1st quarter 2024

INTERIM STATEMENT

OF FINANCIAL REPORTING

CORRESPONDING TO 1ST QUARTER 2024

The consolidated results and other financial magnitudes for the first quarter of 2024 are presented according to the International Financial Reporting Standards (IFRS), as adopted by the European Union, including the current new standards, amendments and interpretations since the beginning of the current financial year, without having had a significant impact. The financial statements of the individual companies are presented in accordance with the accounting principles and valuation rules contained in the Spanish National Chart of Accounts, approved by Royal Decree 1514/2007 of 16 November 2007 and subsequent amendments*. In both cases the data are comparative with those of the same period of the previous year.

MAIN FIGURES

The main economic and financial data of the Miquel y Costas Group for the first quarter of the financial year 2024 and comparative figures for 2023, all expressed in thousands of euros, are as follows:

Profit and loss.

Evolution of the results

Consolidated net revenue in the first quarter of the year 2024 has amounted to 82.6 million euros. Net revenue achieved is slightly lower than the obtained in the same period of the previous year

By business segment, the tobacco industry business has increased its net revenue by 6,9% leveraged on the good evolution of pulp sales in this business segment. Sales of industrial products has decreased by

4.2 million euros affected by price moderation due to of the reduction of the inflationary pressures on energy costs, the slowdown in demand in some geographies derived from the current geopolitical conflicts and the homologation process of the papers produced in MB's machine (refurbished last financial year). In the "Other Business" segment, the net revenue has decreased by 1.3 million euros in relation to the same period of last year due to the weak demand in the graphic publishing segment.

Miquel y Costas net revenue (parent company) in the first quarter of the year has amounted to 52.7 million euros, in line with the net revenue of the Group.

Consolidated operating profit after tax has increased by 13.1 million euros, equivalent to an improvement of 2.0 million euros compared to the same period of the previous year. This improvement, already anticipated in the last communication, has been led mainly by the commercial policies carried out, in a period characterised by the reduction of the inflationary pressures over the cost of energy and despite the increase of pulp price. These factors, jointly with the implementation of the investments, has allowed to continue with the recovery trend of the historical margins of the Group.

1. Gross operating profit plus depreciation and amortisation.
2. Profit after tax plus depreciation.

*Royal Decree 1159/2010 of 17 September 2010 RD 302/2016 of 2 December

RD 1/2021, of 12 January, in force from the beginning of the financial year 2021.

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In the first quarter of the fiscal year 2024, with the commitment of continuing to provide the Group with the necessary flexibility and liquidity, the Group reinforced its financial structure by obtaining additional financing from credit institutions, fact that has allowed the Group to extend the maturity.

Cash flow after tax in the first quarter of financial year 2024 has amounted to 17.9 million euros. The main uses of these funds were mainly the financing of fixed assets investments amounting to 5.0 million euros, the financing of the working capital requirements (WCR) described before, and the acquisition of treasury shares in the amount of 0.4 million euros.

STOCK INFORMATION

The main information regarding the stock trading during the first quarter of 2024 was as follows.

TREASURY SHARES

The parent company during the first quarter of the financial year 2024, using the authorisation for the derivative purchase of its own shares approved by the General Shareholders' Meeting of 22 June 2021, within the framework of the Share Buyback Programme reported to the CNMV on 30 November 2023 and the special transactions that have been duly communicated subsequently has acquired 38.770 shares representing 0.10% of the share capital.

It should be noted that the current 2016 stock option plan has been in its execution phase since February 2022 and 3.818 options have been executed in the first quarter of the financial year 2024.

PERSPECTIVES

The results achieved by the Group in the first quarter of the financial year 2024, are in line with the expectations announced, observing a significant improvement in the results in comparison to the previous year due to the recovering of the historical margins already started in previous quarters.

The macroeconomic context is uncertain, fact that may come to affect the demand volatility.at the same time, high interest rates persist, fact that are leading customers to optimize their working capital. Additionally, these facts coexist with an unstable geopolitical environment that affects international trade in several areas. Despite this, if energy costs continue as in the first quarter and raw material prices do not suffer significant variations, the Group expects to obtain in the second quarter a result in line first quarter.

The Group confirms its objectives for the financial year 2024, being the main goal to maintain the profitability levels thanks to the consolidation of recent investments in the industrial products segment and the new investment plans for this financial year, as long as there is some stability on the energy prices and the demand continues in a predictable way.

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ANNEX I - USE OF ALTERNATIVE MEASURES OF PERFORMANCE (MARs).

The Company has proceeded in compliance with the ESMA guidelines on APMs (ESMA/2015/1415es of October 2015) to:

• Disclose the definitions of each MAR.
• Provide comparative information for each MAR presented, maintaining consistency of definitions and MARs calculations over time.

The breakdown of all MARs including their denomination, definition and use is as follows:

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