Corticeira Amorim Sgps Sa · EURONEXT:COR
Corticeira Amorim Sgps Sa — Corticeira Amorim — H1 2026 Earnings Presentation
48 slides from Corticeira Amorim Sgps Sa's earnings presentation, Jul 29, 2026
Slide 1: Corticeira Amorim 1H2026
Corticeira Amorim 1H2026 July 29, 2026
Slide 2: In brief: ALØ, The Natural Choice for NOLO
In brief ALØ: The Natural Choice for NOLO A range of cork stoppers specifically developed for non-alcoholic or low- alcohol (NOLO) still and sparkling wines and spirits. Natural, technically robust and environmentally responsible, ALØ sets a new performance standard in cork stoppers for NOLO, offeri
Slide 3: In brief: Cork at NASA's Artemis II mission
In brief Cork at NASA’s Artemis II mission Amorim Cork Solutions’ cork-based solution was integrated into the Space Launch System, protecting spacecraft components from extreme conditions and ensuring mission integrity. This high-performance composite, known in the industry as P50, combines exceptio
Slide 4: In brief: Financial Times Europe's Climate Leaders 2026
In brief Corticeira Amorim among Financial Times Europe’s Climate Leaders 2026 The Financial Times Europe’s Climate Leaders 2026 is a ranking developed in partnership with data provider Statista that recognises European companies leading progress in greenhouse gas emissions reduction. Corticeira Amo
Slide 5: In brief: World Finance Magazine's Sustainability Awards
In brief World Finance Magazine’s Sustainability Awards Corticeira Amorim was awarded “Best Company for Carbon Reduction in the Wine Products Industry” and “Most Sustainable Company in the Wine Products Industry”. These distinctions recognise Corticeira Amorim’s leadership and capacity for innovatio
Slide 6: In brief: António Rios de Amorim honoured by AmCham
In brief António Rios de Amorim honoured by AmCham The American Chamber of Commerce in Portugal (AmCham) celebrated its 75th anniversary, reinforcing its longstanding role in strengthening economic ties between Portugal and the United States. António Rios de Amorim was recognised at the Game Changer
Slide 7: In brief
In brief Cork takes centre stage at Cork Pure Bar at Fuori Salone, Serralves: SAGG NAPOLI | “The Reflection of Bronze”, part of Milan Design Week IF WE STAY, WE STAY AWAKE by Giuseppe Penone Read more Read more Read more 1H26 7
Slide 8: In brief
In brief Corticeira Amorim renews its Corticeira Amorim recognised The Concours Mondial de commitment to act4nature as Sustainability Yearbook Bruxelles | CMB and Amorim Cork Portugal Member and Industry Mover have launched the first structured by S&P Global cork recycling programme Read more Read m
Slide 9: In brief
In brief “Turning the Curve. Driving the 5th Edition of Safety Forum Corticeira Amorim received Future.“ Annual Team Meeting the Caixa ESG - Supply Chain 2026 Award Read more Read more Read more 1H26 9
Slide 10: Consolidated Performance
Consolidated Performance 10
Slide 11: Key Figures
Key Figures Sales decreased by 5.8% to 445.8 M€: • Amorim Florestal: -9.9% • Amorim Cork: -7.2% • Amorim Cork Solutions: 0.0% Excluding changes in the consolidation perimeter, consolidated sales fell by 7.1%; FX negatively impacted sales: • Total impact: -5.4 M€ (1H25: -2.2 M€), • At constant exchan
Slide 12: Key Figures
Key Figures Non-recurrent results of -14.7 M€, mainly reflecting the restructuring plan of the final flooring segment (discontinuation of product lines and adjustment of the cost structure); Net Income totalled 25.2 M€ (1H25: 36.8 M€); Net Debt decreased to 63.6 M€ (YE25: 75.9 M€): • Dividends (46.6
Slide 13: Final Flooring
Final Flooring The restructuring process initiated in May 2024, aimed at protecting profitability and ensuring the long-term viability of the business, focused on: • Adapting production and support structures to the current sales volume, • Business repositioning, moving from a broad portfolio of pro
Slide 14: Recent Acquisitions
Recent Acquisitions Stake of 20% in TTOPS Rio Frio (January): • Diversification of revenue sources and enhanced land use of Herdade de Rio Frio, • A 25-year lease over 151 hectares of land also secured, enabling the development of mandarin cultivation operations; Stake of 50% in Scott Premium Closur
Slide 15: Business Units
AMORIM Business Units
Slide 16: Vertical Integration
Vertical Integration 75.9% 1H26 16
Slide 17: Amorim Florestal
Amorim Florestal Sales Sales decreased by 9.9% to 105.9 M€ Lower prices negatively impacted sales, while a poorer mix and lower -4.3% -9.9% activity levels across the other Business Units, particularly Amorim Cork, added further pressure; Positive EBITDA margin evolution, despite the negative impact
Slide 18: Amorim Cork
Amorim Cork Sales Sales decreased by 7.2% to 366.8 M€ An unfavourable product mix and lower volumes were the main drivers of +0.5% -7.2% sales performance in a challenging market environment affected by adverse global alcohol consumption trends and geopolitical tensions; 393.3 395.2 The sparkling wi
Slide 19: Amorim Florestal + Amorim Cork
Amorim Florestal + Amorim Cork Sales +0.1% -7.2% 397.8 398.3 400.0 369.5 350.0 300.0 250.0 200.0 150.0 100.0 50.0 0.0 1H 24 1H 25 1H26 EBITDA 23.5% 21.0% 20.3% 250.0 25.0% 200.0 20.0% 150.0 15.0% 100.0 93.6 83.8 74.9 10.0% 50.0 5.0% 0.0 0.0% 1H 24 1H 25 1H26 EBITDA / SALES (%) Values in million euro
Slide 20: Amorim Cork Solutions
Amorim Cork Solutions Sales Stable sales at 81.7 M€ Despite the improvement in recent months, sales were negatively -25.6% +0.0% affected by the depreciation of the US dollar – excluding this impact, sales would have increased by 2.4%; Strong performances in the Aerospace, Sealing and Sports segment
Slide 21: Key Financials
AMORIM Key Financials
Slide 22: Sales & EBITDA
Sales & EBITDA 1,021.4 985.5 25.0% 939.1 1 000.0 837.8 861.0 19.1% 19.0% 781.1 20.0% 763.1 18.0% 800.0 740.1 16.7% 701.6 16.1% 16.4% 16.0% 16.0% 15.4% 15.5% 641.4 17.6% 14.4% 604.8 16.6% 16.8% 14.4% 14.6% 15.0% 600.0 534.2 542.5 560.3 494.8 456.8 10.0% 400.0 164.0 177.0 157.6 141.0 5.0% 133.6 134.0
Slide 23: Sales EBITDA
Sales EBITDA -5.5% -5.8% 600 600 18.9% 500 500.7 18.4% 18.4% 473.1 500 445.8 400 400 300 300 200 200 100 100 94.4 86.9 82.1 0 0 0.0% 1H 24 1H 25 1H26 1H 24 1H 25 1H26 Values in million euros. 1H26 23
Slide 24: Sales | Gross Margin | EBITDA | EBIT
Sales | Gross Margin | EBITDA | EBIT 600 25.0% 550 500.7 473.1 500 20.0% 445.8 18.4% 450 18.9% 400 18.4% 15.0% 350 271.4 300 256.8 246.2 250 10.0% 200 150 94.4 86.9 5.0% 100 82.1 65.0 54.9 52.3 50 0 0.0% 1H 24 1H 25 1H 26 Sales Gross Margin EBITDA EBIT EBITDA / Sales (%) Values in million euros. 1H2
Slide 25: Sales to more than 100 countries
Sales to more than 100 countries Sales by geographic areas Sales by currency 74.2% 18.3% 60.6% 5.8% 19.9% 1.0% 5.4% 0.0% 0.3% 5.5% 2.8% 0.7% 1.5% 1.7% EU * USA Rest of America Australasia Portugal Rest of Europe Africa EUR USD DKK ZAR AUD GBP CHF Others * Includes Switzerland and Norway and excludes
Slide 26: Sales by Business Unit
Sales by Business Unit 80.9% 18.3% 0.6% Amorim Cork Amorim Cork Solutions Amorim Florestal 1H24 1H25 1H26 Amorim Florestal + Amorim Cork 78.1% 82.7% 81.7% Amorim Cork Solutions 21.8% 17.2% 18.3% 100% 100% 100% 1H26 26
Slide 27: EBITDA by Business Unit
EBITDA by Business Unit 10.4 82.1 -1.6 67.0 6.4 Amorim Florestal Amorim Cork Amorim Cork Solutions Others Consolidated EBITDA Values in million euros. 1H26 27
Slide 28: EBITDA by Business Unit
EBITDA by Business Unit Amorim Cork Solutions Amorim Cork Amorim Florestal Others 8.0 0.9 5.7 6.4 84.7 73.1 67.0 6.4 7.1 10.4 -4.6 -1.6 1H 24* 1H 25 1H 26 EBITDA/Sales (%) 1H 24 1H 25 1H 26 Amorim Florestal + Amorim Cork 23.5% 21.0% 20.3% Amorim Cork Solutions 5.8%* 8.7% 12.7% Consolidated 18.9% 18.
Slide 29: Key P&L Figures
Key P&L Figures 1H 24 1H 25 1H26 yoy Sales 500.7 473.1 445.8 -5.8% Gross Margin 271.4 256.8 246.2 -4.1% Operating Costs (incl. depreciation) 206.4 201.9 193.9 -3.9% EBITDA 94.4 86.9 82.1 -5.5% Depreciation 29.4 32.0 29.9 -6.6% EBIT 65.0 54.9 52.3 -4.8% Non-recurrent costs 5.3 0.9 14.7 n.m. Net finan
Slide 30: Key P&L Figures
Key P&L Figures 2Q25 2Q25 2Q26 yoy Sales 266.0 243.7 234.8 -3.6% Gross Margin 140.0 131.1 130.4 -0.6% Operating Costs (incl. depreciation) 103.9 100.4 100.3 0.0% EBITDA 50.8 47.6 45.6 -4.2% Depreciation 14.7 16.9 15.6 -7.8% EBIT 36.0 30.7 30.0 -2.3% Non-recurrent costs 1.3 0.9 13.9 n.m. Net financia
Slide 31: Operating Figures
Operating Figures Operating costs 600.0 60.0% 500.0 50.0% 44.1% 400.0 40.0% 41.2% 43.1% 300.0 30.0% 206.4 201.9 193.9 200.0 20.0% 100.0 10.0% - 0.0% 1H 24 1H 25 1H 26 Total Operating Costs (current) / (Sales + Change in Manufactured Inventories) 1H 24 1H 25 1H 26 yoy External supplies 78.7 71.2 69.0
Slide 32: Staff
Staff Staff costs 600.0 30.0% 21.4% 21.8% 20.4% 500.0 25.0% 400.0 20.0% 300.0 15.0% 200.0 10.0% 102.4 101.3 97.4 100.0 5.0% - 0.0% 1H 24 1H 25 1H 26 Staff costs / Sales (%) Values in million euros. 6 500 Number of workers 6 000 5 500 4,926 4,878 4,644 4,640 5 000 4 500 4,448 4,419 4 000 3 500 3 000
Slide 33: Net Income
Net Income 82.1 -29.9 2.1 -14.7 -1.4 -9.4 25.2 -3.6 EBITDA Depreciation Non-recurrent results Net financial Gains/(losses) Income tax Non-controlling Net Income results of Associates interests Values in million euros. 1H26 33
Slide 34: Financial Position
Financial Position December 31, June 30, December 31, June 30, December 31, June 30, 2023 * 2024 2024* 2025 2025* 2026 Net Goodwill 23.9 23.9 29.2 29.0 29.1 29.1 Net Fixed Assets / Intangible Assets / Right of Use / Biological 467.4 457.5 460.9 440.4 440.5 415.9 Assets Net Working Capital ** 555.4 5
Slide 35: Net Working Capital and Net Debt
Net Working Net Debt Capital 60.0 585.8 120% 600.0 5.00 50.0 494.6 100% 500.0 4.00 419.3 400.0 40.0 80% 3.00 61.9% 300.0 52.3% 30.0 60% 237.5 47.0% 2.00 200.0 1.4x 20.0 40% 153.1 1.00 1.0x 63.6 100.0 10.0 20% 0.5x 0.0 0.00 0.0 0% 1H 24 1H 25 1H26 1H 24 1H 25 1H26 NET DEBT / EBITDA NWC / SALES Curren
Slide 36: Net Debt
Net Debt 46.6 5.4 3.0 -15.0 4.6 8.3 13.7 75.9 63.6 -82.1 Net Debt Capex Acquisitions Share Buyback Dividends Paid Working Capital Taxes Other EBITDA Net Debt (Dec. 31, 2025) Programme Needs (Jun. 30, 2026) * Acquisition of stakes in Scott Premium Closures and Trefinos Values in million euros. 1H26 3
Slide 37: Debt Profile
Debt Profile Breakdown by maturity 2.9% 58.8% 0.6% 37.3% 0.5% < 1 year < 2 years < 3 years < 4 years > 5 years 2022 2023 2024 2025 1H26 Fixed 40% 27% 26% 21% 21% Variable 60% 73% 74% 79% 79% Sustainable financing 40% 38% 54% 67% 61% Average cost of debt 1.2% 3.1% 3.7% 2.3% 2.3% Average maturity 2.0
Slide 38: Ratios
Ratios 1H24 2024 1H25 2025 1H26 Net Debt / EBITDA * 1.42 1.24 1.02 0.54 0.47 EBITDA / Net Interest 45.5 45.0 143.6 86.7 965.5 Gearing 29.3% 23.4% 18.6% 9.0% 7.8% NWC / Market capitalization 48.9% 49.5% 47.0% 49.5% 49.3% NWC / Sales x 360 * 222.7 203.1 188.2 181.7 169.3 Free cash flow (FCF) 45.4 109.
Slide 39: Dividends
Dividends 0.700 0.600 Sustainable and steadily growing +10.3% +9.4% +7.4% 0.500 dividend 0.350 0.400 In 2025, total dividend payments amounted 0.320 0.290 0.290 0.290 to 42.6 M€, an increase of 10.3% from the 0.270 0.300 previous year. 0.200 The Shareholders‘ General Meeting held on May 4 approved t
Slide 40: Stock Market
Stock Market 2021 2022 2023 2024 2025 1H26 Qt. of shares traded 11,448,484 19,946,784 13,258,212 13,859,154 27,313,410 21,565,305 Share price (€): Maximum 12.700 11.360 10.620 10.080 8.550 7.160 Average 11.031 9.864 9.664 9.115 7.615 6.663 Minimum 9.860 8.500 8.740 7.900 6.360 6.040 Period-end 11.28
Slide 41: Sustainable by nature
AMORIM Sustainable by nature
Slide 42: ESG Strategic Pillars
ESG Strategic Pillars Ethics and integrity Act ethically, transparently and responsibly, in favour of competitiveness and the creation of sustainable value for all stakeholders and the planet Climate change Labour relations, Value chain Reduce the environmental impact of employment and DEI Reinforce
Slide 43: ESG Ambition: 2030
ESG Ambition: 2030 (Sustainability targets perimeter | baseline 2020) -42%* scopes 1 & 2 1 million cork oak trees -25%* scope 3 planted (FIP) 100% 50%* controlled renewable production units with electricity ISO 14001 certification 20% 33.3% energy efficiency women in management positions 40% Zero wa
Slide 44: Balanced and Agile Governance Model
Balanced and Agile Governance Model Leveraging Board Effectiveness Non- Independent: Men: Women: 46-55: +65: 18.2% independent: 45.5% 63.6% 36.4% 27.3% 54.5% 56-65: 54.5% Including an Independent 25% of women at the Executive Combining vision, experience Lead Director Committee and challenging appro
Slide 45: Balanced and Agile Governance Model
Balanced and Agile Governance Model Anglo-Saxon Model 1H26 45
Slide 46: Shareholder Structure
Shareholder Structure AMÉRICO FERREIRA DE AMORIM FAMILY OFFICE ANTÓNIO FERREIRA AMORIM FAMILY OFFICE 50% 50% AMORIM INVESTIMENTOS E PARTICIPAÇÕES, SGPS, S.A. 51% 10.32% 10.09% CORTICEIRA AMORIM, SGPS, S.A. 28.59% FREE-FLOAT 1H26 46
Slide 47: www.amorim.com
www.amorim.com Ana Negrais de Matos, CFA Corticeira Amorim, SGPS, S.A. IRO Rua Comendador Américo Ferreira Amorim, 380 T +351 227 475 423 PO BOX 20 T +351 22 747 54 00 F +351 22 747 54 07 ana.matos@amorim.com 4536-902 Mozelos, Portugal corticeira.amorim@amorim.com Disclaimer: Without prejudice to th
Slide 48: www.amorim.com
www.amorim.com