1st Quarter Report 2024

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. Assets by rights of use 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. Subsidies 28

22. Sales and services provided 29

23. Staff costs 29

24. External supplies and services 30

25. Other operating income and expenses 30

26. Financial result 31

27. Commitments 31

28. Balances and Transactions with related parties 32

29. Subsequent events 33

30. Companies included in the consolidation 34

VAA - Vista Alegre Atlantis SGPS, S.A., hereby presents its accounts for the period from January to March 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

   Consolidated turnover as of the first quarter of 2025 reached 36.3 million euros, representing a growth of 18% compared to the same period of 2024.

   In the first three months of 2025, Vista Alegre and Bordallo Pinheiro brand products maintained their growth trajectory in retail (physical and online) at national and international levels, resulting in a growth of 7.7%, compared to the same period in 2024.

   In terms of segments, we would like to highlight the 31% growth in sales of Stoneware and the 14.1% growth in sales of Porcelain and other products, compared to the same period in the previous year.

   Segments	3M 2025	3M 2024	Variation 3M (%)
   Porcelain and related products	10.9	9.5	14.1%
   Earthenware	4.4	4.5	-1.5%
   Stoneware	17.5	13.3	31.0%
   Crystal and Glass	3.5	3.4	3.6%
   Total	36.3	30.7	18.0%

   Foreign markets represented 78.3% of Vista Alegre's turnover, with 28.4 million euros of sales.

   In the markets where the Group has a consolidated presence, sales in the Netherlands and Italy grew by 129% and 99%, respectively.

2. Results

   Turnover reached 36.3 million euros, an increase of 18% compared to the previous year.

   Vista Alegre Group's EBITDA in the first quarter of 2025 totalled 6.6 million euros, a growth of 0.9% compared to the same period last year.

   The 27% year-on-year increase in energy costs negatively affected the EBITDA margin by 3 percentage points. The investment that the Group is making in decarbonisation will allow for greater energy efficiency in the production process, in order to reduce energy costs in the short term.

   Headings	3M 2025	3M 2024	Var. 3M Amount %
   Turnover	36.3	30.7	5.5	18.0%
   E B I T D A	6.6	6.5	0.1	0.9%
   EBITDA Margin	18.2%	21.3%	-3.1 pp
   Operating Income	3.1	3.1	-0.1	-1.9%
   Operating Margin	8.5%	10.2%	-1.7 pp
   Income before taxes	1.5	1.9	-0.4	-22%
   Income tax	-0.4	-0.4
   Net income	1.0	1.5	-0.4	-29%

   The Group recorded an operating profit of 3.1 million euros, in line with the same period last year. Net profit was down on the same period last year, namely due to the increase in depreciation due to the investments that have been made and the increase in energy costs.

3. Investments and debt

Accumulated investment in the first quarter of 2025 was 3.5 million euros, mostly directed towards decarbonisation projects, which reflects the Vista Alegre group's commitment to sustainability and social and environmental responsibility.

In the first three months of 2025, consolidated net debt increased slightly, essentially due to typical seasonality of the business. Considering the amount Vista Alegre Group projects financed by PRR grants, consolidated debt fell by 2.2 million euros compared to December 2024. In the first three months of 2025, the net debt to EBITDA ratio fell by 0.1x to 2.5x.

Ílhavo, 30thof May 2025

The Board of Directors

T €

Headings

Notes

31-03-2025 31-03-2024

Consolidated income for the financial year (a) 1 031 1 451

Adjustments of exchange conversion -96 -93

controlling Total equity

interests

(note 15)

Total

Non-

Net income

for the financial year

earnings

(note 14)

13)

(note 13)

Reserves

Issue Supplementary

premiums benefits (note and retained

Treasury

shares (note 13)

Equity

(note 13)

Headings

controlling Total equity

interests

(note 15)

Total

Non-

Net income

for the financial year

earnings

(note 14)

13)

(note 13)

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 Group 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	31/03/2025	31/12/2024	31/03/2025	31/03/2024

   American dollar	0.8932 €	0.9626 €	0.9217 €	0.9238 €
   Mozambican Metical	0.0140 €	0.0150 €	0.0144 €	0.0145 €
   Mexican peso	0.0455 €	0.0470 €	0.0144 €	0.0544 €
   Brazilian real	0.1649 €	0.1550 €	0.1746 €	0.1862 €
   Indian rupee	0.0107 €	0.0112 €	0.0110 €	0.0111 €

3. ‌Segment reporting

   Segment information is presented in relation to the Group's geographic and business segments and is based on the different types of materials that are produced in industrial plants in 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 Vista Alegre Group.

   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 31stof March 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 31stof March 2025 and 2024 is as follows:

   Porcelain and related products

   Earthenware

   Stoneware

   Crystal and handmade glass

   Total

   march 2025

   Gross sales by segment	10 852	4 423	17 463	3 534	36 272
   Sales %	30%	12%	48%	10%	100%

   march 2024

   Total

   Crystal and handmade glass

   Stoneware

   Earthenware

   Porcelain and related products

   Gross sales by segment	9 509	4 492	13 328	3 412	30 741
   Sales %	31%	15%	43%	11%	100%

   The results by business segment are as follows:

   31stof March 2025

   	Porcelain and Crystal and related products Earthenware Stoneware handmade Total glass
   Operating profit	837	799	1 523	-72	3 087
   Net financial costs	-1 087	-157	-136	-239	-1 619
   Profit before taxes	-250	643	1 387	-311	1 468
   Income tax	-131	-118	-338	150	-437
   Net income for the financial year	-381	524	1 049	-162	1 031
   Non-controlling interests	9	71	1	2	83
   Net income for the financial year to shareholders	-390	453	1 048	-163	948
   31stof March 2024
   	Porcelain and Crystal and related products Earthenware Stoneware handmade Total glass
   Operating profit	682	843	1 904	-283	3 145
   Net financial costs	-925	-175	-8	-154	-1 263
   Profit before taxes	-243	668	1 896	-437	1 883
   Income tax	56	-153	-435	100	-432
   Net income for the financial year	-188	514	1 461	-337	1 451
   Non-controlling interests	0	125	0	0	124
   Net income for the financial year to shareholders	-187	390	1 461	-337	1 327

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

   31stof March 2025
   	Porcelain and Crystal and related products Earthenware Stoneware handmade Total glass
   Amortisation and Depreciation	1 252	482	1 448	379	3 561
   Impairment of depreciable assets (losses/reversals)	-22	-10	-1	-6	-38
   Impairment of accounts receivable (losses/reversals)	-4	0	-1	-2	-7
   Total	1 226	473	1 446	371	3 516
   31stof March 2024
   	Porcelain and Crystal and related products Earthenware Stoneware handmade Total glass
   Amortisation and Depreciation	1 215	387	1 322	487	3 411
   Impairment of depreciable assets (losses/reversals)	-10	0	-1	-2	-13
   Total	1 205	387	1 321	485	3 398

   The assets, liabilities and investments of the segments for the financial years ended on the 31stof March 2025 and on the 31stof December 2024 are as follows:

   31stof March 2025

   	Porcelain and Crystal/ Others not related products Earthenware Stoneware handmade imputed Total glass
   Tangible fixed assets	44 172	13 444	59 116	20 221	5 845	142 797
   Investment properties	0	0	0	0	938	938
   Intangible assets and Goodwill	2 418	165	2 971	14	0	5 568
   Financial investments	0	0	0	0	1 046	1 046
   Deferred taxes	0	0	0	0	5 426	5 426
   Assets by rights of use	7 371	1 635	137	1 065	0	10 208
   Non-current assets	53 961	15 244	62 224	21 300	13 255	165 983
   Current assets	43 039	4 481	14 679	16 406	19 019	97 623
   Total Assets	97 000	19 724	76 902	37 706	32 274	263 606
   Loans obtained	0	0	0	0	74 392	74 392
   Subsidies	3 080	1 130	7 345	2 746	0	14 301
   Lease liabilities	5 433	1 454	108	806	0	7 801
   Provisions	0	0	0	0	90	90
   Provisions for pensions	0	0	0	0	2 948	2 948
   Deferred taxes	0	0	0	0	7 896	7 896
   Non-current liabilities	8 648	2 708	8 139	3 856	85 326	107 428
   Loans obtained	0	0	0	0	6 145	6 145
   Lease liabilities	1 863	498	37	276	0	2 675
   Asset suppliers	1 123	81	1 584	382	0	3 170
   Other current liabilities	2 985	580	1 621	659	6 145	11 989
   Operating liabilities	17 465	5 778	24 403	6 274	0	53 921
   Total liabilities	28 963	8 942	33 477	10 485	91 471	173 337

   31stof December 2024

   	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
   Deferred taxes	0	0	0	0	5 409	5 409
   Use rights assets	7 428	1 899	180	1 429	0	10 936
   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
   Subsidies	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
   Asset suppliers	1 922	204	1 915	691	0	4 732
   Other current liabilities	3 764	765	1 963	1 055	10 208	17 754
   Operating liabilities	16 741	5 569	19 985	6 050	0	48 345
   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 four segments of the Group's industrial-based business operations are active in three main geographic areas, despite being managed globally. The breakdown of turnover by geographic segment as of the 31stof March 2025 and 2024 is as follows:

   January to March 2025
   Geographical area	Porcelain and related products	Earthenware	Stoneware	Crystal and handmade glass	Overall Total
   Portugal	4 816	1 552	562	945	7 874
   France	307	255	1 584	1 335	3 480
   Spain	1 380	141	1 724	148	3 393
   Germany	74	89	4 756	10	4 929
   Italy	1 490	111	2 066	1	3 668
   The Netherlands	38	122	3 228	0	3 389
   Brazil	662	60	353	33	1 108
   USA	536	583	196	220	1 535
   The United Kingdom	81	147	574	240	1 041
   Sweden - SE	0	33	524	0	558
   Rest of Europe	517	771	1 668	158	3 115
   Other countries	949	558	228	446	2 181
   Overall Total	10 852	4 423	17 463	3 534	36 272

   January to March 2024
   Geographical area	Porcelain and related products	Earthenware	Stoneware	Crystal and handmade glass	Overall Total
   Portugal	5 031	1 406	509	1 003	7 949
   France	289	350	1 688	1 301	3 628
   Spain	1 481	110	1 778	183	3 552
   Germany	38	65	3 459	8	3 569
   Italy	217	147	1 474	8	1 847
   The Netherlands	25	219	1 233	0	1 476
   Brazil	635	74	261	103	1 074
   USA	428	589	626	197	1 839
   The United Kingdom	40	144	775	176	1 135
   Sweden - SE	0	41	425	0	467
   Rest of Europe	559	749	797	253	2 358
   Other countries	766	598	303	180	1 847
   Overall Total	9 509	4 492	13 328	3 412	30 741

   Total assets by geographical area Total liabilities by geographical area:

   	31-03-2025	31-12-2024	31-03-2025	31-12-2024
   Portugal	251 322	245 032	Portugal 162 858	157 494
   Rest of Europe	4 155	4 499	Rest of Europe 3 039	3 411
   Other countries	8 130	8 510	Other countries 7 441	7 802
   	263 606	258 040	173 337	168 707

   Total investments by geographical area:

   	31-03-2025	31-12-2024
   Portugal	3 485	16 368
   Rest of Europe	2	39
   Other countries	1	28
   	3 488	16 435

4. ‌Financial instruments by class

   Amount to the Consolidated Notes Financial Position

   Financial instruments were classified as follows:

   31-03-2025				31-12-2024
   Financial assets
   Available-for-sale financial assets
   Financial investments		8	1 046	1 046
   Loans and receivables
   Accounts receivable and others		12	30 286	26 411
   Financial assets measured at fair value through profit or loss
   Cash and cash equivalents			13 749	11 810
   	Total		45 081	39 268
   Financial liabilities
   Loans obtained
   Interest-bearing bank loans at variable interest rates		16	20 365	17 325
   Interest-bearing bank loans at fixed interest rates		16	58 369	58 284
   Unpaid loans (subsidies)		16	1 802	2 233
   Lease liability		17	10 475	10 992
   Accounts payable
   Suppliers		18	19 166	18 074
   Accrued expenses		18	13 528	11 010
   Confirming, Express Bill, Factoring and Export consignments		18	11 778	9 999
   Other creditors		18	968	1 275
   Asset suppliers		18	3 170	4 732
   	Total		139 620	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 399 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 31stof March 2025 and as of the 31stof December 2024 and the respective reconciliation with Cash and cash equivalents of cash flows is as follows:

   	31-03-2025	31-12-2024
   Demand deposits	13 744	11 746
   Term deposits	1	61
   Cash	4	4
   Cash and cash equivalents in cash flow statement	13 749	11 810

5. ‌Tangible fixed assets

   Lands and buildings

   Transp. equip. and Basic Equipment

   Office Equipment

   Other fixed assets Tools Utensils

   Assets in progress

   Espólio Cultural

   Total

   During the three-month period ending on the 31stof March 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 amortisation and impairment losses, were as follows:

   Financial year 2025
   Initial net amount	71 915	53 029	197	1 014	10 149	5 845	142 148
   Increases	24	121	15	29	3 300	0	3 488
   Sales and write-offs (net amount)	0	-102	0	0	0	0	-102
   Impairments	0	13	0	0	0	0	13
   Transfers	0	21	0	2	-23	0	0
   Depreciation of the financial year	-674	-1 993	-25	-52	0	0	-2 744
   Exchange rate effect	-1	-2	0	-4	0	0	-7
   Net amount at the end of March 2025	71 264	51 087	186	990	13 425	5 845	142 797
   	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 31stof March 2025 were mostly directed towards decarbonisation efforts, in order to assure greater energy efficiency in production processes and a reduction in the carbon footprint of Vista Alegre Group factories.

6. ‌Intangible assets

   During the three-month period ending on the 31stof March 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
   Depreciations in the financial year	0	0	-33	-47	0	-80
   Impairments	0	0	0	25	0	25
   Net amount at the end of March 2025	66	355	293	3	140	857

   	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
   Transfers	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 31stof March 2025 and on the 31stof December 2024, the detail of real estate investment properties of the Group is as the follows:

   	31-03-2025	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 31stMarch 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 31stDecember 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 Group 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 the respective realisation value.

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

   Financial investments	31-03-2025	31-12-2024
   Assets by fair value by income statement Capital Criativo - SCR, SA	399	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
   	1 046	1 046

9. ‌Assets by rights of use

   Changes in fiscal year ending on the 31stof March 2025 and on the 31stof December 2024 in the amount of use rights, as well as in the respective accumulated amortisations and impairment losses, were as follows:

   31-03-2025 Buildings and other Transp. equip. and Total constructions Basic Equipment
   Gross asset Opening balance on the 1stof January 2025	15 573	1 498	17 071
   Contracts concluded and cancelled in the year	-1 013	0	-1 013
   Exchange rate effect	7	0	7
   Final balance	14 566	1 498	16 064
   Accumulated amortisation Opening balance on the 1stof January 2025	5 273	862	6 135
   Depreciations in the financial year	705	32	736
   Contracts concluded and cancelled in the year	-1 013	0	-1 013
   Exchange rate effect	-2	0	-2
   Final balance	4 962	894	5 856
   Final net amount on the 31stof March 2025	9 604	604	10 208

   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 amortisation Opening balance on the 1stof January 2024	5 592	738	6 329
   Depreciations in 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 31stof 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 three-month period ending on the 31stof March 2025 and the year ended on the 31stof December 2024 is recorded as an account payable or an account receivable to the company NCFGest, S.A., in accordance with the Special Regime for the Taxation of Groups of Companies.

    On the 31stof March 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)
    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	-9	0	-2	2	2	0
    Impairment of depreciable tangible fixed assets	0	0	0	0	0	0
    Retirement benefits - Responsibility in charge of the Group	-566	0	0	0	0	0
    Adjustments and other provisions not fiscally accepted	647	17	0	17	18	0
    Reportable tax losses - Spain	0	0	0	0	0	0
    Changes in exchange rates not accepted for tax purposes	0	0	0	0	0	0
    		17	-2	20	19	0
    Balance on the 31stof March 2025
    Revaluation of tangible fixed assets / Fair value investment properties Investment	32.992	796	7.890
    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	14.586	3.136	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
    		5.426	7.896

    31-03-2025 31-03-2024

Current tax -418 -348

Deferred tax -19 -84

1. ‌Inventories

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

   	Gross asset	31-03-2025 Impairments	Net assets	Gross asset	31-12-2024 Impairments	Net assets	Adjustments
   							Operations in 2025		Operations in 2024
   Goods	5 265	-429	4 836	5 091	-429	4 661	0		-7
   Raw material	7 352	-875	6 477	7 299	-875	6 424	0		289
   Products under manufacture	2 080	0	2 080	2 090	0	2 090	0		0
   Finished products	31 616	-11 591	20 024	31 736	-11 593	20 143	1		-780
   Intermediate products	20 027	0	20 027	20 255	0	20 255	0		0
   	66 339	-12 896	53 443	66 471	-12 897	53 574	1		-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 31stof March 2025 and on the 31stof December 2024, this heading was as follows:

   	31-03-2025	31-12-2024
   Customers	17 469	14 497
   Other debtors	11 099	10 957
   State and other public entities (Note 20)	1 718	957
   	30 286	26 411
   	31-03-2025	31-12-2024
   Accounts receivable from clients and other debtors	31 725	28 618
   Less: impairment of accounts receivable	-3 157	-3 164
   Accounts receivable from clients and other net debtors-net	28 568	25 454
   Other debtors	31-03-2025	31-12-2024
   Advances from suppliers	204	374
   Expenses to be recognised (deferred costs)	3 989	3 129
   Other debtors	613	1 326
   Other debtors - NCFGEST companies (Note 28)	6 293	6 128
   	11 099 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= On the 31stof March 2025	167 650	134 120	25 113	-1	-1	159 231

   At the end of the first quarter 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 31stof March 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 not reimbursable so long as this operation reduces 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 in reserves and retained earnings headings were as follows:

   Re-evaluation Retained Other Earnings of lands and reserves Total buildings
   Balance on the 1st of 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 reclassified later in results	4 055	0	0	4 055
   Other comprehensive income for the financial year	-90	0	0	-90
   Balance on the 31stof March 2025	-135 072	32 141	18 720	-84 209

5. ‌Non-controlling interests

   % of minority interests

   Book value

   Attributed results

   Main shareholders

   2025

   2024

   2025

   2024

   2025 2024

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

   Shree Sharda Vista Alegre Private Limited	50.00%	50.00%	5	5	0	0	Shree Sharda (50%)
   Vista Alegre España, S.A.	30.00%	30.00%	-782	-798	14	0	CR7, S.A. (30%)
   Faianças Artísticas Bordalo Pinheiro, S.A	13.86%	13.86%	1 983	1 913	70	125	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%	23	31	-1	-1	Mentor - Serviços Administrativos (1.97%)
   Vista Alegre Atlantis Moçambique, Lda.	1.00%	1.00%	3	3	0	0	Mercury Moz (1%)
   Total			1 231	1 153	83	124

6. ‌Loans obtained

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

   31-03-2025 31-12-2024

Non-current liabilities

C

The maturity schedule of bank loans and loans from other entities can be summarised 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 31stof March 2025 and on the 31stof December 2024, were as follows:

   31-03-2025
   Liabilities Opening balance	10 992
   Payments made in the financial year	-648
   Financial cost of the year	131
   Final balance on the 31stof March 2025	10 475

   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 31stof December 2024	10 992

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

   On the 31stof March 2025:	Amount in debt	Until 12 months	From 12 to 24 months	From 24 to 36 months	≥ 36 months
   Lease liabilities	10 475	2 675	2 419	2 218	3 163
   Total	10 475	2 675	2 419	2 218	3 163

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

   On the 31stof December 2024:	Value of 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 31stof March 2025 and on the 31stof December 2024, the heading "Accounts payable and other debts" was as follows:

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

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

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

The information related to provisions, regarding the 31stof March 2025 and the 31stof December 2024, can be summarised as follows:

19.2 Provision for pensions

The VAA Group 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 Group 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 Ex - Atlantis - Cristais de Alcobaça, S.A, working for the Subsidiary's until the 31stDecember 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 "Vista Alegre Group"), 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 Vista Alegre Grupo-Vista Alegre Participações S.A.. who have signed an individual employment agreement before the 20thof December 1976 and that are covered by the Collective Agreement for the Ceramic Industry.

Vista Alegre Group's pension fund is financed by the Vista Alegre Group Pension Fund.

1. ‌State and other public entities

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

   31-03-2025			31-12-2024
   	Assets	Liabilities	Assets	Liabilities
   Income tax	145	104	144	104
   Total - Income tax	145	104	144	104
   Withholding of income tax	0	3	0	2
   Taxes on commercial transactions*	1 718	634	957	1 505
   Social security contributions	0	1 267	0	1 334

   Total - State and other public entities	1 718	1 904	957	2 841
   Total	1 863	2 008	1 101	2 945

   * VAT, ICMS, PIS, COFINS and IPI.

2. ‌Subsidies

   The main information on the investment subsidies allocated to the Group as of the 31stof March 2025 and 31stof December 2024 is as follows:

   		31-03-2025			31-12-2024
   	Current	Non current	Total	Current	Non current	Total
   Stoneware Project (Ria Stone)	617	2.922	3.538	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.)	198	1.374	1.572	198	1.423	1.621
   CerexCor & CristalLux Project (Vista Alegre S.A.)	241	1.489	1.730	241	1.548	1.789
   Cerutil Projeco (Cerutil)	69	538	607	69	555	624
   Bordalo Pinheiro Project (Bordalo Pinheiro)	125	1.103	1.228	125	1.134	1.259
   Decarbonisation projects	0	2.489	2.489	0	2.489	2.489
   Recovery and Resilience Plan agendas	0	2.898	2.898	0	2.822	2.822
   	1.249	14.301	15.550	1.249	14.535	15.785

   	31-12-2024 Reinforcement/Decrease Amortisation 31-03-2025 (Note 25)
   Medium and long-term investment subsidies
   Stoneware Project (Ria Stone)	3 693	0	-154	3 538
   FLEX 360 Project (Vista Alegre, S.A.)	1 489	0	0	1 489
   Porcelain Project (Vista Alegre, S.A.)	1 621	0	-49	1 572
   CerexCor & CristalLux Project (Vista Alegre S.A.)	1 789	0	-59	1 730
   Cerutil Projeco (Cerutil)	624	0	-17	607
   Bordalo Pinheiro Project (Bordalo Pinheiro)	1 259	0	-31	1 228
   Decarbonisation projects	2 489	0	0	2 489
   Recovery and Resilience Plan agendas	2 822	76	0	2 898
   	15 785	76	-310	15 550

3. ‌Sales and services provided

   During the three-month period ending on the 31stof March 2025 and 2024, the categories of revenue recognised include revenue from:

   	31-03-2025	31-03-2024
   Sales of goods	36 013	30 513
   Services provided	258	228
   	36 271	30 741

4. ‌Staff costs

   Expenses with staff for the three-month period ending on the 31stof March 2025 and 2024 may be analysed as follows:

   	31-03-2025	31-03-2024
   Salaries and other staff costs	10 528	10 043
   Salaries and other short-term benefits of the Management	270	266
   Expenses with salaries	2 259	2 256
   Total	13 058 12 565

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

   At the end of the first quarter of 2025, the number of employees working for Vista Alegre Group was 2,355 (first quarter of 2024: 2,407) and the average number was 2,369 (first quarter of 2024: 2,421).

5. ‌External supplies and services

   On the 31stof March 2025 and 2024, this heading was as follows:

   	31-03-2025	31-03-2024
   Electricity	1 101	765
   Specialised works	712	560
   Maintenance and repair	651	684
   Freight transport	614	685
   Advertising and marketing	561	722
   Travel and stays	339	287
   Subcontracts	298	188
   Commissions	262	261
   Cleaning, hygiene and comfort	223	194
   Insurance	217	151
   Rents and leases	185	288
   Surveillance and safety	175	159
   Royalties	128	103
   Fuels, water and other fluids	124	105
   Tools and utensils for fast wear	75	59
   Fees	66	90
   Communication	46	46
   Others	110	16
   	5 888	5 363

6. ‌Other operating income and expenses

Other operating income and expenses for the three-month period ending on the 31stof March 2025 and 2024 can be analysed as follows: