Aeffe

Investor Presentation • May 10, 2024

AEFFE GROUP Q1 Consolidated Results Presentation

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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.

Euro millions

*At constant exchange rates

46,1 33,2 Q1 LEATHER GOODS

Euro millions

*At constant exchange rates

Before inter-divisional eliminations

4

Q1 REVENUES BY CHANNEL

Euro millions

* At constant exchange rates

Euro millions

Euro millions

7

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INCOME STATEMENT	Q1 24	Q1 23
Net Sales	80.2	93.2
% change	(14.0%)
Other Revenues	1.6	3.6
Total Revenues	81.9	96.9
% change	(15.5%)
Raw Materials Costs	(28.5)	(33.0)
Service Costs	(25.4)	(29.7)
Costs for use of third parties	(1.4)	(1.5)
Personnel	(19.3)	(19.5)
Other Operating Expenses	(1.0)	(1.7)
Total Operating Expenses	(75.5)	(85.4)
EBITDA	6.3	11.5
Margin (% of Net sales)	7.9%	12.4%
Depreciation and Amortisation	(8.1)	(8.3)
EBIT	(1.8)	3.2
Margin (% of Net sales)	(2.2%)	3.5%
Net Financial Income / (Expenses)	(3.2)	(2.2)
Profit before taxes	(5.0)	1.0
Margin (% of Net sales)	(6.2%)	1.1%
Taxes	(0.4)	(1.3)
Net income/(loss) before minorities	(5.4)	(0.3)
Margin (% of Net sales)	(6.7%)	(0.4%)
Minority Interests	(0.2)	0.0
Net income/(loss) gor the Group	(5.6)	(0.3)
Margin (% of Net sales)	(7.0%)	(0.3%)

(EUR MILLIONS)

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BALANCE SHEET	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Net Working Capital	89.6	108.3	130.1
Net Tangible Assets	59.8	60.4	60.7
Net Intangible Assets	62.0	62.9	65.1
Net Intangible Assets for Rights of use - IFRS 16	102.9	102.2	108.1
Net Financial Assets	0.1	0.1	0.2
Severance Staff, Provisions & Others	(1.1)	(1.3)	(8.6)
Net Capital Employed	313.3	332.7	355.5
Shareholders' Equity	73.8	79.2	109.7
Net financial Debt	137.2	152.5	142.4
Net financial debt for Lease liabilities - IFRS 16	102.4	101.0	103.3
Net Financial Debt and Shareholders' Equity	313.3	332.7	355.5
Accounts Receivables	61.4	56.1	77.1
Accounts Payables	(67.8)	(78.7)	(82.7)
Inventory	107.8	112.3	115.7
Operating NWC	101.3	89.6	110.1
As % of LTM sales	33.2%	28.1%	32.0%
Other Current Assets/Liabilities	-11.7	18.7	20.0
Net Working Capital	89.6	108.3	130.1

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CASH FLOW	Q1 24	2023Y	Q1 23
PBT	(5.0)	(37.9)	1.0
Amortisation / write-downs	8.1	32.9	8.3
Accrual (+)/availment (-) of long term provisions	0.1	(1.4)	0.1
Paid income taxes	(0.7)	(2.6)	(2.3)
Financial income (-) and financial charges (+)	3.2	10.8	2.2
Change in operating assets and liabilities	18.4	4.7	(17.3)
Operating Cash Flow	24.1	6.4	(8.0)
Capital Expenditure	(0.8)	(5.9)	(1.1)
Capital Expenditure for Rights of use - IFRS 16	(6.2)	(13.0)	(2.9)
Free Cash Flow (Operating CF + Capital expenditure)	17.1	(12.4)	(12.0)
Changes in shareholders' equity	(0.0)	1.4	0.2
Proceeds (+)/ repayments (-) of financial payments	2.3	18.5	8.9
Proceeds (+)/ repayment (-) of lease payments	1.4	(3.9)	(1.6)
Increase (-)/ decrease (+) in long term financial receivables	0.1	0.1	0.0
Financial income (+) and financial charges (-)	(3.2)	(10.8)	(2.2)
Cash Flows from Financing Activities	0.6	5.4	5.4
Cash and cash equivalents at the beginning of the year	14.6	21.7	21.7
Cash Flow of the Period	17.7	(7.0)	(6.6)
Cash and cash equivalents at the end of the year	32.3	14.6	15.0

(EUR MILLIONS)