Chairman's speech at the 2023 shareholders' meeting

Shareholders' meeting
Barcelona

In his speech to the meeting, the president of the company, Antonio Zabalza, highlighted the record results that Ercros obtained in 2022, despite the strong energy shock caused by the war in Ukraine, which caused a very significant increase in the cost of energy and reduced the competitiveness of European producers. According to Zabalza, "Ercros was able to take advantage of the strong inertia in the demand for chemical products to increase its margins, thanks to maintaining a high utilization rate of its installed capacity and a constant presence in the markets in which it operates".

 Zabalza indicated that in 2023 "the European market for chemical products is experiencing a clear downward correction in prices and volumes, which is expected to continue in the third quarter and, with decreasing intensity, to last until the end of the year", but he concluded by expressing the expectation that "2024 will be a year of recovery in which Ercros will benefit from the investment effort undertaken within the provisions of the 3D Plan, with modern and highly energy-efficient production equipment".

Ercros guarantees that the relevant facts contained on this page correspond exactly to those sent by the Company to the CNMV, and disseminated by it to the market. The facts prior to those included in this section are available on the CNMV website.

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Shareholders' meeting
Barcelona,
Shareholders' meeting
Barcelona,