Corticeira Amorim Sgps Sa · EURONEXT:COR
Corticeira Amorim Sgps Sa — Corticeira Amorim — FY2024 Earnings Presentation
61 slides from Corticeira Amorim Sgps Sa's earnings presentation, 2025
Slide 1: Corticeira Amorim FY2024
AMORIM Corticeira Amorim FY2024
Slide 2: In brief: Sale of Timberman Denmark stake
In brief Sale of the net stake in the share capital of Timberman Denmark for 23.7 ME Amorim Cork Flooring has entered its share capital in 2011. Timberman, that distributes vinyl, cork and wood floor coverings, will remain distributors of Amorim Cork Solutions’ flooring products in the Danish and Sw
Slide 3: In brief: Acquisition of Intercap
In brief The SACI group reached an agreement to acquire 100% of Intercap for 10 M& The Italian company is specialised in the production of surbouchage capsules for sparkling and still wines. The acquisition strengthens Corticeira Amorim’s positioning, supporting a more comprehensive offer for the sp
Slide 4: In brief: SDG Pioneer award
In brief Antonio Rios de Amorim named “Sustainable Development Goals Pioneer” by the United Nations Global Compact Network Portugal “Antonio Rios de Amorim stands out as a visionary in sustainability, leading innovative initiatives that demonstrate his passion for nature. Under his guidance, there h
Slide 5: In brief: City Cortex
In brief City Cortex A cultural research programme, created by Corticeira Amorim and curated by Guta Moura Guedes, that explores the intersection between contemporary urban contexts and one of the most versatile and sustainable raw materials that nature has to offer: cork. Through the contributions
Slide 6: In brief: Cork Oak Tree Plantation
In brief Cork Oak Tree Plantation Corticeira Amorim’s volunteers planted 2,400 cork oak trees at Herdade de Rio Frio. This initiative, organisedin collaboration with Quercus and Floresta Comumas part of the Green Cork programme, involved the participation of 180 volunteers. Corticeira Amorim’s volun
Slide 7: In brief: Life Cycle analysis of cork stoppers
In brief Life Cycle analysis confirms environmental superiority of Amorim Cork's natural cork stoppers Negative footprint of Naturity® corks proves to be an important ally in the decarbonisation of the wine sector. The environmental supremacy of natural cork stoppers produced by Corticeira Amorim is
Slide 8: In brief: Navicork negative carbon footprint
In brief Navicork confirms negative carbon footprint The Life Cycle Assessment, conducted in accordance with international standards (EN ISO 14040, ENISO 14044 and EN 15804), has confirmed that each square metre of Navicork FDO1 retains more COz than that it emits throughout the entire production cy
Slide 9: In brief: Bee W award
In brief Bee W® was distinguished with the “Technology Innovation” award at ENOMAQ Bee W® by Amorim Cork is an innovative bio-based beeswax coating for natural cork stoppers that further enhances their unique sealing properties. The biopolymers used in Bee W® further reinforce the technical capaciti
Slide 10: In brief: Johnnie Walker Blue Label Ultra stopper
In brief Amorim Top Series produces an encapsulated stopper for Johnnie Walker Blue Label Ultra, the lightest 70 cl glass whisky bottle The overall packaging design is based on the principle that luxury spirits are exploring a new direction: ‘delicate’ rather than ‘heavy’. The handblown teardrop-sha
Slide 11: In brief: First Capital Markets Day
In brief Corticeira Amorim hosts its first Capital Markets Day The initiative brought together Portuguese and foreign investors and analysts for a two-day programme. The event began at Herdadede Rio Frio, where participants learnt more about the Forestry Intervention Project, including the investmen
Slide 12: In brief: AERI Iberian Equity Awards
In brief Corticeira Amorim was distinguished at AERI's Iberian Equity Awards Organised by the AERI Asociacion Espanola para las Relaciones con Inversores and based on Extel’s research and methodology, the awards are for best practices in Spanish and Portuguese investor relations. Corticeira Amorim w
Slide 13: In brief: Awards and reputation ranking
In brief Antonio Rios de Amorim named Personality of the Year in the Industry category at the Inspiring Portugal Awards Read more Ist PLACE INDUSTRY SECTOR Corporate Reputation Corticeira Amorim achieves COTEC Innovation Summit top spot in the Merco 2024 2024 ranking of corporate reputation in the M
Slide 14: In brief
In brief Cae 3 Snwntua TOGETHER FOR THE distineate Ge: ALS DEVELOPMEN' oa a g Nal We are ON! 2024 New “Commitment and Ambition” — Together for Sustainable Generation Forum 2™ edition Annual Team Meeting 2024 Development Read more Read more Read more FY24 AMORIM 14
Slide 15: In brief: Awards
In brief \ N ‘ \ i Amorim South Africa awarded as Corticeira Amorim was once "International Business of the Year" again a partner of the Golden onthe 10th anniversary ofthe APCC = inac@ Awards Absa Business Excellence Awards 2024 Read more Read more <€ Green Product Kids Korko Bowling Set won the Gr
Slide 16: In brief: Sustainability awards
In brief WORLD | | FINANCE MOST SUSTAINABLE COMPANY IN ~~ | THE WINE PRODUCTS INDUSTRY * © 2024 CORTICEIRA AMORIM af Dee 4 ‘ s World Finance Sustainability Caixa Geral de Depésitos Amorim Sports’ infields won the Awards awards Corticeira Amorim’s National Award for Sustainability ESG practices (Circ
Slide 17: In brief: Community programmes
In brief Green Cork Schools: a programme of Quercus in partnership with Corticeira Amorim Read more The “Suber-Protected Villages” Programme Read more Crafting a circular future Ex =, % 4UOD ~ Amorim Cork is a founding partner of Cork Collective Iniciative Read more FY24 AMORIM 7
Slide 18: In brief
In brief AMORIM Corticeira Amorim and its Women’s Inspiring Paths: Wellness Week at Corticeira employees contributedtoover _ International Women’s Day Amorim 300 families supported by Casas Amigas, in partnership with AMI Read more Read more Read more FY24 AMORIM 18
Slide 19: In brief: Amorim News
In brief 2.NEWS NEWS oR, ANORNINEWS ews Amorim News: 40 Years Launch of a new corporate Corticeira Amorim Auditorium of Future video “Roots of Innovation” at Universidade Catolica Portuguesa FY24 AMORIM 19
Slide 20: In brief: Cork in the Olympics and design
In brief 2024 Paris Olympic Games * Cork at the 2024 Paris Olympic The Cork House by CharlesWu The National Autistic Society Games wins the 2023 AIA Design Garden at the RHS Chelsea Award and the 2024 Surface Flower Show Design Award Read more Read more Read more FY24 AMORIM 20
Slide 21: In brief: Cork exhibitions
In brief “Exploring Art and Inequality”,an "Spirit of Place”, aninstallation © Amorim Cork Composites hosted exhibition by Leonor Antunes at by Simone Brewster, presented the debate on performance and the Gulbenkian CAM, is set on at the Material Matters CO2 reduction in construction, at cork floori
Slide 22: Consolidated Performance
AMORIM Consolidated Performance
Slide 23: Key Figures
Key Figures Sales decreased 4.7% to 939.1ME€ : «Amorim Florestal: -1.0% «Amorim Cork: -3.6% + Amorim Cork Flooring: -13.3% + Amorim Cork Composites: +2.7% * Amorim Cork Insulation: -13.6% FX negatively impacted sales: + Totalimpact:-1.1 M€ (FY23:-13.0 M€); EBITDA margin of 16.8% (FY23: 18.0%): - EBI
Slide 24: Key Figures
Key Figures Non-recurrent results of 1.4 M€; at Amorim Cork Flooring, non-recurrent gains resulting from the sale of Timberman (13.8 M€) were more than offset by restructuring costs (5.4 M©) and non-recurrent from product lines discontinuation (9.1M€); Net Income decreased to 69.7 M€ (FY23: 88.9 M€)
Slide 25: New Organisational Model
New Organisational Model Creation of Amorim Cork Solutions, bringing together Amorim Cork Flooring, Amorim Cork Composites and Amorim Cork Insulation, effective from January 1, 2025; More efficient management of the 'non-stoppers' operations and enhanced industrial, commercial and support synergies
Slide 26: Sustainability reporting and corporate bodies
Sustainability reporting according to ESRS, Development of a double-materiality matrix, Revision of the Sustainability Strategy Election of the Corporate Bodies for 2024-26, AGM approved the Remuneration Policy for 2024- 26
Slide 27: Business Units
AMORIM Business Units
Slide 28: Vertical Integration
Vertical Integration CORTICEIRA AMORIM [ l l l AMORIM AMORIM AMORIM AMORIM AMORIM FLORESTAL CORK CORK CORK CORK FLOORING COMPOSITES INSULATION FY24 AMORIM 23
Slide 29: Amorim Florestal sales and EBITDA
+14.5% -1.0% 450. 0 400. 0 350. 0 300. 0 250. 0 200. 0 150. 0 100. 0 50. 0 0. 0 250. 0 25. 0% 200. 0 20. 0% 150. 0 15. 0% 100. 0 10. 0% 50. 0 5. 0% 0. 0 0. 0%
Slide 30: Amorim Cork sales and EBITDA
+0.7% -3.6% 800. 0 700. 0 600. 0 500. 0 400. 0 300. 0 200. 0 100. 0 0. 0 250. 0 20. 0% 200. 0 150. 0 10. 0% 100. 0 50. 0 0. 0 0. 0%
Slide 31: Amorim Florestal + Amorim Cork
+0.6% -4.2% 800. 0 700. 0 600. 0 500. 0 400. 0 300. 0 200. 0 100. 0 0. 0 250. 0 25. 0% 200. 0 20. 0% 150. 0 15. 0% 100. 0 10. 0% 50. 0 5. 0% 0. 0 0. 0%
Slide 32: Amorim Cork Flooring sales and EBITDA
450. 0 400. 0 350. 0 300. 0 -30.1% -13.3% 250. 0 200. 0 150. 0 100. 0 50. 0 0. 0 50. 0% 220. 000 40. 0% 170. 000 30. 0% 20. 0% 120. 000 10. 0% 70. 000 0. 0% 20. 000 - 10.0 % - 30.0 00 - 20.0 %
Slide 33: Amorim Cork Composites sales and EBITDA
450. 00 400. 00 350. 00 -3.8% +2.7% 300. 00 250. 00 200. 00 150. 00 100. 00 50. 00 0. 00 250. 0 25. 0% 200. 0 20. 0% 150. 0 15. 0% 100. 0 10. 0% 50. 0 5. 0% 0. 0 0. 0%
Slide 34: Amorim Cork Insulation EBITDA / Sales
450. 0 400. 0 350. 0 300. 0 +14.2% -13.6% 250. 0 200. 0 150. 0 100. 0 50. 0 0. 0 250. 0 40. 0% 30. 0% 200. 0 20. 0% 150. 0 10. 0% 0. 0% 100. 0 - 10.0 % 50. 0 - 20.0 % - 30.0 % 0. 0 - 40.0 % - 50.0 - 50.0 % EBITDA / SALES (%)
Slide 35: Key Financials
AMORIM Key Financials
Slide 36: 25.0% 000.0 20.0% 800.0 15.0% 600.0 10.0% 400.0 5.0% 200.0 0.0 0.0%
25.0% 1 000.0 20.0% 800.0 15.0% 600.0 10.0% 400.0 5.0% 200.0 0.0 0.0%
Slide 37: 1, 0. 0%
600 1, 000 500 800 400 600 300 400 200 200 100 0 0. 0% 0
Slide 38: 1, 25. 0% 20. 0% 15. 0% 10. 0% 5. 0% . 0% 2022
1, 000 25. 0% 800 20. 0% 600 15. 0% 400 10. 0% 200 5. 0% 0 0. 0% 2022 2023 2024
Slide 39: Sales by geographic areas / Sales by currency
Sales by geographic areas Sales by currency
Slide 40: Sales by Business Unit
Sales by Business Unit 12.9% 14% 09% m= Amorim Cork = Amorim Cork Flooring m= Amorim Cork Composites Amorim Cork Insulation = Amorim Florestal 2022 2023 2024 Amorim Florestal + Amorim Cork 74.2% 77.2% 77.3% Amorim Cork Flooring 12.5% 9.2% 8.3% Amorim Cork Composites 12.0% 12.0% 12.9% Amorim Cork Ins
Slide 41: EBITDA by BU
EBITDA by BU 22.2 Ll ee a 157.6 140.1 “8.1 [| “5.4 11.5 Amorim Florestal Amorim Cork AmorimCorkFlooring AmorimCork Composites Amorim Corkinsulation Outros EBITDA consolidado Values in million euros. FY24 AMORIM 4
Slide 42: EBITDA by BU
EBITDA by BU 185 135 85 35 “15 232 nS 216 1477 1263 1401 217 a7 251 222 23 8 “16 26 2022 2023 2024 Amerim Cork Insulation = Amorim Cork Composites = Amorim Cork Ficoring mAmorim Cork m Amorim Florestal Others EBITDA/Sales (%) 2022 2023 2024 Amorim Florestal + Amorim Cork 18.8% 21.1% 20.4% Amorim Cor
Slide 43: Key P&L Figures
Key P&L Figures 2022 2023 2024 yoy Sales 1,021.4 985.5 939.1 -4.7% Gross Margin 523.8 507.6 496.3 -2.2% Operating Coststincl. depreciation) 408.5 382.6 396.3 3.6% EBITDA 164.0 177.0 157.6 -11.0% Depreciation 48.6 51.9 57.6 11.0% EBIT 115.3 125.1 99.9 -20.1% Non-recurrent costs 0.8 -0.8 -1.4 83.2% Ne
Slide 44: 60. 0% 700.0 50. 0% 600.0 500.0 40. 0% 400.0 30. 0% 300.0 .
60. 0% 700.0 50. 0% 600.0 500.0 40. 0% 400.0 30. 0% 300.0 20. 0% 200.0 10. 0% 100.0 - 0. 0%
Slide 45: 450.0 30. 0% 400.0 25. 0% 350.0 300.0 20. 0% 250.0 15. 0% 0.0
450.0 30. 0% 400.0 25. 0% 350.0 300.0 20. 0% 250.0 15. 0% 200.0 150.0 10. 0% 100.0 5. 0% 50.0 - 0. 0% 6,500 6,000 5,500 5,000 4,500 4,000 3,500 3,000
Slide 46: Net Income
Net Income 14 | a2 ae | “16.6 Po 7.4 EBITDA Depreciation Non-recurrent costs Net financial Gains/(losses) Income tax Non-controlling results of Associates interests Values in million euros. 69.7 Net Income FY24 AMORIM 46
Slide 47: Financial Position
Financial Position December 31, 2020* December 31, 2021* December 31, 2022* December 31, 2023* December 31, 2024 Net Goodwill 13.7 9.8 18.9 23.9 29.2 Net Fixed Assets / Intangible Assets / Right of use / Biological assets 304.1 307.5 4201 467.4 460.9 Net Working Capital ** 407.7 358.3 4418 555.4 529
Slide 48: 600. 120% 600. 500. 100% 500. 400. 80% 400. 1. 0 300. 0 60%
600. 0 120% 600. 0 500. 0 100% 500. 0 400. 0 80% 400. 0 1. 00 300. 0 60% 300. 0 200. 0 40% 200. 0 100. 0 100. 0 20% 0. 0 0. 00 0. 0 0%
Slide 49: Net Debt evolution
11.9 120 314 10.7 — 43.0 -16.4 240.8 Net Debt Capex Dividends Paid — Acquisitions Disposals — Working Capital Taxes Other Financial Costs EBITDA Net Debt (Dec. 31,2023) Needs (Dec. 31,2024) Values in million euros. FY24 AMORIM 49
Slide 50: Debt maturity
3.4% 56.3% 17.2% 0.6% 22.5% < 1 year < 2 years < 3 years < 4 years > 5 years
Slide 51: Ratios
Ratios 2021 2022 2023 2024 Net Debt / EBITDA * 0.36 0.79 1.36 1.24 EBITDA/ Net Interest 167.7 148.6 52.6 45.0 Gearing 7.7% 17.3% 30.1% 23.4% NWC / Market capitalization 26.4% 38.1% 45.7% 49.5% NWC / Sales x 360 * 154.0 109.3 202.9 203.1 Free cash flow (FCF) 119.5 -139.6 -45.1 109.5 Capex 44.0 76.7 9
Slide 52: 130.0% 0. 110.0% 0. 90.0% 0. 70.0% 50.0% 0. 30.0% 0. 050 10.0% -0
130.0% 0. 450 110.0% 0. 350 90.0% 0. 250 70.0% 50.0% 0. 150 30.0% 0. 050 10.0% -0 . 050 -1 0. 0%
Slide 53: Stock Market
Stock Market rom: 2023-12-01 to 2025-02-11 rom: 2023-12-31 to: 2025-02-11 Ince non teded deys CD) Zoom: 1D 5D 1M 3M IY SY YTD MAX Include nontraded deys @ Zoom: 10 5D 1M 3M TY SY YTD MAX Price MJ conricerra amonmm [lesa price I conriceira amon ay helm loteen : a ir ~ Ml PTR ay EE 20 a — oe a pA o Se
Slide 54: Sustainable by nature
AMORIM Sustainable by nature
Slide 55: ESG Strategy
ESG Strategy: Promote the environmental features of the products and th Montado Climate Change Reduce the environmental impact of operations by adopting renewable, affordable and efficient solutions. Ecosystems and Biodiversity i \ Preserve the cork oak forests and ‘ecosystem services by increasing
Slide 56: ESG Ambition: 2030
ESG Ambition: 2030 (Portuguese operations | baseline 2020) 1 CLIMATE nario Zero 33.3% & carbon footprint women workers (scopes 1 and 2) AMORIM 100% 33.3% Sustainable by nature womenin controlled renewable , management electrical energy : positions 20% Zero recordable work- energy efficiency relatedi
Slide 57: Balanced and Agile Governance Model
Balanced and Agile Governance Model Anglo-Saxon Model Appointments, Evaluation and General Meetin; 9 5 8 Remuneration Committee Composed entirely of independent members Audit Committee Board of Directors Statutory Auditor Composed entirely of independent members - Company's Secretary Risk Committee
Slide 58: Balanced and Agile Governance Model
Balanced and Agile Governance Model Leveraging Board Effectiveness Non- Independent: independent 45.5% 54.5% Including an Independent Lead Director Term of Office: 2024-2026 Male: Female: 63.3% 36.4% 25% of women at the Executive Committee 46-55: +65: 18.2% 54.5% Combining vision, experience and cha
Slide 59: Shareholder Structure
Shareholder Structure AMERICO FERREIRA DE AMORIM FAMILY OFFICE ANTONIO FERREIRA AMORIM FAMILY OFFICE AMORIM INVESTIMENTOS E PARTICIPACGOES, SGPS, S.A. 10.32% CORTICEIRA AMORIM, SGPS, S.A. FREE-FLOAT Held directly and indirectly. Free-float includes 3,045,823 shares (2.29%) held by fund managed by Sa
Slide 60: Contact and Disclaimer
AMORIM Ana Negrais de Matos, CFA Corticeira Amorim, SGPS, S.A. IRO Rua Comendador Américo Ferreira Amorim, 380 T +351227 475.423 POBOX20 ana.matos@amorim.com 4536-902Mozelos, Portugal www.amorim.com T +351 22 747 54 00 F +35122 7475407 corticeira.amorim@amorim.com Disclaimer: This documenthas been p
Slide 61: www.amorim.com
www.amorim.com