ICF: € 54.1 million of revenues and EBITDA at € 7.2 million in the first 9 months of 2025

As of 30 September 2025, revenues amounted to Euro 54.1 million, down from Euro 57.6 million in the same period of 2024, while EBITDA stood at Euro 7.2 million, showing an increase compared to 30 September 2024 (Euro 7.0 million in the previous period), both in terms of EBITDA margin, which stood at 13.3% (12.2% on 30/09/2024). These are the data that give a picture of the consolidated management results of the first 9 months of 2025 of Industrie Chimiche Forestali S.p.A. (“ICF”), among the international reference operators in design, production and marketing of high-tech adhesives and fabrics, listed on the Euronext Growth Milan market of the Italian Stock Exchange.

 As at 30 September 2025, the Net Financial Debt was approximately Euro 10.0 million, also an improvement compared to Euro 11.5 million on 30 June 2025, after extraordinary cash outs related to the purchase of own shares for Euro 5.3 million (of which Euro 4.4 million for the exercise of the Right to Sell provided by the Shareholders’ Meeting held on 8 January 2025 and Euro 0.9 million for the ordinary buy-back plan) and the payment of the dividend for Euro 1.2 million made in May. As of 30 September 2025, the free cash flow generated was therefore around Euro 3.0 million.

 “The operational activity of Forestali proceeds inexorably despite the turbulent global economic environment – commented Guido Cami, President and CEO of ICF -. The footwear and leather industries suffer from the slowdown in final consumption while the auto sectors, Flexible packaging and industrial applications maintain vibrancy by almost fully compensating for missing volumes. Market diversification rewards and allows us to consolidate good economic and financial results. The budget investment plan is being implemented. In October and November we are also aligned with the performance of the first nine months of the financial year”.