Slide 1: Results 9M25
Results 9M25 October 23, 2025 1
Slide 2: Growth in main financial figures
Results 9M25 Growth in main financial figures 9M25 Key indicators Reported. Year-on-year change Like-for-like. Year-on-year change1 €936.9 €218.2 23.3 % €108.6 million million EBITDA million Revenue EBITDA Margin Net profit2 +4.3% +5.7% +0.3p.p. +2.2% +5.5% +7.3% +0.4p.p. 1 Like-for-like growth excl
Slide 3: Sound like-for-like growth eroded by forex
Results 3Q25 Sound like-for-like growth eroded by forex 3Q25 Key indicators Reported. Year-on-year change Like-for-like. Year-on-year change1 €318.1 €73.1 23.0 % €38.9 million million EBITDA million Revenue EBITDA Margin Net profit2 +4.3% -2.3% -1.5p.p. +3.7% +7.5% +6.5% -0.2p.p. 1 Like-for-like gro
Slide 4: Like-for-like growth acceleration in TB and NB
Like-for-like growth acceleration in TB and NB Against an adverse forex environment and with lower energy revenue Quarterly revenue Growth contribution (p.p.) +8.4p.p. +6.1% +4.5p.p. +4.3% +2.7p.p. +2.7% +1.3p.p. +1.1p.p. +1.0p.p. +1.4p.p. +0.8p.p. +0.5p.p. -0.9p.p. -3.7p.p. -4.0p.p. Like-for-like 1
Slide 5: All-time high in a third quarter
All-time high in a third quarter Driven by Traditional Business and New Business Group revenue. Quarterly 2024 2025 TB. Traditional Business NB. New Business Energy € million 318.1 311.5 307.3 305.7 303.4 305.1 289.7 +4.1% +0.3% +5.2% + 6.1% +10.9% + 2.7% +17.1% + 4.3% +7.6% vs. 1Q24 vs. 2Q24 vs. 3Q
Slide 6: Volume growth in all technologies in 9M
Volume growth in all technologies in 9M Together with a positive contribution from energy and acquisitions Revenue 9M25 € million +47.3 Mn +2.3 Mn -20.4 Mn +9.4 Mn 936.9 898.3 +4.3% +5.3 p.p. +0.2 p.p. -2.3 p.p. +1.1 p.p. Like-for-like 1 Like-for-like 1 Forex Change in the TB and NB 2 energy consoli
Slide 7: Growth in all regions
Growth in all regions Both in reported and in like-for-like terms Revenue 9M25 Breakdown by geographical division1 380.8 385.5 291.6 278.9 NAM EMEA + 8.3% + 4.6% + 1.2% +1.6% Like-for-like2 vs. 9M24 9M24 9M25 9M24 9M25 vs. 9M24 Like-for-like2 31% 41% Group €936.9 million 15% 137.4 122.6 SAM 13% 122.
Slide 8: Higher revenue in all divisions in 9M
Higher revenue in all divisions in 9M Volume growth in all technologies and contribution from new companies to the scope of consolidation Revenue 9M25 Breakdown by business division 772.1 748.2 Traditional 120.7 Business. TB 107.9 + 3.2% +11.9% vs. 9M24 9M24 9M25 Group 9M24 9M25 vs. 9M24 82% €936.9
Slide 9: Growth in EBITDA and EBIT
Growth in EBITDA and EBIT Operating leverage driven by volume together with production efficiencies versus inflation in collagen hides and forex P&L 9M25 Year-on-year change +7.2% +7.3% +7.3% +5.5% +6.0% +5.7% +4.3% +2.2% +1.7% Revenue Revenue Cost of Personnel Other operating EBITDA EBITDA D&A EBIT
Slide 10: Improvement in both reported EBITDA and margin
Improvement in both reported EBITDA and margin EBITDA growth of 7.3% in like-for-like terms EBITDA 9M25 EBITDA margin 9M25 € million +15.1 -3.2 -0.04 218.2 23.3% 206.4 23.0% +5.7% 9M25 vs. 9M24 +7.3p.p. -1.6p.p. 0.0p.p. +0.3p.p. vs. 9M24 Like-for-like 1 Forex Change in the consolidation scope 9M24 9
Slide 11: Delivering yet another quarter of EBITDA growth in like-for-like terms
Delivering yet another quarter of EBITDA growth in like-for-like terms Quarterly EBITDA EBITDA Margin 3Q25 € million 2024 2025 2025 Like-for-like 79.7 78.9 76.3 77.7 74.8 73.1 68.8 70.0 64.1 24.5% 24.3% 61.6 23.0% +6.5% vs. 3Q24 -2.3% vs. 3Q24 1Q 2Q 3Q 4Q 3Q24 3Q25 3Q25 reported Like-for-like 11
Slide 12: Operating growth eroded by exchange rate differences
Operating growth eroded by exchange rate differences EBIT to NET PROFIT Main components of the financial € million result. In € million 9M24 9M25 y-o-y € million 9M25 9M24 2.7 change EBIT 153.8 143.3 +7.3% -8.2-7.5 -19.3 Financial Exchange rate Financial result -25.5 -3.7 n.s. expenses differences T
Slide 13: Progressing in investment projects
Progressing in investment projects Anticipating the expected growth in collagen casings Capex executed in 9M25 Capex expected in 2025e € million € million 16% 14% Bag production Other recurrent investments 35% facility in Mexico 41% Collagen casings Capacity capacity expansion 25% Environment and sa
Slide 14: Strength of operating cash flow
Strength of operating cash flow Mainly intended for extraordinary remuneration to shareholders Net Bank Debt1 evolution € million -€43.2 million 228.7 -18.9% 170.8 Inventory reduction 185.5 146.9 0.6x EBITDAe 2025 Balance sheet strength as a source of opportunities December March June September 2024
Slide 15: Guidance update
Guidance update In line with the medium-to-high range of fulfilment once the forex evolution has been updated Revenue EBITDA Net profit € million 1,265-1,300 -50 308-320 -18 166-172 -12 1,204 1,215-1,250 157 154-160 290-302 285 December 2025 Forex impact 2025 December 2025 Forex impact 2025 December
Slide 16: To wrap-up
To wrap-up 1_ 2_ 3_ 4_ Substantial volume Higher revenue and High cash flow All-time high in growth –above the production generation, driven by main financial regular casings efficiencies against operating strength figures in 9M25 that market growth pace- an adverse Forex and working capital set the
Slide 17: Appendix. P&L 3Q25
Appendix. P&L 3Q25 Like-for-like1 € million 3Q25 3Q24 % y-o-y % y-o-y Revenue 318.1 305.1 +4.3% +7.5% EBITDA 73.1 74.8 -2.3% +6.5% EBITDA margin 23.0% 24.5% -1.5 p.p. -0.2 p.p. Operating profit 52.0 54.0 -3.7% Profit before taxes 44.6 49.7 -10.2% Taxes -6.5 -12.2 -46.4% Net profit 38.9 37.5 +3.7% 1
Slide 18: Appendix. P&L 9M25
Appendix. P&L 9M25 Like-for-like1 € million 9M25 9M24 % y-o-y % y-o-y Revenue 936.9 898.3 +4.3% +5.5% EBITDA 218.2 206.4 +5.7% +7.3% EBITDA margin 23.3% 23.0% +0.3p.p. +0.4p.p. Operating profit 153.8 143.3 +7.3% Profit before taxes 128.3 139.6 -8.1% Taxes -20.5 -33.3 -38.5% Net profit 108.6 106.3 +2
Slide 19: Appendix. Alternative Performance Measures
Appendix. Alternative Performance Measures The Alternative Performance Measures included in this report are as follows: • The EBITDA, or operating profit before depreciation and • Net bank debt: This is calculated as non-current borrowings amortization, is calculated excluding depreciation and plus
Slide 20: Appendix. Disclaimer
Appendix. Disclaimer This document may include statements about This circumstance must be considered mainly for all intentions, expectations or forecasts of the persons or entities that may have to take decision, Company additional to the mandatory financial develop or spread opinions relative to va