Natural Mineral Water Portfolio

A portfolio of three natural oligomineral water sources with differentiated physico-chemical characteristics and potential for complementary product positioning. The portfolio comprises three anonymized water catchment units — A, B and C — all legally classified as oligomineral natural waters, with fixed residue at 180°C ranging from approximately 212 to 292 mg/L.

All three sources demonstrate a slightly alkaline pH of 7.46–7.74 and a low-sodium profile below 20 mg/L, supporting positioning across everyday hydration, wellness and low-sodium consumption segments.

KEY INVESTMENT HIGHLIGHTS

Investment Metric	Portfolio
Water Sources	3
Classification	Natural Oligomineral Water
Fixed Residue	212–292 mg/L
pH at Source	7.46–7.74
Sodium	<20 mg/L
Portfolio Structure	3 Anonymized Catchment Units
Geography	Italy
Product Positioning	Low-Sodium / Wellness / Everyday Hydration

DIFFERENTIATED WATER PROFILES
SOURCE A — ULTRA-LIGHT & LOW-SODIUM

Source A represents the lowest-mineralization profile within the portfolio, with fixed residue ranging from 212–279 mg/L and exceptionally low sodium of only 3.2–3.6 mg/L.

• Calcium: 75.0–82.4 mg/L
• Magnesium: 7.8–10.2 mg/L
• Bicarbonates: 213–232 mg/L
• Nitrates: approximately 2.2 mg/L
• pH: 7.60–7.74

Potential positioning: Premium ultra-light, low-sodium and wellness-oriented water.

Taste profile: Fresh, light and neutral.

SOURCE B — BALANCED & MAGNESIUM-RICH

Source B offers a more mineral-balanced profile, with fixed residue of 282–292 mg/L, together with comparatively higher levels of magnesium and bicarbonates.

• Magnesium: 21.0 mg/L
• Bicarbonates: 244 mg/L
• Calcium: 58.1 mg/L
• Sodium: 14.2–15.3 mg/L
• Nitrates: 2.2–2.5 mg/L
• pH: 7.46–7.66
• Free CO₂: 43.8 mg/L

Potential positioning: Functional and balanced mineral-water proposition.

Taste profile: Full-bodied, rounded and balanced.

SOURCE C — STANDARD LOW-SODIUM

Source C provides a balanced oligomineral profile with fixed residue of approximately 285 mg/L, pH of approximately 7.50 and sodium below 20 mg/L.

• Balanced calcium and magnesium profile
• Bicarbonates present
• Nitrates: approximately 1.0 mg/L
• Electrical conductivity: approximately 453 μS/cm

Potential positioning: Broad consumer market, everyday table water and hydration.

Taste profile: Harmonious and refreshing.

STRATEGIC VALUE PROPOSITION
THREE COMPLEMENTARY PRODUCT PROFILES

The portfolio provides the potential to develop a multi-product natural mineral water platform, with each source addressing a distinct consumer proposition.

A — Ultra-Light / Low-Sodium
Designed around very low mineralization and exceptionally low sodium content.

B — Balanced / Magnesium-Rich
Differentiated through its higher magnesium and bicarbonate profile.

C — Mainstream / Low-Sodium
A balanced profile suitable for broad, everyday consumption.

This complementary structure could enable an investor or strategic buyer to develop multiple brands, SKUs or market propositions from a diversified source portfolio.

TRANSACTION OPPORTUNITY

The owners are considering a potential strategic transaction involving the natural mineral water portfolio.

Opportunity: Natural Mineral Water Source Portfolio
Assets: 3 anonymized water catchment units
Classification: Natural Oligomineral Water
Geography: Italy
Fixed Residue: 212–292 mg/L
Sodium: <20 mg/L
pH: 7.46–7.74
Potential Positioning: Wellness, Low-Sodium & Everyday Hydration

P&L Summary (€ Millions)	Year 1	% Rev	Year 2	% Rev	Year 3	% Rev
Gross Revenue	€21.20	100.0%	€26.81	100.0%	€32.84	100.0%
Cost of Goods Sold (COGS)	(€10.25)	48.3%	(€12.78)	47.7%	(€15.42)	47.0%
Gross Profit	€10.95	51.7%	€14.03	52.3%	€17.42	53.0%
Freight, Distribution & Storage	(€3.40)	16.0%	(€4.18)	15.6%	(€4.96)	15.1%
Field Sales & Channel Commissions	(€1.27)	6.0%	(€1.61)	6.0%	(€1.97)	6.0%
Brand Marketing & Trade Promotions	(€1.48)	7.0%	(€1.74)	6.5%	(€1.97)	6.0%
Concession & Catchment Royalties	(€0.42)	2.0%	(€0.54)	2.0%	(€0.66)	2.0%
G&A and Plant Management Overhead	(€1.78)	8.4%	(€2.05)	7.6%	(€2.30)	7.0%
EBITDA	€2.60	12.3%	€3.91	14.6%	€5.56	16.9%

Further technical, legal, regulatory, operational and commercial information can be made available to qualified investors following execution of an NDA.

Purpose of Document & Non-Reliance This confidential investment presentation, financial model, and accompanying materials (collectively, the "Memorandum") are prepared solely for preliminary informational and evaluation purposes by prospective qualified investors and strategic buyers. This Memorandum does not constitute, nor shall it be construed as, an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any security, asset, partnership interest, or equity in the subject water catchment concessions, operating entities, or affiliates.
Projections, Forward-Looking Statements & Inherent Risk Certain statements contained herein constitute "forward-looking statements," including financial models, estimated commercial volumes, pricing forecasts, production yields, Cost of Goods Sold (COGS), EBITDA targets, and implied enterprise valuations. Such forward-looking statements are subject to significant known and unknown business, operational, regulatory, competitive, climatic, environmental, and macroeconomic risks and uncertainties. Actual future operational results, extraction yields, retail adoption rates, and financial outcomes may differ materially from those expressed or implied. Past operational performance of any water concession or source does not guarantee or indicate future performance.
No Representations, Warranties, or Fiduciary Duty No representation, warranty, covenant, or undertaking, whether express or implied, is made by the owners, management, advisors, financial intermediaries, or agents as to the accuracy, truthfulness, completeness, reasonableness, or reliability of any information, data, hydrogeological estimates, chemical assays, or projections contained in this document. The recipients acknowledge that none of the aforementioned parties owe any fiduciary or advisory duty to the recipient.
Absolute Exclusion & Limitation of Liability To the maximum extent permitted by applicable Italian, European Union, and international law, the owners, concessionaires, advisors, affiliates, directors, officers, employees, and consultants expressly disclaim and shall have zero liability (whether in tort, contract, negligence, strict liability, misrepresentation, or otherwise) for any direct, indirect, incidental, consequential, special, punitive, or reliance damages, including without limitation loss of profits, investment loss, operational disruption, or loss of prospective opportunity, arising out of or in connection with the use of, or reliance upon, this Memorandum or any errors, omissions, or misstatements contained herein.
Independent Verification & Due Diligence Requirement The delivery of this Memorandum does not imply that information remains correct as of any subsequent date. Each recipient is strictly required to conduct its own independent investigation, physical and hydrogeological audit, environmental inspection, legal due diligence (including regional concessions and public water usage decrees), accounting/tax review, and commercial verification. Recipients must consult their own qualified legal counsel, financial advisors, hydrogeological engineers, and tax specialists.