ANNUAL REPORT 2022

Dear Shareholders,

I would like to begin this message with a well-deserved recognition for the strong commitment and inestimable contribution of our more than 1,500 employees, who ensured that our objectives for 2022 were greatly exceeded.

I would also like to thank our shareholders and financial partners for their support over the years and to our more than 31,000 customers across the Group’s various geographical platforms for the continuous trust and preference.

2022 was the year in which, without neglecting the traditional commercial focus, Ascendum achieved historical sales volume, surpassing 1.2 billion euros (17.2% increase compared to 2021), improved its profitability levels, by reaching 151 million euros EBITDA and a net profit margin of 7%, not compromising its financial indicators – Equity/Assets of 40% and Net debt/EBITDA of 0.3x, even though the operation was carried out under complex and uncertain conditions – geopolitical, macroeconomic, FX and market wise.

Under a new and inspiring motto “EXPECT MORE. ASCENDUM IS MORE THAN YOU EXPECT”, 2022 was also the year where we consolidated important investments, not only in human capital (attracting and retaining the best talent), but also in our business digitalization strategy, through initiatives that enhance both our employee value proposition, and also the way we work and connect with our customers, optimizing our service and value added to the customer, thus increasing the company’s efficiency and productivity.

More than highlighting Ascendum’s 2022 performance, I want to emphasize the enormous pride in our journey, one where we were capable to grow and evolve, while earning continuous trust from our stakeholders, which should make everyone in the Ascendum Family proud.