly exposed to physical climate risks, such as water stress, drought, extreme heat, and wildfires. These phenomena can affect the production and availability of raw material, both in the cork oak forests managed by Corticeira Amorim and in those of its suppliers, reinforcing the Organisation’s exposure to physical risks related to climate change. To mitigate these risks associated with dependence on natural resources and the supply chain, Corticeira Amorim has centralised the management of the procurement, storage and preparation of raw materials within the Amorim Florestal unit, enabling an integrated, specialised and multinational approach to cork management, as well as strengthening relationships with producing countries, promoting forest certification, developing research partnerships and increasing the circularity of the raw material. Additionally , a significant portion of Corticeira Amorim’s industrial activities is located in areas of medium-high and extremely high water stress. In scenarios of high temperatures and water scarcity , Positive impacts Corticeira Amorim has identified as a material positive impact, in the short, medium and long term, its direct contribution to reducing biodiversity loss associated with climate change, through increased GHG sequestration resulting from its afforestation and reforestation activities, namely densification actions and new cork oak plantations. The Organisation directly and indirectly promotes cork oak afforestation and reforestation actions across the areas under its management and associates itself with initiatives led by other institutions. Since 2020, 1,793 hectares have been planted in the Baliza, V enda Nova and Rio Frio estates, where around 655,800 cork oaks have been planted. Another example is support for planting initiatives, such as the Green Cork programme, which since 2006 has planted more than 1.8 million native trees. These practices also have a positive impact in the short, medium and long-term in terms of increasing the cork oak population. Through the adoption of good cork oak forest management practices, the Organisation also contributes to the preservation of biodiversity and the services of associated ecosystems. In this context, on the Baliza, V enda Nova and Rio Frio estates, around 3,551 hectares have already been targeted since 2019 with management actions aimed at the cork oak. The Organisation also contributes to the resilience of ecosystems through participation in research projects related to cork and cork oak forests, as well as through capacity building and technical support to forest producers, currently overseeing around 130 hectares of forest areas. In addition, Corticeira Amorim identified as a positive material impact the promotion of biodiversity and ecosystem services in the value chain through the additional enhancement of raw materials from suppliers with forestry certification, namely FSC®.
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211 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Preservation of cork oak forests and ecosystem services Good management and the promotion of ecosystem services are fundamental to the provision of the raw material cork and consequently to the promotion of the business model resilience. A wareness of the urgent need for intervention in cork oak forests led Corticeira Amorim to develop the FIP , which aims to preserve cork oaks and cork oak forest ecosystems through programmes that promote their resistance to droughts, pests and diseases and to increase their survival rate. It also led it to invest directly in agroforestry properties in order to develop, among other things, R&D+I actions and the application of new forestry practices, so that in the future it may induce certain behaviour among forestry producers, creating a more resilient and optimised system in its economic, environmental and social drivers. These initiatives aim to induce behaviours in forest producers and promote a more resilient and optimised system in its economic, environmental and social aspects. The area under direct management by Corticeira Amorim is 8,181 hectares: Herdade da Baliza, Herdade da V enda Nova and Herdade de Rio Frio. Cork oak forests play a crucial role in climate regulation, fire prevention, hydrological regulation and soil protection, thanks to their multifunctional characteristics and broad biodiversity . Corticeira Amorim’s good forest management practices and preservation, conservation and restoration activities on its properties have a positive impact on ecosystem services and biodiversity , reducing the risks to the business model in the areas under its direct management. In addition, the Organisation also carries out afforestation, reforestation and densification activities, promoting the potential for carbon sequestration in these ecosystems. Given the fact that Corticeira Amorim does not own significant forest areas, integrating biodiversity into the strategy depends largely on actions across the value chain. To this end, the Company establishes medium to long-term partnership relationships with cork suppliers and encourages the certification of good forest management practices, namely by paying a higher price for certified cork. operations and in the value chain. Identifying them enables a clearer understanding and identification of the strategic priorities needed to continue strengthening the resilience of the business model. Detailed information on the assessment of material impacts, risks and opportunities is available in section 8.1.4 A. Description of the process to identify and assess material impacts, risks and opportunities. A description of the main impacts, risks and opportunities identified can be found in section 8.6.2 Impact, risk and opportunity management. Corticeira Amorim has defined a Transition Plan and Consideration of Biodiversity and Ecosystems in Strategy and Business Model (Biodiversity Transition Plan), as part of the assessment of the resilience of its strategy and business model in relation to biodiversity and ecosystems. It is focused on certain priority axes to ensure the response to natural risks arising from the dependence on biodiversity and ecosystems. Decarbonisation and energy efficiency Climate change constitutes a direct and significant impact factor on ecosystems and biodiversity , with GHG emissions generated along the value chain being one of the main contributors to this impact. As part of its Transition Plan for mitigating climate change, Corticeira Amorim is implementing decarbonisation and energy efficiency actions that fulfil the commitment made to define and submit emission reduction targets aligned with a 1.5 °C trajectory . In this context, the Company has set a benchmark ambition to reduce GHG emissions by 42% in scopes 1 and 2, and by 25% in scope 3 by 2030, using 2024 as the baseline year , which guides the development and future submission of the final targets to the SBTi, according to the applicable criteria. Corticeira Amorim is thus structuring and implementing an integrated emissions reduction programme in its operations and along the value chain, contributing to the mitigation of climate change and the reduction of associated impacts on biodiversity and ecosystems, promoting their resilience in the medium and long term. B. TRANSITION PLAN AND CONSIDERATION OF BIODIVERSITY AND ECOSYSTEMS IN STRATEGY AND BUSINESS MODEL (E4-1) As the world’s largest cork transformation group, Corticeira Amorim has significantly contributed to the overall business, market, economy , innovation and sustainability of the entire cork industry . Cork processing companies are a driving force in creating economic interest among forest owners in maintaining the exploitation of cork oak forests. In turn, the cyclical extraction of cork, without damaging the trees, contributes to the viability of this ecosystem, providing numerous economic, environmental and social benefits. In this context, the preservation of cork oak forests and ecosystem services is structurally integrated into Corticeira Amorim’s strategy and business model. Preserving cork oak forests and ecosystem services by increasing knowledge, mobilising resources and proposing measures is Corticeira Amorim’s objective under the Biodiversity and Ecosystems pillar of the Sustainable by nature programme. The targets applicable to the whole Organisation are as follows: • Strengthen efforts to protect and safeguard cultural and natural heritage • Promote the implementation of sustainable forest management and mobilise resources • Integrate the values of ecosystems and biodiversity These targets, in line with the relevant goals and objectives of local, national and global public policies related to biodiversity and ecosystems, as well as taking into account relevant international frameworks such as the Kunning-Montreal Global Biodiversity Framework and the UE Biodiversity Strategy for 2030, guide the strategic priorities for sustainable development. These incorporate economic, environmental and social concerns and define a clear roadmap for strategic, operational and investment decision-making, both now and in the future. Corticeira Amorim, through the double materiality assessment, has identified material impacts, risks and opportunities related to biodiversity and ecosystems, both in the Organisation’s own
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212 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Financial resources Corticeira Amorim has made significant investments and obtained targeted funding, to support the implementation of the actions set out in the Biodiversity Transition Plan. To finance the investment in forestry properties, which totalled €56.9 million, the Company used sustainable finance instruments as its main source of funding. Under the Green Bond Framework, Corticeira Amorim issued the first Green Bonds in the cork industry in 2020. These financial instruments support the implementation of the Transition Plan, ensuring execution capability and alignment between strategy , investment, and sustainability . Governance and supervision of the transition plan The Biodiversity Transition Plan has been approved by the ECBD and is integrated and aligned with the Company’s overall strategy and financial planning, ensuring that the strategy and business models are compatible with the transition to a sustainable economy . The implementation of the plan is supported by a dedicated governance model, based on the centralisation of raw material and forest management in an autonomous unit with professional executive direction, ensuring an integrated, specialised approach aligned with the Organisation’s strategic objectives. The plan is constantly reviewed to ensure that it is adapted to changes in the market and the Company’s needs. The effectiveness of the plan is assessed on an ongoing basis, comparing the KPIs with the targets set in the Sustainable by nature programme. Corticeira Amorim participates in the Collaborative Laboratory for Integrated Forest and Fire Management (ForestWISE), National Association of Rural Owners, Game Management and Biodiversity (ANPC), act4nature Portugal, reinforcing its commitment to Biodiversity and ecosystems. properties located in areas of high and extreme water risk, as identified in the double materiality assessment. A ware of the importance of water in production, Corticeira Amorim invests in research projects to understand how cork oak forests contribute to water infiltration in the soil and groundwater replenishment. The Company develops new techniques for efficient irrigation and the application of materials to the soil, whether organic or inorganic (mulching). These experimental techniques increase knowledge about cork oak cultivation and can be shared with forest managers and owners, promoting the resilience of the supply chain. Forest Management Plans Forest Management Plans (FMPs) guarantee the sustainable management of forests, promoting the conservation of biodiversity and the maintenance of ecosystem services, such as the provision of cork. These plans include management practices aimed at preserving natural habitats, fire prevention, hydrological regulation and soil protection. By adopting these practices, Corticeira Amorim mitigates the risks linked to climate change and other environmental factors, thereby enhancing the resilience of its business model in the areas under its management. The FMPs of the estates under Corticeira Amorim’s management are planned over 20 years and define actions for the maintenance and exploitation of forest resources. These plans set three overall objectives: habitat improvement (e.g. conversion of areas occupied by fast-growing species to cork oak), safeguarding and conservation of cork oak forests (e.g. cork oak densification) and financial sustainability (e.g. valuation of ecosystem services, climate regulation, cork supply , among others). These plans, which are essential for sustainable and economically viable forest management, are revised every five years to adapt to new realities. Corticeira Amorim regularly monitors the phytosanitary status of the forest stands on its properties in order to respond to natural risks. It adopts mitigating measures against pests and diseases and implements fire prevention actions, following the guidelines of the Municipal Forest Fire Defence Plans of where they are located. It is also involved in other reforestation activities through its planting projects, which include the Green Cork project, the Suber Protected Villages project and annual planting. Corticeira Amorim also participates in various research projects on cork and cork oak forests, contributing to the advancement of knowledge and the implementation of innovative practices that benefit biodiversity and ecosystems. These initiatives allow Corticeira Amorim to explore new areas of research, develop technologies and methods that can improve the resilience and sustainability of cork oak forests and promote sustainable forest management. In addition, participation in research projects helps the Company to identify plants that are better adapted to climate change, pests and diseases, to implement new planted areas and to increase the density of existing forests using innovative processes and technologies. The Company also shares knowledge and offers technical support to forestry producers, promoting a collaborative and integrated approach to natural resource management and thereby making its business model more resilient. Water efficiency and regulation of the hydrological cycle Good management practices for cork oak forests upstream in the value chain and also in Corticeira Amorim’s forest management activities make a material contribution to the preservation of groundwater , the regulation of the hydrological cycle and the quality and availability of fresh water . In order to promote the resilience of its business model, Corticeira Amorim carries out a series of annual actions to promote water efficiency and has defined specific objectives for its raw material preparation, industrial and distribution activities. It also promotes KPI monitoring. The Organisation reduces its water withdrawal needs through these initiatives, thus reducing pressure on ecosystems, especially in its activities located in water-risk zones. High temperature climate scenarios increase, in the medium and long term, the risk of water scarcity for Corticeira Amorim
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213 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 • Promote cork solutions and develop the cork oak forests, as guarantors of an ecosystem that offers a range of benefits, including climate regulation, fire prevention, hydrological regulation, soil protection and the maintenance of habitats and biodiversity . Corticeira Amorim reiterates the need to manage the impacts, risks and opportunities associated with biodiversity and ecosystem services in an integrated manner and, through the Energy , Environment and Biodiversity Policy , formalises the following commitments: • Promote good environmental practices among suppliers and customers, encouraging responsible consumption; reduce the amount of raw materials used, limiting packaging and favouring recycled and/or recyclable materials and “sustainable” raw materials (e.g. from sustainably managed forests); • Act proactively in the discussion of policies and proposing measures for the protection of forests and ecosystem services, in particular the cork oak, the preservation of the cork oak forest, the promotion of the cork sector , the certification of forest management systems and the remuneration of cork oak forest ecosystem services; • Care for and respect the environment and protect biodiversity in the day-to-day performance of its operations, ensuring that the Organisation’s policies contribute to the transition to a more sustainable economy , through the efficient use of resources, the prevention, mitigation and, when applicable, remediation of adverse impacts, and the reduction of risks to the climate, human health and biodiversity; • Promote internal and external environmental awareness-raising activities. 8.6.2 IMPACT , RISK AND OPPORTUNITY MANAGEMENT A. POLICIES RELATED TO BIODIVERSITY AND ECOSYSTEMS (E4-2) Key contents of policies As a world leader in the cork industry , Corticeira Amorim aims to be a corporate model, contributing to the maintenance of cork oak forests, which sustain one of the most biodiverse ecosystems in the world, the Mediterranean basin. Over the last few decades, cork oak trees (Quercus suber L.) have been losing their vitality , which is attributed to inadequate management practices, the occurrence of harmful biotic agents and climate change. The preservation of the cork oak tree and of its ecosystem is essential if we are to continue to enjoy not only the cork produced but also the many other ecosystem services that are so valuable to the people of the Mediterranean basin. The Organisation is committed to caring for and respecting the environment and protecting biodiversity during the day-to- day performance of its operations. Recognising its activities’ dependence on ecosystem services, Corticeira Amorim adopts a set of policies taking into account the identified material impacts, risks and opportunities. All the Organisation’s policies take into account the transition to a more sustainable economy , seeking to minimise impacts on biodiversity and ecosystems, as well as reducing exposure to risks associated with dependence on ecosystem services, promoting the resilience of the business model. In line with the 2030 ambitions set out in the Sustainable by nature programme, the Energy , Environment and Biodiversity Policy defines two objectives aimed at biodiversity and ecosystems: • Preserve the cork oak forest and ecosystem services by increasing knowledge, mobilising resources and proposing measures; and Future prospects Corticeira Amorim intends to continue carrying out applied research into the impacts of irrigation, fertilisation, nutrition and soil on the cork oak. It also aims to help promote and disseminate the implementation of new , more efficient and resilient planting and management techniques for cork oak forests in the face of predicted climate scenarios, as well as continue the cork oak improvement programme. The ambition is to plant one million cork oaks on the properties under management in the period 2020-2030. Management policy and summary of the Herdade de Rio Frio FMP available at: https:/ /www.amorim.com/en/business/business-units/ amorim-florestal/746/ Sustainable finance allocation and impact report available at: https:/ /www.amorim.com/en/investors/market- information/ More details on Corticeira Amorim’s partnerships for sustainable development are available at: https:/ /www.amorim.com/en/sustainability/ governance/voluntary-commitments/
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214 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Until 2025, the Organisation has not incorporated biodiversity offsets into its actions for any of its assets or through other operations. Corticeira Amorim promotes FSC® certification and maintains medium- and long-term partnership relationships with cork suppliers, ensuring compliance with applicable environmental legislation, including the EU EIA Directive, transposed into national law . Legal compliance constitutes a baseline requirement for all actions developed in the field of biodiversity and ecosystems. Although no trees are cut down to obtain cork, forest management certification ensures the adoption of best practices in responsible forest management. In this context, Corticeira Amorim invests in forest certification programmes, occupational safety , technical training, and support for forest owners upstream of the value chain, with the aim of increasing the adoption of good practices and reinforcing the conservation of cork oak forests and their ecosystem services. The actions carried out are grounded in the following pillars: • Increased knowledge about the environmental impact of cork products and their associated ecosystems; • Affirmation of cork-based solutions and the development of the cork oak forests, as guarantors of the ecosystem; • Promotion of internal and external awareness initiatives; • Act proactively in policy discussions and in the proposal of measures for the protection of the cork oak, the preservation of cork oak forests, forest certification and the valuation of ecosystem services. Key actions Corticeira Amorim continued with its strategy during 2025, and the actions implemented and planned with the aim of achieving its 2030 ambition to effectively address the positive impacts and material opportunities identified. These include promoting good management practices for cork oak forests, preserving and promoting cork oak forests, biodiversity and ecosystem services, and increasing resilience, profitability and the availability of cork raw materials through new technologies and new forms of forestry and cork oak forestry . agroforestry systems, recognised as protected the EU Habitats Directive and integrated into a global biodiversity hotspot, playing a significant role in climate regulation, fire prevention, soil protection, hydrological cycle regulation, and biodiversity conservation. B. ACTIONS AND RESOURCES RELATED TO BIODIVERSITY AND ECOSYSTEMS (E4-3) Corticeira Amorim integrates biodiversity conservation into its management model and implements various actions every year to promote positive impacts, in particular to maintain and increase the areas of cork oak forests. It ensures the conservation of the respective natural and socio-cultural values, including ecosystem services, the preservation of species, respect for the rights of workers and local communities. To this end, the Organisation promotes knowledge and ongoing research and incorporates nature-based solutions into its activities, systematically applying the hierarchy of biodiversity impact mitigation (avoid, minimise and restore). Policy Energy, Environment and Biodiversity Policy Scope / Key stakeholders Applicable to all workers of the Organisation and to external stakeholders, including the value chain, where applicable Most senior level responsible for implementation Approval of Policies falls within the competence of the Board of Directors Enforcement is ensured by ECBD through the member responsible for overseeing and reporting on cross-functional and support areas, which are in turn responsible for monitoring its implementation Implementation of the Policies within the scope of their respective activities is the responsibility of the BUs Alignment with international standards Principles aligned with the main applicable international frameworks, in particular the Universal Declaration of Human Rights, the ILO fundamental conventions, the OECD Guiding Principles for Multinational Enterprises, the 10 principles of the United Nations Global Compact, the BCSD Portugal Charter of Principles, act4nature Portugal, the SDGs, the Paris Agreement, the Kunming-Montreal Global Biodiversity Framework, and RNC2050 - Roadmap for Carbon Neutrality 2050 (Portugal) Interests of key stakeholders Stakeholder input is gathered through regular engagement processes and materiality assessments, ensuring relevance and inclusion in the policies Accessibility and availability of policies Website in Portuguese and English Link to the Articles of Association, Regulations and Policies https:/ /www.amorim.com/en/investors/corporate-governance/corporate-regulation-and- policies/ Commitment to biodiversity As part of its commitment to biodiversity and nature conservation, Corticeira Amorim joined act4nature Portugal, a business initiative, promoted by BCSD Portugal, in which member companies make common and individual commitments to the conservation of biodiversity and ecosystem services. Commitment to non-deforestation The activities of Corticeira Amorim are not associated with value chains with significant risk of deforestation or conversion of ecosystems. The main natural resource used — cork — results from the periodic extraction of the bark of the cork oak (Quercus suber L.), carried out without felling the tree, over production cycles that extend for several decades. This forestry exploitation model contributes to the conservation of Mediterranean ecosystems, ensuring the maintenance of tree cover and the continuity of associated ecosystem services. Cork oak woodlands and cork oak stands are multifunctional
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215 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Applied forestry R&D (Intervention) Projects developed under this axis aim to test and implement new forestry models in the field, assessing the effect of water on the growth rate of cork oak and its environmental and economic viability , with a view to establishing replicable management protocols. These initiatives cover the Company’s operations and aim to share results with the supply chain following technical validation; they are planned for the 2025-2027 strategic cycle, the 2030 ambition and the long-term (20-year) management plans. Key actions and outcomes include: • Investment in agroforestry properties: since 2018, Corticeira Amorim has invested in 8,181 hectares of agroforestry properties (Herdade da Baliza, Herdade da V enda Nova and Herdade de Rio Frio), with the area under management remaining unchanged in 2025; • F orest management activities: since 2020, management activities have been carried out across 3,551 hectares, and planting and maintenance activities have been carried out on approximately 655,800 cork oaks. A target has been set to plant a further 200,000 cork oaks in the period 2025-2027, as part of the ambition to reach one million cork oaks planted between 2020 and 2030; • Recovery of degraded areas: conversion of fast-growing species forests into cork oak stands and recovery of areas below productive potential; since 2020, 1,793 hectares of cork oak stands have been planted/densified, including areas within the International Tejo Natural Park, and High Conservation V alue areas have been defined in the Herdade de Rio Frio. These initiatives form part of the FMPs and contribute to the conservation of biodiversity , soil and water , as well as to business model resilience; • FSC® Certification: the Herdade de Rio Frio is FSC® certified, ensuring responsible forest management; in 2025, a survey was carried out to identify the key natural assets (flora and habitats) to be safeguarded, and the management guidelines were incorporated into the estate’s activity plan; quality cork. The activities encompass the Company’s operations and aim to disseminate validated results throughout the supply chain, contributing to the reduction of risks associated with ecosystem degradation and raw material availability . These initiatives are planned across different time horizons, including the 2025-2027 strategic cycle, the 2030 ambition and property management plans with long-term horizons (20 years). Key actions and progress in 2025 include: • W ater balance project: assessment of the water balance in cork oak forests, with the aim of understanding soil water infiltration and groundwater recharge; preliminary results were positive, with final results expected in 2026; • Cork oak improvement program: project aimed at identifying and producing cork oaks better adapted to adverse climate scenarios, pests, and diseases, aiming to maximise productivity and resilience; in 2025 the first trial field was installed within the micropropagation and genotype selection program; • Suber Adapt project: an initiative aimed at providing forestry producers with tools to increase resilience and reverse the decline in productivity of cork oak forests; • Cork harvesting machine: a project aimed at improving the efficiency , safety and sustainability of the harvesting process, helping to alleviate constraints related to labour availability and to increase cork harvesting productivity; in 2025, work continued on optimising the equipment based on the experience gained; • Black, white and summer truffle project: a project to diversify income sources associated with cork oak forests through truffle production in cork oak forests. In 2025, additional trials were installed and techniques were tested to improve water retention, the microbiome and soil fertility , contributing to the resilience of forest ecosystems. Forestry Intervention Project The FIP aims to preserve cork oak trees and cork oak forest ecosystems, through programmes that promote their resistance to droughts, pests, and diseases and increase their survival rate. The FIP began in 2013 as a research project that sought a new model of subericulture using drip irrigation. This technique allows a very significant increase in the success of the planting and, at the same time, a greater initial growth of the trees, thus reducing the first cycle of exploitation from the current 25 years to around half that time. Drip irrigation will be used until the first harvesting of cork, at which point it will be removed and the cork oak will return to its normal growth, with cork harvesting conducted at nine-year intervals. In an effort to address some of the challenges faced by cork producers in managing cork oak forests and to alleviate the growing concerns about the declining productivity of existing stands, Corticeira Amorim continued to develop the FIP in 2025, under the motto “Caring for the present, building the future”. Applied to properties under direct management in Portugal, the programme develops three main axes: • Fundamental forestry R&D (Investigation) • Applied forestry R&D (Intervention) • Forestry management (Induction) Fundamental forestry R&D (Investigation) The projects developed under this axis aim to strengthen the scientific and technological knowledge applied to the promotion of the resilience of cork oak forests, the sustainable management of stands, and the conservation of biodiversity and ecosystem services. These projects include the implementation of monitoring technologies and sustainable forestry practices, as well as the integration of nature-based solutions for efficient water resource management and climate change mitigation. The expected outcomes include the research into new approaches for the sustainable production of cork oak trees and the enhancement of ecosystem services, namely the production of
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216 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 8.6.3 METRICS AND TARGETS A. TARGETS RELATED TO BIODIVERSITY AND ECOSYSTEMS (E4-4) Preserving cork oak forests and ecosystem services by increasing knowledge, mobilising resources and proposing measures is the objective of the Sustainable by nature programme for biodiversity and ecosystems. This goal, based on the driver Promote the environmental characteristics of cork oak products and forests, is aligned with the 2030 Agenda for Sustainable Development, in particular with SDGs: 11 - Sustainable cities and communities; 12 - Responsible consumption and production; and 15 - Life on land. The definition of targets and commitments also took into account the Kunning-Montreal Global Biodiversity Framework and the relevant aspects of the EU Biodiversity Strategy for 2030. The Programme defines qualitative targets for 2030, applicable to the entire sustainability perimeter: • Strengthen efforts to protect and safeguard cultural and natural heritage; • Promote the implementation of sustainable forest management and mobilise resources; • Integrate the values of ecosystems and biodiversity . The Sustainable by nature programme sets quantitative targets for the sustainability targets perimeter10, aligned with the Company’s strategic cycles (usually three years) and with an ambition for 2030. Based on the double materiality assessment carried out in 2024 and the increase in the perimeter of the Consolidated Sustainability Statement to equal the perimeter of the financial statements, during the 2025-2027 strategic cycle Corticeira Amorim will reflect on the need to extend the perimeter of the targets and define new targets and metrics. 10 Information on the Sustainable by nature programme and on the companies included within the sustainability targets perimeter is available in section 8.1.3 A. Strategy , business model and value chain. Resources allocated to the management of material impacts The Company is strengthening its information systems, with the aim of isolating the resources used to respond to actions related to relevant topics. During the reporting year , the values associated with the activities as presented in section 8.2 Disclosures pursuant to Article 8 of Regulation 2020/852 (Green Taxonomy Regulation) were taken into account. In 2025, 1.2 million euros were allocated to initiatives related to managing impacts, risks, and opportunities associated with biodiversity and ecosystems, corresponding to the CapEx and/or OpEx of Forestry Management activities (CCM 1.3). Future prospects In 2026, Corticeira Amorim will continue to deepen its actions regarding biodiversity and ecosystems, strengthening sustainable management initiatives for cork oak forests and implementing the renewed commitments within the scope of act4nature Portugal. The Organisation will continue the ongoing actions, consolidating knowledge about ecosystem services and progressively strengthening the integration of these themes into the 2025-2027 strategic cycle, namely in the definition of priorities, initiatives, and goals aimed at nature protection and the resilience of the territories where it operates. • Automatic cistern irrigation of cork oak trees: an automated system designed to optimise water consumption and reduce reliance on manual labour , enabling more efficient irrigation management in densely populated areas; by 2025, the system had been installed in several operational cisterns on the estates under management; • Pruning waste utilisation project: use of pruning waste as mulch to improve water conservation and soil fertility . Forestry management (Induction) The projects developed in this area aim to disseminate the sustainable cork techniques developed within the scope of research and direct management, promoting their adoption throughout the cork value chain. These initiatives help to reduce the risks associated with ecosystem degradation and the availability of raw materials, and are planned for the 2025-2027 strategic cycle, the 2030 ambition and the long-term management plans (20 years). Key initiatives include: • The oldest protocol with the University of Évora (2013-2028): technical support and dissemination of cork oak management practices among forest producers; currently , around 130 hectares of forest land outside the Organisation are under technical monitoring; • F orestry management office: a support framework for forestry producers on topi s such as pest control, fertilisation, pruning, stand installation and irrigation to support installation; • Carbon credits: integration of the cork oak plantations carried out between 2020 and 2023 into a carbon credits project, estimating the sequestration of approximately 500 thousand carbon credits over 100 years, reinforcing the positive contribution of forest actions to the climate and biodiversity .
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217 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 2025-2027 Plan Retrospective T argets Indicator Unit of measurement Expected direction Horizon Baseline year 2024 Comparative year 2024 Reporting year 2025 Change reporting year vs comparative year 2027 Objective Reporting year progress vs 2025-2027 target Cork oak trees planted cumulative no. 2025-2027 590,300 590,300 655,790 11.1% 790 300 Watch Biodiversity and ecosystems 2030 Goal Preserve the cork oak forest and ecosystem services by increasing knowledge, mobilising resources and proposing initiatives 2030 T argets • Strengthen efforts to protect and safeguard cultural and natural heritage • Promote the implementation of sustainable forest management and mobilise resources • Integrate the values of ecosystems and biodiversity SDGs 2030 Ambition In parallel, the performance framework within the context of the Sustainable by nature programme, with 2020 as the baseline year , enables progress to be assessed from a long-term perspective. The increase recorded in the reporting year compared to the comparative year confirms a sustained evolution of the indicator , 2030 Ambition Retrospective 2030 Ambition Indicator Unit of measurement Expected direction Horizon Programme reference year 2020 Comparative year 2024 Reporting year 2025 Change reporting year vs comparative year 2030 Ambition Reporting year progress vs 2030 ambition Cork oak trees planted cumulative no. 2020-2030 0 590,300 655,790 11.1% 1,000,000 On track with performance remaining aligned with the ambition set for 2030, being classified as on-track. This framework demonstrates that the current rate of cork oak plantation is compatible with the strategic objective of achieving a positive structural impact on the regeneration of the cork oak forest and on the creation of long-term environmental value. 2025-2027 Plan As part of biodiversity and ecosystem management, the Organisation systematically monitors the evolution of the number of cork oaks planted within the framework of the FIP , as a key indicator of the contribution to ecosystem regeneration, forest landscape resilience, and long-term sustainability of the raw material. The analysis of the 2025-2027 Plan shows a positive performance in the reporting year , with an increase in the number of cork oaks planted compared to the comparative year . The observed change corresponds to an increase of around 11.1%, reflecting the intensified efforts in planting and forest regeneration carried out under the FIP . Despite this favourable evolution, the comparison with the target set for 2027 indicates that there is still a significant gap to bridge, which justifies the continuation and strengthening of planting initiatives, as well as the mobilisation of partnerships and additional investments to ensure a consistent growth trajectory until the end of the plan period.
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218 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Monitoring and evaluation of effectiveness Issues relating to material impacts, risks and opportunities are analysed and monitored by internal multidisciplinary working groups. They meet at least quarterly to monitor Corticeira Amorim’s performance in relation to each defined metric and target and, consequently , to determine and implement improvement actions for the respective areas. These groups report to the ECBD at least twice a year and the ECBD is responsible for monitoring and following up on the effectiveness of the actions defined. With the same frequency , progress on actions and target achievement are reported to the Board of Directors. Commitment to act4nature Corticeira Amorim has made a voluntary commitment to act4nature Portugal, a business initiative promoted by BCSD Portugal and part of the global WBCSD network, which aims to mobilise companies to protect, restore and enhance biodiversity . The scope of this commitment covers operations within the sustainability targets perimeter11 and involves the implementation of a set of common and individual commitments, aligned with the corporate sustainability strategy , the preservation of cork oak forests and the promotion of ecosystem services associated with cork. As part of the 2025-2027 strategic cycle, Corticeira Amorim has renewed and updated its act4nature commitments. This cycle incorporates revised targets and new commitments, ensuring the continuity and consolidation of the actions undertaken in previous periods. The table below shows the commitments and targets established for the 2025-2027 period, together with their progress during the reporting period and the monitoring indicators used. The regular monitoring of these commitments and the disclosure of the respective results form part of Corticeira Amorim’s sustainability reporting process, which is subject to independent verification 11 Information on the Sustainable by nature programme and on the companies included within the sustainability targets perimeter is available in section 8.1.3 A. Strategy , business model and value chain. act4nature Portugal SMART Commitment (company) KPI Calculations formulas (where applicable) T arget SI Unit (where applicable) 0/ baseline year Y ear 1 Change reporting year / comparative year Establish and keep up to date a Transition Plan and Consideration of Biodiversity and Ecosystems in Strategy and Business Model, focusing on priority areas, to ensure a response to natural risks arising from dependence on biodiversity and ecosystems, in line with international guidelines (e.g. CSRD, GRI) Plan for Biodiversity Transition (existence and updating) Existence and annual updating of the Transition plan and consideration of biodiversity and ecosystems in strategy and business model Y es/No Ye s (every year) Y es/No Ye s Ye s On track Definition of high conversation values (HCVs) on managed estates Coverage of estates with identified and protected HCVs Percentage of estates with High Conservation Values (HCVs) identified and with protection measures defined for ecologically sensitive areas, such as priority habitats, protected areas and/or critical ecosystems (Number of estates with HCVs / T otal number of estates under direct management) × 100 Greater than 50% by 2027 % 33.3% 33.3% On track Plant and maintain 200,000 cork oak trees on the managed estates during the period 2025-2027 (densification/reforestation) Planted cork oak trees Cumulative number of cork oaks planted and maintained on directly managed estates Sum of cork oaks planted and maintained in the period 790,300 (by the end of 2027) no. 590,300 655,790 Watch T o manage and maintain, by the end of the reporting period, ≥ 3,000 ha of land under direct management, through the application of sustainable forest management techniques that promote water infiltration into the soil and aquifer recharge Area managed Cumulative area under direct management using sustainable forest management techniques to promote water infiltration and aquifer recharge Sum of the cumulative area managed and maintained to date ≥3,000 ha ha 3,151 3,151 Ahead of target Train workers from the relevant population in biodiversity and sustainable management Coverage of training in biodiversity and ecosystems Percentage of workers from the relevant population who have received training in biodiversity and ecosystems, focusing on understanding the Organisation’s direct and indirect impacts and dependencies (Number of workers from the relevant population with training in biodiversity and ecosystems / T otal number of workers from the relevant population) × 100 95% (by the end of 2027) % 0.0% 0.0% Not started T o publicly report, on an annual basis, on commitments, conservation measures implemented and progress regarding biodiversity and ecosystem services, including in the Consolidated Sustainability Statement, with a limited assurance from a third party and publication on the website Reporting of biodiversity indicators Existence and updating of biodiversity indicators in the Consolidated Sustainability Statement, with independent verification and public disclosure Y es/No Ye s (every year) Y es/No Ye s Ye s On track Participation in at least three projects and/ or working groups and/or consortium applications, whether national or international, involving relevant stakeholders and addressing issues relating to biodiversity, ecosystems and sustainable forest management practices Participation in biodiversity projects Number of participations in projects and/ or working groups and/or consortium applications, national or international, relevant to biodiversity, ecosystems and/or sustainable forest management practices Number of participations during the period ≥3 (by the end of 2027) no. 1 1 Not started
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219 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Brief description of the occupation of forest estates under management Herdade de Rio Frio (HRF) is located in the district of Setúbal, in the municipalities of Alcochete (parish of Alcochete) and Palmela (parish of Pinhal Novo and União das Freguesias de Poceirão e Marateca). It has a total area of approximately 5,105 hectares, and an FSC® -certified area of 4,348 hectares. Herdade de Rio Frio is predominantly forested, followed by agricultural areas, bodies of water , infrastructure and social areas. The forest areas are mostly occupied by cork oak forests. The 2,799 hectare Herdade da Baliza is located in the district of Castelo Branco, on the border with the district of Portalegre (to the south), the municipality of Castelo Branco and the parish of Malpica do Tejo. The estate has a forestry vocation, still dominated by eucalyptus, which has been converted into cork oak forest. Agricultural occupation is residual and corresponds to a small area of traditional olive groves. With regard to the watercourses, the Monsanto stream stands out as the most prominent. The 277 hectare Herdade da V enda Nova is located in the district of Setúbal, on the border with the district of Évora (to the east), the municipality of Alcácer do Sal and the Union of Parishes of Alcácer do Sal (Santa Maria do Castelo and São Tiago) and Santa Susana. The occupation can be divided into areas of cork oak plantations that are around five years old and the respective infrastructure. Methodological assumptions Scope and reporting perimeter: the indicators presented refer to forest estates under the direct management of Corticeira Amorim, consistent with the previous year. Source of information and calculation method: the areas under management, harvested and planted/thinned are calculated on the basis of operational records and up-to-date cartographic information. The number of cork oaks planted corresponds to an estimate based on average planting densities per hectare. Areas are expressed in hectares (ha) and the number of trees in units (no.), with data presented in aggregate form at the Corticeira Amorim level for each reporting period. Limitations and degree of estimation: the cork oaks planted indicator does not incorporate future rates of tree survival, mortality or growth, which are monitored as part of forest management and specific monitoring plans. Biodiversity sensitive zones From a biodiversity-sensitive areas perspective, Corticeira Amorim has identified two sites located in biodiversity sensitive areas: Herdade de Rio Frio and Herdade da Baliza. In the case of the Herdade de Rio Frio, it intersects the Natura 2000 Network in a small area of 15.3 hectares, approximately 0.3% of the total area of the estate. Regarding the Herdade da Baliza, with 2,799 hectares, it is located in an area of high ecological sensitivity: 51.4% of the estate’s area — approximately 1,439 hectares — falls within the Tagus International, Erges and Pônsul Special Protection Area (SP A), whilst 52.6% — approximately 1,473 hectares — lies within the Tagus International Natural Park. B. IMPACT METRICS RELATED TO BIODIVERSITY AND ECOSYSTEMS CHANGE (E4-5) Forest estates under management Recognising the need for management in cork oak forests, Corticeira Amorim has invested in agroforestry estates: Herdade da V enda Nova, Herdade da Baliza and Herdade de Rio Frio. These investments mean Corticeira Amorim is responsible for managing a total area of 8,181 hectares. Forestry Intervention Project Unit of measurement 2025 2024 Forest estates under management ha 8,181 8,181 Intervened forest estates under management ha 3,551 3,151 Planted/densified forest estates under management ha 1,793 1,595 Planted cork oak trees no. 655,790 590,300 Accumulated values at the end of the period As part of the policies and actions established, the Company promotes intervention in the estates under its management. Between 2021 and 2025, the total area of intervened forest estates was 3,551 ha, of which 1,793 ha corresponded to plantations or densification, for a total of approximately 656,000 cork oaks planted during that period.
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220 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Corticeira Amorim operates a production process in line with the principles of the circular economy, which enables and promotes the reuse of all by-products associated with cork processing. During the production process, even the smallest granules are used as an important source of energy.
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221 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 The approach to determining material impacts, risks and opportunities in relation to resource use and circular economy is described in section 8.1.4 A. Description of the process to identify and assess material impacts, risks and opportunities. The related material impacts, risks and opportunities are described in 8.1.3 C. Material impacts, risks and opportunities and their interaction with strategy and business model. 8.7.1 STRATEGY A. MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND BUSINESS MODEL (ESRS 2 SBM-3) Impacts, risks and opportunities Corticeira Amorim incorporates the principles of the circular economy as a central element of its business model. As a world leader in the production of cork-based solutions — a renewable and recyclable material — the Company seeks to maximise resource efficiency by promoting the recovery of by-products and the minimisation of waste throughout its operations and value chain. As part of the double materiality assessment, the following were identified as material impacts, risks and opportunities associated with resource use and the circular economy: (i) resource inflows, including their use; (ii) resource outflows related to products and services; and (iii) waste management. These impacts, risks and opportunities are intrinsically linked to the Company’s strategy and business model, influencing decisions regarding innovation, product development, operational efficiency and competitive positioning. 8.7 ESRS E5 – Resource use and circular economy (SDGs 8, 12)
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222 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Environment IRO +/- A/P OO/U/D Time horizon Policies ESRS E5: Resource use and circular economy 1 - Resource inflows including resource use Use of non-renewable resources I A OO General Sustainability Policy Energy, Environment and Biodiversity Policy Extraction and use of non-renewable resources resulting from activities across the value chain I A U + D Increased costs or even disruption of the raw materials supply chain due to reduced availability or scarcity of resources, influencing supply and demand R U Increased costs due to stricter regulations on the extraction and use of non-renewable resources R U Risk of new regulations in the timber sector R OO Transition to less resource-intensive processes, particularly through operational efficiency and the maximisation of resources, as well as circular economy practices such as the reintegration and utilisation of all by-products as raw materials O OO Automation, digitalisation and operational efficiency are vectors of resource efficiency and competitiveness, making it possible to reduce operating costs and increase the overall profitability O OO 2 - Resource outflows related to products and services Packaging containing plastic and other non-renewable virgin raw materials I A OO General Sustainability Policy Energy, Environment and Biodiversity Policy Risk of increased taxes on the use of plastics, increased packaging costs and the need to invest in new technologies to reduce plastic use R OO + D Contribution to the circular economy through the commercialisation of products with a high recyclability rate I A OO Reputational gains and access to new markets due to circular design and the adoption of circular economy policies and commitment O OO Placing renewable, recyclable and low-energy packaging products (stoppers) on the market I A OO Increased demand for products less intensive in non-renewable resources O D Possibility of penetrating new market segments due to restrictions on the use of single-use plastic packaging (plastic stoppers) O OO Development and/or increase of competition from alternative stoppers to cork R D Risk of changing consumption patterns in the wine sector R D Difficulty in organising the cork stopper collection logistics due to the lack of a specific waste stream for this purpose. The lack of efficiency in collection can compromise recycling and sustainability programmes R D Difficulties in meeting customer expectations about the end-of-life of cork products and providing visibility for cork as the most sustainable alternative among competing materials, given that alternative closure segments such as glass, metal and plastic have significantly more mature and dynamic waste collection and recycling streams R OO Reputational gains and reduction of operational costs through reverse-logistics initiatives for the reuse of packaging materials (e.g., cardboard and pallets) O OO Attraction of investors and access to funds due to the alignment of activities with 1 of the 6 objectives of the European T axonomy O OO
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223 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Corticeira Amorim used 78.2% virgin renewable materials in 2025. In addition, 6.1% of the materials were recycled, while only 15.7% of the materials used came from non-renewable virgin sources. The use of packaging containing plastic and other non-renewable virgin raw materials was also identified as a real negative impact in the short, medium and long term. With a view to mitigating this impact, Corticeira Amorim is implementing measures aimed at reducing the weight of non-renewable packaging materials as part of its sustainable packaging project. The ambition for 2030 is that all packaging materials used in the Company’s activities in Portugal do not come from non-renewable virgin materials. Currently , the weight of non-renewable virgin packaging materials used in Corticeira Amorim’s activities is 7.8%. Negative impacts In order to carry out its business, Corticeira Amorim uses a range of raw and subsidiary materials, including packaging materials, paper , plastic, chemicals and a small percentage of metals. In this context, the use of resources and materials from non-renewable sources in the Company’s activities has been identified as a real negative impact in the short, medium, and long term. The extraction and use of non-renewable resources associated with upstream and downstream value chain activities has also been identified as a real negative impact in the short, medium and long term, reflecting the dependence on raw materials and services that are not based exclusively on renewable resources. A ware of this reality , the Company is committed to reducing the proportion of virgin non-renewable materials in its total consumption by incorporating into its business model and strategy policies that prioritise the use of renewable or recycled materials upstream, the reuse of materials during consumption and end-of-life recyclability of products, thereby helping to mitigate the negative impacts associated with the extraction and use of virgin non-renewable raw materials. Environment IRO +/- A/P OO/U/D Time horizon Policies ESRS E5: Resource use and circular economy 3 - Waste Contribution to waste reduction through the valorisation of 100% of the cork used in industrial processes I A OO General Sustainability Policy Energy, Environment and Biodiversity Policy Production of non-recyclable waste I A OO Risk of reputational damage and reduced sales volumes arising from adverse changes in societal, customer, or community perceptions regarding the generation and management of non-recyclable waste R OO I - Impact; R - Risk; O - Opportunity; A - Actual; P - Potential; OO - Own operations; U - Upstream; D - Downstream Positive impact; Negative impact. - Short-term; - Medium-term; - Long-term The position of each topic in the materiality matrix is determined by the highest absolute value, whether from the impact perspective (regardless of whether positive or negative) or the financial perspective (regardless of whether in terms of risk or opportunity). = Materiality threshold 1 2 3 = IMPACT MATERIALITY FINANCIAL MATERIALITY = MATERIAL FROM A FINANCIAL PERSPECTIVE MATERIAL FROM A DOUBLE PERSPECTIVE MATERIAL FROM AN IMPACT PERSPECTIVENON-MATERIAL
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224 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 T echnological risks Regulatory and market pressures to eliminate plastic, especially that used in packaging, can result in an increase in operating costs due to the higher cost and lower competitiveness of alternative solutions. In addition, the replacement of plastic in packaging and products requires continuous investment in R&D of new technologies and processes. Market risks From a market perspective, potential disruptions to the supply chain for cork and non-cork raw materials, arising from reduced availability or resource scarcity , have been identified as a risk with the potential to increase the Organisation’s operating costs. The selection of raw materials must therefore ensure that the value that cork brings to products and solutions is maximised, thereby ensuring the competitiveness of the portfolio and the profitability of the Company . With a view to promoting the resilience of its business model and reducing exposure to this risk, Corticeira Amorim adopts an integrated approach to cork raw material management, based on the centralisation of purchasing, storage and preparation, the specialisation of dedicated teams, the multinational management of raw materials, the strengthening of its presence in producer countries, the promotion of forest certification, the development of forestry partnerships, and the valorisation of cork through recycling and the supply of raw material for non-stopper applications. This approach aims to ensure, in the long term, the stability of a critical variable for the activity of Corticeira Amorim and support the definition of multi-annual procurement policies. The rise in prices of other raw materials — namely rubber , subsidiary materials and packaging materials — as well as the existence of limited competitive supply alternatives, has likewise been identified as an operational and exogenous risk in the medium and long term. The Organisation integrates the management of these risks into its business strategy , drawing on continuous market monitoring, supply chain oversight, specialist procurement management, supplier risk assessment and the integration of intermediate processing stages at its own facilities. Risks Policy and legal risks The transition to a carbon-neutral and circular economy could be associated with a set of regulations and political restrictions on the extraction and/or incorporation of raw materials from non-renewable sources. Due to the relationship of dependence on natural resources, which are essential for the development of industrial activities, this stricter regulation or the surcharge on the extraction and/or use of non-renewable resources may be reflected in an increase in operating costs throughout the value chain and, consequently , for Corticeira Amorim. Corticeira Amorim, in addition to making full use of cork and various circular economy projects to increase process efficiency and resource utilisation, it promotes industrial symbioses whenever feasible and uses recycled materials or by-products from other industries. In this way , it reduces the need for and consumption of virgin raw materials, reducing exposure to risks related to increased restrictions or taxes on non-renewable resources. Additionally , due to the incorporation of plastic in certain products and their associated packaging, the imposition of taxes on the use of plastic — already applicable in some countries and potentially extending to other markets — has been identified as a risk that could have negative financial effects for the Organisation. In this context, the Organisation has been developing strategies aimed at reducing and replacing plastic in its products and packaging, with a view to reducing exposure to regulatory and financial risks associated with the use of fossil-based plastics. The entry into force of the new European regulations for the wood sector has been identified as a potential risk due to the increased complexity and associated risks. This is a new area for Corticeira Amorim, which has invested in recent years in the production of cork stoppers with wood capsules and in the verticalisation of the wood operation. In addition, the production of non-recyclable waste resulting from Corticeira Amorim’s activities was identified as a real negative impact in the short, medium and long term. This impact stems from the use of certain materials and processes which, despite the circularity principles included in the business model, still generate waste streams that cannot be recycled or recovered. To promote a more efficient use of raw materials and reduce the amount of waste generated, materials are carefully selected and pre-consumer waste is incorporated into the production process or sent to recycling and/ or recovery . Positive impacts Corticeira Amorim contributes to the transition to a circular economy , through its activities. Corticeira Amorim receives cork stoppers and other end-of-life cork for treatment and grinding, in industrial units licensed in the Portuguese territory for cork recycling. After being transformed into cork granules, the material returns to the production process and, although it can never again be used for the production of cork stoppers, it is incorporated into non-cork stopper products. Through this circularity approach — namely the extension of product life cycles and the recycling and reincorporation of waste or by-products as raw materials — the Organisation contributes in the short, medium and long term to the valorisation of materials and the promotion of circular economy practices. By recovering 100% of the cork used in its industrial processes, the Company also contributes to reducing waste in the short, medium and long-term. Furthermore, Corticeira Amorim adopts a range of projects and actions aimed at maximising the use of raw materials and the efficiency of their utilisation, thereby reinforcing the circularity of its processes. Cork is an excellent renewable and recyclable alternative to high- impact materials. The Organisation has identified a positive impact in the short, medium and long term as contributing to the transition to a circular economy by offering a portfolio of products with a high recyclability rate. In addition, the placing on the market of recyclable packaging products (stoppers), with low energy consumption and composed of renewable materials, which extend their useful life and reduce waste, also has a positive impact in the short, medium and long-term.
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225 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Market The policies and commitments, as well as the practices adopted by Corticeira Amorim in the field of circular economy , represent reputation and market opportunities, expanding access to new market segments and reinforcing the differentiation of its portfolio. The integrated and verticalised business model incorporates the principles of the circular economy , with a focus on waste minimisation. Cork, as a reusable and recyclable material, enables the extension of its life cycle, contributing to associated environmental benefits, including CO₂ retention. At a global level, specialist end-of-life cork collection systems exist, primarily in Europe and North America, although they are not yet widespread. The progressive development of these systems, together with the evolution of public policies, reinforces the valorisation of cork at end of life. In addition to mechanical recycling, there is also potential for organic recycling. The expansion, in the medium and long term, of large-scale recycling solutions constitutes an opportunity to increase the amount of cork separated and recycled, promoting the resilience of the business model and contributing to the transition to the circular economy . The Company currently promotes cork recycling initiatives in partnership with several entities, focused on the selective collection of cork stoppers across five continents. These initiatives allowed, in 2025, the collection and recycling of 1,305 tonnes of cork. Recycled cork cannot be reincorporated into the production of cork stoppers, but it can have a second life and be used in a wide array of other products. Recycling programmes also have a social responsibility and environmental awareness dimension, aimed at different stakeholders and the community in general. More information on cork stopper recycling programmes and actions can be found in section 8.7.2 B. Actions and resources related to resource use and circular economy . Opportunities Products and services Legislative restrictions on the use of single-use plastic packaging, such as plastic closures, represent an opportunity for Corticeira Amorim due to the possibility of penetrating these market segments through its offer of cork stoppers, with lower environmental impacts compared to this alternative segment. The growing market requirements and demand for sustainable products present a medium- and long-term opportunity for Corticeira Amorim to explore the potential of cork in new markets and applications, driven by the increasing demand for solutions that are less reliant on non-renewable resources, in line with its product portfolio. The positioning of Corticeira Amorim as a supplier of products designed according to circular economy principles and resource efficiency also represents a reputational opportunity for the Organisation, potentially triggering an increase in the demand for its products in the short, medium, and long term. Resource efficiency Corticeira Amorim identified the reduction in operating costs due to the transition to less resource-intensive processes, through operational efficiency , maximisation of resources and the circular economy practices, such as the reincorporation and use of by- products as raw materials, as an opportunity . This is relevant in the short, medium and long-term. In line with its business model based on the circular economy and its sustainability strategy , the Organisation adopts policies and actions to increase efficiency in the use of resources, such as the efficiency increase project, and develops new technologies for processing cork and other by-products, including industrial symbioses, through the circular economy project. Automation, digitalisation and operational efficiency are vectors of resource efficiency and competitiveness, making it possible to reduce operating costs and increase the Organisation’s overall profitability . Additionally , the potential change in customer and market preferences, associated with the stigmatisation of cork or the development of alternative stoppers based on other materials, has been identified as a risk to the Organisation. To mitigate this risk, Corticeira Amorim seeks to ensure high standards of quality and reliability in its cork stoppers, reinforce the perception of their natural and sustainable nature, promote the attributes of natural closures, and ensure compliance with the relevant certifications and requirements for both raw materials and finished products. Difficulties in meeting customer expectations regarding the end of life of cork products, and in positioning cork as the most sustainable alternative, may likewise represent a risk in the medium and long term. Although materials like glass, metal or plastic have more mature recycling systems, the lack of specific waste streams and inefficiency in collecting end-of-life cork products, such as stoppers, can undermine recycling programmes and increase the costs associated with reverse logistics. Finally , changes in consumption patterns in the wine sector , including shifts in wine and spirits consumption habits, the introduction of additional taxes or tariffs and other legislative and regulatory changes affecting consumption rules, may trigger negative effects for the Organisation. To mitigate this risk, the Company continuously monitors customers and market trends, offering a diversified and customisable portfolio, and enhancing the sustainability , premium image and credibility of the cork stopper . A change in the perception of society , customers or the community regarding waste production and management by Corticeira Amorim has likewise been identified as a risk over the short, medium and long term. The Organisation reduces its exposure to this risk through waste management policies aligned with the waste hierarchy , and through the implementation of practices that promote the valorisation of materials and the reduction of non-recyclable waste. In 2025, 79.7% of non-cork waste was valorised, with no cork waste generated, as this raw material is fully utilised.
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226 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 The General Sustainability Policy also establishes the commitment to applying the principles of the circular economy , promoting waste reduction, the extension of the useful life of materials and the regeneration of natural systems. actions towards preventing, mitigating and, where applicable, remediating actual and potential environmental impacts, managing the risks associated with the use of renewable and non-renewable natural resources, including those related to materials of concern, and leveraging opportunities associated with the circular economy , waste valorisation and the efficient use of resources, thereby contributing to the reduction of pressure on natural resources and to the transition towards a more sustainable economy . 8.7.2 IMPACT , RISK AND OPPORTUNITY MANAGEMENT A. POLICIES RELATED TO RESOURCE USE AND CIRCULAR ECONOMY (E5-1) Key contents of policies Corticeira Amorim’s Energy , Environment and Biodiversity Policy promotes good environmental practices among the value chain, including among suppliers and customers, encouraging responsible consumption and the circular economy . In this context, the Organisation encourages waste reduction, efficient use of raw materials, limitation of packaging and preference for recycled and/ or recyclable materials and for raw materials from sustainable sources, namely from sustainably managed forests. The Policy also provides for the identification, monitoring and, wherever possible, substitution of materials of concern, including critical chemical substances, with safer and more sustainable alternatives, in accordance with applicable legal requirements and international best practices. Corticeira Amorim integrates sustainability principles into its product development, considering their life cycle from the selection of materials with a lower environmental impact, through the valorisation and reuse of by-products in production processes, to the development of durable products that are suitable for reuse, recycling and, where applicable, composting. These practices are one of the Organisation’s flagships and are structured around the following guiding principles: • Application of an integrated production process that valorises all cork by-products; • Reduction of waste generation and promotion of its valorisation; • Extension of the useful life of materials, including through industrial symbiosis approaches; • Promotion of the recycling of cork products at the end of their life cycle. Policy General Sustainability Policy and Energy, Environment and Biodiversity Policy Scope / Key stakeholders Applicable to all workers of the Organisation and to external stakeholders, including the value chain, where applicable Most senior level responsible for implementation Approval of Policies falls within the competence of the Board of Directors Enforcement is ensured by ECBD through the member responsible for overseeing and reporting on cross-functional and support areas, which are in turn responsible for monitoring its implementation Implementation of the Policies within the scope of their respective activities is the responsibility of the BUs Alignment with international standards Principles aligned with the main applicable international frameworks, in particular the Universal Declaration of Human Rights, the ILO fundamental conventions, the OECD Guiding Principles for Multinational Enterprises, the 10 principles of the United Nations Global Compact, the BCSD Portugal Charter of Principles, act4nature Portugal, the SDGs, the Paris Agreement, the Kunming-Montreal Global Biodiversity Framework, and RNC2050 - Roadmap for Carbon Neutrality 2050 (Portugal) Interests of key stakeholders Stakeholder input is gathered through regular engagement processes and materiality assessments, ensuring relevance and inclusion in the policies Accessibility and availability of policies Website in Portuguese and English Link to the Articles of Association, Regulations and Policies https:/ /www.amorim.com/en/investors/ corporate-governance/corporate- regulation-and-policies/
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227 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 B. ACTIONS AND RESOURCES RELATED TO RESOURCE USE AND CIRCULAR ECONOMY (E5-2) Population growth has put unprecedented pressure on ecosystem services, especially in the provision of non-renewable resources. Efficient use of resources is essential for achieving the SDGs and reducing the environmental impact of human activities. As a 100% natural, renewable, recyclable and reusable product, cork is an excellent alternative for reducing dependence on non-renewable products. Corticeira Amorim recognises the importance of integrating circular economy principles into all stages of a product’s life cycle. The Organisation prioritises the use of renewable and recycled materials, the reuse of materials during the production process and the durability and recyclability of products. Key actions Throughout 2025, Corticeira Amorim continued to pursue its strategy to achieve its objectives for 2030, focusing on optimising resource use, promoting the circular economy and reducing waste generation. Key actions are grouped into strategic pillars that reflect the Organisation’s integrated approach: • Resource inflow: harmonisation of material data, increased production efficiency and valorisation of by-products; • Resource outflow: development of circular solutions for packaging and products, encouraging reuse and recyclability , implementation of the sustainability information system for LCA studies; • W aste: improvement in cataloguing, valorisation and reduction of landfilling, in line with the waste management hierarchy . Resource inflows, including resource use Cross-cutting alignment of material information Corticeira Amorim currently has an ongoing materials reclassification project (biomass, packaging, raw materials and other materials) across all BUs. This initiative aims to harmonise classification criteria and conversion factors, ensuring consistent methodological assumptions in the measurement of resource inflows. Through this harmonisation, the Organisation aims to improve the quality , comparability and reliability of data on materials consumed, ensuring overall alignment across the different BUs and supporting more robust monitoring of resource use. Increased efficiency project The efficiency improvement project involves interventions at different stages of the production processes for cork stoppers, flooring, cladding and insulation products, with the aim of improving the use of raw materials, reducing waste generation and the need for new material inputs. This includes the Recupera, ReCork and Recupera Wise initiatives, which promote the sorting of waste by homogeneous properties and the reuse of cork composite by-products generated during flooring production. By 2025, these initiatives, with a total cumulative investment of €825,800, had enabled the recovery of 123.3 tonnes of waste, totalling 3,782.9 tonnes since the project began in 2021, contributing to greater material efficiency and a reduction in the consumption of virgin raw materials. Circular economy project This project aims to develop and implement circular economy solutions based on the recovery of cork unsuitable for the cork stopper industry and other industrial by-products, promoting industrial symbiosis and the reintegration of materials into production processes. The aim is to reduce the use of virgin raw materials and ease the pressure on natural resources throughout the value chain. A notable example in 2025 is the partnership between Amorim Cork Solutions and Primal Soles, based on a circularity model integrated from the product design stage. Products are developed with their end-of-life in mind, enabling the collection and reintegration of materials into the manufacture of new products. In 2025, the first official collection of flip-flops for recycling took place, marking the start of a long-term collaboration aimed at replacing virgin raw materials with recovered materials. In parallel, the Organisation has promoted the incorporation of recycled materials, which accounted for 6.1% of total materials consumed in 2025, contributing to the diversification of resource inflows and the reduction of the material intensity of its products. Cork recycling project Corticeira Amorim’s approach to the circular economy extends beyond the production phase, incorporating the collection and recycling of end-of-life cork products as a source of raw material. Since 1963, the Company has played a pioneering role in promoting circularity , encouraging the recirculation of products, materials and waste, notably through selective collection programmes for cork stoppers for recycling. The collected stoppers are transformed into granules and incorporated into new products, extending the useful life of the materials, reducing dependence on virgin resources and promoting the closure of the cork’s life cycle. In Portugal, Corticeira Amorim operates three industrial units licensed for cork recycling, where cork stoppers and other end- of-life cork products are received for processing and grinding; the resulting material is then incorporated into products not intended for the cork stopper market.
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228 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 from structured selective collection programmes, including the initiatives described above, with the remainder originating from other operational and industrial streams. The recycled cork was used in a wide range of applications, such as components for the automotive industry , footwear , sports equipment, design, insulation and construction, often in combination with waste from other industries, thereby strengthening industrial symbiosis. Building on this established ecosystem, Corticeira Amorim has set up the ReCork project, a programme specifically dedicated to the recycling of cork stoppers, with the aim of strengthening, scaling up and making the collection and recovery of this stream more efficient. ReCork is based on technological investment and a strategic approach to raw materials, creating the conditions to gradually increase collection rates – currently estimated at around 2.4%, based on an annual total of approximately 5.2 billion corks placed on the market by Corticeira Amorim – and to facilitate the closure of the cork life cycle in key markets. This strategy takes the form of an international network of selective collection initiatives, with strong participation across five continents, notably: • Green Cork (Portugal): started in 2008 in partnership with Quercus and other partners, by 2025 this project had collected around 10.2 million cork stoppers and planted approximately 110,000 native trees. Campaigns such as “Green Cork Schools/Social W elfare Organisations (IPSS)/ Scouts”, “Cork by Cork, W e Sow Collection”, “Wines that go well with the environment” and “Corks that leave a mark” stand out; • Ecobouchon (France): a world-leading project in selective cork collection, launched in 2009, with around 51.6 million corks collected and recycled by 2025. It supports various associations, notably Agir Cancer Gironde, NICOLAS, France Cancer , Bouchons Bonheur and Handi’Chiens; • EtiCo (Italy): since 2011, it has involved associations and organisations that mobilise around 1,000 volunteers and manage more than 5,000 collection points across Italy , having collected around 32.9 million corks by 2025. For every tonne of corks collected, Amorim Cork Italy makes a donation to institutions, thereby funding social solidarity projects, whilst promoting the circular economy by giving recycled cork a new lease of life; • Cork Collective (USA): this project was launched in 2024, in partnership with Rockwell Group and Bluewell & Southern Glazer’s Wine & Spirits, with the aim of collecting used cork stoppers from restaurants and hotels in New Y ork City , USA. Cork from end-of-life stoppers is transformed into solutions for playgrounds and other applications within the local community , thus generating an impact on the sustainability and well-being of these communities. This project will later be extended to other states of the USA; • More examples at https:/ /www .amorim.com/en/ sustainability /environmental/recycling/4301/. In 2025, these and other initiatives enabled the collection and reintroduction into production of the equivalent of 1,305 tonnes of cork, including cork stoppers and other cork materials. Of the total cork stoppers recycled in 2025, 557.2 tonnes resulted ReCork Scale recycling to close the cork cycle ReCork represents Corticeira Amorim’s ambition to transform the recycling of cork stoppers from a set of scattered initiatives into a structured, scalable, and replicable system. In a context where only a small fraction of stoppers placed on the market currently returns to the production cycle, ReCork combines technology, partnerships and logistical innovation to unlock this potential and accelerate the closing of the stopper’s life cycle. By investing in new industrial solutions and exploring existing collection streams — such as the domestic channel and hotels, restaurants and cafés — Corticeira Amorim aims to create the conditions for a consistent increase in the availability of recycled raw material, reinforcing the circular economy, resource use efficiency and the transition towards more sustainable production and consumption patterns.
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229 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 highlighting the distinctive nature of cork compared to alternative materials. At the same time, they support the transparent communication of products’ environmental characteristics and informed decision-making throughout the value chain. With this approach, Corticeira Amorim reinforces its commitment to developing products and solutions in line with the principles of the circular economy , promoting resource efficiency , reducing environmental impacts and the sustainable use of cork as a renewable and recyclable material. 12 Reference taking into account the standard product. For more information on product carbon footprint studies and/or life cycle analyses and their certificates, please contact the Company via www .amorim.com/en/ stoppers. This was achieved through the use of a more resistant card and the implementation of a coordinated logistics plan with customers. This initiative allows each box to be reused up to five times, resulting in a reduction of up to 21% in associated CO₂ emissions, considering the furthest destination; • Replacement of raffia bags with cardboard boxes: extension of the measure to two new industrial units, which consists of replacing the packaging of semi-finished stoppers from raffia bags to cardboard boxes. This measure not only eliminates packaging from non-renewable sources, but also increases the number of stoppers per container by 30%. Life cycle assessments Corticeira Amorim continuously carries out LCA studies to assess the environmental impacts and carbon footprints of its main products, taking into account the different stages of the life cycle, from the source of the raw materials to the factory gate (cradle-to- gate) and, where applicable, through to the end of the product’s life (cradle-to-grave). These analyses cover , amongst other things, forestry activities, cork preparation, transport, production processes, finishing, packaging and soil use. In recent years, this practice has taken on a more strategic character , with the progressive internalisation of analytical skills and tools, enabling the Organisation to deepen its understanding of its material flows, identify opportunities for eco-design and support the continuous improvement of production processes and the solutions developed. In 2025, LCA studies covered products and solutions representing 72.8%12 of consolidated sales, focusing primarily on the categories of greatest relevance in terms of volume, complexity and potential environmental impact. This phased approach reflects the diversity of the Organisation’s portfolio and the need to ensure methodological robustness in the progressive expansion of coverage to new products and applications. The LCA studies carried out enable the quantification of impacts associated with resource use and material outputs, including resource depletion and contributions to global warming, Resource outflows related to products Sustainable packaging project Corticeira Amorim is developing a sustainable packaging project that aims to achieve 0% virgin non-renewable packaging materials by 2030 under the Sustainable by nature Programme. This objective will be achieved by promoting good environmental practices among suppliers and customers, encouraging responsible consumption and the circular economy . Actions include reducing waste, reducing the weight of materials used, limiting packaging and favouring recycled and renewable materials that are recyclable or compostable at the end of their life. The project has four axes of intervention: • Recycle: promoting the recyclability of post-consumer materials; • Reduce: reduce the amount consumed by packaging; • Rethink: use the best available alternative in terms of sustainable materials, in alignment with the objective of eliminating virgin non-renewable packaging materials; • Reuse/recondition: lessen the environmental impact of upstream and downstream transport. Among the most relevant actions in this field in 2025, emphasis is placed on the continuity: • Replacement of packaging materials: reduction of micronage, substitution of raffia with paper and substitution of plastic bands with paper bands; • Replacement of leaflets with QR Codes: reducing paper and other printing materials through digital access to product information, making it easier to update and distribute information and helping to reduce environmental impact; • Replacement of cardboard boxes and plastic bags with paper bags: replacement of cardboard boxes and plastic bags with paper bags, resulting in a 72.6% reduction in CO₂ emissions, taking into account the transport of materials and packaging, by reducing the number and weight of packaging; • Implementation of returnable cardboard boxes: replacement of non-returnable cardboard BigBoxes with returnable cardboard BigBoxes, which also include a greater volume of
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230 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Waste Continuous improvement in the cataloguing of industrial waste Corticeira Amorim’s waste management policy is in line with the waste management hierarchy , prioritising prevention, reuse, recycling, recovery and, as a last resort, disposal. As part of its commitment to the principles of the circular economy , the Organisation takes a proactive approach to minimising waste in the production process, promoting the incorporation of pre-consumer waste and its diversion for recycling, in collaboration with specialist partners. As a specific measure, Corticeira Amorim is constantly working to improve the classification of waste, in particular by introducing new EWL codes, with a view to more efficient management and expanding the possibilities for recycling and recovery , thereby helping to reduce the environmental impact of its industrial operations. Resources allocated to the management of material impacts The Company is strengthening its information systems with the aim of isolating the resources used to respond to actions related to material topics. During the reporting year , the values associated with the activities as presented in section 8.2 Disclosures pursuant to Article 8 of Regulation 2020/852 (Green Taxonomy Regulation) were taken into account. In 2025, 287,200 euros were invested on managing the impacts, risks and opportunities related to climate change, corresponding to CapEx and/or OpEx for the activities of recovering materials from non-hazardous waste (CCM 5.9). Amorim Cork Solutions | Consolidation of in-house carbon footprint calculation Amorim Cork Solutions has consolidated the in-house calculation of its carbon footprint, now collecting, processing and analysing environmental data internally and integrating the calculation tool into the production process. This development marks the transition from a phase of methodological development to routine use, with a direct impact on operational management and decision-making. In-house processing has enabled us to gain a deeper understanding of the production stages and the main sources of emissions, thereby enhancing our autonomy, responsiveness and the consistency of our information, as well as the transparency and credibility of our external communications and our ability to engage with customers. This in-house capability also enables the simulation of process optimisation scenarios, the identification of key environmental impact areas, and the gradual extension of the sustainability value proposition to a wider range of products. Building on the investment that began in 2024, 2025 marks the effective implementation and operational integration of this approach at the Vendas Novas unit. Amorim Cork | In-house carbon footprint calculation and transparent communication In a context where sustainability is frequently claimed, Amorim Cork stands out by measuring, demonstrating and verifying. Decisions based on scientific evidence ensure real, comparable and credible impacts. In 2025, Amorim Cork established a pioneering initiative to transparently communicate the carbon footprint of its products, in line with the ISO 14067 standard and verified by an independent external body (APCER), thereby reinforcing the integrity of the information and combating greenwashing. Initially, the carbon footprint results for the most representative products will be published, with the aim of gradually extending coverage to the entire portfolio. The calculations follow a cradle-to-gate approach, using SimaPro software, the IPCC 2021 GWP100 method and the Ecoinvent database, ensuring methodological robustness and comparability, and enabling customers in the wine industry to objectively assess the environmental impact of their packaging choices. In-house calculation processes represent a strategic commitment, ensuring autonomy, continuous data updates and an in-depth understanding of production processes and their associated impacts, in line with European regulatory requirements. With this initiative, Amorim Cork is enhancing transparency and demonstrating its commitment to sustainability through concrete actions, not just words.
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231 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Circular economy 2030 Goal Apply the principles of circular economy through the reduction of waste, extend the life of materials and regeneration of natural systems 2030 T argets • Improve the efficiency of global resources, thereby achieving sustainable management • Manage the use of chemical products in an environmentally sound manner • Substantially reduce waste by reducing, recycling and reusing materials SDGs 8.7.3 METRICS AND TARGETS A. TARGETS RELATED TO RESOURCE USE AND CIRCULAR ECONOMY (E5-3) Apply circular economy principles by reducing waste, prolonging the life of materials and regenerating natural systems, is the objective of the Sustainable by nature programme for the circular economy . This goal, based on the driver Promote the environmental characteristics of cork oak products and forests, is aligned with the 2030 Agenda for Sustainable Development, in particular with SDGs: No. 8 - Decent work and economic growth; No. 12 - Responsible consumption and production. The Programme defines qualitative targets for 2030, applicable to the entire sustainability perimeter: • Improve the efficiency of global resources, thereby achieving sustainable management; • Manage the use of chemical products in an environmentally sound manner; • Substantially reduce waste by reducing, recycling and reusing materials. The Sustainable by nature programme sets quantitative targets for the sustainability targets perimeter13, aligned with the Company’s strategic cycles (usually three years) and with an ambition for 2030. Based on the double materiality assessment carried out in 2024 and subsequent revisions, as well as the increase in the perimeter of the Consolidated Sustainability Statement to equal the perimeter of the financial statements, during the 2025-2027 strategic cycle Corticeira Amorim will reflect on the need to extend the perimeter of the targets and define new targets and metrics. 13 Information on the Sustainable by nature Programme and on the companies included within the sustainability targets perimeter is available in section 8.1.3 A. Strategy , business model and value chain. Future prospects In 2026, Corticeira Amorim will continue to strengthen the implementation of circular economy initiatives, stepping up measures aimed at resource efficiency , adding value to by-products and reducing non-renewable virgin raw materials. As part of this initiative, the Organisation will give particular priority to the project aimed at improving and integrating environmental data systems, which is essential for ensuring greater accuracy , comparability and the ability to monitor circularity indicators and other environmental issues, including climate change. This development will help to consolidate evidence-based decision-making and strengthen the gradual integration of the circular economy into operational and strategic processes.
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232 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 2030 Ambition Retrospective Ambition Indicator Unit of measurement Expected direction Horizon Programme reference year 2020 Comparative year 2024 Reporting year 2025 Change reporting year vs comparative year 2030 Ambition Reporting year progress vs 2030 ambition Weight of non-renewable virgin packaging materials % 2020 -2030 23.1% 9.0% 8.1% -9.6% 0,0% On track 2025-2027 Plan Retrospective T argets Indicator Unit of measurement Expected direction Horizon Baseline year 2024 Comparative year 2024 Reporting year 2025 Change reporting year vs comparative year 2027 Objective Reporting year progress vs 2025-2027 target Weight of non-renewable virgin packaging materials % 2025 -2027 9.0% 9.0% 8.1% -9.6% 7.7% Ahead of target Change in weight of non-renewable virgin packaging materials % 2025 -2027 n/a n/a -9.6% n/a -15.1% Ahead of target (Non-cork) waste recovery rate % 2025 -2027 92.1% 92.1% 90.4% -1.72 pp 95.0% On target Recycled cork incorporated into production t 2025 -2027 1,219 1,219 1,305 7.1% 1,300 On target 2030 Ambition Corticeira Amorim’s ambition for 2030 in the area of the circular economy includes the phasing out of virgin non-renewable packaging materials, with 2020 serving as the programme’s baseline year . The progress recorded up to 2025 shows a very significant reduction compared to the baseline year , placing the Organisation on track to achieve its 2030 ambition. This progress reflects the consistent implementation of eco-design solutions, material substitution and packaging optimisation, in conjunction with the strategy to reduce the consumption of primary resources. The fact that the indicator remains on track confirms the alignment between the long-term ambition, the interim targets and the actions included in the 2025-2027 strategic cycle. 2025-2027 Plan and 2030 Ambition Corticeira Amorim has set targets aimed at reducing the use of virgin non-renewable materials, increasing the use of recycled materials and progressively improving waste recovery . In 2025, there was a positive trend in reducing the weight of virgin non-renewable packaging materials, putting the Organisation ahead of the target set for 2027. The use of recycled cork in production has progressed steadily and is on track to meet the target set. The target for the recovery rate of non-cork waste was set for 2025 and is on target. Its implementation will be rolled out in phases throughout the strategic cycle, in conjunction with the enhancement of existing technological solutions and structural initiatives. Overall, the results reflect a trajectory consistent with the 2025- 2027 plan, with varying degrees of progress across indicators, consistent with the maturity of the solutions and the operational complexity associated with the circular economy .
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233 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 safety , eco-labelling and circularity requirements are adequately met. Corticeira Amorim works to replace hazardous chemicals and collaborates with suppliers to find alternative products. Resource inflows Unit of measurement 2025 2024 Weight of renewable, non-renewable and recycled materials Renewable virgin t 154,189 154,589 Non-renewable virgin t 30,941 32,187 Recycled t 11,951 16,411 Weight of materials in technical and biological terms Biological materials t 161,988 165,238 T echnical materials t 35,093 37,950 Weight of materials total t 197,080 203,188 Percentage of renewable, non-renewable and recycled materials Renewable virgin % 78.2% 76.1% Non-renewable virgin % 15.7% 15.8% Recycled % 6.1% 8.1% Percentage of technical and biological materials Biological materials % 82.2% 81.3% T echnical materials % 17.8% 18.7% Monitoring and evaluation of effectiveness Issues relating to material impacts, risks and opportunities are analysed and monitored by internal multidisciplinary working groups. They meet at least quarterly to monitor Corticeira Amorim’s performance in relation to each defined metric and target and, consequently , to determine and implement improvement actions for the respective areas. These groups report to the ECBD at least twice a year and the ECBD is responsible for monitoring and following up on the effectiveness of the actions defined. With the same frequency , the progress of actions and the fulfilment of targets are reported to the Board of Directors. B. RESOURCE INFLOWS (E5-4) Resource inflows In order to carry out its business, Corticeira Amorim consumes a range of materials, namely raw materials, subsidiary materials and packaging materials, including cork, wood, paper , plastics and chemicals. The main raw material is cork. In 2025, 82.2% of total resource inflows were biological materials. These materials include cork, wood, paper and cardboard, a significant proportion of which are certified or subject to due diligence procedures. Cork is harvested without deforestation, and no cork is wasted in the production process, ensuring that all the raw material is used in the most economical and environmentally efficient way . Cork that cannot be used as a product is used as a source of energy . In 2025, Corticeira Amorim also consumed 6.1% of recycled raw materials such as cork, paper or cardboard, wood and/or recycled plastics. By actively collecting, sorting and recycling materials, the Company helps to ensure the prioritisation of the value of renewable and recycled materials, directing these materials to higher-value applications. Virgin non-renewable materials such as chemicals and plastics account for approximately 15.7% of total material consumption. Chemical products are assessed before purchase and use, ensuring that legal, health and safety , environmental protection, product Methodological assumptions Scope and reporting perimeter: the materials report covers all operational units included within Corticeira Amorim’s financial perimeter, taking into account primary and secondary materials, as well as packaging materials used in production processes. Source of information and calculation method: the quantification of materials is based primarily on direct measurements, including weighing, counting and information provided by suppliers. Where necessary, conversion factors were applied to standardise units of measurement, based on historical data and technical specifications provided by the suppliers themselves. Conversion/emission factors: the conversion factors used were applied solely to ensure the harmonisation of units (e.g. from physical units to kg or tonnes). Where applicable, average values consistent with the operational history and the available technical information were adopted. T emporal comparability and restatements: the methodology for accounting for biological materials has been updated to include both virgin and recycled biological materials in the same category; the 2024 figures have been restated to maintain consistency and comparability between periods, as recycled biological materials were previously reported as recycled technical materials. Glossary: Virgin renewable materials refer to materials used for the first time and derived from resources that regenerate rapidly through ecological cycles or agricultural processes, without compromising future availability; virgin non-renewable materials are materials used for the first time, derived from resources that do not regenerate rapidly, and may compromise availability for future generations; recycled materials result from recovery operations that transform waste into products, materials or substances for the same or a different purpose; sustainable biological materials refer to materials of biological origin sourced from suppliers who are subject to Corticeira Amorim’s due diligence system, which requires compliance with environmental licences and the proper management of environmental impacts.
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234 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Recycled cork (Entity-specific) The collection and recovery of end-of-life cork continues to face operational and financial sustainability challenges; as a result, Corticeira Amorim has prioritised the integration of existing logistics flows, particularly in the domestic sector and the hotels, restaurants and cafés channel, with a view to gradually increasing the quantities collected. In 2025, the amount of recycled cork incorporated into production increased compared to 2024, reaching 1,305 tonnes, which also translated into a positive trend when normalised by sales volume and by equivalent corks produced. This performance reflects the consolidation of collection initiatives and the industrial capacity to reintegrate recycled cork into new applications. The Organisation will continue to develop this approach in phases, combining new technological solutions, partnerships and collection models, with the aim of strengthening the circularity of cork and contributing to a more sustainable life cycle for this resource. Recycled cork incorporated into production Unit of measurement 2025 2024 Recycled cork incorporated into production t 1,305 1,219 Recycled cork stoppers incorporated into production t 557.2 578.6 Recycled cork stoppers incorporated into production % 2.4% 2.4% C. RESOURCE OUTFLOWS (E5-5) Products and materials Cork is an excellent renewable and recyclable alternative to high- impact materials and, in a world where innovation and ecology go hand in hand, developing products based on this raw material enables Corticeira Amorim to leverage economic growth while making it possible to support the transition to the circular economy . Cork products are the most representative in Corticeira Amorim’s portfolio, accounting for 82.7% of the Company’s consolidated sales. The main products resulting from the production process of the various Bus of Corticeira Amorim, as well as the materials used for packaging, are designed according to circular principles and correspond to: stoppers, insulation materials and composite materials. The packaging Corticeira Amorim uses for its products consists mainly of paper/cardboard, wood and plastic, including plastic film. Packaging accounts for around 5.6% of all materials and products placed on the market. In addition to offering products, Corticeira Amorim also offers recycling solutions and services through the use of recycled materials and partnerships and investments in recycling initiatives. In 2025, approximately 71.2% (2024: 69.1%) of Corticeira Amorim’s sales corresponded to technically recyclable products. Methodological assumptions Scope and reporting perimeter: the report covers all recycled cork incorporated into production, including pre-consumer cork stoppers and post-consumer cork sourced from cork stopper collection schemes and other recovered cork products. Source of information and calculation method: the quantity of recycled cork is determined by direct weighing. Conversion/emission factors: for the purposes of expressing figures in equivalent cork stoppers, the following conversion rate applies: 1 cork stopper = 4.5 g. Intensity indicators: the intensity of cork stopper recycling is calculated as the percentage of post-consumer cork stoppers incorporated into production, using the formula: (tonnes of recycled post-consumer cork stoppers ÷ total number of cork stoppers produced) × 100. Comparability over time and restatements: in 2025, the methodology was harmonised to distinguish total recycled cork (which includes pre- and post-consumer streams) from recycled cork stoppers (post- consumer only); the 2024 figures were restated to ensure consistency and comparability between periods. The economic intensity indicator previously used (recycled cork per million euros of sales) has been discontinued.
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235 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Methodological assumptions Scope and reporting perimeter: the indicator for recyclable content in products sold covers technically recyclable products marketed by Corticeira Amorim. The recyclable content of packaging is not included in this indicator. Source of information and calculation method: the recyclable content rate is determined based on the technical recyclability of the products — that is, the ability of the materials to be separated, processed and transformed back into materials or products using currently available recycling technologies. Intensity indicators: the rate of technically recyclable content in products sold is expressed as the percentage of sales of technically recyclable products out of total sales in the reporting year. Methodological assumptions Scope and reporting perimeter: the reporting on packaging materials covers all operational units included within Corticeira Amorim’s financial perimeter, taking into account primary and secondary packaging materials used in production processes. Source of information and calculation method: the quantification of packaging materials is based mainly on direct measurements, including weighing, counting and information provided by suppliers. Where necessary, conversion assumptions are applied to standardise units of measurement, based on historical data and technical data provided by the suppliers themselves. Biological packaging materials have been recognised as sustainable, as they are considered to be sourced from suppliers subject to Corticeira Amorim’s due diligence system, which requires compliance with environmental licences and appropriate management of environmental impacts. Conversion/emission factors: the conversion factors used serve exclusively to harmonise units (for example, conversion of physical units to kg/tonnes). Where applicable, average values consistent with operational history and available technical information are adopted. Intensity indicators: the ‘virgin non-renewable packaging materials’ metric measures the annual percentage change in the weight of virgin non- renewable packaging as a proportion of total packaging materials, reflecting the relative reduction in this type of material between two periods. T emporal comparability and restatements: the methodology for accounting for biological materials has been updated to include both virgin and recycled biological materials in the same category; the 2024 figures have been restated to maintain consistency and comparability between periods, as recycled biological materials were previously reported as recycled technical materials Glossary: see methodological assumptions regarding resource inflows. Packaging materials Unit of measurement 2025 2024 Weight of renewable, non-renewable and recycled packaging materials Renewable virgin t 8,187 6,651 Non-renewable virgin t 858 783 Recycled t 1,948 3,050 Weight of packaging materials in technical and biological terms Biological materials t 10,055 9,632 T echnical materials t 938 852 T otal weight of materials t 10,993 10,484 Percentage of packaging renewable, non-renewable and recycled materials Renewable virgin % 74.5% 63.4% Non-renewable virgin % 7.8% 7.5% Recycled % 17.7% 29.1% Change in weight of non-renewable virgin packaging materials % 4.5% n/a Percentage of technical and biological packaging materials Biological materials % 91.5% 91.9% T echnical materials % 8.5% 8.1% Packaging (Entity-specific) Corticeira Amorim is currently implementing a cross- functional sustainable packaging project aimed at promoting good environmental practices among suppliers and customers by reducing waste, simplifying materials, minimising packaging, and gradually replacing virgin non- renewable materials with renewable, recycled, recyclable or compostable alternatives at the end of their life cycle. In 2025, virgin renewable packaging materials accounted for 74.5% of the total, reflecting an increase on the previous year , whilst recycled materials accounted for 17.7%. Virgin non- renewable packaging materials remained at a residual level of 7.8%, despite a slight increase compared to the previous year , linked to changes in the packaging mix. Corticeira Amorim does not use glass or metallic materials in its packaging. Overall, the composition of packaging materials in 2025 remains in line with the Organisation’s circular economy strategy , prioritising renewable solutions, the incorporation of recycled materials and a reduction in reliance on virgin non-renewable resources.
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236 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Industrial waste* Unit of measurement 2025 2024 Diverted from disposal/ Valorised t 9,936 10,375 Destined for disposal/ Disposed of t 2,531 2,347 T otal industrial waste t 12,467 12,721 Waste recovery rate / Recovered industrial waste % 79.7% 81.6% Industrial waste by sales volume t/€M 14.5 13.5 *Non-cork industrial waste Industrial waste by type of operation or treatment Unit of measurement 2025 2024 Diverted from disposal t 9,936 10,375 Recycling t 4,092 4,845 Other recovery operations t 5,844 5,529 Destined for disposal 2,531 2,347 Landfill t 852 1,075 Other disposal operations t 1,679 1,272 T otal industrial waste t 12,467 12,721 *Non-cork industrial waste Hazardous industrial waste Unit of measurement 2025 2024 Diverted from disposal t 324 282 Destined for disposal t 886 694 T otal hazardous industrial waste t 1,209 975 T otal hazardous industrial waste % 9.7% 7.7% *Non-cork industrial waste Waste Corticeira Amorim does not regard cork as waste, as 100% of cork is used in the production process, whether as a product, by-product or source of energy , including cork dust. In 2025, the total industrial waste generated amounted to 12,467 tonnes, in line with 2024. Of this total, 79.7% was recovered through recycling, composting or energy recovery processes, whilst 20.3% was sent for disposal, namely incineration or landfill. The waste generated stems mainly from industrial operations and includes, amongst others, wood, paper and cardboard waste, waste from thermal processes, municipal and similar waste, packaging waste, IWWTP sludge, used oils, chemical waste and construction and demolition waste. Recovered waste is sent to licensed operators, where it is sorted and directed to the most appropriate destination. Hazardous waste, which represents a small proportion of the total, is subject to specific labelling, storage, transport and treatment procedures, ensuring compliance with applicable legal and environmental requirements. In terms of efficiency , industrial waste per unit of sales increased slightly compared to 2024, reflecting variations in activity and the product mix. The Organisation will continue to monitor this indicator as part of the 2025-2027 strategic cycle, with a focus on progressively improving the recovery rate and reducing disposal. Non-Hazardous industrial waste Unit of measurement 2025 2024 Diverted from disposal t 9,613 10,093 Destined for disposal t 1,645 1,653 T otal non-hazardous industrial waste t 11,258 11,746 T otal non-hazardous industrial waste % 90.3% 92.3% *Non-cork industrial waste Methodological assumptions Scope and reporting perimeter: the report covers the total weight of waste generated at all operational units within Corticeira Amorim’s financial perimeter, including both recovered waste and waste destined for disposal. Source of information and calculation method: waste quantification is based on direct weight measurements, reported monthly by each establishment via the Company’s environmental reporting system. Recovered waste refers to waste streams diverted from disposal, in accordance with the internal classification validated by the waste management operator. Conversion/emission factors: waste is aggregated in dry tonnes, with conversion factors used only where necessary to harmonise units of measurement provided by external operators. Intensity indicators: waste intensity is expressed as the ratio of the total weight of waste generated to consolidated net revenue, as disclosed in the consolidated financial statements — Segment Reporting. T emporal comparability and restatements: the metric “industrial waste per sales volume” has been restated for 2024, as the previous calculation incorrectly used the 2023 sales volume as the denominator.
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237 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Studies carried out in accordance with ISO 14067, and subject to external assurance by APCER, indicate that a significant proportion of Amorim Cork’s cork stoppers have a negative carbon footprint. This evidence currently covers around 60% of the portfolio analysed.
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238 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Social Information S1: OWN WORKFORCE S2: WORKERS IN THE VALUE CHAIN S3: AFFECTED COMMUNITIES S4: CONSUMERS AND END-USERS Own workforce addresses the working conditions of Corticeira Amorim’s employees and non-employees, and covers topics such as adequate wages, social dialogue, health and safety , gender equality , equal pay for work of equal value, training and skills development, diversity and inclusion, among others. The approach extends to W orkers in the value chain, upstream or downstream of Corticeira Amorim. The aim is to provide an insight into potential impacts on workers in the value chain resulting from the Organisation’s activities or business relationships, as well as potential related risks and opportunities. Regarding Affected Communities the economic, social, cultural and civil rights of local communities are addressed, including those located in the areas where Organisations’ companies operates and across its value chain. Lastly , the topics related to Consumers and end-users, namely respect for consumers’ fundamental rights, health and safety , social inclusion, transparency in communication and responsible marketing practices. Therefore, this section of the Consolidated Sustainability Statement presents the material impacts, risks and opportunities identified by Corticeira Amorim at a social level, as well as their interconnection with the Organisation’s strategy reflected in its established policies, actions, targets and metrics.
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239 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 8.8 ESRS S1 – Own workforce (SDGs 3, 4, 5, 8) 8.8.1 STRATEGY A. MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND BUSINESS MODEL (ESRS 2 SBM-3) Impacts, risks and opportunities Corticeira Amorim’s workers are fundamental to its strategy and business model. They are essential to achieving the Organisation’s business objectives and long-term sustainability . The Company is committed to creating a working environment where workers are respected and valued and where they can develop their potential. Corticeira Amorim is committed to managing material risks and opportunities associated with the Organisation’s activities, as well as identifying, assessing and managing actual or potential material impacts in order to avoid, minimise and remediate any negative impacts on its workers. Therefore, the information presented here on the own workforce includes both men and women employees and non-employees of Corticeira Amorim, hereinafter referred to only as workers. Given that self-employment activities are very occasional and sporadic, the Organisation does not include information on these workers in the calculation of the reported metrics. With regard to issues related to the own workforce, the material topics identified were secure employment, adequate wages, social dialogue, freedom of association, including the existence of works councils, collective bargaining, work-life balance, health and safety , human capital, gender equality and equal pay for work of equal value, training and skills development, employment and inclusion of persons with disabilities; diversity and privacy . The approach to determining the material impacts, risks and opportunities in relation to own workforce is described in section 8.1.4 A. Description of the process to identify and assess material impacts, risks and opportunities of the General disclosures.
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240 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Social IRO +/- A/P OO/U/D Time horizon Policy ESRS S1: Own workforce 1 - Working conditions Workers’ exposure to health and safety risks that can lead to physical injuries or occupational illnesses I A OO Human Resources Policy Human Rights Policy Diversity Policy Privacy Policy Code of Business Ethics and Professional Conduct Increased turnover and absenteeism resulting from work accidents and work-related illnesses R OO Contribution to secure employment and financial stability of employees by offering permanent contracts with guaranteed working hours, further contributing positively to their well-being and to the stability and robustness of the economic fabric, as well as to the social and economic development of the society and regions in which these economic activities operate I A OO Contribution to secure employment and financial stability of employees by offering adequate wages, supplementary benefits and access to social protection I A OO Risk of increased turnover, absenteeism and reduced attractiveness of Corticeira Amorim related to the potential non-payment of adequate wages or failure to adopt flexible working practices R OO Risk of increased labour costs due to regulations, standards and collective agreements R OO Openness to collective bargaining, freedom of association, social dialogue and consideration of employees’ views and interests in policies and decision-making processes I A OO Increased productivity and lower turnover and absenteeism due to consideration of workers’ needs O OO Positive impact on employees’ working conditions arising from collective bargaining coverage and structured social dialogue mechanisms I A OO Greater predictability in potential areas of conflict due to collective bargaining mechanisms and consideration of employees’ needs in decision-making processes O OO Contributing to work-life balance by offering a range of perks and benefits that are complementary to salary I A OO Reduced absenteeism and increased productivity and attractiveness due to the adoption of measures to reconcile personal and professional life O OO Risk of a shortage of skilled labour, including in the management of cork oak forests R OO 2 - Equal treatment and opportunities for all Potential gender inequality among Corticeira Amorim’s workers I P OO Human Resources Policy Human Rights Policy Diversity Policy Privacy Policy Code of Business Ethics and Professional Conduct Insufficient accessibility of facilities and difficulty in adapting some workstations for persons with disabilities I P OO Diversity, equal pay and equal opportunities and career progression for workers I A OO Continuous professional growth of workers, progression and development of new skills acquired through continuous training I A OO Increased motivation, productivity levels and higher product quality due to the continuous development of workers’ skills O OO 3 - Other work-related rights Litigation proceedings, sanctions, or remediation costs in the event of violations of workers’ privacy rights R OO Privacy Policy I - Impact; R - Risk; O - Opportunity; A - Actual; P - Potential; OO - Own operations; U - Upstream; D - Downstream Positive impact; Negative impact. - Short-term; - Medium-term; - Long-term The position of each topic in the materiality matrix is determined by the highest absolute value, whether from the impact perspective (regardless of whether positive or negative) or the financial perspective (regardless of whether in terms of risk or opportunity). = Materiality threshold 123 = IMPACT MATERIALITY FINANCIAL MATERIALITY = MATERIAL FROM A FINANCIAL PERSPECTIVE MATERIAL FROM A DOUBLE PERSPECTIVE MATERIAL FROM AN IMPACT PERSPECTIVENON-MATERIAL
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241 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Negative impacts During the double materiality assessment process, the exposure of Corticeira Amorim’s workers to OHS risks that could generate significant negative impacts was identified as a real negative impact in the short, medium and long-term, such as physical injuries or fatalities resulting from accidents at work, and occupational illnesses resulting from exposure to chemical products or incorrect ergonomic posture. Corticeira Amorim, aware of its importance, has formalised and implemented a policy that includes the protection of OHS, which is in line with the main applicable international standards. Ensure the safety , health and physical and psychological well- being of workers, promoting suitable working environments, is a commitment of Corticeira Amorim. The Organisation adopts a preventive approach to the health and safety of its workers, continually investing in OHS assessment, training and the adoption of preventive measures. Corticeira Amorim also has a risk assessment and accident investigation process. The hazard identification and risk assessment procedures apply to all tasks and processes carried out in the Company that involve an OHS risk. These include routine, occasional and emergency activities carried out by employee workers, non-employee workers or service providers on the Company’s premises. Any potential gender inequality associated with pay disparities between male and female workers at Corticeira Amorim has been identified as a potential negative impact in the short, medium, and long term on Corticeira Amorim’s activities. Possible pay gaps can reinforce gender inequalities over time, unequal opportunities for access and career progression, and loss of motivation and dissatisfaction at work. The Organisation is committed to directing its labour policies and procedures towards respecting the principle of equality between men and women and preventing discrimination and differential treatment based on gender origin. To this end, the Organisation adopts a set of policies and practices aimed at promoting gender equality , namely through a fair pay policy by guaranteeing equal pay for work of equal value and equal career progression and access to opportunities, regardless of gender , origin, age, among others. As a result of the double materiality assessment process, the potential negative impact on workers with disabilities due to insufficient accessibility of facilities or lack of adaptable workstations was also identified in the short, medium and long- term. A ware of the importance of social inclusion, Corticeira Amorim has a set of policies and actions in place, including the Equality Plan, which incorporates DEI dimensions and promotes initiatives in the areas of training, events, inclusion, and the development of partnerships. Positive impacts The Organisation identified as a positive impact in the short, medium and long-term, the contribution to secure employment and the long-term financial security of its workers through the provision of open-ended contracts with guaranteed working hours, while also contributing positively to their well-being and to the stability and solidity of the economic fabric, as well as to the social and economic development of society and the regions in which they operate. Corticeira Amorim’s policy is to promote long-lasting contracts, and it also guarantees that, as defined in its human resources policy , contractual relations are recognised and defined in accordance with the applicable legislation and collective labour regulation instruments, and the Organisation is not permitted to avoid or circumvent its legal obligations. Strict compliance with the law is guaranteed with regard to contract renewals, which can be used up to three times, without exceeding the length of the initial period. In many cases, contracts are converted into permanent ones before renewals and time limits have run out. Also in the area of secure employment, the contribution to the financial security of Corticeira Amorim’s workers in the event of illness, unemployment or retirement, ensuring access to social protection, was also identified as a positive impact in the short, medium and long-term. Corticeira Amorim’s workers are covered by the social protection systems in force in the countries where the companies are located, and these cover a significant part of the situations in which there may be a loss of remuneration, namely illness, parenthood and retirement. In addition, the Organisation offers a range of benefits that complement these situations, especially in situations where public systems may not be as robust. Of particular note are the health insurance, accident supplement and the possibility of specific loans to support in situations of various needs available to workers of companies located in Portugal. The wages paid by Corticeira Amorim comply with the legislation in force and the applicable collective bargaining instruments, whichever benefits the workers the most, as well as all the international rules on working time established by the ILO. In addition to a fixed salary , workers are eligible for monthly or annual performance bonuses. Furthermore, in years of strong company performance, it is standard practice to share results through a profit-based bonus awarded equally to all workers. Adequate pay , together with the policy of complementary benefits offered, allows the needs of workers and their families to be met in the light of the economic and social conditions, and has been identified by the Organisation as having a real positive impact, in the short, medium and long-term, on the economic and private situation of workers. A positive impact on workers has also been identified in the short, medium, and long term, arising from the consideration of their views and interests, by involving them actively or through existing formal representation mechanisms in decision-making processes. As a way of boosting this positive impact, Corticeira Amorim has a comprehensive internal communication process aimed at promoting social dialogue with its workers and ensuring that their interests are taken into account in the Organisation’s overall strategy . Guaranteeing workers’ rights to information, consultation and participation, providing them with timely and relevant information, and meaningful dialogue with workers’ representatives, was also identified as a positive impact in the short, medium and long-term. The positive impact on working conditions resulting from collective bargaining coverage and social dialogue has been
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242 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 identified as a positive impact in the short, medium, and long term. Corticeira Amorim’s main activities are covered by a collective bargaining agreement, which is typically updated on an annual basis. Collective bargaining agreements covered 85.6% of workers in 2025 and form part of the regulation of working conditions, which include, among other aspects, working hours, remuneration, access to training and career progression. Corticeira Amorim also identified as a positive impact the contribution in the short, medium and long-term to the balance between personal and professional life through the offer of a set of perks and benefits. Corticeira Amorim workers benefit from various benefits, namely in the acquisition of products and services (their own and resulting from partnerships and protocols), salary bonuses and support that encourage the reconciliation between personal and family life and work, such as benefits in health services, benefits and initiatives of recognition and celebration throughout the year and benefits to support daily life. In terms of training and skills development, the positive impact identified in the short, medium and long-term was the satisfaction and motivation of workers due to the continuous professional growth, progression and development of new skills acquired through the continuous training provided by Corticeira Amorim. The Company is committed to valuing human capital through training and development. It therefore promotes workers motivation, involvement, participation and accountability , namely through training and qualification processes and incentive, recognition and/or compensation systems that take into account performance evaluation. It also ensures training and skills development through its in-house training programmes. Corticeira Amorim offers employment opportunities regardless of gender or sexual orientation, race, territory of origin or language, age, ethnicity or religion, political or ideological conviction or trade union membership, which has been identified as a positive impact in the short, medium and long-term. In terms of governing bodies, Corticeira Amorim endeavours to ensure gender diversity in its activities. For example, currently 36.4% of the members of the Board of Directors are women. W orker diversity can help create a more positive working environment and improve communication and collaboration within the Company . A more age-diverse workforce can be more adaptable to change as different age groups may have different levels of familiarity and acceptance of technology and new working practices. Having a balanced distribution of ages can facilitate the transition of leadership and succession within the Company , avoiding significant generational gaps. Age diversity contributes to an inclusive working environment, increasing worker satisfaction and well- being. Risks Due to its dependence on human resources, the potential inadequacy of salary levels may contribute to increased turnover and a reduction in Corticeira Amorim’s attractiveness as an employer , affecting talent retention and team stability , and constituting a short, medium and long-term risk. This risk is mitigated by the Organisation’s adoption of policies aimed at promoting fair remuneration practices aligned with applicable legal and regulatory frameworks. In addition, changes in labour regulations or collective agreements that require salary increases beyond what is anticipated may place pressure on the Organisation’s cost structure, representing a short, medium and long-term risk. Corticeira Amorim closely monitors developments in the regulatory framework and relevant collective bargaining processes in order to anticipate and manage potential impacts. A risk has also been identified related to the potential existence of excessive working practices or workloads, which may contribute to higher turnover , reduced attractiveness of the Organisation, and increased operational costs associated with recruitment and employee replacement in the short, medium and long term. This risk is addressed through work management policies and practices aimed at promoting work-life balance. Related to the negative impact of the exposure of the Organisation’s workers to the risks of accidents at work or occupational illnesses, risk of increased turnover and absenteeism has also been identified in the short, medium, and long term, with potential effects on productivity , operational continuity , and operating costs. The Organisation has a structured approach to OHS, aimed at reducing the likelihood and severity of such events. At the human capital level, labour shortages (namely in the management of cork oak forests and cork harvesting, as well as in more skilled roles) have been identified as a short, medium and long-term risk, with potential impacts on the Organisation’s ability to ensure operational continuity , respond to business needs, and sustain its future development. In this context, attracting and retaining talent is a priority area of focus for Corticeira Amorim. Opportunities Related to the positive impact of the social dialogue promoted by Corticeira Amorim, with a view to integrating the needs and concerns of workers into decision-making, an opportunity was identified in the short, medium and long-term to increase productivity and reduce turnover and absenteeism. Collective bargaining mechanisms can provide a greater degree of predictability in potential areas of conflict with workers. Corticeira Amorim’s active participation in collective bargaining processes was identified as an opportunity in the short, medium and long-term, as it makes it possible to monitor the requirements of workers, and to take preventive measures, preventing cash flow shortfalls resulting from potential conflicts, strikes or decreases in productivity . As already mentioned, the Organisation monitors the processes of negotiating collective agreements, particularly through the Portuguese Cork Association (APCOR). Associated with the positive impact that Corticeira Amorim seeks to promote among its workers in terms of work-life balance, the short, medium and long-term opportunity of reducing absenteeism and increasing productivity and attractiveness was also identified, which is reflected in lower operating recruitment costs.
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243 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 The Company is committed to fostering the personal and socio-professional development of its workers, encouraging involvement in improving their own capabilities and skills. In addition to the positive impact of training and development, the safeguarding and promotion of the skills and know-how of Corticeira Amorim’s teams was identified as a short, medium and long-term opportunity , also helping to keep worker engaged and motivated and to increase their productivity levels. Maintaining and increasing know-how within the Company also contributes to higher product quality , reducing non-conformity costs. 8.8.2 IMPACTS, RISKS AND OPPORTUNITIES MANAGEMENT A. POLICIES RELATED TO OWN WORKFORCE (S1-1) Key contents of policies The Organisation is committed to creating quality jobs in an environment conducive to professional training and development, fostering innovation and organisational progress through the inclusion and diversity of gender , age, cultures, beliefs, and nationalities, within a context of equal rights and conditions. Respect for human rights is a principle that underpins all of the Organisation’s activity . In particular , the Organisation is against arbitrary detention, torture or execution and in favour of human dignity , non-discrimination, equal rights, security and well-being, education, personal and professional development and freedom of conscience, religion, organisation, association, opinion and expression. Within the scope of human rights, the Company ensures that all its workers receive a fair salary , work in safe and healthy conditions and have the opportunity to develop professionally . The Organisation is committed and seeks to build and foster among its workers a framework of respect for the fundamental values of Human Rights (as proclaimed by the United Nations Universal Declaration of Human Rights) and Labour (as set out by the ILO), which are imperative for the entire Organisation and which will progressively spread to other interested parties, namely partners, customers and the supply chain. Corticeira Amorim has formalised and implemented a set of internal policies, namely the Human Rights Policy , the Human Resources Policy , the OHS Policy , and the Diversity Policy , as well as its Code of Business Ethics and Professional Conduct. These documents include the Organisation’s principles and commitments in the areas of respect for human and labour rights, working conditions, working time and remuneration, freely chosen employment, eradication of human trafficking, child labour and forced labour , prohibition of workplace harassment, protection of health, hygiene and safety , freedom of association and the right to collective bargaining, the principle of equal treatment and opportunities, diversity , inclusion and non-discrimination, as well as professional fulfilment and development. These apply to all workers of any company that are part of the Organisation. The implementation of the commitments set out in the respective Policies, as well as compliance with the principles of conduct and standards of behaviour established in the Code of Business Ethics and Professional Conduct, is integrated into Corticeira Amorim’s human rights and environmental due diligence system, developed in accordance with the United Nations Guiding Principles on Business and Human Rights, the OECD Guidelines for Multinational Enterprises, and EU Directive (EU) 2024/1760 on the Corporate Sustainability Due Diligence Directive (CSDDD). This system establishes a risk-based approach to the identification, prevention, mitigation, and, where applicable, remediation of adverse impacts associated with both the Organisation’s own operations and its value chain.
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244 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Policy Human Rights Policy, Human Resources Policy, Occupational Health and Safety Policy, Diversity Policy, Privacy Policy, and Code of Business Ethics and Professional Conduct Scope / Key stakeholders Applicable to all workers of the Organisation and to external stakeholders, including the value chain, where applicable Most senior level responsible for implementation Approval of Policies / Code falls within the competence of the Board of Directors Enforcement is ensured by ECBD through the member responsible for overseeing and reporting on cross-functional and support areas, which are in turn responsible for monitoring its implementation Implementation of the Policies within the scope of their respective activities is the responsibility of the BUs Alignment with international standards Principles aligned with the main applicable international frameworks, in particular the 1948 Universal Declaration of Human Rights, the ILO Fundamental Conventions, the OECD Guiding Principles for Multinational Enterprises, the United Nations Guiding Principles on Business and Human Rights, the 10 principles of the United Nations Global Compact, the Charter of Principles of BCSD Portugal, and ISO 37001:2016 Interests of key stakeholders Stakeholder input is gathered through regular engagement processes and materiality assessments, ensuring relevance and inclusion in the policies Accessibility and availability of policies Website in Portuguese and English Link to the Articles of Association, Regulations and Policies https:/ /www.amorim.com/en/investors/corporate-governance/corporate-regulation-and-policies/ presence felt in initiatives for contact between companies and students, whether at employability events, lectures and workshops or through curricular and professional internships. Commitment to secure employment and social protection As stated in the Human Resources Policy , contractual relationships must be recognised and defined in accordance with applicable legislation and collective labour regulation instruments, and the Organisation may not avoid or circumvent its legal obligations. At the time of hiring, all workers are informed and made aware of contractual issues, including working time, remuneration arrangements and payment frequency . Corticeira Amorim’s policy is to promote long-term contracts. This is borne out by the percentage of permanent labour contracts: 86.8%. Non-permanent contracts (fixed-term or non- employees) are concentrated almost exclusively in productive areas to manage seasonal variations in production. Strict compliance with the law is guaranteed with regard to contract renewals. In many cases, contracts are converted into permanent ones before renewals and time limits have run out. Internal mobility is also encouraged and all workers, regardless of the type of contract, can apply for any job. In addition, Corticeira Amorim provides financial protection in the event of illness, unemployment or retirement, guaranteeing access to the social protection systems in force in the countries where it operates. These systems cover a significant proportion of cases of loss of income, such as illness, parenthood and retirement. In the event of accidents for which the worker is not responsible, a supplement for accidents at work is paid to ensure that there is no loss in net pay . In addition, in some situations of short-term illness, the Company doctor can grant two days’ sick leave without a deduction in salary . Commitment to adequate wages The Organisation, as stated in the Human Rights Policy , is committed to ensuring fair remuneration, in accordance with collective labour regulation instruments and applicable legislation and with balanced, healthy and competitive people management policies and practices. W orking time and remuneration comply with the international rules on working hours established by the ILO, the legislation in force and the applicable instruments of collective labour regulation, with the one that best protects workers being followed. Corticeira Amorim has also made a commitment, formalised in its Human Resources Policy , not to reduce remuneration except in cases provided for in the Labour Code or in a collective labour regulation instrument. Commitment to social dialogue The Organisation’s policies encourage the promotion of social dialogue, in particular through regular information and consultation with workers and their representatives. The Organisation’s commitment is to hear their needs and expectations and allows them to be taken into account in decision-making processes, policies, metrics and actions on labour rights issues. Corticeira Amorim has a comprehensive internal communication process aimed at promoting social dialogue with its workers and ensuring that their interests are taken into account in the Organisation’s overall strategy . Commitment to human capital Corticeira Amorim strives to provide its workers with an enabling and attractive work environment that provides high levels of satisfaction and professional achievement, paying adequate wages and ensuring a safe and healthy work environment. The Company is also committed to promoting workers’ motivation, involvement, participation and accountability , namely through training and qualification processes and incentive, recognition and/or compensation systems that take into account performance evaluation. The Organisation recognises the importance of attracting and retaining talent to ensure its long-term success. To achieve this, it has made a number of commitments to its workers, creating a dynamic working environment that generates professional and personal development and evolution. The Company has always favoured long-term relationships and commitments and continuous investment in the training and skills development of its workers. Attracting and retaining talent is one of the Organisation’s main objectives. For this reason, working on Employer Branding in a comprehensive, systematic and differentiating way seems inevitable. This is especially true in Portugal, where a large part of the workforce is located. The Company has strengthened its ties with the different educational institutions, making its
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245 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Commitment to freedom of association and collective bargaining The Human Resources Policy formalises the Organisation’s main commitments to freedom of association and collective bargaining. All workers of the Organisation, without any exception, may associate with legal representatives of workers, namely trade unions, in accordance with the legislation in force. The Organisation has an open attitude towards the above, through dialogue and negotiation with formally authorised workers. W orkers’ representatives are not discriminated against and may carry out representation activities in their workplaces in accordance with current legislation. The exercise of association, unionisation, collective bargaining and strike rights, within the framework of applicable regulatory norms for each of these basic rights, may not be illicitly restricted. Commitment to work-life balance In its Human Resources Policy , the Organisation is committed to balancing work with the personal and family lives of its workers, promoting conciliation programs aimed at achieving this objective. In this context, all employees of Corticeira Amorim in Portugal have access to leave entitlements provided for under applicable legislation, including parental leave, family care leave, and pregnancy-related leave. Regarding maternity leave, mothers may start their leave up to 30 days before childbirth and must take 42 days after the birth. Fathers are entitled to 7 mandatory days immediately following the birth, followed by a further 21 mandatory days within the first 42 days of the child’s life, and may also benefit from 7 optional days. When both parents opt for shared parental leave, an additional 30 days are added to the total leave period, which is extended to 180 days. There is also the possibility of sharing breastfeeding leave (two hours per day) during the child’s first year of life. The Company ensures full compliance with these leave entitlements and with time off for medical appointments during pregnancy . Regarding family care leave, the legislation provides for up to 30 days per year to care for children under 12 years of age, and up to 15 days for other family members. In addition to these legal limits, the Company may also accept additional absences in situations requiring immediate family care. There are also internal guidelines that allow for schedule adjustments and, where compatible with the role, the possibility of remote work to support the care of children under 10 years of age. Corticeira Amorim workers benefit from various benefits, namely in the acquisition of products and services (their own and resulting from partnerships and protocols), salary bonuses and support that encourage the reconciliation between personal and family life and work. The main benefits include health service benefits, recognition and celebration benefits and initiatives throughout the year , daily life support benefits and parenthood protection. In addition, workers benefit from support, namely for their own education and/or that of their sons and daughters, with the award of school subsidies, merit scholarships and Christmas gifts for workers’ children. Commitment to occupational health and safety Corticeira Amorim has an OSH Policy , which sets out the Organisation’s principles, commitments, and guidelines regarding the protection of the safety , health, and physical and psychological well-being of workers. Under this Policy , Corticeira Amorim commits to: • Guaranteeing adequate conditions of occupational health and safety , ensuring that facilities, equipment and processes comply with applicable legislation and the specific risks associated with the activities carried out; • Ensuring its activities do not harm the health and safety of workers and subcontractors, those involved in operations, neighbouring populations or users of its products; • Promoting a safe and healthy working environment by adopting appropriate measures for the prevention of risks and occupational accidents, ensuring, in particular , access to drinking water and clean and adequate facilities, including sanitary facilities; • Complying with and respecting applicable regulations on the prevention of occupational risks, providing the necessary means for workers to carry out their duties in safe conditions, safeguarding their life, health and physical and psychological integrity; • Adopting a preventive and proactive approach to OSH, ensuring regular and adequate training for workers; • Prioritising safety , health and well-being in strategic and operational decisions, promoting the development and maintenance of appropriate OHS management systems, using qualified professionals in these areas. Management systems framework and implementation Corticeira Amorim’s companies have an IMS, which includes the OHS Management system. In addition, several Corticeira Amorim companies also have an SA 8000, ISO 45001 or other certification system in place. Currently 36.4% of production unitPUs are certified according to ISO 45001 (9.1%), SA 8000 (23.4%) which attest to Corticeira Amorim’s human resources and/or health and safety management practices. In companies not covered by certifications, Corticeira Amorim’s policy is to ensure the best practices established in the respective standards. These management systems are important tools for ensuring compliance with internal, regulatory and legal requirements, the Company’s objectives and practices, which make it possible to safeguard the OHS conditions of Corticeira Amorim’s workers. Governance, participation and control The implementation of the OHS Policy is underpinned by processes for hazard identification, risk assessment and risk control, as well as by mechanisms for worker participation and involvement. These include actively consulting workers on the identification of risks and the definition of control measures, as well as the existence of OHS Committees, comprising worker representatives, safety technicians and management representatives. W ork-related incidents and accidents are subject to structured analysis, with a view to identifying root causes and defining corrective
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246 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 and preventive actions, thereby promoting organisational learning and the prevention of similar occurrences. OHS management systems are audited both internally and externally in accordance with defined plans, including compliance verification audits. Commitment to diversity DEI are structuring principles in the Organisation’s activity . Corticeira Amorim respects and believes in the potential of differences between people, including in particular those relating to gender and sexual orientation, ethnicity , religion, creed, territory of origin, nationality , place of birth, culture, language, ancestry , age, marital status, family , economic or health situation, political, ideological or social orientation, personal style to generate work environments that induce innovation, creativity and also respect and responsibility . Inclusion is an essential pillar of this approach, ensuring that all individuals can participate fully in the life of the Company , regardless of their personal characteristics. Corticeira Amorim believes that diversity criteria, which seek to combine and integrate the specific and different attributes of each person in the Company , are effectively a catalyst for innovation and a driver for attracting talent, making a decisive contribution to enriching the Organisation and promoting more flexible, creative and high-performance work environments. The diversity of characteristics of the members of the management and supervisory bodies and of the workers, including their age, gender , geographical origin and skills, allows Corticeira Amorim to obtain different perspectives on the issues, as well as greater independence of opinions and greater solidity in decision-making. This enables the operational structures to enrich and improve knowledge, experience and the organisational culture. As established in the Diversity Policy , the Organisation is committed to making its best efforts to promote diversity in its management and supervisory bodies and among its workers, and to adopt measures that allow for the integration of persons with disabilities or special needs, promoting the adaptation of their jobs whenever necessary . Corticeira Amorim also undertakes to: • Ensuring compliance with national and local legislation, as applicable, regarding the diversity of its workers and to acting to raise the awareness of its shareholders to the advantages of ensuring diversity in the management and supervisory bodies they have to elect; • Defining and implementing an annual plan for equality , fostering and monitoring the achievement of the objectives set forth therein and the respective targets; • Adopting procedures, namely those integrated in the Equality Plan and within the scope of the Appointments or Human Resources Recruitment Policy , as applicable, in order to seek to ensure diversity , a balanced representation of men and women and gender equality , and prevent discrimination and differential treatment based on gender , ethnicity , sexual orientation, creed, marital status, disability or special need, cultural orientation, political or other opinions, social origin and place of birth. Commitment to gender equality and equal pay for work of equal value Equal treatment and opportunities for workers is a fundamental principle of Human Resources policies, applied in hiring, training, career opportunities, salary levels, as well as in other aspects of the employment relationship, within the framework of an internal culture of equity , diversity , excellence, responsibility and profitability . The Organisation also assumes the commitment to guide its employment policies and procedures towards respecting the principle of equality between men and women. It also commits to preventing discrimination and differential treatment based on ethnic or social origin, gender , sexual orientation, age, creed, marital status, physical characteristics or disability , religious beliefs, political orientation, opinion, family situation, social class, nationality , trade union membership, pregnancy or any other personal characteristic. Corticeira Amorim does not tolerate any type of harassment or discrimination for these reasons, whether in recruitment and selection, performance evaluation, remuneration, access to training, promotion or dismissal. W orkers have a duty to report any harassment or discrimination practices at work with a view to clarifying the situation and opening investigations. Commitment to training and skills development Corticeira Amorim values human capital through its development and training, thus contributing to the success of the Organisation’s sustainability strategy . The Company is committed to fostering the personal and socio-professional development of its workers, encouraging involvement in improving their own capabilities and skills. Therefore, it seeks to provide all its workers with access to relevant and quality training, promoting learning opportunities and improving not only technical skills, but also management and behavioural skills. This development takes place not only through professional training, but also through other methodologies, such as the structured sharing of experiences, internal mobility and mentoring and coaching processes. Corticeira Amorim has implemented a performance management system that encompasses management by objectives, performance assessment and development of skills (professional development plans). It is a management tool with proven track records in promoting individual and organisational performance in companies. This covers all senior and middle management of the Organisation. Commitment to privacy The protection of privacy and personal data is a fundamental commitment of Corticeira Amorim to its stakeholders, including its workers. The Organisation guarantees the safeguarding of the right to data protection, provided voluntarily and authorised by the Data Subject, which will be treated confidentially , in accordance with the law in force. Such personal data will not be marketed or sold to third parties.
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247 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Corticeira Amorim undertakes to implement and maintain appropriate technical and organisational measures to protect personal data against accidental or unlawful destruction or alteration, as well as against unauthorised access and unlawful processing thereof. In the case of workers authorised to access personal data, they are bound by the duty of confidentiality . As established by the Privacy Policy , the entity responsible for collecting and processing the personal data will be Corticeira Amorim, which informs them about its activity , provides the service or supplies the product and which in this context decides which data is collected, means of processing and purposes for which the data is used. The Organisation has appointed a Data Protection Officer (DPO), who monitors the compliance of data processing with the applicable regulations, and is also a point of contact for clarifying issues relating to the processing of personal data by Corticeira Amorim. B. PROCESSES FOR ENGAGING WITH OWN WORKFORCE AND WORKERS’ REPRESENTATIVES ABOUT IMPACTS (S1-2) Engagement with workers Corticeira Amorim believes that the interests, views and rights of its workers, including respect for Human Rights, are fundamental to its strategy and business model. The Company is committed to creating a working environment where workers are respected and valued and where they can develop their potential. The Company endeavours to incorporate the interests and views of its workers in all its strategic decisions. To this end, as part of its due diligence process, it actively engages and regularly consults workers, seeking to gauge their concerns and opinions, particularly on positive and negative impacts that affect them or are likely to affect them. Dialogues with workers make it possible to identify actual or potential negative impacts, defining preventive, corrective and remedial measures, and to provide positive impacts, namely in terms of job creation, the definition of more appropriate training, requalification and retraining plans, and in terms of health and safety . Meetings with workers’ representatives Dialogue with workers takes place directly and through their representatives. Depending on the size of the companies, workers elect representative structures, such as workers’ committees and trade union committees, mandated to represent them. In each company there are union delegates or committees, or workers’ committees, each one with specific powers and mandates. The Human Resources departments and BU administrations meet on average twice a year with these structures to discuss the Company’s results. At these meetings, issues related to the Company’s activity are debated, management information is provided and important issues or topics such as restructuring, variations in activity , equality and inclusion, among other economic issues, are presented by the workers’ representatives. The discussion is often linked to reaching agreements on sensitive and important issues, such as working hours and legislative or organisational changes. There is a practice of dialogue between companies, with their own realities, but the structuring themes are always aligned centrally . Occasionally , specific meetings can take place, in situations that call for across the board changes. Integration of workers’ representatives in occupational health and safety committees W orkers’ representatives are also elected to another company advisory body , the OHS Committees. They are responsible for monitoring and advising on companies’ performance in terms of health and safety at work and, in conjunction with OHS areas, they intervene in the areas of ergonomics, working conditions and safety at work. Regular consultations and diagnosis of the organisational climate Corticeira Amorim considers that the results of the consultations, namely the regular questionnaires carried out within the scope of OHS and the diagnoses of the organisational climate, are important tools for assessing the perception of workers in areas and domains of work and the Company , which can influence their satisfaction and motivation at work, as well as their well-being, ties and commitment. Within this framework, the periodic measurement of these perceptions, in a transversal and periodic manner throughout the Organisation, is a way to monitor and follow the evolution of important indicators, as well as a barometer of cultural evolution. Corporate climate surveys are carried out every two years, in addition to the definition and implementation of action plans consistent with the results achieved, as well as monitoring of their effectiveness. Since 2025, Corticeira Amorim has been using the Great Place to W ork survey across its companies in Portugal and at some external organisations. This survey analyses workers’ experience across five key dimensions: their trust in leadership,
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248 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 measured by credibility (the ‘W alk the Talk’ principle), the respect demonstrated and earned through genuine care for people, the creation of a psychologically healthy environment, the promotion of a work-life balance, and the impartiality practised in ensuring that all workers have fair opportunities for growth and recognition. The survey also assesses workers’ perceptions regarding pride in their work and in the Company , and regarding the camaraderie perceived within their team. The survey was made available to all workers within the own workforce in Portugal and in some external companies, and 77.4% of respondents replied voluntarily , which is considered an excellent participation rate. In these surveys, all workers are invited to answer anonymous questionnaires, in line with international best practices in this area. The data compiled (relating to worker perception) makes it possible to analyse matters and themes that could be improved, enabling analyses both in overall terms and by age range, gender and professional category , with each BU being responsible for defining specific action plans in line with developments. The dimensions most valued were credibility and pride. Issues relating to diversity and inclusion were rated very highly , as were the approachability of management and their willingness to engage in dialogue. Overall, workers feel they have the resources and equipment they need to do their jobs, noting that the company and its management take occupational safety very seriously (an area that has seen the most improvement compared to previous surveys). The Organisation’s focus on sustainability is highlighted as very positive, and pride in the company and the work carried out is evident. The areas where perceptions were less favourable relate to impartiality , with room for improvement noted in perceptions of the fairness of salaries received, the criteria used for promotions, and also in the recognition of work carried out. The overall results and those specific to each team will be communicated, and the action plans will include aspects that apply across the entire organisation (common areas for improvement) as well as aspects specific to each company . Also noteworthy in Portugal is the activity of the OHS Commissions, which also carry out mandatory consultations on OHS with workers or , where they exist, directly with their OHS representatives. These are in order to fulfil the duty of consultation, laid down in general legislation and in specific legislation applicable to OHS. These consultations essentially take place at local level, i.e. in the context of each company , and are then analysed within the respective BU. This process promotes proximity and allows the specific realities of each workplace to be duly reflected in the contributions collected. The results of these consultations are systematised and analysed within each BU, in a joint effort between the OHS teams and the OHS Committees. The aim is to ensure that the concerns, suggestions and contributions gathered from workers, or their representatives, are effectively taken into account in decision-making processes. The results of the consultations are part of the periodic review process of the OHS Management System, under the terms of ISO 45001, and the Social Responsibility System, under the terms of SA 8000. This integration ensures that the opinions and contributions gathered are taken into account when defining policies, prioritising actions, setting targets and metrics and continuously monitoring the effectiveness of the measures adopted, with a special focus on mitigating negative impacts and promoting positive impacts on the working environment. Other forms of engagement In Portugal, each worker is assigned an HR Business Partner . Therefore, in addition to the means mentioned above, Corticeira Amorim has other channels for dialogue with its workers, namely through HR Business Partners. They provide personalised and dedicated support for each area of work, fostering various opportunities for engagement. The human resources departments meet periodically with all the HR Business Partners to analyse and discuss the issues identified. The Organisation also provides communication channels for its workers to report any concerns or irregularities. More detailed information on the communication channels provided by the Organisation can be found in section 8.8.2 C. Processes to remediate negative impacts and channels for own workforce to raise concerns. Effectiveness of engagement activities The level of commitment and engagement among workers is assessed through the results of organisational climate surveys. Some of the topics and questions included in these surveys help to identify areas for improvement that can be addressed through simpler actions with more immediate results, as well as other areas requiring medium- and long-term measures, the effects of which materialise more gradually over time. As action plans are implemented, the Organisation seeks to gather feedback on the initiatives undertaken, assessing their suitability and contribution to improving workers’ commitment and engagement. With the adoption of the Great Place to W ork model and its online platform, it is now possible to conduct shorter and more frequent surveys, enabling more systematic and targeted measurements of the own workforce’s level of commitment and engagement, as well as strengthening the assessment of the effectiveness of the engagement activities implemented. Information and communication In order to promote transparency and dialogue, in addition to these moments of engagement and consultation, the Organisation makes information available through various channels so that its workers can learn about the impacts of Corticeira Amorim’s activities and monitor its performance in relation to the actions and goals and objectives defined. The main vehicles for communicating with workers include the publication of the Consolidated Sustainability Statement, education/awareness-raising activities, information panels on the premises, seminars and workshops, the website, social networks and the newsletter and press releases. The network of television sets in the different areas of the Organisation allows for the rapid dissemination of Company information. Also noteworthy are the meeting practices in each of the teams. In the productive areas, quick meetings are held at the start of working hours and in the other areas there is usually a
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249 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 weekly meeting where the main messages to be disseminated are communicated. Also within the scope of management by objectives, quarterly meetings on business indicators are held with middle and senior managers who then cascade the information to their teams. Detailed information on communication channels can be found in section 8.1.3 B. Interests and views of stakeholders. C. PROCESSES TO REMEDIATE NEGATIVE IMPACTS AND CHANNELS FOR OWN WORKFORCE TO RAISE CONCERNS (S1-3) Corticeira Amorim has cross-functional processes and channels in place for reporting concerns, addressing and, where applicable, remedying negative impacts relating to human rights and the environment. These procedures and channels, including mechanisms to protect against retaliation, are described in section 8.1.6 Grievance Handling Mechanisms and Communication Channels and are used to identify , analyse and follow up on issues raised by the Organisation’s workers. D. TAKING ACTION ON MATERIAL IMPACTS ON OWN WORKFORCE, AND APPROACHES TO MANAGING MATERIAL RISKS AND PURSUING MATERIAL OPPORTUNITIES RELATED TO OWN WORKFORCE, AND EFFECTIVENESS OF THOSE ACTIONS (S1-4) Corticeira Amorim takes actions to prevent and mitigate negative impacts, as well as to provide positive impacts on its workers. It also plans and monitors actions to reduce material risks, integrated into the general risk management process, related to impacts or their dependency on the workforce, as well as to capitalise on identified opportunities. The implementation of initiatives and actions with workers is supported and coordinated by the Health and Safety structures and the companies’ Human Resources departments, which monitor indicators related to these areas on a monthly basis. At least twice a year , the consolidated data of each company is reported to the ECBD and the Board of Directors. Key actions Corticeira Amorim recognises the fundamental importance of its workers. Therefore, with a view to pursuing its objectives and the commitments set out in its policies, during 2025 the Organisation continued to take steps to avoid and mitigate the actual negative impacts and prevent the potential negative impacts identified on its workers, as well as mitigating the risks resulting from their dependency relationships. In addition, the Organisation continued to take action to promote positive impacts on its workers by capitalising on related opportunities. Working conditions Secure employment, working hours and social protection Corticeira Amorim contributes to the long-term financial security of its workers by offering open-ended contracts and defined working hours. These practices promote not only individual well-being, but also the stability of the economic fabric and the social and economic development of the regions where the Company operates. In addition, Corticeira Amorim provides financial protection in the event of illness, unemployment or retirement, guaranteeing access to the social protection systems in force in the countries where it operates. In 2025, the Company will contribute 30.6 million euros to local social security schemes. These systems cover a significant proportion of cases of loss of income, such as illness, parenthood and retirement. In the case of situations where public systems may not be as robust, the range of benefits offered by the Company complements these situationswhenever possible and appropriate. Of particular note are the health insurance, accident supplement and the possibility of specific loans to support in situations of various needs available to all workers in Portugal. Adequate wages The practice of paying adequate wages is essential to promoting the economic and private well-being of workers. A fair wage, complemented by additional benefits, contributes to meeting the needs of workers and their families, guaranteeing them greater financial security and quality of life, in line with national economic and social conditions. Compliance with applicable legislation and collective labour agreements reflects an ethical and responsible commitment, promoting a balanced and sustainable working environment. Within the framework of social dialogue, Corticeira Amorim monitors and communicates its position on remuneration policies and practices through its participation, as a member , in APCOR, in consultation with trade union representatives. The minimum wage in the cork sector in Portugal is around 10% above the national minimum wage, contributing positively to the economic security of workers.
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250 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 With a view to ensuring a healthy , competitive and transparent remuneration policy , Corticeira Amorim implements internationally validated methodologies for analysing and evaluating remuneration policies and practices. During 2025, the Organisation carried out the job grading of a significant number of roles, using a methodology based on eight analysis factors, scored according to the job description, the respective organisational context and its impact. The Company uses these job classification tools to enhance objectivity in salary management, conducting annual salary reviews to assess levels of internal equity and external competitiveness relative to the labour market for comparable roles. Pay equity is a fundamental pillar of the remuneration policy and is systematically monitored through the positioning of workers within defined pay bands. Whenever instances of internal inequity are identified, corrective action plans are established, whilst simultaneously ensuring a competitive position in relation to the external market. The promotion of transparent, clear and appropriate remuneration policies and practices is an ongoing objective of the Organisation, given their direct impact on the satisfaction, motivation and retention of employees. Social dialogue Corticeira Amorim is committed to promoting social dialogue with its workers. To this end, it has various channels for dialogue with its workers and their representatives, namely through meetings, seminars, workshops, information sessions, among others. The employee engagement surveys conducted provide highly valuable information on different topics and aspects that impact the employee experience, and give rise to short- and medium-term action plans. As previously mentioned, surveys conducted within the scope of OSH can also provide privileged information. More information can be found in section 8.8.2 B. Processes for engaging with own workforce and workers’ representatives about impacts. Freedom of association, the existence of works commissions and workers’ rights to information, consultation and participation and collective bargaining, including the share of workers covered by collective agreements It is essential to ensure that the interests and views of workers are taken into account in the Organisation’s policies and practices. All workers at Corticeira Amorim have the right to join legal representative bodies, including trade unions, in accordance with current legislation. Depending on the size of each business unit, they may elect their own representative bodies — such as workers’ committees or trade union delegates — which ensure formal dialogue with the Company . Human Resources departments and the management of business units meet regularly with these bodies, on average twice a year , to inform, consult and discuss relevant issues, such as company results, organisational changes, changes to working hours, restructuring processes, equality , inclusion and other matters affecting employees. These formal participation mechanisms complement individual rights to freedom of association and collective bargaining. W ork-life balance Corticeira Amorim workers benefit from various benefits, namely in the acquisition of products and services (their own and resulting from partnerships and protocols), salary bonuses and support that encourage the reconciliation between personal and family life and work. In 2025, they had access to the following benefits: • Benefits in health services: All workers in Portugal have access to corporate health insurance that allows, under favourable conditions, the inclusion of members of the direct household. In the larger units (or headquarters), medical consultations are organised twice a week; There are protocols with clinical analysis laboratories, which carry out collections at companies, and with pharmacies that accept orders and deliver medicines to the premises. Several screenings (ophthalmologic, hypertension, healthy habits) are conducted regularly in order to promote health. A flu vaccination campaign is carried out annually; • Online platform: With access to hundreds of products (clothing, footwear , household appliances, telecommunications equipment) and services (insurance, travel, gyms, health and beauty care, among others) called Amorim V antagens+, available to all workers in Portugal; • Benefits to support daily life: Access to the Company’s canteens for the direct family members of workers, also allowing workers to purchase take-home meals, available at all facilities with a canteen; • Support for education and merit scholarships: W orkers benefit from various other kinds of support, namely support for their own education and that of their sons and daughters, with the award of school subsidies, merit scholarships (currently more than 30 per year); • Parenthood protection: Information on legislation on parenthood, support for the education of workers and workers’ children, offer of toys for workers’ children. With the aim of guaranteeing the right of its workers to take parental leave, Corticeira Amorim has created and keeps up to date a section on its internal network - Linkpeople - on the legislation on parenthood in Portugal, the main geography in which it operates. Additionally , in all geographies where Corticeira Amorim is present, there are Christmas baskets and birthday souvenirs, seniority awards and various recognition awards. Corticeira Amorim is a company with a strong industrial presence, operating many facilities on a continuous basis (24 hours a day , 7 days a week), which limits the widespread adoption of remote working arrangements. Nevertheless, the Organisation ensures, wherever compatible with the role, adjustments to working hours and other forms of flexibility to meet personal or family needs, thereby strengthening mechanisms for balancing work and private life.
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251 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Health and safety The development of a safety culture is one of Corticeira Amorim’s key priorities, implemented through the Together for Safety programme, launched in 2025 and applicable to all companies within the Organisation. The programme stems from a process initiated in 2023, with a safety culture assessment survey , and reinforced in 2024 with the leadership training programme. As the strategic framework for OSH activities, Together for Safety reinforces the ambition to place people at the heart of prevention and to promote a safe, responsible and collaborative working environment. Based on the pillars of commitment, responsibility and participation, the programme seeks to align behaviours and attitudes that reinforce operational safety , complementing the technical procedures already in place. Its objectives include: • Reducing the accident frequency rate (a target of -20% under the Sustainable by nature programme); • Consolidating a culture of active and preventive safety; • Strengthening the training of managers, operational teams and new workers. The initiative is structured around three complementary pillars: Structural training – Training, management and the Cork Safety Lab; Technical prevention – Ergonomics, occupational medicine, PPE and audits; and Physical and mental well-being – W orkshops, physical activities and support programmes. Structural training – Training, management and the Cork Safety Lab With the aim of strengthening individual and collective safety skills, ensuring that management is aligned with prevention responsibilities and promoting the internalisation of safe behaviours, the ‘Safety Leadership’ programme was developed. This was delivered in person by 100 young staff members who had received technical and behavioural training, and who took on the role of promoting safe behaviours across the various business units. As part of the programme, the 10 Fundamental Safety Principles were also launched, guiding day-to-day operations and contributing to greater risk awareness, increased reporting of near-misses and the reinforcement of shared responsibility . This approach has fostered a deeper internalisation of the prevention culture and a stronger sense of belonging among teams. In 2025, the programme continued to be implemented, raising awareness amongst management, directors and supervisors of the importance of complying with legal and preventative requirements. These sustained efforts help to mitigate risks associated with non- compliance with safe practices and the management of critical behaviours in the workplace. Operational training continued to be strengthened through the Cork Safety Lab, a centre for practical training and risk simulation that has played a key role in preparing workers. In this laboratory , real-life risk scenarios are recreated, allowing direct hands-on experience with Personal Protective Equipment, forklift driving simulations, training in Lockout/Tagout (LOTO) procedures, emergency response, manual handling of loads and working at height. Since its creation, the laboratory has welcomed around 1,000 workers, accumulating approximately 1,500 hours of training, thereby contributing significantly to improving the performance and response capacity of the teams. T ogether for safety Through this integrated approach – combining cultural transformation, technical training, prevention and well- being – Corticeira Amorim systematically addresses the material impacts and risks associated with occupational health and safety, helping to reduce the likelihood and severity of accidents, lower absenteeism and staff turnover, and build a safer, healthier and more sustainable working environment. A structured initiative, mobilising workers across the Organisation and strengthening the safety culture in a participatory and sustainable manner. RESUL TS 357 sessions held; 2,900 workers involved; 100 young executives trained as internal facilitators; 38.7% reduction in the Frequency Rate since 2024 (Sustainable by nature programme); Implementation of the 10 Fundamental Safety Principles; Consolidation of the ‘Safety Leadership’ programme; 56,859 hours of training covering health and safety topics. The roll-out began in April 2025 and ran until July of the same year • Number of sessions held: 357 • Number of workers involved: 2,900 • Accident rate: 38.7% reduction in t he Frequency Rate in 2025
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252 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 T echnical prevention – Ergonomics, occupational medicine, PPE and audits With the aim of preventing occupational injuries and illnesses, controlling operational risks, ensuring legal compliance and guaranteeing a systematic and structured approach to the identification, monitoring and mitigation of risks, preventive and operational initiatives have been continuously developed and strengthened. These include risk assessments, medical examinations and health screenings, the provision of personal protective equipment, the implementation of specific procedures, including the management of hazardous substances and LOTO, internal and external audits (ISO 45001 and SA 8000), OSH committees and programmes aimed at the continuous improvement of working conditions. In the field of musculoskeletal injury prevention, ergonomics, workplace gymnastics and physiotherapy programmes — designed to complement one another — continued to be developed and strengthened. Ergonomics focused on the assessment of tasks and the tools used, with the aim of promoting safer working conditions and reducing risk factors associated with physical exertion; workplace gymnastics contributed to the mobility and muscle strengthening required for functional routines; and physiotherapy focused on recovery , rehabilitation and the correction of dysfunctional patterns, reinforcing the prevention of W ork-Related Musculoskeletal Disorders (WRMSDs). This integrated approach enabled simultaneous intervention in terms of adapting working conditions, daily physical conditioning and clinical monitoring, fostering a culture of sustained and effective prevention. Health management software In 2025, software dedicated to the integrated management of occupational health was rolled out across our business units in Portugal, covering occupational medicine and nursing, curative medicine and physiotherapy. The tool enables the organisation and monitoring of all clinical and preventive activities, whilst generating performance metrics and well-being indicators that support the assessment of workers’ quality of life. In the field of occupational health, the software offers significant benefits, notably the integrated management of services, the monitoring of quality of life and health habits, and access to dashboards and performance metrics that enable the tracking of changes in the health status of the working population. In addition, the software also includes a module dedicated to the structured management of incidents (accidents and near-misses). The implementation of the software at business units in Portugal is the first step in a broader strategy, with the aim of progressively extending the solution to other regions, wherever conditions and needs justify the adoption of the platform. This development represents a significant contribution to more integrated, preventive management focused on the well-being and safety of workers, reinforcing Corticeira Amorim’s commitment to health and quality of life at work.
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253 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Physical and mental well-being – Workshops, physical activities and support programmes With the aim of promoting healthy lifestyles, preventing psychosocial risks and reducing factors that may indirectly contribute to accidents, absenteeism or loss of productivity , themed workshops were held (happiness at work, sleep hygiene, stress/burnout, healthy living), physical activities (walking, cycle touring, yoga, Pilates and sporting events) and well-being initiatives such as “ Amorim in Motion”. This pillar complements technical prevention by addressing the behavioural, emotional and quality-of-life dimensions that influence workers’ attention span, focus and physical and mental stability . Through this integrated approach — which combines cultural transformation, technical training, prevention, well-being and continuous improvement — Corticeira Amorim systematically addresses the material impacts and risks associated with OSH, contributing to reducing the likelihood and severity of accidents, lowering absenteeism and staff turnover , and building a safer , healthier and more sustainable working environment. Promotion of Occupational Health and Safety Corticeira Amorim promotes the health and safety of its workers consistently and across the board in all companies and regions, ensuring full compliance with legal requirements, applicable standards and good practices in occupational health and safety in all countries where it operates. Within this common framework, structural practices applicable to all companies are implemented, namely: • Occupational health services, including occupational medicine and nursing, ensuring health surveillance through the provision of medical examinations required by law in each country and adapted to the operational context; • Screening and awareness-raising initiatives, aimed at preventing occupational risks and promoting health; • Systematic assessment of risks and hazards, identifying potential incidents or accidents; • Definition, prioritisation and integration of action plans, with quantified targets to address the identified risks; • Provision of personal protective equipment appropriate to the tasks performed; • Ongoing OHS training for workers and service providers, tailored to the characteristics of each workplace; • Specific procedures for the handling of hazardous substances; • Action and response plans for emergency situations; • Procedures for investigating injuries, health problems, occupational diseases and work-related incidents; • Internal and external audits, conducted in accordance with ISO 45001 and/or SA 8000 standards, with a view to verifying compliance, the effectiveness of the systems in place, and continuous improvement. In addition, and wherever appropriate to the legal, organisational or operational framework of each company, additional measures are implemented to reinforce the commitment to promoting well-being and prevention, such as: • Extended provision of occupational medical and nursing services, including curative medicine and general healthcare; • Pre-employment and periodic medical examinations in addition to the minimum legal requirements; • Specific screening programmes and training initiatives in occupational health; • OHS committees, with the active participation of workers and/or their representatives. This approach combines a high and consistent level of protection across the entire Organisation with the flexibility required to address local specificities and the concrete needs of each operational context. 10 fundamental safety principles #1 Always use the appropriate PPE (Personal Protective Equipment) for your task #2 The use of a seatbelt is mandatory when operating motorised equipment #3 Get on and off safely: face the equipment and always maintain three points of support #4 The use of mobile phones or music-playing devices is prohibited whilst driving vehicles, operating machinery or moving around in hazardous areas #5 Wherever possible, use mechanical means to move loads #6 Always follow safety instructions and never disable safety devices #7 Switch off and lock out power sources before carrying out any work. Always use appropriate tools, preferably with handles, to unjam equipment #8 Report faults and accidents immediately #9 Always keep all access points to emergency equipment and evacuation exits clear and in working order #10 Smoke only in designated areas
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254 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Diversity Corticeira Amorim views diversity as a factor in organisational enrichment and value creation, promoting the provision of employment and professional development opportunities regardless of gender , sexual orientation, race, country of origin or language, age, ethnicity , religion, political or ideological beliefs, or trade union membership. Diversity within the workforce contributes to the creation of a more positive, inclusive and collaborative working environment, encouraging the sharing of perspectives, improving internal communication and strengthening collaboration between teams. As part of our commitment to promoting diversity , specific measures were implemented in 2025, namely: • Promoting inclusive recruitment practices, ensuring processes based on merit and skills criteria, free from discriminatory barriers; • Strengthening cross-functional training in DEI, with a focus on raising awareness of unconscious biases and promoting inclusive behaviours; • Setting clear objectives for promoting diversity , including the recruitment of women for roles where their gender is under- represented, without compromising the principles of suitability of skills and merit; • Regular follow-up meetings with Company leaders to monitor progress on diversity and inclusion initiatives and identify opportunities for improvement. At the same time, the Company has been strengthening measures to integrate foreign workers, promoting conditions that facilitate their adaptation to the working and cultural environment, access to information and full participation in the life of the Organisation. These measures help to ensure a respectful, inclusive working environment that reflects the diversity of backgrounds within the Company . Equal treatment and opportunities for all, diversity and inclusion Corticeira Amorim regards equal treatment and equal opportunities, diversity and inclusion as the cornerstones of its Human Resources policy and organisational culture. The Company promotes a working environment based on respect, fairness and the valuing of differences, recognising that diverse and inclusive teams contribute to better organisational performance, innovation and business sustainability . The Company is confident that the measures adopted contribute to building a more diverse, inclusive and equitable working environment, enhancing people’s well-being, internal cohesion and the sustainability of human capital. Equal treatment and opportunities Equal treatment and opportunities for all workers is a basic principle of Corticeira Amorim’s Human Resources Policy . The Company promotes a fair remuneration policy , based on the principle of equal pay for work of equal value, as well as equal access to career progression and development opportunities, regardless of gender , origin, age or other personal characteristics. In Portugal, Corticeira Amorim responds to gender surveys and audits conducted by the relevant official bodies, namely the Commission for Equality in W ork and Employment (CITE) and the Authority for W orking Conditions (ACT), which aim to assess the representation of women at different hierarchical levels and the existence of any pay gaps. These exercises have enabled us to monitor the degree of implementation of the measures adopted and to identify opportunities for continuous improvement. In 2025, the Equality Plan was renewed, with its scope extended to include diversity and inclusion, renewing the Company’s commitment to equal opportunities and the elimination of any form of discrimination in the workplace. Among the initiatives, particular mention should be made of the work aimed at establishing a methodology for analysing gender-related pay gaps, as noted in the section Adequate wages. Inclusion In the area of inclusion, Corticeira Amorim maintains partnerships and protocols with organisations specialising in the integration of people with declared disabilities into the labour market, notably with the Gaia V ocational Rehabilitation Centre (CRPG), as well as participating in inclusive recruitment initiatives and events. In addition, training and awareness-raising initiatives are promoted for workers, as well as themed campaigns — such as diversity weeks and celebrations of international events — which aim to raise awareness and consolidate a culture of respect and inclusion across all business units.
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255 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Human capital (talent attraction and retention) Corticeira Amorim has been investing in attracting talent, especially in the areas of cork oak forest management and cork extraction, which are essential for the sustainability and innovation of the sector . In addition to these roles, the Company is also looking for highly qualified professionals to strengthen its teams in more specialised areas. This endeavour aims not only to preserve the legacy and tradition of cork, but also to drive the development of innovative and sustainable solutions in the sector . Attracting and retaining talent is one of the priority action areas, especially as regards recruiting young people. The Company has always favoured long-term relationships and commitments when it comes to its workers. When recruiting staff, the Company’s trainee programs are often used, with continuous investment in the training and development of the skills of these workers. In a context of greater generalized difficulty in attracting and retaining talent, the Company responded with a set of initiatives aimed at ensuring its ability to attract and retain differentiating skills. Among the most relevant initiatives during 2025, the following stand out: • Employer branding: intensified institutional presence of Corticeira Amorim at several Job Fairs and Career Days, alongside relevant educational institutions, as well as the participation of Company Executives in university workshops on a wide range of topics; • Curricular and professional internship programmes: resulting from collaborations and protocols with universities and higher education institutions, which continue to be vital sources of recruitment. Each of Corticeira Amorim’s companies has internship programmes for young people at the start of their careers. In particular , the Cork Potential and Cork Talent programmes have provided a wealth of skills and qualifications which, in the medium term, will underpin the workforce of the Organisation’s companies; • Organisational culture programmes: The Think Customer programme aims to raise awareness of the importance of a customer-orientated organisational culture. The aim is for all the teams involved to analyse the results of their internal interlocutors’ perceptions, collected through a net promoter score survey , and implement an action plan to improve the level of service. The Think Team programme complements the Think Customer programme and aims to promote the development of interpersonal relationships within the team, as well as an internal culture of cooperation and commitment, so that teams continually improve the service they provide. In 2025, the final module — Think Organisation — was launched, with the aim of promoting debate and alignment on process improvement and new work organisation models; • Programmes aimed at management teams: Programmes such as the I am Cork Leader and Lead Up aim to enhance the quality of leadership and its direct impact on the results and performance of the Organisation; • Mobility programmes: The Mobility+ internal programme is aimed at internal recruitment and is both a way of attracting and retaining talent. By making internal job vacancies available, this programme aims to contribute to integrated people management, promoting new challenges and career development opportunities. With four years of formal existence, the programme registered a record number of inter- company mobilities in 2025; • Retraining and upgrading skills: with a special focus on the professional categories of industrial operations maintenance and support, these initiatives are aimed at upgrading the skills needed in order to keep up with technological developments, while also promoting professional and career progression; • Onboarding and integration: particularly noteworthy in this area is the On Cork Programme, which welcomed over 100 staff members in 2025, introducing them to Corticeira Amorim’s businesses, raw materials, processes and culture. Also launched was the Cork Diving Programme, which spans all companies and encompasses every stage and process involved in the onboarding and integration of all new employees, standardising admission planning, communication, the onboarding process itself, and post-onboarding integration follow-up; • Programmes for Y oung Professionals: the Y oung @ Cork programme aims to enhance the employee experience of a key demographic for Corticeira Amorim: young people with higher education qualifications aged up to 30. The aim is to Equality Plan Corticeira Amorim’s Equality Plan falls within the scope of DEI and is aligned with the Organisation’s strategy, mission and values. The Plan is structured around a set of priority areas of action, which aim to promote gender equality and non-discrimination in the workplace and in employment, namely: • An explicit commitment by the Organisation, both internally and externally, to promoting gender equality, diversity and inclusion, including the setting of objectives, targets and their monitoring; • Equal access to employment and professional development opportunities; • Initial and ongoing training, aimed at raising awareness, engaging and empowering management and all employees on the issues of diversity, gender balance and inclusion; • Promotion of equality in working conditions, including work-life balance and protection of parental rights; • Improvements in the representation of women and the inclusion of people with disabilities; • Prevention of harassment in the workplace and promotion of safer, fairer and more inclusive working environments. The actions set out in the Plan are implemented through a series of annual and multi-annual measures and initiatives, supported by quantitative and qualitative indicators, which enable the monitoring of their implementation and the assessment of the Organisation’s performance in these areas. Corticeira Amorim’s Equality Plan 2026 is available at: https:/ /www.amorim.com/xms/files/Investidores/ Estatutos_Politicas_Regulamentos/Equality_ Plan_2026_EN.pdf
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256 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 communicate with this group in a targeted manner , understand their expectations and view of the Company , fostering communication with senior management and enhancing their understanding of the business, the companies and the people, in order to develop their potential. The Programme includes a major annual event involving around 170 young people (W e are on!), with the third edition having taken place in 2025 under the slogan ‘Driven by Purpose’. It also includes breakfasts with the Chairman of Corticeira Amorim (#Breakfastwiththepresident) and a mentoring programme (Follow Me), which ran twice in 2025, involving 44 pairs of mentors and mentees; • Safety Culture Programme – T ogether for Safety: the Company’s flagship programme for 2025, which involved the entire population of Portugal, in an initiative dedicated to strengthening knowledge in the area of safety and aimed at promoting safe principles, attitudes and behaviours, using a dynamic and interactive methodology , with group sessions led by 94 trainers (young staff members of the Y oung@Cork Programme) over a period of around four months, comprising 357 sessions and totalling 2,788 hours of training. Investment in these areas helps to strengthen our value proposition as an employer , promote team stability , and ensure alignment between skills development, organisational performance and long- term strategic objectives. Cork Diving Programme It aims to standardise and improve the employee experience during the onboarding and integration of new workers, promoting a broader, faster and more efficient understanding of the company, its processes and its people. This involved standardising a set of processes and stages, ranging from the notification of a new worker’s arrival, the planning of various onboarding meetings, a welcome pack, a personalised welcome within the team, and the delivery of common training modules (Code of Professional Conduct and Business Ethics, Diversity, Cybersecurity and Cork Fundamentals) as well as role-specific modules. It also provides for three integration follow-up meetings, to be held between the HR Business Partner, the worker and their line manager one, six and 12 months after their start date. The aim is to foster a positive initial experience for the worker, accelerate their learning curve and adaptation to the organisation, and create communication channels and adjustment mechanisms that ensure this period is a positive experience for the worker, resulting in rapid and successful integration. The process was standardised and implemented across all companies in 2025. Follow ME Mentoring programme for Y oung Executives joining the Y oung@Cork programme. The programme was developed with the aim of promoting the professional growth of young employees, offering them the unique opportunity to learn from and be guided by a more experienced colleague. In this programme, participants are divided into mentor- mentee pairs and have the opportunity to work together and develop side by side: • The mentor will have the opportunity to share all their knowledge and experience; • The mentee will have the opportunity to achieve their goals whilst developing as a person and a professional. The mentors are experienced staff members from the Organisation who are invited to join the programme. Mentees sign up on their own initiative. The programme runs for six months, including a preparatory phase for mentors and mentees and six meetings throughout the period. Mentees set their three objectives for the mentoring process and choose three mentors to support them. The selection (match) is based on the mentor’s experience; the mentor will always be from a different company to that of the mentee, thereby providing a broader understanding of the business, exposure to different contexts, and promoting the mentees’ exposure to other realities. The programme concludes with a joint review session involving all mentors and mentees.
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257 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Training and skills development Training and developing the skills of workers not only ensures that Corticeira Amorim’s teams have the skills and know-how they need, but also helps to keep them satisfied, engaged, motivated and increase their productivity levels. In this context, in 2025, Corticeira Amorim promoted its operations in Portugal: • Medium-term programmes in the areas of leadership (Lead Up and Executive Coaching for Leaders), customer focus (Think Customer) and professional development (Knowledge For Growth, in partnership with the Católica Porto Business School); • Talent programmes with an expected duration of three years aimed at high-potential workers that the Company wants to develop in a more intensive and targeted way (Cork Up); • E-learning programmes as a distinctive development methodology . The availability of a specific platform, with more than 200 courses in English and Portuguese, permitted access to content related to management, behavioural area, micro- computing and languages. This platform aims to use digital tools in order to cover a wide range of employees and, at the same time, permits easy and flexible access to training content; • Succession plans that consider developing workers for planned internal mobility; and • Retraining and upgrading skills with a special focus on the professional categories of industrial operations maintenance and support, these initiatives are aimed at upgrading the skills needed in order to keep up with technological developments. Other work-related rights Privacy Corticeira Amorim has adopted a series of cybersecurity measures and strictly complies with the General Data Protection Regulation (GDPR), which has a positive impact on the personal information of its workers. The protection and privacy of workers’ personal data is ensured, in accordance with the legal rights to confidentiality , anonymity and protection of personal data. These practices are not limited to compliance with the GDPR, but are also aligned with other specific applicable regulations, as described in the Privacy Policy that is attached to the Company’s internal procedures. Resources allocated to the management of material impacts The management of material impacts relating to the own workforce involves multidisciplinary teams from the areas of Human Resources, Health and Safety , Sustainability , Compliance, Governance and Communication, working in conjunction with the BUs. These resources ensure the implementation of the Organisation’s labour policies and the promotion of safe, responsible working conditions that are aligned with Corticeira Amorim’s strategy . In 2025, operating expenses totalled 388.3 million euros, of which 190.7 million euros corresponded to personnel costs. During the same period, around 0.5% of OpEx was invested in training and development, covering initiatives in technical skills, health and safety , DEI, well-being and organisational development. The Organisation is strengthening its information systems to improve its ability to identify and, where applicable, quantify more accurately the resources associated with the management of material issues on the social agenda, ensuring greater transparency and comparability in future financial years. Future prospects In 2026, Corticeira Amorim will continue to build on its existing initiatives in the management of its own workforce. The Organisation will continue the work carried out under the Sustainable by nature programme, as a tool supporting the consolidation of structural projects for the development of people and organisational culture, with a focus on strengthening training programmes, health and safety initiatives, and diversity and inclusion practices. Efforts to strengthen information systems related to social issues will also be intensified, with the aim of improving the quality , monitoring and comparability of data, thereby strengthening the progressive integration of these issues into management processes and the 2025-2027 strategic cycle.
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258 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 departments, which report on them monthly . There are corporate scorecards where this information is disseminated and shared, making it possible to develop specific actions to react to any deviations. At least twice a year , consolidated and individual company data is reported to the ECBD and the Board of Directors. Health and safety Ensuring the safety , health and physical and psychological well- being of workers by promoting suitable working environments is the aim of the Sustainable by nature programme for Safety , health and well-being. This goal, based on the driver: Promote well-being and equal opportunities for all, is aligned with the 2030 Agenda for Sustainable Development, in particular with SDG No. 3 - Ensure access to quality health and promote well- being for all at all ages - and SDG No. 8 - Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all. The Programme defines qualitative targets for 2030, applicable to the entire sustainability perimeter: • Promote safe and secure work environments for all workers; • Provide access to essential quality health services; • Reduce the number of work-related accidents. The Sustainable by nature programme sets quantitative targets for the sustainability targets perimeter14, aligned with the Company’s strategic cycles (usually three years) and with an ambition for 2030. Based on the double materiality assessment carried out in 2024 and the increase in the perimeter of the Consolidated Sustainability Statement to equal the perimeter of the financial statements, during the 2025-2027 strategic cycle Corticeira Amorim will reflect on the need to extend the perimeter of the targets and define new targets and metrics. The new impacts, risks and opportunities identified will be analysed and worked on in existing multidisciplinary working groups or , if necessary , new groups will be created to address them. These groups are fundamental in the goal-setting process. Safety, health and well-being 2030 Goal Ensure the safety, health and physical and psychological well-being of all workers, and promote appropriate work environments 2030 T argets • Promote safe and secure work environments for all workers • Provide access to essential quality health services • Reduce the number of work-related accidents SDGs 14 Information on the Sustainable by nature programme and the companies that form part of the sustainability targets perimeter is available in section 8.1.3 A. Strategy , business model and value chain. 8.8.3 METRICS AND TARGETS A. TARGETS RELATED TO MANAGING MATERIAL NEGATIVE IMPACTS, ADVANCING POSITIVE IMPACTS, AND MANAGING MATERIAL RISKS AND OPPORTUNITIES (S1-5) T arget-setting process With each strategic cycle, the material impacts, risks and opportunities identified with regard to the workers in the workforce are analysed and worked on in multidisciplinary working groups with the coordination of the Human Resources transversal support area. These groups are responsible for meeting with the people in charge of the areas and the respective companies to define and propose a set of metrics and targets to monitor any actions and initiatives defined. These are then presented to the management bodies for approval, prioritised and reflected in the overall definition of the Organisation’s goals. In proposing targets, the working groups, where relevant, take into account existing dialogue processes with workers or their legitimate representatives. The Human Resources departments and the BU administrations meet on average twice a year with the workers’ representatives to discuss the Company’s results, in particular its social performance. These moments also make it possible to identify opportunities for improvement with a view to optimising the Organisation’s performance. T argets In line with Corticeira Amorim’s ESG strategy , the Sustainable by nature programme establishes objectives, targets and metrics for the Organisation’s workers, particularly in the areas of safety , health and well-being, training and skills development, and diversity and gender equality , which enable the commitments formalised in Corticeira Amorim’s policies to be pursued. The indicators for these areas are monitored monthly by the companies’ Health and Safety structures and Human Resources
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259 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 2025-2027 Plan As part of the 2025-2027 strategic cycle, Corticeira Amorim has set a quantitative target, applicable to companies within the sustainability targets perimeter , to reduce the recordable work- related accidents frequency rate by 20% compared to the base year of 2024, falling from a rate of 7.6 to 6.0 by 2027. In 2025, the recordable work-related accidents frequency rate stood at 4.7, showing a significant reduction compared to the base year and a performance clearly above the target set for the period, reflecting the effectiveness of the prevention measures, training and reinforcement of the safety culture implemented. In this context, the 2025-2027 plan target is Ahead of target. 2025-2027 Plan Retrospective T argets Indicator Unit of measurement Expected direction Horizon Baseline year 2024 Comparative year 2024 Reporting year 2025 Change reporting year vs comparative year 2025 Objective 2027 Objective Reporting year progress vs 2025-2027 target Recordable work-related accidents frequency rate no. 2025 -2027 7.6 7.6 4.7 -38.7% 7.5 6.0 Ahead of target Change in recordable work- related accidents frequency rate % 2025 -2027 n/a n/a -38.7% n/a -1.4% -21.2% Ahead of target 2030 Ambition At the same time, Corticeira Amorim maintains a clear and fundamental long-term ambition: to achieve zero reportable work-related accidents across the companies included in its sustainability targets perimeter by 2030. Since the programme’s baseline year in 2020, there has been a steady decline in the number of reportable work-related accidents, falling from 60 to 42 in 2024 and to 25 in 2025. This positive trend demonstrates the gradual strengthening of the safety culture and the increasing capacity of workers to prevent and manage risks. Our goals for 2030 are therefore on track, requiring continued effort, leadership commitment and the active participation of the entire organisation. 2030 Ambition Retrospective 2030 Ambition Indicator Unit of measurement Expected direction Horizon Programme reference year 2020 Comparative year 2024 Reporting year 2025 Change reporting year / comparative year 2030 Ambition Reporting year progress vs target Recordable work-related accidents no. 2020 -2030 60 42 25 -40.5% 0 On track
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260 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 2025-2027 Plan As part of the strategic cycle established to promote fair and inclusive labour relations, Corticeira Amorim has set quantitative targets for the companies included within its sustainability targets perimeter , with a particular focus on increasing the representation of women in management positions. In 2025, women accounted for 26.1% of management positions, a figure in line with that recorded in the comparative year , with no change observed compared to 2024. Given the interim target of 29.0%, performance is currently under W atch, reflecting the need to strengthen initiatives for the development, progression and retention of female talent, in order to ensure accelerated progress in the coming years. 2025-2027 Plan Retrospective T argets Indicator Unit of measurement Expected direction Horizon Baseline year 2024 Comparative year 2024 Reporting year 2025 Change reporting year vs comparative year 2025 Objective 2027 Objective Reporting year progress vs 2025-2027 target Women in management positions % 2025-2027 26.1% 26.1% 26.1% 0 pp 27.0% 29.0% Watch 2030 Ambition Alongside its interim targets, Corticeira Amorim maintains a clear long-term ambition regarding diversity and inclusion, aiming to achieve zero discrimination and promote gender balance by 2030. This ambition translates into the goal of achieving 33.3% of women in management positions and an equivalent percentage of women in the total workforce. Since the programme’s baseline year in 2020, there has been a positive and consistent trend in female representation in management roles (from 22.4% to 26.1%) and in the total workforce (reaching 27.9% in 2025), demonstrating progress in line with the defined ambition. The 2030 diversity targets are therefore on track, requiring the continuation of policies and practices promoting inclusion, equal opportunities and the development of talent. 2030 Ambition Retrospective 2030 Ambition Indicator Unit of measurement Expected direction Horizon Programme reference year 2020 Comparative year 2024 Reporting year 2025 Change reporting year vs comparative year 2030 Ambition Reporting year progress vs 2030 ambition Women in management positions % 2020 -2030 22.4% 26.1% 26.1% 0 pp 33.3% On track Women workers % 2020 -2030 24.1% 28.2% 27.9% 0 pp 33.3% On track Employment relations, diversity, gender equality and equal pay for work of equal value Create an inclusive and diverse workplace, guarantee equal opportunities and fair pay , and adopt policies that eliminate discrimination and harassment in the workplace is the goal of the Sustainable by nature programme for Labour Relations, Employment and DEI. This goal, based on the driver Promote well-being and equal opportunities for all, is aligned with the 2030 Agenda for Sustainable Development, in particular with SDG No. 5 - Achieve gender equality and empower all women and girls - and SDG No. 8 - Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all. The Programme defines qualitative targets for 2030, applicable to the entire sustainability perimeter: • Ensure equal access to opportunities; • End all forms of discrimination; • Protect labour rights. The Sustainable by nature programme sets quantitative targets for the sustainability targets perimeter15, aligned with the Company’s strategic cycles (usually three years) and with an ambition for 2030. Based on the double materiality assessment carried out in 2024 and the increase in the perimeter of the Consolidated Sustainability Statement to equal the perimeter of the financial statements, during the 2025-2027 strategic cycle Corticeira Amorim will reflect on the need to extend the perimeter of the targets and define new targets and metrics. Labour relations, employment and DEI 2030 Goal Create an inclusive and diverse working environment, guarantee equal opportunities and fair pay, and adopt policies that eliminate discrimination and harassment in the workplace 2030 T argets • Ensure equal access to opportunities • End all forms of discrimination • Protect labour rights SDGs 15 Information on the Sustainable by nature programme and the companies that form part of the sustainability targets perimeter is available in section 8.1.3 A. Strategy , business model and value chain.
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261 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Training and skills development Encourage training and personal and professional development for workers is the aim of the Sustainable by nature programme for talent management. This goal, based on the driver Promote well-being and equal opportunities for all, is aligned with the 2030 Agenda for Sustainable Development, namely encourage training and personal and professional development for all workers, and with SDG No. 4 - Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all. The Programme defines qualitative targets for 2030, applicable to the entire sustainability perimeter: • Ensure training for all; and • V alue merit-based, judgement-free learning, development, recognition and compensation practices. The Sustainable by nature programme sets quantitative targets for the sustainability targets perimeter16, aligned with the Company’s strategic cycles (usually three years) and with an ambition for 2030. Based on the double materiality assessment carried out in 2024 and the increase in the perimeter of the Consolidated Sustainability Statement to equal the perimeter of the financial statements, during the 2025-2027 strategic cycle Corticeira Amorim will reflect on the need to extend the perimeter of the targets and define new targets and metrics. T alent management 2030 Goal Encourage training and personal and professional development for all workers 2030 T argets • Ensure training for all • Value merit-based, judgement-free learning, development, recognition and compensation practices SDGs 2030 Ambition At the same time, Corticeira Amorim maintains a long-term ambition to ensure universal access to training, setting a target for 100.0% of workers to take part in training by 2030. Since the programme’s baseline year in 2020, there has been continuous and sustained progress, rising from 78.4% to 91.2% in 2024 and to 97.1% in 2025. This positive trajectory reflects the growing integration of training as a cornerstone of people management and organisational development. Thus, the training ambition for 2030 is on track, encouraging the continuation of training initiatives and the ongoing adaptation of training formats and content to the Organisation’s needs. 16 Information on the Sustainable by nature programme and the companies that form part of the sustainability targets perimeter is available in section 8.1.3 A. Strategy , business model and value chain. 2025-2027 Plan As part of the 2025-2027 strategic cycle, Corticeira Amorim set a quantitative target, applicable to companies within the sustainability targets perimeter , to ensure that 95.0% of workers participate in training sessions. In 2025, the percentage of workers who received training reached 97.1%, reflecting an increase of 6 percentage points compared to the previous year and exceeding the target set for the period. This performance demonstrates the consolidation of training practices and increased investment in skills development, positioning the 2025-2027 plan target as Ahead of target. 2025-2027 Plan Retrospective T argets Indicator Unit of measurement Expected direction Horizon Baseline year 2024 Comparative year 2024 Reporting year 2025 Change reporting year vs comparative year 2027 Objective Reporting year progress vs 2025-2027 target Workers with training % 2025 -2027 91.2% 91.2% 97.1% 6 pp 95.0% Ahead of target 2030 Ambition Retrospective 2030 Ambition Indicator Unit of measurement Expected direction Horizon Programme reference year 2020 Comparative year 2024 Reporting year 2025 Change reporting year vs comparative year 2030 Ambition Reporting year progress vs 2030 ambition Workers with training % 2020 -2030 78.4% 91.2% 97.1% 6 pp 100.0% On track
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262 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Monitoring and evaluation of effectiveness Issues relating to material impacts, risks and opportunities are analysed and monitored by internal multidisciplinary working groups. They meet at least quarterly to monitor Corticeira Amorim’s performance in relation to each defined metric and target and, consequently , to determine and implement improvement actions for the respective areas. These groups report to the ECBD at least twice a year and the ECBD is responsible for monitoring and following up on the effectiveness of the actions defined. At least twice a year , the progress of actions and the fulfilment of targets are reported to the Board of Directors. B. CHARACTERISTICS OF THE UNDERTAKING’S EMPLOYEES (S1-6) By the end of 2025, the Organisation had 4,637 workers in its own workforce, as referred to in Note 28 (Personnel costs) of the Notes to the consolidated financial statements, of which 4,341 were employees (1,316 women and 3,025 men). The vast majority of the workers represented in this report work for industrial-based companies. The indicators disclosed in this section are therefore influenced by the predominance of production activities and should be considered in light of this characteristic. The vast majority of Corticeira Amorim’s workers are in Portugal (69.1%) and no other geography accounts for more than 10% of the population. The commitment to managing persons with policies that favour stability and medium and long-term commitment is reflected in the established employment relationship where 92.7% of employees have permanent employment contracts, of which 30.3% are women and 69.7% men. In terms of age, the majority of employees belong to the 30-50 age group (51.6%), followed by the >50 age group (35.5%) and the under-30 age group (12.9%). In recent years, the percentage of employees under the age of 30 has been increasing, contributing to the stabilisation of the average age and the gradual rejuvenation of the working population. However , this trend was not observed in the year under review . The majority of employees has qualification levels 2 and/or 3, and over the past few years, an increase in the average level of qualification has been observed. Corticeira Amorim recognises the importance of attracting and retaining talent to ensure its long-term success. To achieve this, it has made a number of commitments to its employees, promoting a dynamic and attractive working environment. In 2025, the rate of new hires was 13.5%, being higher among women and in the under-30 age group. This evolution results from the measures adopted to achieve the objectives of workforce renewal and rejuvenation, as well as the intention to promote greater gender diversity . Of the total number of vacancies filled throughout the year , 15.6% were due to internal mobility , reflecting a commitment to career development and progression, while 84.4% were filled through external recruitment, contributing to the introduction of new profiles and skills into the Organisation. During the same period, there was an exit rate of 16.8% among employees, with the highest incidence in the age group below 30 years. Of the total number of exits, 62.5% were voluntary , while 37.5% were non-voluntary exits. This dynamic reflects, to a large extent, the context of restructuring experienced by the Organisation throughout 2025, as well as some variations in productive activity that had a specific impact on turnover levels at certain times of the year . Number of employees by gender Gender Unit of measurement 2025 2024 Men no. 3,025 3,155 Women no. 1,316 1,330 Other* no. 0 0 Not reported* no. 0 0 T otal workers no. 4,341 4,485 * In the context of Corticeira Amorim, the category “other” and/or “not reported” is not applicable. Employees by geography Geography Unit of measurement 2025 2024 n.ª % n.º % Portugal no. 3,000 69.1% 3,122 69.6% Rest of the world no. 1,341 30.9% 1,363 30.4% T otal workers no. 4,341 100.0% 4,485 100.0%
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263 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Employees by type of contract, broken down by region 2024 Portugal Resto do Mundo T otal Number of employees (no.) 3,122 1,363 4,485 Number of permanent employees (no.) 2,827 1,335 4,162 Number of temporary (or fixed-term) employees (no.) 295 28 323 Number of employees with non-guaranteed/sporadic work (no.) 0 0 0 Rate of new hires 2025 2024 no. Rate of new hires (%) no. Rate of new hires (%) By age <30 174 31.2% 240 39.8% 30-50 260 11.6% 426 18.2% >50 150 9.7% 167 10.9% By gender Women 234 17.8% 225 16.9% Men 350 11.6% 608 19.3% T otal 584 13.5% 833 18.6% Turnover rate 2025 2024 Outflows no. Turnover rate (%) no. Turnover rate (%) By age <30 226 40.5% 214 35.5% 30-50 352 15.7% 541 23.0% >50 150 9.7% 385 25.0% By gender Women 248 18.8% 315 23.7% Men 480 15.9% 824 26.1% T otal 728 16.8% 1,139 25.4% Employees by type of contract, broken down by gender 2025 Women Men Other* Not reported* T otal Number of employees (no.) 1,316 3,025 0 0 4,341 Number of permanent employees (no.) 1,209 2,815 0 0 4,024 Number of temporary (or fixed-term) employees (no.) 107 210 0 0 317 Number of employees with non-guaranteed/sporadic work (no.) 0 0 0 0 0 Number of full-time employees (no.) 1,277 3,010 0 0 4,287 Number of part-time employees (no.) 39 15 0 0 54 *In the context of Corticeira Amorim, the category “other” and/or “not reported” is not applicable. Employees by type of contract, broken down by gender 2024 Women Men Other* Not reported* T otal Number of employees (no.) 1,330 3,155 0 0 4,485 Number of permanent employees (no.) 1,237 2,925 0 0 4,162 Number of temporary (or fixed-term) employees (no.) 93 230 0 0 323 Number of employees with non-guaranteed/sporadic work (no.) 0 0 0 0 0 Number of full-time employees (no.) 1,301 3,132 0 0 4,432 Number of part-time employees (no.) 29 23 0 0 53 * In the context of Corticeira Amorim, the category “other” and/or “not reported” is not applicable. Employees by type of contract, broken down by region 2025 Portugal Rest of the World T otal Number of employees (no.) 3,000 1,341 4,341 Number of permanent employees (no.) 2,724 1,300 4,024 Number of temporary (or fixed-term) employees (no.) 276 41 317 Number of employees with non-guaranteed/sporadic work (no.) 0 0 0
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264 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 C. CHARACTERISTICS OF NON-EMPLOYEE WORKERS IN THE UNDERTAKING’S OWN WORKFORCE (S1-7) Non-employee workers in Corticeira Amorim’s workforce include both internal contracts (“self-employed workers”) and those established with entities that supply labour to the Company and are mainly engaged in “employment activities” (non-employee workers). The information provided on Corticeira Amorim’s approach to employment, as well as on the scope and nature of the impacts arising from its employment practices, covers both employees and non-employee workers. Examples of non-employee workers include: labour hired on a temporary basis to deal with significant variations in companies’ production activity , usually of shorter duration, as well as workers who provide services or work linked to functional specialities (legal, medicine, nursing) and who do not represent a full-time occupation. On 31 December 2025, Corticeira Amorim had 296 workers in its own workforce who were not employee workers. Of these, 83 were women and 213 were men. The use of temporary labour has to do with variations in production, as this type of workforce is used to cope with more abrupt movements in terms of the pace of production. Self-employed workers are not significant in number and only form part of the Company’s own workforce in sporadic situations. They were therefore not taken into account in the collection and dissemination of data. Methodological assumptions Scope and reporting perimeter: the report includes all employees included within the financial perimeter of Corticeira Amorim, considering only persons with an active employment contract at the reporting date. The report covers permanent and temporary (fixed-term) employees, both full-time and part-time. Source of information and calculation method: all information is extracted from internal human resources management systems, based on formal contract data, administrative records and information declared by the workers themselves (e.g.: gender). The geographical classification reflects the usual workplace. The contractual types and work regimes follow the applicable legal framework and the contract in force. The entries correspond to new hirings during the period, and the exits to the termination of contracts for any reason (termination, retirement, expiry, or others). The respective rates are calculated by dividing the number of entries or exits by the total number of workers. The reported numbers reflect the state at the end of the reporting period and may not capture seasonal fluctuations throughout the year. Methodological assumptions Scope and reporting perimeter: the report covers all non-employee workers who form part of Corticeira Amorim’s own workforce and fall within the Company’s financial perimeter. These include individual service providers contracted directly. Self-employed workers represent an immaterial number within the context of the Company’s own workforce and are only included within the perimeter in specific situations; they have therefore been excluded from the collection and quantitative disclosure of data. Source of information and calculation method: the information is based on data provided by service providers or, where applicable, on information declared by the professionals themselves and recorded in Corticeira Amorim’s internal systems. The gender breakdown uses information provided by third parties and is treated according to the same criteria applied to employees wherever the granularity of the information permits. The reported numbers reflect the state at the end of the reporting period and may not capture seasonal fluctuations throughout the year.
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265 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Collective bargaining coverage and social dialogue 2024 Collective bargaining coverage Social dialogue Coverage Rate Workers - EEA (for countries with > 50 workers, representing > 10% of total workers) Workers - non-EEA (for countries with > 50 workers, representing > 10% of total workers) Workplace representation (EEA only) (for countries with > 50 workers, representing > 10% of total workers) 0 -19% Portugal 20 -39% 40 -59% 60 -79% 80 -100% Portugal Apart from Portugal, there are no countries with more than 50 workers who represent 10% of all employees D. COLLECTIVE BARGAINING AND SOCIAL DIALOGUE COVERAGE (S1-8) Collective bargaining agreements cover 85.6% of employees and form part of the regulation of working conditions, which include, among other aspects, working hours, remuneration, access to training and career progression. The total percentage of employees who are members of workers’ associations is 13.8%. In Portugal, 100% of employees are covered by collective bargaining agreements (53.5% in other countries) and 11.1% are part of workers’ associations (19.8% in other countries). Corticeira Amorim has no companies with more than 50 men or women workers inside or outside Europe that represent more than 10% of the total number of workers. Corticeira Amorim has no agreement with its workers for representation by a European W orks Council (EWC), a Societas Europaea W orks Council (SE) or a Societas Cooperativa Europaea W orks Council (SCE). Collective bargaining coverage and social dialogue 2025 Collective bargaining coverage Social dialogue Coverage Rate Workers - EEA (for countries with > 50 workers, representing > 10% of total workers) Workers - non-EEA (for countries with > 50 workers, representing > 10% of total workers) Workplace representation (EEA only) (for countries with > 50 workers, representing > 10% of total workers) 0 -19% Portugal 20 -39% 40 -59% 60 -79% 80 -100% Portugal Apart from Portugal, there are no countries with more than 50 workers who represent 10% of all employees Methodological assumptions Scope and reporting perimeter: the disclosure covers only employees within the financial perimeter of Corticeira Amorim, reflecting only persons with an active employment contract at the reporting date. Source of information and calculation method: the information is obtained from internal human resources management systems and formal records of collective bargaining agreements and worker representation structures applicable in each country. The coverage rate corresponds to the proportion of workers covered by collective bargaining agreements in force, calculated directly on the basis of internal records. Geographical criterion and materiality Disclosure is made only for geographical areas that cumulatively: i) have more than 50 employees, and ii) represent more than 10% of the Company’s total employees. In 2025, only Portugal meets both criteria; no other relevant geographical areas have been identified for reporting. Social dialogue and workplace representation: disclosure complies with the legal requirements and social dialogue practices applicable within the European Economic Area (EEA), reporting on the existence of formal mechanisms for consultation, information and participation of workers.
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266 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Women in the population Employees Non-employee workers T otal of own workforce workers Permanent contract T emporary contract (fixed-term) Geographies T otal (no.) Women (%) T otal (no.) Women (%) T otal (no.) Women (%) T otal (no.) Women (%) By geography (%) Algeria 32 28.1% 0 0.0% 0 0.0% 32 28.1% 0.7% Australia 17 23.5% 0 0.0% 4 50.0% 21 28.6% 0.5% Chile 46 21.7% 0 0.0% 0 0.0% 46 21.7% 1.0% France 201 43.3% 3 66.7% 0 0.0% 204 43.6% 4.4% Germany 116 28.4% 13 23.1% 0 0.0% 129 27.9% 2.8% Italy 209 40.7% 14 57.1% 14 50.0% 237 42.2% 5.1% Morocco 47 21.3% 1 100.0% 0 0.0% 48 22.9% 1.0% Others 43 18.6% 0 0.0% 0 0.0% 43 18.6% 0.9% Portugal 2,724 28.9% 276 31.9% 220 24.1% 3,220 28.8% 69.4% South Africa 19 36.8% 0 0.0% 0 0.0% 19 36.8% 0.4% Spain 274 25.9% 7 57.1% 51 35.3% 332 28.0% 7.2% Sweden 55 27.3% 3 33.3% 0 0.0% 58 27.6% 1.3% Switzerland 26 23.1% 0 0.0% 0 0.0% 26 23.1% 0.6% Tunisia 70 18.6% 0 0.0% 3 33.3% 73 19.2% 1.6% USA 145 44.8% 0 0.0% 4 50.0% 149 45.0% 3.2% T otal 2025 4,024 30.0% 317 33.8% 296 28.0% 4,637 30.2% 100.0% T otal 2024 4,162 29.7% 323 28.8% 364 33.8% 4,849 30.0% 100.0% E. DIVERSITY METRICS (S1-9) Women in the population The proportion of women within Corticeira Amorim’s workforce has remained broadly stable over the period analysed, accounting for 30.2% of the total in 2025, in line with the figures observed in 2024 and reflecting an upward trend in recent years. This trend highlights a gradual incorporation of gender diversity within the organisation, albeit with significant variations across geographical regions and types of employment contract. The geographical distribution shows that female representation is influenced by the relative weight of operations in each country , as well as by contextual factors, including characteristics of local labour markets, cultural and sectoral frameworks, and the nature of the activities carried out. Women in management positions Corticeira Amorim believes in an inclusive and diverse work environment and in equal career advancement opportunities for women. There are 559 workers in managerial positions, of whom 25.9% are women and 74.1% men. Management positions are all those belonging to the professional categories: administrators, directors, heads of department and team leaders. As such, the Company’s definition of managerial positions includes workers one and two levels below the administrative and management bodies, including team leaders. This approach is justified in the context of Corticeira Amorim, where team supervisors play a crucial role in the operational management of teams. These entities are responsible for the leadership and coordination of the teams, for the selection and performance evaluation of each of the members and, therefore, for the implementation of the Company’s strategy . Women in management positions 2025 T otal Men (no.) % Women (no.) % no. Board members 33 82.5% 7 17.5% 40 Directors 118 83.1% 24 16.9% 142 Heads of department 105 57.7% 77 42.3% 182 T eam leaders 158 81.0% 37 19.0% 195 T otal 2025 414 74.1% 145 25.9% 559 T otal 2024 448 73.7% 160 26.3% 608
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267 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Workers by age, gender, and professional category The age structure of Corticeira Amorim’s own workforce in 2025 shows a predominance of the middle-aged and more experienced age groups, with the highest concentration of workers aged between 30 and 50 (52.2%), as well as those over 50 (33.7%), reflecting the industrial nature of the activities and the value placed on technical experience and accumulated knowledge. Compared with the previous period, there has been a reduction in the proportion of workers under 30. This development comes against a backdrop where the Organisation implemented restructuring processes in certain areas throughout 2025, impacting the composition of the own workforce and the dynamics of worker turnover . Notwithstanding this one-off decrease, the Company has been making targeted efforts to strengthen the attraction and integration of younger profiles, notably through recruitment, training and induction initiatives in operational and technical roles. Analysis by functional category reveals that the presence of younger workers is more significant in operational, technical and management support roles, whilst administrative, executive and managerial positions have a more mature age structure, consistent with the levels of responsibility , seniority and experience required by these roles. This distribution contributes to the continuity of organisational knowledge and the stability of leadership, whilst presenting challenges in terms of the gradual renewal of the workforce. Workers by region, professional category and gender Portugal Rest of the world T otal no. Women (%) no. Women (%) no. Women (%) Board members 21 19.0% 19 15.8% 40 17.5% Directors 77 15.6% 65 18.5% 142 16.9% Heads of department 106 47.2% 76 35.5% 182 42.3% Sales staff 54 40.7% 192 39.1% 246 39.4% Management support technicians 255 43.9% 67 32.8% 322 41.6% T eam leaders 138 17.4% 57 22.8% 195 19.0% Administrative staff 196 54.6% 117 75.2% 313 62.3% Maintenance, quality, logistics technicians 377 23.3% 132 32.6% 509 25.7% Production operators 1996 25.5% 692 27.3% 2,688 25.9% T otal 2025 3220 28.8% 1,417 33.3% 4,637 30.2% T otal 2024 3397 29.0% 1,452 32.2% 4,849 30.0% Workers by region, professional category and gender The distribution of women by role and region highlights differences in the composition of Corticeira Amorim’s workforce, influenced by the nature of the Organisation’s operations in each geographical context. In Portugal, where the majority of production units and industrial activities are concentrated, the functional structure is more heavily weighted towards operational and technical roles, which traditionally have a lower gender balance. In operations outside Portugal, which are mainly focused on distribution, commercial and administrative functions, there is generally a relatively higher proportion of women. The analysis by role shows a higher proportion of women in administrative, management support and commercial roles, whilst the presence of women is lower in operational and technical roles, remaining relatively consistent across geographical areas. Workers by age, gender, and professional category 2025 Age Gender T otal <30 (no.) 30-50 (no.) >50 (no.) Women (no.) Men (no.) no. Board members 0 4 36 7 33 40 Directors 2 62 78 24 118 142 Heads of department 13 111 58 77 105 182 Sales staff 31 127 88 97 149 246 Management support technicians 99 158 65 134 188 322 T eam leaders 11 122 62 37 158 195 Administrative staff 31 153 129 195 118 313 Maintenance, quality and logistics technicians 62 273 174 131 378 509 Production operators 408 1,409 871 697 1,991 2,688 T otal 2025 657 2,419 1,561 1,399 3,238 4,637 T otal 2024 754 2,529 1,566 1,453 3,396 4,849
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268 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 G. SOCIAL PROTECTION (S1-11) Employees of Corticeira Amorim, in all the regions where the Company operates, are covered by the social protection systems in force in their respective countries. These systems generally cover situations involving loss of pay associated with illness, family leave (including parental leave), unemployment, workplace accidents, acquired disability and retirement. In addition, the Company provides a range of benefits designed to address any gaps in these public schemes, depending on the different national contexts. In Portugal, where around 69.1% of employees are based, these benefits include, in particular , health insurance, supplementary payments in the event of an accident, and the possibility of granting one-off loans to provide support in times of need. Methodological assumptions Scope and reporting perimeter: the metric covers all employees included within Corticeira Amorim’s financial perimeter who are covered by social protection systems, whether these are public, statutory, mandatory or supplementary schemes provided by the Company. Disclosure complies with the requirements of ESRS S1, covering social protection applicable to situations of illness, unemployment, workplace accidents and acquired disability, parental leave and retirement. Source of information and calculation method: the information is obtained from internal human resources systems, supplemented by documentary evidence relating to statutory schemes, collective agreements and supplementary benefits. The number of workers covered corresponds to the total number of employees with an active contract as at the reporting date who: i) are covered by mandatory public social protection schemes; or ii) benefit from additional protection mechanisms offered by the Company (e.g. health insurance, personal accident insurance, supplementary pension plans). Glossary: social protection refers to the set of legal mechanisms, whether public or supplementary, designed to provide an income in the event of illness, unemployment, accident, disability, parental leave or retirement; compulsory cover refers to the protection defined by national or supranational legislation applicable to all employees; supplementary benefits refer to the additional protection mechanisms provided by the Company. F. ADEQUATE WAGES (S1-10) In 2025, Corticeira Amorim carried out an evaluation of the salaries earned by all its employees in order to assess the adequacy of their salaries. On the basis of the evaluation criteria defined and the methodology adopted, Corticeira Amorim concluded that all its employees receive an adequate salary in accordance with the applicable benchmarks. Methodological assumptions Scope and reporting perimeter: the assessment of wage adequacy covers all employees within Corticeira Amorim’s financial perimeter, taking into account only those with an active employment contract as at the reporting date, and reflects figures that ensure decent living conditions and comply with the legal and/or collective bargaining rules applicable in each country. Source of information and calculation method: the determination of the lowest wage paid by the Company and the comparison with the appropriate reference wage follow the guidelines of ESRS S1, including the decision tree set out in the standard. The wage data used for this analysis are drawn from internal human resources management systems, based on gross monthly contractual amounts. Calculation of the adequate wage: • Companies in the European Economic Area (EEA): for workers of Group companies located in the EEA, the appropriate wage used as a reference follows Directive (EU) 2022/2041, taking into account: i) the applicable statutory minimum wage; or ii) where applicable, the minimum wage provided for in collective bargaining agreements. Where there is a higher statutory or collectively agreed minimum wage, this shall prevail as the benchmark for adequacy; • Companies outside the EEA: for operations located outside the EEA, the determination of the adequate wage follows the hierarchy set out in the ESRS: i) wage levels established by international, national or sub-national legislation, including official standards and collective agreements, where these are based on an assessment of the cost of living and criteria for a living wage; ii) the statutory minimum wage (national or sub-national), where applicable; iii) in the absence of relevant formal instruments, a benchmark analysis based on proxies from countries or regions with comparable costs of living and income levels. Methodological assumptions Scope and reporting perimeter: the metrics cover the entire own workforce included within Corticeira Amorim’s financial perimeter, including employees and non-employee workers. Source of information and calculation method: the information is obtained from internal human resources management systems, based on administrative data regarding contracts, role, hierarchical level and usual place of work. Information regarding non-employee workers is provided by service providers or collected directly where available. The geographical distribution reflects the usual place of work and is presented in aggregate form between Portugal and the Rest of the World, in line with the Company’s operational structure. Individuals are classified into internally defined functional categories, ensuring consistency across geographical areas and periods. The identification and classification of management positions are based on the formal organisational structure and internally defined levels of responsibility. Information on gender is extracted from internal human resources management systems, based on self-declaration by workers or, in the case of non-employees, on information provided by third parties. Individuals are classified into three age groups, calculated based on age at the reporting date: i) < 30 years; ii) 30–50 years; iii) > 50 years.
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269 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 The Company has also been implementing a system with similar dimensions and specific to operational functions, which covers direct and indirect industrial operators and also the administrative population. These programmes began in 2022 and mainly cover companies located in Portugal, although other locations have also adopted the same programmes. The overall indicator shows that 72.2% of workers are covered by this system. In Portugal, this percentage reached 87.5%. H. PERSONS WITH DISABILITIES (S1-12) Corticeira Amorim is committed to inclusion and diversity in the workplace, offering opportunities to persons with disabilities, including those with a degree of incapacity exceeding 60%, in accordance with the national legislation of the countries in which it operates. The Company believes that inclusion is an ongoing journey and is committed to working to create a work environment where everyone feels they belong, are valued and engaged. In 2025, the percentage of employees with a declared disability was 1.6%. Workers with declared disabilities Unit of measurement 2025 2024 Employees with declared disabilities no. 69 53 Employees with declared disabilities % 1.6% 1.2% Methodological assumptions Scope and reporting perimeter: the metric covers employees within Corticeira Amorim’s financial perimeter who have formally declared a situation of disability in the internal human resources systems, in accordance with applicable legislation on the protection of personal data. Source of information and calculation method: information regarding disability is based exclusively on the voluntary declaration made by the worker themselves, recorded in the Company’s internal systems. Situations that are not declared or not formally recorded are not taken into account. The reported data correspond to the situation at the end of the reporting period, reflecting the number of workers with a declared disability at that specific time. I. TRAINING AND SKILLS DEVELOPMENT METRICS (S1-13) Workers with regular performance and career development reviews Corticeira Amorim has implemented a performance management system that encompasses management by objectives, performance assessment and development of skills (professional development plans). It is a management tool with proven track records in promoting individual and organisational performance in companies. It covers all the Organisation’s middle and upper management. Workers with regular performance and career development reviews Unit of measurement 2025 2024 By employment contract Employees % 71.5% 60.5% Non-employee workers % 83.4% 88.7% By gender Women % 69.5% 65.5% Men % 73.4% 61.3% By geography Portugal % 87.5% 76.7% Rest of the world % 37.5% 29.5% By professional category Board members % 37.5% 30.8% Directors % 57.7% 58.7% Heads of department % 79.1% 63.6% Sales staff % 56.1% 38.7% Management support technicians % 81.7% 72.6% T eam leaders % 75.4% 64.3% Administrative staff % 70.9% 59.5% Maintenance, quality and logistics technicians % 75.6% 58.7% Production operators % 72.7% 65.1% T otal % 72.2% 62.6%
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270 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Hours of training for workers Corticeira Amorim recorded 103,000 hours of training, corresponding to an average of 22.2 hours per person. This performance was influenced, in part, by the restructuring process that took place throughout the year at the Amorim Cork Solutions BU, which involved organisational and operational adjustments that impacted the planning and delivery of training activities. Training focused primarily on employees, who accounted for the majority of training hours, while non-employee workers saw a reduction in both training volume and intensity compared to the previous year . The training workload remained broadly balanced between genders and was concentrated mainly in Portugal, reflecting the weight of the Company’s industrial operations. Training showed a clear focus on categories with greater technical and coordination responsibilities, notably department heads, management support technicians and team supervisors, who recorded the highest average number of training hours. This distribution reflects the priority given to developing skills in middle management, operational management and critical business support functions. In operational and technical roles, as well as in administrative and commercial areas, training maintained a more consistent intensity and was aligned with job requirements. At management and executive level, the average number of training hours is lower , in line with more senior profiles and more selective training. In terms of content, technical and on-the-job training, along with training in occupational health and safety and well-being, accounted for the vast majority of training hours (+50%). In addition, the training covered areas such as behaviour , compliance, ethics and corruption, the environment and biodiversity , DEI, human rights and working practices, reflecting the growing importance of these issues in the Company’s day-to-day operations. The diversity of training areas demonstrates the Company’s commitment to investing in the all-round development of its workers, promoting an environment of continuous learning and professional growth. Workers’ training 2025 2024 Training hours Unit of measurement no. average no. average By employment contract Employees h 90,145 20.8 83,632 18.6 Non-employee workers h 12,865 43.5 24,163 66.4 By gender Women h 32,478 23.2 36,918 25.4 Men h 70,531 21.8 70,877 20.9 By geography Portugal h 95,535 29.7 101,670 29.9 Rest of the world h 7,474 5.3 6,125 4.3 T otal 103,009 22.2 107,795 22.2 Workers with training Unit of measurement 2025 2024 By employment contract Employees % 79.5% 81.4% Non-employee workers % 92.6% 86.8% By gender Women % 78.1% 74.5% Men % 81.3% 85.0% By geography Portugal % 94.1% 87.8% Rest of the world % 48.9% 67.9% T otal % 80.3% 81.9% Globally , the data confirms a comprehensive and differentiated training policy , tailored to the responsibilities and specific needs of the different professional categories, in line with the industrial and operational nature of Corticeira Amorim’s activities.
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271 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Employee training 2025 Professional category Women (no.) Average hours of training (no.) Men (no.) Average hours of training (no.) T otal (no.) Average hours of training (no.) Board members 136 19.4 133 4.0 269 6.7 Directors 248 10.3 3,085 26.1 3,333 23.5 Heads of department 3,884 50.4 3,746 35.7 7,630 41.9 Sales staff 1,229 12.7 1,813 12.2 3,042 12.4 Management support technicians 8,604 64.2 11,399 60.6 20,003 62.1 T eam leaders 1,027 27.7 3,886 24.6 4,913 25.2 Administrative staff 3,770 19.4 1,575 13.4 5,345 17.1 Maintenance, quality and logistics technicians 2,619 20.1 9,710 26.0 12,329 24.5 Production operators 8,431 13.7 24,852 13.9 33,283 13.9 T otal 29,947 22.8 60,198 19.9 90,145 20.8 Employee training 2024 Professional category Women (no.) Average hours of training (no.) Men (no.) Average hours of training (no.) T otal (no.) Average hours of training (no.) Board members 52 19.4 260 4.1 311 8.0 Directors 836 8.9 3,657 24.3 4,493 29.0 Heads of department 3,876 47.4 5,625 35.7 9,501 50.8 Sales staff 1,044 13.8 1,328 12.0 2,372 9.9 Management support technicians 9,284 69.4 8,152 60.0 17,436 55.5 T eam leaders 1,191 23.9 4,398 21.1 5,588 24.6 Administrative staff 3,560 17.1 1,594 13.9 5,154 15.5 Maintenance, quality and logistics technicians 2,264 20.3 9,469 23.4 11,732 21.6 Production operators 7,338 13.9 19,705 13.5 27,043 11.1 T otal 29,445 22.5 54,187 19.1 83,632 18.6 Methodological assumptions Scope and reporting perimeter: the metrics cover the workers included in Corticeira Amorim’s financial perimeter, including employees and non- employee workers, as applicable. Source of information and calculation method: the information is obtained from internal human resource management systems, which record participation in training actions, development programs, capacity- building initiatives, and other learning activities throughout the reporting period. The classification by type of employment relationship, gender, geography and professional category follows the administrative information registered internally or, in the case of non-employee workers, the data provided by third-party entities. The following typologies were applied: i) employees vs. non-employee workers, based on the contract in force at the reporting date; ii) by gender, in accordance with the information declared by the worker themselves; iii) by geography, based on the usual place of work, aggregated between Portugal and the Rest of the World; iv) by professional category, in accordance with the Company’s organisational structure. Indicators and metrics are calculated as: • Number of workers covered by regular performance reviews ÷ total workers in the same category × 100; • Number of workers with training ÷ total number of workers in the same category × 100; • T otal hours of training recorded in the category ÷ number of workers in the category who attended training. Limitations and degree of estimation: the training hours may vary between professional categories due to differences in the number of participants, in the duration and type of training activities, and in the specific needs of each role, which does not compromise the reliability of the data but limits direct comparisons between categories.
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272 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 J. HEAL TH AND SAFETY METRICS (S1-14) Company’s health and safety management system In 2025, 100% of Corticeira Amorim workers are covered by health and safety management systems, ensuring comprehensive coverage of the own workforce across all of the Company’s establishments. This coverage stems from a combination of certified external systems and internal management systems, applied consistently across the various operational contexts. The distribution between external and internal systems remained broadly stable compared to the previous year , highlighting the maturity and consolidation of the approach to OSH management. This comprehensive coverage is a key element of the policy on the prevention of occupational risks and the promotion of safe and healthy working environments, in line with Corticeira Amorim’s social priorities. External certification of management systems is increasingly becoming a priority . Certification according to international standards of OHS/social responsibility , such as ISO 45001 and SA 8000, is implemented in 36.4% of Corticeira Amorim’s PUs and covers 58.5% of the Company’s own workforce. Certifications/audits/verifications 2025 2024 no. % no. % External health and safety management system* 2,713 58.5% 2,763 57.0% Internal health and safety management system 1,924 41.5% 2,086 43.0% T otal workers covered by occupational health and safety management systems 4,637 100.0% 4,849 100.0% * Includes Family Audit, Investors in People, ISO 45001 and SA 8000 Other indicators In 2025, Corticeira Amorim recorded an overall improvement in health and safety indicators compared to the previous year . The total number of recordable work-related accidents decreased to 47 occurrences (2024: 59), reflecting a reduction in the accident frequency rate to 6.2 (2024: 8.0). This positive evolution is observed among both employees and non-employee workers. In the same period, there was a very significant reduction in occupational diseases, which decreased from 46 to 29 cases, accompanied by a significant drop in the respective index. The impact of incidents also declined, with days lost to work-related injuries and fatalities falling to approximately 2,603, down from over 6,704 in 2024. The absenteeism rate followed this trend, also recording a reduction. In 2025, an employee’s death was recorded as a result of work- related injuries. This is a serious and exceptional event in the context of the positive evolution of the other indicators, which reinforces the importance of continuous attention to the prevention of high- severity accidents. No deaths of non-employee workers or value chain workers were recorded at the Company’s sites. Taken together , the data demonstrate consistent progress in reducing accident rates and the impact of incidents, without prejudice to the need to maintain a permanent focus on the prevention of serious and fatal accidents, in line with Corticeira Amorim’s commitment to occupational health, safety and well- being. Other health and safety metrics Unit of measurement 2025 2024 Recordable work-related accidents Employees no. 41 54 Non-employee workers no. 6 5 Recordable work-related accidents no. 47 59 Recordable work-related accidents frequency rate Employees 5.9 7.8 Non-employee workers 10.0 10.4 Recordable work-related accidents frequency rate 6.2 8.0 Work-related ill health Employees no. 29 46 Non-employee workers no. 0 0 Work-related ill health no. 29 46 Work-related ill health rate 3.8 6.2 Days lost to work-related injuries and fatalities Employees no. 2,383 6,231 Non-employee workers no. 220 473 Days lost to work-related injuries and fatalities no. 2,603 6,704 Fatalities as a result of injuries Employees no. 1 0 Non-employee workers no. 0 0 Workers in the value chain no. 0 0 Fatalities as a result of injuries no. 1 0 High-consequence frequency rate no. 0.5 0.1 Severity index no. 344 905 Absenteeism rate % 4.6% 5.6%
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273 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 K. WORK-LIFE BALANCE METRICS (S1-15) The uptake of family support leave has increased, covering around 5.1% of employees, compared with 3.0% in the previous year . Take-up remains balanced across genders, reflecting the universal application of this right and the growing normalisation of its use within the Organisation. The return-to-work rate following family support leave stood at 94.8% overall, highlighting the Organisation’s ability to ensure the reintegration of workers following periods of absence due to family responsibilities. The rate is high for both genders, being slightly higher among men. The retention rate following return from leave reached approximately 83.3% overall, with the retention rate for men being particularly noteworthy , suggesting a positive trend in the stability of the employment relationship following the taking of this type of leave. Overall, the data indicate a growing use of family leave, accompanied by high return and retention rates, in line with Corticeira Amorim’s policy of promoting work-life balance and supporting career continuity . Employees that took family-related leaves 2025 Women (no.) % Men (no.) % T otal (no.) % Employees that took family-related leaves 64 4.9% 156 5.2% 220 5.1% 2024 Women (no.) % Men (no.) % T otal (no.) % Employees that took family-related leaves 47 3.5% 88 2.8% 135 3.0% Return-to-work rate and retention rate 2025 Unit of measurement Women Men T otal Return-to-work rate % 87.7% 97.8% 94.8% Retention rate % 68.9% 91.4% 83.3% Methodological assumptions Scope and reporting perimeter: the metrics cover all own workforce workers, both employees and non-employee workers, included in Corticeira Amorim’s financial perimeter. Source of information and calculation method: the information is obtained from the Company’s internal systems, which record work-related accidents, work-related illnesses, lost days, absences and hours worked, allowing disaggregation by type of employment relationship, and also record the existence and scope of certified or audited external systems (ISO 45001, SA 8000, Family Audit and Investors in People), associating each worker with the system applicable to the establishment where they carry out their activity. Indicators and metrics: the procedure for calculating health and safety indicators is aligned with the ILO Code of Practice, ensuring methodological consistency and international comparability. • Recordable work-related accidents frequency rate: Number of recordable work-related accidents ÷ Hours worked × 1,000,000; • Work-related ill health frequency rate: Number of work-related ill health ÷ Hours worked × 1,000,000; • High-consequence injury frequency rate: Number of high consequence accidents ÷ Hours worked × 1,000,000; • Severity index: Number of days lost ÷ Hours worked × 1,000,000; • Absenteeism rate: Days of absence ÷ Potential days worked; • Coverage of the health and safety management system: the percentages presented correspond to the proportion of workers covered by each type of health and safety management system in relation to the total own workforce. Glossary: recordable work-related accidents refer to high-consequence accidents; lost days and potential days worked follow the international definitions of the ILO Code of Practice. For the calculation of the accident frequency index, only accidents that result in lost days are considered; in determining the lost days, only working days are counted, starting the count on the day following the accident until the worker’s actual return to work; in the calculation of potential days worked, public holidays are not considered. T emporal comparability and restatements: the 2024 and 2025 data were prepared using a consistent methodology, ensuring comparability between periods; the number of work-related ill-health reported for 2024 has been restated from 145 to 46, due to a misreporting error. Methodological assumptions Scope and reporting perimeter: the metric exclusively covers the employees of Corticeira Amorim that took family-related leaves during the reporting period. Source of information and calculation method: the information comes from the internal human resource management systems, which record family-related leaves, returns to work, and retention after return. Indicators and metrics: the return rate corresponds to the proportion of workers who returned after the end of the leave, the retention rate corresponds to the proportion of workers who remained in the Company after returning, and the number and percentage of individuals who took leave are derived from internal records of absences classified as family- related leaves. Glossary: family-related leaves include parental leave and other legally provided leave for family assistance.
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274 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 L. REMUNERATION METRICS (PAY GAP AND TOTAL REMUNERATION) (S1-16) Gender pay gap In 2025, the total pay gap between men and women stood at around 12.2%, registering a slight increase compared to the previous period. This evolution reflects different dynamics among professional categories and geographies, rather than cross-cutting structural changes. By professional category , a reduction in the gender pay gap is observed at management and middle management levels, particularly among directors and department heads, when compared with the previous year . In contrast, certain operational and commercial categories show a slight widening of the gap, while others maintain residual values or values close to zero. The geographical analysis shows that the pay gap is higher in the Rest of the W orld than in Portugal, maintaining a trend already observed in the previous period, which reflects differences in local contexts, functional structure, and workforce composition, but also the different levels of maturity of sustainability reporting practices and systems, as operations outside Portugal integrated the consolidated perimeter as of 2024. These geographies are at an early stage of policy and process implementation and harmonisation, which contributes to greater variability in the indicators. The future evolution should be analysed from a medium-term perspective, as practices are consolidated throughout the Organisation. Gender pay gap Unit of measurement 2025 2024 By professional category Directors % 10.5% 22.2% Heads of department % 17.3% 24.9% Sales staff % 30.4% 28.5% Management support technicians % 19.7% 14.9% T eam leaders % 4.9% 10.5% Administrative staff % -4.2% -5.8% Maintenance, quality and logistics technicians % 0.3% 2.6% Production operators % 9.7% 8.9% By geography Portugal % 12.8% 10.7% Rest of the world % 15.5% 12.3% T otal gender pay gap % 12.2% 10.1% Annual total remuneration ratio of the highest paid individual With regard to equity in annual total remuneration, the ratio of the annual total remuneration of the highest paid employee to the median annual total remuneration of all employees was 26.0. Methodological assumptions Scope and reporting perimeter: the metric covers all employees included in Corticeira Amorim’s financial perimeter. Source of information and calculation method: the information used is derived from internal human resources systems, aggregated at the level of professional categories and based on the salary components recorded and comparable for the reporting period. Indicators and metrics: The pay gap corresponds to the percentage difference between the average remuneration of men and women, analysed by professional category, by geography (Portugal and the Rest of the World), and for the total population; the ratio corresponds to the relationship between the highest-paid worker’s total annual remuneration and the median total annual remuneration of the employee population, determined based on the median of average remunerations by professional category (excluding the highest-paid individual). Glossary: annual total remuneration includes the sum of fixed and variable components recorded in the internal systems during the reporting period. Limitations and degree of estimation: the results reflect differences in the distribution of men and women by roles, levels of responsibility, seniority, and geographies, and do not constitute, by themselves, a measure of pay gap for work of equal value. Corticeira Amorim does not currently calculate the adjusted gender pay gap. Thus, this data point is not applicable in the reporting period.
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275 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 As part of the Hearts of Cork corporate social responsibility programme, and following close consultation with Corticeira Amorim’s workers, the following areas have been identified as priorities: Health and Well-being, Citizenship and Social Support, the Environment and Biodiversity Protection, Education and Development, and Culture and Community. This is a collective challenge, driven by leaders and teams who believe that business success is only complete when it also generates human and social value.
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276 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 8.9 ESRS S2 – Workers in the value chain (SDGs 8, 12, 17) The approach to determining material impacts, risks and opportunities in relation to workers in the value chain is described in section 8.1.4 A. Description of the process to identify and assess material impacts, risks and opportunities. 8.9.1 STRATEGY A. MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND BUSINESS MODEL (ESRS 2 SBM-3) W orkers in the value chain are people who perform work in upstream and downstream activities of Corticeira Amorim and who are, or may be, materially affected by its activities. The Organisation depends on the essential work of everyone in its value chain, from the forest owners who look after the cork oak forests to the workers involved in other critical stages, such as raw material suppliers, partners, particularly in distribution and logistics, and service providers who contribute to transforming cork into quality products, integrated into various market sectors. These workers play a fundamental role in guaranteeing the quality and sustainability of the final products. In the context of the Organisation’s business model and its value chain relationships, the material topics identified in relation to workers in the value chain include, among others: employment security , working hours, adequate wages, work-life balance, occupational health and safety , training and skills development, violence and harassment in the workplace, privacy , child labour and forced labour .
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277 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Social IRO +/- A/P OO/U/D Time horizon Policy ESRS S2: Workers in the value chain 1 - Working conditions Excessive, unregulated working hours, leading to potential breaches of legislation and impacting on the work-life balance of workers in the value chain I P U Human Resources Policy Human Rights Policy Suppliers’ Code of Ethics and Conduct Possible reputational risk due to potential business relationships with suppliers associated with precarious, part-time and non-secure employment practices and unregulated working hours R U Exposure to health and safety risks with potential negative impacts on workers in the value chain I P U + D Operational disruption caused by workplace accidents, occupational illnesses, or fatalities within the supply chain arising from unsafe working conditions R U Risk of disturbance or disruption in the supply chain due to absenteeism, dissatisfaction or strikes by workers upstream in the value chain R U Contribution to the health and safety of workers from small cork producers through training and capacity-building, namely the sharing of best practices and the promotion of certification I P U Improved resilience to disruptions in the supply chain, resulting from a safe working environment for workers in the value chain O U Risk of exposure to legal proceedings or reputational damage due to the absence of a robust due diligence process R OO 2 - Equal treatment and opportunities for all Potential incidents of violence and harassment in the workplace against workers in the value chain I P U + D Human Resources Policy Human Rights Policy Suppliers’ Code of Ethics and Conduct Potential reputational risk resulting from connotation with cases of violence and harassment in the value chain R U Risk of reduced quality of procured products resulting from insufficient skills and knowledge among upstream value chain workers due to the lack of adequate training and skills development programmes R U 3 - Other work-related rights Potential practices of forced labour or child labour, more likely in geographies with less labour protection I P U + D Human Resources Policy Human Rights Policy Suppliers’ Code of Ethics and Conduct Risk of reputational damage due to connotation with incidents of child and/or forced labour in the value chain R U Potential negative impact on workers upstream and downstream in the value chain due to the breach of their personal information. The breach of workers’ privacy rights throughout the value chain can negatively affect workers’ satisfaction and motivation I P U + D I - Impact; R - Risk; O - Opportunity; A - Actual; P - Potential; OO - Own operations; U - Upstream; D - Downstream Positive impact; Negative impact. - Short-term; - Medium-term; - Long-term The position of each topic in the materiality matrix is determined by the highest absolute value, whether from the impact perspective (regardless of whether positive or negative) or the financial perspective (regardless of whether in terms of risk or opportunity). = Materiality threshold 1 32 = IMPACT MATERIALITY FINANCIAL MATERIALITY = MATERIAL FROM A FINANCIAL PERSPECTIVE MATERIAL FROM A DOUBLE PERSPECTIVE MATERIAL FROM AN IMPACT PERSPECTIVENON-MATERIAL
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278 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Negative impacts W orkers in the value chain, upstream and downstream, can be subjected to excessive, unregulated working hours, leading to potential violations of legislation on working hours. This has been identified as a potential negative impact in the short, medium and long term, also influencing their work-life balance. In addition, throughout the value chain, workers are exposed to OHS risks that can potentially have negative impacts in the short, medium and long term, such as physical injuries resulting from accidents at work or occupational illnesses. Violence and harassment in the workplace have a negative impact on the physical and psychological well-being of workers. Corticeira Amorim has identified as a potential negative impact, in the short, medium and long term, potential cases and incidents of violence or harassment against workers up and down the value chain. In the double materiality assessment process, possible child labour or forced labour practices were also identified as a potential negative impact in the short, medium and long term on the well-being of workers in the value chain, particularly in geographies with less supervision or less labour protection in legislative terms. The right to privacy is also a fundamental right of workers in the value chain, so any cases of their personal information being breached in the short, medium and long term have a potential negative impact on them. Corticeira Amorim does not tolerate any kind of violation of human rights or labour rights, either in the context of its own activities or in its value chain. To this end, it adopts a set of policies and develops actions to prevent and mitigate actual or potential negative impacts on workers in the value chain. Corticeira Amorim promotes responsible sourcing and favours certified suppliers, proving their commitment to protecting the rights of workers. In addition, the purchase of products includes the pre-qualification, qualification and assessment of suppliers, taking into account environmental and social criteria, and suppliers must also formalise their commitments not to violate the privacy or lose customer data, particularly that of Corticeira Amorim companies, not to use child labour , not to use forced or compulsory labour , and not to practise any kind of discrimination. Corticeira Amorim conducts regular assessments of its suppliers based on the criteria defined and on the basis of the information requested, audits and other types of engagement activities with a view to evaluating its suppliers and identifying potential negative impacts on its workers. More detailed information can be found in section 8.9.2 B. Processes for engaging with value chain workers about impacts and 8.9.2 D. Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions. Positive impacts Corticeira Amorim promotes the training and capacity building of the workers of small cork suppliers through training programmes, namely the sharing of good practices, the promotion of certification, and the provision of appropriate safety equipment for carrying out stripping work. This has been identified as having a real positive impact in the short, medium and long term on the safety and health of the workers of these suppliers. Risks A change in the perception of society , customers or the community due to Corticeira Amorim’s potential business relations with suppliers associated with inadequate labour practices, including cases of violence and harassment, child labour practices or forced labour , constitutes a reputational risk with a possible reduction in sales volume, resulting from the potential boycott of the Organisation’s products. The absenteeism of workers upstream in the value chain due to occupational illness, physical injuries resulting from work-related accidents or physical and/or mental exhaustion due to excessive working hours, with no guarantee of a minimum rest period, can result in a decrease in the productivity of suppliers in the value chain, especially small and medium-sized suppliers, and can lead to disruptions in the supply chain. The absence of a robust due diligence process that allows for more in-depth knowledge and insight into the legal compliance of its suppliers, particularly with regard to health and safety conditions and labour legislation, could contribute to Corticeira Amorim’s exposure to legal proceedings or reputational damage in the event of being associated with business relationships with this type of suppliers. In terms of training and skills development, the Organisation has identified the risk of a decrease in the quality of the products purchased due to the potential lack of knowledge of workers upstream in the value chain, as they are not guaranteed adequate training and skills development programmes. To mitigate these risks, the Organisation develops processes for engaging, evaluating and auditing its suppliers, as part of its due diligence approach. Although no human rights or labour rights violations have been identified, Corticeira Amorim is committed to the continuous improvement of its processes and, within the strategic cycle started in 2025, plans to strengthen its due diligence approach. Opportunities The promotion of a safe working environment for the workers of Corticeira Amorim’s suppliers, avoiding negative impacts resulting from accidents at work and occupational illnesses, contributes to the reduction of disruptions and the resilience of the supply chain.
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279 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 8.9.2 IMPACT , RISK AND OPPORTUNITY MANAGEMENT A. POLICIES RELATED TO VALUE CHAIN WORKERS (S2-1) Key contents of policies Corticeira Amorim’s principles and commitments towards workers in the value chain are formalised in the Human Resources Policy and the Human Rights Policy . As mentioned in section 8.8.2 A. Policies related to own workforce, these formalise the general commitments and objectives regarding human rights and labour rights, namely job security , working hours, adequate wages, social dialogue, collective bargaining, work-life balance, OHS, training and skills development, violence and harassment in the workplace, and human rights issues such as child labour , forced labour and privacy . Corticeira Amorim also has a Code of Ethics and Conduct for Suppliers which defines the appropriate behaviour in terms of ethical, social and environmental conduct that the Company expects from its suppliers of goods and services. The Organisation’s suppliers will adhere to and comply with internationally recognised Human Rights and will not permit any violation of those rights within their industrial and/or commercial operations. Therefore, each supplier must treat each of its workers with dignity and respect, rejecting any discriminatory behaviour and avoiding any situation of excessive dependence. Under no circumstances will physical or psychological punishment, harassment of any kind or abuse of power be allowed, always respecting workers’ basic labour rights. Corticeira Amorim will not contract suppliers that use forms of child labour (i.e. minors under the age of 16), any form of forced or compulsory labour , that do not respect all workers’ labour rights established by law or collective regulation, that do not guarantee health and safety conditions, work- life balance, the right to privacy or that do not respect workers’ rights to form associations and join trade unions. The Organisation undertakes to exercise careful control over its suppliers, subcontractors and service providers and if it detects that they use any form of forced labour , child labour or any violation of human rights, it will take the appropriate measures to review the terms of the contract or , where appropriate, terminate it. The implementation of the commitments made in the applicable Policies and the observance of the requirements and standards of conduct established in the Code of Ethics and Conduct for Suppliers are operationalised through Corticeira Amorim’s human rights and environmental due diligence system, developed in accordance with the UN Guiding Principles on Business and Human Rights, the OECD Guidelines for Multinational Enterprises and Directive (EU) 2024/1760 on CSDD. This system structures a risk-based approach for the identification, assessment, prevention, mitigation and, when applicable, remediation of adverse impacts on workers throughout the value chain. Policy Human Resources Policy, Human Rights Policy, and Code of Ethics and Conduct for Suppliers Scope / Key stakeholders Applicable to all workers of the Organisation and to external stakeholders, including the value chain, where applicable Most senior level responsible for implementation Approval of Policies/Code falls within the competence of the Board of Directors Enforcement is ensured by ECBD through the member responsible for overseeing and reporting on cross-functional and support areas, which are in turn responsible for monitoring its implementation Implementation of the Policies within the scope of their respective activities is the responsibility of the BUs Alignment with international standards Principles aligned with the main applicable international frameworks, in particular the 1948 Universal Declaration of Human Rights, the ILO Fundamental Conventions, the OECD Guiding Principles for Multinational Enterprises, the United Nations Guiding Principles on Business and Human Rights, the 10 principles of the United Nations Global Compact, the Charter of Principles of BCSD Portugal and ISO 37001:2016 Interests of key stakeholders Stakeholder input is gathered through regular engagement processes and materiality assessments, ensuring relevance and inclusion in the policies Accessibility and availability of policies Website in Portuguese and English Link to the Articles of Association, Regulations and Policies https:/ /www.amorim.com/en/investors/corporate-governance/ corporate-regulation-and-policies/
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280 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 B. PROCESSES FOR ENGAGING WITH VALUE CHAIN WORKERS ABOUT IMPACTS (S2-2) Engagement with value chain workers To ensure that the needs and expectations of workers in the value chain are considered in its policies and in the process of managing impacts, risks and opportunities, Corticeira Amorim proactively engages with workers or their representatives. Consultation predominantly takes place through engagement with employers along the value chain, complemented by formal mechanisms including the whistleblowing channel, the annual supplier audit programme, and involvement with representatives via trade unions and associations. The whistleblowing channel is permanently available and accessible to workers in the value chain, while audits follow an annual plan based on a risk-based approach, prioritising critical suppliers and those with a history of non-conformities. Engagement with trade unions and associations occurs whenever it is deemed pertinent for the analysis, prevention, or mitigation of significant, actual or potential impacts. This approach ensures the alignment of Corticeira Amorim’s value chain with its operational and ethical standards. The Procurement and Energy support area, together with the Amorim Florestal BU, is responsible for ensuring these activities, in collaboration with the BUs and other support areas, namely Compliance and Sustainability . The cork value chain is the most representative in Corticeira Amorim’s business. The Company liaises with APCOR and other forestry associations through the Amorim Florestal BU. APCOR collaborates with associations such as FILCORK and UNAC, forming a sectoral coordination forum for the definition and promotion of forest management policies. The participation of common representatives in these structures contributes to a greater articulation between the forest and the industry . Corticeira Amorim also maintains a relationship with the C.E.Liège, which brings together cork associations from various countries and leads joint initiatives for promotion, research, development of international standards and sharing of knowledge with other institutes and organisations, including from the wine sector . Effectiveness of engagement activities To measure the effectiveness of the engagement process, the Organisation evaluates the results on an ongoing basis, including any remedial actions implemented as a result. The effectiveness of the auditing process and the involvement of workers in the value chain is ensured, in the case of the non-cork value chain, by the procurement and energy transversal support area in coordination with the BUs, and in the case of the cork value chain, by the Amorim Florestal BU. In either case, the Company analyses the results, and they are presented to the Board of Directors. Information and communication In order to promote greater alignment with the needs and expectations of stakeholders, particularly with regard to the actual or potential impacts that may affect workers in the value chain, Corticeira Amorim uses various means of communication that are regularly reviewed and which make it possible to provide a wide range of information. The Company regularly makes information available on its website, whether through the Consolidated Sustainability Statement, information brochures, newsletters or other means, enabling internal and external stakeholders to learn about the main impacts associated with the activities of Corticeira Amorim and its companies, and to track and monitor the Organisation’s performance in relation to the actions, targets and metrics defined to mitigate negative impacts. Detailed information on communication channels can be found in section 8.1.3 B. Interests and views of stakeholders. C. PROCESSES TO REMEDIATE NEGATIVE IMPACTS AND CHANNELS FOR VALUE CHAIN WORKERS TO RAISE CONCERNS (S2-3) Corticeira Amorim has transversal processes and channels that allow the workers in the value chain to communicate concerns and needs related to negative impacts on human rights and the environment. These processes and channels, as well as the correction, remediation and anti-retaliation mechanisms, are described in section 8.1.6 Grievance Handling Mechanisms and Communication Channels. D. TAKING ACTION ON MATERIAL IMPACTS ON VALUE CHAIN WORKERS, AND APPROACHES TO MANAGING MATERIAL RISKS AND PURSUING MATERIAL OPPORTUNITIES RELATED TO VALUE CHAIN WORKERS, AND EFFECTIVENESS OF THOSE ACTIONS (S2-4) As a result of the dual materiality assessment process, potential negative material impacts on workers in the value chain were identified, namely due to the potential practice of unregulated working hours, exposure to OHS risks, the potential negative impact on the physical and psychological well-being of workers due to incidents of violence and harassment in the workplace, as well as related to the potential existence of child labour and forced labour in the value chain. The potential violation of workers’ personal information up and down the value chain was also identified as a material negative impact. Key actions Following the identification of material impacts, risks and opportunities relating to workers throughout the value chain, Corticeira Amorim implements a set of measures designed to prevent and mitigate actual or potential negative impacts, as well as to enhance positive impacts, through the responsible management of its commercial relationships throughout the value chain.
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281 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 These actions are implemented through Corticeira Amorim’s human rights and environmental due diligence system, as described in section 8.1.5 Sustainability Due Diligence. These focus, in particular , on risks associated with inadequate working conditions, including excessive or unregulated working hours, OHS, potential situations of violence and harassment, child or forced labour practices, risks of personal data breaches, as well as reputational risks and supply chain disruption. Supplier selection criteria Corticeira Amorim incorporates social, labour , human rights and privacy protection criteria into its supplier selection, pre- qualification, qualification and ongoing assessment processes. These criteria aim to prevent and mitigate identified negative impacts on workers throughout the value chain and to reduce risks associated with inadequate labour practices on the part of suppliers. The assessment includes, amongst other things, an analysis of compliance with applicable legislation, the ILO’s core conventions and standards of conduct set out in the Code of Ethics and Conduct for Suppliers, as well as the application of social responsibility (IRSoc) and environmental (IRAmb) indices. The effectiveness of this measure is assessed through the continuous monitoring of suppliers’ performance and the absence, by 2025, of any reported serious incidents relating to human rights within the value chain. Requirement for documentary requirements and conditions of access to the activity As part of its supplier relationship management, Corticeira Amorim requires, prior to the commencement of activities, the submission of documentation proving compliance with legal, labour and OHS requirements, with the aim of mitigating risks associated with work-related accidents, absenteeism, operational disruptions and potential legal or reputational liabilities. The required documentation includes, in particular , compulsory insurance, Social Security payroll records, fitness-for-work certificates, risk assessments or safety procedures and, where applicable, documentation proving the legal employment status of foreign workers. The effectiveness of this measure is monitored through document verification and coordination with supplier assessment and audit processes. Promotion of occupational health and safety practices in the value chain Corticeira Amorim promotes the adoption of appropriate OHS practices throughout the value chain, with the aim of preventing negative impacts associated with exposure to occupational risks and contributing to the continuity and resilience of the supply chain. The Company expects its suppliers to ensure safe working conditions, including the provision of appropriate personal protective equipment, the implementation of occupational safety training programmes, and the provision of basic working conditions, in accordance with recognised standards such as ISO 45001. This approach also contributes to creating positive impacts, notably by improving working conditions and reducing the risk of accidents and disruptions in the value chain. Information, training and capacity-building initiatives for suppliers Corticeira Amorim runs information, training and technical support initiatives aimed at suppliers, with the aim of encouraging the continuous improvement of social and labour practices and mitigating risks associated with a lack of training and skills development among workers further up the value chain. In the case of the cork supply chain, the Company gives preference to suppliers who comply with the International Code of Cork Stopper Manufacturing Practices (ICCSMP) and hold FSC® forest certification, promoting the sharing of best practices and the capacity building of producers, particularly in the area of OHS. Audits and monitoring of the effectiveness of measures Compliance with social and labour criteria is verified through supplier audits, carried out by internal teams or by independent external bodies. These audits enable the identification of non- conformities, the assessment of residual risks and tracking the effectiveness of implemented measures. Where non-conformities are identified, corrective action plans are requested and monitored, and follow-up audits may be carried out. Responsibility for monitoring the process lies with the Procurement and Energy departments, in the case of the non-cork supply chain, and with the Amorim Florestal BU, in the case of the cork supply chain, in coordination with the BU’s purchasing managers. In 2025, no situations were identified that led to the replacement of suppliers, nor were any serious human rights incidents reported in the value chain. Resources allocated to the management of material impacts The management of material impacts related to workers in the value chain involves various departments and support functions, reflecting the cross-cutting nature of the topic. The main areas involved include Human Resources, Sustainability , Procurement and Energy , Health and Safety , Shipping Logistics, Compliance, Legal, Corporate Governance and Communication, which work in coordination with the different departments of the BUs to ensure the implementation of the defined measures. In 2025, in the context of establishing and initially implementing the human rights and environmental due diligence system, human and financial resources were allocated primarily to the design phase, the formalisation of procedures, the definition of criteria and the progressive integration into existing processes, namely those relating to supplier selection, evaluation and monitoring. Financial resources allocated include, among others, internal and external supplier audits, training initiatives directed at procurement teams and suppliers, in particular those operating on
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282 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 the Company’s premises, awareness-raising initiatives on labour rights and sustainable practices, as well as investments in supporting information systems. The Company is strengthening its information systems with the aim of improving the traceability and monitoring of resources allocated to the management of material impacts, allowing for a more efficient, structured and transparent management of initiatives associated with due diligence. The progress made in this area will be reported in future financial years. Future prospects In 2026, Corticeira Amorim will continue its ongoing initiatives, focusing on the consolidation and deepening of its human rights and environmental due diligence system. Priorities include strengthening internal training, building the capacity of the teams involved, progressively integrating due diligence into risk management and decision-making processes, as well as adjusting and, where necessary , reviewing the applicable policies and procedures. 8.9.3 METRICS AND TARGETS A. TARGETS RELATED TO MANAGING MATERIAL NEGATIVE IMPACTS, ADVANCING POSITIVE IMPACTS, AND MANAGING MATERIAL RISKS AND OPPORTUNITIES (S2-5) T argets Reinforcing responsible production and consumption and preferentially selecting suppliers who adopt good ESG practices for the value chain is the aim of the Sustainable by nature programme. This goal, based on the driver Promote R&D+I and leverage economic performance, is aligned with the 2030 agenda for sustainable development, in particular with SDG No. 8 - Promote inclusive and sustainable economic growth, full and productive employment and decent work for all. The Programme defines qualitative targets for 2030, applicable to the entire sustainability perimeter , namely: Eradicate forced labour and child labour . During the reporting period, no incidents of forced labour or child labour were detected and/or reported in the value chain. The Company will continue to monitor and report annually on progress against this qualitative target, as part of the evolution of its due diligence system in matters of human rights and the environment. Beyond this long-term qualitative target, progress monitoring is based, at this initial stage, on indicators of due diligence system implementation, including supplier assessments, the conduct of audits, the definition and monitoring of corrective action plans, training and awareness-raising initiatives, as well as the absence of serious reported cases. The year 2025 marked the creation and initial implementation of the due diligence system, focusing on the definition of policies, procedures, criteria and monitoring mechanisms. In this context, Corticeira Amorim is currently reassessing the applicable policies and the framework for quantitative targets and their respective metrics, with a view to their progressive definition and integration into the new 2025-2027 strategic cycle, also taking into account the expansion of the sustainability perimeter which, from 2024 onwards, has been aligned with the financial perimeter . The new impacts, risks, and opportunities identified in the double materiality process are being analysed and will be developed in the existing multidisciplinary working groups or , whenever necessary , in new groups specifically created for this purpose. These teams will be responsible for proposing appropriate metrics and goals to monitor the actions and initiatives to be implemented, subsequently submitting these proposals to the management bodies for consideration and approval.
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283 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 The Randstad Employer Brand Research 2025 ranks Corticeira Amorim among the top 3 most attractive companies to work for in the industrial sector in Portugal.
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284 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 8.10 ESRS S3 – Affected communities (SDGs 8, 17) 8.10.1 STRATEGY A. MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND BUSINESS MODEL (ESRS 2 SBM-3) Impacts, risks and opportunities The affected communities consist of people or groups who live or work in the same area (local communities) or in more distant areas, who have been or may be affected by the operations of Corticeira Amorim and its companies, as well as by upstream and downstream activities in its value chain. In the context of its business model and its industrial and forestry presence, Corticeira Amorim recognises communities as a key stakeholder . The Organisation considers that the views, interests and rights of communities, including respect for Human Rights, are essential elements for defining its strategy and responsibly conducting its activities throughout the value chain. The approach to determining material impacts, risks and opportunities in relation to workers in the value chain is described in section 8.1.4 A. Description of the process to identify and assess material impacts, risks and opportunities.
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285 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Social IRO +/- A/P OO/U/D Time horizon Policy ESRS S3: Affected communities 1 - Communities’ economic, social and cultural rights Contribution to the economic and social development of the local communities in which it operates, including that generated through social-solidarity initiatives and community-support programmes I A OO Community / Society Policy Code of Business Ethics and Professional Conduct 2 - Communities’ civil and political rights Involvement in open dialogues with local communities and civil society I A OO Community / Society Policy Code of Business Ethics and Professional Conduct I - Impact; R - Risk; O - Opportunity; A - Actual; P - Potential; OO - Own operations; U - Upstream; D - Downstream Positive impact; Negative impact. - Short-term; - Medium-term; - Long-term The position of each topic in the materiality matrix is determined by the highest absolute value, whether from the impact perspective (regardless of whether positive or negative) or the financial perspective (regardless of whether in terms of risk or opportunity). = Materiality threshold Positive impacts As a result of the dual materiality assessment, a positive material impact was identified as the economic and social development of the communities in which the Organisation operates, including that generated through social solidarity and community support initiatives. Contributing to the impact are factors such as the provision of jobs, significant investments, contributions and taxes and business partnerships, which reinforce the Organisation’s role as an agent of social and economic transformation. At the same time, several significant complementary impacts on the economy and society stand out, which emphasise the Company’s importance in promoting entrepreneurship, environmental sustainability and innovation. In particular , its activities have an important impact on other companies and sectors, at a national level, upstream. Involvement in dialogues and partnerships with local communities and civil society was also identified as a material positive impact, promoting an environment in which the views and concerns of communities and their representatives can be expressed and heard. The positive impacts identified are directly linked to the business model and reflect the Organisation’s commitment to generating value in the territories where it operates, contributing to sustainable and inclusive economic development. 1 2 = IMPACT MATERIALITY FINANCIAL MATERIALITY = MATERIAL FROM A FINANCIAL PERSPECTIVE MATERIAL FROM A DOUBLE PERSPECTIVE MATERIAL FROM AN IMPACT PERSPECTIVENON-MATERIAL
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286 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 8.10.2 IMPACT , RISK AND OPPORTUNITY MANAGEMENT A. POLICIES RELATED TO AFFECTED COMMUNITIES (S3-1) Corticeira Amorim assumes a set of objectives and commitments that guide its responsible actions in the communities where it is present, as established in the Policy towards the Community / Society . These commitments integrate the Organisation’s strategic alignment with the principles of economic, social, and environmental sustainability , as well as with the main international references. The Organisation undertakes to: • Integrate the value chain in the territories where it operates, contributing to the generation of local income, respecting cultures and communities, and providing high-quality products supported by a strong commitment to economic, social, and environmental sustainability; • Prevent and minimise the negative impacts of its activities, acting with openness, honesty and respect for local traditions, and promoting initiatives that strengthen relations with local institutions, populations and communities; • Give back to the community , contributing to the economic development, progress and well-being of communities, encouraging small and medium-sized enterprises (SMEs) and new entrepreneurs to achieve sustainable outcomes and promoting national entrepreneurship; • Be attentive to the needs of local communities, promoting inclusive dialogue, listening to their concerns and seeking solutions that reduce any negative impacts of the Organisation’s operations; • Boost internal and external awareness-raising actions, including environmental initiatives, educational programmes, and volunteering programmes, encouraging the active participation of workers in response to specific community needs; • Strengthen social responsibility and collective well-being through corporate philanthropy , support social, cultural, environmental, health and education projects and causes, and create partnerships that foster innovative solutions and positive social impact; • Act in full compliance with applicable legislation and regulations, ensuring full cooperation with local, regional, and national authorities, in line with the Organisation’s commitments to integrity and responsibility; • Protect and safeguard the cork oak forest as an essential ecosystem for the social, environmental and economic sustainability of the cork sector , strengthening the Organisation’s contribution to the preservation of the natural and cultural heritage associated with the sector; • Promote continuous innovation in cork, developing new solutions with high added value that combine technical performance, premium quality and unique sustainability credentials, contributing to the sustainable development of communities and the national industry . The Code of Business Ethics and Professional Conduct reinforces these commitments by establishing the principles of integrity , transparency and responsibility with which the Organisation interacts with the communities, ensuring that their concerns are listened to and integrated in an ethical and sustainable manner in decision-making. These commitments contribute to the prevention, mitigation, and remediation of potential social impacts, promoting trust relationships, sustainable development, and long-lasting social impact. Policy Community/Society Policy and Code of Business Ethics and Professional Conduct Scope / Key stakeholders Applicable to all workers of the Organisation and to external stakeholders, including the value chain, where applicable Most senior level responsible for implementation Approval of Policies/Code falls within the competence of the Board of Directors Enforcement is ensured by ECBD through the member responsible for overseeing and reporting on cross-functional and support areas, which are in turn responsible for monitoring its implementation Implementation of the Policies within the scope of their respective activities is the responsibility of the BUs Alignment with international standards Principles aligned with the main applicable international frameworks, in particular the 1948 Universal Declaration of Human Rights, the ILO Fundamental Conventions, the OECD Guiding Principles for Multinational Enterprises, the United Nations Guiding Principles on Business and Human Rights, the 10 principles of the United Nations Global Compact, the Charter of Principles of BCSD Portugal and ISO 37001:2016 Interests of key stakeholders Stakeholder input is gathered through regular engagement processes and materiality assessments, ensuring relevance and inclusion in the policies Accessibility and availability of policies Website in Portuguese and English Link to the Articles of Association, Regulations and Policies https:/ /www.amorim.com/en/investors/corporate-governance/ corporate-regulation-and-policies/
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287 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 B. PROCESSES FOR ENGAGING WITH AFFECTED COMMUNITIES ABOUT IMPACTS (S3-2) Involvement with affected communities The Organisation’s management structures have processes and tools to recognise and manage impacts, understand the needs and interests of communities, and identify long-term investment opportunities in local communities. Corticeira Amorim integrates the concerns, points of view , interests and rights of the impacted communities when defining its strategy and business model, as well as when making decisions. To this end, the Company maintains an ongoing dialogue with communities through various channels and occasions, engaging with local representatives and institutions of the most diverse nature. This interaction can be initiated by external entities or triggered by the Company itself. It stems from varied interactions, some of them intentional and company-driven, and others which, following external requests and through further development and dialogue, ultimately give rise to strong and purposeful partnership relationships. The Company’s social engagement with the surrounding community is structured around five essential pillars: Social Solidarity , Environment and Sustainability , Education and Development, Culture and Health and W ell-being. The allocation of resources, means, actions and/or programmes is proposed and discussed internally by a working group involving different areas of the Company (Human Resources, Sustainability and Internal Communication) and is validated by the ECBD, which also monitors the development and overall performance of the different activities, actions and their impact. Engagement in activities, actions and programmes can be immediate and unique or continuous depending on the nature of the actions, their framework and relevance in a more strategic vision of the Company in the partnership or programme. Projects or actions that have an impact on the five pillars are valued, with perceived effectiveness, as well as the affinity of purpose of the entities, institutions, and causes. The results of this involvement are analysed and directly inform the strategy and process for identifying, assessing and addressing potential impacts on communities. These events address various social issues and allow the Company to assess the effectiveness of the actions and initiatives carried out. Where applicable, any agreements and the results of these involvements are documented. Community liaison working groups are responsible for ensuring that dialogue takes place, organising and facilitating interactions, as well as monitoring and reporting to the ECBD on the progress and results of consultations. Effectiveness of engagement activities Whether in activities carried out in a planned manner with the community , or in initiatives implemented opportunistically due to their relevance and/or impact, the company seeks to measure proactively (with KPIs established prior to the action) or reactively . These results are monitored and aggregated for tracking and reporting to the ECBD. To measure the effectiveness of the engagement process, the Organisation evaluates the results on an ongoing basis, including any remedial actions implemented as a result. The community liaison working group follows up and monitors the effectiveness of community engagement processes, reporting periodically to the ECBD. Evaluation methods can include conducting community satisfaction surveys, analysing specific performance indicators, carrying out independent audits and organising feedback meetings with stakeholders, as well as surveys among workers (volunteering). In addition, the Organisation promotes transparency through annual reports detailing the activities and results of community engagement. Information and communication In order to promote dialogue, communication and transparency , Corticeira Amorim uses various communication channels, the suitability and effectiveness of which are regularly reviewed. Among the most relevant channels for communicating with communities are the website, social networks, newsletters and press releases and information brochures. More detailed information on the communication channels used by the Organisation with each of the stakeholders can be found in section 8.1.3 B. Interests and views of stakeholders. In addition to the periodic disclosure of the evolution of its activity , namely via the Consolidated Annual Report, Corticeira Amorim promotes open and collaborative dialogue through environmental education and awareness-raising activities, periodic meetings and contacts, various seminars and workshops, initiatives to defend the cork oak forest and the environment, visits to cork oak forests and to the Organisation’s companies. The Company is also frequently asked by different organisations (associations, educational institutions and local or national governments) to collaborate on different initiatives and actions. The Company also proactively seeks to find entities, institutions, and partners with common purposes, to engage in social volunteering. These initiatives and communication channels strengthen proximity and dialogue with communities. C. PROCESSES TO REMEDIATE NEGATIVE IMPACTS AND CHANNELS FOR AFFECTED COMMUNITIES TO RAISE CONCERNS (S3-3) Corticeira Amorim provides processes and channels for affected communities to communicate concerns related to negative impacts on human rights and the environment and to access appropriate responses. These processes and channels, as well as the correction, remediation and anti-retaliation mechanisms, are described in section 8.1.6 Grievance Handling Mechanisms and Communication Channels. D. TAKING ACTION ON MATERIAL IMPACTS ON AFFECTED COMMUNITIES, AND APPROACHES TO MANAGING MATERIAL RISKS AND PURSUING MATERIAL OPPORTUNITIES RELATED TO AFFECTED COMMUNITIES, AND EFFECTIVENESS OF THOSE ACTIONS (S3-4) Corticeira Amorim interacts with communities located mainly in forest interface areas linked to the cork oak forest and the cork industry , including areas with water stress, fire risk and socioeconomic vulnerability . As a result of the double materiality assessment process, real positive impacts were identified related to local community development
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288 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 and engaging in open dialogues with local communities, ensuring the right to freedom of expression as a civil right of the community . Furthermore, the double materiality assessment also identified the following as material impacts: • Changes in local ecosystems (carbon, biodiversity , soil, water); • Risks associated with the loss of vitality of cork oak forests; • Social and economic risks in rural communities dependent on the cork oak forests; • Opportunities in education, skilled local employment, conservation, and community development. The Organisation works continuously to generate positive impacts in the local communities where it operates, with the ambition of promoting economic growth in a sustainable and inclusive way . The Community /Society Policy values the return of Community support, with the aim of contributing to the progress and economic development of local communities, stimulating entrepreneurship and the sustainable growth of SMEs, thus fostering the creation of local value. In 2025, Corticeira Amorim launched the Hearts of Cork social responsibility programme, which structures its relationship with communities through five dimensions: • Social solidarity; • Environment and sustainability; • Education and development; • Culture and community; • Health and well-being. These areas structure the way Corticeira Amorim engages with communities in the context of Corporate Social Responsibility , aligning its actions with the identified risks and impacts, while ensuring a holistic approach to the human, social, economic and environmental development of the territories, with the aim of having a positive social impact, engaging its employees and supporting a shared journey with the entities and causes involved. The operationalisation of these areas is ensured through four lines of action, which are transversal to the entire community programme: strategic philanthropy , corporate volunteering, co-creation of initiatives with credible entities, and active involvement of workers. These pillars define how the Organisation operates on the ground, enabling it to tailor its response to different community contexts, ensure a technically grounded intervention and maximise social impact in a measurable way . Strategic philanthropy ensures support for initiatives with proven impact; corporate volunteering mobilises workers in environmental, social and educational causes; co-creation with partners ensures relevance, legitimacy and technical quality; and the active involvement of the Organisation’s people reinforces the spirit of citizenship, consolidating trust relationships with local communities. The five chosen dimensions guide and allow for the planning of a strategic and targeted intervention. Proximity to communities and the spirit of giving back are at the essence of Corticeira Amorim’s corporate culture. The structuring of the programme also began with the consultation of workers, with important social initiatives and areas such as Health and W ell-being, Citizenship and Social Support, Environment and Biodiversity Protection being unanimously identified as priorities. This new structure of Hearts of Cork has made it possible to aggregate, consolidate, and expand already traditional initiatives on the path of Corticeira Amorim, from the annual cork oak plantations to the partnership with the Green Cork project and other initiatives that have mobilised almost four hundred workers, as well as institutional partners, contributing to a more resilient, cohesive and supportive future. Among the most relevant during 2025 the following stand out: Environment and Biodiversity Protection • Annual cork oak planting: carried out by Corticeira Amorim volunteers. In the 2025 edition, around 180 volunteers gathered at Herdade de Rio Frio to plant 4000 cork oak trees. Corticeira Amorim workers have been organising this activity since 2011 and have so far planted around 30,000 native trees in Portugal, helping to create more biodiverse and resilient forests; • Suber-protected villages: this innovative initiative, developed by Quercus and supported by Corticeira Amorim, aims to improve the resilience of forest areas and increase safety and quality of life in villages located in areas at high risk of rural or forest fires. Between 2023 and 2025, nearly 11,000 trees were planted in Unhais da Serra, Monção, Viseu and Caminha. Since its inception, the initiative has involved more than 500 volunteers from primary schools and kindergartens in the localities where it took place, as well as a class from the Senior University of Monção. This programme reinforces Corticeira Amorim’s commitment to environmental preservation and community resilience, while raising awareness among future generations of the importance of caring for the planet; • Common F orest Project and Green Cork Schools Programme: this is a Quercus initiative, supported by Missão Continente, Corticeira Amorim and BA Glass, among other partners, which is committed to involving the school, social and scouting communities in promoting environmental initiatives that are more conscious and responsible for preserving and respecting nature. The programme aims to promote sustainability and raise awareness about cork as a recyclable and reusable material. Collecting cork stoppers helps fund native tree reforestation initiatives that include the cork oak. In 2025, the initiative involved around 446 organisations (social welfare institutions and schools) and more than 100,000 pupils and students and contributed to the collection of approximately 46 tonnes of cork stoppers and the planting of 110,000 trees through the Common Forest project. Education and Development • Support for children’s and young people’s literacy , training young people in creative technologies and promoting training in future skills: strengthening personal and technological skills with equal access. Highlights include the following projects: • “No Poupar Está o Ganho” (Saving is Winning) run by the António Cupertino de Miranda Foundation; • Sponsorship of the TUMO – Centre for Creative Technologies project, at the inauguration of the Centre in Porto. This project aims to provide young people between the ages of 10 and 12 with free training in graphic design, robotics, photography , cinema, and animation, promoting the development of STEAM (Science, Technology , Engineering, Arts, Mathematics) skills and entrepreneurship, which are fundamental in the current and future world;
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289 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 • Corticeira Amorim’s association with Escola 42, as a corporate partner: Launched in Paris in 2013, 42 has more than 15,000 students in 25 countries and is recognised as one of the best programming schools in the world. In 2022, it also began operating in Porto. Based on a method that promotes learning without the traditional classroom format, without teachers and without timetables, at 42 Porto students learn in a practical manner , developing projects among peers. In addition to technical skills, each student enhances their communication skills, teamwork and problem solving, as well as their creativity , autonomy and resilience. The education is free, thanks to the support of sponsors such as Corticeira Amorim, which has renewed its support to 42 Porto. • W orkshops, visits and technical conferences for students from national and international educational institutions, providing a global view of the cork sector and the innovative cork applications developed by Corticeira Amorim – guiding future prescribers towards more sustainable construction solutions. Highlights include the following projects: • “The Thick Skin: Cork as a Material for Design New Futures” in which students from Parsons School of Design (USA) took part in a week of learning in Portugal, combining a theoretical and practical component with direct contact with the cork oak forests and industrial processes; • Festival (À D)eriv(A), the festival of architecture, design and arts, provided Pratt Institute (USA) students with an immersion in the cork oak forest and the potential of cork as a material of the future in sustainable architecture and design; • The Poly-Monde Mission, composed of 24 engineering students from Polytechnique Montréal (Canada), provided an integrated overview of the entire cork transformation process, from the extraction of the raw material to its high-performance applications in sectors such as construction and mobility . • Organisation of conferences: annually , Corticeira Amorim and its subsidiaries organise and participate, all over the world, in conferences that promote the knowledge of cork as a natural material and the added value of the solutions developed from this material. In 2025, the collaboration with Casa da Arquitectura (Portugal) stands out within the scope of the international seminar SHIFT - Architecture and Sustainability , which included a visit to Amorim Cork Solutions, allowing students and invited speakers to have direct contact with technical cork solutions for construction, insulation and flooring. The initiative demonstrated the contribution of cork as a regenerative material, capable of responding to the current challenges of sustainable architecture; • Amorim Academy: an international organisation created by Corticeira Amorim to encourage research in oenology , knowledge about wine and innovation in winemaking practices, organised the 32nd edition of the Grand Prix Sciences & Recherche, recognising Tom Estier for his work “Recherches sur les déterminants moléculaires de l’amertume dans les vins blancs secs et moelleux - Interprétations moléculaires et applications pratiques”. The Amorim Academy is a pool of talents and personalities linked to the vine and wine industry and a permanent source of shared knowledge; • Casa da Arquitectura: a non-profit organisation of a cultural nature dedicated to the dissemination and affirmation of architecture at national and international level, which receives, processes and makes accessible to all the different documentary collections of different architects, while promoting disciplinary reflections and bringing architecture to the knowledge and understanding of the general public. In 2025, the collaboration within the scope of the SHIFT Conference, the support in kind for the exhibition “Kengo Kuma – Onomatopoeia”, which allowed for the presentation of a tea house with a cork base, and activities parallel to the exhibition “Political Architecture Drawn. About Manuel Correia Fernandes” stand out; • Support for the presentation Casa Cork at Milan Design W eek 2025: envisioned by David Rockwell, Casa Cork – the largest, most diverse, and most integrated perspective of cork in the context of regenerative architecture and design – showcased the potential of cork as a sustainable material for design and architecture during the Fuorisalone, integrated into Milan Design W eek 2025. The initiative, promoted by the Cork Collective in collaboration with the Rockwell Group, BlueW ell, Southern Glazer’s Wine & Spirits and Corticeira Amorim, highlighted the innovation, creativity , sustainability and circularity associated with cork; • Porto Futuro Project: partnership with Porto City Council, involving active participation in the Leonardo Coimbra School Group, including the presence of a representative on the General Council and corporate volunteering in the “Junior Achievement” action (promoting skills related to entrepreneurship); • Catholic University: support for the activities carried out, as well as the renovation of the auditorium, now called the Corticeira Amorim Auditorium, reinforcing the long-standing collaboration and protocol within the scope of the Leadership HUB; • Curricular Internships: partnerships with various universities (University of A veiro, University of Porto, Portuguese Catholic University and Porto Higher Institute of Engineering) and faculties (Engineering, Economics, Psychology) to host dozens of master’s students on curricular internships. Citizenship and Social Support • Preparation of food baskets with AMI (International Medical Assistance): monthly corporate volunteering support for the assembly and delivery of food baskets to vulnerable families; • Improvement of social infrastructure at the Novo Futuro Association: involving 57 workers, with approximately 400 volunteering hours, across two residential care homes (Cascais and Vila Nova de Gaia), carrying out painting, furniture assembly , reorganisation and activities with children and young people. Financial donation to the same institution that enabled the acquisition of construction materials, furniture and textiles which allowed the renovation and decoration of the rooms and common areas of the houses; • Cleaning and painting of the facilities connected to the Social Centre of Soutelo (Porto): involved the support of 120 young workers from Corticeira Amorim in an activity of cleaning and painting of outdoor spaces (gardens and playground), organisation, tidying, furniture assembly and painting of leisure spaces for young people, totalling 480 hours of corporate volunteering; • Fundação Albertina F erreira Amorim: with the aim of promoting solidarity and fostering human development in the ethical, religious, cultural and civilisational spheres, this Foundation has a social support aspect, regularly contributing to the development of social responses to situations of greater fragility in local communities, supporting
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290 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 structures: shelters for the elderly; education and training for children and young people, including refugees; health and well-being, such as hospitals; and assistance, such as fire brigades and organisations responding to social emergencies, including food. The Organisation makes an annual monetary donation to this Foundation; • Cerci-Lamas: it is a social solidarity co-operative whose mission is to promote the social inclusion of vulnerable people through the development of skills, guided by the values of autonomy , responsibility and quality of life. Cerci- Lamas’ school intervention is divided between a small full- time centre and the resource centre for inclusion, which was accredited by the Ministry of Education in 2009 to provide psycho-pedagogical support to special education students in the Santa Maria da Feira schools. The Organisation makes an annual contribution to this cooperative. Health and Well-being • Donation for the Intensive Care Unit of São Sebastião Hospital in Santa Maria da Feira. The Hearts of Cork programme formally began in 2025 with the ambition to evolve in terms of size, scope and impact. It is the federating project in the scope of the Company’s social responsibility and embodies different relationships and interventions in the Community . It will continue to develop over the next strategic cycles, with a particular focus on strengthening monitoring and impact assessment mechanisms, strengthening partnerships with leading institutions, expanding structured Hearts of Cork A corporate social responsibility programme designed to promote community well-being, inclusive local development and worker engagement, implemented through four key areas of focus: strategic philanthropy, corporate volunteering, co-creation with trusted partners, and active worker engagement. The initiative operates across five strategic areas: Social Solidarity, Environment and Sustainability, Education and Development, Culture and Community, and Health and Well-being. Key figures (September–December 2025) 345 volunteers recruited; 1,608 hours of volunteering; 7 community initiatives; 3 partner social organisations. Preparation of food parcels for socially vulnerablefamilies, in partnership with AMI – Assistência Médica Internacional The initiative resulted in the preparation of 148 food parcels in Porto, in a process that saw the active participation of volunteer workers, contributing to direct support for families in situations of socio-economic vulnerability whilst simultaneously strengthening cooperation with recognised social welfare organisations. Improving social infrastructure for children and young people at risk with the Novo Futuro Association The initiative involved 57 volunteers, who worked at two Novo Futuro Association care homes — Casa Laminga in Cascais and Casa Pinheiro in Vila Nova de Gaia — painting interior spaces, assembling furniture, reorganising and decorating the rooms, and spending time socialising with the children and young people living there. corporate volunteering, and increasing the scale and scope of community initiatives. In parallel, the progressive alignment of these actions with Corticeira Amorim’s global sustainability strategy will ensure that the commitment to the communities remains central to the Organisation’s operations, contributing to its long-term economic, environmental, and social development. Corporate volunteering plays a relevant and emblematic role both inside and outside the Company . The targets for 2026 aim for the completion of at least 12 volunteering activities, with more than 10% of workers involved in corporate volunteering activities totalling more than 3,500 hours.
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291 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Resources allocated to the management of material impacts 2025 was an important year in terms of organisation and convergence of means and human resources. The management of material impacts related to affected communities involves various departments and initiatives. V arious areas of the Organisation collaborated in carrying out actions, namely Human Resources, Communication, Sustainability and Governance. These areas work together with the various BU departments to ensure that the Company’s practices are responsible and sustainable, minimising negative impacts and promoting positive impacts on communities. In addition to human resources, the Company also invests financial resources in community development programmes, partnerships with NGOs and local institutions, awareness campaigns, and specific impact mitigation actions, among others. The Company is reinforcing its information systems with the aim of isolating the resources used to respond to actions related to relevant topics. This reinforcement will allow for more efficient and transparent management of the resources allocated to these initiatives. The Company will report on the progress made in the coming financial years. Future prospects For the 2025-2027 strategic cycle, the Organisation has planned to allocate resources - financial, in kind and in terms of people’s time - to continuing its social responsibility activities in its communities. The existing areas of intervention have already had a positive and widely recognised impact; the Organisation will therefore seek to strengthen existing actions, develop new initiatives and explore partnerships that will enable us to broaden the scope and depth of the Organisation’s social intervention. 8.10.3 METRICS AND TARGETS A. TARGETS RELATED TO MANAGING MATERIAL NEGATIVE IMPACTS, ADVANCING POSITIVE IMPACTS, AND MANAGING MATERIAL RISKS AND OPPORTUNITIES (S3-5) Development of the local community Leveraging economic growth in a sustainable and inclusive way , ensuring efficient production and decent work for all is the aim of the Sustainable by nature programme for the Community / Society . This objective, based on the strategic pillar Promote R&D+I and leverage economic performance, is aligned with the 2030 agenda for sustainable development, specifically with SDG No. 8 - Decent work and economic growth and SDG No. 17 - Partnerships for the goals. The Programme defines qualitative targets for 2030, applicable to the entire sustainability perimeter: • Sustain economic growth; • Strengthen the global partnership for sustainable development. The Sustainable by nature programme sets quantitative targets for the sustainability targets perimeter17, aligned with the Company’s strategic cycles (usually three years) and with an ambition for 2030. However , the programme did not set quantitative targets for this topic. Corticeira Amorim will re-evaluate the policies and the definition of quantitative and metric targets and, if relevant, they will be incorporated into the new 2025-2027 strategic cycle, which is now beginning, also taking into account the increase in the sustainability perimeter which, as of 2024, equals the financial perimeter . The new impacts, risks and opportunities identified will be analysed and worked on in existing multidisciplinary working groups or , if necessary , new groups will be created to address them. These working groups will be responsible for meeting with the heads of the area and the heads of the respective companies to define and propose a set of metrics and targets to monitor any actions and initiatives defined. These will be presented to the management bodies for approval. 17 Information on the Sustainable by nature programme and the companies that form part of the sustainability targets perimeter is available in section 8.1.3 A. Strategy , business model and value chain. Community / Society 2030 Goal Leverage economic growth in a sustainable and inclusive way, ensuring efficient production and decent work for all 2030 T argets • Sustain economic growth • Strengthen the global partnership for sustainable development SDGs
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292 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 2025-2027 Plan Within the scope of the Hearts of Cork programme, Corticeira Amorim has set, for the period 2025-2027, a series of targets aimed at the active participation of workers in initiatives with social impact, reinforcing their role as agents of positive transformation in the communities where the Organisation is present. The established targets reflect a phase of structuring and consolidating corporate volunteering, starting from an unstructured historical base and assuming a path of progressive and realistic growth. For 2025, the Organisation set a target of achieving a 10% participation rate among employees in volunteering activities, alongside the completion of at least seven solidarity initiatives and the mobilisation of more than one thousand hours of volunteering. For the following years, the plan foresees maintaining the participation rate in 2026 and its strengthening up to 15% in 2027, as well as the gradual increase in the number of initiatives and volunteer hours, aiming to reach, at the end of the period, around 3,000 hours dedicated to social, environmental, educational and community actions. These targets, considered on target in the reporting year , reflect a strategic and phased approach, aligned with the maturity of the Hearts of Cork programme, with the capacity for internal mobilisation and with the ambition to ensure a measurable social impact, consistent and aligned with the risks and impacts identified at the social level. 2025-2027 Plan Retrospective T argets Indicator Unit of measurement Expected direction Horizon Baseline year 2024 Comparative year 2024 Reporting year 2025 Change reporting year vs comparative year 2027 Objective Reporting year progress vs 2025- 2027 target Participation in volunteering activities % Ye a r 0.0% 0.0% 10.7% n/a 15.0% Not started Volunteering hours h Ye a r 0 0 1,608 n/a 3,000 Not started Solidarity initiatives no. Ye a r 0 0 7 n/a 10 Not started Dialogue with local communities With regard to dialogue with communities, the Sustainable by nature programme does not set any qualitative or quantitative targets specifically for this topic. However , the programme is subject to annual review , which may lead to the adjustment of priorities or the introduction of new focus areas for action. Freedom of expression was identified as a material topic in the double materiality assessment conducted in 2024, bringing an additional perspective on how the dialogue and engagement that the Organisation historically promotes with communities positively contribute to civil rights. In 2025, Corticeira Amorim launched the Hearts of Cork programme, reinforcing this structured approach to communities through cultural, social and environmental initiatives that enhance the local territory and foster a more direct and ongoing relationship with the different local audiences. In this context, Corticeira Amorim will reflect on the suitability and the possible definition of specific targets and metrics for dialogue with communities.
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293 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Economic value generated and distributed Unit of measurement 2025 2024 Economic value generated K€ 869,937 948,259 Operating costs K€ 518,433 583,925 Employees K€ 190,711 193,191 Capital providers K€ 55,366 57,480 State K€ 22,876 27,913 Communities K€ 754 715 Retained economic value K€ 81,798 85,034 Distributed value K€ 788,139 863,225 Distributed value % 90.6% 91.0% Methodological assumptions Scope and reporting perimeter: the metric covers the total perimeter of Corticeira Amorim, including all entities consolidated for sustainability reporting and financial statements purposes. Source of information and calculation method: the values are derived from the consolidated financial statements. The economic value generated includes sales and services provided, supplementary income, operating subsidies, own work capitalised, other operating income, financial income and gains and capital gains (after deducting capital losses). Economic value distributed includes operating costs paid (excluding depreciation and other non-cash items), remuneration, payments to capital providers, taxes paid and investment in the community. Indicators and metrics: the indicator reflects the total economic value generated and distributed, considering only monetary donations in the community investment, excluding in-kind contributions. Glossary: economic value generated corresponds to total relevant revenues; economic value distributed includes monetary operating costs, remuneration, payments to lenders and shareholders, public contributions and investment in the community; economic value retained results from the difference between value generated and value distributed, incorporating non-cash items such as depreciation, amortisation, provisions, impairment and changes in inventories. Socio-economic impact Corticeira Amorim plays an important role in building resilient communities with the fundamental objective of being an agent of change and value creation. Direct impacts include wages paid to employees, investments in the community and payments to the state in the form of taxes, contributions and fees, which can be reinvested in social and economic programmes that benefit the communities and regions where Corticeira Amorim operates. Economic, environmental and social impacts A study conducted by EY on the environmental, economic and social impacts of Corticeira Amorim’s operations in Portugal accounted for the value created and sustained in 2018. Adopting an input-output methodology applied to the intersectoral data of the Portuguese economy , the study calculated the direct impacts and estimated the indirect and induced impacts resulting from household consumption and generated by Corticeira Amorim’s operations. The following metrics were used for environmental impacts: GHG emissions, water consumption, waste production, forest carbon sink. For the economic and social impacts, Corticeira Amorim’s gross value added for its operations in Portugal was used. The results show the relevant contribution of Corticeira Amorim, through the creation of value, employment and opportunities, product innovation and diversification and support for the promotion of responsible management of cork oak forests and use of natural resources. In numbers: • 7×: direct value of the activity in Portugal multiplier (the total net value added when the environmental, social and cork oak forest ecosystem service impacts made viable are incorporated is 7x greater than the direct value added); • 2.17×: production multiplier in Portuguese economy (each euro of Corticeira Amorim’s production generates, in total, 2.17 euros in national production); • 93%: exports to over 100 countries; • 75%: of the purchases made by the Portuguese subsidiaries are from Portuguese suppliers; • 39%: contribution to total exports; • 51%: impact on employment in the forestry sector in Coruche and Ponte de Sor . The study showed that the total impacts of Corticeira Amorim’s activity exceed what is shown in the financial statements. The Company has several examples of projects that enhance its effects in terms of innovation, entrepreneurship and the environment, and which have very important indirect impacts on the Portuguese economy and society . Metrics (Entity-specific) Direct economic value generated and distributed Corticeira Amorim plays an important role in building resilient communities with the fundamental objective of being an agent of change and value creation. Direct impacts include wages paid to employees, investments in the community and payments to the state in the form of taxes, contributions and fees, which can be reinvested in social and economic programmes that benefit the communities and regions where Corticeira Amorim operates. Corticeira Amorim has defined the direct economic value generated and distributed, measured in monetary units (K€), as a metric for measuring the targets set. Distributing the value generated among various stakeholders is an essential practice that is in line with Corticeira Amorim’s strategy and business model. In 2025, Corticeira Amorim generated economic value of 869.9 million euros, with 788.1 distributed to its stakeholders, representing 90.6% of the economic value generated. This approach reflects Corticeira Amorim’s commitment to sustainability and social responsibility , ensuring that the benefits of its economic success are shared with employees, suppliers, local communities and other partners. By distributing the value generated, the Company strengthens its relationships with stakeholders, promotes economic development in the regions where it operates and ensures inclusive and sustainable growth, which is essential for the longevity and resilience of its business model.
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294 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 8.11 ESRS S4 – Consumers and end-users (SDGs 8, 9, 13) 8.11.1 STRATEGY A. MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND BUSINESS MODEL (ESRS 2 SBM-3) Impacts, risks and opportunities Although Corticeira Amorim’s predominant business model is business to business (B2B), the Company recognises that its operations and value chain can have an impact on the consumers and end-users of its products. Therefore, the aim of this section is to provide information on potential impacts, risks and opportunities related to consumers and end-users. Consumers and end-users are natural persons who ultimately use or are intended to use Corticeira Amorim’s products. The Organisation has a strong commitment to the quality and safety of its products, integrating an approach focused on mitigating risks and maximising opportunities throughout its value chain. This attitude reflects alignment with practices that promote trust, security and accessibility , guaranteeing alignment with the needs and expectations of customers and end- consumers. As far as consumers and end-users are concerned, material themes have been identified relating to privacy , freedom of expression, access to quality information, health and safety , non-discrimination and access to products and services, as well as responsible commercial practices. The approach to determining material impacts, risks and opportunities in relation to consumers and end-users is described in section 8.1.4 A. Description of the process to identify and assess material impacts, risks and opportunities.
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295 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Social IRO +/- A/P OO/U/D Time horizon Policy ESRS S4: Consumers and end-users 1 - Information-related impacts for consumers and/or end-users Feedback channels accessible and available to all consumers and end-users I A OO Consumer Safety Policy Code of Business Ethics and Professional Conduct Improved products and access to new markets by analysing feedback from customers and end-users O OO Providing all relevant product information on the website or other communication tools I A OO Reputational opportunity due to the provision of clear and transparent information that allows consumers to make informed decisions O OO 2 - Personal safety of consumers and/or end-users External certifications attesting to the fulfilment of specific quality and safety requirements for products across different sectors and markets I A OO Consumer Safety Policy Legal proceedings, sanctions or remediation costs due to damage to the health of consumers and end-users R D I - Impact; R - Risk; O - Opportunity; A - Actual; P - Potential; OO - Own operations; U - Upstream; D - Downstream Positive impact; Negative impact. - Short-term; - Medium-term; - Long-term The position of each topic in the materiality matrix is determined by the highest absolute value, whether from the impact perspective (regardless of whether positive or negative) or the financial perspective (regardless of whether in terms of risk or opportunity). = Materiality threshold Positive impacts The assessment identified a potential positive impact on the freedom of expression of consumers and end-users in the short, medium and long term, due to the existence of accessible and available feedback channels for everyone to raise concerns and provide feedback on the Organisation’s products and services. In order to maximise this positive impact, Corticeira Amorim provides feedback channels on its website so that any interested party , including consumers and end-users of its products, can provide feedback. In addition to feedback channels, the Organisation provides clear and transparent information about its products on its website or in other communication tools, such as studies, reports and other publications. This has a real positive impact in the short, medium and long term on consumers’ and end-users’ access to quality information, cultivating trust with them and enabling them to make informed choices and decisions on the basis of the information provided. The Organisation also identified as a real positive impact, in the short, medium and long term, the contribution to the health and safety of consumers and end-users through a series of external certifications, including ISO 9001, ISO 22000, FSSC 22000, HACCP , IFS Broker , B-BBEE, BRC and BRCGS Packaging Materials, which attest to compliance with the specific requirements of different sectors and markets, particularly with regard to the structural characteristics of agglomerates, but also the food safety of closures (contact between closures and drinks). Risks As a packaging material for food products, cork stoppers can pose risks to the health of end-consumers, either through potential process hazards or through intentional, ideological or economic adulteration. A ware of these risks, Corticeira Amorim implements all the rules and standards available on the market and promotes a strong food safety culture. The stopper PUs have implemented and certified the FSSC 22000 standard - food safety management system and ISO 9001 - quality management system. Sourcing FSC®- 1 2 = IMPACT MATERIALITY FINANCIAL MATERIALITY = MATERIAL FROM A FINANCIAL PERSPECTIVE MATERIAL FROM A DOUBLE PERSPECTIVE MATERIAL FROM AN IMPACT PERSPECTIVENON-MATERIAL
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296 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 labelled products guarantees consumers that their purchase comes from forests where sustainable management is ensured, including the preservation of biodiversity , the protection of services and ecosystems and the promotion of safety in forestry work. Opportunities By analysing feedback from customers and/or consumers and end-users, Corticeira Amorim has the opportunity to improve its products, which can be reflected in the form of increased sales and access to new markets and customers. The Organisation has also identified opportunities in terms of reputation due to the provision and communication of clear and transparent information, which can translate into increased demand for its products and services in the short, medium and long term. 8.11.2 IMPACT , RISK AND OPPORTUNITY MANAGEMENT A. POLICIES RELATED TO CONSUMERS AND END-USERS (S4-1) Key contents of policies Corticeira Amorim is committed to assuming its responsibility as a producer , respecting customers and/or consumers and end-users and promoting safe and responsible consumption, particularly with regard to product quality and responsibility . Consequently , all the Organisation’s workers must strive for efficiency in processes, transparency and integrity in actions and treatment, guaranteeing safe and quality products and services. A culture of quality must prevail within the Organisation, through the drawing up of action plans and continuous improvement aimed at increasing the satisfaction, health and safety of clients and/or consumers and end-users. The different product lines offered by the Organisation guarantee coverage of the respective needs of customers and/or consumers and end-users in the different sectors and markets. Corticeira Amorim is also committed to using all means to ensure that the products and services offered by the Organisation do not involve risks to the health or safety of customers and/or consumers and end-users, taking appropriate measures to resolve any risks that may arise, in accordance with current legislation. In this context, the Organisation adopts a preventive and life-cycle approach to product safety management, ensuring the identification, assessment and mitigation of risks associated with their foreseeable and reasonable use. The Organisation’s main commitments to clients and/or consumers and end-users are formalised in the Consumer Safety Policy . These commitments include: • Ensure the provision of services or the sale of products in strict compliance with applicable internal procedures and legal and statutory rules, including those relating to product liability; • Providing complete, relevant, truthful and accurate information in accessible language and adapted to needs, responding to requests, questions and complaints within reasonable deadlines; • Continuously improve the performance, quality and safety of its products and services, endeavouring, with a sense of service, to meet and exceed the needs and expectations of its clients and/ or consumers and end-users; • Manage information with the aim of ensuring the protection of its integrity and the confidentiality of the affairs of its clients and/or consumers and end-users, undertaking not to disclose personal information without their prior consent, except in cases of legal obligation or in fulfilment of legal or administrative resolutions; • Implement product risk identification and mitigation systems, considering the entire product life cycle; • Ensure traceability and recall mechanisms for products, when applicable, ensuring a rapid response if non-conformities are detected in its products that may affect consumer safety; • Ensure timely communication to consumers whenever defects, risks, or relevant incidents related to product safety are detected; • Promote the continuous training of workers in product safety matters; • Extend these principles to the value chain, requiring suppliers, distributors, and business partners to comply with equivalent requirements. The Organisation will also ensure the systematic monitoring of incidents and complaints related to product safety , periodically reviewing manufacturing processes to enhance defect prevention. In addition to the commitments set out in the Consumer Safety Policy , some of the impacts, risks and opportunities identified in relation to consumers and end-users are addressed through
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297 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 different internal Corticeira Amorim policies discussed above. The Diversity Policy and the Code of Ethics and Professional Conduct safeguard accessibility and non-discrimination in access to the Company’s products, ensuring that all individuals have equal and equitable access, regardless of their ethnic origin, sexual orientation, gender , age or any other personal characteristic, thereby promoting social cohesion, individual well-being and building a more inclusive and diverse society . The Privacy Policy and the Cybersecurity Policy reflect the commitments and position of the Organisation and its companies with regard to guaranteeing privacy rights and adopting the best cybersecurity practices which, due to the emerging risks of cyberattacks, also contribute to the security of the personal data of all stakeholders who have dealings with Corticeira Amorim. Policy Consumer Safety Policy, Diversity Policy, Cybersecurity Policy and Code of Business Ethics and Professional Conduct Scope / Key stakeholders Applicable to all workers of the Organisation and to external stakeholders, including the value chain, where applicable Most senior level responsible for implementation Approval of Policies/Code falls within the competence of the Board of Directors Enforcement is ensured by ECBD through the member responsible for overseeing and reporting on cross-functional and support areas, which are in turn responsible for monitoring its implementation Implementation of the Policies within the scope of their respective activities is the responsibility of the BUs Alignment with international standards Principles aligned with the main applicable international frameworks, in particular the 1948 Universal Declaration of Human Rights, the ILO Fundamental Conventions, the OECD Guiding Principles for Multinational Enterprises, the United Nations Guiding Principles on Business and Human Rights, the 10 principles of the United Nations Global Compact, the Charter of Principles of BCSD Portugal and ISO 37001:2016 Interests of key stakeholders Stakeholder input is gathered through regular engagement processes and materiality assessments, ensuring relevance and inclusion in the policies Accessibility and availability of policies Website in Portuguese and English Link to the Articles of Association, Regulations and Policies https:/ /www.amorim.com/en/investors/corporate-governance/ corporate-regulation-and-policies/ B. PROCESSES FOR ENGAGING WITH CONSUMERS AND END-USERS ABOUT IMPACTS (S4-2) Engaging with customers and/or consumers and end-users Corticeira Amorim systematically takes into account the views, interests and rights of customers and/or consumers and end-users when making decisions and defining its strategy and business model. As Corticeira Amorim’s business model is predominantly B2B, the perspectives and needs of consumers and end-users are mostly captured through engagement programs with its customers, who act as privileged contact points throughout the value chain. In this context, Corticeira Amorim regards its customers as legitimate representatives of the consumers and end-users, as they gather and convey expectations, technical requirements, perceptions of value and decision criteria from the markets where the Organisation operates. Although feedback channels are available on the corporate website, enabling any consumer and/or end-user to communicate directly with the Organisation, it is primarily through structured opportunities for engagement with customers, particularly regarding products and services, that Corticeira Amorim conducts the collection of relevant information to identify opportunities for improvement and to continuously adapt its offering, with a view to meeting the needs and expectations of its different audiences. Currently , Corticeira Amorim’s larger companies already have formal customer engagement projects in place, including satisfaction surveys conducted on a regular basis (typically biennial), which enable a structured assessment of the customer experience, monitoring of satisfaction levels, identification of critical factors in the commercial relationship and support for the definition of action plans. It is in this context that the Customer Satisfaction Surveys (CSS) carried out by the different Business Units are conducted.
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298 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Customer Satisfaction Surveys During the period under review, the surveys carried out allowed for a significant coverage of the customer base, gathering perceptions about the quality of the products, service reliability, commercial relationship, responsiveness and value creation throughout the customer journey. Overall, the results show globally positive satisfaction levels, confirming the strength of commercial relationships while also identifying concrete improvement opportunities — already incorporated into the respective internal action plans. The survey results are analysed internally by the respective BUs and used as a basis for defining action plans aimed at the continuous improvement of the customer experience, including processes, communication, service and solution development. Corticeira Amorim plans to continue conducting these surveys on a periodic basis, ensuring the comparability of results over time and further embedding the customer perspective into its management systems and sustainability reporting. Amorim Cork BU (ISC 2023) The survey, conducted in 2024 and covering 2023 sales, involved 1,420 customers contacted and obtained 151 valid responses, which corresponds to a response rate of 10.63%. The results show high levels of overall satisfaction, with consistently positive ratings across the different dimensions analysed, namely product, production and logistics, commercial area, after-sales service and company dimension. Particularly noteworthy are the positive perception of product quality and performance, operational reliability and after-sales service, which recorded the highest average ratings. Sustainability also emerges as an attribute recognised by customers, reflecting the growing integration of ESG criteria in the business relationship. The survey also identified areas for improvement, namely in terms of the frequency of commercial contact and responsiveness to requested changes, aspects which were taken into account in defining internal improvement actions. Amorim Cork Solutions BU (ISC 2025) The survey, conducted in 2025 and covering 2024 sales, involved 1,207 customers, and obtained 379 valid responses, which corresponds to an approximate response rate of 31%. Of these responses, 197 (52%) were classified as positive, reflecting customers who declared themselves satisfied with the business relationship. The survey made it possible to assess the customer experience across the different stages of the customer journey, as well as the likelihood of recommendation, providing a robust basis for identifying the critical factors of satisfaction and the areas with the greatest impact on the overall customer perception. Effectiveness of engagement activities The CEO of each BU is responsible for engaging with customers and/or consumers and end-users. The communication and marketing teams, customer service teams and commercial areas of the BUs are responsible for engaging with customers and/or consumers and end-users and for listening to them, so they follow up and monitor the effectiveness of the processes. Given that Corticeira Amorim’s business model is B2B, the Company does not formally monitor the effectiveness of the process with consumers and end-users. It does, however , have various mechanisms in place to support its customers, including sales teams, meetings and presentations customised to each customer’s needs, monthly customer evaluations, personalised customer events, customer service, a contact form on the website, social networks and customer satisfaction surveys. Information and communication The Company provides all relevant information about the products it sells on its website and other communication tools, including studies and reports. In the case of products and solutions that involve a technical application that requires specific certifications in certain sectors and geographies, the Company communicates these certifications through certificates and reports from external organisations and/or supported by laboratory tests and other studies and/or publications. The use of these means and instruments makes it possible to provide clear , transparent and reliable information to the market, which translates into a relationship of greater trust between the Company and its customers and end-consumers. Corticeira Amorim aims to ensure that the information it shares reflects its inclusive and non- discriminatory nature towards all consumer and end-user groups. More information on communication channels with stakeholders can be found in section 8.1.3 B. Interests and views of stakeholders. Particular attention is paid to assessing the effectiveness of actions designed to address risks and opportunities, ensuring that risks are being managed efficiently and opportunities capitalised on. Sharing clear , transparent and complete information builds trust with customers and/or consumers and end-users, enabling them to make informed choices and decisions based on the information provided. The communication and marketing teams, customer service teams and commercial areas of the BUs are responsible for assessing the effectiveness of the communication mechanisms, the evolution of the metrics and the fulfilment of the targets that they report to the ECBD of the respective BUs.
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299 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 C. PROCESSES TO REMEDIATE NEGATIVE IMPACTS AND CHANNELS FOR CONSUMERS AND END- USERS TO RAISE CONCERNS (S4-3) Corticeira Amorim has processes and channels in place that enable consumers and end-users to raise concerns or needs relating to negative impacts on human rights and the environment associated with its products and services. These processes and channels, as well as the correction, remediation and anti-retaliation mechanisms, are described in section 8.1.6 Grievance Handling Mechanisms and Communication Channels. D. TAKING ACTION ON MATERIAL IMPACTS ON CONSUMERS AND END-USERS, AND APPROACHES TO MANAGING MATERIAL RISKS AND PURSUING MATERIAL OPPORTUNITIES RELATED TO CONSUMERS AND END-USERS, AND EFFECTIVENESS OF THOSE ACTIONS (S4-4) Corticeira Amorim takes action to mitigate real or potential negative impacts, as well as to foster any positive impacts on customers and/or consumers and end-users. The Company maintains a robust and dynamic IMS, which is continually reviewed and improved to ensure operational excellence. This management system is subject to regular reviews by internal and external organisations, ensuring a comprehensive and impartial approach to assessing processes and practices. During the reviews, a number of key aspects are carefully assessed, ensuring that the highest standards of quality and performance are met. The results of internal and external audits are also analysed, as well as the follow-up of corrective actions implemented as a result of these audits. More detailed information on Corticeira Amorim’s IMS is covered in section 8.1.3 A. Strategy , business model and value chain. Particular attention is paid to assessing the effectiveness of actions designed to address risks and opportunities, ensuring that risks are being managed efficiently and opportunities capitalised on. The communication and marketing teams, customer service teams and commercial areas of the BUs are responsible for assessing the effectiveness of the actions defined, the evolution of the metrics and the fulfilment of the targets that they report to the ECBD of the respective BUs. Every year , various measures are implemented to prevent or mitigate potential negative impacts and key areas such as product quality and safety are prioritised. Key actions In 2025, Corticeira Amorim continued to take steps to address potential impacts on the safety and health of customers and/or consumers and end-users, namely through its audits, certifications and laboratory tests aimed at the integrity , quality and safety of its products. Audits and certifications The Organisation consistently continued to maintain its certifications in terms of the quality and safety of its products, namely ISO 9001 and ISO 22000, among others. Corticeira Amorim’s products are also subjected to voluntary or compulsory tests and audits, which guarantee that high standards of quality and safety are maintained. More information in section 8.1.3 A. Strategy , business model and value chain. Resources allocated to the management of material impacts The management of material impacts related to consumers and end-users involves various departments and initiatives. The main departments involved include the Communication, Sustainability and Compliance support areas. These areas work together with the BUs’ Marketing, Customer Support, Sales and Quality departments to ensure that the Company’s products and services meet consumer expectations and minimise negative impacts. In addition to the human resources involved, the Company invests financial resources in customer satisfaction surveys, quality systems, information and awareness-raising campaigns for customers / consumers and end- users, social responsibility actions and information systems, among others. The Company is reinforcing its information systems with the aim of isolating the resources used to respond to actions related to relevant topics. This reinforcement will allow for more efficient and transparent management of the resources allocated to these initiatives. The Company will report on the progress made in the coming financial years. Future prospects In 2026, Corticeira Amorim will continue to deepen the work developed on issues related to consumers and end-users, reinforcing the structured approach to the identified impacts, risks and opportunities. Existing practices regarding product safety and quality , privacy and customer information will be consolidated through the continuous improvement of certification, audit, testing and monitoring processes. The Organisation will also follow up the activities of the multidisciplinary working groups dedicated to these topics, with the aim of assessing additional needs and identifying opportunities for improvement that can strengthen consumer confidence and support the evolution of internal processes.
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300 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 8.11.3 METRICS AND TARGETS A. TARGETS RELATED TO MANAGING MATERIAL NEGATIVE IMPACTS, ADVANCING POSITIVE IMPACTS, AND MANAGING MATERIAL RISKS AND OPPORTUNITIES (S4-5) Ensure product safety and quality , support R&D+I and promote sustainable solutions for all is the objective of the Sustainable by nature programme under the Customers and end-consumers topic. This objective, based on the pillar Promote R&D+I and leverage economic performance, is aligned with the 2030 agenda for sustainable development, specifically with SDG No. 8 - Decent work and economic growth; No. 12 - Responsible consumption and production and SDG No. 17 - Partnerships for the goals. The Programme defines qualitative targets for 2030, applicable to the entire sustainability perimeter: • Strengthen resilience and adaptability to climate-related risks; • Upgrade infrastructure and rehabilitate industries to make them sustainable; • Reduce negative environmental impact; • Support productive activities, entrepreneurship, creativity and innovation; • Enhance scientific research. 18 Information on the Sustainable by nature Programme and on the companies included within the sustainability targets perimeter is available in section 8.1.3 A. Strategy , business model and value chain. Customers and end-consumers 2030 Goal Ensure product safety and quality, support research, development and innovation, and promote sustainable solutions for all 2030 T argets • Strengthen resilience and adaptability to climate-related risks • Upgrade infrastructure and rehabilitate industries to make them sustainable • Reduce negative environmental impact • Support productive activities, entrepreneurship, creativity and innovation • Enhance scientific research SDGs 2025-2027 Plan The target for the percentage of consolidated product sales covered by LCA reflects the progressive integration of this tool in decision- making on product development and management. The expansion of LCA coverage contributes to the continuous improvement of the environmental performance of products throughout their value 2025-2027 Plan Retrospective T argets Indicator Unit of measurement Expected direction Horizon Baseline year 2024 Comparative year 2024 Reporting year 2025 Change reporting year vs comparative year 2027 Objective Reporting year progress vs 2025- 2027 target Consolidated product sales covered by LCA % Ye a r 69.4% 69.4% 72.8% 3 pp 50.0% Ahead of target for the respective areas. These groups report to the ECBD at least twice a year and the ECBD is responsible for monitoring and following up on the effectiveness of the actions defined. At least twice a year , the progress of actions and the fulfilment of targets are reported to the Board of Directors. chain, supporting the availability of more responsible products aligned with the expectations of consumers and end-users. In 2025, the coverage of LCA of consolidated sales reached approximately 72.8%, surpassing the intermediate target set for the period 2025-2027, which demonstrates early progress towards the established target. Monitoring and evaluation of effectiveness Issues relating to material impacts, risks and opportunities are analysed and monitored by internal multidisciplinary working groups. They meet at least quarterly to monitor Corticeira Amorim’s performance in relation to each defined metric and target and, consequently , to determine and implement improvement actions The Sustainable by nature programme sets quantitative targets for the sustainability targets perimeter18, aligned with the Company’s strategic cycles (usually three years) and with an ambition for 2030. Based on the double materiality assessment carried out in 2024 and subsequent revisions, as well as the increase in the perimeter of the Consolidated Sustainability Statement to equal the perimeter of the financial statements, during the 2025-2027 strategic cycle Corticeira Amorim will reflect on the need to extend the perimeter of the targets and define new targets and metrics.
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301 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Governance Information G1: BUSINESS CONDUCT Business conduct covers topics such as ethics and corporate culture, corruption and bribery , whistleblower protection and management of relationships with suppliers including payment practices. Therefore, this section of the Consolidated Sustainability Statement presents the material impacts, risks and opportunities identified by Corticeira Amorim in relation to Corporate Culture, as well as their interconnection with the Organisation’s strategy reflected in its policies, actions, targets and established metrics.
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302 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 8.12 ESRS G1 – Business conduct (SDGs 8, 17) 8.12.1 STRATEGY A. MATERIAL IMPACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH STRATEGY AND BUSINESS MODEL (ESRS 2 SBM-3) Impacts, risks and opportunities Corticeira Amorim ensures that the principles associated with good business conduct are consistently applied across all areas of its operations. Through the formalisation of codes, policies and regulations, the Organisation promotes alignment with international best practices in Environment, Society and Governance, establishing common benchmarks of integrity , ethics and corporate responsibility . These regulations also extend to the value chain, engaging suppliers and business partners and encouraging them to respect or adopt the defined principles. This approach allows for a structured framework to identify and manage the impacts and risks associated with business conduct, contributing to the protection of the integrity of decision-making processes and the confidence of stakeholders. The commitment to responsible business conduct is a central element in the creation of sustainable value and the long-term resilience of the Organisation. In relation to business conduct, material matters were identified concerning corporate culture, whistleblower protection, supplier relationship management, and the prevention of corruption and related incidents. In particular , exposure to corruption and bribery practices involving workers in risk-exposed roles, arising from their functions and responsibilities, was identified as a material risk, as these may lead to suboptimal business decisions and compromise the interests and financial viability of the Organisation. The approach adopted to determine the material impacts, risks and opportunities in relation to business conduct is described in section 8.1.4 A. Description of the process to identify and assess material impacts, risks and opportunities of the General disclosures. The management and supervision of this risk form part of the Organisation’s governance model, as described in section 8.1.2 A. The role of the administrative, management and supervisory bodies.
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303 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Governance IRO +/- A/P OO/U/D Time horizon Policy ESRS G1: Business conduct 1 - Corporate culture High standards of ethics, business conduct and environmental and social responsibility in Corticeira Amorim’s intrinsic values I A OO Code of Business Ethics and Professional Conduct Code of Ethics and Conduct for Suppliers Purchasing Policy Promoting and safeguarding best corporate responsibility practices by implementing various external certifications I A OO Integration of sustainability-related performance into incentive schemes, particularly for executive directors I A OO Reputational gains due to a responsible, ethical and positive corporate culture O OO Increase in employee productivity and enhanced attractiveness and retention of human capital O OO 2 - Protection of whistleblowers Provision of whistleblowing channels in accordance with the General Data Protection Regulation (GDPR) and Directive (EU) 2019/1937, ensuring confidentiality, anonymity and non-retaliation I A OO Privacy Policy 3 - Management of relationships with suppliers including payment practices Possible delays in payments to suppliers I P OO Purchasing Policy 4 - Corruption and bribery Insufficient anti-corruption measures, including training for workers I P OO Anti-Corruption Code of Conduct Corruption and bribery practices carried out in own operations, upstream or downstream in the value chain I P U + OO + D Corruption and bribery practices involving high-risk roles, arising from their functions and responsibilities, may lead to business decisions that do not safeguard the Company’s interests R OO I - Impact; R - Risk; O - Opportunity; A - Actual; P - Potential; OO - Own operations; U - Upstream; D - Downstream Positive impact; Negative impact. - Short-term; - Medium-term; - Long-term The position of each topic in the materiality matrix is determined by the highest absolute value, whether from the impact perspective (regardless of whether positive or negative) or the financial perspective (regardless of whether in terms of risk or opportunity). = Materiality threshold 1 2 3 4 = IMPACT MATERIALITY FINANCIAL MATERIALITY = MATERIAL FROM A FINANCIAL PERSPECTIVE MATERIAL FROM A DOUBLE PERSPECTIVE MATERIAL FROM AN IMPACT PERSPECTIVENON-MATERIAL
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304 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Negative impacts The Organisation identified possible delays in payments to suppliers as a potential negative impact in the short, medium and long term. Late payments are a key issue for suppliers, as they can negatively affect their cash flow and jeopardise their commercial activity . A ware of the importance of this, Corticeira Amorim has adopted an appropriate set of policies and procedures aimed at avoiding late payments and guaranteeing payment in accordance with the contractual conditions to SME, especially small local suppliers. Insufficient anti-corruption measures, particularly in terms of training on corruption and bribery , can lead to a potentially higher number of cases of corruption and bribery , with negative impacts on Corticeira Amorim’s employees, business partners and other stakeholders. Therefore, in order to prevent any type of corruption incident, the Organisation identified the functions most exposed to the risk of corruption and bribery , to which it provides consistent and ongoing specific training on the subject, ensuring the necessary conditions for compliance with the rules on corruption prevention. In addition, the Company has adopted a set of internal codes and regulations that address the issue, and has also implemented a RPP . Positive impacts Corticeira Amorim’s intrinsic values and corporate culture are guided by high standards of ethics and conduct and environmental and social responsibility . The Organisation has identified as material the real positive impact, in the short, medium and long term, on the environment and stakeholders resulting from its good practices in terms of corporate culture. Also in this context, the Organisation and its companies promote, in the short, medium and long term, the safeguarding of best corporate responsibility practices, the Company’s values and policies, and the protection of the environment and people through the implementation of various certifications, namely SA 8000 certification, ISO 14001, 45001, 50001, Cork Stopper Practices, ISO 22000; FSSC 22000; HACCP; IFS Standard P AC Secure; IFS Broker; BBEE; BRC, FSC® and PEFC. The integration of sustainability performance in incentive schemes, namely in the variable remuneration of Corticeira Amorim’s executive directors, was also identified as having a real positive impact on the environment and society in the short, medium and long term. Currently , the remuneration of executive directors includes fixed and variable components. The latter combines results from ESG dimensions measured by the Sustainability Index | ESG with other factors. The policies adopted by Corticeira Amorim to protect whistleblowers throughout its value chain, including the provision of whistleblowing communication channels and measures to protect against retaliation, also have a real positive impact in the short, medium and long term. Corticeira Amorim provides whistle- blowing channels in accordance with the GDPR and Directive (EU) 2019/1937, ensuring confidentiality , anonymity and non- retaliation, thus guaranteeing that all whistleblowers feel free to report suspected offences or harmful situations. Risks Corruption and bribery involving workers in risk roles, arising from their duties and responsibilities at Corticeira Amorim, have been identified as a material risk. The materialisation of this risk could lead to sub-optimal business decisions that do not serve the Company’s interests, potentially jeopardising its financial viability , as well as affecting the integrity of decision-making processes and the trust of stakeholders. To mitigate this risk, the Organisation promotes a culture of integrity and ethical conduct, supported by policies, procedures and mechanisms for the prevention, detection and response to situations of corruption and bribery , as well as by awareness-raising and training initiatives aimed at roles exposed to greater risk. Opportunities With regard to the positive impact on the environment and society , the good culture and corporate responsibility practices adopted by the Organisation also constitute a reputational opportunity , which can translate into an increase in demand for the products and consequently an increase in sales volume. In addition, a responsible, ethical and positive corporate culture can also be an opportunity to increase the productivity of workers and the attractiveness and retention of the workforce, reducing the operational costs of recruitment and training.
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305 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 8.12.2 IMPACT , RISK AND OPPORTUNITY MANAGEMENT A. BUSINESS CONDUCT POLICIES AND CORPORATE CUL TURE (G1-1) Key contents of policies Corticeira Amorim bases its operations on high standards of business ethics, fostering appropriate professional and ethical conduct in all relationships with its stakeholders. It thereby delivers results that are the fruit of its management vision, the efficiency of its processes, continuous innovation, the professionalism and competence of the team, the competitiveness of its offer and its reputation in the marketplace. To this effect, it assumes a set of commitments on ethical, environmental, and social responsibility issues, reflected in internal regulations (codes, policies, regulations, and procedures) that are coherent and comprehensive, formalising the principles by which the Company governs its activity , promoting these principles within its sphere of influence, including in the value chain, and inviting suppliers and service providers to adhere to the same principles. The foundations of Corticeira Amorim’s success are deeply embedded: entrepreneurial vision, responsibility and rigour , creativity and innovation. In this way , the Organisation adopts a set of internal policies and regulations which, associated with the Company’s Articles of Association, the Code of Business Ethics and Professional Conduct and strict guidelines and processes, supported by appropriate training as well as internal control and risk management mechanisms, support the corporate culture and enable the interests of its stakeholders to be aligned. These policies and regulations foster the balanced and prudent management and sustainability of the Company , mitigate risks and guarantee compliance with legal and other requirements to which the Organisation is committed, in its own operations and throughout the value chain, in the interests of competitiveness and the creation of long-term value in a transparent and responsible manner . Corticeira Amorim’s Code of Business Ethics and Professional Conduct establishes principles that guide the ethical conduct of the Organisation and its workers, namely legal compliance, transparency , ethics, integrity and the protection of human rights, defining rules of conduct on matters such as conflicts of interest, confidentiality , personal data protection, responsible use of information, responsible use of digital technologies and artificial intelligence, as well as relationships with different stakeholders. The Code also addresses specific issues relating to the value chain, including commitments to suppliers, respect for human rights, free employment and protection of the environment. The Anti-Corruption Code of Conduct defines specific and concrete guidelines for the prevention of corruption and bribery practices within the Organisation’s operations and its value chain, establishing zero tolerance towards these practices. This Code governs, among other matters, conflicts of interest, gifts and hospitality , sponsorships and donations, political contributions, interactions with public entities, facilitation payments and whistleblowing mechanisms, while also proposing that suppliers and partners adopt equivalent measures to ensure integrity throughout the value chain. The Code of Ethics and Conduct for Suppliers defines the ethical, social and environmental behaviour expected from the Organisation’s suppliers. This Code emphasises the importance of legal compliance and integrity in business, rejecting any form of fraud, corruption or illicit financing. Suppliers are responsible for adopting measures to prevent conflicts of interest and for promoting a working environment that respects human rights and ensures decent conditions, including the eradication of child labour and forced labour , respect for freedom of association and collective bargaining, as well as compliance with OHS standards. The Code also encourages sustainable practices and environmental protection throughout Corticeira Amorim’s value chain. This set of policies forms part of Corticeira Amorim’s governance and internal control system and is aligned with human rights and environmental due diligence processes, also covering emerging governance matters such as cybersecurity , the responsible use of artificial intelligence and whistleblowing channels with guarantees of confidentiality and non-retaliation, reinforcing a structured approach to the prevention of and response to risks of misconduct and other practices liable to compromise the integrity of the Organisation and its value chain. A ware of the risks to which its business activity and value chain are subject, as well as the interests of its stakeholders, Corticeira Amorim regularly reviews these matters, promoting reflection with a view to addressing any gaps and maintaining the alignment of its internal policies with applicable legislation and best international practices in corporate governance, ethics and integrity .
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306 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Policy Company’s Articles of Association, Code of Business Ethics and Professional Conduct, Diversity Policy, Anti-corruption Code of Conduct and Code of Ethics and Conduct for Suppliers Scope / Key stakeholders Applicable to all workers of the Organisation and to external stakeholders, including the value chain, where applicable Most senior level responsible for implementation Approval of Policies/Code falls within the competence of the Board of Directors Enforcement is ensured by ECBD through the member responsible for overseeing and reporting on cross-functional and support areas, which are in turn responsible for monitoring its implementation Implementation of the Policies within the scope of their respective activities is the responsibility of the BUs Alignment with international standards Principles aligned with the main applicable international frameworks, in particular the 1948 Universal Declaration of Human Rights, the ILO Fundamental Conventions, the OECD Guiding Principles for Multinational Enterprises, the United Nations Guiding Principles on Business and Human Rights, the 10 principles of the United Nations Global Compact, the Charter of Principles of BCSD Portugal, the act4nature Portugal, the SDGs and ISO 37001:2016 Interests of key stakeholders Stakeholder input is gathered through regular engagement processes and materiality assessments, ensuring relevance and inclusion in the policies Accessibility and availability of policies Website in Portuguese and English Link to the Articles of Association, Regulations and Policies https:/ /www.amorim.com/en/investors/corporate-governance/corporate-regulation-and-policies/ Training sessions on business conduct To ensure compliance with internal regulations, namely the Code of Business Ethics and Professional Conduct, Corticeira Amorim ensures that all workers are aware of and committed to the applicable principles, values and rules of conduct. For this purpose, all workers have access to specific training on the topics of the Code of Business Ethics and Professional Conduct, and its completion is mandatory for all new workers as part of their onboarding programme within the Organisation. Training is provided through a programme predominantly in e-learning format, designed to reach the entire Company population and allow for a regular refresh of the main concepts of ethics, business conduct and integrity . Whenever justified, this training may be complemented or conducted through other formats, namely face-to-face sessions or awareness workshops aimed at specific audiences. Training is conducted individually via computer or mobile device, includes a final assessment test and is considered complete only when a minimum achievement level of 80% is reached. In 2024, a training cycle aimed at workers already onboarded to the Organisation was completed. In 2025, training on business conduct topics was ensured within the training plan associated with the update and reinforcement of corporate regulations, including awareness and refresh actions aligned with the Code of Business Ethics and Professional Conduct, totalling 25,167 hours of training, namely on topics of ethics, compliance and corruption, safety and well-being at work, environment and biodiversity , diversity and inclusion, marketing and communication, human rights and labour practices. During the strategic cycle from 2025-2027, Corticeira Amorim will continue to assess the adequacy of training sessions, as well as the respective goals and metrics, ensuring their update whenever relevant, depending on the evolution of risks, the regulatory framework and the identified needs. Additionally , all employees receive a full copy of the Code of Business Ethics and Professional Conduct, which is appended to their employment contract, along with a supporting summary brochure. The Code is available and accessible to all stakeholders on Corticeira Amorim’s website. Anti-corruption and anti-bribery Corticeira Amorim does not tolerate any form of corruption or bribery . In line with the Anti-Corruption Code of Conduct, the Organisation adopts and applies guidelines designed to prevent, detect and respond to corruption and bribery practices in its operations and throughout the value chain, covering both its employees and third parties with whom it engages. For this purpose, the Organisation implements a set of measures for the prevention, detection, and addressing of potential incidents, including internal control mechanisms, reporting procedures, and awareness-raising and training actions. Functions that are most at risk in respect of corruption and bribery The Organisation recognises the existence of roles that, in the context of the various companies within the Group, are more susceptible to the risk of corruption and bribery , namely those associated with procurement processes, relevant financial transactions and interaction with external partners and public entities. To address this risk, the Organisation implements a set of measures proportional to the identified level of exposure, including specific training sessions and control and monitoring mechanisms. More detailed information can be found in section 8.12.2 C. Prevention and detection of corruption and bribery . Integrity Hub Corticeira Amorim has a corporate digital platform – the Integrity Hub – intended for the dissemination, consultation and centralised management of the policies, codes of conduct and other internal regulations applicable to the Company’s activities. The Integrity Hub is a structuring tool for awareness and ongoing training in business conduct, ensuring that all workers have updated and systematised access to the internal references that frame the legal, ethical and organisational principles. Compliance with the conduct standards set out in these policies is mandatory for all workers, and each individual is personally responsible for knowing and applying them; ignorance thereof may not be invoked as justification for non-compliance. The platform is complemented by support materials, including a user manual, and by a formal clarification channel, ensured by the Legal Department, for questions, requests for clarification, or proposals for adjustments to internal policies and regulations. Any changes, creation of new normative documents or deviations
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307 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 from the current references are subject to prior approval by the Executive Committee and/or the Board of Directors, reinforcing the mechanisms of internal control and accountability . The Integrity Hub contributes to strengthening the culture of integrity , transparency , and accountability , promoting a consistent understanding of business conduct rules throughout the Organisation and supporting the prevention of legal, ethical, and reputational risks. Reporting of irregularities In line with its strict sense of ethics, Corticeira Amorim has formalised an internal whistleblowing procedure, designed to prevent and detect improper and/or illegal behaviour within the context of professional activity , and to protect those who report such situations in good faith and on reasonable grounds, as well as related persons and entities. This procedure applies to Corticeira Amorim and the companies over which it directly or indirectly holds a control relationship (by holding more than 50% of the share capital), regardless of whether their registered offices are in Portugal or in another country . The procedure was set up in accordance with Law 93/2021 of 20 December , which transposed into national law Directive (UE) 2019/1937 of the European Parliament and of the Council on the protection of whistleblowers, ensuring confidentiality guarantees, anonymity , personal data protection and prohibition of retaliation. For the purposes of this procedure, irregularities are defined as any improper or unlawful conduct, by act or omission, in a professional context — including attempts to conceal it — which is reasonably foreseeable, ongoing or has already occurred, in breach of the Code of Business Ethics and Professional Conduct, the Anti-Corruption Code of Conduct, the Code of Ethics and Conduct for Suppliers, internal policies and regulations, or applicable legislation. Included, among others, are situations related to human rights, working conditions, harassment, discrimination, corruption and bribery , conflicts of interest, misuse of information, illegal financial practices or other relevant legal infractions. The communication procedure is accessible to workers and former workers, candidates in recruitment processes, as well as other stakeholders, including clients, suppliers, service providers, shareholders, and members of administrative, management or supervisory bodies. Corticeira Amorim provides a centralised and independent internal channel for reporting irregularities, accessible through the online platform https:/ /corticeiraamorim.integrityline. com, which allows for written or verbal reports, including anonymously , ensuring the confidentiality of the reporting person’s identity and the integrity of the information. This channel is the preferred means for reporting irregularities, as it ensures greater security , traceability and appropriate data handling. Additionally , workers can submit reports to their line manager . The AUC, in collaboration with the Compliance Officer is responsible for receiving, analysing, and following up on communications, ensuring their independent, objective, and impartial evaluation, as well as compliance with legally established deadlines and requirements. Where applicable, precautionary , corrective or mitigating measures are proposed or adopted, and reports may also be submitted to the competent authorities. This Committee is also responsible for periodically reviewing the procedure, ensuring its compliance with the applicable legislation. The procedure ensures that the reporting party is notified of the receipt of their report and informed of the applicable requirements within seven days, and that information on the measures envisaged or adopted in response to the report is provided within a maximum of three months, in accordance with the law . The reporting person may also request the final result of the analysis of their report at any time, which will be made available within 15 days after the completion of the process. The Organisation guarantees the protection of reporting persons against any form of retaliation, understood as any act or omission that, directly or indirectly , causes or may cause unjustified harm in a professional context due to the communication made. Equally benefiting from this protection, with the necessary adaptations, are the people who assist the reporting person or who have a professional or family relationship with them, as well as entities that are owned or controlled by the reporting person. The internal reporting procedure offers guarantees of independence, confidentiality , absence of conflicts of interest, integrity and retention of reports, which are handled with respect, dignity and in compliance with the applicable legal obligations regarding the personal data protection. In 2025, six reports of irregularities were received through this channel, as demonstrated in the table below , with all of them concluding that there was no concrete situation to substantiate the respective allegations.
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308 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Reporting of irregularities Unit of measurement 2025 Aspect Environmental no. 0 Corruption no. 0 Privacy no. 0 Safety no. 0 Others no. 6 T otal 6 Protection of whistleblowers In accordance with Law No. 93/2021 of 20 December , Corticeira Amorim ensures the protection of individuals who report irregularities in good faith and on reasonable grounds, guaranteeing the confidentiality of their identity or anonymity , as well as the protection of their personal data. Any form of retaliation, whether direct or indirect, against the reporting party as a result of the report made is expressly prohibited, including acts or omissions which, in a professional context, may cause unjustified harm. This protection extends, with the necessary adaptations, to persons who assist the reporting party , as well as to natural or legal persons related to them in a professional context. The internal reporting procedure ensures guarantees of independence, confidentiality , the absence of conflicts of interest and the impartial handling of reports, and is observed by all persons responsible for receiving and following up on them, in conjunction with the AUC and the Compliance Officer . B. MANAGEMENT OF RELATIONSHIPS WITH SUPPLIERS (G1-2) Corticeira Amorim recognises that its supply chain plays a key role in managing sustainability impacts, risks and opportunities. In this context, the management of supplier relationships is a central element of the Organisation’s human rights and environmental due diligence system, promoting responsible ethical, social and environmental practices throughout the value chain. General approach and operating principles Corticeira Amorim does not apply a uniform assessment model to all suppliers. In line with international best practices and the principles of proportionality and reasonableness, the Organisation adopts a differentiated model, in which: • All potential suppliers are subject to an initial internal screening based on risk factors; • Only suppliers whose risk profile warrants it are subject to further assessments, requests for information, audits or action plans; and • The measures applied are tailored to the nature of the commercial relationship, the level of risk identified and the Organisation’s capacity to influence. This approach ensures the effectiveness of the due diligence system, avoiding the imposition of disproportionate burdens, particularly on SMEs, and focusing efforts on areas of greatest potential risk. Policies and commitments applicable to suppliers The Procurement Policy and the Code of Ethics and Conduct for Suppliers set out the principles and commitments that guide Corticeira Amorim’s conduct in its business relationships. These documents set out the Organisation’s expectations regarding business ethics, integrity , human and labour rights, environmental protection, health and safety , confidentiality and legal compliance, applicable to all business partners. Corticeira Amorim’s approach to managing supplier relationships is also governed by the Human Rights and Environment Due Diligence Guidelines, approved in 2025, which sets out the principles, responsibilities and processes applicable to the identification, prevention, mitigation and monitoring of actual or potential negative impacts associated with the Organisation’s own operations and its value chain, in line with the due diligence approach described in section 8.1.5 Sustainability Due Diligence. The Organisation also has procedures in place to prevent late payments, with particular attention to SMEs, promoting fair , balanced and sustainable commercial relationships. These procedures are integrated into the management of supplier relationships and are set out in the Procurement Policy and in the Codes of Business Ethics and Conduct for Suppliers, which establish Corticeira Amorim’s commitment to transparency , fairness and compliance with agreed contractual terms, including payment deadlines. Within the scope of these regulations, the Organisation ensures that payment terms are clearly defined in contracts and that internal supplier management and invoice validation processes support the timely fulfilment of these deadlines, mitigating the risk of delays, particularly in the case of SMEs and small local suppliers. These procedures are applied across the board by the relevant departments and BUs, as part of a proportionate and risk-based approach to supply chain management. Supplier selection, assessment and monitoring processes Corticeira Amorim applies a risk-based and proportionate approach to the management of its supplier relationships. This system is not based on the uniform application of requirements to all suppliers, but on a progressive process, tailored to the risk profile of each business partner , throughout the entire commercial relationship cycle.
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309 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Initial screening and pre-selection of suppliers All potential suppliers undergo an initial screening, carried out internally by the Organisation, prior to formal selection. This preliminary analysis is based on factors such as geographical context, sector of activity , type of product or service, the criticality of the commercial relationship, and the existence of credible information regarding risks relating to human rights, the environment or integrity , amongst others. This process is one of the tools used by the Organisation to support the identification of potential negative impacts in the value chain, within the scope of its due diligence system. Based on this analysis, a preliminary risk classification (low , moderate or high) is assigned, which determines: • The supplier’s eligibility to proceed in the selection process; • The level of due diligence applicable in subsequent phases. Where the initial assessment identifies risks incompatible with the Organisation’s principles, or high risks that cannot reasonably be mitigated, Corticeira Amorim may choose not to proceed with the business relationship, in accordance with the precautionary principle. Differentiated and proportionate assessment of suppliers Suppliers who proceed to the next stage of the process are subject to differentiated assessments, based on their risk profile and the nature of the commercial relationship. In the case of cork suppliers, the assessment incorporates specific criteria relating to cork harvesting practices, raw material traceability , compliance with the ICCSMP and forest certification, namely FSC®. Failure to fully comply with certain benchmarks may give rise to proportionate monitoring or improvement measures, without necessarily implying the immediate exclusion of the supplier . In the case of non-cork suppliers, the assessment may include pre-qualification, qualification and continuous assessment processes, using tools such as IRSoc and IRAmb, self-assessment questionnaires or other mechanisms appropriate to the identified risk. Suppliers classified as low risk may not be subject to additional assessments, beyond compliance with basic legal and contractual requirements. Pre-qualification and qualification of suppliers The IRSoc evaluates the supplier’s commitment and performance in matters of: • Human and labour rights (including prohibition of child and forced labour); • Non-discrimination and equal opportunity; • Working, health and safety conditions; • Compliance with applicable labour legislation; • Existence of internal mechanisms for social management or recognised certifications (e.g. NP 4469, SA8000 or equivalent references). The IRAmb evaluates the supplier’s commitment and performance in matters of: • Legal environmental compliance; • Waste, effluent and hazardous substance management; • Efficient use of natural resources; • Pollution prevention; • Existence of environmental management systems or recognised certifications (e.g. ISO 14001 or equivalent). The IRSoc and IRAmb indexes are calculated based on the percentage of requirements fulfilled by the supplier. Whenever the supplier holds recognised certifications, these may be considered as evidence of full or partial compliance with the corresponding requirements. Failure to meet critical requirements may lead to a reduction in the applicable index, the imposition of corrective measures, or, in more severe cases, the exclusion of the supplier. Continuous monitoring and enhanced due diligence Supplier monitoring is adjusted according to the respective risk profile and may take a reactive, proactive or enhanced approach, including audits, additional information requests or action plans, where: • Actual or potential negative impacts are identified; • There are substantiated reports or complaints; or • If there are significant changes in the geographical, sectoral or operational context. The suspension or termination of the business relationship is considered only as a last resort, following an assessment of effectiveness of the measures taken and the reasonable prospect of success of the corrective actions, in line with the principles of due diligence and proportionality . The results of these activities constitute a relevant input for monitoring the effectiveness of the measures adopted within the framework of the Organisation’s sustainability due diligence system, as described in section 8.1.5 Sustainability Due Diligence. Promotion of responsible practices and capacity building across the value chain Corticeira Amorim adopts a collaborative approach with its suppliers, promoting the continuous improvement of sustainable practices through awareness-raising actions, technical support and the sharing of good practices. Internally , the Organisation ensures the regular training of purchasing teams on ethics, responsible business conduct and anti-corruption, reinforcing the integration of ESG principles in decision-making processes.
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310 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Sustainable management of the cork value chain Corticeira Amorim manages its cork value chain through an integrated approach that combines responsible sourcing from controlled origin areas, active management of certified forests, and medium- and long-term partnerships with cork suppliers. This approach strengthens the resilience of the supply chain, promotes good forest management practices and supports the creation of long-term value. The Company gives preference to suppliers who comply with the International Code of Cork Stopper Manufacturing Practices (ICCSMP) and forest certification, namely the FSC®, and complements this action with the promotion of financial support mechanisms for cork raw material producers, contributing to the robustness of its business model. In 2025, purchases of cork and cork products totalled 242.5 million euros, of which 96.8% originated in Portugal and Spain, regions classified as low risk under the FSC® system. Acquisitions made in Morocco, Algeria and Tunisia accounted for 2.9%, resulting from sales processes carried out by the State. In the same period, 79.5% of Corticeira Amorim’s Pus had external certification for compliance with the ICCSMP , and 52.3% had FSC® chain of custody certification. Additionally, through the Amorim Florestal BU, the Company has a knowledge and georeferencing database covering around ten thousand cork oak estates across the Iberian Peninsula, ensuring informed, transparent management focused on adding value to the forest, biodiversity and people. Procurement and supply of cork Cork and cork products of controlled origin (%) Cork and cork products of local origin (%) PUs with chain of custody certification for forest products (%) PUs with certification of compliance with the International Code of Cork Stopper Manufacturing Practices (%) ** 96.8% 96.8% 52.3% 79.5% For the purposes of this report, local origin is defined as sourced from Portugal and Spain, and controlled origin is defined as low-risk regions for all five categories of unacceptable sources under the FSC® controlled wood system, which also covers cork, i.e. Portugal and Spain; ** applicable to the Amorim Cork BU’s UP only. Purchases of cork and cork products (values in k€) Portugal and Spain North Africa Other locations T otal purchases of cork and cork products 234,604 7,107 740 242,451 96.8% 2.9% 0.3% 100.0% ESG financing line for suppliers of cork raw materials, in partnership with Caixa Geral de Depósitos In 2023, Corticeira Amorim, through its UN Amorim Florestal, established an innovative partnership with Caixa Geral de Depósitos (CGD), launching the first ESG operation in the sector, which aims to reinforce both companies’ commitment to sustainable development and the preservation of forests. The agreement centres around a revamped financing line dedicated exclusively to cork suppliers, with particularly advantageous conditions linked to sustainability criteria. Corticeira Amorim’s cork suppliers will thus be able to benefit from a discount on the financing spread granted by CGD, determined by their level of ESG classification and their FSC® forest certification status, which is directly proportional to their respective level of development as regards ESG practices and forest management. These special conditions aim to encourage Corticeira Amorim’s cork suppliers to adopt responsible and sustainable management practices, thus contributing to a more positive environmental and social impact. This is an innovative operation, fully conceived and structured by the two organisations. It is the first supply chain financing organised by Corticeira Amorim and is aimed at encouraging best ESG practices throughout the entire chain.
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311 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 C. PREVENTION AND DETECTION OF CORRUPTION AND BRIBERY (G1-3) Prevention, detection and communication Corticeira Amorim absolutely rejects all and any unethical or dishonest conduct or behaviour , in particular fraud, corruption, money laundering or financing of criminal or terrorist organisations, and has a position of zero tolerance in relation to any act or omission that could, even potentially , lead to situations of conflict of interest, undue advantage, inducement or permeability . In this manner , the Company aims to promote free competition and loyalty in the market. Corticeira Amorim is committed to ensuring, through appropriate regulatory compliance programmes, all the necessary conditions for compliance with the rules on the prevention of corruption. The Organisation considers that the roles most exposed to the risk of corruption and bribery are those involved in negotiations, purchases, sales and relations with external partners. Corticeira Amorim ensures, through appropriate regulatory compliance programmes, all the necessary conditions for compliance with the rules on the prevention of corruption. In this regard, it has developed and implemented a RPP , and also has in place (i) a Code of Business Ethics and Professional Conduct; (ii) a Suppliers’ Code of Conduct; (iii) an Anti-Corruption Code of Conduct; (iv) an internal training plan on the subject; (v) a whistleblowing channel and (vi) a designated person responsible for ensuring regulatory compliance. This integrated system, which defines and regulates the behaviours and measures to be adopted by Corticeira Amorim and its stakeholders, is in line with the United Nations Convention against Corruption. The RPP , which is constantly monitored and periodically reviewed, identifies, analyses and classifies, for each entity of the Organisation and business and support areas, the potential risks of corruption or related offences associated with its business activity . It also systematises the preventive measures for these risks and the corrective actions that help reduce the likelihood of occurrence and the impact of the identified risks and situations. In order to be easily accessible to all interested parties, the RPP and the periodic evaluation and implementation reports are publicised on Corticeira Amorim’s intranet and corporate website. Any cases of suspected or detected corruption and bribery can be reported through the channels for reporting irregularities referred to in section 8.12.1 A. Material impacts, risks and opportunities and their interaction with the strategy and business model. All suspicions or complaints made by the above means are received and analysed by Corticeira Amorim’s AUC, an independent oversight body which, in cases where the investigation confirms effective misconduct, will determine the appropriate measures to be taken. Corticeira Amorim adopts the Anglo-American governance model, with an extended Board of Directors, including an Audit Committee, in the current term of office composed entirely of independent members, as well as dual supervision by the Audit Committee (inspection/supervision) and the Statutory Auditor (financial supervision). The Audit Committee issues a report on its inspections, giving its opinion on the Management Report and accounts. Its activities include, among other things, reporting to the Board of Directors on the irregularities reported, while maintaining anonymity and confidentiality . Anti-corruption and anti-bribery training Corticeira Amorim ensures continuous training in ethics, integrity , prevention of corruption and bribery as an integral part of its governance, compliance and due diligence system. Training in these subjects is planned on a multi-annual basis and adjusted according to the evolution of risks, the regulatory framework and the functions performed. In reinforcing ethics, integrity and good governance, Corticeira Amorim has an ESG Training Plan for the period 2025-2027, which guides internal capacity building in business ethics, prevention of corruption and bribery compliance and due diligence in the value chain. This plan adopts a function and risk-based approach, ensuring that functions with greater exposure to relevant risks are covered by appropriate training actions. All functions identified as being at risk of exposure to corruption and bribery are covered by the training, namely the administrative, management and supervision bodies, management and leadership, as well as functions considered to be of increased risk, including purchasing, sales, financial functions, human resources, legal, compliance, sustainability and other functions with specific exposure to ESG risks. In 2025, training in these areas was delivered as part of the training plan associated with the update and reinforcement of corporate standards, in alignment with the new Code of Business Ethics and Professional Conduct and the revised policies, totalling 2,826 hours. Throughout the 2025–2027 cycle, training in Ethics and Compliance, Corruption and Bribery Risk Prevention, and Due Diligence will be delivered at a frequency defined according to risk, ensuring 100% systematic coverage of relevant functions and continuous alignment with internal standards and applicable regulatory requirements.
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312 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Methodological assumptions Scope and reporting perimeter: this metric covers payments to suppliers made by all entities included within Corticeira Amorim’s financial perimeter. Source of information and calculation method: the information is derived from financial systems and accounts payable records, which are used to determine accounts payable balances and costs relevant to the calculation of standard payment days. Indicators and metrics: standard payment days correspond to the value of accounts payable divided by the sum of transport costs, other operating costs and other external costs, multiplied by 365, and the number of ongoing legal proceedings reflects court cases directly related to late payments or non-payment to suppliers. Glossary: ongoing legal proceedings refer to court cases brought by suppliers relating to late or non-payment. 8.12.3 METRICS AND TARGETS A. INCIDENTS OF CORRUPTION OR BRIBERY (G1-4) In 2025, the Company recorded 0 confirmed cases of corruption or bribery in its operations and value chain involving workers. The total amount of fines or penalties imposed for violations of anti-corruption and anti-bribery laws was 0. B. PAYMENT PRACTICES (G1-6) Corticeira Amorim’s standard payment terms are 76.5 days, but other terms can be agreed as part of contract negotiations. Currently , the percentage of payments made in alignment with agreed terms is not systematically monitored at Corticeira Amorim level, with this dimension under review for future reporting cycles. In some cases, Corticeira Amorim uses confirming facilities that allow suppliers to receive early payment. There is an operation in which confirming conditions are linked to ESG performance, encouraging improved practices in this area. Corticeira Amorim is committed to preventing late payments to suppliers, especially when it comes to small companies. As of 31 December 2025, there were 0 lawsuits pending for late payment due to non-compliance with established agreements by suppliers.
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313 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Education is about transforming the world. Corticeira Amorim organises workshops, visits and technical conferences aimed at students from national and international educational institutions, offering an insight into the cork industry and its innovative applications in design and architecture. In this context, the protocol with Parsons School of Design reinforces the appreciation of cork and knowledge of its technical and sustainability benefits, helping to guide future specifiers towards sustainable building solutions and the development of new applications.
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314 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 8.13.1 GRI TABLE 8.13 Appendices to the Consolidated Sustainability Statement Statement of use Corticeira Amorim reports in accordance with the GRI Standards for the period from January 1, 2025 to December 31, 2025 GRI 1 used GRI 1: Foundation 2021 Applicable GRI Sector Standard(s) Not applicable GRI Standard Disclosure Value/Location SDG GRI 2: General Disclosures 2021 2-1 Organisational details 8.1 ESRS 2 – General disclosures / 8.1.3 Strategy / 8.1.3 A. Strategy, business model and value chain 2-2 Entities included in the Organisation’s sustainability reporting 8.1 ESRS 2 – General disclosures / 8.1.1 Basis for preparation / 8.1.1 A. General basis for preparation of the sustainability statement 2-3 Reporting period, frequency and contact point 8.1 ESRS 2 – General disclosures / 8.1.1 Basis for preparation / 8.1.1 A. General basis for preparation of the sustainability statement 2-4 Restatements of information 8.1 ESRS 2 – General disclosures / 8.1.1 Basis for preparation / 8.1.1 A. General basis for preparation of the sustainability statement 2-5 External assurance 8.1 ESRS 2 – General disclosures / 8.1.1 Basis for preparation / 8.1.1 A. General basis for preparation of the sustainability statement 2-6 Activities, value chain and other business relationships 8.1 ESRS 2 – General disclosures / 8.1.3 Strategy / 8.1.3 A. Strategy, business model and value chain 2-7 Employees 8.8 ESRS S1 – Own workforce 2-8 Workers who are not employees 8.8 ESRS S1 – Own workforce 2-9 Governance structure and composition 8.1 ESRS 2 – General disclosures / 8.1.2 Governance / 8.1.2 A. The role of the administrative, management and supervisory bodies Corporate Governance Report / B. Corporate Boards and committees 2-10 Nomination and selection for the highest governance body Corporate Governance Report / B. Corporate Boards and committees 2-11 Chair of the highest governance body Corporate Governance Report / B. Corporate Boards and committees 2-12 Role of the highest governance body in overseeing the management of impacts 8.1 ESRS 2 – General disclosures / 8.1.2 Governance / 8.1.2 A. The role of the administrative, management and supervisory bodies 2-13 Delegation of responsibility for managing impacts 8.1 ESRS 2 – General disclosures / 8.1.2 Governance / 8.1.2 A. The role of the administrative, management and supervisory bodies 2-14 Role of the highest governance body in sustainability reporting 8.1 ESRS 2 – General disclosures / 8.1.2 Governance / 8.1.2 A. The role of the administrative, management and supervisory bodies
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315 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 GRI Standard Disclosure Value/Location SDG GRI 2: General Disclosures 2021 2-15 Conflicts of interest 8.12 ESRS G1 – Business conduct / 8.12.2 Impact, risk and opportunity management 2-16 Communication of critical concerns 8.12 ESRS G1 – Business conduct / 8.12.2 Impact, risk and opportunity management / 8.12.2 A. Business conduct policies and corporate culture 2-17 Collective knowledge of the highest governance body 8.1 ESRS 2 – General disclosures / 8.1.2 Governance / 8.1.2 A. The role of the administrative, management and supervisory bodies 2-18 Evaluation of the performance of the highest governance body 8.1 ESRS 2 – General disclosures / 8.1.2 Governance / 8.1.2 C. Integration of sustainability-related performance in incentive schemes 2-19 Remuneration policies 8.8 ESRS S1 – Own workforce / 8.8.2 Impacts, risks and opportunities management / 8.8.2 A. Policies related to own workforce 2-20 Process to determine remuneration 8.1 ESRS 2 – General disclosures / 8.1.2 Governance / 8.1.2 C. Integration of sustainability-related performance in incentive schemes 2-21 Annual total compensation ratio 8.8 ESRS S1 – Own workforce / 8.8.3 Metrics and targets/ 8.8.3 L. Remuneration metrics (pay gap and total remuneration) Corporate Governance Report/ D. Remuneration 2-22 Statement on sustainable development strategy Message from António Rios de Amorim, Chairman and CEO, and Message from Cristina Rios de Amorim, CSO 2-23 Policy commitments 8.3.2 A. Policies related to climate change mitigation and adaptation 8.4.2 A. Policies related to pollution 8.5.2 A. Policies related to water and marine resources 8.6.2 A. Policies related to biodiversity and ecosystems 8.7.2 A. Policies related to resource use and circular economy 8.8.2 A. Policies related to own workforce 8.9.2 A. Policies related to value chain workers 8.10.2 A. Policies related to affected communities 8.11.2 A. Policies related to consumers and end-users 8.12.2 A. Business conduct policies and corporate culture 2-24 Embedding policy commitments 8.3.2 A. Policies related to climate change mitigation and adaptation 8.4.2 A. Policies related to pollution 8.5.2 A. Policies related to water and marine resources 8.6.2 A. Policies related to biodiversity and ecosystems 8.7.2 A. Policies related to resource use and circular economy 8.8.2 A. Policies related to own workforce 8.9.2 A. Policies related to value chain workers 8.10.2 A. Policies related to affected communities 8.11.2 A. Policies related to consumers and end-users 8.12.2 A. Business conduct policies and corporate culture
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316 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 GRI Standard Disclosure Value/Location SDG GRI 2: General Disclosures 2021 2-25 Processes to remediate negative impacts 8.3.2 B. Actions and resources in relation to climate change policies 8.4.2 B. Actions and resources related to pollution 8.5.2 Actions and resources related to water and marine resources 8.6.2 B. Actions and resources related to biodiversity and ecosystems 8.7.2 B. Actions and resources related to resource use and circular economy 8.8.2. B. Processes for engaging with own workforce and workers’ representatives about impacts 8.9.2 D. T aking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions 8.10.2 D. T aking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities, and effectiveness of those actions 8.11.2 D. T aking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions 2-26 Mechanisms for seeking advice and raising concerns 8.12 ESRS G1 – Business conduct / 8.12.2 Impact, risk and opportunity management / 8.12.2 A. Business conduct policies and corporate culture 2-27 Compliance with laws and regulations 8.1 ESRS 2 – General disclosures / 8.1.1 Basis for preparation / 8.1.1 A. General basis for preparation of the sustainability statement 8.12 ESRS G1 – Business conduct 2-28 Membership associations 8.10 ESRS S3 – Affected communities / 8.10.2 Impact, risk and opportunity management / 8.10.2 D. T aking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities, and effectiveness of those actions 2-29 Approach to stakeholder engagement 8.1 ESRS 2 – General disclosures / 8.1.3 Strategy / 8.1.3 B. Interests and views of stakeholders 8.1 ESRS 2 – General disclosures / 8.1.4 Impact, risk and opportunity management / 8.1.4. A. Description of the process to identify and assess material impacts, risks and opportunities 2-30 Collective bargaining agreements 8.8 ESRS S1 – Own workforce / 8.8.3 Metrics and targets/ 8.8.3 D. Collective bargaining coverage and social dialogue GRI 3: Material T opics 2021 3-1 Process to determine material topics 8.1 ESRS 2 – General disclosures / 8.1.4 Impact, risk and opportunity management / 8.1.4. A. Description of the process to identify and assess material impacts, risks and opportunities 3-2 List of material topics 8.1 ESRS 2 – General disclosures / 8.1.4 Impact, risk and opportunity management / 8.1.4. A. Description of the process to identify and assess material impacts, risks and opportunities 3-3 Management of material topics 8.1 ESRS 2 – General disclosures / 8.1.4 Impact, risk and opportunity management / 8.1.4. A. Description of the process to identify and assess material impacts, risks and opportunities GRI 201: Economic Performance 2016 201-1 Direct economic value generated and distributed 8.10 ESRS S3 – Affected communities / 8.10.3 Metrics and targets / 8.10.3 A. T argets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities 8, 17 201-2 Financial implications and other risks and opportunities due to climate change 8.3 ESRS E1– Climate change / 8.3. 1 Strategy 8.3 ESRS E1 – Climate change / 8.3.2 Impact, risk and opportunity management 8.13.2 Alignment with the TCFD 7, 11, 13 201-3 Defined benefit plan obligations and other retirement plans 8.8 ESRS S1 – Own workforce / 8.8.2 Impacts, risks and opportunities management / 8.8.2 D. T aking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions 3, 4, 5, 8 GRI 204: Procurement Practices 2016 204-1 Proportion of spending on local suppliers 8.12 ESRS G1 – Business conduct / 8.12.2 Impact, risk and opportunity management / 8.12.2. B. Management of relationships with suppliers 8, 17
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317 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 GRI Standard Disclosure Value/Location SDG GRI 207: T ax 2019 207-1 Approach to tax 8.2 Disclosures pursuant to Article 8 of Regulation 2020/852 (Green T axonomy Regulation) / 8.2.3 Alignment/ 8.2.3 B. Minimum safeguards / T axation T ax Policy: https:/ /www.amorim.com/en/investors/corporate-governance/corporate-regulation-and-policies/ 207-2 T ax governance, control, and risk management 8.2 Disclosures pursuant to Article 8 of Regulation 2020/852 (Green T axonomy Regulation) / 8.2.3 Alignment/ 8.2.3 B. Minimum safeguards / T axation T ax Policy: https:/ /www.amorim.com/en/investors/corporate-governance/corporate-regulation-and-policies/ 207-3 Stakeholder engagement and management of concerns related to tax 8.2 Disclosures pursuant to Article 8 of Regulation 2020/852 (Green T axonomy Regulation) / 8.2.3 Alignment/ 8.2.3 B. Minimum safeguards / T axation T ax Policy: https:/ /www.amorim.com/en/investors/corporate-governance/corporate-regulation-and-policies/ GRI 301: Materials 2016 301-1 - Materials used by weight or volume 8.7 ESRS E5 – Resource use and circular economy / 8.7.3 Metrics and targets / 8.7.3 B Resource inflows 8, 12 301-2 Recycled input materials used 8.7 ESRS E5 – Resource use and circular economy / 8.7.3 Metrics and targets / 8.7.3 B Resource inflows 8, 12 301-3 Reclaimed products and their packaging materials 8.7 ESRS E5 – Resource use and circular economy / 8.7.3 Metrics and targets / 8.7.3 B Resource inflows 8, 12 GRI 302: Energy 2016 302-1 Energy consumption within the Organisation 8.3 ESRS E1 – Climate change / 8.3.3 Metrics and targets / 8.3.3 B. Energy consumption and mix 7, 11, 13 302-3 Energy intensity 8.3 ESRS E1 – Climate change / 8.3.3 Metrics and targets / 8.3.3 B. Energy consumption and mix 7, 11, 13 302-4 Reduction of energy consumption 8.3 ESRS E1 – Climate change / 8.3.3 Metrics and targets / 8.3.3 B. Energy consumption and mix 7, 11, 13 302-5 Reductions in energy requirements of products and services 8.3 ESRS E1 – Climate change / 8.3.3 Metrics and targets / 8.3.3 B. Energy consumption and mix 7, 11, 13 GRI 303: Water and Effluents 2018 303-1 Interactions with water as a shared resource 8.5 ESRS E3 – Water and marine resources / 8.5.1 Strategy / 8.5.1 A. Material impacts, risks and opportunities and their interaction with strategy and business model 6 303-2 Management of water discharge-related impacts 8.5 ESRS E3 – Water and marine resources / 8.5.2 Impact, risk and opportunity management 6 303-3 Water withdrawal 8.5 ESRS E3 – Water and marine resources / 8.5.3 Metrics and targets / 8.5.3 B. Water consumption 6 303-4 Water discharge 8.5 ESRS E3 – Water and marine resources / 8.5.3 Metrics and targets / 8.5.3 B. Water consumption 6 303-5 Water consumption 8.5 ESRS E3 – Water and marine resources / 8.5.3 Metrics and targets / 8.5.3 B. Water consumption 6 GRI 304: Biodiversit 2016 304-1 Operational sites owned, leased, managed in, or adjacent to, protected areas and areas of high biodiversity value outside protected areas 8.6 ESRS E4 – Biodiversity and ecosystems / 8.6.3 Metrics and targets/ 8.6.3 B. Impact metrics related to biodiversity and ecosystems change 11, 12, 13, 15 304-2 Significant impacts of activities, products and services on biodiversity 8.6 ESRS E4 – Biodiversity and ecosystems / 8.6.3 Metrics and targets/ 8.6.3 B. Impact metrics related to biodiversity and ecosystems change 11, 12, 13, 15 304-3 Habitats protected or restored 8.6 ESRS E4 – Biodiversity and ecosystems / 8.6.3 Metrics and targets/ 8.6.3 B. Impact metrics related to biodiversity and ecosystems change 11, 12, 13, 15
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318 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 GRI Standard Disclosure Value/Location SDG GRI 305: Emissions 2016 305-1 Direct (Scope 1) GHG emissions 8.3 ESRS E1 – Climate change / 8.3.3 Metrics and targets / 8.3.3 C. Gross Scopes 1, 2, 3 and T otal GHG emissions 7, 11, 13 305-2 Energy indirect (Scope 2) GHG emissions 8.3 ESRS E1 – Climate change / 8.3.3 Metrics and targets / 8.3.3 C. Gross Scopes 1, 2, 3 and T otal GHG emissions 7, 11, 13 305-3 Other indirect (Scope 3) GHG emissions 8.3 ESRS E1 – Climate change / 8.3.3 Metrics and targets / 8.3.3 C. Gross Scopes 1, 2, 3 and T otal GHG emissions 7, 11, 13 305-4 GHG emissions intensity 8.3 ESRS E1 – Climate change / 8.3.3 Metrics and targets / 8.3.3 C. Gross Scopes 1, 2, 3 and T otal GHG emissions 7, 11, 13 305-5 Reduction of GHG emissions 8.3 ESRS E1 – Climate change / 8.3.3 Metrics and targets / 8.3.3 C. Gross Scopes 1, 2, 3 and T otal GHG emissions 7, 11, 13 305-7 Nitrogen oxides (NOX), sulfur oxides (SOX), and other significant air emissions 8.4 ESRS E2 – Pollution / 8.4.3 Metrics and targets/ 8.4.3 B. Pollution of air and water 11 GRI 306: Waste 2020 306-1 Waste generation and significant waste- related impacts 8.7 ESRS E5 – Resource use and circular economy 8, 12 306-2 Management of significant waste-related impacts 8.7 ESRS E5 – Resource use and circular economy 8, 12 306-3 Waste generated 8.7 ESRS E5 – Resource use and circular economy / 8.7.3 Metrics and targets / 8.7.3 C. Resource outflows 8, 12 306-4 Waste diverted from disposal 8.7 ESRS E5 – Resource use and circular economy / 8.7.3 Metrics and targets / 8.7.3 C. Resource outflows 8, 12 306-5 Waste directed to disposal 8.7 ESRS E5 – Resource use and circular economy / 8.7.3 Metrics and targets / 8.7.3 C. Resource outflows 8, 12 GRI 308: Supplier Environmental Assessment 2016 308-1 New suppliers that were screened using environmental criteria 8.12 ESRS G1 – Business conduct / 8.12.2 Impact, risk and opportunity management / 8.12.2 B. Management of relationships with suppliers 8, 17 308-2 Negative environmental impacts in the supply chain and actions taken 8.12 ESRS G1 – Business conduct / 8.12.2 Impact, risk and opportunity management / 8.12.2 B. Management of relationships with suppliers 8, 17 GRI 401: Employment 2016 401-1 New employee hires and employee turnover 8.8 ESRS S1 – Own workforce / 8.8.3 Metrics and targets / 8.8.3 B. Characteristics of the undertaking’s employees 3, 4, 5, 8 GRI 402: Labour/Management Relations 2016 402-1 Minimum notice periods regarding operational changes 8.8 ESRS S1 – Own workforce / 8.8.2 Impacts, risks and opportunities management / 8.8.2 A. Policies related to own workforce 3, 4, 5, 8
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319 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 GRI Standard Disclosure Value/Location SDG GRI 403: Occupational Health and Safety 2018 403-1 Occupational health and safety management system 8.8 ESRS S1 – Own workforce / 8.8.2 Impacts, risks and opportunities management / 8.8.2 D. T aking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions 8.8 ESRS S1 – Own workforce / 8.8.3 Metrics and targets / 8.8.3 J. Health and safety metrics 3, 4, 5, 8 403-2 Hazard identification, risk assessment, and incident investigation 8.8 ESRS S1 – Own workforce / 8.8.2 Impacts, risks and opportunities management / 8.8.2 D. T aking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions 8.8 ESRS S1 – Own workforce / 8.8.3 Metrics and targets / 8.8.3 J. Health and safety metrics 3, 4, 5, 8 403-3 Occupational health services 8.8 ESRS S1 – Own workforce / 8.8.2 Impacts, risks and opportunities management / 8.8.2 D. T aking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions 8.8 ESRS S1 – Own workforce / 8.8.3 Metrics and targets / 8.8.3 J. Health and safety metrics 3, 4, 5, 8 403-4 Worker participation, consultation, and communication on occupational health and safety 8.8 ESRS S1 – Own workforce / 8.8.2 Impacts, risks and opportunities management / 8.8.2 D. T aking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions 8.8 ESRS S1 – Own workforce / 8.8.3 Metrics and targets / 8.8.3 J. Health and safety metrics 3, 4, 5, 8 403-5 Worker training on occupational health and safety 8.8 ESRS S1 – Own workforce / 8.8.2 Impacts, risks and opportunities management / 8.8.2 D. T aking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions 8.8 ESRS S1 – Own workforce / 8.8.3 Metrics and targets / 8.8.3 J. Health and safety metrics 3, 4, 5, 8 403-6 Promotion of worker health 8.8 ESRS S1 – Own workforce / 8.8.2 Impacts, risks and opportunities management / 8.8.2 D. T aking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions 8.8 ESRS S1 – Own workforce / 8.8.3 Metrics and targets / 8.8.3 J. Health and safety metrics 3, 4, 5, 8 403-7 Prevention and mitigation of occupational health and safety impacts directly linked to business relationships 8.8 ESRS S1 – Own workforce / 8.8.2 Impacts, risks and opportunities management / 8.8.2 D. T aking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions 8.8 ESRS S1 – Own workforce / 8.8.3 Metrics and targets / 8.8.3 J. Health and safety metrics 3, 4, 5, 8 403-8 Workers covered by an occupational health and safety management system 8.8 ESRS S1 – Own workforce / 8.8.2 Impact, risk and opportunity management / 8.8.2 D. T aking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions 8.8 ESRS S1 – Own workforce / 8.8.3 Metrics and targets / 8.8.3 J. Health and safety metrics 3, 4, 5, 8 403-9 Work-related injuries 8.8 ESRS S1 – Own workforce / 8.8.3 Metrics and targets / 8.8.3 J. Health and safety metrics 3, 4, 5, 8 403-10 Work-related ill health 8.8 ESRS S1 – Own workforce / 8.8.3 Metrics and targets / 8.8.3 J. Health and safety metrics 3, 4, 5, 8 GRI 404: Training and Education 2016 404-1 Average hours of training per year per employee 8.8 ESRS S1 – Own workforce / 8.8.3 Metrics and targets / 8.8.3 I. Training and skills development metrics 3, 4, 5, 8 404-2 Programs for upgrading employee skills and transition assistance programmes 8.8 ESRS S1 – Own workforce / 8.8.2 Impacts, risks and opportunities management / 8.8.2 D. T aking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions 8.8 ESRS S1 – Own workforce / 8.8.3 Metrics and targets / 8.8.3 I. Training and skills development metrics 3, 4, 5, 8 404-3 Percentage of employees receiving regular performance and career development reviews 8.8 ESRS S1 – Own workforce / 8.8.3 Metrics and targets / 8.8.3 I. Training and skills development metrics 3, 4, 5, 8
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320 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 GRI Standard Disclosure Value/Location SDG GRI 405: Diversity and Equal Opportunities 2016 405-1 Diversity of governance bodies and employees 8.8 ESRS S1 – Own workforce / 8.8.3 Metrics and targets / 8.8.3 E. Diversity metrics 3, 4, 5, 8 405-2 Ratio of basic salary and remuneration of women to men 8.8 ESRS S1 – Own workforce / 8.8.3 Metrics and targets/ 8.8.3 L. Remuneration metrics (pay gap and total remuneration) 3, 4, 5, 8 GRI 406: Non-discrimination 2016 406-1 Incidents of discrimination and corrective actions taken 8.8 ESRS S1 – Own workforce / 8.8.1 Strategy / 8.8.1 A. Material impacts, risks and opportunities and their interaction with strategy and business model 3, 4, 5, 8 GRI 413: Local Communities 2016 413-1 Operations with local community engagement, impact assessments, and development programmes 8.10 ESRS S3 – Affected communities / 8.10.2 Impact, risk and opportunity management / 8.10.2 D. T aking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities, and effectiveness of those actions 8, 17 GRI 414: Supplier Social Assessment 2016 414-2 Negative social impacts in the supply chain and actions taken 8.12 ESRS G1 – Business conduct / 8.12.2 Impact, risk and opportunity management / 8.12.2 B. Management of relationships with suppliers 8, 17 GRI 415: Public Policy 2016 415-1 Political contributions Corticeira Amorim presents itself as a non-partisan and non-political organisation. Corticeira Amorim companies actively participate in national and international initiatives and associations in the geographical regions where they operate. Many of the Company’s representatives take part in these initiatives in order to maximise their impact. Corticeira Amorim’s stakeholder representation activities address a variety of important topics, and the Company maintains clear positions on these issues. These positions are outlined in relation to the material impacts, risks and opportunities identified. In 2025, the value of the contributions totalled around €654,500. Further information on the national and international associations in which Corticeira Amorim participates can be found at: https:/ /www.amorim.com/en/sustainability/governance/voluntary-commitments/ The members of Corticeira Amorim’s management and supervisory bodies do not hold comparable positions in the Public Administration (including regulators), nor did they in the two years prior to their appointment.
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321 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 8.13.2 ALIGNMENT WITH THE TCFD TCFD recommends a framework for disclosing climate- related risks and opportunities. The table below notes the alignment of Corticeira Amorim’s Statement with the TCFD’s recommendations, making reference to where these issues are addressed in the Consolidated Annual Report. Area Recommended disclosures Value/Location Governance Disclose the organization’s governance around climate-related risks and opportunities. a) Describe the board’s oversight of climate-related risks and opportunities Corporate Governance Report/ C – Internal Organisation/ III. Internal Control and Risk Management / 50. Individuals, boards or committees responsible for the internal audit and/ or implementation of the internal control systems/51. Details, even including organisational structure, of hierarchical and/or functional dependency in relation to other boards or committees of the Company/52. Other functional areas responsible for risk control 8.1 ESRS 2 – General disclosures /8.1.2 Governance / 8.1.2 D. Risk management and internal controls over sustainability reporting b) Describe the Board’s role in assessing and managing climate-related risks and opportunities Corporate Governance Report/ C – Internal Organisation/ III. Internal Control and Risk Management /52. Other functional areas responsible for risk control 8.1 ESRS 2 – General disclosures /8.1.2 Governance / 8.1.2 D. Risk management and internal controls over sustainability reporting Strategy Disclose the actual and potential impacts of climate-related risks and opportunities on the organization´s businesses, strategy, and financial planning where such information is material a) Describe the climate-related risks and opportunities the organization has identified over the short, medium, and long term Corporate Governance Report/ C – Internal Organisation/ III. Internal Control and Risk Management / 53. Details and description of the major economic, financial and legal risks to which the Company is exposed in pursuing its business activity/ Climate change 8.3 ESRS E1 – Climate change / 8.3.1 Strategy / 8.3.1. A. Material impacts, risks and opportunities and their interaction with strategy and business model b) Describe the impact of climate-related risks and opportunities on the organization’s businesses, strategy, and financial planning Corporate Governance Report/ C – Internal Organisation/ III. Internal Control and Risk Management 8.3 ESRS E1– Climate change / 8.3.1 Strategy c) Describe the resilience of the organization’s strategy, taking into consideration different climate- related scenarios, including a 2 °C or lower scenario. 8.3 ESRS E1 – Climate change / 8.3.1 Strategy / 8.3.1 B. Transition plan for climate change mitigation
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322 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Area Recommended disclosures Value/Location Risk management Disclose how the organization identifies, assesses and manages climate-related risks a) Describe the organization’s processes for identifying and assessing climate-related risks Corporate Governance Report/ C – Internal Organisation/ III. Internal Control and Risk Management / 53. Details and description of the major economic, financial and legal risks to which the Company is exposed in pursuing its business activity 8.3 ESRS E1 – Climate change / 8.3.2 Impact, risk and opportunity management b) Describe the organization’s processes for managing climate-related risks 8.3 ESRS E1 – Climate change / 8.3.2 Impact, risk and opportunity management c) Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organization’s overall risk management 8.3 ESRS E1 – Climate change / 8.3.2 Impact, risk and opportunity management Metrics and targets Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material a) Disclose the metrics used by the organization to assess climate-related risks and opportunities in line with its strategy and risk management process 8.3 ESRS E1 – Climate change / 8.3.3 Metrics and targets b) Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas (GHG) emissions, and the related risks 8.3 ESRS E1 – Climate change / 8.3.3 Metrics and targets / 8.3.3 C. Gross Scopes 1, 2, 3 and T otal GHG emissions 8.3 ESRS E1 – Climate change / 8.3.1 Strategy / 8.3.1. A. Material impacts, risks and opportunities and their interaction with strategy and business model c) Describe the targets used by the organization to manage climate related risks and opportunities and performance against targets 8.3 ESRS E1 – Climate change / 8.3.3 Metrics and targets/ 8.3.3 A. T argets related to climate change mitigation and adaptation
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323 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Naturity® is an advanced technology that removes TCA and other volatile compounds from cork without affecting its intrinsic physical- mechanical properties.
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324 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 8.13.3 DISCLOSURE REQUIREMENTS IN ESRS COVERED BY THE UNDERTAKING’S SUSTAINABILITY STATEMENTS The table below presents the material disclosure requirements for Corticeira Amorim and their respective locations throughout the Consolidated Sustainability Statement. Disclosure requirements (DR) Sections Page ESRS 2 BP-1 8.1.1 A. General basis for preparation of the sustainability statement 93 BP-2 8.1.1 B. Disclosures in relation to specific circumstances 95 GOV-1 8.1.2 A. The role of the administrative, management and supervisory bodies 96 GOV-2 8.1.2 B. Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies 100 GOV-3 8.1.2 C. Integration of sustainability-related performance in incentive schemes 100 GOV-4 8.1.5 Sustainability Due Diligence 137 GOV-5 8.1.2 D. Risk management and internal controls over sustainability reporting 101 SBM-1 8.1.3 A. Strategy, business model and value chain 102 SBM-2 8.1.3 B Interests and views of stakeholders 115 SBM-3 8.1.3 C. Material impacts, risks and opportunities and their interaction with strategy and business model 116 IRO-1 8.1.4 A. Description of the process to identify and assess material impacts, risks and opportunities 129 IRO-2 8.1.4 B. Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement 136 E1 E1-1 8.3.1 B. Transition plan for climate change mitigation 168 E1-2 8.3.2 A. Policies related to climate change mitigation and adaptation 170 E1-3 8.3.2 B. Actions and resources in relation to climate change policies 172 E1-4 8.3.3 A. T argets related to climate change mitigation and adaptation 176 E1-5 8.3.3 B. Energy consumption and mix 178 E1-6 8.3.3 C. Gross Scopes 1, 2, 3 and T otal GHG emissions 180 E2 E2-1 8.4.2 A. Policies related to pollution 188 E2-2 8.4.2 B. Actions and resources related to pollution 188 E2-3 8.4.3 A. Pollution-related targets 190 E2-4 8.4.3 B. Pollution of air and water 191 E3 E3-1 8.5.2 A. Policies related to water and marine resources 196 E3-2 8.5.2 B. Actions and resources related to water and marine resources 197 E3-3 8.5.3 A. T argets related to water and marine resources 199
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325 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Disclosure requirements (DR) Sections Page ESRS 2 E3 E3-4 8.5.3 B. Water consumption 200 E4 E4-1 8.6.1 B. Transition plan and consideration of biodiversity and ecosystems in strategy and business model 211 E4-2 8.6.2 A. Policies related to biodiversity and ecosystems 213 E4-3 8.6.2 B. Actions and resources related to biodiversity and ecosystems 214 E4-4 8.6.3 A. T argets related to biodiversity and ecosystems 216 E4-5 8.6.3 B Impact metrics related to biodiversity and ecosystems change 219 E5 E5-1 8.7.2 A. Policies related to resource use and circular economy 226 E5-2 8.7.2 B. Actions and resources related to resource use and circular economy 227 E5-3 8.7.3 A. Policies related to resource use and circular economy 231 E5-4 8.7.3 B. Resource inflows 233 E5-5 8.7.3 C. Resource outflows 234 S1 S1-1 8.8.2 A. Policies related to own workforce 243 S1-2 8.8.2. B. Processes for engaging with own workforce and workers’ representatives about impacts 247 S1-3 8.8.2 C. Processes to remediate negative impacts and channels for own workforce to raise concerns 249 S1-4 8.8.2 D. T aking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions 249 S1-5 8.8.3 A. T argets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities 258 S1-6 8.8.3 B. Characteristics of the undertaking’s employees 262 S1-7 8.8.3 C. Characteristics of non-employee workers in the undertaking’s own workforce 264 S1-8 8.8.3 D. Collective bargaining and social dialogue 265 S1-9 8.8.3 E. Diversity metrics 266 S1-10 8.8.3 F . Adequate wages 268 S1-11 8.8.3 G. Social protection 268 S1-12 8.8.3 H. Persons with disabilities 269 S1-13 8.8.3 I. Training and skills development metrics 269 S1-14 8.8.3 J. Health and safety metrics 272 S1-15 8.8.3 K. Work-life balance metrics 273 S1-16 8.8.3 L. Remuneration metrics (pay gap and total remuneration) 274 S2 S2-1 8.9.2 A. Policies related to value chain workers 279 S2-2 8.9.2 B. Processes for engaging with value chain workers about impacts 280
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326 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Disclosure requirements (DR) Sections Page ESRS 2 S2 S2-3 8.9.2 C. Processes to remediate negative impacts and channels for value chain workers to raise concerns 280 S2-4 8.9.2 D. T aking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions 280 S2-5 8.9.3 A. T argets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities 282 S3 S3-1 8.10.2 A. Policies related to affected communities 286 S3-2 8.10.2 B. Processes for engaging with affected communities about impacts 287 S3-3 8.10.2 C. Processes to remediate negative impacts and channels for affected communities to raise concerns 287 S3-4 8.10.2 D. T aking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities, and effectiveness of those actions 287 S3-5 8.10.3 A. T argets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities 291 S4 S4-1 8.11.2 A. Policies related to consumers and end-users 296 S4-2 8.11.2 B. Processes for engaging with consumers and end-users about impacts 297 S4-3 8.11.2 C. Processes to remediate negative impacts and channels for consumers and end-users to raise concerns 299 S4-4 8.11.2 D. T aking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end- users, and effectiveness of those actions 299 S4-5 8.11.3 A. T argets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities 300 G1 G1-1 8.12.2 A. Business conduct policies and corporate culture 305 G1-2 8.12.2 B. Management of relationships with suppliers 308 G1-3 8.12.2 C. Prevention and detection of corruption and bribery 311 G1-4 8.12.3 A. Incidents of corruption or bribery 312 G1-6 8.12.3 B. Payment practices 312
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327 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 8.13.4 LIST OF DATAPOINTS IN CROSS-CUTTING AND TOPICAL STANDARDS THAT DERIVE FROM OTHER EU LEGISLATION The table below presents datapoints from cross-cutting and thematic standards arising from other EU legislation, indicating whether they are assessed as material, not material, not applicable or subject to phase-in, and where they can be found in the Consolidated Sustainability Statement. SFDR Sustainable Finance Disclosure Regulation Reference Pilar 3 Pillar 3 Reference BMR Benchmark Regulation Reference EUCL European Climate Law Reference Disclosure requirements (DR) Datapoint Legislation Materiality Sections Page ESRS 2 GOV-1 21 (d) - Board’ gender diversity SFDR/BMR Material 8.1.2 A. The role of the administrative, management and supervisory bodies 96 21 (e) - Percentage of board members who are independent BMR Material 8.1.2 A. The role of the administrative, management and supervisory bodies 96 GOV-4 30 - Statement on due diligence SFDR Material 8.1.5 Sustainability Due Diligence 137 SBM-1 40 (d)(i) - Involvement in activities related to fossil fuel activities SFDR/Pillar 3/BMR Not applicable N /A 40 (d)(ii) - Involvement in activities related to chemical production SFDR/BMR Not applicable N /A 40 (d)(iii) - Involvement in activities related to controversial weapons SFDR/BMR Not applicable N /A 40 (d)(iv) - Involvement in activities related to cultivation and production of tobacco BMR Not applicable N /A ESRS E1 E1-1 14 - Transition plan to reach climate neutrality by 2050 EUCL Material 8.3.1 B. Transition plan for climate change mitigation 168 16 (g) - Undertakings excluded from Paris-aligned Benchmarks paragraph Pillar 3/BMR Material 8.3.1 B. Transition plan for climate change mitigation 168 E1-4 34 - GHG emission reduction targets SFDR/Pillar 3/BMR Material 8.3.3 A. T argets related to climate change mitigation and adaptation 176 E1-5 38 - Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) SFDR Material 8.3.3 B. Energy consumption and mix 178 37 - Energy consumption and mix SFDR Material 8.3.3 B. Energy consumption and mix 178 40 to 43 - Energy intensity associated with activities in high climate impact sectors SFDR Material 8.3.3 B. Energy consumption and mix 178 E1-6 44 - Gross Scopes 1, 2, 3 and T otal GHG emissions SFDR/Pillar 3/BMR Material 8.3.3 C. Gross Scopes 1, 2, 3 and T otal GHG emissions 180 53 to 55 - Gross GHG emissions intensity SFDR/Pillar 3/BMR Material 8.3.3 C. Gross Scopes 1, 2, 3 and T otal GHG emissions 180 E1-7 56 - GHG removals and carbon credits paragraph EUCL Not applicable N /A E1 -9 66 - Exposure of the benchmark portfolio to climate-related physical risks BMR Phase -in N /A 66 (a)(c) - Disaggregation of monetary amounts by acute and chronic physical risk paragraph and Location of significant assets at material physical risk Pilar 3 Phase -in N /A 67 (c ) - Breakdown of the carrying value of its real estate assets by energy-efficiency classes Pilar 3 Phase -in N /A 69 - Degree of exposure of the portfolio to climate- related opportunities BMR Phase -in N /A
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328 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Disclosure requirements (DR) Datapoint Legislation Materiality Sections Page ESRS E2 E2-4 28 - Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil SFDR Material 8.4.3 B. Pollution of air and water 191 ESRS E3 E3-1 9 - Water and marine resources SFDR Material 8.5 ESRS E3 – Water and marine resources 193 13 - specific policy SFDR Material 8.5.2 A. Policies related to water and marine resources 196 14 - Sustainable oceans and seas SFDR Not material N /A E3-4 28 (c) - T otal water recycled and reused SFDR Material 8.5.3 B. Water consumption 200 29 - T otal water consumption in m3 per net revenue on own operations SFDR Material 8.5.3 A. T argets related to water and marine resources 199 ESRS E4 SBM-3 16 (a)(i) - Activities negatively affecting biodiversity sensitive areas SFDR Material 8.6.1 A. Material impacts, risks and opportunities and their interaction with strategy and business model 208 16 (b) - Material negative impacts with regards to land degradation, desertification or soil sealing SFDR Material 8.6.1 A. Material impacts, risks and opportunities and their interaction with strategy and business model 208 16 (c) Operations that affect threatened species SFDR Not material 8.6.1 A. Material impacts, risks and opportunities and their interaction with strategy and business model 208 E4-2 24 (b) - Sustainable land / agriculture practices or policies SFDR Material 8.6.2 B. Actions and resources related to biodiversity and ecosystems 214 24 (c) - Sustainable oceans / seas practices or policies SFDR Not material N /A 24 (d) - Policies to address deforestation SFDR Material 8.6.2 A. Policies related to biodiversity and ecosystems 213 ESRS E5 E5-5 37 (d) - Non-recycled waste SFDR Material 8.7.3 C. Resource outflows 234 39 - Hazardous waste and radioactive waste SFDR Material 8.7.3 C. Resource outflows 234 ESRS S1 SBM-3 14 (f) - Risk of incidents of forced labour SFDR Not material N /A 14 (g) - Risk of incidents of child labour SFDR Not material N /A S1-1 20 - Human rights policy commitments SFDR Material 8.8.2 A. Policies related to own workforce 243 21 - Due diligence policies on issues addressed by the fundamental International Labour Organisation Conventions 1 to 8 BMR Material 8.8.2 A. Policies related to own workforce 243 22 - Processes and measures for preventing trafficking in human beings SFDR Material 8.8.2 A. Policies related to own workforce 243 23 - Workplace accident prevention policy or management system SFDR Material 8.8.2 A. Policies related to own workforce 243 S1-3 32 (c) - Grievance/complaints handling mechanisms SFDR Material 8.1.6 Grievance Handling Mechanisms and Communication Channels 140 S1-14 88 (b)(c) - Number of fatalities and number and rate of work-related accidents SFDR/BMR Material 8.8.3 J. Health and safety metrics 272 88 (e) - Number of days lost to injuries, accidents, fatalities or illness SFDR Material 8.8.3 J. Health and safety metrics 272
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329 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Disclosure requirements (DR) Datapoint Legislation Materiality Sections Page ESRS S1 S1-16 97(a) - Unadjusted gender pay gap SFDR/BMR Material 8.8.3 L. Remuneration metrics (pay gap and total remuneration) 274 97 (b) - Excessive CEO pay ratio SFDR Material 8.8.3 L. Remuneration metrics (pay gap and total remuneration) 274 S1-17 103 (a) - Incidents of discrimination SFDR Material 8.8.2 A. Policies related to own workforce 243 104 (a) - Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines SFDR/BMR Material 8.8.2 A. Policies related to own workforce 243 ESRS S2 SBM-3 11 (b) - Significant risk of child labour or forced labour in the value chain SFDR Material 8.9.1 A. Material impacts, risks and opportunities and their interaction with strategy and business model 276 S2-1 17 - Human rights policy commitments SFDR Material 8.9.2 A. Policies related to value chain workers 279 18 - Policies related to value chain workers SFDR Material 8.9.2 A. Policies related to value chain workers 279 19 - Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines SFDR/BMR Material 8.9.2 A. Policies related to value chain workers 279 19 - Due diligence policies on issues addressed by the fundamental International Labour Organisation Conventions 1 to 8 BMR Material 8.9.2 A. Policies related to value chain workers 279 S2-4 36 - Human rights issues and incidents connected to its upstream and downstream value chain SFDR Material 8.9.3 A. T argets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities 282 Disclosure requirements (DR) Datapoint Legislation Materiality Sections Page ESRS S3 S3-1 16 - Human rights commitments SFDR Material 8.10.1 A. Material impacts, risks and opportunities and their interaction with strategy and business model 284 17 - Non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines SFDR/BMR Material 8.10.2 A. Policies related to affected communities 286 S3-4 36 - Human rights issues and incidents SFDR Not material N /A ESRS S4 S4-1 16 - Policies relating to consumers and end-users SFDR Material 8.11.2 A. Policies related to consumers and end-users 296 17 - Non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines SFDR/BMR Material 8.11.2 A. Policies related to consumers and end-users 296 S4-4 35 - Human rights issues and incidents SFDR Not material N /A ESRS G1 G1-1 10 (b) - United Nations Convention against Corruption SFDR Not applicable N /A 10 (d) - Protection of whistleblowers SFDR Not applicable N /A G1-4 24 (a) - Fines for violation of anti-corruption and anti-bribery laws SFDR/BMR Material 8.12.3 A. Incidents of corruption or bribery 312 24 (b) - Standards of anti-corruption and anti-bribery SFDR Not applicable N /A
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330 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 Greater proximity, increased agility and solutions tailored to local conditions. The opening of the Amorim T op Series Mexico subsidiary in Guadalajara in spring 2025 strengthens Corticeira Amorim’s presence in a strategic market.
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331 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 9. Business Risks and Uncertainties Over the course of its 150-year history , Corticeira Amorim has successfully confronted several profound social transformations. Corticeira Amorim’s activities are exposed to a variety of financial risks: market risks (including exchange rate and interest rate risks), credit risks, liquidity risks and capital risks. Pursuant to paragraph 5(e) of Article 508-C of the Companies Code, the Company’s objectives, and policies in terms of managing these risks, including the coverage policies for each of the main forecast transaction categories for which coverage accounting is applied, and the exposure to pricing, credit, liquidity and cash flow risks are duly set out in the Note on Financial Risk Management included in the Notes to the Consolidated Financial Accounts. In addition, chapter C.III - Internal control and risk management, of the 2025 Corporate Governance Report sets out the risk management model in operation at Corticeira Amorim, including the identification and description of the main risks to which the Company is exposed in the exercise of its activities, as well as the mitigation measures appropriate to minimising the probability of them occurring and/or their impact. 10. Treasury Stock There were no transactions involving Corticeira Amorim’s own shares and thus Corticeira Amorim held no treasury stock at the end of the year under review .
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332 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 11. Proposed Appropriation Of Profit The Board of Directors of Corticeira Amorim, S.G.P .S., S.A., taking into account the positive net income, calculated according to the individual accounts at the end of the 2025 financial year , of €52,746,010.06 (fifty-two million, seven hundred and forty- six thousand and ten euros and six cents), proposes that the Shareholders approve that the referred net profit of €52,746,010.06 (fifty-two million, seven hundred and forty-six thousand and ten euros and six cents), being appropriate as follows: • To Dividends: €46,550,000.00 (forty-six million, five hundred and fifty thousand euros), corresponding to a gross amount of € 0.35 (thirty-five cents) per share; • To Free Reserves: €6,196,010.06 (six million, one hundred and ninety-six thousand and ten euros and six cents). 12. Subsequent Events The escalation of the conflict in the Middle East may have potential implications, particularly in terms of increased energy costs, with a consequent impact on production and transportation logistics costs. Furthermore, this context may contribute to a deterioration in the global macroeconomic environment, potentially resulting in adverse effects on consumption and economic activity . At the date of issuance of this report, there were no other material events that could materially affect the financial position and future results of Corticeira Amorim and all subsidiaries included in the consolidation.
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333 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 The cork oak forests occupy an estimated area of around 2.1 million hectares in the Western Mediterranean basin. Portugal holds around one third of the world’s cork oak area and is the main responsible for its processing at a global level.
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334 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 13. Other Information The Corporate Governance Report for the 2025 fiscal year , which is part of the 2025 Consolidated Annual Report, contains information about: • The activities carried out by the non-executive members of the Board of Directors; • The measures implemented to strengthen governance; • The annual performance evaluation of the governing bodies and committees. 14. Statement of Responsability In compliance with the provisions of paragraph 1(c) of Article 29-G of the Securities Code, the members of the Board of Directors state that, to the best of their knowledge, the annual accounts and other accounting documents were drawn up in accordance with applicable accounting standards, providing a true and fair view of the assets and liabilities, the financial situation and profits/ losses of Corticeira Amorim, S.G.P .S., S.A., as well as the companies included in the consolidation perimeter . They also state that the management report faithfully presents the business evolution, performance, and position of Corticeira Amorim, S.G.P .S., S.A. and the companies included in the consolidation perimeter , and that the report includes a special chapter describing the main risks and uncertainties of the company’s businesses.
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335 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202521 CONSOLIDATED MANAGEMENT REPORT , INCLUDING CONSOLIDATED SUSTAINABILITY STATEMENT22 43 54 65 66 15. Final Words The Board of Directors would like to take this opportunity to express its gratitude to: • the clients, for their continued trust and strengthened partnership; • the Company’s shareholders and investors for their unfailing trust; • the credit institutions with which the Group works for their invaluable cooperation; • the Supervisory Board and the Statutory Auditor for the rigour and quality of their work; and • the other corporate bodies and internal committees, for their dedication and strong sense of responsibility . To all our employees, whose professionalism, willingness and commitment have contributed so much to the development and growth of the companies belonging to the Corticeira Amorim Group, we express our sincere appreciation. Mozelos, March 30, 2026 The Board of Directors of Corticeira Amorim, S.G.P .S., S.A. António Rios de Amorim (Chairman) Luisa Alexandra Ramos Amorim (Vice-Chairperson) Cristina Rios de Amorim Baptista (Member) Nuno Filipe Vilela Barroca de Oliveira (Member) Fernando José de Araújo dos Santos Almeida (Member) Juan Ginesta Viñas (Member) José Pereira Alves (Member) João Nuno de Sottomayor Pinto de Castelo Branco (Member) Maria Cristina Galhardo Vilão (Member) António Manuel Mónica Lopes de Seabra (Member) Helena Sofia Silva Borges Salgado Fonseca Cerveira Pinto (Member)
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In 2025, Corticeira Amorim launched the Hearts of Cork social responsibility program. Based on sustainability and solidarity, this is put into practice through philanthropy and corporate volunteering, focusing on health, citizenship, the environment, education and culture. 43 54 65 6621 22
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43 54 65 66 Corporate Governance Report
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339 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 Corticeira Amorim has been reviewing its corporate governance since 1999, the date on which the Portuguese Securities Market Commission (CMVM) published the first recommendations on the governance of listed companies, aiming at the improvement of mechanisms for the protection of investors in securities markets. The Company compares it with, on the one hand, what it considers to be the best practices and on the other , with the specific circumstances of its activity and the challenges it must address. As a result, it has been implementing a set of measures which, overall, have the main objectives of strengthening the internal systems of control and supervision, enhancing transparency , fostering the participation of shareholders in the life of the Company and ensuring the sustained creation of shareholder value. This document describes corporate governance policies and practices adopted by the Company , while also providing a qualitative assessment of them compared with the best practices listed in the 2018 Corporate Governance Code, revised in 2023, of the Portuguese Institute of Corporate Governance (IPCG), available at https:/ /cgov .pt/codigo-de-governo-das-sociedades/o-codigo/ cgs-em-vigor . This Report also includes a chapter F . Other Information, covering (i) the activities carried out by the non-executive Members of the Board of Directors, (ii) the measures implemented to strengthen governance and (iii) the annual performance evaluation of the governing bodies and committees. This report also includes the information referred to in Article 447 of the Portuguese Companies Code, in Article 29-H(1)(a) of the Portuguese Securities Code (Diversity policy applied by the Company with regard to its management and supervisory bodies) and in Article 5 of Law no. 62/2017 of 1 August (balanced representation of women and men in management and supervisory bodies). Law no. 50/2020, of 25 August transposed to the Portuguese legal system Directive (EU) 2017/828 on the rights of listed company shareholders as regards long-term engagement, which entailed the repeal of Law no. 28/2009, of 19 June that previously governed the duty to present a remuneration policy . Rules were introduced, at the same time, in the Portuguese Securities Code regarding (i) the approval of the remuneration policy for members of the management and supervisory bodies of issuers of shares admitted to trading on a regulated market and (ii) the remuneration report. In accordance with the provisions of the aforementioned Law No. 50/2020, the Remuneration Policy for the 2024–2026 period was approved at the General Meeting of 22 April 2024, following an independent proposal put forward by the Appointments, Evaluation and Remuneration Committee; the Annex to the Remuneration Policy concerning the criteria and targets of the Sustainability | ESG Index for the 2024–2026 period was approved at the General Meeting on 6 May 2025, following a proposal put forward by the Appointments, Evaluation and Remuneration Committee. This report includes a chapter dedicated to the Remuneration Report for 2025, in accordance with Article 26-G(8) of the Portuguese Securities Code. INTRODUCTION
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340 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 Distribution of capital among shareholders Shareholder No. of shares owned Stake Voting rights (quantity) (%) (%) Qualifying interests: Amorim Investimentos e Participações, S.G.P .S., S.A. 67,830,000 51.000% 51.000% A Porta da Lua, S.A. 8,290,767 6.234% 6.234% API – Amorim Participações Internacionais, S.A. 2,717,195 2.043% 2.043% Vintage Prime – S.G.P .S., S.A. 2,717,195 2.043% 2.043% Amorim, Soc. Gestora de Participações Sociais, S.A. 13,414,387 10.086% 10.086% Free float 38,030,456 28.594% 28.594% T otal 133,000,000 100.000% 100.000% I. CAPITAL STRUCTURE 1. The capital structure (share capital, number of shares, distribution of capital by shareholders, etc.), including an indication of shares that are not admitted to trading, different classes of shares, rights and duties of the same and the capital percentage that each class represents. Corticeira Amorim’s share capital amounts to EUR 133 million and is represented by 133 million ordinary registered shares for a nominal value of one euro each, and which grant the right to dividends. All shares issued by the Company are listed on Euronext Lisbon – Sociedade Gestora de Mercados Regulamentados, S.A. A. Shareholder Structure PART I MANDATORY INFORMATION ON SHAREHOLDER STRUCTURE, ORGANISATION AND CORPORATE GOVERNANCE
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341 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 I. SHAREHOLDINGS AND BONDS HELD 7. Details of the natural or legal persons who, directly or indirectly, are holders of qualifying interests, with details of the percentage of capital and votes attributed and the source and causes of the attribution. Shareholder Amorim Investimentos e Participações, S.G.P .S., S.A.(a) No. of shares % of share capital with voting rights Directly 67,830,000 51.000% Attributable total 67,830,000 51.000% (a) The shares in Amorim Investimentos e Participações, S.A. are wholly owned by two companies, Amorim Holding II, S.G.P .S., S.A. (50%) and Amorim – Sociedade Gestora de Participações Sociais, S.A. (50%) without any of them having a controlling stake in the Company , ending the imputation chain, under the terms of Article 20 of the Portuguese Securities Code. The share capital and voting rights of these two companies are, in turn, held, in the case of the first, directly and indirectly (through Oil Investment, B.V .) by Maria Fernanda Oliveira Ramos Amorim and daughters and, in the case of the second, by the inheritance (undivided) of António Ferreira de Amorim (who passed away in May 2024) and his wife and children (respectively , Maria Margarida Ferreira Rios de Amorim, António Rios de Amorim, Cristina Rios de Amorim and Joana Rios de Amorim). Shareholder Amorim – Sociedade Gestora de Participações Sociais, S.A.(b) No. of shares % of share capital with voting rights Directly 13,414,387 10.086% Attributable total 13,414,387 10.086% (b) The share capital of Amorim, Sociedade Gestora de Participações Sociais, S.A. is held by the inheritance (undivided) of António Ferreira de Amorim (who passed away in May 2024) and his wife and children (respectively , Maria Margarida Ferreira Rios de Amorim, António Rios de Amorim, Cristina Rios de Amorim and Joana Rios de Amorim), none of whom hold a controlling stake in the Company . Shareholder A Porta da Lua, S.A.(c) No. of shares % of share capital with voting rights Directly 8,290,767 6.234% Attributable total 8,290,767 6.234% accounts (note 22). Specifically , at 31 December 2025, there were 326.1 million euros of contracted and unused credit lines (31-12- 2024: 302.8 million euros). This circumstance is not likely to impair the free assessment by shareholders of the performance of the members of the Board of Directors. 5. A system that is subject to the renewal or withdrawal of countermeasures, particularly those that provide for a restriction on the number of votes capable of being held or exercised by only one shareholder individually or together with other shareholders. The Company’s Articles of Association do not include measures of this type and, to the best knowledge of Corticeira Amorim, there are no other arrangements and/or measures with that same goal. 6. Shareholders’ agreements that the Company is aware of and that may result in restrictions on the transfer of securities or voting rights. Corticeira Amorim has no knowledge of the existence of any shareholders’ agreements that might lead to the aforementioned restrictions. 2. Restrictions on the transfer of shares, such as clauses on consent for disposal, or limits on the ownership of shares. There are no restrictions on the transfer of shares. 3. Number of treasury shares, the percentage of share capital that it represents and corresponding percentage of voting rights that corresponded to treasury shares. As at 31 December 2024, Corticeira Amorim held no treasury shares and it did not engage in any transactions throughout 2025, so at 31 December 2025 the Company did not hold any treasury shares. 4. The disclosures of important agreements to which the Company is a party and that come into effect, amend or terminated in cases such as a change in the control of the Company after a takeover bid, and the respective effects, except where due to their nature, would be seriously detrimental to the Company; this exception does not apply where the Company is specifically required to disclose said information pursuant to other legal requirements. The Company has not entered into any agreements as described in this paragraph, except for the normal “change of ownership” clauses included in certain financing agreements entered into during the normal course of business, which were analyzed on a case-by-case basis and considered to be in the Company’s best interests. As at 31 December 2025, certain financing agreements totalling 94.2 million euros (31-12-2024: 174.7 million euros) contained change-of-control clauses relating to the maintenance of Corticeira Amorim’s shareholder control. In the event of a change of shareholder control, the contracts generally provide the possibility – but not the obligation – of early repayment of the amounts outstanding. It should be added that the Company has significant liquidity reserves, as detailed in the notes to the consolidated
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342 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 Maria Fernanda Oliveira Ramos Amorim No. of shares % of share capital with voting rights Directly - - Through the shareholder A Porta da Lua, S.A.(c) 8,290,767 6.234% Attributable total 8,290,767 6.234% (c) All the shares representing the share capital of A Porta da Lua, S.A. are held in usufruct by Maria Fernanda Oliveira Ramos Amorim, and the voting rights associated with these shares are therefore attributable to her . Shareholder API – Amorim Participações Internacionais, S.A.(d) No. of shares % of share capital with voting rights Directly 2,717,195 2.043% Attributable total 2,717,195 2.043% Marta Cláudia Ramos Amorim Barroca de Oliveira No. of shares % of share capital with voting rights Directly - - Through the shareholder API – Amorim Participações Internacionais, S.A.(d) 2,717,195 2.043% Attributable total 2,717,195 2.043% (d) The share capital of the company API – Amorim Participações Internacionais, S.A. is wholly owned by Marta Cláudia Ramos Amorim Barroca de Oliveira. Shareholder Vintage Prime – S.G.P .S., S.A.(e) No. of shares % of share capital with voting rights Directly 2,717,195 2.043% Attributable total 2,717,195 2.043% Luisa Alexandra Ramos Amorim No. of shares % of share capital with voting rights Directly - - Through the shareholder Vintage Prime – S.G.P .S., S.A.(e) 2,717,195 2.043% Attributable total 2,717,195 2.043% (e) The share capital of Vintage Prime – S.G.P .S., S.A. is wholly owned by Luisa Alexandra Ramos Amorim. Corticeira Amorim, S.G.P .S., S.A. (Portugal) Maria Fernanda Oliveira Ramos Amorim Amorim, S.G.P .S., S.A. (Portugal) Amorim Investimentos e Participações, S.G.P .S., S.A. (Portugal) 10.086% 51.000% 50% 50% 100% 100% (*) 50% 100%100%100% 2.043% 2.043% 6.234% Amorim Holding II, S.G.P .S., S.A. (Portugal) API Amorim Participações Internacionais, S.G.P .S., S.A. (Portugal) Vintage Prime, S.G.P .S., S.A. (Portugal) A Porta da Lua, S.A. (Portugal) Maria Fernanda Oliveira Ramos Amorim and Daughters Inheritance (undivided) of António Ferreira Amorim and Wife and Children of António Ferreira Amorim Marta Cláudia Ramos Amorim Barroca de Oliveira Luisa Alexandra Ramos Amorim (*) Held directly and indirectly through the company Oil Investments, B.V .
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343 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 e) Transactions of directors and/or entities closely related to directors: There were no transactions of Corticeira Amorim shares by entities related to its management. No company which controls Corticeira Amorim or any of Corticeira Amorim’s directors or officers or any person closely related to such directors or officers carried out transactions involving Corticeira Amorim’s financial instruments. f) List of shareholders holding at least one-tenth of the Company’s share capital: i. Amorim Investimentos e Participações, S.A. holds 67,830,000 shares in Corticeira Amorim, corresponding to 51% of the share capital and 51% of the voting rights; ii. Amorim – Sociedade Gestora de Participações Sociais, S.A. holds 13,414,387 shares in Corticeira Amorim, corresponding to 10.086% of the share capital and 10.086% of the voting rights. The share ownership referred to in i. and ii. refers to 31 December 2025, remaining unchanged at the date of publication of this report. 9. Special powers of the Board of Directors, especially as regards resolutions on the capital increase, with an indication as to the allocation date, time period within which said powers may be carried out, the upper ceiling for the capital increase, the amount already issued pursuant to the allocation of powers and mode of implementing the powers assigned. It is the responsibility of Corticeira Amorim’s Board of Directors to maintain effective control and guidance over the activities of the Company . It is the highest strategic decision-making body (definition of strategy and main policies; organisation and coordination of the corporate structure; matters of special relevance that, due to their amount, risk, timing or special of the Board of Directors of Corticeira Amorim) are, respectively , Member, Member , Vice-Chairperson and Member of the Board of Directors of Amorim Investimentos e Participações, S.G.P .S., S.A. ii. Vintage Prime – S.G.P .S., S.A. is the holder of 2,717,195 shares, representing 2.043% of the share capital and voting rights of Corticeira Amorim, S.G.P .S., S.A. Luisa Alexandra Ramos de Amorim, Vice-Chairperson of the Board of Directors of Corticeira Amorim, holds the position of Chairperson of the Board of Directors of Vintage Prime – S.G.P .S., S.A. iii. API – Amorim Participações Internacionais, S.A. is the holder of 2,717,195 shares, representing 2.043% of the share capital and voting rights of Corticeira Amorim, S.G.P .S., S.A. Nuno Filipe Vilela Barroca de Oliveira, Member of the Board of Directors of Corticeira Amorim, is a Member of the Board of Directors of API – Amorim Participações Internacionais, S.A. i v. A Porta da Lua, S.A. is the holder of 8,290,767 shares, representing 6.234% of the share capital and voting rights of Corticeira Amorim, S.G.P .S., S.A. Luisa Alexandra Ramos de Amorim, Vice-Chairperson of the Board of Directors of Corticeira Amorim, holds the position of Member of the Board of Directors of A Porta da Lua, S.A. v. Amorim – Sociedade Gestora de Participações Sociais, S.A. is the holder of 13,414,387 shares, representing 10.086% of the share capital and voting rights of Corticeira Amorim, S.A. António Rios de Amorim and Cristina Rios de Amorim (respectively , Chairman and Member of the Board of Directors of Corticeira Amorim) hold the position of Directors of Amorim – Sociedade Gestora de Participações Sociais, S.A. The ownership recorded on 31 December 2025, referred to in sections i. to v . remains unchanged at the issue date of this report. 8. A list of the number of shares and bonds held by members of the management and supervisory boards. a) Corticeira Amorim shares held and/or traded directly by members of the Board of Directors and by members of the supervisory body of the Company: i. The members of the governing bodies did not trade any shares representing the share capital of the Company during the 2025 financial year . At 31 December 2025, they did not hold any shares in Corticeira Amorim. b) Corticeira Amorim shares traded by companies, in which the members of the Company’s governing bodies exercise management or supervisory responsibility: i. During the 2025 financial year there were no transactions under the terms set out in this note. c) Other changes in direct ownership of Corticeira Amorim shares in companies in which the members of the Company’s governing bodies exercise management or supervisory responsibility: i. During the 2025 financial year there were no amendments under the terms set out in this note. d) Corticeira Amorim shares held by companies, in which the members of the Company’s governing bodies exercise management or supervisory responsibility: i. Amorim Investimentos e Participações, S.G.P .S., S.A. is the holder of 67,830,000 shares, representing 51% of the share capital and voting rights of Corticeira Amorim, S.G.P .S., S.A. António Rios de Amorim (Chairman of the Board of Directors of Corticeira Amorim), Luisa Alexandra Ramos Amorim (Vice-Chairperson of the Board of Directors of Corticeira Amorim), Cristina Rios de Amorim and Nuno Filipe Vilela Barroca de Oliveira (Members
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344 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 In the exercise of its powers, the Board of Directors is responsible for: a. Defining the strategy and approving the general policies of Corticeira Amorim, as well as the codes necessary for its good governance; b. Defining the organisational structure of the Company and Corticeira Amorim, including the structuring of its various Business Units into sub-holdings; c. Issuing binding instructions to the management of the Business Units, whenever it deems useful or necessary , particularly regarding the matters listed herein; d. Approving the business plan and the annual or multi-annual investment plan and monitoring its implementation; e. Approving the disposal of assets and/or rights, investments and encumbrances, to be made by the Company or companies owned by Corticeira Amorim; f. Representing the Company in and out of court, whether as claimant or defendant, with the authority to waive rights, settle or admit claims in any legal proceedings, as well as enter into arbitration agreements; g. Incorporating companies and subscribing to, acquiring, encumbering or disposing of shareholdings; h. Deciding to incur debt on the national or international financial market, including through the issue of bonds or any other securities; i. Deciding that the Company will provide technical and financial support to the companies in which it directly or indirectly owns shares, interests or other corporate holdings, namely by granting them loans and providing guarantees to their benefit; j. Proposing to the General Meeting the acquisition and sale of own shares, own bonds or other own securities, within the limits established by law; 1 The Company’s Articles of Association provide that, by a majority of two-thirds of its members, the Board of Directors may resolve on capital increases, on one or more occasions, in any of the forms permitted by law , up to EUR 200 million. It is also responsible for determining the corresponding terms and conditions, including the form and time limits for subscription and payment. This conferral of powers on the Board of Directors was approved by the General Meeting of 23 April 2021, with the resolution to amend Article 8(1) of the Articles of Association; Article 8(1) of the Articles of Association does not specify a term limit for the exercise of such powers. Article 456(2)(b) of the Portuguese Companies Code establishes that the Articles of Association should establish the period, not exceeding five years, during which the powers may be exercised. If no term is specified, the period will be five years by default; Article 456(4) states that the General Meeting, resolving with the majority required for amending the Articles of Association, may renew the powers of the Board of Directors. In 2025, no capital increases were issued under the powers granted to the Board of Directors in April 2021. management, administration and representation of the Company and, in particular: a. Move the location of the Company’s registered office to any other place permitted by law; b. Set up any branches, offices, affiliates, subsidiaries, agencies or representative offices of any kind anywhere in the Portuguese territory or abroad; c. Acquire, dispose of or pledge, in any manner , the Company’s own shares and debt securities and any rights attached thereto as well as to carry out any transactions in respect thereof as the directors may deem appropriate; d. Acquire, dispose of, exchange, lease or encumber real estate for the purposes permitted by law; e. Exercise and promote the exercise of the Company’s rights in companies in which it holds an interest; f. Acquire, dispose of, exchange, lease or otherwise encumber movable property , in any manner; g. Negotiate financing transactions with credit institutions, whether borrowing or lending, on such terms, conditions and in such forms as the Board of Directors may deem appropriate; h. Operate bank accounts, deposit and withdraw funds, issue, accept, sign and endorse cheques, bills of exchange, promissory notes and other negotiable instruments; i. Admit, waive or settle any proceedings or enter into arbitration; j. Perform all other functions provided for by law and these Articles of Association. Under the terms of the Regulations of the Board of Directors of Corticeira Amorim, the Board of Directors is responsible for managing and representing Corticeira Amorim, under the terms envisaged in the applicable legal and statutory rules, with the responsibility to manage the Company’s business and carry out all acts and operations relating to its purposes that are not the responsibility of the other corporate bodies. It is also responsible for establishing the strategic guidelines of the companies that are in a control or group relationship with it, in accordance with article 21 of the Portuguese Securities Code. This is done in compliance with the applicable legal provisions, particularly those relating to the business sectors in which each company in Corticeira Amorim operates. characteristics, are strategic for the Company and also the body responsible for monitoring the most important and relevant aspects of the activity , including significant matters decided on or simply examined by the Executive Committee, therefore ensuring that all members of the Board of Directors are aware of the measures adopted as a response to Board decisions and can monitor their implementation and effectiveness). As provided for in the Portuguese Companies Code, the role of the Board of Directors is to manage the Company’s business and affairs and decide on any matter relating to its management while abiding by the resolutions adopted by the General Meeting or the decisions made by the Audit Committee whenever required by law or the Articles of Association. As part of its management powers, it defines and ensures the implementation of mechanisms which, in turn, ensure that Corticeira Amorim will act in accordance with its objectives, executing the strategic plans and policies approved by the Board of Directors. These duties include, among others: a. Electing its Chairperson; b. Co-opting Directors; c. Requesting the convening of general meetings; d. Preparing annual reports and financial statements; e. Acquiring, disposing of or encumbering real estate assets; f. Providing security and personal or real guarantees on behalf of the Company; g. Opening or closing establishments or significant parts thereof; h. Significantly expanding or reducing the Company’s activities; i. Making significant changes to the Company’s organisational structure; j. Establishing or terminating important and long-lasting cooperation arrangements with other companies; k. Changing the registered office; l. Merging, de-merging or changing the legal status of the Company; m. Deciding on any matters put forward at the request of any director for resolution of the Board of Directors. The Company’s Articles of Association1 grant the Board of Directors the following powers: the exercise of all powers of direction,
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345 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 10. Information on any significant business relationships between the holders of qualifying interests and the Company. The Company did not conduct any transactions or operations with qualified shareholders or related entities, as per Article 29-S(4) of the Portuguese Securities Code, outside normal market conditions, with the transactions carried out in 2025 falling within the regular business activities of the contracting parties. The procedures applicable to these transactions are described in sections 89 through 91 of this report. 2 Regarding the current term of office (2024-2026), the Board of Directors decided to delegate powers to an Executive Committee in accordance with its respective regulations, available at https:/ /www .amorim.com/en/investors/corporate-governance/corporate-regulation- and-policies/ In addition to the matters provided for in the Portuguese Companies Code, the following are not considered to be powers of day-to-day management of the Company and are therefore not delegated in the Executive Committee: a. Approval of the annual investment/disinvestment plan of the Company and of the companies directly or indirectly controlled by the Company , as well as any amendments exceeding 10% of the overall value of the approved annual investment/ disinvestment plan; b. Acquisition, disposal or encumbrance of real estate assets of the Company and of the companies directly or indirectly controlled by the Company , where such assets are not related to the operational activities carried out by those companies; c. Incorporating companies or acquiring, directly or indirectly , a stake in companies valued at more than €2,500,000.00 (two million five hundred thousand euros); d. Approval and modification of the strategic plans and annual targets of Corticeira Amorim; e. Approval and modification of the main policies of Corticeira Amorim; f. Transactions carried out by the Company , or by companies directly or indirectly controlled by the Company , with related parties or with any shareholders of the Company; g. Approval and modification of the organisational structure of Corticeira Amorim; h. Issuance of bonds or other debt instruments by the Company; i. Entry by companies controlled by the Company into subordination agreements and parity group agreements. As far as increases in the share capital are concerned and in accordance with article 8 of the Company’s Articles of Association the Board may , by a majority of two-thirds of its members, increase the share capital, one or more times, in accordance with the law , up to EUR 200 million. It is the Board of Directors’ responsibility to fix the terms and conditions for share capital increases as well as the share subscription period and payment procedures. In the financial year under review , the Board of Directors has not decided to undertake any increase of the share capital of the Company . k. Approving the Company’s internal control, risk management and internal audit systems; l. Deciding on the matters provided for in Article 406 of the Portuguese Companies Code; m. Exercising any other powers that may be conferred upon it by law , by Corticeira Amorim’s Articles of Association or by the General Meeting. The Board of Directors may delegate the following powers2, to one or more of its members or to an Executive Committee, through a duly minuted resolution: a. The implementation of the decisions made by the directors; b. The day-to-day management of the Company; c. The authority , power and discretion to implement certain management matters. It is the Board of Directors’ responsibility to set the limits of the delegation of powers mentioned in the previous paragraph, as well as determine the modus operandi of the Executive Committee. The Board of Directors does not delegate powers as regards defining the Company’s strategy and main policies; organising and coordinating the corporate structure; deciding on matters that, due to their value, risk, timing or special characteristics/circumstances are considered strategic. According to the law , the following powers are thus not subject to delegation in the Executive Committee: a. Electing the Chairperson of the Executive Committee (Chief Executive Officer - CEO); b. Co-opting Directors; c. Requesting the convening of the Company’s general meetings; d. Approving management reports and annual accounts; e. Providing sureties and personal or real guarantees on behalf of the Company; f. Changing the registered office and approving capital increases, as provided in the Company’s Articles of Association; g. Merging, de-merging or changing the legal status of the Company .
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346 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 A defining moment of alignment and strategic direction for the three-year period 2025- 2027, reaffirming our ambition to grow sustainably, with a view to creating long-term value. Also a space for recognising people’s commitment and contribution through the celebration of projects, practices and journeys that reflect the values of Corticeira Amorim and our commitment to excellence, sustainability, safety and talent development.
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347 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 Skills: different academic backgrounds and professional experiences tend to develop different skills and working styles which, together with the varied experiences, help ensure better and more comprehensive information, leading to improved decision-making and actions; Inclusion: adopting measures that enable the integration of persons with disabilities or special needs and adapting their workstations whenever necessary . Diversity Policy: https:/ /www .amorim.com/en/investors/ corporate-governance/corporate-regulation-and-policies/ With regard to gender diversity on the Board of Directors and the Audit Committee, there is compliance with the policy , which is shown in section 19 (Board of Directors, including the Audit Committee) of this report. It is to be noted, in particular , that the Board of Directors includes 36.4% of people of the under- represented gender (female), and that the Audit Committee has an equal composition. Neither Corticeira Amorim’s governing bodies nor specialised committees used artificial intelligence mechanisms as a decision- making support tool in the year under review . The diversity of the characteristics of the members of the management and supervisory bodies and employees, particularly their age, gender , geographical origin and skills, allows Corticeira Amorim to obtain different perspectives on issues, as well as greater independence of opinions and to achieve more solid decision making. This enables the operational structures to enrich and improve knowledge, experience and the organisational culture. Corticeira Amorim continually promotes diversity in its corporate bodies and other management bodies, particularly the Board of Directors and the Audit Committee, especially in the following areas: Gender: integrating members of different genders into the teams ensures dialogue that encompasses different styles of approach, reflection and action, thereby promoting creativity and innovation; Age: the combination of members of different ages/generations allows us to combine the experience of some with the fresh perspectives of younger members, promoting debate, innovation and bolder , more solid and sustainable decisions; Geographical origin: the diversity of geographical and cultural backgrounds promotes the sharing of experiences, knowledge and perspectives on challenges, particularly international ones, and enhances the Organisation’s understanding and positioning in various markets; Corticeira Amorim is the holding company of a corporate group based in Portugal, firmly established internationally through its subsidiaries, associates and joint ventures. The vast portfolio of products and solutions it continually develops responds to diverse markets and consumers. The governance of Corticeira Amorim, addressing the challenges arising from this framework, advocates a Diversity Policy , particularly in the composition of its corporate bodies and specialised internal committees, in particular the Board of Directors and the Audit Committee, as a way to: • Promote diversity in the composition of the respective body; • Enhance the performance of each member and, collectively , of each body; • Stimulate comprehensive, balanced and innovative analysis and, consequently , allow informed and agile decision-making and control processes; • Contribute to strengthening the Company’s capacity for innovation and self-renewal, supporting its sustainable development and the creation of long-term value for shareholders and other stakeholders. Corticeira Amorim believes that the diversity criteria, which seek to combine and integrate the specific and different attributes of each person in the Company , are in fact a catalyst for innovation and a driver for attracting talent. It also believes they make a decisive contribution to enriching the organisation and promoting working environments that are more flexible, creative and generate high performance. B. Governing Bodies and Committees
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348 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 Rui Paulo Cardinal Carvalho (Secretary of the Presiding Board of the General Meeting) Graduated in Law from the Faculty of Law of the University of Coimbra in 2015; Master’s degree in Law from the Faculty of Law of the University of Coimbra, in the area of Legal and Business Sciences, in 2020; PhD student in Law at the Faculty of Law of the University of Coimbra, in the area of Legal and Business Sciences. He worked with Abreu Advogados law firm between 2017 and 2025, and currently works with PwC Legal, where he is legal senior manager . He has participated, as secretary , in various arbitration proceedings. He has served as secretary of the Presiding Board of the General Meeting of several companies. Currently , he is secretary of the Presiding Board of the General Meeting of Corticeira Amorim and a Member of the Board of the Association of Corporate Law in Review (ADSR). He has also written a number of articles, particularly in the area of corporate law . Nationality: Portuguese | Gender: Male | Age: 32 | Independent b) Exercising the right to vote 12. Any restrictions on the right to vote, such as restrictions on voting rights subject to holding a number or percentage of shares, deadlines for exercising voting rights, or systems whereby the financial rights attaching to securities are separated from the holding of securities. Each share qualifies for one vote. The total number of shares issued is 133 million. There are no shares with special plural voting rights. There are no statutory guidelines providing for the existence of shares that do not carry voting rights or determining that voting rights exceeding a certain threshold shall not be counted if such votes are cast by only one shareholder or by a shareholder who is related to that shareholder . The Articles of Association do not envisage mechanisms that aim to cause a time lag between the entitlement to receive dividends or subscribe for new securities and the voting rights of each ordinary share. area of Commercial Law), with the thesis V ariations on Corporate Capital (2009). Full Professor at the Faculty of Law of the University of Porto, where he has been teaching Commercial Law since 1998; Director and Chairman of the Scientific Council at the University of Porto’s Law Faculty since February 2019. Guest/visiting professor at several Portuguese and foreign universities. Participation in several lectures, conferences, seminars, post-graduation courses and master’s courses, mainly in the area of Company Law . Guiding and examining several master’s and PhD theses, in various faculties. Member of IDET - Institute of Corporate and Labour Law , of the Faculty of Law of the University of Coimbra; member of CIJ – Interdisciplinary Centre for Research in Justice, of the Faculty of Law of the University of Porto; member of the editorial committee of the journal Direito das Sociedades em Revista (Corporate Law in Review); member of the editorial committee of the journal RED – Revista Eletrónica de Direito (RED – Electronic Journal of Law); member of the editorial committee of the journal Revista de Direito Mercantil, Industrial, Económico e Financeiro (“RDM”) (Journal of Commercial, Industrial, Economic and Financial Law), of USP , Brazil; member of the editorial committee of the journal RJLB – Revista Jurídica Luso-Brasileira (Luso-Brazilian Legal Journal); member of the editorial committee of the journal Revista de Direito do Desporto (Sports Law Journal); member of AP A – Portuguese Arbitration Association. He has published more than 90 works and articles, especially on corporate law , including, among others, the manual “O Financiamento Societário pelos Sócios” (“Corporate Financing by Shareholders”, Almedina, 2022) and his contribution to the manual “Estudos de Direito das Sociedades” (“Studies on Corporate Law”) by various authors (coordinated by Coutinho de Abreu, 13th edition, Almedina, 2017), as well as to the “Código das Sociedades em Comentário” (“Companies Code in Commentary”, vols. I – VII, Almedina, 2010-2017). An arbitrator and legal adviser . He is currently Chairman of the General Meeting of Banco Português de Fomento, S.A., Fibrogest – Finanças, Investimentos e Gestão, S.A. and Sociedade Agrícola de Investimentos de Oliveira do Bairro, S.A., and is a Director of Abreu & Associados – Sociedade de Advogados, S.P ., S.L. Nationality: Portuguese | Gender: Male | Age: 61 | Independent I. GENERAL MEETING The General Meeting is the main body of the Company , and its meetings form the main moment for shareholders to actively and personally participate in the life of the Company . In addition to the law and the Articles of Association, the functioning of the General Meeting is governed by the respective Rules of Procedure, approved by the General Meeting and published on the Company’s website: https:/ /www .amorim.com/xms/files/ Investidores/Estatutos_Politicas_Regulamentos/20220428_ Regulamento_da_Assembleia_Geral_EN.pdf a) Composition of the Presiding Board of the General Meeting 11. Details and position of the members of the Presiding Board of the General Meeting and respective term of office (beginning and end). The Presiding Board of the General Meeting is composed of a Chairperson and a Secretary , posts occupied by: Chairman: Paulo de Tarso da Cruz Domingues Secretary: Rui Paulo Cardinal Carvalho Beginning of first term of office: 26 June 2020 End of current term of office (2024-2026): 31 December 2026, remaining in office until a new election pursuant to law . Professional qualifications and other relevant curricular information concerning the members of the Presiding Board of the General Meeting: Paulo de T arso da Cruz Domingues (Chairman) Graduated from the Faculty of Law at the Portuguese Catholic University (Porto) in 1987; Master’s in Law , from the Faculty of Law of the University of Coimbra, in the area of Corporate Legal Sciences, with the thesis On Corporate Capital – Concept, Principles and Functions (1997); Doctorate in Law from the Faculty of Law of the University of Porto, in Civil Legal Sciences (in the
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349 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 • Exercising the right to vote – need to own at least one share of the Company’s stock at least five business days prior to the date scheduled for holding the General Meeting; • For a General Meeting convened at the request of shareholders to validly pass resolutions – it is required that the General Meeting be attended by shareholders owning shares representing at least the minimum amount of share capital required by law to justify the request for convening such meeting; • Change in Board composition – such resolution requires the approval of shareholders who represent not less than 2/3 of the total share capital; • Winding-up the Company – such resolution requires the approval of shareholders representing at least 85% of the paid-up share capital. Postal ballot forms are available from Corticeira Amorim’s registered office (Rua Comendador Américo Ferreira Amorim, no. 380 – 4535- 186 Mozelos - Portugal) and from the Company’s website (www . amorim.com), including by e-mail. If so requested by a shareholder , postal ballot forms may be provided by e-mail. 13. Details of the maximum percentage of voting rights that may be exercised by a single shareholder or by shareholders that are in any relationship as set out in Article 20(1). The Articles of Association do not provide for any limit on the number of votes, that each shareholder (either separately or jointly with other shareholders) is entitled to cast or exercise. 14. Details of shareholders’ resolutions that, imposed by the Articles of Association, may only be taken with a qualified majority, in addition to those legally provided, and details of said majority. The Company’s Articles of Association establish specific requirements for convening/decision-making quorums, for the following situations: a. Identical to those of general law: • Removal from office of a member of the board of directors elected under the special rules set out in Article 392 of the Portuguese Companies Code – the removal from office will not become effective if shareholders accounting for at least 20% of the share capital have voted against the removal of such director , irrespective of the just cause invoked for said removal from office; b. Higher than those of general law: • Restriction or withdrawal of pre-emption rights in share capital increases – the Company’s Articles of Association require that the Annual General Meeting be attended by shareholders accounting for at least 50% of the paid-up share capital; All matters whose appraisal and/or decision is the responsibility of the Shareholders’ General Meeting, pursuant to the law and the Company’s Articles of Association, shall be submitted to the General Meeting in separate motions, which shall be considered and decided and/or voted upon one by one, separately , and the outcome of the voting on each item of the agenda shall be recorded in the minutes of the respective General Meeting. Those entitled to attend the General Meeting and discuss and vote are the shareholders who, as of the record date, corresponding to 00:00 (GMT) on the fifth business day prior to the date of the Annual General Meeting, are registered as holders of shares entitling them to at least one vote. In the event that the General Meeting is adjourned, the adjourned meeting shall be made up of members who provide evidence of holding shares in the Company , provided that the record date shall be observed. The Articles of Association provide for the possibility of shareholders voting by mail, provided that the ballots reach the Company at least three business days before the General Meeting. V otes sent by mail are equivalent to negative votes for proposals submitted after the date on which such votes were cast. The presence of the shareholder at the General Meeting revokes the vote it may have sent by mail. Corticeira Amorim’s Articles of Association allow electronic voting, provided that there are adequate technical resources available to enable checking the validity of electronic votes and ensuring their data integrity and confidentiality . V otes sent by electronic means must be received by the Company by the third business day prior to the General Meeting. The Chairperson of the General Meeting must check, prior to the convening of the General Meeting, the existence of technical and communication means to ensure the safety and reliability of the votes cast. If the Chairperson of the Presiding Board of the General Meeting decides that the technical requirements for voting by electronic means are met, such information shall be included in the Notice calling the meeting. Such requirements were not met in 2025. Electronic voting was allowed at the General Meeting of 6 May 2025. The presence of the shareholder at the General Meeting revokes the vote it may have sent by mail or by electronic means.
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350 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 following specific provisions set out in the Company’s Articles of Association: The election of members to the board shall be done on the basis of lists specifying the office to be filled by each Director . The voting shall be carried out in the following manner: First: one Director shall be elected separately from among the candidates proposed on lists submitted by groups of shareholders holding between 10% and 20% of the share capital. Each list must propose, at least, two eligible persons for each office to be filled, but the same shareholder may not subscribe to more than one list. If more than one shareholder group submits lists in this first poll, the vote will first focus on the set of lists, and then on the individuals nominated in the winning list. The lists of candidates may be submitted to the General Meeting before the business on the agenda relating to the election of Directors starts to be discussed; Second: the General Meeting shall elect the remaining directors. All shareholders present may take part in the respective resolution, regardless of whether they submitted or voted for any of the lists in the first stage. The General Meeting cannot elect the remaining Directors until it has elected one of the nominees on the lists of the first phase, unless no list has been proposed. The term of office of the Board members is three calendar years. At the end of the Directors’ term, the shareholders must elect new directors or re-elect - one or more times - current Directors. At the time of voting the management report, the annual financial statements and the proposal for appropriation of profit, the annual General Meeting may decide to remove any or all directors from the Board. This will not imply the payment of any compensation to any Director so removed from office regardless of whether a Director’s discharge from employment has been for cause or without cause. However , this provision will not apply to a Board member elected under special election procedures on a first poll if members holding at least a 20% stake in the share capital of the Company resolve against removing any such Director from office regardless of the cause for a Director’s discharge from employment. As a consequence, the Board of Directors is confident that the corporate governance model adopted is suitable for the specific circumstances of Corticeira Amorim for the following reasons: • It embodies a framework of principles of corporate governance and good practices designed to promote greater transparency and a high level of professionalism and competence; • It promotes independence and diversity in the composition of the governing bodies, enhancing the performance of each member and, collectively , of each body; • It provides reasoned and agile decision and control processes; • It encourages shareholder participation in the life of the Company; • It fosters the efficiency and competitiveness of Corticeira Amorim; • It contributes to strengthening the Company’s innovation and self-renewal, supporting its sustainable development and the creation of long-term value for shareholders and other stakeholders. Corticeira Amorim promotes internal reflection on the corporate governance structures and practices adopted. It has compared their degree of efficiency with the possible added value of implementing other practices and/or measures recommended by both the 2018 Corporate Governance Code, revised in 2023, of the Portuguese Institute of Corporate Governance, which it takes as a reference, and those recommended by other organisations. This matter - as well as Corticeira Amorim’s organisational development issues - has been reviewed by the Executive Committee. The reflection on the corporate structure itself is carried out both by the Executive Committee and by the Board of Directors, which is advised on this matter by the ESG Committee. 16. Articles of association rules on the procedural and material requirements governing the appointment and replacement of members of the Board of Directors, the Executive Board and the General and Supervisory Board, where applicable. The rules governing the appointment and replacement of members of the board of directors are those provided for by law , with the II. MANAGEMENT AND SUPERVISION a) Composition 15. Details of corporate governance model adopted. The Company adopts the Anglo-Saxon governance model, with an extended Board of Directors, including an Audit Committee, in the current term of office fully composed of independent members, and with a dual supervision, by the Audit Committee (monitoring/ supervision) and by the Statutory Auditor (financial oversight). In the Board of Directors’ opinion, the implemented model contributes effectively to: • Greater agility , closer proximity , and improved oversight, and therefore also greater efficacy and efficiency for the Company and the performance of its management and internal supervisory functions, as a result of the integration of the Audit Committee within the Board of Directors; • Greater diversity (academic background, skills, gender , age, professional experiences) on the Board of Directors and, above all, independent visions with the ability to consider the business from new perspectives, thereby adding value and sustainability to Corticeira Amorim. Additionally , specialised internal committees are also in place, chaired by independent directors and mainly composed of members of Company management bodies, with corporate functions: the Risk Committee and the ESG (Environmental, Social & Governance) Committee. The General Shareholders’ Meeting held on 22 April 2024 decided to establish an Appointments, Evaluation and Remuneration Committee, pursuant to Article 399(1) of the Portuguese Companies Code and Article 19(4) of the Company’s Articles of Association, and to elect the respective members. The Board of Directors believes that adopting this governance model at Corticeira Amorim will boost the Company’s long-term growth and profitability , in alignment and convergence with the long-term interests of all its stakeholders.
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351 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 Member: Juan Ginesta Viñas Date of first appointment to the Board of Directors: 20 July 2012 End of current term of office (2024-2026): 31 December 2026, remaining in office until a new election pursuant to law . Member: João Nuno de Sottomayor Pinto de Castello Branco Date of first appointment to the Board of Directors: 22 April 2024 End of current term of office (2024-2026): 31 December 2026, remaining in office until a new election pursuant to law . Member: José Pereira Alves Date of first appointment to the Board of Directors: 23 April 2021 End of current term of office (2024-2026): 31 December 2026, remaining in office until a new election pursuant to law . Member: Maria Cristina Galhardo Vilão Date of first appointment to the Board of Directors: 23 April 2021 End of current term of office (2024-2026): 31 December 2026, remaining in office until a new election pursuant to law . 3 At the time of voting the management report, the annual financial statements and the proposal for appropriation of profit, the Annual General Meeting may decide to remove any or all directors from the Board. This will not imply the payment of any compensation to any Director so removed from office regardless of whether a Director’s discharge from employment has been for cause or without cause. However , this provision will not apply to a Board member elected under the special election rules described in the first stage, if shareholders holding at least a 20% stake in the share capital of the Company resolve against removing any such Director , regardless of whether just cause has been invoked. Composition of the Board of Directors: Chairman: António Rios de Amorim Date of first appointment to the Board of Directors: 29 March 1990 First appointment as Chairman of the Board of Directors: 31 March 2001 End of current term of office (2024-2026): 31 December 2026, remaining in office until a new election pursuant to law . Vice-Chairperson: Luisa Alexandra Ramos Amorim Date of first appointment to the Board of Directors: 28 March 2003 Elected as member of the Board of Directors at the General Meeting of Shareholders of 4 April 2013. End of current term of office (2024-2026): 31 December 2026, remaining in office until a new election pursuant to law . Member: Cristina Rios de Amorim Date of first appointment to the Board of Directors: 20 July 2012 End of current term of office (2024-2026): 31 December 2026, remaining in office until a new election pursuant to law . Member: Nuno Filipe Vilela Barroca de Oliveira Date of first appointment to the Board of Directors: 28 March 2003 End of current term of office (2024-2026): 31 December 2026, remaining in office until a new election pursuant to law . Member: Fernando José de Araújo dos Santos Almeida Date of first appointment to the Board of Directors: 31 July 2009 End of current term of office (2024-2026): 31 December 2026, remaining in office until a new election pursuant to law . When a Director is declared to be definitively absent, and there are no substitutes, he/she shall be replaced by co-option, unless the directors in office are not sufficient in number for the Board to function. If there is no co-option within 60 days of the absence, the Audit Committee appoints a replacement. The co-option and appointment by the Audit Committee shall be subject to ratification at the next General Meeting. If a director elected under the special rules of the first stage is absent permanently , and there is no respective substitute, a new election shall be held, at which the special rules of the first phase apply , with necessary adaptation. The appointment and replacement of members of the Board of Directors and of the Audit Committee also take into account the Policy of Promoting Diversity in the Company’s Corporate Bodies (available at: https:/ /www .amorim.com/en/investors/corporate- governance/board-members/), described in the comment to Recommendation II.2.1 of this report, with the aim of achieving the objectives referred to therein. The actual diversity of its composition (age, gender , qualifications and professional background) is detailed in section 19 of this report. 17. Composition of the Board of Directors, with details of the Articles of Association’s minimum and maximum number of members, duration of term of office, number of effective members, date when first appointed and end of the term of office of each member. According to the Articles of Association, the Company is administered by a Board of Directors (which includes an Audit Committee), composed of a Chairperson, a Vice-Chairperson and one to nine other members. In the current term (2024-2026), the Board of Directors consists of a Chairperson, a Vice-Chairperson and nine Members, totalling 11 incumbent Members (four women and seven men). The duration of the term of office of the Board of Directors is three calendar years3
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352 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 19. Professional qualifications and other relevant curricular information of each member of the Board of Directors. António Rios de Amorim Chairman of the Board of Directors and of the Executive Committee (Chief Executive Officer) Chairman of the Board of Directors and CEO of Corticeira Amorim since March 2001. Degree in Commerce from the Faculty of Commerce and Social Sciences at the University of Birmingham (1989) and, in addition, attendance at the: Executive Program – Columbia University (1992), International Business Management – INSEAD (2001) and Executive Program in Strategy and Organization – Stanford University (2007). He was CEO of Amorim & Irmãos (1996-2001), Director of Sociedade Figueira Praia (1993-2006), Operational Manager at Amorim – Empreendimentos Imobiliários, promoter of the Lisbon Towers and Arrábida Shopping projects (1993-1995), and Executive Director of Amorim Hotéis, SA, in charge of the development of the Ibis and Novotel chains in Portugal. He was a member of the European Round Table of Industrialists – the only Portuguese corporate group to belong to this association (1991-1995). He was also Chairman of the Portuguese Cork Association (2002-2012) and the Confédération Européenne du Liège (since 2003). He was Chairman of COTEC Portugal (2022– 2025) and is currently a member of the Board of this association. He is also a member of the Business Roundtable Portugal Association, representing Corticeira Amorim. In February 2006, he was awarded the commendation of Grand Officer of the Order of Agricultural, Commercial and Industrial Merit by the President of the Republic of Portugal. In 2018, he was distinguished by EY as Entrepreneur of the Y ear – Portugal. He was awarded the Grand Cross of the Order of Prince Henry the Navigator by the President of the Republic of Portugal. He is a member of advisory bodies for business associations and knowledge centres: Industry Training Association (ATEC) (advisory board); Faculty of Economics and Management at the Portuguese Catholic University (Advisory Board); IB-S – Institute of Science and Innovation for Bio-Sustainability , University of Minho (Strategic Board); UT AD – University of Trás-os-Montes and Alto Douro Non-executive members: Vice-Chairperson: Luisa Alexandra Ramos Amorim Member: Juan Ginesta Viñas Member: João Nuno de Sottomayor Pinto de Castello Branco (Independent Lead Director) Member: José Pereira Alves (independent) Member: Maria Cristina Galhardo Vilão (independent) Member: António Manuel Mónica Lopes de Seabra (independent) Member: Helena Sofia Silva Borges Salgado Fonseca Cerveira Pinto (independent) The Board of Directors considers that this delegation of powers is in the interests of the Company , in particular the agility of its decision- making, maintaining a number of non-executive Members (seven, representing 63.6% of the Board of Directors) and independent non-executive Members (five, representing 45.5% of the Board of Directors and 71.4% of the non-executive Members), which it considers appropriate for their roles and the size of the Company . The size, expertise, and diversity of the Board of Directors, combined with the availability of all the members, which is also reflected in attendance (sections 23 and 29), are appropriate to the size of the Company and the complexity of the challenges and of the risks inherent to its activity , ensuring the full, efficient and diligent exercise of the duties entrusted to this body and to each of its members, whether executive or non-executive. Member: António Manuel Mónica Lopes de Seabra Date of first appointment to the Board of Directors: 23 April 2021 End of current term of office (2024-2026): 31 December 2026, remaining in office until a new election pursuant to law . Member: Helena Sofia Silva Borges Salgado Fonseca Cerveira Pinto Date of first appointment to the Board of Directors: 22 April 2024 End of current term of office (2024-2026): 31 December 2026, remaining in office until a new election pursuant to law . 18. Distinction to be drawn between executive and non-executive directors and, as regards non-executive members, details of members that may be considered independent. Considering the composition of Corticeira Amorim’s Board of Directors, mentioned in the previous section, this body delegated the executive management to an Executive Committee composed of four members (one woman and three men): Executive members: Chairman (Chief Executive Officer): António Rios de Amorim Member (Chief Financial Officer): Cristina Rios de Amorim Member (Real Estate M&D Officer): Nuno Filipe Vilela Barroca de Oliveira Member: Fernando José de Araújo dos Santos Almeida
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353 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 a wide range of corporate social responsibility initiatives in the social, environmental, educational and cultural spheres, including the launch of Hearts of Cork, Corticeira Amorim’s corporate social responsibility program, in 2025. She is a non-executive Member of the Board of Directors of Amorim – Sociedade Gestora de Participações Sociais, S.A., the holding company of the António Ferreira Amorim family office. She is a Member of the Board of Directors of Banco BPI, S.A. (2017 - March 2024: independent non-executive Director; since March 2024: independent non-executive Vice-Chairperson); of the bank’s Risk Committee (2017-2020: Member; since December 2020: Chairperson) and the Appointments, Evaluation and Remuneration Committee (since December 2020: Member). Member of the General Board of AEM – Portuguese Association of Securities Issuers (2014-2023) and a Member of the Board of Directors of this organisation, since December 2023. Nationality: Portuguese | Gender: Female | Age: 57 Nuno Filipe Vilela Barroca de Oliveira Member of the Board of Directors and member of the Executive Committee (Real Estate Management & Development Officer) Graduate in business administration from Portuguese Catholic University . He has professional experience in the areas of insurance (Ocidental Seguros, 1993), asset investment (Merrill Lynch, 1995) and private banking (Banco Comercial Português, 1996), specialising in Financial Analysis and Private Investment. Former executive Director of Barrancarnes (2000-2005). Non-executive Director of various companies in the Amorim Group (since 2000). A non-executive Board Member of Corticeira Amorim from March 2003 until September 2005, he has held executive positions since then, including Vice-Chairperson of the Board of Directors from July 2012 to April 2024; he is currently an executive member and Chief Real Estate Management & Development Officer . He is the Honorary Consul of Norway in Porto. Nationality: Portuguese | Gender: Male | Age: 55 Cristina Rios de Amorim Member of the Board of Directors, member of the Executive Committee (Chief Financial Officer and Chief Sustainability Officer), and member of the Risk Committee and ESG Committee She graduated in Economics from the Faculty of Economics of the University of Porto in 1991 and completed an MBA in International Banking and Finance from the University of Birmingham (UK) in 1992. In 2001, she took a postgraduate degree in International Management at the Universidade Católica Portuguesa. She began her professional career in 1992, in the financial sector . In 1992, she joined S.G. W arburg España (Madrid), in the Corporate Finance department. In 1993, she joined N.M. Rothschild & Sons Limited (corporate finance), Rothschild Asset Management Limited (asset management), both in London, and Soserfin, S.A. (Economic Studies and Research Department). She served as a member of the Board of Directors of the Casa da Música Foundation (2006–2013) and the AEP Foundation (2009–2013), and as a member of the Executive Committee of BCSD Portugal – Business Council for Sustainable Development (2022–2025). She joined the Amorim Group and its various business areas in 1994 and is currently Vice-Chairperson of the Board of Directors of Amorim - Investimentos e Participações, S.G.P .S., S.A. In 1997 she took office as Investor Relations Officer at Corticeira Amorim, S.G.P .S., S.A. (a position she occupied until the end of 2017), having been named the Best Investor Relations Officer at the 2016 IRG A wards (Deloitte). She has been a member of the Board of Directors of Corticeira Amorim, S.G.P .S., S.A. since July 2012. Currently , in addition to being an executive director , CFO and CSO, she is responsible for overseeing cross-functional and support areas (finance, trading room, consolidation and reporting, investor relations, sustainability , communications and corporate governance). She is also responsible for the design and overall coordination of corporate programs aimed at raising awareness and promoting knowledge about the cork oak forest, cork and Corticeira Amorim, notably through links with universities and centres of learning in Portugal and abroad, as well as the Serpentine Summer Pavilion (2012, 2021), Metamorphosis (2013), Tate Modern (2017) and City Cortex (2024) projects, amongst many others. She drives and promotes (General Council), and Association of Family Businesses (Vice- Chairman of the Senior Board). Since 2014 he has been Honorary Consul of the Republic of Bulgaria in Santa Maria da Feira, with jurisdiction in the districts of Porto, A veiro and Braga. Nationality: Portuguese | Gender: Male | Age: 58 Luisa Alexandra Ramos Amorim Vice-Chairperson of the Board of Directors She holds a degree in Marketing from ISAG and in Hospitality from EHTE and EHTP , having completed additional training in Hospitality at the Centre International de Glion, in Marketing at UCI Communication in the USA and in Management at EGP Porto. She served as Executive Director of Natureza, S.G.P .S (2002-2006), Marketing Director at J.W . Burmester (2000-2002) and was a member of the Hospitality Management team at Amorim Hotéis e Serviços and Sociedade Figueira Praia (1996-1997), when she began her role with the Amorim Group. W orked in management consulting sector at Deloitte & Touche, Porto (1998-2000). Director of Amorim – Investimentos e Participações (since 2002) and of Amorim Negócios Internacionais (since 2016). She is the Chairperson and CEO of Quinta Nova – Nossa Senhora do Carmo (since 2006) and Taboadella (since 2018), bringing with her extensive expertise in the wine sector , both nationally and internationally . She was appointed to the Board of Directors of Corticeira Amorim, S.G.P .S.A., S.A. in 2003; in April 2013 she was elected a member of that Board, a position she held until April 2024, when she was elected Vice-Chairperson. In addition to her business activity , she is also the founder and Chairperson of the Bagos d’Ouro Association (since 2010) and a member of the ACIBEV General Assembly (since 2023), having also served as a member of the ACIBEV Board of Directors (2020-2023). She was a member of the Executive Board of the Universidade Nova de Lisboa (2018-2022) and a member of the Board of Directors of the Fundação Museu do Douro (2006-2011). She has been the Honorary Consul of Hungary in Porto since 2017. Nationality: Portuguese | Gender: Female | Age: 52
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354 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 José Pereira Alves Member of the Board of Directors, Chairman of the Audit Committee and Member of the Risk Committee Graduated with a Bachelor’s Degree in Economics from the University of Porto, Faculty of Economics. He began his career in 1984 as an audit technician with the international audit firm Coopers & Lybrand. In 1990, after a professional qualification examination, he became a Statutory Auditor . In 1993, he became a partner at the External Audit Firm Bernardes, Sismeiro & Associados, S.R.O.C. On 1 January 1994, he became a partner at PricewaterhouseCoopers (PwC), and for over 22 years was responsible for coordinating the audit and review work for various groups, including: Amorim, RAR, Salvador Caetano, Nors, Ibersol, T AP , CTT , Semapa and Jerónimo Martins. Between 2001 and 2015, he was on many occasions a member of the Territory Leadership Team, PwC’s executive management body in Portugal, and between 1 July 2011 and 30 June 2015 he led the firm in Portugal as Territory Senior Partner (Chairman). On 30 June 2016 he ceased to be a partner at PwC Portugal. He is Chairman of the Supervisory Board of Sierra IG, S.G.O.I.C., S.A., The Fladgate Partnership, S.A., Galp Energia, S.G.P .S., S.A. and NOS, S.G.P .S., S.A. Nationality: Portuguese | Gender: Male | Age: 65 | Independent Maria Cristina Galhardo Vilão Member of the Board of Directors, member of the Audit Committee and Chairperson of the Appointments, Evaluation and Remuneration Committee She graduated in Law from the Faculty of Law of the University of Lisbon and has a Master’s Degree (LL.M) from McGill University , Montreal, Canada. Her professional career has been focused on law practise, working in the areas of finance, capital markets and business consultancy , among other legal fields. After an initial period as legal and economic adviser to the Macau Government, which was followed by a Master’s degree from McGill University (Canada), she practised law at the law firm Barros, Sobral, G. Gomes & Associados, with offices in Portugal, Brazil and London, where she worked mainly in the capital markets, finance João Nuno de Sottomayor Pinto de Castello Branco Member of the Board of Directors and Lead Independent Director He has a degree in Mechanical Engineering from the Instituto Superior Técnico and a Master’s degree in Management (MBA) from INSEAD. After completing his degree, he worked as an assistant and researcher at IST , LNEC and Renault’s engine development centre in France. He joined McKinsey & Company in 1991, working across a variety of industries with both Iberian and international clients. He headed the Lisbon office before moving to Madrid in 2007. Until July 2015, he was Managing Partner of the Iberia office and is currently Senior Partner Emeritus of the Firm. From July 2015 to December 2021, he served as Chairman of the Executive Committee at Semapa, and since August 2018 has been Chairman of the Board of Directors at Navigator (where he also held the position of CEO in 2019), Secil, and Semapa Next. He served as Chairman of the Board of the Business Council for Sustainable Development (BCSD) Portugal and was a member of the Executive Committee of the W orld Business Council for Sustainable Development (WBCSD) from 2019 until March 2022. He is currently Chairman of the Board of Directors of Banco CTT and a non-executive Director of the REGA Energy Group. He is also a Member of the Board of Trustees of the Nova University of Lisbon and Chairman of the Advisory Board at Business Roundtable Portugal. He meets the independence requirements set out in Article 414(5) of the Portuguese Companies Code. Nationality: Portuguese | Gender: Male | Age: 65 | Independent Fernando José de Araújo dos Santos Almeida Member of the Board of Directors and member of the Executive Committee and of the Risk Committee Graduated with a Bachelor’s Degree in Economics from the University of Porto, Faculty of Economics (1983-1984). Professional specialisation and complementary training in the areas of Balanced Scorecard, Strategic Management, Management Control, Performance Evaluation and Decision Support Systems. He joined Corticeira Amorim in 1991 and held various positions in several of the Group’s member companies. In 2002, he took over as Manager of Organisational Development and Business Management Planning and Control at Corticeira Amorim and, in 2010, took responsibility for the Information Systems and Technology area, with an emphasis on digital innovation, as a driver of innovation, support for business strategy and risk management, in particular cybersecurity and business continuity . He has been a Corticeira Amorim director since 2009. Lecturer at Porto Business School in the areas of Strategy Development and Management Control. Nationality: Portuguese | Gender: Male | Age: 64 Juan Ginesta Viñas Member of the Board of Directors With a wide and extensive professional experience in managing businesses, he has played relevant roles in several international companies such as International Harvester Spain (sales manager), DEMAG EO (sales manager), Hunter Douglas (General Manager and the person responsible for the industrial firms located in Brazil, Argentina and Chile) and Torras Domenech (Managing Director and CEO). Since 1996 he has been executive director of Trefinos, S.L., a Spanish company that produces cork stoppers for some of the world’s most prestigious winemaking regions. Nationality: Spanish | Gender: Male | Age: 85
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355 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 2020. Between 2008 and 2013, she held other leadership positions at the same university , where she has been since the 1990s. She is an independent member of the Board of Directors of Mota- Engil, an independent member of the General Supervisory Board of EDP and Chairperson of the Supervisory Board of the Media Capital group. She is an associate director at EQUIS and at EFMD (European Foundation for Management Development), a member of the Board at the AEP Foundation and a member of two International Advisory Boards for Business Schools, in France and the United Kingdom. She is the author of a book, book chapters, research articles and articles of opinion. She is a member of the Porto branch of ACEGE (Christian Association of Entrepreneurs and Managers) and has been a member of the Porto Diocesan Commission for Interfaith Dialogue since November 2020. Nationality: Portuguese | Gender: Female | Age: 55 | Independent In 2025, training was provided to members of the Board of Directors, Audit Committee and Internal Committees on: • Corticeira Amorim’s Carbon Footprint; • Greenwashing and Green Claims: Litigation Risks; • ESG communication tools; • European Union Green Taxonomy | Corticeira Amorim; • Cybersecurity . Portuguese representative at the Rubber Industry Liaison Office (BLIC) / European Tyre and Rubber Manufacturers Association (ETRMA) from 2000 to 2008. From 2006 to 2011, he was a member of the Advisory Board in Engineering and Management at the Instituto Superior Técnico, and a Member of the Casa da Música Founders Council where, from 2008 to 2011, he was also a Member of the Board for the Foundation of the same name. From 1990 to 2000, he worked at Continental Mabor S.A., in successive roles as Supplies Director , Materials and Distribution Director and Operations and Logistics Director . He was the Supplies Director at Mabor – Manufatura Nacional de Borracha, S.A., from 1989 to 1990. From 1984 to 1987 and 1987 to 1989, he was on the staff of EDP E.P . where he worked as a Standardisation Engineer and a Standardisation and Network Planning Adviser . From 1997 to 1989, he was Director of the Planning, Design and Construction Division of the Macau Utility Company (CEM) L V /MV /HV Network. He was a lecturer at the Instituto Superior Técnico (Lisbon) and simultaneously a member of the research team at the National Institute for Scientific Research (INIC) from 1976 to 1979. He began his career as a project and construction engineer for MV and L V electrical networks at the Federation of Ribatejo Municipalities (Santarém), in 1973 and 1974. Nationality: Portuguese | Gender: Male | Age: 74 | Independent Helena Sofia Silva Borges Salgado Fonseca Cerveira Pinto Member of the Board of Directors, member of the Audit Committee and Chairperson of the ESG Committee She holds a PhD in Management from the University of W arwick (UK), as well as a Master’s degree and Bachelor’s degree in Management, both from the Portuguese Catholic University . In 2019, she completed her certificate in Corporate Governance from INSEAD. She also completed the High Potentials Leadership Program at Harvard Business School (2012). Before joining the academic world, she held a position in commercial management and new projects at a hospitality and entertainment services company . She teaches at the Católica Porto Business School - Portuguese Catholic University , where she served as Director between 2013 and and corporate areas, with a strong international focus. She was temporarily seconded to Clifford Chance in London, where she gained first-hand experience of working in a global law firm. In 1997, she joined Belarmino Martins & Associados, a correspondent firm of Price W aterhouse, which led to her joining Oliveira, Martins, Moura, Esteves & Associados, a member of Landwell, correspondent law firms of PricewaterhouseCoopers. During this period, she came into close contact with auditors and clients in the financial and banking field, as well as in corporate consultancy . In 2000, together with Manuel Anselmo Torres, she founded the Galhardo Vilão Torres (GVT) law firm, which specialises in Tax, Financial and Corporate Law . Since then, she came into close contact she has worked as a partner at GVT , where she coordinates and assists clients in the technological, industrial, real estate, hotel and distribution sectors. She also provides advice to individual clients in specific cases, particularly involving property . Her work continues to be highly international, with her clients being, mainly , foreign or Portuguese and involved in multinational activities. Nationality: Portuguese | Gender: Female | Age: 61 | Independent António Manuel Mónica Lopes de Seabra Member of the Board of Directors, member of the Audit Committee and Chairman of the Risk Committee Graduated with a Bachelor’s Degree in Electrical Engineering from the Faculty of Engineering at the University of Porto in 1973 and completed postgraduate programs in Management at INSEAD (France) in 1991, 2000 and 2015. His professional CV shows extensive experience in administration/ executive management in the industry: he was Vice-President of Continental Tires (The Americas), based in Fort Mill, S.C., USA, from 2015 to 2017, Executive Vice-President of Continental AG at BU Tires AP AC, based in Shanghai, China, from 2012 to 2015, and Chairman of the Board of Directors of Continental Mabor – Indústria de Pneus S.A., based in Lousado, Portugal, from 2000 to 2011. He was also the Manager of Continental Mexico, S.A. de C.V ., with headquarters in San Luís Potosí, Mexico. From 2000 to 2011 he, was Director of Continental Pneus (Portugal), Chairman of the Board of Continental-Lemmerz and Chairman of the Board of the Portuguese Rubber Industry Association (APIB). He was the
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356 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 allowing, limiting or denying the right to speak; presenting postal votes; calculating total votes and announcing the results; • Authorising the presence at the General Meeting of third parties not affiliated with the Company; such authorisation may be revoked by the General Meeting; • Adjourning the General Meeting, immediately setting the resumption date, which may not be more than 90 days later; the same session may not be suspended more than once; • Ending the session, ensuring the minutes are drafted and signing them. The secretary of the Presiding Board of the General Meeting is responsible for: • Assisting the Chairperson of the Presiding Board in conducting the proceedings, including verifying attendance and quorum, as well as organising the attendance list; • Reading the agenda stated on the notice, and the documents referred to the Presiding Board during the session; • Taking notes for drawing up the minutes; • Counting the votes; • Drawing up the minutes and signing them. Board of Directors4 Composition and term of office as described in section 17 of this report; duties as described in section 9 of this report. Executive Committee Composition and term of office as described in section 28 of this report; duties as described in section 29 of this report. 4 The Company’s Articles of Association provide for the possibility of the Board of Directors being advised by one to three advisors, to be appointed by the Board from among persons of recognized merit and experience, with terms of office coinciding with those of the Directors. The advisors to the Board of Directors provide guidance to the Board on all matters discussed at board meetings, although they do not have voting rights on the resolutions adopted. The Board of Directors, elected on 22 April 2024 for the 2024-2026 term, did not appoint any advisors. • Promptly inform the Chairperson of any and all circumstances, changes and/or transactions that may in any way create doubt as to a potential conflict or that, in general, may conflict with their duties towards Corticeira Amorim; • In the event of a conflict of interest, the member of the Board of Directors in question may not interfere in the respective decision-making process, without prejudice to the duty to provide any information and clarifications requested. 21. Organisational charts or flowcharts concerning the allocation of powers between the various corporate boards, committees and/or departments within the Company, including information on delegating powers, particularly as regards the delegation of the Company’s daily management. Corticeira Amorim’s Articles of Association provide for the following bodies, which are currently in office: Presiding Board of the General Meeting Composition and term of office as described in section 11 herein. The Chairperson of the Presiding Board of the General Meeting is responsible for: • Calling the General Meetings – preparing the notice and ensuring its publication; • Receiving requests for the inclusion of items on the agenda and, in the event they are approved, publish the matters included on the agenda in the same manner used for the notice; • In the case of virtual general meetings (cybermeetings, online meetings and teleconference meetings), ensuring the authenticity of declarations and the security of communications; • Choosing the location for the General Meeting within the national territory , if the head office facilities do not allow the meeting to be held satisfactorily; • Chairing the General Meeting, directing and directing the proceedings, in particular: verifying attendance and the quorum; organising the attendance list; calling the meeting to order; 20. Customary and meaningful family, professional or business relationships of members of the Board of Directors, with shareholders that are assigned qualifying holdings that are greater than 2% of the voting rights. Companies holding or to which qualifying holdings exceeding 2% of the voting rights of Corticeira Amorim are attributable, which have directors of Corticeira Amorim on their Board of Directors: • António Rios de Amorim, Nuno Filipe Vilela Barroca de Oliveira, Cristina Rios de Amorim and Luisa Alexandra Ramos Amorim are Members of the Board of Directors of Amorim Investimentos e Participações, S.G.P .S., S.A.; • António Rios de Amorim and Cristina Rios de Amorim are members of the Board of Directors of Amorim – Sociedade Gestora de Participações Sociais, S.A.; • Luisa Alexandra Ramos Amorim is the Chairperson of the Board of Directors of Vintage Prime – S.G.P .S., S.A. and member of the Board of Directors of A Porta da Lua, S.A.; • Nuno Filipe Vilela Barroca de Oliveira is a member of the Board of Directors of API – Amorim Participações Internacionais, S.A. Maria Fernanda Oliveira Ramos Amorim is Luisa Alexandra Ramos Amorim’s mother , and Nuno Filipe Vilela Barroca de Oliveira’s mother-in-law . Maria Margarida Ferreira Rios de Amorim is the mother of António Rios de Amorim and Cristina Rios de Amorim. Joana Rios de Amorim is the sister of António Rios de Amorim and Cristina Rios de Amorim. There are no customary and meaningful commercial relations between the members of the Board of Directors and shareholders to whom a qualifying interest is imputed. In accordance with the Rules of procedure of the Board of Directors, its members must: • Punctually inform the Chairperson of any facts that may constitute or give rise to a conflict between their interests and the interests of Corticeira Amorim;
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357 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 Permanent: ERNST & YOUNG AUDIT & ASSOCIADOS – SROC, S.A., represented by Sandra e Sousa Amorim Substitute: Augusto Gil Gomes Escaleira Statutory Auditor Chairperson: Helena Sofia Silva Borges Salgado Fonseca Cerveira Pinto Members: Cristina Rios de Amorim Baptista Pedro Jorge Ferreira de Magalhães Ana Carla de Seixas Negrais de Matos ESG Committee Chairman José Pereira Alves Members: Maria Cristina Galhardo Vilão António Manuel Mónica Lopes de Seabra Helena Sofia Silva Borges Salgado Fonseca Cerveira Pinto Audit Committee Chief Executive Officer: António Rios de Amorim Chief Financial Officer: Cristina Rios de Amorim Baptista Real Estate Management & Development Officer: Nuno Filipe Vilela Barroca de Oliveira Member/Officer Fernando José de Araújo dos Santos Almeida Executive Committee Chairperson: Maria Cristina Galhardo Vilão Members: Álvaro José da Silva Rui Fernando Viana Pinto Appointments, Evaluation and Remuneration Committee Chairman: António Manuel Mónica Lopes de Seabra Members: Fernando Araújo Santos Almeida Cristina Rios de Amorim Baptista José Pereira Alves Júlio César Martins Henriques Risk Committee Chairman: Paulo de T arso da Cruz Domingues Secretary: Rui Paulo Cardinal Carvalho General Meeting Chairman: António Rios de Amorim Vice-Chairperson: Luisa Alexandra Ramos Amorim Members: Cristina Rios de Amorim Baptista Nuno Filipe Vilela Barroca de Oliveira Fernando José de Araújo dos Santos Almeida Juan Ginesta Viñas João Nuno de Sottomayor Pinto de Castello Branco José Pereira Alves Maria Cristina Galhardo Vilão António Manuel Mónica Lopes de Seabra Helena Sofia Silva Borges Salgado Fonseca Cerveira Pinto Board of Directors Permanent: Pedro Jorge Ferreira de Magalhães Substitute: — Company‘s Secretary
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358 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 • The calendar of major events involving Corticeira Amorim and its Business Units. The Organisation is often represented by one or more non-Executive Directors at international events, such as trade missions. 5 In addition to being Company Secretary and Compliance Officer , Pedro Magalhães is head of Corticeira Amorim’s Legal Department. He has been registered as a lawyer with the Portuguese Bar Association since 1994 and is responsible for coordinating the legal area and providing legal advice in Corticeira Amorim’s various Business Units, as well as in its cross-cutting support divisions: finance, IT , communication, procurement and transport. He has a Bachelor’s Degree in Law (1992, Portuguese Catholic University), a Master’s in Law - Legal-Privatistic Sciences (2012, University of Porto, Faculty of Law) and a PhD in Law (2018, Faculty of Law of the University of Porto). He also completed a postgraduate course in Law Enforcement, Compliance and Corporate Responsibility (2022, Faculty of Law , University of Lisbon). He is a researcher at the Interdisciplinary Centre for Research in Justice (CIJ) of the University of Porto’s Law Faculty , an external reviewer for the CIJ journal RED – Revista Eletrónica de Direito (Electronic Journal of Law), and author of the book Governo Societário e a Sustentabilidade da Empresa – Stakeholders Model versus Shareholders Model (2019, Livraria Almedina). He has been included in Legal 500’s General Counsel Powerlist Portugal Teams since 2017 and is a member of the Leaders League (Iberia) jury . He is an associate of the IPCG – Portuguese Institute of Corporate Governance and a member of its General Council, representing Corticeira Amorim. He is also a founding member of the Common Home of Humanity Association and the Association for the Sustainability of the Planetary System (ZERO). Any Director , including non-executive Directors, may request the inclusion of items/topics in the agenda to be considered by the directors, up to the second business day prior to any board meeting. Whenever matters are examined and/or decided in which one or more members of the Board of Directors have particular interests which conflict with the interests of the Company , the member(s) in conflict shall inform the Board of this circumstance, providing all necessary information but abstaining from voting on such matters. A reporting system between the Executive Committee and the Board of Directors has been implemented across the organisation with a view to ensuring alignment of their activities and that the Directors are informed of the activities of the Executive Committee in a timely fashion. The Executive Committee provides in good time and in a manner appropriate to the request, all information requested by other Board Members and which are necessary in accordance with their respective duties. In the scope of its powers, the Board of Directors has timely access to all information, documents and employees, both from the Company and its main subsidiaries. It aims to monitor the business, evaluate performance and development prospects, as well as seek the full explanation of any matter that it deems pertinent. Thus, in addition to matters which by law or the Articles of Association are to be considered exclusively by the Board of Directors, non-executive Directors are aware of and monitor: • The progress of operational activities and the key economic and financial performance indicators of each Business Unit within Corticeira Amorim; • Significant consolidated financial information: financing, investment, financial autonomy and off-balance-sheet liabilities; • Activities carried out by different support services and their impact on the Group; • Progress in terms of Research, Development and Innovation (R&D+I) activities; Audit Committee • Composition and term of office as described in section 31 of this report; duties as described in sections 37 and 38 of this report. Statutory Auditor • Composition, term of office and duties as described in section 39 of this report. Organisational Structure of the Company As explained in detail in section 9, the role of the Board of Directors is to manage the Company’s business and affairs and decide on any matter relating to its management while abiding by the resolutions adopted by the Annual General Meeting or the decisions made by the Audit Committee whenever required by law or the articles of association, and is also supported by specialised internal committees set up with duties in specific areas: Risk and ESG. As provided for in law and the articles of association, the Board of Directors has delegated the day-to-day management to an Executive Committee, as described in sections 28 and 29 of this report. The non-executive Members of the Board of Directors regularly attend the monthly meetings of the Board of Directors, which analyze and decide on the evolution of all non-delegable matters and all issues whose relevance, materiality and / or criticality becomes pertinent to their inclusion in the agenda of the Board. The meetings are organised by the Company Secretary , Pedro Jorge Ferreira de Magalhães, who is present at all meetings. Pedro Magalhães has a broad range of academic and professional qualifications5, namely in the areas of ESG and Compliance, which add significant value in terms of supporting decision-making by the management body . The administrative organisation of meetings ensures that all members of the Board of Directors – executive and non-executive – are adequately prepared beforehand, encouraging the active participation of all members in the debate, analysis and planning of actions, in the interests of productivity and organisational efficiency . The calendar of regular meetings is agreed upon at the beginning of every financial year so all members are able to be present.
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359 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 The diagram below shows how the management structure of the business is currently organised: At intervals deemed suitable/appropriate, the director monitoring the relevant support division or the Executive Committee, or even the Board of Directors, may request – and in practice do request – that the activity carried out by the support divisions be reviewed, with the Board assessing the need or opportunity for new responsibilities or strategies. The support divisions are responsible for monitoring and coordinating the operation of the Business Units and their functional areas, under the coordination of the members of the Executive Committee. With the exception of the Internal Audit area, which reports functionally to the Audit Committee, the activities of the other support areas are periodically reported to the Executive Committee, with the activity monitored by an executive director , as shown in the map below . Corticeira Amorim’s operating structure is divided into Business Units Adopting a management model based on a strategic-operational holding concept, the Business Units are coordinated by Corticeira Amorim’s Executive Committee. Each Business Unit has a Board of Directors composed of non- executive and executive Members. This body is the authority responsible for deciding on all matters deemed relevant. It also has an Executive Board made up entirely of highly qualified staff, who have the technical and professional skills needed to run the business and manage the specific challenges of the activity developed and planned. The executive management in the Business Units is exclusively the responsibility of independent professional managers, i.e. the Chairperson of the Board of Directors does not conduct the executive management of the same, which is the responsibility of the CEO of that Business Unit. In the case of the Amorim Cork Business Unit, given the complexity of the business, there are two co-CEO. The strategic alignment of the whole organisation is enhanced by using the balanced scorecard methodology , both globally in Corticeira Amorim and individually within its Business Units. In this regard, Corticeira Amorim’s Board of Directors is responsible for approving strategic initiatives and goals for the organisation as a whole and specifically for Corticeira Amorim. Board of Directors Executive Committee Business Units
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360 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 António Rios de Amorim Human Resources Health & Safety Procurement & Energy Shipping Logistics Legal Tax Compliance Financial Treasury Consolidation & Reporting Investor Relations Sustainability Communication Governance Administrative Incentive Programs Real Estate Management Ventures Strategic Planning Management Control Risk Management Organisational Development Information Systems and T echnologies Cristina Amorim Nuno Barroca Fernando Almeida Executive Committee Audit Committee Internal Audit Monitoring and reporting on cross-functional and support divisions
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361 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 This stock option plan is composed of two components over the respective term of validity . The predetermined criteria for assessing the performance of executive directors in 2025 and, consequently , for determining the variable remuneration under a notional share option plan starting in 2025, are set out in the Remuneration Policy approved at the General Meeting of 22 April 2024 for the 2024-2026 term. It is based on the proposal made by the Appointments, Evaluation and Remuneration Committee (AERC) and in the Annex to the Remuneration Policy – Criteria and targets relating to the Sustainability | ESG Index – 2024-2026 Three- Y ear Period, approved at the General Meeting of 6 May 2025, following a proposal made by the Appointments, Evaluation and Remuneration Committee. These are as follows: a. Annual variable remuneration: depends on achieving a minimum value of Corticeira Amorim’s Consolidated Net Profit (CNP) of forty million euros (twenty million euros in the case of the Chairperson) in the reference year . If this result is equal to or greater than the respective minimum value, the annual variable remuneration will be awarded in the form of notional share options equivalent to: • Chairperson/Chief Executive Officer: for every five million euros above twenty million euros, this officer will be granted a number of notional share options equivalent to fifty thousand euros divided by the stock market value of Corticeira Amorim shares at the close of the session on the day prior to the AERC’s decision to award the remuneration (“Previous Day’s Share Price”); • Chief Financial Officer: for every five million euros above forty million euros of CNP , this officer will be granted a number of notional share options equivalent to twenty-five thousand euros divided by the Previous Day’s Share Price; • Real Estate Management & Development Officer: for every five million euros above forty million euros of CNP , this officer will be granted a number of notional share options equivalent to twenty thousand euros divided by the Previous Day’s Share Price; The General Shareholders’ Meeting of 22 April 2024 elected the Appointments, Evaluation and Remuneration Committee (composed entirely of independent members), with the powers mentioned in this section, namely advising the Board of Directors on the overall performance evaluation of the Board itself. 25. Predefined criteria for assessing executive directors’ performance. In accordance with the Remuneration Policy for the three-year period 2024-2026, whenever appropriate and feasible, the remuneration of the executive members of the Board of Directors should consist of a fixed remuneration, to which a variable remuneration will be added. The allocation of the variable component of the remuneration aims to create a competitive compensation framework and establish an incentive system that ensures the alignment of the executive directors’ interests with those of the Company , shareholders, and other stakeholders, from an economic, social, and environmental sustainability perspective, in the medium and long-term. The actual amount of the variable remuneration will always depend on the appraisal to be carried out every year by the Appointments, Evaluation and Remuneration Committee (elected pursuant to Article 399 of the Companies Code and entirely made up of independent members). This appraisal shall be of the performance of the executive Board members, examining the contribution of each individual executive director to both the Company’s profit in the relevant financial year and achievement of the Company’s targets, and the implementation of the Sustainability | ESG strategies defined by the Company for the medium/long term. The variable remuneration of the executive directors includes a three-year plan to grant notional share options. It combines the consistency of consolidated net results, the results obtained in the ESG dimensions measured by the Sustainability Index and the alignment of the executive directors with shareholders’ interests regarding the evolution of Corticeira Amorim’s share price. b) Functioning 22. Availability and place where rules on the functioning of the Board of Directors may be viewed. The modus operandi of the Board of Directors of Corticeira Amorim scrupulously complies with all applicable rules of procedure regarding the Board of Directors, specifically those set out in the Portuguese Companies Code, in the Company’s articles of association and in the regulations issued by the CMVM and in the Company’s Code of Business Ethics and Professional Conduct. The operating regulations are available at https:/ /www .amorim. com/en/investors/corporate-governance/corporate-regulation- and-policies/. 23. The number of meetings held and the attendance report for each member of the Board of Directors, the General and Supervisory Board and the Executive Board, where applicable. Pursuant to the Articles of Association, the Board of Directors shall meet when and where corporate interest requires. Eleven meetings of the Board of Directors were held during 2025 (2024: ten meetings), and all the members of the Board in office attended (or were represented) at those meetings. In the aforementioned eleven meetings, considering that in six instances directors were represented (in accordance with the law , by other directors), the overall attendance rate was 95%, and the individual attendance rate was 100% for all directors, except for the director who was represented on those occasions (Juan Ginesta Viñas). 24. Details of competent corporate bodies undertaking the performance appraisal of executive directors. Pursuant to the Articles of Association, the General Meeting, or a Committee it elects shall decide on the assessment of the performance of the directors, including executive directors.
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362 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 26. The availability of each member of the Board of Directors, indicating the positions held simultaneously in other companies inside and outside the group, and other relevant activities undertaken by members of these Boards. c. Rules common to the annual and three-year variable remunerations: • The award of 20% of each of these variable remunerations (annual and three-year) is dependent on the achievement of the Sustainability Index | ESG criteria and targets established by Corticeira Amorim (for 2025: increase in energy efficiency | 2025 target: +2%; increase in water consumption/use efficiency (cubic metres/million euros) | 2025 target: 675.0; increase in the number of women in management positions | 2025 target: 27%; reduction in the rate of high-consequence work-related injuries | 2025 target: 7.50), with the following allocation rules: if target achievement is 100% or higher , the aforementioned 20% will be allocated; if target achievement is less than 100% but still 80% or more, only half of that 20% will be awarded; if target achievement is less than 80%, there will be no entitlement to this 20% of variable remuneration. For the annual component, the achievement of the year’s targets will be taken into account, and for the three-year component, the average percentage achieved over the three years of the reference period will be taken into account; • The award of notional share options, if any , may only be made after the approval of the accounts by the general meeting for the financial year(s) corresponding to the reference period (previous year or final year of the applicable three-year period). Additional information: Remuneration Policy – 2024–2026 and Annex to the Remuneration Policy – Criteria and targets relating to the Sustainability Index | ESG – 2024–2026, available at: https:/ / www .amorim.com/en/investors/corporate-governance/ corporate-regulation-and-policies/ • Board Member: for every five million euros above forty million euros of CNP , this officer will be granted a number of notional share options equivalent to five thousand euros divided by the Previous Day’s Share Price. b. Three-year variable remuneration: depends on the positive performance of Corticeira Amorim over the three reference years, i.e., if the average CNP for those three years is less than forty million euros (twenty million euros in the case of the Chairperson), then this three-year variable remuneration component will not be payable. If the average CNP for t he three-year period is equal to or greater than the respective minimum value, the three-year variable remuneration will be paid as follows: • Chairperson/CEO: for every five million euros of average CNP above twenty million euros for the three-year period, this officer will be granted a number of notional share options equivalent to one hundred and fifty thousand euros divided by the Previous Day’s Share Price; • Chief Financial Officer: for every five million euros of average CNP above forty million euros for the three-year period, this officer will be granted a number of notional share options equivalent to seventy-five thousand euros divided by the Previous Day’s Share Price; • Real Estate Management & Development Officer: for every five million euros of average CNP above forty million euros for the three-year period, this officer will be granted a number of notional share options equivalent to sixty thousand euros divided by the Previous Day’s Share Price; • Board Member: for every five million euros of average CNP above forty million euros for the three-year period, this officer will be granted a number of notional share options equivalent to fifteen thousand euros divided by the Previous Day’s Share Price.
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363 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 António Rios de Amorim (Chairman): Company Position Held Corticeira Amorim Amorim Agro-Florestal, S.A. Chairman of the Board of Directors Amorim Bartop – Investimentos e Participações, S.A. Chairman of the Board of Directors Amorim Champcork, S.A. Member of the Board of Directors Amorim Cork Solutions, S.A. Chairman of the Board of Directors Amorim Cork Research, Lda. Director Amorim Cork Serviços & Gestão, Lda. Director Amorim Cork, S.A. Chairman of the Board of Directors Amorim Cork, S.G.P .S., S.A. Chairman of the Board of Directors Amorim Cork IT , S.A. Chairman of the Board of Directors Amorim Florestal España, S.L. Chairman of the Board of Directors Amorim Florestal III, S.A. Chairman of the Board of Directors Amorim Florestal, S.A. Chairman of the Board of Directors Amorim Industrial Solutions – Imobiliária, S.A. Chairman of the Board of Directors Amorim T op Series, S.A. Chairman of the Board of Directors Amorim – Viagens e Turismo, Lda. Director Chaillot Bouchons, S.A. Chairman of the Board of Directors Chapius, S.L. Chairman of the Board of Directors Comatral – Compagnie Marrocaine de Transformation du Liège, S.A. Chairman of the Board of Directors Compruss – Investimentos e Participações, Lda. Director Cosabe – Companhia Silvo-Agrícola da Beira, S.A. Chairman of the Board of Directors Elfverson – Investimentos e Participações, S.A. Chairman of the Board of Directors ETS Christian Bourrassé, S.A.S. Director Francisco Oller, S.A. Member of the Board of Directors Ginpar, S.A. Chairman of the Board of Directors Herdade de Rio Frio, S.A. Chairman of the Board of Directors I.C.A.S. S.p.A. Advisor to the Board of Directors Korken Schiesser GmbH Chairman of the Board of Directors PM OEnologie Consulting Sarl Chairman of the Board of Directors Olimpíadas Barcelona 92, S.L. Chairman of the Board of Directors SACI, SpA Advisor to the Board of Directors SIBL – Société Industrielle Bois Liège, Sarl Director Société Nouvelle des Bouchons Trescases, S.A. Director Suboeno, S.A. Chairman of the Board of Directors Vinolock, A.S. Director A VMD Group S.A. Chairman of the Board of Directors Other companies AFAPROM – Sociedade Agro-Florestal, S.A. Chairman of the Board of Directors Amorim – Investimentos e Participações, S.G.P .S., S.A. Member of the Board of Directors Amorim – Serviços e Gestão Agroflorestal, S.A. Member of the Board of Directors Amorim – Sociedade Gestora de Participações Sociais, S.A. Member of the Board of Directors Amorim Desenvolvimento – Investimentos e Serviços, S.A. Chairman of the Board of Directors Amorim Global Investors, S.G.P .S., S.A. Chairman of the Board of Directors Cimorim – Sociedade Agro-Florestal, S.A. Chairman of the Board of Directors Montinho das Ferrarias de Baixo – Sociedade Agroflorestal, S.A. Chairman of the Board of Directors Montinho, S.G.P .S., S.A. Sole Director Pimpolho, S.G.P .S., S.A. Sole Director QM1609 – Investimentos Imobiliários, S.A. Sole Director Quinta do Monte 2020 – Projetos Imobiliários, S.A. Sole Director Quinta do Monte 2020, S.G.P .S., S.A. Sole Director Quinta Nova de Nossa Senhora do Carmo, S.A. Member of the Board of Directors Sociedade Agro-Florestal da T orre Norte e Charnequinha, S.A. Chairman of the Board of Directors Sociedade Agro-Pecuária T orre D. Diogo Unipessoal, S.A. Director T aboadella, S.A. Member of the Board of Directors Other Institutions Associação das Empresas Familiares Member of the Superior Council COTEC Portugal Member of the Management IE University (Madrid) Member of the Advisory Board Other positions: Honorary Consul of the Republic of Bulgaria in Santa Maria da Feira, with jurisdiction in the districts of Porto, Aveiro and Braga
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364 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 Luisa Alexandra Ramos Amorim (Vice-Chairperson): Company Position Held Corticeira Amorim Amorim – Viagens e Turismo, Lda. Director Other companies A Porta da Lua, S.A. Member of the Board of Directors Amorim – Investimentos e Participações, S.G.P .S., S.A. Member of the Board of Directors Amorim Desenvolvimento – Investimentos e Serviços, S.A. Member of the Board of Directors Amorim Global Investors, S.G.P .S., S.A. Member of the Board of Directors Amorim Negócios Internacionais, S.A. Chairperson of the Board of Directors Amorim Negócios II, S.G.P .S., S.A. Chairperson of the Board of Directors Amorim Rêgo, S,G.P .S., S.A. Chairperson of the Board of Directors Bucozal – Investimentos Imobiliários e Turísticos, Lda. Director Dreaming Fix, Lda. Director Época Global, S.G.P .S., S.A. Chairperson of the Board of Directors Folha da Fonte – Agropecuária, Lda. Director Herdade Aldeia de Cima do Mendro – Sociedade Comercial, Agrícola e Turística, Lda. Director LUYNES – Investimentos, S.A. Chairperson of the Board of Directors Mercado Prime – S.G.P .S., S.A. Chairperson of the Board of Directors Mercado Urbano – Gestão de Imobiliária, S.A. Chairperson of the Board of Directors Quinta Nova de Nossa Senhora do Carmo, S.A. Chairperson of the Board of Directors Sociedade Agrícola de Cortiças Flocor, S.A. Chairperson of the Board of Directors Vintage Prime, S.G.P .S., S.A. Chairperson of the Board of Directors T aboadella, S.A. Chairperson of the Board of Directors Other institutions Bagos D’Ouro Association - a Private Institution of Social Solidarity (IPSS) Chairperson of the Board of Directors Officina da Vila Association Chairperson of the Board of Directors Other positions Honorary Consul of Hungary in Porto Cristina Rios de Amorim (Board Member): Company Position Held Other companies Amorim – Investimentos e Participações, S.G.P .S., S.A. Non-executive Vice-Chairperson of the Board of Directors Amorim – Sociedade Gestora de Participações Sociais, S.A. Non-executive Member of the Board of Directors Banco BPI, S.A. Non-executive Vice-Chairperson of the Board of Directors, Chairperson of the Risk Committee, and Member of the Appointments, Evaluation and Remuneration Committee Other institutions AEM – Associação de Empresas Emitentes de Valores Cotados em Mercado Member of the Board of Directors, representing Corticeira Amorim, S.G.P .S., S.A.
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365 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 Nuno Filipe Vilela Barroca de Oliveira (Board Member): Company Position Held Corticeira Amorim Amorim Agro-Florestal, S.A. Member of the Board of Directors Amorim Cork IT , S.A. Member of the Board of Directors Amorim Cork Solutions, S.A. Member of the Board of Directors Amorim Cork, S.A. Vice-Chairman of the Board of Directors Amorim Cork, S.G.P .S., S.A. Vice-Chairman of the Board of Directors Amorim Florestal III, S.A. Member of the Board of Directors Amorim Florestal, S.A. Member of the Board of Directors Cosabe – Companhia Silvo-Agrícola da Beira, S.A. Member of the Board of Directors Herdade de Rio Frio, S.A. Vice-Chairman of the Board of Directors Other companies Amaroka, Lda. Director Amorim – Investimentos e Participações, S.G.P .S., S.A. Member of the Board of Directors API – Amorim Participações Internacionais, S.A. Member of the Board of Directors ARESPT Real Estate, S.A. Member of the Board of Directors Atitlan Portugal Investments, S.A. Member of the Board of Directors Casa das Heras – Empreendimentos Turísticos, S.A. Member of the Board of Directors Grents, Lda. Director Imobis – Empreendimentos Imobiliários Amorim, S.A. Member of the Board of Directors Mosteiro de Grijó – Empreendimentos Turísticos e Imobiliários, S.A. Member of the Board of Directors Paisagem do Alqueva, S.A. Member of the Board of Directors Quinta Nova de Nossa Senhora do Carmo, S.A. Member of the Board of Directors Sombraliciante – Unipessoal, Lda. Director T aboadella, S.A. Member of the Board of Directors Other institutions Portuguese T ennis Federation Chairman of the General Meeting Other positions Honorary Consul of Norway in Porto Fernando José de Araújo dos Santos Almeida (Board Member): Company Position Held Corticeira Amorim Amorim Cork IT , S.A. Member of the Board of Directors Amorim Cork Serviços e Gestão, Lda. Director Amorim Cork, S.G.P .S., S.A. Member of the Board of Directors Vatrya – Consultoria e Marketing, Lda. Director Other companies Kaizen T ech, S.A. Chairman of the Board of Directors Juan Ginesta Viñas (Board Member): Company Position Held Corticeira Amorim Trefinos, S.A. Chairman of the Board of Directors Agglotap, S.A. Chairman of the Board of Directors Sagrera et Cie. Director SCI Prioux Director Other companies Les Finques, S.A. Sole Director Member: João Nuno de Sottomayor Pinto de Castello Branco (Board Member): Company Position Held Other companies Almamater Investments, Lda. Director Banco CTT Chairman of the Board of Directors Rega Energy Group, S.A. Non-executive Director Other institutions Associação dNovo Chairman of the Board of Directors Fundação Universidade Nova Member of the Board of Trustees José Pereira Alves (Board Member): Company Position Held Other companies Galp Energia, S.G.P .S., S.A. Chairman of the Supervisory Board NOS, S.G.P .S., S.A. Chairman of the Supervisory Board SIERRA IG, S.G.O.I.C., S.A. Chairman of the Supervisory Board The Fladgate Partnership, S.A. Chairman of the Supervisory Board
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366 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 Maria Cristina Galhardo Vilão (Board Member): Company Position Held Other companies Galhardo Vilão, T orres e Associados, Sociedade de Advogados, R.L. Partner and Director Hexagen, S.A. Chairperson of the Presiding Board of the General Meeting Hotel Santa Marta, S.A. Chairperson of the Presiding Board of the General Meeting Inspira Santos, S.A. Chairperson of the Presiding Board of the General Meeting Investoc, S.G.P .S., S.A. Chairperson of the Presiding Board of the General Meeting Osório de Castro – Investimentos Imobiliários, S.A. Chairperson of the Presiding Board of the General Meeting António Manuel Mónica de Lopes Seabra (Board Member): Company Position Held Other companies T erraços & Ruelas, Lda. Partner and Manager Helena Sofia Silva Borges Salgado Fonseca Cerveira Pinto (Board Member): Company Position Held Other companies EDP – Energias de Portugal, S.A. Independent Member of the General Supervisory Board Grupo Media Capital, S.G.P .S., S.A. Chairperson of the Supervisory Board Mota-Engil, S.G.P .S., S.A. Independent Member of the Board of Directors Other institutions Fundação AEP Non-executive Member of the Board of Directors Fundação Casa da Música Member of the Founders Council c) Committees within the Board of Directors 27. Details of the committees created within the Board of Directors, the General and Supervisory Board and the Executive Board, where applicable, and the place where the rules on the functioning thereof is available. The Board of Directors delegated powers to an Executive Committee and established two specialised internal committees: Risk Committee and ESG Committee. The regulations of these committees are available at https:/ /www .amorim.com/en/ investors/corporate-governance/corporate-regulation-and- policies/. 28. Composition of the Executive Committee. The Executive Committee consists of four members, i.e. a Chairperson and three Members: Chairman (Chief Executive Officer): António Rios de Amorim Member (Real Estate M&D Officer): Nuno Filipe Vilela Barroca de Oliveira Member (Chief Financial Officer): Cristina Rios de Amorim Member: Fernando José de Araújo dos Santos Almeida The term of office of the Executive Committee coincides with that of the Board of Directors.
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367 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 29. Description of the powers of each of the committees established and a summary of activities undertaken in exercising said powers. I. EXECUTIVE COMMITTEE The Executive Committee exercises the powers delegated to it by the Board of Directors – in the precise terms provided for in the Articles of Association and in law , as described in section 9 herein, with a view to streamlining management and enabling closer and continuous monitoring of the Company’s different areas (management, operations and support) and its operational and business processes. According to Corticeira Amorim’s Articles of Association, the Executive Committee is vested with the power to implement the decisions made by the Board of Directors, manage the Company’s everyday business and implement certain management duties. The Board of Directors establishes, through its Internal Regulations (available at https:/ /www .amorim.com/en/investors/corporate- governance/corporate-regulation-and-policies/), the powers delegated to its Executive Committee. These are as follows: a. Implementing the resolutions of the Board of Directors and ensuring the day-to-day management of the Company; b. Determining the composition of the boards of directors of the Company’s sub-holdings, which shall necessarily include at least two members of the Executive Committee; c. Through the issuing of binding instructions, ensuring the day-to-day management of the companies directly and indirectly controlled by the Company , with the following limits: • The following powers, according to the law , are not delegated to the Executive Committee: i. Electing the Chairperson of the Executive Committee; ii. Co-opting directors; iii. Requesting the convening of the Company’s general meetings; i v. Approving management reports and annual accounts; v. Providing sureties and personal or real guarantees on behalf of the Company; vi. Changing the registered office and approving capital increases, as provided in the Company’s Articles of Association; vii. Merging, de-merging or changing the legal status of the Company . • The following are not considered part of the Company’s day-to-day management and are therefore not delegated to the Executive Committee: i. Approval of the annual investment/disinvestment plan of the Company and of the companies, directly or indirectly controlled, by the Company , as well as any amendments exceeding 10% of the overall value of the approved annual investment/disinvestment plan; ii. Acquisition, disposal or encumbrance of real estate assets of the Company and of the companies directly or indirectly controlled by the Company , where such assets are not related to the operational activities carried out by those companies; iii. Incorporating companies or acquiring, directly or indirectly , a stake in companies valued at more than € 2,500,000.00 (two million five hundred thousand euros); i v. Approval and modification of the strategic plans and annual targets of Corticeira Amorim; v. Approval and modification of the main policies of Corticeira Amorim; vi. Transactions carried out by the Company , or by companies directly or indirectly controlled by the Company , with related parties or with any shareholders of the Company; vii. Approval and modification of the organisational structure of Corticeira Amorim; viii. Issuance of bonds or other debt instruments by the Company; ix. Entry by companies controlled by the Company into subordination agreements and parity group agreements.
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368 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 • Monitoring the evolution of critical business factors, defining and implementing management measures concerning those factors (evolution of prices of key inputs, interest rates and exchange rates); • Monitoring and deciding on investments and financing, including sustainable finance, for the assumption of financial commitments; • Monitoring and deciding on priority action in the field of Research, Development and Innovation (R&D+I); • Monitoring risk management; • Implementing and assessing the evolution of procedures for responding to cybersecurity incidents and of the business continuity plan; • Monitoring Corticeira Amorim’s share price: transactions, price development, analysts’ estimates; • Monitoring the activities of cross-functional support areas: Internal Audit, Compliance, Governance, Legal, Tax, Shipping Logistics, Communications, Procurement, Energy , Human Resources, and the Trading Room, including a review of the structure and organisation of Amorim Cork IT with a view to defining the 2026 digital agenda; • Analysing and reflecting on the corporate governance model and its suitability to the Company and respective goals; • In the governance area, review of corporate regulations (Sustainability , Human Resources and Risk Management Policies, Code of Conduct for the Prevention of Market Abuse) and revision of the Sustainability Strategy; • Analysing and monitoring the evolution, formalisation, awareness of and compliance with the policies and practices recommended by the Company’s internal rules of procedure (codes, plans, regulations, policies and procedures); • Monitoring the evolution of the ESG ratings awarded to the Company . Summary of activity carried out in 2025 This Executive Committee met 17 times during 2025 (2024: 16), with an overall attendance rate of 98.5% and an individual attendance rate of 100% for all executive directors, with the exception of Cristina Rios de Amorim, who did not attend one meeting, having carried out her duties within the scope of the responsibilities outlined above, comprising: • The day-to-day management of the Company; • The implementation of decisions taken by the Board of Directors; • The preparation of budget estimates and setting of goals and objectives; • Monitoring the implementation of the business plan for the 2025–2027 three-year period and the ambition for 2030; • Reflecting on and implementing decisions aimed at an appropriate and efficient business structure, namely monitoring and restructuring the “non-cork” business, acquiring strategic shareholdings and disposing of non-strategic assets; • In the area of Sustainability: monitoring the evolution of indicators and the degree to which targets are met; assessing initiatives and partnerships; reflection on and analysis of new initiatives: characterisation of climate risks, formalisation of procedures aimed at value-chain due diligence, and evaluation of the possibility and conditions for undertaking a science-based decarbonisation commitment (Science Based Targets Initiative); • Aligning the activity of the various business units that make up the Company and analysing their respective reporting; • In terms of human resources: identifying and analysing critical management and operational functions; analysing the evolution of indicators, training policy and priorities, defining individual and team objectives, assessing performance, remuneration policy and reward scales; planning the integration and development of new employees, in particular young managers; maintaining succession plans for managers in key positions; actions aimed at diversity , equality and inclusion; update of remuneration policies and practices, as well as compensation and benefits; Whenever matters are examined and/or decided in which one or more members of the Executive Committee have particular interests which conflict with the interests of the Company , the member(s) in conflict shall inform the Committee of this circumstance, providing all necessary information but abstaining from voting on such matters. In the scope of its powers, the Executive Committee has timely access to all information and employees, both from the Company and its main subsidiaries, with a view to monitoring the business, evaluating performance and development prospects. Accordingly , the Executive Committee receives notices, work orders and documentation to support all meetings in which it analyzes and/or decides on the strategy , implementation and actions and evaluates the results of the various Business Units of Corticeira Amorim; it participates in the management meetings of these Business Units and has broad access to any documents or employees appropriate to the clarifications that it deems pertinent. With a properly implemented reporting system within the Company , information flows from the members of the Executive Committee to the Directors, thus ensuring that the performance of the members of both the Board and the Committee are aligned and that every director is informed of the work and activities of the Executive Committee in a timely manner . The Chairman of the Executive Committee, who is also the Chairman of the Board of Directors, provides timely minutes of the Executive Committee meetings to the Chairman of the Audit Committee.
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369 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 Summary of activity carried out in 2025 This Committee met four times during 2025 (2024: six), with 100% attendance (both overall and individually), undertaking the following activities, having actively considered and collaborated on the following processes: • Integrated risk management system: analysis and review of the risk matrix, taking into account the results of the process to identify impacts, risks and opportunities within the scope of the double-materiality assessment completed at the end of 2024; analysis of the adjustment of reporting to the new Amorim Cork Solutions Business Unit (resulting from the merger of the Amorim Cork Composites, Amorim Cork Flooring and Amorim Cork Insulation Business Units); monitoring of risk management, analysing the appropriate frequency of risk monitoring and the updating of reference values, tolerance levels and limits to be considered in the monitoring dashboard to be tracked throughout 2025; assessed and proposed to the Board of Directors the update of the Risk Management Policy; • Monitoring of catalogue risks managed across the board, with the participation of those responsible for the management, monitoring and/or implementation of mitigation measures. Notably , the monitoring of risks includes: disruption in the logistics chain; transportation costs; energy (including the status of electricity procurement); cybersecurity; and talent retention (including the definition of key roles); cybersecurity (including monitoring the implementation of the 2025 Annual Cybersecurity Plan). • Monitoring of the catalogue risks managed by the Amorim Florestal Business Unit: climate change impact and cork raw material risk, highlighting the evolution of these risks and the mitigation measures being implemented in both the short and long-term (namely the Forestry Intervention Project); • Monitoring the management of catalogue risks at the level of Corticeira Amorim’s various Business Units, with the participation of the respective CEOs and others responsible for monitoring risks in each BU; • Regular monitoring and analysis of the dashboard for monitoring identified risks; Chairman: António Manuel Mónica Lopes Seabra (Independent Non-executive Director) Member: Fernando José de Araújo dos Santos Almeida Member: Cristina Rios de Amorim Member: José Pereira Alves Member: Júlio César Martins Henriques Under the terms of the respective regulations (available at https:/ / www .amorim.com/en/investors/corporate-governance/ corporate-regulation-and-policies/), the Risk Committee has been attributed the following powers: a. Advise the Board of Directors on Corticeira Amorim’s risk policy and, within that framework, on the appetite for general, current and future risks; b. Evaluate and monitor the main risks inherent to Corticeira Amorim’s activity , as well as the level of exposure to risk and its potential development; c. Inform the Audit Committee of the risks to which Corticeira Amorim is subject and the effectiveness of the respective mitigation plans, and issue any recommendations or reports that the Board of Directors and/or the Audit Committee may request; d. Assist the Board of Directors in supervising the execution of the risk strategy; e. Discuss and issue to the Board of Directors any opinions and recommendations that it deems appropriate regarding risk strategies, both at an aggregate level and by risk type; f. Propose the creation of mechanisms to ensure the implementation of processes which promote compliance with the approved risk policies; g. Annually review risk policies and procedures and report the results of this review to the Board of Directors. The duties of the Risk Committee also include assisting the Audit Committee in assessing the functioning of Corticeira Amorim’s internal control model, including its risk management, compliance and internal audit functions. II. RISK COMMITTEE The Risk Committee is a permanent and specialised internal committee, whose mission is to advise the Board of Directors in the follow-up and monitoring of risk management activities at Corticeira Amorim. The Risk Committee’s duties relate to Corticeira Amorim and its various Business Units and encompass all subsidiaries in which it holds a controlling interest. The Risk Committee is composed of five members, appointed by the Board of Directors of Corticeira Amorim, presided over by an independent director and composed, in the majority , of members of Company bodies. The position of Chairperson of the Risk Committee is necessarily attributed to a director that is a member of the Corticeira Amorim’s Audit Committee. Other persons may be asked to attend meetings on a permanent basis, at the request of the Risk Committee, but without having voting rights. Such persons shall be invited taking into account their specialised knowledge of the Risk Committee’s area of intervention. The Risk Committee may also request that other persons, internal or external to Corticeira Amorim, may attend its specific meetings, due to the fact they have knowledge that may be relevant to the topics under discussion. The Risk Committee appoints a coordinator from among the Committee’s members to act, whenever necessary , as liaison with the sub-holdings that head the different Business Units, on matters within the Risk Committee’s remit. The Risk Committee may request from the Board of Directors, the Audit Committee, the Executive Committee or any other internal committee of the Board of Directors and support areas, as well as, through the designated coordinator , the boards of directors and executive managements of the sub-holdings heading the different business units, all the information, documentation and assistance necessary for the exercise of its powers. The Risk Committee in office was appointed by the Board of Directors on 7 May 2024 for the 2024-2026 term, and is now as follows:
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370 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 Chairperson: Helena Sofia Silva Borges Salgado Fonseca Cerveira Pinto (Independent Non-executive Member of the Board of Directors) Member: Cristina Rios de Amorim Member: Pedro Jorge Ferreira de Magalhães Member: Ana Negrais de Matos Under the terms of the respective regulations (available at https:/ / www .amorim.com/en/investors/corporate-governance/ corporate-regulation-and-policies/) the ESG Committee has been attributed the following powers: In general: a. Discuss and issue the opinions and recommendations to the Board of Directors that it deems appropriate on any ESG matter; b. Issue opinions to the Board of Directors on the Multi- Y ear ESG Plan for Corticeira Amorim; c. Assess the consistency of ESG policies with applicable legislation and best practices, proposing changes whenever it deems appropriate; d. Review and issue an opinion to the Board of Directors on Corticeira Amorim’s Annual Sustainability Report; In matters of the Environment: e. Assess the environmental sustainability of Corticeira Amorim’s business models; f. Develop and propose to the Board of Directors an environmental sustainability strategy cross-cutting all Business Units, which is integral and consistent with Corticeira Amorim’s global strategy; In matters of Social Responsibility: g. Give its opinion, at its initiative or at the request of the Board of Directors, on the policies of social solidarity , education, science, innovation and cultural patronage implemented by Corticeira Amorim; h. Monitor and issue an opinion on the configuration of specific initiatives to be developed within the scope of the policies identified in the previous sub-paragraph; III. ESG (ENVIRONMENTAL, SOCIAL & GOVERNANCE) COMMITTEE The ESG (Environmental, Social & Governance) Committee is a specialised and permanent internal committee. Its mission is to advise the Board of Directors on the monitoring, supervision and strategic orientation of Corticeira Amorim in matters of corporate governance, social responsibility , the environment and ethics. The ESG Committee’s duties relate to Corticeira Amorim and its various Business Units and encompass all subsidiaries in which it holds control. The ESG Committee is made up of four members, appointed by Corticeira Amorim’s Board of Directors, chaired by an independent director and composed mainly of members of the Company’s governing bodies. The position of Chairperson of the ESG Committee is necessarily attributed to a member of Corticeira Amorim’s Audit Committee. Other individuals may be asked to participate on a permanent basis, at the request of the ESG Committee, but without the right to vote, given their specialised knowledge of their area of intervention in the ESG Committee, and it may also be possible to request the involvement of other members within or outside Corticeira Amorim, to participate in particular meetings of the ESG Committee. The ESG Committee may request from the Board of Directors, the Audit Committee, the Executive Committee or any other internal Committee of the Board of Directors, as well as from the Boards of Directors of the sub-holdings heading the different Business Units, all the information, documentation and assistance necessary for the exercise of its powers. The ESG Committee was appointed by the Board of Directors on 7 May 2024 for the 2024-2026 term of office, and is now comprised as follows: • Monitoring the implementation of the Business Continuity Plan, the Business Continuity Management System and the T echnology Recovery Plan: objectives, approach, procedures, implementation timelines and outputs (methodology and documentation), structuring the recovery response in the event of disruptive incidents, particularly those involving the unavailability of manufacturing facilities; • Annual review of the adequacy of the risk register, in collaboration with those responsible for risk management and the operational monitoring of identified risks; Approval of the categorisation of risks according to the time horizon (periods aligned with Corticeira Amorim’s strategic cycles), relevant to assessing the probability and/or severity of the impact of each risk, and Corticeira Amorim’s ability to control them; • Reporting and transparency: in this context, the Risk Committee (i) assessed the information on Risk to be included in the consolidated accounts of Corticeira Amorim for 2024, (ii) prepared the annual risk management report for 2024, and (iii) carried out a self-assessment of the Risk Committee. • Reflecting on the opportunities to better contribute to the Organisation’s risk management culture, concluding that the strategy of regularly consulting those responsible in the BUs has allowed for increased knowledge, engagement, and alignment in risk management (identification, mitigation, and monitoring); • Proposal to carry out a new internal consultation process aimed at updating the identification and characterisation of the risks to which Corticeira Amorim is exposed; an external specialist firm was commissioned to review Corticeira Amorim’s Risk Management System, a process which the Risk Committee monitored; • Analysing the duties of the Risk Committee, concluding that they have been fully and diligently fulfilled. The Chairman of the Risk Committee regularly reports on its activities to the Board of Directors, which includes the Audit Committee.
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371 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 (education, environment, culture, social and humanitarian) in 2024, and the launch of Hearts of Cork, the social responsibility / volunteering program that structures and integrates the social responsibility initiatives developed by Corticeira Amorim, aiming to increase staff engagement, the reach and impact of these initiatives, and to raise their profile both internally and externally; • Corporate Governance: analyzed the degree of adoption of the recommendations contained in the Corporate Governance Code of the Portuguese Institute of Corporate Governance; analysis of international best practices and future developments; monitored initiatives aimed at strengthening the enforcement of corporate policies, notably the implementation of the Integrity Hub, a platform enabling the management, reporting and declaration of acceptance of corporate policies (and their updates) by employees whose roles require them to adopt the practices set out in those policies; • 2025 Sustainability Themes: monitored the development of the following projects: • Climate risks: aimed at anticipating the impacts of climate risks (physical and transition risks) on the Company’s own operations and the value chain, assessing vulnerabilities and defining mitigation/adaptation measures; • Due Diligence in the V alue Chain: aiming to prepare for the adoption of the Corporate Sustainability Due Diligence Directive (CSDDD) and best practices in this area, and to promote resilience and transparency; • Decarbonisation of operations: aiming to develop and implement a Decarbonisation Plan aligned with science (Science Based Targets initiative, SBTI); • Reviewed the proposed revision of corporate regulations; • Reporting and transparency: in this context, the ESG Committee (i) assessed the Corporate Governance Report and the Sustainability Report (which includes the Green Financing Allocation and Impact Report and the Taxonomy Report) which form part of Corticeira Amorim’s consolidated financial statements for 2024, (ii) prepared the annual report on the ESG Committee’s activities for 2024, (iii) carried out a self- assessment of the ESG Committee. Summary of activity carried out in 2025 This Committee met five times throughout 2025 (2024: four), and overall individual attendance was 100%. As part of its mission and the duties conferred upon it by the Board of Directors, the ESG Committee appraised and collaborated on the following processes, having analyzed, appraised and, where appropriate, issued opinions and/or recommendations on: • Sustainability: monitoring the completion of the 2021–24 ES Plan, including progress towards and achievement of the established targets; Review of materiality and the ESG strategy – 2030 ESG Ambition and 2025–27 ESG Plan: management and alignment (holding company , business units, cross- functional areas); monitoring of progress towards meeting established social and environmental targets; analysis of external recommendations on reporting practices; • ESG Ratings: monitoring the ratings assigned to Corticeira Amorim by various ESG rating agencies; assessment of the practices recommended by these agencies and their suitability for Corticeira Amorim; • Human Resources: monitoring the evolution of key indicators; • Promotion of Equality and Inclusion: promoting diversity , equity and inclusion: regularly monitoring the implementation of the Gender Equality Plan for 2025, having issued recommendations aimed at establishing plans and actions to achieve diversity targets, in particular the percentage of women in management positions, as well as inclusion targets; issuing recommendations for improving the Appointments Policy (transparent selection processes, effective mechanisms for identifying potential candidates and promoting appropriate diversity , including gender equality); monitoring discussions regarding the objectives, actions and targets for the 2026 Equality and Inclusion Plan; • Investor Relations: analysis of activity for the year and the main ESG topics and trends in 2025; • Ethics: took note of the 2024 statistical report on communications received via Corticeira Amorim’s Whistleblowing Channel; • Social Responsibility: reviewed community engagement i. Monitor and issue an opinion on the evolution of occupational health and safety indices, with special attention to accidents in Corticeira Amorim’s industrial units; j. Monitor and issue an opinion on the promotion of training, equality and the well-being of Corticeira Amorim’s employees; In matters of Corporate Governance: k. Monitor , review and assess the suitability of Corticeira Amorim’s governance model and its consistency with applicable legislation and best practices, proposing changes to the model whenever it deems appropriate; l. Monitor , review and assess the articulation between the governing bodies and the internal committees; m. Prepare and monitor decision-making by the governing bodies and relevant committees on ESG matters, namely those that may give rise to possible conflicts of interest; n. Monitor the supervisory actions conducted by the CMVM in relation to corporate governance matters; o. Review and submit to the Board of Directors Corticeira Amorim’s Annual Corporate Governance Report; p. Monitor Corticeira Amorim’s ratings in the various ESG rankings, as well as ratings with special relevance in corporate governance; In matters of Ethics: q. Propose to the Board of Directors the measures deemed appropriate for the development, within Corticeira Amorim, of a culture of corporate ethics and professional ethics, and for its dissemination across all hierarchical levels of the companies within its scope; r. Assess and propose to the Board of Directors any changes and/or reviews to the internal code of business ethics and professional conduct; s. Advise the Audit Committee on procedures for reporting non-compliance with the internal code of business ethics and professional conduct.
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372 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 Chairperson: Maria Cristina Galhardo Vilão (independent Non-executive Member of the Board of Directors) Member: Álvaro José da Silva (independent) Member: Rui Fernando Viana Pinto (independent) In accordance with the respective regulations (available at https:/ / www .amorim.com/en/investors/corporate-governance/corporate- regulation-and-policies/), the Appointments, Evaluation and Remuneration Committee has been attributed the following powers: In matters of remuneration: • Establish the remuneration of the members of the Presiding Board of the General Meeting, of the Non-executive Directors and the Directors making up the Audit Committee and the Statutory Auditor (following a proposal from the Audit Committee in this latter case), who shall be remunerated by means of a fixed remuneration; • Set the fixed and variable remuneration (as a form of sharing in the Company’s profits) attributable to each of the executive directors, within the limits of and respecting Corticeira Amorim’s Remuneration Policy , as well as the limit set forth in Article 19(3) of Corticeira Amorim’s Articles of Association; • Define which directors will receive variable remuneration under the terms of the previous sub-paragraph, as well as set the individual objectives and/or company performance targets on which the allocation of variable remuneration will depend. In matters of appointments: • Support and advise the Board of Directors in the selection of directors to be appointed to the Executive Committee of the Board of Directors (ECBD) and to internal committees; • Support and advise the Board of Directors in identifying and selecting potential candidates to fill vacancies in the governing bodies of Corticeira Amorim; • Guide and support Corticeira Amorim’s Board of Directors in the identification/selection of individuals suitable to join the executive management teams with general management responsibilities for the different sub-holdings; IV . APPOINTMENTS, EVALUATION AND REMUNERATION COMMITTEE The General Shareholders’ Meeting held on 22 April 2024 decided, pursuant to Article 399(1) of the Companies Code and Article 19(4) of the Company’s Articles of Association, to establish the Appointments, Evaluation and Remuneration Committee for the current term of office of the governing bodies, electing the respective members, defining its mission, duties, and functioning in its Rules of Procedure, and setting its remuneration. The Appointments, Evaluation and Remuneration Committee (AERC) is made up of three independent members, appointed by Corticeira Amorim’s General Meeting, ensuring their independence from the management body . It is considered that independence does not automatically cease to exist by the inclusion of independent directors, provided that they are in a minority . The executive members of Corticeira Amorim’s Board of Directors may not sit on the Appointments, Evaluation and Remuneration Committee. If the Appointments, Evaluation and Remuneration Committee includes independent directors who are also members of the Audit Committee, then those members are obliged to abstain from voting on the decision regarding the Audit Committee’s remuneration. The position of Chairperson of the Appointments, Evaluation and Remuneration Committee will necessarily be assigned to an independent director who is also a member of Corticeira Amorim’s Audit Committee. Other persons may be invited to attend meetings on a permanent basis, at the invitation of the Appointments, Evaluation and Remuneration Committee, but without having voting rights. Such persons shall be invited taking into account their specialised knowledge of the Appointments, Evaluation and Remuneration Committee’s area of intervention. This Committee may also request the participation, in specific meetings, of other persons, internal or external to Corticeira Amorim, with relevant expertise concerning the issues under discussion. The Appointments, Evaluation and Remuneration Committee, appointed by the General Shareholders’ Meeting, comprises the following: The stand-out activities were the following: • Monitoring the implementation of the 2025–27 ESG Plan, assessing the extent to which the respective targets have been met, and issuing recommendations regarding areas where indicators deviate from the established targets; • Monitoring the evolution of the ESG ratings assigned to Corticeira Amorim, analysing the identified gaps, and supporting actions aimed at eliminating such gaps whenever feasible and appropriate to the company’s specific context; • Monitoring occupational health and safety issues, as well as measures and actions to promote (gender) diversity , equity and inclusion; • Engaging new sustainability topics, the development of which, in partnership with specialist external consultants, has provided valuable training opportunities for all staff within the Organisation involved in this area. It also represents a significant opportunity for cross-functional alignment on ESG issues; • Reflection on the social responsibility actions supported by Corticeira Amorim, which include initiatives in the cultural, educational, environmental and welfare areas, and the opportunity to give greater visibility to the impact of these activities, structuring their communication and, where appropriate, enhancing their profile through a new initiative with greater reach and visibility . In this regard, a survey and characterisation of the actions undertaken and a quantification of their impact was requested. The Chairperson of the ESG Committee regularly reports on its activities to the Board of Directors, which includes the Audit Committee.
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373 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 the Sustainability | ESG Index, thereby promoting alignment between the actions of the members of the Executive Committee and the interests of shareholders; • It verified compliance with the criteria for awarding remuneration and determined the annual variable remuneration of the members of the Executive Committee for 2025, based on performance in 2024. It also verified compliance with the conditions for the award of the triennial variable remuneration of the members of that Committee in 2024, relevant for determining, in due course, performance for the 2024–2026 period; • It considered and discussed the ESG Committee’s recommendation to update the Appointments Policy, with a view to formalising an AERC practice in corporate regulations: promoting, within its remit, the adoption of transparent selection processes which include effective mechanisms for identifying potential candidates, and that those proposed for selection demonstrate the highest merit, are most adequate to the requirements of the role and promote adequate diversity within the Organisation, including gender equality . The AERC approved this update and proposed its adoption to the Board of Directors; • It considered and discussed the opportunity and formal possibility of aligning the term of office of the Board of Directors of Corticeira Amorim (current term: 2024–2026) with its strategic cycle (current cycle: 2025–2027), following a request from the Chairman of the Board of Directors. In order to provide information or clarification to shareholders, the Chairperson and/or another Member of the Appointments, Evaluation and Remuneration Committee must be present at the annual general meeting and at any others if the respective agenda includes a matter related to the remuneration of members of the Company’s bodies and committees, or if such presence has been requested by shareholders. Summary of activity carried out in 2025 This Committee met four times during 2025 (2024: three); overall and individual attendance was 100%, having considered and, whenever appropriate, issued opinions and/or recommendations on the matters discussed, namely: • It conducted a self-assessment of the activity of the Appointments, Evaluation and Remuneration Committee for 2024 and prepared the Annual Activity Report of the Appointments, Evaluation and Remuneration Committee for 2024; • It organised the process and analyzed the results of the annual evaluation of the Board of Directors and the internal committees for 2024; • It analyzed and assessed the 2025 Training Plan for the Board of Directors; • It reviewed the 2024 Remunerations Report for proposal to the Board of Directors and subsequent consideration by the General Meeting as part of the Corporate Governance Report; • It analyzed and considered a proposal, submitted by this Committee for consideration by the General Meeting, regarding the Annex to the 2024–2026 Remuneration Policy, which establishes the criteria and targets relating to the Sustainability | ESG Index; • It analyzed and approved the proposal to create a Notional Share Option Purchase and Sale Plan and the model for the Agreement on the A ward of such options, to be signed by the beneficiaries set out in the 2024–2026 Remuneration Policy , the terms of which are intended to implement the provisions of that Policy . It provided for a three-years award period for notional share options, linking the allocation of options to the consistency of consolidated net profits and the performance of • Whenever there is a vacancy or a new term of office for the governing bodies mentioned in sub-paragraphs b) and c) above, prepare a reasoned report for the Board of Directors that identifies the people it believes have the most suitable profile to fill that vacancy; • The opinions of the AERC referred to in sub-paragraph b) and c) above will be accompanied by (i) a rationale regarding the suitability of each candidate’s profile, skills, and experience for the role to be performed by each candidate and/or the collective of each body , (ii) the terms of reference used by the AERC; • Draw up recommendations, criteria and requirements related to the profile of new members of the governing bodies referred to in sub-paragraph b) above, appropriate to the function to be performed. In addition to individual attributes (such as competence, independence, integrity , availability and experience), these profiles should consider diversity requirements, with particular attention to gender diversity , which can contribute to improving the performance of the body and balancing its composition; • Review and evaluate incompatibilities and the independence of members of the governing bodies. In matters of evaluation: • Advise the Board of Directors in its annual self-assessment process, including the evaluation of the members of the ECBD, the Audit Committee and the internal committees; • Review , and propose to the General Shareholders’ Meeting, Corticeira Amorim’s Remuneration Policy and Annual Remuneration Report. The Appointments, Evaluation and Remuneration Committee may request from the Board of Directors, the Audit Committee, the ECBD or any other internal committee all information, documentation and assistance necessary for the exercise of its powers.
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374 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 33. Professional qualifications of each member of the supervisory body and other important curricular information. As set out in section 19 above. B) FUNCTIONING 34. Availability and place where rules on the functioning of the supervisory body may be viewed. The operating regulations of the Audit Committee can be found at https:/ /www .amorim.com/en/investors/corporate-governance/ corporate-regulation-and-policies/. 35. The number of meetings held and the attendance report for each member of the supervisory body. The Audit Committee meets whenever called by the Chairperson or by any other two Members of the Audit Board, and at least bi- monthly , pursuant to Article 11 of the rules of procedure of that body . Nine meetings of the Audit Committee were held during 2025 (2024: 11), attended by all the members. Overall and individual attendance was 100%. 36. The availability of each member of the Audit Committee, indicating the positions held simultaneously in other companies inside and outside the group, and other relevant activities undertaken by members of these Boards. As set out in section 26 above. António Manuel Mónica Lopes de Seabra (Board Member) First appointment as Member of the Audit Committee: 23 April 2021 End of current term of office: 31 December 2026, remaining in office until a new election pursuant to law . Helena Sofia Silva Borges Salgado Fonseca Cerveira Pinto (Board Member) First appointment as Member of the Audit Committee: 22 April 2024 End of current term of office: 31 December 2026, remaining in office until a new election pursuant to law . At the issue date of this report, all the members making up the Audit Committee are independent. The Policy for Promoting Diversity in the Governing Bodies applies to the Audit Committee as transcribed in the commentary to Recommendation I.2.1 of this report (available at https:/ /www . amorim.com/en/investors/corporate-governance/board- members/), with the aim of achieving the objectives referred to therein. The actual diversity of its composition (age, gender , qualifications and professional background) is detailed in section 19 of this report. The size, expertise, and diversity of the Audit Committee, combined with the availability of all the members, are appropriate to the size of the Company and the complexity of the risks inherent to its activity , ensuring the full, efficient and diligent exercise of the duties entrusted to this body . 32. Details of the members of the supervisory body, which are considered to be independent pursuant to Article 414(5) of the Portuguese Companies Code. As far as the Company knows, all the members of the Audit Committee are independent, meet the independence criteria set out in Article 414(5) as well as the incompatibility rules envisaged in Article 414-A(1), both of the Portuguese Companies Code. III. SUPERVISION A) COMPOSITION 30. Details of the supervisory body representing the model adopted. The Company has adopted the Anglo-Saxon governance model, with a double supervisory mechanism made up of the Audit Committee and the Statutory Auditor . 31. Composition of the supervisory body, with details of the Articles of Association’s minimum and maximum number of members, duration of term of office, number of effective members, date when first appointed and end of the term of office of each member. The Articles of Association determined that the Audit Committee may consist of three or four effective members, the majority of whom are independent, and there may be an Alternate. The General Shareholders’ Meeting elected an Audit Committee on 22 April 2024, made up of four full members, all independent and gender-balanced, to carry out duties for the 2024-2026 term: José Pereira Alves (Chairman) First appointment as Chairman of the Audit Committee: 23 April 2021 End of current term of office: 31 December 2026, remaining in office until a new election pursuant to law . Maria Cristina Galhardo Vilão (Member) Date of appointment as Alternate to the Supervisory Board: 26 June 2020 (term of office 2020-2022) Date of appointment as Incumbent Member of the Supervisory Board: 23 December 2020 First appointment as Member of the Audit Committee: 23 April 2021 End of current term of office: 31 December 2026, remaining in office until a new election pursuant to law .
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375 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 r. Analysing reported irregularities and requesting any necessary clarifications about such situations from members of the Company’s other governing bodies; s. Based on the analysis referred to in the preceding paragraph, proposing measures to prevent the recurrence of such irregularities and reporting them to the Board of Directors and to the internal or external entities that each situation warrants, while always ensuring the confidentiality of the whistleblowers’ identities, unless they explicitly waive this protection; t. Suspending directors when: • Their health temporarily prevents them from performing their duties; • Other personal circumstances preclude them from carrying out their duties, for a period of time presumably greater than 60 days, and they request a temporary suspension from the Audit Committee, or the Committee believes that the Company’s interests require it; u. Declaring the termination of a Director’s mandate when, following their appointment, any incapacity or incompatibility arises that prevents the appointment and the Director neither vacates the office nor remedies the supervening incompatibility within 30 days; v. In relation to the accounting information, it is the responsibility of the Audit Committee to: • Monitor and supervise the statutory audit of the individual and consolidated annual accounts, in particular the execution of the same, taking into account any findings and conclusions issued by the Portuguese Securities Market Commission; • Review the management report, the financial statements, the statutory audit certificate or explanatory statement regarding the impossibility of issuing such certification, as well as the additional report to be prepared by the Statutory Auditor; • If it concurs with the statutory audit certificate or the statement that the issue of such certification is impossible, then it must explicitly state this in its opinion; • If it does not concur with the statutory audit certificate or the statement that the issue of such certification is impossible, then it must include the reasons in its report; h. Performing all other duties required by law or the Articles of Association; i. V erifying the accuracy of the accounting books, records and supporting documentation; j. Inspecting, as often and in such manner as the Audit Committee deems appropriate, the Company’s cash and all types of assets, including those held as guarantees, deposits or under any other title; k. V erifying the accuracy of the financial statements; l. Ensuring that the accounting policies and valuation methods adopted by the Company provide a correct assessment of its assets and financial results; m. Independently and diligently ensuring that the management body fulfils its responsibilities in choosing appropriate accounting policies and criteria and establishing adequate systems for financial reporting, risk management, internal control and internal auditing; n. Overseeing the adequacy of the management body’s process for preparing and disclosing information by the board of directors, including the suitability of accounting policies, estimates, judgments, relevant disclosures and their consistent application from year to year , in a properly documented and reported manner , as well as making recommendations or proposals to ensure the body’s integrity; o. Supervising and assessing the adequacy of the structure and the effectiveness of the internal control system, including the functions of risk management, compliance and internal audit, maintaining awareness of strategic guidelines and issuing an opinion on (i) the risk policy , prior to its final approval by the board of directors, and (ii) the work plans and resources allocated to the internal control system, including the risk management, compliance and internal audit functions, proposing any adjustments deemed necessary; p. Proposing and implementing mechanisms and procedures for (i) periodic control and evaluation to ensure that the risks actually incurred by the Company are consistent with the objectives set by the management body; (ii) adjustment of the internal control system, including an annual assessment of the degree of internal compliance and performance of that system, as well as the prospects for changing the previously defined risk framework; q. Receiving reports of irregularities submitted by shareholders, employees or other stakeholders; C) POWERS AND DUTIES 37. A description of the procedures and criteria applicable to the supervisory body for the purposes of hiring additional services from the external auditor. The Audit Committee is responsible for monitoring the independence of the Statutory Auditor , especially in relation to the provision of additional services. Subject to the express prior approval of the Audit Committee, services other than the statutory audit were contracted from the Statutory Auditor . Such services are described and itemised in section 47. 38. Other duties of the supervisory body. The Audit Committee, under the law and respective Rules of Procedure (available at https:/ /www .amorim.com/en/investors/ corporate-governance/corporate-regulation-and-policies/) is responsible for: a. Overseeing the management of the Company; b. Monitoring compliance with the law and the Articles of Association; c. Preparing an annual report on its supervisory activities and giving an opinion on the report, accounts and proposals submitted by management; d. Convening the General Meeting if the Chairperson of that Presiding Board fails to do so; e. Assessing and issuing its prior opinion on Related-Party Transactions, in accordance with its own regulations and applicable law; f. Checking that the published report on the corporate governance structure and practices includes the provisions referred to in Article 29-H of the Portuguese Securities’ Code; g. Engaging external experts to assist one or more of its members in the exercise of their duties; the hiring and remuneration of experts must take into account the importance of the entrusted matters and the financial situation of the Company; the scope and terms of the services must be communicated in advance to the Board of Directors;
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376 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 IV . STATUTORY AUDITOR 39. Details of the statutory auditor and the partner representing it. The Statutory Auditor shall consist of one member and one alternate member , any one of which may be a statutory auditor or statutory auditor firm. The General Shareholders’ Meeting, held on 22 April 2024, elected the following for the current term of office (2024-2026): Statutory Auditor: ERNST & YOUNG AUDIT & ASSOCIADOS – SROC, S.A. Date of Ernst & Y oung’s first election: 07 April 2017 (term of office 2017-2019) Date of first re-election: 26 June 2020 (term of office 2020- 2022, interrupted in 2021 following the change to the governance of the Company and, subsequently , the new elections for corporate bodies) Date of second re-election: 23 April 2021 (term of office 2021- 2023) Date of third re-election: 22 April 2024 (term of office 2024- 2026) End of current term of office: 31 December 2026, remaining in office until a new election pursuant to law . For the current mandate (2024-2026), ERNST & YOUNG AUDIT & ASSOCIADOS – SROC, S.A. is represented by Sandra e Sousa Amorim (Statutory Auditor no. 1213); this is the first time the Company has been represented by this Statutory Auditor . Alternate: Augusto Gil Gomes Escaleira (Statutory Auditor no. 1415) Date of first election: 22 April 2024 (term of office 2024-2026) End of current term of office: 31 December 2026, remaining in office until a new election pursuant to law . The Audit Committee is guaranteed access to all documentation and employees of the Company to regularly obtain information about the overall activity , in general, and the areas that fall under its specific sphere of action, in particular . A system of regular reporting is also in place, covering, among others, internal audit reports and the list of transactions with related parties. The Audit Committee’s Rules of Procedure, approved at the meeting of the Audit Committee held on 6 May 2024 and reviewed at the meeting of 13 January 2025, establishes the functions of this committee and are available for consultation at https:/ /www . amorim.com/en/investors/corporate-governance/corporate- regulation-and-policies/). • Send the report and opinion to the Board of Directors within 15 days of the date on which it received the referred accounting documents; • Issue in its report and opinion a statement, signed by each of the Audit Committee’s members, with their names and positions clearly stated, declaring that, with regard to the management report, the annual accounts, and other accounting documents required by law or CMVM Regulations, to the best of its knowledge, the information was prepared in accordance with applicable accounting standards, giving a true and fair view of the assets and liabilities, financial position and profit/loss of the Company and the companies included in the consolidation perimeter , and that the management report faithfully describes the development of the business, the Company’s performance and position and those of the companies included in the consolidation perimeter , and contains a description of the principal risks and uncertainties they face. w. In relation to the Statutory Auditor it is the responsibility of the Audit Committee to: • Select the auditors to propose to the General Meeting and provide a duly justified recommendation for the preferred candidate; • Monitor and supervise, under the applicable legal framework, the supervisory procedures aimed at ensuring the independence of the Statutory Auditor , including obtaining the formal written confirmations required under Article 78 of the Statute of the Statutory Auditors Association and, in particular , verifying the appropriateness of, and approving, the provision of non-audit services; • Act as the main liaison with the Statutory Auditor , being responsible, inter alia, for proposing the respective remuneration and ensuring that the Company provides the appropriate conditions for the provision of services; • Annually assess the work performed by the Statutory Auditor , its independence and suitability for the performance of its duties and propose to the competent body its dismissal or the termination of the service contract whenever there is just cause.
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377 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 V . EXTERNAL AUDITOR 42. Details of the external auditor appointed in accordance with Article 8 and the partner that represents them in carrying out these duties, and the respective registration number in the CMVM. The external audit of Corticeira Amorim is undertaken by the Statutory Auditor ERNST & YOUNG AUDIT & ASSOCIADOS – SROC, S.A., represented for the current term (2024-2026) by Sandra e Sousa Amorim (Statutory Auditor). 43. State the number of years that the external auditor and respective partner that represents same in carrying out these duties consecutively carries out duties with the Company and/or Group. The Statutory Auditor has been in office for nine consecutive years (since 2017); the partner auditor representing the firm in fulfilling these duties was elected at the General Meeting of 22 April 2024 for the current three-year term (2024-2026), making this the second year of the tenure. 44. Rotation policy and schedule of the external auditor and the respective partner that represents said auditor in carrying out such duties. In this matter , Corticeira Amorim aligns its practice with that enshrined in Law No. 140/2015, of 07 September (Statute of the Statutory Auditors Association) in the case of public interest entities: • The initial term of office of the external auditor for performing statutory audits shall be at least two years; • The renewal of the external auditor’s term of office is limited to a maximum consecutive period of ten years; • The maximum period for the partner representing the external auditor to perform these duties is seven years, counting from the first appointment. 40. State the number of years that the statutory auditor consecutively carries out duties with the Company and/or Group. ERNST & YOUNG AUDIT & ASSOCIADOS - SROC, S.A. was elected on 7 April 2017, and re-elected on 26 June 2020, 23 April 2021 and 22 April 2024 (current term: 2024-2026), with 2025 being its nineth consecutive year of performing the related duties. The statutory auditor partner representing the statutory audit firm to fulfil these duties was appointed for the first time on 22 April 2024, for the current term. 41. Description of other services that the statutory auditor provides to the Company. During the year under review , ERNST & YOUNG AUDIT & ASSOCIADOS – SROC, S.A., including other entities belonging to the same network, was hired by the Company and other companies under its control or within its group, to provide audit and statutory audit services and other services subject to prior examination and approval by the Audit Committee, such as the review of interim financial information and other assurance services. The total amount of those services is stated in section 47. The Statutory Auditor is responsible for the following: • Undertake all necessary examinations and checks for the audit and issuance of the statutory audit certificate of the Company’s accounts. In particular , the Auditor shall verify: • The accuracy of the accounting books, records and supporting documentation; • As deemed appropriate, the Company’s cash and all types of assets, including those held as collateral, deposits, or under any other title; • The accuracy of the financial statements; • Whether the accounting policies and valuation criteria adopted by the Company lead to a proper assessment of the assets and profits. • Immediately notify the Chairperson of the Board of Directors, by registered letter , of any facts it becomes aware and which it considers to reveal serious difficulties in the pursuit of the Company’s corporate purpose, including repeated failures to pay suppliers, protested bills of exchange, issuing cheques without sufficient funds, or failure to pay Social Security contributions or taxes. Request that the Chairperson of the Board of Directors, in the event no reply was made to a letter or request or the reply received was deemed unsatisfactory , the convening of the Board of Directors to meet, with the statutory auditor present, to appraise the facts and take the appropriate decisions. In the event that the meeting does not take place or if the measures adopted are not deemed adequate to safeguard the interests of the Company , request, by registered letter , that a General Meeting be convened to assess and deliberate on the facts outlined in the aforementioned registered letters and the minutes of the Board meeting referred to above.
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378 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 “Other services” include support services for benchmarking and the identification of recommendations as part of the strategic review of one of Corticeira Amorim’s Business Units, and agreed procedures, in relation to Herdade de Rio Frio, for the validation of staff costs included in the document “Reduction of Support for Farmer’s Basic Income”. V alues in euros. 47. Details of the annual remuneration paid by the Company and/or legal entities in a control or group relationship to the auditor and other natural or legal persons pertaining to the same network and the percentage breakdown relating to the services. Type of service Accounting information and statutory audit The review of interim financial information and other assurance services T ax advisory services Other services T otal EY SROC Corticeira Amorim 58,350 40,680 0 0 99,030 Group companies 214,088 26,350 0 2,000 242,438 Companies in EY’s network Corticeira Amorim 0 0 0 0 0 Group companies 184,357 11,000 0 9,000 204,357 T otal 456,795 78,030 0 11,000 545,825 Corticeira Amorim 58,350 40,680 0 0 99,030 Group companies 398,446 37,350 0 11,000 446,796 T otal 456,795 78,030 0 11,000 545,825 84.5% 14.3% 0.0% 2.0% 100.0% The “Review of interim financial reporting and other assurance services” item includes the limited review of the consolidated financial statements for the six-month period ended 30 June 2025, the limited review of the individual financial statements of ICAS Spa for the six-month period ending on 30 June 2025, the independent review of the sustainability report, the independent review of the green bond report, the completion of procedures for the approval of applications under the RRP (Recovery and Resilience Plan) agendas and the certification of investment expenditure statements within the scope of the ongoing Investment Project. 45. Details of the Board responsible for assessing the external auditor and the regular intervals when said assessment is carried out. The Audit Committee is responsible for annually assessing the work carried out by the statutory auditor , as well as its independence and suitability to carry out such duties. 46. Details of services, other than auditing, carried out by the external auditor for the Company and/or companies in a control relationship and an indication of the internal procedures for approving the hiring of such services and a statement on the reasons for said hire. As set out in section 41 (details of services) and in section 37 (internal procedures).
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379 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 Corticeira Amorim received the World Finance awards for Best Company in Carbon Reduction in the Wine Products Industry and Most Sustainable Company in the Wine Products Industry, for the 2024 and 2025 editions respectively.
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380 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 C. Internal Organisation I. ARTICLES OF ASSOCIATION A vailable at https:/ /www .amorim.com/en/investors/corporate- governance/corporate-regulation-and-policies/ 48. Rules governing the amendment of the Articles of Association of the Company. The rules governing the amendment of the Articles of Association of the Company are those provided for by law , with the addition of the following specific provisions set out in said articles: the Company is managed by a Board of Directors consisting of a Chairperson, a Vice- Chairperson and from one to nine other members. This statutory provision may be amended only with the approval by a majority of shareholders representing at least two-thirds of the Company’s share capital. commission or omission of any acts which, in a professional context and motivated by the report or complaint, directly or indirectly cause or may cause, without justification, harm to the person submitting the report. The following, for example, are considered to be retaliation: (i) unjustified change of working conditions; (ii) unfounded negative performance evaluation; (iii) suspension of an employment contract; (iv) non-renewal of an employment contract; (v) application of disciplinary sanctions; (vi) termination of a supply or service contract. Also benefiting from the legally established rights and protection, with the necessary adaptations, are (i) persons assisting those submitting a report through this procedure and whose assistance must be confidential, or who have family or professional relations with those submitting a report and who, for that reason, may be subject to retaliation in a professional context (ii) legal persons or similar entities owned or controlled by those submitting a report, for which they work or to whom they are otherwise related in a professional context. Irregularities are defined in this reporting procedure as improper or unlawful conduct, whether by act or omission, in a professional context, including any attempt to conceal such conduct, which is reasonably foreseeable, ongoing or has already taken place, in breach of the Anti-Corruption Code of Conduct, the Code of II. REPORTING OF IRREGULARITIES 49. Reporting means and policy on the reporting of irregularities in the Company. In line with its strict sense of ethics, Corticeira Amorim has formalised an internal reporting procedure, designed to prevent and detect improper and/or illegal behaviour within the context of professional activity , and to protect those who report it in good faith and with serious grounds, as well as related persons and entities. This procedure applies to Corticeira Amorim and the companies over which it directly or indirectly holds a control relationship (by holding more than 50% of the share capital), regardless of whether their registered offices are in Portugal or in another country . The rights and guarantees of those submitting a report are respected, namely those relating to confidentiality or anonymity , the processing of personal data, as well as the legally established conditions and protective measures, for the period specified by the applicable legislation in each case. The Company’s Privacy Policy and the Employees’ Privacy Policy (published on the website www .amorim.com) also apply . Of note among these is the prohibition on retaliation against those who submit a report/ complaint in good faith, for the period specified by the legislation applicable in each case. Retaliation is understood to mean the
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381 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 Business Ethics and Professional Conduct, the Code of Ethics and Conduct for Suppliers, the Regulations and Policies approved by the organisation’s competent bodies, and/or the applicable legal requirements in this context. By way of example, any of the following is considered to be an irregularity: (i) discrimination or unequal treatment based on ethnicity , gender and sexual orientation, religion, creed, culture, race, nationality , disability , political or ideological orientation, education, marital status; (ii) harassment, in whatever form, which has the purpose or effect of systematically creating an intimidating, hostile, degrading or humiliating environment; (iii) failure to comply with rules on health, safety and working conditions; (iv) improper sharing of inside information or use of privileged information; (v) facilitation, creation, maintenance or promise of irregular situations or favours; (vi) improper receipt of any benefit; (vii) failure to comply with the duty of diligence in relation to the procedures for the prevention and detection of illegal practices in financial and accounting matters, including money laundering or terrorist financing; as well as any form of participation in (viii) violent crime, especially violent and highly organised crime, (ix) human trafficking; (x) child pornography and prostitution of minors; (xi) arms trafficking; (xii) influence peddling; (xiii) drug trafficking; (xiv) illegitimate access to computer systems, computer sabotage and any practice that causes damage to computer programs or data. The reporting procedure may be used, in particular , by (i) the Corticeira Amorim Group employees, (ii) persons or entities who are counterparties of the organisation (and subcontractors), namely customers, service providers and suppliers, (iii) owners of shareholdings, (iv) members of administrative or management bodies and of supervisory or oversight bodies. In this context, the fact that the reporting of an irregularity is based on information obtained in a professional relationship that has since ended, as well as during the recruitment process or during another pre-contractual negotiation phase of an established or non-established professional relationship, does not prevent that person from being considered capable of reporting an irregularity . Reports from Corticeira Amorim Group employees are addressed first and foremost to the senior manager of the area/unit in which the person making the report works, either verbally , at a meeting scheduled in advance, or in writing. In the latter case the person submitting the report can choose to file the report anonymously or to identify themselves, using the whistleblowing channel available at https:/ /corticeiraamorim.integrityline.com; or (ii) using the form available at https:/ /www .amorim.com/en/investors/corporate- governance/corporate-regulation-and-policies/, which also allows for verbal reporting. To clarify any doubts regarding the use of this reporting procedure, whistleblowers who are Employees of the Corticeira Amorim Group should contact the Organisation’s Compliance Officer/Legal Department, via legal@amorim.com or in person, if so requested in advance. The Audit Committee of Corticeira Amorim is responsible for: i. in cases under its jurisdiction, receiving the reports addressed to it and to the Company’s Compliance Officer , evaluating them and making relevant decisions; ii. Reporting any irregularities effectively confirmed to the Board of Directors and to the relevant authorities, both internal and external, as justified or required by each specific situation; iii. Suggesting measures to prevent or mitigate the occurrence of irregularities; i v. Periodically analysing this internal reporting procedure in order to ensure its compliance at all times with applicable legislation and promoting its alteration in terms appropriate to the achievement of its objectives. Due notice will be provided in such cases. The following are directly addressed to the Audit Committee and the Company’s Compliance Officer: (i) reports on irregularities by members of administrative or management bodies and of supervisory or oversight bodies, and (ii) reports submitted by anyone who is not an employee of Corticeira Amorim. Reports made by non-employees of Corticeira Amorim may be submitted verbally , either anonymously or identifying the reporter , according to their preference, using the whistleblowing channel available at https:/ /corticeiraamorim.integrityline.com. The internal communication procedure begins with the submission of the report and, within seven days of its receipt, Corticeira Amorim, through the employees responsible for the procedure, notifies the person who submitted the report of its receipt. It also informs them, in a clear and accessible way , of the requirements, competent authorities, form and admissibility of external communication, as stipulated by law . The appropriate internal action is taken following the submittal of the report, in order to verify the content of the same and, if necessary , to bring the reported irregularity to an end, including by opening an internal investigation or informing the competent authority for the respective investigation. Within three months of receiving a report, the Corticeira Amorim personnel responsible for the procedure will inform the person who submitted it of the measures planned or already taken to follow up on the submitted report and the reasons for them. The person submitting the report can request at any time to be notified of the outcome of the analysis carried out on the complaint within fifteen days of its conclusion. If the report is considered to be well-founded, the decision of the hierarchical superior or the Audit Committee, as the case may be, is adopted in a reasonable, proportional and appropriate manner , considering the type of irregularity and the circumstances in which it occurred. Appropriate action shall be taken with the competent authorities, including judicial authorities, for investigation of the breach, where applicable. The prohibition of retaliation against the person who submitted the report is respected at all times, and said person shall not be prejudiced in any way , directly or indirectly , by a report of irregularity which he or she has submitted in good faith and with genuine grounds. This internal whistleblowing procedure offers guarantees of independence, confidentiality and absence of conflicts of interest, ensures the integrity and safekeeping of the reports submitted, the confidentiality of the identity of the person submitting the report,
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382 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 or their anonymity when that person submits the report by these means, as well as the confidentiality of the identity of any third parties mentioned in it. Those responsible for handling the process, namely for receiving reports (the whistleblower’s line manager or the Company’s Audit Committee and Compliance Officer), comply with the corresponding obligations, analyze the reports in an exhaustive, objective and impartial manner , and manage the procedure with dignity and respect for those involved. The rights and protection of the law shall not apply to those submitting a report who, to the detriment of the internal whistleblowing procedure available to them, unduly use the route of external communication or public disclosure, because the legal requirements are not met. III. INTERNAL CONTROL AND RISK MANAGEMENT 50. Individuals, boards or committees responsible for the internal audit and/or implementation of the internal control systems. The implementation of the internal control system (comprising the risk management, compliance and internal audit functions) is the Board of Directors’ responsibility . The supervisory body (Audit Committee) is responsible for supervising the effectiveness of the internal control system, including Risk Management and Compliance (which report to the Board of Directors) and Internal Audit (which reports to the Audit Committee). 51. Details, even including organisational chart, of hierarchical and/or functional dependency in relation to other boards or committees of the Company. As mentioned in sections 50 and 52 above. 52. Other functional areas responsible for risk control. The main aim of the Board of Directors and the Executive Committee is to establish an integrated overview of critical success factors in terms of profitability and/or associated risks with a view to creating sustainable value for both the Company and its shareholders, being responsible for defining the risk strategy and policies, as well as the parameters for assessing acceptable risk, with the support of the Risk Committee (specialised internal committee) and in liaison with the Audit Committee. Corticeira Amorim presents an integrated flow of governance of the risk management process, based on the concept of Lines of Defence6: 6 Lines of Defence: First line of defence: daily risk management and control activities; Second line of defence: standardisation and monitoring of the main risks and the internal control system; Third line of defence: supervision, inspection and assessment of the effectiveness of internal control. Board of Directors Executive Committee Business Units(1st Line of Defence) Directions(1st Line of Defence) Audit Committee Internal Audit(3rd Line of Defence) Risk Management(2nd Line of Defence)) Compliance (2nd Line of Defence) Risk Committee
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383 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 Board of Directors • Foster risk management and promote a risk culture within the Group; • Approve the risk management policy , including its revisions/updates; • Ensure the operation of the risk management process and supervise the execution of the risk strategy; • Support the organisation, providing the Lines of Defence with human, financial and other resources so that they can effectively carry out their role in the risk management process; • Appraise the Annual Risk Management Report; • Annually update and approve the Multiannual Risk Plan. Risk Committee • Advise the Board of Directors on Corticeira Amorim’s risk policy and, within that framework, on the appetite for general, current and future risks; • Evaluate and monitor the main risks inherent to Corticeira Amorim’s activity , as well as the level of exposure to risk and its potential development; • Inform the Audit Committee of the risks to which Corticeira Amorim is subject and the effectiveness of the respective mitigation plans, and issue any recommendations or reports that the Board of Directors and/or the Audit Committee may request; • Assist the Board of Directors in supervising the execution of the risk strategy; • Discuss and issue to the Board of Directors any opinions and recommendations that it deems appropriate regarding risk strategies, both at an aggregate level and by risk type; • Propose the creation of mechanisms to ensure the implementation of processes which promote compliance with the approved risk policies; • Annually review risk policies and procedures and report the results of this review to the Board of Directors; • Prepare an Annual Risk Management Report for the Board of Directors and for the Audit Committee, which should include an appraisal of the following topics: • The risk strategy and general risk appetite, current and future; • Identification of the main risks to which Corticeira Amorim is subject, the probability of their occurrence and their respective impact; • The performance of the instruments and measures adopted with a view to mitigating the respective risks; • The risk monitoring procedures and the degree of internal compliance with the adopted risk policy; • It should also include possible proposals for adjustment of the risk policy and/or of the evaluation and supervision procedures. Audit Committee • Supervise the effectiveness of the internal control system, comprising the risk management, compliance and internal audit functions; • Evaluate and issue its decision on the risk management policy prior to its final approval by the Board of Directors; • Evaluate and issue its opinion on the risk appetite levels prior to their approval by the Board of Directors. Internal Audit (3rd Line of Defence) • Supervise and evaluate compliance with and the effectiveness of the controls implemented; • Plan and carry out risk-based audits; • Undertake control tests to evaluate the effectiveness of risk management and prevention. Compliance (2nd Line of Defence) • Ensure and monitor the implementation of the Regulatory Compliance Program relating to the prevention of corruption and related offences, essentially consisting of: • Code of Business Ethics and Professional Conduct and Anti-Corruption Code of Conduct; • Whistleblowing Channel; • Risks of Corruption and Related Offences Prevention Plan; • Ensure and monitor the implementation of the General Data Protection Regulation; • Monitor compliance with export restrictions deriving from economic sanctions and international restrictive measures. Risk Management (2nd Line of Defence) • Develop and implement policies, methodologies, processes, and infrastructure for integrated risk management; • Propose changes to the level of materiality to be considered; • Plan and program the annual risk management process cycle; • Proposed revisions to the risk management policy; • Support coordination of the process for identifying, analysing and evaluating risks, and the respective control measures; • Ensure training and provide the necessary support for the risk identification process; • Support the external dissemination of official information referring to business risk management; • Provide the necessary support to the Risk Committee; • Prepare a regular report following up on risk mitigation measures; • Consolidate the information collected and report the results, through regular reports to the Executive Committee, the Risk Committee, the Audit Committee and the Board of Directors. Business Units/Departments (1st Line of Defence) • Identify , monitor and update the risks associated with their processes and businesses; • Propose control or mitigation measures for the risks identified; • Implement approved control or mitigation measures; • Monitor the effectiveness of the control and mitigation measures and report any identified shortcomings; • Provide the necessary information regarding the management of the risks associated with the processes under its responsibility .
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384 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 Therefore, given the specificities of Corticeira Amorim’s framework and business model – in particular (i) the development of an essentially stable business; (ii) the know-how and skills accumulated over 150 years of activity , continuously enhanced through innovation, development and training programs; (iii) diversification in terms of products, currencies, markets, the vast portfolio of clients (iv) the effective management and monitoring of the business’ critical factors by the Board of Directors and other functions related to the management of these factors; (v) the robust control systems implemented and (vi) the dual corporate supervision (Audit Committee and Statutory Auditor), it can be concluded that Corticeira Amorim’s internal control system (comprising risk management, compliance and internal control) is structured and sized appropriately for its activity . 53. Details and description of the major economic, financial and legal risks to which the Company is exposed in pursuing its business activity. Corticeira Amorim has implemented a process for identifying risks - that could affect its strategy and performance - through an analytical model which was: • top-down (to identify risks of a more strategic/tactical nature); • bottom-up (to identify risks of a more operational/transactional nature). Appropriate mitigation measures have been defined for the risks identified, to minimise the probability of the occurrence and/or the impact of risk, which have been compiled in Risk Catalogues. Risk indicators or gauges have also been identified for each risk, which act as monitoring instruments and enable changes or deviations to be anticipated. No new risks were added to the Corticeira Amorim Risk Matrix in the process of risk analysis and review carried out at the end of 2024. Raw material – Cork (Strategic and exogenous risk) • The need to promote new plantations, to complement the natural generation of cork oak forests which, by itself, is not sufficient to meet the estimated growth in demand for cork raw material; • Effects of climate change; • Need to correct unsuitable cork oak forest cultivation practices, in order to mitigate certain pests and diseases; • A vailability of qualified labour for managing the cork oak forests and extracting cork; • With rising cork prices, the allocation of cork should prioritize maximizing the value it adds to products and solutions, ensuring the competitiveness of the portfolio and the profitability of the Company . Main mitigation measures: The critical nature of this factor , which is common to all the Business Units, means that the management of the purchase, storage and preparation of the only variable common to all Corticeira Amorim’s activities, which is the raw material (cork), is wholly carried out by the Amorim Florestal Business Unit, an autonomous unit with professional and independent executive management. • This allows to form a specialised team exclusively focused on raw material; • Make the most of synergies and integrate all raw material (cork) manufactured by other BUs in the relevant BU’s production process; • Manage raw materials from a multinational perspective; • Strengthen our presence in cork-producing countries; • Promote forest certification, improve the technical quality of products and enter into research and development partnerships with forestry-related partners; • Develop forestry R&D projects focused on cork oak genetics and the control of pests and diseases; • Implement recycling initiatives that enhance circularity and make cork available for non-stopper applications; • Ensure that an optimal mix of raw materials is used to meet market demand for finished products; • Ensure the stability of cork supply , a critical variable for Corticeira Amorim’s operations, over the long term; • Prepare and submit to the Board of Directors the multi-annual procurement policy to be implemented. Service level at the end customer (Operational and exogenous risk) The relevance of the service level risk at the end customer , arising from disruption in the supply chain and logistics, results above all from the current context, markedly influenced by the extremely severe consequences of the ongoing armed conflicts, namely: • In logistical terms, since sales to foreign markets are primarily fulfilled from Portugal, any obstacles that hinder the delivery of goods to key destinations for Corticeira Amorim represent a risk; • Reduced number of logistical operators in certain locations (road, maritime and air transportation) and subsequent risks of unavailability and/or price increases. Main mitigation measures: • Develop a logistical model that ensures the best logistical solutions in the short, medium and long term; • Identify alternatives to the current options for the main destinations; • Diversify transportation and logistics suppliers; • Select providers and seek solutions based on their geographical location; • Implement a transport tracking system; • Monitor and update security plans/recovery plans in case of the loss of significant suppliers. Transportation, energy and other supply price risks (Operational and exogenous risk) This risk’s relevance results above all from the current context, markedly influenced by the severe consequences of the ongoing armed conflicts, namely: • Pressure on results due to the increase in the price of transport, energy and others;
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385 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 • Unavailability of containers for shipments, also impacting price increases, in particular regarding Asia (purchases) and the USA (sales); • Lack of alternatives/limited number of logistical operators in certain locations (road, maritime and air transportation) and subsequent risks of price increases; • New energy contracts with potentially significant cost increases. Main mitigation measures: • Continuous monitoring of market prices, conducting supply tenders and requesting regular quotations from a diverse range of suppliers; • Meeting a significant portion of energy needs using cork powder and purchased biomass; • Increasing self-generation of electricity through photovoltaic installations; • Reviewing the energy procurement strategy (longer-term contracts, increased exploitation of cogeneration and photovoltaic investments); • Optimising the production process to obtain greater energy efficiency . Price risk (other materials) (Operational and exogenous risk) • Increase in the prices of other raw materials, particularly rubber , subsidiary materials and packaging materials; • Reduced competitive supply alternatives for certain materials. Main mitigation measures: • Continuous monitoring of market prices, conducting supply tenders and requesting regular quotations from suppliers; • Monitoring the entire supply chain; • Specialised team exclusively dedicated to procurement; • R&D of new raw materials, with risk assessment of potential suppliers; • Production verticalisation: incorporation of the intermediate transformation stages using own facilities. Cybersecurity (Operational and exogenous risk) • service disruption, data exfiltration, and/or fraudulent financial transactions; • Cyberattacks on Group companies around the world; • Unplanned access to information or data by service providers; • Unauthorized dissemination or sharing of corporate data and/ or personal data; • Cyberattacks aimed at disrupting critical services; • Loss of revenue due to plant shutdowns or disruption of critical services; • High costs for data or system recovery . Main mitigation measures: • Specification of corporate governance model for cybersecurity; • Implementation of management process and security policies with third parties; • Conduct regular cybersecurity training and awareness programs; • Perform targeted audits and system vulnerability tests annually; • Response plan to cybersecurity incidents; • Entity management platform; • Device access management and privileged access monitoring; • Vulnerability management and remediation; • Registration and control of IT /OT assets; • Development of a cybersecurity plan applicable across all geographies. T echnical/infrastructure replacement (Operational and endogenous risk) • Obsolescence of facilities and equipment, due to the appearance of new technologies; • Factories and equipment with highly specific technical characteristics, which may hinder the adoption of technological innovations in the market, thereby requiring a greater investment on the part of the Group in the search for new solutions; • Significant investment required for the technological renewal of factories and facilities. Main mitigation measures: • Implementation of a minimum CAPEX investment plan for continuous improvement and technological R&D; • R&D investment: • Flooring R&D program, combining technology , formats and forms of installation, based on new composites from sustainable raw materials; • Circular economy program, seeking to collect and reuse industrial by-products; • Technological development program, utilising new technologies to develop knowledge and new composites from prime raw materials; • Optimisation of manufacturing processes; • Digitalisation and optimisation of business support processes; • Encourage closer ties with the entrepreneurs/start-ups ecosystem. Climate Change (Strategic and exogenous risk) • Changes in environmental laws and regulations may require changes in products, production processes and the adoption of new technologies; • Reduction of available raw material, insofar as climate change may lead to a lack of balance in the ecosystem nurturing the cork oak, particularly due to the occurrence of severe droughts, making its propagation and growth more difficult; • Strategy to develop increasingly greener products (reducing the use of harmful plastics and favouring the use of renewable, recycled or reused materials). Main mitigation measures: • Long-term strategy sustained by new cork oak plantations, incorporating new geographical latitudes and forestry models; • Promote and communicate to the market the contribution of cork products to mitigating climate change, both through their capacity to retain carbon and also through replacing alternative, more energy-intensive products; • Promotion of a new value equation for the cork oak
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386 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 forests which, in addition to the industrial valorisation of cork, incorporates biodiversity and positive externalities, particularly carbon retention, as complementary sources of income; • Plan for the diversification of the cork oak forest (geographical area, density and type of plantation); • Reinforcement of the sustainability plan in the Business Units; • View as an opportunity the fact that cork and the cork oak are positively associated with future climate-action trends, through the consumption of products with a lower carbon footprint and through the planting of more trees that contribute towards carbon neutrality objectives. Foreign Exchange Risk (Operational and exogenous risk) • Exchange rate volatility is a factor in the potential erosion of business margins; • Exchange-rate reserve volatility regarding net investment in subsidiaries/associates. Main mitigation measures: • Active policy of replacing invoicing currencies, seeking to increase the percentage of invoicing in euros; • Exchange rate risk hedging policy , either by natural hedging or by contracting suitable financial instruments; • Regular monitoring of forecast cash flows in order to ensure the presence of the necessary liquidity to comply with foreign-currency obligations; • Continuous and prospective monitoring of exchange rate development, through the Trading Room, in compliance with the exchange rate contracting policies specified by the Board of Directors. Rise of new pandemics (Operational and exogenous risk) Perception of an increased probability in the appearance of new pandemics or spread of infectious diseases and the impacts that a pandemic scenario has for Corticeira Amorim, particularly: • In terms of employee health; • Increased rates of absenteeism due to infection or preventive isolation; • In terms of the Group’s production capacity; • Potential disruption of the supply and distribution chain; • Reduction in demand and subsequent reduction in sales; • Need to reorganise ways of working, particularly teleworking and remote work; • Pressure on the Group’s information systems due to the imposition of teleworking. Main mitigation measures: • Specific Contingency Plan to respond to a new pandemic scenario. Risk of the development of alternative stoppers (Strategic and exogenous risk) • Rise of new alternative materials to cork; • Increase in competition from alternative stoppers, particularly screwcaps. Main mitigation measures: • Invest in and continuously monitor the quality and reliability of cork stoppers and the quality of cork raw materials; • Ongoing reinforcement of market perception regarding the natural origin of cork stoppers; • Strengthening of communication campaigns to promote the attributes of cork products; • Investment in promoting cork stoppers as an “oenological product”; • Continuous investment in R&D and the development of new solutions and composites for cork stoppers; • Compliance with certifications and requirements applicable both to purchased materials and manufactured products. Changes in consumer patterns (wine sector) (Strategic and exogenous risk) • Impact of changes in wine and spirits consumption patterns and habits: • V ariation in volumes; • Growth in the consumption of alternative products to wine, particularly among younger generations; • Campaigns against the consumption of alcohol; • Introduction of additional taxes/tariffs on wine, with an impact on prices and a reduction in consumption, and other amendments to laws and regulations affecting consumption rules. Main mitigation measures: • Specialised team exclusively dedicated to continuously monitoring customers, market trends, and promoting the quality of the product; • Portfolio of customisable products based on specifications requested by customers; • Diversification into other alcoholic beverage segments; • Continuous reinforcement of the sustainability profile of cork stoppers; • Promotion of the “premium image” associated with the use of cork stoppers; • Enhance the promotion and creditability of natural stoppers. Reputational risk (Strategic and exogenous risk) • Risk of internal or external events causing damage to the perception of Corticeira Amorim by stakeholders such as customers, suppliers, investors, employees, financial analysts, communication channels, public entities or the market as a whole; • Negative impact on the results, resulting from a negative perception of the Group’s public image, whether justified or not. Main mitigation measures: • Implementation of regular mechanisms to listen to stakeholders, such as surveys or other; • Strengthening of communication campaigns to promote the attributes of cork products and the creditability of natural stoppers; • Ongoing investment in Corticeira Amorim’s brand recognition, in accordance with the ethical and professional conduct of the entire Organisation, and appropriate communication regarding Group practices; • Carrying out market studies demonstrating the advantages of cork stoppers and products, as well as solutions which incorporate cork, and promote the benefits of their use;
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387 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 • Continual reinforcement of the market perception of cork’s natural and, consequently , the natural origin of the products that make up the Corticeira Amorim portfolio, in particular cork stoppers; • Compliance with certifications and requirements, both of purchased materials and manufactured products. 54. Description of the procedure for identification, assessment, monitoring, control and risk management. The internal control system (comprising the risk management, compliance and internal audit functions) currently implemented by the Company is the result of a continuous and thorough improvement and reflection process. This process involves the Board of Directors, in particular its Executive Committee, the Risk Committee, the various areas responsible for internal control (Risk Management, Compliance and Internal Audit), the Organisational Development and Strategic Planning area and, as appropriate, the support of specialist external consultants. In order to ensure compliance with the strategic objectives, the Board of Directors formalised Corticeira Amorim’s Risk Management Policy , which includes the definition of objectives, processes and responsibilities that guarantee a solid risk management structure. The Risk Management Policy (i) establishes the principles, guidelines and responsibilities for adequate identification, analysis and evaluation, handling of and response to risks, (ii) ensures the convergence of risk management with strategic planning, (iii) establishes, in a systematised and cross-cutting manner , the control and/or mitigation procedures and measures to deal with the main risks for the Group. An integrated risk management model is adopted, based on a comprehensive risk management approach, which follows a process based on three essential activities: 1 Identify and Evaluate Risks 2 Monitor, Control and Report Risks 3 Supervise, Audit and Review Risks 1. Identify and Evaluate Risks: • Using internal and external sources, Corticeira Amorim developed a new process for identifying risks that could affect its strategy and performance through an analytical model which is: • top-down (to identify risks of a more strategic/tactical nature); • bottom-up (to identify risks of a more operational/ transactional nature). • This process enables the uncertainty and impact of risks on the consolidated net income of Corticeira Amorim to be evaluated; • The risks are prioritised and mapped within a risk matrix and appropriate mitigation measures have been defined to minimise the likelihood of occurrence and/or the impact of each risk. These measures have been compiled in risk catalogues; • The risk matrix makes it possible to categorise and classify risks in order of importance and to support decision-making by prioritising additional actions, beyond existing controls; • Given the subjectivity inherent in assigning impact/probability criteria to certain risks, indicators or risk gauges (KPI/KRI) are identified for each risk, providing early warning and enabling changes or deviations to be anticipated, which are mapped in the risk catalogues; • In order to operationalise the management of risk appetite and tolerance, an overall materiality threshold is defined for monitoring risks, along with variation bands for the KPI/ KRI associated with each risk, in line with the risk appetite/ tolerance levels set by the Board of Directors; • The magnitude of risk exposure is assessed through quantitative and qualitative methods, which consider the individual risk distributions and correlations between risks; • This process is reviewed annually whenever justified by business or contextual changes, and the processes formalised in the Multiannual Risk Plan. 2. Monitoring, Controlling and Reporting Risks: • The 1st, 2nd and 3rd Lines of Defence continually monitor the evolution of key risks and the respective KPIs/KRIs (key performance indicators/key risk indicators); • New mitigation actions to be implemented by the Business Units are defined whenever necessary; • The Risk Management function prepares a regular report with follow-ups on risk mitigation measures and the evolution of KPIs/KRIs.
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388 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 3. Supervise, Audit and Review: • Internal Audit (through annual audits of the Risk Management Process), the Risk Committee (at quarterly meetings) and the Audit Committee (at quarterly meetings) oversee the risk management process, contributing with suggestions for improvements or changes to risks, mitigation measures or KPI/ KRI; • This monitoring and review also includes the evaluation of the Company’s risk culture, as well as the alignment between risk management and the Company’s other activities. The process and responsibilities for the main functions of the risk management process can be summarised in the following table: T ask/Function Responsibility Identification/ Annual risk revision Bottom-up: Business Units/Departments T op-down: Board of Directors (coordination of the Risk Management) Definition of mitigation measures Business Units/Departments (coordination of the Risk Management) Updating of the risk matrix and risk catalogues Risk Management Risk Committee Board of Directors (approval) Definition of materiality Risk Management Risk Committee Board of Directors (approval) Updating the risk monitoring dashboard Risk Management Risk Committee Board of Directors (approval) Operational risk management Business Units/Departments Risk monitoring Business Units/Departments (1st Line of Defence) Risk Management (2nd Line of Defence) Compliance (2nd Line of Defence) Risk Committee Supervise, audit and review Internal Audit (3rd Line of Defence) Risk Committee Audit Committee Periodical reporting accompanied by plans (KPI/KRI) Risk Management Risk Committee Multiannual risk plan Risk Management Risk Committee Board of Directors (approval) 55. Core details on the internal control and risk management systems implemented in the Company regarding the procedure for reporting information. With regard to the preparation and disclosure of information, including consolidated information, the Company promotes close co-operation between all those involved in the process, so that the production, processing and dissemination of information is adequate and rigorous, notably that: • Its implementation, preparation, and processing comply with all applicable legal requirements and best practices in terms of transparency , relevance and reliability; • The information has been properly checked both internally and by the appropriate supervisory bodies; • The information has been approved by the appropriate governing body; • Its public disclosure complies with all relevant legal requirements and recommendations, specifically those of the Portuguese Securities Market Commission (CMVM) and is made in the following order: first, via the CMVM Information Dissemination System (www .cmvm.pt); second, via the Company’s website (www .corticeiraamorim.com); third, by means of a long list of Portuguese and foreign media contacts; and fourth, to Corticeira Amorim’s staff and to shareholders, investors, analysts and other stakeholders, whose contacts are stored in a database. The process of implementing, preparing, and processing information, including consolidated information, is dependent on the transaction recording process and support systems. With regard to financial information, there is an Accounting Manual and a set of formalised procedures for a number of specific situations related to internal control, which are implemented in Corticeira Amorim. These references contain a set of policies, rules and procedures designed to (i) ensure that homogeneous principles are followed in the process of preparing financial information and (ii) ensure the quality and reliability of financial information. The implementation of accounting policies and internal control procedures, relating to the preparation of financial information, is subject to evaluation by the internal and external auditors. The consolidated financial information by Business Unit is assessed, validated and approved by the management of the respective Business Unit, every quarter . This procedure has been consistently adopted by all the Corticeira Amorim’s business units. Also to be emphasised is a set of rules intended to ensure that the process of disclosure of financial information, including consolidated information, guarantees quality , transparency and fairness in the dissemination of information. The consolidated information of Corticeira Amorim is approved by the Board of Directors and presented to the Audit Committee, before its publication.
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389 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 IV . INVESTOR ASSISTANCE 56. Department responsible for investor assistance, composition, functions, the information made available by said department and contact details. Corticeira Amorim ensures, through the Investor Relations Officer , the existence of permanent contact with the Capital Markets, promoting the communication of relevant and up-to-date information to the financial community . Its activity is based on the principles of transparency , thoroughness and integrity , respecting the principle of equality among shareholders and preventing asymmetries in access to information by investors, financial analysts and regulatory entities. The Investor Relations Officer brings together and coordinates the work of professionals from other departments (Consolidation, Management Control, Legal and Tax, Administrative, Financial, Sustainability , Risk, Governance, Communication) at Corticeira Amorim, in order to provide impartial and timely replies to all requests from investors (whether shareholders or not). Role: The Investor Relations Officer of Corticeira Amorim has the following responsibilities: • Periodic disclosure of analyzes on the Company’s business performance and financial results, including co-ordination and preparation of the annual public presentation delivered at the Company’s registered office (either in person or via conference call); • Disclosure of inside information; • Disclosure of information on qualifying holdings; • Receipt and centralisation of all questions submitted by investors and answers to such questions; • Participation in conferences, roadshows and meetings with investors and analysts. Of the activities undertaken in 2025 as part of investor relations, the following are especially noteworthy: • Presentation of annual and biannual business activity and results via audio-conferencing, thereby promoting interaction in the disclosure of such information; • Meetings held on the Company’s premises with investors and analysts, to whom the major industrial facilities were presented. • Meetings with investors and financial analysts; • Participation in roadshows, both in Portugal and abroad; • Conducting conference calls and video conferences with investors and analysts; • Taking part in conferences, held in person and/or virtually . The management team, whenever possible and appropriate, were involved in the actions described above, both those of Corticeira Amorim and of the various Business Units. Corticeira Amorim has been using its information technology to regularly disclose and disseminate its economic and financial information, including the Company’s operation performance evaluation reports and financial results as well as its answers to specific questions and queries raised by investors. Type of information made available (in Portuguese and English): • The Company’s name, registered office and other information set out in Article 171 of the Portuguese Companies Code; • Articles of Association; • Code of Business Ethics and Professional Conduct and Procedure, Anti-Corruption Code of Conduct and related internal regulations, in particular the whistleblowing reporting form; • Identification of the members of the Company’s governing bodies and the investor relations officer; • Regulations governing the functioning of the corporate bodies; • Corporate policies and Equality Plan; • The Office of Investor Assistance, its functions and means of accessing this Office; • Financial statements, including an annual report on the corporate governance structure and practices; • Six-month calendar of corporate events released at the beginning of each half-year; • Rules of Procedure of the General Meeting; • Notices to members of Annual General Meetings to be given during a 21-day period prior to the date fixed for each meeting; • Motions submitted for discussion and vote at a General Meeting during a 21-day period prior to the date of the General Meeting; resolutions adopted and the respective minutes; • Remote voting form; • Proxy form for Annual General Meetings; • Disclosure of annual, biannual and quarterly information on the Company’s business affairs; • Main financial and activity indicators; • Share price development; • Annual report on the activities carried out, including the Annual Report, Corporate Governance Report and Sustainability Report; • Press releases: financial results, inside information, qualifying holdings in the share capital of the Company; • Business presentations to investors and market analysts. Contact information: This department can be reached by telephone at +351 (22 747 54 07) or e-mail at: corticeira.amorim@amorim.com. 57. Investor Relations Officer. The Investor Relations Officer of Corticeira Amorim is Ana Negrais de Matos.
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390 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 58. Data on the extent and deadline for replying to the requests for information received throughout the year or pending from preceding years. The response rate to requests for information is 100%. The reply is provided, on average, within 24 hours (working days), except for highly complex cases (average response time of five working days), which require consultation with external resources to the Company and are, therefore, dependent on the deadlines for the reply from such resources. These cases accounted for less than 5% of total requests for information in 2025. There were no pending replies at the end of the year . V . WEBSITE 59. Address. Corticeira Amorim provides a wide range of information on its website www .amorim.com about its corporate structure, operations and the development of its business activities. 60. Place where information on the name, public company status, headquarters and other details referred to in Article 171 of the Portuguese Companies Code is available. Information available at https:/ /www .amorim.com/en/investors/ corporate-governance/governance-model/. 61. Place where the articles of association and rules of procedure of the boards and/or committees are available. Information on the Articles of Association, Corporate Policies, Operating Regulations for governing bodies and specialised internal committees, Code of Business Ethics and Professional Conduct (including the Whistleblowing Procedure) available at https:/ /www . amorim.com/en/investors/corporate-governance/corporate- regulation-and-policies/. 62. Place where information is available on the names of the corporate boards’ members, the Investor Relations Officer, the Office of Investor Assistance or comparable structure, respective functions and contact details. Information on the members of the governing bodies, the Investor Relations Officer and the Investor Relations Office, their duties and how to access them available at https:/ /www .amorim.com/en/ investors/corporate-governance/board-members/. 63. Place where the documents related to financial accounts reporting are available, which should be accessible for at least five years, and related to the half- yearly calendar on company events, that is published at the beginning of every six months, including, inter alia, general meetings, disclosure of annual, half-yearly and, if applicable, quarterly financial statements. Accountability documents available at https:/ /www .amorim.com/en/investors/financial-information/ annual-report/; https:/ /www .amorim.com/en/investors/financial-information/ other-financial-reports/; Half-yearly calendar of company events, available at https:/ /www .amorim.com/en/investors/financial-calendar/ 64. Place where the notice convening the general meeting and all the preparatory and subsequent information related thereto is disclosed. https:/ /www .amorim.com/en/investors/general-meeting/ 65. Place where the historical archive on the resolutions passed at the Company’s General Meetings, share capital and voting results relating to the preceding three years are available. https:/ /www .amorim.com/en/investors/general-meeting/
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391 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 Specialised teams within Corticeira Amorim, together with external partners, came together to maximise synergies and results. A meeting dedicated to strategic alignment for the second half of the year, which included moments of sharing between CEOs.
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392 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 D. Remuneration I. POWERS TO ESTABLISH 66. Details of the powers for establishing the remuneration of corporate boards, members of the executive committee or chief executive and directors of the Company. Corticeira Amorim’s Appointments, Evaluation and Remuneration Committee is a committee established pursuant to Article 399(1) of the Portuguese Companies Code and Article 19(4) of the Company’s Articles of Association. It is responsible for setting the remuneration of the members of the governing bodies and the specialised internal committees. The mission of this Committee is also to advise the Board of Directors (i) on the preparation of succession plans and profile recommendations for the members of Corticeira Amorim’s governing bodies; and (ii) assessing the overall performance of the Board of Directors, its executive members, the Audit Committee and the internal committees. The Appointments, Evaluation and Remuneration Committee has no powers regarding the definition of the remuneration of the managers of the Company who are not members of the governing bodies or specialised internal committees. However , the assessment made by this Committee and the opinion on Corticeira Amorim’s Remuneration Policy and the consequent Remuneration Report contain the guiding principles for the remuneration of all employees, which should, therefore, potentially and indirectly have an impact on the remunerations. The Appointments, Evaluation and Remuneration Committee’s Rules of Procedure, approved at the General Shareholders’ Meeting of 22 April 2024, set out the mission and duties of the committee and are available at https:/ /www .amorim.com/en/investors/ corporate-governance/corporate-regulation-and-policies/). II. REMUNERATION COMMITTEE 67. Composition of the Remuneration Committee, including details of individuals or legal persons recruited to provide services to said committee and a statement on the independence of each member and advisor. The Appointments, Evaluation and Remuneration Committee, appointed by the General Shareholders’ Meeting on 22 April 2024, is made up of: Chairperson: Maria Cristina Galhardo Vilão (independent Non-executive Member of the Board of Directors) Member: Álvaro José da Silva (independent) Member: Rui Fernando Viana Pinto (independent) The Appointments, Evaluation and Remuneration Committee, as per its Rules of Procedure, may decide to hire consultancy services that it deems appropriate and necessary for the full exercise of its powers. It must ensure that the selection of the respective service providers follows criteria of competence and independence and that these providers will not be hired to provide any other services to the Company itself or to any other entities under its control or within its group, without the express authorisation of the
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393 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 Appointments, Evaluation and Remuneration Committee. In the financial year under review , no natural or legal person was hired to assist the Remuneration Committee. 68. Knowledge and experience in remuneration policy issues by members of the Remuneration Committee. Members of the Remuneration Committee were selected on the basis of their wide experience in managing human resources, monitoring and benchmarking other companies’ remuneration policies and practices and their knowledge in terms of best remuneration practices and labour law . Academic and professional qualifications of each member of the Appointments, Evaluation and Remuneration Committee and other important curricular information: Chairperson: Maria Cristina Galhardo Vilão Academic and professional qualifications, as described in section 19, and it should also be noted that, as part of her practice is a lawyer , she has experience in counselling and monitoring the hiring of directors and senior managers of companies, and remuneration policies, incentives and other policies linked to human resource management in those companies, with knowledge of relevant labour and company law in this regard. She chaired the specialised internal committee on the matter of appointments, evaluation and remuneration, from May 2021 to April 2023. She made a significant contribution to defining the policy and remuneration of Corticeira Amorim’s governing bodies. Her technical skills and in-depth knowledge of the issues assigned to this committee ensure the speed and continuity of improvements in the area of remuneration, appointments and evaluations of the aforementioned governing bodies. Nationality: Portuguese | Gender: Female | Age: 61 | Independent Member: Álvaro José da Silva Graduated with a Bachelor’s degree in Economics from the University of Porto Faculty of Economics, with a specialisation in Corporate Finance from the Higher Institute of Administration and Management (ISAG - Instituto Superior de Administração and Gestão), having taken various courses and seminars in the areas of balanced scorecard, strategic management, management control, performance evaluation and decision support systems. His professional experience includes (on-executive) senior management and management control roles, in which he has had the opportunity to learn about various remuneration practices and systems, namely incentive and variable remuneration systems, as well as the associated assessment and remuneration-setting processes. Since 2017, he has served as the Head of the Santa Casa da Misericórdia de Ovar , which is one of the largest social assistance providers in Portugal, with net assets of around EUR 12 million. The activity of this institution covers a wide range of areas, supporting and serving more than 1,000 people, and employing around 200. He is responsible for defining the policies and guiding practices in the area of human resources, which gives him relevant knowledge and experience in defining metrics for analysing and evaluating performance, and in the definition and implementation of incentive and talent retention programs. Nationality: Portuguese | Gender: Male | Age: 73 | Independent Member: Rui Fernando Viana Pinto Completed an Accounting and Auditing degree from the Instituto Superior de Contabilidade e Administração do Porto (ISCAP). He has been a guest lecturer in economic and tax subjects at the Faculty of Engineering of the University of Porto. He has been a speaker at national and international tax conferences and has written specialised technical articles. His professional experience includes working for the Portuguese Tax Authority , namely as a Senior Officer in the Porto District Tax Department and in the Large Companies Tax Inspection Services Department in Lisbon. He also worked (in a non-executive capacity) in the tax and contributions area of an international economic group, where he assessed various remuneration practices and systems, namely incentive systems and variable remuneration. The aim of this was to establish the appropriate tax and contributory framework and define administrative and accounting procedures to ensure timely fulfilment of all obligations arising from the remuneration processed, regardless of its form, namely salaries, supplements, bonuses and other incentives. Nationality: Portuguese | Gender: Male | Age: 71 | Independent
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394 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 III. REMUNERATION STRUCTURE This Chapter III. Remuneration structure and the following Chapter IV . Disclosure of remuneration is part of the information provided for in Article 26-G (1 and 2) of the Portuguese Securities Code and, therefore, pursuant to Article 26-G(8) of the same Code, this replaces the remuneration report. 69. Description of the remuneration policy of the Board of Directors and Supervisory Boards as set out in Article 2 of Law No. 28/2009 of 19 June. The General Meeting held on 22 April 2024 approved, following an independent proposal by the Appointments, Evaluation and Remuneration Committee, the following Remuneration Policy for the three-year period 2024-2026, which is based on principles of simplicity , clarity and transparency , and is in line with best market practices and trends. It aims to strengthen the values, competencies and conduct of the governing bodies and employees, supporting the sustainable growth strategy of Corticeira Amorim. Additionally , it contributes to the company’s strategic objectives by defining evaluation criteria (indicators proposed by the Appointments, Evaluation and Remuneration Committee) that are aligned with the Company’s strategic objectives, long-term interests and sustainability . 1. The members of the Presiding Board of the General Meeting shall exclusively receive a fixed remuneration, paid twelve times a year , as determined by the Appointments, Evaluation and Remuneration Committee (elected under Article 399 of the Portuguese Companies Code). This remuneration must be aligned with this Remuneration Policy , the Company’s financial situation, market practices, the responsibilities inherent to the roles performed, and the technical and professional credentials demonstrated. 2. The remuneration of the Statutory Auditor of Corticeira Amorim takes the form of a service provision fee. This is established annually , considering the characteristics of the Company and prevailing market practices. The Audit Committee is responsible for selecting the Statutory Auditor to be proposed to the General Meeting, and for proposing their respective remuneration to the Appointments, Evaluation and Remuneration Committee (elected pursuant to Article 399 of the Portuguese Companies Code). The remuneration of the Statutory Auditor will correspond to the amounts stated in the contract for the provision of statutory auditing services entered into with the Company , which covers almost all of its subsidiaries located in Portugal. 3. The Members of the Board of Directors, including an Audit Committee, shall be paid adequate remuneration taking into account: 4. • the individual remuneration package agreed upon between the Company and each Director; • observance of the principles of internal equity and external competitiveness, taking into account relevant information disclosed by the main Portuguese economic groups on their remuneration policies and practices. Payments arising from the termination of office of members of any of the Company’s bodies or committees shall be those provided for under general law and the applicable Remuneration Policy . The Company is prohibited from establishing specific agreements that determine the payment of any additional compensation. The members of the governing bodies of Corticeira Amorim do not receive, by way of remuneration, any pecuniary benefit. 3.1 Non-executive Directors Non-executive members of the Board of Directors may be remunerated or not, when considering the availability required and the duties actually carried out both within and without Corticeira Amorim. If they are remunerated, non-executive Directors’ remuneration will consist exclusively of a fixed component payable in twelve instalments per year , as determined by the Appointments, Evaluation and Remuneration Committee (elected under Article 399 of the Companies Code) taking into account the Remuneration Policy in force, international best practices and the responsibilities and availability required for their specific duties. The non-executive Members of the Board of Directors who form part of the Audit Committee shall be paid exclusively a fixed remuneration payable in twelve instalments per year , in line with market practice and the responsibilities inherent to the position held and their technical and professional knowledge and skills demonstrated. In line with market practices, the remuneration of the members of the Audit Committee may be differentiated, particularly in the case of its Chairperson, due to the special responsibilities assigned to them. The remuneration of non-executive Members of the Board of Directors does not include any component dependent on the Company’s performance or value, nor any additional benefits. Therefore, the total annual gross remuneration of non-executive members of the Board of Directors is set as follows: Chairperson of the Audit Committee: fifty thousand euros; other members of the Audit Committee: forty thousand euros; Lead Independent Director , when not a member of the Audit Committee: fifty thousand euros; other non-executive Members: no specific remuneration from the Company . 3.2 Executive Directors The remuneration of the executive members of the Board of Directors, whenever appropriate and feasible, should be made up of a fixed remuneration, to which a variable remuneration will be added. The variable remuneration comprises a three-year plan to award notional share options pegged to the Company’s profits and to Sustainability | ESG targets, with an annual component and a three-year component, based on achievement of the Company’s targets over those respective terms. The plan, by largely emulating the behaviour of the “Corticeira Amorim, S.G.P .S., S.A. ” listed shares (ISIN PTCOR0AE0006), but without presupposing changes in terms of voting rights and dividends, ensures that the costs of this remuneration are directly proportional to the return that
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395 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 shareholders obtain from their investment in the Company . Corticeira Amorim’s executive directors do not receive any remuneration for the performance of other management positions in other Corticeira Amorim companies. The members of the Board of Directors are prohibited from concluding contracts with the Company or with its subsidiaries and/or companies in which it holds an interest, which may mitigate the risk inherent to the variability of the remuneration as determined by the Company . No contracts have been entered into with executive directors, notwithstanding the Remuneration Policy’s provisions on the formalisation of notional share option plans. 3.2.1 Fixed remuneration The fixed component of the remuneration corresponds to a monthly payment, paid 14 times a year . It is defined by the Appointments, Evaluation and Remuneration Committee (elected pursuant to Article 399 of the Companies Code), taking into account the Remuneration Policy , the nature of the functions and responsibilities assigned and the practices observed in the market in relation to equivalent positions in large national and international companies operating in the same sectors. This analysis identified that there was a large gap between the fixed remuneration received and the market benchmark, considering the decisive role played by the executive directors in the exceptional results achieved by the Company in recent years, especially the Chairperson of the Executive Committee. For this reason, the fixed remuneration of the members of the Executive Committee was set at the following gross figures, which also takes into account the Company’s growth, individual career paths, responsibilities and the level of risk associated with each of their specific roles: Chairperson/CEO (six hundred and thirty-nine thousand, three hundred and nine euros); Chief Financial Officer (three hundred and ninety-one thousand, three hundred euros); Real Estate Management & Development Officer (three hundred and nine thousand, three hundred and nine euros); and Board Member (two hundred and eight thousand euros). 3.2.2. V ariable remuneration The allocation of the variable component of the remuneration aims to create a competitive compensation framework and establish an incentive system that ensures the alignment of the executive directors’ interests with those of the Company , shareholders, and other stakeholders, from an economic, social, and environmental sustainability perspective, in the medium and long term. The actual amount of the variable remuneration will always depend on the appraisal to be carried out every year by the Appointments, Evaluation and Remuneration Committee (elected pursuant to Article 399 of the Companies Code and entirely made up of independent members). This appraisal shall be of the performance of the executive Board members, examining the contribution of each individual executive director to both the Company’s profit in the relevant financial year and achievement of the Company’s targets, and the implementation of the Sustainability | ESG strategies defined by the Company for the medium/long term. The variable remuneration of the executive directors includes a three-year plan to grant options to acquire notional shares. It combines the consistency of consolidated net results, the results obtained in the ESG dimensions measured by the Sustainability Index and the alignment of the executive directors with shareholders’ interests regarding the evolution of Corticeira Amorim’s share price. The Company has entered into an agreement with each beneficiary of the share-based incentive plan regarding the Notional Share Option Plan, which formalises all applicable provisions, including those set out in the 2024–2026 Remuneration Policy . This agreement details, in particular , the objective of the plan, the beneficiaries of the call and put options on the notional shares, the conditions for exercising such options (including those arising from the beneficiary’s continued employment with, or departure from, the Company), the associated taxation and the term of the plan. This stock option plan comprises two components: 3.2.2.1. Annual variable remuneration The annual variable remuneration depends on a minimum value of Corticeira Amorim’s consolidated net profit (CNP) of forty million euros (twenty million euros in the case of the Chairperson) in the financial year of reference, i.e. if the CNP is lower than the respective minimum value then this component of the annual variable remuneration will not be payable. If the CNP is equal to or greater than the respective minimum value, the annual variable remuneration will be paid as follows: • Chairperson/Chief Executive Officer: for every five million euros of CNP above twenty million euros, this officer will be granted a number of notional share options equivalent to fifty thousand euros divided by the stock market value of Corticeira Amorim shares at the close of the session on the day prior to the Appointments, Evaluation and Remuneration Committee’s decision to award the remuneration (Previous Day’s Share Price); • Chief Financial Officer: for every five million euros above forty million euros of CNP , this officer will be granted a number of notional share options equivalent to twenty-five thousand euros divided by the Previous Day’s Share Price; • Real Estate Management & Development Officer: for every five million euros above forty million euros of CNP , this officer will be granted a number of notional share options equivalent to twenty thousand euros divided by the Previous Day’s Share Price; • Board Member: for every five million euros above forty million euros of CNP , this officer will be granted a number of notional share options equivalent to five thousand euros divided by the Previous Day’s Share Price. 3.2.2.2. Three-year variable remuneration The three-year variable remuneration depends on the positive performance of Corticeira Amorim over the three reference
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396 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 years, i.e. if the average CNP for those three years is less than forty million euros (twenty million euros in the case of the Chairperson), then this three-year variable remuneration component will not be payable. If the average CNP for the three- year period is equal to or greater than the respective minimum value, the three-year variable remuneration will be paid as follows: • Chairperson/Chief Executive Officer: for every five million euros of average CNP above twenty million euros for the three-year period, this officer will be granted a number of notional share options equivalent to one hundred and fifty thousand euros divided by the Previous Day’s Share Price; • Chief Financial Officer: for every five million euros of average CNP above forty million euros for the three-year period, this officer will be granted a number of notional share options equivalent to seventy-five thousand euros divided by the Previous Day’s Share Price; • Real Estate Management & Development Officer: for every five million euros of average CNP above forty million euros for the three-year period, this officer will be granted a number of notional share options equivalent to sixty thousand euros divided by the Previous Day’s Share Price; • Board Member: for every five million euros of average CNP above forty million euros for the three-year period, this officer will be granted a number of notional share options equivalent to fifteen thousand euros divided by the Previous Day’s Share Price. Rules common to the annual and three-year variable remunerations: a. The award of 20% of each of these variable remuneration components (annual and three-year) depends on achieving the Sustainability Index | ESG targets established by Corticeira Amorim (set out in the Annex to the Remuneration Policy - Criteria and targets relating to the Sustainability | ESG Index for the 2024–2026 three-year period, approved at the General Meeting of 6 May 2025, following a proposal made by the Appointments, Evaluation and Remuneration Committee), with the following award rules: if target achievement is equal to or greater than 100%, the aforementioned 20% will be awarded; if target achievement is less than 100% but still equal to or greater than 80%, half of this 20% will be awarded; if target achievement is less than 80%, this 20% of the variable remuneration will not be payable. In the annual component, the relevant data will be the achievement of the year’s targets, whereas in the three-year component the average percentage achieved over the three years of the reference period will be taken into account. b. The award of notional share options, if any , may only be made after the approval of the accounts by the general meeting for the financial year(s) corresponding to the reference period (previous year or final year of the applicable three-year period); c. To ensure that the executive director is exposed to the evolution of the Company’s value over a longer period, the exercise of options to acquire notional shares may only take place in the thirty days following the end of a one-year period after the approval of the accounts for the reference year or the final year of the applicable three-year period, benefiting from the following options to purchase notional shares from Corticeira Amorim, at a price of half a euro per option: • on the first anniversary of the options’ award date, the holder has the option to exercise 3/6 of the options; • on the second anniversary of the options’ award date, the holder has the option to exercise 1/6 of the options; • on the third anniversary of the options’ award date, the holder has the option to exercise 1/6 of the options; • on the fourth anniversary of the options’ award date, the holder has the option to exercise 1/6 of the options. d. To ensure that the executive director is exposed to the evolution of the Company’s value over a longer period, the options to sell notional shares to Corticeira Amorim are exercisable in the thirty days following the expiry of the one-year period subsequent to the anniversaries referred to in the paragraph above, at a price equal to the stock market price of Corticeira Amorim shares at the close of business on the day of the anniversary that gave rise to the respective put option; e. The departure of a Corticeira Amorim executive director (i) before the end of a financial year will result in the forfeiture of the annual variable remuneration for that year , (ii) before the end of the three-year period will result in the pro-rata allocation of the three-year variable remuneration for that period, if applicable, for the financial years completed while in office during the three-year period in progress; f. The rights to purchase notional shares already granted, the ownership rights of notional shares, as well as the rights to sell them to the Company , will only be transferable to the respective legitimate heirs in the event of death; g. Pursuant to Article 19(3) of Corticeira Amorim’s Articles of Association, remuneration in the form of profit sharing for members of the Board of Directors who are not part of the Audit Committee may not exceed, for all directors in office, three per cent of profits. The variable remuneration of each executive director may therefore have to be proportionally reduced for this purpose. The annual and three-year period components of variable remuneration are conditional on the Company’s positive performance over that period (annual or three-year period), in terms of the economic and financial indicators and the achievement of the medium and long-term goals set out in the Remuneration Policy . If the results show a significant worsening of the company’s performance in any of the calculated years, then they are automatically not awarded or their value is immediately adjusted. If the variable remuneration has been unduly awarded, in whole or in part, the Company may not pay the executive director the deferred variable remuneration (which is considered to be the variable remuneration up to the time the executive director exercises the option to purchase the notional shares). If it has been paid, a claim may be made for its refund, regardless of whether the beneficiary is employed by the Company or not. In addition, the deferred annual and/or three-year variable
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397 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 remuneration may undergo reasonable adjustments relating to exogenous factors and unforeseen economic decisions, as well as those necessary to ensure comparability . These adjustments shall be appropriate to encourage management objectives, following a duly substantiated proposal from the Appointments, Evaluation and Remuneration Committee. 4. The Company’s other employees shall be paid adequate remuneration taking into account: Corticeira Amorim’s business is governed by collective bargaining agreements for the cork industry (relating to factory and office workers), entered into by the Portuguese Cork Association (APCOR) and by the sector’s trade unions. The basic (fixed) remuneration benchmarks for the professional groups that perform industrial functions that require direct, indirect and administrative types of labour , function as minimum fixed remuneration limits. These remunerations are complemented at Corticeira Amorim with variable remuneration linked to the degree of achievement of certain objectives (individual, team/company and resulting from performance in terms of quality , deadlines, productivity , occupational accidents and individual attendance). The objective is to increasingly differentiate and expand these practices, aligning employees in this segment with a philosophy of Company and team objectives. For middle and senior management positions, the Company values a fixed component, in harmony with market values, and a system of variable remuneration, linked to goals for one-year and three-year cycles, privileging the attainment of individual and team goals, but with a greater weighting in the achievement of Company results. The aim of this policy and this alignment of incentives is to ensure the attraction and retention of professionals with the required skills, thereby reinforcing a company culture in which individual performance is placed at the service of a greater collective good: the sustainability of the Company . Depending on the overall results each year , and whenever possible, the Board of Directors of Corticeira Amorim seeks to award a global and equal bonus to all its employees as a share in Company profits. 70. Information on how remuneration is structured so as to enable the aligning of the interests of the members of the Board of Directors with the Company’s long- term interests and how it is based on the performance assessment and how it discourages excessive risk taking. The Remuneration Policy described in the previous section is in place and includes information on the measures implemented to align the interests of the management body’s members with the long-term interests of both the Company and its stakeholders. The actual amount of the variable remuneration will always depend on the appraisal to be carried out every year by the Appointments, Evaluation and Remuneration Committee (elected pursuant to Article 399 of the Companies Code and entirely made up of independent members). This appraisal shall be of the performance of the executive Board members, examining the contribution of each individual executive director to both the Company’s profit in the relevant financial year and achievement of the Company’s targets, and the implementation of the Sustainability | ESG strategies defined by the Company for the medium/long term. The Remuneration Policy includes a claw-back and/or malus clause for variable remuneration which aims to discourage excessive risk-taking, determining that both the annual and three-year period components of variable remuneration are conditional on the Company’s positive performance over that period (annual or three-year period), in terms of the economic and financial indicators described and the achievement of the relevant medium and long-term goals. If the results show a significant worsening of the Company’s performance in any of the calculated years, then they are automatically not awarded or their value is immediately adjusted. If the variable remuneration has been unduly awarded, in whole or in part, the Company may not pay the executive director the deferred variable remuneration (which is considered to be the variable remuneration up to the time the executive director exercises the option to purchase the notional shares). If it has been paid, a claim may be made for its refund, regardless of whether the beneficiary is employed by the Company or not. Furthermore, the deferred annual and/or three-year variable remuneration may undergo reasonable adjustments relating to exogenous factors and unforeseen economic decisions, as well as those necessary to ensure comparability , and which are appropriate to provide incentive in relation to management objectives, following a duly substantiated proposal from the Appointments, Evaluation and Remuneration Committee. 71. Reference, where applicable, to there being a variable remuneration component and information on any impact of the performance appraisal on this component. The remuneration policy approved by the General Meeting and described in section 69 is adopted. The actual amount of the variable remuneration will always depend on the appraisal to be carried out every year by the Appointments, Evaluation and Remuneration Committee (elected pursuant to Article 399 of the Companies Code and entirely made up of independent members). This appraisal shall be of the performance of the executive Board members, examining the contribution of each individual executive director to both the Company’s profit in the relevant financial year and achievement of the Company’s targets, and the implementation of the Sustainability | ESG strategies defined by the Company for the medium/long term. 72. The deferred payment of the remuneration’s variable component and specify the relevant deferral period. The Remuneration Policy approved at the General Meeting and described in sections 69 and 70 is adopted. Once compliance with the conditions set out in the aforementioned policy has been verified, the variable remuneration takes the form of a plan for the award of notional share options. The exercise of options to acquire notional shares may only take place during the thirty days following the completion of one year from the date of
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398 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 approval of the accounts for the reference year or the final year of the applicable three-year period, benefiting from the following options to purchase notional shares from Corticeira Amorim, at a price of half a euro per share option: • on the first anniversary of the options’ award date, the holder has the option to exercise 3/6 of the options; • on the second anniversary of the options’ award date, the holder has the option to exercise 1/6 of the options; • on the third anniversary of the options’ award date, the holder has the option to exercise 1/6 of the options; • on the fourth anniversary of the options’ award date, the holder has the option to exercise 1/6 of the options. To ensure each member of the Executive Committee is exposed to the evolution of the Company’s value over a longer period, the options to sell notional shares to Corticeira Amorim are exercisable in the thirty days following the expiry of the one-year period subsequent to the anniversaries referred to in the preceding paragraph, at a price equal to the stock market price of Corticeira Amorim shares at the close of business on the day of the anniversary that gave rise to the respective put option. The exercise period for call options is set out in the current Remuneration Policy (2024–2026) and does not depend directly or indirectly on the share price on the date of exercising the call options. Similarly , the exercise period for put options is also set out in the same Policy , with the amount to be received by beneficiaries depending on the share price on the first day of exercising the option. The Remuneration Policy allows for the exercise of 3/6 (or 50%) of the put options on notional shares (and, consequently , the actual receipt of remuneration by the beneficiaries) only in the third year following the reference financial year(s) (in which the results giving rise to the award of variable remuneration were achieved). The remaining 3/6 are exercised, in equal instalments, in the fourth, fifth and sixth years following the reference financial year . This staggered exercise of the put options over a period of six years, and consequently the deferral of the actual receipt of variable remuneration, is considered to fully safeguard the effects and interests advocated by Recommendation VI.2.9. 73. The criteria on which the allocation of variable remuneration as shares is based, as well as the rules governing the retention of such shares by the executive directors, the possible execution of contracts relating to those shares, including hedging or risk transfer arrangements, their respective limits, and their relationship to the total annual remuneration value. The Remuneration Policy approved at the General Meeting and described in sections 69 and 70 is adopted. The members of the Board of Directors are prohibited from concluding contracts with the Company or with its subsidiaries and/or companies in which it holds an interest, which may mitigate the risk inherent to the variability of the remuneration as determined by the Company . In accordance with the Remuneration Policy 2024-2026, the award of notional share options, if any , may only be made after the approval of the accounts by the General Meeting for the financial year(s) corresponding to the reference period (previous year or final year of the applicable three-year period). It is therefore not yet possible to determine their amount. On 15 May 2025, the Appointments, Evaluation and Remuneration Committee decided to grant the following notional share options as V ariable Annual Remuneration relating to the results and targets for the 2024 financial year: • António Rios de Amorim (Chairman/Chief Executive Officer): 43,849 notional share options; • Cristina Rios de Amorim (Chief Financial Officer): 12,180 notional share options; • Nuno Barroca (Real Estate Management & Development Officer): 9,744 notional share options; • Fernando Almeida (Board Member): 2,436 notional share options. 74. The criteria whereon the allocation of variable remuneration as stock options is based and details of the deferral period and the exercise price. The Remuneration Policy approved at the General Meeting and described in sections 69 and 70 is adopted. 75. The key factors and grounds for any annual bonus scheme and any additional non-financial benefits. There are no other systems of annual bonus or other non-cash benefits besides those identified in the previous sections. 76. Key characteristics of the supplementary pensions or early retirement schemes for Directors and date when said schemes were approved at the general meeting, on an individual basis. Not applicable. There are no supplementary pensions or early retirement schemes.
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399 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 The members of the Board of Directors as a whole received gross remunerations from Corticeira Amorim in 2025 of 2,319,385 euros, corresponding to 1,774,209 euros of fixed remuneration and 545,176 euros in variable remuneration, the latter being awarded exclusively to the executive members of the Board of Directors. IV . REMUNERATION DISCLOSURE 77. Details on the amount relating to the annual remuneration paid as a whole and individually to members of the Company’s Board of Directors, including fixed and variable remuneration and as regards the latter, reference to the different components that gave rise to same. T otal remuneration broken down into the different components (Article 26-G(2), sub-paragraph a) of the Portuguese Securities Code): Board members Position Remuneration Paid Fixed Component Variable Component Executive Members: António Rios Amorim Chairman 640,881 214,662 Cristina Rios de Amorim Baptista Member 392,871 135,204 Nuno Filipe Vilela Barroca de Oliveira Member 310,887 107,118 Fernando José de Araújo dos Santos Almeida Member 209,569 88,192 Non-executive Members: Luisa Alexandra Ramos Amorim Vice-Chairperson - - Juan Ginesta Viñas Member - - José Pereira Alves Member 50,000 - João Nuno de Sottomayor Castello Branco Member (Lead Independent Director) 50,000 - Maria Cristina Galhardo Vilão Member 40,000 - António Manuel Mónica Lopes de Seabra Member 40,000 - Helena Sofia Salgado Fonseca Cerveira Pinto Member 40,000 - V alues in euros. The variable remuneration for 2025 is: Payment of 25% (third instalment) of the V ariable Annual Remuneration calculated in 2023 (relating to the 2022 financial year): • António Rios de Amorim (Chairman): 48,362 euros; • Cristina Rios de Amorim (CFO): 32,445 euros; • Nuno Filipe Vilela Barroca de Oliveira (REM&DO): 25,896 euros; • Fernando José de Araújo dos Santos Almeida (Board Member): 22,116 euros. Payment of 25% (second instalment) of the V ariable Annual Remuneration calculated in 2024 (relating to the 2023 financial year): • António Rios de Amorim (Chairman): 59,219 euros; • Cristina Rios de Amorim (CFO): 35,157 euros; • Nuno Filipe Vilela Barroca de Oliveira (REM&DO): 27,913 euros; • Fernando José de Araújo dos Santos Almeida (Board Member): 22,123 euros. Payment of 25% (second instalment) of the V ariable Multi- Y ear Remuneration (relating to the 2022-2023 period): • António Rios de Amorim (Chairman): 107,081 euros; • Cristina Rios de Amorim (CFO): 67,602 euros; • Nuno Filipe Vilela Barroca de Oliveira (REM&DO): 53,309 euros; • Fernando José de Araújo dos Santos Almeida (Board Member): 43,953 euros.
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400 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 • Fernando Almeida (Board Member): 25,000 euros (for every five million euros of CNP in excess of forty million euros, he shall be granted a number of notional share options equivalent to five thousand euros divided by the Previous Day’s Share Price). Note: 20% of this amount is contingent upon the achievement of targets relating to the Sustainability | ESG Index. Step 3: Calculation of the achievement of targets relating to the Sustainability | ESG Index and the amount effectively due to each member of the Executive Committee: Annual variable remuneration - Sustainability | ESG Index (KPI | ESG) Variable Remuneration Criteria Application of criteria Achievement x Weighting 20% of the Annual Variable Remuneration determined in Step 2 is dependent on 100% achievement of the targets relating to the Sustainability | ESG Index If achievement is < 100% but is equal to or greater than 80%, this 20% component will be reduced by 50%; If achievement is < 80%, there will be no entitlement to this component of variable remuneration. % Green Energy (electricity consumed from renewable or controlled or certified sources); KPI target 2024=10% KPI electricity consumed from controlled renewable sources in Portugal was 13.2% in 2024 100% x 20% Positive annual development of the Gender Equality ratio (in the perimeter of Women vs. Men) KPI target 2024: 26% It was 28.2% in 2024. 100% x 20% Positive development of Energy Efficiency - KPI > 2%/year Improved by 3.5% in 2024 100% x 20% Employee access to training KPI target 2024: 95% It was 91.2% in 2024. 0 x 20% Positive annual development of Productivity It increased from 73.3% in 2023 to 72.2% in 2024 0 x 20% 60% Information on the application of performance criteria for the purposes of variable remuneration (Article 26-G(2), sub-paragraph a) of the Portuguese Securities Code): I - Variable Annual Remuneration Application of the 2024-2026 Remuneration Policy, which establishes the applicable performance criteria for determining the annual variable remuneration in 2025 (relating to 2024 performance): Step 1: Calculation of the Consolidated Net Profit (CNP) for the 2024 financial year: 69,699 thousand euros Step 2: Calculation of the maximum amount payable to each member of the Executive Committee: • António Rios de Amorim (Chairman/Chief Executive Officer): 450,000 euros (for every five million euros of CNP in excess of twenty million euros, he shall be granted a number of notional share options equivalent to fifty thousand euros divided by the stock market value of Corticeira Amorim shares at the close of the session on the day prior to the Appointments, Evaluation and Remuneration Committee’s decision to award the remuneration (Previous Day’s Share Price)); • Cristina Rios de Amorim (Chief Financial Officer): 125,000 euros (for every five million euros of CNP in excess of forty million euros, she shall be granted a number of notional share options equivalent to twenty-five thousand euros divided by the Previous Day’s Share Price); • Nuno Barroca (Real Estate Management & Development Officer): 100,000 euros (for every five million euros of CNP in excess of forty million euros, he shall be granted a number of notional share options equivalent to twenty thousand euros divided by the Previous Day’s Share Price); It can therefore be seen that the degree of achievement of the Sustainability | ESG Index - Short Term was 60%, i.e. less than 80%, which means that the condition for access to 20% of the annual variable remuneration was not met. Consequently , the amount effectively due to each member of the Executive Committee (the amount determined in Step 1 minus 20%) is: • António Rios de Amorim (Chairman/Chief Executive Officer): 360,000 euros; • Cristina Rios de Amorim (Chief Financial Officer): 100,000 euros; • Nuno Barroca (Real Estate Management & Development Officer): 80,000.00 euros; • Fernando Almeida (Board Member): 20,000 euros.
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401 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 Step 4: Calculation of the number of options to be granted: The theoretical value determined in Step 3 corresponds to a number of notional share options equivalent to its division by the stock market price of the shares representing the share capital of Corticeira Amorim at the close of trading on the day prior to the Appointments, Evaluation and Remuneration Committee’s decision to award the remuneration (Previous Day’s Share Price); As the Appointments, Evaluation and Remuneration Committee decided on 15 May 2025 to grant notional share options for the purposes of variable remuneration for the 2024 financial year , the relevant share price for this calculation is that of 14 May 2025, which was 8.21 euros. Therefore, the number of notional share options granted, i.e. the Annual V ariable Remuneration, was: Relative proportion of fixed remuneration and variable remuneration (Article 26-G(2)(a) of the Portuguese Securities Code): Board members Position Remuneration Paid Fixed Component Variable Component Executive Members: António Rios Amorim Chairman 74.9% 25.1% Cristina Rios de Amorim Baptista Member 74.4% 25.6% Nuno Filipe Vilela Barroca de Oliveira Member 74.4% 25.6% Fernando José de Araújo dos Santos Almeida Member 70.4% 29.6% Non-executive Members: Luisa Alexandra Ramos Amorim Vice-Chairperson - - Juan Ginesta Viñas Member - - José Pereira Alves Member 100.0% - João Nuno de Sottomayor Castello Branco Member (Lead Independent Director) 100.0% - Maria Cristina Galhardo Vilão Member 100.0% - António Manuel Mónica Lopes de Seabra Member 100.0% - Helena Sofia Salgado Fonseca Cerveira Pinto Member 100.0% - • António Rios de Amorim (Chairman/Chief Executive Officer): 43,849 notional share options; • Cristina Rios de Amorim (Chief Financial Officer): 12,180 notional share options; • Nuno Barroca (Real Estate Management & Development Officer): 9,744 notional share options; • Fernando Almeida (Board Member): 2,436 notional share options. II - Multi-year Variable Remuneration The Three- Y ear V ariable Remuneration, pursuant to the 2024– 2026 Remuneration Policy , will be determined in relation to the three reference financial years (2024, 2025, 2026), following the approval of the 2026 financial statements.
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402 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 Annual variation of remuneration, Corticeira Amorim’s performance, and the average remuneration of Corticeira Amorim’s full-time equivalent employees, excluding the members of the management and supervisory bodies, over the last five years (Article 26-G(2)(c) of the Portuguese Securities Code): Annual variation of remuneration for the members of the Board: Board members Remuneration YEAR 2021 2022 2023 2024 2025 Executive members: António Rios Amorim Fixed 239,309 239,335 296,096 640,849 640,881 Variable 500 190,900 48,362 214,662 214,662 Change (%) -0.20% 79.41% -19.94% 148.36% 0.00% Cristina Rios de Amorim Baptista Fixed 154,749 217,635 234,581 392,839 392,871 Variable 500 130,410 33,055 135,204 135,204 Change (%) - 124.18% -23.10% 97.30% 0.00% Nuno Filipe Vilela Barroca de Oliveira Fixed 169,309 169,335 186,086 310,855 310,887 Variable 500 101,300 25,896 107,118 107,118 Change (%) -0.28% 59.38% -21.67% 97.17% 0.00% Fernando José de Araújo dos Santos Almeida Fixed (a) 144,109 145,535 157,486 209,537 209,569 Variable (a) 60,150 86,200 22,116 88,192 88,192 Change (%) 33.68% 13.45% -22.50% 65.77% 0.00% Non-executive Members: Luisa Alexandra Ramos Amorim (b) N /A N /A N /A N /A N /A Cristina Rios de Amorim Baptista (a) 0.00 N /A N /A N /A N /A Juan Ginesta Viñas (b) N /A N /A N /A N /A N /A José Pereira Alves Fixed (c) 22,664 40,000 40,000 50,000 50,000 João Nuno de Sottomayor Castello Branco Fixed (d) N /A N /A N /A 33,333 50,000 Maria Cristina Galhardo Vilão Fixed (c) 14,666 22,000 22,000 40,000 40,000 António Manuel Mónica Lopes de Seabra Fixed (c) 14,666 22,000 22,000 40,000 40,000 Helena Sofia Salgado Fonseca Cerveira Pinto Fixed (e) N /A N /A N /A 26,667 40,000 Marta Parreira Coelho Pinto Ribeiro Fixed (f) 14,666 22,000 22,000 7,333 N /A V alues in euros. a) Remuneration earned since May 2021 inclusive, following her appointment as a member of Corticeira Amorim’s Executive Committee. Until May 2021, she was part of the Board of Directors of the Company as a non-executive Member , without remuneration. b) Non-executive, non-remunerated directors. c) Remuneration earned since April 2021, inclusive, following their election as independent non-executive members of the new Board of Directors of Corticeira Amorim, which includes an Audit Committee of which they form part. Remuneration is earned through the set of posts/duties carried out at the Company . d) Remuneration earned since April 2024, including following election as an independent non-executive member of the Board of Directors and holding the position of Independent Lead Director . e) Remuneration earned since April 2024, including following election as an independent non-executive Member of the Board of Directors, serving on the Audit Committee. f) Remuneration earned from April 2021, inclusive, until April 2024, the date on which she ceased to be a Member of the Board of Directors.
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403 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 Annual change in the average remuneration of Corticeira Amorim employees (in full-time equivalent terms): Employees of the Corticeira Amorim Company YEAR 2021 2022 2023 2024 2025 T otal Remuneration 41,885 49,483 63,469 58,140 60,156 Change 4.26% 18.14% 28.26% -8.40% 3.47% V alues in euros. Annual change in the performance of Corticeira Amorim: Corticeira Amorim’s consolidated performance 2021 YEAR 2021 2022 2023 2024 2025 Sales Value 837,820 1,021,391 985,467 939,061 860,967 Change 13.2% 21.9% -3.5% -4.7% -8.3% Current EBITDA Value 134,399 163,954 176,985 157,566 140,985 Change 9.7% 22.0% 7.9% -11.0% -10.5% EBITDA/Sales Percentage 16.0% 16.1% 18.0% 16.8% 16.4% Net income Value 74,755 98,394 88,897 69,699 55,567 Change 16.2% 31.6% -9.7% -21.6% -20.3% Net Interest-bearing Debt Value 48,072 128,988 240,839 195,687 75,859 Change -56.6% 168.3% 86.7% -18.7% -61.2% V alues in thousand euros. 80. Compensation paid or owed to former executive Directors concerning contract termination during the financial year. There were no resignations by members of the governing bodies, nor by members of corporate committees (Appointments, Evaluation and Remuneration Committee), nor by members of internal committees (Executive Committee, Risk Committee and ESG Committee) in 2025. Therefore no compensation or other payments were made or are due in respect of the termination of duties in the 2025 financial year . 81. Details of the annual remuneration paid, as a whole and individually, to the members of the Company’s supervisory body for the purposes of Law No. 28/2009 of 19 June. The members of the Audit Committee earned an overall remuneration for performing all their duties within Corticeira Amorim (Board of Directors, Audit Committee and other Committees), the value of which is described in section 77. 82. Details of the remuneration in the said year of the Chairman of the Presiding Board of the General Meeting. The Chairman and the Secretary of the Board of the General Meeting earned total remuneration of 9,000 euros and 3,000 euros, respectively . 78. Any amounts paid, for any reason whatsoever, by other companies in a control or group relationship, or that are subject to a common control. In the 2025 financial year , the company Trefinos, S.L. paid Juan Ginesta Viñas, for his position as a director in that company and pursuant to the existing remuneration agreement, the amount of 567,513 euros (fixed remuneration: 87,674 euros; profit sharing in Trefinos, S.L: 479,838 euros). Remuneration in 2024 totalled 799,813 euros (fixed remuneration: 87,674 euros; profit sharing in Trefinos, S.L.: 712,139 euros). The other members of the Board of Directors did not earn remunerations from other associate or subsidiary companies included in the consolidated accounts of Corticeira Amorim. 79. Remuneration paid in the form of profit sharing and/ or bonus payments and the reasons for said bonuses or profit sharing being awarded. The amounts awarded to the members of the Board of Directors by Corticeira Amorim, under the terms of this note, are referred to in section 77 and were awarded because the conditions for the award of the annual variable remuneration described and calculated under the terms referred to in sections 69 and 70 were fulfilled.
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404 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 The stock option plan is described in detail in point 69, section 3.2.2. “V ariable Remuneration” and in the section “Rules common to the annual and three-year variable remunerations”. 87. Option rights to acquire shares (stock options) granted to Company workers and employees. There are no other option rights of this type, apart from the notional share option plan referred to in sections 69 and 85 of this report. 88. Control mechanisms for a possible employee- shareholder system inasmuch as the voting rights are not directly exercised by said employees. Control mechanisms of this type do not exist in the Company . notional share options pegged to the Company’s profits and to Sustainability | ESG targets, with an annual component and a multi- annual component (three-year period) for achieving the Company’s targets over the respective term. The notional share option plan provided for in that Policy will be formalised by contract, signed by each executive director individually . This plan, by largely emulating the behaviour of the “Corticeira Amorim SGPS” listed shares (ISIN PTCOR0AE0006), but without presupposing changes in terms of voting rights and dividends, ensures that the costs of this remuneration are directly proportional to the return that shareholders obtain from their investment in the Company . As described in detail in section 77, the Appointments, Evaluation and Remuneration Committee decided, on 15 May 2025, to award the following notional share options as V ariable Annual Remuneration for the 2024 financial year: • António Rios de Amorim (Chairman/Chief Executive Officer): 43,849 notional share options; • Cristina Rios de Amorim (Chief Financial Officer): 12,180 notional share options; • Nuno Barroca (Real Estate Management & Development Officer): 9,744 notional share options; • Fernando Almeida (Board Member): 2,436 notional share options. 86. Characteristics of the plan (award conditions, non-transfer of share clauses, criteria on share pricing and the exercising option price, the period during which the options may be exercised, the characteristics of the shares or options to be awarded, the existence of incentives to purchase and/or exercise options). Under the terms of the Remuneration Policy for 2024-2026, described in point 69 of this Report, the variable remuneration of the executive directors includes a three-year plan to grant options to acquire notional shares. It combines the consistency of consolidated net profit, the results obtained in the ESG dimensions measured by the Sustainability Index and the alignment of the executive directors with shareholders’ interests regarding the evolution of Corticeira Amorim’s share price. V . AGREEMENTS WITH REMUNERATION IMPLICATIONS 83. The envisaged contractual restraints for compensation payable for the unfair dismissal of Directors and the relevance thereof to the remunerations’ variable component. No contractual restraints are envisaged in accordance with this section. 84. Reference to the existence and description, with details of the sums involved, of agreements between the Company and members of the Board of Directors and managers, that envisages compensation in the event of resignation or unfair dismissal or termination of employment following a takeover bid. There are no agreements according to the terms set out in this section. No agreements providing for the payment of compensations to the Company’s directors and officers (other than where required by law) have been entered into by and between the Company and its Directors or Officers. Under the Remuneration Policy referred to in point 69, in the event of the cessation of duties of members of any corporate body or committee of the Company , the indemnity payments arising from such cessation are those provided for by general law , and the Company is prohibited from entering into specific agreements that determine the payment of any other compensation. VI. SHARE AWARD AND/OR STOCK OPTION PLANS 85. Details of the plan and the number of persons included therein. Under the terms of the Remuneration Policy for 2024-2026, described in detail in point 69 of this Report, the remuneration of the executive members of the Board of Directors, whenever appropriate and feasible, should be made up of a fixed remuneration, to which a variable remuneration will be added. The variable remuneration comprises a three-year plan to award
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405 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 I. CONTROL MECHANISMS AND PROCEDURES 89. Mechanisms implemented by the Company for the purpose of controlling transactions with related parties. When not expressly prohibited by law7, related-party transactions follow the provisions of the Regulation and Related-Party Transactions available for consultation at https:/ /www .amorim.com/en/investors/corporate-governance/ corporate-regulation-and-policies/. As a rule, transactions concluded between the Company or any subsidiary8, and any related party9, must be conducted within the scope of the Company’s or subsidiary’s current activity and under normal market conditions; transactions that do not meet these requirements are subject to a decision by the Board of Directors or the Executive Committee, preceded by an opinion from the Audit Committee. Within the scope of the internal control mechanisms for transactions with Related Parties, the following procedures and criteria, considered adequate to guarantee the transparency of the decision-making process and the determination of the transactions subject to disclosure, are in place: E. Related-Party Transactions For the purposes of assessing the transaction in question and issuing the Audit Committee’s opinion, the Board of Directors or the Executive Committee, as part of the respective delegation of powers, shall provide that body with the necessary information and a reasoned justification. 7 Article 397 – Transactions with the company , of the Portuguese Companies Code provides, with binding force, that: 1 - The Company is prohibited from granting loans or credit to directors, making payments on their behalf, providing guarantees for obligations contracted by them and granting them advances on remuneration exceeding one month. 2 - Contracts concluded between the Company and its directors, directly or through an intermediary , shall be null and void if they have not been previously authorized by decision of the board of directors, the interested party not having a vote, and following a favourable decision by the supervisory board. [Audit Committee] 3 - The provisions of the preceding subsections shall extend to acts or contracts entered into with companies that are in a group or control relationship with the Company of which the contracting party is a director . 4 - In its annual report, the board of directors shall specify any authorisations it has granted under no. 2 and the supervisory board’s report [Audit Committee] shall mention the opinions given on such authorisations. 5 - The provisions of 2, 3 and 4 shall not apply where the act is part of the company’s own business and no special advantage is granted to the contracting director . 8 Company in which Corticeira Amorim held 50% and/or management control (subsidiary). 9 Within the meaning of international accounting standards adopted in accordance with Regulation No. 1606/2002, of the European Parliament and of the Council of 19 July 2002 (related party). a. By the end of the month following the end of each quarter , the Board of Directors or the Executive Committee shall review and report to the Audit Committee the value and nature of the transactions carried out in the previous quarter with each related party , specifying those that have been subject to specific approval by any of those bodies; b. Related-party transactions shall be submitted for a prior opinion to the Audit Committee, followed by a specific decision by the Board of Directors in the following cases: i. Transactions whose value per transaction exceeds one million euros or where the value accumulated during the year exceeds three million euros; ii. Transactions with a significant impact on the business activity of the Company and/or its subsidiaries due to their nature or strategic importance, regardless of their value; iii. Transactions carried out outside the ordinary course of business of the Company or any subsidiary .
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406 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 These procedures do not apply to: i. Transactions carried out between the Company and its subsidiaries, where no party related to the Company has an interest in that subsidiary; ii. Transactions related to the directors’ remuneration, or to certain elements of that remuneration; iii. Transactions proposed to all shareholders under the same terms, where equal treatment for all shareholders and protection of the Company’s interests are ensured. The value of these transactions is disclosed annually in the Consolidated Annual Report and Accounts of Corticeira Amorim (section 92 herein). The procedure by which the Board of Directors or the Executive Committee verifies and submits, each quarter , the value and nature of transactions with Related Parties to the supervisory body , is in place. 90. Details of transactions that were subject to control in the referred year. As indicated in section 92 above. 91. A description of the procedures and criteria applicable to the supervisory body when same provides preliminary assessment of the business deals to be carried out between the Company and the holders of qualifying interests or entity-relationships with the former, as envisaged in Article 20 of the Portuguese Securities’ Code. As set out in section 89 above. The assessment to be carried out within the scope of the authorisation procedures and prior opinion applicable to related- party transactions must take into account, among other relevant aspects depending on the specific case, the principle of equal treatment of shareholders and other stakeholders, the pursuit of the interests of the Company , and the impact, materiality , nature and justification of each transaction. Pursuant to the law , the Company’s Articles of Association and the Regulation on Transactions with Related Parties, for assessed transactions subject to prior opinion by the Audit Committee and/ or approval by the Board of Directors, the members of these bodies who are, for the specific or planned transaction, Related Parties must provide all information and clarifications with a view to the full understanding of the relevant transaction, although they are not allowed to participate in the decision and/or the respective vote. It is incumbent upon the Executive Committee (i) to establish mechanisms (subject to the prior appraisal of the Audit Committee) designed to ensure the identification of related party transactions by the Company and by its subsidiaries, and (ii) to inform the Audit Committee with due notice whenever the transaction is subject to a prior opinion from the Audit Committee under the terms of sub- paragraph b) of paragraph 1 of this article. Related-party transactions carried out either by the Company or by any of its subsidiaries, (i) that are not carried out in the ordinary course of business or under normal market conditions shall be disclosed to the market in accordance with current legislation and/ or accounting rules in force; (ii) the value of which is equal to or greater than 2.5% of the Company’s consolidated assets and which do not meet the requirements set out in the previous section, must be disclosed publicly , no later than at the time they are carried out. Such disclosure should include the identification of the related party and the nature of that relationship, the date and amount of the transaction, the rationale for the transaction and the Audit Committee’s opinion.
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407 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 II. DATA ON BUSINESS DEALS 92. Details of the place where the financial statements including information on business dealings with related parties are available, in accordance with IAS 24, or alternatively a copy of said data. Entity Other Information 31/12/2024 31/12/2025 i) transactions, the value per transaction of which does not exceed 1 million euros or where the value accumulated during the year does not exceed 3 million euros Acquisition transactions to: Quinta Nova N. Sra. do Carmo, Lda. purchases and services rendered 33.1 23.1 T aboadella purchases and services rendered 17.5 22.4 Kaizen T ech services rendered 554.1 604.8 Sales and services rendered: Quinta Nova N. Sra. do Carmo, Lda. 594.6 582.1 T aboadella 139.0 132.3 Other (*) 72.1 238.4 Cork purchases: Soc. Agrícola de Cortiças Flocor, S.A. 385.3 301.4 Corunhal - Sociedade Agro-florestal 750.2 - Cimorim - Sociedade Agro-Florestal 516.3 603.1 S.S.A. Soc. Serv. Agrícolas, S.A. 407.1 131.7 ii) transactions with a significant impact on activity, regardless of the respective amount They did not exist iii) transactions undertaken exceptionally, outside of normal market conditions They did not exist iv) transactions undertaken outside the ordinary course of business of the Company or any Subsidiary They did not exist v) transactions submitted for prior opinion They did not exist T otal 3,469.3 2,639.4 *Related-party transactions that did not exceed 10,000 euros in the reporting year . V alues in thousand euros. Purchases of cork from companies owned by Corticeira Amorim’s main indirect shareholders amounted to 1,269 thousand euros in 2025 (2024: 2,286 thousand euros), corresponding to less than 2% of total purchases of cork raw material. There were no transactions which, under the Law or the Related-Party Transactions Regulation, required the prior opinion of the Audit Committee.
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408 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 • The formalisation and updating of internal regulations, namely Corticeira Amorim’s corporate codes and policies; • Monitoring the evolution of the ESG ratings awarded to the Company; • The calendar of market events and statements, and the disclosure of information to the market; • The calendar of the main events involving Corticeira Amorim and its BUs. members of the Board of Directors are informed in a timely fashion of the activities undertaken by the Executive Board. Thus, in addition to matters which by law or the Articles of Association are of the exclusive competence of the Board of Directors, non-executive board members were informed of and able to follow: • The annual plan and evolution of the operational activity and key economic and financial indicators of all the BUs that make up Corticeira Amorim; • The definition of the strategy , plans and ESG targets for the 2025–27 cycle and the 2030 ambition; the main sustainability themes for 2025: reporting and compliance, decarbonisation roadmap, human rights and environmental due diligence, climate risks; • Significant consolidated financial information: financing, investment, financial autonomy and off-balance-sheet liabilities; • Activities carried out by different cross-functional support divisions and their impact on the Organisation; • The development of R&D+I activities; • The process of acquiring/disposing of and/or establishing new companies, as well as the investment plan of all the BUs that make up Corticeira Amorim; • The activities carried out by the Company’s specialised internal committees; I. ACTIVITIES CARRIED OUT BY THE NON-EXECUTIVE MEMBERS OF THE BOARD OF DIRECTORS During the year , the non-executive members of the Board of Directors regularly attended the monthly meetings of the Board, where all matters that could not be delegated or were included on the Board’s agenda because of their importance, scale or critical timing were discussed and analyzed. The meetings were organised administratively to ensure that all board members, executive and non-executive, could adequately prepare beforehand, encouraging the active participation of all members in the debate, analysis, and planning of actions to improve the productivity of the meetings and the efficiency of the Organisation. The calendar of ordinary meetings of the Board of Directors was agreed at the end of 2024 so that all members could attend. Any board member , including non-executive members, could submit points or discussion subjects for inclusion in the agenda up to two working days before each meeting. A system has been implemented that enables the Executive Board to report to the Board of Directors in such a way as to ensure that the activities of the two bodies are properly aligned and that all F. Other Information
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409 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 associated with the Organisation’s operations and value chain. This system adopts a risk-based approach, involving stakeholders, complaint mechanisms, continuous monitoring and transparent communication; • Occupational Health and Safety Policy: reflects Corticeira Amorim’s set of objectives and commitments to the protection and empowerment of people, aimed at creating safe and healthy working environments, preventing occupational risks and continuously promoting the physical, mental and social well-being of all employees, subcontractors and those involved in operations. This policy is integrated across all strategic and operational processes, promoting a culture of prevention, well-being and shared responsibility . Other documents: • Issuance of the Annual report on the implementation of the Plan for the Prevention of Risks of Corruption and Related Offences (April 2025), which highlights an adequate level of implementation of this Plan, in line with the established guidelines; and the report on situations classified as high or maximum risk in the Risk and Related Offences Prevention Plan, which shows that, following the reinforcement of measures to mitigate such risks, these situations are now considered to pose a reduced residual risk; • Formalisation of the 2026 Equality Plan, establishing the areas of intervention in equality , diversity , and inclusion, aiming to make progress in these areas and achieve the established targets. It is also worth highlighting the model whereby the specialised internal committees report to the Board of Directors, allowing for a full understanding of the activities carried out by the committees and their interaction with the various transversal support areas of Corticeira Amorim, thereby constantly aligning their activities with the Organisation’s priorities. Therefore, at the end of 2025, a significant evolution in the governance policies and practices can be observed, in line with the recommendations of the Code of Corporate Governance issued by references and alignment with international standards, stakeholder engagement, and methods of publicising the policy; • Privacy Policy and Privacy Policy for Employees: identification of responsibility and governance of the policy , methods of publicising the policy; • General Cybersecurity Policy: identification of the policy’s responsibility and governance, implementation, references and alignment with international standards, training, stakeholder engagement, and methods of publicising the policy; • T ax Policy: vision, identification of the policy’s responsibility and governance, implementation, references and alignment with international standards, stakeholder engagement, commitments, and methods of publicising the policy; • Energy , Environment and Biodiversity Policy: identification of the policy’s responsibility and governance, definition of a set of commitments undertaken by the Organisation, aimed at reducing environmental impacts and creating long-term sustainable value, and stakeholder engagement; • Regulations on Transactions with Related Parties: concluding that the procedures and practices set out are in line with the law and ensure the adequate prevention of any conflicts of interest, safeguarding the Company’s interests in such transactions; • Internal whistleblowing procedure: update (1) the definition of an irregularity , which includes breaches of Corticeira Amorim’s codes, policies, regulations and other rules; (2) examples of actions that may constitute retaliation, expressly prohibiting them; and (3) internal channels for whistleblowing, including verbal reports; • Formalisation in a policy document of the policies and practices followed by the Company: • • Human Rights and Environmental Due Diligence Policy: establishes a structured system for human rights and environmental due diligence, in line with the CSDDD and international principles, committing to identifying, preventing, mitigating and remedying negative impacts II. GOVERNANCE The corporate governance model (Anglo-Saxon) is being maintained, with some policies and procedures being strengthened, both through the revision of regulations and through actions aimed at their dissemination, adoption and, progressively , verification of the compliance of practices with these regulations. Highlights: Corporate regulations: • Approval of the Annex to the Remuneration Policy regarding the criteria and targets of the Sustainability | ESG Index for the 2024–2026 three-year period at the General Meeting of 6 May 2025, following an independent proposal put forward by the Appointments, Evaluation and Remuneration Committee; • Review and update of the following regulations: • Risk Management Policy: update of the risk catalogue; • General Sustainability Policy: identification of the policy’s responsibility and governance, strengthening the commitment to managing material risks and opportunities associated with the Organisation’s activities, and stakeholder engagement; • Human Resources Policy: identification of the policy’s responsibility and governance, emphasis on practices relating to social dialogue and work-life balance, and stakeholder engagement; • Appointments Policy: assigning to the Appointments, Evaluation and Remuneration Committee (1) the task of assisting and supporting the Board of Directors in identifying/ selecting suitable candidates for senior management positions and (2) promoting, within the scope of its remit, the adoption of transparent selection processes that include effective mechanisms for identifying potential candidates, and that those proposed for selection have the greatest merit, are most adequate to the requirements of the role and promote adequate diversity , including gender equality . • Diversity Policy: vision and commitments, identification of the policy’s responsibility and governance, implementation,
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410 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 Evaluation and Remuneration Committee, towards: • Defining, implementing, and complying with Company strategy , thereby ensuring high levels of performance over the short, medium and long term; • Defining, implementing, and monitoring risk management policies and practices for anticipating, preventing and mitigating risks; • Maintaining a close and collaborative relationship between the members of the different boards and between the Company’s other bodies and functional areas; • Ensuring the sustainable development of the Company and the creation of value for all its stakeholders. It also highlights: 1. The effective contribution of the ESG (Environmental, Social & Governance) Committee, which advises the Board of Directors on the monitoring, supervision, and strategic guidance of Corticeira Amorim in the field of corporate governance, social responsibility , the environment and ethics, providing comprehensive and well-founded analyzes of these issues; 2. The work of the Risk Committee to strengthen the risk culture of the Corticeira Amorim Group, contributing to the continuous implementation of systematised procedures, aiming for the continuous monitoring of the main risks inherent to the activity and the effectiveness of the mitigation measures implemented, while appraising the level of exposure to risk and its potential evolution. The objective is to assist the Board of Directors in supervising the execution of the risk strategy , issuing opinions and recommendations on risk strategies; 3. The effective and efficient performance and supervision of the Audit Committee and all its members, in support of (i) promoting and overseeing the effectiveness of the internal audit system, including the activity plans of both internal and external audit; and (ii) providing more informed and independent assessments and decisions, namely in evaluating the independence of the external auditor , transactions with stakeholders, and handling whistleblower communications; 4. Notable in terms of policies and practices in matters of appointments, evaluation and remuneration, is the competent III. ANNUAL ASSESSMENT OF PERFORMANCE AND GOVERNANCE The Appointments, Evaluation and Remuneration Committee (AERC) is responsible for advising the Board of Directors on the annual self-assessment process, including the assessment of the Executive Committee, the Audit Committee and the specialised internal committees. To this end, the AERC carried out a set of different actions seeking to gather the information relevant to the aforementioned evaluation process for 2025. In keeping with best practices, a questionnaire was drafted and sent to every member of the aforementioned management bodies and committees. It was answered by every member . It evaluated aspects relating to the organisation, functioning, interaction and dynamics of meetings, the composition of the body or committee, aspects relating to its performance and function (as applicable) and the follow-up of decisions/recommendations. The statistical analysis of the responses shows that there is a high level of satisfaction (an overall average of 4.6, on a scale of 1 to 5, where 5 represents the highest level of satisfaction) with the various aspects asked of the Board of Directors and Committees. This process also received suggestions for improvement on certain aspects. It is the belief of the Board of Directors that this result displays the robustness of the governance model and the policies and practices implemented. It is the belief of the Board of Directors that this result demonstrates the effectiveness of the governance model and the policies and practices implemented, as well as the commitment of all those consulted to contribute, both individually and through the bodies or committees of which they are members, to high levels of performance in support of Corticeira Amorim’s competitiveness and the creation of long-term value for its stakeholders. Therefore, the Board of Directors, within the scope of the annual performance assessment of the Company’s governance, recognises and highlights the professional, diligent, careful and proactive performance of all the members of Corticeira Amorim’s Board of Directors, its Executive Committee, its non-executive Members, the Audit Committee, the Risk Committee, the ESG (Environmental, Social & Governance) Committee, and the Appointments, the Portuguese Institute of Corporate Governance (code applied by Corticeira Amorim as its reference in its formal annual reporting on company governance) and with what the Company’s various stakeholders, in particular its shareholders, investors and ESG rating agencies evaluate as the best governance practices.
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411 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 and independent work of the Appointments, Evaluation and Remuneration Committee, in defining and implementing appropriate policies and practices, aligned with national and international ESG trends, in order to foster high levels of performance and professionalism to drive the advancement of Corticeira Amorim’s sustainable growth strategy . 5. It is therefore considered that these Committees have a composition appropriate to the size of the Company and the complexity of the risks inherent to their activity , efficiently fulfilling the duties entrusted to them. This professional, committed, and diligent conduct has guaranteed the good performance of the Company and, according to the Board of Directors, will continue to foster an appropriate long-term performance. It therefore makes a significant contribution to stakeholders and the community in general, as reflected in the Consolidated Financial Statements and in the disclosures of the Consolidated Sustainability Statement, in particular in environmental terms (ESRS E1, ESRS E2, ESRS E3, ESRS E4 and ESRS E5) and social terms (ESRS S1, ESRS S2, ESRS S3 and ESRS S4), which form part of the 2025 Consolidated Annual Report.
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412 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 The We Are ON! 2025 event brought together 150 young executives from all of Corticeira Amorim’s Business Units and cross-functional areas to foster connections, encourage collaboration and reflect on the purpose and impact of the Company’s actions from a forward-looking perspective.
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413 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 In this report, Corticeira Amorim assesses its practices in relation to the aforementioned IPCG Corporate Governance Code on a ‘comply or explain’ basis. This report on Corticeira Amorim’s corporate governance structures and practices is benchmarked against all legislation, regulations and recommendations to which our Company is subject. In matters of corporate governance Corticeira Amorim is governed by: (i) the provisions of current law in Portugal, in particular the Portuguese Companies Code, Portuguese Securities’ Code and the regulations issued by the Portuguese Securities Market Commission (CMVM), which can be consulted on the CMVM’s website at www . cmvm.pt; (ii) its own Articles of Association, which are available on the Company’s website at https:/ /www .amorim.com/en/ investors/corporate-governance/corporate-regulation-and- policies/. It also embraces the Corporate Governance Code issued by the Portuguese Institute of Corporate Governance (IPCG), 2018 edition with the 2023 revision, and, although it is only a recommendatory framework, it is an important reference point for good practice and which is also available at www .cgov .pt. 1. Details of the Corporate Governance Code implemented PART II CORPORATE GOVERNANCE ASSESSMENT
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414 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 Corticeira Amorim promotes regular monitoring of the actions envisaged in the program, which includes quantitative objectives, performance indicators and control procedures, which guarantee, with rigour and integrity , the reporting on its priorities and progress in these matters. An Integrated Management System is in place, which includes the management system for cork manufacturing practices, quality , environmental, energy , food safety , forest products and custody practices, occupational health and safety and social responsibility . Quality , environmental, social and safety indicators are assessed, and possible improvement actions and necessary resources are then identified. The management systems are audited internally and externally , according to the schedule defined for each system. An annual compliance audit is also carried out. Evaluation mechanisms and indicators are defined for each of the systems in all establishments that are not covered by external certifications. The 2025 Sustainability Statement transparently and consistently reports on Corticeira Amorim’s environmental, social and governance impacts, risks and opportunities, details the environmental and social objectives, as well as the ambition for 2030, and reports on the progress made towards each of these objectives during the financial year in question, referring to the formalised policies (available at https:/ /www .amorim.com/en/ for all; promoting R&D+I and leveraging economic performance. These are made effective through ten major objectives that guide the actions of the entire Organisation: ethics and integrity; biodiversity and ecosystems; climate change; circular economy; labour relations, employment and DEI (Diversity , Equity and Inclusion); talent management; safety , health and well-being; value chain; customers and end consumers; and community /society . All Corticeira Amorim employees are responsible for contributing to achieving the defined priorities, either through the defence and observance of the principles of good governance, also expressed in the Company’s Code of Business Ethics and Professional Conduct, or through direct functions in the areas of sustainability . 2025 marked the start of the new 2025-2027 strategic cycle, within which a process of progressive and continuous integration of the results of the double-materiality assessment was initiated — namely the new material impacts, risks and opportunities identified — into the definition and operational implementation of objectives, targets and metrics. The companies that have now been included within the new , broader sustainability scope, now aligned with the scope of the consolidated financial reporting, were also taken into consideration with a view to achieving the ambition set for 2030. CHAPTER I · COMPANY’S RELATIONSHIP WITH SHAREHOLDERS, STAKEHOLDERS AND THE COMMUNITY IN GENERAL I.1. The Company explains how its strategy seeks to ensure the achievement of its long- term objectives and what the main resulting contributions are to the community in general. Adopted. Consolidated Sustainability Statement Disclosures: Strategy (ESR 2 – 1.3.), Risk and Impact Management (ESR 2 - 1.4.), Environment (ESRS E1, ESRS E2, ESRS E3, ESRS E4 and ESRS E5); Social (ESRS S1, ESRS S2, ESRS S3 and ESRS S4), which is part of the 2025 Consolidated Management Report. I.2. The Company identifies the main policies and measures adopted with regard to the achievement of its environmental and social goals. Adopted. Anchored in a vision of ethics and integrity , the Sustainable by Nature program, revised in 2024, is based on three fundamental pillars: promoting the environmental features of the products and the cork oak forests; promoting well-being and equal opportunities 2. Analysis of compliance with the Corporate Governance Code implemented
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415 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 investors/corporate-governance/corporate-regulation-and- policies/), the measures and actions implemented, and the actual results achieved, measured using technically appropriate indicators, with comparative data that provide insight into progress, whenever possible. CHAPTER II · COMPOSITION AND FUNCTIONING OF GOVERNING BODIES II.1. Information II.1.1. The Company establishes mechanisms to ensure, in an adequate and precise manner, the timely circulation or disclosure of the necessary information to its bodies, the Company secretary, shareholders, investors, financial analysts, other stakeholders and the overall market. Adopted. Sections 29.I to III, 55, 56 and 58. II.2. Diversity in the composition and functioning of corporate bodies II.2.1. The companies establish criteria and requirements in advance, and in the abstract, regarding the profile of members of the corporate bodies appropriate to the function to be performed. This shall, in particular, take individual attributes into account (such as competence, independence, integrity, availability and experience), and diversity requirements (with particular attention to equality between men and women), which can contribute to improving the performance of the body and its balanced composition. Adopted. Part I – Introduction to Chapter B, sections 19 and 26 (Board of Directors and Audit Committee), section 11 (Board of the General Meeting). Corticeira Amorim adopts policies and practices aimed at promoting diversity in governing bodies (https:/ /www .amorim. com/en/investors/corporate-governance/board-members/). Corticeira Amorim is the holding company of a corporate group based in Portugal, firmly established internationally through its subsidiaries, associates and joint ventures. The vast portfolio of products and solutions it continually develops responds to diverse markets and consumers. Addressing the challenges arising from this framework, Corticeira Amorim’s governance advocates a diversity policy in the composition of its governing bodies, particularly the Board of Directors and the Audit Committee, as a means to: • Promote diversity in the composition of the respective body; • Enhance the performance of each member and, collectively , of each body; • Stimulate comprehensive, balanced and innovative analysis and, consequently , allow informed and agile decision-making and control processes; • Contribute to strengthening the Company’s capacity for innovation and self-renewal, supporting its sustainable development and the creation of long-term value for shareholders and other stakeholders. Corticeira Amorim therefore acknowledges the need to continually promote diversity in its corporate bodies, particularly the Board of Directors and the Audit Committee, especially in the following areas: • Adequate academic qualifications and professional experience relevant to the performance of the specific corporate position which — taken together within the respective corporate body — ensure that the body as a whole possesses the competencies required for the proper performance of its functions; • Inclusion of members from different age groups, combining the know-how and experience of older members with the innovation and creativity of younger members, so as to enable the respective body to adopt an innovative vision of the business and a prudent approach to risk management; • The promotion of gender diversity and, consequently , an adequate balance of perspectives and decision-making styles within the respective body . According to Corticeira Amorim’s Appointments Policy (available at https:/ /www .amorim.com/en/investors/corporate- governance/corporate-regulation-and-policies/), the following are requirements for the appointment of members of the management and supervisory bodies:
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416 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 Individual Requirements: i. Good repute, which shall take into account the way in which the person usually manages professional or personal business, or exercises his/her profession, especially in aspects that demonstrate his/her capacity to decide in an ethical, measured and judicious manner , or his/her tendency to meet obligations in a punctual manner . All the circumstances that make it possible to assess professional aptitude for the duties in question are to be taken into consideration. Good repute shall be assessed based on objective criteria, based as much as possible on information about the duties performed by the person in question in previous roles, their most notable behavioural traits and the context in which their decisions were taken; ii. Independence: whenever applicable, with the aim of preventing members of the management body and the supervisory body , and their alternates, from being subject to undue influence from other persons or entities, ensuring conditions that allow them to perform their duties with impartiality in both analysis and decision-making. When evaluating independence, all situations that may affect the independence of the person in question must be taken into account, namely: (a) positions that the person concerned holds or has held in Corticeira Amorim, or a company within the Group, or in a competing entity; (b) family or similar relationships, as well as close personal, professional or economic relationships that the person concerned has with other members of the management or supervisory bodies of Corticeira Amorim or companies within the Group; (c) whether the person concerned or a person with whom he/ she has a close personal relationship simultaneously holds a management position or a first line reporting position in Corticeira Amorim, Group companies or competing entities; (d) significant business relationships in the last three years with Corticeira Amorim, Group companies or competing entities; (e) roles of high political influence held by the person concerned or a person with whom he/she has a close personal relationship. Notwithstanding the above, the Audit Committee shall always have a majority of independent members, within the meaning of Article 414(5) of the Portuguese Companies Code. A potential conflict of interest does not necessarily mean that the interested party cannot be considered suitable for the role. It is the responsibility of the Board of Directors or the Appointments Committee, as applicable, when checking the requirements for appointment, to assess whether the risk is significant and suggest possible mechanisms to mitigate or eliminate that risk. The Audit Committee informs the Board of Directors or the Appointment Committee of situations that potentially generate conflicts of interest, and supports it assessing the situations identified; iii. A vailability: the members of the Board of Directors/ Audit Committee and the Statutory Auditor shall have adequate availability for performing their respective roles. The executive members of the Board of Directors shall perform their roles on a full-time basis. The non-executive Members of the Board of Directors, the Audit Committee and the Statutory Auditor shall have the necessary availability to fully perform their roles. Collective Requirements: It is verified, in the collective evaluation of the management body and the supervisory body , whether the composition of each body collectively possesses the appropriate skills and diversity of professional qualifications, as well as the sufficient availability to fulfil their respective legal and statutory duties in all relevant areas of activity . The Board of Directors and the Audit Committee must collectively include members with knowledge, skills and experience in areas relevant to the performance of the corresponding duties in Corticeira Amorim. Notwithstanding the above, the Audit Committee shall always have a majority of independent members, within the meaning of Article 414(5) of the Portuguese Companies Code, with a high level of skills and knowledge in the financial, accounting and industrial auditing areas or operational knowledge in Corticeira Amorim’s area of activity . The result of the adoption of these policies is reflected in the composition of the members of its governing bodies, in particular those who are covered by this recommendation. The Appointments Policy further stipulates that the Appointments, Evaluation and Remuneration Committee shall promote, to the extent of its remit, the adoption of transparent selection processes that include effective mechanisms for identifying potential candidates, and that those proposed for selection have the greatest merit, are most adequate to the requirements of the role and promote adequate diversity within the Organisation, including gender equality , and must also ensure that the necessary measures are implemented to comply with Corticeira Amorim’s Diversity Policy . II.2.2. The management and supervisory bodies and their internal committees have regulations — namely on the exercise of their duties, chairmanship, frequency of meetings, operation and framework of duties of their members — which are published in full on the company’s website, and minutes of the respective meetings must be drawn up. Adopted. The internal regulations of the Board of Directors, the Audit Committee, the Appointments, Evaluation and Remuneration Committee, the Executive Committee and the specialised internal committees are formalised and available for consultation: Risk Committee and ESG (Environmental, Social & Governance) Committee, which regulate, among other matters, all those referred to in this note. Detailed minutes of the meetings of these bodies and committees are drawn up. The information can be found at https:/ /www .amorim.com/en/investors/corporate-governance/ corporate-regulation-and-policies/.
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417 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 II.2.3. The composition and number of meetings in each year of the management and supervisory bodies and their internal committees shall be made public through the Company’s website. Adopted. Sections 17 and 23 (Board of Directors); sections 28 and 29 (Executive Committee); section 29 (Risk Committee, ESG, Committee, Appointments, Evaluation and Remuneration Committee); sections 31 and 35 (Audit Committee). The information can be found at https:/ /www .amorim.com/en/ investors/corporate-governance/board-members/. II.2.4. The companies have adopted a whistleblowing policy that explains the main rules and procedures to be followed for each report and an internal whistleblowing channel that also includes access by non-employees, under the terms of the applicable law. Adopted. Section 49. II.2.5. The companies have specialised committees for corporate governance, remuneration, appointment of members of corporate bodies and performance evaluation that are either separate or combined. In the event the remuneration committee provided for in Article 399 of the Portuguese Companies Code has been created, this recommendation may be complied with by granting this committee powers in the aforementioned matters, if not prohibited by law. Adopted. Sections 27, 29 and 67. II.3. Relations between the Company bodies II.3.1. The Articles of Association or other equivalent means adopted by the Company establish mechanisms to ensure that, within the limits of applicable legislation, the members of the management and supervisory bodies are permanently assured access to all necessary information for assessing the Company’s performance, situation and development prospects. This includes, in particular, the minutes, supporting documents for the decisions taken, notices and the archives of meetings of the executive management body, without prejudice to access to any other documents or persons who may be asked to provide explanations. Adopted. As stated in this report and/or provided for in the internal operating regulations and/or inherently part of the carrying out of duties, the access to all information and other elements referred to in this recommendation is ensured. Sections 21, 29 and 38. II.3.2. Each body and committee of the Company ensures, in a timely and adequate manner, the inter- organisational flow of information necessary for the performance of the legal and statutory powers of each of the remaining bodies and committees. Adopted. Sections 21, 29 and 38, as well as the provisions set out in the internal regulations governing the functioning of the bodies and committees https:/ /www .amorim.com/en/investors/corporate- governance/corporate-regulation-and-policies/). II.4. Conflicts of Interest II.4.1. Through internal rules or equivalent means, members of management and supervisory bodies and internal committees are obliged to inform the respective body or committee whenever there are facts that may constitute or cause a conflict between their interests and those of the Company. Adopted. Sections 20 and 29 and as stipulated in the internal rules of procedure of the Board of Directors and the Executive Committee and, in general terms, Article 3 of the Related-Party Transactions Regulation (https:/ /www .amorim.com/en/investors/corporate- governance/corporate-regulation-and-policies/). With regard to the Audit Committee, it should be noted that at Corticeira Amorim, this body is composed exclusively of independent members who are not associated with any specific interest group within the Company , nor are they under any circumstances likely to affect impartiality of analysis or decision- making. The Appointments Policy also establishes the following rules on the prevention, reporting and resolution of situations of conflicts of interest: https:/ /www .amorim.com/en/investors/corporate-governance/ corporate-regulation-and-policies/) • Members of the management bodies and supervisory bodies and their alternates must avoid any situation liable to give rise to a conflict of interest. Corticeira Amorim is aware that conflicts of interest may arise from personal and professional relationships, both present and past. The members of the Board of Directors/ Audit Committee and the Statutory Auditor must immediately disclose any current or potential conflicts of interest that may concern them. Current or potential conflicts of interest must be reported in writing to the Appointments Committee, which will immediately submit its assessment to the Board of Directors, suggesting how the conflict may be satisfactorily mitigated or resolved. Members of the Board of Directors/ Audit Committee are required to abstain from voting on any matters in which they have, or may have, conflicts of interest, or in relation to which their objectivity or ability to adequately fulfil their obligations to the institution may be jeopardised. • Unless authorized by the General Meeting of Shareholders of Corticeira Amorim, members of the Board of Directors may not (i) perform, on their own account or on behalf of third parties, any activity that competes with those of Corticeira Amorim; (ii) perform roles in competing companies or be appointed on
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418 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 behalf of or to represent such companies. When the General Meeting of Shareholders authorises such, it must define the arrangements for access to sensitive information by the director(s) in question. II.4.2. The Company adopts procedures to ensure that the member in conflict does not interfere in the decision-making process, without prejudice to the duty to provide information and clarifications requested by the body, the committee or its members. Adopted. Sections 20 and 29 and as stipulated in the internal rules of procedure of the Board of Directors and the Executive Committee and, in general terms, Article 3 of the Related-Party Transactions Regulation (https:/ /www .amorim.com/en/investors/corporate- governance/corporate-regulation-and-policies/). II.5. Related-party transactions II.5.1. The management body discloses, in the governance report or by other publicly available means, the internal verification procedure for transactions with related parties. Adopted. Sections 38, 89, 90 and 91 and as stipulated in the Related-Party Transactions Regulation (https:/ /www .amorim.com/ en/investors/corporate-governance/corporate-regulation-and- policies/). CHAPTER III · SHAREHOLDERS AND GENERAL METING III.1. The Company shall not set an excessively high number of shares required to confer the right to one vote (1) and provides information in the governance report whenever each share does not correspond to one vote (2). (1) Adopted. Each share is entitled to one vote. Section 12. (2) Not applicable. III.2. A company that has issued shares with special plural voting rights identifies, in the corporate governance report, the matters which, as provided for in the company’s articles of association, are excluded from the scope of plurality voting. Not applicable. Corticeira Amorim has not issued shares with special plural voting rights. III.3. The Company shall not adopt mechanisms that hinder the passing of resolutions by shareholders, including fixing a quorum for resolutions greater than that provided for by law. This practice is considered equivalent to the proposal in this recommendation, i.e. to safeguard the same interests. Section 14. As detailed in section 14, the Articles of Association of Corticeira Amorim enshrine a quorum for the meeting to be valid/passing resolutions that is greater than that established in law in the following situations: • Restriction or withdrawal of pre-emption rights in share capital increases - the Company’s Articles of Association require that the General Shareholders’ Meeting be attended by shareholders accounting for at least 50% of the paid-up share capital (Article 7); • Removal of a director elected under the special provisions set out in Article 392 of the Portuguese Companies Code – it is necessary that shareholders accounting for at least 20% of the share capital vote against the resolution to remove a Director from office (Article 17); • In order that resolutions may be passed at an Annual General Meeting convened by shareholders, the meeting shall be attended by members holding shares equivalent to the minimum amount required by law to justify the calling of such a meeting (Article 22); • Change in the statutory rules on the composition of the Board of Directors – this resolution must be approved by shareholders accounting for at least two-thirds of the share capital (Article 24); • Winding up the Company – such resolution requires the approval of shareholders representing at least 85% of the paid- up share capital (Article 33). Therefore, non-compliance with this Recommendation and the requirement of a higher quorum than that provided for by the Portuguese Companies Code gives shareholders - particularly small or minority shareholders - an important role in a number of decisions that can have significant impact on corporate life (winding up), the corporate governance model (removal of a Director proposed by minority shareholders and change in the composition of the Board of Directors), ownership rights of shareholders (restriction or abolition of shareholders’ pre-emptive subscription rights in share capital increases) and an appropriate participation in Annual General Meetings convened by shareholders. Thus, we are of the opinion that maintaining these requirements serves to promote and safeguard the rights and role of shareholders in the handling of matters of corporate significance – values that the Corporate Governance Code seeks to protect. III.4. The Company implements adequate means for shareholders to participate in the General Meeting remotely, in a manner commensurate with its size. Does not comply . The General Meeting held in 2025 did not allow the participation of shareholders by remote means. The Articles of Association of Corticeira Amorim do not allow , nor do they forbid, taking part in the shareholders’ General Meeting by telematic means.
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419 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 As mentioned in the previous section, Corticeira Amorim encourages the attendance of shareholders at General Meetings, which it considers to be an event of the utmost significance for the Company and its shareholders, as a privileged forum for communication between the Company (via the members of its management bodies) and its shareholders, encouraging transparency , joint reflection, the exchange of ideas and arguments and the alignment of interests. Thus, the high active participation of Corticeira Amorim’s shareholders in the General Meetings motivates the Company to maintain the traditional system of participation and voting (in person and vote by correspondence, including e-mail), ensuring, on the one hand, the participation of all those who cannot or do not intend to participate in person and, on the other hand, enhancing the traditional participation in person, which largely exceeds 80% of the total shares issued. Therefore, taking this reality as a basis and taking into account the complexity associated with holding General Meetings by telematic means (in particular material resources and technical means, control system and verification of shareholder status), as well as the risks of computer tampering and cybersecurity and the associated costs for both parties to avoid these risks, Corticeira Amorim believes that it is appropriate to maintain current practice with regard to holding and participating in the General Meeting of shareholders. This position and understanding does not preclude that, considering the specific framework for scheduling/holding the General Meeting, remote participation by shareholders is not possible, as was the case in 2020 and in April 2021, due to the restrictions imposed by the response plan to the COVID-19 pandemic. Rules of procedure of the General Meeting: https:/ /www .amorim.com/xms/files/Investidores/Estatutos_ Politicas_Regulamentos/20220428_Regulamento_da_Assembleia_ Geral_EN.pdf III.5. The Company also implements adequate means to exercise the right to vote remotely, including by mail and electronic means. This practice is considered equivalent to the proposal in this recommendation, i.e. to safeguard the same interests. Section 12. The Articles of Association of Corticeira Amorim provide for the possibility of voting by electronic means, if received at the Company’s registered office by the third business day before the date fixed for the holding of the General Meeting. The Chairperson of the Presiding Board of the General Meeting shall verify prior to the call for the General Meeting whether the Company is equipped with communication means that can ensure the security and authenticity of the votes cast. If the Chairperson of the Presiding Board decides that the technical requirements for voting by electronic means are met, such information shall be included in the Notice calling the meeting. The presence of the shareholder at the General Meeting revokes the vote sent by mail or by electronic means. Since electronic voting was not allowed in the General Meeting held in 2025, voting by correspondence, including by electronic correspondence, was permitted under the conditions explicitly advertised in the General Meeting’s Notice, which is considered to safeguard the interests outlined in this recommendation. In addition, it is considered that (i) for the shareholder , the complexity associated with secure electronic voting is disproportionate to voting by mail, which also allows for non- presential participation, which can even be revoked by the presence of the shareholder , (ii) both for the shareholder and for the Company , the resulting costs are materially relevant. Rules of Procedure of the General Meeting: https:/ /www .amorim.com/xms/files/Investidores/Estatutos_ Politicas_Regulamentos/20220428_Regulamento_da_Assembleia_ Geral_EN.pdf III.6. The Company’s Articles of Association, which provide for the restriction of the number of votes that may be held or exercised by a sole shareholder, either individually or jointly with other shareholders, shall also envisage that the General Meeting decide (at five-year intervals) on whether that statutory provision is to be amended or prevails — without any quorum requirement higher than that established by law — and that, for the purposes of that resolution, all votes cast shall be counted, without applying said limitation. Not applicable. Section 5. Section 13. The Articles of Association of Corticeira Amorim do not provide for the limit on the number of votes that each shareholder (either separately or jointly with other shareholders) is entitled to cast or exercise. III.7. Measures that determine the payment or assumption of fees by the Company in the event of change of control or change in the composition of the Board and that which appear likely to impair financial interests in the free transfer of shares and free assessment by shareholders of the performance of the directors shall not be adopted. Adopted. The Company has not entered into any agreements that determine payments or the assumption of charges by the Company , in the event of a change of control or change in the composition of the Board of Directors, except for the normal “change of ownership” clauses included in certain financing agreements entered into in the ordinary financing of operations and which, on a case-by-case basis, have been analyzed and their acceptance considered the most appropriate for the Company’s interests. The existence of a substantial liquidity reserve (contracted but undrawn credit lines — see point 4) provides that, even if this clause were exercised, the Company would still be able to finance itself and/or service its debt on time.
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420 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 Therefore, (i) as this is standard market practice which, among other things, seeks to ensure that financing can be obtained on terms that are more advantageous to the Company; (ii) as financing means are guaranteed that are immediately available in the event of the exercise of these clauses; (iii) as this information is disclosed annually in the Company’s accounts, it is considered that the contracting/ maintenance of these clauses is not likely to jeopardise the free transferability of shares nor impair the free appraisal by shareholders of the performance of members of the Board of Directors. No measures have been implemented specifically targeting the effects described in this recommendation. Sections 4 and 84. CHAPTER IV · MANAGEMENT IV .1. Board of Directors and Executive Directors IV .1.1. The Board of Directors ensures that the Company acts in accordance with its objective and does not delegate powers as regards the following: (i) definition of the strategy and the general policies of the Company, (ii) organisation and coordination of the business structure; (iii) matters which are to be considered strategic in view of their value, risk or special characteristics. Adopted. Section 9 and Rules of Procedure of the Executive Committee (available at https:/ /www .amorim.com/en/investors/ corporate-governance/corporate-regulation-and-policies/). IV .1.2. The board of directors approves, through internal regulations or through equivalent means, the performance scheme for executive directors applicable to their performance of executive duties in entities outside the group. Adopted. The Board of Directors establishes, through the Rules of Procedure of the Executive Committee (available at https:/ / www .amorim.com/en/investors/corporate-governance/ corporate-regulation-and-policies/), the framework governing the performance of executive directors in entities outside Corticeira Amorim: The members of the Executive Committee may not hold executive roles, paid or unpaid, in entities outside Corticeira Amorim that carry out activities that compete with, are similar with or conflict with the business activities of Corticeira Amorim. The agro-forestry activity concerning cork oak forests is not considered for this purpose. The members of the Executive Committee must punctually inform the Chairperson of the Audit Committee and the Chairperson of the Board of Directors of any situations where, during their term of office, they perform executive roles in entities outside Corticeira Amorim, especially: • Activities for the production or marketing of cork products (Products), directly or indirectly , by themselves or in partnership with other entities, in Portugal or in geographical areas where Corticeira Amorim’s products are marketed; • The control of, or the exercise of any rights in, entities that directly or indirectly develop or have any interest in the production or marketing of Products in those geographical areas; and • The holding of corporate offices, participation in structures or the provision of services, directly or indirectly , in entities that develop or have any interest in the production or marketing of Products in those geographic areas. IV .2. Board of Directors and Non-Executive Directors IV .2.1. Without prejudice to the legal duties of the chairperson of the board of directors, if he/she is not independent, the independent directors — or, if there are not enough of them, the non-executive directors — designate a coordinator from among themselves, namely to (i) act, whenever necessary, as liaison officer with the chairperson of the board of directors and other directors, (ii) ensure that they have all the necessary conditions and means to carry out their duties; and (iii) coordinate them in the evaluation of performance by the management body provided for in recommendation VI.1.1.; alternatively, the company may establish an equivalent mechanism for such coordination. Adopted. The independent directors have, among themselves, appointed João Nuno de Sottomayor Pinto de Castello Branco as the lead independent director so that, in that capacity , he can, specifically (i) act, whenever necessary , as liaison with the chairperson of the Board of Directors and with the other directors, (ii) ensure that the independent directors have the necessary conditions and resources to perform their duties, and (iii) coordinate them in the performance evaluation by the Board of Directors, as outlined in recommendation VI.1.1.
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421 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 IV .2.2. The number of non-executive members of the management body should be appropriate to the size of the Company and the complexity of the risks inherent in its activity, but sufficient to efficiently ensure the tasks entrusted to them, and the formulation of this suitability assessment must be included in the governance report. Adopted. Section 18 (Board of Directors). IV .2.3. The number of non-executive directors must be higher than that of executive directors. Adopted. Section 18. IV .2.4. The number of non-executive directors who fulfil the independence requirements must be plural and may not be less than one-third of the total number of non-executive directors. 10 Adopted. The Board of Directors has seven non-executive Members, five of whom fulfil the independence requirements. Section 19. IV .2.5. The provisions of paragraph (i) of the previous recommendation shall not preclude the definition of a new director as independent if at least three years have elapsed between the termination of duties in any company body and appointment to the new role (cooling-off period). Not applicable. No independent member of the Board of Directors has previously held office on Company bodies, with the exception of those currently in office. 10 For the purposes of this recommendation, a person is considered independent if they are not associated with any specific interest groups within the company , nor are they in any situation that could affect their impartiality in analysis or decision-making, namely as a result of: i. Having held office for more than twelve years, continuously or alternately , on any company body , this period being counted regardless of whether or not it coincides with the end of the term of office; ii. Having been an employee of the company , or of a company in a control or group relationship with it, in the last three years; iii. Having, in the past three years, provided services or established a significant business relationship with the company or a company with which it is in a control or group relationship, whether directly or as a shareholder , director , manager or officer of a legal entity; iv . Being the beneficiary of remuneration paid by the company or by a company in a control or group relationship with it, beyond the remuneration resulting from the exercise of the role of director; v . Living in a common-law union or being the spouse, relative or similar relationship in a direct line, or up to and including the third degree in the collateral line, of directors of the company , of directors of legal persons directly or indirectly holding qualifying shareholdings, or of individuals directly or indirectly holding qualifying shareholdings; vi. Being the holder of a qualifying shareholding or acting as the representative of a shareholder with a qualifying shareholding. CHAPTER V · SUPERVISION V .1. In accordance with the powers conferred on it by law, the supervisory body informs itself of the strategic guidelines and assesses and issues its decision on the risk policy, prior to its final approval by the management body. Adopted. Sections 38 and 52. V .2. The number of members of the supervisory body and the financial affairs committee must be appropriate to the size of the company and the complexity of the risks inherent in its activity, but sufficient to efficiently ensure the efficient performance of the tasks entrusted to them, and this suitability assessment must be included in the governance report. Adopted with regard to the supervisory body , in accordance with sections 31 (Audit Committee) and F . III. “ Annual Assessment of Performance” of this report. Not applicable in relation to the financial affairs committee, as the Company has not formally established a specific committee for these matters. In the organisational structure actually implemented, these matters are entrusted to the Risk Committee (section 29 and section F . III. “ Annual Assessment of Performance” of this report).
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422 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 CHAPTER VI · PERFORMANCE ASSESSMENT , REMUNERATION AND APPOINTMENTS VI.1. Annual performance assessment VI.1.1. The board of directors — or a committee with powers in this area, made up of a majority of non-executive members — annually assesses its performance, as well as the performance of the executive committee, executive directors and Company committees, taking into account compliance with the company’s strategic plan and budget, risk management, internal operations and the contribution of each member to that end, and the relationship between the bodies and committees of the Company. Adopted. Section F . of this Report. VI.2. Remuneration VI.2.1. The Company establishes a remuneration committee, whose composition ensures its independence from management, which may be the remuneration committee designated under Article 399 of the Portuguese Companies Code. Adopted. Sections 29, 66, 67 and 68. VI.2.2. The remuneration of the members of the management and supervisory bodies and company committees is set by the remuneration committee or by the general meeting, on a proposal from that committee. Adopted. Sections 66, 67 and 68. VI.2.3. The Company discloses in the corporate governance report or the remuneration report the termination of duties of the members of the Company’s bodies or committees, indicating the amounts of all Company charges related to the termination of duties, in any capacity, in the financial year in question. Adopted. Section 80. VI.2.4. In order to provide information or clarification to the shareholders, the chairperson or another member of the remuneration committee shall be present at the annual general meeting and any other meetings if the respective agenda includes matters concerning the remuneration of the members of the corporate bodies and committees, or if such presence has been requested by shareholders. Adopted. Appointments, Evaluation and Remuneration Committee Regulation (https:/ /www .amorim.com/en/ investors/corporate-governance/corporate-regulation-and- policies/). Maria Cristina Galhardo Vilão, Chairperson of this Committee, attended the General Shareholders’ Meeting of 06 May 2025. VI.2.5. The remuneration committee is free to decide, within the budgetary constraints of the Company, on the contracting by the Company of the Consultancy services necessary or convenient for the performance of its duties. Adopted. Section 67 and Appointments, Evaluation and Remuneration Committee Regulation (https:/ /www .amorim. com/en/investors/corporate-governance/corporate-regulation- and-policies/). VI.2.6. The remuneration committee ensures that these services are provided independently. Adopted. Section 67 and Appointments, Evaluation and Remuneration Committee Regulation (https:/ /www .amorim. com/en/investors/corporate-governance/corporate-regulation- and-policies/). VI.2.7. The providers of these services will not be contracted by the company itself or by others in a controlling or group relationship with it to provide the company with any other services related to the remit of the remuneration committee, without the express authorisation of the committee. Adopted. Section 67 and Appointments, Evaluation and Remuneration Committee Regulation (https:/ /www .amorim. com/en/investors/corporate-governance/corporate-regulation- and-policies/). VI.2.8. In view of the alignment of interests between the company and executive directors, a portion of their remuneration is of a variable nature that reflects the sustained performance of the company and does not encourage excessive risk-taking. Adopted. Sections 69, 70 and 71. VI.2.9. A significant part of the variable component is partially deferred over time, for a period of no less than three years, associating it, in the terms defined in the company’s remuneration policy, with confirmation of the sustainability of performance. This practice is considered equivalent to the proposal in this recommendation, i.e. to safeguard the same interests. Sections 69 and 72.
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423 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 VI.2.10. When the variable remuneration includes options or other instruments directly or indirectly dependent on the value of shares, the beginning of the exercise period is deferred for a period not less than three years. This practice is considered equivalent to the proposal in this recommendation, i.e. to safeguard the same interests. Sections 69 and 72. VI.2.11. The remuneration of non-executive directors does not include any component whose value depends on the performance of the company or its value. Adopted. Sections 69, 77 and 78. VI.3. Appointments VI.3.1. The Company ensures, in the terms it deems appropriate, but in a way that can be demonstrated, that proposals for the election of members of the corporate bodies are accompanied by the reasons stating the adequacy of each candidate for the role. Adopted. Section 29.IV and information below . Corticeira Amorim’s Appointments Policy regarding members of the management and supervisory bodies establishes that it is the responsibility of the Appointments, Evaluation and Remuneration Committee to issue an opinion on material changes to the composition of those bodies, including the election of new members or the reappointment of members, changes to the requirements of the position or appointment of the member to a different position within the body . It also establishes, inter alia, procedures and responsibilities for selection and appointments, as well as appointment requirements, in harmony with other policies and other procedures already in force in matters related to selection and appointments, as well as harmonised with other internal regulations, namely the Company’s Articles of Association, Corticeira Amorim’s Code of Business Ethics and Professional Conduct, the Diversity Policy and the Human Resources Policy (available at https:/ /www .amorim.com/en/investors/corporate- governance/corporate-regulation-and-policies/). The proposals submitted to the General Shareholders’ Meeting for the election of members of the governing bodies are accompanied by a justification regarding the suitability of the candidates for the role, specifically through: (i) the academic and professional CV s of the proposed members, highlighting their academic and professional competencies, career path and relevant positions held in the past or currently , demonstrating the suitability of their profile, knowledge and professional experience for the role to be performed in the Company; and (ii) an opinion from the Appointments, Evaluation and Remuneration Committee regarding the relevant knowledge, skills, and experience required for the role, as well as compliance with the necessary independence, integrity , and availability requirements for the independent and diligent performance of duties. Additionally , it is ensured that, collectively , there is a broad and diverse range of competencies, appropriate professional qualifications, and gender representation. VI.3.2. The committee for appointing members of governing bodies includes a majority of independent directors. Adopted. The committee responsible for appointing members of the governing bodies is the Appointments, Evaluation and Remuneration Committee, elected by the General Shareholders’ Meeting held on 22 April 2024, in accordance with Article 399(1) of the Companies Code and Article 19(4) of the Company’s Articles of Association. It is chaired by an independent non-executive Member of the Board of Directors and two other members who are not Members of the Board of Directors but fulfil all the independence requirements. Section 68. VI.3.3. Unless the size of the company does not justify it, the role of monitoring and supporting appointments of senior management11 is attributed to an appointments committee. Adopted. Section 29. IV . In this area, the duties of the Appointments, Evaluation and Remuneration Committee concern Corticeira Amorim’s governing bodies and executives. VI.3.4. The Appointments and Remuneration Committee makes its terms of reference available and promotes, to the extent of its competences, the adoption of transparent selection processes which include effective mechanisms for identifying potential candidates, and that those proposed for selection have the greatest merit, are most adequate to the demands of the function and promote adequate diversity within the Organisation, including equality between men and women. Adopted. The Appointments Policy in force at Corticeira Amorim (https:/ / www .amorim.com/xms/files/Investidores/Estatutos_Politicas_ Regulamentos/2025-12-02_Politica_de_Nomeacoes_EN.pdf), relating to members of the management and supervisory bodies, which sets out the terms of reference for the selection and appointment of candidates, including the rules and requirements concerning the appointment, removal, succession and replacement of members of the management and supervisory bodies, as well as the rules on the prevention, disclosure and resolution of conflicts of interest. The terms of reference for selection and appointment set out in this policy are also the benchmark regarding the selection of senior management. The Appointments, Evaluation and Remuneration Committee is responsible, within the scope of its powers, for promoting the adoption of transparent selection processes that include effective mechanisms for identifying potential candidates, ensuring that those proposed for selection have the greatest merit, are best suited to the requirements of the role and promote adequate diversity within the Organisation, including gender equality . It shall also ensure that the necessary measures are implemented to comply with Corticeira Amorim’s Diversity Policy . There were no management selection processes in 2025. 11 In this Code, senior managers are defined as people who are part of senior management, as defined (under the name “managers”) by European and national legislation on listed companies, excluding members of the company’s bodies. Corporate Governance Code 2018, revised 2023, IPCG.
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424 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 CHAPTER VII · INTERNAL CONTROL VII.1. The management body discusses and approves the Company’s strategic plan and risk policy, including the establishment of limits as regards risk assumption. Adopted. Sections 52 and 54. VII.2. The Company has a specialised commission or committee made up of risk specialists which reports regularly to the management body. Adopted. Section 29.II. VII.3. The supervisory body organises itself internally, implementing periodic control mechanisms and procedures to ensure that the risks effectively incurred by the Company are consistent with the objectives set by the management body. Adopted. The reporting and periodic control mechanisms implemented allow the supervisory body to monitor these matters; the control systems implemented by the Company , considered robust by the supervisory body , ensure that the risks incurred are consistent with the objectives set, particularly in the areas considered most critical, where there are perfectly established/implemented monitoring/ control and mitigation plans (for instance, the forestry intervention program aimed at ensuring the availability of the raw material cork, or exchange rate developments). In addition, there is a robust culture of budget management control (which also serves as a scoreboard for evaluating the performance of the Group’s upper management). VII.4. The internal control system, comprising the risk management, compliance and internal audit functions, is structured in terms that are appropriate to the size of the Company and the complexity of the risks inherent to its activity. The supervisory body shall evaluate it and, within the scope of its powers to supervise the efficiency of this system, propose any adjustments that may be deemed necessary. Adopted. Sections 52, 53 and 54. VII.5. The Company establishes procedures for the supervision, periodic assessment and adjustment of the internal control system, including an annual assessment of the degree of internal compliance with the system, as well as the possibility of amending the previously defined risk framework. Adopted. Section 54. VII.6. The Company has established a risk management function based on its risk policy, identifying (i) the main risks to which it is subject in the performance of its business activity, (ii) the probability of their occurrence and the respective impact, (iii) the instruments and measures to be adopted with a view to their mitigation and (iv) the monitoring procedures, with a view to their monitoring. Adopted. Sections 50, 52 and 54. VII.7. The Company has established processes to collect and process data related to environmental and social sustainability, to alert the management body to the risks the Company is incurring and to propose strategies for mitigating them. Adopted. Corticeira Amorim implements a rigorous process to guarantee environmental and social sustainability , collecting and processing the relevant data in a comprehensive and efficient manner . The process has different stages, including: Double materiality assessment: a materiality assessment is carried out periodically , which includes the identification and assessment of material impacts, risks and opportunities related to ESG issues, taking into account not only Corticeira Amorim’s own operations, but also its entire upstream and downstream value chain. This analysis includes stakeholder consultation in order to integrate their perspectives; Collecting social and environmental data: the Company regularly collects environmental and social data through different information systems. A process is currently being implemented to optimise data collection and processing, making the process more effective and comprehensive; Internal working groups: there are internal working groups for each material topic, which meet at least once a quarter to monitor the Company’s performance on these topics, compare it to the defined targets and propose actions. These groups report to the Executive Committee twice a year; Reporting to the Board of Directors: the progress of actions and the achievement of targets is reported to the Board of Directors at least twice a year . The Board of Directors also set up the ESG Committee, a permanent specialised internal committee responsible for advising, monitoring, supervising and providing strategic guidance to the company in the field of corporate governance, ethics and environmental and social pillars. The ESG Committee is chaired by an independent member of the Board of Directors and is mainly made up of members of the Company’s governing bodies, including the Corporate Sustainability Officer , as well as the Head of Corporate Sustainability; Sustainability Statement: the Company produces and publishes an annual sustainability statement disclosing its strategy , policies, targets, actions and performance in relation to the impacts, risks and opportunities related to environmental, social and governance
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425 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 issues. The sustainability statement is audited by independent third parties and approved by the Board of Directors and the General Meeting, as well as being made available on the Company’s website for access by all stakeholders; Other Relevant Activities: • V arious units have implemented certified management systems, such as ISO 14001 and ISO 45001; • Internal and external audits are carried out to assess the environmental and social performance of the different companies that make up Corticeira Amorim; • The Company and its subsidiaries are governed by a solid and cohesive set of internal regulations and policies which, together with the Company’s Articles of Association and the Code of Business Ethics and Professional Conduct, align the interests of all its stakeholders and promote balanced and prudent management and environmental and social sustainability; • Participation in sectoral and regional sustainability initiatives; • Ongoing training and awareness-raising on environmental and social issues, aimed at employees and the different stakeholders. Corticeira Amorim demonstrates, by implementing this set of measures, its commitment to environmental, social and good governance sustainability , ensuring the effective management of its impacts, risks and opportunities and the implementation of proactive initiatives to respond appropriately to them. VII.8. The Company provides information on how climate change is taken into account in the organisation and how climate risk analysis is taken into account in decision-making processes. Adopted. Section 52 and following information. Corticeira Amorim aims to actively manage risks related to climate change. The assessment of climate risks forms part of a multidisciplinary system and risk management framework, which covers the identification, assessment, prioritisation, management and monitoring of physical and transition risks associated with climate change, and which impact on its own operations and the value chain. Corticeira Amorim has developed, in this context, a comprehensive climate risk assessment project, covering a wide scope that included 108 of the Organisation’s sites and 141 critical suppliers. 52 geographical clusters were considered in the case of cork suppliers, in order to cover the main regions where this raw material is harvested. The assessment adopted a forward-looking approach, considering physical risks and transition risks (including emissions and adaptation measures), across different climate scenarios (1.5°C, moderate emissions, 2.1°C, 2.4°C and high emissions >4°C) and time horizons (2030, 2050 and 2100), supported by probability analyzes. 38 climate risk categories were assessed, including chronic risks (such as temperature, water stress and droughts) and acute risks (such as heatwaves, extreme precipitation, floods, extreme wind and wildfires). The next step will be to determine the resilience of Corticeira Amorim’s business model in the context of different climate change scenarios, and incorporate climate risks into the management system, as well as complete the climate adaptation plan. The Company has identified the risk of forest fires and the risk of water stress as the relevant physical climatic risks for the main raw material used in its activities. Corticeira Amorim is developing and implementing a set of adaptation initiatives in response, notably the Foresty Intervention Project, which aims to preserve cork oaks and associated ecosystems through programs that promote their resistance to droughts, pests and diseases, and increase the survival rate of cork oak forests. The capacity of the cork oak and cork – both as a raw material and as a product – to sequester carbon is also recognized, contributing to the mitigation of greenhouse gas (GHG) emissions. Studies carried out by the Instituto Superior de Agronomia, School of Agriculture, show that for every tonne of cork produced, the cork oak forest sequesters more than 73 tonnes of carbon dioxide, highlighting the significant role this ecosystem plays in mitigating climate change. The use of Corticeira Amorim’s products also contributes to mitigating climate change, both through carbon sequestration and by replacing more energy-intensive alternative products. The industrial processing of cork is a key factor in the economic viability of the cork oak forest and its preservation. This is in a context where there is specific legislation to protect it, as well as various programs run by non-governmental organisations that seek to preserve the forest by improving and certifying forest management practices. It is essential to foster the development of subericulture that is capable of promoting the crucial role played by the cork oak forest and, at the same time, fuel the growth of the market for cork products. The facts described above will therefore provide an opportunity for differentiating cork products. More information on risk analysis at Corticeira Amorim (physical and transition) can be found in the ESRS E1 section of the 2025 Consolidated Sustainability Statement included in the 2025 Consolidated Management Report. VII.9. In the governance report, the Company reports on the terms in which artificial intelligence mechanisms have been used by the governing bodies as a decision- making tool. Adopted. Section B. Governing Bodies and Committees (introduction). VII.10. The supervisory body gives its opinion on the work plans and resources concerning the internal control system services, including the risk management, compliance and internal audit functions, and may propose any necessary adjustments. Adopted. Sections 38 and 50 to 52. As can be seen in the sections mentioned above, the internal control system implemented at Corticeira Amorim relies on significant and productive interaction with the supervisory body , which, at any time, may request clarifications or propose adjustments that it considers necessary .
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426 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 VII.11. The supervisory body receives reports drawn up by the internal control services, including the risk management, compliance and internal audit functions, at least with respect to matters concerning accountability, the identification or resolution of conflicts of interest and the detection of potential irregularities. Adopted. Section 38. CHAPTER VIII · ACCOUNTING INFORMATION AND STATUTORY AUDIT VIII.1. Information VIII.1.1. The rules of the supervisory body establish that it must supervise the adequacy of the preparation and disclosure of information by the management body, including the adequacy of accounting policies, estimates, judgments, relevant disclosures and their consistent application between financial periods, duly documented and communicated. Adopted. Section 38. VIII.2. Statutory audit and supervision VIII.2.1. The supervisory body, by means of regulations, defines supervisory procedures to ensure the independence of the Statutory Auditor, in accordance with the applicable legal rules. Adopted. The Audit Committee has established an internal procedure that covers these matters. VIII.2.2. The supervisory body is the main liaison with the statutory auditor of the Company’s accounts and the first recipient of the relevant reports, and is responsible, inter alia, for proposing the relevant remuneration and ensuring that the proper conditions for the provision of services are provided within the Company. Adopted. It is the responsibility of the Audit Committee to propose the Statutory Auditor and the respective remuneration, within the framework of the Remuneration Policy approved at the General Shareholders’ Meeting.
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427 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 20254221 CORPORATE GOVERNANCE REPORT23 54 65 66 Mozelos, 30 March 2026 The Board of Directors of COR TICEIRA AMORIM, S.G.P .S., S.A. António Rios de Amorim (Chairman) Luisa Alexandra Ramos Amorim (Vice-Chairperson) Cristina Rios de Amorim (Member) Nuno Filipe Vilela Barroca de Oliveira (Member) Fernando José de Araújo dos Santos Almeida (Member) Juan Ginesta Viñas (Member) José Pereira Alves (Member) João Nuno de Sottomayor Pinto de Castello Branco (Member) Maria Cristina Galhardo Vilão (Member) António Manuel Mónica Lopes de Seabra (Member) Helena Sofia Silva Borges Salgado Fonseca Cerveira Pinto (Member) VIII.2.3. The supervisory body annually assesses the work performed by the statutory auditor, its independence and suitability for the performance of the functions and proposes to the competent body its dismissal or termination of the contract as to the provision of the services when there is a valid basis for said dismissal. Adopted. Section 38.
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Bee W®, developed by Amorim Cork, is an innovative, bio-based beeswax coating for natural cork stoppers. When combined for the first time, these two natural products enhance their sealing properties. Completely invisible to the human eye, it is an effective surface treatment delivering sensory neutrality while ensuring the premium image of wine. © Daniel Rodrigues 43 54 65 6621 22
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4221 CORPORATE GOVERNANCE REPORT23 54 65 66 Consolidated Financial Statements
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431 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202553 CONSOLIDATED FINANCIAL STATEMENTS24 65 664221 Consolidated Statement of Financial Position Notes December 31, 2025 December 31, 2024 Assets T angible assets 8 418,745 435,511 Intangible assets 9 11,403 15,073 Right of use 11 5,141 5,242 Goodwill 9 29,095 29,165 Biological assets 10 4,245 4,324 Investment property 12 2,061 2,204 Investments in associates and joint ventures 13 35,073 35,322 Other financial assets 14 2,205 1,640 Deferred tax assets 15 15,191 20,379 Other debtors 18 1,356 1,518 Non-current assets 524,515 550,376 Inventories 16 388,297 466,545 Biological assets 10 973 711 Trade receivables 17 175,804 194,403 Income tax assets 15 7,856 19,630 Other debtors 14 37,057 40,558 Other current assets 18 11,405 13,335 Cash and cash equivalents 19 64,997 76,636 Current assets 686,388 811,818 T otal Assets 1,210,903 1,362,194 Equity Share capital 20 133,000 133,000 Other reserves 20 562,546 541,588 Net income 55,567 69,699 Non-controlling interest 21 89,200 90,770 T otal Equity 840,312 835,057 Liabilities Interest-bearing loans 22 100,365 119,053 Other financial liabilities 24 5,633 6,651 Other liabilities 24 2,366 2,400 Provisions 25 3,539 5,691 Post-employment benefits 26 3,798 3,210 Deferred tax liabilities 15 32,597 40,586 Non-current liabilities 148,299 177,592 Interest-bearing loans 22 40,491 153,270 Trade payables 23 107,945 112,159 Other financial liabilities 24 43,264 51,070 Other liabilities 24 26,612 28,033 Income tax liabilities 15 3,981 5,012 Current liabilities 222,293 349,545 T otal Liabilities and Equity 1,210,903 1,362,194 V alues in thousand euros. (this statement should be read with the attached notes to the consolidated financial statements)
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432 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202553 CONSOLIDATED FINANCIAL STATEMENTS24 65 664221 Consolidated Income Statement by Nature 4Q25 (non audited) 4Q24 (non audited) Notes 2025 2024 184,453 212,813 Sales 7 860,967 939,061 −77,841 −103,784 Costs of goods sold and materials consumed −374,484 −443,873 −2,797 4,043 Change in manufactured inventories −16,112 1,074 −36,273 −39,702 Third party supplies and services 27 −140,517 −151,501 −44,326 −44,432 Staff costs 28 −190,711 −193,191 −40 −1,046 Impairments of assets 29 −2,516 −789 5,207 6,220 Other income and gains 30 17,421 17,849 −4,974 −4,195 Other costs and losses 30 −13,065 −11,064 23,410 29,917 Operating profit before depreciation 140,985 157,566 −13,601 −15,204 Depreciation 8, 9, 10, 11,12 −58,895 −57,636 9,809 14,713 Operating profit 82,090 99,930 34 6,730 Non-recurrent results 31 −413 1,434 −809 −3,057 Financial costs 32 −5,872 −12,865 329 236 Financial income 32 1,093 973 −966 1,164 Share of (loss)/profit of associates and joint-ventures 13 1,888 4,305 8,397 19,785 Profit before tax 78,785 93,776 2,489 2,170 Income tax 15 −16,227 −16,630 10,887 21,955 Profit after tax 62,558 77,146 999 90 Non-controlling Interest 21 6,991 7,447 9,887 21,865 Net Income attributable to the equity holders of Corticeira Amorim 55,567 69,699 0.074 0.164 Earnings per share - Basic (euros per share) 0.418 0.524 0.074 0.164 Earnings per share - Basic e Diluted (euros per share) 0.418 0.524 V alues in thousand euros. (this statement should be read with the attached notes to the consolidated financial statements)
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433 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202553 CONSOLIDATED FINANCIAL STATEMENTS24 65 664221 Consolidated Statement of Comprehensive Income 4Q25 (non audited) 4Q24 (non audited) Notes 2025 2024 10,887 21,955 Net income 62,558 77,146 Items that may be reclassified through income statement: −419 −592 Change in derivative financial instruments fair value 15 −199 −275 2,323 2,655 Change in translation differences and other 15 −5,512 2,244 88 −61 Share of other comprehensive income of investments accounted for using the equity method 15 567 −357 1,136 119 Other comprehensive income 15 376 −784 3,128 2,121 Other comprehensive income (net of tax) −4,768 828 14,015 24,077 T otal Net comprehensive income 57,790 77,975 Attributable to: 12,049 23,939 Corticeira Amorim Shareholders 50,801 71,436 1,966 139 Non-controlling Interest 6,989 6,540 V alues in thousand euros. (this statement should be read with the attached notes to the consolidated financial statements) (items in this Statement above are presented net of tax. The income tax relating to each component of other comprehensive income is disclosed in note 15)
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434 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202553 CONSOLIDATED FINANCIAL STATEMENTS24 65 664221 Consolidated Statement of cash flows 4Q25 (non audited) 4Q24 (non audited) Notes 2025 2024 OPERATING ACTIVITIES 213,027 237,377 Collections from customers 930,244 1,004,992 −144,913 −160,512 Payments to suppliers −601,966 −725,733 −46,036 −51,942 Payments to employees −184,707 −189,968 22,079 24,923 Operational cash flow 143,571 89,291 −6,843 −16,093 Payments/collections - income tax −8,321 −30,115 29,216 17,622 Other collections/payments related with operational activities 83,765 61,737 44,451 26,452 CASH FLOW FROM OPERATING ACTIVITIES 219,015 120,913 INVESTING ACTIVITIES Collections due to: 650 641 T angible assets 1,392 1,179 −18 41 Intangible assets 35 87 0 18,897 Disposal of Subsidiaries (net of cash and cash equivalents) 6 0 18,915 6 0 Other assets 23 0 754 433 Interests and similar gains 1,499 1,310 500 350 Dividends 3,249 1,499 Payments due to: −16,844 −10,224 T angible assets −39,888 −40,397 2,461 −4,380 Acquisition of Subsidiaries (net cash and cash equivalents) 6 −379 −4,380 −3,119 0 Other financial assets −3,119 0 −921 228 Intangible assets −1,896 −1,325 -16,531 5,985 CASH FLOW FROM INVESTING ACTIVITIES − 39,083 − 23,113 FINANCING ACTIVITIES Collections due to: −49,569 57,200 Loans 2,731 109,650 1,268 2,100 Government grants 1,972 7,006 0 0 Transactions with non-controlling interest 0 0 419 531 Others 1,578 1,501 Payments due to: 11,958 −95,631 Loans −114,745 −114,309 −1,644 −2,617 Interests and similar expenses −7,003 −12,411 552 −549 Leasing −1,316 −978 0 −11,970 Dividends paid to company’s shareholders 20 −42,560 −38,570 −956 −1,138 Dividends paid to non-controlling interest 21 −6,675 −5,723 −2,800 0 Acquisition of non-controlling interests 21 −2,800 0 −770 149 Government grants −2,149 −2,480 −154 −190 Others −1,025 −722 − 41,695 − 52,116 CASH FLOW FROM FINANCING ACTIVITIES − 171,992 − 57,037 −13,776 −19,679 Change in cash 7,940 40,763 199 192 Exchange rate effect −358 70 49,122 47,451 Cash at beginning of period 19 27,964 −12,869 35,546 27,964 Cash at end of period 19 35,546 27,964 (this statement should be read with the attached notes to the consolidated financial statements)
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435 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202553 CONSOLIDATED FINANCIAL STATEMENTS24 65 664221 Consolidated Statement of Changes in Equity Attributable to owners of Corticeira Amorim, S.G.P .S., S.A. Notes Share capital Paid-in capital Hedge accounting Translation difference Legal reserve Other reserves Net income Non-controlling interests T otal Equity Balance sheet as at January 1, 2024 133,000 38,893 74 −6,677 26,600 429,421 88,898 89,835 800,044 Profit for the year 20 - - - - 0 88,897 −88,897 - 0 Dividends 20 - - - - - −38,570 - −5,723 −44,293 Perimeter variation 21 - - - - - 1,021 - 318 1,339 Changes in the percentage of interest retaining control 21 - - - - - 191 - −198 −7 Consolidated Net Income for the period 20 and 21 - - - - - - 69,699 7,447 77,146 Change in derivative financial instruments fair value 3 - - −275 - - - - - −275 Change in exchange differences 20 and 21 - - - 2,892 - - - −649 2,244 Other comprehensive income of associates 13 - - - −357 - - - - −357 Other comprehensive income - - - - - −524 −1 −259 −784 T otal comprehensive income for the period 0 0 −275 2,535 0 −524 69,698 6,540 77,975 Balance sheet as at December 31, 2024 133,000 38,893 −200 −4,141 26,600 480,436 69,699 90,770 835,057 Balance sheet as at January 1, 2025 133,000 38,893 −200 −4,141 26,600 480,436 69,699 90,770 835,057 Profit for the year 20 - - - - 0 69,699 −69,699 - 0 Dividends 20 - - - - - −42,560 - −6,675 −49,235 Perimeter variation 21 - - - - - - - −467 −467 Changes in the percentage of interest retaining control 21 - - - - - −1,417 - −1,417 −2,834 Consolidated Net Income for the period 20 and 21 - - - - - - 55,567 6,991 62,558 Change in derivative financial instruments fair value 3 - - − 199 - - - - - −199 Change in exchange differences 20 and 21 - - - − 5 691 - 287 - −108 −5,512 Other comprehensive income of associates 13 - - - 567 - - - - 567 Other comprehensive income - - - - - 270 - 106 376 T otal comprehensive income for the period 0 0 − 199 − 5 124 0 557 55,567 6,989 57,790 Balance sheet as at December 31, 2025 133,000 38,893 −399 −9,265 26,600 506,716 55,567 89,200 840,312 V alues in thousand euros. (this statement should be read with the attached notes to the consolidated financial statements)
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The T ogether for Safety programme strengthens awareness of safety culture among all Corticeira Amorim employees, based on commitment, responsibility and participation. It puts people at the heart of everything, regardless of their role, making each person an active part of this movement. 43 54 65 6621 22
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54 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 Notes to the Consolidated Financial Statement
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54 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66
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439 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 At the beginning of 1991, Corticeira Amorim, S.G.P .S., S.A. was transformed into Corticeira Amorim, S.G.P .S., S.A., the holding company for the cork business sector of the Amorim Group. In this report, Corticeira Amorim will be the designation of Corticeira Amorim, S.G.P .S., S.A., and in some cases the designation of Corticeira Amorim, S.G.P .S. together with all of its subsidiaries. Corticeira Amorim is mainly engaged in the acquisition and transformation of cork into a numerous set of cork and cork-related products, which are distributed worldwide through its network of sales companies. Corticeira Amorim is a Portuguese company with its registered office in rua Comendador Américo Ferreira de Amorim, 380 in Mozelos, Santa Maria da Feira (Portugal). Its share capital amounts to 133 million euros, which are publicly traded in the Euronext Lisbon – Sociedade Gestora de Mercados Regulamentados, S.A. A sociedade Amorim – Investimentos e Participações, S.G.P .S, S.A. held, as of December 31, 2024 and December 31, 2025, 67,830,000 shares of Corticeira Amorim, corresponding to 51.00% of the share capital. Corticeira Amorim is included in the consolidation perimeter of Amorim – Investimentos e Participações, S.G.P .S, S.A., which is its controlling and parent company . Amorim – Investimentos e Participações, S.G.P .S., S.A. is 100% owned by the Amorim family . These financial statements were approved in the Board Meeting of March 30, 2026. Shareholders have the capacity to modify these financial statements even after their release. Except when mentioned, all monetary values are stated in thousand euros (Thousand euros = K euros = K€). 1. Introduction
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440 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 The accounting policies applied in the preparation of the consolidated financial statements have been consistently applied in all periods presented, the policies are presented below . A. BASIS OF PREPARATION Pursuant to Decree-Law No. 35/2005, dated 17 February , as subsequently amended by Decree-Law No. 98/2015 of 2 July , which transposed into Portuguese legislation the provisions of Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July 2002, these consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (IAS/IFRS) issued by the International Accounting Standards Board (IASB) and the Interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) or the former Standing Interpretations Committee (SIC), adopted by the EU, effective as of 1 January 2025. Consolidated statements were prepared based on a going concern basis, based on historical cost, except in the case for financial instruments measured at fair value in accordance with IFRS 9. The financial statements are prepared using the records as stated in the companies’ books included in the consolidation maintained in accordance with International Financial Reporting Standards (IFRS) or local accounting principles, adjusted in the consolidation process so that they are in compliance, as adopted in the European Union effective for periods beginning on January 1, 2025. The Board of Directors considers that there are no material uncertainties that could jeopardize this assumption. An analysis was carried out showing that the Group has the necessary resources to continue its operations into the future, for a period of no less than 12 months from the reporting date. Corticeira Amorim, in the preparation and presentation of the consolidated financial statements, declares that it is in compliance, explicitly and without reservations, with the IAS/IFRS standards and their SIC/IFRIC interpretations, approved by the European Union. Changes in accounting policies and disclosures The impact of the adoption of the new standards and amendments to standards that became effective as of 1 January 2025 is as follows: • IAS 21 (amendment), “The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability . ” This amendment aims to clarify how to assess the exchangeability of a currency and how the exchange rate should be determined when it is not exchangeable for an extended period. The amendment specifies that a currency should be considered exchangeable when an entity is able to obtain the other currency within a period that allows normal administrative management, and through a market or exchange mechanism in which a swap transaction creates enforceable rights and obligations. If a currency cannot be exchanged for another currency , an entity should estimate the exchange rate at the transaction’s measurement date. The objective is to determine the exchange rate that would be applicable, at the measurement date, for a similar transaction between market participants. The amendments also note that an entity may use an observable exchange rate without making any adjustments. The amendments apply to periods beginning on or after 1 January 2025. These standards and amendments had no material impact on Corticeira Amorim’s consolidated financial statements. Standards (new and amendments) that have been published and are mandatory for the accounting periods beginning on or after 1 January 2026, and have already been endorsed by the EU: • IFRS 9 (amendment) and IFRS 7 (amendment), “Classification and Measurement of Financial Instruments. ” These amendments primarily result from the Post-Implementation Review (PIR IFRS 9) and clarify the following aspects related to financial instruments: it clarifies that a financial liability 2. Summary of Accounting Policies
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441 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 is derecognized on the “settlement date, ” that is, when the related obligation is settled, cancelled, expires, or the liability otherwise qualifies for derecognition. However , the possibility is introduced for an entity to choose an accounting policy that allows derecognition of a financial liability settled through an electronic payment system before the settlement date, provided certain conditions are met; it clarifies how an entity should assess the contractual cash flow characteristics of financial assets that include variables related to environmental, social, and governance (ESG) factors and other similar contingent features; it requires additional disclosures for financial assets and liabilities subject to a contingent event (including ESG variables) and equity instruments measured at fair value through other comprehensive income. The amendments are effective for periods beginning on or after 1 January 2026. This amendment is applied retrospectively . • IFRS 9 (amendment) and IFRS 7 (amendment), “Contracts Referencing Electricity Generated from Renewable Sources. ” The amendments specifically relate to renewable energy purchase agreements whose production source depends on nature, so that supply cannot be guaranteed at specific times or volumes. In this sense, these amendments clarify the application of the “own use” requirements in power purchase agreements, as well as the fact that it is permitted to apply hedge accounting when these contracts are used as hedging instruments. The amendments are effective for annual periods beginning on or after 1 January 2026, with early application permitted, except for hedge accounting guidance, which must be applied prospectively to new hedging relationships designated on or after the initial application date. • Annual Improvements – “V olume 11. ” The annual improvement cycles to IFRS aim to clarify application issues or correct inconsistencies in the standards. This volume of improvements affects the following standards: IFRS 1, IFRS 7, IFRS 9, IFRS 10, and IAS 7. The amendments are effective for annual periods beginning on or after 1 January 2026. • IFRS 18 (new standard), “Presentation and Disclosure in Financial Statements. ” IFRS 18 replaces IAS 1 Presentation of Financial Statements and arises in response to investors’ requests for information on financial performance. With the introduction of the new IFRS 18 requirements, investors will have access to more transparent and comparable information on companies’ financial performance, with the objective of supporting better investment decisions. IFRS 18 essentially introduces three sets of new requirements to improve the disclosure of financial performance: comparability of the income statement: IFRS 18 introduces three defined categories for income and expenses – operating, investing, and financing – to improve the structure of the income statement and requires all companies to provide new defined subtotals, including operating profit. The new structure and subtotals will give investors a consistent starting point for analyzing companies’ performance, facilitating comparison; transparency of management-defined performance measures: IFRS 18 requires additional disclosure of company-specific performance indicators related to the income statement, referred to as management-defined performance measures; aggregation and disaggregation of items in financial statements: IFRS 18 provides guidance on how items in the income statement should be aggregated. IFRS 18 is effective for annual periods beginning on or after 1 January 2027, with retrospective application. Corticeira Amorim did not apply any of these standards in advance in the financial statements for the year ended December 31, 2025. No material impacts are estimated on the consolidated financial statements of Corticeira Amorim from the application of these standards and amendments. Standards (new and amendments) that have been published and are mandatory for the accounting periods beginning on or after 1 January 2026, but are not yet endorsed by the EU: • IFRS 19 (new standard), “Subsidiaries Not Subject to Public Financial Reporting: Disclosures. ” IFRS 19 allows eligible entities to prepare financial statements in IFRS with reduced disclosure requirements compared to those required by full IFRS, while still maintaining the obligation to apply all IFRS recognition and measurement requirements. The disclosure reduction defined by IFRS 19 covers the majority of IFRS standards. Entities are considered eligible if they: (i) are subsidiaries of a group that prepares consolidated financial statements in IFRS for public reporting; and (ii) are not subject to the obligation of public financial reporting because they do not have listed debt or equity instruments, are not in the process of listing, and do not have as their main activity the holding of assets in a fiduciary capacity . IFRS 19 is effective for annual periods beginning on or after 1 January 2027, with application being optional. • IAS 21 (amendment), “Translation into a Hyperinflationary Presentation Currency . ” These amendments aim to clarify the method of translating financial statements from a non-hyperinflationary currency into a hyperinflationary presentation currency . The amendments are relevant only for entities whose presentation currency is that of a hyperinflationary economy and whose own functional currency , or that of their foreign operations, is that of a non- hyperinflationary economy . Generally , the amendments require that all amounts (including comparatives) be translated from a functional currency that is of a non-hyperinflationary economy into a presentation currency that is of a hyperinflationary economy , using the closing rate at the date of the most recent statement of financial position. The amendments are effective for annual periods beginning on or after 1 January 2027. Corticeira Amorim is evaluating the impact resulting from these changes and will apply these standards in the year in which they become effective, or in advance when permitted.
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442 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 B. BASIS OF CONSOLIDATION • Group companies The consolidated financial statements include, in reference to 31 December 2025, assets, liabilities, profit and loss of the companies in the Group, understood as the entirety of Corticeira Amorim and its subsidiaries, which are presented in Note 6. An entity is classified as a subsidiary when it is controlled by the Group. Control exists only where the Group has, cumulatively: a. Power over the investee; b. Exposure to or rights over variable results derived from its relationship with the investee; and c. The ability to use its power over the investee to affect the amount of the results for investors. Generally , it is assumed that there is control when the Group holds the majority of voting rights. In order to support this assumption and in cases where the Group does not hold the majority of voting rights in the investee, all relevant facts and circumstances are considered when determining the existence of power and control, such as: a. Any contractual agreements with other holders of voting rights; b. Any rights arising from other contractual agreements; c. Existing and potential voting rights. The existence of control by the Group is re-evaluated whenever there is a change in any facts and circumstances that lead to changes in one of the three factors of control mentioned above. Subsidiaries are included in the consolidation according to the full consolidation method, from the date when control is acquired until the date it effectively ends. Intergroup balances and transactions, as well as any unrealized gains on transactions between companies in the Group, are eliminated. Unrealized losses are also eliminated, unless the transaction demonstrates impairment of a transferred asset. The accounting policies of subsidiaries are changed whenever necessary to ensure consistency with the policies adopted by the Group. A change in the participating interest in a subsidiary that does not entail loss of control is recorded as a transaction between shareholders. If the Group loses control over the subsidiary , the corresponding assets (including goodwill), liabilities, non- controlling interests and other equity components are derecognized and any gains or losses are recognized in the income statement. Investments retained are recognized at fair value at the time of the loss of control. In situations where the Group has substantial control of entities created for a specific purpose, even if it has no direct shareholdings in these entities, they shall be consolidated using the full consolidation method. Whenever necessary , adjustments are made to the financial statements of the controlled companies to ensure the standardization of their accounting policies with those of Corticeira Amorim. The proportion of net assets of subsidiaries consolidated using the full method, which are not held by the Group, are recorded in the consolidated statement of financial position under the heading Non-controlling interests. Interests over the net income of subsidiaries, that are not attributable to the Group are identified and adjusted by deduction from the equity attributable to the Group shareholders and recorded in the consolidated income statement, in the line item non-controlling interest. • Financial holdings in associates and joint ventures Associates are companies over which Corticeira Amorim exercises significant influence, understood as the power to participate in the financial and operating policy-making process, without, however , exercising control or joint control. Generally , it is assumed that there is a significant influence whenever the holding percentage exceeds 20%. The classification of financial investments in joint ventures is determined based on the existence of shareholders’ agreements that demonstrate and regulate joint control, which is understood to exist when decisions on activities relevant to the venture require a unanimous agreement between the parties. The existence of significant influence or joint control is determined based on the same type of facts and circumstances applicable in the assessment of control over subsidiaries. These holdings are consolidated by the equity method, this is, the consolidated financial statements include the Group’s interest in the total recognized gains and losses of the associate/joint venture, from the date on which significant influence/control begins until the date on which it effectively ends. Dividends received from these companies are recorded as a reduction in the value of financial investments. The Group’s share of gains and losses in associates/joint ventures is recognized in the income statement, and its share of operations in post-acquisition reserves are recognized in reserves. The cumulative post-acquisition operations are adjusted according to the cumulative operations in the financial investment. When the Group’s share of losses in an associate/joint venture equals or exceeds its investment in that entity , including any unsecured receipt transaction, the Group does not recognise any further losses, unless it has incurred obligations or made payments on behalf of the associate/joint venture. Any excess of the cost of acquisition of a financial investment over the Group’s share in the fair value of the assets, liabilities and contingent liabilities identified on the date of acquisition of the associate/joint venture is recognized as goodwill, which is included in the value of the financial holding and whose recovery is assessed annually as part of the financial investment. If the cost of acquisition is lower than the fair value of the net amount of the assets of the associate/joint venture, the difference is recorded directly in the consolidated income statement. Unrealized gains from transactions between the Group and its associates/joint ventures are eliminated to the extent of the Group’s
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443 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 share in the respective associates/joint ventures. Unrealized losses are also eliminated, unless the transaction demonstrates impairment of a transferred asset. The accounting policies of associates/joint ventures are changed whenever necessary to ensure consistency with the policies adopted by the Group. Following the application of the equity method, the Group assesses the existence of impairment indicators; should they exist, the Group calculates the recoverable amount of the investment and recognises an impairment loss if the recoverable amount is lower than the carrying amount of the investment, in the line item “Gains/losses in associates and joint ventures” of the income statement. After the loss of significant influence or joint control (without maintenance of significant influence), the Group initially recognises the retained investment at fair value, and the difference between the carrying value and the fair value held plus the revenue from the sale, are recognized in the income statement. • Exchange rate effect Euro is the currency of the country where Corticeira Amorim, S.G.P .S., S.A. has its registered office, and is the currency in which two thirds of its business is made and so Euro is considered to be its functional and presentation currency . In euro subsidiaries, all assets and liabilities denominated in foreign currency are translated to euros using year-end exchange rates. Net exchange rate differences arising from the different rates used in transactions and the rate used in its settlements or balance sheet dates are recorded in the income statement. These differences are recognized in operating results because they are not financially significant. Assets and liabilities from non-euro subsidiaries are translated at the balance sheet date exchange rate, being its costs and gains from the income statement translated at the average exchange rate for the period. Exchange rate differences of this conversion are registered in an equity account “Exchange rate differences” which is part of the line “Other reserves”. Whenever a non-euro subsidiary is sold or liquidated, accumulated exchange rate conversion differences recorded in equity are registered as a gain or a loss in the consolidated income statement by nature. Inflationary effects are recognized in the financial statements when the economy of the currency in which the Entity’s transactions are recorded is considered hyperinflationary . Since 2020 Argentina is considered a hyperinflationary economy , so the subsidiary located in this country recognized the accumulated inflation adjustments. • Business combinations and goodwill The acquisition method is the method used to recognise the entry of subsidiaries in Corticeira Amorim upon their acquisition. In the acquisition method, the difference between: (i) the consideration transferred along with the non-controlling interests and the fair value of the equity interests previously held, and (ii) the net amount of identifiable assets acquired and liabilities assumed, is recognized, on the date of acquisition, as goodwill, if positive, or as a gain, if negative. The consideration transferred is measured at fair value, calculated as the aggregate amount of fair values, on the date of acquisition, of assets transferred, liabilities incurred and equity instruments issued by Corticeira Amorim. For the purpose of determining goodwill/ gains resulting from the combination, the transferred consideration is removed from any part of the consideration that concerns another transaction (e.g. remuneration for the provision of future services or settlement of pre-existing relationships) whose margin is recognized separately in profit or loss. The transferred consideration includes the fair value, on the date of acquisition, of any contingent consideration. Subsequent changes in this value are recognized: (i) as equity if the contingent consideration is classified as equity , (ii) as an expense or income in profit or loss or as other comprehensive income if the contingent consideration is classified as a financial asset or liability and (iii) as expenses, according to IAS 37 or other applicable standards, in remaining cases. Expenses related to the acquisition are not part of the transferred consideration, so they do not affect the determination of goodwill/ gains resulting from the acquisition and are recognized as expenses in the year they occur . On the date of acquisition, the classification and designation of all assets acquired and liabilities transferred are reassessed in accordance with IFRS. Assets arising from contractual indemnities paid by the seller concerning the outcome of contingencies related, in whole or in part, to a specific liability of the combined entity , shall be recognized and measured using the same principles and assumptions of the related liabilities. The determination of the fair value of assets acquired and liabilities assumed considers the fair value of contingent liabilities arising from a present obligation caused by a past event (if the fair value can be reliably measured), regardless of whether an outflow is expected or not. In a business combination achieved in stages, the acquirer must remeasure its equity interest previously held in the acquiree at its fair value at the acquisition date and must recognize the resulting gain or loss, if applicable, in profit or loss or in other full income, as appropriate. In prior reporting periods, the acquirer may have recognized changes in the value of its equity interest in the acquiree in other comprehensive income. If it does so, the amount that was recognized in other comprehensive income must be recognized on the same basis as it would have been recognized if the acquirer had directly disposed of the previously held equity interest. For each acquisition, Corticeira Amorim can choose to measure “non-controlling interests” at their fair value or by their respective share in the fair value in the assets and liabilities transferred from the acquiree. The choice of a method influences the determination of the amount of goodwill to be recognized.
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444 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 Whenever a combination is not completed on the reporting date, the provisional amounts recognized on the date of acquisition shall be adjusted retrospectively , for a maximum period of one year from the date of acquisition and any additional assets and liabilities shall be recognized if new information is obtained on facts and circumstances existing on the date of acquisition which would result in the recognition of such assets and liabilities, should it have been known on that date. When an entity under common control is acquired, the carrying amounts of the assets and liabilities of the acquisition are acquired, with the differences compared to the cost of acquisition of equity recorded. Goodwill is considered to have an indefinite useful life and thus is not amortizable, being subject to annual impairment tests, regardless of whether or not there is any indication of impairment. For the purpose of impairment testing, goodwill is allocated, on the date of acquisition, to each of the cash generating units expected to benefit from the business combination, regardless of the remaining assets and liabilities also associated with the cash-generating unit. When the operation, or part of it, associated with a cash generating unit is disposed of, the allocated goodwill is also derecognized and included in the balance of gains/losses of the disposal, calculated as the base for its relative value. Goodwill related to investments in companies based abroad is recorded in those companies’ reporting currency and translated into Euro at the exchange rate in force on the balance sheet date. C. TANGIBLE FIXED ASSETS Tangible fixed assets are recorded at acquisition cost net of accumulated depreciation and impairment losses. Subsequent costs are included in the carrying amount of the asset or recognized as separate assets when it is probable that future economic benefits that exceed the originally measured level of performance of the existing asset will flow to the enterprise and the cost of the asset to the enterprise can be measured with reliability . All other subsequent expenditures are recognized as an expense in the period in which they are incurred. Financial charges related to financing for production/acquisition of assets are added to the cost of these assets. Depreciation is calculated on the straight-line basis, over the following years, which represent a reasonable estimate of the useful lives: Number of years Buildings 20 - 50 Basic equipment 4 - 10 Transportation equipment 4 - 7 Office equipment 4 - 8 Biological assets 20 - 50 Depreciation is charged since the beginning of the moment in which the asset is ready to use. The asset’s residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. Current maintenance on repair expenses are charged to the actual income statement in which they occurred. Cost of operations that can extend the useful expected life of an asset, or from which are expected higher and significant future benefits, are capitalized. In the event of impairment loss, the value of the tangible fixed asset is adjusted, with the respective adjustment considered a loss for the year . Gains and losses and disposals are included in the income statement. D. INTANGIBLE ASSETS Intangible assets are initially measured at cost. Subsequently they are measured at cost less accumulated depreciation. Research expenditures are recognized in the income statement as incurred. Expenditure on project development will only be capitalized from the moment it is demonstrated that the project is technically feasible, that the Company has the intention and ability to complete, use or sell it, and that future economic benefits are expected from it. Amortization of the intangible assets is calculated by the straight- line method, and recorded as the asset qualifies for its required purpose, according to the following periods that satisfactorily reflect their expected useful life: Number of years Industrial property 10 - 20 Customer portfolio 5 Software 3 - 6 The estimated useful lives of assets are reviewed and adjusted when necessary , at the balance sheet date. • Goodwill Goodwill represents the excess of the acquisition cost over the fair net value of identifiable assets, liabilities, and contingent liabilities of a subsidiary , jointly controlled entity , or associate at the acquisition date, in accordance with IFRS 3. Goodwill is recorded as an asset and included under ‘Intangible Assets’ in the case of a controlled company or if the excess cost arises from a merger acquisition, and under ‘Investments in Joint V entures and Associates’ in the case of a jointly controlled entity or associate.
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445 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 Goodwill is not amortized but is subject to impairment tests at least once a year , on a specified date, and whenever there are changes in the assumptions underlying the test at the financial position statement date that result in a potential loss of value. Any impairment loss is immediately recognized in the income statement for the period under ‘Impairment Losses’ and is not subject to subsequent reversal. E. BIOLOGICAL ASSETS Agricultural products at the point of harvest and live animals or plants used in agricultural activities are recognized as biological assets. Biological assets can be separated into production assets and consumable assets. As production assets, live animals or plants used in agricultural activity , from which agricultural products are obtained, are recognized. Production biological assets are measured using the cost model. The cost value is deducted from the corresponding accumulated depreciation and, when justified, from accumulated impairment losses. Biological production assets, from the moment they are ready to be used, are subject to depreciation according to the straight-line method, in accordance with the estimated useful life of each group of assets. Biological production assets are classified under the heading of other tangible fixed assets. Live animals or plants that are to be harvested as agricultural products or sold are recognized as consumable assets. Consumable assets are measured at fair value less estimated costs at the point of sale. Agricultural products are measured at their fair value less estimated costs at the point of sale at the time of harvest. A gain or loss arising from the initial recognition of a biological asset at fair value less estimated point-of-sale costs and from a change in fair value less estimated point-of-sale costs of a biological asset is included in net income for the year of the period in which they arise, under the headings Other income and gains or Other costs and losses. F. INVESTMENT PROPERTY Investment property includes land and buildings not used in production. Investment property are initially registered at acquisition cost plus acquisition or production attributable costs, and when pertinent, financial costs during construction or installation. Subsequently they are measured at acquisition cost less cumulative depreciations and impairment, until the residual value. Periods and methods of depreciation are those indicated in the note of tangible fixed assets. Properties are derecognized when sold. When used in regular activity they are reclassified as a tangible fixed asset. When land and buildings are no longer assigned to the Group’s activities, they will be reclassified from tangible fixed asset to an investment property . G. NON-FINANCIAL ASSETS IMPAIRMENT Intangible assets with indefinite useful lives are not amortized but are annually tested for impairment, or more frequently if there are events or changes in circumstances that indicate impairment. Assets under depreciation are tested for impairment purposes whenever an event or change of circumstances indicates that its book value cannot be recovered. For the estimate of impairments, assets are allocated to the lowest level for which there is separate identifiable cash flows (cash generating units). In assessing impairment, both internal and external sources of information are considered. Tests are carried out if the level of profitability of cash-generating units is consistently below a minimum threshold, from which there is risk of impairment of assets. Impairment tests are also performed whenever management makes significant changes in operations (for example, total or partial discontinuation of the activity). Impairment tests are performed internally . Whenever impairment tests are performed, future cash flows are discounted at a specific rate for the cash-generating unit, which includes the risk of the market where it operates. The Group uses external experts (appraisers) only to determine the market value of land and buildings in situations of discontinuation of operations, where they are no longer recovered by use. Impairment losses are recognized as the difference between its carrying amount and its recoverable amount. Recoverable corresponds to the higher of its fair value less sales expenses and its value for use. Impairment losses, if any , are allocated specifically to the individual assets that are part of the cash flow generating unit. Non-financial assets, which generated impairment losses are valued at each reporting date regarding reversals of that losses. Regarding the impairment of goodwill, see note b). H. FINANCIAL INSTRUMENT A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity . 1) Financial assets Initial recognition and measurement Upon initial recognition, financial assets are classified and subsequently measured at amortized cost, at fair value through other comprehensive income (OCI), or at fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and Corticeira Amorim business model for managing them. With the exception of trade receivables that do not contain a significant
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446 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 financing component or for which the Corticeira Amorim has applied the practical expedient, Corticeira Amorim initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which Corticeira Amorim has applied the practical expedient are measured at the transaction price determined under IFRS 15. In order for a financial asset to be classified and measured at amortized cost or fair value through OCI, it needs to give rise to cash flows that are solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Corticeira Amorim business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognized on the trade date, that is, the date that Corticeira Amorim commits to purchase or sell the asset. Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories: • Financial assets at amortized cost (debt instruments); • Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments); • Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments); • Financial assets at fair value through profit or loss. Financial assets at amortized cost (debt instruments) This category is the most relevant to Corticeira Amorim. Corticeira Amorim measures financial assets at amortized cost if both of the following conditions are met: • The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The Group’s financial assets at amortized cost includes trade receivables and other debtors. Financial assets at fair value through OCI (debt instruments) Corticeira Amorim measures debt instruments at fair value through OCI if both of the following conditions are met: • The financial asset is held within a business model with the objective of both holding it to collect the contractually-foreseen cash flows and the cash flow proceeding from its sale; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the statement of profit or loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative fair value change recognized in OCI is recycled to profit or loss. As of December 31, 2025, the Group does not have financial assets classified in this category . Financial assets designated at fair value through OCI (equity instruments) Upon initial recognition, Corticeira Amorim can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32 Financial Instruments: presentation and are not held for trading. The classification is determined on an instrument-by- instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as other income in the statement of profit or loss when the right of payment has been established, except when Corticeira Amorim benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. As of December 31, 2025, the Group does not have financial assets classified in this category . Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments.
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447 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortized cost or at fair value through OCI, as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. This category includes derivative instruments and, when applicable, listed equity investments which the Group had not irrevocably elected to classify at fair value through OCI. A derivative embedded in a hybrid contract, with a financial liability or non-financial host, is separated from the host and accounted for as a separate derivative if: i) the economic characteristics and risks are not closely related to the host; ii) a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; iii) and the hybrid contract is not measured at fair value through profit or loss. Embedded derivatives are measured at fair value with changes in fair value recognized in profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset out of the fair value through profit or loss category . A derivative embedded within a hybrid contract containing a financial asset host is not accounted for separately . The financial asset host together with the embedded derivative is required to be classified in its entirety as a financial asset at fair value through profit or loss. Embedded derivatives are measured at fair value with changes in fair value recognized in profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset out of the fair value through profit or loss category . Derecognition A financial asset (or , where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’s consolidated statement of financial position) when: • The rights to receive cash flows from the asset have expired; or • The Group transferred its contractual rights to receive cash flows arising from the financial asset or an obligation to pay the cash flows received in full in the short term, in the scope of an arrangement in which Corticeira Amorim (i) has no obligation to pay to the final recipient unless it receives equivalent amounts resulting from the original asset; (ii) is prohibited by the terms of the contract to sell or pledge the original asset other than as a guarantee to final recipient obligation to pay cash flows; and iii) Corticeira Amorim has an obligation to remit any cash received on behalf of final recipients without significant delays; and • Corticeira Amorim transferred substantially all the risks and benefits of the asset, or Corticeira Amorim not substantially transferred or retained all the assets and benefits of the asset but transferred control over the asset. When Corticeira Amorim has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, Corticeira Amorim continues to recognise the transferred asset to the extent of its continuing involvement. In that case, Corticeira Amorim also recognises an associated liability . The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that Corticeira Amorim has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that Corticeira Amorim could be required to repay . Impairment of financial assets Corticeira Amorim recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that Corticeira Amorim expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables and contract assets, Corticeira Amorim applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. For debt instruments at fair value through OCI, Corticeira Amorim applies the low credit risk simplification. At every reporting date, Corticeira Amorim evaluates whether the debt instrument is considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. In making that evaluation, Corticeira Amorim reassesses the internal credit rating of the debt instrument. Corticeira Amorim considers a financial asset in default when
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448 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 contractual payments are 90 days past due. However , in certain cases, Corticeira Amorim may also consider a financial asset to be in default when internal or external information indicates that Corticeira Amorim is unlikely to receive the outstanding contractual amounts in full before considering any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. 2) Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Corticeira Amorim financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, reimbursable grants and derivative financial instruments. The Group contracts confirming operations with financial institutions, which will be classified as reverse factoring agreements. These agreements are not used to manage the liquidity needs of the group as long as the payment remains on the due date of the invoices (on that date the advance amounts are paid to the financial institution by the group). For this reason, and since they do not give rise to financial expenses for the group, the amounts of the invoices advanced to the suppliers that adhere to these contracts are kept in liabilities, in trade payables, and the payments at the due time are treated as operational payments. The supplier confirming operations are classified as operating in the Statement of Cash Flows. Given that Corticeira Amorim pays the amounts advanced to the financial institution on the invoice due dates, there is no difference, in terms of due dates, for comparable trade payables that are not part of these agreements. There are no non-monetary changes in the recorded amounts of confirming operations that prevent the recorded amounts of financial liabilities from being comparable. Since the advanced amounts are paid on the invoice due dates, Corticeira Amorim does not consider the unused credit limit for the purposes of calculating the liquidity reserve (see liquidity risk in chapter 3). Subsequent measurement The measurement of financial liabilities depends on their classification, as described below: Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognized in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. Financial liabilities at amortized cost (Loans and borrowings) This is the category most relevant to Corticeira Amorim. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of profit or loss. This category generally applies to interest-bearing loans and also including reimbursable grants at nil or below-market rate of interest. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability . The difference in the respective carrying amounts is recognized in the statement of profit or loss. 3) Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously . 4) Derivative financial instruments and hedge accounting Initial recognition and subsequent measurement Corticeira Amorim uses derivative financial instruments, such as forward currency contracts, currency swaps, to hedge its foreign currency risks. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value.
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449 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. For the purpose of hedge accounting, hedges are classified as: • Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment; • Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognized firm commitment; • Hedges of a net investment in a foreign operation. At the inception of a hedge relationship, Corticeira Amorim formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how Corticeira Amorim will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: i. There is ‘an economic relationship’ between the hedged item and the hedging instrument; ii. The effect of credit risk does not ‘dominate the value changes’ that result from that economic relationship; and iii. The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. Hedges that meet all the qualifying criteria for hedge accounting are accounted for , as described below: Fair value hedges The change in the fair value of a hedging instrument is recognized in the statement of profit or loss. The change in the fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying value of the hedged item and is also recognized in the statement of profit or loss as other expense. For fair value hedges relating to items carried at amortized cost, any adjustment to carrying value is amortized through profit or loss over the remaining term of the hedge using the EIR method. The EIR amortization may begin as soon as an adjustment exists and no later than when the hedged item ceases to be adjusted for changes in its fair value attributable to the risk being hedged. If the hedged item is derecognized, the unamortised fair value is recognized immediately in profit or loss. When an unrecognized firm commitment is designated as a hedged item, the subsequent cumulative change in the fair value of Corticeira Amorim commitment attributable to the hedged risk is recognized as an asset or liability with a corresponding gain or loss recognized in profit or loss. Cash flow hedges The effective portion of the gain or loss on the hedging instrument is recognized in OCI in the cash flow hedge reserve, while any ineffective portion is recognized immediately in the statement of profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item. Corticeira Amorim only designates the spot element of forward contracts as a hedging instrument. The forward element is recognized in OCI and accumulated in a separate component of equity under cost of hedging reserve. The amounts accumulated in OCI are accounted for , depending on the nature of the underlying hedged transaction. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in equity is removed from the separate component of equity and included in the initial cost or other carrying amount of the hedged asset or liability . This is not a reclassification adjustment and will not be recognized in OCI for the period. This also applies where the hedged forecast transaction of a non-financial asset or non-financial liability subsequently becomes a firm commitment for which fair value hedge accounting is applied. For any other cash flow hedges, the amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the same period or periods during which the hedged cash flows affect profit or loss. If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must remain in accumulated OCI if the hedged future cash flows are still expected to occur . Otherwise, the amount will be immediately reclassified to profit or loss as a reclassification adjustment. After discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be accounted for depending on the nature of the underlying transaction as described above.
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450 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 • When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; • In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss. Deferred tax items are recognized, in each reporting date, in correlation to the underlying transaction either in OCI or directly in equity . Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, are recognized subsequently if new information about facts and circumstances change. The adjustment is either treated as a reduction in goodwill (as long as it does not exceed goodwill) if it was incurred during the measurement period or recognized in profit or loss. The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off and deferred J. INCOME TAX – CURRENT AND DEFERRED Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where Corticeira Amorim operates and generates taxable income. Current income tax relating to items recognized directly in equity is recognized in this account heading and not in the statement of profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred tax is calculated using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences, except: • When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; • In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized, except: I. INVENTORIES Inventories are valued at the lower of acquisition cost or production cost and net realizable value. Acquisition cost includes direct and indirect expenses incurred in order to have those inventories at its present condition and place. Production cost includes used raw material costs, direct labor , other direct costs and other general fixed production costs (using normal capacity utilization). Y ear-end quantities are determined based on the accounting records, which are confirmed by the physical inventory taking. Raw materials, consumables and by-products are valued at weighted average cost, and finished goods and work-in-progress at the average production cost which includes direct costs and indirect costs incurred in production. Where the net realizable value is lower than production cost, inventory impairment is registered. This adjustment will be reversed or reduced whenever the impairment situation no longer takes place. The raw materials usually present alternative use without significant loss of value (for example through changes in caliber , reprocessing or use as raw material in other units). In these cases, a specific analysis of impairment is made, being that impairment situations in this instance are reduced. The intermediate and finished products are not as susceptible of alternative use. In these cases, the amount by which inventories are expected to be realized is influenced by the age of those inventories. Thus, in addition to the specific analysis (priority form of determination of net realizable value), the group applies a criteria based on the rotation to estimate the reduction of expected value of these materials in function of their ageing.
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451 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 right to shares that are redeemable at their discretion, thus the benefit granted to employees qualifies as a cash-settled share-based payment transaction. IFRS 2 stipulates that for cash-settled share-based payment transactions, an expense is recognized as services are rendered, against a liability , which must be measured at fair value at each reporting date. Corticeira Amorim recognizes the share-based payment expense under ‘Personnel Expenses’. Until the liability is settled, the entity remeasures the fair value of the liability at the end of each reporting period and at the settlement date, with any changes in fair value recognized in the period’s results. The liability will be measured, initially and at the end of each reporting period until settled, at the fair value of the share appreciation rights. K. EMPLOYEES BENEFIT Corticeira Amorim’s Portuguese employees benefit exclusively from the national welfare plan. Employees from foreign subsidiaries are either covered exclusively by local national welfare plans or benefit from complementary contribution plans and defined benefit. As for the defined contribution plans, contributions are recognized as employee benefit expense when they are due. Corticeira Amorim operates defined benefit pension plans in the subsidiaries Amorim Cork Italia and Icas Spa (Trattamento di Fine Rapporto) and Eflverson. In Switzerland, companies are obliged to provide a minimum pension plan to employees on terms equivalent to a defined benefit pension plan. The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method. The remeasures, comprising actuarial gains and losses, the effect of the asset ceiling, excluding the amounts included in net interest on the defined benefit net liability and the return on plan assets (excluding the amounts included in net interest on net liabilities), are recognized immediately in the statement of financial position with a debt or credit corresponding to retained earnings in the other comprehensive income in the period in which they occur . Remeasurements are not reclassified to profit or loss in subsequent periods. Corticeira Amorim recognises a liability and an expense for bonuses attributable to a large number of directors. These benefits are based on estimations that take in account the accomplishment of both individual goals and achievement by Corticeira Amorim with a pre- established level of profits. Share-based payment Benefits granted to employees under share acquisition incentive plans or share option plans are recorded in accordance with the provisions of IFRS 2 – Share-based Payment. Under the terms of the current remuneration plan, Corticeira Amorim grants eligible employees the right to receive a future cash payment, to the extent that the right grants plan beneficiaries the tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously , in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. The provisions for ongoing tax contingencies related to income tax are classified under deferred taxes. In the case of tax legal proceedings, they are annually increased by calculating interest and penalties defined by law .
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452 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 • Quantity discount Corticeira Amorim provides retrospective discounts on volumes to some customers when a certain amount of purchases in a given period exceeds a certain limit established in the agreement. Discounts are recorded on the credit of the customer’s account receivable. To estimate the variable remuneration associated with the expected value of quantity discounts granted, Corticeira Amorim is based on the client’s history . The requirements of IFRS 15 to restrict the amounts of estimated variable remuneration are also applicable, and Corticeira Amorim records a liability related to the amount to be granted for discounts. Using the practical expedient provided for in IFRS 15, Corticeira Amorim does not adjust the amount of the consideration for the financial effect when, it is initially expected, that the period between the transfer of the good or service to the customer and the time at which the customer pays the good or the service is less than a year . The same happens when Corticeira Amorim receives short-term advances from its clients - in this case, the value of the compensation is not adjusted by the financial effect. The Amorim Cork Flooring offers guarantees of proper operation of its products for certain types of contracts. These quality guarantees are accounted for in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets. N. GOVERNMENT GRANTS Grants received are related generally with fixed assets expenditure. No- repayable grants are present in the balance sheet as deferred income, and recognized as income on a systematic basis over the useful life of the related asset. Repayable grants are presented as other financial liabilities following the recognition and measurement principles of IFRS 9. Reimbursable grants with “out of market” interest rates are measured at fair value when they are initially recognized. For each grant, the fair value determination at the initial time corresponds to the present value of the future payments associated with the grant, discounted at the company’s financing rate at the date of recognition, for loans with similar maturities. Revenue from the sale of products is recognized at the time when the control over the goods is transferred to the customer . The average day’s collection varies, not overcoming 90 days, after billing. For each contract, Corticeira Amorim assesses whether there are other commitments in the contract that are distinct performance obligations and for which a portion of the transaction price should be allocated. In determining the price of the transaction, Corticeira Amorim takes into account possible variable remuneration, the existence or otherwise of a significant component of financing, non- monetary consideration receivable and the possibility of payment to the customer . If the consideration provided for in a contract includes a variable component, Corticeira Amorim estimates the amount it considers to be entitled to receive in exchange for the transfer of the goods to the customer . The variable component is estimated at the inception of the contract and is restricted in the event of uncertainty until it is highly probable that a significant reversal of the recognized revenue will not occur when the uncertainty associated with the variable compensation component is finally dissipated. Some contracts give the customer the right to return goods and volume rebates. The return rights and the volume discounts give rise to a variable return. • Right of return Some contracts give the customer the right to return the products within a certain period. The Group uses the expected value method to estimate the variable consideration given the large number of contracts that have similar characteristics. The Group then applies the requirements on constraining estimates of variable consideration in order to determine the amount of variable consideration that can be included in the transaction price and recognized as revenue. A refund liability is recognized for the inventories that are expected to be returned. A right of return asset (and corresponding adjustment to cost of sales) is also recognized for the right to recover the goods from the customer . L. PROVISIONS Provisions are recognized when Corticeira Amorim has a present legal or constructive obligation as a result of past events, when it is more likely than not an outflow of resources will be required to settle the obligation and when a reliable estimation is possible. Provisions are not recognized for future operating losses. Restructuring provisions are recognized with a formal detail plan and when third parties affected are informed. The main items of provisions were recorded based on their nominal value. Provisions for ongoing proceedings are annually increased by the calculation of interest and fines, as defined by law . In all other cases, given the uncertainty regarding the timing of the outflow of resources to cover liability , it is not possible to reliably estimate the effect of the discount, which is estimated to be not material. When there is a present obligation, resulting from a past event, but it is not probable that an out flow of resources will be required, or this cannot be estimated reliably , the obligation is treated as a contingent liability . This will be disclosed in the financial statements, unless the probability of a cash outflow is remote. Contingent assets are not recognized in the financial statements but disclosed when it is probable the existence of an economic future inflow of resources. M. REVENUE FROM CONTRACTS WITH CUSTOMERS Revenue from contracts with customers is recorded when the control of goods and services is transferred to customers for an amount corresponding to the compensation that Corticeira Amorim expects to receive in exchange for such goods or services. Corticeira Amorim generally acts as the “principal” in its agreements with customers, because Corticeira Amorim typically controls the goods and services before transferring them to customers.
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453 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 Short-term lease and lease of low-value assets Corticeira Amorim applies the short-term lease recognition exemption, i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognized as an expense on a straight-line basis over the lease term. P . EQUITY Ordinary shares are included in equity . When Corticeira Amorim acquires own shares, the acquisition value is recognized in equity to be deducted from its amount, in the entry “Treasury Stock”. Corticeira Amorim recognises a liability to pay a dividend when the distribution is authorized, and the distribution is no longer at the discretion of Corticeira Amorim. As per the applicable corporate laws, a distribution is authorized when it is approved by the shareholders. A corresponding amount is recognized directly in equity . Q. NON-RECURRING RESUL TS Non-recurring operating results, which, due to their materiality or nature, may distort Corticeira Amorim’s financial performance, as well as their comparability , are presented on a separate line in the Consolidated Income Statement by Nature. These results include, among others, restructuring costs, goodwill impairment, transaction costs for the acquisition of subsidiaries, disinvestment costs in certain markets and significant capital gains from the relocation of premises. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. Right-of-use assets are also subject to impairment, in accordance with the policy presented in note g) Impairment of non-financial assets. Lease liabilities At the commencement date of the lease, Corticeira Amorim recognises lease liabilities measured at the present value of the payments to be made over the term of the contract. Lease payments include fixed payments less any incentives receivables, variable lease payments that depend on an index or rate and amounts you expect to pay related to residual value guarantees. Lease payments also include the exercise price of a purchase option, if it is reasonably expected to be exercised by Corticeira Amorim and payments of penalties for terminating the lease, if the lease term reflects the Corticeira Amorim exercising the option to terminate. V ariable lease payments that do not depend on an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, Corticeira Amorim uses an incremental borrowing rate on the lease start date, because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. Corticeira Amorim’s lease liabilities are included in interest-bearing debt. Difference between nominal and fair value at initial recognition is included in “refundable grants”, at other financial liabilities, being afterwards recognized in net result as “Other income and gains” over the estimated useful life of the related asset. Subsequently these grants are measured at amortized cost. The grants received are classified as a financial activity in the Statement of Cash Flows. O. RIGHT OF USE AND LEASING Corticeira Amorim assesses, at the commencement date of the contract, whether it is or contains a lease. That is, if the contract transfers the right to control the use of an identified asset for a period of time in exchange for consideration. Corticeira Amorim applies a unique recognition and measurement approach to all leases, except for short-term and low-value asset leases. Corticeira Amorim recognises lease liabilities corresponding to payments made and right-of-use assets that represent the right to use the underlying assets. Right of use As a lessee, Corticeira Amorim recognises the right of use assets on the lease start date (that is, the date on which the underlying asset is available for use). The right of use assets is measured at cost, less accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of the right of use assets includes the amount of recognized lease liabilities, initial direct costs incurred and lease payments made at or before the commencement date less any lease incentives received. Right of use assets are depreciated using the straight-line method over the shorter of the lease term and the estimated useful lives of the assets, as follows: Number of years Lands 60 Buildings 3 - 10 Vehicles 3 - 5
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454 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 date, with any changes in fair value recognized in the period’s results. The liability will be measured, initially and at the end of each reporting period until settled, at the fair value of the share appreciation rights. U. SUBSEQUENT EVENTS Corticeira Amorim recognises in the financial statements the events that, after the balance sheet date, provide additional information on the conditions that existed on the balance sheet date, including the estimates inherent in the preparation of the financial statements. The group does not recognise events that, after the balance sheet date, provide information on conditions that occur after the balance sheet date. R. CASH AND CASH EQUIVALENTS The account heading “Cash and cash equivalents” includes cash, deposits and cash investments with short maturities that are readily available without significant risk of change in value. For the purposes of the statement of cash flows, the account heading “Cash and cash equivalents” also includes bank overdrafts included in the account heading “Bank loans” and financial assets held for trading. S. LOAN EXPENSES The Group capitalizes the borrowing expenses (interest and other costs incurred due to borrowings of funds) that are directly attributable to the acquisition, construction or production of an asset that qualifies as part of the cost of that asset, that is, a asset that necessarily takes a substantial amount of time to get ready for its intended use or for sale. All other borrowing costs must be accounted for as an expense in the period in which they are incurred. T . SHARE-BASED PAYMENT Benefits granted to employees under share acquisition incentive plans or share option plans are recorded in accordance with the provisions of IFRS 2 – Share-based Payment. Under the terms of the current remuneration plan, C grants eligible employees the right to receive a future cash payment, to the extent that the right grants plan beneficiaries the right to shares that are redeemable at their discretion, thus the benefit granted to employees qualifies as a cash-settled share-based payment transaction. IFRS 2 stipulates that for cash-settled share-based payment transactions, an expense is recognized as services are rendered, against a liability , which must be measured at fair value at each reporting date. C recognizes the share-based payment expense under ‘Personnel Expenses’. Until the liability is settled, the entity remeasures the fair value of the liability at the end of each reporting period and at the settlement
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455 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 Corticeira Amorim’s activities expose it to a variety of financial risks: market risks (including currency risk, interest rate risk and raw material price risk), credit risk, liquidity risk and capital risk. Market Risk a. Exchange rate risk Exchange rate risk management policy established by Corticeira Amorim Board points out to a total hedging of the assets deriving from sales in the most important currencies and from USD acquisitions. If the exchange rate hedging policy did not exist, the 1% increase in the USD exchange rate, keeping all other variables constant, would lead to earnings before tax result of 0.1 M€. As for book orders up to 90 days, each Business Unit (BU) responsible will decide according to exchange rate evolution. Book orders, considered relevant, due after 90 days, will be presented by the Business Unit responsible to the Corticeira Amorim Board. As of December 31, 2025, taking into account the relationship between the amount of the group’s exposure to financial assets and liabilities in foreign currency and the notional number of hedges contracted, exchange rates different from the Euro currency (particularly USD), would have no material effect in the consolidated results of the group. As for hedge book orders any effect would be registered in Equity . As for non-euro net investments in subsidiaries/ associate, any exchange rate effect would be registered in Equity , because Corticeira Amorim does not hedge this type of assets. The amount recorded under Exchange rate differences, including the effect of not covering these investments, reached the amount of -9,265 K€ as of December 31, 2025 (2024: -4,141 K€). b. Interest rate risk As of 31 December 2025, of the total interest-bearing debt, 30.3 M€ had interest at a fixed rate, of which 20 M€ will be due in 2027 (maturity is only related to Corticeira Amorim Individual). As of December 31, 2024, the value was 69.6 M€. Interest rate risk results, essentially , from non-current financing obtained at a variable rate and from emissions under the commercial paper program. As of December 31, 2025, if interest rates were 0.1 percentage points higher , with the remaining variables remaining constant, the pre-tax result would be lower by around 111 thousand euros (203 thousand euros in 2024) as a result of the increase in financial costs with variable rate debt. c. Raw material price risk In view of the critical nature of this factor , the procurement, storage and preparation management of the only variable common to all Corticeira Amorim activities, which is the raw material (cork), is assembled in an autonomous BU, which, among other objectives, makes it possible to prepare, discuss and decide within the Board of Directors the orientation or the multiannual supply policy to be developed. The Group’s cork procurement team is made up of a group of highly specialised staff, mainly in Portugal, Spain and North Africa. The objective of the buyer’s team is to maximise the price / quality ratio of the purchased cork and simultaneously ensure the purchase of sufficient quantity for the desired level of production. The cork market is an open market where price is determined by the supply and demand law . The price offered by Corticeira Amorim is determined business by business, and depends essentially on the estimated quality of cork. Corticeira Amorim does not have the ability to set the purchase price of the campaign, and this is a result of the operation of the market. The purchase is concentrated in a certain period of the year , in which the raw material supply is guaranteed for the whole of 3. Financial Risk Management
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456 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 the following year , the sales prices of the finished products and margins of the business are defined taking into account the cost of acquiring the raw material and estimated availability for the annual campaign. Credit Risk Credit risk is due, mainly , to receivables from customers related to trade sales. The credit risk results, essentially , from the accounts receivable from customers resulting from commercial transactions. Corticeira Amorim is attentive to the issue of collection of accounts receivable, but in a universe of approximately 25 thousand customers around the world, the risk is significantly distributed. The credit risk is naturally reduced in face of the dispersion of sales by a very high number of clients, spread across all continents, none representing more than 2% of total sales. Credit risk is monitored by the operating companies Financial Departments, taking in consideration its history of trade relations, financial situation as well as other types of information that Corticeira Amorim business network has available related with each trading partner . Credit limits are analyzed and revised, if necessary , on a regular basis. Normally no guarantees are due from customers. Corticeira Amorim in non-recurring situations use credit insurance. Credit risk derives from cash and cash equivalents balances. Corticeira Amorim previously analysis the ratings of the financial institutions so that it can minimize the failure of the counterparts. The maximum credit risk is the one that results from the failure to receive all financial assets (December 2025: 279 million euros and December 2024: 313 million euros). Corticeira Amorim’s Cash and equivalents is spread across more than 100 subsidiaries. In terms of the quality of credit risk associated with Cash and equivalents, as at 31 December 2025, Corticeira Amorim selected financial institutions whose rating does not risk the realisation of these assets. Liquidity Risk Corticeira Amorim financial department regularly analyzes future cash flows so that it can deliver enough liquidity for the group to provide operating needs, and also to comply with credit lines payments. Excess of cash is invested in interest bearing short-term deposits. This strategy offers the necessary flexibility to conduct its business. Financial liabilities’ estimated non-discounted cash flows by contractual maturities are as follows: Up to 1 year 1 to 2 years 2 to 4 years More than 4 years T otal Interest-bearing loans (Note 22) 153,270 9,271 48,416 61,366 272,323 Other financial liabilities (note 24) 51,070 2,170 3,776 706 57,722 Trade payables (Note 23) 112,159 112,159 T otal as of December 31, 2024 316,499 11,440 52,192 62,072 442,204 Interest-bearing loans (Note 22) 40,491 37,293 63,016 56 140,856 Other financial liabilities (note 24) 43,264 2,103 3,457 74 48,898 Trade payables (Note 23) 107,945 107,945 T otal as of December 31, 2025 191,701 39,396 66,472 130 297,699 V alues in thousand euros. Liquidity risk coverage is done, essentially , by the existence of a set of credit lines and commercial paper emission programs immediately available, and, eventually , by the existence of bank deposits. Corticeira Amorim ended the year with unused credit lines and programs for issuing commercial paper totalling 326.1 M€ (at December 31, 2024 the comparable figure was 302.9 M€). If we add Cash and Equivalents, the Liquidity Reserve at the end of 2025 was 391.1 M€ (379.5 M€ at December 31, 2024). Capital Risk Corticeira Amorim’s key objective is to assure business continuity , delivering a proper return to its shareholders and the correspondent benefits to its remaining stakeholders. A careful management of the capital employed in the business, using the proper combination of capital in order to reduce its costs, makes it possible to fulfil this objective. Corticeira Amorim is a solid company with an appropriate and balanced capital structure, responsible for an activity which is fundamental for the sustainability of the whole cork industry . Without the cork stoppers produced by Corticeira Amorim, thousands of wineries and bottlers would not be able to operate in the most varied geographical areas. In order to achieve the proper combination of capital employed, the Board can obtain from the General Shareholders Meeting the approval of the necessary measures, namely adjusting the dividend pay-out ratio, the treasury stock, raising capital through new shares issue, sale of assets or other type of measures. The key indicator for the said combination is the Equity / Assets ratio. Corticeira Amorim establishes as a target a level of not less than 40% of Equity / Assets ratio attending the company features and of the economic sector that she belongs.
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457 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 Corticeira Amorim uses forward outrights and options to hedge exchange rate risk, as shown below . Evaluating exchange rate hedge instruments requires the utilisation of observable inputs (level 2). Fair value is calculated using a proprietary model of Corticeira Amorim, developed by Reuters, using discounted cash flows method for forwards outrights. As for options, it is used the Black & Scholes model. Summary of the derivative financial instruments’ fair value: Nature Hierarchy Type 2025 2024 Notional Fair Value Notional Fair Value Cash flow hedge - - - - Fair value hedge 13,994 126 4,673 101 Trading derivatives - 8 - 10 Level 2 T otal 13,994 134 4,673 111 T otal assets 13,994 134 4,673 111 Cash flow hedge - - 9,814 − 248 Fair value hedge 855 − 21 34,406 − 1,564 Trading derivatives - - - − 57 Level 2 T otal 855 − 21 44,220 − 1,868 T otal liabilities 855 − 21 44,220 − 1,868 V alues in thousand euros. The main inputs used in valuation are forward exchange rate curves and estimates of currency volatility . The ratio register was: December 31, 2025 December 31, 2024 December 31, 2023 Equity 840,312 835,057 800,044 Assets 1,210,903 1,362,194 1,415,225 Equity/ Assets 69.4% 61.3% 56.5% V alues in thousand euros. Financial assets and liabilities fair value The Group measures part of its financial assets and liabilities at fair value at the reference date of the financial statements. Derivative financial instruments are included in the categories mentioned at Note 2h. The derivatives used by Corticeira Amorim have no public quotation because they are not traded in an open market (over the counter derivatives). According to the accounting standards, a fair value hierarchy is established that classifies three levels of data to be used in measurement techniques at fair value of financial assets and liabilities: Level 1 data – public quotation (non-adjusted) in liquid markets for comparable assets or liabilities; Level 2 data – different data of public quotation observable for the asset or the liability , directly or indirectly; Level 3 data – non observable data for the assets or the liability . During the year , there were no transfers between the levels mentioned above. As of December 31, 2025, derivative financial instruments recognized as assets in the consolidated statement of financial position were 93 K€ as assets (31/12/2024: 111 K€) and 29 K€ as liabilities (31/12/2024: 1,868 K€), as stated in notes 14 and 24.
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458 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 Exchange rate contracts As of December 31, 2025, options contracts and forward outright related with sales currencies were as follows: 2025 2024 USD 12,858 87% 37,498 91% ZAR 289 2% 3,030 7% GBP 567 4% 496 1% JPY 0 0% 0 0% HUF 0 0% 0 0% AUD 1,136 8% 0 0% Forward - long positions 14,849 100% 41,024 100% USD 0 0% 0 0% Forward - short positions 0 0% 0 0% USD 0 0% 7,869 100% Options - long positions 0 0% 7,869 100% V alues in thousand euros. It is expected that hedged highly probable transactions in foreign currencies occur during the first half of 2026. The corresponded value recognized in equity as hedge accounting will be recorded in income statement in that same period. The amount recognized in comprehensive income statement as change in derivative financial instruments’ fair value reached -199 K€ (2024: -275 K€). In relation with fair value hedging, as per note 30, during 2025 a gain of 1,646 K€ was recorded in the hedging instruments (2024: loss of 1,716 K€) and a loss of 183 K€ was recorded in the hedged items (2024: loss of 611 K€).
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459 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 Impairment of goodwill Goodwill is annually subjected to impairment tests or whenever there are indications of a possible loss of value in accordance with the criteria described in Note 2 b). The recoverable values of the cash-generating units to which goodwill is allocated are determined based on the calculation of current use values. These calculations require the use of estimates by management. Intangible and tangible assets The life of an asset is the period during which Corticeira Amorim expects that an asset will be available for use and this should be reviewed at least at the end of each financial year . The determination of the useful lives of assets, the amortization/depreciation method to be applied, and the estimated losses resulting from the replacement of equipment before the end of its useful life due to technological obsolescence is crucial in determining the amount of amortization/ depreciation to be recognized in the consolidated income statement each period. These three parameters are defined using management’s best estimates for the assets and businesses concerned, and taking account of the practices adopted by companies in the sectors in which Corticeira Amorim operates. The decision that an entity must be consolidated by Corticeira Amorim requires the use of judgment, estimates, and assumptions to determine the extent to which Corticeira Amorim is exposed to return variability and the ability to take possession of them through its power . Other assumptions and estimates could lead to Corticeira Amorim´s consolidation perimeter being different, with direct impact on the consolidated financial statements. Impairment of non-current assets, excluding goodwill The determination of a possible impairment loss can be triggered by the occurrence of various events, such as the availability of future financing, the cost of capital or other market, economic and legal changes or changes with an adverse effect on the technological environment, many of which are beyond the Corticeira Amorim´s control. The identification and assessment of impairment indicators, the estimation of future cash flows, and the calculation of the recoverable value of assets involve a high degree of judgment by the Board. The preparation of consolidated financial statements requires Corticeira Amorim´s management to make judgments and estimates that affect the statement of financial position and the reported results. These estimates are based on the best information and knowledge about past and/or present events and on the operations that Corticeira Amorim considers it may implement in the future. However , at the date of completion of such operations, their results may differ from these estimates. Changes to these estimates that occur after the date of approval of the consolidated financial statements will be corrected in the income statement in a prospective manner , in accordance with IAS 8 - “ Accounting Policies, Changes in Accounting Estimates and Errors”. The estimates and assumptions that imply a greater risk of giving rise to a material adjustment in assets and liabilities are described below: Entities included in the consolidation perimeter To determine the entities to be included in the consolidation perimeter , Corticeira Amorim assesses the extent to which it is exposed, or has rights, to variability in return from its involvement with that entity and can take possession of them through the power it holds over this entity . 4. Critical Estimates and Judgments
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460 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 Consumable biological assets When determining the fair value of consumable biological assets, the present value method of discounted cash flows is used, which were determined using a model developed internally . In the model developed, assumptions corresponding to the nature of the assets under evaluation are considered, namely , the development cycle, productivity , mortality rate, cork sales price, deducted from the extraction cost. Provisions Corticeira Amorim periodically reviews any obligations arising from past events, which should be recognized or disclosed. The subjectivity involved in determining the probability and amount of internal resources required to meet obligations may give rise to significant adjustments, either due to changes in the assumptions made, or due to the future recognition of provisions previously disclosed as contingent liabilities. Fair value of financial assets and liabilities When the fair value of a financial asset or liability is calculated, on an active market, the respective market price is used. When there is no active market, which is the case with some of Corticeira Amorim’s financial assets and liabilities, valuation techniques generally accepted in the market, based on market assumptions, are used. Corticeira Amorim applies evaluation techniques for unlisted financial instruments, such as derivatives, financial instruments at fair value and instruments measured at amortized cost. The most frequently used valorisation models are models of discounted cash flows and option models, which incorporate, for example, interest rate and market volatility curves. For certain types of more complex derivatives, more advanced valuation models are used containing assumptions and data that are not directly observable in the market, for which Corticeira Amorim uses the proprietary model specified in Note 3.
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461 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 5. Exchange Rates used in Consolidation A study published in the Journal of Food Composition and Analysis concluded that wine bottles sealed with cork stoppers have practically non- existent levels of microplastics compared to packaging sealed with other solutions.
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462 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 Exchage rates December 31, 2025 Average 2025 Average 2024 December 31, 2024 Argentine Peso ARS 1704.200 1413.083 989.813 1066.359 Australian Dollar AUD 1.758 1.752 1.640 1.677 Lev BGN 1.956 1.956 1.956 1.956 Brazilian Real BRL 6.436 6.307 5.828 6.425 Canadian Dollar CAD 1.609 1.579 1.482 1.495 Swiss Franc CHF 0.931 0.937 0.953 0.941 Chilean Peso CLP 1056.350 1073.514 1020.284 1027.640 Yuan Renminbi CNY 8.226 8.119 7.788 7.583 Czech Koruny CZK 24.237 24.688 25.120 25.185 Danish Krona DKK 7.469 7.463 7.459 7.458 Algerian Dinar DZD 151.864 148.192 144.695 140.109 Euro EUR 1.000 1.000 1.000 1.000 Pound Sterling GBP 0.873 0.857 0.847 0.829 Hong Kong Dollar HKD 9.140 8.812 8.441 8.042 Forint HUF 385.150 397.768 395.304 411.350 Ye n JPY 184.090 169.044 163.852 163.060 Moroccan Dirham MAD 10.708 10.543 10.749 10.490 Zloty PLN 4.221 4.240 4.306 4.275 Ruble RUB 92.094 94.304 100.280 106.103 Swedish Krona SEK 10.822 11.066 11.433 11.459 Tunisian Dinar TND 3.368 3.365 3.363 3.301 Turkish Lira TRL 50.484 44.816 35.573 36.737 US Dollar USD 1.175 1.130 1.082 1.039 Rand ZAR 19.444 20.179 19.830 19.619 5. Exchange Rates used in Consolidation
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463 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 Company Head Office Country 2025 2024 Amorim Florestal Amorim Florestal, S.A. Vale de Cortiças - Abrantes PORTUGAL 100% 100% Amorim Agroflorestal , S.A. Ponte de Sor PORTUGAL 100% 100% Amorim Florestal III, S.A. Ponte de Sor PORTUGAL 100% 100% Amorim Florestal España, S.L. San Vicente Alcántara SPAIN 100% 100% Amorim Florestal Mediterrâneo, S.L. Cadiz SPAIN 100% 100% Amorim Tunisie, S.A.R.L. T abarka TUNISIA 100% 100% Herdade de Rio Frio, S.A. Ponte de Sor PORTUGAL 100% 100% Comatral - C. de Maroc. de Transf. du Liège, S.A. Skhirat MOROCCO 100% 100% Cosabe - Companhia Silvo-Agrícola da Beira S.A. Lisbon PORTUGAL 100% 100% SIBL - Société Industrielle Bois Liége Jijel ALGERIA 51% 51% Société Nouvelle du Liège, S.A. (SNL) T abarka TUNISIA 100% 100% Société Tunisienne d’Industrie Bouchonnière T abarka TUNISIA 55% 55% Vatrya - Serviços de Consultadoria, Lda. Funchal - Madeira PORTUGAL 100% 100% Amorim Cork Amorim Cork, S.G.P .S., S.A. Santa Maria Lamas PORTUGAL 100% 100% ACIC USA, LLC California USA 100% 100% Agglotap, S.A. Girona SPAIN 91% 91% All Closures In, S.A. Paços de Brandão PORTUGAL 75% 75% Amorim Australasia Pty Ltd. Adelaide AUSTRALIA 100% 100% Amorim Bartop, S.A. Vergada PORTUGAL 75% 75% Amorim Champcork, S.A. Santa Maria de Lamas PORTUGAL 100% 100% Amorim Cork América, Inc. California USA 100% 100% Amorim Cork Bulgaria EOOD Plovdiv BULGARIA 100% 100% Amorim Cork Deutschland GmbH & Co KG Mainz GERMANY 100% 100% Amorim Cork España, S.L. San Vicente Alcántara SPAIN 100% 100% Amorim Cork Hungary Zrt. Budapest HUNGARY 100% 100% Amorim Cork Itália, SPA Conegliano ITAL Y 100% 100% 6. Companies included in the Consolidated Statements
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464 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 Company Head Office Country 2025 2024 Amorim Cork Amorim Cork South Africa (Pty) Ltd. Cape T own SOUTH AFRICA 100% 100% Amorim Cork, S.A. Santa Maria de Lamas PORTUGAL 100% 100% Amorim France, S.A.S. Champfleury FRANCE 100% 100% Amorim T op Series France, S.A.S. Merpins FRANCE 100% 100% Amorim T op Series México (d) Mexico City MEXICO 60% - Amorim T op Series Scotland, Ltd Dundee SCOTLAND 75% 75% Amorim T op Series, S.A. Vergada PORTUGAL 75% 75% B&V Sugheri SRL (h) Canelli ITAL Y 0 28% Biocape - Importação e Exportação de Cápsulas, Lda. Mozelos PORTUGAL 75% 75% Bouchons Prioux Épernay FRANCE 91% 91% Bourrassé Chile Santiago CHILE 100% 100% Bozales ICAS HITE Argentina (b) Mendoza ARGENTINA 26% 26% Caps T ech Capsule & T echnologie SAS (a) (e) Aÿ-Champagne FRANCE 13% 7% Chaillot Bouchons SA Saint-Prex SWITZERLAND 55% 55% Chapuis, S.L. Girona SPAIN 100% 100% Corchera Gomez Barris (b) Santiago CHILE 50% 50% Corchos de Argentina, S.A. (a) Mendoza ARGENTINA 50% 50% Elfverson & Co. AB (b) Paryd SWEDEN 38% 38% Elfverson I.P ., S.A. (b) Vergada PORTUGAL 38% 38% Elfverson Portugal, SA (b) Santa Maria de Lamas PORTUGAL 38% 38% FP Cork, Inc. California USA 100% 100% Francisco Oller GMBH Mannheim GERMANY 93% 93% Francisco Oller, S.A. Girona SPAIN 98% 98% HITE, S.A. - Hispano Italiana Trenzados Especiales, S.A. (b) Barcelona SPAIN 25% 25% I.C.A.S. S.p.A. (b) Ivrea ITAL Y 50% 50% ICAS Brasil Ltda. (b) Garibaldi (RS) BRAZIL 25% 25% ICAS France S.a.r.l. (b) Reims FRANCE 50% 50% ICAS HITE Australasia (b) Adelaide AUSTRALIA 37% 37% Indústria Corchera, S.A. (b) Santiago CHILE 50% 50% Intercap Chile, ltda (b) (e) Viña del Mar CHILE 25% 14% Intercap France S.r.l (b) (e) Castelnau-d’Estrétefonds FRANCE 38% 21% Intercap USA, INC (b) (e) California USA 50% 28% Intercap, S.r.l (b) Piedmont ITAL Y 50% 28% Kapselfabrik. GmbH (g) Bad Kreuznach GERMANY 0 50% Korken Schiesser Ges.M.B.H. Vienna AUSTRIA 69% 69%
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465 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 Company Head Office Country 2025 2024 Amorim Cork Olimpiadas Barcelona 92, S.L. Girona SPAIN 100% 100% Pfefferkorn & Schneider. GmbH (b) (g) Simmern GERMANY 50% 50% Pfefferkorn & Reiter GmbH (b) Simmern GERMANY 50% 50% Philipp Schneider GmbH (g) Bad Kreuznach GERMANY 0 50% PM OEnologie Consulting Sàrl Saint-Léonard SWITZERLAND 55% 55% Portocork América, Inc. California USA 100% 100% Portocork Argentina (a) (i) Mendoza ARGENTINA 40% 0 Portocork France, S.A.S. Bordeaux FRANCE 100% 100% Portocork International Korkhandels-GmbH Bingen am Rhein GERMANY 100% 100% Portocork Itália, s.r.l Milan ITAL Y 100% 100% Prats & Bonany S.A. (b) Reims FRANCE 37% 37% Relvas - T apones de champan, S.L. (b) Cáceres SPAIN 50% 50% Relvas II - Rolhas de Cortiça S.A. (b) Montemor-o-Novo PORTUGAL 50% 50% S.A. Oller et Cie Reims FRANCE 98% 98% S.A.S. Ets Christian Bourrassé T osse FRANCE 100% 100% S.C.I. Friedland Céret FRANCE 100% 100% S.C.I. Prioux Épernay FRANCE 91% 91% SACI S.r.l. (b) Ivrea ITAL Y 50% 50% Sagrera et Cie Reims FRANCE 91% 91% San Bernardo T appi Spumante S.r.l (b) Ivrea ITAL Y 50% 50% Sarl Relvas France (b) Reims FRANCE 37% 37% Société Nouvelle des Bouchons Trescases (a) Perpignan FRANCE 50% 50% Socori Forestal, S.L. Cáceres SPAIN 100% 100% Socori, S.A. Rio Meão PORTUGAL 100% 100% SUBOENO SA Saint-Prex SWITZERLAND 55% 55% Sumois S.A (b) Sant Sadurní D’Anoia SPAIN 25% 25% T ango S.S (b) Ivrea ITAL Y 37% 37% Trefinos Italia, s.r.l Treviso ITAL Y 91% 91% Trefinos USA, LLC Fairfield, CA USA 100% 91% Trefinos, S.L. Girona SPAIN 91% 91% Vestiwine SRL (h) Milan ITAL Y 0 28% Victor y Amorim, S.L. (b) Navarrete - La Rioja SPAIN 50% 50% Vinolok a.s (a) Jablonec nad Nisou CZECH 50% 50% Vintage Cork, SAS (a) Caveirac FRANCE 38% 38% VMD Group SA Pully SWITZERLAND 55% 55% Wine Packaging & Logistic, S.A. (a) Santiago CHILE 16% 16%
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466 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 Company Head Office Country 2025 2024 Amorim Cork Solutions Amorim Cork Solutions, S.A. (j) Mozelos PORTUGAL 100% 100% Amorim (UK), Ltd. (h) Horsham West Sussex UN. KINGDOM 0 100% Amorim Benelux, BV Tholen NETHERLANDS 100% 100% Amorim Cork Solutions, GmbH (f) Delmenhorst GERMANY 0 100% Amorim Cork Solutions, Inc. (c) Trevor - Wisconsin USA 100% 100% Amorim Cork Solutions, LLC (k) Saint Petersburg RUSSIA 100% 100% Amorim Deutschland, GmbH (f) Delmenhorst GERMANY 100% 100% Amorim Flooring (Switzerland) AG Zug SWITZERLAND 100% 100% Amorim Flooring Austria GesmbH (h) Vienna AUSTRIA 0 100% Amorim Flooring Canada, Inc. Vancouver CANADA 100% 100% Amorim Flooring North America Inc. (c) Hanover - Maryland USA 0 100% Amorim Flooring Rus, LLC (k) Moscow RUSSIA 100% 100% Amorim Industrial Solutions - Imobiliária, S.A. Corroios PORTUGAL 100% 100% Amorim Sports North America, Inc. (c) Trevor - Wisconsin USA 0 100% Amorim Sports, Lda. (j) Mozelos PORTUGAL 0 100% Chinamate (Shaanxi) Natural Products Co., Ltd. Shaanxi CHINA 100% 100% Chinamate Development Co. Ltd. Hong Kong CHINA 100% 100% Compruss – Investimentos e Participações, Lda. Mozelos PORTUGAL 100% 100% Corkeen Europe, Lda. (j) Mozelos PORTUGAL 0 100% Corkeen Global, Lda. (j) Mozelos PORTUGAL 0 100% Corkeen North America, Ltd. (c) Trevor - Wisconsin USA 0 100% Dom KorKowy, Sp. Zo. O. (a) Kraków POLAND 50% 50% Korkkitrio Oy (h) T ampere FINLAND 0 91% Korko - Made By Nature, Lda (a) Mozelos PORTUGAL 50% 50% Postya - Serviços de Consultadoria, Lda. Funchal - Madeira PORTUGAL 100% 100% Corticeira Amorim and Others Corticeira Amorim, SGPS, S.A. Mozelos PORTUGAL 100% 100% Amorim - Viagens e Turismo, S.A. Mozelos PORTUGAL 100% 100% Amorim Cork IT S.A. Mozelos PORTUGAL 100% 100% Amorim Cork Research, Lda. Mozelos PORTUGAL 100% 100% Amorim Cork Serviços e Gestão, Lda. Mozelos PORTUGAL 100% 100% Amorim Cork Ventures, Lda. (h) Mozelos PORTUGAL 0 100% Corecochic - Corking Shoes Investments, Lda. (h) Mozelos PORTUGAL 0 50% Ginpar, S.A. (Générale d’ Invest. et Participation) Skhirat MOROCCO 100% 100% Soc. Portuguesa de Aglomerados de Cortiça, Lda. Montijo PORTUGAL 100% 100% TDCork - T apetes Decorativos com Cortiça, Lda. (a) Mozelos PORTUGAL 25% 25% (a) Equity method consolidation. (b) Corticeira Amorim directly or indirectly controls the relevant activities – line-by-line consolidation method. (c) Merger by incorporation of Corkeen North America, Ltd., Amorim Flooring North America Inc., and Amorim Sports North America, Inc. (merged entities) into Amorim Cork Solutions, Inc. (absorbing company). (d) Company acquired in 2025. (e) Acquisition of the remaining 45% in the Intercap Group, resulting in full ownership. (f) Merger by incorporation of Amorim Cork Solutions, GmbH (merged entity) into Amorim Deutschland, GmbH (absorbing company). (g) Merger by incorporation of Kapselfabrik GmbH and Philipp Schneider GmbH (merged entities) into Pfefferkorn & Co. GmbH (absorbing company), currently renamed Pfefferkorn & Schneider GmbH. (h) Company liquidated in 2025. (i) Company incorporated in 2025. (j) Merger by incorporation of Amorim Sports, Lda., Corkeen Europe, Lda., and Corkeen Global, Lda. (merged entities) into Amorim Cork Solutions, S.A. (absorbing company). (k) Low-activity company that solely sell products that were exported to Russia before 24 February 2022 (the date economic sanctions were imposed on Russia)
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467 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 Since the nature of the agreement does not result in an obligation to purchase the remaining 45%, no liability was recorded in the financial statements for the purchase of the outstanding share. With this acquisition, Corticeira Amorim acquired a significant stake in a family group that owns brands recognized for their quality , a wide range of products and a privileged relationship with a solid customer base, which allowed it to reinforce its presence in Italy , France, USA and Chile. Control over the acquired company is obtained through the majority of rights. The Intercap Group through its three subsidiaries – Intercap France, S.r .l, headquartered in Castelnau-d’Estrétefonds, France, Intercap, U.S.A INC, headquartered in California, USA, and Intercap Chile, ltda, based inViña del Mare, Chile – develops its activity in the areas of production and commercialization of corks, specializing in the production of surbouchage capsules for sparkling and still wines. The Group chose to measure non-controlling interests by their respective share in the acquired company’s assets and liabilities. The Intercap group were incorporated into the consolidated financial statements as of October 1, 2024. Total transaction expenses with the acquisition of the Intercap group were 0.2 M€, recorded in Other costs and losses. Assets and liabilities of the acquired group The fair values of the assets and liabilities identified within the scope of this transaction are shown in the table below: Fair value recognized on the acquisition date T angible assets 8.7 Other Assets 1.4 Inventories 3.1 Trade Receivables 2.5 Cash and equivalents 1.1 T otal Assets 16.8 Interest bearing debt 7.7 Trade payables 3.1 Provisions 0.8 Others liabilities 5.2 T otal Liabilities 16.8 Net Assets 0.0 55% of identifiable net assets 0.0 Goodwill 5.6 Non-controlling Interest at the acquisition date 0.0 V alues in million euros. At the acquisition date, no differences were recorded between the fair value of the identified assets and liabilities and their respective book value. The fair value of the acquired company’s assets and liabilities was determined provisionally and is adjustable within a period of up to twelve months after the acquisition date. Goodwill (5.6 M€ at the end of year exchange rate) represents the remaining value that it was not possible to identify in the acquired company and corresponds to synergies and the effect of the complementarity of its activity with Corticeira Amorim. It is not expected that the goodwill recognized in the accounts will be deductible for tax purposes. In the customer accounts, the fair value corresponds to the best estimate of the amounts receivable, with no expectation of non-receipts. During the 2024 financial year (12 months), the Intercap Group presented a consolidated turnover of 10.1 M€. The Intercap group’s The disclosed percentages reflect ownership interests and do not represent an assessment of control. The entities consolidated using the full consolidation method are controlled by the Group in accordance with IFRS 10. In the absence of differentiated voting rights or other relevant agreements, the voting rights attributable to non-controlling interests correspond to their respective percentage of share capital participation. The main changes to the consolidation perimeter are detailed below: Intercap Group Corticeira Amorim, through its subsidiary SACI S.r .l, entered into an agreement for the acquisition of 100% of the capital of Intercap, S.r .l (“Intercap Group”), headquartered in Piemonte, Italy , in the amount of 10.0 M€. The first phase of the acquisition of 55% was completed in October 2024, amounting to 5.6 M€. In 2025, Corticeira Amorim acquired the remaining 45% for €2.8 million, thereby reaching 100% of the capital. Control of the Intercap Group is obtained through Saci Group, which is 50% owned by Corticeira Amorim. Amorim T op Series México In February 2025, Corticeira Amorim, through its subsidiary Amorim Bartop, entered into an agreement to acquire a stake in the company Amorim Top Series México, which resulted in an 80% ownership interest. Since Amorim Top Series México did not hold assets of material significance, this transaction did not generate any goodwill. The capital increase amounted to €377k. Acquisitions / Disposals in 2024: Acquisition of Intercap Group As communicated to the market authorities on October 1, 2024, regarding the acquisition of the Intercap Group, reference is made to the information presented above, where the transaction is described.
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468 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 contribution to Corticeira Amorim’s results was as follows: sales: 2.4 M€, EBITDA: 0.0 M€ and EBIT: -0.6 M€. The annual results of the Intercap group were as follows: sales: 10.1M€, EBITDA: 0.7 M€, EBIT: -1.5M€. Sale of Timberman As per the market communication on December 11, 2024, Corticeira Amorim,, through its subsidiary Amorim Cork Flooring, S.A. (“ ACF”), sold its entire net shareholding in the capital of Timberman Denmark A/S (Hadsund, Dinamarca) – which in turn held the entire Swedish company Timberman Golv AB (formerly Amorim Cork Sweden AB) – to group Salix, which is part of the Swedish industrial conglomerate V olati, listed on Nasdaq Stockholm. The net amount received by Corticeira Amorim was 22.3M€. This transaction resulted in a capital gain of 13.8 M€ in Corticeira Amorim ‘s consolidated accounts. The value of assets and liabilities that ceased to be consolidated from the transaction date included mainly: bank deposits worth 3.5M€, receivables worth 6.7M€, inventories worth 4.1 M€, payables worth 1.1 M€, and other creditors worth 2.1 M€. The Timberman group’s contribution to Corticeira Amorim’s results was as follows: sales: 30.2 M€, EBITDA: 5.6 M€ and EBIT: 5.6 M€.
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469 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 7. Segment Reporting 2025 Amorim Florestal Amorim Cork Amorim Cork Solutions Corticeira Amorim and Others Adjustm. Consolidated Trade Sales 7,038 691,560 161,031 1,339 - 860,967 Other BU Sales 215,230 15,431 974 16,375 − 248,011 - T otal Sales 222,269 706,991 162,005 17,714 − 248,011 860,967 Costs of sales − 173,747 − 359,317 − 71,429 − 223 230,233 − 374,484 Third party supplies and services − 16,797 − 100,716 − 29,485 − 13,074 19,554 − 140,517 Staff costs − 19,936 − 122,323 − 37,718 − 10,794 60 − 190,711 EBITDA (*) 13,979 113,008 13,772 − 4,786 5,012 140,985 Assets (non-current) 97,645 303,173 89,780 7,746 26,170 524,515 Assets (current) 196,094 426,857 90,092 5,441 − 32,095 686,388 Liabilities 51,133 161,748 60,099 100,455 − 2,841 370,592 CapEx 5,406 29,169 7,488 769 - 42,832 Y ear Depreciation − 6,582 − 37,625 − 14,039 − 649 - − 58,895 Gains/Losses in associated companies 0 2,147 − 257 − 1 - 1,888 V alues in thousand euros. Corticeira Amorim is organized into the following Business Units: Amorim Florestal, Amorim Cork and Amorim Cork Solutions. Corticeira Amorim has decided to implement a new organizational model by creating the Amorim Cork Solutions Business Unit, which, as of January 1, 2025, will encompass all “non-cork stopper” operations. Formally , this reorganization results from the merger by incorporation of Amorim Cork Flooring, S.A. and Amorim Cork Insulation, S.A. (the incorporated companies) into Amorim Cork Composites, S.A. (the incorporating company), which will henceforth be named Amorim Cork Solutions, S.A. There are no differences between the measurement of profit and loss and assets and liabilities of the reportable segments, associated to differences in accounting policies or centrally allocated cost allocation policies or jointly used assets and liabilities. For purposes of this Report, the Business approach was selected as the primary segment. This is consistent with the formal organization and evaluation of business. Business Units correspond to the operating segments of the company and the segment report is presented the same way they are analyzed for management purposes by the board of Corticeira Amorim. The following table shows the main indicators of the business units, and, whenever possible, the reconciliation with the consolidated indicators:
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470 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 The main markets are concentrated in Europe. The Business Unit carries out the bulk of its production in Portugal, where almost all of the invested capital is therefore located. Capex was concentrated in Portugal. Assets in foreign subsidiaries, particularly the items of tangible fixed assets, inventories and customers, totalise 397 M€, and are mostly composed by inventories (145 M€) and trade receivables (128 M€). In non-current assets, it is important to note the 295 M€ (2024: 306 M€) of tangible fixed assets, 2 M€ (2024: 2.2 M€) of property investment, and 6.8 M€ (2024: 8.6 M€) of intangible assets, located in Portugal. Sales distribution by market Markets 2025 2024 European Union 578,984 67.2% 637,356 67.9% From which: Portugal 59,865 7.0% 58,790 6.3% Other European countries 24,290 2.8% 29,133 3.1% United States 136,677 15.9% 151,893 16.2% Other American countries 59,402 6.9% 59,394 6.3% Australasia 47,255 5.5% 46,999 5.0% Africa 14,360 1.7% 14,287 1.5% TOTAL 860,967 100% 939,061 100% V alues in thousand euros. The value of sales relates in its entirety , as in 2024, to contracts covered by IFRS 15 - Revenue from contracts with customers. V alues in thousand euros. Amorim Florestal is, by far , the most integrated in the production cycle of Corticeira Amorim, with 90% of its sales to others BU, in particular the sale of cork boards and disks to the Amorim Cork. Amorim Cork Solutions produce and sell a wide range of products that use the raw material left over from the production of stoppers, as well as the cork raw material that is not susceptible to be used in the production of stoppers. Main products are cork floor tiles, cork rubber for the automotive industry and anti-vibration systems, expanded agglomerates for insulation and acoustic purposes, technical agglomerates for civil construction and shoe industry , as well as granulates for agglomerated, technical and champagne cork stoppers. The decision to report EBITDA figures (excluding non-recurring operational results – see note 31, which due to its materiality or nature could distort Corticeira Amorim’s financial performance, as well as its comparability), allows a better comparison of the different BU performances, disregarding the different financial situations of each BU. This is also coherent with the existing Corporate Departments, as the Financial Department is responsible for the bank negotiations, being the tax function the responsibility of the Holding Company . Amorim Cork main product is the different types of existing cork stoppers. The main markets are the bottling countries, from the traditional ones like France, Italy , Germany , Spain and Portugal, to the new markets like USA, Australia, Chile, South Africa and Argentina. 2024 Amorim Florestal Amorim Cork Amorim Cork Solutions Corticeira Amorim and Others Adjustm. Consolidated Trade Sales 8,339 717,449 212,159 1,115 - 939,061 Other BU Sales 223,287 14,848 912 17,697 − 256,744 - T otal Sales 231,626 732,296 213,071 18,812 − 256,744 939,061 Costs of sales − 185,456 − 382,372 − 114,969 − 147 239,072 − 443,873 Third party supplies and services − 17,844 − 100,264 − 39,800 − 14,511 20,918 − 151,501 Staff costs − 19,077 − 117,351 − 43,129 − 13,731 97 − 193,191 EBITDA (*) 11,470 142,334 14,161 − 9,971 − 428 157,566 Assets (non-current) 101,360 316,595 89,710 11,643 31,068 550,376 Assets (current) 254,558 479,762 75,700 17,155 − 15,357 811,818 Liabilities 61,986 192,443 72,549 206,671 − 6,512 527,137 CapEx 8,374 27,454 6,503 709 - 43,040 Y ear Depreciation − 6,488 − 36,574 − 13,927 − 648 - − 57,636 Gains/Losses in associated companies 0 4,389 − 81 − 3 - 4,305 Adjustments = eliminations inter-BU and amounts not allocated to BU. (*)EBITDA = Profit before net financing costs, depreciation, non-controlling interests, income tax and non-recurring results. Provisions and asset impairments were considered the only relevant non-cash material cost.
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471 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 8. T angible Assets 9. Intangible Assets and goodwill Land and Buildings Machinery Other T angible Fixed Assets in Progress T otal T angible Assets Gross Value 399,510 670,248 60,341 36,160 1,166,259 Depreciation and impairments − 205,334 − 476,020 − 46,608 - − 727,962 Opening balance (Jan 1, 2024) 194,176 194,227 13,734 36,160 438,297 Perimeter entry 8,466 766 19 214 9,465 Increase 3,008 18,818 2,409 16,161 40,397 Period deprec. and impairments − 8,943 − 37,338 − 3,359 - − 49,641 Sales and other decreases − 90 − 880 − 353 - − 1,322 Transfers and reclassifications 4,458 22,397 659 − 29,329 − 1,815 Translation differences 134 − 30 3 23 130 Gross Value 424,895 712,205 63,006 23,228 1,223,336 Depreciation and impairments − 223,686 − 514,244 − 49,895 - − 787,825 Closing balance (Dec 31, 2024) 201,210 197,961 13,112 23,228 435,511 Gross Value 424,895 712,205 63,006 23,228 1,223,336 Depreciation and impairments − 223,686 − 514,244 − 49,895 0 − 787,825 Opening balance (Jan 1, 2025) 201,210 197,961 13,112 23,228 435,511 Increase 3,826 16,838 2,891 16,333 39,888 Period deprec. and impairments − 8,641 − 38,398 − 3,867 - − 50,906 Sales and other decreases − 1,115 − 2,434 − 169 − 659 − 4,377 Transfers and reclassifications − 678 14,787 2,228 − 15,842 496 Translation differences − 1,579 − 177 − 51 − 60 − 1,866 Gross Value 425,129 730,965 64,489 23,001 1,243,584 Depreciation and impairments − 222,371 − 542,388 − 60,080 - − 824,838 Closing balance (Dec 31, 2025) 202,758 188,577 4,409 23,001 418,745 V alues in thousand euros. . Impairment losses recognised in 2024 and 2025 were recognised on the “Depreciation” line in the consolidated income statement by nature. In 2025, an extraordinary impairment of 2.0 M€ was recognised in BU Amorim Cork Solutions, resulting from the transfer of the Silves Industrial Unit to V endas Novas. Expenses to place the assets in the required location and condition related with tangible fixed assets had no impact. In other tangible fixed assets, biological assets for production with a net value of 3,174 K€ are included, mainly consisting of vines and cork oak from Herdade do Rio Frio. No interest was capitalised during the period.
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472 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 As stated in note 2 b), impairment tests are carried out annually . In the tests, cash flows were designed, based on the budget and plans approved by management. The growth assumptions took into account the expected growth of each company’s business, essentially in the wine, champagne and sparkling wine market, as well as the evolution of the subsidiaries’ market share in this business. In the case of Bourrassé, the 2026 budget was considered (with a 156% growth in operating income) without cash-flows growth in 2027 and 2028, with a growth rate of 2% being considered for the following periods. The growth in operating income results from the restoration of profitability levels observed in 2023, as the year 2024 and 2025 was affected by the decrease in margin due to the increase in raw material costs. In the impairment test of Elfverson, the 2026 budget was considered without cash-flows growth in 2027 and 2028, with a growth rate of 2% being considered for the following periods. he growth in operating income will mainly result from a marginal, albeit gradual, improvement in the gross margin, accompanied by a strengthening of initiatives aimed at controlling and rationalizing operating costs. For the impairment test of the VMD group, the 2026 budget was considered (with a 156% increse in operating income) without growth in cash-flows in 2027 and 2028, with a growth rate of 2% being considered for the periods following. The growth in operating income will be primarily driven by the increase in sales volume, supported by the continued efforts of the commercial team to gradually recover the levels of activity recorded prior to 2025. Intangible Assets essentially include software, autonomous product development projects and innovative solutions, and customer portfolio acquired. With the exception of goodwill, there are no intangible assets of indefinite life. Detail of goodwill according to the following table: 2024 Opening balance Increase Decrease Transalation differences End balance Bourrassé 8,431 8,431 Grupo Saci 9,053 − 8 9,045 Grupo VMD 5,075 − 82 4,993 Grupo Intercap 0 5,595 5,595 Elfverson 1,314 − 213 1,101 Goodwill 23,872 5,595 0 − 303 29,165 V alues in thousand euros 2025 Opening balance Increase Decrease Transalation differences End balance Bourrassé 8,431 8,431 Grupo Saci 9,045 − 33 9,012 Grupo VMD 4,993 55 5,048 Grupo Intercap 5,595 − 157 5,438 Elfverson 1,101 65 1,166 Goodwill 29,165 0 − 157 87 29,095 V alues in thousand euros. Intangible Assets Goodwill Gross Value 46,958 33,847 Depreciation and impairments − 28,940 − 9,974 Opening balance (Jan 1, 2024) 18,018 23,872 Perimeter entry 64 0 Increase 1,325 5,595 Period deprec. and impairments − 5,971 0 Sales and other decreases − 121 0 Transfers and reclassifications 1,708 0 Translation differences 49 − 303 Gross Value 49,556 39,139 Depreciation and impairments − 34,483 − 9,974 Closing balance (Dec 31, 2024) 15,073 29,164 Gross Value 49,556 39,139 Depreciation and impairments − 34,483 − 9,974 Opening balance (Jan 1, 2025) 15,073 29,164 Increase 1,896 0 Period deprec. and impairments − 5,826 0 Sales and other decreases − 651 − 157 Transfers and reclassifications 984 0 Translation differences − 72 87 Gross Value 51,319 39,070 Depreciation and impairments − 39,915 − 9,974 Closing balance (Dec 31, 2025) 11,403 29,095 V alues in thousand euros. 9. Intangible Assets and Goodwill
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473 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 In the impairment test of SACI, the 2026 budget was considered (with a 44% increase in operating income), with no cash flow growth assumed for 2027 and 2028, and a growth rate of 2.0% applied for subsequent periods. The growth in operating income will result from a marginal increase in sales volume, combined with a strengthening of initiatives aimed at controlling and optimizing operating costs. Regarding the impairment test of Intercap, there is a partial reversal of the negative operating result in 2026 of around €3.7 million. In 2027 and 2028, there is an additional reversal that makes the operating result positive. In the steady‑state year , the operating result will be positive by €1.4 million, with a 2% growth rate for subsequent periods. The year 2025 represented a period of strategic redefinition for Intercap, during which key structural measures were implemented that will enable the reversal of the 2025 results. Among these initiatives, the appointment of a new management team stands out, bringing strengthened experience in the commercial and operational areas, whose actions will contribute to a gradual increase in sales volume and to the implementation of a more rigorous and systematic cost control model. The discount rate used in the tests described above was 7.3%. Sensitivity analyzes (adjusting the discount rate by an additional 10% and the perpetuity growth rate by an additional 10%) would not imply recording an impairment in the accounts for the five cash- generating units under analysis.
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474 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 10. Biological Assets The detail of the value of biological assets, as of December 31, 2025, is as follows: Cork Cattle T otal Opening balance (Jan 1, 2024) 5,584 758 6,342 Fair value increases/decreases 332 - 139 193 Sales and other decreases - 1,391 - - 1,391 Transfers and reclassifications - 109 - - 109 Closing balance (Dec 31, 2024) 4,416 619 5,035 Opening balance (Jan 1, 2025) 4,416 619 5,035 Fair value increases/decreases 720 268 988 Sales and other decreases - 716 - 86 - 802 Transfers and reclassifications - 4 - - 4 Closing balance (Dec 31, 2025) 4,416 801 5,217 V alues in thousand euros. During the year ended December 31, 2025, income was recognized with changes in the fair value of biological assets in the amount of 988 K€, under the heading Other income and gains. The decreases in 2025 refer to the fair value recognized as at the extraction date. With regard to the cork oak, the biological asset with the greatest importance in the financial statements presented, in 2025 49,401 arrobas of cork were extracted. As of December 31, 2025, there are no biological assets whose ownership is restricted or which are pledged as collateral for liabilities as well as commitments relating to the development or acquisition of biological assets. Fair value measurement According to accounting standards, a fair value hierarchy is established that classifies the data to be used in fair value measurement techniques into three levels. At the level of biological assets, level 3 data is considered: unobservable data regarding the asset or liability . When measuring the fair value of cork trees, around 379 thousand arrobas are considered at the beginning and end of the year . The output from the 2025 extraction was around 49 thousand arrobas for the Company . Biological assets are measured at their fair value less estimated costs at the point of sale. The respective fair value is determined based on the present value of discounted cash flows method. The following assumptions were considered: • Productivity of the Herdade’s history; • A verage sales price for the quality of cork deducted from extraction costs; • Discount rate:2.64%. Biological Assets Gross Value 6,342 Depreciation and impairments - Opening balance (Jan 1, 2024) 6,342 Fair value increases 193 Period deprec. and impairments - Sales and other decreases − 1,391 Transfers and reclassifications − 109 Translation differences - Gross Value 5,035 Depreciation and impairments - Closing balance (Dec 31, 2024) 5,035 Gross Value 5,035 Depreciation and impairments - Opening balance (Jan 1, 2025) 5,035 Fair value increases 988 Period deprec. and impairments - Sales and other decreases − 802 Transfers and reclassifications − 4 Translation differences - Gross Value 5,217 Depreciation and impairments - Closing balance (Dec 31, 2025) 5,217 V alues in thousand euros.
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475 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 Government subsidies associated with obtaining biological assets During the year ended December 31, 2025, the Company received investment grants related to biological assets, amounting to €30k under the Environmental Fund and €256k under PDR2020. The receipt of these investment grants requires compliance with certain conditions, namely: • Execution in accordance with the investment headings approved in each operation; • Comply with good forestry practices contained in the respective regulations, without prejudice to compliance with other environmental obligations imposed by law; • Comply with the Forest Management Plan; • Start and complete the physical execution of the operation within the deadlines established in the regulations.
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476 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 T o safeguard the future of cork oak forests, Corticeira Amorim has launched the Forestry Intervention Project, which focuses on strengthening the resilience of cork oak forests, enhancing cork production and highlighting the role these forests play in mitigating climate change.
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477 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 Investment Property Gross Value 6,403 Depreciation and impairments − 4,163 Opening balance (Jan 1, 2024) 2,241 Perimeter entry 286 Increase 44 Period deprec. and impairments − 332 Sales and other decreases 0 Transfers and reclassifications − 35 Gross Value 6,726 Depreciation and impairments − 4,522 Closing balance (Dec 31, 2024) 2,204 Gross Value 6,726 Depreciation and impairments − 4,522 Opening balance (Jan 1, 2025) 2,204 Increase Period deprec. and impairments − 72 Sales and other decreases − 10 Transfers and reclassifications − 60 Translation differences - Gross Value 6,386 Depreciation and impairments − 4,324 Closing balance (Dec 31, 2025) 2,061 V alues in thousand euros.. Right of use Gross Value 13,584 Depreciation and impairments − 8,538 Opening balance (Jan 1, 2024) 5,046 Increase 1,318 Period deprec. and impairments − 1,399 Sales and other decreases − 52 Transfers and reclassifications 324 Translation differences 5 Gross Value 15,179 Depreciation and impairments − 9,937 Closing balance (Dec 31, 2024) 5,242 Gross Value 15,179 Depreciation and impairments − 9,937 Opening balance (Jan 1, 2025) 5,242 Increase 1,084 Period deprec. and impairments − 1,610 Sales and other decreases − 353 Transfers and reclassifications 780 Translation differences − 2 Gross Value 16,688 Depreciation and impairments − 11,547 Closing balance (Dec 31, 2025) 5,141 V alues in thousand euros. 11. Right of Use 12. Investment Property The amount of 2,061 K€ in Investment property (December 2024: 2,204 K€), is mainly related to land and buildings that are not used in production. The fair value of the Investment property related to the lands corresponds to the amount recorded in the accounts. At the end of the year , management analyzed these assessments and considered that they were still up to date. These properties are not generating income and conservation and repair costs are insignificant.
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478 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 2024 Share in net assets Goodwill T otal Contribution to net income Trescases 7,162 1,715 8,877 1,543 Wine,Packaging,&,Logistic 1,025 0 1,025 0 Corchos,Argentina 8,790 0 8,790 1,208 Vinolok 16,233 0 16,233 1,638 Others 397 0 397 −84 End Balance 33,607 1,715 35,322 4,305 V alues in thousand euros. The book values are described by subsidiary: 2025 Share in net assets Goodwill T otal Contribution to net income Trescases 7,290 1,715 9,005 1,128 Wine Packaging & Logistic 1,008 0 1,008 0 Corchos Argentina 9,297 0 9,297 507 Vinolok 15,122 0 15,122 511 Others 640 0 640 −258 End Balance 33,357 1,715 35,073 1,888 V alues in thousand euros. 2025 2024 Opening Balance 35,322 32,630 In / Out 503 230 Results 1,888 4,305 Dividends − 3,190 − 1,533 Exchange Differences 567 − 357 Other − 18 47 End Balance 35,073 35,322 Equity method 1,888 4,305 Share of (loss)/profit of associates and joint-ventures 1,888 4,305 V alues in thousand euros. The associates and joint-ventures are entities through which the group operates in the markets in which they are based, acting as distribution channels of products. The amount of dividends relates to associates Trescases and Vinolok, amounting to 1 M€ and 2.2 M€, respectively . 13. Investments in Associates and Joint-Ventures
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479 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 A summary of the respective financial information is presented below: 2025 Trescases (50%) Corchos Argentina (50%) Vinolok (50%) Wine Packaging & Logistic (50%) K € K € K CZK K CLP Current assets 22,997 18,403 341,363 1,326,682 Non-current assets 1,938 1,584 488,781 5,281,435 Assets 24,935 19,987 830,144 6,608,117 Equity 16,915 19,008 732,723 3,226,194 Current liabilities 8,020 979 88,246 371,923 Non-current liabilities 0 0 9,175 3,010,000 Sales 40,876 10,716 410,693 2,666,329 Operating profit 2,768 − 299 30,320 170,905 Net income 2,076 1,179 20,147 − 70,044 Comprehensive income 2,076 1,179 20,147 − 70,044 2024 Trescases (50%) Corchos Argentina (50%) Vinolok (50%) Wine Packaging & Logistic (50%) K € K € K CZK K CLP Current assets 25,889 18,849 387,750 1,409,877 Non-current assets 1,720 1,338 541,437 5,533,328 Assets 27,609 20,187 929,187 6,943,205 Equity 16,817 18,345 817,486 3,189,044 Current liabilities 10,792 1,842 98,232 3,001,602 Non-current liabilities 0 0 13,469 752,559 Sales 44,790 10,701 454,776 2,689,301 Operating profit 3,938 1,593 89,880 187,153 Net income 2,933 2,356 82,267 − 34,895 Comprehensive income 2,933 2,350 82,267 − 34,895 In addition to the above, Corticeira Amorim has significant influence on a set of other individually immaterial associates. Corticeira Amorim has several controls in place regarding the reporting process of its jointly controlled entities and associates. The amounts included in the financial statements reported are subject to audit whenever legally required. In the remaining cases, and in situations where the audit is not yet finalized, specific review procedures are carried out by Corticeira Amorim.
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480 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 Assets included in other non-current financial assets (December 31, 2025: 2,205 K€, December 31, 2024: 1,640 K€) refer to financial assets at fair value through profit or loss, including essentially equity instruments. They are measured at fair value and when it is estimated that there are no significant differences in relation to the cost this is maintained. The assets were acquired with the main purpose of sale or resale, as appropriate, and in certain cases ensuring the maintenance and survival of entities that Corticeira Amorim considers partners for its business. The effective management of the underlying operations and assets continues to be exclusively provided by the partners, serving the financial participation as a mere “guarantee” of the investment made. The item others essentially relates to receivables for expense recovery (€2.5 million) and other miscellaneous receivables (€6.8 million). As of December 31, 2025, and 2024, there were no overdue amounts of V AT . 2025 2024 Hedge accounting assets 93 111 VAT 17,600 21,740 Stamp tax/VAT - special payment (PERES) 294 1,436 Stamp tax/VAT - special payment (PERES) impairment − 294 − 1,436 Investments in funds, capitalization insurance and the like 9,948 6,192 Others 9,416 12,515 Other current financial assets 37,057 40,558 V alues in thousand euros. Investments in funds, capitalization insurance and similar essentially refer to SACI Group’s, Industria Corchera and Corpack Bourrassé capitalization insurance. These insurance policies (insurance policies associated with investment funds) are short- term investments, which can be sold when necessary without any particular constraint. Regarding the payments under PERES of stamp duty , the variation recorded in 2025 resulted from the receipt of €645k following court decisions favorable to Corticeira Amorim, and from €494k that were cancelled due to the dismissal of the appeals filed by Corticeira Amorim. 14. Other Financial Assets
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481 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 Accounting effective tax rate Following chart explains the effective income tax rate, starting from the original income tax rate of most of Portuguese companies: Income T ax Reconciliation 2025 2024 Income T ax - Legal 20.0% 21.0% Effect of additional tax rates over base rate (Portugal) 3.6% 4.5% Effect of tax benefits −6.3% −6.0% Effect of provisions for contingencies −0.8% −4.5% Effect of non-taxable gains and losses 0.1% 0.1% Effect of recognising/non-recognising of differed taxs (foreign subs.) 0.0% 0.8% Equity method −0.5% −1.0% Effect of excess tax estimate and others 4.4% 2.8% Income T ax - effective tax rate (1) 20.6% 17.7% (1) Income Tax/Pre-tax Profit 2025 2024 Related with Inventories and third parties 7,398 12,461 Related with tax losses carry forward 2,892 1,850 Related with Fixed T angible Assets / Intang. / Inv. Prop 464 589 Related with other deductable temporary differences 4,436 5,478 Deferred T ax Assets 15,191 20,379 Related with Fixed T angible Assets 2,279 2,619 Related with other taxable temporary differences 3,648 4,916 T ax contingencies 26,670 33,051 Deferred T ax Liabilities 32,597 40,586 Current Income T ax − 19,552 − 18,416 Deferred Income T ax 3,326 1,786 Income T ax − 16,227 − 16,630 V alues in thousand euros. The difference between the variation in the financial position (net of + 2,801 K€) and the value recognized in income statement (+ 3,326 K€) is justified by the exchange rate effect on the balance sheets of subsidiaries non-euro and by the variation in the amount of deferred taxes relating to other comprehensive income. Deferred tax and income tax The difference between the tax due for the current period and prior periods and the tax already paid or to be paid of said periods is booked as deferred income tax in the consolidated income statement and amounts to + 3,326K€ (31/12/2024: + 1,786 K€). On the consolidated statement of financial position this effect amounts to 15,191 K€ (31/12/2024: 20,379 K€) as asset, and to 32,597 K€ (31/12/2024: 40,586 K€) as liability . Deferred tax related with items directly registered in equity was 33 K€ (credit balance) and relates to hedge accounting. No other deferred tax values related with other equity movements were booked. It is conviction of the Board that, according to its business plan, the amounts registered in deferred tax assets will be recovered. 15. Deferred T ax / Income T ax
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482 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 Provisions for tax contingencies Provisions for tax contingencies related to income tax ended with a value of 26.7 M€ (31.12.2024: 33.1 M€). During the year , the provisions in the statement of financial position decreased by 6.4 K€. Corticeira Amorim’s claims are pending, both in the judicial phase and in the non-contentious phase, and which may adversely affect Corticeira Amorim are covered by provisions. The Portuguese tax authorities are currently conducting a tax inspection of the 2023 financial year for some of the Portuguese subsidiaries included in the RETGS. The amount of deferred taxes, excluding tax contingencies, is essentially related to temporary differences that can be realized in the short term. The recovery of tax assets is based on future forecasts for normal rates of return for companies and growth in line with those of Business Units. Tax losses carried forward are, essentially related with foreign subsidiaries. Total amounts to 23.1 M€, of which around 8.6 M€ are considered to be utilized. This report has a term of use beyond 2027. Tax relating to components of other comprehensive income is as follows: 2025 before tax tax after tax Items that could be reclassified through income statement: Change in derivative financial instruments fair value − 232 33 − 199 Change in translation differences − 5,512 0 − 5,512 Share of other comprehensive income of investments accounted for using the equity method 567 0 567 Other comprehensive income 376 0 376 Other comprehensive income − 4,801 33 − 4,768 2024 before tax tax after tax Items that could be reclassified through income statement: Change in derivative financial instruments fair value − 322 48 − 275 Change in translation differences 2,244 0 2,244 Share of other comprehensive income of investments accounted for using the equity method − 357 0 − 357 Other comprehensive income − 784 0 − 784 Other comprehensive income 780 48 828 V alues in thousand euros. During the year , a net amount of €8.3 million (2024: €30.1 million) was paid in respect of income tax. In Portugal, under the R.E.T .G.S., a net amount of €2.7 million was received (2024: €12.8 million paid), mainly due to the partial refund of advance payments made in 2024. Corticeira Amorim and a large group of its Portuguese subsidiaries are taxed since January 1, 2001, as a group special regime for tax purposes (RETGS), as according to article 69, of the income tax code (CIRC). According to law , tax declarations for Corticeira Amorim and its Portuguese subsidiaries are subject of revision and possible correction from tax authorities generally during the next four years, except in specific situations provided for by law . No material effects in the financial statements, are expected by the Board of Corticeira Amorim and subsidiaries from the revisions of tax declarations that will be held by the tax authorities. The applicable tax rate for Portuguese subsidiaries in the fiscal year 2025 is 20%, plus municipal and state surtaxes. In 2026, the applicable tax rate will be 19%, decreasing to 18% in 2027 and 17% in 2028. In the current year of 2025, the accounting effective tax rate is similar to the standard corporate income tax rate in Portugal of 20%. The main factors contributing to its increase compared to 2024 were the reduction in the impact of tax benefits and provisions for contingencies. Conversely , the decrease compared to 2024 was mainly driven by the reduction in the nominal corporate income tax rate in Portugal, as well as the amount of surcharges assessed. The activity of the subsidiaries of the Group located outside Portugal is subject to the general tax regime in the respective countries and states. During the year 2025 there were no significant changes in the tax rate applicable to subsidiaries in countries where the Group has significant operations. The only deferred tax amount related to items credited / debited directly in equity is related to the fair value of hedging instruments and amounts to 33 K€ (48 K€ in 2024).
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483 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 In 2013, Corticeira Amorim made the payment instituted by DL 151-A / 2013 (RERD) in the amount of 4.3 M€, a payment that does not imply the abandonment by Corticeira Amorim of defending the respective processes. The amount that remains open for ongoing proceedings paid under the RERD is 0.6 M€. At the end of 2016, a special Plan for the Reduction of Indebtedness to the State (PERES) was approved by Decree-Law no. 67/2016. Corticeira Amorim decided to adhere to part of the eventual fiscal responsibilities to that measure. In December , that year , approximately 7.4 M€ were paid in respect of Stamp Tax / V AT (2.0 M€) and Income Tax (IRC) in the amount of 5.4 M€. Of the €7.4 million, €3.5 million has been refunded to date, while €3.4 million remains under dispute. The remaining amounts were reversed in favor of the State. To be noted that Corticeira Amorim had no outstanding debts to the social security and tax authorities, wherein the amounts in question concern those subject to court litigation. The processes that were chosen for adhesion to the special plan were old cases, wherein the amounts of interest due on late payments and fines to be paid, would be high in the event of losing the litigation. RERD and PERES allowed for the payment of the capital without any payment regarding late payment interests and other costs. Due to the fact that adhesion to RERD and PERES does not imply a mandatory abandonment of the court cases and those procesedings are still in court, Corticeira Amorim will continue to fight for its rights. The liability amount under this account heading includes the estimate of income tax payable by some foreign subsidiaries when the tax return for the year 2025 is present. Law No. 41/2024, of November 8, transposed Directive No. 2022/2523, of December 14, 2023, regarding the ensuring of a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups within the Union, commonly referred to as the Pillar 2 Directive, thereby approving the Global Minimum Tax Regime (RIMG), with effective application from the financial year starting on January 1, 2024. No deferred taxes related to Pillar 2 were recognized, due to the application of the mandatory temporary exception under IAS 12. Corticeira Amorim assessed its exposure to Pillar 2 legislation, considering the obligation to pay an complementary tax (“top-up tax”) corresponding to the difference between the effective GloBE tax rate per jurisdiction and the minimum rate of 15%. Based on the analysis performed, it was concluded that in certain jurisdictions the effective tax rate was below 15%. In such cases, transitional safe harbour rules were applicable or , where these did not apply , a top-up tax was calculated based on specific adjustments to ensure compliance with Pillar 2 legislation, which was determined to be immaterial. Income tax – statement of financial position 2025 2024 Income tax-advances/to be recovered 7,847 19,513 Income tax-wit hholding 9 117 Income tax-special payment (RERD) 637 637 Income tax-special payment (RERD) impairment − 637 − 637 Income tax-special payment (PERES) 3,094 3,094 Income tax-special payment (PERES) impairment − 3,094 − 3,094 Income tax (assets) 7,856 19,630 Income tax-Estimation and others 3,981 5,012 Income tax (liabilities) 3,981 5,012 V alues in thousand euros. At the end of each year , an analysis of the tax cases is made. The procedural development of each case is important to decide new provisions, or reverse or reinforce existing provisions. Provisions correspond to situations that, for its procedural development or for doctrine and jurisprudence newly issued, indicate a probability of an unfavorable outcome for Corticeira Amorim and, if that happens, a cash outflow can be reasonably estimated. Note that during the year there were no developments worthy of note in the processes mentioned above. The most significant value of tax provisions relates to tax benefits to be claimed in relation to 2025 and requested in previous years. The certification requirement by ANI of SIFIDE projects, the requirement for maintenance of jobs over five years in RF AI projects as well as other constraints to the realisation of benefits, has led Corticeira Amorim to record provisions in order to take account of future breaches of such requirements. It should be noted that the determination of the tax benefits cannot be concluded, since its constraints extend over several years, in particular as regards the maintenance of jobs. The main increase in the provision for tax contingencies is related to the provision to cover the tax benefits mentioned, having increased by 3.1 M €. The reduction in the provision for tax benefits for the year was 9.4 M€. This provision at the end of 2025 has a value of 26.7 M€. There are no tax proceedings that have not been provisioned, thus, contingent liabilities are zero. Corticeira Amorim´s has a number of processes underlying the claim of tax amounts with the Tax Authority , namely payments relating to autonomous taxation and tax benefits. Total contingent assets amount to 4.4 M€ (including amounts paid under the RERD and PERES). Pillar 2 – Calculation of supplementary tax The group falls within the scope of the BEPS 2.0 Pillar Two Global Anti-Base Erosion Model Rules (GloBE MR), as it is a multinational group of companies with annual revenues equal to or exceeding Euro 750,000,000 in at least two of the four fiscal years immediately preceding the 2025 fiscal year .
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484 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 Due and past due balances are as follows: 2025 2024 Due 127 159 Past due between 0 and 90 days 43 37 Past due between 90 and 120 days 3 1 Past due between 120 and 180 days 3 2 Doubtful and past due over 180 days 11 5 187 205 V alues in million euros. 2025 2024 Gross amount 187,318 204,580 Impairments − 11,514 − 10,177 Trade receivables 175,804 194,403 Impairment losses 2025 2024 Initial Balance (reported) 10,178 10,243 Increases 5,715 3,605 Decreases − 3,648 − 3,156 Others − 731 − 514 End Balance 11,514 10,178 V alues in thousand euros. Increases and decreases were recognized under the account heading, impairment of assets, in the income statement. At the end of each period, Trade receivables credit quality is analyzed. As a result of the adoption of IFRS 9 to the balances up to 90 days, an expected credit loss is recognized. From 90 to 120 days a 30% impairment register is considered and from 120 to 180 days 60%. Over 180 days as well as all doubtful balances are fully impaired. These rules do not overlap the need for analysis of specific cases. 2025 2024 Goods 12,648 16,307 Raw materials 235,257 297,642 Finished and semi-finished goods 150,136 147,200 Work in progress 6,070 25,539 Finished and semi-finished goods impairments − 12,514 − 18,607 Raw materials impairments − 3,301 − 1,536 Inventories 388,297 466,545 Impairment losses 2025 2024 Initial Balance 20,142 14,698 Increases 7,772 8,515 Decreases 12,099 3,070 End Balance 15,816 20,142 V alues in thousand euros. Raw materials essentially include reproduction cork (“amadia” cork) and virgin cork from pruning the tree (“falca” cork) (Amorim Florestal) and the finished products essentially include a diversity of types of cork stoppers (Amorim Cork), coatings and composite products (Amorim Cork Solutions). 16. Inventories 17. Trade Receivables
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485 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 In 2013, the original Helix cork stopper changed the world of packaging forever, by enabling cork- sealed bottles to be opened without a corkscrew. In 2025, Amorim Cork innovates once again, presenting an improved version of this revolutionary stopper, even more attractive and versatile.
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486 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 2025 2024 Accrued income 303 926 Advances to suppliers 8,123 9,358 Deferred costs 2,979 3,051 Other assets 11,405 13,335 V alues in thousand euros. Other non-current debtors include advances to suppliers of 1,356 K€ (December 2024: 1,518 K€), which will only take place over 12 months. 18. Other Assets 19. Cash and Cash Equivalents 2025 2024 Cash 222 275 Bank Balances 43,770 72,632 T erm deposits 20,966 3,689 Others 39 41 Cash and cash equivalents as for statement of financial position 64,997 76,636 Overdrafts − 29,451 − 48,672 Cash and cash equivalents as for cash flow statement 35,546 27,964 V alues in thousand euros.
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487 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 2025 2024 Approved dividends 42,560 38,570 Dividends paid 42,560 38,570 V alues in thousand euros. Results per share As of December 31, 2025 and 2024, there are no dilutive effects on the number of shares outstanding. Share capital In the year end, the share capital is represented by 133,000,000 ordinary registered shares, conferring dividends, with a par value of 1 Euro. The Board of Directors may decide to increase the share capital, on one or more occasions, in the modalities permitted by law , up to the amount of 250,000,000 Euros. Treasury stock No transactions were registered during 2025. Legal reserve and share premium Legal reserve and share premium are under the legal reserve rule and can only be used for (art. 296 CSC -Portuguese commercial law): • Offset losses in the financial position that cannot be offset by the use of other reserves; • Offset losses of prior year that cannot be offset by the profit of the year nor the use of other reserves; • Incorporation in share capital. The amounts specified in the account headings of legal reserve and share premium derive from Corticeira Amorim, S.G.P .S., S.A.. Other reserves V alue is composed from other reserves account and prior year’s results of Corticeira Amorim, S.G.P .S., S.A. books, as well as non- distributed cumulative results of Corticeira Amorim, S.G.P .S., S.A. subsidiaries. Dividends At the General Meetings of Corticeira Amorim held on 6 May 2025, the distribution of dividends equivalent to 0.32 euros per share was approved. Payment was made on May 28, 2025. 20. Capital and Reserves
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488 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 2025 2024 Balance Sheet Net Income Dividends paid Balance Sheet Net Income Dividends paid Amorim Bartop 3,853 − 1 1,773 3,611 − 22 1,896 Amorim T op Series 4,000 1,743 0 4,257 2,245 0 Francisco Oller 772 − 46 0 819 10 0 Industria Corchera 8,473 741 825 8,791 1,078 789 Elfverson 4,217 536 0 3,576 − 951 0 Trefinos 2,625 290 182 2,511 479 818 Victor y Amorim 1,146 347 500 1,295 359 500 Saci Group 54,809 2,239 1,061 55,016 2,115 749 VMD Group 5,360 392 1,964 6,903 142 726 Others 3,944 752 370 3,992 1,992 245 End Balance 89,200 6,991 6,675 90,770 7,447 5,723 V alues in thousand euros. 2025 2024 Initial Balance 90,770 89,835 In 145 405 Out − 612 − 285 Results 6,991 7,447 Dividends − 6,675 − 5,723 Exchange Differences − 108 − 649 Changes in the percentage of interest retaining control − 1,417 0 Others 106 − 261 End Balance 89,200 90,770 V alues in thousand euros. The amount of dividends corresponds to the amounts paid by the entities to non-controlling interests. Non-controlling interests increased compared to the same period last year . Change in the ownership percentage while maintaining control, resulting from the acquisition of the remaining 45% of the Intercap group. 21. Non-Controlling Interest
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489 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 The main financial indicators as they result from the statutory accounts are as follows: 2025 Grupo VMD Grupo SACI Trefinos Francisco Oller Elfverson Amorim Bartop Amorim T op Series Industria Corchera Victor y Amorim K € K € K € K € K SEK K € K € K CLP K € Current assets 12,652 87,372 21,959 18,706 32,069 919 27,402 16,916,641 2,789 Non-current assets 3,794 45,699 25,226 21,097 29,130 19,048 6,084 8,765,710 908 Assets 16,446 133,070 47,185 39,803 61,199 19,966 33,486 25,682,351 3,697 T otal Equity 11,911 102,541 29,294 20,646 29,930 14,248 21,417 17,949,575 2,077 Current liabilities 3,724 27,572 16,433 17,641 9,367 3,113 10,312 6,693,817 1,443 Non-current liabilities 810 2,958 1,458 1,516 21,901 2,606 1,757 1,038,959 177 Sales 13,138 103,351 62,898 27,963 91,518 - 54,706 19,753,335 9,417 Operating profit 1,127 11,951 8,377 − 2,069 2,071 7,997 8,213 1,861,765 970 Net Income 870 2,797 6,161 − 1,729 8,820 7,995 7,090 1,513,243 347 Comprehensive income 870 2,797 6,161 − 1,729 8,820 7,995 7,090 1,513,243 347 Cash flow from operating activities 1,889 18,998 7,896 3,722 987 1,745 14,712 1,991,166 856 Cash flow from investing activities − 246 − 10,030 − 2,722 − 335 − 2,523 7,824 − 780 − 781,203 − 55 Cash flow from financing activities − 4,477 − 8,777 − 11,494 − 1,869 − 274 − 9,584 − 13,060 − 2,631,571 − 1,018 Net cash flow − 2,834 191 − 6,320 1,518 − 1,810 − 14 872 − 1,421,608 − 217 2024 Grupo VMD Grupo SACI Trefinos Francisco Oller Elfverson Amorim Bartop Amorim T op Series Industria Corchera Victor y Amorim K CHF K € K € K € K SEK K € K € K CLP K € Current assets 17,661 92,885 27,773 16,642 25,967 1,603 29,305 18,403,725 3,265 Non-current assets 4,303 46,794 24,529 23,641 31,504 20,371 6,528 8,215,347 1,244 Assets 21,965 139,679 52,302 40,283 57,470 21,974 35,834 26,619,072 4,509 T otal Equity 16,298 103,246 28,035 23,543 21,110 13,345 22,207 18,085,127 2,592 Current liabilities 4,343 32,595 21,216 13,594 8,026 419 11,689 7,432,771 1,759 Non-current liabilities 1,324 3,837 3,051 3,146 28,335 8,210 1,937 1,101,174 158 Sales 17,848 97,555 62,286 25,911 73,863 - 54,206 20,654,808 10,165 Operating profit 3,808 6,208 7,080 − 1,607 − 7,096 8,998 10,221 2,682,189 1,426 Net Income 3,348 3,346 5,303 − 1,780 − 7,339 8,912 8,321 2,129,872 1,076 Comprehensive income 3,348 3,346 5,303 − 1,780 − 7,339 8,912 8,321 2,129,872 1,076 Cash flow from operating activities 4,475 6,027 8,504 − 236 2,055 − 118 8,448 1,857,049 1,210 Cash flow from investing activities − 504 − 4,327 − 5,431 − 551 − 5,226 10,313 101 − 150,265 − 110 Cash flow from financing activities − 1,567 − 2,144 − 2,251 561 − 248 − 10,186 − 10,883 − 1,361,435 − 1,018 Net cash flow 2,403 − 444 821 − 226 − 3,419 9 − 2,334 345,348 81
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490 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 22. Interest Bearing Debt At year-end, current interest-bearing loans was as follows: 2025 2024 Overdrafts and bank loans 38,156 64,807 Obligation loans - 30,000 Leasing 2,335 2,406 Factoring - 907 Reimbursable grants - - Commercial paper - 55,150 Interest-bearing loans - current 40,491 153,270 V alues in thousand euros. Loans were denominated in euros, except 4.1% (Dec. 2024: 4%). Non-current interest-bearing loans was as follows: 2025 2024 Bank loans 3,579 4,807 Reimbursable grants - - Leasing 2,635 2,797 Commercial paper 94,150 111,450 Bond loans - - Interest-bearing loans - non-current 100,365 119,053 V alues in thousand euros. At the end of the period, 1.7% of loans were denominated in non- euro currency , with the remainder in eruos (Dec. 2024: 100%). As of December 31, 2025, maturity of non-current interest-bearing debt was as follows: Between 01/01/2027 and 31/12/2027 37,293 Between 01/01/2028 and 31/12/2028 663 Between 01/01/2029 and 31/12/2029 62,352 After 01/01/2030 56 T otal 100,365 V alues in thousand euros. From non-current and current interest-bearing debt, 110.6 M€ carries floating interest rates. Remaining 30.3 M€ carries fixed interest rate. A verage cost, during 2024, for all the credit utilized was 2.58% (2024: 3.71%). On March 5, 2015, Corticeira Amorim entered into a loan agreement with the EIB in the amount of 35 M €, ten years, with a four-year grace period. This loan allowed Corticeira Amorim to expand substantially its maturity curve at a competitive price. This loan was settled on March 5, 2025. On 3 December 2020, Corticeira Amorim launched its first Green Bond issue, in the amount of € 40 M, by private subscription, without guarantees and for a period of 5 years, earning interest at a fixed rate every six months and with staggered repayment (25% at the end of the 4th year and 75% at maturity). This issue was an important milestone in its sustainability strategy , reaffirming its ongoing commitment to the application of ESG (Environmental, Social and Governance). The first capital repayment instalment, amounting to 10 M€, was settled on December 3 of 2024. The remaining amount was settled on 3 December 2025. Corticeira Amorim’s 3rd ESG operation - a program for the issuance of green commercial paper of 11.6 M€ was carried out on 17 December 2021 and will expire on 22 December 2026, intended to finance the investment in photovoltaic panels by some companies from the different Business Units of Corticeira Amorim. During 2022, Corticeira Amorim completed 2 more ESG operations: (i) a 35 M€ green commercial paper issue program maturing on 26 November 2029 and (ii) a green commercial paper issue program of 20 M€ maturing on 20 June 2027; both under the Corticeira Amorim Green Finance Framework – November 2022. Issuances carried out within the scope of said programs are intended to refinance the acquisition of the company Herdade de Rio Frio, S.A., the acquisition of a land of 1,855 hectares and the financing of investment in new plantations of cork oaks, all within the scope of the Intervention Project Corticeira Amorim Forestry . In 2024, Corticeira Amorim contracted 2 sustainability- linked commercial paper issuance programs totalling 55 M€, with maturities of 3 and 5 years, under Corticeira Amorim’s Sustainability-Linked Financing Framework - May 2024. The interest rate of the issuances under these programs will be influenced by the achievement, or not, of the objectives defined for the 2 adopted KPIs: (i) women in management positions and (ii) energy efficiency . As of December 2025, Corticeira Amorim had credit lines with contractual clauses that include covenants generally used in these types of contracts, namely: cross-default, pari-passu and in some cases negative pledge. It is not expected that the Corticeira Amorim will have difficulties in fulfilling the contracted covenants.
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491 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 2025 2024 Trade payables - current account 59,859 64,012 Trade payables - confirming 34,661 38,016 Trade payables -invoices pending 13,425 10,132 Trade payables 107,945 112,159 V alues in thousand euros. From the total values, 59% comes from Amorim Cork (2024: 57%) and 22% from Amorim Florestal (2024: 25%). The total confirmed invoices in 2025 amounted to 94 M€ (2024: 102 M€). At the end 2025, the contracted limit for confirming operations was 101 M€ (2024: 145 M€). As of December 31, 2024, one foreign subsidiary wasn´t using a credit facility covered by a loan mortgage guarantee on assets. These assets are booked on Statement of financial position of those subsidiaries. Two foreign subsidiaries of Corticeira Amorim used financing as at 31 December 2025 (a total of around 1.7 M€) to which financial covenants was associated. These consisted, essentially , in the fulfillment of ratios that allow monitoring the financial situation of companies, namely: • Asset coverage ratio - quarterly observation; • Fixed charge coverage ratio - annual observation; • Net income - annual observation; and The above ratios are not restrictive and the requirements contained in the contracts that formalised the referred financing were largely and fully complied with. In the event of non-compliance, there would be a possibility that this would lead to the early repayment of the debts. In addition, it is important to inform that the capacity to ensure debt service was further enhanced by the existence, as of December 31, 2025, of 326.1 M€ of credit lines approved, but not used. 23. Trade Payables
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492 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 Originally conceived in marble by Daciano da Costa in the 1970s, one of the pieces from the Estremoz collection has been reissued in cork as part of a partnership between Atelier Daciano da Costa and Corticeira Amorim. CORK is part of a movement to preserve and update the legacy of Portuguese design. © Rúben Magalhães
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493 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 Other liabilities 2025 2024 Non-repayable grants 7,475 7,831 Accrued income 2,019 810 Accrued costs - staff costs 17,117 19,392 Other liabilities - current 26,612 28,033 V alues in thousand euros. In other non-current liabilities, the non-current component of salaries to be settled related to Corticeira Amorim’s remuneration policy approved in 2024 is recognized. The balances related to grants had the following variation: Non-repayable grants 2025 2024 Opening Balance 7,831 5,873 Transfer to gains − 2,113 − 4,612 Received during the year 1,757 2,952 Reclassifications/Transfers - 3,619 Closing Balance 7,475 7,831 V alues in thousand euros. Other financial liabilities 2025 2024 Repayable grants 5,557 6,615 Other 77 37 Other financial liabilities - non current 5,633 6,651 Repayable grants 2,624 3,503 Accrued costs - supplies and services 4,686 4,441 Accrued costs - others 5,282 10,439 VAT 6,907 7,426 State and social security - withholding and others 9,291 9,066 Other 14,476 16,194 Other financial liabilities - current 43,264 51,070 V alues in thousand euros. In Other financial liabilities is included a value of 21 K€ (2024: 1,868 K€), which refers to exchange rate hedge derivatives. The amount under the item of other creditors – current – mainly refers to salaries payable amounting to 3,895 K€, advances to customers amounting to 1,968K€, and creditors for expense recovery amounting to 2,836 K€. In Other financial liabilities – non-current (5,633 K€), maturity is as follows: from 1 to 2 years (2,103 K€), from 2 to 4 years (3,457 K€) and more than 4 years (74 K€). 24. Other Financial Liabilities and Other Liabilities Repayable grants 2025 2024 Opening Balance 10,118 12,177 Paid during the year − 2,149 − 2,480 Received during the year 216 4,054 Reclassifications/Transfers − 4 − 3,634 Closing Balance 8,181 10,118 V alues in thousand euros. Transfers is due largely to repayable benefits that were in the meantime, in some subsidiaries, converted into non- repayable and to the recognition of interest through measurement at amortized cost. Most of the grants received by Corticeira Amorim is intended for investments aimed at increasing the production capacity and modernisation of industrial facilities, improving the quality of manufactured products, or improving energy and utilising its main raw material (cork). Most of the projects that gave rise to grants classified as repayable; these are normally subject to evaluation, already at cruising stage, and if agreed targets are met, part or even all of the subsidy is converted into non-refundable. There are no unpaid amounts associated with grants classified as non- repayable, nor are there conditions that are not yet to be met for recognition.
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494 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 T ax Contingencies Customer Guarantees Others Stamp tax Others Opening balance 2025 62 66 1,300 4,263 5,691 Recognition Other costs - Note 30 - - - 67 67 Restructuring - - - - - Others - - - 159 159 Reversal Other gains - Note 30 - - - − 599 − 599 Restructuring - - - − 443 − 443 Others - − 26 − 668 − 749 − 1,444 Translation differences - - - 108 108 Direct allocation - - - - - Ending balance 2025 62 39 631 2,806 3,539 V alues in thousand euros. 2025 2024 T ax contingencies 101 127 Guarantees to customers 631 1,300 Others 2,806 4,263 Provisions 3,539 5,691 V alues in thousand euros. 25. Provisions
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495 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 T ax Contingencies Customer Guarantees Others Stamp tax Others Opening balance 2024 62 2 477 7,402 7,942 Recognition Other costs - Note 30 - - - 365 365 Income tax - 93 - - 93 Restructuring - - - 443 443 Others - - 823 1,061 1,884 Reversal Other gains - Note 30 - - - − 310 − 310 Restructuring - - - 2,085 2,085 Others - − 29 - − 751 − 779 Translation differences - - - 32 32 Direct allocation - - - − 6,063 − 6,063 Ending balance 2024 62 66 1,300 4,263 5,691 V alues in thousand euros. In the year ended December 31, 2025, the item customer guarantees (which are essentially from Amorim Cork Solutions) decreased by 668 k€, being accounted for in accordance with IAS 37 Provisions, Contingent Liabilities, and Contingent Assets. Claims by the tax authorities are related with stamp tax and marginally V AT . Other contingencies Other contingencies essentially include provisions for termination of employment (1.4 M€), ongoing processes (0.5 M€) and other provisions (0.9 M€).
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496 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 At the Elfverson subsidiary , the company provides a defined benefit pension plan for administrative employees born in 1978 or earlier . The plan is managed by the PRI Pensionsgaranti. In order to estimate its liabilities for the payment of these benefits, the procedure for calculating the actuarial liabilities was determined in accordance with the “Projected Unit Credit Method”, in accordance with IFRS. The main assumptions assumed were as follows: discount rate 3%, salary increase 2.3%; median life expectancy: DUS 22 (as determined by the Actuarial Research Board). The total number of employees benefiting from the plan is 26. The estimated responsibility for the end of the year is 1,054 k€ (2024: 893 k€). The subsidiaries Amorim Cork Italia, Icas Spa and Intercap have responsibilities regarding TFR (trattamento di fine rapporto). This is due by the company to the employee when the contractual relationship ends, whether the company or the employee to terminate the connection or at the time of retirement. This amount equals about 1 month / year of work. Both have accrued this amount, following the update rules defined by the government (a law is issued annually with the revaluation percentage of amounts from previous years). The value of the liabilities is approximately 672 K€ (2024: 619 K€) at Amorim Cork Italia, 360 K€ at Icas Spa (2024: 424 K€) and 684 k€ at Intercap. For VMD group companies, in Switzerland pension financing is an essential part of the social security system. Swiss companies are obliged to provide a minimum pension plan for staff. Swiss law outlines a minimum prototype plan. In Switzerland, pension plans are financed by contributions from both employees and employers. Contributions are defined by the plan regulations and cannot be reduced without changing the plan regulations. The main assumptions made for calculating liability are the following: discount rate 1.1%, salary increase 1.0%; actuarial table: BVG 2020 Generation Tables and mortality projection model: CMI (2022) 1.50%. The total number of employees benefiting from the plan is 27. The estimated liability for the end of the year is 719 k€ (2024: 794 k€). Remaining amounts related mainly to the liabilities of the Bourrassé (168 k€) and Korken Schiesser (109 k€). Post-employment benefits Opening balance 2025 3,210 Recognition Others 684 Reversal Staff Costs − 96 Other gains - Note 30 - Perimeter variation - Direct allocation - Ending balance 2025 3,798 V alues in thousand euros. Post-employment benefits Opening balance 2024 3,228 Recognition Others 77 Reversal Staff Costs − 95 Other gains - Note 30 - Translation differences - Direct allocation - Ending balance 2024 3,210 V alues in thousand euros. 26. Post-Employment Benefits
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497 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 Developed by Corticeira Amorim, the cork harvesting machine is a high- precision device that incorporates humidity sensors, allowing early detection of the moment when the blade comes into contact with the inner bark of the cork oak.
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498 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 2025 2024 Communications 1,175 1,135 Data systems 8,379 8,288 Insurance 5,418 5,753 Subcontractors 5,658 6,179 Energy 19,063 19,087 Security 1,551 1,579 Professional Fees 992 1,693 T ools 2,972 3,794 Oil and gas 3,533 2,903 Royalties 409 660 Rentals 5,702 7,173 Transports 25,290 25,779 Representation expenses 1,283 1,480 Travel 4,653 4,854 Commissions 11,468 11,734 Specialized Services 13,097 13,568 Advertising 3,765 5,927 Maintenance 14,002 16,440 Others 12,105 13,476 Third party supplies and services 140,517 151,501 V alues in thousand euros. 27. Third Party Supplies and Services
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499 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 of 2025 is 485 K€. The value of the options is recognized as other liabilities, 242 K€ as current and 242 K€ as non-current. As provided for in the policy , the options are exercisable within 30 days after: • the 1st anniversary of the grant date – exercise of up to 3/6 of the options; • the 2nd anniversary of the grant date – exercise of up to 1/6 of the options; • the 3rd anniversary of the grant date – exercise of up to 1/6 of the options; • the 4th anniversary of the grant date – exercise of up to 1/6 of the options. Liability related to share options not yet granted The liability (classified under Other liabilities, note 24) related to share options not yet granted (variable remuneration for 2025 and the proportional amount of the 2024–2026 long-term variable remuneration) amounts to 1,712 K€, classified as non-current. ii. Remuneration policy prior to 2024 The amounts outstanding under the previous remuneration policy as at the end of 2025 amount to 958 K € (31/12/2024: 1,517 K€), classified under Other liabilities. Of the outstanding amount, 545 K€ is classified as current and 412 K€ as non-current. The allocation criterion for the latter depends on a positive performance of Corticeira Amorim over the three reference years. The benefit granted is classified as a cash-settled share-based payment transaction, as the right grants the plan beneficiaries a right to the notional shares, which are redeemable at their discretion. IFRS 2 stipulates that for cash-settled share-based payment transactions, an expense should be recognized as the services are rendered, with a corresponding liability , which should be measured at fair value at each reporting date. Corticeira Amorim recognizes the expense of share-based payments in the ‘Staff Costs’ category . Until the liability is settled, the entity remeasures the fair value of the liability at the end of each reporting period and at the settlement date, with any changes in fair value recognized in the period’s results. i. Remuneration policy approved in 2024 The amount of expenses related to services rendered in 2025 under the new remuneration policy , concerning annual and long-term variable remuneration, was 748 K€ (31/12/2024: 1,433 K€). Share options granted in 2025 Following the assessment of the conditions for determining the variable remuneration of the members of the Executive Committee in 2025 (relating to 2024), 68,210 notional share options were granted, with a total value of 560 K€, considering the share price (at the grant date) of €8.21 per share. The value of the options at the end 2025 2024 Board remuneration 2,521 5,260 Employees remuneration 144,557 146,224 Social Security and other 30,592 29,792 Severance costs 2,013 1,077 Post-employment benefits 1,216 1,212 Other 9,863 9,657 Capitalized Costs − 51 − 31 Staff costs 190,711 193,191 Average number of employees 4,699 4,866 Final number of employees 4,637 4,849 V alues in thousand euros. Board’s remuneration includes Corticeira Amorim, S.G.P .S., SA and any of its subsidiaries. Includes also General Meeting board members expenses. Variable remuneration for executive members of the Board of Directors At the General Assembly on April 22, 2024, the remuneration policy of Corticeira Amorim for the 2024-2026 triennium was approved. This policy establishes the terms of variable remuneration for executive members of the Board of Directors through a three-year plan for the allocation of options on notional shares indexed to the company’s profits and Sustainability | ESG goals, with an annual component and a multi-year component (three-year period) for achieving the company’s goals throughout the respective term. 28. Staff Costs
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500 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 2025 2024 Receivables 2,306 616 Others 209 174 Impairments of assets and non-current costs 2,516 789 V alues in thousand euros. Receivables impairments include customers and other debtors. 29. Impairments of Assets
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501 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 2025 2024 Exchange rate hedging: exchange differences (note 3a)) - - Exchange rate hedging: var. derivative fair value (note 3a)) 1,646 - Gain in fixed assets and p. investment disposals 1,452 568 Provisions reversals 681 310 Operating subsidies 381 827 Investment subsidies 2,130 4,612 Suplementary income 2,178 3,131 Building revenues 524 574 Own works 1,380 2,198 Other 7,051 5,628 Other income and gains 17,421 17,849 2025 2024 Exchange rate hedging: exchange differences (note 3a)) 322 611 Exchange rate hedging: var. derivative fair value (note 3a)) - 1,716 T axes (other than income) 2,620 2,536 Provisions 67 365 Loss in fixed assets and p. investment disposals 973 99 Bank charges 1,010 705 Bad debts 186 248 Loss in inventory differences 56 34 Donations and fees 1,409 1,411 Other 6,422 3,339 Other costs and losses 13,065 11,064 V alues in thousand euros. 30. Other Income and Gains / Other Costs and Losses
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502 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 Two blocks of cork interlock to form the Cork Cross, a modular bench that showcases the potential of cork in design. Presented at the 19th Venice Architecture Biennial, it is the result of a collaboration between the curator of the Lithuanian Pavilion, Jūratė Tutlytė, the New European Bauhaus Interdisciplinary Creative Research Centre at the Vilnius Academy of Arts and Corticeira Amorim. © Darius Gumbrevi
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503 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 2025 2024 Interest costs - bank loans 2,367 4,171 Interest costs - other entities 3,507 7,502 Stamp tax 169 330 Interest costs - other − 170 862 5,872 12,865 Interest gains - bank deposits 595 666 Interest gains - other loans 91 188 Interest gains - delayed payments 353 41 Interest gains - other 54 70 1,093 965 Net financial costs 4,780 11,900 V alues in thousand euros. Interest costs – other entities an amount of 30 K€ (31.12.2024: 67 k€) is included to apply the amortized cost. The non‑recurring results relate to the transfer of the Silves industrial unit, mainly severance payments and equipment dismantling costs, as well as the receipt of PERES (Stamp duty) in the amount of 500 K€. 2025 2024 Closure of an industrial site − 913 - Restructuring costs - − 5,366 Product line discontinuation - − 9,086 Partial reversal of restructuring expenses - 2,085 Capital gain from the sale of subsidiaries - 13,801 Other non-current results - stamp duty 500 - Non-current results − 413 1,434 V alues in thousand euros. 31. Non-Recurring Results 32. Financial Costs and Financial Income
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504 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 Services are usually traded with related parties on a “cost plus” basis in the range of 2% to 5%. The total short-term remuneration of key personnel (including the executive committee of the SGPS and general managers of the Business Units) at Corticeira Amorim reached the value of 4,700 K€ (2024: 8,090 K€). The value of post-employment benefits, other long-term benefits, termination benefits and share-based payments,excluding the part referred to in note 28, is nil. Corticeira Amorim consolidates directly in Amorim – Investimentos e Participações, S.G.P .S., S.A. with its registered office at Mozelos (Santa Maria da Feira, Portugal), the Amorim Group holding company . As of December 31, 2025, the financial stake of Amorim – Investimentos e Participações, S.G.P .S., S.A. in Corticeira Amorim was 51%, corresponding to 51% of voting rights. Corticeira Amorim ‘s transactions with related companies are, in general, due to the rendering of services by Amorim – Investimentos e Participações, S.G.P .S. subsidiaries. Total revenue of these subsidiaries to the remaining Corticeira Amorim companies was of 650 K€ (2024: 605 K€). Cork acquired during 2025, from companies held by the main indirect shareholders of Corticeira Amorim, amounted to 1,296 K€ (2024: 2,286 K€). This corresponds to less than 2% of total acquisitions of that cork raw-material. Balances at year-end 2025 and 2024 are those resulting from the usual payment terms (from 30 to 60 days) and so are considered to be immaterial. 33. Related-Party Transactions
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505 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 EY auditor’s remuneration for the group of subsidiaries and for Corticeira Amorim was 546 K€ (2024: 661 K€) and detailed as follows: The item Review of interim financial information and other assurance services includes the limited review of the consolidated financial statements for the six-month period ended June 30, 2025; the limited review of the individual financial statements of ICAS Spa for the six-month period ended June 30, 2025; independent review of the sustainability report; independent review of the obligations report greens and certification of combined financial statements and execution of procedures for validating applications within the scope of the RRP (“Recovery and Resilience Plan”). Other services include support in benchmarking and in identifying recommendations within the strategic review of one of the Group’s business units, as well as agreed‑upon procedures regarding Herdade do Rio Frio for validating the personnel expenses included in the document ‘Reduction of the Farmer’s Basic Income Support’. In 2025, additional fees worth 440 K€ were paid for audit and account review services provided by other Audit firms, outside the EY universe. 34. Auditor’s Fees Nature of service Audit Review of interim financial information and other assurance engagements Other services TOTAL EY SROC Corticeira Amorim Value 58,350 40,680 0 99,030 % 59% 41% 0% 100% Entities that integrate the group Value 214,088 26,350 2,000 242,438 % 88% 11% 1% 100% T otal Value 272,438 67,030 2,000 341,468 % 80% 20% 1% 100% EY global network companies Corticeira Amorim Value 0 0 0 0 % 0% 0% 0% 0% Entities that integrate the group Value 184,357 11,000 9,000 204,357 % 90% 5% 4% 100% T otal Value 184,357 11,000 9,000 204,357 % 90% 5% 4% 100% T otal Corticeira Amorim Value 58,350 40,680 0 99,030 % 59% 41% 0% 100% Entities that integrate the group Value 398,446 37,350 11,000 446,796 % 89% 8% 2% 100% T otal Value 456,795 78,030 11,000 545,825 % 84% 14% 2% 100% V alues in thousand euros.
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506 CORTICEIRA AMORIM, S.G.P .S., S.A.CONSOLIDATED ANNUAL REPORT 202554 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS25534221 66 a. Net profit per share calculation used the average number of issued shares deducted by the number of average owned shares. The non-existence of potential voting rights justifies the same net profit per share for basic and diluted shares. 2025 2024 T otal issued shares 133,000,000 133,000,000 Average nr. of treasury shares - - Average nr. of outstanding shares 133,000,000 133,000,000 Net Profit (thousand euros) 55,567 69,699 Net Profit per share (euros) 0.418 0.524 b. Guarantees In the course of its operational activity , Corticeira Amorim issued guarantees to third parties amounting to 272 K€ on 12/31/2025 (Dec. 2024: 262 K€). Beneficiary Amount Purpose Government agencies 77 Investment support Other 195 Other TOTAL 272 V alues in thousand euros. Commitments relating to the purchase of cork amount to 15,716 K€ (2026: 11,633 K€; 2027: 1,602 K€, 2028: 1,172 K€ and 2029 and onwards 1,308K€). Additionally , guarantees were provided by the subsidiaries, not related to financing, and which amounted to 734 K€ on 12/31/2025. c. Financial assets and liabilities Financial assets are mainly registered in the loans and other receivables account heading. As for financial liabilities they are included in the amortized cost liability . Detail of financial assets and liabilities: Financial assets at amortized cost Financial assets at fair value Derivatives as hedging T otal Trade receivables (note 17) 194,403 194,403 Other financial assets (note 14) 34,255 7,832 111 42,198 Cash and cash equivalents (note 19) 76,636 76,636 T otal as of December 31, 2024 305,295 7,832 111 313,237 Trade receivables (note 17) 175,804 175,804 Other financial assets (note 14) 27,016 12,153 93 39,262 Cash and cash equivalents (note 19) 64,997 64,997 T otal as of December 31, 2025 267,818 12,153 93 280,064 V alues in thousand euros. 35. Other Information