1st Half Report 2025

(Unaudited)

TABLE OF CONTENTS

Interim Financial Reporting 3

Consolidated Statements of Financial Position 6

Notes to the Consolidated Financial Statements 11

1. Seasonality of operations 11

2. Conversion of financial statements of foreign companies 11

3. Segment reporting 11

4. Financial instruments by class 16

5. Tangible fixed assets 17

6. Intangible assets 18

7. Investment properties 18

8. Financial investments 19

9. Right-of-use assets 20

10. Income Tax 21

11. Inventories 22

12. Accounts receivable and others 22

13. Share capital, treasury shares, issue premiums and other equity 23

14. Reserves and retained earnings 23

15. Non-controlling interests 24

16. Loans obtained 24

17. Lease liabilities 25

18. Accounts payable and other debts 26

19. Provisions 27

20. State and other public entities 28

21. Grants 28

22. Sales and services rendered 29

23. Staff costs 29

24. External supplies and services 29

25. Other operating income and expenses 30

26. Financial result 30

27. Commitments 30

28. Balances and Transactions with related parties 31

29. Subsequent events 32

30. Companies included in the consolidation 33

VAA - Vista Alegre Atlantis SGPS, S.A. hereby presents its accounts for the period from January to June 2025, pursuant to regulation nº 5/2008, in accordance with IAS 34. These interim financial statements were prepared based on the same accounting policies and calculation methods used in the preparation of the last annual financial statements (2024 financial year). In this interim financial report, we only release notes which allow us to understand the changes in the financial position and performance of the company since the last annual report.

1. Activity Evolution

   Grupo Vista Alegre's consolidated turnover in the first 6 months of the year reached 70.2 million euros, reflecting an increase of 9.6% compared to the same period last year.

   Vista Alegre and Bordallo Pinheiro brands maintained solid performance in domestic and international retail, both in physical stores and online, contributing to a 5.5% increase in sales compared to the first semester of 2024.

   In terms of segments, there was significant growth of 20.3% in sales of Stoneware products, as well as an increase of 8.8% in Porcelain and Complementary lines.

   Crystal and Glass sales fell 11.6%, due to a downturn in the premium beverages market.

   International markets continue to be the main driver of growth, recording sales of 53.4 million euros in the first half of 2025, representing 76% of turnover.

   Segments	6M 2025	6M 2024	Variation 6M (%)
   Porcelain and related products	22.3	20.5	8.8%
   Earthenware	9.2	9.4	-2.5%
   Stoneware	32.3	26.8	20.3%
   Crystal and Glass	6.4	7.3	-11.6%
   Total	70.2	64.0	9.6%

2. Results

   Grupo Vista Alegre's EBITDA in the first semester of 2025 totalled 14.9 million euros, an increase of 0.7% compared to the same period last year. The EBITDA margin was 21.2%, negatively impacted by the increase in energy costs, which rose by approximately 1.4 million euros compared to same period in 2024.

   Operating profit stood at 7.9 million euros, slightly below that recorded in the same semester of 2024, representing a decrease of 2.5%, due to increased amortisation. Net income for the first six months of the year was 3.6 million euros, a decrease of 0.3 million euros, compared to 2024. If energy costs had remained unchanged, net income would have been approximately 1 million euros higher than in the same period last year.

   		6M 2025	6M 2024	Var. 6M Amount %
   Turnover		70.2	64.0	6.2	9.6%
   EBITDA		14.9	14.8	0.1	0.7%
   	EBITDA Margin	21.2%	23.1%	-1.9 pp
   Operating income		7.9	8.1	-0.2	-2.5%
   	Operating margin	11.2%	12.6%	-1.4 pp
   Result before taxes		4.6	5.3	-0.7	-12.6%
   Income tax		-1.1	-1.4	0.3
   Net income		3.6	3.9	-0.3	-8.4%

3. Investments and debt

Cumulative investment for the period amounted to 7.5 million euros, with a particular focus on decarbonisation projects. The aim of these investments is to improve production efficiency and reinforce the commitment to environmental sustainability.

The Vista Alegre Group remains strongly committed to environmental and social responsibility, contributing to building a more sustainable future for the future generations.

In the first semester of 2025, consolidated net debt, considering the value of grants received by the Vista Alegre Group, decreased by 3.2 million euros compared to December 2024.

In the financial year under review, the net debt to EBITDA ratio fell slightly compared to December 2024.

Ílhavo, 29thof August 2025

The Board of Directors

T €

Headings

Notes

30-06-2025 30-06-2024

Revaluation of fixed assets

Tax impact of the revaluation surplus -43 0

Adjustments of exchange conversion -373 -433

controlling Total equity

interests

(note 15)

earnings

(note 14)

13)

(note 13)

Total

Non-

Net income

for the financial year

Reserves

Issue Supplementary

premiums benefits (note and retained

Treasury

shares (note 13)

Equity

(note 13)

Headings

controlling Total equity

interests

(note 15)

earnings

(note 14)

13)

(note 13)

Total

Non-

Net income

for the financial year

Reserves

Issue Supplementary

premiums benefits (note and retained

Treasury

shares (note 13)

Equity

(note 13)

Headings

The amounts are in thousands of euros, except in the cases indicated otherwise

1. ‌Seasonality of operations

   It should be noted that the activity of the Grupo VAA is subject to some seasonality, which regards sales in the company's own stores, since in December they correspond to about 2 times the average sales made by the same channel in the remaining months of the year.

2. ‌Conversion of financial statements of foreign companies

   The prices used in the conversion to euros of the accounts of the foreign subsidiaries were as follows:

   	Closing currency exchange		Average currency exchange
   Currency	30/06/2025	31/12/2024	30/06/2025	30/06/2024

   American dollar	0.8532 €	0.9626 €	0.9084 €	0.9267 €
   Mozambican Metical	0.0134 €	0.0150 €	0.0142 €	0.0145 €
   Mexican peso	0.0454 €	0.0470 €	0.0142 €	0.0145 €
   Brazilian real	0.1556 €	0.1550 €	0.1592 €	0.1807 €
   Indian rupee	0.0100 €	0.0112 €	0.0106 €	0.0111 €

3. ‌Segment reporting

   Segment information is presented in relation to the Grupo's geographic and business segments and is based on the different types of materials that are produced in industrial plants on different locations. The results, assets and liabilities of each segment correspond to those that are directly attributable to them, as well as those that can reasonably be attributed to them. Moreover, common assets ("corporate assets") are allocated to each operating segment based on their weight in the overall activity of the Grupo Vista Alegre.

   In each year, all the business segments applicable to the Group are identified. They are defined in accordance with the Group's functional organisation chart and the way in which management information is organised.

   As of the 30thof June 2025, the Group is organised into four main business segments: (1) Porcelain and related products, (2) Stoneware, (3) Crystal and handmade glass and (4) Earthenware.

   3.1- Information by business segment

   The breakdown of turnover by business segment and geographical areas as of the 30thof June 2025 and 2024 is as follows:

   Porcelain and

   related products Earthenware Stoneware

   Crystal and handmade glass

   Total

   June 2025

   Sales by segment	22,328	9,162	32,272	6,423	70,186
   Sales %	32%	13%	46%	9%	100%

   Porcelain and

   related products Earthenware Stoneware

   June 2024

   Crystal and handmade glass

   Total

   Sales by segment	20,517	9,399	26,831	7,263	64,010
   Sales %	32%	15%	42%	11%	100%

   The results by business segment are as follows:

   30thof June 2025

   	Porcelain and Crystal and related products Earthenware Stoneware handmade Total glass
   Operating profit	2,280	1,609	4,360	-365	7,885
   Net financial costs	-2,449	-335	-296	-175	-3,255
   Result before taxes	-169	1,274	4,064	-540	4,630
   Income tax	-161	-241	-851	201	-1,052
   Net income for the financial year	-330	1,033	3,213	-338	3,577
   Non-controlling interests	27	149	2	5	183
   Net income for the financial year to shareholders	-357	885	3,210	-343	3,395
   30thof June 2024
   	Porcelain and Crystal and related products Earthenware Stoneware handmade Total glass
   Operating profit	1,920	1,849	3,823	498	8,090
   Net financial costs	-2,113	-327	-42	-313	-2,795
   Result before taxes	-192	1,521	3,781	185	5,295
   Income tax	50	-399	-991	-49	-1,388
   Net income for the financial year	-142	1,123	2,790	137	3,908
   Non-controlling interests	-3	262	0	0	258
   Net income for the financial year to shareholders	-139	860	2,790	137	3,649

   Other elements by business segment (non-cash expenses) are as follows:

   30thof June 2025
   	Porcelain and Crystal and related products Earthenware Stoneware handmade Total glass
   Amortisation and depreciation	2,534	853	2,720	997	7,103
   Impairment of depreciable fixed assets	-52	-25	-2	-9	-89
   Impairment of accounts receivable	-2	0	0	0	-3
   Total	2,479	828	2,717	987	7,011
   30thof June 2024
   	Porcelain and Crystal and related products Earthenware Stoneware handmade Total glass
   Amortisation and depreciation	2,629	837	2,788	601	6,854
   Impairment of depreciable fixed assets	-19	-1	-2	-4	-27
   Impairment of accounts receivable	-90	-7	-10	-19	-125
   Total	2,520	829	2,776	578	6,702

   The assets and liabilities of the segments for the financial years ended on the 30thof June 2025 and on the 31stof December 2024 are as follows:

   	Porcelain and Crystal/ Others not related products Earthenware Stoneware handmade imputed Total glass
   Tangible fixed assets	45,387	13,268	59,124	20,460	5,845	144,084
   Investment properties	0	0	0	0	938	938
   Intangible assets and Goodwill	2,395	156	3,573	14	0	6,137
   Financial investments	0	0	0	0	971	971
   Right-of-use assets	6,555	1,610	150	1,186	0	9,501
   Deferred taxes	0	0	0	0	5,443	5,443
   Non-current assets	54,336	15,034	62,847	21,660	13,197	167,074
   Current assets	45,157	4,479	14,727	16,944	21,324	102,630
   Total Assets	99,493	19,513	77,574	38,603	34,520	269,703
   Loans obtained	0	0	0	0	69,628	69,628
   Grants	2,766	1,245	8,084	2,247	0	14,342
   Lease liabilities	4,654	1,283	109	842	0	6,888
   Provisions	0	0	0	0	90	90
   Provisions for pensions	0	0	0	0	2,873	2,873
   Deferred taxes	0	0	0	0	7,937	7,937
   Non-current liabilities	7,803	2,555	8,389	3,717	80,528	101,757
   Loans obtained	0	0	0	0	12,823	12,823
   Lease liabilities	1,831	505	43	331	0	2,710
   Payables for fixed assets	1,249	107	1,671	343	0	3,371
   Operating liabilities	18,782	6,303	25,722	5,740	0	56,548
   Current Liabilities	21,862	6,915	27,436	6,415	12,823	75,451
   Total liabilities	29,282	9,443	35,629	9,505	93,350	177,208

   	Porcelain and Crystal/ Others not related products Earthenware Stoneware handmade imputed Total glass
   Tangible fixed assets	43,672	13,668	58,661	20,303	5,845	142,148
   Investment properties	0	0	0	0	938	938
   Intangible assets and Goodwill	2,454	174	2,981	15	0	5,624
   Financial investments	0	0	0	0	1,046	1,046
   Right-of-use assets	7,428	1,899	180	1,429	0	10,936
   Deferred taxes	0	0	0	0	5,409	5,409
   Non-current assets	53,554	15,741	61,821	21,747	13,238	166,101
   Current assets	35,133	4,328	16,477	18,922	17,080	91,939
   Total Assets	88,687	20,069	78,298	40,669	30,318	258,040
   Loans obtained	0	0	0	0	67,634	67,634
   Grants	3,209	1,286	8,202	3,088	0	15,785
   Lease liabilities	5,352	1,631	138	1,056	0	8,177
   Provisions	0	0	0	0	90	90
   Provisions for pensions	0	0	0	0	3,024	3,024
   Deferred taxes	0	0	0	0	7,898	7,898
   Non-current liabilities	8,561	2,917	8,341	4,143	78,646	102,608
   Loans obtained	0	0	0	0	10,208	10,208
   Lease liabilities	1,842	561	48	363	0	2,815
   Payables for fixed assets	1,922	204	1,915	691	0	4,732
   Operating liabilities	16,741	5,569	19,985	6,050	0	48,345
   Current Liabilities	20,505	6,334	21,948	7,105	10,208	66,099
   Total liabilities	29,065	9,252	30,289	11,248	88,854	168,707

   Segment assets mainly include tangible fixed assets, intangible assets, inventories, accounts receivable and cash and cash equivalents.

   Segment liabilities correspond to operating liabilities and exclude provisions and deferred taxes that are not easily allocated to the business.

   3.2- Information by geography

   The Group's four business segments operate primarily in Europe and the Americas. The breakdown of turnover by geographic segment as of the 30thof June 2025 and 2024 is as follows:

   January to June 2025
   Geographical area	Porcelain and related products	Earthenware	Stoneware	Crystal and handmade glass	Overall Total
   Portugal	10,255	3,484	1,122	1,971	16,832
   France	595	563	3,043	2,226	6,427
   Spain	2,961	303	3,235	324	6,823
   Germany	144	165	10,320	23	10,652
   Italy	2,547	225	3,662	3	6,437
   The Netherlands	62	186	4,352	0	4,600
   Brazil	1,550	209	748	88	2,595
   USA	993	1,165	547	325	3,030
   United Kingdom	121	279	1,207	280	1,887
   Sweden - SE	2	59	1,039	0	1,101
   Rest of Europe	941	1,376	2,405	358	5,079
   Other countries	2,156	1,149	593	826	4,723
   Overall Total	22,328	9,162	32,272	6,423	70,186

   January to June 2024
   Geographical area	Porcelain and related products	Earthenware	Stoneware	Crystal and handmade glass	Overall Total
   Portugal	10,335	3,126	1,066	2,066	16,593
   France	692	611	3,210	2,890	7,404
   Spain	3,232	274	3,574	359	7,439
   Germany	89	111	6,729	51	6,980
   Italy	465	332	2,873	15	3,685
   The Netherlands	38	412	2,397	0	2,846
   Brazil	1,348	124	838	129	2,440
   USA	1,022	1,178	1,399	334	3,932
   The United Kingdom	109	326	1,398	379	2,212
   Sweden - SE	2	83	1,113	0	1,197
   Rest of Europe	1,240	1,546	1,623	535	4,943
   Other countries	1,943	1,276	614	505	4,338
   Overall Total	20,517	9,399	26,831	7,263	64,010

   Total assets by geographical area Total liabilities by geographical area:

   	30-06-2025	31-12-2024	30-06-2025	31-12-2024
   Portugal	256,852	245,032	Portugal 166,151	157,494
   Rest of Europe	4,618	4,499	Rest of Europe 3,365	3,411
   Other countries	8,234	8,510	Other countries 7,693	7,802
   	269,703	258,040	177,208	168,707

   Total investments by geographical area:

   	30-06-2025	31-12-2024
   Portugal	7,450	16,368
   Rest of Europe	2	39
   Other countries	36	28
   	7,488	16,435

4. ‌Financial instruments by class

   Amount to the Consolidated Notes Financial Position

   Financial instruments were classified as follows:

   30-06-2025				31-12-2024
   Financial assets
   Available-for-sale financial assets
   Financial investments		8	971	1,046
   Loans and receivables
   Accounts receivable and others		12	37,769	26,411
   Financial assets measured at fair value through profit or loss
   Cash and cash equivalents			9,024	11,810
   	Total		47,763	39,268
   Financial liabilities
   Loans obtained
   Interest-bearing bank loans at variable interest rates		16	22,222	17,325
   Interest-bearing bank loans at fixed interest rates		16	58,457	58,284
   Interest-free loans (grants)		16	1,772	2,233
   Lease liability		17	9,598	10,992
   Accounts payable
   Suppliers		18	18,716	18,074
   Accrued expenses		18	15,886	11,010
   Confirming, Express Bill, Factoring and Export collections		18	11,997	9,999
   Other creditors		18	1,201	1,275
   Payables for fixed assets		18	3,371	4,732
   	Total		143,220	133,924

   Financial assets include a share in the venture capital company "Capital Criativo, SCR" and in "Lince Capital" which are measured at fair value, in the total amount of 324 thousand euros, and 500 thousand euros respectively in 2024 (Note 8). The remaining financial investments were measured at acquisition cost as they are investments in non-listed companies, whose fair value cannot be measured reliably. The Board of Directors believes that the amount by which these assets are reflected is lower than the respective realisation value.

   Cash and cash equivalents as of the 30thof June 2025 and as of the 31stof December 2024 and the respective reconciliation with Cashflow, Cash and Cash Equivalents is as follows:

   	30-06-2025	31-12-2024
   Demand deposits	9,019	11,746
   Term deposits	1	61
   Cash	4	4
   Cash and cash equivalents in cash flow statement	9,024	11,810

5. ‌Tangible fixed assets

   During the six-month period ending on the 30thof June 2025 and the year ended on the 31stof December 2024, the changes in the gross value of tangible fixed assets, as well as in the related accumulated depreciation and impairment losses, were as follows:

   	Lands and Transp. equip. Office Other fixed Assets in Espólio buildings and Basic Equipment assets Tools progress Cultural Total Equipment Utensils
   Financial year 2025
   Initial net amount	71,915	53,029	197	1,014	10,149	5,845	142,148
   Increases	43	301	21	457	6,654	0	7,476
   Sales and write-offs (net amount)	0	-102	0	0	0	0	-102
   Impairments	0	27	0	0	0	0	27
   Transfers	-3,653	6,464	11	-198	-2,625	0	0
   Depreciation of the financial year	-1,348	-3,967	-32	-105	0	0	-5,452
   Exchange rate effect	-1	-2	-1	-10	0	0	-14
   Net amount at the end of June 2025	66,957	55,750	195	1,158	14,178	5,845	144,084

   	Lands and Transp. equip. Office Other fixed Assets in Espólio buildings and Basic Equipment assets Tools progress Cultural Total Equipment Utensils
   Financial year 2024
   Initial net amount	70,174	54,835	240	1,077	3,372	5,845	135,543
   Increases	2,251	4,272	59	142	9,644	0	16,367
   Sales and write-offs (net amount)	1	-4	-1	1	0	0	-3
   Impairments	0	53	0	0	0	0	53
   Revaluations	996	0	0	0	0	0	996
   Transfers	1,121	1,600	0	0	-2,867	0	-146
   Depreciation of the financial year	-2,624	-7,727	-98	-212	0	0	-10,659
   Exchange rate effect	-4	0	-4	6	0	0	-2
   Final net amount December 2024	71,915	53,029	197	1,014	10,149	5,845	142,148

   The amount of increases in property, plant and equipment as of the 30thof June 2025 were mostly directed towards decarbonisation efforts, in order to assure efficiency in production processes and a reduction in the carbon footprint of Vista Alegre Group factories.

6. ‌Intangible assets

   During the six-month period ending on the 30thof June 2025 and the financial year ended on the 31stof December 2024, changes in the gross value of intangible assets, as well as in the respective amortisations and accumulated impairment losses, were as follows:

   	Change Dev. Computer Other Current management projects programs intangible fixed Total assets assets
   Financial year 2025
   Initial net amount	66	355	327	24	140	913
   Increases	0	0	0	600	12	612
   Amortisation of the financial year	0	0	-67	-94	0	-161
   Impairments	0	0	0	63	0	63
   Exchange rate effect	0	0	-1	0	0	-1
   Net amount at the end of June 2025	66	355	260	593	152	1,426

   	Change Dev. Computer Other Current management projects programs intangible fixed Total assets assets
   Financial year 2024
   Initial net amount	66	403	297	343	80	1,190
   Increases	0	0	25	699	59	783
   Transfer	0	0	140	0	0	140
   Amortisation of the financial year	0	-48	-136	-1,049	0	-1,232
   Impairments	0	0	0	31	0	31
   Exchange rate effect	0	0	1	0	0	1
   Final net amount December 2024	66	355	327	24	140	913

7. ‌Investment properties

   On the 30thof June 2025 and on the 31stof December 2024, the detail of real estate investment properties of the Group is as follows:

   	30-06-2025	31-12-2024
   Vista Alegre land	938	938
   Total investment properties	938	938

   Vista Alegre land

   This land is not used in the ordinary course of Vista Alegre Group's business activity, and in its current state or after a valuation process, is intended for sale. These assets are located in Alcobaça.

   With reference to 30thof June 2025 results, the Group decided not to request further independent evaluation of investment property valuations since there were no circumstances that would have materially altered said valuations since 31stof December 2024.

   The expenses incurred and the income earned associated with those investment properties are of no relevance.

8. ‌Financial investments

   The heading "Financial investments" consists of residual investments in companies for which the Grupo has no control or significant influence and have been classified as available-for-sale financial investments.

   Financial investments available for sale include shares in venture capital companies "Capital Criativo, SCR" and "Lince Capital", which are measured at their respective fair value. The remaining financial investments were measured at cost as they are investments made in unlisted companies, whose fair value cannot be measured reliably. The Board of Directors believes that the amount by which these assets are reflected is lower than their respective realisation value.

   The detail on the 30thof June 2025 and on the 31stof December 2024 of this heading is as follows:

   Financial investments	30-06-2025	31-12-2024
   Assets by fair value by income statement Capital Criativo - SCR, SA	324	399
   Lince Capital - SCR, SA	500	500
   Assets at acquisition cost Imerys Ceramics Portugal, SA	60	60
   VAA-Empreendimentos Turísticos, SA	45	45
   Lusitánia Gás SA	19	19
   Other participations	23	23
   	971	1 046

9. ‌Right-of-use assets

   30-06-2025

   Buildings and other Transp. equip. and

   constructions

   Basic Equipment

   Total

   The movements during the financial years ended on the 30thof June 2025 and on the 31stof December 2024 in the amount of right-of-use assets, as well as in the respective accumulated depreciations and impairment losses, were as follows:

   Gross asset Opening balance on the 1stof January 2025	15,573	1,498	17,071
   Renewal / new contracts of the exercise	66	0	66
   Contracts concluded and cancelled in the year	-1,144	0	-1,144
   Exchange rate effect	-30	0	-30
   Final balance	14,464	1,498	15,962
   Accumulated depreciation Opening balance on the 1stof January 2025	5,273	862	6,135
   Depreciation of the financial year	1,428	63	1,491
   Contracts concluded and cancelled in the year	-1,144	0	-1,144
   Exchange rate effect	-21	0	-21
   Final balance	5,536	926	6,461
   Final net amount on the 30thof June 2025	8,928	573	9,501

   31-12-2024 Buildings and other Transp. equip. and Total constructions Basic Equipment
   Gross asset Opening balance on the 1stof January 2024	12,429	1,297	13,726
   Renewal / new contracts of the exercise	6,395	201	6,596
   Contracts concluded and cancelled in the year	-3,176	0	-3,176
   Exchange rate effect	-75	0	-75
   Final balance	15,573	1,498	17,071
   Accumulated depreciation Opening balance on the 1stof January 2024	5,592	738	6,329
   Depreciation of the financial year	2,710	124	2,834
   Contracts concluded and cancelled in the year	-3,014	0	-3,014
   Exchange rate effect	-14	0	-14
   Final balance	5,273	862	6,135
   Net asset amount at 31s tof December 2024	10,300	636	10,936
   The above-mentioned rights-of-use assets	associated with the heading	"Buildings	and other

   constructions" essentially comprise the stores where Vista Alegre Group carries out its retail activity through operating lease contracts, both in Portugal and abroad.

10. ‌Income Tax

    Current tax for the six-month period ending on the 30thof June 2025 and the year ended on the 31stof December 2024 is recorded as an account payable or receivable to the company NCFGest, S.A., in accordance with the Special Regime for the Taxation of Groups of Companies.

    On the 30thof June 2025 and on the 31stof December 2024, the detail and changes of deferred tax assets and liabilities, according to the temporary differences that originated them, is as follows:

    Temporary differences	Base	Assets	Liabilities	Net effect	P&L Dr/(Cr) Impact	Impact Capital Dr/(Cr)	Transf. f/ other debt.
    Balance on the 31stof December 2024
    Revaluation of tangible fixed assets / Fair value investment properties Investment	33,001	796	7,892
    Impairment of depreciable tangible fixed assets	1,030	221	0
    Retirement benefits - Responsibility in charge of the Group	3,024	528	0
    Adjustments and other provisions not fiscally accepted	13,939	3,119	0
    Reportable tax losses - Spain	796	171	0
    Tax credit	0	573	0
    Changes in exchange rates not accepted for tax purposes	0	0	7
    		5,409	7,898
    Changes of the net information of the financial year
    Revaluation of tangible fixed assets / Fair value investment properties Investment	181	0	39	-39	4	-43	0
    Retirement benefits - Benefit plan managed by the Grupo	0	0	0	0	0	0	0
    Adjustments and other provisions not fiscally accepted	161	35	0	35	35	-1	0
    Changes in exchange rates not accepted for tax purposes	3	0	-1	1	0	1
    		35	38	-4	39	-43	0
    Balance on the 30thof June 2025
    Revaluation of tangible fixed assets / Fair value investment properties Investment	33,182	796	7,930
    Impairment of depreciable tangible fixed assets	1,030	221	0
    Retirement benefits - Responsibility in charge of the Group	2,458	528	0
    Adjustments and other provisions not fiscally accepted	14,666	3,153	0
    Reportable tax losses - Spain	796	171	0
    Tax credit	0	573	0
    Changes in exchange rates not accepted for tax purposes	0	0	6
    		5,443	7,937

    Impact on the Income Statement - Income tax

    30-06-2025 30-06-2024

    Current tax -1,013 -1,365

    Deferred tax -39 -23

    -1,052 -1,388

1. ‌Inventories

   The detail of the inventories, with reference to the 30thof June 2025 and to the 31stof December 2024, is as follows:

   	Gross assets	30-06-2025 Impairments	Net assets	Gross asset	31-12-2024 Impairments	Net assets	Adjustments
   							Operations in Operations in 2025 2024
   Goods	5,619	-429	5,190	5,091	-429	4,661	0 -7
   Raw material	7,715	-875	6,840	7,299	-875	6,424	0 289
   Products under manufacture	2,092	0	2,092	2,090	0	2,090	0 0
   Finished products	33,058	-11,589	21,469	31,736	-11,593	20,143	3 -780
   Intermediate products	20,204	0	20,204	20,255	0	20,255	0 0
   	68,687	-12,894	55,794	66,471	-12,897	53,574	3 -498

   The amounts of impairment and reversal of impairment losses are recognised in the consolidated statement of profit and loss, respectively, under "Cost of goods sold and materials consumed" and "Change in production", depending on whether these are goods/ raw materials or products.

2. ‌Accounts receivable and others

   On the 30thof June 2025 and on the 31stof December 2024, this heading was as follows:

   	30-06-2025	31-12-2024
   Customers	16,451	14,497
   Other debtors	19,629	10,957
   State and other public entities (note 20)	1,689	957
   	37,769	26,411
   	30-06-2025	31-12-2024
   Accounts receivable from customers and other debtors	39,237	28,618
   Less: impairment of accounts receivable	-3,157	-3,164
   Accounts receivable from clients and other net debtors-net	36,080	25,454
   Other debtors	30-06-2025	31-12-2024
   Advances from suppliers	232	374
   Expenses to be recognised (deferred costs)	3,938	3,129
   Other debtors	2,895	1,326
   Other debtors - NCFGEST companies (Note 28)	12,564	6,128
   	19,629	10,957

   The amount of "Expenses to be recognised" corresponds essentially to maintenance material for the Group's manufacturing areas, which is recognised as a cost based on consumption/ use.

3. ‌Share capital, treasury shares, issue premiums and other equity

   The total authorised number of common shares is 167.650.060 book-entry shares with a nominal value of 0.80 euros per share. All issued shares are paid for.

   	No of shares (thousand)	Common shares Turnover	Common share Premium	Treasury shares Turnover	Treasury shares Premium	Total
   On the 31stof December 2008/2009	145,040	29,008	0	-1	-1	29,006
   On the 30thof June 2010	145,040	11,603	0	-1	-1	11,601
   On the 31stof December 2016	1,156,348	92,508	0	-1	-1	92,506
   On the 31stof December 2017	1,524,091	121,927	22,065	-1	-1	143,990
   On the 31stof December 2018	152,409	121,927	24,280	-1	-1	146,206
   On the 31stof December 2019	167,650	134,120	25,113	-1	-1	159,231
   On the 31stof December 2020	167,650	134,120	25,113	-1	-1	159,231
   On the 31stof December 2021	167,650	134,120	25,113	-1	-1	159,231
   On the 31stof December 2022	167,650	134,120	25,113	-1	-1	159,231
   On the 31stof December 2023	167,650	134,120	25,113	-1	-1	159,231
   On the 31stof December 2024= 30thof June 2025	167,650	134,120	25,113	-1	-1	159,231

   At the end of the first semester of 2025, the Company owned 110 treasury shares, valued at a price of 0.80 euros each. The premium paid per share was 1.687 euros. The total amount paid for share acquisition was 1,854 euros and this was deducted from equity.

   Additionally, as of 30thof June 2025 supplementary payments were made by the shareholder Visabeira Indústria, SGPS, SA in the amount of 38,181,653.20 euros. These supplementary payments are non-reimbursable so in such instances where this operation would reduce its own Company capital to a value lower than the sum of the social capital and its legal reserve.

4. ‌Reserves and retained earnings

   The changes on the reserves and retained earnings headings were as follows:

   Re-evaluation Retained Other Earnings of lands and reserves Total buildings
   Balance on the 1stof January 2024	-172,173	30,565	18,720	-122,887
   Result of the previous year	6,535	0	0	6,535
   Reclassification of fixed asset revaluation surpluses	875	-875	0	0
   Change in fair value of tangible fixed assets (deferred tax) Amounts that will be reclassified later in results	0	2,452	0	2,452
   Other comprehensive income for the financial year	-1,122	0	0	-1,122
   Use of share issue premiums	25,113	0	0	25,113
   Acquisitions, asset disposals and capital increases	1,735	0	0	1,735
   Balance on the 31stof December 2024	-139,037	32,141	18,720	-88,175
   Result of the previous year Amounts that will be subsequently reclassified to profit or loss	4,055	0	0	4,055
   Other comprehensive income for the financial year	-409	0	0	-409
   Balance on the 30thof June 2025	-135,391	32,141	18,720	-84,529

5. ‌Non-controlling interests

   % of Minority interests

   Book value

   Attributed results

   Main shareholders

   30-06-2025 31-12-2024 30-06-2025 31-12-2024 30-06-2025 30-06-2024

   On the 30thof June 2025 and on the 31stof December 2024, this heading was as follows:

   Shree Sharda Vista Alegre Private Limited	0.00%	50.00%	0	5	0	0	Shree Sharda (50%)
   Vista Alegre España, S.A.	30.00%	30.00%	-759	-798	38	0	CR7, S.A. (30%)
   Faianças Artísticas Bordalo Pinheiro, S.A	13.86%	13.86%	2,061	1,913	144	263	Bordalo Pinheiro - Holding, Lda (3,26%) SERSAU - Soc. Inv. Venda Urbanizações (2,79%)
   							Sara Maria F. Vera Jardim Silva (2,73%)
   VAA Brasil - Comércio, Importação e Exportação S.A.	1.97%	1.97%	25	31	1	-4	Mentor - Serviços Administrativos (1,97%)
   Vista Alegre Atlantis Moçambique, Lda.	1.00%	1.00%	2	3	0	0	Mercury Moz (1%)
   Total			1,330	1,153	183	258

6. ‌Loans obtained

   Debts to credit institutions and shareholder loans were as follows on the 30thof June 2025 and on the 31stof December 2024:

   30-06-2025 31-12-2024

Non-current liabilities

The maturity schedule of bank loans and loans from other entities can be summarized as follows:

**AICEP - Agência para o Investimento e Comércio Externo de Portugal

1. ‌Lease liabilities

   The changes in the amount of lease liabilities occurring in the financial years ended on the 30thof June 2025 and on the 31stof December 2024, were as follows:

   30-06-2025
   Liabilities Opening balance	10,992
   Renewal / new contracts of the exercise	66
   Payments made in the financial year	-1,735
   Financial cost of the year	275
   Final balance on 30thof June 2025	9,598

   31-12-2024
   Liabilities Opening balance	7,435
   Renewal / new contracts of the exercise	6,596
   Payments made in the financial year	-3,489
   Financial cost of the year	449
   Final balance on the 31s tof December 2024	10,992

   At the date of the consolidated statement of financial position, lease liabilities were due as follows:

   On the 30thof June 2025:	Amount in debt	Until 12 months	From 12 to 24 months	From 24 to 36 months	≥ 36 months
   Lease liabilities	9,598	2,710	2,486	2,087	2,315
   Total	9,598	2,710	2,486	2,087	2,315

   On the 31stof December 2024 lease liabilities matured as follows:

   On the 31stof December 2024:	Amount in debt	Until 12 months	From 12 to 24 months	From 24 to 36 months	≥ 36 months
   Lease liabilities	10,992	2,815	2,076	1,874	4,227
   Total	10,992	2,815	2,076	1,874	4,227

2. ‌Accounts payable and other debts

   On the 30thof June 2025 and on the 31stof December 2024, the heading "Accounts payable and other debts" was as follows:

   	30-06-2025	31-12-2024
   Suppliers	18,716	18,074
   Creditors and accrued expenses	37,948	32,059
   State and other public entities (note 20)	2,021	2,841
   	58,685	52,973

   The breakdown of "Suppliers" heading on the 30thof June 2025 and on the 31stof December 2024 is as follows:

   	30-06-2025	31-12-2024
   Current account suppliers	18,085	17,907
   Suppliers invoices receivable and checking	631	167
   	18,716	18,074

   The heading "Creditors and accrued expenses" is broken down as follows:

   	30-06-2025	31-12-2024
   Accrued expenses	15,886	11,010
   Confirming	7,876	6,630
   Related parties - NCFGEST (RETGS) (Note 28)	5,002	4,382
   Export collections	3,754	3,211
   Payables for fixed assets	3,371	4,732
   Other creditors	1,201	1,275
   Advances from clients	491	660
   Express Bill	289	24
   Factoring	78	134
   	37,948	32,059

   The heading "Accrued expenses" on the 30thof June 2025 and on the 31stof December 2024 is broken down as follows:

   	30-06-2025	31-12-2024
   Staff costs	11,751	8,212
   Interest payable	411	422
   Energy	870	748
   Investment	1,281	384
   Royalties	322	302
   Rappel	148	155
   Others	1,104	787
   	15,886	11,010

3. ‌Provisions

   1. Provisions

      On the 30thof June 2025 and on the 31stof December 2024, the provision balance was 90 thousand euros. This amount remained unchanged during the reporting period.

   2. Provision for pensions

      The Grupo VAA has several defined benefit pension plans in place, some under the responsibility of Fundos de Pensões specially created and managed by the actuary company (Futuro - Sociedade Gestora de Fundos de Pensões, S.A.) and others under the responsibility of the Grupo itself ("Plano de benefícios definido - sem Fundo").

      Under the responsibility of Futuro- Sociedade Gestora de Fundos de Pensões, S.A. are two funds:

      - One ("Former Atlantis"), called Adesão Coletiva Atlantis, has an indeterminate duration. All employees of Vista Alegre Atlantis, SA, from Former Atlantis - Cristais de Alcobaça, S.A, working for the Subsidiary's until the 31stof December 2013, and who meet the requirements of eligibility provided for in the Pension Plan, which is to say all participants who are 65 years old, and who have worked at least ten years for the subsidiary, are entitled to a supplementary old-age pension calculated in accordance with the Pension Plan.

      This fund is financed by the Viva Pension Fund.

      -Other ("Former Vista Alegre" and "VA Grupo"), called the Fundo de Pensões Grupo Vista Alegre, also of indefinite duration, which includes the employees of Vista Alegre Atlantis S.A., from the former Fábrica de Porcelana da Vista Alegre, S.A. and from VA Grupo-Vista Alegre Participações SA. who have signed an individual employment agreement before the 20thof December 1976 and that are covered by the Collective Agreement for the Ceramic Industry.

      The Grupo Vista Alegre pension fund is financed by the Grupo Vista Alegre Pension Fund.

      On the 30thof June 2025 and on the 31stof December 2024, the amounts were 2.8 million euros and 3 million euros respectively.

4. ‌State and other public entities

   On the 30thof June 2025 and 31stof December 2024, the composition in the item "State and other public entities" was as follows:

   30-06-2025			31-12-2024
   	Assets	Liabilities	Assets	Liabilities
   Income tax	44	0	144	104
   Total - Income tax	44	0	144	104
   Withholding of income tax	0	11	0	2
   Taxes on commercial transactions*	1,689	728	957	1,505
   Social security contributions	0	1,281	0	1,334

   Total - State and other public entities	1,689	2,021	957	2,841
   Total	1,732	2,021	1,101	2,945

   * VAT, ICMS, PIS, COFINS and IPI.

5. ‌Grants

   Medium and long-term investment grants
   Stoneware Project (Ria Stone)	3,693	0	-306	3,386
   FLEX 360 Project (Vista Alegre, S.A.)	1,489	0	0	1,489
   Porcelain Project (Vista Alegre, S.A.)	1,621	0	-97	1,524
   CerexCor & CristalLux Project (Vista Alegre S.A.)	1,789	0	-117	1,671
   Cerutil Projeco (Cerutil)	624	0	-34	590
   Bordalo Pinheiro Project (Bordalo Pinheiro)	1,259	0	-62	1,196
   Decarbonisation projects	2,489	0	0	2,490
   Recovery and Resilience Plan agendas	2,822	408	0	3,230
   	15,785	408	-617	15,576

   The main information on the investment grants allocated to the Group as of the 30thof June 2025 and 31stof December 2024 is as follows:

   		30-06-2025			31-12-2024
   	Current	Non-current	Total	Current	Non-current	Total
   Stoneware Project (Ria Stone)	612	2,774	3,386	617	3,076	3,693
   FLEX 360 Project (Vista Alegre, S.A.)	0	1,489	1,489	0	1,489	1,489
   Porcelain Project (Vista Alegre, S.A.)	194	1,330	1,524	198	1,423	1,621
   CerexCor & CristalLux Project (Vista Alegre S.A.)	235	1,437	1,671	241	1,548	1,789
   Cerutil Projeco (Cerutil)	69	521	590	69	555	624
   Bordalo Pinheiro Project (Bordalo Pinheiro)	125	1,072	1,196	125	1,134	1,259
   Decarbonisation projects	0	2,490	2,490	0	2,489	2,489
   Recovery and Resilience Plan agendas	0	3,230	3,230	0	2,822	2,822
   	1,234	14,342	15,576	1,249	14,535	15,785

   31-12-2024 Reinforcement/Decrease

   Amortisation

   (Note 25)

   30-06-2025

6. ‌Sales and services rendered

   During the six-month period ending on the 30thof June 2025 and 2024, the categories of revenue recognised include revenue from:

   	30-06-2025	30-06-2024
   Sales of goods	69,927	63,466
   Services provided	258	544
   	70,186	64,010

7. ‌Staff costs

   Staff expenses for the six-month period ending on the 30thof June 2025 and 2024 may be analysed as follows:

   	30-06-2025	30-06-2024
   Salaries and other staff costs	21,450	21,118
   Salaries and other short-term benefits of the Management	543	530
   Expenses with salaries	4,583	4,582
   Total	26,576 26,230

   The liabilities with pension and retirement plans are explained in Note 19.

   At the end of the first semester of 2025, the number of employees working for Grupo Vista Alegre was 2,304 (first semester of 2024: 2,373) and the average number for the period was 2,352 (first semester of 2024: 2,403).

8. ‌External supplies and services

   On the 30thof June 2025 and 2024, this heading was as follows:

   	30-06-2025	30-06-2024
   Electricity	2,021	1,073
   Transport of goods	1,279	1,355
   Specialised works	1,276	1,252
   Maintenance and repair	1,234	1,420
   Advertising and marketing	1,226	1,444
   Travel and stays	564	401
   Subcontracts	779	450
   Commissions	465	580
   Cleaning, hygiene and comfort	450	382
   Rents	419	454
   Insurance	398	335
   Surveillance and safety	356	327
   Royalties	250	222
   Fuels, water and other fluids	249	213
   Tools and utensils for fast wear	148	182
   Fees	116	121
   Communication	86	96
   Others	219	193
   	11,535	10,501

9. ‌Other operating income and expenses

   Other operating income and expenses for the six-month period ending on the 30thof June 2025 and 2024 can be analysed as follows:

   	30-06-2025 Costs	Income	30-06-2024 Costs	Income
   Costs and income relating to previous years	4	33	1	0
   Fines and penalties/Contract benefits	1	0	3	0
   Gains and losses with immobilisation- reductions/disposal	0	6	2	2
   Heath insurances - HR	0	42	0	69
   Sale of chips/waste, scrap, moulds and freight	0	30	0	13
   Offers/ samples stocks	166	0	141	0
   Taxes	109	0	131	1
   Currency exchanges differences	0	0	0	19
   Up front discounts	28	0	23	0
   Operating and training grants	0	2,927	0	320
   Investment grants (Note 21)	0	617	0	655
   Interest and similar	0	0	266	0
   Other operating expenses and profit	206	465	186	573
   	515	4,119	753	1,652

10. ‌Financial result

    The financial results for the six-month period ending on the 30thof June 2025 and 2024 were as follows:

    	30-06-2025	30-06-2024
    Interest with loans and overdrafts	-2,193	-1,711
    Interest with operating loans	-723	-623
    Interests on lease liabilities	-275	-202
    Recognition of amortised cost	-209	1,630
    Other financial expenses	-73	-2,118

    Financial income - interests 218 228

    -3,255 -2,795

1. ‌Commitments

Commitment towards investments

Commitments towards investments contracted but not yet incurred on the 30thof June 2025 amount to 2.5 million euros and regard the amounts already under contract relating to fixed asset orders but only materialized over the following 12 months.