Slides
Page 1
Aquafil Group [ECNL:IM] - [ECNLF: OTCQX] 1H 2025 Financial Results August 28, 2025
Page 2
Launch of a cost-optimization and reorganization project Key Messages 2 ✓ ✓ ✓ ECONYL® branded and regenerated products reached 60,7% of fibers revenues ✓Increasing margins Increasing volumes VS 1H24 and VS 2Q24
Page 3
2025 2024 Δ% 2025 2024 Δ% 2025 2024 Δ% 30.06.25 31.12.24 Δ% 1H 281,2 288,1 (2,4)% 38,4 32,6 17,8 % 2,2 (6,1) 136,3 % (218,7) (213,5) 2,4 % % on Revenues 13,6 % 11,3 % 0,8 % (2,1)% 2Q 137,1 140,6 (2,5)% 21,3 17,3 22,7 % 1,8 (3,0) 159,3 % % on Revenues 15,5 % 12,3 % 1,3 % (2,2)% Revenues Net profitEBITDA NFP 3 Higher to 1H 2024 Mainly due to EBITDA increase and FX changes Slightly higher vs Dec. 24 NFP/EBITDA LTM x3,21 on 30th June 2025 x3,42 on 31st December 2024 Higher to 1H 2024 Mainly due to Lower raw material cost and efficiencies and cost containment actions USA Strong BCF market EMEA broadly in line APAC soft market ECONYL® 60,7% of Fiber Revenues Financial Results
Page 4
(on First Grade Product Revenues) – Index 100 +2,4% compared to 1H 2024 Volumes Financial Results Revenues Variation by Components 1H 2024 Volume Price & Sales Mix 1H 2025 4 +7,3% compared to 2Q 2024 2Q 2024 Volume Price & Sales Mix 2Q 2025
Page 5
5 Financial Results | Quantity Variations % (on First Grade Product Revenues) EMEA Volumes +4,0% vs 1H24 and +10,8% vs 2Q24: • BCF broadly in line • NTF still soft • Polymers growing volumes with different mix USA Volumes +7,4% vs 1H24 and +16,5% vs 2Q24 : • Important increase in BCF market • NTF still soft Asia Volumes (11,6)% vs 1H24 and (19,4)% vs 2Q24: • Soft market 1H25 vs 1H24 2Q25 vs 2Q24
Page 6
6 % by Product Line Financial Results | Revenues Breakdown 1H25 vs 1H24 2Q25 vs 2Q24
Page 7
7 % by Geographical Area Financial Results | Revenues Breakdown 1H25 vs 1H24 2Q25 vs 2Q24
Page 8
39,1% 46,5% 60,9% 53,5% 2025 2024 2Q - ECONYL Revenues on Fiber % Other Fibers ECONYL® Financial Results ECONYL® Revenues on fibers 8 60,7% of 1H25 fibers revenues from ECONYL® and other regenerated fibers 1H25 vs 1H24 2Q25 vs 2Q24
Page 9
Financial Results P&L KPI 9 Data in € million 2025 2024 Δ% 2025 2024 Δ% Revenues 281,2 288,1 (2,4)% 137,1 140,6 (2,5)% EBITDA 38,4 32,6 17,8 % 21,3 17,3 22,7 % % on net Sales 13,6 % 11,3% 15,5% 12,3% EBIT 5,2 3,1 68,9 % 2,3 2,2 4,3 % % on net Sales 1,9% 1,1 % 1,7 % 1,6 % EBT 2,5 (7,2) 134,9 % 1,4 (3,2) 145,9 % % on net Sales 0,9 % (2,5)% 1,1 % (2,2)% NET RESULT 2,2 (6,1) 136,3 % 1,8 (3,0) 159,3 % % on net Sales 0,8 % (2,1)% 1,3 % (2,2)% 1H 2Q
Page 10
10 NFP on June 30, 2025: 218,7 €/mln vs 213,5 €/mln on December 31, 2024 Ratio NPF/EBITDA: x 3,21 on June 30, 2025 NFP - €/mln NFP/EBITDA Financial Results | Net Financial Position
Page 11
11 Financial Results | NFP evolution €/mln
Page 12
The first half of the year saw significant margin growth, coupled with a strong carpet fibers product line performance in the United States and of Engineering Plastics, highlighting the effective operating management. Cost-optimizing initiatives, including the reorganization of the U.S. carpet collection and recycling plant, are expected to generate significant savings in the second half of the year and particularly in subsequent years. Despite the more limited visibility for the second half of the year, the measures introduced indicate the continued focus on protecting efficiencies and profitability, even in an uncertain macroeconomic environment. Outlook 12
Page 13
13 4. Annexes
Page 14
Annex - Disclaimer This presentation and any material distributed in connection herewith (together, the “Presentation”) prepared by Aquafil S.p.A. (“Aquafil” or “Company”) do not constitute or form a part of, and should not be construed as, an offer for sale or subscription of or solicitation of any offer to purchase or subscribe for any securities, and neither this Presentation nor anything contained herein shall form the basis of, ore be relied upon in connection with, or act as an inducement to enter into, any contract or commitment whatsoever. The Presentation contains forward-looking statements regarding future events and the future results of Aquafil that are based on current expectations, estimates, forecasts, and projections about the industries in which Aquafil operates and the belief and assumptions of the management of Aquafil. In particular, among other statements, certain statements with regards to management objectives, trends in results of operations, margins, costs, return on equity, risk management are forward-looking in nature. Words such as ‘expects’, ‘anticipates’, ‘targets’, ‘goals’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, ‘seeks’, ‘estimates’, variations of such words, and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Therefore, Aquafil’s actual result may differ materially and adversely from those expressed or implied in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, economic conditions globally, political, economic and regulatory developments in Italy and internationally. Any forward-looking statements made by or on behalf of Aquafil speak only as of the date they are made. Aquafil does not undertake to update forward-looking statements to reflect any changes in Aquafil’s expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. No reliance may be placed for any purposes whatsoever on the information contained in the Presentation, or any other material discussed in the context of the presentation of such material, or on its completeness, accuracy or fairness. The information contained in the Presentation might not be independently verified and no representation or warranty, express or implied, is made or given or on behalf of the Company or any of its members, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this document or any other material discussed in the context of the presentation of the Presentation. None of the Company, nor any of its respective members, directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of the Presentation or its contents or otherwise arising in connection therewith. The reader should, however, consult any further disclosure Aquafil may make in documents it files with the Italian Securities and Exchange Commission and with the Italian Stock Exchange. 14
Page 15
Annex - Definitions «FIRST CHOICE REVENUES» “First choice revenues” are revenues generated by the sale of fibers and polymers, gross of any adjustments (for example, discounts and allowances), but excluding revenues generated by “non-first choice products”, revenues generated by Aquafil Engineering GmbH and “other revenues”. On the basis of the 2019 figures, these revenues accounted for more than 95% of the Group’s consolidated revenues EBITDA This is an alternative performance indicator not defined under IFRS but used by company management to monitor and assess the operating performance as not impacted by the effects of differing criteria in determining taxable income, the amount and types of capital employed, in addition to the amortisation and depreciation policies. This indicator is defined by the Aquafil Group as the net result for the year adjusted by the following components: income taxes, investment income and charges, amortisation, depreciation and write-downs of tangible and intangible assets, provisions and write-downs, financial income and charges, non-recurring items. NFP On April 29, 2021, Consob issued “Call to attention No. 5/21” in which it highlighted that the new “ESMA Guidelines” of March 4, 2021 replaced on May 5, 2021 those of preceding Consob communications. In guideline No. 39 requires that financial statement disclosure includes the following definition of net financial debt: A. Liquidity B. Other liquidity C. Other current financial assets D. Liquidity (A+B+C) E. Current financial debt (including debt instruments but excluding the current portion of non-current financial debt) F. Current portion of non-current financial debt G. Current financial debt (E + F) H. Net current financial debt (G - D) I. Non-current financial debt (excluding current portion and debt instruments) J. Debt instruments K. Trade payables and other non-current payables L. Non-current financial debt (I + J + K) M. Total financial debt (H + L) 15
Page 16
Annex - Sector Data – Caprolactam price evolution €/ton 16 Source: Tecnon OrbiChem, a ResourceWise company
Page 17
Annex - Consolidated Income Statement 17 CONSOLIDATED INCOME STATEMENT €/000 Half Year 2025 of which non-current Half Year 2024 of which non-current Second quarter 2025 of which non-current Second quarter 2024 of which non-current Revenue 281.158 0 288.133 0 137.147 0 140.633 0 of which related parties 6 158 0 75 Other Revenue 6.249 10 3.285 37 3.380 ( 6) 1.646 5 of which related parties 172 0 85 0 Total Revenue and Other Revenue 287.407 10 291.418 37 140.527 ( 6) 142.279 5 Raw Material ( 121.356) ( 219) ( 137.791) 0 ( 56.752) ( 219) ( 64.346) 0 of which related parties 0 0 0 0 Services ( 68.164) ( 1.280) ( 61.701) ( 148) ( 33.324) ( 891) ( 31.059) ( 74) of which related parties ( 326) ( 329) ( 157) ( 173) Personel ( 64.367) ( 1.434) ( 62.175) ( 830) ( 32.582) ( 1.293) ( 31.209) ( 577) of which related parties ( 0) ( 0) ( 0) ( 0) Other Operating Costs ( 1.612) ( 72) ( 1.659) ( 109) ( 983) ( 69) ( 893) ( 105) of which related parties ( 35) ( 35) ( 17) ( 17) Depreciation and Amorti zation ( 27.328) ( 26.987) ( 14.415) ( 13.582) Provisions&Write-downs ( 1.494) ( 1.373) 11 ( 1.386) ( 1.373) ( 1) Capitalization of Internal Construction Costs 2.137 1.976 1.263 1.059 EBIT 5.223 ( 4.368) 3.092 ( 1.049) 2.347 ( 3.851) 2.249 ( 751) Income (loss) from Investments 78 0 78 0 of which related parties 78 0 78 0 Other Financial Income 606 641 304 ( 34) of which related parties 2 0 1 0 Interest Expenses ( 7.895) ( 10.531) ( 3.839) ( 5.093) of which related parties ( 117) ( 49) ( 49) ( 21) FX Gains and Losses 4.484 ( 356) 2.557 ( 272) Profit Before Taxes 2.495 ( 4.368) ( 7.153) ( 1.049) 1.447 ( 3.851) ( 3.151) ( 751) Income Taxes ( 272) 1.020 349 122 Net Profit (Including Portion Attr. to Minority ) 2.224 ( 4.368) ( 6.133) ( 1.049) 1.796 ( 3.851) ( 3.029) ( 751) Net Profit Attributable to Minority Interest 0 0 0 0 Net Profit Attributable to the Group 2.224 ( 4.368) ( 6.133) ( 1.049) 1.796 ( 3.851) ( 3.029) ( 751)
Page 18
Annex - Consolidated Income Statement – Revenues 1H 18 73,4% 71,8% 16,1% 16,3% 10,5% 12,0% 2025 2024 1H - % Revenues by Product Line BCF (fiber for carpet) NTF (fiber for fabrics) Polymers 53,2% 54,7% 30,7% 27,4% 15,7% 17,3% 2025 2024 1H - % Revenues by Geographical Area EMEA North America Asia e Oceania H1 €/mln 2025 2024 Δ Δ% 2025 2024 Δ Δ% 2025 2024 Δ Δ% 2025 2024 Δ Δ% %25 %24 EMEA 93,1 96,9 (3,8) (4,0)% 31,2 31,9 (0,7) (2,2)% 25,4 28,9 (3,5) (12,1)% 149,6 157,7 (8,0) (5,1)% 53,2% 54,7% North America 71,3 62,3 9,1 14,6 % 11,8 12,5 (0,7) (5,9)% 3,3 4,3 (0,9) (22,3)% 86,4 79,1 7,4 9,3 % 30,7% 27,4% Asia e Oceania 41,7 47,1 (5,5) (11,6)% 1,6 1,5 0,1 4,7 % 0,8 1,3 (0,5) (37,8)% 44,1 50,0 (5,9) (11,8)% 15,7% 17,3% RoW 0,4 0,5 (0,1) (11,5)% 0,6 1,0 (0,4) (39,6)% 0,0 0,0 0,0 N.A. 1,0 1,4 (0,4) (30,4)% 0,4% 0,5% TOTAL 206,5 206,7 (0,3) (0,1)% 45,2 46,9 (1,7) (3,7)% 29,5 34,5 (5,0) (14,4)% 281,2 288,1 (7,0) (2,4)% 100,0% 100,0% % Tot 73,4% 71,8% 16,1% 16,3% 10,5% 12,0% 100,0% 100,0% TOTALBCF (fiber for carpet) NTF (fiber for fabrics) Polymers
Page 19
Annex - Consolidated Income Statement – Revenues 2Q 19 53,5% 53,7% 31,5% 27,9% 14,7% 17,9% 2025 2024 2Q - % Revenues by Geographical Area EMEA North America Asia e Oceania 74,3% 73,2% 15,7% 16,6% 10,0% 10,2% 2025 2024 2Q - % Revenues by Product Line BCF (fiber for carpet) NTF (fiber for fabrics) Polymers Q2 €/mln 2025 2024 Δ Δ% 2025 2024 Δ Δ% 2025 2024 Δ Δ% 2025 2024 Δ Δ% %25 %24 EMEA 47,1 47,5 (0,4) (0,8)% 14,8 16,2 (1,4) (8,6)% 11,5 11,8 (0,3) (2,2)% 73,4 75,5 (2,0) (2,7)% 53,5% 53,7% North America 36,0 31,1 4,9 15,8 % 5,7 6,3 (0,6) (9,6)% 1,5 1,9 (0,3) (17,9)% 43,2 39,3 4,0 10,1 % 31,5% 27,9% Asia e Oceania 18,7 24,1 (5,4) (22,4)% 0,9 0,3 0,6 N.A. 0,6 0,7 (0,1) (18,7)% 20,2 25,2 (5,0) (19,8)% 14,7% 17,9% RoW 0,1 0,2 (0,1) (59,9)% 0,2 0,6 (0,4) (61,5)% 0,0 0,0 0,0 N.A. 0,3 0,7 (0,5) (61,2)% 0,2% 0,5% TOTAL 101,9 102,9 (1,0) (0,9)% 21,6 23,4 (1,8) (7,7)% 13,7 14,4 (0,7) (5,1)% 137,1 140,6 (3,5) (2,5)% 100,0% 100,0% % Tot 74,3% 73,2% 15,7% 16,6% 10,0% 10,2% 100,0% 100,0% TOTALBCF (fiber for carpet) NTF (fiber for fabrics) Polymers
Page 20
Annex - EBITDA and Adjusted Operating Results (*) The financial items include: (i) financial charges and other bank charges of Euro (7.9) million; (ii) cash discounts of Euro (1.3) million; (iii) financial income of Euro 0.6 million, and (iv) foreign exchange gains/(loss) of Euro 4.5 million. (**) This includes (i) non-recurring charges related to Group expansion for Euro (0.1) million, (ii) non-recurring costs for legal and administration consulting for Euro (0.3) million; (iii) restructuring costs for Euro (0.8) million, (iv) other non-recurring costs for Euro (0.4) million mainly due to electrical blackout in Aquafil S.p.A.; (v) non-recurring charges related to the reorganization of Aquafil Carpet Collection and Aquafil Carpet Recycling #1 for Euro (1.4) million. 20 RECONCILIATION FROM NET PROFIT TO EBITDA €/000 Half Year 2025 Half Year 2024 Second quarter 2025 Second quarter 2024 Net Profit (Including Portion Attr. to Minority ) 2.224 ( 6.133) 1.796 ( 3.029) Income Taxes 272 ( 1.020) ( 349) ( 122) Investment income and charges ( 78) ( 0) 78 0 Amortisation & Depreciation 27.328 26.987 14.415 13.582 Write-downs & Write-backs of intangible and tangible assets 1.494 ( 11) 1.386 1 Financial items (*) 4.139 11.709 1.619 6.157 No recurring items (**) 2.996 1.049 2.478 751 EBITDA 38.373 32.581 21.268 17.339 Revenue 281.158 288.133 137.147 140.633 EBITDA Margin 13,6% 11,3% 15,5% 12,3% RECONCILIATION FROM EBITDA TO EBIT ADJUSTED €/000 Half Year 2025 Half Year 2024 Second quarter 2025 Second quarter 2024 EBITDA 38.373 32.581 21.268 17.339 Amortisation & Depreciation ( 27.328) ( 26.987) ( 14.415) ( 13.582) Write-downs & Write-backs of intangible and tangible assets ( 1.494) 11 ( 1.386) ( 1) EBIT Adjusted 9.552 5.606 5.466 3.757 Revenue 281.158 288.133 137.147 140.633 EBIT Adjusted Margin 3,4% 1,9% 4,0% 2,7%
Page 21
Annex - Consolidated Balance Sheet (1/2) 21 CONSOLIDATED BALANCE SHEET €/000 At June 30, 2025 At December 31, 2024 Intangible Assets 13.231 15.168 Goodwill 14.240 16.064 Tangible Assets 212.660 233.900 Financial Assets 780 969 of which related parties 239 270 Investments & Equity metod 1.113 1.113 Other Assets of which related parties Deferred Tax Assets 30.607 29.231 Total Non-Current Assets 272.631 296.445 Inventories 186.966 197.535 Trade Receivable 30.757 20.370 of which related parties 200 97 Financial Current Assets 1.139 980 of which related parties 2 2 Current Tax Receivables 987 1.529 Other Current Assets 8.939 8.033 of which related parties 0 0 Cash and Cash Equivalents 112.777 130.366 Asset held for sales 0 0 Total Current Assets 341.565 358.813 Total Current Assets 614.197 655.258
Page 22
Annex - Consolidated Balance Sheet (2/2) 22 CONSOLIDATED BALANCE SHEET €/000 At June 30, 2025 At December 31, 2024 Share Capital 53.354 53.354 Reserves 80.692 121.311 Group Net Profit for the year 2.224 ( 16.313) Group Shareholders Equity 136.270 158.352 Net Equity attributable to minority interest 0 0 Net Profit for the year attributable to minority interest 0 0 Total Sharholders Equity 136.271 158.352 Employee Benefits 4.510 4.627 Non-Current Financial Liabilities 230.079 241.535 of which related parties 2.226 3.902 Provisions for Risks and Charges 2.722 1.611 Deferred Tax Liabilities 10.981 12.808 Other Payables 2.743 4.053 of which related parties 0 0 Total Non-Current Liabilities 251.035 264.634 Current Financial Liabilities 102.367 103.208 of which related parties 3.667 4.146 Current Tax Payables 1.442 242 Trade Payables 101.222 109.178 of which related parties 249 396 Other Liabilities 21.859 19.644 of which related parties 0 0 Total Current Liabilities 226.891 232.272 Total Equity and Liabilities 614.197 655.258
Page 23
23 Annex - Consolidated Cash Flow Statement (1/2) CASH FLOW STATEMENT €/000 At June 30, 2025 At June 30, 2024 Operation Activities Net Profit (Including Portion Attr. to Minority) 2.224 (6.133) of which related parties (220) (255) Income Taxes 272 (1.020) Income (loss) from equity Investments (78) of which related parties (78) Financial income (606) (642) of which related parties (2) Financial charges 7.895 10.531 of which related parties 117 49 FX (Gains) and Losses (4.484) 356 (Gain)/Loss on non - current asset disposals (94) (92) Provisions & write-downs 1.494 (11) Amortisation, depreciation & write-downs 27.328 26.987 Cash Flow from Operating Activities Before Changes in NWC 33.950 29.976 Change in Inventories 2.284 3.451 Change in Trade and Other Receivables (12.812) (1.029) of which related parties (103) 197 Change in Trade and Other Payables (4.911) (2.511) of which related parties (147) (326) Change in Other Assets/Liabilities 262 (2.979) of which related parties - (926) Employees Benefit (114) (261) Change in Provisions for Risks and Charges (193) (24) Income tax paid (1.194) (1.189) Net Interest Expenses (7.074) (9.843) TOTAL CASH FLOW FROM OPERATING ACTIVITIES 10.200 15.591
Page 24
24 Annex - Consolidated Cash Flow Statement (2/2) CASH FLOW STATEMENT €/000 At June 30, 2025 At June 30, 2024 Investing activities Investment in Tangible Assets (10.218) (7.989) Disposal of Tangible Assets 289 180 Investment in Intangible Assets (1.407) (1.247) Disposal of Intangible Assets 2 Reclassification 95 Dividends 78 of which related parties 78 Investment of Financial Assets (113) TOTAL CASH FLOW FROM INVESTING ACTIVITIES (11.162) (9.167) Changes in Equity Effect of exchange rate changes (3.575) 1.509 Other changes in equity (15) Financing Activities Increase in no current Loan and borrowing 36.167 20.000 Decrease in no current Loan and borrowing (37.947) (34.016) Repayment of bond loan (5.876) (5.587) Derivatives Net variation in current and not current fiancial Assets and Liability (370) (762) of which related parties Net variation in RoU fiancial assets and liability (5.011) (5.092) of which related parties (1.878) (643) TOTAL CASH FLOW FROM FINANCING ACTIVITIES (16.626) (23.947) NET CASH FLOW OF THE YEAR (17.589) (17.523)
Page 25
25 Annex - Net Financial Debt NET FINANCIAL DEBT €/000 At June 30, 2025 At December 31, 2024 A. Liquidity 112.777 130.366 B. Cash and cash equivalents C. Other current financial assets 1.139 980 D. Liquidity (A + B + C) 113.916 131.346 E. Current financial debt (including debt instruments but excluding the current portion of non-current financial debt) ( 3.114) ( 4.082) F. Current portion of non-current financial debt ( 99.253) ( 99.125) G. Current financial debt (E + F) ( 102.367) ( 103.208) H. Net current financial debt (G - D) 11.549 28.138 I. Non-current financial debt (excluding current portion and debt instruments) ( 191.467) ( 197.199) J. Debt instruments ( 38.741) ( 44.481) K. Trade payables and other non-current payables L. Non-current financial debt (I + J + K) ( 230.208) ( 241.681) M. Total financial debt (H + L) ( 218.659) ( 213.542)
Page 26
www.dryarn.comaquafil.com econyl.aquafil.com dryarn.com