Message from the Chairman

Building The Future

The year 2025 will be remembered as a period of profound economic and geopolitical transformations that demanded an exceptional capacity for adaptation, resilience and strategic vision from Corticeira Amorim. In an international context characterised by the slowdown in global trade, by the instability resulting from prolonged conflicts and by the growing fragmentation of economic relations, our Company reaffirmed its solidity, its purpose and the distinctive value of cork as a sustainable raw material with a high technological potential.

Reduced predictability and the contraction in demand, particularly in the wine sector, led our customers to adopt more conservative purchasing policies and to implement cost-reduction plans, trends which intensified throughout the year and had a significant impact on Amorim Cork’s sales.

At Amorim Cork Solutions, the excellent sales performance in highly sophisticated technical segments such as aerospace and the power industry stands out, despite the reduction in sales in more mature segments, such as final flooring and insulation. The adoption of the new organisational model produced clear benefits, promoting the integration of “non-stopper” operations and positioning this business unit as an important driver of Corticeira Amorim’s long-term growth.

Despite a contraction in activity in some key sectors and significant fluctuations in global demand, Corticeira Amorim achieved a consolidated turnover of €861 million in 2025. Particularly noteworthy was the evolution of the gross margin, which reached 54.6%, benefiting from improved raw material purchasing conditions and the quality of the cork batches processed.

Consolidated EBITDA totalled €141 million, reflecting the impact of lower volumes and a less favourable mix, mitigated by the effect of cost-reduction initiatives, process rationalisation and gains in operational efficiency. I would also  highlight the significant reduction in net interest-bearing debt, which stood at €75.9 million, reflecting the strong cash flows generation and strengthening Corticeira Amorim’s financial position.

Across all Business Units — Amorim Florestal, Amorim Cork and Amorim Cork Solutions — we continued to implement structural projects focused on technological innovation, continuous improvement, process digitalisation and the expansion of higher value-added solutions. We also strengthened our commitment to sustainability, which is intrinsic to our identity, while continuing to be recognized globally for best ESG practices, climate leadership and our ability to anticipate the demands of a market increasingly oriented towards natural, regenerative and circular materials.

We also received several distinctions during the year, of which we are very proud. These included international sustainability awards, progress in our ESG index assessments and recognition of Corticeira Amorim as one of the most attractive companies to work for, as well as a leader in the industrial sector in Portugal. These results reflect the dedication of our teams, the confidence of our customers and partners, and the strategic vision that has guided Corticeira Amorim for more than 155 years.

As global leaders in the cork industry, we continue to bear an increased responsibility: to continue to innovate, to raise sustainability standards and to affirm cork not merely as a natural material, but as a symbol of the future: circular, renewable, technologically advanced and deeply aligned with the needs of a planet that calls for smarter, more responsible and more human solutions.

Our objectives are very clear: to continue optimising the use of cork and generating profitable solutions that contribute to portfolio diversification; to enhance the use and value of cork, underpinned by innovation and sustainability; to strengthen the innovation and product-development capabilities that are crucial to Corticeira Amorim’s leadership; to export and exchange technologies between different business segments, creating a multiplier effect that generates efficiency.

We approach 2026 with prudence, aware that the external context remains challenging, but also with confidence, supported by a robust financial position, a resilient corporate culture and a clear strategy for creating sustainable value for all our stakeholders.

To all those who contribute daily to the success of Corticeira Amorim — employees, customers, shareholders, partners, institutions and communities — I extend my deep gratitude.

The contribution of each and every one of you perpetuates a legacy that respects the past and prepares, with ambition, for the future.

Warm regards,

António Rios de Amorim
Chairman and CEO