Aeffe

Investor Presentation • Jul 28, 2023

AEFFE GROUP H1 Consolidated Results Presentation

28th July 2023

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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.

*At constant exchange rates

*At constant exchange rates

Before inter-divisional eliminations H1 REVENUES BY BUSINESS

Euro millions

*At constant exchange rates

Before inter -divisional eliminations

H1 REVENUES BY REGION

8

10

* At constant exchange rates

* At constant exchange rates

INCOME STATEMENT	H1 23	H1 22
Net Sales	162,9	176,5
% change	(7,7%)
Other Revenues	5,7	4,2
Total Revenues	168,6	180,8
% change	(6,7%)
Raw Materials Costs	(60,7)	(65,5)
Service Costs	(55,4)	(53,2)
Costs for use of third parties	(3,4)	(4,0)
Personnel	(36,9)	(34,4)
Other Operating Expenses	(3,7)	(2,7)
Total Operating Expenses	(160,1)	(159,9)
EBITDA	8,5	20,9
Margin (% of Net sales)	5,2%	11,8%
Depreciation and Amortisation	(16,4)	(13,9)
EBIT	(7,9)	7,0
Margin (% of Net sales)	(4,8%)	3,9%
Net Financial Income / (Expenses)	(4,9)	(1,3)
Profit before taxes	(12,8)	5,7
Margin (% of Net sales)	(7,8%)	3,2%
Taxes	1,2	(2,8)
Net income/(loss)	(11,6)	2,9
Margin (% of Net sales)	(7,1%)	1,6%

(EUR MILLIONS)

BALANCE SHEET	H1 23	Q1 23	2022Y	H1 22
Net Working Capital	116,0	130,1	113,0	94,9
Net Tangible Assets	60,3	60,7	61,3	60,0
Net Intangible Assets	64,4	65,1	66,0	67,6
Net Intangible Assets for Rights of use - IFRS 16	104,7	108,1	110,6	86,2
Net Financial Assets	0,0	0,2	0,2	2,4
Severance Staff, Provisions & Others	(8,0)	(8,6)	(9,5)	(6,2)
Net Capital Employed	337,5	355,5	341,6	304,9
Shareholders' Equity	99,0	109,7	109,8	122,0
Net financial Debt	137,6	142,4	126,9	105,6
Net financial debt for Lease liabilities - IFRS 16	100,8	103,3	104,9	77,3
Net Financial Debt and Shareholders' Equity	337,5	355,5	341,6	304,9
Accounts Receivables	55,5	77,1	62,9	58,2
Accounts Payables	(83,2)	(82,7)	(88,6)	(92,6)
Inventory	122,2	115,7	116,7	116,3
Operating NWC	94,4	110,1	91,0	81,9
As % of LTM sales	27,9%	0% 32 ,	25,8%	23,7%
Other Current Assets/Liabilities	21,6	20,0	22,0	13,0
Net Working Capital	116,0	130,1	113,0	94,9

CASH FLOW	H1 23	2022Y	H1 22
PBT	(12,8)	(3,8)	5,7
Amortisation / write-downs	16,4	34,3	13,9
Accrual (+)/availment (-) of long term provisions	0,1	(0,3)	(0,0)
Paid income taxes	(0,4)	(2,2)	(2,5)
Financial income (-) and financial charges (+)	4,9	5,0	1,3
Change in operating assets and liabilities	(3,5)	(34,6)	(16,3)
Operating Cash Flow	4,6	(1,5)	2,1
Capital Expenditure	(2,9)	(8,8)	(4,3)
Capital Expenditure for Rights of use - IFRS 16	(4,6)	(47,7)	(8,8)
Free Cash Flow (Operating CF + Capital expenditure)	(2,8)	(58,1)	(11,0)
Changes in shareholders' equity	0,8	(1,3)	(1,1)
Proceeds (+)/ repayments (-) of financial payments	11,4	21,3	4,5
Proceeds (+)/ repayment (-) of lease payments	(4,1)	29,2	1,7
Increase (-)/ decrease (+) in long term financial receivables	0,2	4,3	(1,1)
Financial income (+) and financial charges (-)	(4,9)	(5,0)	(1,3)
Cash Flows from Financing Activities	3,5	48,5	2,7
Cash and cash equivalents at the beginning of the year	21,7	31,3	31,3
Cash Flow of the Period	0,7	(9,7)	(8,3)
Cash and cash equivalents at the end of the year	22,4	21,7	23,0

Aeffe SpA acquires the minority stake (30%) in Moschino S.p.A.

Moschino opens its first 21 store in China: a new Retail Project for the brand

New Moschino concept store opens in Via Spiga 26, Milan - Italy

Moschino and Altana signed an agreement to entrust the production, marketing, distribution and sale of clothing items relating to the Moschino Baby, Kids and Teen collections. Moschino Kids S.r.l. borns

Pantene & Moschino join together for second year of "stronger together" initiative and the launch of their first limited edition capsule collection

Moschino presents M05CH1N0 JEANS, a new line of ready-to-wear and women's accessories inspired by the tradition, history and culture of denim

OCT 2022

JULY 2021

JUNE 2022

SEPT 2022

OCT 2022

NOV 2022

• Photovoltaic System in the two main facilities of the group with a total annual energy production equal to 750 MW (average of the last 3y of survey)
• Focus on setting internal ambitious goals for improving sustainability, starting from the «Pollini» production facilities in cooperation with University of Bologna

AEFFE ENVIRONMENT AEFFE PEOPLE & KNOW HOW AEFFE GOVERNANCE

• Focus on the entire Supply Chain optimization with strong involvement of suppliers and deep controls of raw material and processing

• Attention on employees healthy, safety and welfare

• Continuous investments in digitization and tech infrastructure

• Specific training for employees and managers on sustainability issues
• Procedures relating to data protection have been introduced