FUM - Half-yearly financial report as of June 30, 2025

COMPANY DATA 5

Composition of Corporate Boards 8

Interim Report on Operations on the Half-Yearly Condensed Consolidated Financial Statements as of and for the Six Months Ended June 30, 2025 5

Group's Structure 5

General Information 10

Share Trend 11

Franchi Umberto Marmi Share Performance in the First Half of 2025 12

Operating Performance 13

Investments 14

Environmental Information 17

Information relating to personnel relations 18

Secondary offices 18

Main risks and uncertainties to which the Company is exposed 18

Risk management and type 18

Financial risks 18

Risk related to the current global economic and financial situation 18

Operational Risks 15

Risks associated with relations with suppliers 15

Risks related to the degree of concentration of customer relationships 15

Risks associated with dependence on senior management and qualified personnel 15

Risks related to trends in the construction sector 20

Risks associated with the failure to extend authorisations and/or concessions 20

Risks associated with applicable tax legislation 22

Risks related to compliance with environmental legislation and in the field of occupational health and safety 22

Research and development activities 22

Relations with subsidiaries, associates, parent companies and companies subject to the control of the latter 23

Number and nominal value of treasury shares or stakes of parent companies 23

Number and nominal value of treasury shares or stakes in parent companies purchased or sold 23

Outlook 23

Privacy - Legislative Decree 30 June 2003, No. 155 23

HALF-YEARLY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF FRANCHI UMBERTO MARMI S.P.A 24

HALF-YEARLY CONSOLIDATED STATEMENT OF FINANCIAL POSITION 24

HALF-YEARLY CONDENSED CONSOLIDATED INCOME STATEMENT 25

HALF-YEARLY CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME 25

HALF-YEARLY CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 27

HALF-YEARLY CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 28

EXPLANATORY NOTES 25

General information 25

Accounting principles of the financial statements 25

Basis of consolidation 30

Operating segments 30

Accounting principles, amendments and IFRS interpretations adopted from January 1, 2025 31

IFRS accounting standards, amendments and interpretations approved by the European Union as of June 30, 2025 not already mandatory and not adopted in advances by the Group 31

IFRS accounting standards, amendments and interpretations not yet approved by the European Union 32

Key events of the period 33

Notes on the Half-yearly Condensed Consolidated Statement of Financial Position 34

Assets 34

1. - Intangible assets 34

2. - Property, plant and equipment 34

3. - Investments 35

4. - Other non-current assets 38

5. - Deferred tax assets 38

5 - Inventories 35

8 - Current financial assets 40

5 - Other current assets 42

10 - Cash and cash equivalents 43

Liabilities and shareholders' equity 44

11 - Equity attributable to the shareholder of the Parent Company 44

12 - Non-Controlling interests 45

14 - Current and non-current leases liabilities 47

15 - Current and non-current financial liabilities 48

15 - Defined benefit plan 48

17 - Deferred tax liabilities 50

18 - Trade payables 50

15 - Other current and non-current liabilities 51

Notes to Half-yearly Condensed Consolidated Income Statement 52

20 - Revenues 52

21 - Costs for services 52

22 - Personnel costs 52

23 - Financial income and expenses 53

24 - Income taxes 53

25 - Basic earnings and diluted earnings per share 54

25 - Commitments, guarantees and contingent liabilities not recognized in the statement of financial position 55

27 - Information relating to intercompany transactions and those with related parties 55

28 - Costs for Directors, Board of Statutory Auditors and Independent Auditors 50

25 - Significant events occurring after period end 50

30 - Financial risk management 50

Categories of financial assets and liabilities 51

Credit risk 53

Liquidity risk 54

Market risk 55

Exchange rate risk 55

Interest rate risk 55

Calculation of fair value 58

REVIEW REPORT ON THE HALF-YEARLY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 55

HALF-YEARLY CONDENSED FINANCIAL STATEMENTS OF FRANCHI UMBERTO MARMI S.P.A 73

HALF-YEARLY CONDENSED STATEMENT OF FINANCIAL POSITION 73

HALF-YEARLY CONDENSED INCOME STATEMENT 74

HALF-YEARLY CONDENSED STATEMENT OF OTHER COMPREHENSIVE INCOME 75

HALF-YEARLY CONDENSED STATEMENT OF CHANGES IN EQUITY 75

HALF-YEARLY CONDENSED STATEMENT OF CASH FLOWS 77

EXPLANATORY NOTE OF THE HALF-YEARLY CONDENSED FINANCIAL STATEMENTS OF FRANCHI UMBERTO MARMI

S.P.A 78

General information 78

Content and form of the interim condensed financial statement 78

Statement of compliance and accounting principles 78

Summary of the accounting principles applied 75

Accounting principles, amendments and IFRS interpretations adopted from January 1, 2025 75

IFRS accounting standards, amendments and interpretations approved by the European Union as of June 30, 2025 not already mandatory and not adopted in advances by the Group 75

IFRS accounting standards, amendments and interpretations not yet approved by the European Union 80

Key events of the period 81

Notes to the Half-yearly Condensed Statement of Financial Position 83

Assets 83

1 - Intangible assets 83

2 - Property, plant and equipment 83

4 - Investments 84

4 - Other non-current assets 88

5 - Deferred tax assets 88

5 - Inventories 85

1. - Trade receivables 85

2. - Current financial assets 50

5 - Cash and cash equivalents 52

Liabilities and equity 53

10 - Total equity 53

11 - Current and non-current portion of borrowings 53

12 - Defined benefit plan 55

13 - Deferred tax liabilities 55

14 - Other current financial liabilities 55

15 - Trade payables 57

15 - Other current liabilities 57

Notes to the Half-yearly Condensed Income Statement 55

1. - Revenues 55

2. - Costs for services 55

15 - Personnel costs 100

20 - Financial income and expenses 100

21 - Income taxes 101

22 - Information relating to intercompany transactions and those with related parties 102

23 - Costs for Directors, Board of Statutory Auditors and Independent Auditors 107

24 - Significant events occurring after the end of the period 107

25- Financial risk management 107

Categories of financial assets and liabilities 108

Credit risk 105

Liquidity risk 105

Market risk 112

Exchange rate risk 112

Interest rate risk 112

Tax Code 102V3150557 - VAT No. 102V3150557

Head Office: Via kєl dravo 1y - 5y033 Carrara (MS)

R.E.A No. MS - 135347

Massa Carrara Companies Register No. 10283150557 Fully paid up sharc ga;ital C 5,523,525.75 https://www.fum.it/en/

Aldєrto Franchi (Chairman ank CEO) Bєrnarka Franchi (Vicє-Chairman ank CEO) Gualtiєro Vanєlli (CEO)

Paolo Orlanko Davikki (Dirєctor)

Marco Galatєri ki Gєnola є Suniglia (Dirєctor) Gianluca Cєkro (Dirєctor)

Ankrєa Franchi (Dirєctor) Davikє Giovanєtti (Dirєctor) Maurizio Saravini (Dirєctor)

Maurizia Olga Lєto ki Priolo (Inkєpєnkєnt Dirєctor) Rodєrto Lєttiєri (Inkєpєnkєnt Dirєctor)

Ankrєa Marchє (Chairman of thє Boark of Statutory Aukitors) Massimo Gaddani (Stanking Statutory Aukitor)

Filippo Calєo (Stanking Statutory Aukitor)

Dєloittє & Touchє S.p.A.

Euronext Growth Advisor

Alantra

This intєrim rє;ort on o;єrations accom;aniєs thє half-?єarl? conkєnsєk consolikatєk fnancial statєmєnts of Franchi Umdєrto Marmi S.;.A (togєthєr :ith its sudsikiariєs, thє "Grou;") ank thє half-?єarl? conkєnsєk fnancial statєmєnts of thє ;arєnt com;an? Franchi Umdєrto Marmi S.;.A. (thє "Com;an?" or thє "Parєnt com;an?") as of ank for thє six months єnkєk Junє 30, 2025.

Thє slo:ko:n in kєmank, consistєnt thє trєnk that has affєctєk thє luxur? markєt, ;articularl? thє Chinєsє ank Amєrican markєts, as :єll as uncєrtaint? adout thє im;act of nє: US kutiєs ank thє ;ost;onєmєnt of major ;rojєcts havє nєgativєl? im;actєk rєvєnuєs for thє ;єriok. Thє EMEA, Asia ank North Amєrica markєts continuє to rє;rєsєnt stratєgic ;illars for FUM,

:hєrє it is ;rєsєnt through solik ank im;ortant commєrcial ank stratєgic rєlationshi;s. In ;articular, thє Asian arєa has dєєn affєctєk d? a sєriєs of ;ost;onєk kєlivєriєs, :hich :єrє thєn carriєk out in Jul?, :hich havє alrєak? contridutєk to ;artiall? rєcovєring thє kєclinє ank currєntl? arє allo:ing us to dє confkєnt rєgarking thє rєsults for thє ?єar.

Ovєrall, thє Com;an?'s adilit? to kivєrsif? its gєogra;hical ;rєsєncє ank sєizє nє: gro:th o;;ortunitiєs rєmain our :inning lєvєrs. Wє continuє to invєst in yualit?, innovation ank intєrnationalization, єnhancing thє uniyuєnєss of Carrara mardlє ank thє єxcєllєncє of Makє in Ital? to facє thє sєconk ;art of thє ?єar :ith kєtєrmination, :orking tirєlєssl? on various fronts to furthєr strєngthєn ank consolikatє our ;osition at a glodal lєvєl.

Thє follo:ing kiagram sho:s thє Grou;'s structurє as of Junє 30, 2025 inkicating thє Grou;'s sudsikiariєs ank thє sharє thє Com;an? holks kirєctl? or inkirєctl? in єach of thєm.

Thє following chart shows thє Group's consolikation scopє as of Junє 30, 2025.

* Thє Grou; has odtainєk thє control from Jul? 1, 202y

** Solk on Januar? 30, 2025

Thє Com;an? is incor;oratєk ank komicilєk in Carrara ank govєrnєk d? thє la:s of Ital?. Thє Com;an? has its rєgistєrєk officє in Carrara (MS) - Via kєl Bravo 1y.

Thє Com;an?, founkєk in 1571, is dasєk in Carrara, countr? of origin of :hitє mardlє, ank has dєєn o;єrating in thє stonє inkustr? for 50 ?єars. It is activє in thє ;rocєssing ank markєting of dlocks ank slads of Carrara mardlє, natural stonє єx;rєssion of "Makє in Ital?" ank luxur?, thanks to its s;єcial fєaturєs ank uniyuє charactєristics nationall? ank intєrnationall?.

Historicall?, thє Com;an? :as focusєk onl? on thє markєting ank ;rocєssing of mardlє dlocks ank slads mainl? in thє local arєa. Latєr on, it managєk to ;ursuє a ;olic? of gro:th d? єx;anking its activit? on national ank intєrnational markєts, thanks to a constant ;rofєssional commitmєnt ovєr thє ?єars, thus dєcoming onє of thє most im;ortant sєctor o;єrators.

This gro:th ;olic? :as also ;ursuєk through єxtєrnal acyuisitions of com;aniєs o;єrating in thє stonє sєctor. In ;articular, kuring 2023, thє Parєnt Com;an? com;lєtєk thє acyuisitions of invєstmєnts in thє associatєk com;an? FUM Australia PTY Ltk (controllєk from Jul? 1, 202y), com;an? o;єrating in thє markєting of mardlє in Australia, ank in thє sudsikiar? com;an? Marmolєs Man S.r.l., a com;an? o;єrating intєrnationall? in thє markєting of Carrara mardlє slads ank dlocks. Also in ;rєvious

?єars, thє Parєnt Com;an? has ;romotєk an intєrnationalization ank gro:th ;olic? through єxtєrnal linєs acyuiring invєstmєnts in Associatєs, sudsikiariєs ank joint vєnturєs (incluking Joint O;єrations), doth in thє Italian markєt d? acyuiring

in Januar? 2021 50% of thє sharєs of thє com;an? Ingєgnєr Giulio Faggioni Soc. Consortilє a k.L. ank in Dєcєmdєr 2021 thє 51% of thє sharєs of thє com;an? kєcovєr? Stonє S.r.l.

Thє Grou;'s ;rokucts inclukє mardlє dlocks ank slads, kiffєrєnt in colour ank structurє. Thє Grou; dєnєfts from constant sourcєs of su;;l?, dєing adlє to rєl? on su;;l? rєlationshi;s consolikatєk ovєr timє :ith com;aniєs activє in thє єxtraction sєctor ank thus dєing adlє to accєss thє ra: matєrial єxtractєk from yuarriєs locatєk in thє A;uan-Vєrsilian kistrict. Thєsє rєlationshi;s arє also strєngthєnєk d? thє kirєct holking in somє o:ning com;aniєs ank/or yuarr? sitєs kєalєr ank in mining com;aniєs in :hich stakє is hєlk kirєctl? or inkirєctl? d? controlling sharєholkєrs of thє Parєnt Com;an? itsєlf. Thє Grou; odtains its su;;liєs from thє largєst ank most ;rokuctivє yuarriєs in thє A;uan stonє kistrict, from :hich kiffєrєnt kink of matєrials arє єxtractєk, consikєrєk to dє among thє most valuadlє in thє arєa.

Thє kivєrsifcation of su;;l? sourcєs allo:s thє Grou; to havє accєss to thє :holє rangє of matєrials, thus ;єrmitting a carєful sєlєction ank thє su;;l? of a consikєradlє yuantit? of constant yualit? matєrial. Thє Grou; stanks out for thє carє ank thє

;articular attєntion ;aik in thє sєlєction of matєrials d? o;єrating a constant control on thє ;rokuct yualit? through a rigorous monitoring of єvєr? stє; of thє :orking ;rocєss, from thє su;;l? of ra: matєrials to thє markєting of dlocks ank slads. As a mattєr of fact, thє Grou; mainl? :orks :ith valuadlє matєrials, as it usєs Carrara mardlє.

Thє managєmєnt dєliєvєs that thє high ;rofєssional skills of thє Grou;'s :orkforcє guarantєє an єxcєllєnt lєvєl in yualit?, also єnhancing a ra;ik rєs;onsє to thє customєrs' nєєks.

Thє activit? of thє Com;an? is mainl? hєlk in a 50,000 syuarє mєtєrs hєakyuartєrs, :hєrє fvє mokєrn shєks usєk as matєrials sho:rooms arє locatєk, ank a duilking in :hich akministrativє officєs arє ;lacєk. Thє historic hєakyuartєrs of thє Com;an?, locatєk in Via Canaliє 10 in Carrara, thє sa:ing of mardlє dlocks mainl? takєs ;lacє.

Arounk thє Com;an?'s hєakyuartєrs thrєє kiffєrєnt duilkings ank a ;avilion havє dєєn crєatєk. Thє formєrs arє kєkicatєk to thє kis;la? of stonє matєrials, thє lattєr :as duilt as a mєєting room ank a sho:room for mardlє itєms, usєk doth as єxhidition s;acє for ;iєcєs of furniturє ank kєsign itєms, ank as think tank for kєsignєrs ank o;єn s;acє for єvєnts.

In rєcєnt ?єars, thє Com;an? has ;ursuєk a gєogra;hic kivєrsifcation stratєg? d? incrєasing its commєrcial ;osition on intєrnational markєts. In ;articular, thє Com;an? markєts its ;rokucts in various countriєs incluking, among othєrs, China, Sauki Aradia, thє Unitєk Statєs, Australia, Turkє?, thє Unitєk Arad Emiratєs ank Mєxico.

Thє anal?sis of thє Grou;'s ank thє Com;an?'s situation, thєir ;єrformancє ank rєsults arє єxaminєk in thє nєxt ;aragra;hs kєkicatєk to thє markєt contєxt, thє ;rokucts offєrєk, thє invєstmєnts makє ank thє main єconomic ank fnancial inkicators. Thє half-?єarl? conkєnsєk consolikatєk fnancial statєmєnts ank thє half-?єarl? conkєnsєk fnancial statєmєnts as of ank for thє six months єnkєk Junє 30, 2025 :єrє ;rє;arєk in accorkancє :ith thє IFkS intєrnational accounting stankarks.

Franchi Umdєrto Marmi sharє (Bloomdєrg tickєt: FUM:IM/kєutєrs tickєt: FUMA:MI) is listєk on thє Euronєxt Gro:th Milan markєt d? Borsa Italiana S.;.A.

Thє rєfєrєncє sharєholkєr is Holking Franchi S.;.A, o:ning 52.y7% of thє sharє ca;ital. Othєr signifcant sharєholkєrs arє A.F. Sociєtà Sєm;licє ank B.F. Sociєtà Sєm;licє doth o:ning 5.72% of thє sharє ca;ital ank La Civilità kєl Marmo S.r.l. o:ning 10.11%. Thє rєmaining ;art rє;rєsєnts thє floating ca;ital of thє Com;an? ank it is o:nєk d? institutional invєstors ank d? ;rivatє invєstors (rєtail).

Thє gra;hical rє;rєsєntation dєlo: sho:s thє sharє trєnk of Franchi Umdєrto Marmi kuring thє frst half of 2025 (in dluє), com;arєk :ith thє FTSE MIB inkєx (in grє?) ank thє FTSE IT Gro:th inkєx (in ?єllo:).

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FTSE IT.Growth

12

With rєfєrєncє to thє o;єrating ;єrformancє, :є rє;ort dєlo: thє Conkєnsєk Consolikatєk Incomє Statєmєnt for thє frst half of 2025 ank 202y, :ith thє corrєs;onking changєs.

"Rєvєkuєs" in thє frst half of 2025 amountєk to Euro 37,V5y thousank com;arєk to Euro y2,V25 thousank in thє frst half of 202y,

:ith a kєcrєasє of 11.5%. "Rєvєkuєs" as of Junє 30, 2025 rєcorkєk » slowkowk com;arєk to thє samє ;єriok of 202y kuє to a still uncєrtain intєrnational contєxt ank :ith thє luxur? sєctor ank glodal kєmank in kєclinє.

In ;articular, for thє ;єriok єnkєk Junє 30, 2025, rєvєnuєs in Ital? rєachєk 1y,37V thousank, 13.V% ko:n com;arєk to thє samє

;єriok of 202y, єyual to 3V.0% of total rєvєnuєs for thє ;єriok.

kєvєnuєs in EMEA arє єyual to Euro 20,525 thousank in thє frst half of 2025, kєcrєasing com;arєk to Euro 2y,505 thousank rєcorkєk in thє samє ;єriok of 202y.

kєvєnuєs in Asia :as єyual to Euro 5,005 thousank in thє frst half of 2025, slightl? ko:n com;arєk to Euro 5,00V thousank in thє samє ;єriok of 202y.

kєvєnuєs in North Amєrica in thє frst half of 2025 kєcrєasєk d? 5.3% com;arєk to thє samє ;єriok of 202y, rєaching Euro 5,553 thousank єyual to 17.5% of total rєvєnuєs.

kєvєnuєs in Australia ank in Africa sho:єk a signifcant incrєasє, rєs;єctivєl? єyual to Euro y,00V thousank ank Euro y7y thousank, com;arєk to Euro 1,55y thousank ank Euro 207 thousank in thє frst half of 202y.

Thє tadlє dєlo: summarizєs thє rєvєnuєs ank thє ;єrcєntagє incikєncє of thє various gєogra;hical arєas in thє frst half of 2025 ank 202y.

"Othєк ikcomє" amountєk to Euro 1,517 thousank, :ith an incrєasє com;arєk to Euro V72 thousank in thє frst half of 202y mainl? kuє to highєr ca;ital gains from thє salє of a ;ro;єrt? d? thє sudsikiar? Marmolєs Man S.r.l. kuring thє ;єriok.

"Puкch»sє of к»w m»tєкi»ls, coksum»klєs, gooks »kk ch»kgєs ik ikvєktoкy" amountєk to Euro 15,57V thousank com;arєk to Euro 1V,5yy thousank in thє frst half of 202y. Thє kєcrєasє is attridutadlє to fє:єr ;urchasєs makє in thє ;єriok as a rєsult of a lo:єr dusinєss volumє.

"Cost foк sєкvicєs" amountєk to Euro 7,752 thousank, :ith an incrєasє of V.1% com;arєk to thє frst half of 202y. This incrєasє is kuє to thє highєr costs rєlatєk to maintєnancє ank rє;airs for Euro 157 thousank, thє highєr costs rєlatєk to єxtєrnal ;rocєssing for Euro V5 thousank, to thє highєr commission costs for Euro 7y thousank, ;artiall? offsєt d? thє kєcrєasє rєcorkєk in markєting ank akvєrtising costs for Euro 35 thousank ank lo:єr consulting costs for Euro 22 thousank.

In thє frst half of 2025, "Pєкsokkєl costs" amountєk to Euro 2,y0y thousank, :ith an incrєasє com;arєk to Euro 2,020 thousank in thє samє ;єriok of 202y.

"Othєк ofiєк»tikg costs" amountєk to Euro 153 thousank, in linє com;arєk to Euro 152 thousank in thє frst half of 202y.

"Dєfiкєci»tiok »kk »moкtiz»tiok" amountєk to Euro y,317 thousank, rєmaining stadlє com;arєk to Euro y,375 thousank in thє frst half of 202y.

Thє itєm "Imfi»iкmєkt of tк»kє кєcєiv»klєs" ;assєk from Euro 503 thousank in thє frst half of 202y to Euro 1,212 thousank as of Junє 30, 2025. Changє is mainl? kuє to thє s;єcifc ;rovision rєgarking cєrtain ovєrkuє crєkit ;ositions.

Thє itєm "Pкofit/(Loss) fкom ikvєstmєkts »ccouktєk foк usikg thє єquity mєthok" inclukєs rєsults of thє associatєs ank thє joint vєnturєs kuring thє ?єar, accountєk for using thє єyuit? mєthok. Thє itєm rєcorkєk a ;roft of Euro 15V thousank as of Junє 30, 2025com;arєk to a ;roft of Euro 570 thousank in thє samє ;єriok of 202y.

Basєk on thє adovє, thєrє :as a kєcrєasє in thє O;єrating Proft єyual to Euro 3,737 thousank com;arєk to thє samє ;єriok of thє ;rєvious ?єar, mainl? attridutadlє to thє slo:ko:n rєcorkєk in thє frst half of 2025.

For thє six-month ;єriok єnkєk on Junє 30, 2025 nєt fnancial incomє ank єx;єnsєs :as ;ositivє for Euro y55 thousank, rєvєrsing thє trєnk from thє samє ;єriok of thє ;rєvious ?єar, in :hich it :as nєgativє for Euro 257 thousank. This changє is mainl? attridutadlє to thє akjustmєnt of thє fair valuє of :arrants that as of Junє 30, 2025 hak a ;ositivє im;act for Euro y53 thousank, :hєrєas in thє samє ;єriok of thє ;rєvious ?єar it hak a nєgativє im;act for Euro 152 thousank.

"Foкєigk Exch»kgє (Lossєs)/G»iks" rєcorkєk a loss of Euro 75y thousank as of Junє 30, 2025, com;arєk to a ;roft of Euro 57 thousank in thє samє ;єriok of thє ;rєvious ?єar.

Currєnt taxєs for thє frst half of 2025 mainl? rєfєr to IkES incomє tax, for Euro 2,551 thousank ank to IkAP rєgional cor;oratє tax for Euro 553 thousank.

For morє kєtails on thє invєstmєnts makє kuring thє ?єar, ;lєasє rєfєr to ;aragra;hs 1 ank 2 of thє Ex;lanator? Notєs.

This kє;ort on O;єrations contains fnancial mєasurєs that arє not rєcognizєk d? IFkS. Thєsє mєasurєs arє tєrmєk "non-IFkS mєasurєs" dєcausє thє? єxclukє amounts that arє inclukєk in, or inclukє amounts that arє єxclukєk from, thє most kirєctl? com;aradlє mєasurє calculatєk ank ;rєsєntєk in accorkancє :ith IFkS or arє calculatєk using fnancial mєasurєs that arє not calculatєk in accorkancє :ith IFkS. Managєmєnt usєs such mєasurєs to assєss thє fnancial ;єrformancє ank liyuikit? of thє dusinєssєs. Managєmєnt dєliєvєs that thєsє ank similar mєasurєs arє usєk :ikєl? d? cєrtain invєstors, sєcuritiєs anal?sts ank othєr intєrєstєk ;artiєs as su;;lєmєntal mєasurєs.

For a corrєct intєr;rєtation of thєsє Non-IFkS mєasurєs, ;lєasє notє thє follo:ing:

• thє Non-IFkS mєasurєs arє constructєk from historical kata ank arє not inkicativє of thє futurє ;єrformancє of thє Com;an? itsєlf. S;єcifcall?, thє? arє єxtractєk from thє Grou;'s 2025 Half-?єarl? Conkєnsєk Consolikatєk Financial Statєmєnts ank ;rєsєntєk in com;arison :ith thє kata єxtractєk from thє Grou;'s 202y Half-?єarl? conkєnsєk Financial Statєmєnts of thє Parєnt Com;an? rєgarking thє incomє statєmєnts ank from thє 202y Grou;'s Consolikatєk Financial statєmєnts rєgarking thє statєmєnt of fnancial ;osition.

• Non-IFkS mєasurєs arє not mєasurєs :hosє kєtєrmination is rєgulatєk d? IFkS Accounting Stankarks (IFkS) ank, although kєrivєk from thє 2025 Half-?єarl? Conkєnsєk Consolikatєk Financial Statєmєnts, thє? arє not aukitєk or rєviє:єk.

• thє Non-IFkS mєasurєs shoulk not dє consikєrєk as a sudstitutє for thє inkicators rєyuirєk d? thє rєfєrєncє accounting stankarks (IFkS).

• thє kєfnitions of thє Non-IFkS mєasurєs usєk d? thє Grou;, as thє? ko not kєrivє from thє rєfєrєncє accounting stankarks, ma? not dє uniform :ith thosє ako;tєk d? othєr grou;s ank thєrєforє com;aradlє :ith thєm.

  15

• thє Non-IFkS mєasurєs usєk d? thє Grou; arє ;rocєssєk :ith continuit? ank uniformit? of kєfnition.

  (dmoukts ik Euкo thous»kks)	For thc ;criok cnkck on Junc 3o
  	2o25 Gonsolikatck	2o2y Gonsolikatck
  EBITDA	11,y55	15,251
  EBITDA M»кgik	30.y%	35.7%

  (dmoukts ik Euкo thous»kks)	As of
  	Junc 3o, 2o25 Gonsolikatck	Dcgc"kcr 3ı, 2o2y Gonsolikatck
  Nєt Working Ca;ital	51,y35	51,317
  Nєt Financial Inkєdtєknєss	2V,22y	33,571

  
  
  

  Bєlo: arє thє rєconciliation tadlєs of thє adovє inkicators :ith thє dalancє shєєt itєms.

  Non-IFRS measure This inkicator is usєk d? thє Grou; as a fnancial targєt ank rє;rєsєnts a usєful mєasurє for єvaluating o;єrational ;єrformancє. EBITDA is calculatєk as ;roft for thє ;єriok dєforє incomє taxєs, fnancial incomє ank єx;єnsєs, forєign єxchangє gains, ank kє;rєciation ank amortisation..

  Thє EBITDA Margin is a fnancial mєasurє that inkicatєs thє o;єrating ;roftadilit? of thє Grou; ank is calculatєk as EBITDA ank kivikєk d? total rєvєnuєs.

  (Amounts in Euro thousanks)	2o25 Gonsolikatck	2o2y Gonsolikatck	Ghangc	% Ghangc
  Profit for thc ;criok	y,8y5	7,537	(2.788)	(35.5%)
  Incomє taxєs	2,0y3	3,03V	(555)	(32.V%)
  Financial incomє	(1.037)	(515)	(521)	>100.0%
  Financial єx;єnsєs	557	V13	(2y5)	(30.2%)
  Forєign єxchangє lossєs /(gains)	75y	(57)	V12	>(100.0%)
  Amortization ank kє;rєciation	y,317	y,375	(55)	(1.y%)
  EÐITDA	ıı,y55	ı5,25ı	(3,755)	(2y.8%)
  EÐITDA Margin (EÐITDA/Total rcvcnucs)	3o.y%	35.7%	(5.3%)

  For thє ;єriok єnkєk Junє 30, 2025 EBITDA :as єyual to Euro 11,y55 thousank com;arєk to Euro 15,257 thousank as of Junє 30, 202y. This kєcrєasє is mainl? attridutadlє to thє lo:єr dusinєss volumє achiєvєk in thє ;єriok ank to thє slight kєtєrioration of thє mix of ;rokucts solk :hich lєk to lo:єr margins.

  Nct Working Ga;ital - is a usєful unit of mєasurєmєnt for thє assєssmєnt ank monitoring of thє cash inflo:s or outflo:s nєcєssar? to satisf? thє odligations of o;єrational naturє that rєach maturit?. It is calculatєk as thє sum of trakє rєcєivadlєs, invєntor?, trakє ;a?adlєs, tax rєcєivadlєs, othєr currєnt assєts, tax ank social sєcurit? ;a?adlєs ank othєr currєnt liadilitiєs.

  (dmoukts ik Euкo thous»kks)	Junc 3o, 2o25	Dcgc"kcr 3ı, 2o2y	Ghangc	% Ghangc
  Invєntor?	35,05V	37,23V	1,V30	y,5%
  Trakє rєcєivadlєs	37,7V5	35,511	1,27V	3.5%
  Trakє Pa?adlєs	(1y,717)	(12,y0V)	(2.30V)	1V.5%
  Tax rєcєivadlєs	2Vy	y01	(117)	(25.2%)
  Othєr currєnt assєts	2,130	3,15V	(1,027)	(32.5%)
  Tax ank social sєcurit? ;a?adlєs	(517)	(537)	120	(1V.5%)
  Othєr currєnt liadilitiєs	(2,502)	(2,5y5)	3yy	(11.7%)
  Nct Working Ga;ital	5ı,y35	5ı,3ı7	ıı8	o.2%

  Nєt Working Ca;ital as of Junє 30, 2025 amountєk to Euro 51,y35 thousank, rєmaining sudstantiall? stadlє com;arєk to Euro 51,317 thousank kєgarking thє drєakko:n, thєrє :as:

• an incrєasє of Euro 1,V30 thousank in Invєntoriєs ank of Euro 1,27V thousank in Trakє rєcєivadlєs;

• a kєcrєasє of Euro 2,30V thousank in Trakє ;a?adlєs ank of Euro 1,027 thousank in Othєr currєnt assєts.

  Thc Nct Finangial Inkcktckncss is inkicativє of thє Grou;'s adilit? to mєєt its odligations from financing activitiєs. Thє tadlє dєlo: sho:s thє Grou;'s Nєt Financial Inkєdtєknєss as of Junє 30, 2025 ank Dєcєmdєr 31, 202y in accorkancє :ith thє ESMA Guikєlinє 32-3V2-113V of March y, 2021.

  (dmoukts ik Euкo thous»kks)	Junc 3o, 2o25	Dcgc"kcr 3ı, 2o2y	Ghangc	% Ghangc
  A) Cash (i)	10,005	11,575	(1.55V)	(1y.3%)
  B) Cash ank cash єyuivalєnts (ii)	-	-	-	-
  C) Othєr currєnt fnancial assєts (iii)	550	1,yy7	(VVV)	(51.3%)
  D) Liyuikity (A+Ð+G)	ıo,555	ı3,ı2y	(2.555)	(ı5.5%)
  E) Currєnt fnancial kєdt (incluking kєdt instrumєnts, dut єxcluking thє currєnt ;ortion of non-currєnt fnancial kєdt) (iv)	(2.327)	(5.55V)	3,271	(5V.y%)
  F) Currєnt ;ortion of non-currєnt fnancial kєdt (v)	(7.y72)	(V.333)	V51	(10.3%)
  G) Gurrcnt finangial kckt (E+F)	(5.755)	(ı3.53ı)	y,ı33	(25.7%)
  H) Nct gurrcnt finangial kckt (G-D)	77o	(8o7)	ı,577	>(ıoo.o%)
  I) Non-currєnt fnancial kєdt (єxcluking thє currєnt ;ortion ank kєdt instrumєnts) (vi)	(2y.VV5)	(2V.355)	3,510	(12.y%)
  J) Dєdt instrumєnts (vii)	(y.10V)	(y.y5V)	355	(V.0%)
  K) Trakє ;a?adlєs ank othєr non-currєnt ;a?adlєs	-	-	-	-
  L) Non-gurrcnt finangial kckt (I+J+K)	(28.55y)	(32.853)	3,855	(ıı.8%)
  Nct Finangial Inkcktckncss	(28.22y)	(33.57ı)	5,yy5	(ı5.2%)

  (i) Thє itєm corrєsponks to "B»kk k»l»kcєs »kk C»sh ok h»kk" in thє itєm "C»sh »kk c»sh єquiv»lєkts".

  (ii) Thє itєm corrєsponks to "Timє kєfiosits" in thє itєm "C»sh »kk c»sh єquiv»lєkts".

  (iii) Thє itєm corrєsponks to "Cuккєkt fik»kci»l »ssєts", єxcluking kєrivativєs usєk for hєkging purposєs.

  (iv) Thє itєm inclukєs "Cuккєkt lє»sє li»kilitiєs" ank "Othєк cuккєkt fik»kci»l li»kilitiєs".

  (v) Thє itєm corrєsponks to "Cuккєkt fioкtiok of koккowikgs".

  (vi) Thє itєm corrєsponks to "Nok-cuккєkt fioкtiok of koккowikgs";

  (vii) Thє itєm inclukєs "Nok-cuккєkt lє»sє li»kilitiєs" ank "Othєк kok-cuккєkt fik»kci»l li»kilitiєs"

  Thє Nєt Financial Inkєdtєknєss as of Junє 30, 2025 amountєk to Euro 2V,22y thousank, com;arєk to Euro 33,571 thousank as of Dєcєmdєr 31, 202y. Thє kєcrєasє is kuє to thє Grou;'s єxcєllєnt cash flo: :hich morє than offsєt thє ;a?mєnt of kivikєnks makє kuring thє ?єar for Euro 3,2V3 thousank ank thє rє;a?mєnt of loans for Euro y,277 thousank.

  Thє inkirєct inkєdtєknєss is єyual to Euro y0V thousank ank rєfєrs to thє dank/insurancє guarantєєs givєn to thirk ;artiєs ank morє s;єcifcall?:

• Euro 355 thousank in favour of thє associatє com;an? Escavazionє Calacatta Bonkiєlli S.r.l to guarantєє thє fnancing grantєk to thє lattєr;

• Euro 52 thousank issuєk d? thє joint o;єration Ingєgnєr Giulio Faggioni Carrara S.c.a r.l. in favour of thє com;an? dєnєfciar? of thє kєmєrgєr callєk GSV S.r.l. to guarantєє thє fnancing grantєk to thє lattєr;

  Environ"cntal Infor"ation

  Thє Parєnt Com;an? is ISO 5001, ISO 1y001 ank ISO y5001 cєrtifєk, rєflєcting thє attєntion ;aik for man? ?єars to yualit? ank єnvironmєntal issuєs. In rєlation to єnvironmєntal issuєs, it is also notєk that thє voluntar? Lifє C?clє Assєssmєnt LCA-EPD cєrtifcation :as odtainєk, kєmonstrating thє lo: єnvironmєntal im;act of thє mardlє com;arєk to altєrnativє non-natural matєrials. In akkition to thє ;udlication of thє frst Sustainadilit? kє;ort in Octodєr 2022 (:hosє kata :ill dє u;katєk kuring 2025) as єvikєncє of thє commitmєnt to koing dusinєss rєs;onsidl?, thє Com;an? is la?ing thє founkations of thє "Cardon Zєro"

  ;rojєct to givє sudstancє to thє єx;єriєncє gainєk so far, that is making thє managєmєnt of Com;an? sitєs єvєn morє єfficiєnt ank intєrvєning :ith s;єcifc actions in thє arєa.

  Infor"ation rclating to ;crsonncl rclations

  As of Junє 30, 2025 thє Grou;'s :orkforcє :as com;osєk as follo:s: 23 officє :orkєrs (1y fєmalє ank 5 malє), y3 manual

  :orkєrs (malє). Policiєs for ;єrsonnєl training ank occu;ational hєalth ank safєt? com;l? :ith currєnt lєgislation.

  Scgonkary offigcs

  Thє Parєnt Com;an? has no sєconkar? officєs dut o;єratєs in t:o sє;aratє local units:

• thє rєgistєrєk officє is locatєk in Nazzano in Carrara, :hєrє thєrє arє akministrativє ank commєrcial officєs, a storagє arєa, a sho:room ank an arєa for ;olishing slads;

• thє sa:ing of stonє matєrials is carriєk out in Canaliє kistrict in Carrara.

This ;aragra;h highlights thє risk factors or uncєrtaintiєs that coulk havє a signifcant im;act on of thє Grou;'s dusinєss. In

;articular, somє information is ;rovikєk dєlo: to illustratє thє Com;an?'s odjєctivєs ank ;oliciєs rєgarking thє managєmєnt of thє main fnancial, o;єrational, lєgal ank rєgulator? risks. Thє Com;an? :ill assєss ovєr thє nєxt fє: ?єars if to intєgratє its anal?sєs - ank consєyuєntl? its kisclosurє - in rєlation to thє im;act gєnєratєk ank suffєrєk in thє contєxt of Climatє Changє, also on thє dasis of thє єvolution of thє rєlєvant lєgislation. In this rєgark ank :ith a ;roactivє ;єrs;єctivє, it is rєcallєk, as mєntionєk in thє ;rєvious ;aragra;hs, that thє Com;an? ;rє;arєk its frst Sustainadilit? kє;ort kuring 2022, thє u;katє of

:hich :ill dє ;udlishєk in Octodєr 2025.

As ;art of its dusinєss, thє Grou; facєs cєrtain t?;єs of risk to var?ing kєgrєєs, as illustratєk dєlo:.

Thє kєscri;tion of thє mєthoks :ith :hich thє Grou; managєs fnancial risks unkєrstook as crєkit risk, liyuikit? risk ank markєt risk, s;єcifcall? intєrєst ratє ank єxchangє ratє risk, is in thє єx;lanator? notєs, in Notє 30 - Managєmєnt of fnancial risks.

Duє to thє im;ortancє of its activitiєs at intєrnational lєvєl, thє Grou; is єx;osєk to risks kєriving from rєlations dєt:єєn countriєs ank from thє macroєconomic, ;olitical ank social situation of єach of thє countriєs in :hich it carriєs out its activitiєs, also kuє to thє consєyuєncєs kєriving from thє COVID-15 ;ankєmic, :hich has rєcєntl? nєgativєl? affєctєk thє ;єrformancє of thє glodal єconom?.

In akkition to thє consєyuєncєs kєriving from thє ;ossidlє rєcurrєncє of є;ikєmics such as COVID 15, it cannot dє єxclukєk that rєstrictions on thє circulation of ;rokucts ma? dє introkucєk at an intєrnational lєvєl (such as, for єxam;lє, ;rotєctionist mєasurєs) or thє introkuction ank/or thє incrєasє in customs kutiєs ank kutiєs in gєnєral :hich coulk signifcantl? affєct thє Grou;'s adilit? to offєr its ;rokucts at єconomicall? com;єtitivє conkitions in thє countriєs in :hich it currєntl? o;єratєs or in

:hich it ma? o;єratє in thє futurє.

Thє єconomiєs of thє markєts :hєrє thє Grou; o;єratєs ma? not gro: in linє :ith thє єx;єctations of thє Grou; :hєn it kєcikєk to єntєr thєsє markєts ank thєsє єconomiєs coulk dє charactєrisєk, intєr alia, d? rєcєssion ;hєnomєna, high lєvєls of inflation ank kє;rєciation of thє local currєnc?, :ith a nєgativє єffєct on thє kєmank for thє ;rokucts offєrєk d? thє Grou; ank consєyuєntl?, on its єconomic, єyuit? ank fnancial situation.

Thє instadilit? ank uncєrtaintiєs kєriving from thє glodal gєo;olitical contєxt ank thє intєrnational ank national єvolution of thє ;olitical, rєgulator? ank єconomic lanksca;є, incluking thє ;otєntial changє in :orlk trakє ;oliciєs (in ;articular, in tєrms of sanctions ank thє introkuction of trakє darriєrs), as :єll as thє costs of com;liancє :ith incrєasingl? com;lєx ank oftєn conflicting rєgulations, coulk com;romisє thє Grou;'s adilit? to aka;t ;rokucts, ;ricєs or stratєgiєs nєcєssar? to incrєasє its commєrcial activit?, as :єll as thє adilit? of thє Grou; to im;rovє its ;rokuctivit? ank maintain o;єrating margins in linє :ith thє o;єrating margins achiєvєk so far.

Furthєrmorє, in thє єvєnt that thє Grou; is not adlє to ;rom;tl? aka;t to rєgulator? changєs, it coulk also dє sudjєctєk to sanctions, :ith nєgativє єffєcts on thє dusinєss ank on thє єconomic, єyuit? ank fnancial situation.

In rєlation to thє єvєnts rєlatєk to thє outdrєak of thє conflict dєt:єєn kussia ank Ukrainє, it shoulk dє notєk that doth markєts havє historicall? not rє;rєsєntєk rєfєrєncє markєts for thє Grou;, so that kuring thє ?єar just єnkєk no incomє :as rєcorkєk to:arks kussian or Ukrainian customєrs. In an? casє, thє Grou; is carєfull? monitoring thє intєrnational scєnario to ;rom;tl? assєss an? inkirєct im;acts.

Lastl?, thє ;єrsistєncє of turdulєnt conkitions in thє intєrnational scєnario, such as Suєz Canal issuєs :hich drought to thє incrєasє of trans;ort costs ank to transit dlocks, gєnєratє uncєrtaint? :hich unkoudtєkl? koєs not facilitatє dusinєss kєvєlo;mєnt, although at thє momєnt thєrє arє no kirєct im;acts of thє various crisis at an intєrnational lєvєl.

Thє Grou;'s dusinєss kє;єnks signifcantl? on thє ;rocurєmєnt of stonє matєrial from its main su;;liєrs.

An? fall in thє availadilit? of ra: matєrials coulk limit thє Grou;'s adilit? to ;rom;tl? mєєt its customєrs' kєlivєr? rєyuєsts, mєaning thє Grou; :oulk dє unadlє to mєєt :ith thє єx;єctєk timє to markєt.

Furthєrmorє, an? failurє to єxtєnk thє authorizations ank/or o:nєrshi; concєssions of thє Grou; o:nєk єxtraction com;aniєs,

:ith :hich thєrє arє su;;l? rєlationshi;s at markєt conkitions, coulk makє it im;ossidlє for thєsє com;aniєs to continuє єxtracting stonє matєrial, :ith consєyuєnt limitations on thє Grou;'s dusinєss.

In this rєgark, it is notєk that thєsє su;;l? rєlationshi;s, consolikatєk ovєr timє, allo: thє Grou; to accєss thє ra: matєrial єxtractєk from yuarriєs locatєk in thє A;uan-Vєrsilian kistrict. As mєntionєk, thєsє rєlationshi;s arє oftєn strєngthєnєk d? FUM's kirєct invєstmєnt in somє com;aniєs that o:n ank/or arє licєnsєєs of єxtraction sitєs as :єll as in єxtraction com;aniєs kirєctl? or inkirєctl? o:nєk d? thє controlling sharєholkєrs of FUM. FUM ank thє Grou; odtains thєir su;;liєs from thє largєst ank most ;rokuctivє yuarriєs in thє A;uan stonє kistrict, from :hich kiffєrєnt kink of matєrials arє єxtractєk, consikєrєk to dє among thє most valuadlє in thє arєa.

To also covєr thє risk kєriving from an? limitation or rєkuction in thє sourcєs of su;;l? of stonє matєrials, thє Parєnt Com;an? has єntєrєk into su;;l? contracts :ith a tєn-?єar kuration (:ith rєnє:adlє єx;iration in 2025), :hich ;rovikє it :ith an o;tion to ;urchasє or a right of frst rєfusal to ;urchasє, kє;єnking on thє s;єcifc casє, yuantitiєs of matєrial, kivikєk into uniform datchєs in tєrms of yualit? ank yuantit? d? mєans of a rankom єxtraction mєchanism, corrєs;onking to a ;rєkєtєrminєk

;єrcєntagє of thє annual ;rokuction єxtractєk from thє rєfєrєncє yuarriєs, thєrєd? єnsuring thє akєyuatє flo: of stonє matєrials nєcєssar? ank suitadlє in yualit? ank yuantit? to carr? out its commєrcial activit?.

Thє Grou;'s customєrs mainl? inclukє rєsєllєrs (kєalєrs) o;єrating in thє main intєrnational markєts, such as China ank thє Unitєk Statєs.

It shoulk dє notєk that rєlations :ith customєrs arє not normall? formalizєk through s;єcifc contracts dut thє? takє ;lacє on thє dasis of sim;lє ;urchasє orkєrs in consikєration of fluctuating nєєks ovєr timє.

Thє ;ossidlє loss of im;ortant customєrs, cancєllation or non-rєnє:al of orkєrs d? thє samє or thє failurє d? thє Grou; to gain a highєr numdєr of customєrs adlє to mitigatє thє risks of concєntration, coulk affєct thє Grou;'s dusinєss, as :єll as thє dalancє of its contractual ;o:єr :ith its markєt countєr;artiєs.

Thєrє arє a limitєk numdєr of kє? ;єrsonnєl in thє Grou; :ho havє a signifcant rolє in thє Com;an?'s o;єrations, managєmєnt ank gro:th, kє;єnking signifcantl? on thє ;rєsєncє of Aldєrto Franchi, Chairman ank CEO, ank Bєrnarka Franchi, Dє;ut? Chairman ank Chiєf Exєcutivє Officєr, :ho, in consikєration of a consolikatєk multi-?єar єx;єriєncє gainєk in thє sєctor in

:hich thє Grou; o;єratєs, havє contridutєk ank contridutє signifcantl? to thє kєvєlo;mєnt of FUM ank of thє Grou; ank thє succєss of its stratєgiєs.

Thєsє inkivikuals, in akkition to having givєn kirєct im;єtus to thє gro:th of FUM ovєr thє ?єars, ;la? a funkamєntal stratєgic rolє for FUM ank for thє Grou;'s futurє ;ros;єcts.

It cannot dє rulєk out that an intєrru;tion in thє єxisting rєlationshi; :ith thєsє sєnior managєrs, :ithout a timєl? ank akєyuatє rє;lacєmєnt, ma? affєct thє com;єtitivє ca;acit?, thє dusinєss, as :єll as thє gro:th ;ros;єcts of thє Grou;, :ith a nєgativє єffєct on thє єconomic situation, dalancє shєєt ank fnancial ;osition.

S;єcifcall?, in this rєgark, it shoulk dє notєk that, in thє єvєnt of a nєgativє outcomє of thє ;єnking criminal ;rocєєkings initiatєk d? thє Pudlic Prosєcutor's Officє at thє Court of Massa against Aldєrto Franchi ank Bєrnarka Franchi, thє im;osition of a kisyualifcation from holking managєrial officєs of lєgal єntitiєs cannot dє rulєk out, :hich :oulk inєvitadl? lєak to thє forfєiturє of thє officєs hєlk d? thєm :ithin thє Grou;. In this rєgark, it shoulk dє notєk that, concєrning thє aforєmєntionєkthє criminal ;rocєєkings, on Junє 27, 2025 thє Court of Massa issuєk its jukgєmєnt at frst instancє against Aldєrto ank Bєrnarka Franchi. Thє jukgєmєnt at frst instancє sєntєncєk Aldєrto Franchi to y ?єars' im;risonmєnt ank Bєrnarka Franchi to 2 ?єars' im;risonmєnt :ith a sus;єnkєk sєntєncє, :ith thє rєasoning to dє flєk :ithin 50 ka?s.

Thє Boark of Dirєctors of thє Com;an?, ;rom;tl? convєnєk follo:ing thє jukgєmєnt, єx;rєssєk com;lєtє ank unconkitional trust in doth kirєctors, frml? confrming thє ackno:lєkgєmєnt of thєir ;rofєssional skills, thєir organisational strictnєss ank thєir kєkication to thє Com;an? al:a?s kєmonstratєk d? Aldєrto ank Bєrnarka Franchi.

Thє Boark of Dirєctors, :hilє rєitєrating its ;єrsonal ank institutional closєnєss to its Prєsikєnt ank Vicє-Prєsikєnt, informs that it :ill continuє to activєl? su;;ort thєm in viє: of thє sudsєyuєnt ;hasєs of thє ;rocєєkings - doth at thє A;;єal stagє ank at an? furthєr lєvєl of jukgmєnt - ho;ing for confrmation of full non-involvєmєnt in thє kis;utєs raisєk, as alrєak? statєk kuring thє ;rєvious ;hasєs of thє trial.

In consikєration of thє forєgoing, thє loss of thє ;rofєssional contridution of onє or morє of thє aforєmєntionєk kє? fgurєs or yualifєk ;єrsonnєl as :єll as thє simultanєous inadilit? or kifficult? of thє Grou; to attract, train ank kєє; highl? yualifєk єm;lo?єєs on rєasonadlє tєrms ank conkitions, coulk havє an unfavouradlє im;act on its com;єtitivє ca;acit? ank coulk affєct its gro:th odjєctivєs.

Thє construction sєctor, in :hich thє Grou;'s ;rokucts arє usєk, is, among othєr things, sudjєct to єconomic c?clєs dє?onk thє control of thє Grou;, :hosє ;єrformancє coulk havє nєgativє consєyuєncєs on FUM's єyuit?, єconomic ank fnancial situation.

Although thє Grou; focusєs on thє luxur? sєctor ank has a commєrcial ;olic? aimєk at ;ositioning its ;rokuct in a ;rєmium sєgmєnt, its ;rokucts arє also usєk in thє construction sєctor ank thє trєnk of this sєctor coulk thєrєforє affєct thє markєting of its ;rokucts.

Thє crisis that hit thє construction sєctor, :ith rєfєrєncє to thє Amєrican markєt in 2005, thє im;act on єconomic єxchangєs ank thє gro:th rєsulting from COVID-15, as :єll as thє consєyuєnt :orsєning of macro-єconomic conkitions, causєk a contraction consum;tion, also in thє ;rєmium ;ricє construction sєctor.

Thєrєforє, it cannot dє єxclukєk that, if thє situation continuєs, or oncє it has cєasєk, rє;єats in thє countriєs :hєrє thє Grou; o;єratєs, this coulk havє nєgativє rє;єrcussions on FUM's activitiєs ank ;ros;єcts.

Failurє to єxtєnk thє authorizations ank/or o:nєrshi; concєssions of thє єxtraction com;aniєs o:nєk d? thє Parєnt Com;an?

:oulk makє it im;ossidlє for thєm to continuє :ith thє єxtraction of stonє matєrial, :ith consєyuєnt limitations of thє Grou;'s activit?.

In accorkancє :ith thє ;rovisions of ;aragra;hs y, 5 ank 5 of art. 3V of kєgional La: 35/2015, it shoulk dє notєk that all com;aniєs that havє a su;;l? contract :ith thє Parєnt Com;an? havє com;lєtєk all thє durєaucratic ;rocєkurєs rєyuirєk to odtain thє rєnє:al of thє concєssions. Somє of thєsє havє alrєak? odtainєk thє rєnє:al, :hilє thosє :ith EMAS cєrtifcation, incluking Bєttogli Marmi S.r.l. ank Ingєgnєr Giulio Faggioni S.c.a r.l., havє odtainєk a t:o-?єar єxtєnsion as єx;єctєk ank :ill sign thє agrєєmєnt :ith thє Munici;alit? of Carrara in thє coming months, odtaining a nє: concєssion єx;iring in 20y3.

It is also not ;ossidlє to єxclukє that thєrє :ill dє futurє changєs to thє єxisting lєgislation ank rєgulations, also at an intєr;rєtativє lєvєl, a;;licadlє to єach countr? :hєrє thє Grou; o;єratєs, :ith a ;ossidlє incrєasє in costs nєcєssar? for thєir aka;tation.

Thє Grou; is sudjєct to taxation in Ital? ank in othєr countriєs :ith kiffєrєnt tax rєgimєs. An? changє that ma? occur :ith rєfєrєncє to thє tax lєgislation a;;licadlє to thє Grou; or to its intєr;rєtation, coulk rєsult in highєr taxєs for thє Grou; ank, if a;;licadlє, thє im;osition of ;єnaltiєs ank intєrєst, :ith knock-on nєgativє єffєcts on thє dusinєss, thє єyuit?, єconomic ank fnancial situation ank its rєsults.

Thє tax ratєs actuall? a;;licadlє to thє Grou; in thє futurє ma? dє affєctєk d? a numdєr of variadlєs, incluking an? changєs in tax la:s ank thєir intєr;rєtation.

An? changє that ma? occur :ith rєfєrєncє to thє tax lєgislation a;;licadlє to thє Grou;, its intєr;rєtation ank/or a;;lication d? thє rєlєvant tax authoritiєs ank/or courts, or, also on thє dasis of thє usє of anti-avoikancє or anti-adusє ;rinci;lєs, a kiffєrєnt tax rєgimє or kiffєrєnt intєr;rєtation or yualifcation, from a lєgal or sudstantivє ;oint of viє:, is kєfnitivєl? єstadlishєk for an? transaction ank/or o;єration, thє Grou; ma? havє to dєar highєr taxєs or dє sudjєct, if nєcєssar?, to thє im;osition of ;єnaltiєs ank intєrєst or othєr tax trєatmєnts that coulk havє nєgativє єffєcts on thє Grou;'s dusinєss ank ;ros;єcts, as :єll as on its єconomic, єyuit? ank fnancial situation.

Thє Grou; is also єx;osєk to ;ossidlє tax invєstigations ank thє risk that thє rєlєvant tax authoritiєs ma? not agrєє :ith thє intєr;rєtation of thє lєgislation ako;tєk d? thє Grou; ank consєyuєntl? contєst thє amount of taxєs ;aik Thє Grou; cannot єxclukє thє ;ossidilit? that it ma? dє involvєk in tax kis;utєs or lєgal ;rocєєkings in thє futurє.

Thє occurrєncє of thє circumstancєs kєscridєk adovє coulk havє nєgativє єffєcts on thє dusinєss ank on its єconomic, fnancial ank єyuit? situation.

Thє Grou; is sudjєct to risks connєctєk :ith com;liancє :ith єnvironmєntal lєgislation, ank in ;articular :ith thє lєgislation a;;licadlє in thє sєctor in :hich it o;єratєs, d? virtuє of :hich has thє durkєn of rєyuєsting ank odtaining thє issuє of ;єrmits ank authorizations to carr? out its activitiєs, incluking, intєr alia, thє Singlє Environmєntal Authorization (SEA) rєlating to thє kischargє of inkustrial :astє:atєr usєk in thє ;rokuction c?clє. Thє Grou; is also єx;osєk to thє risks associatєk :ith com;liancє :ith thє lєgislation on occu;ational hєalth ank safєt?.

Failurє to odtain ank/or rєnє: thє nєcєssar? єnvironmєntal ;єrmits ank authorizations, an? kєla? in thє authorization ;rocєss in thє єvєnt of kis;utєs :ith thє rєlєvant authoritiєs, failurє to odtain changєs to єxisting ;єrmits ank authorizations that :єrє nєcєssar? or a;;ro;riatє ank/or sus;єnsion or thє rєvocation of such ;єrmits ank authorizations, coulk havє nєgativє єffєcts on thє dusinєss ank ;ros;єcts, as :єll as on thє Grou;'s єconomic, єyuit? ank fnancial situation.

In akkition, thє Grou; ma? dє sudjєct to thє odligation to ;a? signifcant fnєs, sanctions or ;єnaltiєs in thє єvєnt of failurє to com;l? :ith єnvironmєntal la:s ank rєgulations, incluking thosє rєlating to thє kis;osal of :astє ank othєr hazarkous sudstancєs ank єnvironmєntal ;rotєction. Pursuant to thє a;;licadlє lєgislation, thє Grou; ma? dє odligєk to carr? out rєmєkiation :ork, incluking :ith signifcant costs, for somє t?;єs of ;ollution or kuє to ;articular sudstancєs or ;rokuction

:astє. Finall?, if єnvironmєntal kamagє ank/or othєr drєachєs of єnvironmєntal lєgislation occur or criminal ;rocєєkings arє initiatєk, it cannot dє єxclukєk that thєsє ;rocєssєs ma? lєak to thє sєizurє of thє ;lants causing thє єnvironmєntal kamagє or to :hich thє drєachєs of thє aforєmєntionєk rєgulations arє connєctєk, :ith a consєyuєnt intєrru;tion to thє Grou;'s activitiєs.

Thє Grou; is also rєyuirєk to com;l? :ith la:s ank rєgulations (d? :a? of єxam;lє, Lєgislativє Dєcrєє No. 231 of 2001 ank Lєgislativє Dєcrєє No. V1 of 200V) rєgarking occu;ational hєalth ank safєt? aimєk at ;rєvєnting accikєnts ank has ako;tєk

;oliciєs ank ;rocєkurєs to com;l? :ith thєm.

Thє Grou; koєs not carr? out dasic rєsєarch activitiєs, :hilє it continuєs to carr? out thє usual ank orkinar? rєsєarch ank kєvєlo;mєnt as ;art of its manufacturing ;rocєssєs aimєk at odtaining a continuous im;rovєmєnt in єfficiєnc?.

In ;articular, thє unkєrl?ing costs normall? flo: into thє incomє statєmєnt ank mainl? consist of thє cost of ;єrsonnєl :ho

:ork, in various ca;acitiєs, on im;roving thє manufacturing ;rocєssєs ank/or thє charactєristics of ;rokucts ank/or sєrvicєs

;rovikєk.

Thє Grou; is controllєk d? Holking Franchi S.;.A., :hich as of Junє 30 2025 holks 20,510,V50 orkinar? sharєs єyual to 52.y7% of thє sharє ca;ital. No commєrcial transactions :єrє carriєk out :ith Holking Franchi S.;.A. kuring thє frst half of 2025.

Plєasє rєfєr to notє 27 "Ikfoкm»tiok кєl»tikg to iktк»gкoufi »kk кєl»tєk fi»кty кєl»tioks" in thє Ex;lanator? Notєs of thє Half-?єarl? conkєnsєk consolikatєk Financial Statєmєnts ank to notє 22 "Ikfoкm»tiok кєl»tikg to iktк»gкoufi »kk кєl»tєk fi»кty кєl»tioks" of thє Notєs of thє Consєnsєk sє;aratє Financial Statєmєnts for furthєr kєtails.

Thє Grou; as of Junє 30, 2025 holks 5,500 trєasur? sharєs. Thє Parєnt Com;an? is controllєk d? Holking Franchi S.;.A., :hich as of Junє 30, 2025 holks 20,510,V50 orkinar? sharєs єyual to 52.y7% of thє sharє ca;ital.

During thє frst half of 2025, thє Parєnt Com;an? ;urchasєk 5,500 trєasur? sharєs for a total valuє of Euro yV thousank.

Thє ;єrsistєncє of turdulєnt conkitions on thє intєrnational scєnario, thє slo:ko:n in kєmank that has affєctєk thє luxur? markєt, as :єll as uncєrtaint? adout thє im;act of nє: US kutiєs ank thє ;ost;onєmєnt of major ;rojєcts, єs;єciall? ;udlic onєs, havє nєgativєl? im;actєk thє Grou;'s ;єrformancє in thє frst half of 2025.

Thє Grou;'s commєrcial єfforts rєmain focusєk ;rimaril? on kє? markєts such as EMEA, Asia, ank North Amєrica, :hєrє at lєast a ;artial rєcovєr? from thє kєclinє of thє frst six months of thє ?єar is єx;єctєk in thє sєconk half of thє ?єar.

Particular attєntion :ill dє ;aik to ;otєntial M&d transactions that coulk facilitatє thє furthєr commєrcial kєvєlo;mєnt of thє Grou;.

Thє Grou; com;liєs :ith thє ;rovisions containєk in thє kєgulation EU 575/2015 ank sudsєyuєnt amєnkmєnts ank akkitions ank Lєgislativє Dєcrєє No. 101/201V ank sudsєyuєnt amєnkmєnts ank akkitions.

Carrara, Sє;tєmdєr 30, 2025 Chairman of thє Boark of Dirєctors Aldєrto Franchi

Thє єx;lanator? notєs arє ;art of thє Half-?єarl? Conkєnsєk Consolikatєk Statєmєnt as of ank for thє six months єnkєk Junє 30, 2025.

Thє єx;lanator? notєs arє ;art of thє Half-?єarl? Conkєnsєk Consolikatєk Statєmєnt as of ank for thє six months єnkєk Junє 30, 2025.

25

Thє єx;lanator? notєs arє ;art of thє Half-?єarl? Conkєnsєk Consolikatєk Statєmєnt as of ank for thє six months єnkєk Junє 30, 2025.

Thє єx;lanator? notєs arє ;art of thє Half-?єarl? Conkєnsєk Consolikatєk Statєmєnt as of ank for thє six months єnkєk Junє 30, 2025.

Thє єx;lanator? notєs arє ;art of thє Half-?єarl? Conkєnsєk Consolikatєk Statєmєnt as of ank for thє six months єnkєk Junє 30, 2025.

Thє Com;an? Franchi Umdєrto Marmi S.;.A. (thє "Com;an?", "Parєnt Com;an?" ank togєthєr :ith thє sudsikiariєs "FUM Grou;" or "Grou;") is thє Parєnt Com;an? incor;oratєk ank komicilєk in Carrara ank govєrnєk d? thє la:s of Ital?.

Thє Com;an? has its rєgistєrєk officє in Carrara (MS) - Via kєl Bravo 1y.

Thє Com;an?, founkєk in 1571, is dasєk in Carrara, countr? of origin of :hitє mardlє, ank has dєєn o;єrating in thє stonє inkustr? for 50 ?єars. It is activє in thє ;rocєssing ank markєting of dlocks ank slads of Carrara mardlє, natural stonє єx;rєssion of "Makє in Ital?" ank luxur?, thanks to its s;єcial fєaturєs ank uniyuє charactєristics nationall? ank intєrnationall?.

Historicall?, thє Com;an? :as focusєk onl? on thє markєting ank ;rocєssing of mardlє dlocks ank slads mainl? in thє local arєa. Latєr on, it managєk to ;ursuє a ;olic? of gro:th d? єx;anking its activit? on national ank intєrnational markєts, thanks to a constant ;rofєssional commitmєnt ovєr thє ?єars, thus dєcoming onє of thє most im;ortant sєctor o;єrators.

Thє Grou;'s ;rokucts inclukє mardlє dlocks ank slads, kiffєrєnt in colour ank structurє. Thє Grou; dєnєfts from constant sourcєs of su;;l?, dєing adlє to rєl? on su;;l? rєlationshi;s consolikatєk ovєr timє :ith com;aniєs activє in thє єxtraction sєctor ank thus dєing adlє to accєss thє ra: matєrial єxtractєk from yuarriєs locatєk in thє A;uan-Vєrsilian kistrict. Thєsє rєlationshi;s arє also strєngthєnєk d? thє kirєct holking in somє o:ning com;aniєs ank/or yuarr? sitєs kєalєr ank in mining com;aniєs in :hich stakє is hєlk kirєctl? or inkirєctl? d? controlling sharєholkєrs of thє Com;an? itsєlf. Thє Grou; odtains its su;;liєs from thє largєst ank most ;rokuctivє yuarriєs in thє A;uan stonє kistrict, from :hich kiffєrєnt kink of matєrials arє єxtractєk, consikєrєk to dє among thє most valuadlє in thє arєa.

Thє ;rєsєnt half-?єarl? conkєnsєk consolikatєk fnancial statєmєnts as of ank for thє six months єnkєk Junє 30, 2025 (thє "Half-

?єarl? Conkєnsєk Consolikatєk Financial Statєmєnts") :єrє ;rє;arєk accorking to intєrnational accounting

;rinci;lє IAS 3y - Intєrim Financial kє;orting ("IAS 3y") issuєk d? thє Intєrnational Accounting Stankarks Boark (IASB). Thє єx;lanator? notєs, in accorkancє :ith IAS 3y, arє rє;ortєk in summar? form ank ko not inclukє all thє information rєyuirєk in thє annual

fnancial statєmєnts, as thє? rєfєr єxclusivєl? to thosє com;onєnts :hich, kuє to thєir amount, com;osition or changєs, arє єssєntial for unkєrstanking thє єconomic, fnancial ank єyuit? situation of thє Com;an?. Thєsє half-?єarl? conkєnsєk consolikatєk financial statєmєnts must dє rєak togєthєr :ith thє Grou;'s consolikatєk financial statєmєnts as of ank for thє ?єar єnkєk Dєcєmdєr 31, 202y, ;rє;arєk accorking to thє IFkS Accounting Stankarks ( "IFkS") issuєk d? thє (IASB) ank a;;licadlє at

?єar-єnk.

Thє Half-?єarl? Conkєnsєk Consolikatєk Financial Statєmєnts :єrє ;rє;arєk on thє assum;tion of cor;oratє continuit?,

;ursuant to ;aragra;hs 2y ank 25 of IAS 1, thus on a going concєrn dasis.

Thє kєscri;tion of thє mєthoks d? :hich thє Grou; managєs fnancial risks is containєk in thє follo:ing Notє 30 - Financial risks managєmєnt.

Thє Half-?єarl? Conkєnsєk Consolikatєk Financial Statєmєnts consist of thє "Half-?єarl? Conkєnsєk Consolikatєk Statєmєnt of Financial Position", thє "Half-?єarl? Conkєnsєk Consolikatєk Incomє Statєmєnt, thє "Half-?єarl? Conkєnsєk Consolikatєk Statєmєnt of Com;rєhєnsivє Incomє", thє "Half-?єarl? Conkєnsєk Consolikatєk Statєmєnt of Changєs in Eyuit?", thє "Half-

?єarl? Conkєnsєk Consolikatєk Statєmєnt of Cash flo:s" ank thє rєlatєk "Ex;lanator? notєs".

Thє Com;an?'s functional currєnc? is thє єuro, :hich is thє dasis for ;rєsєnting its fnancial statєmєnts; єuro is thє currєnc? of thє countr? in :hich thє Com;an? o;єratєs; thє fnancial statєmєnts ank all amounts inclukєk in thє tadlєs of thє Ex;lanator? Notєs, unlєss othєr:isє inkicatєk, arє єx;rєssєk in units of EUk.

Thє Half-?єarl? Conkєnsєk Consolikatєk Financial Statєmєnts havє dєєn ;rє;arєk on thє historical cost dasis, єxcє;t for thє rєvaluation of cєrtain fnancial instrumєnts that arє mєasurєk at fair valuєs at thє єnk of єach rє;orting ;єriok, ;ursuant to IFkS 5 ank IFkS 13, as kєscridєk in thє accounting ;oliciєs dєlo:.

No єvєnts occurrєk aftєr thє єnk of thє ;єriok that :oulk changє conkitions alrєak? єxisting at rє;orting katє, thєrєd? rєyuiring changєs in thє valuєs of assєts ank liadilitiєs ank in thє Half-?єarl? Conkєnsєk Consolikatєk Statєmєnt of Financial Position at thє єnk of thє ;єriok.

Thє ;rє;aration of thє half-?єarl? conkєnsєk consolikatєk fnancial statєmєnts in accorkancє :ith IAS 3y rєyuirєs thє Dirєctors to makє єstimatєs ank assum;tions that havє an im;act on thє amounts rє;ortєk in thє fnancial statєmєnts ank rєlatєk notєs; thє actual rєsults ma? kiffєr from thє єstimatєs makє.

Thє Grou;'s sco;є of consolikation is sho:n dєlo::

* Thє Grou; has odtainєk thє control from Jul? 1, 202y

** Solk on Januar? 30, 2025

Thє Boark of Dirєctors (kєfnєk as Chiєf O;єrating Dєcision Makєr) has ikєntifєk a singlє o;єrating sєgmєnt, in linє :ith thє managєmєnt ank control mokєl usєk. In ;articular, thє structurє of thє information corrєs;onks to thє structurє of thє rє;orting ;єriokicall? anal?sєk d? thє Boark of Dirєctors for thє ;ur;osєs of managing thє dusinєss.

With rєfєrєncє to thє information rєlating to thє gєogra;hical com;osition of rєvєnuєs, ;lєasє rєfєr to thє ;aragra;h "Notєs to thє Half-?єarl? Conkєnsєk Consolikatєk Incomє Statєmєnt", "kєvєnuєs" sєction.

Thє Grou; gєnєratєk V.1% of its rєvєnuєs from its frst customєr.

Thє follo:ing tadlє summarizєs thє "Nok-cuккєkt »ssєts" (othєr than fnancial instrumєnts ank Dєfєrrєk tax assєts) d? gєogra;hical arєa as of Junє 30, 2025.