Aquafil Group
[ECNL:IM] - [ECNLF: OTCQX]
1H 2026
Financial Results
August 27 , 2026
STRONG INCREASE IN RAW MATERIAL
AND TRANSPORTATION COSTS IN Q2,
WITH PASS -THROUGH TO SELLING
PRICES IN Q3Key Messages 2✓
✓ ✓✓FURTHER
MARGIN EXPANSION
FIXED COST REDUCTION
CONFIRMEDSOLID CASH GENERATION
DRIVING NFP REDUCTION
3Higher to 1H 2025 Mainly due to
EBITDA increase
and
lower D&ALower
vs Dec. 25
NFP/EBITDA LTM
x2,64
on 30thJune 2026
x2,89
on 31stDecember 2025Higher to 1H 2025 Mainly due to
efficiencies
and cost containment actionsLower mainly due to
different mix
and
sales prices
ECONYL® products
60,2 %
of Fiber RevenuesFinancial Results 2025 2026 Δ% 2025 2026 Δ% 2025 2026 Δ% 31.12.25 30.06.26 Δ%
1H 281,2 269,5 (4,2)% 38,4 40,6 5,7 % 2,2 3,4 51,0 % 209,5 196,9 (6,0)%
% on Revenues13,6 % 15,0 % 0,8 % 1,2 %
2Q 137,1 135,7 (1,0)% 21,3 20,7 (2,5)% 1,8 2,1 19,2 %
% on Revenues15,5 % 15,3 % 1,3 % 1,6 %Revenues Net Result EBITDA NFP
(on First Grade Product Revenues) –Index 100
+0,3%
compared to 1H 2025 Volumes
Financial
Results
Revenues
Variation by
Components
1H 2025 Volume Price & Sales
Mix1H 2026
4-0,3%
compared to 2Q 2025 2Q 2025 Volume Price & Sales
Mix2Q 2026
5 Financial Results | Quantity Variations % (on First Grade Product Revenues)
EMEA
Volumes -2.4% vs 1 H25 and -3.8% vs 2Q25 :
•BCF soft market •NTF good performance especially in 2Q •EP and Other Polymers broadly in line USA Volumes +4.5% vs 1H25 and -1.6% vs 2Q25 :
•BCF in line with expectations •NTF with growing volumes
Asia
Volumes +3.2% vs 1H25 and +17.3 % vs
2Q25 :
•BCF with growing volumes1H25 vs 1H26 2Q25 vs 2Q26
6% by Product Line Financial Results | Revenues Breakdown 1H25 vs 1H26 2Q25 vs 2Q26
7% by Geographical Area Financial Results | Revenues Breakdown 1H25 vs 1H26 2Q25 vs 2Q26
Financial
Results
ECONYL®
Revenues
on fibers
860.2%
of 1H26 fibers revenues from ECONYL® and other regenerated fibers 1H25 vs 1H26 2Q25 vs 2Q26
Financial
Results
P&L KPI
9Data in € million 2025 2026 Δ% 2025 2026 Δ% Revenues 281,2 269,5 (4,2)% 137,1 135,7 (1,0)%
EBITDA 38,4 40,6 5,7 % 21,3 20,7 (2,5)%
% on net Sales 13,6% 15,0 % 15,5% 15,3%
EBIT* 5,2 13,1 151,6 % 2,3 7,1 202,2 %
% on net Sales 1,9 % 4,9% 1,7 % 5,2 %
EBT* 2,5 3,3 32,3 % 1,4 2,0 41,1 %
% on net Sales 0,9 % 1,2 % 1,1 % 1,5 %
NET RESULT* 2,2 3,4 51,0 % 1,8 2,1 19,2 %
% on net Sales 0,8 % 1,2 % 1,3 % 1,6 %1H 2Q
10 NFP (Net Debt) onJune 30,2026 196.9 €/mln vs209.5€/mln onDecember 31,
2025
NFP/EBITDA decreasing trend :x2.64on June 30,2026 vsx2.89onDecember 31,2025NFP -€/mln NFP/EBITDAFinancial Results | Net Financial Position (Net Debt)
11 Financial Results | Net Financial Position (Net Debt) evolution €/ mln.
Inline with theobjectives setforthecurrent year, H12026 performance confirms theGroup’s strength .The reported financial results highlight the boosting ofmargins and asignificant improvement inthe net financial position .The Company has demonstrated itsability to maintain and increase margins inthe period thanks tothe ongoing cost streamlining measures and the excellent performance ofthe ECONYL® -branded products .These results were achieved inaglobal macroeconomic environment that remains marked bysignificant instability and isinfluenced byongoing geopolitical conflicts .This situation continues todrive sharp increases inraw material and transportation costs, which have already been largely offset inthethird quarter and willbefurther absorbed inthefourth quarter .The company remains committed toreducing itsnetdebt .Strict financial discipline and atargeted selection ofefficiency -focused investments will continue tosupport strong cash generation .The persistent market uncertainty makes itdifficult togain aclear picture ofglobal demand .
However, theclose management ofcosts and working capital allows ustolook tothesecond half oftheyear with confidence, reaffirming thegoals setfor2026 .Outlook 12
134. Annexes
Annex -Disclaimer
This presentation and any material distributed inconnection herewith (together, the“Presentation ”)prepared byAquafil S.p.A.(“Aquafil”or “Company ”)donot constitute orform apart of,and should not beconstrued as,anoffer forsale orsubscription oforsolicitation ofany offer to purchase orsubscribe forany securities, and neither this Presentation nor anything contained herein shall form thebasis of,ore berelied upon in connection with, oractasaninducement toenter into, anycontract orcommitment whatsoever .
The Presentation contains forward -looking statements regarding future events and thefuture results ofAquafil that arebased oncurrent expectations, estimates, forecasts, and projections about theindustries inwhich Aquafil operates and thebelief and assumptions ofthemanagement ofAquafil .In particular, among other statements, certain statements with regards tomanagement objectives, trends inresults ofoperations, margins, costs, return onequity, risk management are forward -looking innature .Words such as‘expects’, ‘anticipates’, ‘targets’, ‘goals’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, ‘seeks’, ‘estimates’, variations ofsuch words, and similar expressions are intended toidentify such forward -looking statements .These forward -looking statements areonly predictions and aresubject torisks, uncertainties, and assumptions that aredifficult topredict because they relate toevents and depend oncircumstances that willoccur inthefuture .Therefore, Aquafil’s actual result may differ materially and adversely from those expressed orimplied inany forward -looking statements .Factors that might cause orcontribute tosuch differences include, but arenot limited to, economic conditions globally, political, economic and regulatory developments inItaly and internationally .Any forward -looking statements made byor onbehalf ofAquafil speak only asofthedate they aremade .Aquafil does notundertake toupdate forward -looking statements toreflect any changes inAquafil’s expectations with regard thereto oranychanges inevents, conditions orcircumstances onwhich anysuch statement isbased .
Noreliance may beplaced forany purposes whatsoever onthe information contained inthe Presentation, orany other material discussed inthe context ofthepresentation ofsuch material, oronitscompleteness, accuracy orfairness .The information contained inthePresentation might notbe independently verified and norepresentation orwarranty, express orimplied, ismade orgiven oronbehalf oftheCompany orany ofitsmembers, directors, officers oremployees orany other person astotheaccuracy, completeness orfairness ofthe information oropinions contained inthis document orany other material discussed inthe context ofthepresentation ofthePresentation .None oftheCompany, nor any ofitsrespective members, directors, officers oremployees nor any other person accepts any liability whatsoever forany loss howsoever arising from any use ofthe Presentation oritscontents orotherwise arising inconnection therewith .
The reader should, however, consult anyfurther disclosure Aquafil may make indocuments itfiles with theItalian Securities and Exchange Commission and with theItalian Stock Exchange .
14
Annex -Definitions
«FIRST GRADE
REVENUES»“First graderevenues” are revenues generated bythe sale offibers and polymers, gross ofany adjustments (for example, discounts and allowances), but excluding revenues generated by“non -first gradeproducts”, revenues generated byAquafil Engineering GmbH and“otherrevenues” .Onthebasis ofthe2019 figures, these revenues accounted formore than 95%oftheGroup’s consolidated revenues EBITDAThis isanalternative performance indicator notdefined under IFRS butused bycompany management tomonitor and assess theoperating performance asnotimpacted bytheeffects ofdiffering criteria in determining taxable income, theamount and types ofcapital employed, inaddition totheamortisation and depreciation policies .This indicator isdefined bytheAquafil Group asthenetresult fortheyear adjusted bythe following components :income taxes, investment income and charges, amortisation, depreciation and write -downs oftangible and intangible assets, provisions and write -downs, financial income and charges, costs/income related tonon-core transactions .
Net Financial
Position
(NFP or Net Debt )OnApril 29,2021 ,Consob issued“Warning Notice No.5/21”(Richiamo diattenzione n.5/21),stating that thenew“ESMAGuidelines” ofMarch 4,2021 replaced, effective from May 5,2021 ,theprevious Consob communications onthematter .Guideline No.39requires that financial statement disclosure includes the following definition ofnetfinancial debt
A. Liquidity
B. Cash and cash equivalent C. Other current financial assets D. Liquidity (A+B+C) E. Current financial debt (including debt instruments but excluding the current portion of non -current
financial debt)
F. Current portion of non -current financial debt G. Current financial debt (E + F) H. Net current financial debt (G -D) I. Non -current financial debt (excluding current portion and debt instruments) J. Debt instruments K. Trade payables and other non -current payables L. Non -current financial debt (I + J + K) M. Total financial debt (H + L) 15
Annex -Sector Data –Caprolactam price evolution
€/ton
16Source: Tecnon OrbiChem , a ResourceWise company
Annex -Consolidated Income Statement 17
CONSOLIDATED INCOME STATEMENT
(Euro thousands)Half Year
2025Half Year
2026Second quarter
2025Second quarter
2026
Revenues 281.158 269.479 137.147 135.728 of which related parties 6 5 ( 0) 0 Other revenues and income 6.249 3.843 3.380 2.038 of which related parties 172 179 85 87 Total revenues and other revenues and income 287.407 273.322 140.527 137.767 Cost of raw materials and changes to inventories ( 121.356) ( 116.010) ( 56.752) ( 58.058) of which related parties ( 0) ( 0) 0 0 Service costs and rents, leases and similar costs ( 68.164) ( 61.888) ( 33.324) ( 31.640) of which related parties ( 326) ( 259) ( 157) ( 117) Personnel costs ( 64.367) ( 59.613) ( 32.582) ( 29.530) of which related parties 0 ( 0) ( 0) ( 0) Other costs and operating charges ( 1.612) ( 1.543) ( 983) ( 790) of which related parties ( 35) ( 35) ( 17) ( 17) Amortisation and depreciation ( 25.346) ( 22.462) ( 12.434) ( 11.160) Write-down of fixed assets ( 1.982) ( 403) ( 1.982) ( 402) Provisions and write downs/(releases) ( 1.494) ( 30) ( 1.386) ( 18) Increase in internal work capitalised 2.137 1.769 1.263 923
EBIT 5.223 13.142 2.347 7.094
Investment income/charges 78 272 78 272 of which related parties 78 272 78 272 Financial income 606 1.194 304 501 of which related parties 2 2 1 1 Financial charges ( 7.895) ( 8.414) ( 3.839) ( 4.221) of which related parties ( 117) ( 59) ( 49) ( 40) Exchange gains/(losses) 4.484 ( 2.894) 2.557 ( 1.603) Profit/(loss) before taxes 2.495 3.300 1.447 2.042 Income taxes ( 272) 58 349 98 Profit/(loss) for the period 2.224 3.358 1.796 2.140 Minority interest profit/(loss) ( 0) 0 0 0 Group Net Profit/(loss) 2.224 3.358 1.796 2.140
Annex -Consolidated Income Statement –Revenues 1H 18 1H €/mln 2025 2026 ΔΔ% 2025 2026 ΔΔ% 2025 2026 ΔΔ% 2025 2026 ΔΔ% 2025 2026 ΔΔ% %25 %26 EMEA 93,1 88,2 (4,9) (5,2)% 31,2 31,7 0,5 1,7 % 17,9 17,4 (0,6) (3,2)% 7,5 8,5 1,0 13,4 % 149,6 145,7 (3,9) (2,6)% 53,2% 54,1% North America 71,3 66,2 (5,1) (7,1)% 11,8 11,7 (0,1) (1,0)% 0,5 0,3 (0,2) (43,0)% 2,8 3,2 0,4 13,1 % 86,4 81,4 (5,0) (5,8)% 30,7% 30,2% Asia and Oceania 41,7 39,3 (2,4) (5,6)% 1,6 1,2 (0,4) (26,0)% 0,8 0,9 0,1 11,5 % 0,0 0,0 (0,0) N.A. 44,1 41,4 (2,7) (6,1)% 15,7% 15,4%
RoW 0,4 0,6 0,2 53,1 % 0,6 0,4 (0,2) (37,0)% 0,0 N.A. 0,0 N.A. 1,0 1,0 0,0 0,2 % 0,4% 0,4%
TOTAL 206,5 194,4 (12,1) (5,8)% 45,2 44,9 (0,2) (0,5)% 19,2 18,5 (0,7) (3,5)% 10,3 11,7 1,4 13,3 % 281,2 269,5 (11,6) (4,1)% 100,0% 100,0% % Tot 73,4% 72,1% 16,1% 16,7% 6,8% 6,9% 3,7% 4,3% 100% 100%BCF (fiber for carpet) NTF (fiber for fabrics) EP (Engineering Plastics) Other Polymers TOTAL 53,2% 54,1%30,7% 30,2%15,7% 15,4%
2025 2026
EMEA North America Asia and Oceania73,4% 72,1%16,1% 16,7%6,8% 6,9%3,7% 4,3%
2025 2026
BCF (fiber for carpet) NTF (fiber for fabrics) EP (Engineering Plastics) Other Polymers
Annex -Consolidated Income Statement –Revenues 2Q 19 2Q €/mln 2025 2026 ΔΔ% 2025 2026 ΔΔ% 2025 2026 ΔΔ% 2025 2026 ΔΔ% 2025 2026 ΔΔ% %25 %26 EMEA 47,1 45,3 (1,9) (4,0)% 14,8 15,7 0,9 6,1 % 8,1 7,4 (0,7) (8,9)% 3,4 4,8 1,5 43,4 % 73,4 73,2 (0,2) (0,3)% 53,5% 53,9% North America 36,0 32,9 (3,2) (8,8)% 5,7 5,5 (0,2) (3,9)% 0,2 0,1 (0,1) N.A. 1,3 1,9 0,6 45,0 % 43,2 40,3 (2,9) (6,7)% 31,5% 29,7% Asia and Oceania 18,7 20,7 2,0 10,5 % 0,9 0,5 (0,3) (39,2)% 0,6 0,7 0,1 13,9 % 0,0 0,0 0,0 5,1 % 20,2 21,9 1,7 8,4 % 14,7% 16,1%
RoW 0,1 0,2 0,2 272,3 % 0,2 0,1 (0,1) (36,4)% 0,0 0,0 0,0 N.A. 0,0 0,0 0,0 N.A. 0,3 0,4 0,1 31,8 % 0,2% 0,3%
TOTAL 101,9 99,0 (2,9) (2,8)% 21,6 21,8 0,2 1,1 % 9,0 8,2 (0,8) (8,6)% 4,7 6,8 2,1 43,8 % 137,1 135,8 (1,4) (1,0)% 100,0% 100,0% % Tot 74,3% 72,9% 7,7% 8,1% 3,2% 3,0% 1,7% 2,5% 100% 100%BCF (fiber for carpet) NTF (fiber for fabrics) EP (Engineering Plastics) Other Polymers TOTAL 53,5% 53,9%31,5% 29,7%14,7% 16,1%
2025 2026
EMEA North America Asia and Oceania74,3% 72,9%15,7% 16,1%6,5% 6,0%3,4% 5,0%
2025 2026
BCF (fiber for carpet) NTF (fiber for fabrics) EP (Engineering Plastics) Other Polymers
Annex -EBITDA and Adjusted Operating Results (*)Comprises :inH12026 (i)Financial income ofEuro 1.2million, (ii)Financial charges ofEuro 8.4million, (iii)Net exchange losses ofEuro 2.9million, and (iv)Cash discounts granted tocustomers totaling Euro 1.4million .
(**) These primarily include :inthefirst half of2026 ,charges related tothereorganization ofAquafil Carpet Recycling #1totaling Euro (1.9)million, asreported intheprevious section“Significant events inthefirst half of2026”and costs related toemployee mobility ofEuro (0.6)million, costs associated with theGroup’s expansion ofEuro 0.1million ,and taxand administrative consulting fees ofEuro 0.2million, thelatter relating tospecialized support within thecost-containment project undertaken during theprevious fiscal year .
20 Reconciliation from Profit/(loss) for the period EBITDA (€/000)Half Year
2025Half Year
2026Second quarter
2025Second quarter
2026
Profit/(loss) for the period 2.224 3.358 1.796 2.140 Income taxes 272 ( 58) ( 349) ( 98) Investment income and charges ( 78) ( 272) ( 78) ( 272) Amortisation and depreciation 25.346 22.462 12.434 11.160 Write-down of fixed assets 1.982 403 1.982 402 Provisions and write downs/(releases) 1.494 30 1.386 18 Financial items (*) 4.139 11.544 1.619 6.145 Costs/Income related to non-core transactions (**) 2.996 3.085 2.478 1.240
EBITDA 38.373 40.552 21.268 20.735
Revenues 281.158 269.479 137.147 135.728 EBITDA margin 13,6% 15,0% 15,5% 15,3% Reconciliation from Profit/(loss) for the period to EBIT Adjusted (€/000) Half Year
2025Half Year
2026 Secondo
trimestre 2025 Secondo trimestre
2026
EBITDA 38.373 40.552 21.268 20.735
Amortisation, depreciation and write-downs ( 27.328) ( 22.865) ( 14.415) ( 11.562) (Provisions and write downs)/releases ( 1.494) ( 30) ( 1.386) ( 18) Adjusted EBIT 9.552 17.657 5.466 9.154 Revenues 281.158 269.479 137.147 135.728 Adjusted EBIT margin 3,4% 6,6% 4,0% 6,7%
Annex -Consolidated Balance Sheet (1/2) 21
CONSOLIDATED BALANCE SHEET
€/000December 31
2025June 30
2026
Intangible assets 12.009 10.090 Goodwill 14.237 14.655 Property, plant & equipment 197.714 199.080 Financial assets 907 1.194 of which related parties 222 313 Investments valued at equity 1.113 1.113 Other assets 137 129 Deferred tax assets 30.511 33.105 Total non-current assets 256.628 259.366 Inventories 172.754 182.958 Trade receivables 19.973 28.397 of which related parties 147 255 Financial assets 2.262 8.155 of which related parties 35 34 Tax receivables 940 1.108 Other assets 7.540 10.356 of which related parties 325 702 Cash and cash equivalents 165.548 155.875 Total current assets 369.017 386.849 Total assets 625.645 646.215
Annex -Consolidated Balance Sheet (2/2) 22
CONSOLIDATED BALANCE SHEET
€/000December 31
2025June 30
2026
Share capital 53.354 53.354 Reserves 82.598 87.257 Group net result -4.694 3.358 Group shareholders' equity 131.258 143.969 Minority interest shareholders’ equity 0 0 Minority interest net profit 0 0 Total consolidated shareholders’ equity 131.258 143.969 Employee benefits 4.262 4.039 Financial liabilities 282.405 260.212 of which related parties 1.449 1.156 Provisions for risks and charges 2.529 2.293 Deferred tax liabilities 9.630 10.050 Other liabilities 1.565 1.458 Total non-current liabilities 300.391 278.052 Financial liabilities 94.913 100.749 of which related parties 2.102 2.075 Current tax payables 1.083 1.637 Trade payables 77.443 100.324 of which related parties 220 29 Other liabilities 20.557 21.484 Total current liabilities 193.996 224.194 Total shareholders’ equity & liabilities 625.645 646.215
23Annex -Consolidated Cash Flow Statement (1/2)
CONSOLIDATED CASH FLOW STATEMENT
(Euro thousands)June 30
2025June 30
2026
Operating activities
Profit/(loss) for the period 2.224 3.358 of which related parties: (220) 106 Income taxes 272 (58) Investment income and charges (78) (272) of which related parties: (78) (272) Financial income (606) (1.194) of which related parties: (2) (2) Financial charges 7.895 8.414 of which related parties: 117 59 Exchange gains/(losses) (4.484) 2.894 Asset disposal (gains)/losses (94) (9) Provisions and write-downs 1.494 30 Amortisation, depreciation & write-downs of tangible/intangible assets 27.328 22.865 Cash flow from operating activities before working capital changes 33.950 36.028 Decrease/(Increase) in inventories 2.284 (7.677) Decrease/(Increase) in trade receivables (12.812) (7.757) of which related parties: (103) (108) Increase/(Decrease) in trade payables (4.911) 21.651 of which related parties: (147) (191) Changes to assets and liabilities 262 (1.705) of which related parties: 0 (377) Post-employment benefits (114) (211) Other provisions (193) (288) Income taxes (Paid)/Reimbursed (1.194) (2.348) Net financial charges (7.074) (7.238)
TOTAL OPERATING CASH FLOW 10.200 30.455
24Annex -Consolidated Cash Flow Statement (2/2)
CONSOLIDATED CASH FLOW STATEMENT
(Euro thousands)June 30
2025June 30
2026
Investing activities
Investments in tangible assets (10.218) (10.404) Disposal of tangible assets 289 238 Investments in intangible assets (1.407) (1.385) Disposal of intangible assets Reclassifications materials 95 Dividends received 78 272 of which related parties: 78 272 Investments in financial assets
TOTAL CASH FLOW FROM INVESTING ACTIVITIES (11.162) (11.279)
Changes in shareholders’ equity Other changes in Net Equity (15)
Financing activities
Drawdown non-current bank loans and borrowings 36.167 21.072 Repayment of bank loans and other non-current loans (37.947) (35.680) Reimbursement of bond loan (5.876) (5.793)
Derivatives
Other financial assets/liabilities (370) (5.753) of which related parties: (99) Net change in payables for RoU (5.011) (4.114) of which related parties: (1.878) (329)
TOTAL CASH FLOW FROM FINANCING ACTIVITIES (13.052) (30.268)
TOTAL CASH FLOWS (14.014) (11.092)
TRANSLATION RESERVE (3.575) 1.419
NET CASH FLOW IN THE YEAR (17.589) (9.673)
25Annex -Net Financial Position (Net Debt)
NET FINANCIAL DEBT
(Euro thousands)December 31
2025June 30
2026
A. Liquidity 165.548 155.875 B. Cash and cash equivalents C. Other current financial assets 2.262 8.155 D. Liquidity (A) + (B) + (C) 167.810 164.030 E. Current financial debt (including debt instruments but excluding the current portion of non-current financial ( 2.755) ( 1.478) F. Current portion of non-current financial debt ( 92.158) ( 99.271) G. Current financial debt (E + F) ( 94.913) ( 100.749) H. Net current financial debt (G - D) 72.897 63.281 I. Non-current financial debt (excluding current portion and debt instruments) ( 200.835) ( 184.380) J. Debt instruments ( 81.572) ( 75.831) K. Trade payables and other non-current payables L. Non-current debt (I+J+K) ( 282.407) ( 260.212) M. Total financial debt (H+L) ( 209.510) ( 196.931)