Guala Closures S p A : 1Q 2021 Results

1Q 2021 RESULTS

• 1Q 21 Group revenues at 138.3 million euros, -5.2% at current exchange rates and +0.9% at constant exchange rates;
• Adjusted EBITDA at 24.3 million euros, with an organic growth of 3.3% at current exchange rates and of 13.0% at constant exchange rates; margin increase (+100bp at current exchange rate and +200bp at constant exchange rate and perimeter);
• Net financial debt is 474.7 million euros, higher for 10.5 million euros compared to the end of 2020, due to the normal business seasonality. 1Q21 Cash flow better for more than 18 million euros compared to 1Q 20, of which about 11.5 million euros due to lower M&A activities.

Alessandria, 12 May 2021. The Board of Directors of Guala Closures S.p.A. - world leader in the production and sale of plastic and aluminium closures for the beverages industry - approved the

Interim Financial Report as at 31 March 2021.

ANALYSIS OF THE RESULTS FOR THE FIRST QUARTER OF 2021

Consolidated P&L results

In the first three months of 2021, net revenue totalled €138.3 million, down €7.5 million (-5.2%) on the first three months of 2020 at current exchange rates and up €1.3 million (+0.9%) at constant exchange rates. The exchange rate effect negatively impacted the first three months of 2021 for €8.9 million following the appreciation of the Euro against almost all currencies with which the group operates.

The contribution on net revenue from the change in the consolidation scope is immaterial

0.9%		0.9%
140.0		140.0	(5.2%)
(5.2%)
120.0		120.0
100.0		100.0
80.0		80.0
60.0		60.0
40.0		40.0
20.0		20.0
0.0		0.0

The chart below shows the difference between net revenue for the first three months of 2020 and 2021:

NET REVENUES EVOLUTION 1Q 2021

- 1Q 2020 by COMPONENTS - CONSTANT FX

+0.9%

+0.9%

1. Net revenues 1Q 2021 at constant FX and constant perimeter were calculated excluding from net revenue 1Q 2021 (recalculated with 1Q 2020 FX) the Closurelogic revenues realized by Germany in JAN 2021 and by Turkey in 1Q 2021 and including the revenues realized by GCL Pharma in 1Q 2020

The Group reported an increase in volumes of €7.3 million in the first three months of 2021 and a benefit of €1.8 million deriving from the price increase policy. However, these positive effects were partly offset by the estimated impact of a loss in sale volumes (approximately -€7.9 million) due to Covid-19.

The increase in volumes is concentrate in the Americas, where revenue grew steadily in the spirits and wine markets, and Asia, with revenues growing compared to the first quarter of 2020 as they were already partially impacted by Covid-19 in the first quarter of 2020.

The largest loss in sales volumes caused by the pandemic was seen in the European water & beverages sector, which does most of its business through on-premises consumption and, therefore, has been heavily affected by the restrictions still imposed on the HORECA sector. This effect was mostly concentrated in Italy, Spain and Germany and in particular on the closures production for the water market.

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The table below shows a breakdown of net revenue by geographical segment:

NET REVENUES BY GEOGRAPHICAL SEGMENT
(Million Euro)	1Q 2020	1Q 2021	Variation %
			Current FX	Constant FX
			rates	rates
Europe	91.2	80.1	(12.2%)	(9.6%)
% of Group Net Revenues	65.9%	57.9%
Latin and North America	24.3	27.8	14.5%	34.6%
% of Group Net Revenues	17.6%	20.1%
Asia	17.2	17.7	2.9%	12.5%
% of Group Net Revenues	12.4%	12.8%
Oceania	9.1	8.3	(8.5%)	(13.8%)
% of Group Net Revenues	6.6%	6.0%
Africa	4.1	4.4	8.0%	17.8%
% of Group Net Revenues	3.0%	3.2%
Total Group Net revenues	145.9	138.3	(5.2%)	0.9%

Net revenue from operations in Europe decreased by €11.1 million from €91.2 million in the first three months of 2020 (62.5% of net revenue) to €80.1 million in the first three months of 2021 (57.9%), with a negative translation impact of €2.4 million.

At constant exchange rates, the net revenue of this region would have decreased by €8.7 million (-9.6%) compared to the first quarter of 2020.

The downturn in sales is mostly due to the Covid-19 outbreak, especially in Spain, Italy and Germany (the pandemic's total effect on these countries is a reduction of €8.8 million).

Net revenue from operations in the Americas increased by €3.5 million from €24.3 million in the first three months of 2020 to €27.8 million in the same period of 2021 (16.7% and 20.1% of net revenue, respectively), despite the negative translation impact of €4.9 million recorded mainly in Mexico, Argentina and Brazil.

At constant exchange rates, the net revenue of this region would have increased by €8.4 million (+34.6%) compared to the first quarter of 2020.

The estimated net impact of Covid-19 on sales volumes in the Americas is an increase of €0.7 million.

Net revenue from operations in Asia went from €17.2 million in the first quarter of 2020 (11.8% of net revenue) to €17.7 million in the first three months of 2021 (12.8%), an increase of €0.5 million, despite the negative translation impact of €1.6 million.

At constant exchange rates, this region's net revenue would have increased by €2.1 million (+12.5%) compared to the first quarter of 2020.

The estimated net impact of Covid-19 on sales volumes in Asia is immaterial.

Net revenue from operations in Oceania decreased by €0.8 million from €9.1 million in the first quarter of 2020 (6.2% of net revenue) to €8.3 million in the first quarter of 2021 (6.0%), despite a positive translation impact of €0.5 million.

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At constant exchange rates, the net revenue of this region would have decreased by €1.3 million (- 13.8%) compared to the same period of 2020.

Sales in this region have been affected by the drop in volumes after the slow-down of the domestic wine market, the steady increase in exports of bulk wine and the more recent reduction in wine exports to China.

Net revenue from operations in Africa increased by €0.3 million from €4.1 million in the first quarter of 2020 (2.8% of net revenue) to €4.4 million in the first three months of 2021 (3.2%), despite the negative translation impact of €0.4 million.

At constant exchange rates, the net revenue of this region would have increased by €0.7 million (+17.8%) compared to the corresponding period of 2020.

The estimated net impact of Covid-19 on sales volumes in Africa is an increase of €0.5 million.

NET REVENUES EVOLUTION 1Q 2021

- 1Q 2020 by GEOGRAPHIC AREA - CONSTANT FX

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The following table gives a breakdown of and changes in net revenue by product:

		NET REVENUES BY PRODUCT
		(Million Euro)	1Q 2020	1Q 2021	Variation %
						Current FX	Constant FX
						rates	rates
	↗	Safety	54.6		53.0	(2.9%)	6.4%
Specialty	% of Group Net Revenues	37.5%		38.3%
Closures	↘	Luxury	7.7		7.3	(5.7%)	2.5%
	% of Group Net Revenues	5.3%		5.3%
		Roll on	48.8		44.2	(9.4%)	(5.2%)
		% of Group Net Revenues	33.4%		31.9%
		Roll on for Wine	28.1		29.3	4.6%	7.4%
		% of Group Net Revenues	19.2%		21.2%
		Other revenues	6.7		4.5	(32.8%)	(29.0%)
		% of Group Net Revenues	4.6%		3.2%
		Total Group Net revenues	145.9		138.3	(5.2%)	0.9%
		NET REVENUES EVOLUTION 1Q 2021 -	1Q 2020 by PRODUCT - CONSTANT FX

Revenue from Safety closures decreased by €1.6 million from €54.6 million in the first quarter of 2020 (37.5% of net revenue) to €53.0 million in the first quarter of 2021 (38.3%), with a negative translation impact of €5.1 million.

At constant exchange rates, net revenue would have increased by €3.5 million or 6.4% compared to the first three months of 2020.

Revenue from Luxury closures decreased by €0.4 million from €7.7 million in the first quarter of 2020 (5.3% of net revenue) to €7.3 million in the first quarter of 2021 (5.3%), with a negative translation impact of €0.6 million.

At constant exchange rates, net revenue would have increased by €0.2 million, or 2.5%, on the first quarter of 2020.

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