Investor Presentation
Le Eccellenze del Made
in Italy
[ECNL:IM]
[ECNLF:OTCQX]
October 1, 2026
70 % 8 % % on 1 H2026 REVENUESAquafil is Market Leader in Nylon
Carpet yarn
•Contract
•Residential
•AutomotiveTextile yarn
•Apparel
•Swimwear
•SportwearPolymers
•Industrial
Molding
•Extrusion
•Compounding72% 17% 11% 2
% on 1H 2026 REVENUESAnd Market Leader Worldwide USA Europe Asia Pacific 30% 54% 16% 3
Company Strengths
A successful Business Model . Proprietary
technology with
continuous R&D
innovation
Glocal
A Global Company
with
local productions
The Group is present in 11 countriesPioneer of Circularity with the ECONYL®
Regeneration System
60% of fiber turnover
in 1H26
4
Focus on R&D and innovation Application of ECONYL® in 3D printing industry and cast nylon Digitalization :AI, predictive modelling and automation PET chemical recycling with demo -scale plant completedNext -generation “bio caprolactam”In 2025, we invested €7.2 million, representing 1.4% of Group revenues, in R&D 5Separation of multilayer carpets and circularity of individual
componentsEcodesign projects
(e.g. Born Regenerated to be Regenerable (R2R), CISUFLO, circular fishing nets ) Collaboration for defining the international standardization (EN and ISO ) in the fields of circularity, ecodesign , sustainability in the textile, fishing nets and accessories sectors.New technology for recycling multi fiber fabrics Valorization and recovery of raw materials from our waste (wastewater and depoly waste )Special spinning technologies (i.e. One Step Technology )
Infinitely Recyclable,
Endless Possibilities
100% regenerated from pre- and post -consumer nylon waste .
100% regenerable nylon .
Unique proprietary technology .
Same quality and performance as standard nylon without using new resources .
6
The ECONYL®Regeneration
System starts with rescuing waste otherwise polluting theEarth, like fishing nets, fabric scraps, carpet flooring and industrial plastic all over theworld.
That waste isthen sorted and cleaned torecover all thenylon possible.
01Rescue
Fishing nets
from aquaculture
and from
the oceans
POST -CONSUMEROld carpets destined for landfills
POST -CONSUMER
Plastic Components
PRE-CONSUMERFabric Scraps
PRE and POST -
CONSUMER
02Regenerate 03Remake04Reimagine
Designers use
ECONYL® nylon to create new products without ever having totapnew resources .
And that nylon hasthe potential tobe recycled infinitely, without ever losing itsquality.
ECONYL® nylon isprocessed
into
yarns and polymers forthe automotive, fashion, furniture and interior industries .Through aradical regeneration and purification process ,the nylon waste isrecycled right back toitsoriginal purity .
That means ECONYL® nylon is exactly the same asfossil -based
nylon .01Rescue
8
Global and flexible footprint allowing higher proximity to the clients, efficient logistic platform, diversified currency exposures, shorter delivery time, lower production costs and lower exposure to import duties and tariffs
EBITDA: 40.6€/mln (+5.7% vs 1H25) € 269.5 Million of Revenues 60,2% ECONYL® fiber turnover Net Debt : 196.9€/ mln as of June 30,
2026Key figures
1H 2026
10
Our Top ESG Achievements •Generate 60% of our fibers revenues from ECONYL® and other regenerated fibers;
•Reuse of approximately 50% of pallets (BCF EMEA Area);
•The purchase of 100%
renewable electricity;
•Climate Risk and
Vulnerability Assessment
extended to all Group sites •New collaborations with clients on R2R projects.•Training for more than 50% of employees on diversity -
related topics;
•Almost 600 hours of corporate volunteering in
Italy;
•Creation and launch of
professional development
paths for identified talent within the Group.•Platinum medal according to EcoVadis rating ;
•92% of workforce covered by ISO 14:001 certifications ;
•The monitoring and preliminary assessment of key suppliers along the supply chain via the EcoVadis project.
SOCIAL ENVIRONMENT GOVERNANCE
11
Our Top ESG Achievements
Platinum Medal
according to
EcoVadis
and
Industry top
rated according
to Sustainalytics
ESG Risk Rating 12
Ownership Structure
The capital isstructured with 2type ofshares :
a)Ordinary shares (No.73,172,206);
b)Class Bshares :dedicated toBonazzi’s family with the same economic right ofthe ordinary shares, with 3voting rights pershare (No.14,364,028).
13
Franco Rossi
DirectorStefano Loro
DirectorGiulio Bonazzi
CEO
Silvana Bonazzi
Director
Patrizia Riva
Director (1) (2) (5)Roberto Siagri Director (1) (3) (4)Lorena Ponti Director (1) (5) Chiara Mio Chair (1) (3)Corporate Governance (1)Director who has declared that hesatisfies the independence requirements pursuant toArticles 147-ter, paragraph 4oftheConsolidating Law on Finance, aswell asArticle 3ofthe Code ofSelf-
Governance ;
(2)Member and President of Audit, Risk and Sustainability Committee ;
(3)Member of Audit, Risk and Sustainability
Committee ;
(4)Member and President ofAppointment and Remuneration Committee ;
(5)Member of Appointment and Remuneration Committee .
Francesco Bonazzi
Director
Financial results
and expectations
STRONG INCREASE IN RAW MATERIAL
AND TRANSPORTATION COSTS IN Q2,
WITH PASS -THROUGH TO SELLING
PRICES IN Q3Key Messages
1H 2026
16✓
✓ ✓✓FURTHER
MARGIN EXPANSION
FIXED COST REDUCTION
CONFIRMEDSOLID CASH GENERATION
DRIVING NFP REDUCTION
17Higher 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
18 Financial Results | Net Financial Position (Net Debt) evolution €/ mln.
19Annex
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 .
20
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) 21
Annex -Sector Data –Caprolactam price evolution
€/ton
22Source: Tecnon OrbiChem , a ResourceWise company
Annex -Consolidated Income Statement 23
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 24 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 25 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 .
26 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) 27
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) 28
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
29Annex -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
30Annex -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)
31Annex -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)