Industrie Chimiche Forestali S p A : Investor Presentation September 2023 ( 1,65 MB )

We are invisible!

But we are everywhere!

Industrie Chimiche Forestali S.p.A.

Investor presentation

October 2023

2

Disclaimer

This document has been prepared by Industrie Chimiche Forestali S.p.A. ("ICF").

This document does not constitute or form part of any offer or invitation to sell, or any solicitation to purchase any

shares or any other kind of financial instruments issued or to be issued by ICF.

Not all the information contained and the opinions expressed in this document have been independently verified. In particular, this document contains forward-looking statements and declarations of pre-eminence that are based on current estimates and assumptions made by the management of ICF to the best of their knowledge. Such forward- looking statements and declarations of pre-eminence are subject to risks and uncertainties, the non-occurrence or

occurrence of which could cause the actual results including the financial condition and profitability of ICF to differ

materially from, or be more negative than, those expressed or implied by such forward-looking statements and declarations of pre-eminence. Consequently, ICF can give no assurance regarding the future accuracy of the estimates of future performance set forth in this document or the actual occurrence of the predicted developments.

The data and information contained in this document are subject to variations and integrations. Although ICF reserves the right to make such variations and integrations when it deems necessary or appropriate, ICF assumes

no affirmative disclosure obligation to make such variations and integration and no reliance should be placed on the

accuracy or completeness of the information contained in this document. To the extent permitted by applicable law, no person accepts any liability whatsoever for any loss howsoever arising from the use of this document or of its contents or otherwise arising in connection therewith.

This document has been provided to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any third party.

By accepting this document, you agree to be bound by the foregoing limitations.

3

Industrie Chimiche Forestali

ICF is a leading player in the technical adhesive and fabric business with the mission to pursue organic expansion of its operations while acting as an aggregator of companies operating in complementary businesses exploiting the robust Free Cash Flow generation

Why invest in Industrie Chimiche Forestali

Shareholder

structure

11. A public company.The market is the dominant shareholder

22. More than 100 years of historyin the chemical industry

33. Leading player in Technical Adhesive nichewith expertise in adhesives and Technical Fabrics for the Footwear, Leather Goods, Automotive, Packaging and Upholstery sectors

44. Export oriented

55. Substantial Free Cash Flow generation

66. Strong focus on sustainability and environmental issues

4

Industrie Chimiche Forestali: a 100-year History

ICF stops producing basic chemicals

and focuses on the upstream segment of the footwear industry

'50s

	The production of
The production of special	formaldehyde as a derivative
impregnated fabrics for the	of pyroligneous begins
footwear industry starts
'30s	'20s	1918

1941

1983

The production of adhesives begins

Forestali relocates production

Establishment of the Società

Italiana Resine SIR for the

production of phenolic resins in

Sesto S. Giovanni

Industrie Chimiche

Forestali is founded and starts with the extraction of pyroligneous acid from wood

from the plant in Sesto S. Giovanni to the new plant in Marcallo con Casone in the province of Milan

1984

1987

2005

ICF completes the Business

Combination with EPS Equita PEP SPAC (then renamed ICF Group), listed on the AIM Italia exchange

ICF Group merges

into Industrie

Chimiche Forestali, now listed on the AIM Italia Exchange

Adhesives for Furniture and Marine are formulated and introduced into the business network: Durabond brand is

born.

Besides the formulation of high- quality and ease of use adhesives, already existing brands are purchased

	2018	2020	2021	2023
ABC (Adhesive Based Chemicals)
begins its own activity in 2005, within	EPSEQUITA PEP SPAC
Forestali, as a company fully dedicated		ICF Group acquires
to the polyurethane adhesives industry		Industria Chimica Morel
for industrial applications			in 2021 and Tessitura
(Automotive, flexible packaging,			Langè in 2023
graphic arts)

The «Invisible Power»

5

Footwear &

Leather

Goods

Automotive

Packaging

Adhesives:

• Solvent-based
• Solvent-free
• Water-based

Technical fabrics:

• Toe-puff,counters / stiffeners
• Linings and reinforcing

Adhesives:

• Solvent-based
• Solvent-free
• Water-based

Adhesives:

• Solvent-based
• Solvent-free
• Water-based

Technical fabrics:

• Cotton fabrics for lux packaging

		Counter
Toe puff		Upper
	Insole
		Sole Unit
Technical fabric is used in the	Technical fabric goes	Adhesive	is	used
toe puffs and counters of the	to reinforce the handle,	to glue	different
shoe. Adhesive is used to put	bottom and sides of	components	of the
together	mainly	uppers,	the bag. Adhesive is	upholstery
insoles and sole units	used to glue the linings

The layers of the headliner in a vehicle. It can be applied to light vehicles (passenger and commercial)

Adhesives are used to glue

The	layers	of films	The plastic cover of
comprising	the	package	magazines and	The pins used in the
for	various	applications	periodicals
staplers and similar

(food and non food)	objects

The

«Invisible Power»

Adhesives have a minor impact on cost of production of the final article…

…But a critical impact on the performance. A

low quality

adhesive can lead to serious issues and costs (e.g. destroyed shoes or stained car roof)

Product quality,

customized

solutions and

reliability are key

drivers to serve

clients