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

CORTICEIRA AMORIM CONSOLIDATED

30-09-2022 (non audited)

CONSOLIDATED FINANCIAL STATEMENTS 3rd QUARTER 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 3rd QUARTER 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 year of 2022 began in a climate of optimism for the world economy, founded on the positive impact of measures to contain the coronavirus pandemic and the gradual normalisation of global supply chain imbalances. The third quarter was marked by expectations, successively postponed, that the steady rise in consumer prices would peak, possibly reflecting the impact of the monetary restrictions that most central banks had decided to implement. At the same time, a sharp rise in natural gas prices affected economic activity and had a direct impact on Europe, dropping slightly only at the end of the period.

Geopolitical instability arising not only from the Russia-Ukraine conflict, but also from China's restrictive Covid- 19 measures and worsening global financial conditions, dominated the third quarter. A number of economic indicators reflected this deterioration, with a depletion of the capital growth that had been expected post- pandemic. While economic activity expanded strongly as summer began, the end of the summer season and the approach of winter brought other fears, leading to a downward revision of expectations and other adjustments.

The US Federal Reserve led the way in terms of monetary adjustment, but the European Central Bank also adopted an aggressive stance during the third quarter, opting to front-load monetary adjustment measures. Interest rates moved upwards, with implicit rates anticipating further increases in the coming months.

The acquisition of the SACI group marked the first nine months at Corticeira Amorim, its operations having been consolidated into the Group's accounts since the beginning of the year. The SACI group's main activity is the production and sale of muselets through its subsidiary ICAS. Its performance in the first nine months confirmed growth expectations, with sales reaching €88 million, while EBITDA totalled €16.3 million, as the company maintained the level of profitability achieved in the first half of the year during the third quarter as well.

Corticeira Amorim's consolidated sales (including the SACI group) rose 24% in the first nine months of 2022, compared with the same period of 2021, totalling €790.3 million (€702.7 million excluding SACI).

Excluding the change in the consolidation perimeter, sales increased 10% over the first nine months of 2022 - 18% in the first quarter, 8% in the second and 5% in the third. It should be noted, however, that the first three months were the period when sales growth reflected the most significant impact of comparison with the effects of the Covid-19 pandemic in the previous year. As the pandemic ceased to impact Corticeira Amorim's activity so seriously, it was to be expected that sales growth would slow in the second and third quarters of 2022.

In terms of sales by Business Unit (BU), the Cork Stoppers BU, the BU with the most weight in Corticeira Amorim's total sales, recorded the strongest growth, at 28.2%. Excluding the impact of the change in the consolidation perimeter (the SACI group is integrated into the Cork Stoppers BU), the BU's sales would have increased 9.0%.

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CORTICEIRA AMORIM, SGPS, S.A.

CONSOLIDATED FINANCIAL STATEMENTS 3rd QUARTER 2022

The Group's other BUs also registered sales increases. Sales by the Raw Materials BU sales rose 7.8%; by the Floor and Wall Coverings BU, 14.2%; the Composite Cork BU, 8.2% and the Insulation BU, 12.2%. This growth reflects an improvement in the product mix, higher sales prices and volume growth. All BUs, except Floor and Wall Covering, registered sales growth in the third quarter.

Consolidated EBITDA totalled €131.2 million, an increase of 18.9% compared with the first nine months of 2021. Increases in the cost of electricity, some non-cork raw materials and personnel continued to put pressure on operating results, a fact aggravated in the third quarter by a lower operating leverage compared with the two previous quarters. The EBITDA-sales ratio was 16.6% (9M21: 17.3%). Comparable EBITDA increased 4.1% to €114.9 million.

The earnings of associate companies fell below the level of the same period of 2021, due mainly to the impact of hyperinflation on Corchos de Argentina.

As a result of consolidating the SACI group, which is 50% owned by Corticeira Amorim, non-controlling interests increased their contribution to the Group's net income, which totalled €9.1 million at the end of the first nine months (9M21: €7.3 million) .

After results attributable to non-controlling interests, net income totalled €64.2 million, an increase of 10.6% compared with the same period of the previous year. On a comparable basis, the increase in net income would have been 3.4%.

At the end of the period, net interest-bearing debt totalled €113.5 million, an increase of €65 million compared with the end of 2021. Dividend payments (€27 million), fixed asset investment (€52 million), the first payment for the acquisition of the 50% stake in the SACI group (€49 million), payments for the 50% stake in Cold River Homestead, which owns a part of the Herdade do Rio Frio estate (€15 million), and payment for land in another part of Herdade do Rio Frio (€22 million) were the main factors contributing to this increase, which was offset by the amount of EBITDA generated.

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CORTICEIRA AMORIM, SGPS, S.A.

CONSOLIDATED FINANCIAL STATEMENTS 3rd QUARTER 2022

2. OPERATING ACTIVITIES - FIRST NINE MONTHS 2022

Sales by the Raw Materials BU grew 7.8%, reflecting an increase in activity driven by higher demand from the other BUs in the Corticeira Amorim group.

EBITDA totalled €18.1 million, marking a significant increase compared with the same period of the previous year (€13.8 million). The increase in the EBITDA-sales margin (from 9.7% to 11.7%) was mainly due to higher levels of activity, an improved product mix and better cork yields, which more than offset the increase in operating costs, mainly those of electricity, personnel and transport.

The cork purchasing campaign was concluded at levels significantly lower than in 2021, due mainly to unfavourable weather conditions. As expected, prices increased due to strong demand. Pressure also led to increased prices in the secondary market.

The full consolidation of Cold River Homestead (Herdade do Rio Frio), which, until the end of the first semester, was an associate company, also deserves mention. In regard to the forestry intervention project, significant investments will be made in the coming years to increase productivity and profitability by means of new plantations and increases in tree density, using innovative processes and technologies.

The Cork Stoppers BU recorded sales of €584.2 million, an increase of 28.2% over the first nine months of 2021. The consolidation of the SACI group added €87.6 million in sales. On a like-for-like basis, sales increased 9.0% compared with the same period of 2021.

This strong sales growth was driven by 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 would have increased 26.1%, while, excluding the change in the consolidation perimeter, they would have grown 6.9%). Sales increases were recorded for all cork stopper segments and a majority of cork stopper categories - especially Neutrocork stoppers, which continue to show strong growth. Sales performance was positive in most countries, particularly in Europe.

The BU's EBITDA rose to €102.1 million (+21.2% year-on-year). Excluding the effect of consolidating the SACI group, EBITDA would have been €85.8 million (+1.9% y-o-y). The EBITDA-sales margin (excluding the SACI group) decreased compared with the same period of the previous year (17.3% vs 18.5% in the first nine months of 2021). Raw material prices, operating costs (notably energy and personnel costs) and cork crushing income continued to put EBITDA margins under pressure.

Sales by the Floor and Wall Coverings BU totalled €106.0 million, an increase of 14.2% compared with the same period of 2021. Price increases and an improved mix underpinned sales growth, despite a drop in volumes in some markets, a trend that was particularly noticeable from July onwards. Solid sales growth in Scandinavia and Portugal was of particular note. The balanced growth between sales of trading products and manufactured products also deserves mention, the former having contributed most to sales growth. In terms of manufactured products, the increased sales of Amorim WISE products (€11.1 million vs. €10.0 million in the same period of 2021) and of new products (€15.9 million vs. €10.0 million) stands out.

The BU recorded a negative EBITDA of -€0.3 million, compared with €4.3 million in the same period of 2021. The EBITDA-sales margin fell from 4.6% to -0.3%. Increased prices for non-cork raw materials, lower operating leverage, and cost increases for energy, transport (especially in the Asian market), marketing (mainly associated with the "Walk on Amazing" campaign) and personnel all contributed to this decrease.

CORTICEIRA AMORIM, SGPS, S.A.

CONSOLIDATED FINANCIAL STATEMENTS 3rd QUARTER 2022