Separate Financial Statements 2025

Separate Financial Statements 2025

Zignago Vetro SpA

Registered office: Italy - Fossalta di Portogruaro (VE), Via Ita Marzotto No. 8 Share Capital approved Euro 8,932,000 Share Capital fully paid-in Euro 8,931,999.60

Tax and Venice Company Register No.: 00717800247

Zignago Vetro SpA

Registered office: Fossalta di Portogruaro (VE), Via Ita Marzotto 8 Share capital Euro 8,932,000.00, subscribed and paid-in for Euro 8,931,999.60

Tax and Venice Company Register No.: 00717800247 https://www.zignagovetro.com

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AT 12 MARCH 2026 ACTIVITIES AND SHAREHOLDINGS

Board of Directors Board of Statutory Auditors

in office for the three-year period 2025 - 2027 in office for the three-year period 2025 - 2027

Chairperson Statutory auditors

Nicolò Marzotto Anna Maria Allievi - chairperson Carlo Pesce

Vice Chairperson Andrea Manetti

Franco Moscetti

Alternate auditors

Chief Executive Officer Laura Faresin

Biagio Costantini Cecilia Andreoli

Directors

Alessia Antonelli

Giacomo Marzotto Supervisory Board

Luca Marzotto

Stefano Marzotto Alessandro Bentsik - chairperson

Gaia Melloni Massimiliano Agnetti

Barbara Ravera Nicola Campana

Angelica Ruggeri Emanuele Sacchetti Chiara Venezia

Control, Risks and Sustainability Committee Independent Auditors

for the period 2025 - 2033

Alessia Antonelli EY SpA

Luca Marzotto Gaia Melloni

Whistleblowing Reports Management Management Committee

Anna Maria Allievi Group Chief Financial Officer

Angelica Ruggeri Cristiano Bonetto

Appointments and Remuneration Committee

Franco Moscetti Group Technical Manager

Marzotto Stefano Roberto Bassarelli Chiara Venezia

Committee for Transactions Group sales directors

with Related Parties Stefano Bortoli Andrea Pianca

Alessia Antonelli Barbara Ravera Angelica Ruggeri

Lead Independent Director

Barbara Ravera

These financial statements for the year ended 31 December 2025 consist of the Statement of Financial Position, Income Statement, Statement of Comprehensive Income, Statement of Cash Flows, Statement of changes in Equity and the Notes to the financial statements.

In accordance with the provisions of Legislative Decree No. 32 of 2 February 2007, which enacted European Directive EU/2003/51 into Italian legislation, the Company avails of the option to prepare the Directors' Report on Operations of Zignago Vetro SpA and the Consolidated Directors' Report in one single document, included within the consolidated Financial Statements.

Therefore, the consolidated Directors' Report also contains the disclosures pursuant to article 2428 of the Civil Code, with reference to the separate Financial Statements of Zignago Vetro SpA.

The financial statements are presented in Euro while the notes and the relative comments are presented in Euro thousands, where not otherwise indicated, for greater clarity.

* * *

2025 Again featured recovering Beverage and Food container demand, with volumes up on 2024. The destocking in the initial months of the year across most market segments in which our Company operates continues to normalise, with varying dynamics in the individual product categories and within a still competitive environment.

The production factors showed signs of stability during the year and particularly in terms of raw materials and energy - the latter following an initial phase of instability. The stabilisation of the main production costs, together with their control through targeted actions, supported a steady recovery of margins on the first half of the year. The Company also remains focused on cash generation, debt control and inventory management.

Statement of financial position

Tax effect (25,657) (25,782)

Total items that will not be subsequently reclassified to profit or loss

81,246 81,642

Total comprehensive income for the year 26,643,914 48,909,875

Statement of changes in Equity

Actuarial profit/(loss) on ind.

14

Zignago Vetro SpA is an Italian joint stock company and is domiciled at Fossalta di Portogruaro - via Ita Marzotto 8.

The publication of the financial statements of Zignago Vetro SpA for 2025 was approved by the Board of Directors on 12 March 2026.

The Financial Statements for the year ended 31 December 2025 of Zignago Vetro SpA were prepared in accordance with International Financial Reporting Standards (IFRS) endorsed by the European Union in force at the date of the preparation of the present document.

These financial statements consist of the Statement of Financial Position, Income Statement, Statement of Comprehensive Income, Statement of Cash Flows, Statement of changes in Equity and the Notes to the financial statements.

The Notes include all the disclosures required by current regulations and accounting standards, appropriately presented in the financial statements.

The Company, under the various options allowed by IAS 1, presents separately in the statement of financial position the current and non-current assets and liabilities based on their realisation or settlement within the normal operating cycle and provides in the income statement a cost analysis by type.

The statement of cash flows is prepared applying the indirect method.

Zignago Vetro SpA, as a listed Parent, also prepared the consolidated financial statements of the Zignago Vetro Group at 31 December 2025.

The consolidated financial statements information for the year ended 31 December 2025 were prepared in accordance with IFRS issued by the International Accounting Standards Board ("IASB), endorsed by the European Union and in force at the reporting date.

IFRS include all the revised international accounting standards ("IAS"), and all of the interpretations of the International Financial Reporting Interpretations Committee ("IFRIC").

The accounting policies adopted for the preparation of the annual financial report at 31 December 2025 are the same as those utilised for the preparation of the financial statements at December 31, 2024, except for the new standards and interpretations approved by the IASB and endorsed in Europe.

The following paragraph presents the recent changes to the IFRS Accounting Standards.

The amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates specify how an entity should consider whether a currency is convertible and how it should determine the spot exchange rate when it is not convertible. The amendments also require disclosures that enable users of the financial statements to understand how the non-convertible currency affects, or is expected to affect, the entity's operating results, balance sheet, financial position and cash flows.

These amendments did not have any significant impact on the financial statements at 31 December 2025.

The standards and interpretations which at the date of the preparation of the financial statements were issued but not yet in force are reported below. The Company will adopt these standards when they enter into force, if applicable.

IFRS 18 Presentation and Disclosure in Financial Statements

In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for the presentation of the income statement, including specific totals and subtotals. Additionally, entities will need to classify all expenses and revenues within the income statement within four categories: operating, investing, financing, income tax, and discontinued operations. The first three categories are new.

The standard also requires disclosures based on the new definition of management-defined performance indicators (MPMs), subtotals of costs and revenues, and includes new provisions for aggregating and disaggregating financial information based on the identified roles of Primary Financial Statements (PFS) and the notes.

In addition, changes have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations based on the indirect method; from profit or loss to operating profit or loss and removing the option to classify cash flows from dividends and interest. Additionally, consequential changes were made to multiple other accounting standards.

IFRS 18, and amendments to other standards, are effective for fiscal years beginning on or after 1 January 2027, but early application is permitted subject to disclosure. IFRS 18 will apply retrospectively.

The Company is currently assessing the impacts that the adoption of IFRS 18 may have on its financial statements and notes to the financial statements. Information on the expected effects will be provided as it becomes available.

IFRS 19 Subsidiaries without Public Accountability: Disclosures

In May 2024, the IASB issued IFRS 19, which allows eligible entities to opt for a reduction in their disclosure requirements while continuing to apply the recognition, measurement and presentation requirements in the other IFRS accounting standards. To be eligible, at the end of the fiscal year, an entity must be a subsidiary as defined within IFRS 19, may not have "public accountability" and must have a parent (ultimate or interim) that prepares consolidated financial statements, available to the public, prepared in accordance with IFRS accounting standards.

IFRS 19 will become effective for fiscal years beginning on or after January 1, 2027, with early application possible.

As the shares of Zignago Vetro SpA are listed on a regulated market, the Company is not eligible for the application of IFRS 19.

Amendments to the Classification and Measurement of Financial Instruments-Amendments to IFRS 9 and IFRS 7

In May 2024, the IASB issued amendments to IFRS 9 and IFRS 7, called Amendments to the Classification and Measurement of Financial Instruments (the "Amendments"). The Amendments include:

• a clarification that a financial liability is written off on the "settlement date" and the introduction of an accounting policy choice (where specific conditions are met) to cancel financial liabilities settled through electronic payment systems before the settlement date;

• additional guidance on how to evaluate contractual cash flows for financial assets with environmental, social and governance (ESG) characteristics or similar;

• clarification of the characteristics of a "non-recourse" instrument (non-recourse feature) and on the characteristics of contractually linked instruments;

• the introduction of disclosure requirements for financial instruments with contingent characteristics and additional disclosure requirements for equity instruments classified at fair value through comprehensive income (OCI).

  The Amendments are effective for annual periods beginning on or after January 1, 2026, with early adoption permitted only for the classification of financial assets and related disclosures.

  The Company does not expect the changes to have a significant effect on the separate financial statements.

  Annual Improvements to IFRS Accounting Standards - Volume 11

  In July 2024, the IASB issued nine amendments of limited scope as part of the periodic maintenance of the IFRS. The amendments include clarifications, simplifications, corrections or changes to improve consistency in the following standards: IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosures and the related Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements and IAS 7 Statement of Cash Flows.

  The changes will be effective for periods beginning on or after January 1, 2026. Early adoption is permitted, of which adequate notice must be given.

  These amendments are not expected to have a significant impact on the Company's financial statements.

  Contracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and IFRS 7

  In December 2024, the IASB issued amendments to IFRS 9 and IFRS 7, Contracts Referencing Nature-dependent Electricity. The amendments apply only to contracts that refer to that type of electricity and:

• clarify the application of own-use requirements for contracts within the scope;

• change the requirements for designating a hedged item in a cash flow hedging relationship for these contracts;

• introduce new disclosure requirements to enable investors to understand the effects of such contracts on a company's financial performance and cash flows.

The amendments will be effective for fiscal years beginning on or after January 1, 2026. Early adoption is permitted, although adequate disclosure must be given.

The amendments related to the own-use exception should be applied retrospectively, while those in hedge accounting should be applied prospectively to new hedging relationships designated as of the date of first application. In addition, the disclosure changes in IFRS 7 must be implemented in conjunction with the changes to IFRS 9. In the event that an entity does not restate the comparative information, it may not submit comparative disclosures.

The Company does not expect these amendments to have a significant impact on its financial statements.

The operating and reporting currency of the Company is the Euro. The transactions in currencies other than the functional currency of the individual companies are recognised, initially, at the exchange rate at the date of the transaction. The monetary assets and liabilities in foreign currencies other than the functional currency are translated to the operating currency at the exchange rate at the balance sheet date. The exchange rate differences realised or based on the conversion of monetary items are booked to profit or loss.

The non-monetary accounts measured at historical cost in foreign currencies are translated using the exchange rate at the date of initial recognition of the transaction. The non-monetary accounts in foreign currencies recorded at fair value are translated using the exchange rate at the date the value was determined.

The exchange rates applied are reported in the following table - those published by the Italian Exchange Office:

2025 Exchange Rates

2024 Exchange Rates

The Financial Statements of Zignago Vetro at 31 December 2025 were prepared using the historical cost method, except for derivative instruments, which are recorded at fair value.

Property, plant & equipment are recognised at historical cost, including directly allocated accessory costs and those necessary for bringing the asset to the condition for which it was acquired. Land, both constructible and relating to civil and industrial buildings, is generally accounted for separately and is not depreciated in that it has an unlimited useful life. Maintenance and repair expenses, which do not increase the value and/or extend the residual useful life of the asset are expensed in the year in which they are incurred; where they increase the value and/or extend the residual life of the assets, they are capitalised.

Property, plant and equipment are recorded net of the relative accumulated depreciation and impairment losses. Depreciation of property, plant and equipment is calculated on a straight-line basis over the useful life of the asset, net of the estimated realisable value. Depreciation is recognised to the income statement. The depreciation methods, the useful lives and the residual values are assessed at the reporting date and adjusted where necessary.

The principal depreciation rates applied are as follows:

At each reporting date, the company verifies whether there has been any impairment in the carrying amount of property, plant and equipment.

Where, based on this verification, an impairment loss arises, the company estimates their recoverable amount.

The recoverable amount of an asset is the higher between the fair value less costs to sell and its value in use. Where the carrying amount of an asset exceeds the recoverable amount an impairment loss is recorded. Impairment losses are recorded in profit and loss. The impairment losses recorded in prior years are restated up

to the carrying amount which would have been recorded (net of depreciation) where the impairment was never recorded.

At the commencement date of the lease, the Company records the right of use asset and the lease liability. The right-of-use asset is initially measured at cost, including the amount of the initial valuation of the leased liability, adjusted for payments due for leases undertaken at the commencement date or before, plus initial direct costs incurred and an estimate of the costs which the lessee is expected to incur for the dismantling or removal of the underlying asset or for the refurbishment of the underlying asset or of the site at which it is located, net of the leasing incentives received.

The asset for the right-of-use is subsequently depreciated on a straight-line basis from the effective date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Company at the end of the lease term. In this case, the right-of-use asset will be depreciated over the useful life of the underlying asset, determined on the same basis as that of property and equipment. In addition, the right-of-use asset is regularly reduced by any impairment losses and adjusted to reflect any changes arising from subsequent valuations of the lease liability.

The Company assesses the lease liabilities at the present value of payments due for lease charges not settled at the commencement date, discounting them according to the implied lease interest rate, if easily determinable, while otherwise using the marginal borrowing rate. The marginal borrowing rate is the interest rate that the lessee would incur to borrow over a similar term, and with a similar security, the funds necessary to purchase an asset of a similar value to the underlying right-of-use asset in a similar economic context. It therefore reflects what the Company would have had to pay, and this requires estimating when there is no observable data (as in the case of investees that are not direct counterparties to financial transactions) or when rates need to be adjusted to reflect the terms and conditions of the lease (for example, when the leases are not in the investee's functional currency). The Company estimates the marginal borrowing rate using observable data (such as market interest rates) if available.

The payments due for the lease included in the valuation of the lease liability, on the other hand, include:

• fixed payments (including substantially fixed payments);

• lease payments that depend on an index or rate, initially measured using an index or rate at the effective date;

• the amounts expected to be paid as security for the residual value; and

• payments due for the lease during an optional renewal period if the Company has reasonable assurance that it will exercise the renewal option, and penalties for early termination of the lease, unless the Company has reasonable assurance that it will not terminate the lease early.

The lease liability is measured at amortised cost using the effective interest method and is remeasured in the event of a change in the future lease payments resulting from a change in the index or rate, in the event of a change in the amount that the Company expects to have to pay as a guarantee on the residual value or when the Company changes its valuation with reference to the exercise or not of an option to purchase, extend or terminate, or in the event of a revision of the payments due for the lease which are fixed in substance.

Where the lease liabilities are remeasured, the lessee correspondingly alters the right-of-use asset. If the carrying amount of the right-of-use asset is reduced to zero, the lessee recognises the change in profit or loss. In the statement of financial position, the Company presents assets for the right-of-use that do not meet the definition of investment property under "Property, plant and machinery" and lease liabilities under the items "Bank loans and borrowings" and "Bank loans and borrowings and current portion of non-current loans and borrowings", breaking them down between current and non-current. Financial expenses are charged to the income statement, as is the annual depreciation.

The variable lease payments not depending on an index or a rate are recognised as costs in the period in which the event or the condition generating the payment occurs.

The Company applies the exemption provided by IFRS 16 for the recognition of short-term leases (i.e. leasing with a duration of 12 months or less from the commencement date and not containing a purchase option) and leases of low-value assets. For such contracts, payments of related charges are recognised as costs in the income statement on a straight-line basis over the duration of the contract.

The fair value at the grant date of the incentives recognised in equity-settled share-based payments granted to employees and directors is usually recognised as a cost, with a corresponding increase in equity, over the period during which employees obtain the right to the incentives. The amount recognised as an expense is adjusted to reflect the actual number of incentives for which the conditions for remaining in service have matured and consequentially non-market results, so that the final amount recognised as an expense is based on the number of incentives that meet the above conditions on the vesting date. In the case of incentives recognised in share-based payments whose conditions are not to be considered as vesting, the fair value at the grant date of the share-based payment is measured to reflect these conditions. With reference to the non vesting conditions, any differences between the assumptions at the grant date and the effective date will not produce any impact in the financial statements.

The fair value of the amount to be paid to employees in respect to the share revaluation rights, settled in cash, is recognised as an expense with a corresponding increase in liabilities over the period during which employees mature the unconditional right to receive the payment. The liability is measured at each reporting date and at the settlement date based on the fair value of the revaluation rights of the shares. Any changes in the fair value of the liability are recognised to profit or loss for the year.

It is noted that, on 31 December 2024, the Share incentive plan (approved by the Shareholders' Meeting of 28 July 2022) concluded, called the "2022-2024 Performance Shares Plan", reserved for the Chief Executive Officer and the senior executives of the company, based on the free granting of options to receive shares of the company, subject to the achievement of specific operating result and sustainability targets.

This Plan overall concerned 109,500 ordinary shares of the company and has a vesting period from 1 January 2022 to 31 December 2024. On 7 May 2025, the final allocation was made to the beneficiaries for the portion of targets achieved, of 14,875 shares. Following the allocation of the instruments related to the share-based payment plans, a total of Euro 184 thousand has been reclassified from the IFRS 2 Reserve. In particular, Euro 146 thousand have been transferred to the negative reserve for treasury shares and Euro 37 thousand to retained earnings. The movements are presented in the Statement of changes in Equity.

The Shareholders' Meeting of Zignago Vetro S.p.A. of 7 May 2025 approved the financial instrument-based "2025-2027 Performance Shares Plan", which provides for the free award to the Chief Executive Officer and Senior Executives of the Parent Company (the "beneficiaries") of a number of shares subject to the achievement of certain performance targets.

The Plan stipulates the awarding of a maximum 202,500 shares upon achievement of performance targets over the broader 3-year period (Vesting Period).

The rights will accrue at the end of the Vesting period, set at 31 December 2027, following which the Board of Directors shall verify compliance with the performance targets, as follows:

• three targets related to the Zignago Vetro Group's operating-financial performance (i.e. Revenues, EBITDA and Return on Investment) with a combined weighting of 75%;

• three targets related to ESG issues with a total weighting of 25% (understood as maintenance or improvement of current rating).

  The purpose of the Plan is, on the one hand, to incentivise the beneficiaries to pursue the achievement of Group goals and, on the other, to retain beneficiaries at the Group.

  The Company has recognised the share-based transactions as per IFRS 2, which requires that the cost of transactions be determined based on the fair value at the grant date. This cost is recognised to Service costs and personnel expense respectively, along with a corresponding increase in an equity reserve, over the period in which the service and performance conditions are met (the vesting period).

  At each reporting date, the Company revises the assumptions on the number of shares expected to vest and recognises the effect of the value of the vested shares during the period, recognising any change in estimates to the income statement and adjusting the corresponding equity reserve. The cumulative charge recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Company's best estimate of the number of equity instruments that will eventually vest. The effect on the income statement for a fiscal year represents the change in the cumulative charge recognised at the beginning and end of the fiscal year.

  The share grant letters were delivered to the beneficiaries on 19 May 2025, and as of that date the incentive plan produced its accounting effects for the participating beneficiaries. The Company determined the value of the equity reserve at 31 December 2025 based on the Performance Shares regulation and IFRS 2 at Euro 358.2 thousand, of which Euro 66.3 thousand was recognised against Service costs and Euro 291.9 thousand against Personnel expense.

  Intangible assets

  Intangible assets with definite lives are subject to verification of any loss in value when events or changes occur indicating that the carrying amount can no longer be recovered.

  Intangible assets acquired separately are recorded under assets at purchase price including incidental costs directly attributable to the asset.

  After their initial recognition, intangible assets with definite useful lives are recognised net of the relative accumulated amortisation and any impairment loss, determined in the same manner as that for property, plant and equipment.

  The useful life is reviewed on an annual basis and any changes, where necessary, are made in accordance with future estimates.

  The amortisation rates of intangible fixed assets with definite useful life were as follows:

  Category Amortisation rate

  Concessions, licenses and trademarks 8.33% -20% - 33.33%

  The Company does not hold intangible assets with indefinite useful lives.

  The gains and losses deriving from the disposal of intangible assets are determined as the difference between the disposal amount and the carrying amount of the asset and are recorded in the income statement at the moment of the disposal.

  Impairments of goodwill and of intangibles and property, plant and equipment

  At each reporting date, the Company assesses for the existence of indicators of impairment of goodwill, intangible assets with definite useful lives, any development costs capitalised and property, plant and equipment (including under finance leases). Where such indicators arise, an impairment test is made.

  Goodwill is tested for impairment at least annually, independently of the existence of any indicators of impairment.

  In both cases, an annual verification of the carrying amount of the goodwill and of the intangible assets with indefinite useful life is carried out, or of the property, plant and machinery and intangible assets with definite useful life; in the presence of indicators of impairment, the Company makes an estimate of the recoverable amount. The recoverable value is the higher between the fair value of an asset or a cash-generating unit less costs to sell and its value in use and is determined for each asset, except when the asset does not generate cash flows which are sufficiently independent from those generated from other assets or groups of assets, in which case the Company estimates the recoverable value of the unit generating the cash flows of the asset to which it belongs. In particular, as goodwill does not generate cash flows independent from other assets or groups of assets, the impairment test relates to the unit or the group of units to which the goodwill is allocated.

  When determining value in use, the estimated future cash flows are discounted by the Company at a pre-tax rate that reflects the market assessment of the time value of money and the risks specific to the asset.

  For the purposes of the estimate of the value in use of the future revenue streams, the business plans approved by Management are used, which constitute the best estimate made by the Company on the expected economic conditions in the period of the plan. The projections of the plan normally cover a period of three years; the longterm growth rate utilised for the purposes of the estimate of the terminal value of the asset or of the unit is normally lower than the average long-term growth rate of the sector, of the country or of the market and, if appropriate, may amount to zero or may even be negative. Future cash flows are estimated taking account of current conditions: the estimates therefore do not consider the benefits deriving from future restructurings to which the company has not committed or future investments or optimisation of the assets or of the unit.

  When the carrying amount of an asset or cash-generating unit is higher than its recoverable amount, this asset has incurred an impairment loss and is consequently written down to the recoverable amount.

  Impairment losses incurred by operating assets are recorded in the income statement in the category of costs relating to those assets. At the reporting date, the Company also assesses any indicators of a reduction in the loss of value previously recorded and, where these indicators exist, performs a new estimate of the recoverable value. The value of an asset previously written down, except for goodwill, may be restated only if there have been changes in the estimates used to determine the recoverable value of the asset after the last recording of a loss in value. In this case, the carrying amount of the asset is recorded at the recoverable value, while the restated value must not exceed the carrying amount which would have been determined, after amortisation or depreciation, if no loss in value had been recognised in previous years. Each revaluation is recorded as income in the income statement; after the recording of the amount restated, the depreciation of the asset is adjusted in future years, in order to record the adjusted book value, net of any residual value, over the useful life of the asset.

  Investments in subsidiaries and associates

  Subsidiaries are considered to be entities over which the Company exercises control, defined as the power to direct the significant activities of the enterprise and influence its financial returns, in accordance with IFRS 10. A joint venture is a joint control agreement, in which the parties who jointly hold control maintain rights on the net assets of the agreement. Joint control concerns the sharing, on the basis of a contract, of control, which exists only where the decisions regarding significant activities requires unanimity by all parties sharing control. Associates are those over which the Company exercises significant influence, understood as the ability to participate in financial and management policy decisions without exercising control or joint control.

  Significant influence is presumed when the direct or indirect ownership interest is 20% or more of the voting rights, as indicated by IAS 28.

  Investments that represent long-term investments in subsidiaries, those under joint control and associates are recognised to financial assets and are valued at cost. The cost is determined on the basis of the purchase or subscription price, including any directly attributable ancillary charges.

  Equity investments are tested for indicators of impairment in accordance with IAS 36. Amid such indicators, the investment is tested for impairment and any impairment loss is recognised in the income statement. Where the reasons for the impairment cease to exist in subsequent years, the value of the investment is reinstated within the limits provided by IAS 36.

  Inventories

  Inventories are stated at the lower of purchase and/or production cost, determined by the weighted average cost method annually and the net realisable value or substitution cost. The net realisable value is determined based on the estimated selling price in normal market conditions, net of direct sales costs. The cost of production of finished and semi-finished goods includes direct costs of materials and labour, the depreciation of furnaces and support equipment, and a share of general production costs.

  The allocation of fixed costs is made on the basis of normal production capacity. Financial expenses are excluded from the cost of production.

  Obsolete and/or slow-moving inventories are written down in relation to their presumed utilisation or realisable value. The write-downs made are restored in future years should the reason for the write-down no longer exist.

  Financial assets

  With IFRS 9, the receivables and loans recognised to financial assets are classified to the following three categories on the basis of the characteristics of the cash flows of these assets (verified through SPPI Test) and the business model by which they are managed:

  • assets valued at amortised cost;

  • assets measured at fair value with recognition to other comprehensive income items ('FVOCI' - fair value through other comprehensive income);

  • assets measured at fair value recognised to the income statement ('FVTPL' - fair value through profit or loss).

    In particular, a financial asset shall be measured at amortised cost where not designated to FVTPL and where both the following conditions are satisfied:

  • the financial asset is held within a business model whose objective is the holding of financial assets for the collection of the contractual cash flows; and

  • the contractual terms of the financial assets establish, at certain dates, cash flows represented entirely by the payment of capital and of interest on the amount of capital to be repaid.

    A financial asset should be measured at FVOCI where not designated to FVTPL and both the following conditions are satisfied:

  • the financial asset is held within a business model whose objective is achieved both through the collection of contractual cash flows and the sale of the financial assets; and

  • the contractual terms of the financial assets establish, at certain dates, cash flows represented entirely by the payment of capital and of interest on the amount of capital to be repaid.

    Loans and receivables

    Loans and receivables are non-derivative financial instruments with fixed or determinable payments, which are not listed on an active market. This category also includes trade and other receivables.

    After initial recognition, these instruments are measured in accordance with the amortised cost criteria, using the effective discount rate method net of all provisions for impairments.

    The gains and losses are recognised to the income statement when the loans and receivables are eliminated or if there is an impairment loss, also through the amortisation process.

    Write-downs from impairments are recognised to the income statement as financial expenses if concerning funding, while allocated to other operating expenses where concerning trade receivables and other receivables.

    Impairments of financial assets

    The Company annually assesses whether a financial asset or group of financial assets has incurred an impairment.

    A financial asset or group of financial assets is written-down only if there is an objective indication of an impairment as a result of one or more events occurring after the initial booking of the asset or the group of assets and which has had an impact, reliably estimated, on the future cash flows generated by the asset or the group of assets. In particular, the impairments on trade receivables represented by the accruals to the provision, reflect the evidence that the Company will not be able to collect the receivable for the original value and considering the general sector conditions.

    Cash and cash equivalents

    This includes the balances and those values which are available on demand at short notice, certain in nature and with no payment expenses and not subject to significant risks related to changes in value.

    Cash and cash equivalents are measured at fair value which coincides with their nominal value, net of any deteriorations in the expected value.

    Non-current bank loans and borrowings

    The non-current loans and borrowings are initially recognised at fair value, net of transaction costs. After initial recognition, the financial liabilities are measured at amortised cost using the original effective interest rate, which is the rate that renders equal, on the initial recognition, the present cash flow value and the initial recognition value.

    Derivative financial instruments

    Where appropriate, the Company uses derivative instruments for the purpose of hedging exposure to the risk of changes in interest rates and the prices of natural gas and electricity. Although these instruments are put in place with an objective hedging purpose, the documentation currently available does not allow the Company to fully apply the criteria under IFRS 9 for the formal designation of hedging relationships.

    Therefore, in the absence of the necessary prerequisites for hedge accounting, the related derivatives are accounted for as financial instruments not designated as hedges, with changes in the fair value recognised to the income statement.

    In line with the strategy chosen, the Company does not carry out operations and derivatives for speculative purposes.

    Derecognition of financial assets and liabilities

    Financial assets (or, where applicable, part of a financial asset or part of a group of similar financial assets) are derecognised from the financial statements when:

  • the right to receive the financial cash flows of the asset terminate;

  • the company retains the contractual right to receive the cash flows from the asset, but assumes a contractual obligation to pay the cash flows fully and without delay to a third party;

  • the company has transferred its right to receive the cash flows from the asset and (i) has transferred substantially all of the risks and rewards of ownership of the financial asset or (ii) has not transferred or retained substantially all of the risks and rewards of the asset, but has transferred control.

    Where the Company has transferred all the rights to receive the financial flows of an asset and has not substantially transferred or withheld all of the risks and rewards or has not lost control, the asset is recorded in the financial statements of the Company up to the amount of its residual holding in the asset.

    A financial liability is derecognised from the financial statements when the underlying liability is settled, cancelled or fulfilled.

    If an existing financial liability is replaced by another by the same lender but under substantially different conditions, or if the conditions of an existing financial liability are substantially changed, such a swap or change is treated as an elimination of the original liability and the opening of a new liability, with any differences in accounting values recorded in the statement of profit and loss.

    Treasury shares

    Treasury shares are recorded as a reduction of equity based on the relative acquisition cost. No profit or loss is recorded to the income statement on the acquisition, sale or cancellation of treasury shares. Any difference between the book value and the amount paid is recorded in other capital reserves.

    Provisions for risks and charges

    The provisions for risks and charges are recorded when a legal or implicit current obligation exists that derives from a past event and a payment of resources is probable to satisfy the obligation and the amount of this payment can be reliably estimated. Provisions are recorded at the value representing the best estimate of the amount that the Company would pay to discharge the obligation or to transfer it to a third party at the balance sheet date. If the effect of discounting is significant, the provisions are calculated by discounting the expected future cash flows at a pre-tax discount rate which reflects the current market assessment of the time value of money. Where discounting is applied, the increase in the provision due to the passage of time is recognised as an interest expense.

    Greenhouse gas emission quotas (emission allowances)

    The Company receives free gas emission allowances in Italy under the European Emission Trading Schemes. The allowances are conferred annually and in exchange the company must offset the emissions made. The Company has adopted a policy which provides for the recording of the net liabilities relating to the emission allowances granted. The Company recognises the emission allowances received at their nominal (nil) value. The Company records a provision only when the effective emissions exceed the emission allowances granted and still available. A payable is recognised when the actual issues take place. Since the Company intends to use the rights received to offset its contingent payable, these allowances are considered in the measurement of the payable. As a result, as long as the emission limit is not exceeded, there is no impact on the statement of financial position or income statement. The costs associated with excess allowances are recognised under other energy costs. When allowances are purchased from third parties, the related cost is included in the measurement of the payable. Excess issuance is measured on the basis of the best estimate of the cost required to settle the obligation, a cost that is generally assimilated to the market price of the allowances at the year-end date.

    Post-employment benefits

    The benefits guaranteed to employees paid on the conclusion of employment (post-employment benefits) or other long-term benefits are recognised in the period the right matures.

    The amounts due from the Company concerning benefits due on conclusion of employment are categorised by type:

  • defined contribution plans, concerning amounts matured since January 1, 2007;

  • defined benefit plans, concerning the post-employment benefit provision matured until December 31, 2006.

    For defined contribution plans, the legal or implied obligation of an entity is limited to the amount of contributions to be paid: consequently, the actuarial risk and the investment risk is borne by the employee. For defined benefit plans, the obligation of the entity concerns the granting and assurance of the agreed employee plans: consequently, the actuarial and investment risk is borne by the company.

    The liability for defined benefit plans, net of any plan assets, is calculated on the basis of actuarial assumptions and is recorded using the accrual method consistent with the years of employment necessary to obtain such benefits. The liability is calculated by independent actuaries utilising the projected unit credit method, on the basis of demographic assumptions in relation to mortality rates and population rotation, and financial assumptions concerning the discount rate which reflects the value of money over time and the inflation rate. The cost to be recognised to the income statement is based on:

  • current service cost, recognised to personnel costs;

  • the cost of interest, recognised to borrowing costs;

  • the expected return on plan assets, if existing, recognised to financial items.

    Actuarial gains and losses deriving from the revaluation of net liabilities for defined benefit plans are recognised immediately in the statement of comprehensive income.

    Trade payables

    The trade payables, which mature within the normal commercial terms, are not discounted and are recognised at amortised cost (identified by their nominal value).

    This account includes certain liabilities both in their amount and due date.

    Other current liabilities

    The other current liabilities are recorded at their nominal value.

    Revenues

    The Company recognises revenue from contracts with customers in accordance with IFRS 15 Revenue from Contracts with Customers, applying the model based on the transfer of control of assets to the customer. Revenues are determined in an amount that reflects the consideration to which the Company expects to be entitled in exchange for the transfer of products, according to the five steps under the standard (identification of contract, identification of performance obligations, determination of transaction price, allocation of price to obligations and recognition of revenue).

    Revenues derive mainly from the sale of glass containers for the beverage, food and cosmetics sectors and are recognised when control of the goods is transferred to the customer. In the Company's experience, this generally occurs at the time of physical delivery of the product, in line with the "point in time" model of IFRS 15, according to which revenue is recognised when the customer obtains the ability to direct the use of the asset and derive substantially all the benefits.

    Sales contracts do not have particularly complex clauses; the performance obligation is unique and is represented by the delivery of the good. The Company always acts as the principal.

    For sales made on the domestic market, as per normal sector commercial practice, the Company includes pallets and interlayer pads that customers may return at a predetermined price. Such a mechanism implies, even in light of the perceived lack of usefulness of such packaging to customers, that the right of return is in essence cost-effective for the customer.

    As a result, the customer retains sole physical ownership but does not have the ability to direct use or obtain the economic benefits from the packaging, a circumstance which, under the IFRS 15 criteria on transfer of control, indicates that control is not transferred. Therefore, these transactions do not constitute a sale under the criteria of IFRS 15, and the packaging remains recognised as an asset of the Company.

    Packaging is therefore reclassified as inventories with third parties, with the simultaneous recognition of a liability to customers, equal to the amount billed to them when the products are sold, which the Company will be required to return upon return.

    Any trade discounts, volume premiums or price adjustments are treated as variable consideration and recognised using the most appropriate method between the most probable amount and the expected value, depending on the nature of the variability and the number of contractual thresholds. The commercial agreements mainly provide for discounts based on volumes purchased on an annual basis, so that their determination at the end of the period is not particularly complex.

    The Company's usual payment terms (70-80 days) mean that, in normal operations, there are no significant financing components. When there is a material deferral between payment and transfer of control, IFRS 15 requires the separation of the implicit financial effects by discounting the flows at the rate that would reflect a separate financial transaction between the parties. However, this treatment does not apply when the deferral is less than 12 months, in line with the "practical expedient" provided by the standard. Currently, the Company's contracts do not have elements that would indicate the presence of a significant financing component.

    The Company provides the statutory warranty on its products for defects existing at the time of sale. Such guarantees are accounted for as provisions for risks and charges. No guarantees however exist that configure additional services to the customer.

    Costs

    Costs are recorded when relating to goods and services sold or consumed in the year or when there is no future utility.

    Personnel costs include the amount of remuneration paid, pension fund provisions, provisions for vacation days matured and social security charges due according to existing contracts and applicable legislation.

    Grants

    Grants are recorded at fair value when there is a reasonable certainty that they will be received and that the conditions required to obtain them will be satisfied.

    When the grants refer to specific components of operating costs (excluding depreciation) they are recorded directly as a reduction of these costs.

    Specifically:

  • the tariff subsidies received as an industrial enterprise consuming large amounts of energy (so-called energy consuming enterprise) are recognised on the basis of consumption recorded and as a reduction of energy costs;

  • the energy efficiency securities (TEE, or also white certificates) against energy efficiency projects authorised by the GSE (electric service operator) are recorded on the basis of production volumes and the consequent energy absorbed and accounted for as a reduction of energy costs. The Company values the TEE's available at 31 December at fair value according to the latest available prices. Those matured but not yet assigned are considered receivables from the Authority and are valued at expected realisable value, taking account of the timeline for their assignment and the outlook for prices in the subsequent year. Any changes between the recognition price and the effective realisable value are considered as financial income and charges when not settled within a reasonable timeframe;

  • the tariff incentives related to the self-production of energy with photovoltaic plant are recognised based on the self-produced volumes and also recorded as a reduction of energy costs;

  • the tax credit for new investments in plant and machinery was recognised to other current assets of the balance sheet and will be used according to the means established by the applicable regulation. Recognition to the income statement is carried out on a straight-line basis according to the depreciation of the fixed assets to which it refers, with consequent recognition to other current and non-current liabilities of the statement of financial position of the portion of the grant not yet matured.

    Financial income and expenses

    Financial income and expenses are recorded on an accruals basis on the interest matured on the net value of the relative financial assets and liabilities and utilising the effective interest rate.

    Dividends

    The dividends received are recognised when the right of the entity to receive the payment arises.

    Income taxes

    Income taxes for the year are calculated based on the fiscal charge in accordance with current fiscal legislation. The provisions for current income taxes are recorded in the statement of financial position net of payments on account and withholding taxes. Deferred tax assets and liabilities are also calculated on temporary differences between the amounts recorded in the financial statements and the corresponding amounts recognised for tax purposes. Deferred tax assets are recorded only when their future recovery is probable - that it to say that is expected that sufficient tax profits will be attained by them to allow their recovery - while the deferred tax liabilities are not recorded where the relative payable is improbable. They are measured at the tax rates that are expected to apply to the period when the temporary difference is reversed. In accordance with IAS 12, the Company records deferred tax liabilities on the suspended taxes in an equity reserve, only where these reserves are not considered by Management to be permanently acquired by the Company and when it is not probable that the realisation will result in a fiscal liability.

    Deferred taxes concerning items recognised outside of the income statement are also recognised outside of the income statement and therefore to equity or to the comprehensive income statement, in line with the item to which they refer.

    Discretional valuations and use of estimates

    The preparation of the financial statements and the relative notes in application of IFRS require that Management make estimates and assumptions on the values of the assets, liabilities, expenses and revenues in the financial statements and on the disclosures relating to the contingent assets and liabilities at the reporting date. The uncertainty concerning these assumptions and estimates could result in significant changes in the book value of these assets and/or liabilities in the future.

    The main areas in which estimates are used - characterised by measurement uncertainty under IAS 1 and IAS 8 - include:

  • the allowance for impairment, calculated in accordance with the expected loss model under IFRS 9;

  • the assessment of obsolescence of materials and products in inventory, estimated on the basis of the nature of glass products, production cycles and demand trends;

  • amortisation and depreciation, with particular reference to the estimated useful life of plant, furnaces, production lines and equipment related to glass processing, determined in accordance with IAS 16;

  • testing the recoverability of assets (impairment test), including equity investments, in accordance with IAS 36 (estimates of future cash flows, discount rate, long-term growth);

  • employee benefit obligations, particularly defined benefit plans and the other actuarial components required by IAS 19 (discount rates, inflation rates, salary increases);

  • current and deferred taxes, including assessments related to uncertainties in tax treatments;

  • the fair value measurement of derivative financial instruments, used by the Company to manage interest rate and energy commodity risks;

  • other provisions and reserves, estimated according to the "best estimate" criterion required by IAS 37;

  • the measurement of Energy Efficiency Certificates (EEE) and the CO₂ emission rights deficit, based on market prices;

  • the calculation of lease assets and liabilities (IFRS 16), which requires estimates upon contract duration (evaluation of renewal and termination options) and the Company's marginal borrowing rate;

  • performance share plans that require IFRS 2 valuation models (volatility, expected duration, vesting conditions).

    Estimates are based on reasonable assumptions and supported by the internal and external information available at the reporting date. Any changes in these estimates, required by changing economic conditions or the emergence of new information, are accounted for prospectively in accordance with IAS 8.

    The estimates and assumptions are reviewed periodically and the effects of any changes are recorded immediately in profit or loss in the period of the revision of the estimate, if the revision has effect only on that period, or also in subsequent periods if the revision has effect on the current year and on future years.

    IFRS 13 requires that the financial instruments measured at fair value are classified based on three fair value hierarchy levels which reflect the significance of the input utilised in the determination of fair value. Based on the standard, the three fair value levels are as follows:

  • Level 1 of fair value: the measurement inputs of the instruments are listed prices for identical instruments in active markets with access at the measurement date;

  • Level 2 of fair value: the measurement inputs of the instruments are different than the prices listed at the previous point, which are directly or indirectly observable on the market;

  • Level 3 of fair value: the measurement inputs of the instruments are not based on observable market data.

As indicated by the regulation, the hierarchy of the approaches adopted for the determination of all financial instruments (shares, units, bonds and derivatives), attributes priority to official prices available on active market for the assets and liabilities to be measured and, in their absence, to the measurement of assets and liabilities based on significant quotations, where they refer to similar assets and liabilities. On a residual basis, measurement techniques may be utilised based on non-observable inputs, and, therefore, more discretional.

The following table in thousands of Euro shows the assets and liabilities measured at fair value at 31 December 2025 by fair value hierarchy level.

Book Fair Value Level

Value 1 2 3 Total

530 --- 530 --- 530

230,575 --- --- 230,575 230,575

719 --- 531 188 719

In completion of the table above, it should be noted that fair value disclosures are provided only for those categories of financial instruments for which IFRS requires the determination of the relative fair value. They should be measured as per the various levels of the hierarchy provided by IFRS 13.

On the other hand, certain items are not included in the table as, according to IFRS 7, their exposure to the fair value is not necessary. In particular, this occurs in cases where the carrying amount represents a reasonable approximation of the fair value, given the typically short-term nature of the instruments or the absence of significant financial components, or whereby accounting standards provide specific exemptions from the disclosure requirement.

In this context, trade receivables, other receivables, trade payables, and other payables, in addition to other non-current liabilities for which the carrying amount is considered substantially equivalent to the fair value, are therefore not reported in the table.

Financial payables arising from leasing contracts are also excluded, as they fall with the scope of the instruments for which IFRS 7 does not require the representation of fair value.

During the year, no transfers occurred from Level 1 to Level 2 or Level 3 or vice-versa.

INFORMATION ON DIRECTION AND CO-ORDINATION ACTIVITY

Zignago Vetro SpA is not subject to direction or control by Zignago Holding and operates autonomously and with entrepreneurial independence of its holding company Zignago Holding SpA. Zignago Vetro SpA avails of some services supplied by Zignago Holding SpA and of its subsidiary companies, at market conditions and for reasons of technical, economic and commercial benefit.

The table below shows the historical cost, depreciation provisions and net values of property, plant and equipment in the two years:

The movements in property, plant and equipment in 2025 were as follows:

(Euro thousands)

Balance at 01.01.2025

Acquisitions & capitalisations

Impairment of fixed assets

Decreases Depreciation

Balance at 31.12.2025

(Euro thousands)

Balance at 01.01.2024

Acquisitions & capitalisations

Impairment of fixed assets

Decreases Depreciation

Balance at 31.12.2024

Property, plant and equipment at 31 December 2025 amount to Euro 163,378 thousand (Euro 178,289 thousand at 31 December 2024), after depreciation of Euro 35,362 thousand (Euro 37,531 thousand in 2024), capital investments, including the change to assets in progress, of Euro 24,525 thousand (Euro 26,274 thousand in the previous year) and decreases of Euro 4,074 thousand (Euro 6,343 thousand in 2024).

The Property, Plant and Machinery account includes the identified rights-of-use in accordance with IFRS 16. The Company has therefore recognised to non-current assets an amount of Euro 5,998 thousand, corresponding to the right-of-use mainly related to buildings for warehouse use arising from lease contracts, accounted for in accordance with IFRS 16. No new lease contracts were signed during the year, while no major changes or amendments to contracts already in place at the end of the previous year took place.

The decreases also include Euro 3,961 thousand related to investments classified as assets in progress and advances as of 31.12.2024 and activated in the year. These investments mainly refer to the categories of plant and machinery.

Land and buildings

This account includes owned property. The value of the land not subject to depreciation at December 31, 2025 amounts to Euro 11,147 thousand.

The increases in 2025 mainly concern the refurbishment of kilns and the completion of parts of buildings for the new production facility.

Plant and machinery

Increases in 2025 refer mainly to extraordinary maintenance and implementations on production plant and machinery. These increases also include the reclassification from the item "Assets in progress" when the plant commenced operations. This item includes the kilns and related equipment. The useful life of the kilns - and thus of complementary investments - is estimated at the start of the investment, i.e., at the time of the planned refurbishment (or revamping), also taking into account historical experience and projected use. Given the

significance of the investments, the Company periodically reviews the useful life and safety status of the kilns in order to promptly make any updates to their estimated useful life.

Industrial and commercial equipment

The increases in 2025 refer to the renewal of equipment, in particular moulds.

Property, plant and equipment in progress and advances

The balance at 31 December 2025 refers to ordinary production-related investments, with particular reference to the refurbishment that will be completed in 2026.

Impairment

No indicators, internal or external, requiring the impairment testing of property, plant and equipment in accordance with IAS 36 emerged during the year.

The table below shows the historical cost and the accumulated amortisation in the years considered:

(Euro thousands) Balance at

31.12.2025

Balance at 31.12.2024

The following tables show the movements in intangible assets in the years considered:

The account principally refers to costs incurred for the purchase of long-term application software, used for operational production management.

31.12.2025 31.12.2024

Zignago Vetro Polska S.A. is a wholly-owned subsidiary of Zignago Vetro SpA engaged in the production and marketing of hollow glass containers serving the cosmetic, perfumery and personal care sectors. The presence in Poland is strategic for the Group in the growing Central and Eastern European market and has strong industrial and logistics potential.

Zignago Vetro Brosse SAS is a French company wholly-owned by Zignago Vetro SpA which specialises in the production of high-end glass containers for the perfumery, cosmetics and luxury goods sectors. The investment is part of the Group strategy to strengthen its foothold in Europe's premium segments, as its seeks to expand its presence in high value-added areas.

The investment in Vetri Speciali SpA concerns a corporate restructuring in 2004. The company produces and distributes specialty glass containers and operates from its registered office of via Torre D'Augusto, 34, Trento. Production is carried out at the Gardolo (TN), Ormelle (TV) and San Vito al Tagliamento (PN) facilities.

Zignago Vetro holds 50% of ordinary company shares; all shares guarantee equal rights. The JV is a strategic investment undertaken as part of the production diversification pursued by the Company.