Aeffe

Investor Presentation • Nov 10, 2022

AEFFE GROUP 9M Consolidated Financial Presentation

10th November 2022

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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 forward-looking 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.

FEMININE ELEGANT

IRONIC GLAMOROUS

CONTEMPORARY GLAMOUR

INNOVATIVE HIGH QUALITY

CONSOLIDATED EBITDA € 37.0 mln +3% vs 2021 (13% of sales) € 36.0 mln 9M 2021 (14% of sales)

Consolidated NET PROFIT amounted to € 4 . 7 million compared to € . 2 million in 2021 which were affected by the benefits of the extraordinary taxes linked to the revaluation and realignments implemented as required by Article 110 of Italian Decree Law 104 /2020

Not considering the extraordinary purchase of the minority stake in Moschino S . p . A . and take -over China the net financial position, net of the IFRS 16 effect, would have been 48 . 6 mln

*A costant exchange rates

Euro millions

*At constant exchange rates

Before inter-divisional eliminations

Euro millions

Before inter-divisional eliminations

EUROPE

USA

*

-3.0 %

*A costant exchange rates

REVENUES BY REGION BY Q

Euro millions

21,6 27,2

2021 2022

*A costant exchange rates REVENUES BY BRAND BY Q

Euro millions

2021 2022

WHOLESALE

Euro millions

* A costant exchange rates REVENUES BY CHANNEL BY Q

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

JULY 2021

JUNE 2022

SEPT 2022

OCT 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

INCOME STATEMENT	9M 22	9M 21
Net Sales	277,1	250,0
% change	8% 10 ,
Other Revenues	7,3	4,6
Total Revenues	284,4	254,6
% change	7% 11 ,
Raw Materials Costs	(103,6)	(98,8)
Service Costs	(80,7)	(67,4)
Costs for use of third parties	(6,4)	(3,7)
Personnel	(52,1)	(46,1)
Other Operating Expenses	(4,6)	(2,6)
Total Operating Expenses	(247,4)	(218,6)
EBITDA	37,0	36,0
(% of sales) Margin Net	4% 13 ,	4% 14 ,
Depreciation and Amortisation	(22,9)	(18,6)
EBIT	14,1	17,5
(% Margin of Net sales)	1% 5 ,	0% 7 ,
Net Financial Income / (Expenses)	(3,2)	(2,0)
Profit before taxes	10,9	15,5
(% Margin of Net sales)	9% 3 ,	2% 6 ,
Taxes	(6,3)	7,7
Net income/(loss)	4,7	23,2
(% Margin of Net sales)	7% 1 ,	3% 9 ,

(EUR MILLIONS)

BALANCE SHEET	9M22	2021Y	9M 21
Net Working Capital	127,1	79,8	54,1
Net Tangible Assets	61,0	58,8	59,5
Net Intangible Assets	67,0	68,9	69,8
Net Intangible Assets for Rights of use - IFRS 16	93,6	86,0	89,4
Net Financial Assets	3,0	1,6	2,2
Severance Staff, Provisions & Others	(7,2)	(6,1)	(3,3)
Net Capital Employed	344,4	288,9	271,7
Shareholders' Equity	124,1	120,2	131,3
Net financial Debt	134,4	93,1	61,3
Net financial debt for Lease liabilities - IFRS 16	85,9	75,7	79,0
Net Financial Debt and Shareholders' Equity	344,4	288,9	271,7
Accounts Receivables	76,4	50,0	60,1
Accounts Payables	(78,1)	(78,7)	(71,0)
Inventory	115,2	91,4	94,0
Operating NWC	113,5	62,8	83,1
% As of LTM sales	8% 32 ,	3% 19 ,	6% 26 ,
Other Current Assets/Liabilities	13,6	17,1	-28,9
Net Working Capital	127,1	79,8	54,1

(EUR MILLIONS)

CASH FLOW	9M 22	2021Y	9M 21
PBT	10,9	6,3	15,5
Amortisation / write-downs	22,9	26,2	18,6
Accrual (+)/availment (-) of long term provisions	0,1	(0,2)	(0,4)
Paid income taxes	(5,2)	(1,4)	(0,8)
Financial income (-) and financial charges (+)	3,2	2,9	2,0
Change in operating assets and liabilities	(48,8)	15,0	(0,2)
Operating Cash Flow	(16,9)	48,7	34,6
Capital Expenditure	(7,4)	(2,2)	(1,4)
Capital Expenditure for Rights of use - IFRS 16	(22,0)	(1,7)	(0,6)
Free Cash Flow (Operating CF + Capital expenditure)	(46,3)	44,8	32,6
Changes in shareholders' equity	(0,7)	(70,7)	(30,4)
Proceeds (+)/ repayments (-) of financial payments	34,6	32,0	8,3
Proceeds (+)/ repayment (-) of lease payments	10,2	(12,5)	(9,2)
Increase (-)/ decrease (+) in long term financial receivables	1,5	0,8	0,3
Financial income (+) and financial charges (-)	(3,2)	(2,9)	(2,0)
Cash Flows from Financing Activities	42,5	(53,3)	(33,1)
Cash and cash equivalents at the beginning of the year	31,3	39,8	39,8
Cash Flow of the Period	(3,8)	(8,5)	(0,4)
Cash and cash equivalents at the end of the year	27,5	31,3	39,4

(EUR MILLIONS)