Viscofan, S.a. · BME:VIS
Viscofan — 9M 2026 Earnings Presentation
15 slides from Viscofan's earnings presentation, September 2026
Slide 1: Results Presentation January–September 2026
Results Presentation January–September 2026 1
Slide 2: 9M26 and 3Q26 reported results
9M26 and 3Q26 reported results Growth and an improved price mix help counter cost headwinds Reported figures Reported Reported € million 9M26 year-on-year change 3Q26 year-on-year change Revenue €965.4 Mn +3.1% €335.7 Mn +5.5% EBITDA €207.7 Mn -4.9% €73.2 Mn +0.1% EBITDA margin 21.5 % -1.8p.p. 21.8
Slide 3: Commercial discipline drives growth
Commercial discipline drives growth An improved price mix and higher volumes offset FX headwinds 9M26 revenue € million +41.9 Mn -0.1 Mn -15.2 Mn +1.9 Mn 965.4 936.9 +3.1% +4.5 p.p. -0.0 p.p. -1.6 p.p. +0.2 p.p. Like-for-like 1 Like-for-like¹ Forex Changes in the Energy consolidation scope 9M25 9M26
Slide 4: South America and APAC lead year-on-year growth
South America and APAC lead year-on-year growth North America returns to growth in 3Q26, while EMEA remains stable 9M26 revenue Reported Like-for-like2 Breakdown by geographical division1 Revenue by 9M26 revenue year-on-year year-on-year region € million change change EMEA. 40% 384.5 -0.3% +0.3% +0.
Slide 5: Cellulose and collagen casings drive Food, Packaging and Ingredients growth
Cellulose and collagen casings drive Food, Packaging and Ingredients growth Health and Pet Treats increase their share of revenue Reported 9M26 revenue Revenue 9M26 revenue year-on-year Breakdown by business division split € million change Food, Packaging and Ingredients (FPI) 899.8 +1.9% 965.4 • Gr
Slide 6: An improved environment accelerates growth, with quarterly revenue at an all-time high in 3Q26
An improved environment accelerates growth, with quarterly revenue reaching an all-time high in 3Q26 Positive contributions from pricing, FX, energy and acquisitions Quarterly revenue Contribution to growth (p.p.) +5.5% +6.4p.p. +4.3% +4.7p.p. +2.5p.p. +1.4p.p. +1.6p.p. +0.2p.p. +0.6p.p. -0.8% -0.6p
Slide 7: Revenue and like-for-like EBITDA grow in 9M26
Revenue and like-for-like EBITDA grow in 9M26 Despite one of the most challenging input-cost environments 9M26 P&L Year-on-year change +16.8% +10.2% +4.9% +3.4% +0.4% -2.2% 1Q26 2Q26 3Q26 1Q26 2Q26 3Q26 +6.3% +5.5% +4.5% +4.5% +3.1% +1.6% -4.9% Revenue Like-for-like Cost of Personnel costs Other ope
Slide 8: Quarterly EBITDA recovers versus the 9M26 trend
Quarterly EBITDA recovers versus the 9M26 trend Higher prices and FX gains in 3Q are not yet sufficient to offset the 9M impact Quarterly EBITDA 9M26 EBITDA 9M26 EBITDA margin Percentage change € million +3.6 -13.5 218.2 -0.6 23.3% 22.7% +0.1% 207.7 21.5% -4.9% 9M26 vs. 9M25 +1.6 p.p. -6.2 p.p. -0.3
Slide 9: Net profit growth
Net profit growth The recent strengthening of the US$ against the euro points to a change in the trend of the net finance results EBIT-to-net profit bridge Main components of the net € million 9M26 9M25 % change finance result. € million 9M25 9M26 153.8 4.5 Reported EBIT 143.2 -6.9% -25.5 -7.5 -9.9
Slide 10: Debt reduction in the quarter
Debt reduction in the quarter Strong cash generation supports investment projects and shareholder remuneration 9M26 Capex Net bank debt1 € million € million 283.3 266.6 54.8 54.2 234.4 206.1 -1.2% -16.7Mn€ Year-over-year Change change vs. Jun. 26 9M25 9M26 Dec. 25 Mar. 26 Jun. 26 Sep. 26 US: New col
Slide 11: 9M26 Highlights
9M26 Highlights 1_ Commercial discipline with price increases supports expected profitable growth in the new cost environment. 2_ Revenue growth and the quarterly EBITDA recovery reflect the improved FX environment. 3_ Raw material costs, particularly prices of collagen hides, are moderating against
Slide 12: Appendix. 9M26 P&L
Appendix. 9M26 P&L % change € million 9M26 9M25 % change Like-for-like1 Revenue 965.4 936.9 +3.1% +4.5% EBITDA 207.7 218.2 -4.9% +1.6% EBITDA margin 21.5% 23.3% -1.8 p.p. -0.6 p.p. Operating profit 143.2 153.8 -6.9% Profit before tax 139.3 128.3 +8.6% Taxes -28.2 -20.5 +37.6% Net profit 111.8 108.6
Slide 13: Appendix. 3Q26 P&L
Appendix. 3Q26 P&L % change € million 3Q26 3Q25 % change Like-for-like1 Revenue 335.7 318.1 +5.5% +3.9% EBITDA 73.2 73.1 +0.1% -1.4% EBITDA margin 21.8% 23.0% -1.2 p.p. -1.2 p.p. Operating profit 51.4 52.0 -1.0% Profit before tax 48.8 44.6 +9.4% Taxes -8.7 -6.5 +33.0% Net profit 40.4 38.9 +4.1% 1 Li
Slide 14: Appendix. Disclaimer
Appendix. Disclaimer This document may contain forward-looking This circumstance should be taken into account by all statements regarding the Company’s intentions, persons or entities that may have to make decisions or expectations or forecasts as at the date hereof, in prepare or disseminate opinio
Slide 15: Appendix. Alternative Performance Measures
Appendix. Alternative Performance Measures The Alternative Performance Measures included in this report are as follows: • EBITDA, or operating profit before depreciation and amortisation, is • Net bank debt: calculated as non-current borrowings from credit calculated by excluding depreciation and am