Annual Report 2025

V I S TA A L E 6 R E

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ANNUAL REPORT

TABLE OF CONTENTS

CONSOLIDATED ANNUAL REPORT 3

LIST OF QUALIFYING SHAREHOLDERS 145

ANNUAL REPORT 147

CORPORATE GOVERNANCE COMMITTEE REPORT 210

REPORT AND OPINION OF THE SUPERVISORY BOARD 364

LEGAL CERTIFICATION OF ACCOUNTS AND AUDIT REPORT OF INDIVIDUAL ACCOUNTS 368

LEGAL CERTIFICATION OF ACCOUNTS AND AUDIT REPORT OF CONSOLIDATED ACCOUNTS 373

V I S TA A L E G R E

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ANNUAL REPORT

TABLE OF CONTENTS

Management Report 4

1. Introduction 4

2. Macro-economic scenario 4

3. Scope of the Consolidation 7

4. Activity Evolution 9

5. Results 9

6. Investments and Debt 10

7. Final performance analysis 10

   1. Introduction 10

   2. Description of the Group's corporate model 11

   3. Vista Alegre Atlantis Sustainability Strategy 11

   4. Sustainability Governance 18

   5. Environmental Performance 22

   6. People and Culture 24

   7. Social responsibility 27

   8. Value Chain and Responsible Procurement 28

   9. Risk Management 29

   10. Next steps 36

8. Company Branches 36

9. Operations with Own Shares 36

10. Business between the Company and its Directors 36

11. Important events after the end of the year 36

12. Prospects 37

13. STATEMENT PURSUANT TO ARTICLE 29-H, NO 1, C) OF THE CVM 38

Consolidated Statements of Financial Position 40

ON THE 31ST OF DECEMBER 2025 AND 2024 40

Notes to the Consolidated Financial Statements 45

1. General Information 45

2. Main accounting policies 48

3. Significant accounting estimates and judgements 70

4. Changes in the accounting policies 72

5. Group companies included in the consolidation 75

6. Segment reporting 76

7. Financial instruments by class 81

8. Tangible fixed assets 83

9. Goodwill 86

10. Intangible assets 90

11. Impairments 91

12. Investment properties 91

13. Financial investments 93

14. Right-of-use assets 94

15. Income Tax 94

16. Inventories 97

17. Accounts receivable and others 99

18. Share capital, treasury shares, issue premiums and other equity 100

19. Reserves and retained earnings 101

20. Non-controlling interests 102

21. Loans obtained 102

22. Lease liabilities 106

23. Accounts payable and other debts 107

24. Provisions 109

25. State and other public entities 115

26. Subsidies 115

27. Revenue 119

28. Staff costs 119

29. Supplies and external services 120

30. Other operating income and revenues and other operating expenses and losses 120

31. Financial result 121

32. Earnings per share 121

33. Contingencies 122

34. Investment-related commitments 122

35. Financial Risk Management 123

36. Balances and Transactions with related parties 128

37. Subsequent events 132

ANNEXE TO THE SEPARATE FINANCIAL STATEMENTS 135

List of Qualifying Shareholders 143

Dear Shareholders,

1. ‌Introduction

   Under current legislation, the Board of Directors of VAA-Vista Alegre Atlantis SGPS, S.A., ("Company", "Society" or "Vista Alegre"), with this document, states how the social businesses were carried out during the financial year of 2025.

   Thus, we elaborated and submit to the Shareholders' approval this Consolidated Management Report and Consolidated Financial Statements, which include: the Consolidated Statement of Financial Position, the Consolidated Profit and Loss Statement by nature and Comprehensive Income, the Consolidated Statement of Changes in Equity, and the Consolidated Cash-flow Statement, all regarding the financial year, which coincides with the calendar year of 2025, as well as the corresponding Annexes. We included as well the description of the shares hold by the Corporate Bodies (article 447, no 5 of the CSC), the list of the Shareholders who own a capital share higher than 10% (article 448, no 4 of the CSC), and the listing of qualifying shares (article 6 of the CVM regulation no 11/2000 with the wording given by CVM Regulation no 24/2000).

2. ‌Macro-economic scenario

   World economy

   The global economic outlook analysed by the OECD (OECD Economic Outlook on 2 December 2025) indicated that global GDP growth would undergo a slowdown from 3.2% in 2025 to 2.9% in 2026, before recovering to 3.1% in 2027. In OECD economies, the GDP growth forecast reflects, as in 2025, a rate of 1.7% for 2026, followed by a restrained recovery of 1.8% in 2027, while in non-OECD economies, it indicates a sharper slowdown from 4.4% in 2025 to 3.9% in 2026, with a gradual recovery of 4.0% in 2027.

   Inflation trends continue to vary considerably across different countries, with a growing percentage of countries showing inflation above Central Bank targets. The data reveal that goods inflation has accelerated, largely driven by food inflation, and that services inflation remains high in many economies. This occurs within a scenario where weakening pressures on housing costs are contributing to lower inflation. In this context, inflation in the OECD is expected to continue decreasing, from 4.0% in 2025 to 3.4% in 2026 and to 2.6% in 2027. It is expected that overall inflation will return to target levels by 2027 in almost all major economies.

   The unemployment rate in the median OECD economy rose from 5.2% in the first semester of 2024 to 5.5% in the third quarter of 2025, due to the growth of the population aged 25 to 54. This evolution

   reflected, in part, the increase in labour force participation rates. It is expected that labour force growth will continue to slow down due to ageing populations and moderation of migration flows in some economies. In this context, and after increasing from 5.2% in 2024 to 5.7% in 2026, the average unemployment rate in OECD economies is expected to remain stable in 2027.

   In the current context of persistent geopolitical and political uncertainty, growth is expected to consolidate again by the end of 2026, as the impact of tariffs decreases, financial conditions improve and lower inflation supports demand. Despite a forecasted slowdown in high-technology sectors, global growth is expected to remain stable, driven by other areas, with emerging market economies in Asia, continuing to account for most of global growth.

   National Economy

   The Bank of Portugal, in its December 2025 Economic Bulletin, indicates that the Portuguese economy will continue to grow at a robust pace during 2026, with growth of 2% in 2025 and 2.3% in 2026, followed by a slowdown to 1.7% and 1.8% in 2027 and 2028, respectively (the OECD, in its December 2025 economic outlook report, revises down real GDP growth by -0.1 pp, expecting it to reach 1.9% in 2025 and 2.2% in 2026).

   Inflation has steadily decreased since its peak in 2022 and it will continue falling to 2.2% in 2025 and 2.1% in 2026, and it is expected to stabilise at around 2% by 2028, in line with the outlook for the euro area. However, many people continue to perceive that prices are increasing much faster than they actually are, and this may affect their confidence and consumption decisions.

   The fiscal balance is expected to be balanced in 2025, followed by expected deficits in subsequent years: 0.4% of GDP in 2026, 0.9% in 2027, and 1% in 2028. The deteriorating trajectory of the fiscal position is mainly driven by tax reduction measures and the permanent increase in spending in recent years. Fiscal policy will remain expansionary in 2026 and become contractionary in 2027, mainly due to the end of the Recovery and Resilience Plan implementation period in 2026.

   Export growth should remain moderate as a result of the current situation, and although direct exports of goods and services to the United States represent only 2.8% of GDP, Portugal also faces lower external demand from its main European trading partners.

   However, while tax reductions and wage increases will boost household incomes, they will slow the pace of disinflation. The Portuguese economy has proven resilient, but adverse demographic trends increasingly underscore the importance of proper resource allocation, the smooth functioning of labour and product markets, and ongoing investment in upskilling the Portuguese population.

   European Economy

   The European Commission's economic forecasts (Autumn 2025 Economic Forecast) pointed to real GDP growth of 1.4% in the EU in 2025 and 2026, projecting it to rise to 1.5% in 2027. Overall, the Euro area is expected to follow this trend, with real GDP growing to 1.4% in 2025, 1.2% in 2026, and 1.4% in 2027 and 2028, according to the European Central Bank data from December 2025.

   The increasing frequency of climate-related catastrophes is likely to compromise resilience and growth, as the costs of these events and their consequences are highly likely to continue rising.

   The persistently high uncertainty regarding trade policy continues to weigh on economic activity, while the economic impact of current tariff and non-tariff restrictions and the resulting supply chain disruptions may be greater than expected. These factors may weigh more heavily on EU exports and on productive efficiency. Meanwhile, geopolitical tensions remain high, continuing to weigh on the economic performance of various countries.

3. ‌Scope of the Consolidation

   The structure presented below is the structure of Vista Alegre Group on 31st of December 2025 and 2024:

   		Participation percentage
   Companies	Head office	2025	2024
   Vista Alegre Atlantis, SGPS, SA	Ílhavo	Parent Company	Parent company
   Cerexport - Cerâmica de exportação, SA	Ílhavo	100.00%	100.00%
   Cerutil - Cerâmicas Utilitárias, SA	Sátão	100.00%	100.00%
   Faianças Artísticas Bordalo Pinheiro, SA	Caldas da Rainha	86.14%	86.14%
   Faianças da Capôa - Indústria Cerâmica, SA	Ílhavo	100.00%	100.00%
   Mexicova, SA	Mexico City	100.00%	100.00%
   Ria Stone Fábrica de Louça de Mesa em Grés, SA	Ílhavo	100.00%	100.00%
   Ria Stone II, SA	Ílhavo	100.00%	100.00%
   Shree Sharda Vista Alegre Private Limited	Delhi	-	50.00%
   VA - Vista Alegre España, SA	Madrid	70.00%	70.00%
   VAA Brasil - Comércio, Importação e Exportação, SA	S. Paulo	98.03%	98.03%
   VAA I.I. - Sociedade Imobiliária, SA	Ílhavo	100.00%	100.00%
   Vista Alegre Atlantis Moçambique, Lda	Maputo	99.00%	99.00%
   Vista Alegre Atlantis, SA	Ílhavo	100.00%	100.00%
   Vista Alegre France, SAS	Paris	100.00%	100.00%
   Vista Alegre USA Corporation	New York	100.00%	100.00%

   In 2025, the Vista Alegre Group comprises 15 companies, being divided into 4 business areas (Porcelain, earthenware, Oven to tableware, crystal and handmade glass):

   • Vista Alegre Atlantis, SGPS, S.A., has as its corporate objects the management of shareholdings in other companies as an indirect way of carrying out economic activities. Its subsidiaries develop business in production, distribution and sale of porcelain, crystal and handmade glassware, stoneware and earthenware, with HoReca, retail and private label distribution channels.

   • Vista Alegre Atlantis, S.A., company of Portuguese law which holds the entire Group's production (porcelain, crystal, stoneware and handmade glass), and the national chain stores.

   • Cerutil - Cerâmicas Utilitárias, S.A., company of Portuguese law which holds the factory in Sátão (Viseu) that has more than 15,000 m2 of productive area, in an optimised layout, which represents a national reference in the stoneware manufacture.

   • Faianças Artísticas Bordalo Pinheiro, S.A.. company of Portuguese law that in the scope of Vista Alegre Group is now autonomising as a business area in the faïence (tableware, gift ware and special editions). VAA thus owns the production units in Portugal located in Caldas da Rainha and Aradas in this business area.

   • Vista Alegre España, S.A., society of Spanish law which, in that country, carries out the activities of distributor and retailer owning 33 points of sale in the shops El Corte Inglés, in addition to the two stores of the brand.

   • Faianças da Capôa-Indústria de Cerâmica, S.A., society of Portuguese law, owner of the factory in Aradas/Aveiro where VAA has its industrial production of faïence.

   • Cerexport-Cerâmica de Exportação, S.A., society of Portuguese law, owner of the building in Esgueira/Taboeira/Aveiro, where VAA has its industrial production of ovenware.

   • VAA Brasil - Comércio, Importação e Exportação S.A., society of Brazilian law, based in the city of Vitória, state of Espírito Santo, owned in 97.57% by Cerexport-Cerâmica de Exportação, S.A., 0.46% by Faianças da Capôa-Indústria de Cerâmica, S.A. and 1.97% by a local partner. This company was constituted in July 2011, with the objective of trading Vista Alegre Atlantis products.

   • Ria Stone, Fábrica de Louça de Mesa em Grés, S.A., society of Portuguese law, based in Ílhavo, constituted in June 2012, whose object consists in the production of tableware and domestic articles in stoneware, trade of articles stoneware, faïence and ceramics.

   • Ria Stone II, S.A., society of Portuguese law, based in Ílhavo, constituted in December 2020, whose object consists in the production of tableware and domestic articles in stoneware, trade of articles stoneware, earthenware and ceramics. This company remained inactive in 2024.

   • Vista Alegre Atlantis Moçambique, Lda., society based in Maputo, Mozambique, constituted in December 2012, with the objective of trade porcelain articles, faïence and others, domestic crystal and glass, allowing to have a local presence in this country.

   • Vista Alegre USA Corporation it's an American society based in New York, where is located a showroom, being the first space of the brand in the United States of America.

   • VAA I.I. - Sociedade Imobiliária S.A. is a company based in Portugal and will exercise its activity in the real estate and tourism area.

   • Vista Alegre France, SAS, is a company incorporated under French law, whose main activity is the trade of porcelain and earthenware as well as related products, crystal and glass pieces and decoration items, import and export of similar products; as well as all activities whose end is related.

   • Mexicova, S.A., a company based in Mexico City, will be engaged in the commercial activity of the Group in this country (porcelain, crystal, ovenware, earthenware and handmade glass).

   In July 2024, VAA - Vista Alegre Atlantis SGPS, S.A. sold 30% of the share capital of Vista Alegre Spain to CR7, S.A..

   As provided for in the Settlement Agreement signed on 3 December 2024, the sale of the 49% stake in Shree Sharda Vista Alegre held by Vista Alegre Atlantis S.A. to Shree Sharda was formalised. On the 7 April 2025, Vista Alegre sold a 1% interest in the company's share capital. Thus, VAA disposed of its entire stake in Shree Sharda Vista Alegre Private Limited in 2025.

4. ‌Activity Evolution

   In 2025, Grupo Vista Alegre reinforced its growth trajectory, reaching a consolidated turnover of 144.3 million euros, representing a 5.5% year-on-year increase, equivalent to an additional 7.5 million euros.

   By segment, the Stoneware business stood out, recording strong sales growth of 11.4% to reach turnover of 62.9 million euros. The Porcelain and Earthenware segments also showed positive performance, with increases of 4.9% and 3.4%, respectively. Conversely, the Crystal and Glass segment saw a reduction in sales of 1.8 million euros, mainly due to contraction in the international premium beverages market.

   International markets played a decisive role in the Group's performance, accounting for 71% of total turnover and achieving 8.3% growth in 2025.

   Segments 12M 2025 12M 2024 Var 12M (%)

1. ‌Results

   In 2025, Vista Alegre Group achieved EBITDA of 27.7 million euros, representing growth of 1% compared to the previous year and an EBITDA margin of 19.2%. Considering the negative impact resulting from increased gas and electricity costs, this performance is a strong indicator of the resilience of the Group's business model.

   Net profit reached 4.7 million euros, exceeding the result recorded in 2024 and corresponding to 4.4% annual growth.

   Headings	12M 2025	12M 2024	Var. 12M Amount %
   Turnover	144.3	136.8	7.5	5.5%
   E B I T D A	27.7	27.4	0.3	1.0%
   EBITDA Margin	19.2%	20.0%
   Operating Income	12.2	12.9	-0.6	-5.0%
   Operating Margin	8.5%	9.4%
   Income before taxes	5.7	6.4	-0.7	-11%
   Income tax	-1.0	-1.9	0.9
   Net income	4.7	4.5	0.2	4%

2. ‌Investments and Debt

   Cumulative investment(1) in 2025 amounted to 13.4 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 2025, consolidated net debt decreased by 5.3 million euros compared to December 2024.

   During the year under review, the net debt-to-EBITDA ratio also declined, standing at 2.4x as at December 2025.

   M€	31/12/2025	31/12/2024	△ 2025 | 2024
   Loans obtained	76.6	77.8	-1.2
   Lease liabilities	9.5	11.0	-1.5
   Consolidated debt	86.1	88.8	-2.8
   Cash and cash equivalents	-9.7	-11.8	2.1
   Short-term loans from related parties (note 36)	-7.4	-5.3	-2.1
   Consolidated net debt	69.0	71.8	-2.8
   Non-reimbursable incentives receivable	-2.5	0.0	-2.5
   Consolidated net debt after grants receivable	66.4	71.8	-5.3
   EBITDA	27.7	27.4	0.3
   Net debt / EBITDA	2.4x	2.6x	-0.2x

   (1) Investment during the year includes the increase in the heading tangible fixed assets and intangible fixed assets.

3. ‌Final performance analysis
   1. ‌Introduction

      VAA - Vista Alegre Atlantis, SGPS, SA (VAA) presents documented information from its Consolidated Non-Financial Statement, which brings together data across the Group and aims to define and implement a structured set of initiatives to bolster sustainability pillars. This statement sets out and expands upon policies and practices already established in most of the Group's companies, reflecting an ongoing commitment to environmental, social and ethical responsibility.

      Over the years, VAA has consistently integrated Social Responsibility and Environmental Awareness into all of its activities, engaging with communities both directly and indirectly, and adopting as a permanent objective the support of and association with hubs that promote culture, leisure, education, sports, health and well-being. In 2025, this approach took the form of a proactive and consistent stance, reflected in various social, environmental and cultural engagement actions and initiatives.

      In compliance with the requirements of Decree-Law 89/2017 of 28 July (Article 508-G), and for the purposes of consideration by shareholders at the General Meeting, Vista Alegre Atlantis ensures the

      timely, objective and accessible disclosure of this Consolidated Non-Financial Statement. The document contains sufficient information to understand the Group's progress, performance, position and impacts in relation to environmental, social and labour issues, gender equality, non-discrimination, human rights and the fight against corruption and bribery.

      The full document will be made available on Vista Alegre's corporate website, and any requests for clarification may be addressed to the Investor Relations Office via email ricardoreis@vistaalegre.com.

   2. ‌Description of the Group's corporate model

      The Vista Alegre Group defines itself as a corporate structure, with the parent company, VAA - Vista Alegre Atlantis, SGPS, S.A., on top, which is a Holding Company, whose objects is the management of its subsidiaries shares. The scope of each of the companies includes purchase and sale options as well as portfolio, as well as the exercise of the shareholder functions which impart their principles, values and a coordinated strategy.

      The structure of the Vista Alegre Atlantis Group on the 31st of December 2025 is detailed in point 3 of this report.

      The corporate model, more than a structure or a relationship dynamics, should be understood within the context of its activities and its specific processes. This is the result of the Management Report, the Corporate Governance Report and other accountability elements, to which it refers. Vista Alegre's mission (see 7.3.3) is relevant to understand the governance model, so it is important to mention however briefly, that it fits the current reality, but there is a greater ambition: to be recognised as a brand of excellence and prestige, both at a domestic and international level.

      The VAA Group is comprised of 15 companies, divided into four business areas (Porcelain and related products, Earthenware, Stoneware, and Crystal and Hand-blown Glass). The management model followed inevitably combines the advantages of unity and central coordination under the leadership of Vista Alegre, with constant synergy between the various areas, thereby conveying a sense of unity and coordination, and reaping all the inherent benefits of the ceramics and crystal sector.

      For further details, please refer to the structure of the VAA Group as at 31 December 2025 in Note 5 to the Consolidated Financial Statements.

   3. ‌Vista Alegre Atlantis Sustainability Strategy Brand Awareness, Reputation and Relevance in the Strategic Context

      VAA maintains a high level of brand awareness and public recognition in Portugal and is widely regarded by experts as a national benchmark in the production of high-quality porcelain. The brand is also frequently selected to serve distinguished individuals from various countries, reinforcing its cultural and institutional prestige.

      According to the Repscore - OnStrategy 2025 Emotional Reputation Index, which assessed the reputational performance of brands between January and December 2024, Vista Alegre stands out as the leader in the "Industrial Products" category, with a score of 74.5 points.

      In the same study, VAA ranks seventh in the "Luxury" category, also with 74.5 points, in a ranking led by Porsche (75.1 points) and which includes highly prestigious international brands such as Aston Martin, Bentley, Hublot, Franck Muller, Ferrari, Maserati, Bang & Olufsen and Chanel.

      According to the Repscore - OnStrategy 2026 Emotional Reputation Index, which assessed the reputational performance of brands between January and December 2025, Vista Alegre stands out as the national leader in the "Luxury" category, achieving 81.2 points.

      Having been ranked by consumers as the brand with the best reputation and highest level of trust in the luxury sector in Portugal, it outperforms prestigious international labels such as Chanel, Louis Vuitton, Hermès, Rolex, Cartier and Dior, reinforcing its status as a standard of excellence and prestige.

      This reputational performance highlights not only the intrinsic value of the Vista Alegre brand, but also its alignment with the expectations of consumers and other stakeholders, reinforcing the brand's strategic relevance as a key asset for the company's sustainability and competitiveness.

      1. Communication and Media Presence

         In 2025, the Vista Alegre Group - comprised of the Vista Alegre, Casa Alegre, Bordallo Pinheiro and Ria Stone brands - stood out as one of the companies and brands with the highest volume of news coverage in the Portuguese media landscape. The extensive media coverage reflected cultural, artistic, industrial and innovation-related themes, reinforcing the Group's visibility and reputation as a national and international leader in the ceramics and glass sector.

         Institutional launches and cultural initiatives
         
         

         One of the year's key communication milestones was the launch of the book commemorating Vista Alegre's 200th anniversary, presented at the Ajuda National Palace in Lisbon. The event also featured an exhibition dedicated to the two-century history of the company founded in 1824 by José Ferreira Pinto Basto.

         The media also highlighted several other cultural and institutional initiatives, namely:

         • the Vista Alegre Festival, in honour of the factory's patron saint.

         • The exhibition "À Mesa com a Vista Alegre", on display at the Vista Alegre Museum in Ílhavo.

           Launches of collections and designer pieces
           
           

           Throughout the year, several launches captured media attention:

         • "Prato Serra", created by chef Diogo Rocha and featured in the Chefs' Collection.

         • "A View of the City", an exclusive piece by Moita Macedo.

         • the "Bicos" tableware collection.

         • "Accento", Vista Alegre's first furniture collection in 200 years, developed in partnership with the Italian design house Pininfarina.

         • The launch of the "Incontra" collection, blending Vista Alegre crystal with Murano glass, was featured on CNN Portugal's Pitch - Brand & Content.

           Industrial innovation and decarbonisation
           
           

           The media closely followed the investments associated with industrial decarbonisation, including:

         • projects funded through the Recovery and Resilience Plan (PRR) for energy modernisation.

         • the first Green Hydrogen firing carried out at the Ria Stone factory.

           Media presence of Group representatives
           
           

           The media also highlighted interviews and appearances by members of the board, notably through appearances on podcasts and in specialist publications, where topics related to innovation, the ceramics sector in Portugal and the brand's global positioning strategy were discussed.

           Television coverage
           
           

           Vista Alegre was also featured in the RTP3 series "O Resto é Paisagem", which dedicated an episode to the Ílhavo region, with further mentions in two other programmes focusing on the region and cultural heritage.

           Bordallo Pinheiro in the media
           
           

           Bordallo Pinheiro also received extensive media coverage, notably:

         • the first auction of Bordallo Pinheiro pieces.

         • the launch of collections such as "Rodopio" (from the WorldWide Bordallianos, by Joana Astolfi), "Sardinhas by Bordallo" and "Atlas", by José Pedro Croft.

         • an interview with Nádia Rodrigues, factory director, in Exklusiva magazine, highlighting her role as a female leader in an industrial unit.

           International communication
           
           

           Spain remained a priority media market, with a strong presence in leading newspapers, magazines and digital media. In 2025, several press releases were issued, highlighting:

         • Vista Alegre's participation in Casa Décor.

         • the launch of the Accento collection.

         • the promotion of commemorative pieces and Christmas table suggestions.

         • the launch of Bordallo Pinheiro's Limão collection.

         • attendance at the Maison & Objet and Ambiente trade fairs.

           These press releases resulted in numerous publications (online and in the traditional press), notably in magazines and media such as Hola, Hola Cocina and Hola Living; El País; El Mundo; Woman; Esquire; Interiores; Farless; Expansión; Novias de España; Mujer Hoy; Architectural Digest; Casa Viva; OK Diario; Periodista Digital; Magazine La Vanguardia; La Razón (National, Madrid, Catalonia, Valencia and Murcia); Larazon.es; Elle; Telva; WhitePaper; Yo Dona and El Mundo, among others.

           This sustained media presence reinforces the Vista Alegre Group's positioning as a cultural, artistic and industrial benchmark, complementing the reputation indicators presented in section 7.2.1 and contributing to the continuous enhancement of its brand equity.

      2. Purpose, mission, values and vision

         With over two centuries of history, VAA has established itself as a global brand that blends tradition, excellence and innovation, contributing to the creation of long-term economic, social and environmental value.

         The brand's purpose is based on preserving craftsmanship, promoting culture, creativity and sustainable production.

         VAA's mission focuses on the expertise, manufacture and marketing of tableware, gift ware, home décor, hospitality and collectibles, maintaining high standards of quality and a strong connection to design and culture.

         The brand's intrinsic values - commitment, entrepreneurship, ambition, dynamism, innovation and continuous improvement - guide its day-to-day operations and underpin its strategy for internationalisation and prestigious partnerships.

         VAA pursues a clear vision: sustainable and responsible growth, integrating tradition, excellence and innovation with the creation of long-term economic, social and environmental value. This vision is realised through three strategic pillars - decarbonisation and energy transition, circularity and the digitalisation of processes and products, and internationalisation and differentiation - which are considered priorities for the company.

         Furthermore, we are strengthening our commitment to social responsibility and corporate governance by promoting responsible labour practices, staff development, health and safety at work, business ethics, transparency and risk management. We are deeply committed to sustainability and to environmental and social responsibility, striving to create a better world and ensure a more resilient and sustainable company for future generations.

      3. Strategic framework

         From a strategic perspective, VAA aligns its priorities with material issues, favouring sustainable growth strategy supported by decarbonisation and energy transition programmes, material circularity, the digitalisation of processes and products, and the strengthening of international competitiveness.

         The growing integration of design, combined with technical expertise in manufacturing processes and the markets in which it operates, is decisive for brand modernisation, contributing to customer retention and the expansion of the consumer base - factors considered material to the creation of long-term value.

      4. Financial results

         In 2025, turnover reached approximately 144.3 million euros, an increase of 5.5% over the previous year, and EBITDA stood at 27.7 million euros, a 1% increase year-on-year.

         Net profit will stand at 4.7 million euros in 2025 (4.5 million euros in 2024).

         The external market reached 103 million euros in sales, currently representing 71.1% of Vista Alegre's turnover. In Europe, Germany, Spain, the Netherlands and France stand out as the most significant markets.

         The performance of Vista Alegre is guided by the sustainability of its economic results. These results are detailed extensively throughout the Annual Report and Accounts.

      5. Strategic pillars

         VAA's sustainability strategy is grounded in an integrated approach to the three ESG pillars - Environmental, Social and Governance - ensuring that value creation is balanced and responsible.

         In this context, VAA structures its operations around five complementary strategic pillars, which simultaneously strengthen the business's competitiveness and its positive impact on society and the environment:

         Pillar 1. Decarbonisation and Energy Transition
         
         

         Reducing energy intensity and GHG emissions, progressive electrification, adapting furnaces for clean energy sources (green H₂ and biomethane), operational efficiency and a higher share of energy from renewable sources.

         
         
         Pillar 2. Circularity and Digitalisation of Processes and Products
         
         

         Increased the use of secondary raw materials, incorporating Ecodesign principles, optimising packaging, waste prevention and recovery, and enhanced traceability and efficiency through digitalisation.

         
         
         Pillar 3. Internationalisation and Product Differentiation
         
         

         Consolidation of the brand's global positioning, promoting innovation and design as drivers of modernisation and rejuvenation, development of differentiated products and strengthening of strategic international partnerships.

         
         
         Pillar 4. People, Culture and Community
         
         

         Promotion of safe, inclusive and equitable working conditions; talent attraction, retention and development; lifelong training and learning programmes; health and well-being; gender equality; social dialogue; and initiatives to engage with and support local communities.

         
         
         Pillar 5 - Governance, Ethics and Integrity
         
         

         Strengthening the sustainability governance structure through the ESG Committee and robust oversight mechanisms; consolidating compliance, ethics and anti-corruption policies; operationalising the whistleblowing channel; systematic risk management; and promoting transparency and integrity throughout the organisation.

         
         
         
      6. Implementation levers and priority investments

         The implementation of the strategy is based on high-energy-impact industrial levers, already being implemented in manufacturing facilities, including:

         • installation of photovoltaic units for self-consumption, reducing dependence on the grid

         • technological retrofit of furnaces for the progressive integration of green hydrogen and biomethane; and

         • waste heat recovery, increasing the overall efficiency of processes

         These investments are supported by management and audit systems - ISO 9001, ISO 14001, ISO 45001, SMETA and IWAY - which ensure disciplined implementation, compliance and continuous improvement, reinforcing VAA's energy transition and operational competitiveness.

      7. Management Targets and Indicators / Roadmap and evolving targets

         VAA has drawn up a 2030 Roadmap to guide the progress of key environmental indicators. This roadmap will be progressively adjusted as work progresses on climate risk assessment and the strengthening of data collection and quality systems.

         Environmental Targets

         VAA has clear and monitored environmental targets, including:

         100% renewable electricity by 2030.
         
         Carbon neutrality by 2050.
         
         A 15% reduction in energy intensity (TOE/tonne) by 2028 (base year 2022).
         
         Gradual increase in circularity through the growing incorporation of secondary raw materials.
         
         Industrial decarbonisation through the energy mix evolution (photovoltaics, waste heat, green hydrogen and biomethane).
         
         

         In 2024, VAA defined a Key Performance Indicator (KPI) - "TOE/tonnes of good parts", linked to Sustainability-Linked Bonds, relating to the reduction of energy consumption, the improvement of energy efficiency and the introduction of other renewable fuel sources (hydrogen and biomethane), in three of its manufacturing plants (which account for 75% of the VAA Group's total energy consumption). This indicator is monitored annually.

         Social Targets

         Social targets are currently being consolidated, in line with the policies and practices already in place:

         Strengthening of continuous training and skills development.
         
         Consolidation of the Equality Plan and promotion of diversity.
         
         Expansion of Health, Safety and Well-being programmes.
         
         Extending ISO 45001 certification to industrial sites and continuously improving OSH indicators.
         
         

         Governance Targets

         VAA maintains a robust sustainability governance framework, with targets focused on:

         Integrating sustainability into management processes.
         
         Development of the compliance, ethics and risk prevention framework.
         
         Implementation of the Supplier Code of Conduct and strengthening due diligence across the value chain.
         
         Continuous improvement of the quality and traceability of sustainability data.
         
         
      8. Governance and integration into the management model

      The sustainability strategy is overseen by the Board of Directors and implemented with the support of the ESG Committee, which monitors targets, indicators and dialogue with stakeholders.

      The integration of sustainability into management is also reflected in variable executive remuneration linked to metrics within ISO 9001/14001/45001-certified systems that structure processes, risks and continuous improvement.

      The Board of Directors periodically reviews progress, risks and corrective actions associated with the strategy.

      7.3.10. Social commitment and community engagement

      VAA continuously promotes social responsibility and community engagement initiatives, supporting hubs that foster culture, leisure, education, sport, health and well-being. In 2025, it maintained a proactive and consistent approach, with projects that strengthen ties with the communities where it operates, in line with the company's ethical principles and corporate culture.

      7.3.11. Path to Sustainability

      As of the date of this report, VAA does not fall under the scope of the Corporate Sustainability Reporting Directive (CSRD), as revised by the Omnibus Proposal approved in December 2025, given that the Directive has not yet been transposed into national law.

   4. ‌Sustainability Governance
      1. Governance structure and sustainability responsibilities

         Sustainability governance at VAA is based on an integrated structure of supervision, decision-making and internal control involving the Board of Directors and the Supervisory Board. These bodies, together with the ESG Committee, ensure the definition, monitoring and tracking of sustainability targets, indicators and priorities, as well as the alignment of the strategy with legal requirements and stakeholder expectations.

         The Board of Directors bears ultimate responsibility for the sustainability strategy, approving policies, targets and action plans. The board regularly monitors non-financial performance, integrates risks into the organisation's overall management and oversees key sustainability initiatives.

         The Supervisory Board ensures the oversight of internal control systems and integrity mechanisms, including the Whistleblowing Channel, compliance processes and reporting mechanisms associated with the prevention of irregularities, in cooperation with the Compliance Director and the Data Protection Officer, as described in sub-section 7.4.5.

         In addition, VAA has a certified Integrated Management System (IMS) (ISO 9001, ISO 14001, ISO 45001), which ensures operational discipline, data collection and validation methodologies, and the use of auditable procedures.

         This combination of formal governance bodies, operational mechanisms and certified systems ensures consistent sustainability governance and guarantees that VAA maintains a robust, auditable management model geared towards creating long-term sustainable value.

      2. Integrated Management System and Certifications (ISO / Audits)

         VAA maintains a structured set of certified management systems that form the operational basis of its approach to quality, the environment and safety. In 2025, the Group continued to consolidate its Integrated Management System (IMS), ensuring methodological consistency across units and strengthening audit practices and continuous improvement.

         The IMS currently covers the following areas:

         Quality (ISO 9001) - certified across five manufacturing units, supporting traceability, continuous improvement and product compliance.
         
         Environment (ISO 14001) - implemented since 2024 at the stoneware plant in Aveiro, with a plan for gradual expansion over the period 2025-2027.
         
         Occupational Health and Safety (ISO 45001) - implemented at the stoneware plant in Aveiro since 2022 and currently being extended to the remaining industrial operations.
         
         

         In addition, VAA's manufacturing facilities are subject to external and client audits, which reinforce regulatory compliance, environmental and social performance, and the robustness of internal controls. These include:

         SMETA/SEDEX, which assesses ethical, labour, social and environmental practices.
         
         IKEA IWAY, applicable to the stoneware plants in Ílhavo and Aveiro, reinforcing requirements for sustainability, energy efficiency, working conditions and environmental management.
         
         Authorised Economic Operator (AEO - C+S), applicable to Vista Alegre Atlantis SA and Ria Stone, validating security and supply chain controls.
         
         

         In terms of third-party sustainability performance assessment, Vista Alegre Atlantis SA achieved an overall score of 59% on the Ecovadis platform, receiving the "Committed" label, reflecting the existence of structured policies and actions in the environmental, social and governance dimensions. This assessment process was resumed in 2025 and continues to serve as a tool for continuous improvement and external benchmarking.

         
         
         

         The evolution of the IMS, consolidated in 2025, reinforces the consistency of processes, compliance with international requirements and the integration of systematic auditing practices.

      3. Integrity, Ethics and Compliance Mechanisms

         Creativity, innovation, competitiveness, dynamism and ambition are the principles that drive VAA's positioning. However, it is the values of honesty, integrity and respect for others, the environment and society that underpin the work we carry out every day. These values guide the responsible and ethical manner in which we conduct our business.

         To effectively implement these principles and values, we have a robust and efficient compliance system in place, ensuring clear accountability and promoting effective communication between all stakeholders. This system is aligned with international best practices, with its structure and

         organisation based on the coordinated action of internal functional units, in conjunction with management and supervisory bodies, with a view to supporting the decision-making process, ensuring transparency and integrity throughout the entire value chain. To this end, we have a Compliance Officer, responsible for implementing the Compliance Policies that govern VAA's activities throughout the entire value chain, both legally and regulatorily, based on transparency and fairness, aimed at preventing and combating unlawful acts. The main mission of this department is to ensure compliance with applicable legal requirements, preventing corruption, money laundering, terrorist financing, ensuring compliance with international sanctions, addressing conflicts of interest, and promoting the protection of human rights.

         Code of Ethics and Business Conduct is a guardrail that helps us to ensure that we do things safely, ethically, responsibly and observe all applicable laws, rules, regulations and policies while making business decisions. In this regard, we invest in the training of our employees, providing ongoing training on compliance matters, specifically relating to the Code, Whistleblowing, Prevention of Corruption and Related Offences. These training courses are available in e-learning format and are intended for all Vista Alegre employees.

      4. Key Policies

         Regarding our foundational corporate culture document, we highlight the Code of Ethics and Business Conduct, which defines the model of ethical and professional conduct to be followed by all employees - both in the pursuit of Vista Alegre's business activities and in dealings with third parties - and its fundamental principles, which promote an organisational culture based on honesty, integrity and respect for others, the environment and society.

         We have zero tolerance for illegal, dishonest or unethical conduct, abuse, discrimination or harassment. Vista Alegre's core principles include an absolute and cross-cutting prohibition of acts of corruption and related offences, and the implementation of a culture of ethics and integrity, both in the performance of our duties and in our dealings with third parties with whom we establish any business relationship.

         In accordance with the legal obligations to which we are bound - the General Regime for the Prevention of Corruption (Decree-Law 109-E/2021 of 9 December) - we have defined a Plan for the Prevention of Corruption Risks and Related Offences, in which we identify the risks of corruption and related offences to which Vista Alegre is exposed and set out the criteria for assessing these risks, taking into account the probability of occurrence and the impact of their materialisation, based on a qualitative scale for assessing these two variables.

      5. Whistleblowing Channel and Control Mechanisms

         VAA is committed to maintaining a business environment that encourages, and a system that enables the reporting and process of suspected legal violations and/or breaches of Vista Alegre's Code of Ethics and Business Conduct, in accordance with the terms set out in the Whistleblowing Policy.

         Accordingly, a Whistleblowing Channel is available on the company's website (https://vistaalegre.integrityline.com) accessible to Employees, Suppliers, Customers, Service Providers or any other stakeholders, promoting the principles of security and trust, confidentiality and non-retaliation, as well as the completeness, integrity and preservation of the report.

         The reporting channel covers a wide range of irregularities that can be reported, including, among others, corruption and related offences, money laundering and terrorist financing, discrimination, harassment, health and safety, human and labour rights, and environmental protection.

         This channel is made available via an online portal, and the VAA Supervisory Board is responsible for receiving and managing the system for reporting and handling irregularities, supported in this regard by Vista Alegre's Compliance Director and Data Protection Officer (without prejudice to the legal powers of the other governing bodies within the Vista Alegre group).

         This portal enables reports of irregularities to be submitted via an effective, swift and reliable system for detection, investigation and resolution - in accordance with internally established rules of conduct and the principles of guaranteeing anonymity, confidentiality, protection and non-retaliation for whistleblowers, complying with data protection and information security standards and the legal requirements under national legislation transposing Directive (EU) 2019/1937.

         The individual responsible for following up the report must determine whether it contains the minimum grounds to trigger an investigation process, as well as determine the involvement of other bodies, departments or employees.

         If the report meets the minimum criteria, an investigation process is initiated, which involves verifying all the facts necessary to assess the alleged irregularity. The investigation process may result in the complaint being closed or in a proposal for corrective measures, which are forwarded to the Audit Committee or the Board of Directors.

         Integrity, Whistleblowing Channel and Compliance
         
         

         The Vista Alegre Group has been gradually and systematically implementing the previously identified improvement measures to strengthen the prevention and mitigation of corruption risks. As a result of this ongoing and evolving process, no critical risks or activities classified as posing a significant risk have been identified.

         Under the applicable legislation, it is the responsibility of the obligated entities to prepare an interim assessment report every October, focusing exclusively on situations that are classified as high or maximum risk in the Plan for the Prevention of Corruption and Related Offences (PPR).

         This report is interim in nature and is not intended to replace the comprehensive monitoring of the PPR, which will be conducted subsequently as part of the annual implementation report. Its sole purpose is to assess the effectiveness, usefulness and degree of implementation of the measures proposed for the most significant risks, ensuring that the internal control system remains adequate and proportionate.

         Given the measures already adopted and the ongoing strengthening of integrity mechanisms, the Group reiterates that no additional critical risks have been identified, nor any new activities involving significant risk that would require an immediate update of the PPR.

         7.4.6 Stakeholder Engagement

         VAA has been developing a progressive model for engagement with its key stakeholders, with a particular focus on the supply chain as a critical pillar for managing business impacts, risks and opportunities. This process is based on a systematic analysis of the value chain, enabling the identification of the most relevant stakeholders, including shareholders, investors, strategic suppliers, financial institutions, B2B and B2C customers, sector associations and employees.

   5. ‌Environmental Performance

      VAA manages its environmental impact by integrating energy efficiency, emissions management, circularity and resource recovery into its industrial model. The year 2024 constitutes the official baseline for climate and environmental indicators, serving as a reference for assessing the trajectory for 2025 and subsequent cycles

      1. Energy and Emissions

         VAA reports energy and emissions in accordance with the GHG Protocol and ISO 14064-1:2018, maintaining organisational boundaries equivalent to those of the consolidated financial statements.

         In 2024, the first complete baseline was established for Scopes 1, 2 and relevant Scope 3 categories, forming the basis for future targets. Scope 3 will be extended to further categories in the future reporting cycles.

         In 2025, this work was further developed, strengthening methodological quality, data collection and the coverage of upstream and downstream emissions. The same organisational boundaries and calculation methodologies were maintained, ensuring year-on-year comparability, in line with the internal plan for continuous improvement of the GHG Inventory.

         Energy Consumption

         In 2025, VAA's total energy consumption reached 185 GW.

         Non-renewable energy accounted for 155.6 GW, dominated by natural gas (148 GW), which corresponds to around 80% of total energy consumption - a pattern consistent with the profile of the ceramics and glass sector, characterised by highly heat-intensive processes (kilns and dryers).

         Electricity totalled 37.1 GW (approximately 20% of energy consumption), of which 29.5 GW came from renewable sources, including 6.3 GW of self-consumed photovoltaic power and 23.2 GW of purchased renewable electricity.

         The energy mix for operations consisted of 84% non-renewable energy and 16% renewable energy.
         
         The energy KPI TEP/tonne - linked to Sustainability-Linked financing - remains the main indicator of industrial energy progress - it stood at 0.384 in 2025, meeting the annual target of
         
         

         0.386 and confirming the efficiency trajectory.

         GHG Emissions 2025

         At the time of writing this report, the process of quantifying greenhouse gas emissions (GHG Protocol

         • Scopes 1, 2 and 3) for the 2025 financial year had not yet been completed, remaining in the data collection, validation and internal consolidation phase.

           Key drivers for 2025

           • Efficiency: optimisation of kilns and drying processes; heat recovery.

           • Renewables: increasing self-consumption.

           • Preparation for fuel switching: kilns compatible with green H₂ (up to 50%) and biomethane (100%), subject to availability/grid.

      2. Resources, Waste and Circularity

         The efficient use of resources, responsible waste management and the transition to circular economy models are priority areas for VAA, given their environmental, operational and strategic relevance within the sector and the value chain.

         VAA is pursuing initiatives focused on the incorporation of secondary raw materials, optimisation of FSC-certified packaging, waste segregation and recovery, and the progressive integration of ecodesign principles.

         These practices aim to enhance resource efficiency, material traceability and the reduction of losses throughout the production cycle.

         Resources Management

         The production of VAA relies on critical raw materials - notably kaolin, feldspar, quartz/silica, oxides, pigments, frits and soda ash- as well as energy-intensive resources. The management of these resources is based on four main areas:

         • improving the efficiency of industrial processes.

         • incorporating secondary raw materials and reclaiming internal waste.

         • optimising and reducing the impact of packaging.

         • supplier oversight and compliance with regulatory requirements, including REACH.

           The risks identified include material shortages, price volatility, energy dependence and the environmental impacts of the production cycle.

           Circularity and Eco-design

           Circularity initiatives include the incorporation of secondary raw materials, the internal reuse of waste, and eco-design focused on durability, loss reduction and recyclability.

           The digitalisation of material flow monitoring is a growing focus of the circularity programme.

           The internal recovery of ceramic scrap is one of the most significant practices, contributing to the high operational recovery rate reported in 2025 - with over 90% of non-hazardous waste recovered.

           Circularity Targets

           VAA maintains the following commitments:

           30% recycled content by 2050, with annual increases of 5%.
           
           100% waste recovery/recycling.
           
           integration of circular design principles into new products and packaging.
           
           
   6. ‌People and Culture
      1. Diversity, Equality and Inclusion

         VAA has specific policies that promote equal opportunities, diversity and non-discrimination in the workplace.

         These include the Diversity Policy and the Gender Equality Plan, which set out principles, objectives and measures to ensure fair access, professional development and career advancement, as well as the prevention of any form of discrimination in the workplace.

         These policies guide inclusive recruitment practices, the monitoring of equality indicators, the promotion of gender balance, measures to support a work-life balance and mechanisms to prevent harassment and inappropriate behaviour. VAA also ensures that these policies are communicated internally and incorporated into people management processes, contributing to a safe, inclusive working environment aligned with corporate values.

         In 2025, VAA's workforce was made up of employees of 11 different nationalities, reflecting a culturally diverse working environment. The gender breakdown showed a predominance of women, who accounted for 64% of the total workforce, while men accounted for 36%. Regarding the age demographic, two particularly significant age groups were observed: 27% of employees were aged between 41 and 50, and 35% between 51 and 60, demonstrating a significant presence of experienced professionals with long-standing seniority in the sector.

      2. Training and Skills Development

         VAA has a formal policy on continuous training and development, which forms part of the Group's talent management strategy. This policy aims to ensure that all employees have access to training and upskilling opportunities throughout their careers, promoting technical updating, behavioural development and safety in performing their duties.

         The policy prioritises:

         alignment between individual needs, operational requirements and strategic priorities.
         
         training in new products, processes and technologies.
         
         the promotion of skills essential to quality, innovation, sustainability and safety.
         
         

         Due diligence and implementation processes

         Training management follows structured processes that include:

         an annual training needs assessment, carried out in conjunction with the business areas and the managers of each industrial unit.
         
         planning and approval of the annual training plan, integrated into the human resources planning process.
         
         selection of internal or external training providers, ensuring technical quality and legal compliance.
         
         recording, monitoring and evaluation of training sessions, including hours, participants and subject area.
         
         

         Whenever skills gaps are identified that could compromise safety, legal compliance, quality or operational efficiency, corrective actions are triggered, namely:

         mandatory additional training (e.g. health and safety at work).
         
         specific technical training for new roles or processes.
         
         on-the-job support with enhanced supervision.
         
         

         The programmes cover VAA employees and service providers in critical areas, in accordance with qualification and safety requirements.

         The 2025 annual training plan covered employees in industrial, commercial and administrative areas, ensuring that teams maintain adequate levels of technical and behavioural preparedness to meet the

         demands of production processes and technological developments in the sector. These initiatives contributed to:

         the modernisation of production processes.
         
         the enhancement of technical skills for new products and manufacturing techniques.
         
         compliance with quality and safety requirements.
         
         preparing teams for emerging challenges, including digitalisation and innovation.
         
         Training - In 2025, the implementation of the annual plan resulted in:
         
         

         • 103 training courses delivered.

         • 1,324 employees trained.

         • 18,732 training hours delivered.

         • Subject areas:

           • Environment / Health and Safety at Work

           • Commercial

           • Behavioural

           • Organisational / corporate context

           • Management and administration

           • Maintenance

           • Quality / Continuous improvement

           • Information technology

           • Technologies / procedures

         Outlook for 2026

         For 2026, training initiatives are expected to be reinforced, with a focus on critical skills for technological advancement, digital transformation, production efficiency and industrial competitiveness.

      3. Occupational Health and Safety

         VAA maintains a structured commitment to Occupational Health and Safety (OHS) and to best practices in occupational risk management. The implementation of the OSH Management System based on ISO 45001, which began at the Aveiro (stoneware) plant, continued to develop throughout 2025, consolidating common procedures and gradually preparing for the extension of certification to the Group's other industrial plants.

         The process of consolidating the system is supported by internal and external audits, which enable the effectiveness of existing controls to be assessed and promote continuous improvements in areas such as risk identification and assessment, accident prevention, the conduct of safety inspections and emergency drills. In 2025, these practices were maintained and adjusted incrementally, incorporating operational lessons learnt and recommendations resulting from the audits carried out.

         VAA continued its structured safety culture programmes, including frequent safety talks, mandatory and ongoing training, formal incident and near-miss reporting mechanisms, and the regular monitoring of key performance indicators - frequency, severity and lost-time injury rates.

         Health surveillance programmes also remained active, encompassing not only mandatory occupational health services but also consultations on nutrition, physiotherapy and family medicine, thereby reinforcing the promotion of employee health and well-being. These complementary services, together with initiatives in ergonomics, functional rehabilitation and reintegration, contribute to an integrated approach to the prevention and management of occupational risks.

         In 2025, these initiatives were adjusted and strengthened based on operational experience and the recommendations of Management System audits, promoting continuous improvement in OSH performance through a culture of continuous improvement and active employee participation.

   7. ‌Social responsibility

      Social responsibility of the Vista Alegre Group results from the social and environment concern of the different operations in the different operations when integrating with customers, employees, partners and suppliers.

      Social responsibility of the Vista Alegre Group is based on an ethic code supporting several social concepts which Vista Alegre undertakes to comply with:

      • The commitment to lead its business respecting its employees' rights, the satisfaction of the current customers and the engagement of new customers, the development of new and more efficient products, continuous improvement of the processes, as well as the creation of value to its shareholders.

      • To remunerate employees fairly, paying salaries and benefits in accordance with national laws, European and international standards and directives and the applicable collective bargaining agreements.

      • Allows working hours in accordance with applicable legal and contractual provisions in order to balance professional life and leisure.

      • Doesn't employ and condemns child labour.

      • Doesn't employ and condemns forced labour, does not use prisoners' labour.

      • Doesn't comply with and condemns corruption, it is firmly committed to being a responsible entity in all areas of its activity and govern the conduct of business honestly, ethically and in accordance with the law.

      • To respect all legislation regarding holidays and public holidays, absence from work, leave and exemption from duties, especially those related to maternity and paternity.

      • To promote occupational safety by providing safe and healthy workplace conditions.

      • To promote health in the workplace by enforcing the relevant legislation on occupational health.

      • Allows and respects freedom of association and the exercise of trade union rights within its facilities.

      • Does not discriminate on the basis of gender, race, religion or other, whether during the recruitment and selection processes or carrying out the professional activity in the course of employment contracts.

      • Promotes employment of foreign workers, applying the effective legal rules regarding work of foreigners, respecting the same rules and rights applicable to national workers.

      • Develops its disciplinary practices with the strict compliance with the procedural and contradictory rules, provided for by law.

      • Promotes lifelong learning both inside and outside the Company.

      • Promotes the reduction of energy use and the elimination of energy waste.

      • Carries out a strict separation of waste by promoting its treatment and recovery through duly authorised transporters and dealers.

      • Monitors its pollutant emission sources in order to promote the environmental compatibility and sustainability of its processes and products.

      • Promotes the treatment of customer complaints in order to continuously improve their performance and service levels.

      • Promotes good integration with the surrounding local environment, so as to participate in problem solving of local populations.

      • Promotes the use of responsible marketing in its communication with the market.

      • Promotes to deal with its customers, partners and suppliers on equal terms in order to establish long-term relationships.

      • Does not comply with and condemns harassment or abuse, promotes the right of workers to report and to file a complaint whenever they are aware of any legal or duties violation or any other identical situation that legitimises the complaint, and the company ensures that the complaint is monitored. To this end, employees should submit a complaint or report to the human resources department, either verbally or in writing, or by contacting the employee ombudsman.

      • Allows and promotes that any interested party related to VAA or its subsidiaries, namely employees, members of corporate bodies, shareholders, investors, customers, suppliers or business partners, to communicate to the Supervisory Board the knowledge or well-founded suspicions of the existence of any severe irregularities which are likely to violate the rules of conduct or legal, regulatory, statutory, professional ethics or other provisions in force at Vista Alegre Group, in particular those relating to administration and the financial, accounting and internal control, audit and anti-corruption areas.

   8. ‌Value Chain and Responsible Procurement

The company applies due diligence based on SMETA audits, IWAY criteria and third-party compliance tools, with an evolving Supplier Policy (Supplier Code). In 2026, the priority is to consolidate environmental and social requirements into the qualification and monitoring of critical suppliers.