Frigoglass I C : 28.09.2022 Revision of second quarter 2022 results announcement time and conference call date

Results for the Second Quarter ended 30 June 2022

Athens, Greece, 30 September 2022 - Frigoglass SAIC announces results for the second quarter and six months ended 30 June 2022

Second quarter 2022 highlights

• Sales up by 22% y-o-y driven by continued growth momentum in Glass and increased demand in India, South Africa and central Asia
• Commercial Refrigeration sales impacted by order withdrawals in Russia and persistent logistic disruptions
• Strong Glass business performance with sales and Adjusted EBITDA up by 74% y-o-y and 78% y-o-y, respectively, led by increased demand and price adjustments
• Adjusted EBITDA margin enhancement by 500bps y-o-y to 19.1% supported by pricing and improved cost absorption in Glass as well as insurance reimbursement related to business interruption following the fire incident in our plant in Romania
• Raw materials and transportation costs inflation and ongoing production disruptions in Romania and Russia impacted Adjusted EBITDA
• June-endAdjusted FCF was impacted by an outflow related to higher trade debtors following sales recovery in Q2 and increased inventories in Glass business to support demand
• June-endcash balance of €66.9 million assisted by insurance proceeds
• Romanian facility re-construction plan on track reaffirms expectation for being operational in Q1 2023
• A Support Agreement between Frigoglass and a committee of the majority holders of the €260 million senior secured notes due 2025 (the "2025 Notes") is expected to be agreed as promptly as reasonably possible and includes a €30 million interim super senior financing commitment (the "Interim Financing") and a standstill of interest payments on the 2025 Notes due in 2023 to bridge short-term funding needs and stabilize business, subject to the satisfaction of certain conditions precedent
• Frigoglass is committed to negotiate a broader capital restructuring transaction in good faith and enter into a lock-up agreement with the committee of the holders of the 2025 Notes and its majority shareholder that will improve its capital structure and enhance liquidity

Financial Results

€ 000's	Q2 2022	Q2 2021	Change, %	H1 2022	H1 2021	Change, %
Sales	128,775	105,713	21.8%	248,222	201,596	23.1%
Adjusted EBITDA1	24,553	14,951	64.2%	34,751	29,392	18.2%
Adjusted EBITDA Margin, %1	19.1%	14.1%	5.0pp	14.0%	14.6%	-0.6pp
Operating Profit (EBIT)	19,796	10,449	89.5%	25,459	20,351	25.1%
Net Profit	6,770	-12,247	n.m.	4,699	-11,038	n.m.
Capital Expenditure1	6,012	2,946	>100%	10,831	4,339	>100%

1. For details refer to Alternative Performance Measures (APMs) section in this report

Nikos Mamoulis, Chief Executive Officer of Frigoglass, commented:

"Our results continue to demonstrate the material disruptions we are facing following the Russia-Ukraine conflict and the production limitations in Romania. Despite these challenges, we are encouraged by the good progress in Asia and Africa and the resilient performance of our Glass business.

Looking ahead, macroeconomic uncertainty remains high, with mounting concerns over significant inflationary pressures. Against this backdrop, we are taking far-reaching steps to improve our capital structure, enhance our liquidity and stabilize our business."

Frigoglass management will host an analysts and investors conference call today. See dial-in details on page 9.

Financial Overview

The continued Russia-Ukraine conflict has materially impacted our second quarter results in the Commercial Refrigeration business. We saw order cancellations, primarily from customers in the directly affected countries of Russia and Ukraine. Furthermore, we faced significant challenges in catering demand in West Europe following material disruptions to our logistics activities for transporting finished and semi-finished goods out of Russia as well as difficulties sourcing raw materials for our plant in Russia. To mitigate this impact, we implemented several actions and executed contingency plans, including but not limited to alternative logistics routes, production planning improvement initiatives and enhancement of the temporary assembly line in Romania. Despite the challenges, sales in the Commercial Refrigeration business grew by 8.8%, driven by pricing, increased demand and market share gains in Asia and Africa. Sales growth momentum remained strong in the Glass business, led by increased demand and price adjustments. Overall, the group's sales we up 21.8% y-o-y to €128.8 million.

Gross profit (excluding depreciation) declined by 11.8% y-o-y to €19.7 million, with the respective margin decreasing by 580 basis points to 15.3%. The margin contraction reflects increased raw materials cost, significantly higher logistic costs due to the supply chain constraints, worsening of productivity in Romania and Russia plants and the less favorable energy sourcing mix in Nigeria. These factors outpaced the benefits of higher sales, price adjustments and lower discounts.

Operating expenses (excluding depreciation) increased by 21.1% y-o-y to €10.0 million, broadly in-line with sales growth. Operating expenses in the Commercial Refrigeration business came in 21.7% higher y-o-y, led by warranty related expenses.

Adjusted EBITDA increased by 64.2% y-o-y to €24.6 million, with the respective margin improving by 500 basis points to 19.1%. Adjusted EBITDA was supported by €13.9 million insurance reimbursement related to our business interruption claim following the fire incident in Romania. Operating Profit (EBIT) increased by 89.5% y-o-y to €19.8 million, driven by the improved Adjusted EBITDA. Financing costs amounted to €17.9 million, compared to €5.2 million in Q2 2021, primarily reflecting significant foreign exchange losses following the appreciation of Naira and Rubble. Income tax expense amounted to €4.6 million, compared to €2.3 million in Q2 2021, primarily reflecting higher taxable profits. We reported a net profit of €6.8 million, compared to a net loss of €12.2 million in the second quarter of 2021.

Adjusted free cash flow was an outflow of €36.1 million as of June 30, 2022, compared to an inflow of €5.4 million as of June 30, 2021. Despite the improved operating profitability, adjusted free cash flow was impacted by a material trade working capital outflow following increased business activity. Adjusted net debt was €287.1 million as of June 30, 2022, compared to €261.2 million as of June 30, 2021. As of June 30, 2022, our cash position was €66.9 million, compared to €61.2 million as of June 30, 2021, assisted by the insurance proceeds. As of August 31, 2022, our consolidated cash position was €63.7 million, of which €45.9 million was held in Nigeria.

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Segmental Review

Commercial Refrigeration Operations

€ 000's	Q2 2022	Q2 2021	Change, %	H1 2022	H1 2021	Change, %
Sales	91,870	84,470	8.8%	176,932	158,294	11.8%
Adjusted EBITDA	15,276	9,742	56.8%	17,047	17,308	-1.5%
Adjusted EBITDA Margin, %	16.6%	11.5%	5.1pp	9.6%	10.9%	-1.3pp
Operating Profit (EBIT)	13,144	7,020	87.2%	12,872	11,545	11.5%
Net Profit1	5,998	-13,826	n.m.	2,332	-15,606	n.m.
Capital Expenditure	3,438	829	>100%	6,357	1,426	>100%

1. Net Profit after minority interest

Europe

Eastern European sales declined by 21.5% y-o-y as we were severely impacted by the cancellation of orders in Russia and Ukraine as well as delays in customer deliveries due to the intensified transportation challenges caused by the Russia-Ukraine conflict. Sales in Russia and Ukraine declined jointly by 51% y-o-y, whereas excluding those two countries we experienced sales growth of 19% y-o-y primarily driven by increased orders in Romania, Poland and Bulgaria. Growth was supported by Frigoserve's enhanced activities and price adjustments.

Sales in West Europe were unchanged compared to last year. Notable incremental cooler placements in Italy and Greece were offset by lower orders in Sweden, France and Germany. In Q2 2022, we continued to face extended lead-times in customer deliveries following the production constraints created by the fire incident at our plant in Romania as well as significant disruption to our logistic activities for transporting finished and semi-finished goods.

Africa and Middle East

Growth momentum accelerated in Africa in Q2 2022, with sales growing by 79.1% y-o-y. This great performance reflects continued demand recovery and pricing initiatives. Sales in South Africa grew by mid- eighties following increased demand from soft drink customers and breweries, price adjustments and Frigoserve's expansion with a key brewery customer. We also experienced sales growth in Nigeria, driven by higher orders from a soft drink customer.

Asia

Sales in Asia more than doubled following strong demand in India and market share gains in central Asia. In India, the execution of our commercial initiatives has started delivering results, evidenced by the strong orders from soft drink customers, the recently expanded base of distributors and our penetration in the white market. Pricing initiatives supported sales growth in the quarter. We further increased our penetration in central Asia through market share gains with key customers.

Adjusted EBITDA increased by 56.8% y-o-y to €15.3 million, supported by €13.9 million insurance reimbursement related to our business interruption claim following the fire incident in Romania. Adjusted EBITDA margin improved by 510 basis points to 16.6%, driven by the insurance reimbursement, the benefits of higher volume, price adjustments, lower discounts and cost reduction initiatives. These factors more than offset the impact from the increased raw materials cost, significantly higher transportation costs, lower

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productivity in Romania and Russia following production disruptions and lower cost absorption in Romania following the establishment of the temporary assembly line. EBIT was up 87.2% to €13.1 million, primarily driven by the increased Adjusted EBITDA. We reported a net profit of €6.0 million in Q2 2022, compared to a net loss of €13.8 million in Q2 2021 which included non-recurring costs of €13.8 million related to the fire incident.

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Glass Operations

€ 000's	Q2 2022	Q2 2021	Change, %	H1 2022	H1 2021	Change, %
Sales	36,905	21,243	73.7%	71,290	43,302	64.6%
Adjusted EBITDA	9,276	5,209	78.1%	17,703	12,083	46.5%
Adjusted EBITDA Margin, %	25.1%	24.5%	0.6pp	24.8%	27.9%	-3.1pp
Operating Profit (EBIT)	6,652	3,429	94.0%	12,586	8,806	42.9%
Net Profit1	772	1,579	-51.1%	2,367	4,568	-48.2%
Capital Expenditure	2,574	2,117	21.6%	4,474	2,913	53.6%

1. Net Profit after minority interest

Our West African container glass operations offers substantial growth opportunities derived from the growing population and urbanization trends. We are the market leaders offering a multiple color glass furnaces platform and complementary products, which together with the existing multifaceted barriers to entry, ensures we deliver profitable growth. The furnace capacity enhancement project implemented in 2021, the upcoming modernization investments and our team's strong commerciality and customer- centricity supports a strong growth outlook of our business.

We delivered a great performance in Q2 2022 following strong demand for glass containers and increased orders for crowns. Our planned pricing initiatives across all operations and other commercial-oriented actions, focusing on successfully absorbing cost inflationary pressures, also supported our performance in the quarter. This exemplifies our strong execution capabilities. Glass Operation's sales increased by 73.7% y- o-y to €36.9 million. On a currency neutral basis, sales grew 57.1% y-o-y.

Volume sold in the glass container business grew by mid-forties. Key to this was the strong demand from breweries and spirits following the continued recovery of the on-trade channels. Sales increased by 85.5% y- o-y, driven by volume growth and price adjustments reflecting the pass-through of cost inflation. Growth was also driven by increased export activity, primarily towards breweries in Ghana. Sales were also supported by a favorable currency translation effect following the appreciation of Naira. Sales in plastic crates' business grew by 16.9% y-o-y, reflecting our continued pricing initiatives and the favorable effect of a stronger Naira. Metal crowns' performance remained strong, with sales growing in mid-eighties. Growth was assisted by strong orders from soft drink and brewery customers as well as pricing adjustments.

Adjusted EBITDA increased by 78.1% y-o-y to €9.3 million, with the respective margin improving by 60 basis points to 25.1%. The margin expansion reflects assertive pricing and improved manufacturing cost absorption, more than offsetting increased production cost and a less favorable energy sourcing mix due to gas outages in one of our plants. EBIT increased by 94% y-o-y to €6.7 million, reflecting operating leverage despite the higher depreciation charges after the completion of the furnace rebuild in July 2021. Net profit decreased by 51.1% y-o-y at €0.8 million, impacted by foreign exchange losses from the appreciation of Naira compared to gains in the second quarter of 2021.

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