Corticeira Amorim SGPS S A : Consolidated results as of 30th June 2021

CORTICEIRA AMORIM CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2021

First half 2021 (1H21) (Audited)

Second quarter 2021 (2Q21) (Non audited)

Translation of consolidated financial statements originally issued in Portuguese. In case of discrepancy the Portuguese version prevails

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CORTICEIRA AMORIM, SGPS, S.A.

CONSOLIDATED FINANCIAL STATEMENTS - FIRST HALF 2021

Dear Shareholders,

In accordance with the law, CORTICEIRA AMORIM, S.G.P.S., S.A., a public company, presents its:

CONSOLIDATED

MANAGEMENT

REPORT

1. SUMMARY OF ACTIVITY

Despite the coronavirus pandemic, in the second quarter of 2021 the world economy consolidated the growth observed in the previous three months. This reflected the lifting of confinement measures and expectations of a robust recovery in economic activity. Financial markets evolved positively, with historic highs in some segments.

COVID-19 vaccination programmes accelerated during the period, especially in western countries. Israel, the UK and the US led the vaccination effort. Europe remained slightly behind, but its performance gradually improved towards the end of the quarter as new variants and infectious episodes appeared in different regions. Internationally, the situation varies from region to region in this regard, being unfavourable in most of the rest of the world, where immunisation programmes have been significantly slower.

Economic growth reflected these developments, as well as comparison with the same period of the previous year, when large areas of activity were heavily penalised. The quarter was also characterised by growing concerns about the impact of higher energy, shipping and electronic component costs on inflation, augmented by breakdowns in, or the reduced efficiency of international supply chains. This continuous stopping and starting led to a serious destabilisation of supply chains.

The US economy is estimated to have grown by about 9.0% in the second quarter compared with the same period of 2020 (6.6% compared with first quarter of 2021), potentially having recovered fully from the losses caused by the pandemic. The Eurozone economy grew by about 1.3% in the second quarter after contracting in the first three months. The year-on-year comparisons are expressive as they reflect the contrast with a period of 2020 when business activity was severely limited.

For Corticeira Amorim, as for economic agents in general, the second quarter of 2021 was the first to be comparable with a quarter of the previous year that was wholly impacted by the consequences of the COVID-19 pandemic.

The Group's increase in consolidated sales in the second quarter, +24.4%, demonstrates a recovery from the loss of sales recorded in 2020. In the first half, the increase in sales was 10.7% (remember that the sales decreased 2.0% in the first quarter). In relation to the same period of 2019 sales were up 5.1%.

Corticeira Amorim's sales at the end of the semester totalled €433.3 million. This increase reflected the early impact of a reduction in the restrictive measures implemented by different countries to contain the spread of the COVID-19 pandemic, restrictions that had profound consequences for global economies and consumption patterns. The climate remains uncertain, however, and is only likely to stabilise when the ongoing vaccination processes have been shown to be effective.

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CORTICEIRA AMORIM, SGPS, S.A.

CONSOLIDATED FINANCIAL STATEMENTS - FIRST HALF 2021

The exchange rate effect (related to the depreciation of the US dollar) has penalised sales -excluding this effect, sales would have increased 12.5% in the first half.

All Business Units (BUs) posted an increase in sales, with the Raw Materials BU (+0.6%), which mainly sells within the Group, being the only one that showed little growth compared with the same period of the previous year. The Cork Stoppers (+11.3%), Composite Cork (+14.9%), Floor and Wall Coverings (+7.7%) and Insulation (+20.6%) BUs succeeded in reversing the downward sales trend observed at the end of 2020 and achieved robust growth.

EBITDA increased 17.2% to €77.3 million, resulting in an EBITDA-sales ratio of 17.8%, a significant increase in comparison with the same period of 2020 (16.8%). Despite the favourable impact of a decrease in the price of cork used in manufacturing, a more positive evolution of evolution of the ratio was limited by the exchange rate effect, lower cork yields, a less favourable product mix, higher prices for some non-cork raw materials and a significant increase in transport costs.

After results attributable to non-controlling interests, net income totalled €39.4 million, an increase of 15.1% compared with the same period of 2020.

2. OPERATING ACTIVITIES - FIRST HALF 2021

Sales by the Raw Materials BU were stable (+0.6%) compared with the same period of 2020. In the context of significant sales growth for the Group's downstream BUs, this stability mainly reflected a realignment of inventory levels by those BUs as well as sales to third parties.

EBITDA totalled €9.5 million, an increase of 8.1% compared with the same period of 2020 (€8.7 million). The increase in the EBITDA margin (from 8.7% to 9.4%) reflected a reduction in the consumption price of cork and increased efficiency (including an increase in volumes produced). This more than offset the increase in costs (namely electricity, transport, maintenance and repairs).

The 2021 cork purchasing campaign is proceeding as planned in terms of prices and volumes, with no significant impact resulting from the pandemic. Price adjustments were limited after two years of significant changes. In comparative terms, the purchase price of better quality cork increased.

The important acquisition of 50% of Cold River's Homestead, S.A., which owns a group of assets related to Herdade do Rio Frio, was made in order to continue the Group's Forest Intervention Project. The strategic objectives of the project are to ensure the maintenance, preservation and enhancement of cork oak forests and guarantee the continuous production of high quality cork.

Sales by the Cork Stoppers BU totalled €311.3 million in the first half, up 11.3% on the same period of 2020 and accounting for 70% of Corticeira Amorim's total consolidated sales. Sales in the second quarter increased 26.7%. At constant exchange rates, the increase would have been 28.5%.

The BU benefited from a strong recovery in volume sales, which was the most important driver of overall sales growth. Sales increased in all segments and in all geographic regions, with Europe being the main driver of growth. Sales of Neutrocork stoppers continued to grow significantly following strong growth in 2020.

The BU's EBITDA rose to €58.5 million (+7.7% y-o-y). The EBITDA margin decreased to 18.8% (1H20: 19.4%). Sales benefited from volume growth and more favourable cork consumption prices. The weakness of the dollar, the prices of some non-cork raw materials, transport costs and lower grinding yields were the main causes of the decrease in the EBITDA-sales ratio. At constant exchange rates, the EBITDA margin would have been 19.5%, slightly above that of the same period of 2020.

Sales by the Floor and Wall Covering BU totalled €63.5 million, an increase of 7.7% compared with the same period in 2020. Although sales of trading products grew faster than those of manufactured products, the Amorim

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CORTICEIRA AMORIM, SGPS, S.A.

CONSOLIDATED FINANCIAL STATEMENTS - FIRST HALF 2021

WISE product range and the BU's recently launched products continued to perform positively, the former with sales of €6.9 million (1H20: €6.3 million) and the latter with sales totalling €6.8 million (1H20: €5.3 million).

The North American and Scandinavian markets continued to perform positively. Germany was negatively impacted by company closures made at the beginning of the year as a result of measures to combat COVID-19.

The BU's EBITDA totalled €4.0 million, up from €1.0 million in the same period of 2020. The EBITDA margin rose from 1.8% to 6.3% over the same period. A consistent reduction in operating costs, the result of efforts to restructure and lower the break-even level, together with a reduction in the purchasing price of cork, supported an increase in the BU's profitability, despite a significant increase in transport costs and in the prices of some non- cork raw materials. The decrease in impairment levels is another positive factor that merits highlighting.

Sales by the Composite Cork BU totalled €57.7 million, an increase of 14.9% compared with the same period of 2020 (€50.2 million). Sales grew in most markets, driven mainly by a recovery in segments that were heavily penalised in 2020 (due to the temporary closure of customer operations as a result of the pandemic) and a return to normal activity following the turbulence caused by the SAP implementation.

Sales growth was strongest in the Footwear, Cork Specialists and Heavy Construction segments, which had been significantly penalised in 2020 by the temporary closure of some of the BU's customers.

The recently created joint ventures (Amorim Sports and Corkeen) along with new products and applications continued to show dynamic growth, contributing sales totalling €2.7 million and €4.8 million respectively.

First-half EBITDA totalled €5.2 million. The EBITDA margin rose to 9.0% (1H20: 8.1%). Despite the unfavourable exchange rate environment and a significant increase in the cost of some non-cork raw materials, the improvement in profitability reflects robust sales growth, the lower cost of cork used in manufacturing and better grinding yields, At constant exchange rates, the BU's sales would have increased by 18.8% and the EBITDA margin would have been 12.1%.

Sales by the Insulation BU totalled €7.2 million, an increase of 20.6% compared with the same period of 2020 mainly driven by an increase in sales volumes. US dollar depreciation negatively impacted sales. Excluding this effect, sales would have grown 21.4%. Turnover was driven by a recovery of activity in the BU's most important markets, namely France, Portugal and Italy.

EBITDA totalled €1.4 million (1H20: -€13,000) and the EBITDA-sales ratio was 19.2% (1H20: -0.2%). In addition to the one-off impact of pile closures, other factors contributing to this growth included a reduction in the cost of cork used in manufacturing, improved industrial efficiency, lower operating costs and a reduction in impairments.

3. CONSOLIDATED PROFIT AND LOSS ACCOUNT AND FINANCIAL POSITION

The increase in the Group's sales did not result from the change in the consolidation perimeter. Corticeira Amorim's sales in the first half of 2020 were significantly impacted by the COVID-19 pandemic. As mentioned above, the first half of 2021 saw a recovery from the sales losses verified in the same period of 2020, as well as a 5.1% increase compared with the first six months of 2019.

The change in the gross profit margin percentage, which decreased from 52% to 50%, reflects the unfavourable exchange rate effect and an increase in the consumption price of non-cork materials, factors that were partially offset by the reduction in cost of cork used in manufacturing.

In terms of operating costs, the increase of about €2.2 million in staff costs (+3.0%) compared with the same period of 2020 was mainly due to an increase in the average number of male and female employees in response to increased activity. External supply and services costs remained practically unchanged (+0.2%). The increase in

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CORTICEIRA AMORIM, SGPS, S.A.

CONSOLIDATED FINANCIAL STATEMENTS - FIRST HALF 2021