Interim Financial Report at 30 June 2026
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3
Interim Financial Report at 30 June 2026
Zignago Vetro SpA Registered office: Fossalta di Portogruaro (VE), Via Ita Marzotto 8 Share capital Euro 8,932,000.00, subscribed and paid -in for Euro 8,931,999.60 Tax and Venice Company Register No.: 00717800247 Company Duration: 31 December 2100 No name changes occurred
www.zignagovetro.com
4 Zignago Vetro Group Structure ................................ ................................ ................................ .................... 5 Company Bodies ................................ ................................ ................................ ................................ .......... 6 Directors’ Report ................................ ................................ ................................ ................................ .......... 7 The Zignago Vetro Group ................................ ................................ ................................ ............................ 8 Significant events after 30 June 2026 ................................ ................................ ................................ ..... 35 Outlook . ................................ ................................ ................................ ................................ .................. 35 Condensed Interim Consolidated Financial Statements ................................ ................................ ............. 37 Statement of Financial Position ................................ ................................ ................................ ............. 38 Income Statement ................................ ................................ ................................ ................................ ... 39 Statement of Comprehensive Income ................................ ................................ ................................ ...... 40 Statement of Cash Flow ................................ ................................ ................................ .......................... 41 Statement of changes in Equity ................................ ................................ ................................ ............... 42 Note s to the financial statements ................................ ................................ ................................ ................ 43 Statement as per A rt. 81 -ter, CONSOB Reg. No. 11971/1999 ................................ ................................ ... 87 Independent Auditors’ Report on the Condensed Consolidated Half -Year Financial Statements .............. 89
5 Zignago Vetro Group Structure
AT 30 JULY 2026
ACTIVITIES AND SHAREHOLDINGS
ZIGNAGO VETRO SpA
PRODUCTION AND SALE OF HOLLOW GLASS CONTAINERS
100% 50% 30%
ZIGNAGO VETRO FRANCE SAS
PRODUCTION AND SALE OF GLASS
CONTAINERS FOR LUXURY
FRAGRANCES VETRI SPECIALI SpA
PRODUCTION AND DISTRIBUTION OF
SPECIALITY HOLLOW GLASS
CONTAINERS
VETRECO SRL
TREATMENT AND SALE OF RECYCLED
GLASS
100% 100% 51%
ZIGNAGO VETRO POLSKA SA
PRODUCTION AND SALE OF
HOLLOW GLASS CONTAINERS TRE -VE SRL
SALE OF HOLLOW GLASS
CONTAINERS VETRO REVET SRL
TREATMENT AND SALE OF RECYCLED
GLASS
100% 100% 40%
ZIGNAGO GLASS USA Inc.
PROMOTION AND MARKETING OF
GLASS BOTTLES
VERRERIES DU SUD EST SARL
SALE OF HOLLOW GLASS
CONTAINERS
JULIA VITRUM SPA
TREATMENT AND SALE OF RECYCLED
GLASS
100% 100%
NRG GLASS MOULDS SRL
PRODUCTION AND REGENERATION OF
MOULDS FOR GLASSMAKERS ITALIAN GLASS MOULDS SRL
PRODUCTION AND REGENERATION OF
MOULDS FOR HOLLOW GLASS
CONTAINERS
100%
GENERAL VETRI SPA
SALE OF HOLLOW GLASS
CONTAINERS
90%
NOVAGLASS SRL
SALE OF HOLLOW GLASS
CONTAINERS
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Company Bodies
BOARD OF DIRECTORS BOARD OF STATUTORY AUDITORS
in office for the three -year period 2025 - 2027 in office for the three -year period 2025 - 2027
chairperson statutory auditors Nicolò Marzotto Anna Maria Allievi - chairperson
Carlo Pesce
vice chairperson Andrea Manetti
Franco Moscetti
alternate auditors
chief executive officer Laura Faresin Biagio Costantini Cecilia Andreoli
directors
Alessia Antonelli Supervisory Board Giacomo Marzotto __________________________________ Luca Marzotto Alessandro Bentsik - chairperson Stefano Marzotto Massimiliano Agnetti Gaia Melloni Nicola Campana
Barbara Ravera
Angelica Ruggeri
Emanuele Sacchetti
Chiara Venezia
Independent Auditors
Control, Risks and Sustainability Committee for the 2025 - 2033 period
EY SpA
Alessia Antonelli
Luca Marzotto
Gaia Melloni
Whistleblowing Reports Management
Management Committee
Anna Maria Allievi Group Chief Financial Officer Barbara Ravera Cristiano Bonetto
Appointments and Remuneration Committee
Franco Moscetti Group Technical Manager Marzotto Stefano Roberto Bassarelli
Chiara Venezia
Committee for Transactions Group sales directors with Related Parties Biagio Costantini ad interim _____________________________ Andrea Pianca
Alessia Antonelli
Barbara Ravera
Angelica Ruggeri
Lead Independent Director
Barbara Ravera
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Directors’ Report
8 The Zignago Vetro Group
The Zignago Vetro Group (hereafter also the “Group”) operates in the production and marketing of high quality hollow glass containers prevalently for the Food and Beverage, Cosmetics and Perfumery and “Specialty Glass” sectors (highly customised glass containers in small batches, typically used for wine, liquors and oils).
The Group operates in the market with a business -to-business model, supplying containers to its clients, which are then used in their respective industrial activities. Specifically, in the Italian market, the Group is one of the leading producers and distr ibutors of glass containers for the food and beverage sector, while at international level it has a strong market share in the cosmetics and perfumery and specialty glass sectors.
* * *
The Annual financial statements and the Condensed consolidated half -year financial statements are prepared in accordance with International Financial Reporting Standards (IFRS).
In particular, the condensed consolidated half -year financial statements of the Group at 30 June 2026 have been prepared in accordance with IAS 34 “Interim Reporting” and Article 154 -ter of the CFA, following the summary form permitted under the same IAS 34. The condensed consolidated half -year financial statements therefore do not include all the information published in the annual report and must be read together with the financial stat ements at 31 December 2025 for full and complete disclosure of the Gro up financial position, results of operations and cash flow.
The accounting standards adopted for the preparation of the condensed consolidated half -year financial statements are the same as those used for the Zignago Vetro Group’s consolidated financial statements for the year ended 31 December 2025. Effective 1 Ja nuary 2026, the Group intends to apply hedge accounting in accordance with IFRS 9 to new designated hedging relationships involving derivatives entered into after that date. For further information, please refer to the explanatory notes to the financial st atements.
9 We recall that IFRS 11 - Joint arrangements, applicable for the Group from 1 January 2014, replaces IAS 31 Interests in Joint Ventures and SIC 13 Jointly Controlled Entities – Non-Monetary Contributions by Venturers, and identifies, on the basis of the rig hts and obligations of the participants, two types of agreements - joint operations and joint ventures - and governs the consequent accounting treatment to be adopted for recognition in the financial statements, removing the option to consolidate jointly c ontrolled companies proportionally and requiring jointly controlled companies defined as joint ventures to be recognised using the equity method.
In the condensed consolidated financial statements of the Group at 30 June 2026, and the comparative financial statements at 30 June 2025 and the consolidated financial statements at 31 December 2025, the Group recognised the investments held in Vetri Speciali SpA (and its subsidiaries), Vetreco Srl and Julia Vitrum S pA, which are classified as joint venture under the equity method.
In the Directors’ Report, the figures (and the subsequent comments) are based on the “management view” of the Group business, which provides for the proportional consolidation of joint ventures. These figures however must not be considered as an alternativ e to those provided for by IFRS, but rather exclusively for supplementary disclosure and reflective of management’s view of the business.
For this purpose, the Directors’ Report provides reconciliation schedules between the consolidated income statement and the consolidated statement of financial position prepared on the basis of the international accounting standards in force at the reporti ng date and those consistent with management’s view of the business, with the proportional consolidation of the joint ventures in Vetri Speciali SpA (and its subsidiaries), Vetreco Srl and Julia Vitrum SpA.
The Explanatory Notes include the information required by current regulations and accounting standards, appropriately presented with reference to the financial statement formats used.
Pursuant to CONSOB communication DEM 6064293 of 28 July 2006 and ESMA/2015/1415 recommendations on alternative performance indicators utilised by the Parent - which although not specifically defined by IAS/IFRS are considered particularly useful to monitor the business performance -
we provide the following information:
- net financial debt is defined as the sum of current loans and borrowings and non -current loans and borrowings, net of cash and cash equivalents and current financial assets. It should also be noted that the net financial debt thus defined has the same structure as the net f inancial position;
- value of production : it is defined as the arithmetical sum of revenues, the change in finished products, semi -finished products, and work -in-progress, in addition to the internal work capitalised and the annual portion of investment grants;
- value added : it is defined as the difference between value of production and consumption of goods and services (purchase costs plus or minus the change in raw materials and service costs);
- EBITDA: it is defined as the difference between value added and personnel expense (including those of temporary workers), plus the effect of the measurement of joint ventures using the equity method. EBITDA is a measure used to monitor and evaluate performance, a lthough it is not defined as an accounting measure under IFRS. The measurement criteria of this indicator may not be in line with that utilised by other entities and therefore it may not be entirely comparable.
10 Within this context, a calculation model consistent with the way the core business is conducted was used, the summary representation of which incorporated the effects deriving from the application of IFRS 11. The results deriving from its equity investment s in joint ventures as operating items and non -financial items of the Group’s business, related to a clearly defined investment strategy and as such classified within the Group’s operating results, are considered;
- EBIT: it is defined as the difference between Ebitda and depreciation & amortisation of property, plant and equipment and intangible assets and accruals to the provision for impairment;
- operating profit : this performance measure is also contained in IFRS and is defined as the difference between EBIT and the net balance of non -recurring operating costs and income. We point out that this latter item includes incidental income and costs, capital gains and l osses on sales of assets, insurance compensation and other minor positive and negative items;
- free cash flow : it is defined as the sum of the cash flows from operating activities and cash flows from investing activities.
The figures reported in the Interim Directors’ Report and in the Notes are shown in thousands of Euro for greater clarity, except where specified otherwise. The comments in the Report are however expressed in millions of Euro.
* * *
The Zignago Vetro Group, according to management's view, operates through eight separate business units, most of which correspond to a similar number of legal entities. The information concerning the operating performance of the various business segments a nd geographical areas (segment reporting as per IFRS 8) is included in the illustration of the financial reporting data for each company and is an integral part of this Directors’ Report.
Segment reporting which coincides mainly with the various legal entities is provided below, independently of the respective consolidation method applied.
Disclosure by region is not considered appropriate for the Group.
The operating segments (“Business Units”) are identified as follows:
- Zignago Vetro SpA: this Business Unit carries out the production of glass containers for food and beverages and for cosmetics and perfumery;
- Zignago Vetro Polska SA: this Business Unit undertakes the production of a wide range of customised containers for cosmetic and perfumery containers and also for food and beverage niche
markets worldwide;
- Zignago Vetro France SAS: this Business Unit carries out the production of glass containers for
perfumes;
- Vetri Speciali SpA: this Business Unit includes the production of specialty containers, principally for wine, vinegar and olive oil. Also included are the companies of the Vetri Speciali Group, excluding those identified as a separate Business Unit (Tre -ve Srl, Verreries du Sud Est Sarl, General Vetri SpA and NRG Glass Moulds Srl);
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- Zignago Glass USA Inc.: this Business Unit carries out the sales and promotion of glass containers for food and beverages and for cosmetics and perfumery on the American continent;
- Tre-Ve Srl, Verreries du Sud Est Sarl, General Vetri SpA and Novaglass Srl, in addition to the respective subsidiaries: this Business Unit is engaged in the marketing of glass containers, mainly
in Italy;
- Vetreco Srl, Vetro Revet Srl and Julia Vitrum SpA: these Business Units are engaged in the processing of raw glass into secondary raw material ready for use by glassmakers;
- NRG Glass Moulds Srl and Italian Glass Moulds Srl: this Business Unit is engaged in the marketing and regeneration of glass container moulds.
The consolidation scope of the Zignago Vetro Group at 30 June 2026 and at 31 December 2025 was unchanged and therefore was as follows:
- Zignago Vetro SpA (parent)
The companies consolidated using the line -by-line method are as follows:
- Zignago Vetro France SAS,
- Zignago Vetro Polska S.A.,
- Zignago Glass USA Inc.,
- Vetro Revet Srl,
- Italian Glass Moulds Srl.
The companies valued under the equity method are the following:
- Vetri Speciali SpA and its subsidiaries Tre -Ve Srl, Verreries du Sud Est Sarl, NRG Glass Moulds Srl and General Vetri SpA,
- Vetreco Srl,
- Julia Vitrum SpA.
The basis of consolidation and measurement criteria, including the equity investments held by Zignago Vetro S.p.A. are outlined in the paragraph “accounting principles and measurement criteria” in the notes to the consolidated half -year financial statement s.
In the Interim Directors’ Report, as previously stated, the figures are based on “management’s view”, which provides for the proportional consolidation of joint ventures.
12 Legally -required audit
The appointment for the legally -required audit of the separate and consolidated financial statements and the limited audit of the condensed consolidated half -year financial statements for the 2025 -2033 period was awarded to the independent audit firm EY Sp A, pursuant to Articles 14 and 16 of Legislative Decree No.
39 of 27 January 2010.
Significant events in the first half of 2026
Distribution of dividends
The Shareholders’ Meeting of Zignago Vetro SpA on 6 May 2026 approved the distribution of a dividend of Euro 0.22 per share, totalling Euro 19.4 million, with payment date of 11 May 2026.
Treasury shares
On 6 May 2026, the Shareholders’ Meeting of Zignago Vetro SpA revoked, for the part not executed, the resolution granted in favour of the Board of Directors to purchase and sell treasury shares, as approved by the Shareholders’ Meeting of 7 May 2025 and au thorised the Board of Directors to purchase and sell treasury shares for a maximum number not exceeding the total nominal amount, including any shares held by subsidiaries, corresponding to one -fifth of the share capital. The new authorisation was proposed for a period of 18 months, commencing from 6 May 2026. The minimum purchase price shall not be less than 20%, and the maximum price not more than 20%, of the share price registered on the trading day prior to each transaction; the sale price shall not be 20% higher or lower than the share price registered on the trading day prior to each transaction. These price limits will not be applied where the sale of shares is to employees, including management, executive directors and consultants of Zignago Vetro an d its subsidiaries in relation to incentive stock option and stock grant plans.
In the first six months of 2026, no treasury shares were purchased or sold on the market.
At 30 June 2026, the parent company still had in portfolio 1,054,708 treasury shares, corresponding to 1.181% of the share capital, purchased for Euro 10.4 million.
13 Performance of the Zignago Vetro Group
The first half of 2026 featured - following on from that seen in 2025 - significant volatility in volumes, mainly in view of the general climate of consumer uncertainty caused by the international conflicts. These dynamics have caused market disruptions impacting the regularity of orders, resulting in significant month -
to-month variability and a very narrow forecasting window.
Against a still uncertain macroeconomic backdrop which continues to be shaped by geopolitical tensions, the initial part of H1 2026 saw reduced Beverages and Food containers demand than the previous year.
Sales volumes and revenues however gradually recovered over the following months.
Within this environment, the Group focused on generating value and maintaining margins, despite intense competition on its target markets, consolidating in the period the earnings strength emerging in Q1.
Cosmetics and Perfumery container demand grew on the end of 2025 - driven in particular by the luxury perfume segment, which is benefiting from the gradual reversal of the destocking trend. Cosmetics sales volumes remain more stable, with the market showing mixed signs of recove ry. The Group overall generated sales revenue growth in the first half of the year over the same period of the previous year, with an increase in average prices driven by the product mix.
In terms of input costs (excluding energy costs), the stability emerging in 2025 has been consolidated. This trend, combined with strict control of operating costs, helped strengthen profit margins during the first half of the year. The recent tensions in the Middle East are however introducing elements of uncertainty into the oil, gas and petroleum product supply chains, resulting in upward pressure on market prices, which the Group continues to monitor in order to take timely mitigating actions.
In this context, the Group’s strategic priority remains focused on cash generation, controlling the financial debt and optimising working capital, with a particular focus on inventory management.
Consolidated revenues in the first half of 2026, according to management’s view, amounted to Euro 303.9 million, contracting 1.5% on the same period of the previous year (Euro 308.5 million).
Materials and external services in H1 2026, including changes in inventories and internal production, amounted to Euro 186.3 million compared to Euro 201.5 million in the first half of 2025 ( -7.5%). The percentage on revenues decreased from 65.3% to 61.3%.
The consolidated added value in the first half of 2026, according to management’s view, was Euro 117.6 million - compared to Euro 107 million in the same period of the previous year (+9.9%). The revenue margin was 38.7%, compared to 34.7%. The increase in the period is due to the hig her value of production generated in the period compared to the same period of the previous year.
Personnel expense in the first half of 2026 amounted to Euro 58.9 million, compared to Euro 55.6 million in the first half of 2025 (+5.9%). This accounted for 19.4% of revenues in H1 2026, increasing on 18.0% in H1 2025.
14 Consolidated EBITDA in H1 2026 amounted to Euro 58.7 million, compared to Euro 51.3 million in the same period of the previous year (+14.3%), a 19.3% revenue margin compared to 16.6% in the first half of 2025.
Non-operating recurring income (charges) amounted to Euro 2.5 million in the first half of 2026, compared with Euro 0.9 million in the corresponding period of 2025 and primarily concerns a capital gain of Euro 1.2 million (the Zignago Vetro Group’s share) realised by the Vetri Speciali Group fol lowing the sale of a building to third parties. Investment grants related to Zignago Vetro S.p.A. are also recognised.
Non-recurring charges for the period of Euro 1.9 million relate primarily to the impairment of goodwill allocated to Vetro Revet Srl.
Consolidated EBIT in H1 2026 totalled Euro 24.6 million, compared to Euro 16.2 million in the first half of 2025. The EBIT margin was 8.1% (5.2% in the first half of 2025).
The consolidated operating profit in the first half of 2026 increased on the same period in the previous year (respectively Euro 25.2 million and Euro 17.2 million). The revenue margin was 8.3% in the first half of 2026 (5.6% in H1 2025).
The consolidated profit before tax in H1 2026 was Euro 21.7 million, compared to Euro 10.7 million in the same period of the previous year. The revenue margin was 7.2% in the first six months of 2026, compared to 3.5% in H1 2025.
The tax rate in the period was 25.1%, compared to 20.0% in H1 2025.
The Group consolidated net profit in H1 2026 was Euro 16.4 million, compared to Euro 8.8 million in the same period of the previous year. The revenue margin was 5.4%, compared to 2.9% in 2025.
The cash flow generated from the net profit and amortisation/depreciation in H1 2026 amounted to Euro 49.4 million, increasing Euro 6.0 million on Euro 43.5 million in the first half of the previous year. For further details on cash flows, reference should be made to t he table at page 18 of this report.
15 The key data of the Zignago Vetro Group reclassified consolidated income statement in H1 2026, compared to the first half of the pervious year, according to management’s view as described previously, are shown below.
H1 2026 H1 2025 Changes Euro thou. % Euro thou. % % Revenues 303,944 100.0% 308,476 100.0% (1.5)% Changes in finished and semi -finished products and work in progress (152) (0.1)% (19,192) (6.2)% n.a.
Internal production of fixed assets 2,398 0.8% 1,595 0.5% 50.3% Value of production 306,190 100.7% 290,879 94.3% 5.3% Cost of goods and services (188,583) (62.0)% (183,909) (59.6)% 2.5% Value added 117,607 38.7% 106,970 34.7% 9.9% Personnel expense (58,929) (19.4)% (55,646) (18.0)% 5.9%
EBITDA 58,678 19.3% 51,324 16.6% 14.3%
Amortisation & depreciation (33,067) (10.9)% (34,690) (11.2)% (4.7)% Accruals to provisions (1,000) (0.3)% (446) (0.1)% n.a.
EBIT 24,611 8.1% 16,188 5.2% 52.0%
Non-operating recurring income (charges) 2,484 0.8% 924 0.3% n.a.
Non-recurring income (charges) (1,862) (0.6)% 85 0.0% n.a.
Operating Profit 25,233 8.3% 17,197 5.6% 46.7% Net financial expense (3,402) (1.1)% (6,087) (2.0)% (44.1)% Net exchange rate gains/(losses) (88) (0.0)% (413) (0.1)% (78.7)% Profit before taxes 21,743 7.2% 10,697 3.5% 103.3% Income taxes (5,461) (1.8)% (2,135) (0.7)% n.a.
(Tax-rate 2026: 25.1%) (Tax-rate 2025: 20.0%) Consolidated Profit 16,282 5.4% 8,562 2.8% 90.2% (Profit) Loss non -con. int. 98 0.0% 250 0.1% n.a.
Group Net Profit 16,380 5.4% 8,812 2.9% 85.9%
16 The revenues of the individual Companies for the periods ended 30 June 2026 and 2025 are presented
below:
(Euro thousands)
H1 2026 H1 2025 Change % Zignago Vetro SpA 163,471 171,320 (4.6)% Zignago Vetro France S.a.s. 27,747 25,445 9.0% Vetri Speciali Group (*) 78,305 77,937 0.5% Zignago Vetro Polska S.a. 45,712 42,318 8.0% Zignago Glass USA Inc. 3,101 2,021 53.4% Vetro Revet Srl 5,679 4,898 15.9% Vetreco Srl (*) 3,253 3,879 (16.1)% Julia Vitrum SpA (*) 4,969 5,097 (2.5)% Italian Glass Moulds Srl 2,387 2,031 17.5% Total aggregate 334,624 334,946 (0.1)% Elimination of inter -company revenues (30,680) (26,470) 15.9% Consolidated revenues 303,944 308,476 (1.5)%
* For Group share
Consolidated revenues by geographic segment outside of Italy for the first half of 2026 and 2025 were broken down as follows:
(Euro thousands) H1 2026 H1 2025 Change %
E.U. 75,404 73,702 2.3%
Other countries 20,895 20,720 0.8% Total 96,299 94,422 2.0%
Consolidated revenues outside Italy for the first half 2026 amounted to Euro 96.3 million, compared to Euro 94.4 million in the first half of 2025 (+2.0%) and account for 31.7% of total revenues (30.6% in the first half 2025). The breakdown by Company was as follows:
(Euro thousands) H1 2026 H1 2025 Change % Zignago Vetro SpA 29,242 29,207 0.1% Zignago Vetro France S.a.s. 26,524 22,987 15.4% Zignago Vetro Polska S.a. 25,288 26,787 (5.6)% Zignago Glass USA Inc. 829 1,373 (39.6)% Italian Glass Moulds Srl 711 427 66.5% Vetri Speciali Group (*) 13,705 13,641 0.5% Total 96,299 94,422 2.0% % of total revenues 31.7% 30.6%
* For Group share
17 The EBITDA of the individual Companies for H1 2026 and H1 2025 is presented below:
(Euro thousands) H1 2026 H1 2025 Change % Zignago Vetro SpA 29,348 25,809 13.7% Zignago Vetro France Sas 1,384 531 n.a.
Vetri Speciali Group (*) 17,176 16,476 4.2% Zignago Vetro Polska Sa 9,126 8,171 11.7% Zignago Glass USA Inc. 210 150 40.0% Vetro Revet Srl 289 (135) n.a.
Vetreco Srl (*) 442 169 n.a.
Julia Vitrum Spa (*) 537 290 85.2% Italian Glass Moulds Srl 38 (188) n.a.
Total aggregate 58,550 51,273 14.2% Consolidation adjustments 128 51 n.a.
Consolidated EBITDA 58,678 51,324 14.3%
* For Group share
The Operating Profit of the individual Companies for H1 2026 and H1 2025 is presented below:
(Euro thousands) H1 2026 H1 2025 Change % Zignago Vetro SpA 12,808 7,063 81.3% Zignago Vetro France Sas (258) (1,847) (86.0)% Vetri Speciali Group (*) 10,220 10,263 (0.4)% Zignago Vetro Polska Sa 4,183 2,908 43.8% Zignago Glass USA Inc. 207 147 40.8% Vetro Revet Srl 18 (372) n.a.
Vetreco Srl (*) 217 (79) n.a.
Julia Vitrum Spa (*) 159 (92) n.a.
Italian Glass Moulds Srl (442) (774) (42.9)% Total aggregate 27,112 17,217 57.5% Consolidation adjustments (1,879) (20) n.a.
Consolidated operating profit 25,233 17,197 46.7%
* For Group share
The contribution of each Company included in the consolidation scope to the consolidated net profit for the periods ended 30 June 2026 and 2025 was as follows :
(Euro thousands) H1 2026 H1 2025 Change % Zignago Vetro SpA 17,383 18,248 (4.7)% Zignago Vetro France Sas (240) (1,746) n.a.
Vetri Speciali Group (*) 6,972 6,325 10.2% Zignago Vetro Polska Sa 3,133 2,258 38.8% Zignago Glass USA Inc. 149 99 50.5% Vetro Revet Srl (200) (511) (60.9)% Vetreco Srl (*) 114 (162) n.a.
Julia Vitrum Spa (*) 60 (182) n.a.
Italian Glass Moulds Srl (393) (660) (40.5)% Total aggregate 26,978 23,669 14.0% Consolidation adjustments (10,598) (14,857) (28.7)% Group Profit 16,380 8,812 85.9%
* For Group share
The consolidation adjustments relate principally to the elimination of the Vetri Speciali SpA dividends (Euro 8.7 million in 2026, compared to Euro 15.1 million in 2025).
18 The key data of the reclassified consolidated income statement of the Zignago Vetro Group in H1 2026, based on the application of IFRS 11 and compared with the same period of the previous year, are illustrated below.
H1 2026 H1 2025 Changes Euro thou. % Euro thou. % % Revenues 223,205 100.0% 227,599 100.0% (1.9)%
Changes in finished and semi -finished products and work in progress (645) (0.3)% (13,235) (5.8)% n.a.
Internal production of fixed assets 2,398 1.1% 0 0 n.a.
Value of production 224,958 100.8% 214,364 94.2% 4.9%
Cost of goods and services (139,844) (62.7)% (137,244) (60.3)% 1.9% Value added 85,114 38.1% 77,120 33.9% 10.4% Personnel expense (44,591) (20.0)% (42,530) (18.7)% 4.8%
Equity -accounted
Joint Ventures 7,146 3.2% 5,981 2.6% 19.5%
EBITDA 47,669 21.4% 40,571 17.8% 17.5%
Amortisation & depreciation (24,044) (10.8)% (27,505) (12.1)% (12.6)% Accruals to provisions (801) (0.4)% (231) (0.1)% n.a.
EBIT 22,824 10.2% 12,835 5.6% 77.8%
Other income (charges) (1,041) (0.5)% 251 0.1% n.a.
Operating Profit 21,783 9.8% 13,086 5.7% 66.5% Net financial expense (2,768) (1.2)% (4,119) (1.8)% (32.8)% Net exchange rate gains/(losses) (99) 0.0% (338) (0.1)% (70.7)% Profit before taxes 18,916 8.5% 8,629 3.8% 119.2% Income taxes (2,634) (1.3)% (67) 0.0% n.a.
(Tax-rate 2026: 14.0%) (Tax-rate 2025: 0.8%) Consolidated Profit 16,282 7.3% 8,562 3.8% 90.2% (Profit) Loss non -con. int. 98 0.0% 250 0.1% n.a.
Group Profit for the period 16,380 7.3% 8,812 3.9% 85.9%
19 For a better understanding of the performances for H1 2026, stated in accordance with management’s view, a reconciliation is provided below of the reclassified income statement between that presenting the joint ventures at equity and that based on their proportional consolidation.
Proportional consolidation
2026
IAS/
IFRS Vetri
Speciali
Group Vetreco
Srl Julia
Vitrum
Spa Adjustm
ent to
Parent
principle
s Neutralis
ation JV
using the
equity
criteria 2026
pre-IFRS
11
(manage
ment
view)
Euro
thou. Euro
thou. Euro
thou. Euro
thou. Euro
thou. Euro
thou. Euro
thou.
Revenues 223,205 78,305 3,253 4,969 (5,788) 0 303,944 Changes in finished and semi -finished products and work in progress (645) 206 289 (2) 0 0 (152) Internal production of fixed assets 2,398 0 0 0 0 0 2,398 Value of production 224,958 78,511 3,542 4,967 (5,788) 0 306,190 Cost of goods and services (139,844 ) (47,640) (2,787) (4,100) 5,788 0 (188,583 ) Value added 85,114 30,871 755 867 0 0 117,607 Personnel expense (44,591) (13,695) (313) (330) 0 0 (58,929)
Equity -accounted
Joint Ventures 7,146 0 0 0 0 (7,146) 0
EBITDA 47,669 17,176 442 537 0 (7,146) 58,678
Amortisation & depreciation (24,044) (8,319) (244) (460) 0 0 (33,067) Accruals to provisions (801) (199) 0 0 0 0 (1,000)
EBIT 22,824 8,658 198 77 0 (7,146) 24,611
Other income (charges) (1,041) 1,562 19 82 0 0 622 Operating Profit 21,783 10,220 217 159 0 (7,146) 25,233 Net financial expense (2,768) (513) (34) (87) 0 0 (3,402) Net exchange rate gains/(losses) (99) 11 0 0 0 0 (88) Profit before taxes 18,916 9,718 183 72 0 (7,146) 21,743 Income taxes (2,634) (2,746) (69) (12) 0 0 (5,461) Consolidated profit 16,282 6,972 114 60 0 (7,146) 16,282 (Profit) loss non -con. int. 98 0 0 0 0 0 98 Group Profit for the period 16,380 6,972 114 60 0 (7,146) 16,380
20 The reclassified statement of financial position of the Zignago Vetro Group at 30 June 2026, prepared according to management’s view as described previously, is presented in condensed form and compared with 31 December and 30 June 2025.
30.06.2026 31.12.2025 30.06.2025
Euro thou. % Euro thou. % Euro thou. %
Trade receivables 155,622 138,759 152,897 Other receivables 25,158 32,865 25,186 Inventories 170,454 172,351 174,950 Current non -financial payables (163,313) (145,686) (154,332) Payables on fixed assets (8,887) (14,265) (7,864) A) Working capital 179,034 28.4% 184,024 29.2% 190,837 29.8%
Net tangible and intangible assets 403,210 399,941 400,668 Goodwill 51,458 53,488 53,484 Other eq. invest. & non -current assets 14,664 11,541 15,285 Non-current provisions and non-financial payables (18,225) (19,681) (19,894) B) Net fixed capital 451,107 71.6% 445,289 70.8% 449,543 70.2% A+B= Net capital employed 630,141 100.0% 629,313 100.0% 640,380 100.0%
Financed by:
Current loans and borrowings 124,690 132,350 164,909 Cash and cash equivalents (76,010) (85,963) (96,246) Current net debt 48,680 7.7% 46,387 7.4% 68,663 10.6% Non-current loans and borrowings 223,688 35.5% 223,447 35.5% 231,707 36.2% C) Net financial debt 272,368 43.2% 269,834 42.9% 300,370 46.9%
Opening Group equity 359,146 370,289 370,289 Dividends paid (19,419) (39,719) (39,719) Other equity changes 1,431 1,256 479 Group Profit for the period 16,380 27,320 8,812 D) Closing equity 357,538 56.7% 359,146 57.1% 339,861 53.1% E) Non -controlling interest equity 235 0.0% 333 0.1% 149 0.0% D+E) Total Consolidated Equity 357,773 56.7% 359,479 57.1% 340,010 53.1% C+D+E = Total financial debt and equity 630,141 100.0% 629,313 100.0% 640,380 100.0%
Working capital at 30 June 2026 increased overall by Euro 5.0 million on 31 December 2025. The movement in the working capital in the first half of 2026, compared with December 31, 2025, is primarily due to an increase in current non -financial payables of Euro 17.6 milli on and a decrease in other receivables of Euro 7.7 million. These impacts were partially offset by movements in trade receivables (+Euro 16.9 million) and payables to suppliers of fixed assets ( -Euro 5.4 million).
21 Net fixed capital at 30 June 2026 increased on 31 December 2025 by Euro 5.8 million. In particular, net investments in the period (Euro 36.3 million) were lower than depreciation (Euro 33.1 million).
Capital expenditure in the first half of 2026 amounted to Euro 36.3 million (Euro 26.6 million in H1 2025)
and concerns:
- Zignago Vetro SpA : Euro 17.0 million (Euro 10.2 million in the first half of 2025), mainly for the upgrading of plant, machinery and equipment and for the purchase of moulds;
- Zignago Vetro France SAS: Euro 2.4 million (Euro 1.1 million in the first half of 2025), principally for plant and industrial equipment, including the purchase of moulds;
- Zignago Vetro Polska SA: Euro 12.2 million (net of a Euro 1 million exchange rate effect), primarily for industrial buildings, warehouse facilities and equipment and the purchase of moulds (Euro 3.2 million in the first half of 2025);
- Vetri Speciali Group: Euro 5.7 million (share in H1 2025 of Euro 11.3 million) for plant renovations and the purchase of moulds and industrial equipment;
- Vetro Revet Srl, Vetreco Srl, Julia Vitrum SpA : Euro 0.2 million for new plant and equipment;
- Italian Glass Moulds S.r.l .: Euro 0.4 million for extraordinary roof maintenance, a solar power system and the construction of new locker rooms.
At 30 June 2026, the Zignago Vetro Group had 2,788 employees. At 31 December 2025, they numbered 2,733. The employees of Vetri Speciali SpA (and subsidiaries), Julia Vitrum SpA and Vetreco Srl have been fully incorporated.
The composition of Group personnel at 30 June 2026 is shown in the table below.
Composition Executives White -collars Blue -collars Workforce 32 583 2,173 Average age 53 41 42 Years of service in Group Companies 14 15 15
Consolidated equity amounted to Euro 357.8 million at 30 June 2026 (at 31 December 2025: Euro 359.5 million; at 30 June 2025: Euro 340.0 million). The decrease on 31 December 2025 is principally due to the distribution of dividends ( -Euro 19.4 million) and the profit for the period (+Euro 16.3 million).
The consolidated net financial debt , according to management’s view, at 30 June 2026 was Euro 272.4 million (31 December 2025: Euro 269.8 million; at 30 June 2025: Euro 300.4 million).
A portion of the Group's long -term financial debt is subject to compliance with specific financial covenants, mainly regarding the parent Zignago Vetro S.p.A.
At 30 June 2026, these requirements have been complied with.
The movements in net financial debt are outlined in the following paragraphs.
22 The reclassified statement of financial position of the individual Companies of the Zignago Vetro Group at 30 June 2026 and 2025 follows.
30.06.2026 Zignago
Vetro
SpA Zignago
Vetro
France
Sas Vetri
Speciali
Group
(*) Zignago
Vetro
Polska
Sa Zignago
Glass
USA
Inc. Vetro
Revet
Srl Vetreco
Srl (*)
Julia
Vitrum
Spa (*) Italian
Glass
Moulds
Srl
(Euro thousands)
Working
capital 93,896 15,691 42,492 25,889 345 215 (1,393)
1,562 345
Net fixed
capital 205,712 13,307 183,271 69,396 40 7,496 4,102
9,093 4,906
Total Assets 299,608 28,998 225,763 95,285 385 7,711 2,709 10,655 5,251
Net financial
debt 124,677 10,717 99,976 16,836 (205) 6,490 1,328
7,295 5,467
Equity
Net 174,931 18,281 125,787 78,449 590 1,221 1,381
3,360 (216)
Total Liabilities 299,608 28,998 225,763 95,285 385 7,711 2,709 10,655 5,251
30.06.2025 Zignago
Vetro
SpA Zignago
Vetro
France
Sas Vetri
Speciali
Group
(*) Zignago
Vetro
Polska
Sa Zignago
Glass
USA
Inc. Vetro
Revet
Srl Vetreco
Srl (*)
Julia
Vitrum
Spa (*) Italian
Glass
Moulds
Srl
(Euro thousands)
Working
capital 108,980 17,121 38,931 25,139 (20) (254) (856)
1,640 243
Net fixed
capital 211,995 13,467 179,758 60,943 51 8,342 4,448
10,210 5,642
Total Assets 320,975 30,588 218,689 86,082 31 8,088 3,592 11,850 5,885
Net financial
debt 153,521 11,566 98,854 12,142 (216) 7,043 2,121
9,437 5,815
Equity
Net 167,454 19,022 119,835 73,940 247 1,045 1,471
2,413 70
Total Liabilities 320,975 30,588 218,689 86,082 31 8,088 3,592 11,850 5,885
* For Group share
The cash flow movements in the consolidated net financial debt, according to management’s view, at 30 June 2026 and at 31 December and 30 June 2025 were as follows:
23 (Euro thousands) H1 2026 2025 H1 2025 Net financial debt at 1 January (269,834) (301,320) (301,320)
Self-financing:
- Group profit for the period 16,380 27,320 8,812
- amortisation, depreciation and write -downs 35,084 67,874 34,690
- net change in provisions (1,456) (1,936) (1,723)
- net gains (losses) from sale of property, plant and equipment 15 91 (49) 50,023 93,349 41,730 (Increase)/decrease in working capital 10,368 28,677 28,265 Net investments in property, plant and equipment (41,795) (53,979) (27,811) Net investments in intangible assets 13 (9) (5) Decrease (increase) of other medium/long term assets (3,123) 1,956 (1,788) Sales prices of property, plant and equipment 66 21 49 (34,471) (23,334) (1,290) Free cash flow 15,552 70,015 40,440
Distribution of dividends (19,419) (39,719) (39,719) Equity investments 0 (1,263) 0 Effect on equity of translation of foreign currency financial statements and other changes 1,333 2,453 229 (18,086) (38,529) (39,490)
Decrease (increase) of the net financial debt (2,534) 31,486 950 Net debt at end of period (272,368) (269,834) (300,370)
24 The reclassified statement of financial position of the Zignago Vetro Group at 30 June 2026, according to the IFRS in force at 30 June 2026, compared with 31 December and 30 June 2025, is reported below:
30.06.2026 31.12.2025 30.06.2025
Euro thou. % Euro thou. % Euro thou. %
Trade receivables 117,362 107,747 116,401 Other receivables 11,642 15,111 14,390 Inventories 135,217 138,024 145,010 Current non -financial payables (119,623) (107,579) (118,131) Payables on fixed assets (8,225) (9,399) (6,548) A) Working capital 136,373 26.1% 143,904 27.5% 151,122 28.5%
Net tangible and intangible assets 257,522 251,065 254,984 Goodwill 715 2,745 2,741 Equity investments measured using the equity method 130,528 130,054 123,719 Other eq. invest. & non -current assets 7,359 6,663 10,191 Non-current provisions and non-financial payables (10,955) (11,633) (12,789) B) Net fixed capital 385,169 73.9% 378,894 72.5% 378,846 71.5% A+B= Net capital employed 521,542 100.0% 522,798 100.0% 529,968 100.0%
Financed by:
Current loans and borrowings 76,410 94,266 114,027 Cash and cash equivalents (70,967) (83,436) (78,009) Current net debt 5,443 1.0% 10,830 2.1% 36,018 6.8% Non-current loans and borrowings 158,326 30.5% 152,489 29.2% 153,940 29.1% C) Net financial debt 163,769 31.4% 163,319 31.2% 189,958 35.8% Opening Group equity 359,146 370,289 370,289 Dividends paid (19,419) (39,719) (39,719) Other equity changes 1,431 1,256 479 Group Profit for the period 16,380 27,320 8,812 D) Closing equity 357,538 68.6% 359,146 68.7% 339,861 64.1% E) Non -controlling interest equity 235 0.0% 333 0.1% 149 0.0% D)+E) Group Equity 357,773 68.6% 359,479 68.8% 340,010 64.2% C+D+E = Total financial debt and equity 521,542 100.0% 522,798 100.0% 529,968 100.0%
25 For a better understanding of the statement of financial position at 30 June 2026, stated in accordance with management’s view, a reconciliation is provided below of the version which values the investments in joint ventures using the equity method with that applying proportional consolidation.
Proportiona
l
consolidatio
n
30.06.2026
IAS/IFRS Vetri
Speciali
Group Vetreco Srl Julia Vitrum Spa Adjustment
to Parent
principles Neutralisati
on JV using
the equity
criteria 30.06.2026
pre-IFRS
11
(manageme
nt view)
Euro thou. Euro thou. Euro thou. Euro thou. Euro thou. Euro thou. Euro thou.
Trade receivables 117,362 37,851 732 2,698 (3,021) 0 155,622 Other receivables 11,642 12,304 595 617 0 0 25,158 Inventories 135,217 33,202 1,134 901 0 0 170,454 Current non -financial payables (119,623) (40,227) (3,839) (2,645) 3,021 0 (163,313) Payables on fixed assets (8,225) (638) (15) (9) 0 0 (8,887) A) Working capital 136,373 42,492 (1,393) 1,562 0 0 179,034 Net tangible and intangible assets 257,522 131,996 3,792 9,900 0 0 403,210 Goodwill 715 50,743 0 0 0 0 51,458 Equity investments measured using the equity method 130,528 0 0 0 0 (130,528) 0 Other eq. invest. & non -current assets 7,359 6,415 385 505 0 0 14,664 Non-current provisions and non -financial payables (10,955) (5,883) (75) (1,312) 0 0 (18,225) B) Net fixed capital 385,169 183,271 4,102 9,093 0 (130,528) 451,107 A+B= Net capital employed 521,542 225,763 2,709 10,655 0 (130,528) 630,141
Financed by:
Current loans and borrowings 76,410 47,727 404 869 (720) 0 124,690 Cash and cash equivalents (70,967) (5,162) (14) (587) 720 0 (76,010) Current net debt 5,443 42,565 390 282 0 0 48,680 Non-current loans and borrowings 158,326 57,411 938 7,013 0 0 223,688 C) Net financial debt 163,769 99,976 1,328 7,295 0 0 272,368 Opening equity 359,146 125,487 1,267 3,300 0 (130,054) 359,146 Dividends (19,419) (8,654) 0 0 0 8,654 (19,419) Other equity changes 1,431 1,982 0 0 0 (1,982) 1,431 Profit for the period 16,380 6,972 114 60 0 (7,146) 16,380 D) Closing equity 357,538 125,787 1,381 3,360 0 (130,528) 357,538 E) Non-controlling interest equity 235 0 0 0 0 0 235 D)+E) Group Equity 357,773 125,787 1,381 3,360 0 (130,528) 357,773 C+D+E = Total financial debt and equity 521,542 225,763 2,709 10,655 0 (130,528) 630,141
26 Related party transactions
The Zignago Vetro Group has undertaken commercial and service transactions with related parties during the period, as detailed in the Notes, to which reference should be made.
Research, development and advertising costs
The companies of the Group undertook research and development focused on plant, process and product innovation which resulted in, among other developments, the use of new materials, the introduction of new products and the application of new technical -production solutions for the “food and beverages”, “cosmetics and perfumery” and “special containers” sectors.
Zignago Vetro, the Parent, also carried out research and development for the design and introduction of new information management systems, including improvements to the process IT set up, in order to create more efficient and effective operating instrumen ts.
Environmental information
In the first half of 2026, the commitment of the Zignago Vetro Group continued in the protection of the environment with the continual improvement of the policies of territorial protection and management of environmental issues with actions aimed to reduce atmospheric emissions and energy consumption in the utilisation of natural resources and the optimisation of the production cycle, while remaining continually attentive to new and future technology developed internationally.
Risks related to personnel, safety and management
The Companies of the Zignago Vetro Group implement plant management policies to minimise the risk of accidents ensuring high levels of security in line with best industrial practices, utilising insurance to guarantee an extensive degree of protection for company structures, third party risks and interruptions in production activity. The company trains and motivates the workforce to guarantee efficiency and normal operational continuity.
Personal data security and protection
With regards to the obligations under Regulation (EU) 679/2016 (European General Data Protection (“GDPR”)), the Group companies adopted the technical and organisational measures necessary to ensure the confidentiality and protection of processed data as se t out in Article 32 of the Regulation.
27 Financial instruments: Group objectives & policies and description of risks
With reference to No. 6 -bis of paragraph 3 of Article 2428 of the Civil Code and Article 40, paragraph 2, letter d) -bis of Legislative Decree No. 127/1991, it is noted that the main financial instruments used by the Zignago Vetro Group consist of trade receivables and payables, cash and cash equivalents, bank borrowings, leasing contracts and derivative contracts.
As regards the Zignago Vetro Group’s financial management, the cash flow from operating activities are considered to be consistent with objectives for repayment of existing debt and such as to assure appropriate financial balance and adequate return on equ ity via dividend flows.
The Zignago Vetro Group has a number of Interest Rate Swap (IRS) operations in place in order to hedge the interest rate risk on medium and long -term funding, a number of hedges against exchange rate risk, and a number against the price fluctuation risk of certain commodities, particularly electricity and natural gas.
The characteristics of the derivative contracts, their notional value and the market value at 30 June 2026 are as follows:
Company Underlying Notional Expiry Market at the value at reporting date 30.06.2026 Zignago Vetro SpA Loan hedges - IRS 73,435,528 Beyond 12
months 519,151
Zignago Vetro SpA Loan hedges - IRS 13,129,412 Within 12 months 135,690 Zignago Vetro SpA Commodity hedges 12,114,931 Within 12 months 2,923,237 Zignago Vetro Polska Foreign currency hedges 11,752,000 Within 12 months (95,268)
Total 3,482,810
As outlined in the Notes to the Financial Statements, derivatives entered into prior to 1 January 2026 have not been retroactively designated as hedging instruments for hedge accounting purposes under IFRS 9.
Therefore, for these instruments the accounting treatment applicable to derivatives not designated for hedge accounting continues to apply, with the c hanges in fair value recognised to the income statement for the period. The absence of an accounting designation does not alter the financial purpose of hedging pursued by the Group over the years, which uses these instruments exclusively as part of its fi nancial risk management policies. These instruments also include certain foreign exchange forward contracts entered into by the subsidiary Zignago Polska to hedge the foreign exchange risk arising from its commercial and financial transactions, primarily w ith the Group, for which no hedge accounting designation has been made and whose changes in fair value are therefore recognised directly to the income statement for the period.
We consider that the Zignago Vetro Group is not exposed to credit risk any higher than the industry average, given that most receivables relate to customers of well -established commercial reliability. In addition, a significant portion of these receivables are backed by default risk insurance coverage, taken out with a leading company specialising in trade receivables insurance, recognised for its solidity and reliability internationally.
28 At the accounting level, adequate allowance for impairment has in any case been made to cover against any residual credit risks. We specify that such allowances were made in the period and in previous periods, mainly against specific positions involved in procedures and/or with longer past -due status than the Group companies’ average collection times.
The currency risk is currently not considered significant, given that the transactions are predominantly in the functional currency of the Euro.
In relation to the currency risk, the Group subscribed to currency hedging instruments and, in accordance with Group policy, derivative financial instruments are not taken out for trading purposes. Therefore, the Zignago Vetro Group remains exposed to the currency risk on the assets and liabilities in foreign currencies at the end of the reporting period, which are not, however, considered significant against the Group’s main statement of financial position figures.
A number of Group subsidiaries are located in countries not within the Eurozone: The United States and Poland. As the Group’s functional currency is the Euro, the income statements of these companies are translated into Euro at the average exchange rate an d, on like -for-like basis for revenues and profit in the local currency, changes in the exchange rate may impact the value in Euro of revenues, costs and profit (loss). Similarly, statement of financial position items related to entities operating in the U nited States and Poland are also converted at the spot exchange rate at period -end, resulting in changes to the statement of financial position that are reflected in the change in the translation reserve.
The Group’s present reference market does not include areas possibly requiring country -risk management.
Commercial operations substantially take place in western countries, primarily in the Euro and USD areas.
The Group is exposed to fluctuations in some commodity prices, in particular those relating to energy factors, such as natural gas and electricity utilised in the production process. Where considered appropriate, in order to neutralise the price effect, th e Group Companies may undertake hedging operations through the use of derivative financial instruments.
It should be noted that, again in the first half of 2026, the Group companies entered into a number of commodity swap contracts to hedge against the risk of fluctuations in the price of energy.
In addition to the derivative instruments used for energy risk management, Zignago Vetro S.p.A. has joined the Energy Release 2.0 mechanism for its own electricity needs, transferring to third parties the obligations to build the new generation capacity required by the programme.
This agreement will allow the Company to benefit from more favourable electricity supply terms than market prices during the 2025 –2027 period, helping to partially mitigate the Company’s exposure to energy cost volatility.
In addition to the volatility of energy prices, the Group is exposed to risks arising from changes in European environmental and climate policies, which are having an increasing impact on production costs in energy -
intensive sectors. In this context, the m echanisms for regulating greenhouse gas emissions and the related obligations to procure emission allowances are of particular importance, as their development may affect the Group’s operating cost structure.
The net annual CO2 emission allowances requirement is partially covered by the free allocation provided under Phase IV of the EU ETS. The consequent allowances deficit, which is common in the sector, means
29 that the dynamics of the emission allowance market is a risk factor for the Group in view of the volatility and price increases experienced in recent years. Management continuously monitors the evolution of the regulatory framework and the prices of emissi on allowances, assessing their potential impacts on operational activities and the financial outlook. As part of the industrial and financial planning processes, the Group adopts risk mitigation measures, including a more accurate estimate of quota require ments, optimisation of the timing of purchases, and, where applicable, the implementation of initiatives for the progressive reduction of the emission intensity of its activities.
* * *
Pursuant to the Bank of Italy/ Consob /Isvap document No. 2 of 6 February 2009 and IAS 1.25 -26, it is considered, based on the Group’s strong profitability generated, solid financial position and in spite of the current economic environment, that there are no uncertainties or risks on the going concern of the business.
30 Reconciliation between the Zignago Vetro Group and the Parent Zignago Vetro SpA profit for the period and equity
The reconciliation between the profit for the period and equity at 30 June 2026 of the Parent and the Consolidated profit for the period and equity are summarised below:
(Euro thousands)
Net Result H1 2026 Equity H1 2026
Financial statements of the Parent 17,383 174,931
Consolidation adjustments:
Interests in joint ventures measured using equity method 7,146 103,386 Inter -company dividends (8,654) 0 Intercompany Profit 92 (143) Goodwill on acquisition of ZVP SA and adjustment to year -end exchange rate 0 715 Consolidation effect of the investee Vetro Revet (2,017) (742)
IFRS 16 0 (5)
Other minor effects (117) (148)
(3,550) 103,063
Carrying amount of equity investments:
Zignago Vetro Brosse Sas 0 (4,000) Zignago Glass USA Inc. 0 (189) Zignago Vetro Polska Sa 0 (10,327) Vetro Revet Srl 0 (3,030) Italian Glass Moulds Srl 0 (1,000)
0 (18,546)
Profits and Equity of the subsidiaries (Group share):
Zignago Vetro France Sas (240) 18,281 Zignago Glass USA Inc. 149 590 Zignago Vetro Polska Sa 3,133 78,449 Vetro Revet Srl (102) 986 Italian Glass Moulds Srl (393) (216)
2,547 98,090
Profit (loss) non -con. int. (98) 235 Consolidated Financial Statements 16,282 357,773
* * * * It is considered that the information provided, together with the information illustrated relating to the parent company Zignago Vetro S.p.A., represents a true, balanced and exhaustive analysis of the situation of the Group and of the results of operation s, overall and in the various sectors, in accordance with the size and complexity of the Group.
For greater clarity, the result of operations and statement of financial position of the parent company are presented according to normal reporting practices.
31 The Company - Zignago Vetro SpA
The Zignago Vetro SpA reclassified income statement for the first half of 2026 compared to the same period of the previous year is presented below.
H1 2026 H1 2025 Changes Euro thou. % Euro thou. % % Revenues 163,471 100.0% 171,320 100.0% (4.6)% Changes in finished and semi -finished products and work in progress (518) (0.3)% (11,337) (6.6)% n.a.
Internal production of fixed assets 529 0.3% 42 0.0% n.a.
Value of production 163,482 100.0% 160,025 93.4% 2.2% Cost of goods and services (110,265) (67.5)% (111,642) (65.2)% (1.2)% Value added 53,217 32.6% 48,383 28.2% 10.0% Personnel expense (23,869) (14.6)% (22,574) (13.2)% 5.7%
EBITDA 29,348 18.0% 25,809 15.1% 13.7%
Amortisation & depreciation (16,469) (10.1)% (18,995) (11.1)% (13.3)% Accruals to provisions (780) (0.5)% (120) (0.1)% n.a.
EBIT 12,099 7.4% 6,694 3.9% 80.7%
Other income (charges) 709 0.4% 369 0.2% 92.1% Operating Profit 12,808 7.8% 7,063 4.1% 81.3% Investment income 8,654 5.3% 15,094 8.8% (42.7)% Net financial expense (2,189) (1.3)% (3,377) (2.0)% (35.2)% Net exchange rate gains/(losses) 7 0.0% (265) (0.2)% n.a.
Profit before taxes 19,280 11.8% 18,515 10.8% 4.1% Income taxes (1,897) (1.2)% (267) (0.2)% n.a.
(Tax-rate 2026: 9.8%) (Tax-rate 2025: 1.4%) Profit for the period 17,383 10.6% 18,248 10.7% (4.7)%
Revenues in the first half of 2026 of Euro 163.5 million decreased 4.6% on the first half of the previous year (Euro 171.3 million). Sales of glass containers amounted to Euro 154.2 million, decreasing 6.2% (Euro 164.3 million in the first half of 2025).
Exports decreased in the first half of 2026 by 10.5% on the first half of the previous year, accounting for 17.9% of container and accessory revenues (19.1% in 2025).
32 Revenues by geographic area, excluding sundry materials and services:
(Euro thousands) H1 2026 H1 2025 Change % Italy 134,229 138,639 (3.2)% EU Europe (Italy excluded) 21,282 23,264 (8.5)% Other areas 7,960 9,417 (15.5)% Total 163,471 171,320 (4.6)% of which export 29,242 32,681 (10.5)% % 17.9% 19.1%
Raw material and service costs on revenues, net of changes in inventories and internal production, were 67.5% compared to 71.8% in H1 2025 – amounting to Euro 110.3 million in H1 2026 and Euro 122.9 million in the first half of 2025.
The added value was 32.6% of revenues in the first half of 2026 compared to 28.2% in the first half of 2025.
Personnel expense increased 5.7% in H1 2026 compared to the same period of 2025. They accounted for 14.6% of revenues in the first half of 2026 (13.2% in H1 2025).
EBITDA totalled Euro 29.3 million in H1 2026, compared to Euro 25.8 million in the first half of 2025, a margin of 18% (15.1% in 2025).
EBIT in the first half of 2026 increased on the previous year (Euro 12.1 million compared to Euro 6.7 million), reporting a margin of 7.4% on revenues (3.9% in H1 2025).
Investment income in the first half of 2026 amounting to Euro 8.7 million comprises Vetri Speciali SpA dividends (Euro 15.1 million in 2025). It should be noted that all investments in joint ventures in the separate financial statements are carried at cost .
Net financial expenses reduced Euro 1.2 million on the same period of the previous fiscal year.
The profit before taxes in H1 2026 was Euro 19.3 million, compared to Euro 18.5 million in H1 2025. The margin was 11.8%, compared to 10.8%.
The tax rate in the period, taking account of the largely exempt investment income in the separate financial statements of Zignago Vetro, was 9.8%, compared to 1.4% in H1 2025.
The net profit in H1 2026 amounted to Euro 17.4 million, compared to Euro 18.2 million in the first half of 2025.
33 The cash flow generated from the profit for the period and amortisation/depreciation in the first half of 2026 amounted to Euro 33.9 million, compared to Euro 37.2 million in the first half of 2025.
The reclassified statement of financial position of Zignago Vetro SpA at 30 June 2026 and 31 December and 30 June 2025 was as follows:
30.06.2026 31.12.2025 30.06.2025 Euro thou. % Euro thou. % Euro thou. %
Trade receivables 96,620 91,389 98,562 Other receivables 6,979 10,978 10,838 Inventories 97,574 100,431 107,341 Current non -financial payables (101,674) (93,184) (102,339) Payables on fixed assets (5,603) (5,669) (5,422) A) Working capital 93,896 31.3% 103,945 33.8% 108,980 34.0%
Net tangible and intangible assets 164,548 163,976 170,145 Equity investments 45,688 45,688 47,250 Other eq. invest. & non -current assets 3,880 2,963 3,899 Non-current provisions and non -financial payables (8,404) (8,740) (9,299) B) Net fixed capital 205,712 68.7% 203,887 66.2% 211,995 66.0% A+B= Net capital employed 299,608 100.0% 307,832 100.0% 320,975 100.0%
Financed by:
Current loans and borrowings 70,513 86,039 108,171 Cash and cash equivalents (102,773) (105,205) (103,943) Current net debt (32,260) (10.8)% (19,166) (6.2)% 4,228 1.3% Non-current loans and borrowings 156,937 52.4% 150,857 49.0% 149,293 46.5% C) Net financial debt 124,677 41.6% 131,691 42.8% 153,521 47.8%
Opening equity 176,141 188,858 188,858 Dividends paid (19,419) (39,719) (39,719) Profit for the period 17,383 26,563 18,248 Other changes 826 439 67 D) Closing equity 174,931 58.4% 176,141 57.2% 167,454 52.2% C+D = Total Financial Debt and Equity 299,608 100.0% 307,832 100.0% 320,975 100.0%
34 Working capital decreased Euro 10.0 million on 31 December 2025 ( -9.7%), mainly due to a decrease in other receivables ( -Euro 4.0 million) and inventories ( -Euro 2.9 million), in addition to an increase in current non-financial payables ( -Euro 8.5 million). Trade receiva bles increased by Euro 5.2 million on 31 December 2025, due to higher sales in the second quarter compared to the end of the previous year.
Net fixed capital at 30 June 2026 was Euro 1.8 million higher than 31 December 2025, mainly due to higher net investments (overall Euro 17.0 million) than amortisation and depreciation in the period (Euro 16.5 million).
Net capital employed at 30 June 2026 decreased Euro 8.2 million compared to 31 December 2025.
Equity at 30 June 2026 decreased compared to 31 December 2025 by Euro 1.2 million, mainly due to the distribution of dividends amounting to Euro 19.4 million, which exceeded the profit for the period of Euro 17.4 million.
The net financial debt at 30 June 2026 was Euro 124.7 million, decreasing Euro 7.0 million on 31 December 2025. It includes approx. Euro 4.2 million for financial liabilities regarding leases according to the IFRS 16 standard.
Employees of the Company at 30 June 2026 numbered 722, broken down as follows: 12 executives, 167 white -collar and 543 blue -collar.
The average number of employees of the Company at 30 June 2026 was 722. At 31 December 2025, the workforce numbered 734. The figure at 30 June 2025 was 732.
35 Atypical and/or unusual transactions
There were no atypical and/or unusual transactions for the period ended 30 June 2026 as defined by Consob Communication DEM/6064293.
Significant events after 30 June 2026
There were no significant events after 30 June 2026.
Outlook
The decline in Beverages and Food glass container demand at the beginning of the year has eased, despite the ongoing competitive environment and the market tensions arising from the geopolitical backdrop.
Demand in the Cosmetics and Perfumery containers market continues to be impacted by the slowdown in the cosmetics sector in the previous year, while the perfumery segment has shown signs of recovery.
Sector analysis indicates a positive first half of the year across all segments, particularly the Beauty segment. In terms of new product launches, the market is introducing both flankers and new items.
Based on the available information, demand for glass containers in the sectors in which the Group’s companies operate over the coming months is expected to ensure a high utilisation of production capacity.
Within an uncertain macroeconomic environment, the Group will seek to consolidate its margins by optimising production capacity and the product mix, while maintaining a balance between investments and cash generation.
The Group is monitoring the geopolitical instability and the potential impact on the production factors (including energy) and on consumption levels - which are currently still difficult to interpret - while seeking to tap into the opportunities available on the market.
Fossalta di Portogruaro, 30 July 2026
The Board of Directors
The Chairperson
Mr. Nicolò Marzotto
36
37 Condensed Interim Consolidated Financial Statements
Consolidated
Financial Statements
38 Statement of financial position
(Euro thousands) 30.06.2026 31.12.2025 30.06.2025 Note
ASSETS
Non-current assets
Property, plant and equipment 256,304 249,836 253,509 (1) Goodwill 715 2,745 2,741 (2) Intangible assets 1,218 1,229 1,475 Equity investments measured using the equity method 130,528 130,054 123,719 (3) Equity investments 390 389 389 Other non -current assets 703 639 1,727 (4) Deferred tax assets 6,266 5,635 8,075 (26) Total non-current assets 396,124 390,527 391,635
Current assets
Inventories 135,217 138,024 145,010 (5) Trade receivables 117,362 107,747 116,401 (6) Other current assets 10,239 13,298 10,581 (7) Current tax receivables 1,403 1,813 3,809 Other current financial assets 3,578 530 540 (8) Cash and cash equivalents 70,967 82,906 78,009 (9) Total current assets 338,766 344,318 354,350
TOTAL ASSETS 734,890 734,845 745,985
EQUITY & LIABILITIES
EQUITY
Share capital 8,932 8,932 8,932 Reserves 53,769 53,221 52,532 Acquisition of treasury shares (10,400) (10,400) (10,400) Retained earnings 288,857 280,073 279,985 Group Profit for the period 16,380 27,320 8,812
TOTAL GROUP EQUITY 357,538 359,146 339,861
NON -CONTROLLING INT. EQUITY 235 333 149
TOTAL EQUITY 357,773 359,479 340,010 (10)
LIABILITIES
Non-current liabilities
Provisions for risks and charges 1,664 1,951 2,574 (11)
Post-employment
benefit provision 3,652 3,739 3,888 (12) Non-current loans and borrowings 158,326 152,489 153,940 (13) Other non -current liabilities 3,291 3,808 4,185 (14) Deferred tax liabilities 2,348 2,135 2,142 Total non -current liabilities 169,281 164,122 166,729
Current liabilities
Bank loans & borrowings and current portion of non -
current loans & borrowings 79,988 94,266 114,567 (15) Trade and other payables 97,531 87,738 94,666 (16) Other current liabilities 28,744 28,327 29,809 (17) Current tax payables 1,573 913 204 (18) Total current liabilities 207,836 211,244 239,246
TOTAL LIABILITIES 377,117 375,366 405,975
TOTAL EQUITY AND LIABILITIES 734,890 734,845 745,985
39
Income Statement
(Euro thousands) H1 2026 H1 2025 Note
Revenues 223,205 227,599 (19) Raw materials, ancillaries, consumables and goods (48,299) (64,039) (20) Service costs (90,258) (86,440) (21) Personnel expense (44,591) (42,530) (22) Amortisation & depreciation (24,044) (27,505) (23) Write -down of fixed assets (2,017) 0 (2) Other operating expenses (2,657) (2,599) Other operating income 3,298 2,619
Equity -accounted
joint ventures
7,146 5,981 (3) Operating Profit 21,783 13,086 Financial income 710 271 Financial expenses (3,478) (4,390) (24) Net exchange rate gains/(losses) (99) (338) (25) Profit before taxes 18,916 8,629 Income taxes (2,634) (67) (26) Profit for the period 16,282 8,562 Non-controlling interests loss (profit) 98 250 Group Profit for the period 16,380 8,812
Earnings per share:
Basic earnings per share * 0.1856 * 0.0998 Diluted earnings per share * 0.1856 * 0.0998
40 Statement of Comprehensive Income
(Euro thousands) H1 2026 H1 2025
Profit for the period 16,282 8,562 Items that will be subsequently reclassified to profit
or loss
Translation difference for foreign operations (1,367) 523 Net gain (loss) from the valuation of "cash flow hedge" derivatives, net of the tax effect 560 0 Investments valued at equity - share of other statement of comprehensive income items
1,982 (111)
Total items that will be subsequently reclassified to profit or loss, net of the tax effect
1,175 412
Total comprehensive income 17,457 8,974 Non-controlling interest comprehensive loss 98 250 Comprehensive income attributable to the Group 17,555 9,224
41 Statement of Cash Flow
(Euro thousands) H1 2026 H1 2025
CASH FLOW FROM OPERATING ACTIVITIES:
Profit for the period 16,282 8,562 Adjustments to reconcile net profit with cash flow generated from operating
activities:
Amortisation & depreciation 24,044 27,505 Impairment of fixed assets 2,017 0 Losses/(gains) on sale of property, plant & equipment 15 (49) Share -based payment settled with equity instruments 266 67 Provision adjustments (287) (301) Financial income (3,503) (271) Financial expenses 3,478 4,390 Net exchange rate gains/(losses) 99 338 Income taxes 2,634 67 Equity -accounted joint ventures (7,146) (5,981) Changes in operating assets and liabilities:
Decrease/(increase) in trade receivables (9,615) (9,291) Decrease/(increase) in other current assets 3,059 4,566 Decrease/(increase) in inventories 2,807 16,424 Increase/(decrease) in trade & other payables 10,967 8,841 Increase (decrease) in other current liabilities 417 1,877 Change in other non -current assets and liabilities (669) (1,609) Total adjustments and changes 28,583 46,573 Dividends distributed by equity -accounted joint ventures 8,654 15,094 Taxes paid (received) during the period (1,982) 6,112 Net Cash Flows from operating activities (A) 51,537 76,341
CASH FLOW FROM INVESTING ACTIVITIES:
Gross investments in intangible assets (295) (284) Gross investments in property, plant and equipment (30,859) (14,444) Increase/(decrease) in payables for purchases of non -current assets (1,174) (1,700) Sales price of property, plant and equipment 66 49 Net cash flow used in investing activities (B) (32,262) (16,379)
CASH FLOWS FROM FINANCING ACTIVITIES:
Acquisition of treasury shares 0 Interest paid in the period (1,964) (2,645) Interest received in the period 264 151 New financing 40,000 60,000 Decrease in bank payables (46,706) (44,886) Repayment leases liabilities (2,983) (1,757) Dividends distributed (19,419) (39,719) Net cash flow generated (used) in financing activities (C) (30,808) (28,856) Change in assets and liabilities items due to translation effect (D) (406) (290) Net change in cash and cash equivalents (A+B+C+D) (11,939) 30,816 Cash & cash equivalents at beginning of the period 82,906 47,193 Cash & cash equivalents at end of the period 70,967 78,009
42 Statement of changes in Equity
Share capital
Legal reserve
Revaluation
reserve
Other reserves
Capital paid -in
Treasury shares
Translation reserve
Comprehensive income statement
items
Retained earnings
Profit
Total Group Equity Total non -controlling interest equity Total consolidated equity
Balance at
31 December 2024 8,932 1,786 27,334 23,354 157 (10,547) 1,252 (2,617) 268,767 51,871 370,289 399 370,688
Profit (Loss) 0 0 0 0 0 0 0 0 0 8,812 8,812 (250) 8,562 Profit (loss) recognised directly to equity 0 0 0 0 0 0 523 (111) 0 0 412 0 412 Total Comp. Income (expense) 0 0 0 0 0 0 523 (111) 0 8,812 9,224 (250) 8,974 Allocation of result 0 0 0 0 0 0 0 0 51,871 (51,871) 0 0 0 Acquisition of treasury shares 0 0 0 0 0 0 0 0 0 0 0 0 0
IFRS 2 0 0 0 67 0 0 0 0 0 0 67 0 67
Other changes 0 0 0 (147) 0 147 0 0 0 0 0 0 0 Movement non -cont. interests eq. 0 0 0 0 0 0 0 0 0 0 0 0 0 Distribution of dividends 0 0 0 0 0 0 0 0 (39,719) 0 (39,719) 0 (39,719)
Balance at
30 June 2025 8,932 1,786 27,334 23,274 157 (10,400) 1,775 (2,728) 280,919 8,812 339,861 149 340,010 Profit (Loss) 0 0 0 0 0 0 0 0 0 18,508 18,508 184 18,692 Profit (loss) recognised directly to equity 0 0 0 0 0 0 389 97 0 0 486 0 486 Total Comp. Income (expense) 0 0 0 0 0 0 389 97 0 18,508 18,994 184 19,178 Allocation of result 0 0 0 0 0 0 0 0 0 0 0 0 0 Acquisition of treasury shares 0 0 0 0 0 0 0 0 0 0 0 0 0
IFRS 2 0 0 0 291 0 0 0 0 0 0 291 0 291
Other changes 0 0 0 (37) 0 0 0 0 37 0 0 0 0 Movement non -cont. interests eq. 0 0 0 0 0 0 0 0 0 0 0 0 0 Distribution of dividends 0 0 0 0 0 0 0 0 0 0 0 0 0
Balance at
31 December 2025 8,932 1,786 27,334 23,528 157 (10,400) 2,164 (2,631) 280,956 27,320 359,146 333 359,479 Profit (Loss) 0 0 0 0 0 0 0 0 0 16,380 16,380 (98) 16,282 Profit (loss) recognised directly to equity 0 0 0 0 0 0 (1,367) 2,542 0 0 1,175 0 1,175 Total Comp. Income (expense) 0 0 0 0 0 0 (1,367) 2,542 0 16,380 17,555 (98) 17,457 Allocation of result 0 0 0 0 0 0 0 0 27,320 (27,320) 0 0 0 Acquisition of treasury shares 0 0 0 0 0 0 0 0 0 0 0 0 0
IFRS 2 0 0 0 266 0 0 0 0 0 0 266 0 266
Other changes 0 0 0 (10) 0 0 0 0 0 0 (10) 0 (10) Movement non -cont. interests eq. 0 0 0 0 0 0 0 0 0 0 0 0 0 Distribution of dividends 0 0 0 0 0 0 0 0 (19,419) 0 (19,419) 0 (19,419)
Balance at
30 June 2026 8,932 1,786 27,334 23,784 157 (10,400) 797 (89) 288,857 16,380 357,538 235 357,773
43
Notes to the financial statements
44
General information
The publication of the consolidated half -year financial statements of Zignago Vetro SpA and its subsidiaries (the "Zignago Vetro Group") for the period ended 30 June 2026 was authorised by the Board of Directors, with approval on 30 July 2026.
The Zignago Vetro Group operates in the production and marketing of high quality hollow glass containers prevalently for the Food and Beverage, Cosmetics and Perfumery and “Specialty Glass” sectors (highly customised glass containers in small batches, typi cally used for wine, liquors and oils).
Zignago Vetro is a joint -stock company limited by shares domiciled at Fossalta di Portogruaro, via Ita Marzotto No. 8, belonging to the Zignago Group. Zignago Holding S.p.A., the parent company, does not exercise management and coordination functions.
The Company has been listed on the Italian Stock Exchange’s Euronext STAR Milan segment since 21 May 2007.
Basis of preparation
The condensed consolidated half -year financial statements at 30 June 2026 have been drawn up in accordance with the international accounting standard IAS 34 Interim Financial Reporting, which relates to interim financial disclosure.
The condensed consolidated half -year financial statements do not include all the disclosures required for the preparation of the annual consolidated financial statements. For this reason, it is necessary to read the condensed consolidated half -year financi al statements together with the 2025 consolidated financial statements.
The consolidated financial statements at 30 June 2026 consist of the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of financial position, the consolidated statement of cash flows, the statemen t of changes in equity and these explanatory notes, containing the information required by the current regulations and IAS 34, appropriately presented with reference to the financial statement formats used.
The Group has prepared the condensed consolidated half -year financial statements according to the going concern principle.
The condensed consolidated half -year financial statements are presented in Euro, the functional currency adopted by the parent in accordance with IAS 1. The amounts indicated in the financial statements are expressed in thousands of Euro, as are the amounts indicated in the explanatory notes, unless otherwise stated.
The condensed consolidated half -year financial statements are subject to limited audit by the independent audit firm EY S.p.A., which is responsible for the legally required audit of the parent company and its principal subsidiaries.
45 Reference should be made to the Directors’ Report for further information regarding the Group’s situation, operating performance and results, both overall and across the various sectors in which the Group companies have operated, with particular regard to costs, revenues and investments, in addition to the main events in the first half of 2026 and the outlook.
The statement of financial position is presented in comparative form with 31 December and 30 June 2025.
The results reported were consistent in the three periods presented and show the consolidated statement of financial position of the Zignago Vetro Group , with the full consolidation of Zignago Vetro France SAS, Zignago Vetro Polska SA, Vetro Revet Srl, Italian Glass Moulds Srl and Zignago Glass Usa Inc. and application of the equity method to Vetri Speciali SpA and its subsidiaries, Vetreco Srl and Julia Vitrum SpA.
These condensed consolidated half -year financial statements of the Zignago Vetro Group as of 30 June 2026 have been prepared in accordance with the historical cost principle, with the exception of the measurement of certain financial instruments (derivativ es), which are measured at fair value as required by IFRS 9, and on a going concern basis.
Consolidation scope and basis of consolidation
The companies included in the consolidation scope at 30 June 2026 and 2025 and at 31 December 2025 are presented below.
The percentage holdings refer to 30 June 2026 and remain unchanged on the previous periods.
Consolidated Companies
(Euro) Registered Office
Share capital
(in local currency) Percentage holding of the Group Zignago Vetro SpA (Parent) Fossalta di Portogruaro (VE) EUR
8,931,999.60 ---
Companies consolidated using the
line-by-line method:
- Zignago Vetro France SAS Vieux -Rouen -sur-Bresle (France) EUR 4,000,000 100%
- Zignago Vetro Polska SA Trabkj (Poland) PNL 3,594,000 100%
- Zignago Glass USA Inc. New York (USA) USD 200,000 100%
- Vetro Revet Srl Empoli (FI) EUR 402,000 51%
- Italian Glass Moulds Srl Portogruaro (VE) EUR 100,000 100%
Equity -accounted
investees:
- Vetri Speciali SpA and subsidiaries Trento (TN) EUR 10,062,400 50%
- Vetreco Srl Supino (FR) EUR 400,000 30%
- Julia Vitrum SpA S. Vito al Tagliamento (PN) EUR 625,000 40%
46 The main consolidation criteria used in the preparation of the condensed consolidated half -year financial
statements include:
• the elimination of the carrying amount of equity investments against recognition of the relevant assets and liabilities of the subsidiaries using the line -by-line method;
• the recognition of non -controlling interests in equity and result for the period;
• the elimination of all intergroup transactions, consisting of payables and receivables, sales and purchases, and unrealised profits and losses;
• the financial statements of the subsidiaries utilised for the preparation of the consolidated financial statements are those approved by the respective Board of Directors. The financial statements of the consolidated companies are adjusted, where necessary , in line with the accounting principles utilised by the Parent.
Group investments in associates are measured using the equity method.
Translation of financial statements in currencies other than the Euro
The functional and presentation currency adopted by the Zignago Group is the Euro.
The rules for the translation of financial statements of Companies which operate in a currency other than the Euro are the following:
- at the reporting date, the assets and the liabilities are translated using the exchange rates in effect at that date;
- the costs and revenues, and income and expenses, are translated using the average exchange rate for the period;
- the “Translation reserve” includes both the exchange rate differences generated from the translation of foreign currency profit and loss items and at a rate different from the closing rate, and also those generated from the translation of opening equity at an exchange rate which is different from the closing exchange;
- goodwill related to the acquisition of a foreign entity is treated as assets and liabilities of the foreign entity and translated at the closing date.
The exchange rates applied are reported in the following table – those published by the Italian Exchange
Office:
Description USD PLN US Dollar Polish Zloty Average exchange rate:
- January/June 2026 1.1666 4.2425
- January/December 2025 1.1298 4.2397
- January/June 2025 1.0923 4.2316
Closing exchange rate at:
- 30 June 2026 1.1394 4.2955
- 31 December 2025 1.1750 4.2210
- 30 June 2025 1.1720 4.2423
47 Derivatives and Hedge Accounting
As part of its financial risk management policies, the Group uses derivative financial instruments to reduce its exposure to price volatility in the key energy commodities used in its production processes (natural gas and electricity), to fluctuations in interest rates on financial debt and, to a lesser extent, to changes in exchange rates between the Euro and the Polish Zloty (PLN).
In particular, the Group uses derivatives contracts for electricity and natural gas, in addition to interest rate swaps and, to a limited extent, foreign exchange contracts. These instruments are entered into solely for the purpose of hedging business risk s and not for speculative purposes.
The parent company, Zignago Vetro, from FY 2026 intends to adopt hedge accounting in accordance with IFRS 9, designating, for accounting purposes, a hedging relationship for new derivative instruments entered into subsequent to 1 January 2026. This approac h allows for a more consistent presentation of the income statement effects of the risk management strategies adopted by the Group, reducing the volatility in the income statement resulting from the fair value measurement of derivative instruments, which - in the absence of hedge accounting - would be recognised in full to the net result for the period. This aspect is particularly significant against the backdrop of highly volatile energy and financial markets, where changes in the fair value of derivative instruments may result in income statement effects whose timing is not aligned with that of the underlying items being hedged.
The Group has therefore established, as required by IFRS 9, a formal designation of hedging relationships, including the risk management objectives pursued and analyses supporting the existence of an economic relationship between the hedged items and the h edging instrument.
Designated hedging relationships on commodity derivatives are classified as cash flow hedges and relate to highly probable future purchases of electricity and natural gas for production purposes. The hedged volumes represent a portion of the projected energy demand, estimated based on consumption forecasts, and are maintained at levels deemed consistent with risk management po licies.
In evaluating hedging relationships, the Group verifies, on an ongoing basis, the existence of an economic relationship between the hedged item and the hedging instrument, the consistency of the hedge ratio with the actual hedging strategy adopted, and whe ther any rebalancing transactions are necessary.
Changes in the fair value of the effective portion of hedges are recognised to Other Comprehensive Income and are subsequently reclassified to the income statement in the periods in which the cash flows being hedged impact the net result.
The Group also designates certain interest rate swap contracts as hedging instruments, with the objective of converting a portion of its variable -rate financial debt into fixed -rate exposure. The correspondence between the cash flows of the derivative and those of the underlying financial liabilities, in addition to the alignment of the notional principal with the amortization schedules of the hedged loans (simple hedge), make it possible to identify a direct economic relationship between the hedged item an d the hedging instrument in accordance with IFRS 9.
48 Derivatives entered into prior to January 1, 2026, have not been retroactively designated as hedging instruments under IFRS 9. For these instruments, the accounting treatment applicable to derivatives not designated for hedge accounting continues to apply, with the changes in fair value recognised to the income statement for the period. The absence of an accounting designation does not alte r the financial purpose of hedging pursued by the Group, which uses these instruments exclusively as part of its financial risk management policies. These instruments also include certain foreign exchange forward contracts entered into by the subsidiary Zi gnago Polska SA to hedge the foreign exchange risk arising from its commercial and financial transactions, primarily with the Group, for which no hedge accounting designation has been made and whose changes in fair value are therefore recognised directly t o the income statement for the period.
New accounting standards, interpretations and amendments adopted by the Group
The accounting standards adopted for the preparation of the condensed consolidated half -year financial statements are those utilised for the 2025 consolidated financial statements of the Group, with the exception of the adoption of the new standards and am endments in force from 1 January 2026.
The Group has not adopted in advance any accounting standard, interpretation or amendment issued but not yet in effect.
The standards and interpretations which, at the date of the preparation of the condensed consolidated half -
year financial statements, were issued but not yet in force are reported below.
IFRS 18 Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for the presentation of the income statement, including specific totals and subtotals. Additionally, entities will need to classify all expenses and revenues within the income statement within four categories: operating, investing, financing, income tax, and discontinued operations. The first three categories are new.
The standard also requires disclosures based on the new definition of management -defined performance indicators (MPMs), subtotals of costs and revenues, and includes new provisions for aggregating and disaggregating financial information based on the ident ified roles of Primary Financial Statements (PFS) and the notes.
In addition, changes have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations based on the indirect method; from profit or loss to operating profit or loss and removing the option to classify cash flows from dividends and interest. Additionally, consequential changes were made to multiple other accounting standards. IFRS 18, and amendments to ot her standards, are effective for fiscal years beginning on or after 1 January 2027, but early application is permitted subject to disclosure. IFRS 18 will apply retrospectively.
The Group is currently assessing the impacts that the adoption of IFRS 18 may have on its financial statements and notes to the financial statements. Information on the expected effects will be provided as it becomes available.
49 Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7
In May 2024, the IASB published amendments to IFRS 9 and IFRS 7, called Amendments to the Classification and Measurement of Financial Instruments (the "Amendments"). These Amendments
include:
- clarifications on the requirements for the recognition and derecognition of financial assets and liabilities. Specifically, a financial liability is derecognised from the financial statements at the "settlement date" and an accounting policy option is intr oduced (provided certain conditions are met) for the derecognition from the financial statements of financial liabilities settled through an electronic payment system prior to the settlement date;
- additional guidance on how to assess contractual cash flows for financial assets with environmental, social and governance (ESG) characteristics and similar;
- clarification on the definition of “non -recourse characteristics” and of those of contractually -
linked instruments;
- introduction of disclosure to be provided for financial instruments with contingent characteristics and additional disclosure requirements for equity instruments classified at fair value through other comprehensive income (OCI).
These amendments did not have any impact on the Group condensed consolidated half -year financial statements.
Annual Improvements to IFRS accounting Standards – Volume 11
In July 2024, the IASB issued nine limited -scope amendments as part of its periodic review of the IFRS accounting standards. The amendments include clarifications, simplifications, corrections or changes so as to improve the consistency of the following st andards: IFRS 1 First -time Adoption of International Financial Reporting Standards, IFRS 7 Financial instruments: Disclosures and the related Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements and IAS 7 Statement of Cash Flows.
These amendments did not have any impact on the Group condensed consolidated half -year financial statements.
Contracts Referencing Nature -dependent Electricity – Amendments to IFRS 9 and IFRS 7
In December 2024, the IASB published amendments to IFRS 9 and IFRS 7 – Contracts Referencing Nature -
dependent Electricity. The amendments apply exclusively to contracts relating to electricity from renewable sources and set out the following:
- clarifications on the application of the "own -use exception" requirements for contracts within the scope of application;
- changes to the designation requirements for an item hedged in a cash flow hedge relationship for contracts within the scope of application;
- new disclosure requirements to enable investors to understand the effect of such contracts on an entity's financial performance and cash flows;
50 These amendments did not have any impact on the Group condensed consolidated half -year financial statements.
Discretional valuations and use of estimates
The preparation of the condensed consolidated half -year financial statements and the related notes in application of IFRS require that Management make discretionary judgments, estimates and assumptions that affect the values of assets, costs and revenues a nd the disclosures relating to contingent assets and liabilities at the reporting date.
The uncertainty concerning these assumptions and estimates could result in significant changes in the book value of these assets and/or liabilities in the future.
The main areas in which estimates are used - characterised by measurement uncertainty under IAS 1 and IAS 8 - include:
• the allowance for impairment, calculated in accordance with the expected loss model under IFRS 9;
• the assessment of obsolescence of materials and products in inventory, estimated on the basis of the nature of glass products, production cycles and demand trends;
• amortisation and depreciation, with particular reference to the estimated useful life of plant, furnaces, production lines and equipment related to glass processing, determined in accordance with IAS 16;
• testing the recoverability of assets (impairment test), including equity investments in joint ventures, in accordance with IAS 36 (estimates of future cash flows, discount rate, long -term
growth);
• employee benefit obligations, particularly defined benefit plans and the other actuarial components required by IAS 19 (discount rates, inflation rates, salary increases);
• current and deferred taxes, including assessments related to uncertainties in tax treatments;
• the fair value measurement of derivative financial instruments, used by the Group to manage interest rate and energy commodity risks;
• other provisions and reserves, estimated according to the "best estimate" criterion required by IAS 37;
• the measurement of Energy Efficiency Certificates (EEE) and the CO₂ emission allowances deficit, based on market prices;
• the calculation of lease assets and liabilities (IFRS 16), which requires estimates upon contract duration (evaluation of renewal and termination options) and the Group's marginal borrowing rate;
• performance share plans that require IFRS 2 valuation models (volatility, expected duration, vesting conditions).
Estimates are based on reasonable assumptions and supported by the internal and external information available at the reporting date. Any changes in these estimates, required by changing economic conditions or the emergence of new information, are accounte d for prospectively in accordance with IAS 8.
The estimates and assumptions are reviewed periodically and the effects of any changes are recorded immediately in profit or loss in the period of the revision of the estimate, if the revision has effect only on that period, or also in subsequent periods i f the revision has effect on the current year and on future years.
51 IFRS 13 requires that the financial instruments measured at fair value are classified based on three fair value hierarchy levels which reflect the significance of the input utilised in the determination of fair value.
Based on the standard, the three fair value levels are as follows:
• Level 1 of fair value: the measurement inputs of the instruments are listed prices for identical instruments in active markets with access at the measurement date;
• Level 2 of fair value: the measurement inputs of the instruments are different than the prices listed at the previous point, which are directly or indirectly observable on the market;
• Level 3 of fair value: the measurement inputs of the instruments are not based on observable market data.
As indicated by the regulation, the hierarchy of the approaches adopted for the determination of all financial instruments (shares, units, bonds and derivatives), attributes priority to official prices available on active market for the assets and liabilit ies to be measured and, in their absence, to the measurement of assets and liabilities based on significant quotations, where they refer to similar assets and liabilities. On a residual basis, measurement techniques may be utilised based on non -observable inputs, and, therefore, more discretional.
The following table shows the assets and liabilities measured at fair value at 30 June 2026 by fair value hierarchy level.
(In Euro thousands) Book Fair Value
Level
Value 1 2 3 Total
Financial assets measured at
Fair Value
Derivative instruments assets (included in the item: other current financial assets) 3,578 --- 3,578 --- 3,578
Financial liabilities not measured in Fair Value Bank loans and borrowings (current and non -current portion) 238,314 --- 238,314 --- 238,314
Financial liabilities measured at Fair Value Derivative instruments liabilities (included in bank loans and borrowings non -current portion) 95 --- 95 --- 95
52 In completion of the table above, it should be noted that fair value disclosures are provided only for those categories of financial instruments for which IFRS requires the determination of the relative fair value.
They should be measured as per the various levels of the hierarchy provided by IFRS 13.
On the other hand, certain items are not included in the table as, according to IFRS 7, their exposure to the fair value is not necessary. In particular, this occurs in cases where the carrying amount represents a reasonable approximation of the fair value , given the typically short -term nature of the instruments or the absence of significant financial components, or whereby accounting standards provide specific exemptions from the disclosure requirement.
In this context, trade receivables, other receivables, trade payables, and other payables, in addition to other non-current liabilities for which the carrying amount is considered substantially equivalent to the fair value, are therefore not reported in the table. Financial payables arising from leasing contracts are also excluded, as they fall with the scope of the instruments for which IFRS 7 does not require the representation of fair value. During the period, no transfers occurred from Level 1 to Level 2 or Level 3 or vice -versa.
53
NOTES TO THE MAIN STATEMENT OF FINANCIAL POSITION ACCOUNTS
NON -CURRENT ASSETS
30.06.2026 31.12.2025 30.06.2025 1 – Property, plant and equipment 256,304 249,836 253,509
Property, plant and equipment at 30 June 2026 amounted to Euro 256,304 thousand, after depreciation in the period of Euro 23.7 million and capital expenditure of Euro 31.8 million.
The table below shows the historical cost, accumulated depreciation and carrying amount of property, plant and equipment in the two periods:
(Euro thousands) Balance at 30.6.2026 Balance at
31.12.2025
Historic Impair. Accum. Net Historic Impair. Accum. Net Cost Provision Depreciation Value Cost Provision Depreciation Value Land & buildings 151,798 (3) (67,429) 84,366 150,457 (3) (64,617) 85,837 Right -of-use IFRS 16 29,510 0 (23,856) 5,654 30,708 0 (22,587) 8,121 Plant & machinery 487,788 (198) (383,227) 104,363 488,748 (198) (370,930) 117,620
Industrial
and commercial
equipment 118,308 0 (109,280) 9,028 117,756 0 (105,192) 12,564 Other assets 13,602 0 (10,890) 2,712 13,632 0 (10,582) 3,050 Assets in progress 50,181 0 0 50,181 22,644 0 0 22,644 Total 851,187 (201) (594,682) 256,304 823,945 (201) (573,908) 249,836
(Euro thousands) Balance at
01.01.20
26 Acquisiti
ons &
capitalisa
tions Reclassifi
cations Impairme
nts Decrease
s Depreciat
ion Exchange
rate
differenc
es Balance
at
30.6.202
6
Land & buildings 85,837 1,725 0 0 (127) (2,739) (330) 84,366 Right -of-use IFRS 16 8,121 475 0 0 0 (2,828) (114) 5,654 Plant & machinery 117,620 864 0 0 (426) (13,292) (403) 104,363 Industrial & commercial equipment 12,564 825 0 0 0 (4,331) (30) 9,028 Other assets 3,050 236 0 0 (4) (550) (20) 2,712 Assets in progress and advances 22,644 27,684 0 0 (17) 0 (130) 50,181 Total 249,836 31,809 0 0 (574) (23,740) (1,027) 256,304
Assets in progress mainly concern investments at the Zignago Vetro SpA and Zignago Vetro Polska Sa production sites, which have not yet entered into service. More specifically, the investments made during the first half of the year were primarily attributable to the programme to refurbish certain furnaces at Zignago Vetro S.p.A. ’s production sites and to the start of construction on a new warehouse in Poland.
54 30.06.2026 31.12.2025 30.06.2025 2 - Goodwill 715 2,745 2,741
The goodwill recognised to the financial statements of Euro 715 thousand at 30 June 2026 relates entirely to the acquisition of Zignago Vetro Polska SA.
The movement in the period was due to:
• a full write -down of goodwill of Euro 2,017 thousand related to the acquisition of a 51% stake in Vetro Revet S.r.l. by Zignago Vetro S.p.A. in 2017;
• the exchange rate effect on goodwill denominated in foreign currency related to the acquisition of the Polish subsidiary.
An initial analysis of the state of maintenance of Vetro Revet S.r.l.’s production facility was conducted, which revealed the need to undertake a technological modernisation programme. Following this assessment, it was deemed appropriate to write down the goodwill, as the conditions that had existed at the time of the purchase price allocation no longer apply.
3 - Investments in companies valued 30.06.2026 31.12.2025 30.06.2025 at equity 130,528 130,054 123,719
The Group has three investments in jointly controlled companies:
- Vetri Speciali SpA;
- Vetreco Srl;
- Julia Vitrum SpA
Vetri Speciali SpA was established in 2004 as a result of a corporate restructuring transaction. Its operations focus on the production and distribution of speciality hollow glass containers The company has its registered office at 34 Torre d’Augusto Stre et, Trento. Production is carried out at the Gardolo (TN), Ormelle (TV) and San Vito al Tagliamento (PN) facilities.
The Joint Venture, including the subsidiaries (Vetri Speciali Group), is a strategic investment for the Group, undertaken as part of the production diversification pursued by the Parent.
Zignago Vetro SpA holds 50% of the ordinary shares of Vetri Speciali SpA; all shares guarantee equal rights to the individual shareholders.
In 2026, Vetri Speciali SpA distributed dividends totalling Euro 17.3 million to its shareholders, of which Euro 8.7 million to Zignago Vetro SpA.
Vetreco Srl is an Italian limited liability company domiciled in Supino (FR), incorporated in July 2010 as a joint venture, involved in the processing of raw glass and the supply of cullet ready for re -use in production.
Zignago Vetro SpA’s holding is 30%, with Ardagh Group Italy holding 30% and Verallia 40%. The company began operations in November 2013.
55 Julia Vitrum SpA is an Italian company domiciled in San Vito al Tagliamento (PN), incorporated in April 2019 as a joint venture, involved in the processing of raw glass and the supply of cullet ready for re -use in production.
Zignago Vetro SpA’s holding is 40%, with Owens Illinois SpA holding 40%, while Friulia SpA holds 20% of the share capital.
In the consolidated financial statements at 30 June 2026, the equity -accounted joint ventures amount to Euro 130,528 thousand, of which Euro 125,787 thousand refers to the investment in Vetri Speciali SpA.
The consolidated financial statements of Vetri Sp eciali SpA include goodwill amounting to Euro 101,486 thousand, of which Euro 50,743 thousand attributable to the Zignago Vetro Group due to the 50% interest held in the joint venture.
Relating to the goodwill which constitutes part of the book value attributed to the Vetri Speciali SpA joint venture, it should be noted that this was separately subject to an impairment test for the financial statements at 31 December 2025 by the director s of Vetri Speciali SpA, as per IAS 36. The assessment is conducted at least once a year and, in any case, whenever there are indications of impairment.
During the first half of 2026, no indicators emerged that would suggest that the carrying amount of goodwill had been impaired.
56 The valuation of the joint ventures at equity and the movements in the period are summarised below:
(Euro thousands) 30.06.2026 31.12.2025 30.06.2025
Value of Vetri Speciali SpA investment in Zignago Vetro 25,320 25,320 25,320 Vetri Speciali NE at 100% 251,592 250,989 239,683 Vetri Speciali NE at 50% 125,787 125,487 119,835
Difference between value of investment and share of Equity of the subsidiary 100,467 100,167 94,534
Valuation using the equity method of the Vetri Speciali SpA
investment
Share of equity 125,806 125,506 119,835 Uniform accounting principles (19) (19) (19) Total valuation using the equity method 125,787 125,487 119,816
Increase/(decrease) of carrying amount of investment compared to valuation using the equity method 100,486 100,167 94,534 Movement in valuation using the equity method
Valuation using the equity method at beginning of period 125,487 128,715 128,715 Profit: pro quota 6,972 12,053 6,325 Other statement of comprehensive income items in period:
Effect of changes in the cash flow hedge reserve, IAS 19 and other changes 1,982 (187) (111) Dividends (8,654) (15,094) (15,094) Valuation under the equity method at end of period 125,787 125,487 119,835 P&L effect of valuation using the equity method of the investment 6,972 12,053 6,325
57 (Euro thousands) 30.06.2026 31.12.2025 30.06.2025
Value of Vetreco Srl investment in Zignago Vetro 1,059 1,059 1,059
Vetreco NE at 100% 4,603 4,222 4,900 Vetreco NE at 30% 1,381 1,267 1,471
Difference between value of investment and share of Equity of the subsidiary 322 208 412
Valuation using the equity method of Vetreco Srl investment
Share of equity 1,381 1,267 1,477 Total valuation using the equity method 1,381 1,267 1,477
Increase/(decrease) of carrying amount of investment compared to valuation using the equity method 322 208 412 Movement in valuation using the equity method
Valuation using the equity method at beginning of period 1,267 1,633 1,633 Profit: pro quota 114 (366) (162) Valuation under the equity method at end of period 1,381 1,267 1,471 P&L effect of valuation using the equity method of the investment 114 (366) (162)
58 (Euro thousands) 30.06.2026 31.12.2025 30.06.2025
Value of Julia Vitrum SpA investment in Zignago Vetro 763 763 500
Julia Vitrum Equity at 100% 8,396 8,246 6,026 Julia Vitrum Equity at 40% 3,360 3,300 2,413
Difference between value of investment and share of Equity of the subsidiary 2,597 2,537 1,913
Valuation using the equity method of Julia Vitrum SpA
investment
Share of equity 3,360 3,300 2,413 Total valuation using the equity method 3,360 3,300 2,413
Increase/(decrease) of carrying amount of investment compared to valuation using the equity method 2,597 2,537 1,913 Movement in valuation using the equity method
Valuation using the equity method at beginning of period 3,300 2,595 2,595 Profit: pro quota 60 350 (182) Other equity changes 0 355 0 Valuation under the equity method at end of period 3,360 3,300 2,413 P&L effect of valuation using the equity method of the investment 60 350 (182)
The key financial and performance indicators of the jointly -controlled companies recognised to the consolidated half -year financial statements and valued at equity are reported below.
These figures relate also to the Parent reporting date and report the investees at 100%, independently of the relative percentage holdings.
59 The statement of financial position and income statement of the Vetri Speciali Group (100%) is summarised
below:
(Euro thousands) 30.06.2026 31.12.2025 30.06.2025 Goodwill 101,486 101,486 101,486 Other non -current assets 276,820 276,813 269,305 Non-current assets 378,306 378,299 370,791 Cash and cash equivalents 10,324 5,433 37,278 Other current assets 166,731 158,525 146,182 Current assets 177,055 163,958 183,460
TOTAL ASSETS 555,361 542,257 554,251
Capital and Reserves 251,592 250,989 239,683 Equity 251,592 250,989 239,683 Non-current loans and borrowings 114,821 124,958 138,857 Other non -current liabilities 11,766 22,345 11,276 Non-current liabilities 126,587 147,303 150,133 Bank loans & borrowings and current portion of medium/long -term loans 95,453 75,463 96,127 Other current liabilities 81,729 68,502 68,308 Current liabilities 177,182 143,965 164,435
TOTAL LIABILITIES 555,361 542,257 554,251
(Euro thousands) H1 2026 H1 2025 Revenues 156,610 155,873 Costs of production (119,531) (122,390) Amortisation & depreciation (16,638) (12,955) Operating Result 20,441 20,528 Financial income 2,693 226 Financial expense (3,719) (3,694) Exchange rate gains/(losses) 22 (150) Result before taxes 19,437 16,910 Income taxes (5,491) (4,255) Profit for the period 13,946 12,655 Other positive (negative) components of statement of comprehensive income 3,964 (222) Total comprehensive income 17,910 12,433
60 The statement of financial position and income statement of Vetreco Srl (100%) is summarised below:
(Euro thousands) 30.06.2026 31.12.2025 30.06.2025 Other non -current assets 13,923 14,550 14,936 Non-current assets 13,923 14,550 14,936 Cash and cash equivalents 48 869 (272) Other current assets 8,203 6,440 9,000 Current assets 8,251 7,309 8,728
TOTAL ASSETS 22,174 21,859 23,664
Capital and Reserves 4,603 4,222 4,900 Equity 4,603 4,222 4,900 Other non -current liabilities 3,376 4,116 110 Non-current liabilities 3,376 4,116 110 Bank loans & borrowings & current portion of non-current loans and borrowings 1,347 1,250 6,797 Other current liabilities 12,848 12,271 11,857 Current liabilities 14,195 13,521 18,654
TOTAL LIABILITIES 22,174 21,859 23,664
(Euro thousands) H1 2026 H1 2025 Revenues 10,843 12,929 Costs of production (9,306) (12,374) Amortisation & depreciation (812) (820) Operating Result 725 (265) Financial expense (114) (228) Result before taxes 611 (493) Income taxes (230) (49) Profit for the period 381 (542) Total comprehensive net profit/(net loss) for the period 381 (542)
61 The statement of financial position and income statement of Julia Vitrum SpA (100%) is summarised
below:
(Euro thousands) 30.06.2026 31.12.2025 30.06.2025 Other non-current assets 26,012 27,454 29,110 Non-current assets 26,012 27,454 29,110 Cash and cash equivalents 1,467 1,997 1,700 Other current assets 10,538 10,017 10,482 Current assets 12,005 12,014 12,182
TOTAL ASSETS 38,017 39,468 41,292
Capital and Reserves 8,396 8,246 6,026 Equity 8,396 8,246 6,026 Other non -current liabilities 20,813 21,847 24,430 Non-current liabilities 20,813 21,847 24,430 Bank loans & borrowings & current portion of non -current loans and borrowings 2,172 3,068 4,447 Other current liabilities 6,636 6,307 6,389 Current liabilities 8,808 9,375 10,836
TOTAL LIABILITIES 38,017 39,468 41,292
(Euro thousands) H1 2026 H1 2025 Revenues 12,423 12,743 Costs of production (10,875) (11,821) Amortisation & depreciation (1,150) (1,152) Operating Result 398 (230) Financial income/expense (218) (413) Result before taxes 180 (643) Income taxes (30) 188 Profit for the period 150 (455) Total comprehensive net profit/(net loss) for the period 150 (455)
62 30.06.2026 31.12.2025 30.06.2025 4 – Other non -current assets 703 639 1,727
The receivable mainly concerns guarantee deposits paid by Zignago Vetro SpA and advances paid by Zignago Vetro Polska Sa.
CURRENT ASSETS
30.06.2026 31.12.2025 30.06.2026 5 - Inventories 135,217 138,024 145,010
The table below shows the composition of inventories:
(Euro thousands) Balance at Balance at Balance at 30.06.2026 31.12.2025 30.06.2025 Raw materials, ancillaries and consumables 35,302 34,939 33,354 Work -in-progress and semi -finished products 130 213 277 Finished products 117,039 118,360 129,793 Inventory obsolescence provision (17,254) (15,488) (18,414) Total 135,217 138,024 145,010
The decrease in inventories on the end of the previous year is primarily attributable to the increase in the inventory allowance, which was determined by taking into account potential product non -conformities, batch production, a high degree of customisation and slow inventory turnover. The quantification of the provision also takes into account the expected realisable val ue based on updated sales price movements.
30.06.2026 31.12.2025 30.06.2025 6 - Trade receivables 117,362 107,747 116,401
The table below illustrates the trade receivables and the relative doubtful debt provision:
(Euro thousands) Balance at Balance at Balance at 30.06.2026 31.12.2025 30.06.2025 Trade receivables - Italy 67,363 59,329 65,202 Trade receivables - Foreign 28,236 26,371 27,599 Bills 23,259 23,241 24,763 Doubtful debt provision (1,496) (1,194) (1,163) Total 117,362 107,747 116,401
Trade receivables increased due to the higher volume of revenues in the final months of the period compared to the final months of 2025.
63 The following table presents trade receivables broken down by overdue bracket:
(Euro thousands) Not overdue under 30 days 30 - 60 60 - 90 other Total days days days
30 June 2026 81,039 33,956 1,464 36 867 117,362
31 December 2025 90,947 10,337 4,212 1,381 870 107,747
30 June 2025 78,572 33,785 3,409 (10) 645 116,401
The trade receivables are non -interest bearing and are payable within 70/80 days.
The Group companies use an insurance policy that significantly limits the risk of insolvency. Furthermore, the Group does not have significant concentrations of credit risk at the reporting date.
The movements during the period in the doubtful debt provision were as follows:
(Euro thousands) Balance at Balance at Balance at 30.06.2026 31.12.2025 30.06.2025 Provision at beginning of period 1,194 1,016 1,016 Provisions 370 273 154 Utilisations (68) (95) (7) Total 1,496 1,194 1,163
The doubtful debt provision at 30 June 2026 amounted to Euro 1,496 thousand, subsequent to the allocation of an accrual of Euro 370 thousand. The provisions relate primarily to positions held by the parent company.
The table below shows the breakdown of trade receivables by geographical segment:
(Euro thousands) Balance at Balance at Balance at 30.06.2026 31.12.2025 30.06.2025 Italy 89,391 81,642 88,894
E.U. 23,348 21,020 23,046
Other countries 4,623 5,085 4,461 Total 117,362 107,747 116,401
64 30.06.2026 31.12.2025 30.06.2025 7 – Other current assets 10,239 13,298 10,581
The table below shows the composition of “Other current assets”:
(Euro thousands) Balance at Balance at Balance at 30.06.2026 31.12.2025 30.06.2025 VAT receivables 6,422 7,828 7,568 Advances to social security institutions and receivables from employees and agents 32 54 73 Tax receivables for Investments 0 510 0 Other receivables 3,091 3,596 2,090 sub) 9,545 11,988 9,731
Prepayments for:
- insurance premiums 360 1,009 489
- rent expenses and leases 14 0 42
- services 320 301 319 Total 10,239 13,298 10,581
“VAT receivables" concern that accrued by the Group Companies in the half -year and in previous periods, partly as a result of the significant investments made.
“Other receivables” primarily consist of receivables for advances to suppliers of Zignago Vetro S.p.A., relating to receivables for energy incentives and receivables for advances on the supply of goods and services.
30.06.2026 31.12.2025 30.06.2025 8 – Other current financial assets 3,578 530 540
This line item primarily relates to the fair value (Mark to Market) measurement of derivative instruments outstanding as of 30 June 2026. For further information and details, please refer to the “Risk management policies” section of these Notes to the Fina ncial Statements, which provides information regarding the nature, maturities and fair value of the derivative instruments outstanding as of 30 June 2026.
30.06.2026 31.12.2025 30.06.2025 9 - Cash and cash equivalents 70,967 82,906 78,009
The table below shows the composition of cash and cash equivalents:
(Euro thousands) Balance at Balance at Balance at 30.06.2026 31.12.2025 30.06.2025 Time deposits 2,294 2,394 3,053 Bank and postal accounts 68,670 80,505 74,952 Cash in hand and similar 3 7 4 Total 70,967 82,906 78,009
For the cash flow performance of the company, reference should be made to the consolidated statement of cash flows.
65
EQUITY
30.06.2026 31.12.2025 30.06.2025 10 - Group Equity 357,538 359,146 339,861
Equity at 30 June 2026 decreased on 31 December 2025 by Euro 1.6 million, reflecting mainly: the distribution of Parent dividends ( -Euro 19.4 million), the consolidated profit for the period (+Euro 16.4 million), the change in the translation reserve ( -Euro 1.4 million), the change in the IFRS 2 Reserve (+Euro 266 thousand), the recognition of the parent company’s cash flow hedge reserve (+Euro 560 thousand), which includes the change i n fair value of derivatives designated for hedge accounting, net of the related deferred tax effect, and the share of other comprehensive income relating to the investments measured at equity (+Euro 2.0 million).
Equity includes the reserve for the purchase of treasury shares, which at 30 June 2026 amounted to Euro 10,400 thousand for a total of 1,054,708 shares and represents the Company's purchases of treasury shares over the years, net of the disposals made. There were no changes in the reserve d uring the period.
Non-controlling interest equity in the period includes that held in Vetro Revet S.r.l., equal to 49% of the share capital.
An analysis of the movements in consolidated equity is presented in the condensed consolidated half -year financial statements.
NON -CURRENT LIABILITIES
30.06.2026 31.12.2025 30.06.2025 11 - Provisions for risks and charges 1,664 1,951 2,574
The table below shows the composition of the provisions for risks and charges:
Balance at Balance at Balance at 30.06.2026 31.12.2025 30.06.2025 Post-employment benefits provision 368 351 497 Provision for industrial risks 540 877 1,411 Agents’ supplementary indemnity provision 208 215 201 Provision for contractual risks 548 508 465 Total 1,664 1,951 2,574
The “Post -employment benefit provision”, recorded by Zignago Vetro France SAS, refers to the liability estimated against employees who terminate their employment with their company only due to pension, net of the amounts paid to a separate insurance fund.
The “Provisions for industrial risks” is made against claims by clients for defects in production to be determined and potential losses on packaging material for which the commitment to repurchase is agreed.
The “Agents’ supplementary indemnity provision” is set aside on the basis of legislative provisions and collective agreements relating to the termination of the “agents” mandates.
Finally, the “Provisions for contractual risks” is made based on legal disputes principally in relation to employees.
66 30.06.2026 31.12.2025 30.06.2025 12 – Post-employment 3,652 3,739 3,888
benefits
As of 30 June 2026, the provision for post-employment benefits remained essentially unchanged on 31 December 2025. The movement in the period is primarily attributable to the severance payments made to employees leaving the company. No factors emerged that would have led to significant changes in the actuarial valuations performed at the end of the previous year.
30.06.2026 31.12.2025 30.06.2025 13 - Non-current loans and borrowings 158,326 152,489 153,940
The table below shows the composition of non-current loans and borrowings:
(Euro thousands) Balance at Balance at Balance at 30.06.2026 31.12.2025 30.06.2025 (A) Cassa Depositi e Prestiti subsidised loan, nominal value Euro 7,990 thousand, fixed subsidised rate, 10 -year duration, repayment by half -yearly instalments 1,205 1,803 2,400 (B) BNL loan, nominal value Euro 2,283 thousand, Euribor 6 months variable rate, 10 -year duration, repayment by half -
yearly instalments 650 975 1,276 (C) INTESA loan, nominal value Euro 25 million, Euribor 3 months variable rate, maturity 5 August 2025, repayment by half-yearly instalments 0 0 2,493 (D) INTESA loan, nominal value Euro 45,000 thousand, Euribor 3 months variable rate, maturity 31 May 2026, repayment by half-yearly instalments 0 4,487 8,973 (E) BNL loan, nominal value Euro 30 million, Euribor 3 months variable rate, maturity 28 December 2026, repayment by quarterly instalments 3,523 7,047 10,570 (F) Mediobanca loan, nominal value Euro 40 million, Euribor 3 months variable rate, maturity 28 October 2026, repayment by half -yearly instalments 4,789 9,178 13,567 (G) Unicredit Spa loan, nominal value Euro 24,000 thousand, Euribor 3 months variable rate, maturity 28 March 2027, repayment by half -yearly instalments 4,786 7,178 9,571 (H) Credit Agricole Friuladria SpA Bank loan, nominal value Euro 10 million, Euribor 6 months variable rate, maturity 24 August 2028, repayment by half -yearly instalments 4,534 5,441 6,347 (I) Banco BPM SpA loan, nominal value Euro 30 million, Euribor 3 months variable rate, maturity 30 September 2027, repayment by quarterly instalments 9,361 13,105 16,849
67 (J) Banco Desio loan, nominal value Euro 3,000 thousand, Euribor 1 month variable rate, maturity 10 October 2025, repayment by monthly instalments 0 0 337 (K) Deutsche Bank loan, nominal value Euro 30,000 thousand, Euribor 3 months variable rate, maturity 19 December 2027, repayment by quarterly instalments 8,982 11,976 14,970 (L) Banca BPER loan, nominal value Euro 30,000 thousand, Euribor 3 months variable rate, maturity 3 March 2028, repayment by quarterly instalments 10,490 13,487 16,484 (M) BNL loan, nominal value Euro 30,000 thousand, Euribor 3 months variable rate, maturity 20 December 2028, repayment by quarterly instalments 16,644 19,973 23,302 (N) Banca Credit Agricole Friuladria SpA loan, nominal value Euro 12,500 thousand, Euribor 6 months variable rate, maturity 5 October 2030, repayment by half -yearly instalments 10,219 11,354 12,488 (O) Banca Popolare di Sondrio loan, nominal value Euro 10,000 thousand, Euribor 1 month variable rate, maturity 1 August 2029, repayment by monthly instalments 6,574 7,533 8,471 (P) Unicredit Spa loan, nominal value Euro 19,000 thousand, Euribor 3 months variable rate, maturity 7 August 2029, repayment by half -yearly instalments 14,756 16,864 18,972 (Q) Cassa di Risparmio di Bolzano -Sparkasse loan, nominal value Euro 10,000 thousand, Euribor 3 months variable rate, maturity 30 June 2029, repayment by quarterly instalments 5,994 6,993 7,992 (R) Deutsche Bank 2 loan, nominal value Euro 12,500 thousand, Euribor 1 month variable rate, maturity 30 September 2029, repayment by monthly instalments 8,113 9,361 10,609 (S) Deutsche Bank 3 loan, nominal value Euro 2,500 thousand, Euribor 3 months variable rate, maturity 11 October 2029, repayment by quarterly instalments 1,747 1,997 2,247 (T) Banco Desio loan, nominal value Euro 5,000 thousand, Euribor 1 month variable rate, maturity 10 May 2030, repayment by monthly instalments 3,977 4,451 4,918 (U) BPER 3 loan, nominal value Euro 30,000 thousand, Euribor 3 months variable rate, maturity 27 May 2031, repayment by quarterly instalments 24,975 27,473 29,970 (V) BCC PN loan, nominal value Euro 5,000 thousand, Euribor 3 months variable rate, maturity 28 July 2029, repayment by half-yearly instalments 4,396 4,995 0 (W) BNL loan, nominal value Euro 30,000 thousand, Euribor 3 months variable rate, maturity 5 August 2030, repayment by half-yearly instalments 29,960 29,955 0 (X) Banco Sella loan, nominal value Euro 10,000 thousand, Euribor 3 months variable rate, maturity 17 December 2030, repayment by quarterly instalments 9,052 9,990 0 (Y) INTESA loan, nominal value Euro 40,000 thousand, Euribor 3 months variable rate, maturity 30 June 2031, repayment by half-yearly instalments 39,930 0 0 Zignago Vetro Polska SA loans and finance leases 161 249 664
68 Vetro Revet Srl outstanding loans 1,711 2,090 2,463 Italian Glass Moulds Srl outstanding loans 789 1,422 1,786 Total non -current loans & borrowings 227,318 229,377 227,719 IFRS 16 lease liabilities 5,764 8,272 10,741 (Current portion) (74,756) (85,160) (84,520) Non-current portion 158,326 152,489 153,940 Financial payables of Euro 5,764 thousand concerning the leasing commitments undertaken by the Group are reported.
30.06.2026 31.12.2025 30.06.2025 14 – Other non -current liabilities 3,291 3,808 4,185
The account mainly includes the deferred income recognised by the Parent against the tax receivable for investments in new machinery under Legislative Decree 91/2014, which is recognised to the income statement on the basis of the depreciation calculated o n the investments.
CURRENT LIABILITIES
30.06.2026 31.12.2025 30.06.2025 15 - Bank loans and borrowings 79,988 94,266 114,567
current portion
The table below shows the composition of bank payables and the current portion of non -current loans and
borrowings:
(Euro thousands) Balance at Balance at Balance at 30.06.2026 31.12.2025 30.06.2025 Loan advances 1,984 2,083 1,647 Short -term loans 1,176 1,531 26,176 Current portion of medium/long -term loans 74,756 85,160 84,520 Advances on bank drafts 1,977 4,961 2,263 Derivative financial instruments 95 531 (39) Total 79,988 94,266 114,567
For further details on leases and non -current loans, the current portion of which is included under bank loans and borrowings, reference should be made to the paragraph “Non -current loans and borrowings”.
69 Reconciliation of financial liabilities deriving from loans
As required by IAS 7, the following table summarises the cash flows concerning financial and derivative liabilities arising in the year:
Voice 31.12.2025 Cash Non cash changes 30.06.2026 (Euro thousands) flow Acquisition Other Non-current loans and borrowings 152,489 5,362 475 0 158,326 Other non -current financial liabilities 3,808 (517) 0 0 3,291 Non-current financial liabilities (A) 156,297 4,845 475 0 161,617 Bank borrowings - current 85,691 (10,404) 0 (531) 74,756 Bank overdrafts on borrowings for anticipation effects 8,575 (3,343) 0 0 5,232 Other current financial liabilities 0 0 0 0 0 Current financial liabilities (B) 94,266 (13,747) 0 (531) 79,988 Financial liabilities (A) + (B) 250,563 (8,902) 475 (531) 241,605
With reference to non -current loans and borrowings, the movements classified as “Acquisition” refer to the change in lease liabilities arising from the signing of new lease contracts during the year.
The “Other” column includes the adjustment to the fair value of derivatives recognised to current and non -
current financial liabilities.
Finance lease payables IFRS 16
Lease liabilities amount to Euro 5,764 thousand and are detailed as follows:
Lease liabilities Balance at Balance at Balance at (Euro thousands) 30.06.2026 31.12.2025 30.06.2025
Current lease liabilities 3,963 4,059 5,593 Non-current lease liabilities 1,801 4,213 5,148 Total 5,764 8,272 10,741
The movement in lease liabilities in H1 2026 is presented in the following table:
Lease liabilities
(Euro thousands) 30.06.2026 31.12.2025 30.06.2025
Opening balance 8,272 12,478 12,478 Increases 475 1,831 1,205 Repayments (2,983) (6,037) (2,942) Closing balance 5,764 8,272 10,741
70 Net Financial Position
The following tables presents the net financial position at 30 June 2026 and at 31 December and 30 June 2025, as per Guideline No. 39 issued on 4 March 2021 by the ESMA, applicable as of 5 May 2021, and with the Attention Call No. 5/2021 issued by Consob o n 29 April 2021:
(Euro thousands) 30.06.2026 31.12.2025 30.06.2025 A . Cash and cash equivalents 70,967 82,906 78,009 B . Other liquidity 0 0 0 C . Other current financial assets 3,578 530 540 D . Liquidity (A) + (B) + (C) 74,545 83,436 78,549 E. Current financial debt 5,232 9,106 30,047 F. Current portion of non -current financial debt 74,756 85,160 84,520 G . Current financial debt (E) + (F) 79,988 94,266 114,567 H . Net current financial debt (G) - (D) 5,443 10,830 36,018 I. Non-current financial payables 158,326 152,489 153,940 J. Debt instruments 0 0 0 K . Trade payables and other non -current payables 0 0 0 L . Non-current financial debt (I) + (J) + (K) 158,326 152,489 153,940 M . Total financial debt (H) + (L) 163,769 163,319 189,958
A number of loan agreements require half -yearly compliance with certain financial covenants, calculated on the consolidated financial statements, and in particular:
• the ratio between net financial debt and own funds;
• the ratio between net financial debt and rolling EBITDA of the last twelve months.
As of 30 June 2026 these parameters have been satisfied and based on the current information there are no critical issues regarding subsequent compliance.
30.06.2026 31.12.2025 30.06.2025 16 - Trade and other payables 97,531 87,738 94,666
The table below shows the breakdown of trade payables by geographic area:
(Euro thousands) Balance at Balance at Balance at 30.06.2026 31.12.2025 30.06.2025 Italy 71,344 64,566 73,414
E.U. 25,535 22,631 20,473
Other countries 652 541 779 Total 97,531 87,738 94,666
Trade payables include capital expenditure payables of Euro 8,887 thousand at 30 June 2026 (Euro 6,548 thousand at 30 June 2025).
71 The item includes the liability of Euro 10,958 thousand (Euro 10,992 thousand at 31 December 2025) related to the deficit of CO₂ emission allowances that the Group will have to acquire in the future to cover its needs, net of the rights freely allocated un der the fourth phase of the EU ETS (started in 2021) and already available. The payable related to the rights deficit was valued based on the unitary market quotation of the rights at 30 June 2026 equal to Euro 78.99 (Euro 84.96 at 31 December 2025). It is highlighted, as already outlined in the section dedicated to risks, that the market price of CO₂ quotas – also in light of the significant appreciation recorded in recent years – represents a risk factor to which the Group is exposed.
This risk is monitor ed by management in order to assess its possible impact on business operations and operating result and financial dynamics.
30.06.2026 31.12.2025 30.06.2025 17 – Other current liabilities 28,744 28,327 29,809
The table below presents the composition of “Other current liabilities”:
(Euro thousands) Balance at Balance at Balance at 30.06.2026 31.12.2025 30.06.2025 Employee payables 18,263 17,228 17,194 Social security institutions 3,701 4,135 3,742 Employees and consultants withholding taxes 1,603 2,104 1,578 VAT payables 0 222 0 Current portion of tax credit on investments 0 0 85 Contribution payables 0 22 18 Other payables 5,022 4,616 6,297
Accrued liabilities and deferred income:
- other 155 0 895 Total 28,744 28,327 29,809
30.06.2026 31.12.2025 30.06.2025 18 - Current tax liabilities 1,573 913 204
Tax liabilities mainly relate to income tax for the period for the Group Companies. The Parent Zignago Vetro SpA, where applicable, complied with the option exercised by its Parent Zignago Holding SpA in relation to the national fiscal consolidation.
It should be noted that the balance of the “Current tax receivables” item, amounting to Euro 1,403 thousand, is primarily attributable to the IRAP tax credits accrued by Zignago Vetro S.p.A., resulting from advance payments that exceed the tax liability recognised as of 30 June 2026.
72
NOTES TO THE MAIN INCOME STATEMENT ACCOUNTS
H1 2026 H1 2025
19 - Revenues 223,205 227,599
The following table shows the breakdown of revenues by product line:
(Euro thousands) H1 2026 H1 2025 Core business products 213,221 219,799 Various materials 1,040 1,057 Service revenue 1,507 1,784 Others 7,437 4,959 Total 223,205 227,599
Further information on revenues is reported in the Directors’ Report.
Revenues by region are outlined in the table below:
(Euro thousands) H1 2026 H1 2025 Italy 126,907 132,809
E.U. 75,404 74,054
Other countries 20,894 20,736 Total 223,205 227,599
H1 2026 H1 2025
20 - Raw materials, consumables 48,299 64,039
and goods
The table below shows the costs for raw materials, ancillaries, consumables and goods:
(Euro thousands) H1 2026 H1 2025
Purchases 46,519 45,415 Changes in inventories of raw materials, ancillaries, consumables and finished goods 1,004 4,701 Changes in inventory of work -in-progress, semi -finished & finished products 776 13,923 Total 48,299 64,039
73
H1 2026 H1 2025
21 - Service costs 90,258 86,440
The following table shows service costs:
(Euro thousands) H1 2026 H1 2025
Energy and industrial services 62,939 66,731 Transport and other trading costs 13,166 11,234 Conai Contribution 4,456 1,741 Other costs 9,697 6,734 Total 90,258 86,440 Energy costs were impacted by market prices and reflect the general operating -financial environment during the period, with particular regard to the procurement of gas and electricity, which is presented net of any subsidies and incentives.
The CONAI contribution increased from Euro 1,741 thousand to Euro 4,456 thousand, primarily due to the increase in the rate applied by the Consortium effective 1 July 2025. The related recharge, to recover the cost incurred, is recorded under the “Other” s ub-item of “Revenues”.
H1 2026 H1 2025
22 - Personnel expense 44,591 42,530
The following table reports personnel expense:
(Euro thousands) H1 2026 H1 2025
Wages and salaries 33,188 30,866 Social security expenses 10,151 10,494 Provision for defined contribution plans 1,252 1,170 Total 44,591 42,530
H1 2026 H1 2025
23 - Amortisation & Depreciation 24,044 27,505
The following table reports amortisation & depreciation:
(Euro thousands) H1 2026 H1 2025 Depreciation of fixed assets 23,740 27,192 Amortisation of intangible assets 304 313 Total 24,044 27,505
74
H1 2026 H1 2025
24 - Financial expense 3,478 4,390
The following table shows financial expense:
(Euro thousands) H1 2026 H1 2025
Interest on bank accounts 110 145 Interest charges on medium/long -term loans 2,857 3,477 Financial expenses on interest rate hedges (97) (802) Derivative fair value measurement effect 269 913 Others 339 657 Total 3,478 4,390
The decrease in interest expense on loans reflects the reduction in benchmark interest rates.
H1 2026 H1 2025
25 - Net exchange gains/(losses) 99 (338)
Exchange rate gains/(losses) mainly stem from the conversion into Euro of the loan granted by the parent Zignago Vetro SpA to the Polish subsidiary.
H1 2026 H1 2025
26 - Income taxes 2,634 67
The table below shows the composition of the income taxes between deferred and current taxes:
(Euro thousands) H1 2026 H1 2025
Current taxes 3,350 1,137 Deferred tax (income)/charge (716) (1,070) Total 2,634 67
Effective 01/01/2024, the Zignago Vetro Group, as it is included line -by-line in the consolidated financial statements of the Zignago Group (whose parent company is Zignago Holding SpA), falls within the scope of income taxes covered by the Second Pillar o f Directive 2022/2523, adopted in Italy by Legislative Decree No. 209/2023 ("Legislative Decree" or “Legs. Decree"), aimed at ensuring a global minimum level of taxation for multinational groups of companies.
Under this approach, Zignago Holding SpA will be responsible for calculating the jurisdictional effective tax rate according to the Pillar II rules.
Based on known or reasonably estimable information, the Zignago Vetro Group’s (as part of the Zignago Group) exposure to Second Pillar income taxes (GMT P2) is assumed to be zero, based on the latest available financial data (at December 31, 2025).
75 This preliminary assessment was made by considering a number of technical positions based on the content of currently -available standards and guidelines.
"Deferred tax income" amount to Euro 6,266 thousand (Euro 5,635 thousand at 31 December 2025). The receivable relates primarily to the parent company and to Zignago Vetro France SaS and Zignago Vetro Polska SA. The amounts primarily relate to provisions an d depreciation that are deductible in subsequent fiscal years.
The recoverability of deferred tax assets is supported by forecasts of future taxable income.
OTHER INFORMATION
Earnings per share
The share capital of Zignago Vetro SpA at 30 June 2026 consists of 89,319,996 ordinary shares with a par value of Euro 0.10 each, fully subscribed and paid -in.
As outlined in the first part of this report, Zignago Vetro SpA, in execution of its buy -back programmes, at 30 June 2026 held a total of 1,054,708 treasury shares for a total value of Euro 10.4 million. In the first half of 2026 and until the date of approval of this half -year financial report, no new purchases of treasury shares were made compared to that reported in the 2025 annual accounts.
Information is shown below concerning the results for the period and the calculation of the basic and diluted earnings per share:
Values at Values at
30.06.2026 30.06.2025
Profit attributed to ordinary shareholders of the Parent for the basic earnings and the diluted earnings per share (in Euro thousands) 16,380 8,812 Average weighted number of ordinary shares, including treasury shares, for earnings per share 89,319,996 89,319,996 Weighted average number of treasury shares (1,054,708) (1,065,145)
Weighted average number of ordinary shares, excluding treasury shares, to calculate basic earnings per share 88,265,288 88,254,851 Earnings per share
- basic, for profit attributed to the ordinary shareholders of the parent 0.18558 0.09985
- diluted, for profit attributed to the ordinary shareholders of the parent 0.18558 0.09985
The basic earnings per share is calculated by dividing the profit attributable to the ordinary shareholders of the parent by the average weighted number of ordinary shares outstanding during the period, excluding the average weighted number of treasury shares.
76 No capital transactions which would have dilutive effects on the profits attributable to each share were noted.
Segment disclosure
Segment reporting which coincides mainly with the various legal entities is provided below, independently of the respective consolidation method applied.
Disclosure by region is not considered appropriate for the Group.
Specifically, the Business Units are listed in the dedicated section of the Directors’ Report.
The criteria applied for the identification of the segment reporting were based on, among other issues, the manner in which management directs the Group and attributes managerial responsibility. The joint ventures in Vetri Speciali SpA (production of specialty containers, principally for wine, vinegar and olive oil) and Vetreco Srl and Julia Vitrum S pA (processing of raw glass into the finished material ready for use by glassmakers) are considered by management as independent business units, which under IFRS 11 may only be measured at equity. Consequently, the share of profit of the three joint ventur es presented in the Directors’ Report with proportional consolidation, in the subsequent tables are identified within the operating result under consolidation adjustments.
The segment disclosure is provided below:
(Euro thousands) H1 2026
Zignago Zignago
Vetro Zignago
Vetro Zignago
Glass Vetro Italian Glass Consolidation Consol.
Vetro SpA France SAS Polska S.A. USA Inc. Revet Srl Moulds Srl adjustments
Revenue 163,471 27,747 45,712 3,101 5,679 2,387 (24,892) 223,205 Amor t. & deprec. (16,469) (1,826) (4,941) (3) (262) (553) 10 (24,044)
EBIT 12,808 (258) 4,183 207 18 (442) 5,267 21,783
Net Result 17,383 (240) 3,133 149 (200) (393) (3,550) 16,282 Assets 357,092 31,645 47,859 1,884 4,451 1,983 32,454 477,368 Liabilities 521,640 44,359 116,190 1,892 11,875 7,778 31,156 734,890
Investments in:
Intangible assets 742 326 71 7 0 72 0 1,218 Property, plant & equipment 163,806 12,388 68,260 1 7,424 5,723 (1,298) 256,304
77 (Euro thousands) H1 2025
Zignago Zignago
Vetro Zignago
Vetro Zignago
Glass Vetro Italian Glass Consolidation Consol.
Vetro SpA France SAS Polska S.A. USA Inc. Revet Srl Moulds Srl adjustments
Revenues 171,320 25,445 42,318 2,021 3,879 2,031 (20,434) 226,580 Amort . & de prec. (18,995) (2,295) (5,312) (3) (262) (567) (71) (27,505)
EBIT 7,063 (1,847) 2,908 147 (372) (774) 5,961 13,086
Net Result 18,248 (1,746) 2,258 99 (511) (660) (8,876) 8,812 Assets 372,373 33,065 48,133 1,523 4,374 2,609 28,924 491,001 Liabilities 542,518 45,452 107,424 1,536 12,246 8,766 28,043 745,985
Investments in:
Intangible assets 713 488 153 12 0 109 0 1,475 Property, plant & equipment 169,432 11,899 59,138 1 7,872 6,048 (881) 253,509
Related party transactions
In accordance with Consob letter 6064293 of 28 July 2006, related party transactions are reported below.
The table below shows the composition of the receivables of the Zignago Vetro Group with related party companies at the reporting date:
(Euro thousands) Balance at Balance at Balance at 30.06.2026 31.12.2025 30.06.2025
Property, plant and equipment 2,842 4,074 5,185 Zignago Immobiliare Srl 2,842 4,074 5,185 Trade receivables 964 780 1,304 Zignago Holding SpA 3 3 3 Herita and its subsidiaries 952 767 1,286 Zignago Servizi Srl 5 5 6 Zignago Power Srl 0 1 0 Zignago Immobiliare Srl 0 0 0 Multitecno Srl 4 4 9 Total assets from related companies 3,806 4,854 7,793
The receivables from Herita SpA and its subsidiaries derive from commercial operations.
78 The table below shows the composition of the payables of the Zignago Vetro Group with related party companies at the balance sheet date:
(Euro thousands) Balance at Balance at Balance at 30.06.2026 31.12.2025 30.06.2025
Zignago Power Srl 39 1,317 1,200 Zignago Servizi Srl 291 397 712 Herita and its subsidiaries 158 128 130 Zignago Holding SpA 103 884 66 La Vecchia Scarl 86 78 87 Zignago Immobiliare Srl 3,072 4,353 5,526 Multitecno Srl 0 0 3 Total payables to related companies 3,750 7,157 7,724
The payables to Zignago Immobiliare Srl, La Vecchia Scarl and Zignago Servizi Srl are related to services received.
As of 31 December 2025, and 30 June 2025, the payables to Zignago Power S.r.l. related to the purchase of electricity. It should be noted that the payable to Zignago Holding S.p.A. as of 30 June 2026 (in addition to 30 June 2025) does not include the effects relate d to corporate income tax (IRES) for the first half of the year resulting from participation in the national tax consolidation regime. This amount, in fact, represents an estimate of the tax liability accrued during the period and does not, as of the repor ting date, constitute a payable due from the consolidating company.
The table below shows the composition of the revenues of the Zignago Vetro Group from related parties in
the period:
(Euro thousands) H1 2026 H1 2025
Herita and its subsidiaries 3,139 3,325 Zignago Immobiliare Srl 1 1 La Vecchia Scarl 0 -
Multitecno Srl 19 19 Zignago Power Srl 2 -
Zignago Servizi Srl 26 28 Zignago Holding SpA 14 14 Total revenues from related parties 3,202 3,387
The revenues from Herita SpA and its subsidiaries derive from commercial operations.
79 The table below shows the composition of the costs of the Zignago Vetro Group from related parties in the
period:
(Euro thousands) H1 2026 H1 2025
Costs for raw materials, ancillaries, consumables and goods and costs for services 6,159 11,017 Zignago Power Srl 2,467 7,293 Zignago Servizi Srl 1,372 1,730 Zignago Holding SpA 407 398 La Vecchia Scarl 183 163 Herita and its subsidiaries 349 87 Zignago Immobiliare Srl 1,379 1,346 Multitecno Srl 2 0 Amortisation and depreciation 1,232 1,222 Zignago Immobiliare Srl 1,232 1,222 Financial expenses 19 33 Zignago Immobiliare Srl 19 33 Total charges to related companies 7,410 12,272
Stock option plan
The Shareholders' Meeting of 7 May 2025 approved the "2025 -2027 Performance Shares Plan" reserved for the Chief Executive Officer and the Senior Executives of the parent company. The Plan provides for:
- a vesting period from 1 January 2025 to 31 December 2027;
- the maximum number of shares to be allocated of 202,500;
- the granting to the Beneficiaries of rights to receive treasury shares held by the Parent Company free of charge is subject to the achievement of the following objectives: a) three targets related to the medium to long -term operating and financial performa nce of the Zignago Vetro Group, with an overall weight of 75%; b) three targets related to ESG issues, with an overall weight of 25%;
- the Rights will vest after the Vesting Period ending 31 December 2027, and the relative Shares will vest in 2028.
- 20% of the allocated shares will then be subject to a two -year holding period, during which they may not be transferred.
As per IFRS 2, the plan outlined above is defined as Equity Settled.
As of 30 June 2026, the effect on the income statement is negative for Euro 266 thousand, while the effect on equity is recorded to reserves for a cumulative amount totalling Euro 624 thousand.
Support and subsidy measures
We highlight that at 30 June 2026 the Group companies have utilised the significant tax reliefs available and particularly in terms of tax credits on investments, in addition to the incentive and support measures related to consumption and the purchase of energy resources.
80 Management of capital
The share capital includes the shares and the equity attributable to owners of the parent.
The primary capital management objective of the Group is to guarantee the maintenance of a strong credit rating in order to support operations and to maximise value for shareholders.
In order to achieve this objective, the management of Group capital aims, among other matters, to ensure compliance with covenants, related to interest bearing loans, based on financial performance indicators.
Breaches in the covenants would permit the ban ks to request immediate repayment of the loans. There were no breaches of the covenants in the current year in relation to interest bearing loans for any of the Group companies.
The Zignago Vetro Group has payables to financial intermediaries and has a financial debt position related to the business development plan. The high generation of operating cash flows enables Group Companies not only to repay existing loans, but also to g uarantee an adequate dividend to Shareholders and pursue a growth strategy.
In this context, the Group, in order to maintain or amend the capital structure, may pay dividends to Shareholders, acquire treasury shares on the market or issue new shares.
No substantial amendments were made to these objectives, to policies or to processes in the first half of 2026 and 2025 or for the year 2025.
Risk management policies
The Group will continue to prudently manage risks in all departments with careful monitoring in order to identify, reduce and eliminate such risk, therefore extensively protecting shareholder interests.
Credit and country risks
The credit risk represents the exposure of the Group to potential losses deriving from non -compliance with obligations by trading partners; this activity is subject to ongoing monitoring within the normal management of business operations, in order to mini mise the exposure to “counterparty” credit risk, also utilising appropriate insurance instruments to protect the solvency of the client or of the country risk in which this latter operates.
The Group Companies constantly assess political, social and economic risks in the areas in which they operate. No significant cases of non -fulfilment by trading partners have occurred and no significant credit risk by individual area and/or client exists.
The Group in fact only deals with established and reliable clients. Customers that request extensions of payment are subject to a credit rating check. Moreover, the collection of receivables is monitored during the year so that the exposure to losses is no t substantial. Finally, in the case of new clients operating in non EU countries, the Group companies obtain letters of credit and advance payments.
Currency risk
The currency risk is the risk that the fair value or the future cash flows of a financial instrument are altered following changes in exchange rates.
81 The exposure of the Group to changes in exchange rates principally concerns the operating activities of the Group (when revenues and costs are denominated in a currency other than the presentation currency of the Group).
Where these transactions are significant, the Group Companies assess the possibility of undertaking currency hedges in order to mitigate these fluctuations. During the years presented, the Group has undertaken a number of exchange risk hedge operations ref erring only to Zignago Vetro Polska S.A., as the transactions undertaken by the other companies of the Group in non -functional currency are considered not significant.
Interest rate risk
The interest rate risk is a risk that the fair value for the future cash flows of a financial instrument alters due to changes in market interest rates. The Companies of the Group are exposed to the risk of fluctuations in interest rates principally in relation to the non current bank loa ns and borrowings, negotiated at floating interest rates. Where these risks are considered significant, the Companies of the Group undertake Interest Rate Swaps and currency swaps.
Therefore, the Parent undertook Interest Rate Swaps whose notional amount decreases in line with the loan for a notional value of Euro 99 million.
Risks related to the fluctuation in energy prices
The Group is exposed to fluctuations in energy purchase costs, a significant cost component in the glass sector. Where this risk is considered as significant, hedging operations may be undertaken in order to convert the variable cost into a fixed cost, whi ch reduces the impact of fluctuations.
The Group in addition agreed supply contracts in 2026, in line with its production programmes together with hedging contracts with lending institutions, as outlined in the relative tables in these Notes.
Derivative financial instruments and hedge accounting
The characteristics of the derivative financial instruments outstanding as of 30 June 2026, including their contractual notional value and fair value as of that date, are set out in the tables below. Financial instruments are classified as derivatives desi gnated as hedges under IFRS 9 and derivatives not designated for hedge accounting. It is noted that the derivative contracts entered into prior to the introduction of the hedge accounting policy were not designated as hedging relationships under IFRS 9. Fo r these instruments, the accounting treatment applicable to derivatives not designated for hedge accounting continues to apply, with changes in fair value recognised directly to the income statement.
The amounts in the table are expressed in thousands of Euro.
82 Type Underlying Notional Expiry Market at Market at at the value at value at reporting date 30.06.2026 31.12.2025 IRS Loans 9,061 Beyond 12 months 36 0 Commodity swap Electricity 2,563 Within 12 months 693 0 Commodity swap Gas 3,900 Within 12 months 48 0 Derivatives designated for hedge accounting 15,524 777 0
IRS Loans 64,375 Beyond 12 months 483 228 IRS Loans 13,129 Within 12 months 136 302 Commodity swap Electricity 2,966 Within 12 months 581 (531) Commodity swap Gas 2,685 Within 12 months 1,601 0 Currency swap Foreign currency transactions 11,752 Within 12 months (95) 26 IRS Loans 0 Within 12 months 0 2 Derivatives not Designated for hedge accounting 94,907 2,706 26
The change in the fair value of instruments designated as hedging instruments as of 30 June 2026 totalled Euro 777 thousand. The effective portion of the change in fair value was recognised, net of the related deferred tax effect of Euro 217 thousand, to Other Comprehensive Income and accumulated in a separate equity res erve designated as the “Cash Flow Hedge Reserve”. No significant hedge ineffectiveness arose during the period.
Changes in the fair value of derivative instruments not designated as hedging instruments under IFRS 9 were recognised to the income statement for the first half of the year for a total of euro 2,679 thousand (net positive effect). In particular, the positive effects related to commodity derivatives, entered into to hedge against fluctuations in electricity and natural gas prices, were recognised under “Service costs” for euro 2,713 thousand, the positive effects related to interest rate derivatives, for a total of Euro 89 thousand, were recognised to financial expenses for euro 269 thousand and to financial income for Euro 348 thousand, while the negative change in the fair value of foreign exchange forwards was recognised under “Net exchange rate gains/(losses)” for Euro 121 thousand.
Liquidity risk
The Group monitors the risk of a lack of liquidity utilising planning instruments.
The Group objective is to maintain the balance between the continuity of available funds and flexibility of utilisation through the use of instruments such as funding advances, advances on bank overdrafts and medium/long -term bank loans. Access to availabl e sources is guaranteed by the rating assigned to the Parent and the Group to which it belongs.
83 In particular the profile of the financial liabilities at 30 June 2026 and 30 June 2025 on the basis of the non -
discounted contractual payments, including trade payables and other current liabilities, is summarised as
follows:
(Euro thousands) 30 June 2026 Less than 3 From 3 to 12 From 1 to 5 Total months months years
Non-current loans and borrowings 0 0 158,236 158,236 Other non -current liabilities 0 0 3,291 3,291 Bank loans & borrowings and current portion of medium/long -term loans 21,369 58,619 0 79,988 Trade and other payables 97,531 0 0 97,531 Other current liabilities 28,744 0 0 28,744 Current tax payables 0 1,573 0 1,573 Total 147,644 60,192 161,527 369,363
(Euro thousands) 30 June 2025 Less than 3 From 3 to 12 From 1 to 5 Total months months years
Non-current loans and borrowings 0 0 163,003 163,003 Other non -current liabilities 0 0 4,697 4,697 Bank loans & borrowings and current portion of medium/long -term loans 17,691 96,784 92 114,567 Trade and other payables 94,666 0 0 94,666 Other current liabilities 29,809 0 0 29,809 Current tax payables 0 204 0 204 Total 142,166 96,988 167,792 406,946
Against payables due within three months, the Group may avail of liquidity of Euro 71 million and payables to banks due within 12 months may be extended with the current lenders. The Group therefore assessed the risk concentration, with reference to the debt refinancing, and concluded that, at the present time, it is reasonably low.
The same profile at 31 December 2025 was as follows:
(Euro thousands) 31 December 2025 Less than 3 From 3 to 12 From 1 to 5 Total months months years Non-current loans and borrowings 0 0 152,489 152,489 Other non -current liabilities 0 0 3,808 3,808 Bank loans & borrowings and current portion of medium/long -term loans 18,007 76,259 0 94,266 Trade and other payables 87,738 0 0 87,738 Other current liabilities 28,327 0 0 28,327 Current tax payables 0 913 0 913 Total 134,072 77,172 156,297 367,541
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Other risks
The net annual CO2 emission allowances requirement is partially covered by the free allocation provided under Phase IV of the EU ETS. The consequent allowances deficit, which is common in the sector, means that the dynamics of the emission allowance market is a risk factor for the Company in view of the volatility and price increases experienced in recent years.
The Group continuously monitors the evolution of the regulatory framework and the prices of emission allowances, assessing their potential impacts on operational activities and the financial outlook. As part of the industrial and financial planning process es, the Group adopts risk mitigation measures, including a more accurate estimate of quota requirements, optimisation of the timing of purchases, and, where applicable, the implementation of initiatives for the progressive reduction of the emission intensi ty of its activities.
The Board’s commitment to climate change
The Zignago Vetro Group, aware of the risks associated with climate change and its importance for the Group as a whole, conducted a climate scenario analysis, with the support of an external consultant with expertise in the field, so as to assess the overa ll exposure of the company's assets and those of its major customers, suppliers, and investee companies to physical climate -related risks and exposure of the business to climate -related transition risks.
The analysis of physical climate risks was conducted with a view to identifying the current and prospective exposure to climate risks of the locations where the assets of the Group and its main business partners are located.
The physical risk analysis was conducted including a wide range of chronic and acute physical risks,
including:
Chronic physical risks: drought, extreme rainfall, extreme heat, frost, forest fire;
Acute physical risks: flooding, heat waves.
The transition risk assessment was conducted with a view to analysing the Zignago Vetro Group's exposure to the main transition risks, considering the specific characteristics of its business. The analysis covered the following transition risks:
− Energy transition in production processes;
− Electrification of vehicles;
− Zero -emissions buildings;
− CO 2 taxation;
− Renewable energy;
− Recycled materials;
− Reduced demand for glass caused by shrinking food production;
− Deterioration of the Group's brand reputation due to failure to achieve sustainability goals.
For more details on the climate scenario analysis carried out, please refer to the section " ESRS 2 IRO -1 Description of the process to identify and evaluate material IROs " in the "Sustainability Statement" of the consolidated financial report as of 31 December 2025.
The analyses carried out illustrates that the risk of drastic environmental changes, with reference to the scope analysed, is most significant in the long term, in a time horizon beyond 2065.
Given the average life of the company's assets, the Group's strategic planning horizon and capital allocation plans, which do not extend beyond the medium term, and the findings of the assessment carried out for the
85 purpose of identifying potential financial costs associated with climate risks, the Directors did not consider significant accounting impacts on the consolidated financial statements at 31.12.2025 to exist, in particular with regards to the potential impai rment of non -financial assets or the need to set aside climate risk related provisions.
Guarantees, commitments and contingent liabilities
During 2019 and 2020, the company Zignago Vetro SpA signed a letter of patronage, undertaking to maintain joint control of the company Julia Vitrum SpA and a financial commitment to the company's main suppliers for Euro 3,000 thousand.
The company Zignago Vetro SpA in addition in 2021 and 2022 issued sureties as a guarantee for the granting of loans to the subsidiary Italian Glass Moulds Srl for Euro 1,633 thousand.
Zignago Vetro S.p.A. in 2022 issued bank sureties to the Municipality of Fossalta di Portogruaro for Euro 2,051 thousand as a guarantee for the execution of the works related to the compensatory and mitigation charges necessary to construct the new product ion plant.
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Statement
as per Article 81 -ter, CONSOB Regulation
No. 11971/1999
88 Statement of the Condensed Interim Consolidated Financial Statements as per Article 81 -ter of CONSOB Regulation No. 11971 of 14 May 1999 and subsequent modifications and integrations.
1) The undersigned Biagio Costantini, CEO, and Cristiano Bonetto, Executive Officer for Financial Reporting of Zignago Vetro SpA, also in consideration of Article 154 -bis, paragraphs 3 and 4, of Legislative Decree No. 58 of 24 February 1998 state:
• the accuracy of the information on company operations and • the effective application, of the administrative and accounting procedures for the drawing up of the condensed consolidated half -year financial statements in the period between 1 January and 30 June 2026.
2) No significant aspects emerged concerning the above. The adequacy of the administrative and accounting procedures for the compilation of the condensed consolidated half -year financial statements at 30 June 2026 was evaluated through an Internal Control Sys tem based on the Internal Control – Integrated Framework model issued by the Committee of Sponsoring Organisations of the Treadway Commission which represents a standard framework generally accepted at international level.
3) We also declare that:
3.1) The condensed interim consolidated financial statements:
a) are drawn up in conformity with the applicable international accounting standards endorsed by the European Union in conformity with Regulation (EC) No. 1606/2002 of the European Parliament and the Commission of 19 July 2002;
b) correspond to the underlying accounting documents and records;
c) provide a true and fair view of the financial position, financial performance and cash flows of the issuer and of the other companies in the consolidation scope.
3.2) The Directors’ Report on operations includes a reliable analysis of the significant events in the first six months of the year and their impact on the condensed interim consolidated financial statements, with a description of the principal risks and u ncertainties for the remaining six months. It also presents a reliable analysis of the significant transactions with related parties.
Fossalta di Portogruaro, 30 July 2026
Mr. Biagio Costantini Mr. Cristiano Bonetto Chief Executive Officer Executive Officer for
Financial Reporting
89 Independent Auditors’ Report on the Condensed Consolidated Half -Year
Financial Statements
The attached auditors’ report and the related condensed interim consolidated financial statements are in accordance with the original version in the Italian language filed at the registered office of Zignago Vetro SpA and published in accordance with law a nd, subsequent to this date, EY SpA has not undertaken any further audit work.
EY S.p.A.
Sede Legale: Via Meravigli, 12 – 20123 Milano Sede Secondaria: Via Lombardia, 31 – 00187 Roma Capitale Sociale Euro 3.000.000 i.v.
Iscritta alla S.O. del Registro delle Imprese presso la CCIAA di Milano Monza Brianza Lodi Codice fiscale e numero di iscrizione 00434000584 - numero R.E.A. di Milano 606158 - P.IVA 00891231003 Iscritta al Registro Revisori Legali al n. 70945 Pubblicato sulla G.U. Suppl. 13 - IV Serie Speciale del 17/2/1998 A member firm of Ernst & Young Global Limited EY S.p.A.
Viale Appiani, 20/b 31100 TrevisoTel: +39 0422 358811 Fax: +39 0422 433026
ey.com
Review report on the interim condensed consolidated financial
statements
(Translation from the original Italian text) To the Shareholders of Zignago Vetro S.p.A.
Introduction
We have reviewed the accompanying half-yearly condensed consolidated financial statements of Zignago Vetro S.p.A. and subsidiaries (Zignago Vetro Group), which comprise the consolidated statement of financial position as of June 30, 2026, the income statement, statement of comprehensive income, statement of cash flow and statement of changes in equity for the six month period then ended, and the related notes to the financial statements. The Directors are responsible for the preparation of the half-yearly condensed consolidated financial statements in accordance with the International Accounting Standard applicable to the interim financial reporting (IAS 34) as issued by the International Accounting Standards Board and adopted by the European Union. Our responsibility is to express a conclusion on the half-yearly condensed consolidated financial statements based on our review.
Scope of Review We conducted our review in accordance with the criteria recommended by the Italian Regulatory Commission for Companies and the Stock Exchange (“Consob”) for the review of the half-yearly financial statements under Resolution n° 10867 of July 31, 1997. A review of half-yearly condensed consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (ISA Italia) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying half-yearly condensed consolidated financial statements of Zignago Vetro Group as of 30 June, 2026 are not prepared, in all material respects, in accordance with the International Accounting Standard applicable to the interim financial reporting (IAS 34) as issued by the International Accounting Standards Board and adopted by the European Union.
Treviso, August 4, 2026 EY S.p.A.
Signed by: Mauro Fabbro, Statutory Auditor This report has been translated into the English language solely for the convenience of international readers. Accordingly, only the original text in Italian language is authoritative.
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ZIGNAGO VETRO SpA
Registered office: Fossalta di Portogruaro (VE), Via Ita Marzotto 8