1.4 UNAUDITED 2021 PRO-FORMA INCOME STATEMENT

Below is the Group's unaudited proforma income statement for fiscal year 2021, which is intended to retroactively represent the WPG acquisition as if it had occurred on January 1, 2021.

The unaudited 2021 proforma income statement was prepared based on the following historical data:

• Consolidated income statement included in the Consolidated financial statements for 2021 of the Comer Industries Group, prepared in accordance with International Financial Reporting Standards as adopted by the European Union;

• Income statement as of January 1 - December 31, 2021 of WPG, prepared according to the International Financial Reporting Standards adopted by the European Union. WPG's consolidated income statement of January 1 - December 31, 2021 was prepared for internal purposes since there is no legal obligation in this regard, and has not been audited.

The unaudited 2021 proforma income statement was not examined by the audit firm Deloitte & Touche S.p.A., as there is no requirement to do so.

The unaudited 2021 proforma income statement was prepared solely for illustrative purposes by making appropriate proforma adjustments to the historical data described above to retroactively reflect the significant effects of the acquisition. The following aspects must be considered for proper interpretation:

• Given that these are historical and virtual accounting representations based on assumptions, if the WPG acquisition had actually been carried out on the date taken as reference for the preparation of the 2021 proforma income statement, rather than on the effective date, the historical data would not necessarily have been the same as those reflected in the proforma income statement.

• The data of the 2021 proforma income statement do not in any way intend to represent a forecast of future results and therefore should not be used in this sense. The proforma data do not reflect the prospective data as they are prepared in such a way as to represent only the effects of the Transaction that can be isolated and objectively measured, without taking into account the potential effects due to changes in the policies of the Comer Industries Group Management, which have a high component of discretionary power, and operational decisions resulting from the outcome of the WPG acquisition.

The accounting standards adopted for the preparation of the unaudited 2021 proforma income statement are the same as those used for the preparation of the Comer Industries Group's 2021 consolidated financial statements, specifically the International Financial Reporting Standards adopted by the European Union, it being understood that this income statement does not represent a "complete set of financial statements" under IAS 1.

Some recalculated indicators considering proforma economic data are summarized below unaudited 2021 compared with the 2022 indicators discussed above.

(*) The figure as of 2021 was adjusted to include "Impairment of receivables and other Provisions for risks" to make it consistent with the 2022 figure in light of the new representation of this indicator.

(**) Operating income adjusted for depreciation and amortization related to the WPG acquisition and resulting from the accounting of the Purchase Price Allocation.

(***) Profit adjusted for depreciation and amortization and related theoretical tax effects attributable to the WPG acquisition and resulting from the accounting of the Purchase Price Allocation.

The following table shows Sales Revenues by segment:

Revenue growth during 2022 was driven by both the Agriculture (+23.4%) and Industrial (+10.0%) segments. The Agricultural sector (accounting for 62.7% of Total Revenues) was positively affected by both the increased demand for agricultural products as a result of population growth and the rise in agricultural commodity prices that prompted farmers to invest more in machinery and equipment. The Industrial sector performed well despite the fact that rising interest rates hurt the construction sector and reduced investment.

The following table shows Sales Revenues by geographical area:

The EMEA market, which is the Group's main target market with a 56.1% share of total revenues, grew 25.8% year-on-year despite the fact that the region saw a slowdown in the growth of economic activity due to the outbreak of the Russia-Ukraine conflict and rising energy prices.

The North American market, whose impact reached 21.4%, was up 21.1% due to strong domestic demand and favorable macroeconomic conditions. China suffered from the zero-Covid policy implemented by the Chinese government, the policy then being abandoned in early 2023.

The Latin American market, while still marginal at the Group level, grew 33.7% aided by the Group's presence there.

Ebitda

Operating profitability for the year was up both in absolute values and as a percentage of Sales Revenues. EBITDA stood at 180.0 million euros compared to 130.2 million euros in the previous year, achieving 38.2% year-on-year growth.

EBITDA as a percentage of Sales Revenues was 14.5%, an improvement of 2.1 percentage points from the previous year, due to the implementation of processes and synergies resulting from the integration of WPG in 2022, higher absorption of fixed costs due to increased sales volumes, and the Group's timely price adjustment policy.

Adjusted Ebit

Adjusted EBIT, adjusted for depreciation and amortization emerging from the Purchase Price Allocation (PPA) resulting from the acquisition of WPG, stood at 142.8 million euros compared to 87.0 million euros in the previous year, representing 64.2% year-on-year growth.

Net Profit

FY 2022 closed with a Net Profit of 90.7 million euros, up 81.8% from the previous year. Adjusted Net Profit, adjusted for depreciation and amortization emerging from the Purchase Price Allocation (PPA) and the related theoretical tax effect, stood at 101.8 million euros compared to 48.4 million euros in the previous year, representing 110.2% year-on-year growth.