Ramada Investimentos e Indústria S A : Indústria, S.A. informs about Report and Accounts for the first half of 2021

RAMADA INVESTIMENTOS E INDÚSTRIA, S.A.

Public Company

Report and Accounts 1st Half 2021

(unaudited)

This document is a translation of a document originally issued in Portuguese, prepared using accounting policies consistent with the International Financial Reporting Standards and in accordance with the International Accounting Standard 34 - Interim Financial Reporting, some of which may not conform or be required by generally accepted accounting principles in other countries. In the event of discrepancies, the Portuguese language version prevails.

Head Office: Rua Manuel Pinto de Azevedo, 818 4100-320 Oporto

Share capital: 25,641,459 Euro

Report and Accounts - 1st Semester 2021

(This is a translation of a document originally issued in Portuguese. In the event of discrepancies, the

Portuguese language version prevails.)

TABLE OF CONTENTS

INTRODUCTION..............................................................................................................................	3
STOCK EXCHANGE EVOLUTION ....................................................................................................	4
GROUP'S ACTIVITY ........................................................................................................................	6
FINANCIAL REVIEW ........................................................................................................................	8
OUTLOOK.....................................................................................................................................	13
CORPORATE GOVERNANCE........................................................................................................	14
LEGAL MATTERS..........................................................................................................................	15
CLOSING REMARKS .....................................................................................................................	17
STATEMENT UNDER ARTICLE 246, PARAGRAPH 1, C) OF THE SECURITIES CODE .....................	18
DECLARATION OF RESPONSABILITY ...........................................................................................	18

Report and Accounts - 1st Semester 2021

To the Shareholders,

Pursuant to the legal requirements, the Board of Directors of Ramada Investimentos e Indústria, S.A. ("Ramada Investimentos", "Company" or "Ramada Group") hereby presents its Report and Accounts for the first half of 2021.

INTRODUCTION

Ramada Investimentos is the parent company of a group of companies that together operate within two distinct business segments: i) Industry segment, which includes the activity of special steels and wire drawing, as well as the activity related to the management of financial investments in which the Group is a minority shareholder; and ii) Real Estate segment, aimed at the management of real estate assets.

The special steels activity, which develops, especially at the level of the sub-segment of moulds, with a leading position in the domestic market, is developed by three companies: Ramada Aços, Universal Afir and Planfuro Global.

The wire drawing activity is developed by Socitrel whose main business is the manufacture and commercialization of steel wires, capable of being used in a wide variety of activities, including industry, agriculture and construction.

In the financial investments management activity, among other portfolio investments held by the Group, it should be highlighted the participations held in CEV, S.A. and Fisio Share - Gestão de Clínicas, S.A..

The Real Estate Segment includes the real estate asset management activity (composed by the forest assets and the Real Estate of the Group) and is developed by F. Ramada ll - Imobiliária, S.A..

RAMADA GROUP

INDUSTRY		REAL ESTATE

Report and Accounts - 1st Semester 2021

STOCK EXCHANGE EVOLUTION

(Note: The PSI-20 was considered as an index with initial value identical to that of the security under analysis, in order to allow a better comparison of the changes in the share price).

During the first half of 2021, PSI-20 index appreciated 2.79% over the end of 2020, while Group Ramada shares appreciated 24.17%.

Ramada vs PSI-20 Market Evolution

1.6

1.4

1.2

1.0

0.8

Ramada PSI-20

The market price of Ramada Investimentos shares at the end of the first half of 2021 was EUR 5.96 per share. This is equivalent to a market capitalisation of around EUR 153 million.

In the first half of 2021, Ramada Group shares were traded at a maximum price of EUR 7.46 per share and a minimum of EUR 4.50 per share. In total, 3,301,526 shares of Ramada Investimentos were traded.

Report and Accounts - 1st Semester 2021

Performance of Ramada Investimentos share price

The main events that marked how the Ramada Investimentos share price performed in the first half of 2021 can be described as follows:

		Share price evolution
8.0
					20-May:
					1Q21 results
7.0			4-May:
		Dividend
			payment notice
6.0		18-Mar:			Ramada
		2020 Earnings
		announcement
5.0
4.0
Jan-21	Feb-21	Mar-21	Apr-21	May-21	Jun-21

• The Group announced its financial performance for 2020 through a press release announced on 18 March 2021. Consolidated net income was around EUR 7 million. Total revenue amounted to EUR 103.3 million and consolidated EBITDA reached EUR 13.0 million;
• In an announcement made on 4 May, Ramada Investimentos informed the market that the dividends for 2020, corresponding to EUR 0.60 per share, would be paid from 20 May;
• On 20 May 2021, Ramada Group's results for the first quarter of 2021 were announced, with a consolidated net profit of EUR 2.9 million, which represents a 114.1% increase when compared to the previous year. Consolidated EBITDA recorded EUR 4.7 million and total revenue reached EUR 32.3 million.