Aeffe

Investor Presentation • Aug 1, 2024

AEFFE GROUP H1 24 Consolidated Results Presentation

1st Aug 2024

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This presentation is being furnished to you solely for your information on a confidential basis and may not be reproduced or redistributed to any other person.

This presentation does not constitute or form part of any offer to sell or invitation to purchase or subscribe for, or otherwise acquire or dispose of any Aeffe S.p.A.securities.

This presentation includes forward-looking statements which are based on the Company's management's current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are subject to risks and uncertainties. In light of these risks and uncertainties, the events described in such forward-looking statements may not occur and any targets or projections may differ materially from those expressed in or implied by these statements due to any number of different factors.

You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the dater of this presentation. Aeffe S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forwardlooking statements to reflect events or circumstances after the date of this presentation.

Any reference to past performance or trends or activities of Aeffe Group shall not be taken as a representation or indication that such performance, trends or activities will continue in the future.

*At constant exchange rates

*At constant exchange rates

Euro millions

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REVENUES BY BRAND BY Q

Euro millions

2023 2024

5

2023 2024

Euro millions

*At constant exchange rates

Before inter -divisional eliminations

Euro millions

Before inter -divisional eliminations

Euro millions

* At constant exchange rates

REVENUES BY CHANNEL BY Q

Q1 Q2

Euro millions

REVENUES BY REGION BY Q

Euro millions

2023 2024

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INCOME STATEMENT	H1 24	H1 23
Net Sales	138.6	162.9
% change	(14.9%)
Other Revenues	3.3	5.7
Total Revenues	141.9	168.6
% change	(15.8%)
Raw Materials Costs	(56.3)	(60.7)
Service Costs	(45.0)	(55.4)
Costs for use of third parties	(2.7)	(3.4)
Personnel	(35.8)	(36.9)
Other Operating Expenses	(1.7)	(3.7)
Total Operating Expenses	(141.5)	(160.1)
EBITDA	0.4	8.5
Margin (% of Net sales)	0.3%	5.2%
Depreciation and Amortisation	(16.2)	(16.4)
EBIT	(15.8)	(7.9)
Margin (% of Net sales)	(11.4%)	(4.8%)
Net Financial Income / (Expenses)	(6.5)	(4.9)
Profit before taxes	(22.3)	(12.8)
Margin (% of Net sales)	(16.1%)	(7.8%)
Taxes	2.2	1.2
Net income/(loss) before minorities	(20.1)	(11.6)
Margin (% of Net sales)	(14.5%)	(7.1%)
Minority Interests	(0.2)	(0.1)
Net income/(loss) gor the Group	(20.4)	(11.7)
Margin (% of Net sales)	(14.7%)	(7.2%)

(EUR MILLIONS)

BALANCE SHEET	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Net Working Capital	72.3	108.3	116.0
Net Tangible Assets	58.9	60.4	60.3
Net Intangible Assets	61.5	62.9	64.4
Net Intangible Assets for Rights of use - IFRS 16	94.1	102.2	104.7
Net Financial Assets	0.1	0.1	0.0
Severance Staff, Provisions & Others	3.2	(1.3)	(8.0)
Net Capital Employed	290.1	332.7	337.5
Shareholders' Equity	59.0	79.2	99.1
Net financial Debt	135.2	152.5	137.6
Net financial debt for Lease liabilities - IFRS 16	95.9	101.0	100.8
Net Financial Debt and Shareholders' Equity	290.1	332.7	337.5
Accounts Receivables	49.1	56.1	55.5
Accounts Payables	(70.0)	(78.7)	(83.2)
Inventory	105.5	112.3	122.2
Operating NWC	84.5	89.6	94.4
As % of LTM sales	28.7%	28.1%	27.9%
Other Current Assets/Liabilities	(12.3)	18.7	21.6
Net Working Capital	72.3	108.3	116.0

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CASH FLOW	H1 24	2023Y	H1 23
PBT	(22.3)	(37.9)	(12.8)
Amortisation / write-downs	16.2	32.9	16.4
Accrual (+)/availment (-) of long term provisions	(0.0)	(1.4)	0.1
Paid income taxes	(0.6)	(2.6)	(0.4)
Financial income (-) and financial charges (+)	6.5	10.8	4.9
Change in operating assets and liabilities	34.1	4.7	(3.5)
Operating Cash Flow	33.9	6.4	4.6
Capital Expenditure	(1.8)	(5.9)	(2.9)
Capital Expenditure for Rights of use - IFRS 16	(3.1)	(13.0)	(4.6)
Free Cash Flow (Operating CF + Capital expenditure)	29.0	(12.4)	(2.8)
Changes in shareholders' equity	(0.1)	1.4	0.8
Proceeds (+)/ repayments (-) of financial payments	(18.0)	18.5	11.4
Proceeds (+)/ repayment (-) of lease payments	(5.1)	(3.9)	(4.1)
Increase (-)/ decrease (+) in long term financial receivables	0.1	0.1	0.2
Financial income (+) and financial charges (-)	(6.5)	(10.8)	(4.9)
Cash Flows from Financing Activities	(29.7)	5.4	3.5
Cash and cash equivalents at the beginning of the year	14.6	21.7	21.7
Cash Flow of the Period	(0.7)	(7.0)	0.7
Cash and cash equivalents at the end of the year	13.9	14.6	22.4

(EUR MILLIONS)