2022/11/22: Quadpack - Half Year Financial Report - 31st July 2022

Hello!

Half-Year Financial Report

as of 31st July 2022

Helping beauty brands perform

Half-Year Financial report 2022

Contents

1	CEO & Chairman's Message	3	Activity Report	5	Relevant Notes
2	Key Figures	4	Financial statements	6	Statement

Contents

1. CEO & Chairman's Message.

2. Key Figures.

3. Activity Report for the half-year ended 31 July 2022.

4. Condensed half-year consolidated financial statements for the half-year ended 31 July 2022.

5. Relevant Notes to the Condensed Interim Consolidated Financial Statements.

6. Statement by the person responsible for the half-year financial report.

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Half-Year	Contents
Financial report	1	CEO & Chairman's Message	3	Activity Report	5	Relevant Notes
2022
	2	Key Figures	4	Financial statements	6	Statement

Disclaimer

In the Half-Year Financial Report, the term "Group" and "Quadpack" refers to Quadpack and its subsidiaries and the term the "Company" refers to the holding company, Quadpack Industries, S.A..

This Half-Year Financial Report contains information about the Group's objectives and development strategy. Such information may be identified by the use of the future and conditional tenses and by forward looking terms such as "consider", "envisage", "think", "target", "ex- pect", "intend", "should", "aim", "estimate", "believe", "wish" and "may" or, in certain cases, the negative form of these terms, or similar expressions.

The reader's attention is drawn to the fact that these objectives and development strategy depend on circumstances and events which may or may not occur. These objectives and development strategy are not historical data and should not be considered to give any assurance that the stated events and data will occur, the assumptions confirmed, or the objectives attained. By their nature, these objectives may not be achieved, and the statements and information presented in the Registration Document may prove incorrect, without the Group being required in any way to provide an update, subject to applicable regulations and particularly the AMF General Regulations (Autorité des Marchés Financiers : French Regulator).

This Half-Year Financial Report contains information about the Group's business and the market and industry in which it operates. This information notably stems from studies conducted by internal and external sources (analysts' reports, specialized studies, sector publi- cations, and any other information published by market research firms, companies and government agencies). The Group considers that this information presents a true and fair view of the market and industry in which it operates and accurately reflects its competitive position. However, while this information is considered reliable, it has not been independently verified.

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Half-Year	Contents
Financial report	1 CEO & Chairman's Message	3	Activity Report	5	Relevant Notes
2022
2 Key Figures	4	Financial statements	6	Statement

1CEO & Chairman's

Message

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Half-Year	Contents
Financial report	1 CEO & Chairman's Message	3	Activity Report	5	Relevant Notes
2022
2 Key Figures	4	Financial statements	6	Statement

Hello!

We are happy to present our 2022 Half-Year Report jointly as Chief Executive Officer and Chairman. These changes in our executive management structure reflect good governance practice, placing us in a strong position to manage our rapid growth and prepare the company for its next stage.

Quadpack had a strong start of the year, with sales volume rising by a staggering 58% in H1 with respect to the same period last year and an EBITDA level of €6.9M representing 9.3% of revenue vs 7.5% in 2021. Long-term contract agreements show the ongoing commitment from our major customers, who continue to place their trust and their business with us.

We expanded our injection-moulding and airless pack production capacity to meet demand. These investments, together with an increased need for working capital, elevated our net debt, which remains high after the effects of the Covid pandem- ic. Additionally, this growth was achieved in a climate of geopolitical and inflationary pressures which, as in other industries, have impacted our profitability levels.

To counter these pressures, we are focusing on managing the inflationary environment, reducing our costs and improving our balance sheet. This financial discipline will increase in H2, with the objective of reducing our net debt by the end of the financial year, to achieve a stronger financial position in future. We are implementing long-term efficiency measures and further expanding our production capabilities. A new decoration centre has just been inaugurated in Germany, allowing us to bring a previously outsourced service in-house. We now deploy extensive decoration technologies at our European factories, for an enhanced service to our customers and a lower environmental impact.

Sustainable transformation remains a key driver for our business. We continued to innovate in sustainable product development to meet market needs and in anticipation of forthcoming packaging legislation. Our customers look to us for solutions, and we are happy to rise to the challenge. We brought to market a number of eco-designed innovations which are refillable, recyclable, made of recyclable materials and manufactured, decorated and assembled close to our customers.

Current and future challenges can be met, not only through new products, but also by new ways of working. We are proud to have joined the global community of Benefit Corporations who are using business as a force for good. As part of the B-Beauty Coalition chapter, we are working to transform the impact of the beauty industry.

Our H1 results for 2022 are positive and show that business is back on track. Quadpack's strong culture is key to our resilience and agility. We have recovered from the Covid period thanks to the passion and commitment of the whole Quadpack family. The current climate demands we prepare for the challenges ahead and focus on cash generation and profitable growth.

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