Letters from the Chairman

JOSE DOMINGO DE AMPUERO Y OSMA
CHAIRMAN

We have celebrated our 50th anniversary, achieving the best results in our history. We are a highly diversified company, not only in terms of products and businesses, but also in terms of our physical presence, with 22 plants in 21 countries across five continents, more than 1,700 customers in over 100 countries, and an exceptional team of 5,700 people from more than 50 nationalities who work every day at Viscofan.

In recent years we have driven changes and improvements to become the company we are today: the world leader in casings, with a larger presence in the food packaging world - mainly through value-added products such as bags and films - and we have expanded our presence in markets that were new to us, such as functional ingredients, nutritional health products and pet treats.

In 2025, we achieved €1.252 billion in revenue and €160 million in net profit, figures exceeding market estimates at the start of the plan. We achieved these results thanks to a business model that has translated into solid volume growth, increasing our market share in the traditional business by 3 percentage points in recent years, while also diversifying into new businesses, particularly in the areas at packaging, health, and pet treats with our recent acquisitions in Brazil.

In recent years, we have once again made a significant leap forward in terms of innovation and technology, combining investments in growth, process improvements, and sustainability. By 2025, we had already surpassed the decarbonization targets set for 2030 and improved our accident rate, with the severity index dropping from 0.25 in 2021 to 0.09 in 2025, well below the industry average.

We have grown by combining commercial, operational, and financial discipline, achieving solid cash flows that have allowed us to increase shareholder returns both through ordinary dividends and the distribution of extraordinary dividends of €1 per share in the last three years of the plan. As a result, the proposed dividend per share for the next Annual General Meeting—which will again be held as a scrip dividend—amounts to €3.25 per share, 3.5% higher than the previous year and 77% higher than the €1.84 distributed from the 2021 results, which was the dividend for the final year of the previous strategic plan.

I want to take this opportunity to thank you for your support and trust over these years in building a company that in 2025 has not only delivered the best results in its history, but is also in an optimal position to confidently face the new challenges of growth, profitability and value creation foreseen in the new Beat’30 strategic plan.

Thank you so much.