FY 2024(Dec-31-2024) Capital Structure As Reported Details

Capital Structure Description

Euro Bank Term Loan Facility A1
Euro Bank Term Loan Facility A6
Multi-Currency Revolving Credit Facility
Multi-Currency Revolving Credit Facility
3.50% Senior Secured Notes Due 2028
10.375% Senior Secured Notes Due 2030
EIB Facility - Bank Loan
COFIDES Loan
Credit Lines in Foreign Currency - Facility
Factoring Lines - Loan
Finance Leases - Solar Panels
Finance Leases - Printer
Other Loans
Loans Granted by Spanish Public Bodies
Lease Liabilities

Description
Grupo Antolin 6/15 TLA2
Grupo Antolin 6/18 TL
Grupo Antolin 6/15 TLA3
GRUPANAI 3.5 04/30/2028 FIX EUR Corporate RegS
GRUPANAI 10.375 01/30/2030 FIX EUR Corporate
RegS
Lease Liabilities
Euro Bank Term Loan Facility A1
COFIDES Loan
Finance Leases - Solar Panels
Finance Leases - Printer
EIB Facility - Bank Loan
Factoring Lines - Loan
Credit Lines in Foreign Currency - Facility
Loans Granted by Spanish Public Bodies
Soft Loans
Soft Loans
Other Loans
Euro Credit Lines - Facility
Capital Structure Type Amount Out (€M)
Term Loans 8.2
Term Loans 304.5
Revolving Credit 8.9
Revolving Credit 47.6
Senior Debt 390.0
Senior Debt 250.0
Term Loans 76.7
Term Loans 8.2
Revolving Credit 20.2
 Term Loans 28.8
Capital Lease 0.2
Capital Lease 0.1
Term Loans 1.8
Term Loans 5.2
Capital Lease 230.6

Instrument Maturity Date

 6/8/2020
5/31/2028
3/31/2026
2028 SSNs 4/30/2028
1/30/2030
2030 SSNs

Facility A1 (Term Loan) 3/31/2026

COFIDES Loan 6/20/2026

EIB Facility 6/30/2028

Drawn Credit Lines

Soft Loan (Non-interest bearing)

Soft Loan
Allen Notes Coupon or Base Rate
1 NA
2 NA
3 NA
4 NA
5 3.5000%
6 10.3750%
7 NA
8 NA
9 NA
 10 NA
11 NA
11 NA
12 NA
13 NA
0.5000% - 8.7500%

Security Type Coupon Rate (%)

TLA
Term Loan
TLA
Corporate Note 3.50000
Corporate Note 10.37500

Capital Lease 0.50000 - 8.75000

Term Loan Variable
Term Loan Variable
Capital Lease Variable
Capital Lease Variable
Term Loan
Term Loan
Revolving Credit Variable
Term Loan
Term Loan
Term Loan
Term Loan Variable
Revolving Credit Variable
Floating Rate
EURIBOR + 180.00 bp - 250.00 bp
EURIBOR + 250.00 bp - 400.00 bp
Benchmark
Benchmark
NA
NA
NA
NA
NA
 NA
NA
NA
NA
NA
NA

Amount Outstanding (€MM)

200.0
100.0
50.0
380.3
250.0

230.6
8.2
8.2
0.2
0.1
76.7
28.8
20.2
5.2
3.0
2.2
1.8
0.0
Maturity Date Seniority Level
Mar-31-2026 Senior
Jun-30-2029 Senior
Mar-31-2026 Senior
Jun-30-2029 Senior
Apr-30-2028 Senior
Jan-30-2030 Senior
May-31-2028 - Jun-30-2028 Senior
Jun-20-2026 Senior
NA Senior
 2024 Senior
2026 Senior
NA Senior
2026 Senior
NA Senior
NA Senior

Currency Issue Date

EUR 6/8/2015
EUR 6/12/2018
EUR 6/8/2015
EUR 6/29/2021
EUR 7/31/2024

EUR
EUR
EUR 7/28/2021
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Secured? Securing Collateral
Yes Tangible Asset
Yes Tangible Asset
Yes Tangible Asset
Yes Tangible Asset
Yes Tangible Asset
Yes Tangible Asset
No NA
Yes Tangible Asset
No NA
 No NA
Yes Tangible Asset
Yes Tangible Asset
No NA
No NA
Yes Tangible Asset

Debt Type Detail Seniority

 First Lien
Term Loan First Lien
First Lien
Note Senior Secured
Note Senior Secured

Capital Lease Senior Secured

Term Loan Senior Secured
Term Loan Senior Secured
Capital Lease Senior Secured
Capital Lease Senior Secured
Term Loan Senior Unsecured
Term Loan Senior Unsecured
Revolving Credit Senior Unsecured
Term Loan Senior Unsecured
Term Loan Senior Unsecured
Term Loan Senior Unsecured
Term Loan Senior Unsecured
Revolving Credit Senior Unsecured
Convertible? Exchangeable?
No No
No No
No No
No No
No No
No No
No No
No No
No No
 No No
No No
No No
No No
No No
No No

Status
Active
Active
Active
Active
Active

Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
Active
 Repayment
Contains Warrants?
Currency
No EUR
No EUR
No NA
No NA
No EUR
No EUR
No EUR
No EUR
No EUR
No EUR
No EUR
No EUR
No EUR
No EUR
No EUR
Instrument

Facility A1 Term Loan

Facility A6 Term Loan

Revolving Credit Facility 1

Revolving Credit Facility 2

2028 SSNs

2030 SSNs

EIB Facility

COFIDES Loan

Drawn Credit Lines

Factoring

Lease Agreements

State Aid Loans

Soft Loans (CDTI etc.)

Gross debt: €1,142.3m

Covenants

Adjusted EBITDA definition

1
Termination date is the earlier of: Jun 30, 2029 or Oct 29, 2027, if the 2028 SSNs are not refinanced p
2
€390m issued, but €9.7m repurchased
 Type Security

Term Loan Senior secured (pari passu)

Term Loan Senior secured (pari passu)

Revolver Senior secured (pari passu)

Revolver Senior secured (pari passu)

Senior Secured Notes (SSNs) Senior secured (pari passu)

Senior Secured Notes (SSNs) Senior secured (pari passu)

EIB Loan (2018) Senior secured (pari passu)

Gov. Term Loan Senior secured (pari passu)

Bank credit Presumed unsecured

Factoring - pending payments Secured on receivables

Lease Liabilities Secured on leased assets

Gov. Loan Unsecured

Gov. Loan Unsecured (Partly non-interest-bearing)

1) Interest Coverage Ratio: 2) Leverage Ratio:

Adjusted EBITDA/Financial Net Financial Indebtedness/Adjusted
Expenses > 3.0 EBITDA <= 3.5
EBITDA = Group's profit from ordinary continuining operations + consolidated D&A + Projected cost syn
he 2028 SSNs are not refinanced prior or on Oct 29, 2027
 Maturity / Outstanding Amount
Interest Rate
Termination Date (€ millions)

Mar 31, 2026 1.80%–2.50% + EURIBOR 8.2

Earlier of: Jun 30, 2029

2.50%–4.00% + EURIBOR 304.5
or Oct 29, 20271

Mar 31, 2026 1.80%–2.50% + EURIBOR 8.9

Earlier of: Jun 30, 2029

2.50%–4.00% + EURIBOR 47.6
or Oct 29, 20271

Apr 30, 2028 3.50% fixed 380.3

Jan 30, 2030 10.375% fixed 250.0

Amortizing 2.025–2.945% fixed 76.7

- - 8.2

- - 20.2

- - 28.8

- - 0.2

- - 1.8

2025-2030 amortising 0% / concessional 5.2

1,140.6

onsolidated D&A + Projected cost synergies, savings, efficiencies (capped at 0.25x Adjusted EBITDA) + One-off c
 EBITDA (x) Notes

140m total commitment

220m?

x Adjusted EBITDA) + One-off costs: restructuring, severance, launch costs + Finance lease adjustments
ase adjustments
 € millions
Bank Guarantee Facility 4.5
Credit Facility 189.1
Total commitment 193.6

RCF 1 8.9
RCF 2 47.6
Total drawdown 56.5

Total RCF capacity (excluding guarantees) 189.1

Total drawdown 56.5
Unused RCF capacity 132.6
Column1

EBITDA

Column1
Total operating income
Adjusted for:
Supplies
Gross profit

Column1
Profit for the year from continuing operations (EBIT)
Adjusted for:
Depreciation and amortization expenses
EBITDA

Column1

Bank loans, debentures and other marketable securities

Remeasurement and others
Other financial liabilities
Financial debt
Cash and bank balances
Net financial debt
Column2 Column3

Gross profit -1
Profit for the year from continuing operations (EBIT)
(2)
Gross profit margin
EBIT margin -3
EBITDA margin -3
Capital expenditures
Cash and bank balances
Bank loans, debentures and other marketable securities
Financial debt -5
Net financial debt

FY 2024 FY 2023
4355.6 4765.7

-2753.3 -3076.7
1602.3 1689

FY 2024 FY 2023
80.1 92.6

234.9 235.8
315 328.5

Column2 Column3

(a)

(b)
Column4 Column5 Column6 Column7
2024
1602.3
-2 80.1
315
-3 0.368
0.019
0.075
-4 210.3
270
-5 1136.2
1156
-5 886

FY 2022
4617.7

-2976.2
1641.6

FY 2022
16.4

280.9
297.3

Column4 Column5 Column6

Dec 31, Dec 31, Dec 31,
2024 2023 2022
1,136.2 1,204.8 1,133.2
13.7 3.2 2.1
6.1 12.8 20.8
1,156.0 1,220.8 1,156.1
270.0 294.6 311.2
886.0 926.2 844.9
Column8 Column9
2023 2022
1689 1641.6
92.6 16.4
328.5 297.3
0.354 0.356
0.02 0.004
0.071 0.067
253 200.3
294.6 311.2
1204.8 1133.2
1220.8 1156.1
926.2 844.9
EBITDA
SH FLOW

FY2022 FY2023
€ millions € millions

297.3 328.5
FY2024
€ millions

315.0
 CONSOLI

PRODUCT SYSTEM
Net turnover
Other operating (expenses)/income, net
EBITDA
Depreciation and amortization
Operating profit/(loss) (EBIT)

TECHNOLOGY SOLUTIONS
Net turnover
Other operating (expenses)/income, net
EBITDA
Depreciation and amortization
Operating profit/(loss) (EBIT)

OTHERS
Net turnover
Other operating (expenses)/income, net
EBITDA
Depreciation and amortization
Operating profit/(loss) (EBIT)

Key Ratios
Product System
Revenue Growth
EBIT Margin
Change in EBIT Margin (bps)
EBITDA Margin
Change in EBITDA Margin (bps)

Technology Solutions
Revenue Growth
EBIT Margin
Change in EBIT Margin (bps)
EBITDA Margin
Change in EBITDA Margin (bps)
COME STATEMENT

FY2022 FY2023
€ millions € millions

4,247.4
(3,850.9)
396.5
(184.9)
211.6

365.7
(313.5)
52.1
(39.1)
13.1

4.3
(124.4)
(120.2)
(11.9)
(132.1)
 #DIV/0!
#DIV/0! 5.0%
#DIV/0!
#DIV/0! 9.3%
#DIV/0!

#DIV/0!
#DIV/0! 3.6%
#DIV/0!
#DIV/0! 14.3%
#DIV/0!
FY2024
€ millions

3,791.2
(3,444.8)
346.4
(181.7)
164.7

392.3
(331.7)
60.6
(39.0)
21.6

7.2
(99.1)
(92.0)
(14.2)
(106.2)
-10.7%
4.3%
(64)
9.1%
(20)

7.3%
5.5%
192
15.4%
119
 CONSOLI

Net Turnover
Change in inventories of finished goods and work in
Capital Grants and other grants taken to income
Other operating revenue
Total Operating Income
Supplies
Gross Profit
Staff costs
Depreciation and amortization expense
Variation in provisions for operating allowances
Other operating expenses
Less-Work performed by the Group on its assets
Profit/(loss) from ordinary continuing operations
Profit/(loss) on the loss of control of consolidated eq
Net impairment gains/(losses) on non‑current asset
Profit/(loss) on the disposal of non-current assets
Profit of companies accounted for using the equity
Operating Profit/(loss) from continuing operation
Financial income
Financial expenses
Exchange differences
Financial Profit/(Loss)
Profit/(loss) before taxes
 Corporate income tax
Profit/(loss) from continuing operations for the p
Profit/(loss) for the year from discontinued operatio
Consolidated profit/(loss) for the period
Profit attributable to non-controlling interests
Profit/(loss) Attributable to the Parent

Profit/(loss) from ordinary continuing operations

Depreciation & Amortization
EBITDA

Key Ratios

Revenue Growth
Gross Margin
Change in Gross Margin (bps)
EBIT Margin
Change in EBIT Margin (bps)
EBITDA Margin
Change in EBITDA Margin (bps)
COME STATEMENT

FY2022 FY2023
€ millions € millions
4,450.9 4,617.4
8.6 5.0
0.9 0.8
157.3 142.6
4,617.7 4,765.7
(2,976.2) (3,076.7)
1,641.5 1,689.0
(877.0) (890.8)
(280.9) (235.8)
(0.8) (3.3)
(561.5) (584.5)
95.0 118.1
16.4 92.6
(0.3) (5.1)
(151.6) (28.5)
(1.3) (8.8)
1.4 5.3
(135.4) 55.5
4.4 5.1
(51.9) (77.6)
8.6 9.6
(38.9) (63.0)
(174.3) (7.4)
 (10.8) 20.0
(185.0) 12.6
(26.0) 0.0
(211.0) 12.6
14.6 19.3
(225.6) (6.7)

16.4 92.6
280.9 235.8
297.3 328.5

3.7%
35.5% 35.4%
(11)
0.4% 2.0%
164
6.7% 7.1%
43
FY2024
€ millions
4,190.7
(16.0)
1.4
179.6
4,355.6
(2,753.3)
1,602.3
(846.5)
(234.9)
(4.8)
(535.4)
99.4
80.1
23.5
(24.0)
(2.4)
0.2
77.2
4.5
(98.0)
(1.2)
(94.6)
(17.4)
 3.6
(13.8)
0.0
(13.8)
15.2
(29.0)

80.1
234.9
315.0

-9.2%
36.8%
135
1.9%
(9)
7.5%
40
 CON

ASSETS
Non-current assets
Goodwill
Other intangible assets
Property, plant and equipment
Right-of-use assets (assets for leasing)
Investment property
Investments in companies accounted for using the
Other non-current financial assets (includes deferre
Total non-current assets
Current assets
Non-current assets held for sale
Inventories
Customer receivables for sales and services
Other receivables (includes associate companies an
Other current financial assets (includes current inve
companies and associates)
Cash and cash equivalents
Total current assets
Total Assets

EQUITY AND LIABILITIES

Equity
 Share capital
Paid-in capital (share premium)
Reserves
Profit/(Loss) attributable to the Parent
Valuation adjustments (includes translation differen
Equity attributed to the Parent
Non-controlling interests
Total Net Equity
Non-current liabilities
Bank loans, debentures or other marketable securit
Liabilities associated with right-of-use assets (asset
Other financial liabilities
Other non-current liabilities (includes grants, provisi
Total non-current assets
Bank loans, debentures or other marketable securit
Liabilities associated with right-of-use assets (asset
Other financial liabilities
Suppliers, creditors and other payables
Other non-current liabilities (includes provisions, ot
Total current assets
Total Liabilities
Total Equity and Liabilities
LANCE SHEET

December 31, 2022 December 31, 2023

€ millions € millions

90.2 90.8
319.0 374.6
644.2 624.4
230.1 210.2
0.6 0.6
35.6 32.0
107.7 175.8
1,427.4 1,508.5

16.2 6.8
621.4 702.2
627.3 520.5
121.5 101.4

4.6 6.1
311.2 294.6
1,702.2 1,631.6
3,129.6 3,140.0
 37.5 37.5
72.6 72.6
506.8 263.0
(225.6) (6.7)
(109.2) (131.3)
282.1 235.0
67.0 74.0
349.1 309.1

1,087.4 1,034.4
189.8 177.1
17.8 9.9
139.8 159.8
1,434.8 1,381.2
45.8 170.4
60.8 58.0
3.0 4.5
994.3 975.0
241.8 241.9
1,345.7 1,449.8
2,780.5 2,831.0
3,129.6 3,140.0
December 31, 2024
€ millions

91.1
383.9
564.8
203.4
0.0
23.1
218.4
1,484.7

14.0
698.5
498.9
84.4

4.6
270.0
1,570.3
3,055.0
 37.5
72.6
241.8
(29.0)
(155.8)
167.0
57.1
224.1

937.8
167.9
4.9
161.9
1,272.5
198.4
62.8
1.2
1,047.0
249.1
1,558.5
2,831.0
3,055.0
 CONSOLIDATED STAT

CASH FLOWS FROM OPERATING ACTIVITIES

Consolidated profit/(loss) before taxes for the pe
Depreciation and amortization charge
Endowment (reversal) of current provisions
Endowment (reversal) of non-current provisions
Capital grants and other grants taken to income
Financial (Profit)/loss
Net impairment (gains)/losses on non‑current assets
Profit/(loss) on the disposal of non-current assets
Gains or losses on the loss of control of consolidated
Profit/(loss) of companies accounted for using the eq
Operating profit before changes in working capit
(Increase)/decrease in trade and other receivables
(Increase)/decrease in inventories
Increase/(decrease) in trade and other payables
Increase/(decrease) of other current liabilities
Provision payments
Unrealized exchange differences and other items
Cash generated in transactions
Corporate income tax collected/(paid)
Total Net Cash Flows from operating activites
CASH FLOWS FROM INVESTMENT ACTIVITIES
Dividends collected
Collections for divestments in-
Group companies, net of cash outflows
Intangible assets
Property, plant and equipment
Investment property
Non-current financial assets
Current financial assets
Payments for investments in-
Associate companies
Group companies
Property, plant and equipment
Intangible assets
Non-current financial assets
Current financial assets
Total Net Cash Flows from investment activites
CASH FLOWS FROM FINANCING ACTIVITIES
Collections/(payments) for equity intruments-
Acquisition of non-controlling interests' shares
Contributions from/(refunds to) non-controlling intere
Grants, donations and legacies received
Collections/(payments) for financial liabilities-
Early bond repayment
Bond issuance
Syndicated loan repayments
Attainment/(repayment) of other bank borrowings, n
Lease liability payments (IFRS 16)
Proceeds from/(repayment of) other financial liabilitie
 Proceeds from/(repayment of) payables to Group com
Other cash flows from financing activities-
Financial expenses and income paid, net
Payments for dividends and remuneration from other
Total Net Cash Flows from financing activites
Net Increase/(decrease) of cash and cash equiva
Net Increase/(decrease) of cash and cash equiva

Cash and cash equivalents at the start of the yea

Cash and cash equivalents at the end of the peri
NTS OF CASH FLOWS

FY2022 FY2023 FY2024

€ millions € millions € millions

(174.3) (7.4) (17.4)

280.9 235.8 234.9
36.9 16.8 32.0
7.9 24.3 20.3
(0.9) (0.8) (1.4)
38.9 63.0 94.6
151.6 28.5 24.0
1.3 8.8 2.4
0.3 5.1 (23.5)
(1.4) (5.3) (0.2)
341.1 368.8 365.9
(93.5) 110.0 (17.6)
(77.7) (81.1) (13.9)
125.1 (9.8) 106.3
1.4 3.4 10.8
(23.3) (22.5) (54.5)
(33.7) (49.6) (43.4)
239.4 319.1 353.7
(23.4) (23.0) (24.4)
216.0 296.1 329.2

0.4 0.5 0.5

 14.8 4.9 51.6
4.8 2.0 0.0
5.5 12.7 57.0
1.0 2.2 1.0
0.0 0.0 0.3
1.0 0.1 0.2

(1.9) (0.7) (0.6)

0.0 (0.0)
(94.0) (120.7) (107.5)
(106.3) (132.3) (102.8)
(1.3) (2.4) (0.4)
0.0 (0.6) (0.6)
(176.0) (234.2) (101.2)

(1.4) 4.9 0.6

(7.4) (7.0) (13.1)
0.0 0.4 0.7

(6.7) 0.0 (250.0)

250.0
(16.1) (15.7) (41.1)
(15.9) 83.3 (31.4)
(70.3) (65.8) (74.6)
(3.4) (8.0) (6.8)
 0.0 1.5 (1.5)

(47.2) (65.6) (85.5)

0.0 (6.3) 0.0
(168.4) (78.4) (252.6)
(128.4) (16.6) (24.5)
(1.2) 0.0 0.0

440.8 311.2 294.6

311.2 294.6 270.0
 2022 2023 2024 2025E
Net Turnover (€ millions) 4,451 4,617 4,191 3,900
Run-rate EBITDA margin ( 8.1% 8.1% 8.9% 9.5%
7,000 9.0%-9.5% 10.0%
8.9%
9.0%
6,000 8.1% 8.1%
8.0%
5,000 4,617 7.0%
4,451
4,191
3,800-3,900 6.0%
4,000
5.0%
3,000
4.0%

2,000 3.0%
2.0%
1,000
1.0%
0 0.0%
2022 2023 2024 2025E

Net Turnover (€ millions) Run-rate EBITDA margin (%)