CUMULATIVE RESULTS UP TO 1ST SEMESTER 2023

1st Semester 2023 Earnings Announcement

27th of June 2023

Results for the 1st Semester 2023

Highlights

  • Turnover reached 64.3 million euros, a reduction of 5.3%compared to the previous year;
  • EBITDA of 14.7 million eurosrepresents an increase of 31.3%over the same period last year;
  • Positive net result of 4.6 million euros, which compares with a negative net result of 77 thousand euros in the previous year.
  • Foreign markets accounted 73.6%of turnover;

2/7

Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital 134,120,048.00 Euros

1st Semester 2023 Earnings Announcement

27th of June 2023

Activity

The macro context in the first half of 2023 continues to be marked by a deceleration in economic growth, a prolonged conflict in the Ukraine and a generally volatility and uncertain environment.

Consolidated turnover for the first half of 2023 reached 64.3 million euros, representing a reduction of 3.6 million euros compared to 2022.

However, despite this adverse environment, the company continues to see a positive evolution in sales of own-brand Vista Alegre and Bordallo Pinheiro products via both Retail and Horeca channels (hotels, restaurants and cafés).

Sales generated by Vista Alegre and Bordallo Pinheiro products via both physical stores and online, nationally and internationally, grew by 5.9%. Sales via the Horeca channel

increased by 27% compared to 2022.

Looking at the business by segment, it is worth noting the 7.5% growth in porcelain revenue, an increase of 10.4% in earthenware sales and the 4.1% increase in crystal revenue, compared to the same period of the previous year.

Segments

Porcelain and related products

Earthenware

Stoneware

Crystal and Glass

Total

T €

Jan to Jun 2023

Jan to Jun 2022

Total

Total

23,239

21,612

8,107

7,342

25,574

31,832

7,344

7,057

64,264

67,842

Variation (%)

Total

7.5%

10.4% -19.7% 4.1%

-5.3%

The stoneware segment by contrast saw a reduction of 19.7% in sales volume due to the

lower sales of Ovenware to the private label channel.

3/7

Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital 134,120,048.00 Euros

1st Semester 2023 Earnings Announcement

27th of June 2023

Internationally, the European markets of France, Spain, Germany and Italy, as well as Brazil and the USA further afield, represented the main contributors to sales in foreign markets. These accounted for 73.6% of Vista Alegre's turnover in the quarter, with 47.3 million euros of sales.

Results

Vista Alegre's consolidated results showed very positive performance in the 1st half of 2023, with EBITDA increasing by 31.3% year-on-year to 14.7 million euros. Turnover declined 5.3% year-on-year to 64.3 million euros, due to the negative contribution own brand products in Ovenware compared to the previous year.

Nonetheless, the efficient management of operations and the positive evolution in the sales Vista Alegre branded porcelain and crystal products, as well as the artistic earthenware of Bordallo Pinheiro, allowed for an improvement in overall profitability year-on-year.

M€

Headings

1S 2023

1S 2022

Var. 1S

Amount

%

Turnover

64.3

67.8

-3.6

-5.3%

E B I T D A

14.7

11.2

3.5

31.3%

EBITDA Margin

22.9%

16.5%

6.4 pp

Operating Income

8.5

2.2

6.3

281.3%

Operating Margin

13.2%

3.3%

9.9 pp

Income before taxes

6.3

0.1

6.2

10484%

Income tax

-1.7

-0.1

Net income

4.6

-0.1

4.7

6085%

The Group recorded an operating result of 8.5 million euros, up 281% year-on-year, with the net result for the year growing by 4.7 million euros compared to the same period in 2022, to reach 4.6 million euros compared to the negative 77 thousand euros that the company posted in the first half of 2022.

4/7

Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital 134,120,048.00 Euros

1st Semester 2023 Earnings Announcement

27th of June 2023

Investment

Investment in the first half amounted to 10.7 million euros, mostly directed towards our Cerexport production unit, involving the upgrade of an oven for greater energy efficiency, as well as giving greater flexibility to production lines, so as to respond more efficiently to the market fluctuations in demand.

Debt

The first semester was demanding in terms of investments and also due to the typical seasonality of working capital, explaining the slight increase in consolidated net debt in the period. Nonetheless, good operating performance led to an improvement in the ratio of net debt to EBITDA LTM (last 12 months), which stabilised at 2.31x.

Variation

JUN 2023/ DEC

T€

30-06-2023

31-03-2023

31-12-2022

2022

Financial debt (bank loans, bond and leasing)

77,669

79,815

83,172

-5,503

Operating debt (export remittances, confirming and factoring)

7,378

7,789

7,020

358

Operating lease (IFRS 16)

5,837

6,497

6,911

-1,074

Consolidated debt

90,884

94,101

97,103

-6,220

Availabilities

-19,274

-19,742

-27,746

8,472

Consolidated net debt

71,610

74,359

69,357

2,253

EBITDA LTM

31,035

29,596

27,527

3,508

Net debt / EBITDA

2.31x

2.51x

2.52x

-0.21x

5/7

Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital 134,120,048.00 Euros

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VAA - Vista Alegre Atlantis SGPS SA published this content on 27 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2023 21:04:08 UTC.