Corticeira Amorim SGPS S A : Consolidated results as of 30th June 2022

CORTICEIRA AMORIM CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2022

First semester 2022 (1H22) (Audited)

Second quarter 2022 (2Q22) (Non audited)

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CORTICEIRA AMORIM, SGPS, S.A.

CONSOLIDATED FINANCIAL STATEMENTS - FIRST HALF 2022

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 2022

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

The outlook for the world economy at the beginning of 2022 was one of optimism based on the positive impact of measures to contain the pandemic and the gradual normalisation of global imbalances, particularly in regard to supply chains. During the first six months, however, several challenges arose. The first was the aftermath of Russia's invasion of Ukraine. This was followed by the impact of the restrictive measures implemented by the Chinese authorities in response to new outbreaks of Covid-19. At the same time, production and consumption prices continued to rise month after month, delaying the expected turnaround in the overall economic trend. Global supply chains were affected by persistent difficulties. Europe suffered an energy crisis, while emerging economies, especially those of the more fragile countries in Africa and Asia, were beset by food shortages. Higher interest rates, the prospect of increased monetary tightening, less favourable financial conditions, the depreciation of risky assets, increased volatility and risk aversion characterised financial markets. The US dollar became the preferred safe haven currency.

The US economy will have registered in the second quarter, registering a continuous six months of negative economic growth. A reduction in residential construction, a fall in business stocks and a decrease in goods consumption appear to have been the underlying causes of this drop, which contrasted with the increase in imports at the beginning of the year.

The Euro Zone will have registered a growth of 0.7% in chain, above expectations, and of 4.0% compared to the same period between April and June. The positive evolution may have resulted from the lack of definition after restrictions related to the fight against COVID-19, with the services sector showing a clear recovery, especially the hospitality segment, and will be, perhaps, hiding the challenges that the European industry faces: chain supply, high energy costs, risks of rationing and slowing demand. Consumption will have shown less strength in terms of the acquisition of goods.

China's economy contracted for another straight quarter, marginally escaping a negative year-on-year comparison. Performance was worse than expected, leaving open the prospect of an unfavourable evolution up to the end of the year, given that youth unemployment registered a sharp increase, the real estate sector is showing unfavourable signs and local indebtedness is high. Restrictive measures to contain Covid-19 have served only to make existing weaknesses more evident. The fiscal lever has, once again, been considered a panacea.

In the first three months of 2022, Corticeira Amorim was impacted by the acquisition of the SACI group, whose activities have been consolidated into Group accounts since the beginning of the year. The SACI group's first-half figures confirmed expectations regarding the evolution of the company, whose main activity is the sale of muselets through the subsidiary ICAS. First-half sales by the SACI group reached €57 million, while EBITDA

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CORTICEIRA AMORIM, SGPS, S.A.

CONSOLIDATED FINANCIAL STATEMENTS - FIRST HALF 2022

totalled €10.6 million. Compared with the same period of 2021, the SACI group (which in 2021 did not yet belong to Corticeira Amorim) increased sales by about 30%.

First-half sales growth, excluding the acquisition of the SACI group, was 13%, and growth in the sales in the first quarter was 18% and the second quarter of 8%. The first quarter of 2021 was the period most affected by the coronavirus pandemic and it was to be expected that sales growth would slow down in the second quarter of 2022 compared with the same period of the previous year. The pace of sales growth is expected to decelerate in the second half of 2022, given that in the corresponding period of the previous year Corticeira Amorim's activities were less affected by Covid-19.

Corticeira Amorim's first-half consolidated sales (including the SACI group) increased 25.9% compared with the same period of 2021 to total €545.5 million (€488.4 million excluding the change in the consolidation perimeter).

In terms of sales by Business Unit (BU), the Cork Stoppers BU registered growth of 29.0% and had the greatest weight in Corticeira Amorim's total sales. Excluding the impact in the change in the consolidation perimeter (the SACI group is part of the Cork Stoppers BU), the BU's sales would have increased 10.7%.

The Group's other BUs also registered sales increases. The Raw Materials BU recorded an increase of 9.8%; the Floor and Wall Coverings BU 21.7%; the Composite Cork BU 7.1% and the Insulation BU 10.6%. This evolution reflects an improvement in the product mix, increased prices and volume growth.

Comparable EBITDA increased 13.2% to €87.5 million, a percentage increase above that of sales. The EBITDA- sales ratio increased from 17.8% to 17.9%. Although inflationary pressures, particularly in relation to energy, raw materials and transport, continued to penalise earnings with the increased levels of activity and an improved product mix proving decisive in protecting profitability.

The results of associate companies remained in line with those of the previous year, despite an increase in the contribution made by the associate company Vinolok.

As a result of consolidating the SACI group, which is now 50% owned by Corticeira Amorim, non-controlling interests had an increased impact on Corticeira Amorim's net income in the amount of €6.4 million in the first half (1H21: €2.3 million).

After results attributable to non-controlling interests, net income totalled €47.6 million, an increase of 20.6% compared with the same period of the previous year. On a comparable basis, the increase in net income would have been 14.1%.

At the end of the first half, net interest-bearing debt totalled €71 million, an increase of €23 million compared with the end of 2021. Dividend payments (€27 million), investment in fixed assets (€34 million), the first payment related to the acquisition of the 50% stake in the SACI group (€25 million) and the second payment for Cold River's Homestead (Herdade do Rio:€15 million) were the main factors contributing to this increase, which was offset by the amount of EBITDA generated. It should be noted that the second payment due for the acquisition of the holding in the SACI group (€23 million) was made at the beginning of July and did not affect the debt figures for the first half.

2. OPERATING ACTIVITIES - FIRST HALF 2022

The Raw Materials BU recorded sales growth of 9.8%. The increase in activity was driven by higher demand from the Corticeira Amorim Group's other BUs.

EBITDA totalled €13.4 million, a significant increase in relation to the same period of the previous year (€9.5 million). The increase in the EBITDA margin (from 9.4% to 12.1%) was essentially the result of higher activity

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CORTICEIRA AMORIM, SGPS, S.A.

CONSOLIDATED FINANCIAL STATEMENTS - FIRST HALF 2022

levels, an improved productivity mix and better cork yields, which more than offset the increase in operating costs, which mainly related electricity, personnel and transport.

The cork purchasing campaign has almost been completed, with prices having increased due to strong demand. Quantities were smaller, mainly due to unfavourable weather conditions.

Note should also be made of the transition to the full consolidation of Cold River's Homestead (Herdade de Rio Frio), which, until the end of the first half was an associate company. In terms of the forestry intervention project, it is worth mentioning the investments to be made in the coming years to increase the productivity of this unique forest property of cork oaks. These will include increasing planting density and using innovative processes and technologies.

The Cork Stoppers BU recorded sales totalling €401.7 million, an increase of 29.0% compared with the same period in 2021. The consolidation of the SACI group added €57.1 million in sales. On a like-for-like basis, sales increased by 10.7% compared with the first half of 2021.

This strong sales performance was the result of higher levels of activity, an improvement in the product mix, price increases implemented at the beginning of the year and the positive impact of exchange rates (excluding the exchange rate effect, sales increased 27.4% and, excluding the change in the consolidation perimeter, 9.0%). All cork stoppers segments registered an increase in sales, as did a majority of the cork stopper categories - especially Neutrocork stoppers, which continue to show strong growth. Sales performance was positive in most countries, especially in Europe. Bottling of premium wines in the US was impacted by the forest fires of 2020.

EBITDA increased to €76.7 million (+31.1% y-o-y). Excluding the effect of consolidating the SACI group, EBITDA would have been €66.1 million (+13.0% y-o-y). The EBITDA margin (excluding the SACI group) remained virtually stable (19.2% vs 18.8% in the same period of 2021). Increased activity and product mix improvements continued to offset increases in the cost of energy, personnel and non-cork raw materials, and of lower crushing yields.

The Floor and Wall Coverings BU recorded sales of €77.3 million, an increase of 21.7% compared to with the same period of 2021. The balanced growth of trading product and manufactured product sales was notable, to highlight sales of Amorim WISE products (€7.6 million vs €6.9 million in the same period of 2021) and new products (€14.0 million vs €6.8 million). Increased prices and improvements in the product mix both contributed to this growth. The BU's strong sales performance in Scandinavia and Germany (its most important markets), as well as in Portugal were also worthy of note.

The BU recorded an EBITDA of €2.2 million, up from €4 million in the same period of 2021. The EBITDA-sales margin decreased from 6.3% to 2.8%. Non-cork raw material prices together with energy, transport (especially in the Asian market) and marketing costs (mainly associated with the "Walk on Amazing" campaign) contributed to this decrease.

Sales by Composite Cork BU totalled €61.7 million, an increase of 7.1% compared with the same period in 2021 (€57.7 million). Sales growth was recorded in most markets where the BU operates. The US market, which contributes most to the BU's sales, benefited from the appreciation of the dollar - excluding this effect, sales would have risen 4.4%.

The Aerospace, Multi-purposes Seals & Gaskets and Mobility segments continued to better their performance, supporting a significant improvement in the product mix. Footwear and Cork Specialists were the segments with the biggest declines in sales. Sales by the joint ventures Amorim Sports, Corkeen and, more recently, Korko, maintained a strong dynamism (14% higher than in the same period of 2021), remaining an important growth engine for the BU.

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CORTICEIRA AMORIM, SGPS, S.A.

CONSOLIDATED FINANCIAL STATEMENTS - FIRST HALF 2022