Results Report January-September 2026

Viscofan S.A. and subsidiaries January-September 2026

Viscofan Group 1

(English translation of the original Spanish version. In the event of any discrepancy, the Spanish-language version shall prevail.)

Key conclusions from the results for July-September 2026

• Third-quarter revenue reached a record quarterly high of €335.7 million, up 5.5% year-on-year, supported by additional price increases implemented to offset higher production costs, particularly energy.

• EBITDA in 3Q26 stood at €73.2 million, 0.1% higher than in the same period of the previous year, as a more favourable currency environment offset the impact of higher energy costs.

• Net profit in 3Q26 reached €40.4 million, up 4.1% year-on-year.

• For 9M26, revenue reached €965.4 million (+3.1% year-on-year), EBITDA stood at €207.7 million (-4.9% year-on-year) and net profit was €111.8 million (+2.9% year-on-year).

• Net bank debt at September 2026 stood at €266.6 million. Cash generation enabled a €16.7 million reduction in debt during the quarter, while supporting investment under the Beat'30 strategic plan and the share buyback associated with the scrip dividend plan.

• According to José Antonio Canales, CEO of the Viscofan Group:

"Third-quarter results show an acceleration across our key financial metrics, with revenue, EBITDA and net profit benefiting from improving market conditions. This reflects the effective implementation of new prices to counteract higher energy costs, together with exchange-rate movements, particularly the appreciation of the US dollar against the euro, that are now contributing to growth, in contrast to the currency headwinds experienced in previous quarters.

Commercial discipline, expected growth, the improvement in exchange rates and energy cost hedging in Spain enable us to reiterate our revenue and net profit guidance, despite adjusting our expected EBITDA by 10-15 million euros.

Our main strategic investment projects are progressing satisfactorily, supported by the operational strength and commitment of our people.

With this in mind, the Board of Directors has approved the distribution in December 2026 of an interim dividend of at least 1.40 euros per share, in line with the interim distributions made in recent years."

Summary of the Viscofan Group's financial results (€000)

Nine Months Third Quarter

*Like-for-like growth excludes the impact of exchange rate fluctuations in 2026 and changes in the consolidation scope due to the incorporation, starting in March 2025, of the acquired company Pet Mania Comércio Internacional Ltda.

The Food, Packaging and Ingredients (FPI) division grew, driven by the evolution of cellulose casings, where Viscofan is reinforcing its leadership as production capacity consolidates in the market, and by collagen casings, whose growth was supported, among other factors, by projects to replace animal casings. This contrasted with weaker performance in Packaging.

To mitigate rising costs, Viscofan implemented additional price increases in May and June. This commercial discipline enables the company to capitalise on future growth opportunities in the sector while achieving the expected returns.

Geographically, the growth in South America and Asia Pacific stands out, driven by Brazil and China, respectively.

The positive performance of the casings business is complemented by the contribution of the Health division, which has seen greater commercial success with its collagen-based nutritional solutions. The Pet Treats division also stands out, maintaining its growth despite the challenging tariff environment between Brazil and the United States.

This positive business performance is taking place against a more challenging cost backdrop, particularly following the outbreak of the conflict in the Middle East, which significantly increased energy prices and the cost of certain raw materials, particularly sulphur-based and petroleum-derived products.

To mitigate these pressures, Viscofan has focused its operations on achieving high levels of efficiency, pursuing new cost-saving initiatives and hedging energy costs and co-generation sales in Spain for the fourth quarter of 2026.

In contrast, the currency environment in recent months has shown a more favourable trend than in the first half of the year. The performance of the US dollar against the euro had a positive impact in the third quarter, as compared with the significant pressure recorded during the first half. However, this effect is offset by the performance of the currencies of countries with a significant production presence for the Group, especially the Mexican peso and the Brazilian real, which continue to appreciate and put pressure on costs.

The opportunities to grow, to improve the Group's production facilities, and to enhance operating efficiency within the Beat '30 strategic plan remain firmly in place, and Viscofan continues to make progress on its major projects. Following the completion of the collagen casing capacity expansion in New Jersey (USA) and the cellulose casing capacity expansion at the Zacapu (Mexico) plant, initial works are continuing on the new plant in České Budějovice (Czech Republic), which is scheduled to begin operations in 2028. Investments in energy efficiency and environmental management at Cáseda (Spain) are also progressing.

In the third quarter of 2026, revenue reached €335.7 million, up 5.5% year-on-year and 3.9% on a like-for-like1 basis, that is, excluding the effect of exchange-rate fluctuations, which contributed 1.6 p.p. to the growth of consolidated revenue.

The breakdown of revenue by division was as follows:

• In Food, Packaging and Ingredients revenue reached €308.1 million, up 2.1% vs. 3Q25. During the quarter, Viscofan maintained strict commercial discipline and implemented price increases across all technologies to support healthy future growth in the current cost environment.

• In Health, revenue amounted to €2.7 million, up 113.2%, supported by new commercial agreements for collagen peptides.

• In Pet Treats, revenue was €7.0 million (+286.4% vs. 3Q25), reflecting the recovery in sales from Brazil to the US.

• In energy, revenue stood at €17.9 million, up 34.6% year-on-year, driven by higher selling prices in the Spanish electricity market.

  The geographical breakdown2 of revenue in 3Q26 was as follows:

• EMEA: Reported revenue reached €129.6 million, an increase of 1.6% compared to 3Q25 and of 1.2% on a like-for-like basis.

  1Like-for-like growth excludes the impact of exchange rate fluctuations in 2026 and changes in the consolidation scope due to the incorporation, starting in March 2025, of the acquired company Pet Mania Comércio Internacional Ltda.

  2Revenue by sales origin: EMEA (Spain, Germany, Czech Republic, United Kingdom, Belgium, France and Serbia), North America (Canada, Costa Rica, Mexico and United States), APAC (Australia, China, Japan, Thailand), South America (Brazil and Uruguay)

• North America: Reported revenue amounted to €102.2 million, an increase of 5.5% compared to 3Q25 and of 4.0% on a like-for-like basis.

• South America: Revenue reached €53.8 million, an increase of 12.1% compared to 3Q25. On a like-for-like basis, revenue in the region grew by 9.8% compared to 3Q25.

• APAC: Revenue was €50.0 million, an increase of 9.7% vs. 3Q25, and of 4.6% on a like-for-like basis.

  In the first nine months of 2026 (9M26), revenue was €965.4 million, 3.1% higher than in the same period of the previous year.

  On a like-for-like basis, revenue grew by 4.5% compared to the same period of the previous year.

  In 9M26, exchange-rate movements reduced growth of consolidated revenue by -1.6 p.p., and changes in the scope of consolidation following the inclusion of

• North America: Revenue amounted to €296.6 million, up 1.7% compared with 9M25 eroded by currency fluctuations. On a like-for-like bases, revenue grew by 5.2%.

• South America: Revenue reached €153.0 million, an increase of 11.4% compared to 9M25. On a like-for-like basis, revenue in the region grew by 13.0% compared to 9M25.

• APAC: Reported revenue was €131.4 million, an increase of 7.4% compared to 9M25, and 6.3% excluding the impact of currency fluctuations.

  9M26. Revenue geographical breakdown

  Asia-Pacific (APAC), 13.6%

  the acquired Brazilian company contributed 0.2 p.p. Reported revenue breakdown by division was as follows:

  • In Food, Packaging and Ingredients, revenue reached €899.8 million, a growth of 1.9% compared to the same period of the previous year.

  • In Health, revenue amounted to €6.5 million, an increase of 76.7% vs. 9M25.

  • In Pet Treats, revenue was €15.4 million (+145.5% vs. 9M25).

  • In energy, revenue stood at €43.8 million, a decrease of 0.3% compared to the previous year.

    The geographical breakdown of revenue in 9M26 was as follows:

  • EMEA: Reported revenue reached €384.5 million, 0.3% lower than in 9M25, impacted by a 2.2% decrease in co-generation revenue in Spain. Excluding co-generation sales, like-for-like revenue in the region grew by 0.6%.

South America, 15.9%

North America, 30.7%

Europe, the

Middle East and Africa (EMEA), 39.8%

In the third quarter, cost of consumption3 increased by 4.9% to €115.9 million, driven by higher prices for sulphur-based raw materials used in viscose production and for polyamides, while collagen-skin prices remained more stable year-on-year. Additionally, the price of gas used for co-generation continued to rise significantly. Nevertheless, the price increases implemented allowed the gross margin4 to remain broadly stable at 65.5% (+0.3 percentage points vs.

3Q25).

In 9M26, cost of consumption stood at €317.7 million (+6.3% vs. 9M25) and the gross margin was 67.1% (-1.0 p.p. vs. 9M25).

Personnel expenses in 9M26 increased by 5.5% to €231.7 million and by 6.4% in 3Q26 to €77.6 million. This reflected a 4.7% increase in the average workforce to 5,974 people, including the incorporation of the acquired company in Brazil and the additional recruitment required to bring new capacity into operation.

In 3Q26, Other operating expenses increased by 10.2% to €74.0 million, mainly reflecting a 21.8% increase in energy supply costs and a 14.7% rise in transport costs.

In 9M26, Other operating expenses were €222.1 million, an increase of 4.5% compared to 9M25. Within Other operating expenses, energy supply expenses increased by 8.3% vs. 9M25 and transport expenses by 8.1%.

In the third quarter, EBITDA reached €73.2 million, up 0.1% compared with 3Q25, as currency movements offset the €5.1 million adverse impact of energy costs on quarterly EBITDA.

As a result, like-for-like EBITDA decreased by 1.4% year-on-year.

EBITDA for 9M26 decreased by 4.9% year-on-year to €207.7 million, with adverse currency movements reducing growth by 6.2 p.p. On a like-for-like basis, EBITDA increased by 1.6%.

Depreciation and amortisation expenses in 3Q26 amounted to €21.7 million (+3.0% vs. 3Q25) and in 9M26 to €64.4 million (0.0% vs. 9M25).

Operating profit therefore reached €51.4 million in the third quarter, down 1.0% compared with 3Q25, bringing operating profit for 9M26 to €143.2 million (-6.9% vs. 9M25).

The net financial result for the third quarter was negative at €2.6 million, with positive exchange rate differences of €0.8 million and financial expenses of €3.8 million. This figure compares to a negative net financial result of €7.4 million in 3Q25, a period in which exchange rate differences were negative at €5.3 million and financial expenses amounted to €2.5 million.

The net financial result for 9M26 was negative at €3.9 million, with positive exchange rate differences of €4.5 million and financial expenses of €9.9 million. This compares with a negative net financial result of €25.5 million for 9M25, a period in which exchange rate differences were negative at €19.3 million and financial expenses amounted to €7.5 million.

The Viscofan Group is assessing the early adoption of IFRS 18 for the 2026 financial year. Among other changes, the new standard will affect the presentation of exchange differences currently recognised within the net financial result. These exchange differences will be classified in the same category of the income statement as the revenue and expenses of the items that originate them.

3Consumption expenses = Supplies +/- Variation in finished and work-in-process products

4 Gross margin = (Revenue - Consumption expenses) / Revenue

Profit before tax for 9M26 amounted to €139.3 million and the corporate income tax expense was €28.2 million, resulting in an effective tax rate of 20.2% compared to the tax rate of 16.0% in 9M25, which included the activation of carry-forward tax losses in the US worth €7.5 million.

Overall, the Viscofan Group's net profit for 9M26 reached €111.8 million, a 2.9% increase compared to 9M25. Of this, 3Q26 contributed €40.4 million, a 4.1% increase compared to 3Q25.

Investments in 9M26 amounted to €54.2 million (€54.8 million in 9M25), with the investment programme progressing in line with the €100 million target set for the year.

The Group continues to make progress on its principal 2026 projects, which are intended to increase capacity and improve efficiency and sustainability.

Following the completion of collagen casing capacity expansion in New Jersey (USA) and cellulose casing capacity expansion in Zacapu (Mexico), development is progressing on the future plant in České Budějovice (Czech Republic), which is scheduled to begin operations in 2028.

Net bank debt5 at the end of September 2026 was €266.6 million, compared to

€283.3 million in June 2026 and €206.1 million at the end of December 2025. The change in debt includes the increase in shareholder remuneration, with a payment of €25.1 million to shareholders who opted to receive the final dividend in cash in June 2026, and the share buyback of €99.7 million in 9M26 (€17.8 million in 3Q26).

The Board of Directors has approved the distribution in December 2026 of an interim dividend of at least 1.40 euros per share, under the "Viscofan Flexible Remuneration" scrip dividend scheme.

The implementation of the plan and the estimated execution schedule, as well as the buyback programme, have been communicated as "Other relevant information" to the National Securities Market Commission and are available to the public on the Company's website (https://www.viscofan.com) and the National Securities Market Commission's website (https://www.cnmv.es).

In this context, casings volumes are expected to improve compared with the previous quarter in a more favourable currency environment.

Given the short-term volatility in energy costs, hedging arrangements have been put in place for the coming months. The net impact of energy costs in Spain is expected to be negative by more than €5 million in 4Q26.

Under this scenario, the Group maintains its revenue and net profit guidance, while EBITDA is expected to be in the range of €290-295 million.

5Net bank debt = Non-current debt to credit institutions + Current debt to credit institutions - Cash and cash equivalents

The Viscofan Group includes in this report several Alternative Performance Measures (APMs), as set out in the Guidelines on APMs published by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415es), and adopted by the CNMV.

These are a series of measures developed from the financial information of Viscofan S.A. and its subsidiaries, and are complementary to the financial information prepared in accordance with International Financial Reporting Standards (IFRS). They should not be evaluated separately under any circumstances, nor should they be considered a substitute for financial information prepared in accordance with IFRS.

These are measures used internally for decision-making and which the Board of Directors decides to report externally, considering that they provide additional information useful for analysing and assessing the results of the Viscofan Group and its financial situation.

The APMs included in this report are the following:

• EBITDA, or Earnings Before Interest, Taxes, Depreciation, and Amortisation, is calculated by excluding depreciation and amortisation expenses from operating profit. EBITDA is a commonly reported and widely used metric among analysts, investors, and other stakeholders in the casing industry. The Viscofan Group uses this metric to track business performance and set operational and strategic objectives for its companies. However, it is not a defined IFRS indicator and may therefore not be directly comparable with similar indicators used by other companies in their reports.

• Consumption Expenses: These are calculated as the net amount of supplies and the change in finished goods and work in progress. Management monitors consumption expenses as one of Viscofan's main cost components. The weight of this cost component on revenue, or gross margin, is also analysed to study the evolution of the operating margin. However, it is not an indicator defined in IFRS, and consumption expenses should not be considered a substitute for the various items in the profit and loss account that comprise it. Furthermore, it may not be comparable with similar indicators used by other companies in their reports.

• Net bank debt: This is calculated as non-current debt to credit institutions plus current debt to credit institutions, net of cash and other equivalent liquid assets. Management considers net bank debt relevant to shareholders and other stakeholders because it provides an analysis of the Group's solvency. However, net bank debt should not be considered a substitute for gross bank debt in the consolidated balance sheet, nor for other liability and asset items that may affect the Group's solvency.

• Like-for-like revenue and EBITDA: This measure excludes the impact of exchange rate fluctuations compared to the prior corresponding period, changes in the consolidation scope due to acquisitions, and non-recurring business results to present a homogeneous comparison of the Viscofan Group's performance. However, like-for-like revenue and EBITDA are not indicators defined in IFRS and may therefore not be comparable with similar indicators used by other companies in their reports, nor should they be considered a substitute for business performance indicators.

Exchange rates

Average exchange rates (currency/€)

Closing exchange rates (currency/€)

Viscofan Group Investor Relations, Communications and Sustainability Department

Telephone: +34948198436

e-mail: [email protected], [email protected]

You can find all the information regarding the results on the website: https://www.viscofan.com

This document may contain forward-looking statements about the company's intentions, expectations or forecasts as of the date of its preparation, in addition to the mandatory financial information, the purpose of which is to provide more detailed information about performance prospects.

Such intentions, expectations or forecasts do not constitute guarantees of compliance and involve risks, uncertainties as well as other relevant factors that could determine that the actual developments and results differ substantially from those set out in these intentions, expectations or forecasts.

This circumstance should be taken into account primarily by all those persons or entities that may have to make decisions or prepare or disseminate opinions relating to securities issued by the Company and, in particular, by the analysts and investors who handle this document.

The financial information contained in this document has been prepared in accordance with International Financial Reporting Standards (IFRS). This financial information has not been audited and, therefore, is subject to potential future modifications.