Zignago Vetro S p A : ZV PR 30 06 2023

PRESS RELEASE

In accordance with Consob Resolution 11971/99 and subsequent

amendments and supplements

ZIGNAGO VETRO S.P.A.

Board of Directors of Zignago Vetro S.p.A.

approves 2023 Half-Year Report

Good results for H1 2023, with both revenues and margins up.

Strong cash generation.

• Revenues of Euro 384.8 million (+28.4% on Euro 299.6 million in 2022), of which exports account for 31.9%;
• EBITDA of Euro 120.4 million (31.3% margin, +87.8%);
• Net Profit of Euro 74.6 million (19.4% margin, +140.1%).

Operating cash generation, before investments, of Euro 102.6 million (Euro 48.3 million in H1 2022).

Net financial debt of Euro 261.2 million (Euro 288.7 million at 30 June 2022), following an investment outlay of Euro 29 million and for dividends of Euro 53.3 million.

Further improvement of sustainability KPIs as the Zignago Vetro Group continues its efforts.

Zignago Vetro Group Key Financial Highlights (*)

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1. The figures (and the subsequent comments concerning the consolidated figures) were based on the management view of the Group business, which provides for the proportional consolidation of the joint venture, recognised to the consolidated financial statements at equity. The income statement, the statement of comprehensive income, the statement of financial position and the statement of cash flows of the Zignago Vetro Group at 30 June 2023 and 2022 and at 31 December 2022, prepared according to international accounting standards currently in force, are reported respectively at attachments 3, 4, 5, 6 and 7 of this press release.

Fossalta di Portogruaro, 28 July 2023 - The Board of Directors of Zignago Vetro S.p.A - a company listed on the Euronext STAR Milan market - in a meeting held today chaired by Nicolò Marzotto, approved the Group 2023 Half-YearReport.

Company profile

The Zignago Vetro Group companies produce high quality glass containers for the Food and Beverage, Cosmetics and Perfumery industries and Speciality Glass bottles for wines and spirits, for the domestic and international markets. The Group is also strongly committed to the recovery and reuse of cullet, and is a leading operator in this sector in Italy. Glass is the only material that is 100% recyclable, infinitely and guaranteeing the new container is always of the same quality.

Zignago Vetro Group operating performance

Following the significant growth of 2022, Beverage and Food container demand was sustained in the first half of 2023, while however normalising in the second quarter. This has allowed the Group companies to replenish inventory levels, which at the end of 2022 had fallen to very low levels.

Global Cosmetics and Perfumery markets demand generally remained strong across all segments, and particularly for the major cosmetic brands and Premium perfumery, driven both by the better quality levels demanded on the US and by growth on the Chinese market.

We consider the trend outlined above to reflect the normal short-term fluctuations that are a feature of the glass container market, which, moreover, continues to demonstrate great solidity. The market's medium to long-term growth characteristics and the strong prospects for the use of glass as a packaging material that is increasingly appreciated, both by users and consumers, remain absolutely unchanged. This fact demonstrates the greater focus and appreciation that public opinion reserves for this extraordinary material, as an excellent choice for packaging, in view of its singular characteristics of healthiness, sturdiness, conservation, recyclability and sustainability.

Consolidated revenues in the first half of 2023 totalled Euro 384.8 million compared to Euro 299.6 million in the same period of the previous year (+28.4%). Export revenues totalled Euro 122.7 million, comprising 31.9% of revenues (Euro 91.8 million and 30.6% in H1 2022).

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Consolidated EBITDA in the first half of 2023 amounted to Euro 120.4 million, +87.8% on H1 2022 (Euro 64.1 million), with a 31.3% margin (21.4% in H1 2022).

Consolidated EBIT was Euro 85.6 million (compared to Euro 34 million in the first half of 2022, +151.5%), with a margin of 22.3% (11.4% in the first half of 2022).

The consolidated Operating profit was Euro 87.1 million in H1 2023, compared to Euro 36.1 million in H1 2022 (+141.5%), with a 22.6% revenue margin (compared to 12%).

Consolidated Profit before taxes was Euro 83.2 million in H1 2023 (Euro 41.4 million in H1 2022, +101%), with a margin of 21.6% (13.8%).

Consolidated Profit in the period was Euro 74.6 million, compared to Euro 31.1 million in H1 2022 (+140.1%) - a margin of 19.4% (10.4%).

Group balance sheet and financial position

Group capital expenditure in the first half of 2023 amounted to Euro 23.6 million (Euro 44.6 million in H1 2022). Payments on fixed assets amounted to Euro 29 million in H1 2023 (Euro 52.3 million in H1 2022).

The Group generated Free cash flow in H1 2023, before payments for investments and dividends of Euro 102.6 million (Euro 48.3 million in the first half of 2022). Free cash flow, after payments for investments (Euro 29 million) and dividends (Euro 53.3 million), of Euro 73.6 million was generated, compared to an absorption of Euro 6.0 million in H1 2022.

The Group net financial debt at 30 June 2023 was Euro 261.2 million, compared to Euro 284 million at 31 December 2022 (Euro 288.7 million at 30 June 2022).

Group liquidity totalled Euro 97.1 million at 30 June 2023, compared to Euro 106 million at the end of 2022 and Euro 97.9 million at 30 June 2022.

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Outlook and subsequent events.

Based on the available information, we expect Beverage and Food container withdrawals by operators to gradually normalise over the coming months, partly due to the retail system's need to replenish inventories, while the Cosmetics and Perfumery container market will remain dynamic, with demand at good levels, driven by the Premium segment and branded products.

We remain confident in the strength and positive medium to long-term outlook for the glass container market, which shall follow the established historical trend.

A gradual normalisation of the cost of most production factors also appears increasingly likely, and in particular of energy, while raw material costs - which remain high (particularly raw glass) - should show signs of reduction over the coming months. The margin outlook for the second half of the year will therefore be shaped by the development of all these factors and remain unchanged and positive.

An awareness of market development, so as to optimise production capacity utilisation to serve demand, the modernisation and upgrading of facilities, the ongoing drive for greater productivity, the efficient use of resources - particularly energy - and cost containment continue to be key areas of focus for the Group companies.

In addition, the Group is strongly committed to continuously improving its sustainability profile through a focus on investment, production factor utilisation and operating processes, aware of the importance of this aspect for the increasing adoption of glass in the near future.

In the first half of 2023, the Group's Fossalta di Portogruaro and Empoli plants were awarded ISO 500001 certification.

The medium/long-term glass container sector outlook, and of the Group in particular, remains unaltered and positive, confirming the consolidated development trajectory that the glass container market has historically shown and that appears increasingly robust due to the growing appreciation of glass among users and consumers.

There were no significant events after 30 June 2023.

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Declaration

The Executive Responsible for Financial Reporting, Mr. Roberto Celot, declares in accordance with Article 154 bis, paragraph 2, of the Consolidated Finance Act, that the accounting information contained in this press release corresponds to the underlying accounting documents, records and accounting entries.

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2023 Half-Year Report

The 2023 Half-Year Report will be made available to the public as soon as available and in accordance with law at the registered office of the company and on the company website at www.zignagovetro.com, and at the authorised storage mechanism 1Info at www.1info.it.

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This press release is available on the website: www.zignagovetro.com

For further information:

Roberto Celot

Group Chief Financial Officer

Investor relations manager

Zignago Vetro S.p.A.

0421-246111r.celot@zignagovetro.com

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