Consolidated management results for the first nine months of 2025

FIRST NINE MONTHS OF 2025:
REVENUES OF EURO 54.1 MILLION
EBITDA OF EURO 7.2 MILLION (EBITDA Margin of 13.3%)

Guido Cami, Chairman and Chief Executive Officer of ICF, said:
“Forestali’s operations are proceeding relentlessly despite the turbulent global economic environment. The footwear and leather goods sectors are suffering from the slowdown in end consumption, while the automotive, flexible packaging and industrial applications sectors remain lively, almost entirely offsetting the missing volumes. Market diversification is paying off and allows us to consolidate good economic and financial results. The investment plan set out in the budget is proceeding as scheduled. In October and November too we are in line with the performance of the first nine months of the year”.