Dear Stakeholders,
As in the previous year, 2021 was marked by challenges at economic, social, and political levels caused by the Covid-19 pandemic.

It was a year of extraordinary achievements, as Bondalti strengthened its positioning in the Water Treatment segment with the acquisition of the AEMA Group and recorded historic production levels in Industrial Chemicals. None of this happened by chance. Rather, it resulted from a growing diversification of businesses and markets, but also from the extraordinary work of teams at all levels of the Organization that were capable to act in a flexible and efficient way to the circumstances. 2021 results are due to all Bondalti's employees.

Despite the impact of the pandemic, our strategy and the historical record production achieved and celebrated throughout the Organization exceeded our expectations, resulting in an excellent economic performance. EBITDA reached €61.8 million, increasing by more than €20 million compared to the previous year; Operating income grew by €19 million and Net income rose by €5 million. In the year under review, Bondalti invested nearly €11 million in fixed assets and recorded a Net financial debt/EBITDA ratio of 1.8x - confirming its solidity and resilience. The last year also saw record sales in both organic and inorganic segments. Aniline, Mononitrobenzene, Soda, Hydrochloric Acid, Hypochlorite and Chlorine registered growing demand that, possibly, had been repressed due to the pandemic.

Of note is the acquisition of 100% of the AEMA Group's capital, in May 2021, reinforcing Bondalti's strategic positioning in the Water Treatment business area. The AEMA Group strengthened Bondalti's ambition as an innovative company and leader in water treatment management in Portugal, in addition to its international presence. This investment in a sector that contributes to ensuring efficient supply and access to drinking water reflects our commitment to building a more sustainable future.

Bondalti received the EcoVadis Platinum medal for the second year running attesting of the Group's performance in all sustainability-related aspects. This award recognises an effective management of its operations and across its value chain at environmental, social, and ethical levels. We obtained 82 points out of 100, the best score since the beginning of Bondalti's participation in EcoVadis, ranking among the Top 1% of evaluated international companies. This score is the result of the Organization's efforts to position itself as one of the leading companies for sustainable development.

Ensuring a responsible business growth, and promoting sustainable development, including in the communities in which we operate, is an integral part of Bondalti's strategy, in line with the Sustainable Development Goals while incorporating the needs and expectations of our stakeholders.

At Bondalti, Innovation and Responsible Care play a key role in creating value, driven by constant awareness of current trends in terms of technology, environmental responsibility, and new markets. Bondalti has plans to integrate a green hydrogen unit in the Estarreja industrial complex where several projects are being developed. Bondalti will be present at the core of the green hydrogen and ammonia value chain and, consequently, in the incorporation of these raw materials into current products. In this context, investing in projects in the field of green hydrogen is considered a key element in the decarbonisation process of Bondalti and of various sectors of the national economy towards carbon neutrality.

Concern and action in favour of the climate have been gaining strength, as climate change is an indisputable fact. Bondalti believes that Industrial Chemicals and Water Treatment will play a key role in climate transition towards an increasingly green and circular economy. In 2020 Bondalti defined concrete and ambitious environmental goals, including carbon neutrality in 2030 and climate neutrality in 2050, reflecting the Organization's commitment to environmental sustainability. These projects will certainly be key to achieve such goals.

2021 was a demanding and complex year. As pointed out above, the dedication and commitment of all Bondalti people, with their competence and motivation, were key factors for the success of our Organisation. It is only fair to thank them for their dedication to achieving the proposed objectives.

2022 will be equally challenging. It will be challenging because the Covid-19 pandemic has not yet been completely overcome, but above all because Russia's invasion of Ukraine adds uncertainty and exacerbates the current scenario of economic and social crisis. The destruction of markets and productive infrastructure, the disruption in the circulation of raw materials and logistics chains are a consequence of the extraordinary situation experienced worldwide and with multiple impacts on society. Bondalti's first concern, however, is with the immense humanitarian crisis, with thousands of families destroyed, separated, or displaced, because of this war. Bondalti stands in solidarity and is making efforts to help those who need it most.

In 2022, Bondalti will continue to chart its path, with resilience, ambition and focus on a sustainable and transformative future.