Aluflexpack : Half year 2023 results presentation

Aluflexpack AG

H1 2023 Results Presentation

Disclaimer

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The information contained in the presentation does not purport to be comprehensive. Aluflexpack undertakes no obligation to publicly update or revise any information contained herein or forward- looking statements, whether to reflect new information, future events or circumstances or otherwise. It should further be noted, that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of the full-year results. Persons requiring advice should consult an independent adviser. Some financial information in this presentation has been rounded and, as a result, the figures shown as totals in this presentation may vary slightly from the exact arithmetic aggregation of the figures that precede them. While we are making great efforts to include accurate and up-to-date information, we make no representations or warranties, expressed or implied, and no reliance may be placed by any person as to the accuracy and completeness of the information provided in this presentation and we disclaim any liability for the use of it. Neither Aluflexpack nor any of its directors, officers, employees, agents, affiliates or advisers is under an obligation to update, correct or keep current the information contained in this presentation to which it relates or to provide the recipient of it with access to any additional information that may arise in connection with it and any opinions expressed in this presentation are subject to change.

In this presentation, we utilise certain alternative performance measures, including EBITDA, EBITDA before special effects, Operating Profit before special effects, organic growth, Working Capital ratio, and others that in each case are not recognized under International Financial Reporting Standards ("IFRS"). These non-IFRS measures are presented as we believe that they and similar measures are widely used in the markets in which we operate as a means of evaluating a company's operating performance and financing structure. They may not be comparable to other similarly titled measures of other companies and are not measurements under IFRS or other generally accepted accounting principles, nor should they be considered as substitutes for the information contained in the financial statements included in this presentation. For a particular definition of any of the mentioned and non-mentioned alternative performance indicators please see either notes in this presentation or definitions in our Half Year Report 2023.

By receiving this Presentation, you agree to be bound by the foregoing limitations. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. This Presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice.

THIS PRESENTATION IS NOT AN INVITATION TO PURCHASE SECURITIES OF ALUFLEXPACK AG OR THE GROUP.

2

Business & Financial

Overview

Business highlights H1 2023

Delivering solid performance in challenging market environment

Continued broad-

based growth

Net sales growth across all end markets as a result of robust business development and cost pass through mechanisms

Solid operational performance

Market dynamics

Soft demand in Europe due to subdued consumer sentiment as a result of loss of purchasing power

Destocking of

customers

Ramp-up in Drniš		3-WIN 2025
commenced		strategy
All machines	Sustainability
operational; final	strategy
quality testings in	formalised; offical
process	committment to
		SBTi
Focus on large-
scale	Further progress
commerical	on
production in the	automatisation,
months ahead	innovation,
		product

development and internationalisation strategy

Outlook 2023

Net sales excluding IAS 29

of € 390-430m expected (1)

EBITDA before SE targeted between € 50-55m

Note(s): (1) As of 30 June 2022, Aluflexpack is required to apply IAS 29 "Financial Reporting in Hyperinflationary Economies" for its oper ations in Türkiye. The application of IAS 29 includes adoption of IAS 21 "Effects of Change in Foreign Exchange
Rates". Further clarification can be found on slide 26 of this presentation.	4

Financial highlights H1 2023

Robust earnings and significant reduction in Capex

Net sales (1)		EBITDA before		EBITDA margin		Capex-to-net-		Leverage (4)
	SE (2)		before SE (2)		sales ratio (3)

+15.8%	+2.0%	210 bps	lower	increase
of which 12.3%	thanks to robust	decrease due to	owing to	as a result of
organic growth	operational	dilutive effect of	finalisation of the	investments and
	performance	higher cost base	major expansion	higher TWC
€ 196m excluding		and negative	in Drniš
IAS 29		material phasing
		impact

			24.3	24.8	16.9%			25.2%					2.9x
		21.4								2.5x
					14.7%
€ 191m
						12.7%		16.7%
€ 165m										7.9%	0.8x
		H1	H1	H1	H1	H1	H1	H1	H1	H1	2021	2022	LTM
H1 2023	H1 2022	2021	2022	2023	2021	2022	2023	2021	2022	2023			6/2023

Note(s): (1) As of 30 June 2022, Aluflexpack is required to apply IAS 29 "Financial Reporting in Hyperinflationary Economies" for its operations in Türkiye. The application of IAS 29 includes adoption of IAS 21 "Effects of Change in Foreign Exchange Rates". A detailed reconciliation of reported and adjusted figures can be found on slide 25 of this presentation. Organic net sales equal Group reported net sales less net sales from Turkish subsidiary Teko, which was acquired on 12 May 2022. From January to June 2023 the effects of

consolidation of Teko on Group's reported net sales amounted to € 10.4m. (2) EBITDA before SE refers to EBITDA before special effects. EBITDA margin before SE is calculated as EBITDA before SE divided by net sales excluding IAS 29. (3) Capex-to-net-sales ratio	5
is defined as payments made for purchase of property plant and equipment (PPE) and intangible assets divided by net sales. (4) Leverage defined as net debt divided by LTM EBITDA before SE.