Aquafil Group
[ECNL:IM] - [ECNLF: OTCQX]
FY 2025
Financial Results
March 12, 2026
Key Messages
✓
✓
Strong growth in absolute value and percentage marginality
Improving Net Financial Position
✓
✓
Volumes increased compared to FY 2024
Decrease in raw material costs and consequently lower revenues
✓
✓
Ongoing cost rationalization project 2026 KPI update
Financial Results
Revenues
EBITDA
Net Result
NFP
2024 | 2025 | Δ% |
542,1 | 520,8 | (3,9)% |
126,1 | 118,8 | (5,7)% |
2024 | 2025 | Δ% |
62,4 | 72,4 | 16,1 % |
11,5 % | 13,9 % | |
14,3 | 17,5 | 22,2 % |
11,3 % | 14,7 % |
2024 | 2025 | Δ% |
(16,3) | (4,7) | 71,2 % |
(3,0)% | (0,9)% | |
(7,5) | (5,1) | 32,1 % |
(6,0)% | (4,3)% |
31.12.24 | 31.12.25 | Δ% |
(213,5) | (209,5) | (1,9)% |
FY
% on Revenues
4Q
% on Revenues
USA
Strong BCF market
EMEA
broadly in line
APAC
soft market
ECONYL®
60,4%
of Fiber Revenues
Higher vs FY 2024
Mainly thanks to
an
effective procurement policy and
Efficiencies/cost containment actions
Improved vs FY 2024
Nevertheless the impact of nonrecurring items
Mainly due to
EBITDA increase, lower interest expenses
and positive FX changes
Lower vs Dec. 24
NFP/EBITDA LTM
x2,89
on 31st December 2025
x3,42
on 31st December 2024
Volumes
+6,2%
compared to 4Q 2024
+4,4%
compared to FY 2024
(on First Grade Products)
Financial
Results
Volumes and Revenues Variation by Components
Revenues variation by components
Index 100
FY 2024 | Volume | Price, FX & Sales Mix | FY 2025 |
4Q 2024 | Volume | Price; FX & Sales Mix | 4Q 2025 |
Financial Results | Quantity Variations %
(on First Grade Product Revenues)
FY25 vs FY24
4Q25 vs 4Q24
EMEA
Volumes +5,1% vs FY24 and +2,8% vs 4Q24:
BCF slower than FY2024
NTF still soft but increasing in 4Q
Polymers growing volumes with a solid EP performance
USA
Volumes +9,4% vs FY24 and +16,6% vs 4Q24 :
Important increase in BCF market
NTF still soft
Asia
Volumes (6,6)% vs FY24 and +1,9% vs 4Q24:
Softer market vs FY2024
Financial Results | Revenues Breakdown
% by Product Line
6
FY24 vs FY25 4Q24 vs 4Q25
Financial Results | Revenues Breakdown
% by Geographical Area
FY24 vs FY25 4Q24 vs 4Q25
60,4%
of 9M25 fibers revenues from ECONYL® and other regenerated fibers
Financial
4Q24 vs 4Q25
FY24 vs FY25
Results
ECONYL®
Revenues on fibers
FY | 4Q | ||||||
2024 | 2025 | Δ% | 2024 | 2025 | Δ% | ||
Financial Results | Revenues EBITDA % on net Sales | 542,1 62,4 11,5% | 520,8 72,4 13,9 % | (3,9)% 16,1 % | 126,1 14,3 11,3% | 118,8 17,5 14,7% | (5,7)% 22,2 % |
P&L | EBIT* % on net Sales | 3,3 0,6 % | 6,6 1,3% | 98,9 % | (0,6) (0,5)% | (0,4) (0,4)% | (27,1)% |
KPI | EBT* | (17,6) | (4,9) | 71,9 % | (7,3) | (5,3) | 27,8 % |
% on net Sales | (3,2)% | (1,0)% | (5,8)% | (4,4)% | |||
NET RESULT* | (16,3) | (4,7) | 71,2 % | (7,5) | (5,1) | 32,1 % | |
% on net Sales | (3,0)% | (0,9)% | (6,0)% | (4,3)% | |||
* Include nonrecurring costs Data in € million | |||||||
Financial Results | Net Financial Position
NFP
209,5 €/mln on December 31, 2025
vs 213,5 €/mln on December 31, 2024
Ratio NPF/EBITDA
x2,89 on December 31, 2025
vs x3,42 on December 31, 2024
NFP - €/mln NFP/EBITDA
Financial Results | NFP evolution €/mln
2026 Industrial Plan: updated expectations
Volumes by business lines
Plastics
BCF - Carpet yarn NTF - Textile yarn EP - Engineering
'25A vs '24A
+1,4%
(2,6)%
+11,8%
NEW '26E vs '25A
From +3% to +7%
From +7% to +10%
From +3% to +7%
Old '26E vs '25A From +2% to +4% From +4% to +7% From +1% to +2%
EBITDA (old vs new)
90 - 96
(37)
15
(4)
79 - 83
15
Data in €/mln.
Cost saving deriving from the rationalization prj. and lower volumes
2026 Industrial Plan: updated expectationsNet Financial Position (old vs new)
19
7
4
(2)
185 - 195
157 - 167
Data in €/mln
Positive NFP means debt and includes the IFR 16 effects
Outlook
2025 saw a very strong performance compared to the previous year, especially in terms of margins. FY 2026 will focus on rationalizing costs, consolidating margins, and increasing volumes in key businesses. The Group will continue to benefit from the cost rationalization plan, with a positive impact expected in terms of profitability over the coming quarters. The main financial management goal will be to continue to pursue deleveraging and cash flow optimization. The macroeconomic backdrop of recent weeks calls even more for constant market monitoring. Our global presence and distinctive positioning in ECONYL® brand regenerated fibers enable the Company to look to the future with confidence, focused on sustainable growth and the progressive strengthening of market leadership.4. Annexes
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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.
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:
|
€/ton
Source: Tecnon OrbiChem, a ResourceWise company
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Annex - Consolidated Income StatementCONSOLIDATED INCOME STATEMENT €/000 | December 2024 | of which non-current | December 2025 | of which non-current | Fourth quarter 2024 | of which non-current | Fourth quarter 2025 | of which non-current |
Revenues | 542.135 | 0 | 520.836 | 0 | 126.060 | 0 | 118.814 | 0 |
of which related parties | 9 | 12 | ( 9) | 5 | ||||
Other Revenues | 8.908 | 42 | 13.490 | 252 | 2.290 | 10 | 4.497 | 239 |
of which related parties | 325 | 352 | 99 | 81 | ||||
Total Revenues and Other Revenues | 551.043 | 42 | 534.326 | 252 | 128.350 | 10 | 123.312 | 239 |
Raw Material | ( 250.433) | 0 | ( 225.068) | ( 794) | ( 54.242) | 0 | ( 50.193) | ( 575) |
of which related parties | 0 | ( 9) | ( 0) | ( 3) | ||||
Services | ( 122.784) | ( 253) | ( 126.783) | ( 2.978) | ( 30.125) | 232 | ( 28.506) | ( 590) |
of which related parties | ( 650) | ( 697) | ( 119) | ( 190) | ||||
Personel | ( 121.641) | ( 1.641) | ( 122.383) | ( 4.119) | ( 30.999) | ( 424) | ( 31.268) | ( 1.780) |
of which related parties | 0 | ( 0) | 0 | 0 | ||||
Other Operating Costs | ( 3.290) | ( 244) | ( 3.254) | ( 363) | ( 879) | ( 121) | ( 826) | ( 148) |
of which related parties | ( 70) | ( 70) | ( 17) | ( 17) | ||||
Depreciation and Amorti zation | ( 54.058) | ( 49.924) | ( 13.870) | ( 12.453) | ||||
Fixed asset write-offs | ( 42) | ( 3.543) | ( 23) | ( 1.606) | ||||
Provisions&Write-downs | 91 | ( 1.701) | ( 752) | 118 | ( 226) | 589 | ||
Capitalization of Internal Construction Costs | 4.435 | 4.935 | 1.094 | 1.349 | ||||
EBIT | 3.321 | ( 2.096) | 6.605 | ( 8.754) | ( 575) | ( 305) | ( 419) | ( 2.265) |
Income (loss) from Investments | 184 | 78 | 74 | 0 | ||||
of which related parties | 184 | 78 | 74 | 0 | ||||
Other Financial Income | 1.370 | 1.748 | 310 | 876 | ||||
of which related parties | 2 | 3 | 1 | 1 | ||||
Interest Expenses | ( 21.007) | ( 15.840) | ( 4.870) | ( 4.331) | ||||
of which related parties | ( 116) | ( 225) | ( 46) | ( 69) | ||||
FX Gains and Losses | ( 1.472) | 2.460 | ( 2.213) | ( 1.375) | ||||
Profit Before Taxes | ( 17.604) | ( 2.096) | ( 4.949) | ( 8.754) | ( 7.274) | ( 305) | ( 5.250) | ( 2.265) |
Income Taxes | 1.291 | 255 | ( 260) | 132 | ||||
Net Profit (Including Portion Attr. to Minority ) | ( 16.313) | ( 2.096) | ( 4.694) | ( 8.754) | ( 7.534) | ( 305) | ( 5.118) | ( 2.265) |
Net Profit Attributable to Minority Interest | 0 | 0 | 0 | 0 | ||||
Net Profit Attributable to the Group | ( 16.313) | ( 2.096) | ( 4.694) | ( 8.754) | ( 7.534) | ( 305) | ( 5.118) | ( 2.265) |
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